Do I file form 5329 for a late RMD distribution or do I mail it to the IRS,

Forum|Forum|1 year ago
March 13, 2025
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I recently took my RMD 2024 this week in 2025. Will this create a 1099R for year 2024.

ThomasM125

No, you will report the distribution on your 2025 tax return. If you entered a Form 1099-R in 2024, you can go through that section and indicate that you didn't receive all of your required minimum distribution (RMD) and TurboTax will allow you to complete the Form 5329 and request a waiver of the penalty tax and it will be included in your tax filing.

If not, you can use the desktop version of TurboTax to generate the Form 5329 and request a waiver of the penalty tax as follows:

You can use the Tax Tools option on your left menu bar while you are working on your return to then bring up Tools, which will have an option to Save your return to your computer so you don't need to start your online return over in the desktop version of TurboTax.

In the desktop TurboTax product, use the Forms menu option to bring up Form 5329. Scroll down to Part IX, line 52 and enter your required minimum distribution amount. Enter the amount of any RMD you took in line 53. Use the Waiver of Tax Smart Worksheet below line 53 to enter the amount you want to exclude from tax, and click on the Explain box to enter an explanation of why you missed making the distribution. You won't have to pay the tax for not taking your RMD on your return, pending a determination from the IRS later on.

Your last resort would be to prepare and mail the Form 5329 separately, but the instructions to the form mention it should be included with your return if you are required to file one.

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fanfare

Employee

The proper way to file Form 5329 is attached to Form 1040-X.
Form 5329 can be mailed by itself only when you are otherwise not required to file a tax return.

After you e-File,
get Form 1040-X from IRS website and mail it in with your 5329 which you can also get in editable PDF.
Note: When you are not changing any dollar amounts on your amending 1040-X, you can leave all the lines 1-23 EMPTY.

Part II explanation: will explain to the IRS why you missed the RMD,

what action you took - dates and amounts - that they should waive your penalty. This is required if you request a waiver.

Note: when you request a waiver, the penalty is waived, therefore no dollar amounts are changing.

On 2024 and later Form 5329 write " (RC $<amount>) " in the space next to Line 54a and put -0- in Line 54a.

Also enter <amount> on Line 52a.

Do not include your old 1040 nor your revised 1040 because they are identical.

@chans209