Forgot to take RMD in 2024 from inherited IRA

Forum|Forum|1 year ago
March 16, 2025
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I called and was advised that if I purchased the TurboTax edition (I was on the web version at the time) I could get the Form 5329, Add'l Taxes on Qualified Plans (Incl IRAs) (Taxpayer) and efile it with the rest of my return. Otherwise, I was told, I would have to mail a paper return, etc. So - I left the web return, downloded the pay version, and am now trying to find and file that form … I found it in a list but cannot see how to pull it in to the return I am working on. All done with the rest of my return but stuck on this.

fanfare

Employee

You need to use Forms mode to open Form 5329 Part IX

the penalty is 10% of the amount on line 52a

you can request a waiver, then Line 54a will be -0-.

explanation statement: will explain to the IRS why you missed the RMD, what action you took that they should waive your penalty. Include dates and amounts. This is required if you request a waiver.

@TStotik