I forgot to take my RMD for 2024. I am filling out Form 5329. I don't understand what goes on Lines 53a and 53b?

Forum|Forum|1 year ago
February 21, 2025
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I needed to take out $840.00. I put that 840 on Line 52a and a 0 on Line 52b, but I don't understand at all what goes on Lines 53a and 53b

DanaB27

Take your missed RMD as soon as possible. You can request a waiver of the penalty if you have reasonable cause. Please see Relief for Reasonable Cause for additional information.

If you didn't take any RMD distribution then line 53a and b will most likely be $0.

If you apply for a waiver please see Waiver of tax for reasonable cause.

But TurboTax can help you with this when you go to the retirement section.

Login to your TurboTax Account
Click on "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R” and continue through the questions
On the "Did You Miss a Required Distribution From Any Retirement Accounts?" screen select what is applicable.
TurboTax will walk you through the questions to help you fill out Form 5329 and apply for the waiver.