Question

Which version of Turbo Tax contains form 5329? Is form 5329 a stand alone form that must be printed and mailed in, or can I e-file it with my return when a letter of explanation is attached to it? it when

Forum|Forum|2 years ago
January 31, 2024
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No, the 5329 is created by TurboTax as part of your 1040 tax return. Why do you think you need to add a letter of explanation to it?

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R

rstevesAuthor

Due to an error on my part, I failed to take all of the RMD from my IRA. I sold the required shares, but deposited the funds back into my retirement account instead of to my non-retirement account. In good faith, I thought I had taken all of the RMD for 2023. I need to submit a letter of explanation to ask for a waiver of penalty from IRS. Do I need mail form 5329 (instead of e-file) when a letter is attached to it?

O

Opus 17

Employee

If you only need to file form 5329 and aren't required to file a full tax return, you can just file form 5329 alone, but this is probably uncommon. For example, if your only income is non-taxable social security, and you need to file form 5329 because you missed your RMD and want to request a waiver, you can file it alone. But if you have other taxable income and need to file anyway, then form 5329 will be part of your finished tax return as an attachment to your form 1040.

I believe you can enter an explanation in Turbotax when you get to that step, although someone else who has used the program for that function might have a better idea of the exact steps. Unfortunately, you can't attach extra documents like PDFs to a Turbotax tax return, that's a programming choice. But some forms do allow a written explanation.