Check entry - Form 5329-T

Forum|Forum|2 years ago
March 2, 2024
1 reply
14 views

This page is totally obscure. What is the waiver of tax smart worksheet asking? It says something about the amount of required distributions due to reasonable error upon which you request a waiver of tax is $62995. Then is says quick zoom to the waiver explanation statement. Clicking on the "Explain" button does nothing.

What is this all about? The $62995 is the total IRA distributions that were entirely QCD'd to charities. What do I need to do to continue here?

DanaB27

Level 15

To confirm you took your Required Minimum Distribution (RMD) used it to make a Qualified charitable distribution (QCD)? If yes, then please make sure you indicated in the follow-up questions that you received all of your RMD for 2023. Then TurboTax will not create Form 5329.

Click on "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R”
Click "Continue" and enter the information from your 1099-R
On the "Your 1099-R Entries" screen click "Continue"
Continue until "Tell us more about the retirement plan distribution" screen and select "I receive all the RMD for 2023" and click "Continue"

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cmnttnjAuthor

Level 2

Hi Dana,

I did as you directed. I did say that I received all the RMD for 2023, but I still get the Form 5329 after the Entry checks. I will recheck each both IRA entries and see if I get a clue. If not, I'm thinking of just ignoring the check and go on to State entries.

Any other suggestions?