After entering info for my 1099-R on the following screens, amount of tax due jumped much higher.
- first screen:
About This Retirement Account
Was this withdrawal an RMD for 2024?
◉ Yes some or all of this withdrawal was an RMD
Tell us how much of amount received applies to the RMD that needed to be taken out
◉ All of this distribution was an RMD
- next screen:
Let’s get more information about Required Minimum Distribution (RMD)
What was the required minimum distribution for account in 2024? [_same amount_]
Looking at Form 5329 “Additional Taxes on Qualified Plans,”
Part IX “Additional Tax on Excess Accumulation in Qualified Retirement Plans:
line 52a is blank and not showing any amount previously entered,
line 53a is also blank but should be showing distribution amount, resulting in more tax in error,
when there should be no additional tax because full required amount was withdrawn.
This worksheet is not transferring correctly from the entered info,
A few screens later asks to help fill out a waiver statement, but this also is wrong and not necessary
because full distribution was taken, but info was not recorded correctly.
Looks like others have run into issues with Form 5329 Part IX, especially for multiple RMDs..
In my case, using entries for 1099R’s imported from last year’s file saved a few steps,
but can transfer info in error increasing tax due. After deleting all old 1099R’s,
adding new entries for 1099Rs have now calculated correctly—and no more Form 5329.
(No problem with importing and updating last year’s 1099int and 1099div.)