You cannot file Form 5329 through TurboTax Online if you did not use that platform for the original 2023 tax return.
After the IRS receives and processes your 2023 Form 5329, they will assess you interest and a late payment penalty on the 6% excise tax. They will mail you a notice with the amount due. You can either pay it at that time or request a first time penalty abatement.
The failure to pay penalty for 2023 is 0.5% of the unpaid taxes for each month or part of a month the tax remains unpaid, up to a maximum of 25% of your unpaid taxes.
Interest is subject to change quarterly. You can find the rates here: Quarterly interest rates
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