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Late RMD Penalty - File form 5329 and letter of penalty forgiveness with TurboTax online
Hello,
Unfortunately, when I switched financial advisors last year - there was a miscommunication and my RMD was never taken from two inherited IRA accounts I possess.
Upon discovering the mistake my new financial advisor took withdrew the RMDs from the accounts and instructed me to file form 5329 along with a letter of forgiveness they wrote asking for the 50% penalty to be waived as the situation was immediately rectified when discovered.
I understand that Form 5329 is located under "Additional Tax Payments" then "Additional Taxes and Repayments" in TurboTax Online, however I see no clear option after clicking on that for late RMD withdrawals...nor where I can file my letter of forgiveness.
Any insight would be helpful.
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May 23, 2020
12:48 PM