@Anonymous wrote:
Does filing the waiver in form 5329 for 2020 cover the last 3 years, or would I need to file form 5329 for every year missed? If so, would the amount waived be the total RMD for the years missed (2017-2019).
Lastly, what's the best way to file a 5329 using TurboTax?
It does not. You do not file a *2020* 5329 at all. You must file a separate 5329 for each missed RMD for the year that the RMD was missed. A 2017, 2018 and 2919 5329. They CANNOT be combined per IRS rules. (Instructions page 1" Prior tax years. If you are filing Form 5329 for a prior year, you must use the prior year's version of the form."
These 5329's can be downloaded form the IRS and filled out by hand, signed and mailed to the IRS with the explanation statement attached. Assuming the missed RMD's have all been taken in 2020, include that information in the statement.
https://www.irs.gov/pub/irs-prior/f5329--2017.pdf
https://www.irs.gov/pub/irs-prior/f5329--2018.pdf
https://www.irs.gov/pub/irs-prior/i5329--2019.pdf
See the instructions page 8 for what to include.
https://www.irs.gov/pub/irs-prior/i5329--2019.pdf
Mail to the same IRS address that a 1040 form would be sent.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
