@CandP507 wrote:
@macuser_22 Thank you! So if I understand your statement correctly, I will file the 1099-R on my 2021 taxes and include this when doing taxes through Turbotax. I do not need to formally amend my taxes for 2019 and 2020, but I do need to pay the penalty though the 5329 forms (file one for 2019 and one for 2020) and I won't be able to do that until I get the 1099-R for 2021 and I will file the 5329 for each year and place into the mail?
I'm fine with paying all the fees needed, I goofed up and I want to take responsibility. I just want to square it away correctly so I'm not penalized 6% for lack of action.
Thanks again!
Yes, you need to amend 2019 and 2020 to include the 5329 form that will change the taxable amount for those years. Amending is the only way to add the 5329 and adjust the taxable amount.
Amending to report the penalty is independent of the 1099-R to report the distribution.
**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.**
