On reviewing Federal Tax Return filed Today, I noticed Form 5329 was generated and filed. I have only one IRA Plan at T Rowe Price. 100% of required distribution of $53,669 was received and it is included in the amount shown on line 5b of 1040-SR.
So Form 5329 was not necessary and should be VOIDED. It will reduce my Tax liability as follows:
It will impact SCHEDULE 2, line 8 will be zero. Line 21 will be $7,894.
It will impact 1040-SR. Line 23 will be $7,894. Line 24 will be $76,348. Line 34 will be 69. Line 37 is zero.
Thus, I should get Refund of $69 as compared to Tax liability of $13,175.
Every year, I use Turbo Tax. As a loyal cutomer, I will appreciate, if you help me file amended Federal Return as above. Thanks. Ramanlal N Modi Tel. [phone number removed]. Email [email address removed]
