Hi, glad to find this post. I have the exact same problem. I took out the 2021 RMD a few days late, in early Jan. 2022 instead of the Dec. 31 deadline. The 50% penalty would be a lot.
Last night, I e-filed my TurboTax return not realizing I had to add the 5329 form. I've since downloaded it, and I see something on the bottom about the RMD, but all I can glean from it is that it's saying to pay the penalty. (I've copy pasted it below this post).
What do I do now? Do I send it in apart from the return, and if so, do I send it without paying the hefty penalty? Or do I amend the return in Turbo Tax and if so, do I pay the penalty and hope they give the money back? How does one get to this "interview" you mentioned? The form says "Fill in Your Address Only
if You Are Filing This Form by Itself and Not With Your Tax Return."
Also, if I amend, do I need to wait a while, or do I amend it now? I've gotten conflicting advice. The e-filing was accepted immediately but I'm sure it has not been looked at as it was just late last night.
Thanks!
(part IX, italics mine)
: Additional Tax on Excess Accumulation in Qualified Retirement Plans (Including IRAs). Complete this part
if you did not receive the minimum required distribution from your qualified retirement plan.
52 Minimum required distribution for 2021 (see instructions) . . . . . . . . . . . . . . .
53 Amount actually distributed to you in 2021 . . . . . . . . . . . . . . . . . . . .
54 Subtract line 53 from line 52. If zero or less, enter -0- . . . . . . . . . . . . . . . .
55 Additional tax. Enter 50% (0.50) of line 54. Include this amount on Schedule 2 (Form 1040), line 8 .
