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Extra tax for late rmd withdrawal
I failed to take the RMD for 2023 on time and appear to be liable for extra tax at least for now. Turbotax has had me fill out form 5329 and noted the extra tax that may be due. It also had me fill out the explanation for the error to try to get the extra tax relieved. However, Turbotax does not complete Schedule 2, form 1040 and does not show any liability for the extra tax. Even on review, it is telling me there is no error. HOw can this be?
‎February 13, 2024
8:24 AM