Hello. I am completing Part 9, form 5329 on TT Desktop version but not sure if I completed the section correctly. The missed RMD distribution for 2023 was $10K total and taken as lump sum in Feb 2024. Here's how I completed the form:
- Line 52: 10000
- Line 53: 0
- 53 A Waiver: 10000 + explanation
- Line 54: "See STMT", "RC", 10000 listed under the dotted line, and then in the calculation box, 0 (this is what I am not sure about)
- Line 55: additional Tax Smart Worksheet--answered "NO" but not sure on this response as I looked at the instructions and still confused about the "Corrective window". The full distribution for 2023 was taken on Feb 28, 2024 and federal and state inc taxes were withheld at that time too.
- Line 55: Left blank (also not sure if I should leave blank?)
For California State Taxes, TT does not have related questions on the state return for a missed RMD. I checked the Franchise Tax Board website and didn't find anything. Does anyone know if there's an equivalent to form 5329 for California? Does anything need to be reported?
Lastly, technically, for 2024 taxes, the 1099-R will likely reflect the 2023 + 2024 distributions and related taxes so is there anything else that needs to happen other than reporting it normally as an RMD?
Thank you!
