- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
Separate from your 2023 tax return you'll need to submit 2021, 2022 Forms 5329 requesting waiver of the excess accumulation penalties for those years. You can send each of these with a corresponding Form 1040-X, but the Form 1040-X will serve only as a place to provide your explanation and signature. There will be no changes to what you already filed for your tax returns for these years. Your 2023 tax return will need to include 2023 Form 5329 also requesting waiver of the 2023 excess accumulation penalty.
These distributions that you received in 2024 will be includible in income on your 2024 tax return. They are not includible in income on your 2021, 2022 or 2023 tax returns. You'll also have taken the RMD for 2024 before the end of 2024 and the total of all of these distributions will be reported on a single 2024 Form 1099-R.