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Retirement tax questions
If you left too much in three times (i.e. since 2022) your penalty so far is 18%
Your 2022 and 2023 penalty is 6% each making 12% outstanding
your 2024 penalty is 6%
You can place this amount on your 2024 Form 5329 as 12% of excess from your last 5329 (which so far does not exist) and Additional Tax this year of 6% of excess.
Total amount on your 2025 return will be 18% from last form 5329 but you will be able to resolve that with your 2025 1099-R.
You will have to submit two forms 5329 : Form 5329 T and Form 5329-S
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If you don't amend 2022 and 2023 tax returns for completeness, you are hoping for IRS leniancy or being too understaffed to notice.
March 21, 2025
6:37 PM