dmertz
Level 15

Retirement tax questions

Both of the distribution that you received in 2024 are taxable on your 2024 tax return.  The late-taken 2023 RMD was not reportable as taxable income on your 2023 tax return and should not be present on Form 1040 line 4b or 5b.  If it was included on line 4b or 5b of your 2023 Form 1040, you need to amend your 2023 tax return.

 

Form 5329 has nothing to do with paying income taxes.  It's used to calculate additional (excise) taxes as penalties.  Given that you received the 2023 RMD in early  2024, you should have requested a waiver of the excess-accumulation penalty calculated on Form 5329 Part IX.  (Note that if the 2023 RMD was an annual RMD required under the 10-year rule, no Form 5329 was needed at all since the IRS waived the penalty for failing to take these distributions in 2023.)