5329-S - Need 2 to be generated

Forum|Forum|4 years ago
March 10, 2022
1 reply
19 views

I'm doing my in-laws taxes and they forgot to take their RMDs for 2021. They did it for 2020, so I have the 1099-R forms carried over into the current version of TurboTax.

For some reason, I can only get a 5329-S generated for my mother-in-law. It acts like it's going to do one later for my father-in-law, but it doesn't. Goes through the review and says the return is ready to be filed.

A couple of tidbits:

1. They're filing Married Filing Jointly

2. I tried "fooling" TurboTax and entered $0 for amount of RMD taken. It didn't work.

3. I've read that each person requires a 5329-S. I was able generate 2 Explanation Statements for the single 5329-S, but I don't think that's correct, IRS-wise.

Any help would surely be appreciated!!

BillM223

Level 15

"I've read that each person requires a 5329-S."

If two 5329 forms are needed, TurboTax generates the 5329-T for the primary taxpayer and a 5329-S for the spouse. There will not be two 5329-S forms.

When you entered these fake 1099-Rs, did you make sure that you told TurboTax that one belonged to the primary taxpayer and the other to the spouse?

I take it you are trying to generate two 5239s so that you can explain why no RMD was taken in 2021?

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TexboxAuthor

Level 2

Thanks for the reply! Yes, no RMDs were taken in 2021, so I'm asking for waivers.

TurboTax is generating a 5329-S for the Spouse and nothing for the Primary, even though that's the first one that I complete.

No 5329-T is generated either. Maybe I need to start all over fresh???

BillM223

Level 15

Are you using the Online software or the CD/desktop software? Please see this thread where several experts discuss how to do what you want to do. The first suggestion is to take the missed RMD immediately so that you can mention that in the waiver request. Now that the IRS is not eager to assess the 50% penalty if you provide any sort of halfway decent explanation (Heaven knows that the last couple of years have provide a sackful of reasons).

Then - if your administrator is quick - you can maybe get the 1099-R online (not wait for the mail) and enter the info into TurboTax. I mention this because I don't think you can generate a stand-alone 5329 in the Online product without a 1099-R (but read that thread closely). And I don't think that a 1099-R with zeros will do what you want, either.

So read the thread and see if you have any questions.

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