Can I get form 5329 from Turbo Tax software? Need to file 5329 with my 1040 this year. my spouse took his RMD late on Jan 9th 2017.

[MargaretL · Accepted solution]

Yes, you can get form 5329 from TurboTax. However, you may have to print and mail your tax return...please read below for details...the action required depends on your situation:

If 2016 is your first year for which RMD was required, the deadline for taking 2016 RMD is April 1, 2017. As it is not late yet, no special reporting is required. You'll receive 1099-R next year. Be sure to take the RMD for 2017. 

IF 2016 is not your first year for RMD, you may request a waiver of penalty, and the IRS often allows it if you can show that RMD was taken due to a reasonable error an actually took steps to fix the error.  The data entry in TurboTax to request a waiver depends on the following:

a. If you have no Form 1099-R - you would have to manually prepare  Form 5329  according to its instructions and  request the waiver of penalty and to enter the explanation. To have access to forms, you must use a cd/download version of Turbo Tax.  You may consider printing the form on the IRS website, do it by hand and attach it to your printed and mailed tax return. 

b. If you have received form 1099-R for any IRA distribution, please enter the form information and go through the questions.  You will be asked if you have met RMD requirements, what is the required amount and actual amount received. If zero, Turbo Tax will ask to type in explanation where you can show the reasonable error and what steps were taken to fix it.  IRS often allows a waiver of the penalty if reasonable steps are taken (see pic).

[MrM]

I have a question about this statement "You will be asked if you have met RMD requirements, what is the required amount and actual amount received."  I have imported my 1099-R for my RMD, and TurboTax only asks if the account is inherited (which it is).  It does not ask whether I paid the required amount.  Help?

[markodu]

I inherited and IRA in 2007 from my father that was past 65 and did not take the distribution until 2017 until I was told that I had to.  I took it immediately and had them withhold taxes.  When I entered this in turbo tax, I was not asked for an explanation either.

[Roland Neal]

how do I find out what my RMD Fee is

[VolvoGirl]

Fee for what from who?    Did you take an RMD?  RMD is not required for 2020.  Did you get a 1099R?  There shouldn't be a fee for taking the RMD.