First I hope you have taken the missed RMD - if not take it ASAP.
It is almost impossible to prepare a prior year 5329 form with TurboTax. You are better off just downloading the forms from the IRS. Be sure to use a 2014 5329 for 2014, 2015 form for 2015. Only if you have a 2016 1099-R to enter can the 5329 be created. If no 1099-R then also hand fill out the IRS 2016 form and attach it to you mailed 2016 tax return.
From 5329 instructions:Waiver of tax. The IRS can waive part or all of this tax if you can show that any shortfall in the amount of distributions was due to reasonable error and you are taking reasonable steps to remedy the shortfall. If you believe you qualify for this relief, attach a statement of explanation and file Form 5329 as follows.
1. Complete lines 52 and 53 as instructed.
2. Enter “RC” and the amount you want waived in parentheses on the dotted line next to line 54. Subtract this amount from the total shortfall you figured without regard to the waiver, and enter the result on line 54.
3. Complete line 55 as instructed. You must pay any tax due that is reported on line 55.
The IRS will review the information you provide and decide whether to grant your request for a waiver.
Here are links to the 2016 5329 form and instructions. See part IX of instructions, page 8.
https://www.irs.gov/pub/irs-pdf/f5329.pdf
https://www.irs.gov/pub/irs-pdf/i5329.pdf
Past years forms here:
https://www.irs.gov/forms-pubs
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
