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posted Mar 16, 2025 2:27:00 PM

Forgot to take RMD in 2024 from inherited IRA

I called and was advised that if I purchased the TurboTax edition (I was on the web version at the time) I could get the Form 5329, Add'l Taxes on Qualified Plans (Incl IRAs) (Taxpayer) and efile it with the rest of my return. Otherwise, I was told, I would have to mail a paper return, etc. So - I left the web return, downloded the pay version, and am now trying to find and file that form … I found it in a list but cannot see how to pull it in to the return I am working on.  All done with the rest of my return but stuck on this.  

 

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1 Replies
Level 15
Mar 16, 2025 5:24:34 PM

You need to use Forms mode to open Form 5329 Part IX

the penalty is 10% of the amount on line 52a

you can request a waiver, then Line 54a will be -0-.

explanation statement: will explain to the IRS why you missed the RMD, what action you took that they should waive your penalty.  Include dates and amounts. This is required if you request a waiver.

@TStotik