Form 5329.

[siteofbluesea]

Questions on form 5329 line52a, 52b:

1. What is ‘correction window’?  
     I missed taking RMD (403b and traditional IRA) in 2024. I found out in early January and took the RMD right away on January 6.  Does it meet the correction window? 

2. By reading the definitions of ‘qualified retirement plan’ on form 5329, 403b and traditional IRA are qualified plan.  So should I enter the RMD amount I took out on January 6 of this year for year 2024 on line 52a?

3. I do not have any other plan other than 403b and traditional IRA,  So 52b is zero?

Thanks in advance for your support!

[dmertz · Accepted solution]

1.  Yes, the distribution was within the correction window.

https://www.irs.gov/instructions/i5329#en_US_2024_publink1000130544

2.  Yes, TurboTax will place this amount on line 52a when you indicate that the distribution was made within the correction window.

3.  Correct, line 52b will be zero.

TurboTax will allow you to request a waiver of the 10% excess accumulation penalty for reasonable cause.  If  you do so, next to line 54a you'll have "RC" and the late-taken amount, and lines 54a and 55 will have $0.