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19hokie68
New Member

Idid not take an amd on a very small schwab rollover ira . amd was $26.83 and the 50% tax for failure to withdraw is $13.44. how do i report this?

where do i report the $13.44 tax penality for failure to withdraw the amd?
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Idid not take an amd on a very small schwab rollover ira . amd was $26.83 and the 50% tax for failure to withdraw is $13.44. how do i report this?

To input it into Turbo Tax:

1.  Click Federal on the left-hand side menu.

2.  Click Income across the top.

3.  Scroll down to Retirement Plans and Social Security and click Show more.

4.  Click Start or Revisit by IRA, 401(k), Pension Plan Withdrawals (1099-R).

Enter the $26.83 1099-R, and keep going till you get to the page shown below. 

If you're still not getting the penalty applied, go to My Info and check the recipients age:  s/he needs to be over 70 1/2.

It's figured on Form 5329, and then carried to Schedule 4.  From there, it goes to Form 1040, line 14 and gets figured in with your other tax.

If you have other retirement accounts, you figure the penalty based on them as a whole, instead of each fund.  An example:

10,000   Retirement fund A

25,000   Retirement fund B

       10   Retirement fund C

-----------

35,010   Total of all funds

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1 Reply

Idid not take an amd on a very small schwab rollover ira . amd was $26.83 and the 50% tax for failure to withdraw is $13.44. how do i report this?

To input it into Turbo Tax:

1.  Click Federal on the left-hand side menu.

2.  Click Income across the top.

3.  Scroll down to Retirement Plans and Social Security and click Show more.

4.  Click Start or Revisit by IRA, 401(k), Pension Plan Withdrawals (1099-R).

Enter the $26.83 1099-R, and keep going till you get to the page shown below. 

If you're still not getting the penalty applied, go to My Info and check the recipients age:  s/he needs to be over 70 1/2.

It's figured on Form 5329, and then carried to Schedule 4.  From there, it goes to Form 1040, line 14 and gets figured in with your other tax.

If you have other retirement accounts, you figure the penalty based on them as a whole, instead of each fund.  An example:

10,000   Retirement fund A

25,000   Retirement fund B

       10   Retirement fund C

-----------

35,010   Total of all funds

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