If I missed my Ira rmd for 2024 but just took it out for 2024 and 2025 Can turbo tax file the 5329 form so I’m only penalized 10%?

[DanaB27]

Yes, TurboTax can walk you through the questions to fill out Form 5329 for you.

1. Click on the "Search" on the top right and type “1099-R” 
2. Click on “Jump to 1099-R”
3. Continue through the questions until you get the "Did You Miss a Required Distribution From Any Retirement Accounts?" screen and select "An IRA,..."

TurboTax will walk you through the questions and fill out Form 5329 for you.  You can also request a waiver of the penalty during the interview if you have reasonable cause. Please see Relief for Reasonable Cause for additional information.

[bill601]

Can you give a specific example with numbers.  Im confused on lines 52A, 52B, 53A, %3B, and 54A.

If I answer differently to a question on the step-by-step (desktop version) my tax due changes dramatically.

If I use forms, I really cant determine which values go in what line.  Thanks.

[DanaB27]

Since you took your missed RMD for 2024 in 2025 you will qualify that you took the distribution during the correction window. Please answer "Yes" on "Was the corrective distribution made for your IRA account" screen. On the "Let's see if we can reduce your tax bill" screen enter the RMD amount you want to have waived (RMD for 2024 that you didn't take in 2024).

Your RMD amount for 2024 will be on line 52a.If you didn't take any distribution in 2024 then 53a will be $0. Line 52b and 53b will also be $0. You will have the waived RMD amount on line A in the "Waiver of Tax Smart Worksheet".