You'll need to sign in or create an account to connect with an expert.
The late RMD is taxed in the year that it was received which will be 2022.
Yes, it is taxed in the year it is received. There will be a penalty for 2021 so you will need to follow the steps below.
You must include form 5329 when you e-file and Unfortunately this can only be done using the "Forms" mode which is only available with TurboTax CD/Download if you do not have a 1099-R to file.
You can change to TurboTax Basic CD/Download if you choose.
Once this is completed here are the steps to add Form 5329 to your return.
You will not pay any penalty now until the IRS determines if it will grant the waver, then they will inform you if you owe the penalty.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Jam89
Returning Member
tanx
Level 2
thecorebooks
New Member
compassmountain2
New Member
Anonymous
Not applicable
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.