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You will need to file Form 5329 and request a waiver of the penalty if you have reasonable cause. Please see Relief for Reasonable Cause for additional information.
If you have a Form 1099-R entered on your 2023 return follow these steps:
If you do not have a Form 1099-R to file this can only be done using the "forms" mode which is only available with the TurboTax Desktop software:
If using the TurboTax Online version and have no 2023 Form 1099-R to file, you will have to prepare the 5329 manually.
Download Form 5329 from the IRS website and fill it out the same as above. Print and mail your return with the 5329 form and explanation attached as described in the 5329 instructions.
The 2023 Form 5329 must be attached to your printed and mailed 2023 tax return and cannot be e-filed.
Please be aware that you can only use this method if you are requesting a waiver of the penalty and there is no taxable amount on Form 5329 form line 55 that must be transferred to Schedule 2 line 8.
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