You'll need to sign in or create an account to connect with an expert.
Any penalty amount you paid with Forms 5329 is independent of any tax calculated on your 2016 tax return. You do not get "credit" for the penalty amounts on your 2016 tax return.
On your Forms 5329 you probably should have requested a waiver and not paid the penalty; the IRS would have billed you for the penalty if they denied the waiver (which is rare). If you did request a waiver of the penalty but (contrary to IRS instructions) paid the penalty anyway, the IRS will refund the penalty to you if they grant the waiver.
Any penalty amount you paid with Forms 5329 is independent of any tax calculated on your 2016 tax return. You do not get "credit" for the penalty amounts on your 2016 tax return.
On your Forms 5329 you probably should have requested a waiver and not paid the penalty; the IRS would have billed you for the penalty if they denied the waiver (which is rare). If you did request a waiver of the penalty but (contrary to IRS instructions) paid the penalty anyway, the IRS will refund the penalty to you if they grant the waiver.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
titi10402022
Level 2
SynQ56
New Member
morris-tamaralee
New Member
j_abella
Level 1
T-ron81
New Member
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.