As I've already paid tax on the late IRA distributions, reflecting the 1099 revenue on my 2016 1040 is just going to add more tax unless I can somehow show credit for the Form 5329 taxes I paid last August. Anyone know how this is address on my 2016 1040?
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.
"just going to add more tax " No, this depends on the Code(s) in Box 7. What are they?
OR
You can just enter the 1099 and answer the questions to let TurboTax handle it.
The code in Box 7 is "4" and the IRA/SEP/SIMPLE Box is checked.
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.