topic subsequent years in Get your taxes done using TurboTax

This is not working!

jartz — Mon, 03 Jun 2019 20:30:01 GMT

This whole system is not helping me get an answer, wasting my money!

I do not see any question from you. What is your question?

Vanessa — Mon, 03 Jun 2019 20:30:02 GMT

I do not see any question from you. What is your question?

I did not pay the entire amount of my RMD for 2018. in ti...

jartz — Mon, 03 Jun 2019 20:30:03 GMT

I did not pay the entire amount of my RMD for 2018. in time,(my error) I will receive the additional amount in the next day or two. What do I do to correct the error/

Was this your first year to receive or subsequent years

Vanessa — Mon, 03 Jun 2019 20:30:05 GMT

Was this your first year to receive or subsequent years

subsequent years

jartz — Mon, 03 Jun 2019 20:30:06 GMT

subsequent years

Were you working and still participating in a retirement...

Vanessa — Mon, 03 Jun 2019 20:30:07 GMT

Were you working and still participating in a retirement plan?

no longer working, retired.

jartz — Mon, 03 Jun 2019 20:30:08 GMT

no longer working, retired.

See below. TurboTax will partially fill out the 5329 for...

Vanessa — Mon, 03 Jun 2019 20:30:09 GMT

See below. TurboTax will partially fill out the 5329 for you. When you print it you will just need to add the RC on line 54 with the requested waived amount and then enter the new number on line 55

Basically, if this is your first time NOT taking the RMD...

Vanessa — Mon, 03 Jun 2019 20:30:10 GMT

Basically, if this is your first time NOT taking the RMD when required, you can request a Waiver from penalty from the IRS but you will still need to complete form 5329 and attach a statement with an explanation as to why you did not take the RMD, why it should be waived and what corrective action you have/will take to avoid this happening again.

You will need to print and mail your return in order to attach this statement.

"Waiver of tax. The IRS can waive part or all of this tax if you can show that any shortfall in the amount of distributions was due to reasonable error and you are taking reasonable steps to remedy the shortfall. If you believe you qualify for this relief, attach a statement of explanation and file Form 5329 as follows.

Complete lines 52 and 53 as instructed.
Enter “RC” and the amount you want waived in parentheses on the dotted line next to line 54. Subtract this amount from the total shortfall you figured without regard to the waiver, and enter the result on line 54.
Complete line 55 as instructed. You must pay any tax due that is reported on line 55.
The IRS will review the information you provide and decide whether to grant your request for a waiver." https://www.irs.gov/pub/irs-pdf/i5329.pdf