2021 Form 5329 Waiver Explanation and efile

Yes, your Form 5329 and waiver explanation will e-file along with the rest of your tax return. 

Thank you so much!

Hello Julie and others.

I experienced this mistake in 2022 as I am discovering now January 2023 (Inherited IRA from 2006 - no previous years issues until Financial planner "forgot" n 2022). Working now on addressing the fix.

Good explanations in forum and the answer below is "what I want to hear" (prefer to efile), but saw some conflicting info from a CHAMP (level 15), macuser_22 for a similar question/issue with a users 2019 return.

Macuser_22 notes: "The 2019 5329 must be attached to your printed and mailed 2019 tax return and cannot be e-filed."

So can I get some updated clarification. I will proceed with filling out the form, but in case TurboTax doesn't direct me when I get to that point, can I e-file or not?

Since Julie is "employee", I'm attempted to go with her answer, absent any input, but would appreciate some confirmation if available.

Thanks in advance!

How to I access form 5329 in TT Deluxe desktop?

You can access form 5329 using the following steps:

• With your tax return open, click on the Search bar at the top of your screen
• In the Search box, type in form 5329 and click on the magnifying glass icon 
• Click on the link Jump to form 5329
• TurboTax will take you to a section where you can fill out form 5329, which will be included in your tax return.

You will be able to e-file your return and form 5329 will then be included.

You can also try it using Forms Mode in TurboTax as follows:

• In forms mode, go to the top of the list, and you will see OPEN 
• Click on open form
• A search bar will open up
• Type in 5329 
• Your federal return will dropdown and show 5329-T, Taxpayer an 5329-S for Spouse.
• Click open form and fill out

Click here for additional information about form 5329.  If you are married and filing jointly you will complete form 5329-T and your spouse will complete the form 5329-S.

 

I need to send in form 5329 because I forgot to withdraw RDM for 2022 . I want to attach it to my current form i am filling out with an explanation. 

Where in Turbo Tax do I attach it?

It depends.  You can file Form 5329 individually, separately from your tax return as it is a signature form.  If you are using the TurboTax Desktop version you can add the form by following the steps below.

1. Open your TurboTax return
2. Select 'Forms' at the top right
3. Select 'Open Form' in the top left corner
4. Type 5329 then carefully select 5329-T for taxpayer or 5329-S for Spouse
5. Complete the form to request your waiver.  
6. How do I switch from TurboTax Online to TurboTax CD/Download?

Since you do not have a Form 1099-R for 2022, then TurboTax Online will not allow the 5329 form to populate in your file. 

• Form 5329
• Instructions Form 5329

Be sure to sign the form if you file it separately from your tax return.

I need to file form 5329 for 2022. How do I get to that form so I can complete it in the Desktop TT?

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@LM5191 wrote:

I need to file form 5329 for 2022. How do I get to that form so I can complete it in the Desktop TT?

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Click on Federal Taxes (Personal using Home & Business)

Click on Other Tax Situations

Under Additional Tax Payments

On Extra Tax on Early Retirement Withdrawals, click the start button

Or click on Forms.  In Forms mode click on Open Form in the upper left of the screen.  Type in 5329 and click on the form to open.  Note - The T stands for Taxpayer and the S stands for Spouse.

@Fernando reynoso Why in the world would you want to post your Driver's License??  Remove as soon as possible.  Click on the 3 dots on the top right of your post.  Click on Edit and then delete the DL.

Can I file Form 5329 separately.  I have sent in my tax returns for 2023.

It is for a mistake of the MRD for the primary tax payer on a joint return

I believe this is form 5329T

I mistakenly did not take the full MRD by Dec 31, 1923 because I was dealing with serious illness.

I can get a number of physicians' confirmations.

can you waive the 10% penalty, given that I was seriously ill at the end of 2023.

When doing my 2023 return last week I noticed that  I needed to take an extra $ 35,000.00 .

EB

This is a stand alone form, so you can sign and send this in.