Can I e-File My Federal Tax Return with Form 5329 for Missed 2022 RMD?

[david-l-chin]

After reading some older questions and answers for how to handle a missed RMD by using TurboTax, I was able to use my CD/Download TurboTax, switch to Forms mode, pull up Form 5329, and enter the information on Form 5329.  Line 55 on Form 5329 reported "0" because of the penalty waiver request and the waiver explanation statement was generated.  The value "0" also appears on Line 8 for Schedule 2 and on Line  23 for Form 1040. So the information from Form 5329 is tracking to the other forms and schedules.  I also printed out a hard copy of my federal return to check.

If everything checks, can I e-file my federal return with form 5329 and waiver explanation statement or must I mail it instead? 

Thanks,

David

[robtm]

You can e-file your return even if you have missed taking the 2022 RMD. If you have a good reason for not taking the RMD the IRS will not penalize you. However, you must take 2 distributions in 2023. one for 2022 and one for 2023. 

[david-l-chin]

Thank you for your quick reply. 

I want to be clear about this. I have created my 2022 federal return by using TurboTax CD/Download version. Because I missed my RMD for 2022, I managed to fill out Form 5329, compose the penalty waiver statement and included them with my federal return. 

I thought I read somewhere that if one is filing Form 5329 with the federal return, the complete filing should be mailed in rather than e-filed. 

Is that true? Of course, e-filing the complete return with Form 5329 would be quicker but I want to ensure that the complete return will be accepted and Form 5329 with the penalty waiver statement be correctly processed and accepted.

Thanks.

David

[robtm]

Several years back I inadvertently missed taking my RMD and I could e-file my return with the explanation OK. However, everything in my previous reply still applies. You need to take 2 distributions this year.

[fanfare]

If your tax return passes the review check, you can e-File it.

Note: it helps to show in explanation that timely action was taken to rectify the missed distribution.

@david-l-chin 

With TurboTax Online, it is not so easy to do what you did with the desktop version.

what you were reading may refer to TurboTax Online.

[david-l-chin]

Thanks for your additional information. E-filing the federal tax return is so much faster than snail mail. Yes...I will have to take out my 2023 RMD later this year....I've already received my missed 2022 RMD in January.

Thanks again.

David