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Level 3
posted Feb 20, 2024 1:36:52 PM

Form 5329 Line 55

In January, 2024, I realized my plan administrator missed making automatic RMD distributions in 2023. I immediately requested the distribution.  On Form 5329 I am requested a waiver of the penalty.  Do I need to fill out Line 55?  If so, does the tax get included in total taxes due and if waiver is granted, I get a refund?

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1 Best answer
Expert Alumni
Feb 20, 2024 7:43:14 PM

No, you don't include the tax on line 55 of Form 5329 or on your return. If your waiver request is denied, the IRS will send you a notice of tax due, which is unlikely to happen.

1 Replies
Expert Alumni
Feb 20, 2024 7:43:14 PM

No, you don't include the tax on line 55 of Form 5329 or on your return. If your waiver request is denied, the IRS will send you a notice of tax due, which is unlikely to happen.