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Level 2
posted Sep 27, 2023 1:54:57 PM

I missed my RMDs - however already filed form 5329 by mail with my extension as well as payment of fees. Not sure how to address this on the software though if I complete my taxes online. I didn’t notice any section addressing missed RMDs

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1 Best answer
Employee Tax Expert
Sep 27, 2023 2:08:49 PM

@SMK11 well that is a good question.    So for transparency, 

 
Form 5329 is filed with your 2022 Form 1040, 1040-SR, or 1040-NR by the due date, including extensions, of your tax return. If you don't have to file a 2022 income tax return, complete and file Form 5329 by itself at the time and place you would be required to file Form 1040, 1040-SR, or 1040-NR.
 
So since you are filing taxes it should have been filed with the tax return itself rather then with the extension.   I cannot find any specific guidance on this specific issue that you are facing.  Ultimately, despite the fact that it has been filed by mail, I would make sure it is included with your 2022 filing that you will be completing.
 
Now the important part you need to reflect the payment made to the IRS.  First, check the account that you made the payment from and make sure there is a debit.  You may also want to check your IRS account as well if you have one.  Then in Turbo Tax Online under Deductions and Credits go to Estimates and Other Taxes Paid.  Then Income Taxes Paid and then Payment with Federal Extension. 

As long as you properly reflect the payment the inclusion of the Form 5329 should not make a difference as it is a net zero.
 

All the best,

 

Marc T.

TurboTax Live Select Time Tax Expert

 

 

**Say "Thanks" by clicking the thumbs up icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

 

4 Replies
Employee Tax Expert
Sep 27, 2023 2:08:49 PM

@SMK11 well that is a good question.    So for transparency, 

 
Form 5329 is filed with your 2022 Form 1040, 1040-SR, or 1040-NR by the due date, including extensions, of your tax return. If you don't have to file a 2022 income tax return, complete and file Form 5329 by itself at the time and place you would be required to file Form 1040, 1040-SR, or 1040-NR.
 
So since you are filing taxes it should have been filed with the tax return itself rather then with the extension.   I cannot find any specific guidance on this specific issue that you are facing.  Ultimately, despite the fact that it has been filed by mail, I would make sure it is included with your 2022 filing that you will be completing.
 
Now the important part you need to reflect the payment made to the IRS.  First, check the account that you made the payment from and make sure there is a debit.  You may also want to check your IRS account as well if you have one.  Then in Turbo Tax Online under Deductions and Credits go to Estimates and Other Taxes Paid.  Then Income Taxes Paid and then Payment with Federal Extension. 

As long as you properly reflect the payment the inclusion of the Form 5329 should not make a difference as it is a net zero.
 

All the best,

 

Marc T.

TurboTax Live Select Time Tax Expert

 

 

**Say "Thanks" by clicking the thumbs up icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

 

Expert Alumni
Sep 27, 2023 2:10:49 PM

Hi There:

 

Here's a good discussion on the subject. I hope it helps.

 

5329 on its own 

Level 2
Sep 27, 2023 2:18:04 PM

Thank you Marc. So to confirm, if I go ahead and efile - would I submit an additional 5329 also? And when it comes to the RMD section, since I am filing 5329 anyway, when using the program and answering the RMD questions, do I just put down what I actually received in 2022 distributions then and NOT the additional missed distribution income?( I am assuming that will be addressed in my 2023 taxes then since I took it out as a separate transaction first thing in January.) Thank you. 

Level 2
Sep 27, 2023 2:22:48 PM

Oh sorry just read the last part about the inclusion of 5329 when e-filing. Please disregard  that part of my question - thanks!