Late RMD Penalty - File form 5329 and letter of penalty forgiveness with TurboTax online

[fanfare]

If you missed a 2024 RMD report that on 2024 Form 5329, which is part of the return you are filing now.

If you remove the excess now, you are within the "correction window" time frame and you can select the 10% penalty.

You can request a waiver by entering the amount of the shortfall.

An explanation statement attached to your return is expected. The STMT is usually supported by e-File.

Is any of this not covered above in this thread ?

Distributing more than the RMD is not an action penalized by IRS.

@operaflute 

[operaflute]

The info you listed is accurate,  but doesn't address what I asked.

I understand WHAT to do, but it was not clear to me WHEN I send the form and associated letter: now or when I send in my 2024 return, which will not be until March 2025.
To return your final question: did you see that I already filled out the form, composed a waiver request letter, didn't need information in that regard,  not had any questions about the correction window?

[fanfare]

My current tax software ( not TurboTax ) doesn't handle this situation in any comprehensible fashion.

Waiting for more software updates before filing.

Based on recent threads here re: TurboTax, you should wait for more TurboTax updates.

@operaflute 

[fanfare]

The proper way to file Form 5329 is attached to Form 1040, or to  Form 1040-X.
Form 5329 can be mailed by itself only when you are otherwise not required to file a tax return.

If you already mailed 2024 Form 5329 alone, I can't tell you what IRS will do with it once you e-File.

@operaflute 

[operaflute]

Thank you for that info.