Any experience filing Form 5329 for Trust?

Submitted by James Magno on Tue, 2020-03-10 05:20

Trustee missed first RMD for inherited IRA.
Seems that Form 5329 is the avenue to request waiver.
If the penalty were to be self assessed, it appears that Form 5329 is filed and the tax is added to Form 1041 Schedule G, Line 8.
It seems to me that a trustee requesting reasonable cause relief ought to file standalone 5329 but even then, it seems that the form is not really geared for the possibility of a taxpayer other than individual>
Thoughts?
Jim



Submitted by Alan - IRA critic on Tue, 2020-03-10 18:09

Agree, there isn’t another method to request the waiver, so the 5329 should be used with the trust TIN instead of SSN.

Submitted by James Magno on Tue, 2020-03-10 22:47

I do not want attach 5329 to 1041 because there seems to be some uncertainty whether IRS could claim that that was not adequately filed.

Submitted by Alan - IRA critic on Tue, 2020-03-10 23:36

Page 33 of the 1041 Inst indicates to attach Form 5329 and to the left of the entry space, enter “from Form 5329”.

Submitted by Robin Sherwood on Mon, 2022-10-24 18:20

Do I understand that for a trust, I would fill out the form 5329 (doesn’t seem to be a separate one for trusts) and use the trust tax ID number? Otherwise, handle the same as for an individual?thanks,

Submitted by Alan - IRA critic on Mon, 2022-10-24 18:26

Yes, that is correct.

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