1040X with a Form 5329 | Ed Slott and Company, LLC

1040X with a Form 5329

We have a client who missed the wife's RMD's for both 2017 and 2018. They filed both year's returns on a timely basis and there are no other changes for either year. I believe we can file 5329's only without a 1040X for each year including a penalty waiver explanation , using each year's version of the Form 5329. The instructions are unclear as to whether we file a 1040X if the returns are already correctly filed and no other changes anticipated. Seems to me the Form 5329 can be as stand alone form as long as it is signed by the account holder and includes a current address. Do I have it right?


There is no functional need for the 1040X in this situation. However, as you stated the IRS instructions are not clear to this point, and even suggest that the 1040X is needed. Apparently, most people have successfully filed the 5329 without the 1040X, but every so often the IRS will reject the 5329 and request the 1040X.  Note that the 5329 form is a return in it's own right.  So you will have to make your own choice whether to file the 1040X or not.


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