Support CenterForm 5329 Line 54 - When you enter the amount you request to be exempt
If the amount entered on line 54, this amount is deducted from line 52, which will leave the balance on line 54, the tax will be 50% of any remaining amount on line 54 (not the exemption amount) , therefore, if the exemption amount is zero, then the excess tax is the amount on line 54, which is 50% of the total. Please review the IRS instructions as follows:
If the amount entered on line 54, this amount is deducted from line 52, which will leave the balance on line 54, the tax will be 50% of any remaining amount on line 54 (not the exemption amount) , therefore, if the exemption amount is zero, then the excess tax is the amount on line 54, which is 50% of the total. Please review the IRS instructions as follows:
1. Complete lines 52 and 53 as
instructed.
2. Enter RC and the amount of the
shortfall you want waived in
parentheses on the dotted line next to
line 54. Subtract this amount from the
total shortfall you figured without regard
to the waiver, and enter the result on
line 54.
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