Form 5329 is the tax form used to calculate possibly IRS penalties and possibly request a penalty waiver.
You may need form 5329 in three situations:
- early distributions from a tax-favored account
- excess contributions to a tax-favored account
- failing to take required minimum distributions
For more details please check, Form 5329
You don't need to have a business to qualify for QBI deduction.
Did you receive a K-1 or a 1099-DIV with an amount in box 5 Section 199A?
For more information check here.
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