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Why is TT filling in a 5329T - this does not apply to me - how do I clear this BS. Also, TT added a QBI - I do not have a business. What gives?

 
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MayaD
Expert Alumni

Why is TT filling in a 5329T - this does not apply to me - how do I clear this BS. Also, TT added a QBI - I do not have a business. What gives?

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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