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Question

10% Early distribution

1 reply
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I am under age 55, and i was laid off from my job and had to take an early distribution from my IRA to pay for medical insurance. According to an IRS publication, this distribution will not be subject to the 10% additional early distribution tax. How do I generate Form 5329 in the Turbo Tax software?

Alumni - Intuit

To generate IRS form 5329 to report an exception to the 10% penalty for early distribution, follow these steps:

After entering the IRS form 1099-R, you should see the screen Let's see if we can lower your tax bill.
At the screen Identify the plan, tell the software what kind of plan the distribution was from. Click Continue.
At the screen These situations may lower your tax bill, enter the dollar amount next to the appropriate exception. Click Continue.
At the screen Good news: your tax bill just got lower, the IRS form 5329 has been generated.

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