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Education
Schedule 1, Line 8z with a description of "Excess 1099-Q" will trigger the IRS to look for form 5329 either reporting the 10% penalty or claiming the penalty exception. When entered properly, TT does this automatically.
While using a short cut to report the taxable portion will accurately report the income, it will be missing this one technicality. I don't know how aggressively the IRS pursues this. It should be easily explained in case of an IRS inquiry.
‎April 18, 2022
5:00 PM