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Retirement tax questions
Form 5329 is indeed required to be included. Even though you are over age 59½, the Form 1099-R reporting a return of contribution from a Roth IRA is required to include code J to indicate that it's from a Roth IRA. Because you are over age 59½, you'll need to claim an Other reason exception to the early-distribution penalty on the $4,711. TurboTax will put this amount on Form 5329 line 2 with code 12.
February 10, 2021
8:39 AM