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Retirement tax questions
Thank You, but still not working out.
I went to Other Tax Situations, the Additional Tax Payments & Extra tax on early retirement. TT then asks "Did you use your IRA to pay for any of these expenses?" & there is a list of things like Medical expenses, health ins, death etc & the last one is "Another reason" which is what I used, in there I put $13 (originally I had the $144 in there). I then had TT Review & update the return.
I then went to the updated Form 5329 and in Part I it had the $13 in lines 1 & 2, but still has Part IV filled in with $144 in lines 18, 22 and 24 as a 2019 Excess Contribution & 6 percent tax.
When I entered the 1099-R for this I put 157.17 in box 1 (144 EC plus 13.17 earnings) in 2a I put $13.17 for taxable. Box 7 PJ & Sep/Simple box checked. No other boxes are checked or filled out. I indicated it was a 1099-R for 2021.