Retirement tax questions

The 5329 is not required  if all 1099-R's have a code 1 - it simply  goes  on  the 1040 Schedule 2 line 6.

 

5329 instructions:

 

You received a distribution subject to the tax on early distributions from a qualified retirement plan (other than a Roth IRA). However, if distribution code 1 is correctly shown in box 7 of all your Forms 1099-R and you owe the additional tax on the full amount shown on each Form 1099-R, you don’t have to file Form 5329. Instead, see the instructions for Schedule 2 (Form 1040 ), line 6, in the instructions for Forms 1040 and 1040-SR, or Form 1040-NR, for how to report the 10% additional tax directly on that line.

 

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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