Form 5329 is the tax form used to calculate possible IRS penalties from the following situations:
- Early distributions from a tax-favored account
- Excess contributions to a tax-favored account
- Failing to take the required minimum distributions
Form 5329 applies to each individual that might owe a penalty, so for married couples filing jointly, each spouse must complete their own form.
To fill out form 5329:
- Open your return and click on Search at the top of your screen.
- In the Search box, type form 5329 and click on the magnifying glass icon on the right.
- Click on the link Jump to form 5329.
- TurboTax will take you to a section where you can fill out form 5329, which will be included in your tax return.
If you are using TurboTax Desktop you can add this Form by using Form mode.
To switch to Forms Mode, open your return and select the Forms icon in the top-right corner of the screen (or choose Forms from the View menu at the top). The 1040 Worksheet will display, and all the forms in your return will be listed. Simply select a form to open it.
Please see the filing instruction for Form 5329 from the IRS
https://www.irs.gov/pub/irs-pdf/i5329.pdf
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