Hello,
Box 2a has the amt, box 2b is blank and box not checked.
Box 7 has code 1.
This is my sister's and she is aware she has to pay the penalty. From what I understand, in this situation as.long as the code 1 in bix 7 is correct, no need for a 5329.Ira imstruction state something about this amount needing to be placed on line 8 on schedule 2 I believe.
Since it is being done via efile and not on paper I am assuming it will be placed in the proper area?
My situation is similiar except that my code is/was a 2 in box 7. This was from 2022 and no form 5329 was completed . I did not owe a penalty as this withdrawal was under the rule of 55 and I don't believe there was even an option for the 5329 like above.
I'm not seeing very definitive info on this example .
I am almost positive the first scenario the 5329 is not required and thay the penalty will be accessed and documented in the proper areas of the form however I do not know if the latter one needed to have a 5329 to reflect the exception type.
Thanks for taking the time to respond
