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One of the common uses of IRS form 5329 is to waive exceptions to the 10% penalty for early withdrawal of a pension distribution. Access the form by following these steps:
IRS form 5329 Additional Taxes on Qualified Plans and Other Tax-Favored Accounts is the tax form used to calculate possible IRS penalties from the situations listed below and possibly request a penalty waiver. IRS form 5329 applies to each individual that might owe a penalty, so for married couples filing jointly, each spouse must complete their own form.
You may need this form in three situations:
The software will make the form available when needed.
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