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FORM 5329 is for calculating Additional Tax on Qualified Plans. This form will be automatically generated within TurboTax.
If you received a 1099-R that is categorized as an Early Distribution the form will appear. There is no need to add it.
I have an inherited IRA and I didn’t take the deduction in time so they said I had to file a 5329 and write a letter w it to the IRS so they don’t fine me.
Is this for a Required Minimum Distribution? With TurboTax you unfortunately cannot attach an explanation, but you can Print the 5329 an mail it separate from the rest of your return. See Waiver of tax for reasonable cause.
Yes. I took the required deduction too late.
So I can still file through Turbo Tax now but print the form on my own and mail it to the IRS??
Have you already filed?
If you have already filed, you might not be able to go back to add. You can return to the program to add without amending only if your return is being rejected. If your return is accepted, to change any information, you will have to amend it. You cannot just go back to add.
If your return got rejected for any reason, you can return to the program/account to add information along with other changes and re-submit it. For instructions, click here Fix a reject 2019. You do not need to file an amendment 1040-X.
If your return has been accepted, you will have to amend by filing a Form 1040-X. Click here for instructions Amend 2019. Please note that the 2019 Form 1040-X is not available until 2/12/2020. Please come back later. Also, be aware that you should not try to amend your return until it has been fully processed and you have received your refund or your payment has cleared. If by editing the information does not change the refund or amount you owe, you do not need to submit the amendment.
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