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j_fleming89
New Member

It keeps mentioning a 5329-T form, what is that?

 
2 Replies
Critter-3
Level 15

It keeps mentioning a 5329-T form, what is that?

Tax Form 5329 is used to report additional taxes on IRAs and other qualified retirement plans. An individual needs to complete this form if he or she receives income as a distribution from a retirement plan. Failure to fill out Form 5329 correctly may force you to pay more taxes than you owe.
 
npierson7
Level 1

It keeps mentioning a 5329-T form, what is that?

Form 5329-T reports Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts. It is automatically generated when you become liable for the taxes due.

 

To access the form to enter information follow these steps:

 

Federal - Other tax situations.

Scroll down to Additional Tax Payments.

Click on Start  / Revisit on Extra tax on Extra tax on early retirement withdrawals.

 

The most common use of form 5329 is to waive exceptions to the 10% penalty for early withdrawal of a pension distribution.

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