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New Member
posted Feb 2, 2021 5:35:06 PM

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

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2 Replies
Level 15
Feb 2, 2021 5:44:42 PM

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.
 

Level 1
Feb 2, 2021 5:50:11 PM

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.