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hpkatz1
Level 1
February 14, 2025
Question

Why does a seemingly random amount appear as a "incorrect early distribution" on form 5329? I am well over 59.5 years

  • February 14, 2025
  • 2 replies
  • 0 views
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    2 replies

    MarilynG
    MarilynG
    Level 15
    February 14, 2025

    First, make sure your birthdate is correct in the Personal Info section.

     

    For a normal retirement distribution, you should see Code 7 in Box 7 of your 1099-R.

     

    If you're using TurboTax Online, clear your Cache and Cookies and return to the 1099-R entry area.

     

    If you imported your 1099-R, you may delete/re-enter manually.

     

    You can also Delete Form 5329; however it may regenerate if the 1099-R (or birthdate) are incorrectly entered. 

     

    Since we can't see your return in this forum, let us know if this resolved your issue.  You can also Contact TurboTax Support. 

    **Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"
    VolvoGirl
    VolvoGirl
    Level 15
    February 14, 2025

    Did you get a 1099R for something?  Are you old enough to need to take the RMD from your IRA or retirement accounts?   There is a bug in reporting the RMD and giving you a penalty on 5329. 

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