Solved: Why is TT not giving me 'form 5329' with the searc...
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Russell23
Level 2

Why is TT not giving me 'form 5329' with the search?

 
2 Best answer

Accepted Solutions
ColeenD3
Employee Tax Expert

Why is TT not giving me 'form 5329' with the search?

To access the form to enter information you would

  1. Select Federal Taxes.
  2. Select Other Tax Situations.
  3. Scroll down the Other Tax Situations screen until you see the "Additional Tax Payments" group.
  4. Extra Tax on Early Retirement Withdrawals
  5. Follow the prompts

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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SamS1
Expert Alumni

Why is TT not giving me 'form 5329' with the search?

Code 8 signifies that excess contributions were deposited and returned in the same year.  Code J should be used if the Roth IRA owner meets the five-year waiting period but the distribution is not qualified because the IRA owner is not yet age 59½, has not died, or is not disabled.  Since TurboTax is indicating no extra tax, it is detecting your age as over 59 1/2 so no penalty on 5329.

View solution in original post

4 Replies
ColeenD3
Employee Tax Expert

Why is TT not giving me 'form 5329' with the search?

To access the form to enter information you would

  1. Select Federal Taxes.
  2. Select Other Tax Situations.
  3. Scroll down the Other Tax Situations screen until you see the "Additional Tax Payments" group.
  4. Extra Tax on Early Retirement Withdrawals
  5. Follow the prompts

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

Russell23
Level 2

Why is TT not giving me 'form 5329' with the search?

Thanks ColeenD3.  Allow me to ask the following:  I erroneously overfunded my Roth by $7K on Jan 13, 2020 and then withdrew the $7K on Jan 21, 2020.   Schwab issued a 1099R with an 8J distribution code.  Is this correct?   Is a 5329 even required in this instance?   TT says there is no extra tax to pay because I took no withdrawals from a retirement account before retirement age.  I am 64. 

SamS1
Expert Alumni

Why is TT not giving me 'form 5329' with the search?

Code 8 signifies that excess contributions were deposited and returned in the same year.  Code J should be used if the Roth IRA owner meets the five-year waiting period but the distribution is not qualified because the IRA owner is not yet age 59½, has not died, or is not disabled.  Since TurboTax is indicating no extra tax, it is detecting your age as over 59 1/2 so no penalty on 5329.

View solution in original post

Russell23
Level 2

Why is TT not giving me 'form 5329' with the search?

Thank You Sam! 

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