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

[ColeenD3 · Accepted solution]

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

[Russell23]

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 · Accepted solution]

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.

[Russell23]

Thank You Sam!