Why should I file form 8606 vs 5329?

[eccentric86]

I took a withdrawal from my Roth IRA which I had open for 5 years, to purchase a home, and I am under the age of 59.5

[DanaB27]

The distribution from the Roth IRA will be entered in Part III of Form 8606. Form 5329 Part I will be used to calculate the 10% early withdrawal  penalty since you are under 59 1/2 and enter the exception code if you meet the first time homebuyer requirements (up to $10,000). 

You can withdraw contributions you made to your Roth IRA anytime, tax- and penalty-free.  Please make sure you enter your net contributions when TurboTax asks.

1. Click on "Search" on the top right and type “1099-R”
2. Click on “Jump to 1099-R”
3. Click "Continue" and enter the information from your 1099-R
4. Answer the Roth follow-up questions