FORM 5239 FOR MIIRATY RETIRED PAY AND INSURANCE PAYMENT

[Denby1]

Turbotax is generating Form 5239 based on the 1099 for my military retirement, which is a non-qualified plan.  Similarly, it generates one for my wife's life insurance policy distribution, which is also non-qualified.  Why does this happen?  Can I just delete these forms before filing?

[JamesG1]

Not sure why the form is generated.

IRS form 5329 reports additional taxes on many retirement and pension related incomes.  

This form may be used in these three situations:

• early distributions from a tax-favored account
• excess contributions to a tax-favored account
• failing to take required minimum distributions

In some cases, a form is deleted and then the software re-generates the form.  Should that occur, that means that there is an entry in the software that needs to be addressed.