5329 form for 2014 income taxes
L1: 5329 form for 2014 income taxesI started my SEPP in 2008, the year I turned 54 and have taken distributions every year since including a full distribution in February 2014.In May 2014 I turned 59 1/2. Not sure if it was required to take the distribution in 2014 and wondering if it is necessary to file form 5329 on my 2014 tax return. My date of birth is 11/24/1954.2014-06-17 18:11, By: jg1954, IP: [220.127.116.11]
L2: 5329 form for 2014 income taxesYou were not required to take a distribution this year, but the full distribution IS one of your options under a SEPP plan. Since the distribution was taken before attaining age 59.5, your 1099R will be coded 1 if your prior 1099R forms were coded 1. Therefore, you WILL need to attach Form 5329 to your 2014 return to claim the SEPP exception as in prior years.
Since your plan has now reached its modification date, you can take any amount you wish for the rest of the year or take nothing. Any additional distributions will be reported on a different 1099R coded 7, but your 5329 will only address the Feb distribution.2014-06-17 21:06, By: Alan S, IP: [18.104.22.168]