L1: Form 5329I began taking a SEPP from my IRA in 2011 when I was 54 yrs. old. This was my first distribution. In doing my 2011 taxes, I’m wondering if I need to fill out a Form 5329 and return with federal tax return. And, if so, can this be done via Turbo Tax?2012-03-13 01:07, By: cincy, IP: [220.127.116.11]
L2: Form 53291. You should be able to prepare a 5329 on Turbo Tax.
2. Look to see what code is on your 1099-R. Most companies are using “code 1″ in box 7 which denotes ” Early Distribution, no known exception”. In those cases a form 5329 is required to report the distribution as a “code 2” which on form 5329 denotes “SEPP 72-T” (actually with the full narrative of what that means).
3. If the 1099-R has a code 2 in box 7, then that denotes ” Early Distribution, exception applies, even though under age 59 1/2″.
4. There is a list of about 20 other codes that can be in box 7 of the 1099-R.2012-03-13 02:30, By: dlzallestaxes, IP: [18.104.22.168]
L3: Form 5329My 1099-R has code 2 in box 7. And IRA/SEP/SIMPLE box is checked. So does that mean I don’t have to file the Form 5329?
Many thanks!2012-03-13 16:37, By: cincy, IP: [22.214.171.124]
L4: Form 5329Correct.2012-03-13 16:41, By: dlzallestaxes, IP: [126.96.36.199]
L5: Form 5329Wonderful. Thanks!2012-03-13 17:08, By: cindy, IP: [188.8.131.52]