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Form 5329

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ByGary T

L1: Form 5329If the distribution codings on the 1099-R for SEPP payments will now become a
” 1 “, I have a question on completing Form 5329.
I will be taking two separate distributions during 2005: one relating to SEPP payments and one relating to medical expenses in excess of 7.5% of AGI. This will relate to two different codes on the Form 5329. Both distributions will be structured to avoid the 10% penalty by filing the 5329.
Will I file one 5329 with the total of the payments and two distribution codes, or two 5329’s each relating to the separate distributions.
Thanks
2005-01-06 09:57, By: Gary T, IP: [24.145.164.87]

L2: Form 5329Good question and I don’t have the perfect answer. The instructions mandate using two forms on Joint return if both husband and wife have a reason to complete the form. Since the forum only includes space for one exception and one amount, I would think you may have to use two forms – maybe Bill knows and will also reply.
Start by reading the instructions http://www.irs.gov/instructions/i5329/ch02.html#d0e205and then discuss with your accountant. If using Turbo Tax, etc. they may have the answer built in.
2005-01-06 10:24, By: Gfw, IP: [172.16.1.74]

L2: Form 5329You would file two 5329’s; one with reason code 2 and one with reason code 5.
TheBadger
wjstecker@wispertel.net
2005-01-06 10:28, By: TheBadger, IP: [66.250.23.21]

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