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Reporting Penalty for Violation of SEPP 72-t

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Bydlztaxes

L1: Reporting Penalty for Violation of SEPP 72-tIf a taxpayer violates his SEPP 72-T arrangement, I assume you enter 10% of the cumulative payments received on line 59 of form 1040, and write “NO” to the left of the amount to indicate that form 5329 will not be filed because there is no exception to the penalty. Is this the correct procedure ?
2005-07-07 23:19, By: dlztaxes, IP: [4.175.9.122]

L2: Reporting Penalty for Violation of SEPP 72-tHello Diz:
Actually, the corret procedure is to file Form 5329 which will compute the 10% surtax; then, line 4 of Form 5329 posts to line 59 of 1040.
TheBadger
wjstecker@wispertel.net
2005-07-08 07:09, By: TheBadger, IP: [66.250.23.21]

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