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Question

Why is TT filling in a 5329T - this does not apply to me - how do I clear this BS. Also, TT added a QBI - I do not have a business. What gives?

Forum|Forum|11 months ago
April 11, 2025
1 reply
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Form 5329 is the tax form used to calculate possibly IRS penalties and possibly request a penalty waiver.

You may need form 5329 in three situations:

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

For more details please check, Form 5329

You don't need to have a business to qualify for QBI deduction.

Did you receive a K-1 or a 1099-DIV with an amount in box 5 Section 199A?

For more information check here.

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