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February 7, 2025
Question

Prompting me for 5239-T. I search what that is (in TT) nothing comes up. My HSA form is 5498-SA and there is no place (and apparently no need to input). Help?

  • February 7, 2025
  • 1 reply
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    1 reply

    JohnB5677
    February 7, 2025

    TurboTax generates the 5329 if it discovers that you owe extra tax.  This is not an editable form. 

     

    You may need form 5239 to calculate possibly IRS Penalties.

    Such as:

    • Early distributions from a tax-favored account
    • Excess contributions to a tax-favored account
    • Failing to take required minimum distributions

    Some examples are:

    • If you contribute more than the annual limit to your retirement or health savings account (HSA)
    • If you need to take the money out of an IRA before you reach retirement age
    • Or you take money from a 529 plan and don't spend it on qualified education expenses?

    Form 5329 is the tax form used to calculate possibly IRS penalties from the situations listed above and possibly request a penalty waiver. 

     

     

     

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