FORM 5239 FOR MIIRATY RETIRED PAY AND INSURANCE PAYMENT

Forum|Forum|1 year ago
April 7, 2025
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Turbotax is generating Form 5239 based on the 1099 for my military retirement, which is a non-qualified plan. Similarly, it generates one for my wife's life insurance policy distribution, which is also non-qualified. Why does this happen? Can I just delete these forms before filing?

JamesG1

Not sure why the form is generated.

IRS form 5329 reports additional taxes on many retirement and pension related incomes.

This form may be used in these three situations:

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

In some cases, a form is deleted and then the software re-generates the form. Should that occur, that means that there is an entry in the software that needs to be addressed.

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