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deephouse412
January 18, 2025
Question

Can someone plase help me. Im so close to wrappin this up. I nneed to fill out either form 5329or or one line on 1040. I owe em 10% from pullin a pc of my IRA

  • January 18, 2025
  • 1 reply
  • 0 views
😎 Additional tax. Enter 10% (0.10) of line 7. Include this amount on Schedule 2 (Form 1040), line 8

    1 reply

    DoninGA
    DoninGA
    Employee
    January 18, 2025

    Form 5329 is required since you have a 10% early distribution penalty.  

    The IRS Form 5329, Additional Taxes on Qualified Plans (including IRAs) is estimated to be finalized on 01/23/2025

    Go to this TurboTax website for federal and state forms availability - https://form-status.app.intuit.com/tax-forms-availability/formsavailability?albRedirect=true&product=Turbotax_online&bu=cg

     

    The IRS will not be accepting any 2024 federal tax returns until 01/27/2025.

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