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April 7, 2023
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My total tax bill says it was calc'd by, in part, a "$397 penalty for early w/d or making excess cont. to IRA or other tax acct" but I didn't! How do I get it removed?

  • April 7, 2023
  • 1 reply
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Best answer by BillM223

If you are using the CD/download software, please go to Forms Mode and find form 5329 and tell us which Part has this number. Your description sound like the penalty was calculated on form 5329, but there are 9 different reasons why the 5329 is used, only some of which have to do with IRAs.

 

If you are using the Online product, tell us if you have a Coverdell ESA, a QTP, an ABLE account, an Archer MSA, or an HSA - all of which can generate penalties on the 5329.

1 reply

BillM223Answer
April 7, 2023

If you are using the CD/download software, please go to Forms Mode and find form 5329 and tell us which Part has this number. Your description sound like the penalty was calculated on form 5329, but there are 9 different reasons why the 5329 is used, only some of which have to do with IRAs.

 

If you are using the Online product, tell us if you have a Coverdell ESA, a QTP, an ABLE account, an Archer MSA, or an HSA - all of which can generate penalties on the 5329.

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