What is a Form 5329-T

Form 5329 is used to report additional taxes on qualified retirement plans and other tax-favored accounts. Here's a quick summary:

• Early Withdrawals: Complete Part 1 or 2 to calculate penalties or request a waiver for early withdrawals from IRAs or 401(k)s.
• Education Savings: Use the form to report non-qualified withdrawals from 529 plans or Coverdell ESAs.
• Health Savings: Report and calculate penalties for HSA withdrawals not used for medical expenses.
• Excess Contributions: Fill out Parts 3-8 to calculate penalties for contributions exceeding limits to IRAs, 401(k)s, HSAs, ESAs, and ABLE accounts.

To enter this information in TurboTax:

1. Open or continue your return: be sure you are logged in for link to work
2. TurboTax Online/Mobile: Go to 1099-R.
3. Turbo Tax will generate Form 5329
4. TurboTax will guide you through the process and help you report any additional taxes or penalties related to your retirement plan withdrawals.