Article: 50211
Overview
Use Form 5329 to report additional taxes on
- IRA
- Other qualified retirement plans
- modified endowment contracts
- Coverdell ESA
- Qualified Tuition Programs (QTP)
- Archer MSA
- HSA
Add Form 5329
To add the Form 5329:
- Go to Federal Taxes.
- Click Review.
- Click I’d like to see the forms I’ve filled out or search for a form.
- Enter 5329 in the search box and click on Form 5329 – Additional Tax on Qualified Plans to add and open the form.
- Complete the form as needed.
- If there is no exception and the taxable earnings should incur a 10% early withdrawal penalty, enter the taxable amount of the distribution under Part 1 in field Early distribution included in gross income, but don’t complete the Exception reason field.
- To enter the Required Minimum Distribution (RMD), click the box beside Part IX – Minimum Required Distributions. Then use the RMD field to enter the required minimum distribution amount.
- Click Save.
At any time, you can click File, and then Free Return Preview to generate a draft version of your return in PDF. Form 5329 isn’t required in all cases, so you may not see a Form 5329, but the penalty amount will show up on Schedule 2. Make sure the forms are reporting the data as you expect.