1040 Form 5329 entering exceptions to the additional tax on distributions from Form 1099-R

Forum|Forum|6 years ago
February 10, 2020
9 replies
35 views

Line 1 (Gross Distribution) amount not flowing to Line 1 of Form 5329 (Early distribution included in income). How is this done? I'm using ProSeries Basic.

ProSeries Basic

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Best answer by Camp1040

How did you do it? Is there something in the 1099-R worksheet that I need to do(like check/click) so the info will flow to the form 5329? Thank you ever so much for your help. I really appreciate it.

ALOHA

I filled out box 1, box 2 with the same amount as box 1, and I put a code 1 in box 7 , don't mess with the rest of the worksheet.

Then go to the 5329 worksheet and enter $10,000 for the home exclusion.

Let me know if that works for you.

Camp1040

Level 10

Did you enter a 1 code in box 7? And fill in taxable amount in box 2.

B

boadojre001Author

Level 2

Already done that, code 1 in box 7 and the taxable amount in box 2. The taxable amount still didn't flow to line 1 of Form 5329. My product updates are all current, too.

Camp1040

Level 10

Is the penalty calculating on the 1040?

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