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Paul-G-328
Level 5
February 25, 2021
Question

Form 5329

  • February 25, 2021
  • 3 replies
  • 24 views

My understanding is that the this year the penalty for Early IRA Withdrawal has been waived due to Covid.

In addition Ive already had 2 clients tell me that they were told that when they took out early distributions. Yet there is nothing on the 1099-R that indicates that and I cant find anything in the Exception section of  Form 5329

This topic has been closed for replies.

3 replies

dascpa
dascpa
Level 11
February 25, 2021

Please refer t the 3,000 posts about this subject already on the board.  The form you're looking for will be ready soon as well as the update to the software.

    IRonMaN
    IRonMaN
    Level 15
    February 25, 2021

    The penalty hasn't been waived due to COVID.  You don't automatically receive a "get out of jail free card" regarding the 10% penalty.  The waiving of the penalty only applies if you had a legit COVID reason to pull the money out.

    Slava Ukraini!
      qbteachmt
      qbteachmt
      Level 15
      February 25, 2021

      "and I cant find anything in the Exception section of Form 5329"

      It's an "other" exception on that form.

      Then, form 8915-E is used.

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