I have a question for form 5329

Forum|Forum|4 years ago
December 6, 2021
3 replies
21 views

On the form in front of me I am trying to copy what the first person did. It is a 2016 return. The client had a $20,000 on line 1, but on line 2 it is reading $10,000, cause the exception is 09. Where do I put that 09 number?

ProSeries Professional

This topic has been closed for replies.

Best answer by Just-Lisa-Now-

9 is first time home purchase

J

jeffmcpa2010

Level 10

https://www.irs.gov/pub/irs-prior/i5329--2016.pdf

This may help you.

abctax55

Level 15

Wow... look what I found just a few clicks down the page:

https://proconnect.intuit.com/community/federal-taxes/help/understanding-exceptions-to-form-5329-additional-tax-on-early/00/183070

And the '09' code/exclusion isn't something that gets used, year after year... if you are working on the same taxpayer's return for a subsequent year.

HumanKind... Be Both