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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- Re: Form 5329 and Qualified Birth
Form 5329 and Qualified Birth
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Marsha2020
Level 4
04-23-2022
08:52 AM
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Client took $10K out of IRA and also gave birth in 2021. I've excluded $5K on the 5329 for no penalty for being under 59 1/2. I've read that this needs a statement and has to be mailed in. This can't be right? The child is listed for the first time on the 2021 tax return. Isn't that enough info for the IRS without adding to their paperwork back log. How do I handle this? Thanks in advance.
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TaxGuyBill
Level 15
04-23-2022
10:21 AM
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Where do you see it needs to be mailed? I would just attach a PDF.
A qualified distribution from a retirement plan for the birth or adoption of a child of up to $5,000 if made during the 1-year period beginning on the date your child was born or adopted. Attach a statement that provides the name, age, and TIN of the child or eligible adoptee.
https://www.irs.gov/instructions/i5329#en_US_2021_publink13330rd0e334
https://www.irs.gov/pub/irs-drop/n-20-68.pdf#page=13
