I have a question for form 5329

[dawn-fsataxaccou]

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?

[jeffmcpa2010]

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

This may help you.

[abctax55]

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-add...

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.

[Just-Lisa-Now- · Accepted solution]

9 is first time home purchase

[abctax55]

That's why I said, if it's the same taxpayer, it's not likely it should be used.

N M I...

[Just-Lisa-Now-]

I think shes trying to recreate the original return in order to amend.

[abctax55]

Ah... now that makes sense 😉

[dawn-fsataxaccou]

Yes Lisa, I was trying to recreate the original tax return which was done by someone else.  That code 09 is generated by itself if the person takes the first-time home buyer.  Exactly what Lisa said.

Thank you, Lisa