Entering early distributions from Form 1099R in ProConnect Tax

Entering early distributions from Form 1099R in ProConnect Tax

What's new for Form 5329 for tax year 2024:

Beginning with distributions made after December 31, 2023, two new exceptions have been added to the 10% additional tax on early distributions. These exceptions are for victims of domestic abuse and distributions for emergency personal expenses.

This article shows you how to enter an early distribution exception from Form 1099R.

To enter an early distribution exception from Form 1099R:

1. Under Input Return, select Income.
2. Select Pensions, IRAs (1099R).
3. Select the Details button.
4. Select the Form 5329 tab.
5. Under 5329 (Part 1), enter the amount that isn't subject to 10%/25% tax in the Amount excluded from 10%/25% tax field.