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FiveMileLake
April 11, 2025
Question

Why is TT filling in a 5329T - this does not apply to me - how do I clear this BS. Also, TT added a QBI - I do not have a business. What gives?

  • April 11, 2025
  • 1 reply
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    1 reply

    M
    MayaD
    April 11, 2025

    Form 5329 is the tax form used to calculate possibly IRS penalties and possibly request a penalty waiver.

     

    You may need form 5329 in three situations:

    • early distributions from a tax-favored account
    • excess contributions to a tax-favored account
    • failing to take required minimum distributions

    For more details please check, Form 5329

     

    You don't need to have a business to qualify for QBI deduction. 

    Did you receive a K-1 or a 1099-DIV with an amount in  box 5 Section 199A?

     

    For more information check here. 

     

     

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