How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Marvin,EA Your Own Question
Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1672
Experience:  Enrolled to Represent Taxpayers Before The IRS
9313471
Type Your Tax Question Here...
Marvin,EA is online now
A new question is answered every 9 seconds

My husband took out $5000 dollars from his IRA account last ...

Resolved Question:

My husband took out $5000 dollars from his IRA account last year and at that time he had them to deduct the 10% amount on it($500). I would like to know if I need to find out form 5329 or can I just file my 1040 and include the $5000 as income and they will see from the 1099-r that the 10% was deducted off the top.
Submitted: 9 years ago.
Category: Tax
Expert:  Marvin,EA replied 9 years ago.
Hello and thank you for using Just Answer. Yes, fill out Form 5329, line 1 to 4. Include the amount on line 4 ($500) on Form 1040 line 60. Include the $5000 as income on line 15a and 15b. Also, look at Instructions for Form 5329 to see if any of the exceptions apply.
Marvin,EA and 2 other Tax Specialists are ready to help you