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Lev
Lev, Tax Advisor
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What Federal tax form will i need when filing for taxes in

Resolved Question:

What Federal tax form will i need when filing for taxes in 2013? I am disable and on disability. i had to just recently close my IRA account. Normally i would have to pay 10% for removing the money early, but i was told to file to wave the 10% because I am disable. Can you let me know what that form is? i have already paid automatically 20% for taxes when i removed the IRA funds.
Can you help me?

Thank You
Adriane XXX@XXXXXX.XXX
Submitted: 2 years ago.
Category: Tax
Expert:  Lev replied 2 years ago.

LEV :

Hi and welcome to Just Answer!
For distribution - you should receive reporting form 1099R - and report on form 1040 as following:
line 15a - total distribution - from 1099-R box 1
line 15b - taxable part of distribution - from 1099-R box 2a.
line 62 - federal income tax withheld - if any - from 1099-R box 4.
If the administrator of your IRA reports on form 1099R, box 7 - distribution code "3" - Disability - there no need any additional form.
Howeber if the distribution core is "1" - to claim an exclusion form 10% additional tax - you need to file Form 5329, , Additional Taxes on Qualified Plans (Including IRA's) and other Tax-Favored Accounts - http://www.irs.gov/pub/irs-pdf/f5329.pdf - and Enter the appropriate exception number under line 2 - for disability - use "03"
Let me know if you need any help with reporting.

Customer:

adding # XXXXX is not enough information i need to know how to fill out part #1. i had already printed the 5329 form but i can not figure out how to fill this out so i believed i had the wrong form.


I need help reporting


if i place a #3 where you show me and i leave the rest of the form empty just signing it at the end will the IRS process the form and fill out what is needed for me, because i can not make since of this form


When i reported to the IRA i did tell them i was disable, but they tole me to fill on my own the 5329


now it seems that i may need help filling out these forms can you help me, the money i paid you is already 10%, now i just paying through the nose.


 

Expert:  Megan C replied 2 years ago.
Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

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Customer: replied 2 years ago.

if i place a #3 where you show me and i leave the rest of the form empty just signing it at the end will the IRS process the form and fill out what is needed for me, because i can not make since of this form

Expert:  Lev replied 2 years ago.
The first step - please verify what distribution code is reported on form 1099R that you received.
If the administrator of your IRA reports on form 1099R, box 7 - distribution code "3" - Disability - there no need to file form 5329.

If the administrator of your IRA reports on form 1099R, box 7 - distribution code "1"- you do need to file form 5329 - http://www.irs.gov/pub/irs-pdf/f5329.pdf .
How to file form 5329?
Line 1 - Early distributions included in income - from form 1099R line 2a.
Line 2 - Early distributions included on line 1 that are not subject to the additional tax - put the same amount as on the line 1.
Enter the appropriate exception number under line 2 - for disability - use "03"
Line 3 - Amount subject to additional tax - enter zero.
Line 4 - Additional tax - should also be zero.
You do not need to enter any additional lines.
Be sure to sign the form at the bottom.
Attach form 5329 to your tax return.

Let me know if you need any help.

Be sure to ask if you need any clarification.

Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22990
Experience: Taxes, Immigration, Labor Relations
Lev and 5 other Tax Specialists are ready to help you
Customer: replied 2 years ago.

I do not want any trouble


you have your money


i will not do this any more


NO TIP


 


good luck to you

Expert:  Lev replied 2 years ago.
Please be sure to come back for all your tax related issues.
Be sure to ask if you need any help.

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Lev
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Taxes, Immigration, Labor Relations