Form 8606 or 5329? - turbotax withdraw from ira to buy house
In 2006 I qualified time for an early distribution from my Roth IRA for the 1st home buyer. I respect all the requirements to be qualified, to include only the removal of 10,000.
I am using TurboTax and wants to help shape the full 8606, but the man, says the IRS desk that I need to use TurboTax 5329 .... But let me not use this form.
Ideas?
Friday, February 12, 2010
Turbotax Withdraw From Ira To Buy House Form 8606 Or 5329?
2 comments:
In fact, you can do both, as all the facts. Take the Turbo Tax and select Form 5329 is likely later in the process of preparation. Turbo Tax Form 8606, if it decides that it is not necessary, will be presented to them.
Each packet form of commercial tax preparation software has its quirks, and this is particularly evident when one knows the law and how it manually. The tax cuts, you're crazy for the first time on the income from the rental covers real estate. They ask questions out of order in what I call the "bad" part of the interview process. It works well, but in the end. After you submit the return and willing to complete forms again and take a look.
It is also possible thatTurbo Tax has to be updated. Tax cuts urged to know for updates each time I check the program Turbo Tax for the year, not how you handle updates. But I saw, and then run the process manually update to ensure that it is current. Most commercial software has been sealed off in November and December, and all laws and regulations had not been completed when they were produced.
You must be sure to fill in 8606 to ... According to the data in this way, you have completed a 5329th Just follow the instructions and you go to TurboTax 5329, if necessary.
Instructions for Form 5329:
You must file Form 5329-when one of the following conditions, provided that you do not file Form 5329-to qualified hurricane distribution report.
• you have an early distribution from a Roth IRA will receive the amount on Form 8606, line 23 is greater than zero, and is obligated to an amount that is greater than 0 see on the form 5329, line 1 (except for Roth IRA distributions, which begins on page 2.
Source: http://www.irs.gov/pub/irs-pdf/i5329.pdf
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