The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: K-1 Section 751 statement||Date: 2/25/2009 9:38 PM|
|Author: TMFPMarti||Number: 104718 of 125423|
If you are kind enough to respond to this, I won't bother you with this issue any further.
Please bother away until we get to the bottom of things.
Unfortunately I've been working without a net, i.e., without reference materials in front of me. I'm housesitting and using a computer that can't display pdf files and won't let me install a plug-in.
I'm not going to work from memory any more on this, but it'll have to wait until tomorrow, when I'm at home and can properly research.
In the meantime, I'd appreciate some clarification. In your OP you said "If I e-file with TaxAct and it doesn't generate a Form 5329 (for information only because I don't owe additional tax on my IRA distribution), how do I get that information to the IRS?" I interpreted that as meaning that you had a taxable distribution that wasn't subject to the penalty, but now I'm not sure that it what you meant.
Just so we're both on the same page, what exactly happened?
1. Did you take a distribution from your traditional IRA before age 59 1/2? If so,
2. Was any part of the distribution taxable? If so,
3. Do you meet an exception for the 10% premature distribution penalty?
If this wasn't a distribution from your traditional IRA, what was it?
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