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Financial Planning / Tax Strategies
|Subject: Re: K-1 Section 751 statement||Date: 2/26/2009 10:26 AM|
|Author: TMFPMarti||Number: 104749 of 120409|
Assignment completed. I just submitted this comment at irs.gov:
Regarding the instructions for Form 5329
In the "Who Must File" section there are conflicting bullets. The second bullet flat-out says that if you took a premature distribution and the Box 7 code is not "1" you must file the 5329. The next two bullets deal with premature distributions not subject to the penalty which do not have a 1 in Box 7 and do not require the 5329. Put it all together, and it appears that all premature distributions required a 5329.
Bullet two could be fixed by beginning with "You received an early distribution subject to the premature distribution penalty...."
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