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multiple 5329 on tax return

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    multiple 5329 on tax return

    I have a client who qualifies for 2 exceptions to the 10% early distribution penalty -- she bought a house and has a child in a pricey college (AGI too high to claim any other education-related tax benefits). My software won't let me put 2 5329's on the return, nor will it allow multiple exceptions on 1 form.

    Two questions:
    a) After too much time spent researching, I cannot find an IRS cite that says 2 5329's are not allowed, and
    b) Can I paper file the return if 2 (or more) are allowable?

    Thanks all.

    #2
    According to the IRS Website, only one is allowed to be efiled unless you are filing MFJ, then you are allowed one for each spouse. Bad choice of words, but I would assume, you could paper file two!


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      #3
      Look at

      Originally posted by snowshine View Post
      I have a client who qualifies for 2 exceptions to the 10% early distribution penalty -- she bought a house and has a child in a pricey college (AGI too high to claim any other education-related tax benefits). My software won't let me put 2 5329's on the return, nor will it allow multiple exceptions on 1 form.

      Two questions:
      a) After too much time spent researching, I cannot find an IRS cite that says 2 5329's are not allowed, and
      b) Can I paper file the return if 2 (or more) are allowable?

      Thanks all.
      See if you can't use Code 12, and possibly attach an explanation on that "Elections and Statements" Form.
      If you loan someone $20 and never see them again, it was probably worth it.

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        #4
        Originally posted by RitaB View Post
        use Code 12
        Agree. Multiple exceptions - Code 12. Instructions 5329.

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