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"it is NOT required if you are only looking to waive the 10% penalty?"
I understand it to be, it is the form used to spread the taxable amount over 3 years, just like the other 8915-XX forms. You also need to use to show you don't want to spread it over 3 years = the election is on this form. So, if you took the distribution for "disaster" purposes, you use this form.
"and to elect the 10% waiver?"
The 5329 is to show your distribution (or a partial rollover of it) qualifies for the penalty exclusion (here is selective text from the instructions):
Who Must File
You must file Form 5329 if any of the following apply.
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You received a distribution subject to the tax on early distributions from a qualified retirement plan (other than a Roth IRA) and you meet an exception to the tax on early distributions from the list shown later, but box 7 of your Form 1099-R doesn’t indicate an exception or the exception doesn’t apply to the entire distribution.
Tip: If you rolled over part or all of a distribution from a qualified retirement plan, the part rolled over isn’t subject to the 10% additional tax on early distributions.
"the list shown later" has this code:
12 | Other (see Other next). Also, enter this code if more than one exception applies. |
Other.
The following exceptions also apply
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Distributions that are qualified disaster distributions.
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Coronavirus-related distributions.
"Level Up" is a gaming function, not a real life function.