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I have a question for form 5329

On the form in front of me I am trying to copy what the first person did. It is a 2016 return. The client had a $20,000 on line 1, but on line 2 it is reading $10,000, cause the exception is 09. Where do I put that 09 number?

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Just-Lisa-Now-
Level 15
Level 15
9 is first time home purchase

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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7 Replies 7
jeffmcpa2010
Level 8
abctax55
Level 15

Wow... look what I found just a few clicks down the page:

https://proconnect.intuit.com/community/federal-taxes/help/understanding-exceptions-to-form-5329-add...

And the '09' code/exclusion isn't something that gets used, year after year... if you are working on the same taxpayer's return for a subsequent year.

 

(I wanna be a member of the pot stirring club too)
Just-Lisa-Now-
Level 15
Level 15
9 is first time home purchase

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

View solution in original post

abctax55
Level 15

That's why I said, if it's the same taxpayer, it's not likely it should be used.

N M I...

(I wanna be a member of the pot stirring club too)
Just-Lisa-Now-
Level 15
Level 15
I think shes trying to recreate the original return in order to amend.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
abctax55
Level 15
Ah... now that makes sense 😉
(I wanna be a member of the pot stirring club too)

Yes Lisa, I was trying to recreate the original tax return which was done by someone else.  That code 09 is generated by itself if the person takes the first-time home buyer.  Exactly what Lisa said.

 

Thank you, Lisa