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5329 Form: What You Should Know

December 31 is when you can file Form 941-PR. Your employer will send you Form 941-PR form for the preceding quarter. • April 30 is when you can file Form 8812 as an adjustment to your 941. • April 30-June 30 is when you can file Form 943-SEP. • July 31 is when you can file Form 941-PR (Rev. 6-2022) as a backup tax.

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Video instructions and help with filling out and completing Form 5329

Instructions and Help about Form 5329

We had a lady today that was referred to us. She is 53 years old and she's willing to make a career change. One of the problems that she has is that her retirement money is the biggest asset that she has in terms of being able to generate income from assets. So she was very frustrated until I shared with her about a rule called rule 72 T. Rule 72 T is a section of the tax code that allows somebody, when they're looking at retirement, if they're under the age of 59 and a half, to go on and roll out their retirement dollars from say the pension and 401k plan, and then lump sum form put it in an IRA account. Now, most people are under the impression that unless they're 59 and a half years old or older, they've got to pay a 10% penalty plus taxes if they pull money out of their individual retirement account, or as we like to say, IRA. That's not true. Rule 72 T, by using the IRS actuarial tables, allows them to start taking money out of their IRA, and the 10% penalty is waived provided that they stick with the same payment. Now, the catch is, the closer you are at age 59 and a half, you have to go for five years. So if you're aged 58, you've got to go for five years. The further away you are from age 59 and a half, you have to go all those years until you turn 59 and a half. If you change the amount in any form, you get hit with a 10% penalty. So it's something to think about, and it's also something to have additional dialogue with me about. So call me if you're sitting there at...