Form 5329 for Georgia 2024-2025

Form 5329 for Georgia: What You Should Know

Tax Tip: When paying a qualified plan distribution, remember that the 10% tax imposed on early distributions is not imposed when a person is  retiring or leaving employment. Tax Tip: Do not take this additional 10% tax. This tax applies to a distribution from a qualified plan that has not been taxed as a  retirement plan distribution. If you have a qualified plan that is taxable to you, you may need to use the  Qualified Plan Distributions Identification Number (TEPID).  Filing a Notice of Tax Lien. The Notice of Tax Lien is a notice informing the taxpayer that the taxpayer owes money on debt owed to the  government of Georgia. Georgia has a “Notice of Lien” law that is similar to the rules applied in other states with regard  to debt collection. See Note 1. For more information on Notice of Tax Lien, read Form 5329 (Georgia) Part 1. Note 1: The “Notice of Tax Lien” statute only applies to “gross debt.” A taxpayer may not file a notice of tax lien without also claiming that the  debt that is the subject of the lien is an income tax debt. Therefore, if the lien is filed against income (i.e., wages,  profits, etc.) or capital (i.e., land, buildings, or equipment), the lien is a property tax lien. However, a lien against  other debt includes a lien against interest, penalties, or costs. Also note that there may be some tax benefit if the debt is  repaid with a lump sum. For more information, read Notice of Tax Lien: GA Law. Note 2: The lien may be filed in the county where the property is located and may include the county, city, or other taxing  officer. The county where the property is located is generally the taxing county unless the county has chosen to treat the amount of the lien as having been paid to a different county. Note 3: All property of the taxpayer is subject to the lien and may be  assessed by the tax collection office for the amount of tax owing. Note 4: This Notice of Tax Lien is not filed against a taxpayer's real or personal property  to collect taxes owed under an obligation that arises out of or is bound up with the taxpayer's employment.

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