If Schedule 2 (Form 1040), 'form5329NotRequiredInd' is checked, then 'TaxOnIRAsAmt' must have value greater than zero.
A return rejects with code S2-F1040-099 when a Form 1099-R has been indicated as being subject to a 10% penalty on the taxable amount in Box 2a, but no amount was entered in Box 2a.
To resolve this reject in TaxSlayer Pro, from the Main Menu of the tax return (Form 1040) select:
- Income
-
IRA/Pension Distributions (1099R, RRB-1099-R) - Select to edit the Form 1099-R subject to the penalty. Review the entry for inconsistencies, for example:
- Box 7 distribution codes G, H, or Q indicate a nontaxable distribution, so you will select item f "Subject to 5329" and choose Does Not Transfer.
- Box 7 distribution codes 1, J, or S indicate there was an early withdrawal that may be subject to the penalty. Ensure the taxable amount is entered in Box 2a.
Additional Information:
Desktop: Form 5329 - Tax on Early Distribution
Desktop: Form 1099-R - Rollover of a Retirement Plan or IRA Distribution