Form 5329, Additional Taxes on Qualified Plans

Form 5329 to reports additional taxes on:

  • IRA
  • Other qualified retirement plans: A qualified pension, profit-sharing, or stock bonus plan (including a 401(k) plan), a tax-sheltered annuity contract (403(b) plan), a qualified annuity plan and an IRA.
  • Modified endowment contracts
  • Coverdell ESAs
  • QTPs
  • Archer MSAs
  • HSAs
  • ABLE accounts

Examples on who must file form 5329

If a taxpayer received an early distribution from a qualified retirement plan that is subject to taxes (other than a Roth IRA) . However, if distribution code 1 is correctly shown in box 7 of all your Forms 1099-R and you owe the additional tax on the full amount shown on each Form 1099-R, you don’t have to file Form 5329 - Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts. Instead, see the instructions for Schedule 2 (Form 1040), line 8, in the Instructions for Form 1040, or the Instructions for Form 1040-NR, for how to report the 10% additional tax directly on that line.

If a taxpayer received a distribution from a Roth IRA and either the amount on line 25c of Form 8606, Nondeductible IRAs, is more than zero, or the distribution includes a recapture amount subject to the 10% additional tax, or it’s a qualified first-time homebuyer distribution.

IFf a taxpayer didn’t receive the minimum required distribution from your qualified retirement plan. This also includes trusts and estates that didn’t receive this amount. See Waiver of tax for reasonable cause, later, for information on waiving the tax on excess accumulations in qualified retirement plans.

If a taxpayer 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.

If a taxapayer received taxable distributions from Coverdell ESAs, QTPs, or ABLE accounts. The contributions for the current tax year to your traditional IRAs, Roth IRAs, Coverdell ESAs, Archer MSAs, HSAs, or ABLE accounts exceed your maximum contribution limit, or you had a tax due from an excess contribution on line 17, 25, 33, 41, or 49 of your prior tax year Form 5329.

Various 1099 forms and associated distributions.

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Form 5329
Form 5329

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