Cat. No. 13329Q Form 5329 2018 Page 2 Part V Coverdell ESAs for 2018 were more than is allowable or you had an amount on line 33 of your 2017 Form 5329. More to your Archer MSAs for 2018 than is allowable or you had an amount on line 41 of your 2017 Form 5329. Complete this part if you contributed more to your traditional IRAs for 2018 than is allowable or you had an amount on line 17 of your 2017 Form 5329. Include this amount on Schedule 4 Form 1040 line 59 or Form 1040NR line 57. IRAs for...2018 than is allowable or you had an amount on line 25 of your 2017 Form 5329. Add lines 35 and 36. someone on your behalf or your employer contributed more to your HSAs for 2018 than is allowable or you had an amount on line 49 of your 2017 Form 5329. Enter the excess contributions from line 32 of your 2017 Form 5329. See instructions. If zero go to line 31 If the contributions to your Coverdell ESAs for 2018 were less than the Add lines 27 and 28. Enter your excess contributions from line 16...of your 2017 Form 5329. See instructions. If zero go to line 15 If your traditional IRA contributions for 2018 are less than your maximum allowable contribution see instructions. No. If this is an amended return check here Foreign postal code If you only owe the additional 10 tax on early distributions you may be able to report this tax directly on Schedule 4 Form 1040 line 59 or Form 1040NR line 57 without filing Form 5329. If married filing jointly see instructions. Home address number and...street or P. O. box if mail is not delivered to your home Fill in Your Address Only if You Are Filing This Form by Itself and Not With Your Tax Return City town or post office state and ZIP code. If you have a foreign address also complete the spaces below. See instructions. Foreign country name Foreign province/state/county Apt. See the instructions for Schedule 4 Form 1040 line 59 or for Form 1040NR line 57. Part I disaster distribution before you reached age 59 from a qualified retirement...plan including an IRA or modified endowment contract unless you are reporting this tax directly on Form 1040 or Form 1040NR see above. You may also have to complete this part to indicate that you qualify for an exception to the additional tax on early distributions or for certain Roth IRA distributions. See instructions. Early distributions included in income. For Roth IRA distributions see instructions. Enter the appropriate exception number from the instructions. Amount subject to additional...tax. Subtract line 2 from line 1. Additional tax. Enter 10 0. 10 of line 3. Include this amount on Schedule 4 Form 1040 line 59 or Form 1040NR line 57 Caution If any part of the amount on line 3 was a distribution from a SIMPLE IRA you may have to include 25 of that amount on line 4 instead of 10. See instructions. you included an amount in income on Schedule 1 Form 1040 line 21 or Form 1040NR line 21 from a Coverdell education savings account ESA a qualified tuition program QTP or an ABLE...account. Distributions included in income from a Coverdell ESA a QTP or an ABLE account. Part III Additional Tax on Excess Contributions to Traditional IRAs.
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Instructions and Help about IRS 5329
How to edit IRS 5329
How to fill out IRS 5329
Instructions and Help about IRS 5329
How to edit IRS 5329
To edit IRS Form 5329, you can use tools like pdfFiller, which allow you to modify the text directly. First, upload the form to the platform. Use the editing options to make necessary changes, ensuring all inputs are accurate. After completing the edits, you can save or print the updated form.
How to fill out IRS 5329
To fill out IRS Form 5329, start by downloading the form from the IRS website or accessing it through a platform like pdfFiller. Gather your financial documents and information related to your retirement accounts. Follow these steps:
01
Enter your personal details, including name and Social Security number.
02
Indicate which part of the form applies to you; this may include additional taxes for early withdrawals or excess contributions.
03
Calculate any penalties owed and input the total amount.
04
Sign and date the form before submission.
About IRS 5 previous version
What is IRS 5329?
What is the purpose of this form?
Who needs the form?
When am I exempt from filling out this form?
Components of the form
What are the penalties for not issuing the form?
What information do you need when you file the form?
Is the form accompanied by other forms?
Where do I send the form?
About IRS 5 previous version
What is IRS 5329?
IRS Form 5329 is used to report additional taxes on qualified retirement plans. This includes IRAs, Roth IRAs, and similar retirement accounts. The form helps ensure compliance with the tax implications of specific transactions, including early withdrawals and excess contributions.
What is the purpose of this form?
The purpose of IRS Form 5329 is to assess any additional taxes owed by taxpayers due to specific activities in their retirement accounts. This may cover early withdrawals incurring penalties or excess contributions that exceed the allowable limits. Completing this form is crucial to avoid unnecessary tax liabilities.
Who needs the form?
Taxpayers who have made early distributions from their retirement accounts or contributed more than the allowable limits are required to complete IRS Form 5329. This form is essential for individuals who need to report taxes on irregular transactions such as withdrawals made before age 59½ or excess contributions to IRAs.
When am I exempt from filling out this form?
You may be exempt from filling out IRS Form 5329 if you do not have early withdrawals from your retirement accounts or if you do not exceed contribution limits. Additionally, certain exceptions apply, such as distributions made due to disability or medical expenses, where penalties would not apply.
Components of the form
IRS Form 5329 contains several sections that address specific tax situations. These sections include information on early distributions, excess contributions, and special circumstances that might affect tax calculations. Each section requires specific data related to your retirement account activities.
What are the penalties for not issuing the form?
If you fail to submit IRS Form 5329 when required, you may face penalties, including additional taxes on early withdrawals or excess contributions. The IRS may impose a 10% penalty on early distributions unless a valid exception exists. It is essential to file this form to mitigate potential financial repercussions.
What information do you need when you file the form?
When filing IRS Form 5329, you will need information including your Social Security number, details of your retirement accounts, and any documentation of distributions or contributions. This information helps accurately complete the form and calculate any taxes owed. Be prepared with your financial statements and prior tax returns for reference.
Is the form accompanied by other forms?
IRS Form 5329 can be filed alone or alongside your main tax return, depending on your financial situation. If additional taxes are assessed due to early withdrawals or excess contributions, ensure that the form is included with your Overall IRS submission to maintain accuracy and compliance.
Where do I send the form?
Completed IRS Form 5329 should be sent to the address listed in the IRS instructions for the current tax year. This may vary based on whether you are sending your tax return or if it is filed as a standalone form. Always verify the latest submission guidelines from the IRS to ensure proper delivery.
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