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Form5329Department of the Treasury
Internal Revenue Service (99)OMB No. 15450074Additional Taxes on Qualified Plans
(Including IRAs) and Other Favored Accounts2018Attach to Form 1040 or Form 1040NR.
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How to fill out irs form 5329
How to fill out irs form 5329
01
To fill out IRS form 5329, follow these steps:
02
Begin by entering your name and social security number in the designated spaces at the top of the form.
03
Move on to Part I - Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts. Here, you will need to indicate the type of account or plan subject to the additional tax.
04
In Part II - Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts, you will need to calculate the additional tax amount for each individual account or plan. You may refer to the instructions provided with the form for the specific calculations.
05
Proceed to Part III - Additional Taxes on Excess Contributions to IRAs, Roth IRAs, Coverdell ESAs, or ABLE Accounts. Here, you will need to provide details of any excess contributions made to these accounts.
06
In Part IV - Additional Taxes on Accumulation Distribution from Qualified Retirement Plans (Including IRAs), you will need to calculate the additional tax amount on any distribution you received from these retirement plans.
07
Next, move on to Part V - Additional Taxes on Excess Accumulation in Qualified Retirement Plans (Including IRAs). Here, you will need to calculate the additional tax on any excess accumulated in these plans.
08
Finally, review the information you have entered on the form, make sure it is accurate and complete, and sign and date the form where indicated.
09
Note: It is always advisable to consult with a tax professional or refer to the instructions provided with the form for specific guidance and requirements.
Who needs irs form 5329?
01
IRS form 5329 is needed by individuals who have certain additional taxes or penalties related to qualified plans (including IRAs), other tax-favored accounts, excess contributions to IRAs, Roth IRAs, Coverdell ESAs, or ABLE Accounts, and accumulation distributions or excess accumulation in qualified retirement plans (including IRAs).
02
Specific situations where someone may need to fill out IRS form 5329 include:
03
- Making early withdrawals from a retirement account and potentially facing an additional tax on the distribution.
04
- Contributing too much to an IRA, Roth IRA, Coverdell ESA, or ABLE Account and needing to report and address the excess contribution.
05
- Facing penalties for not taking required minimum distributions from a qualified retirement plan or IRA.
06
- Dealing with excess accumulation in a qualified retirement plan or IRA.
07
Please note that this is not an exhaustive list, and there may be other scenarios where IRS form 5329 is required. It is always best to consult with a tax professional or refer to the IRS instructions to determine if you need to fill out this form.
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What is irs form 5329?
IRS Form 5329 is used to report additional taxes on qualified retirement plans, including IRAs, as well as to claim a waiver of these taxes.
Who is required to file irs form 5329?
Individuals who owe additional taxes on their qualified retirement accounts, such as early distributions or excess contributions, are required to file IRS Form 5329.
How to fill out irs form 5329?
To fill out IRS Form 5329, you need to provide your personal information, calculate any taxes owed on distributions or excess contributions, and complete any relevant sections based on your specific situation.
What is the purpose of irs form 5329?
The purpose of IRS Form 5329 is to report and pay any additional taxes related to qualified retirement plans and to inform the IRS about any applicable exceptions to these taxes.
What information must be reported on irs form 5329?
Information that must be reported includes distributions received from retirement accounts, excess contributions made, and any applicable penalties or exceptions.
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