Cat. No. 13329Q Form 5329 2022 Page 2 Part V Coverdell ESAs for 2022 were more than is allowable or you had an amount on line 33 of your 2021 Form 5329. Include this amount on Schedule 2 Form 1040 line 8 IRAs for 2022 than is allowable or you had an amount on line 25 of your 2021 Form 5329. Include this amount on Schedule 2 Form 1040 line 8. more to your Archer MSAs for 2022 than is allowable or you had an amount on line 41 of your 2021 Form 5329. Complete this part if you someone on your behalf...or your employer contributed more to your HSAs for 2022 than is allowable or you had an amount on line 49 of your 2021 Form 5329. Distributions included in income from a Coverdell ESA a QTP or an ABLE account. traditional IRAs for 2022 than is allowable or you had an amount on line 17 of your 2021 Form 5329. Enter your excess contributions from line 16 of your 2021 Form 5329. See instructions. If zero go to line 15 If your traditional IRA contributions for 2022 are less than your maximum...allowable contribution see instructions. Enter the excess contributions from line 32 of your 2021 Form 5329. See instructions. If zero go to line 31 If the contributions to your Coverdell ESAs for 2022 were less than the maximum allowable contribution see instructions. No. If this is an amended return check here Foreign postal code Foreign province/state/county If you only owe the additional 10 tax on the full amount of the early distributions you may be able to report this tax directly on...Schedule 2 Form 1040 line 8 without filing Form 5329. Form Department of the Treasury Internal Revenue Service Additional Taxes on Qualified Plans Including IRAs and Other Tax-Favored Accounts OMB No* 1545-0074 Attach to Form 1040 1040-SR or 1040-NR* Go to www*irs*gov/Form5329 for instructions and the latest information* Attachment Sequence No* 29 Your social security number Name of individual subject to additional tax. 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 Apt. See instructions. 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...Schedule 2 Form 1040 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 includible in income see instructions. 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 2 Form 1040 line 8. 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.
pdfFiller is not affiliated with IRS
Get, Create, Make, and Sign IRS 5329
Edit your IRS 5329 online
Type text, complete fillable fields, insert images, highlight or blackout data for discretion, add comments, and more.
Add your legally-binding signature
Draw or type your signature, upload a signature image, or capture it with your digital camera.
Share your form instantly
Email, fax, or share your IRS 5329 via URL. You can also download, print, or export forms to your preferred cloud storage service.
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 a PDF editing software that allows alterations to the document. Access the form from the IRS website or a reputable source, then upload it to pdfFiller. Utilize the editing tools to make necessary changes, ensuring all information is accurate before printing or submitting.
How to fill out IRS 5329
Filling out IRS Form 5329 requires careful attention to detail. Start by entering your personal information at the top, including your name, address, and Social Security number. Next, identify your situation under the relevant sections, such as excess contributions or required minimum distributions. Follow the instructions for each line, ensuring compliance with the applicable tax regulations.
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 the Return for Additional Taxes on Qualified Plans (including IRAs) and Other Tax-Favored Accounts. This form is used to report taxes related to excess contributions, early distributions, and failure to take required minimum distributions from retirement accounts.
What is the purpose of this form?
The main purpose of IRS Form 5329 is to report any additional taxes owed on tax-favored retirement accounts. This includes penalties for excess contributions or distributions taken before age 59½. It serves as an essential document for ensuring that taxpayers comply with retirement account regulations to avoid further tax penalties.
Who needs the form?
Taxpayers who have made excess contributions to their retirement accounts, received early distributions, or failed to take required minimum distributions must file IRS Form 5329. This form is crucial for anyone with traditional IRAs, Roth IRAs, or similar retirement accounts who needs to report these situations accurately.
When am I exempt from filling out this form?
You may be exempt from filling out IRS Form 5329 if you do not have any excess contributions, early distributions, or you have taken your required minimum distributions on time. Additionally, if your situation falls under specific exceptions outlined in IRS guidelines, you may not need to submit this form.
Components of the form
IRS Form 5329 consists of several parts, each addressing different scenarios related to retirement accounts. Specifically, there are sections for excess contributions, early withdrawal penalties, and missed required minimum distributions. Each section requires specific information based on your unique circumstances.
What are the penalties for not issuing the form?
Failing to file IRS Form 5329 when required can result in significant penalties. The IRS may impose a penalty of 6% per year on excess contributions not withdrawn in a timely manner. Additionally, not addressing early withdrawals appropriately may lead to a 10% additional tax on the amount withdrawn if the taxpayer is under 59½ years of age.
What information do you need when you file the form?
When filing IRS Form 5329, you will need specific information including your total contributions, the amount contributed beyond the allowable limit, and the details of any early distributions. Furthermore, it is essential to have documentation supporting your calculations, such as account statements and previous tax returns.
Is the form accompanied by other forms?
IRS Form 5329 may need to be accompanied by other forms, depending on the situation. For example, if you report early distributions, you might also need to file Form 1040 or Form 1040-SR. Always check IRS guidelines to determine if other forms are required for accurate reporting.
Where do I send the form?
Once completed, send IRS Form 5329 to the address specified in the IRS instructions for the form, which may vary based on your location and whether you are enclosing payment. Pay attention to these details to ensure that your form is processed correctly without delays.
FAQ about IRS 5329
What should I do if I realize I've made a mistake on my submitted IRS 5329?
If you discover an error after submitting your IRS 5329, you may need to file an amended return using Form 1040-X to correct the mistake. Be sure to include the revised IRS 5329 and any additional documentation needed to support the changes.
How can I verify if my IRS 5329 has been processed by the IRS?
To check the status of your IRS 5329, you can use the IRS 'Where's My Refund?' tool if you filed a return with a refund expectation. Additionally, contacting the IRS directly could provide information on the processing of your form.
Are there any common errors that can lead to the rejection of my e-filed IRS 5329?
Yes, common errors that may lead to rejection include incorrect Social Security numbers, mismatched names, and incomplete entries. Carefully reviewing your form before submission can help avoid these issues.
What should I consider regarding record retention for IRS 5329 filings?
It is advisable to keep copies of your IRS 5329 and all related documents for at least three years after filing. This period allows you to defend against potential audits or inquiries from the IRS.
What steps should I take if I receive a notice from the IRS regarding my IRS 5329?
If you receive a notice related to your IRS 5329, first read the notice carefully to understand the issue. Then, gather the necessary documentation and respond promptly or seek assistance from a tax professional to ensure proper resolution.
See what our users say
Read user feedback and try pdfFiller to explore all its benefits for yourself
PDF Filler makes it possible to do my job.
My company doesn't offer the software to do so.
Use this catalog to find any type of IRS forms. We've gathered all of them under this section uncategorized to help you to find a proper form faster. Once you spot it on this list, have a look at the versions and schedules you might need as attachments. All returns are available for 2016 and for previous fiscal years.
