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Form 5329 is used by any individual who has established a retirement account, annuity or retirement bond. Use Form 5329 to report additional taxes on IRAs, other qualified retirement plans, modified endowment contracts, Coverdell ESAs, QTPs, Archer MSAs, or HSAs.
On September 7, 2023, you withdrew $800, the entire balance in the Roth IRA. You must file Form 5329 for 2021 and 2022 to pay the additional taxes for those years. When you complete Form 5329 for 2023, you enter $1,000 (not $800) on line 20 because you withdrew the entire balance.
2023 Form 5329. Form. 5329. Department of the Treasury Internal Revenue Service. Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts. Attach to Form 1040, 1040-SR, 1040-NR, or 1041. Go to www.irs.gov/Form5329 for instructions and the latest information. OMB No. 1545-0074.
Apr 25, 2024 · Some common scenarios that may require the filing of Form 5329 include: Early withdrawals. If an individual takes money out of a qualified retirement plan or IRA before reaching the age of 59½, they may be subject to early withdrawal penalties. Form 5329 is used to calculate and report these penalties. Excess contributions.
Jan 11, 2024 · Key Takeaways. If you take an early withdrawal from your IRA or 401 (k), complete Part 1 or 2 of Form 5329 to calculate possible IRS penalties or request a penalty waiver. Use Form 5329 to report withdrawals from a 529 plan or Coverdell education savings account (ESA) not used to pay for qualified educational expenses.
Apr 6, 2024 · Key Takeaways. Form 5329 reports a taxpayer's use of a tax-advantaged savings plan that is subject to an IRS penalty. The form is filled out and submitted by the taxpayer with an annual...
Sep 1, 2023 · Updated on September 1, 2023. Written by Rebecca Lake. When filing your taxes, it’s important to make sure you’re reporting all of your income correctly. That includes making note of early distributions from qualified retirement plans or other tax-favored accounts that may be subject to a 10% early withdrawal penalty.
