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Use Form 5329 to report additional taxes on IRAs, other qualified retirement plans, modified endowment contracts, Coverdell ESAs, QTPs, Archer MSAs, or HSAs.
File Form 5329 with your 2023 Form 1040, 1040-SR,1040-NR, or 1041 by the due date, including extensions, of your tax return. If you don’t have to file a 2023 income tax return, complete and file Form 5329 by itself at the time and place you would be required to file Form 1040, 1040-SR, or 1040-NR.
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.
Certain retirement account transactions require you to fill out an additional form with the IRS. Here's when you might need a Form 5329 and how to complete this document.
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 Form 1040 or Form...
Individuals who fail to take the required minimum distribution (RMD) from their qualified retirement accounts, such as a 401(k) or traditional IRA, may use Form 5329 to report and calculate any associated penalties.
You can claim an exemption on IRA withdrawals with Form 5329, but how do you know if you're eligible? Get tax answers at H&R Block.
Form 5329 is a tax form used by taxpayers in the United States to report additional taxes on certain retirement accounts, including individual retirement accounts (IRAs), qualified retirement plans, and Coverdell education savings accounts.
An Overview of IRS Form 5329; How and When to File IRS Form 5329? Frequently Asked Questions; Using Retirement Account Penalty Exemptions to Maximize Your Savings
IRS Form 5329 is the form that taxpayers use to calculate and report additional taxes on certain tax-preferred accounts to the Internal Revenue Service. Taxes calculated on Form 5329 are reported on Schedule 2 of the taxpayer’s Form 1040 or Schedule G of Form 1041.