IRS Form 5329 is used to report additional taxes on various tax-favored accounts, such as IRAs, qualified retirement plans, modified endowment contracts, Coverdell ESAs, QTPs, Archer MSAs, HSAs, and ABLE accounts.
Who needs to complete form 5329?
You need to file Form 5329 if any of the following situations apply:
1. Early Distributions: You received a distribution from a qualified retirement plan or IRA before reaching the age of 59½ and owe the 10% additional tax on early distributions.
2. Excess Contributions: You made excess contributions to your IRA, HSA, Archer MSA, or Coverdell ESA and need to report the additional tax.
3. Required Minimum Distributions (RMDs): You failed to take the required minimum distributions from your retirement accounts and need to report the 50% excise tax.
4. Other Specific Situations: You received distributions from a Roth IRA that
Where is form 5329?
Form 5329:
- Federal Section
- Other Taxes
- Additional Taxes on Qualified Plans and Other Accounts