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1998 Instructions for 5329 Instructions for Form 5329 - irs

1998 Instructions for 5329 Instructions for Form 5329 - irs-2025

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The document provides instructions for Form 5329, which is used to report additional taxes related to Individual Retirement Accounts (IRAs), qualified retirement plans, annuities, modified endowment contracts, and Medical Savings Accounts (MSAs) for the tax year 1998. It outlines changes in tax regulations, who must file the form, and details on various parts of the form that address early distributions, excess contributions, and exceptions to taxes. The document also includes definitions of key terms and specific filing instructions.

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What are the exceptions to the early distribution penalty on form 5329?

Whats new for Form 5329 for tax year 2024: Beginning with distributions made after December 31, 2023, two new exceptions have been added to the 10% additional tax on early distributions. These exceptions are for victims of domestic abuse and distributions for emergency personal expenses.

Can you file 5329 by itself?

If you arent required to file an income tax return, you can 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. Remember: you cant file it electronically if you file it by itself.

Why is TurboTax asking me about form 5329?

You have to file the form if you received early distributions or made excess contributions related to retirement accounts or certain tax-advantaged savings accounts.

What is a reasonable cause for form 5329?

You may be able to get the penalty waived if you missed taking your RMD due to an illness, mental incapacity, or bank error. Youll calculate that penalty in Part 9 of Form 5329. To request a waiver, enter RC (for reasonable cause) and the amount of shortfall you want waived on the dotted line next to Line 54.

What is a reasonable cause for tax penalty?

Reasonable cause is relief IRS may grant when a taxpayer exercises ordinary business care and prudence in determining their tax obligations but is unable to comply with those obligations due to circumstances beyond their control.

How do I know if I need to file form 5329?

You may need this form in three situations: early distributions from a tax-favored account. excess contributions to a tax-favored account. failing to take required minimum distributions.

What are the exceptions to the 10% early withdrawal penalty?

Exceptions to the 10% additional tax ExceptionThe distribution will NOT be subject to the 10% additional early distribution tax in the following circumstances:IRA, SEP, SIMPLE IRA* and SARSEP plans Death after death of the participant/IRA owner yes Disability total and permanent disability of the participant/IRA owner yes22 more rows Dec 11, 2024

1998 Instructions for 5329 Instructions for Form 5329 - irs-2025

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Got questions?

What are the exceptions to the early distribution penalty on form 5329?

Can you file 5329 by itself?

Why is TurboTax asking me about form 5329?

What is a reasonable cause for form 5329?

What is a reasonable cause for tax penalty?

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How do I know if I need to file form 5329?

What are the exceptions to the 10% early withdrawal penalty?

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1998 Instructions for 5329 Instructions for Form 5329 - irs-2025

Here's how it works

The best way to modify 1998 Instructions for 5329 Instructions for Form 5329 - irs in PDF format online

Complete this form in 5 minutes or less

Got questions?

What are the exceptions to the early distribution penalty on form 5329?

Can you file 5329 by itself?

Why is TurboTax asking me about form 5329?

What is a reasonable cause for form 5329?

What is a reasonable cause for tax penalty?

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People also ask

How do I know if I need to file form 5329?

What are the exceptions to the 10% early withdrawal penalty?

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