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Who needs to fill out 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.

How to remove excess 401k contribution?

How to report excess contributions on Form 5329. To report excess contributions to your traditional IRA, Roth IRA, Coverdell ESA, Archer MSA, HSA, or ABLE account, use lines 17, 25, 33, 41, or 49 of Form 5329 and include the relevant amounts on Schedule 2 of Form 1040, Line 8.

What is an example of excess contribution?

Example of Excess Contribution When filing her taxes, she realized she could only contribute $2,000 because she only had $2,000 in earned income for the year. She requests to remove the $1,000 excess. Mary will remove $1,200 ($1,000 excess contribution plus $200 earnings attributable to the excess contribution).

What form do I use to remove excess contribution from IRS?

In addition, the earnings on the excess contribution may be subject to a 10% penalty and you may need to complete IRS Form 5329 and attach it to your tax return.

How to remove excess IRA contribution?

There are two main ways to correct HSA excess contributions: Withdraw the excess funds. To avoid a penalty, you can withdraw excess contributions from your account before the deadline to file taxes. Deduct the excess contribution in a later year.