2024 Form 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts-2025

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Form 5329 is a tax form issued by the IRS for reporting additional taxes on qualified plans, including IRAs and other tax-favored accounts. It includes sections for calculating taxes on early distributions, excess contributions to various retirement accounts, and failure to take required minimum distributions. Taxpayers must complete this form if they owe additional taxes related to their retirement accounts for the year 2024.

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How to use or fill out 2024 Form 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts

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Click ‘Get Form’ to open it in the editor.
Begin by entering your social security number and the name of the individual subject to additional tax. If married filing jointly, ensure you follow the specific instructions provided.
Fill in your home address only if you are filing this form by itself. Include city, state, and ZIP code, or complete foreign address details if applicable.
Proceed to Part I for additional tax on early distributions. Complete lines regarding taxable distributions before age 59½ and any exceptions that apply.
Continue through each part of the form, ensuring you accurately report excess contributions for various accounts such as Traditional IRAs, Roth IRAs, Coverdell ESAs, HSAs, and ABLE accounts as outlined in the instructions.
Finally, review all entries for accuracy before signing and submitting your form along with your tax return.

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Why would form 5329 not be required?

Form 5329 is not required if all you need to report is the 10% penalty on the entire distribution and dont qualify for an exception.

Who needs to fill out form 5329?

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.

What is the additional tax on excess contributions to a Roth IRA?

Excess contributions are taxed at 6% per year for each year the excess amounts remain in the IRA. The tax cant be more than 6% of the combined value of all your IRAs as of the end of the tax year.

How do I get a 5329 tax form?

Get tax Form 5329 from a government agency, a tax preparation service, or you can download it from the IRS website. Once you have the proper form, fill in your personal details including your name, address, and social security number.

Who sends a form 5329?

Key Takeaways. Form 5329 reports a taxpayers 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 1040-SR.

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Where to report IRA contributions on 1040 for 2024 tax year?

If you are eligible to claim a tax deduction on your IRA contributions, you can report the IRA contributions on Form 1040 Schedule 1 Part II Adjustments to Income. Once you have calculated the amount of tax deduction, you should record this amount on line 32 of Form 1040.

What is an IRS form 5329 for?

Use Form 5329 to report additional taxes on: IRAs, Other qualified retirement plans, Modified endowment contracts, Coverdell ESAs, QTPs, Archer MSAs, HSAs, or ABLE accounts. You must file Form 5329 if any of the following apply.