Form 5329
Form 5329
Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts
Every line is explained below in plain English — click any line to see what it means, who needs to fill it in, and what people commonly overlook.
Early Distributions
- 1 Early Distribution Amount The total amount of early distributions you received from qualified retirement plans, IRAs, or other tax-favored accounts during the year.
- 2 Early Distribution Exceptions The amount of early distributions from line 1 that qualify for an exception to the 10% additional tax.
- 3 Amount Subject to Additional Tax Line 1 minus line 2 -- the portion of your early distributions that does not qualify for any exception.
- 4 Additional Tax on Early Distributions The 10% additional tax on early distributions -- line 3 multiplied by 0.10.
Excess Contributions
- 17 Excess Traditional IRA Contributions The amount of excess contributions in your traditional IRA at the end of the year.
- 20 Excess Traditional IRA Tax The 6% excise tax on excess contributions to your traditional IRA. Multiply the excess amount on line 17 by 0.06.
- 21 Excess Roth IRA Contributions The amount of excess contributions in your Roth IRA at the end of the year.
- 24 Excess Roth IRA Tax The 6% excise tax on excess contributions to your Roth IRA. Multiply the excess amount on line 21 by 0.06.
- 41 Excess HSA Contributions The amount of excess contributions to your Health Savings Account at the end of the year.
- 44 Excess HSA Tax The 6% excise tax on excess HSA contributions, calculated by multiplying the excess amount on line 41 by 0.06.
Required Minimum Distributions
- 50 RMD Shortfall The difference between the required minimum distribution you were supposed to take and the amount you actually withdrew.
- 51 Additional Tax on RMD Shortfall The 25% excise tax on the RMD shortfall from line 50. For a $10,000 shortfall (the amount you should have withdrawn but did not), the penalty is $2,500.
- 52 Reduced Tax for Corrected RMD The reduced 10% excise tax on an RMD shortfall that you corrected within the correction window.