Instructions For Form 5329 - 2016 printable pdf download

2016

Department of the Treasury

Internal Revenue Service

Instructions for Form 5329

Additional Taxes on Qualified Plans (Including IRAs)

and Other Tax-Favored Accounts

from a qualified retirement plan (other

instructions for Form 1040 or Form

Section references are to the Internal Revenue

Code unless otherwise noted.

than a Roth IRA), you meet an

1040NR, or go to IRS.gov.

exception

to the tax on early

General Instructions

Prior tax years. If you are filing Form

distributions from the list shown later,

5329 for a prior year, you must use the

but box 7 of your Form 1099-R does not

prior year's version of the form. If you do

Future Developments

indicate an exception or the exception

not have any other changes and have

does not apply to the entire distribution.

For the latest information about

not previously filed a federal income tax

You received taxable distributions

developments related to Form 5329 and

return for the prior year, file the prior

from Coverdell ESAs, QTPs, or ABLE

its instructions, such as legislation

year's version of Form 5329 by itself

accounts.

enacted after they were published, go to

(discussed earlier). If you have other

The contributions for 2016 to your

changes, file Form 5329 for the prior

traditional IRAs, Roth IRAs, Coverdell

year with Form 1040X, Amended U.S.

Purpose of Form

ESAs, Archer MSAs, HSAs, or ABLE

Individual Income Tax Return.

accounts exceed your maximum

Use Form 5329 to report additional

contribution limit, or you had a tax due

Definitions

taxes on:

from an excess contribution on line 17,

IRAs,

25, 33, 41, or 49 of your 2015 Form

Qualified retirement plan. A qualified

Other qualified retirement plans,

5329.

retirement plan includes:

Modified endowment contracts,

You did not receive the minimum

A qualified pension, profit-sharing, or

Coverdell ESAs,

required distribution from your qualified

stock bonus plan (including a 401(k)

QTPs,

retirement plan. This also includes trusts

plan),

Archer MSAs,

and estates that did not receive this

A tax-sheltered annuity contract,

HSAs, or

amount.

A qualified annuity plan, and

ABLE accounts.

An IRA.

If you rolled over part or all of a

Who Must File

distribution from a qualified

TIP

Note. Modified endowment contracts

retirement plan, the part rolled

You must file Form 5329 if any of the

are not qualified retirement plans.

over is not subject to the 10% additional

following apply.

Traditional IRAs. For purposes of

tax on early distributions. See the

You received an early distribution

Form 5329, a traditional IRA is any IRA,

instructions for Form 1040, lines 15a

from a Roth IRA, the amount on line 23

including a simplified employee pension

and 15b or lines 16a and 16b; Form

of Form 8606, Nondeductible IRAs, is

(SEP) IRA, other than a SIMPLE IRA or

1040A, lines 11a and 11b or 12a and

more than zero, and you are required to

Roth IRA.

12b; or Form 1040NR, lines 16a and

enter an amount that is more than zero

16b or 17a and 17b, for how to report

on Form 5329, line 1 (see

Distributions

Early distribution. Generally, any

the rollover.

from Roth

IRAs, later).

distribution from your IRA, other

You received an early distribution

qualified retirement plan, or modified

When and Where To File

subject to the tax on early distributions

endowment contract before you reach

from a qualified retirement plan (other

age 59

is an early distribution.

File Form 5329 with your 2016 Form

than a Roth IRA). However, if

1040 or Form 1040NR by the due date,

Qualified retirement plan or in-plan

distribution code 1 is correctly shown in

including extensions, of your Form 1040

Roth rollover. Generally, a rollover is a

box 7 of all your Forms 1099-R, and you

or Form 1040NR.

tax-free distribution of assets from one

owe the additional tax on each Form

qualified retirement plan that is

If you do not have to file a 2016

1099-R, you do not have to file Form

reinvested in another plan or the same

income tax return, complete and file

5329. Instead, see the instructions for

plan. Generally, you must complete the

Form 5329 by itself at the time and

Form 1040, line 59, or Form 1040NR,

rollover within 60 days of receiving the

place you would be required to file Form

line 57, for how to report the 10%

distribution. Any taxable amount not

1040 or Form 1040NR. If you file Form

additional tax directly on that line.

rolled over must be included in income

5329 by itself, then it can’t be filed

You received an early distribution

and may be subject to the 10%

electronically. Be sure to include your

subject to the tax on early distributions

additional tax on early distributions.

address on page 1 of the form and your

from a qualified retirement plan (other

signature and the date on page 2 of the

You can roll over (convert) amounts

than a Roth IRA), you meet an

form. Enclose, but do not attach, a

from a qualified retirement plan to a

exception

to the tax on early

check or money order payable to

Roth IRA. Any amount rolled over to a

distributions from the list shown later,

“United States Treasury” for any taxes

Roth IRA is subject to the same rules for

and distribution code 1 is shown in

due. Write your SSN and “2016 Form

converting a traditional IRA to a Roth

box 7 of Form 1099-R.

5329” on the check. For information on

IRA. You must include in your gross

You received an early distribution

other payment options, including credit

income distributions from a qualified

subject to the tax on early distributions

or debit card payments, see the

Sep 14, 2016

Cat. No. 13330R

Instructions For Form 5329 - 2016

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