Instructions For Form 5329 - 2016 (Page 4 of 8) in pdf

to pay outstanding obligations due for

Other. The following exceptions also

qualified disability expenses of the

apply.

No. Exception

designated beneficiary, including a

Distributions incorrectly indicated as

01 Qualified retirement plan distributions

claim filed by a State under a State

early distributions by code 1, J, or S in

(does not apply to IRAs) you receive

Medicaid plan.

box 7 of Form 1099-R. Include on line 2

after separation from service when

the amount you received when you

Line 6

the separation from service occurs in

were age 59

or older.

The additional tax does not apply to the

or after the year you reach age 55

Distributions from a section 457 plan,

distributions that are includible in

(age 50 for qualified public safety

which are not from a rollover from a

income described next. Enter on line 6

employees).

qualified retirement plan.

the amount from line 5 that you can

02 Distributions made as part of a series

Distributions from a plan maintained

exclude.

of substantially equal periodic

by an employer if:

Distributions made due to the death

payments (made at least annually) for

1. You separated from service by

or disability of the beneficiary.

your life (or life expectancy) or the

March 1, 1986;

Distributions from an education

joint lives (or joint life expectancies)

2. As of March 1, 1986, your entire

account made on account of a tax-free

of you and your designated

interest was in pay status under a

scholarship, allowance, or payment

beneficiary (if from an employer plan,

written election that provides a specific

described in section 25A(g)(2).

payments must begin after separation

schedule for the distribution of your

Distributions from an education

from service).

entire interest; and

account made because of attendance

03 Distributions due to total and

by the beneficiary at a U.S. military

3. The distribution is actually being

permanent disability. You are

academy. This exception applies only to

made under the written election.

considered disabled if you can furnish

the extent that the distribution does not

Distributions that are dividends paid

proof that you cannot do any

exceed the costs of advanced

with respect to stock described in

substantial gainful activity because of

education (as defined in title 10 of the

section 404(k).

your physical or mental condition. A

U.S. Code) at the academy.

Distributions from annuity contracts to

medical determination that your

Distributions from an education

the extent that the distributions are

condition can be expected to result in

account included in income because

allocable to the investment in the

death or to be of long, continued, and

you used the qualified education

contract before August 14, 1982. For

indefinite duration must be made.

expenses to figure the American

additional exceptions that apply to

04 Distributions due to death (does not

opportunity and lifetime learning credits.

annuities, see Tax on Early Distributions

apply to modified endowment

under Special Additional Taxes in Pub.

Part III—Additional Tax on

contracts).

575.

Excess Contributions to

05 Qualified retirement plan distributions

Distributions that are phased

up to the amount you paid for

retirement annuity payments made to

Traditional IRAs

unreimbursed medical expenses

federal employees. See Pub. 721 for

If you contributed more for 2016 than is

during the year minus 10% (or 7.5%

more information on the phased

allowable or you had an amount on

if you or your spouse were born

retirement program.

line 17 of your 2015 Form 5329, you

before January 2, 1952) of your

Line 4

may owe this tax. But you may be able

adjusted gross income (AGI) for the

to avoid the tax on any 2016 excess

year.

If any amount on line 3 was a

contributions (see the instructions for

distribution from a SIMPLE IRA received

06 Qualified retirement plan distributions

line

15, later).

within 2 years from the date you first

made to an alternate payee under a

participated in the SIMPLE IRA plan,

Line 9

qualified domestic relations order

you must multiply that amount by 25%

(does not apply to IRAs).

Enter the amount from line 16 of your

instead of 10%. These distributions are

2015 Form 5329 only if the amount on

07 IRA distributions made to certain

included in boxes 1 and 2a of Form

line 17 of your 2015 Form 5329 is more

unemployed individuals for health

1099-R and are designated with code S

than zero.

insurance premiums.

in box 7.

08 IRA distributions made for qualified

Line 10

Part II—Additional Tax on

higher education expenses.

Enter the difference, if any, of your

Certain Distributions From

09 IRA distributions made for the

contribution limit for traditional IRAs less

Education Accounts and

purchase of a first home, up to

your contributions to traditional IRAs

$10,000.

and Roth IRAs for 2016.

ABLE Accounts

10 Qualified retirement plan distributions

If you are not married filing jointly,

Line 5

made due to an IRS levy.

your contribution limit for traditional

IRAs is the smaller of your taxable

Distributions from an ABLE account are

11 Qualified distributions to reservists

compensation

(defined earlier) or

not included in income if made on or

while serving on active duty for at

$5,500 ($6,500 if age 50 or older at the

after the death of the designated

least 180 days.

end of 2016). If you are married filing

beneficiary:

12 Other (see

Other

next). Also, enter

jointly, your contribution limit is generally

to the estate of the designated

this code if more than one exception

$5,500 ($6,500 if age 50 or older at the

beneficiary,

applies.

end of 2016) and your spouse's

to an heir or legatee of the designated

contribution limit is $5,500 ($6,500 if

beneficiary, or

age 50 or older at the end of 2016). But

if the combined taxable compensation

-4-

Instructions for Form 5329 (2016)

Instructions For Form 5329 - 2016 Page 4

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