Instructions For Form 5329 - 2016 Page 5
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8for you and your spouse is less than
See the instructions for
line
10, earlier,
Year(s)
Contribution
Contribution
$11,000 ($12,000 if one spouse is 50 or
to figure your contribution limit for
limit
limit if age
older at the end of 2016; $13,000 if both
traditional IRAs. Any amount you
50 or older at
spouses are 50 or older at the end of
contribute for the year in which you
the end of
2016), see How Much Can Be
reach age 70
or for a later year is an
1
the year
2
Contributed? in Pub. 590-A for special
excess contribution because your
2013
$5,500
$6,500
rules.
contribution limit is zero. Do not include
through
rollovers in figuring your excess
Also include on line 11a or 11b
2015
contributions.
(line 11 for Form 1040NR) of the IRA
2008
$5,000
$6,000
Deduction Worksheet—Line 32 in the
You can withdraw some or all of your
through
instructions for Form 1040 or Form
excess contributions for 2016 and they
2012
1040NR, the smaller of:
will be treated as not having been
2006 or
$4,000
$5,000
Form 5329, line 10, or
contributed if:
2007
The excess, if any, of Form 5329,
You make the withdrawal by the due
line 9, over the sum of Form 5329, lines
2005
$4,000
$4,500
date, including extensions, of your 2016
11 and 12 (which you will complete
tax return,
2002
$3,000
$3,500
next).
through
You do not claim a traditional IRA
2004
deduction for the withdrawn
Line 11
contributions, and
1997
$2,000
—
Enter on line 11 any withdrawals from
You withdraw any earnings on the
through
your traditional IRAs that are included in
withdrawn contributions and include the
2001
your income. Do not include any
earnings in gross income (see the
withdrawn contributions reported on
before 1997
$2,250
—
Instructions for Form 8606 for details).
line 12.
Also, if you had not reached age 59
at
1
2
Line 12
the time of the withdrawal, include the
If the excess contribution to your
earnings as an early distribution on
Enter on line 12 any amounts included
traditional IRA for the year included a
line 1 of Form 5329 for the year in which
on line 9 that are excess contributions to
rollover and the excess occurred
you report the earnings.
your traditional IRAs for 1976 through
because the information the plan was
2014 that you had returned to you in
required to give you was incorrect,
If you timely filed your return without
2016 and any 2015 excess
increase the contribution limit amount
withdrawing the excess contributions,
contributions that you had returned to
for the year shown in the table above by
you can still make the withdrawal no
you in 2016 after the due date (including
the amount of the excess that is due to
later than 6 months after the due date of
extensions) of your 2015 income tax
the incorrect information.
your tax return, excluding extensions. If
return if:
If the total contributions for the year
you do, file an amended return with
You did not claim a deduction for the
included employer contributions to a
“Filed pursuant to section 301.9100-2”
excess contributions,
SEP, increase the contribution limit
written at the top. Report any related
No traditional IRA deduction was
amount for the year shown in the table
earnings for 2016 on the amended
allowable (without regard to the
above by the smaller of the amount of
return and include an explanation of the
modified AGI limitation) for the excess
the employer contributions or:
withdrawal. Make any other necessary
contributions, and
changes on the amended return (for
The total contributions to your
2015
$53,000
example, if you reported the
traditional IRAs for the tax year for
2014
$52,000
contributions as excess contributions on
which the excess contributions were
your original return, include an amended
2013
$51,000
made were not more than the amounts
Form 5329 reflecting that the withdrawn
shown in the following table.
2012
$50,000
contributions are no longer treated as
having been contributed).
2009, 2010, or 2011
$49,000
2008
$46,000
Part IV—Additional Tax on
2007
$45,000
Excess Contributions to
2006
$44,000
Roth IRAs
2005
$42,000
If you contributed more to your Roth IRA
2004
$41,000
for 2016 than is allowable or you had an
amount on line 25 of your 2015 Form
2002 or 2003
$40,000
5329, you may owe this tax. But you
2001
$35,000
may be able to avoid the tax on any
2016 excess contributions (see the
before 2001
$30,000
instructions for
line
23, later).
Line 15
Line 18
Enter the excess of your contributions to
Enter the amount from line 24 of your
traditional IRAs for 2016 (unless
2015 Form 5329 only if the amount on
withdrawn—discussed next) over your
line 25 of your 2015 Form 5329 is more
contribution limit for traditional IRAs.
than zero.
Instructions for Form 5329 (2016)
-5-
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