Instructions For Form 5329 - 2016 (Page 6 of 8) in pdf

Line 19

Line 28

Instructions for Form 8606 for details).

Also, if you had not reached age 59

If you contributed less to your Roth IRAs

Enter your total distributions from

the time of the withdrawal, include the

for 2016 than your contribution limit for

Coverdell ESAs in 2016. Do not include

earnings as an early distribution on

Roth IRAs, enter the difference. Your

rollovers or withdrawn excess

line 1 of Form 5329 for the year in which

contribution limit for Roth IRAs is

contributions.

you report the earnings.

generally your contribution limit for

Line 31

traditional IRAs (see the instructions for

Note. A Form 5329 is not required if the

Enter the excess of the contributions to

line

10, earlier) reduced by the amount

excess Roth IRA contributions are

your Coverdell ESAs for 2016 (unless

you contributed to traditional IRAs. But

treated as not having been contributed

withdrawn—discussed below) over your

your contribution limit for Roth IRAs may

and you do not have any earnings to

contribution limit for Coverdell ESAs.

be further reduced or eliminated if your

report as early distributions on the form.

See the instructions for

line 27

above to

modified AGI for Roth IRA purposes is

figure your contribution limit for

over:

If you timely filed your return without

Coverdell ESAs.

$184,000 if married filing jointly or

withdrawing the excess contributions,

qualifying widow(er),

you can still make the withdrawal no

Do not include rollovers in figuring

$117,000 if single, head of

later than 6 months after the due date of

your excess contributions.

household, or married filing separately

your tax return, excluding extensions. If

You can withdraw some or all of the

and you did not live with your spouse at

you do, file an amended return with

excess contributions for 2016 and they

any time in 2016, or

“Filed pursuant to section 301.9100-2”

will be treated as not having been

$0 if married filing separately and you

written at the top. Report any related

contributed if:

lived with your spouse at any time in

earnings for 2016 on the amended

You make the withdrawal before June

2016.

return and include an explanation of the

1, 2017, and

withdrawal. Make any other necessary

See Can You Contribute to a Roth

You also withdraw any income

changes on the amended return (for

IRA? in Pub. 590-A for details.

example, if you reported the

earned on the withdrawn contributions

Line 20

contributions as excess contributions on

and include the earnings in gross

your original return, include an amended

income for the year in which the

Generally, enter the amount from Form

Form 5329 reflecting that the withdrawn

contribution was made.

8606, line 19, plus any qualified

contributions are no longer treated as

distributions. But if you withdrew the

If you filed your return without

having been contributed).

entire balance of all of your Roth IRAs,

withdrawing the excess contributions,

do not enter less than the amount on

you can still make the withdrawal, but it

Part V—Additional Tax on

Form 5329, line 18 (see

Example

next).

must be made before June 1, 2017. If

Excess Contributions to

you do, file an amended return. Report

Example. You contributed $1,000 to

Coverdell ESAs

any related earnings for 2016 on the

a Roth IRA in 2014, your only

amended return and include an

contribution to Roth IRAs. In 2016, you

If the contributions to your Coverdell

explanation of the withdrawal. Make any

discovered you were not eligible to

ESAs for 2016 were more than is

other necessary changes on the

contribute to a Roth IRA in 2014. On

allowable or you had an amount on

amended return (for example, if you

September 9, 2016, you withdrew $800,

line 33 of your 2015 Form 5329, you

reported the contributions as excess

the entire balance in the Roth IRA. You

may owe this tax. But you may be able

contributions on your original return,

must file Form 5329 for 2014 and 2015

to avoid the tax on any 2016 excess

include an amended Form 5329

to pay the additional taxes for those

contributions (see the instructions for

reflecting that the withdrawn

years. When you complete Form 5329

line

31, later).

contributions are no longer treated as

for 2016, you enter $1,000 (not $800)

Line 26

having been contributed).

on line 20, because you withdrew the

entire balance.

Enter the amount from line 32 of your

Part VI—Additional Tax on

2015 Form 5329 only if the amount on

Line 23

Excess Contributions to

line 33 of your 2015 Form 5329 is more

Enter the excess of your contributions to

than zero.

Archer MSAs

Roth IRAs for 2016 (unless

Line 27

If you or your employer contributed

withdrawn—discussed below) over your

more to your Archer MSA for 2016 than

contribution limit for Roth IRAs. See the

Enter the excess, if any, of the

is allowable or you had an amount on

instructions for

line

19, earlier, to figure

maximum amount that can be

line 41 of your 2015 Form 5329, you

your contribution limit for Roth IRAs.

contributed to your Coverdell ESAs for

may owe this tax. But you may be able

2016 over the amount actually

Do not include rollovers in figuring

to avoid the tax on any 2016 excess

contributed for 2016. Your contribution

your excess contributions.

contributions (see the instructions for

limit is the smaller of $2,000 or the sum

You can withdraw some or all of your

line 39

below).

of the maximum amounts the

excess contributions for 2016 and they

contributor(s) to your Coverdell ESAs

Line 34

will be treated as not having been

are allowed to contribute. The maximum

Enter the amount from line 40 of your

contributed if:

contribution may be limited based on

2015 Form 5329 only if the amount on

You make the withdrawal by the due

the contributor's modified AGI. See

line 41 of your 2015 Form 5329 is more

date, including extensions, of your 2016

Contributions under chapter 7 in Pub.

than zero.

tax return, and

970 for details.

You withdraw any earnings on the

withdrawn contributions and include the

earnings in gross income (see the

-6-

Instructions for Form 5329 (2016)

Instructions For Form 5329 - 2016 Page 6

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