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over the amount actually contributed for

Line 35

Line 43

2007.

If your contribution limit for your Archer

If your contribution limit for your HSAs

MSAs (the smaller of line 5 or line 6 of

(Form 8889, line 12) is greater than the

Line 28

Form 8853) is greater than the

contributions you made to your HSAs

Enter your total distributions from

contributions to your Archer MSAs for

(or those made on your behalf) for 2007

Coverdell ESAs in 2007. Do not include

2007, enter the difference on line 35.

(Form 8889, line 2), enter the difference

rollovers or returned excess

Also include on your 2007 Form 8853,

on line 43. Also include on your 2007

contributions.

line 7, the smaller of:

Form 8889, line 13, the smaller of:

•

Form 5329, line 35, or

Form 5329, line 43, or

•

The excess, if any, of Form 5329,

Line 31

line 34, over Form 5329, line 36.

line 42, over Form 5329, line 44.

Enter the excess of the contributions to

your Coverdell ESAs for 2007 (not

Line 39

Line 47

including rollovers) over your

Enter the excess of your contributions

contribution limit for Coverdell ESAs.

to your Archer MSA for 2007 (from

(including those made on your behalf)

Your contribution limit is the smaller of

Form 8853, line 4) over your

to your HSAs for 2007 (Form 8889, line

$2,000 or the sum of the maximum

contribution limit (the smaller of line 5 or

2) over your contribution limit (Form

amounts allowed to be contributed by

line 6 of Form 8853). Also include on

8889, line 12). Also include on line 47

the contributor(s) to your Coverdell

line 39 any excess contributions your

any excess contributions your employer

ESAs. The maximum contribution may

employer made. See the Instructions

made. See the instructions for Form

be limited based on the contributor’s

for Form 8853 for details.

8889 for details.

modified AGI. See Pub. 970 for details.

However, you can withdraw some or

You can withdraw some or all of the

all of the excess contributions for 2007

excess contributions for 2007 and they

and they will not be treated as having

will not be treated as having been

been contributed if:

•

contributed if:

You make the withdrawal by the due

•

You make the withdrawal before

date, including extensions, of your 2007

June 1, 2008, and

tax return, and

return, and

•

You also withdraw any income

You withdraw any income earned on

earned on the withdrawn contributions

the withdrawn contributions and include

and include the earnings in gross

the earnings in gross income for the

income for the year in which the

year in which you receive the withdrawn

contribution was made.

contributions and earnings.

Include the withdrawn contributions

If you filed your return without

and related earnings on Form 8853,

and related earnings on Form 8889,

withdrawing the excess contributions,

lines 8a and 8b.

lines 14a and 14b.

you can still make the withdrawal, but it

must be made before June 1, 2008. If

If you timely filed your return without

you do, file an amended return. Report

withdrawing the excess contributions,

any related earnings for 2007 on the

you can still make the withdrawal no

amended return and include an

later than 6 months after the due date

explanation of the withdrawal. Make

of your tax return, excluding extensions.

any other necessary changes on the

If you do, file an amended return with

amended return (for example, if you

“Filed pursuant to section 301.9100-2”

reported the contributions as excess

written at the top. Report any related

contributions on your original return,

earnings for 2007 on the amended

include an amended Form 5329

return and include an explanation of the

reflecting that the withdrawn

withdrawal. Make any other necessary

contributions are no longer treated as

changes on the amended return (for

having been contributed).

example, if you reported the

contributions as excess contributions

on your original return, include an

Part VI—Additional Tax

amended Form 5329 reflecting that the

on Excess Contributions

withdrawn contributions are no longer

treated as having been contributed).

to Archer MSAs

If you or your employer contributed

Part VII—Additional Tax

Part VIII—Additional Tax

more to your Archer MSA for 2007 than

on Excess Contributions

on Excess Accumulation

is allowable or you had an amount on

line 41 of your 2006 Form 5329, you

to Health Savings

in Qualified Retirement

may owe this tax. But you may be able

to avoid the tax on any 2007 excess

Accounts (HSAs)

Plans (Including IRAs)

contributions (see the instructions for

If you, someone on your behalf, or your

You owe this tax if you do not receive

line 39).

employer contributed more to your

the minimum required distribution from

HSAs for 2007 than is allowable or you

your qualified retirement plan, including

Line 34

had an amount on line 49 of your 2006

an IRA or an eligible section 457

Enter the amount from line 40 of your

Form 5329, you may owe this tax. But

deferred compensation plan. The

2006 Form 5329 only if the amount on

you may be able to avoid the tax on

additional tax is 50% of the excess

line 41 of your 2006 Form 5329 is more

any 2007 excess contributions (see the

accumulation — the difference between

than zero.

instructions for line 47).

the amount that was required to be

-5-

Instructions For Form 5329 - Additional Taxes On Qualified Plans And Other Tax-Favored Accounts - 2007 Page 5

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