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•

You withdraw any earnings on the

difference on line 35. Also include on

Line 31

withdrawn contributions and include the

your 2008 Form 8853, line 7, the

Enter the excess of the contributions to

earnings in gross income (see the

smaller of:

your Coverdell ESAs for 2008 (not

•

Instructions for Form 8606 for details).

Form 5329, line 35, or

including rollovers) over your

•

Also, if you had not reached age 59

The excess, if any, of Form 5329,

contribution limit for Coverdell ESAs.

at the time of the withdrawal, include

line 34, over Form 5329, line 36.

Your contribution limit is the smaller of

the earnings as an early distribution on

$2,000 or the sum of the maximum

Line 39

line 1 of Form 5329 for the year in

amounts allowed to be contributed by

which you report the earnings.

Enter the excess of your contributions

the contributor(s) to your Coverdell

to your Archer MSA for 2008 (from

Note. A Form 5329 is not required if

ESAs. The maximum contribution may

Form 8853, line 4) over your

the excess Roth IRA contributions are

be limited based on the contributor’s

contribution limit (the smaller of line 5 or

not treated as having been contributed

modified AGI. See Pub. 970 for details.

line 6 of Form 8853). Also include on

and you do not have any earnings to

You can withdraw some or all of the

line 39 any excess contributions your

report as early distributions on the form.

excess contributions for 2008 and they

employer made. See the Instructions

will not be treated as having been

for Form 8853 for details.

If you timely filed your return without

contributed if:

withdrawing the excess contributions,

However, you can withdraw some or

•

You make the withdrawal before

you can still make the withdrawal no

all of the excess contributions for 2008

June 1, 2009, and

later than 6 months after the due date

and they will not be treated as having

•

You also withdraw any income

of your tax return, excluding extensions.

been contributed if:

•

earned on the withdrawn contributions

If you do, file an amended return with

You make the withdrawal by the due

and include the earnings in gross

“Filed pursuant to section 301.9100-2”

date, including extensions, of your 2008

income for the year in which the

written at the top. Report any related

tax return, and

•

contribution was made.

earnings for 2008 on the amended

You withdraw any income earned on

return and include an explanation of the

If you filed your return without

the withdrawn contributions and include

withdrawal. Make any other necessary

withdrawing the excess contributions,

the earnings in gross income for the

changes on the amended return (for

you can still make the withdrawal, but it

year in which you receive the withdrawn

example, if you reported the

must be made before June 1, 2009. If

contributions and earnings.

contributions as excess contributions

you do, file an amended return. Report

Include the withdrawn contributions

on your original return, include an

any related earnings for 2008 on the

and related earnings on Form 8853,

amended Form 5329 reflecting that the

amended return and include an

lines 8a and 8b.

withdrawn contributions are no longer

explanation of the withdrawal. Make

If you timely filed your return without

treated as having been contributed).

any other necessary changes on the

withdrawing the excess contributions,

amended return (for example, if you

you can still make the withdrawal no

Part V—Additional Tax

reported the contributions as excess

later than 6 months after the due date

contributions on your original return,

on Excess Contributions

of your tax return, excluding extensions.

include an amended Form 5329

If you do, file an amended return with

reflecting that the withdrawn

to Coverdell ESAs

“Filed pursuant to section 301.9100-2”

contributions are no longer treated as

written at the top. Report any related

If the contributions to your Coverdell

having been contributed).

earnings for 2008 on the amended

ESAs for 2008 were more than is

return and include an explanation of the

allowable or you had an amount on line

Part VI—Additional Tax

withdrawal. Make any other necessary

33 of your 2007 Form 5329, you may

on Excess Contributions

changes on the amended return (for

owe this tax. But you may be able to

example, if you reported the

avoid the tax on any 2008 excess

to Archer MSAs

contributions as excess contributions

contributions (see the instructions for

on your original return, include an

If you or your employer contributed

line 31 on this page).

amended Form 5329 reflecting that the

more to your Archer MSA for 2008 than

withdrawn contributions are no longer

An economic stimulus payment

is allowable or you had an amount on

TIP

that was directly deposited into

treated as having been contributed).

line 41 of your 2007 Form 5329, you

a Coverdell ESA can be fully or

may owe this tax. But you may be able

Part VII—Additional Tax

partly withdrawn by the later of the due

to avoid the tax on any 2008 excess

date (including extensions) of your

contributions (see the instructions for

on Excess Contributions

2008 tax return or June 1, 2009. The

line 39 on this page).

amount withdrawn will not be subject to

to Health Savings

An economic stimulus payment

any additional tax or penalty.

TIP

that was directly deposited into

Accounts (HSAs)

an Archer MSA can be fully or

Line 26

If you, someone on your behalf, or your

partly withdrawn by the due date

Enter the amount from line 32 of your

employer contributed more to your

(including extensions) of your 2008 tax

HSAs for 2008 than is allowable or you

2007 Form 5329 only if the amount on

return. The amount withdrawn will not

line 33 of your 2007 Form 5329 is more

had an amount on line 49 of your 2007

be subject to any additional tax or

than zero.

Form 5329, you may owe this tax. But

penalty.

you may be able to avoid the tax on

Line 27

any 2008 excess contributions (see the

Line 34

instructions for line 47 on page 6).

Enter the excess, if any, of the

Enter the amount from line 40 of your

maximum amount that can be

2007 Form 5329 only if the amount on

An economic stimulus payment

contributed to your Coverdell ESAs for

TIP

line 41 of your 2007 Form 5329 is more

that was directly deposited into

2008 (see the instructions for line 31 on

than zero.

an HSA can be fully or partly

this page) over the amount actually

withdrawn by the due date (including

Line 35

contributed for 2008.

extensions) of your 2008 tax return.

If your contribution limit for your Archer

The amount withdrawn will not be

Line 28

subject to any additional tax or penalty.

MSAs (the smaller of line 5 or line 6 of

Enter your total distributions from

Form 8853, Archer MSAs and

Line 43

Coverdell ESAs in 2008. Do not include

Long-Term Care Insurance Contracts)

rollovers or returned excess

is greater than the contributions to your

If your contribution limit for your HSAs

contributions.

Archer MSAs for 2008, enter the

(line 12 of Form 8889, Health Savings

-5-

Instructions For Form 5329 - Additional Taxes On Qualified Plans (Including Iras) And Other Tax-Favored Accounts - 2008 Page 5

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