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Accounts (HSAs)) is greater than the

your IRA by April 1 of the year following

3. Complete line 53 as instructed.

contributions you made to your HSAs

the year in which you reach age 70

You must pay any tax due that is

(or those made on your behalf) for 2008

At that time, you can receive your entire

reported on line 53.

(Form 8889, line 2), enter the difference

interest in the IRA or begin receiving

The IRS will review the information

on line 43. Also include on your 2008

periodic distributions. If you choose to

you provide and decide whether to

Form 8889, line 13, the smaller of:

receive periodic distributions, you must

•

grant your request for a waiver.

Form 5329, line 43, or

receive a minimum required distribution

•

The excess, if any, of Form 5329,

each year. You can figure the minimum

For more details, see Pub. 590.

line 42, over Form 5329, line 44.

required distribution by dividing the

For 2009, you are not required

account balance of your IRAs (other

TIP

to take a minimum distribution

Line 47

than Roth IRAs) on December 31 of the

from your employer-provided

Enter the excess of your contributions

year preceding the distribution by the

qualified retirement plan or IRA. For

(including those made on your behalf)

applicable life expectancy. For

more details, see Pub. 575 or Pub. 590.

to your HSAs for 2008 (Form 8889, line

applicable life expectancies, see Pub.

2) over your contribution limit (Form

590.

Privacy Act and Paperwork

8889, line 12). Also include on line 47

Reduction Act Notice. We ask for the

If the trustee, custodian, or issuer of

any excess contributions your employer

information on this form to carry out the

your IRA informs you of the minimum

made. See the instructions for Form

Internal Revenue laws of the United

required distribution, you can use that

8889 for details.

States. We need this information to

amount.

ensure that you are complying with

However, you can withdraw some or

If you have more than one IRA, you

all of the excess contributions for 2008

these laws and to allow us to figure and

can take the minimum required

collect the right amount of tax. You are

and they will not be treated as having

distribution from any one or more of the

required to give us this information if

been contributed if:

individual IRAs.

•

You make the withdrawal by the due

you made certain contributions or

For more details on the minimum

date, including extensions, of your 2008

received certain distributions from

distribution rules (including examples),

qualified plans, including IRAs, and

return, and

see Pub. 590.

•

You withdraw any income earned on

other tax-favored accounts. Our legal

the withdrawn contributions and include

right to ask for the information

A qualified charitable distribution

requested on this form is sections

the earnings in gross income for the

will count towards your

6001, 6011, 6012(a), and 6109 and

year in which you receive the withdrawn

minimum required distribution.

CAUTION

contributions and earnings.

their regulations. The reason we need

See Pub. 590 for more information.

your social security number is to secure

Roth IRA. There are no minimum

Include the withdrawn contributions

proper identification in order to gain

and related earnings on Form 8889,

required distributions during the lifetime

access to the tax information in our files

lines 14a and 14b.

of the owner of a Roth IRA. Following

to properly process the form. If you do

the death of the Roth IRA owner,

If you timely filed your return without

not file this information, or provide

required distribution rules apply to the

withdrawing the excess contributions,

incomplete or false information, you

beneficiary. See Pub. 590 for details.

you can still make the withdrawal no

may be subject to penalties.

Qualified retirement plans (other

later than 6 months after the due date

You are not required to provide the

than IRAs) and eligible section 457

of your tax return, excluding extensions.

information requested on a form that is

deferred compensation plans. In

If you do, file an amended return with

subject to the Paperwork Reduction Act

general, you must begin receiving

“Filed pursuant to section 301.9100-2”

unless the form displays a valid OMB

distributions from your plan no later

written at the top. Report any related

control number. Books or records

than April 1 following the later of (a) the

earnings for 2008 on the amended

relating to a form or its instructions

year in which you reach age 70

or (b)

return and include an explanation of the

must be retained as long as their

the year in which you retire.

withdrawal. Make any other necessary

contents may become material in the

changes on the amended return (for

Exception. If you owned more than

administration of any Internal Revenue

example, if you reported the

5% of the employer maintaining the

law. Generally, tax returns and return

contributions as excess contributions

plan, you must begin receiving

information are confidential, as required

on your original return, include an

distributions no later than April 1 of the

by section 6103. However, we may give

amended Form 5329 reflecting that the

year following the year in which you

this information to the Department of

withdrawn contributions are no longer

reach age 70

, regardless of when you

Justice for civil and criminal litigation,

treated as having been contributed).

retire.

and to cities, states, and the District of

Your plan administrator should figure

Part VIII—Additional Tax

Columbia to carry out their tax laws. We

the amount that must be distributed

may also disclose this information to

on Excess Accumulation

each year.

other countries under a tax treaty, to

Waiver of tax. The IRS can waive part

federal and state agencies to enforce

in Qualified Retirement

or all of this tax if you can show that

federal nontax criminal laws, or to

any shortfall in the amount of

Plans (Including IRAs)

federal law enforcement and

distributions was due to reasonable

intelligence agencies to combat

You owe this tax if you do not receive

error and you are taking appropriate

terrorism.

the minimum required distribution from

steps to remedy the shortfall. If you

The average time and expenses

your qualified retirement plan, including

believe you qualify for this relief, attach

required to complete and file this form

an IRA or an eligible section 457

a statement of explanation and file

will vary depending on individual

deferred compensation plan. The

Form 5329 as follows.

circumstances. For the estimated

additional tax is 50% of the excess

1. Complete lines 50 and 51 as

averages, see the instructions for your

accumulation — the difference between

instructed.

income tax return.

the amount that was required to be

2. Enter “RC” and the amount you

distributed and the amount that was

If you have suggestions for making

want waived in parentheses on the

actually distributed.

this form simpler, we would be happy to

dotted line next to line 52. Subtract this

hear from you. See the instructions for

Required Distributions

amount from the total shortfall you

your income tax return.

figured without regard to the waiver,

IRA (other than a Roth IRA). You

and enter the result on line 52.

must start receiving distributions from

-6-

Instructions For Form 5329 - Additional Taxes On Qualified Plans (Including Iras) And Other Tax-Favored Accounts - 2008 Page 6

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