Instructions for IRS Form 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts

IRS Form 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts

This document contains official instructions for IRS Form 5329 , Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 5329 is available for download through this link.

FAQ

Q: What is IRS Form 5329?A: IRS Form 5329 is a form used to report additional taxes on qualified plans (including IRAs) and other tax-favored accounts.

Q: Who needs to file IRS Form 5329?A: You need to file IRS Form 5329 if you owe additional taxes on your qualified plans (including IRAs) and other tax-favored accounts.

Q: What are qualified plans?A: Qualified plans include retirement accounts like 401(k)s, 403(b)s, and IRAs.

Q: What are tax-favored accounts?A: Tax-favored accounts are accounts with special tax benefits, such as health savings accounts (HSAs) and Archer MSAs.

Q: What additional taxes are reported on IRS Form 5329?A: IRS Form 5329 is used to report taxes like the early distribution penalty on retirement accounts and excess contributions to tax-favored accounts.

Q: How do I fill out IRS Form 5329?A: You'll need to follow the instructions provided with the form to accurately fill out IRS Form 5329.

Q: When is the deadline to file IRS Form 5329?A: The deadline to file IRS Form 5329 is typically the same as your income tax filing deadline, which is usually April 15th.