File Form 5329 with your 2024 Form 1040, 1040-SR,1040-NR, or 1041 by the due date, including extensions, of your tax return. If you don’t have to file a 2024 income tax return, complete and file Form 5329 by itself at the time and place you would be …

5329 Department of the Treasury Internal Revenue Service Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts Attach to Form 1040, 1040-SR, 1040-NR, or 1041. Go to www.irs.gov/Form5329 for instructions and the latest information. OMB No. 1545-0074. 2024. Attachment Sequence No. 29

Use Form 5329 to report additional taxes on IRAs, other qualified retirement plans, modified endowment contracts, Coverdell ESAs, QTPs, Archer MSAs, or HSAs.

When filing taxes, it's important to make sure you're reporting all of your income correctly. That includes making note of early distributions on Form 5329.

Form 5329 must be filed if any of the following apply: The taxpayer received a distribution from a Roth IRA and either (a) the amount on Form 8606 line 25c is more than zero, or (b) the distribution includes a recapture amount subject to the 10% additional tax, or (c) it’s a qualified first-time homebuyer distribution.

2025年3月14日 · Generally, when an individual makes an excess contribution to an individual retirement account (IRA), takes an early distribution from an IRA, or fails to take a required minimum distribution from an IRA, that individual may be subject to an additional tax of 6, 10, or 25 percent, respectively.

2024年8月14日 · IRS Form 5329 is the form that taxpayers use to calculate and report additional taxes on certain tax-preferred accounts to the Internal Revenue Service. Taxes calculated on Form 5329 are reported on Schedule 2 of the taxpayer’s Form 1040 or Schedule G of Form 1041.

2025年1月5日 · The Internal Revenue Service (IRS) uses Form 5329 to determine whether taxpayers owe additional taxes on their retirement accounts due to early withdrawals, excess contributions, or missed required minimum distributions (RMDs).

If your Form 1099-R distribution was for any of the reasons listed below, it is generally exempt from additional penalties for an early withdrawal. If any of the exceptions apply, you may enter an exemption; go to: Enter the amount that is exempt in Part I – “Early Distributions that are not subject to 10% tax.”

In this article, you'll find answers to frequently asked questions on Retirement Plan Taxes (Form 5329). Beginning with distributions made after December 31, 2023, two new exceptions have been added to the 10% additional tax on early distributions. These exceptions are for victims of domestic abuse and distributions for emergency personal expenses.