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File requirements for Form 5329

A taxpayer must file Form 5329 if any of the following apply.
  • They received an early distribution from a Roth IRA, the amount on line 23 of Form 8606, Nondeductible IRAs, is more than zero, and they are required to enter an amount that is more than zero on Form 5329, line 1 (refer to Form 5329 Instructions - Exception for Roth IRA Distributions).
  • They received an early distribution subject to the tax on early distributions from a qualified retirement plan (other than a Roth IRA). However, if the distribution code 1 is correctly shown in Box 7 of all their Forms 1099-R, and they owe the additional tax on each Form 1099-R, they don’t have to file Form 5329. Instead, refer to the instructions for Schedule 2, line 5 for how to report the additional 10% tax directly on that line.
  • They received an early distribution subject to the tax on early distributions from a qualified retirement plan (other than a Roth IRA), they meet an exception to the tax on early distributions, and distribution code 1 is shown in Box 7 of Form 1099-R.
  • They received an early distribution subject to the tax on early distributions from a qualified retirement plan (other than a Roth IRA), they meet an exception to the tax on early distributions from the list on Page 3 of the Form 5329 Instructions, but Box 7 of their Form 1099-R doesn't indicate an exception or the exception doesn't apply to the entire distribution.
  • They received taxable distributions from Coverdell ESAs or QTPS.
  • The contributions for the current tax year to their Traditional IRAs, Roth IRAs, Coverdell ESAs, Archer MSAs, or HSAs exceed their maximum contribution limit, or they had a tax due from an excess contribution on lines 17, 25, 33, 41, or 49 of their prior year return's Form 5329.
  • The taxpayer didn't receive the minimum required distribution from their qualified retirement plan.

This article applies to:

  • Product: UltraTax CS
  • Return type: 1040 Individual
  • Subject: Retirement
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