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1999 Instructions For 5329. Additional Taxes Attributable To IRAs, Other Qualified Retirement
Get 1999 Instructions For 5329. Additional Taxes Attributable To IRAs, Other Qualified Retirement
D MSAs Section references are to the Internal Revenue Code unless otherwise noted. A Change To Note The 10% tax on early distributions does not apply to distributions made because of an IRS levy on a qualified retirement plan. See page 2. General Instructions Purpose of Form Use Form 5329 to report any additional tax on individual retirement arrangements (IRAs), other qualified retirement plans, annuities, modified endowment contracts, or medical savings accounts (MSAs). Who Must File You MUS.
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Allocable FAQ
Form 5329 must be filed by taxpayers with retirement plans or education savings accounts who owe an early distribution or another penalty. The form must be submitted with a taxpayer's annual tax return—Form 1040 or Form 1040-SR. Taxpayers who do not file the form could end up owing more in penalties and taxes.
If you withdraw money from your IRA before age 59½, you will incur a 10% penalty plus ordinary income tax on the amount attributable to previously deductible contributions and earnings.
Also, California does not have taxes similar to the tax on excess contributions to traditional IRAs, Roth IRAs, Coverdell ESAs, ABLE accounts, Archer MSAs, or tax on excess accumulation in qualified retirement plans.
Qualified Retirement Plans (including IRAs) You must report the difference on Schedule CA (540) or Schedule CA (540NR).
You may be able to get the penalty waived if you missed taking your RMD due to an illness, mental incapacity, or bank error. You'll calculate that penalty in Part 9 of Form 5329. To request a waiver, enter “RC” (for reasonable cause) and the amount of shortfall you want waived on the dotted line next to Line 54.
IRA contributions will be reported on Form 5498: IRA contribution information is reported for each person for whom any IRA was maintained, including SEP or SIMPLE IRAs. An IRA includes all investments under one IRA plan.
* Retirement plans: The 10% additional tax generally applies to early distributions from qualified plans, 403(a) or (b) annuity plans and traditional IRAs, including IRAs that are connected to a SIMPLE IRA or SEP plan maintained by an employer.
Early Distributions Generally, any distribution from your qualified retirement plan, annuity, or modified endowment contract that you receive before you reach age 59½ is an early distribution. The portion of the early distribution that is included in income is subject to an additional 2½% tax.
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