Get Form 5329

You must file Form 5329 if any of the following apply. amount on line 25c of Form 8606, Nondeductible IRAs, is more than zero, or the distribution includes a recapture amount subject to the 10% additional tax, or it's a qualified first-time homebuyer distribution (see Distributions from Roth IRAs, later).

To locate form 5329 in our program log in and click on: Federal Section. Other Taxes. Additional Taxes on Qualified Plans and Other Accounts. Scroll down to Part IX to complete this section of the form.

In most cases, this form must be filed as part of an amended tax return for the year the distribution should have been made. However, if a tax return wasn't previously filed for that year and there are no other changes to be made, the Form 5329 can be submitted on its own.

For the most part, you must complete and submit this form to the IRS with your tax return if you: Received any early distributions from a qualifying tax-favored account, such as a 401(k) or IRA. Made contributions in excess of the annual limit to a qualifying tax-favored account1.

Form 5329 Waiver Example Reasonable causes for missing the RMD include serious illness, mental incapacity, or an error made by the bank. You will need to file a request for a waiver of this penalty.

Form 5329 Waiver Example Reasonable causes for missing the RMD include serious illness, mental incapacity, or an error made by the bank. You will need to file a request for a waiver of this penalty.

For the most part, you must complete and submit this form to the IRS with your tax return if you: Received any early distributions from a qualifying tax-favored account, such as a 401(k) or IRA. Made contributions in excess of the annual limit to a qualifying tax-favored account1.

Attach a letter of explanation to Form 5329. The letter should include why the RMD was missed, the fact that it has now been taken, and describe the steps taken to ensure that future RMDs will be taken as required.