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Early Withdrawal Rules For Ira In Alameda
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Multi-State
County:
Alameda
Control #:
US-001HB
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This applies to both Traditional IRAs and Roth IRAs (you will receive one Form 5498 for each IRA that you contribute to). There are two Form 5498 mailing periods: The first mailing, due January 31 in the following year, covers contributions from January 1 to December 31 of the previous year.
Use Form 5329 to report distributions subject to the 10% additional tax on early distributions from a qualified retirement plan, including traditional IRAs. If you received a distribution that meets an exception, but box 7 on Form 1099-R doesn't show an exception, use Form 5329 to indicate the correct exception.
A Roth IRA allows you to withdraw your contributions at any time—for any reason—without penalty or taxes. For example: If you contributed $12,000 over 2 years and your Roth IRA has grown to $13,200, you can take out the original $12,000 without taxes and penalties.
Get tax Form 5329 from a government agency, a tax preparation service, or you can download it from the IRS website.
If you take an early withdrawal from your IRA or 401(k), complete Part 1 or 2 of Form 5329 to calculate possible IRS penalties or request a penalty waiver.