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Form 5329 is used to report and pay additional taxes on early distributions from retirement accounts, excess contributions to IRAs and other tax-favored accounts, and failures to take required minimum distributions (RMDs). It is also used to claim an exception to the 10% early distribution penalty.
Enter your name, Social Security number, and the tax year at the top of the form.
Part I: If you took an early distribution, enter the total amount and any applicable exception code to reduce or eliminate the penalty.
Part II: Report any excess contributions to traditional IRAs and calculate the 6% excise tax.
Part III: Report any excess contributions to Roth IRAs.
Part IV: Report any excess contributions to health savings accounts (HSAs).
Part VIII: If you missed an RMD, report the shortfall and calculate the 25% (or 10% if corrected) excise tax.
Part IX: Calculate the total additional taxes owed from all parts.
Attach Form 5329 to your Form 1040, or file it standalone if only filing for the penalty.
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Yes, if you qualify for an exception such as disability, qualified higher education expenses, first-time home purchase (up to $10,000), or substantially equal periodic payments (SEPP/72(t)).
The penalty is 25% of the RMD shortfall. However, if you correct the missed RMD within the correction window (generally 2 years), the penalty is reduced to 10%.
Only if you owe an additional tax reported on this form. If you had a qualifying early distribution but have a valid exception and your 1099-R already reflects it, you may not need to file Form 5329.
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