IRS Form 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts

What Is IRS Form 5329?

This is a tax form that was released by the Internal Revenue Service (IRS) - a subdivision of the U.S. Department of the Treasury on January 1, 2017. As of today, no separate filing guidelines for the form are provided by the IRS.

FAQ

Q: What is Form 5329?
A: Form 5329 is a tax form used to report and pay additional taxes on qualified plans and other tax-favored accounts.

Q: What types of accounts does Form 5329 cover?
A: Form 5329 covers qualified plans, such as 401(k)s and IRAs, as well as other tax-favored accounts like Health Savings Accounts (HSAs) and Coverdell Education Savings Accounts.

Q: Why would I need to file Form 5329?
A: You may need to file Form 5329 if you owe additional taxes on distributions or contributions made to your qualified plans or tax-favored accounts.

Q: What are some common reasons for owing additional taxes on Form 5329?
A: Some common reasons include early withdrawals from retirement accounts, excess contributions to IRAs, and failure to take required minimum distributions.

Q: Are there any penalties for not filing Form 5329?
A: Yes, if you are required to file Form 5329 and fail to do so, you may be subject to penalties and interest on the additional taxes owed.

Q: Can I e-file Form 5329?
A: Yes, you can e-file Form 5329 along with your federal income tax return.

Q: When is the deadline to file Form 5329?
A: Form 5329 is typically due on the same deadline as your federal income tax return, which is usually April 15th.

Q: Can I request an extension to file Form 5329?
A: Yes, you can request an extension to file Form 5329 by filing Form 4868 and indicating that you need additional time to file your tax return.

Q: Do I need to include any supporting documents with Form 5329?
A: You generally do not need to include supporting documents when filing Form 5329, but you should keep them in your records in case of an audit.