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US Internal Revenue Service: I5329 - 1996
US Internal Revenue Service: I5329 - 1996
Paperwork Reduction 1040 or 1040A. If you make ● You rolled over the taxable part of all
nondeductible contributions to your IRA, distributions you received during the
Act Notice use Form 8606, Nondeductible IRAs year.
We ask for the information on this form (Contributions, Distributions, and Basis),
to carry out the Internal Revenue laws of to report the nondeductible contribution. When and Where To File
the United States. You are required to Also, if you previously made
nondeductible IRA contributions, use Attach your 1996 Form 5329 to your
give us the information. We need it to 1996 Form 1040 and file both by the
ensure that you are complying with Form 8606 to figure the taxable part of
your IRA distributions. due date for your Form 1040 (including
these laws and to allow us to figure and extensions).
collect the right amount of tax.
Who Must File If you do not have to file Form 1040
You are not required to provide the but owe a tax on Form 5329 or
information requested on a form that is You MUST file Form 5329 if any of the otherwise have to file Form 5329 (see
subject to the Paperwork Reduction Act following apply. above), you must still complete and file
unless the form displays a valid OMB ● You owe a tax on early distributions it with the IRS at the time and place you
control number. Books or records from your qualified retirement plan would be required to file Form 1040. If
relating to a form or its instructions must (including an IRA), annuity, or modified you are filing your 1996 Form 5329 by
be retained as long as their contents endowment contract but distribution itself, be sure to include your address on
may become material in the code 1 is not shown in box 7 of Form page 1 and your signature and date on
administration of any Internal Revenue 1099-R, Distributions From Pensions, page 2. Enclose, but do not attach, a
law. Generally, tax returns and return Annuities, Retirement or Profit-Sharing check or money order payable to the
information are confidential, as required Plans, IRAs, Insurance Contracts, etc. “Internal Revenue Service” for the total
by section 6103. (complete Part I). of any taxes due. Include your social
The time needed to complete and file ● You meet an exception to the tax on security number and “1996 Form 5329”
this form will vary depending on early distributions, but distribution code on the check or money order.
individual circumstances. The estimated 2, 3, or 4 is not shown in box 7 of Form
average time is: 1099-R, or the distribution code shown
Filing for Previous Tax Years
Recordkeeping 2 hr., 24 min. is incorrect. If you are filing a Form 5329 to pay a tax
Learning about the ● You owe a tax because of excess for a previous year, you must use that
law or the form 33 min. contributions to your IRA (complete Part year’s version of the form. For example,
Preparing the form 1 hr., 19 min. II). if you are paying tax for 1994, you must
use the 1994 version of the form to
Copying, assembling, and ● You owe a tax because you did not
report the tax.
sending the form to the IRS 35 min. receive a minimum required distribution
from your qualified retirement plan If you owe a tax for that previous year
If you have comments concerning the because of an early distribution,
accuracy of these time estimates or (complete Part III).
complete the appropriate part of Form
suggestions for making this form ● You received distributions from a
5329 for that year and attach it to Form
simpler, we would be happy to hear qualified retirement plan that exceed the
1040X, Amended U.S. Income Tax
from you. You can write to the Tax applicable threshold amount, whether or
Return. Be sure to include the
Forms Committee, Western Area not you owe a tax (complete Part IV).
distribution as additional income on
Distribution Center, Rancho Cordova, You DO NOT have to file Form 5329 Form 1040X if not previously reported.
CA 95743-0001. DO NOT send the form if:
to this address. Instead, see When and If you owe only a tax other than the
● You owe only the 10% tax on early tax on early distributions for a previous
Where To File on this page. distributions (distribution code 1 must be year, file Form 5329 by itself for that
shown in box 7 of Form 1099-R). If you year. Be sure to include your signature
General Instructions are filing Form 1040, U.S. Individual and date on page 2. Enclose, but do not
Income Tax Return, do not complete attach, a check or money order payable
Form 5329. Enter 10% of the taxable
Purpose of Form part of your distribution on Form 1040,
to the “Internal Revenue Service” for the
amount of tax due. Include your social
Use Form 5329 to report any additional line 48. Write “No” on the dotted line security number, “Form 5329,” and the
income tax or excise tax you may owe next to line 48 to indicate that you do year for which the form is being filed on
in connection with your qualified not have to file Form 5329. the check or money order.
retirement plan (including your individual ● You received an early distribution from
retirement arrangement (IRA)), annuity, your plan, but meet an exception to the
or modified endowment contract. Definitions
tax (distribution code 2, 3, or 4 must be
Do not use Form 5329 to report your correctly shown on Form 1099-R). Qualified Retirement Plan
deduction for contributions to your IRA.
Report this deduction on your Form A qualified retirement plan includes:
1 Remaining unrecovered grandfather amount as of 1/1/96 (from line 4 of your 1995 worksheet) 1.
4 Remaining unrecovered grandfather amount for 1997. Subtract line 3 from line 1 4.
Note: If you were born after August 1, 1951, you cannot use this method.
1 Remaining unrecovered grandfather amount as of 1/1/96 (from line 7 of your 1995 worksheet) 1.
7 Remaining unrecovered grandfather amount for 1997. Subtract line 6 from line 1 7.
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