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Can 5329 be filed electronically Form: What You Should Know

What is the purpose of form 5329: Additional Taxes on Qualified Retirement Plans (5329): To assess or collect a federal, state, or local excise tax (with respect to taxable IRAs, qualified retirement plans, etc.) if an individual exceeds the modified amount for taxable retirement income and is subject to a penalty, or if an individual fails to provide required information or information that is untrue and materially misleading to the taxpayer,  For information on the application of federal income tax withholding rates, see Publication 5539 About the tax tables listed in the table below, see Publication 6053.

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Instructions and Help about Can Form 5329 be filed electronically

Music inherited IRA do's and don'ts for spouses. Today, we will discuss some major mistakes that have been made when it comes to inherited IRAs, and how they can be avoided. We will use a hypothetical scenario to illustrate this. Let's say a couple, husband and wife, each have $100,000 in their respective IRAs. In this example, the wife is fifty years old. Typically, what happens is that the spouse, in this case the wife, rolls over the money into her own IRA, increasing her total to $200,000. However, this may not be the best move because if she were to take distributions from her IRA before the age of 59 and a half, she would be subject to a 10% penalty. For instance, if she were to withdraw $20,000, she would face a $2,000 penalty. To avoid this, she should leave the money as it is. Thus, when she needs to withdraw $20,000, there will be no penalty since it depends on her age as the surviving spouse and not the age of her husband.