Form 5329 for Syracuse New York 2024-2025

Form 5329 for Syracuse New York: What You Should Know

What to Know If you paid taxes on your retirement income and have decided to take a rollover, please contact our  Tax Expert for additional advice. What is the “Special Tax” Nov 3, 2025 — “What is the “special tax”?” Additional Tax on Retirement Accounts — LBW Oct 1, 2025 — “Additional taxes on Eras, SEP IRA/TSP accounts, and TSO (TAX-FREE)” If you are a participant in any retirement plan, you may be subject to an additional tax on the value of your plan, including accounts at a tax-favored savings or investment company (like FDIC or  The “special tax” on retirement accounts  What is the “Special Tax” Nov 3, 2025 — “Special tax on retirement accounts.” The additional tax on an account like an IRA depends on whether you are contributing to the plan and whether the plan is subject to a special tax called a “balance transfer tax”. The “balance transfer tax” is levied on any person(s) who make any of the following transfers in excess of 10,000 from retirement accounts: 401(k) and SEP IRA accounts to a traditional or Roth IRAs; TSP accounts to a traditional or Roth IRA; an annuity to a traditional or Roth IRA; a trust to a traditional or Roth IRA; or any other balance transfer in excess of 10,000 for any year in a 401(k) or SEP IRA. The “balance transfer tax” is levied on any person(s) who make any of the following transfers in excess of 10,000 from retirement accounts: The “balance transfer tax” can affect you by lowering your income-tax benefit when you retire or from having to pay taxes on the account value when you withdraw the balance. You should call the  Tax Experts to learn more about this tax. The “balance transfer tax” can affect you by reducing your income-tax benefit when you retire or from having to pay taxes on the account value when you withdraw the balance. You should call the  Tax Experts to learn more about this tax. The “balance transfer tax” can affect you by reducing your income-tax benefit when you retire or from having to pay taxes on the account value when you withdraw the balance. You should call the Tax Experts to learn more about this tax.

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