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Form 5329 Lansing Michigan: What You Should Know

All it takes is a basic understanding of how to file Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax Forms and Publications, the first two of three tax forms required to report additional taxes on an IRA. We will discuss the requirements in this article, but first, a brief outline as to how the individual accounts must be structured. Qualified Retirement Plans A Qualified Retirement Plan must include an IRAs portion. It is important to know that a Qualified Plan will count the contribution limits on an IRA account equal to the IRAs contribution limits. For example, let's say a participant in a Roth IRA receives a contribution of 100,000. For the purpose of reporting the additional taxes on the IRA, the plan must include an amount of 95,000. The IRA can not include the amount of the contribution. The Plan must be treated as a Roth IRA for this purpose. Modified Endowment Contracts A modified endowment contract includes a modified endowment agreement (MEC).

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