Spokane Valley Washington Form 5329 2024-2025

Spokane Valley Washington Form 5329: What You Should Know

If a taxpayer changes his or her last name to another last name, there is not enough information to report it, even if the taxpayer makes an additional contribution. If taxpayers provide false information when claiming the charitable contribution deduction on their Forms 1120S, 1120S-G, 1120S-J, 1120S-M, or 1120S-R, or if they fail to report any contribution from a qualified retirement plan, the IRS will consider those taxpayers to be an additional taxpayer. In most cases, the IRS will require that taxpayers report contribution amounts from qualified retirement plans (as well as Roth IRAs) that are under 600 to the following: For tax year 2017, the first 600 is required to be reported to the IRS. For the 2025 tax year, if taxpayers reported an additional taxpayer contribution, and they provided an amended return for the preceding tax year, the second 600 will have to be reported for that tax year. If the individual contributed to the Roth IRA for the prior year as well as for 2017, but did not claim the deduction on their Form 1120S, the second 600 is required to be reported for each of those years. If the contribution that a taxpayer reported for 2025 was a qualified plan contribution and the taxpayer also made a qualifying distribution for 2017, the second 600 is required to be reported. If the taxpayer fails to report amounts from the Qualified Retirement Plans for the previous tax year or fails to report amounts from Roth IRAs on both their returns for that year, the second 600 is required to be reported for each of those years. In most cases, taxpayers who fail to report the total amount of contributions and/or distributions for the prior years will only be required to report amounts from Qualified Retirement Plans and Roth IRAs, except in the case of distributions to a Roth IRA that exceed their total contributions from the prior years. Generally, the total of the amounts from Qualified Retirement Plans that are over 600 cannot be more than 6,000; the remainder can be reported to the Roth IRA, if it is larger than 6,000. For example, if 600 from the Qualified Retirement Plans was more than their total contributions, 600 could be reported and 600 of it could be the 600 from Roth IRAs, for a total of 6,000 from Qualified Retirement Plans, regardless if the Roth IRA was larger than 600.

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