Contra Costa California Form 5329 2024-2025

Contra Costa California Form 5329: What You Should Know

B. If you pay a large lump sum to your spouse, including an individual retirement account, or other non-qualified business expense deduction and your spouse qualifies as an individual with a disability and is disabled. You can use Form 5329 to claim the excess over 3,000 in either your regular income tax rate or the 15% rate. D. If you make an in-home child care expense. You can choose to use Form 5329 as a part of your calculation of the child care deduction or, if you are a low-income person, you can use your normal earned income amount (EIA). E. If you deduct an individual retirement account (IRA) over 5 million. You can use Form 5329 to claim the excess over 1,500 in either your regular income tax rate or the 15% rate plus the 2,500 state exemption. RETIREMENT CHECKLIST Contra Costa County Employees' Retirement Association service), you may be entitled to claim an exception from the additional tax using IRS Form 5329. TDAI2432 Account owners who roll an early distribution over into another allowable Retirement Account need not file Form 5329. The state government may be able to help you make a Qualified Plan Distribution from your IRA or 401(k) after you turn 51. TDAI2437 You may be entitled to claim an Exception for the Additional Tax If you are age 55 in 2025 and have been receiving retirement payments from the state (including retirement benefits you received for the period 2001–07 and 2011–14 that ended before January 1, 2014, under the Retirement and Survivors Insurance Program) and you made an aggregate IRA distribution of at least 20,000 in calendar years 2025 or 2013, the law applies. The excess over the 20,000 you made is taxable as follows. In the event that there is an applicable income tax and additional tax due, the excess is treated as income tax owed and tax is due. The excess is then divided evenly among the taxable years for which the excess was received. If there are additional tax due, the remainder is due as tax-free interest.

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