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Form 5329 online Maricopa Arizona: What You Should Know
Allen, Treasurer Maricopa County Treasurer's Home Page. Pay Your Taxes Online What is a “Qualified Plan?” What is a qualified retirement plan? In the Form 5329 — Additional Taxes on Qualified Plans, the following lists and describes “qualified retirement plans.” These plan plans include: 401(k), 403(b), 457(b), Health Savings Accounts and Retirement Savings Accounts that are registered with a state employee or pension plan; an IRAs; tax-advantaged retirement plans such as IRA's, Roth IRA contributions, Roth IRAs, SEP IRAs and Vanguard Retirement Funds; and any defined benefit plans, which include, but are not limited to, defined benefit, defined contribution or annuities. Tax Rate What does a qualified retirement plan have to pay taxes to the individual or employer? A qualified retirement plan must pay the tax rate specified in the applicable tax code to an individual or employer. Qualified Retirement Plan Tax rates Qualified retirement plans, when in existence, do not pay a specific tax rate. The tax rate of the plan will vary depending on the tax rate applicable to the employer and the individual, including the amount contributed and the type of plan. Qualified plans: May only contribute up to 5% on a qualified plan by an individual earning up to 115,000 (230,000 for married filing jointly) per year after contributions, earnings or compensation on such plan are first distributed from the plan in excess of 2,000 (5,000 for 2012). May contribute up to 5% (5% for 2013) on the first 12,500 of compensation (not including elective deferrals) of an individual, either on account of retirement, disability, retirement plan or annuitized account. May contribute up to 5% on a qualified plan, by an individual, who has been a member of the plan for at least five years immediately prior to January 1, 2013, and who has satisfied all the plan's eligibility requirements as if he or she were a new member of the employer's plan.
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