Form 5329 AR 2024-2025

Form 5329 AR: What You Should Know

Form 5329 — IRS 1-30 Oct 2025 — What You Need to Know About Form 5329 (Including IRAs) and Other Tax-Favored Accounts A Form 5329 is often called a “Tax Information Statement”. The IRS uses this form to determine the excess contribution (or tax liability) on the taxable return of a  Taxpayer who made qualified distributions from a tax-exempt account or qualified plan.  This form shows the amount of excess contributions that is taxable and  Determination of Amount of Excess Contribution to Eligible Plan Return, IRS 6 Oct 2025 — What is Form 5329: Additional Taxes on Qualified Retirement Plans If the account holder is not a service-connected death, the account holder will simply be required to fill out and file Form 8606,  “Other Tax-Favored Accounts Statement” for excess contributions, but must add income tax withholding and report the contribution to the account holder via the  other form 5329. The IRS uses this form to report an additional amount in excess contributions. These amounts are not collected to tax the owner or pay  the death tax benefit.  Form 5329, Additional Taxes on Qualified Plans — IRS 6 Oct 2025 — If the account holder is a non-service-connected death, Form 8606 will need to be prepared and filed for  the excess contribution. This form is not a tax return. It is a receipt on the death of an estate member for an excess contribution  to a tax-exempt qualified plan. Form 5329, Additional Taxes on Qualified Retirement Plan 6 Oct 2025 — If the excess contribution has been reported for the account holder, the tax-favored account owner is due  for the excess contribution. The amount will be reported via the other form 5329, not the  form 5329. Taxable Amount of Excess Contribution to Eligible Plan 8 Sept 2025 — If there is no excess contribution shown on Form 8606, this means the excess contribution was not reported for the account holder, but this is not a reportable amount. Example: This would allow someone to contribute up to 100,000 to their 401(k) account  with the idea that the plan would not exceed the 23,000,000 contribution limits.

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