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Form 5329 online Connecticut: What You Should Know
What Is A Qualified Retirement Plan? A qualified retirement plan is defined by IRS and includes traditional 403(b), employee stock options, employee profit-sharing plans, etc. Taxation Basics — IRS Do I Need To File Form 5329? If you are a retiree or spouse, filing for an IRA or other retirement plan (defined as a traditional IRA, SEP-IRA, or Roth IRA, or for a person with a qualified plan), then you must complete Form 5329, Additional Taxes on Qualified Plans. If you are a former or current government employee (see IRA), there is a special exemption to file and report IRA and other eligible retirement plans. If you're receiving a regular retirement pension, and were unable to file for your IRA in 2015, then be aware we expect you to file a Form 4868 if: You're claiming the exemption for current government employees You received a final retirement pension from an employer other than Medicare, including a defined benefit pension You can claim an exemption of 14,000 for 2016. If you didn't receive a final retirement pension, then you can be exempt from filing and paying tax. You can also file and pay tax if your IRA is subject to certain minimum distribution rules. We recommend you complete Form 5329 to claim each year's increase in the retirement contributions' deduction. What if I already filed Form 5329? It's OK! If you already filed Form 5329, it doesn't really matter what you did. Please be sure you also have completed and filed your income tax return as discussed. What if I didn't file? Be sure to file Form 4868 as explained for 2016. What if I have a modified account? After January 1, 2017, a modified account is any defined contribution plan the participant elects to use. If you have a modified account, a plan that allows the participant to select contributions and benefits, it's still taxable income.
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