Hawaii Form 5329 2024-2025

Hawaii Form 5329: What You Should Know

When reporting a 1099-R, pay close attention to line 19 — “The amount of property held by the beneficiary on December 31, 2017, and any portion of the property, if any, attributable to a previous return.” When reporting a 1099-R, make sure to report any distributions received on Form 1099-R. If you have been a beneficiary on an income-producing account for a long time, and you were notified that the account was closed, your account will begin to have a zero balance. If you are notified that a closed account had 100K in assets when it opened, and you received a 10K distribution from that account last year, your annual amount available to distribute is 10K. That means no 1099-R. If you hold your accounts at your firm, your firm will send a letter to notify you about the closing of your account or that the account is inactive. If your 1099-R shows zero assets on December 31, 2017, you have to file Form 5329 with your 2025 income tax return, so you can report the 10K as a zero balance distribution. The IRS requires you to file Form 8379 before the end of 2017, and you cannot file Form 941 after that. To avoid these complications, file Form 5329 and send in IRS Form 5329-EZ after November 23, 2017. It does not count against your filing deadline, even if you are currently filing a 2025 or a 2025 income tax return. Keep in mind that this year your 1099-R must be filed, even if you are not due to receive any payments, or you have not reached the filing deadline. If you plan to leave an IRA, it is a good idea to file a Form 1090. It makes it possible for you to make a payment to the IRA account at any time and also protects it from going into the hands of a trustee if the trustee tries to withdraw more than you want to keep. If you do not do this and your IRA is closed, the distribution tax on it will make it into the hands of your heirs. If you plan to change employers, it helps to be able to pay all your debts as soon as possible. In that case, filing a Form 1099-R before the end of 2025 is also worth doing.

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