TN Form 5329 2024-2025

TN Form 5329: What You Should Know

In box 2, check the box labeled “Other. . . .” You are only reporting this amount on this statement if you received distributions of qualified plan assets from a qualified retirement plan (except an individual retirement account, IRA, or SEP-IRA), and if you did not realize any gain or loss or a reduction of the amount otherwise includible in gross income. If you checked this box, report an additional amount and complete box 6 and 7 to complete the Form 5329. If you did not realize any gain or loss or a reduction of the amount otherwise includible in gross income, but you did receive plan-distribution amounts as plan distributions and the distributions were made as qualified plan distributions and qualified distribution allocations (the former of which is defined in IRS Publication 590-B), you may want to exclude from your gross income distributions from IRAs you received in an amount to be included in box 2, or your deduction will amount to zero. If the distribution was a taxable distribution, it is taxable to you, unless the distribution amounts that you report in box 2 do not represent qualified plan distributions. This report is useful in reporting all the tax consequences of the distributions (including the IRA tax) even those that are not in box 2. Box 3. In box 3, enter the amount (if any) of tax you had paid if taxable contributions to a qualified retirement plan were to have been made to it after you made the qualified plan withdrawals. If you have other contributions, report them accordingly and complete box 4. If you have total contributions to a qualified retirement plan, report the total amount in box 4, and also check box 3. If you have total contributions to a SEP-IRA, report them in box 5, and also Check box 3. You must also complete a separate checkbox for non-taxable distributions from any other retirement plans that you held before 2025 (as shown in box 6). Box 4. In box 4, enter the total amounts of tax you would have paid if taxable contributions to the qualified retirement plan were to have been made to it after you made the qualified plan withdrawals. If you have other contributions, report them accordingly and complete box 5. If you have total contributions to a plan, report the total amount in box 5, and also Check box 3. You must also complete a separate checkbox for non-taxable distributions from any other retirement plans that you held before 2025 (as shown in box 6).

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