Instructions For Form 5329 - 2010 Page 4
ADVERTISEMENT
1
2
3
4
5
6Line 9
Year(s)
Contribution Contribution
If you timely filed your return without
limit
limit if age
withdrawing the excess contributions,
Enter the amount from line 16 of your
50 or older
you can still make the withdrawal no
2009 Form 5329 only if the amount on
at the end of
later than 6 months after the due date
line 17 of your 2009 Form 5329 is more
the year
of your tax return, excluding extensions.
than zero.
If you do, file an amended return with
2008 or
$5,000
$6,000
“Filed pursuant to section 301.9100-2”
2009
written at the top. Report any related
Line 10
2007 or
$4,000
$5,000
earnings for 2010 on the amended
2006
If you contributed less to your
return and include an explanation of the
traditional IRAs for 2010 than your
withdrawal. Make any other necessary
2005
$4,000
$4,500
changes on the amended return (for
contribution limit for traditional IRAs,
2002
$3,000
$3,500
example, if you reported the
enter the difference.
through
contributions as excess contributions
2004
on your original return, include an
If you are not married filing jointly,
amended Form 5329 reflecting that the
1997
$2,000
—
your contribution limit for traditional
withdrawn contributions are no longer
through
IRAs is the smaller of your taxable
treated as having been contributed).
2001
compensation (see page 2) or $5,000
before
$2,250
—
Part IV—Additional Tax
($6,000 if age 50 or older at the end of
1997
2010). If you are married filing jointly,
on Excess Contributions
your contribution limit is generally
to Roth IRAs
$5,000 ($6,000 if age 50 or older at the
If the total contributions for the year
end of 2010) and your spouse’s
If you contributed more to your Roth
included employer contributions to a SEP,
contribution limit is $5,000 ($6,000 if
increase that amount by the smaller of the
IRA for 2010 than is allowable or you
age 50 or older at the end of 2010). But
amount of the employer contributions or:
had an amount on line 25 of your 2009
if the combined taxable compensation
Form 5329, you may owe this tax. But
2009
$49,000
for you and your spouse is less than
you may be able to avoid the tax on
$10,000 ($11,000 if one spouse is 50 or
any 2010 excess contributions (see the
2008
$46,000
instructions for line 23 on page 5).
older at the end of 2010; $12,000 if
2007
$45,000
both spouses are 50 or older at the end
of 2010), see How Much Can Be
2006
$44,000
Line 18
Contributed? in Pub. 590 for special
2005
$42,000
Enter the amount from line 24 of your
rules.
2009 Form 5329 only if the amount on
2004
$41,000
line 25 of your 2009 Form 5329 is more
Also include on line 11a or 11b (line
2003 or 2002
$40,000
than zero.
11 for Form 1040NR) of the IRA
2001
$35,000
Line 19
Deduction Worksheet in the instructions
for Form 1040 or Form 1040NR, line
before 2001
$30,000
If you contributed less to your Roth
32, the smaller of (a) Form 5329, line
IRAs for 2010 than your contribution
limit for Roth IRAs, enter the difference.
10, or (b) the excess, if any, of Form
Line 15
Your contribution limit for Roth IRAs is
5329, line 9, over the sum of Form
generally your contribution limit for
5329, lines 11 and 12.
Enter the excess of your contributions
traditional IRAs (see the instructions for
to traditional IRAs for 2010 (unless
line 10 on page 3) reduced by the
withdrawn — see below) over your
Line 11
amount you contributed to traditional
contribution limit for traditional IRAs.
IRAs. But your contribution limit for
Enter on line 11 any withdrawals from
See the instructions for line 10 on page
Roth IRAs may be further reduced or
3 to figure your contribution limit for
your traditional IRAs that are included
eliminated if your modified AGI for Roth
traditional IRAs. Any amount you
in your income. Do not include any
IRA purposes is over:
contribute for the year in which you
withdrawn contributions reported on
•
$167,000 if married filing jointly or
reach age 70
/
or a later year is an
1
line 12.
2
qualifying widow(er),
excess contribution because your
•
$0 if married filing separately and you
contribution limit is zero. Do not include
lived with your spouse at any time in
Line 12
rollovers in figuring your excess
2010, or
contributions.
Enter any excess contributions to your
•
$105,000 for any other taxpayer.
traditional IRAs for 1976 through 2008
You can withdraw some or all of your
See Pub. 590 for details.
excess contributions for 2010 and they
that you had returned to you in 2010
will not be treated as having been
Line 20
and any 2009 excess contributions that
contributed if:
you had returned to you in 2010 after
•
Generally, enter the amount from Form
You make the withdrawal by the due
the due date (including extensions) of
8606, line 26, plus any qualified
date, including extensions, of your 2010
your 2009 income tax return, that are
distributions. But if you withdrew the
tax return,
included on line 9, if:
•
entire balance of all your Roth IRAs, do
You do not claim a traditional IRA
•
not enter less than the amount on Form
You did not claim a deduction for the
deduction for the withdrawn
5329, line 18 (see Example).
excess contributions and no traditional
contributions, and
•
Example. You contributed $1,000
You withdraw any earnings on the
IRA deduction was allowable (without
withdrawn contribution and include the
to a Roth IRA in 2008, your only
regard to the modified AGI limitation)
earnings in gross income (see the
contribution to Roth IRAs. In 2010, you
for the excess contributions, and
Instructions for Form 8606 for details).
discovered you were not eligible to
•
The total contributions to your
Also, if you had not reached age 59
/
contribute to a Roth IRA in 2008. On
1
2
traditional IRAs for the tax year for
at the time of the withdrawal, include
September 9, 2010, you withdrew $800,
which the excess contributions were
the earnings as an early distribution on
the entire balance in the Roth IRA. You
made were not more than the amounts
line 1 of Form 5329 for the year in
must file Form 5329 for 2008 and 2009
shown in the following table.
which you report the earnings.
to pay the additional taxes for those
-4-
Instructions for Form 5329 (2010)
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial