Instructions For Form 5329 - 2010 (Page 5 of 6) in pdf

years. When you complete Form 5329

Line 27

Line 35

for 2010, you enter $1,000 (not $800)

Enter the excess, if any, of the

If your contribution limit for your Archer

on line 20, because you withdrew the

maximum amount that can be

MSAs (the smaller of line 3 or line 4 of

entire balance.

contributed to your Coverdell ESAs for

Form 8853, Archer MSAs and

2010 (see the instructions for line 31

Long-Term Care Insurance Contracts)

Line 23

is greater than the contributions to your

below) over the amount actually

Enter the excess of your contributions

Archer MSAs for 2010, enter the

contributed for 2010.

to Roth IRAs for 2010 (unless

difference on line 35. Also include on

withdrawn — see below) over your

Line 28

your 2010 Form 8853, line 5, the

contribution limit for Roth IRAs (see the

smaller of:

Enter your total distributions from

•

instructions for line 19 on page 4).

Form 5329, line 35, or

Coverdell ESAs in 2010. Do not include

•

The excess, if any, of Form 5329,

rollovers or returned excess

Do not include rollovers from another

line 34, over Form 5329, line 36.

contributions.

Roth IRA or designated Roth account in

figuring your excess contributions.

Line 39

Line 31

Enter the excess of your contributions

You can withdraw some or all of your

Enter the excess of the contributions to

to your Archer MSA for 2010 (from

excess contributions for 2010 and they

your Coverdell ESAs for 2010 (not

Form 8853, line 2) over your

will not be treated as having been

including rollovers) over your

contribution limit (the smaller of line 3 or

contributed if:

contribution limit for Coverdell ESAs.

•

line 4 of Form 8853). Also include on

You make the withdrawal by the due

Your contribution limit is the smaller of

line 39 any excess contributions your

date, including extensions, of your 2010

$2,000 or the sum of the maximum

employer made. See the Instructions

tax return, and

amounts allowed to be contributed by

for Form 8853 for details.

•

You withdraw any earnings on the

the contributor(s) to your Coverdell

However, you can withdraw some or

withdrawn contributions and include the

ESAs. The maximum contribution may

all of the excess contributions for 2010

earnings in gross income (see the

be limited based on the contributor’s

and they will not be treated as having

Instructions for Form 8606 for details).

modified AGI. See Pub. 970 for details.

been contributed if:

Also, if you had not reached age 59

•

You make the withdrawal by the due

at the time of the withdrawal, include

You can withdraw some or all of the

date, including extensions, of your 2010

the earnings as an early distribution on

excess contributions for 2010 and they

tax return, and

line 1 of Form 5329 for the year in

will not be treated as having been

•

You withdraw any income earned on

which you report the earnings.

contributed if:

the withdrawn contributions and include

•

You make the withdrawal before

Note. A Form 5329 is not required if

the earnings in gross income for the

June 1, 2011, and

the excess Roth IRA contributions are

year in which you receive the withdrawn

•

You also withdraw any income

not treated as having been contributed

contributions and earnings.

earned on the withdrawn contributions

and you do not have any earnings to

Include the withdrawn contributions

and include the earnings in gross

report as early distributions on the form.

and related earnings on Form 8853,

income for the year in which the

lines 6a and 6b.

If you timely filed your return without

contribution was made.

withdrawing the excess contributions,

If you timely filed your return without

If you filed your return without

you can still make the withdrawal no

withdrawing the excess contributions,

later than 6 months after the due date

you can still make the withdrawal no

you can still make the withdrawal, but it

of your tax return, excluding extensions.

later than 6 months after the due date

must be made before June 1, 2011. If

If you do, file an amended return with

of your tax return, excluding extensions.

you do, file an amended return. Report

“Filed pursuant to section 301.9100-2”

If you do, file an amended return with

any related earnings for 2010 on the

written at the top. Report any related

“Filed pursuant to section 301.9100-2”

amended return and include an

earnings for 2010 on the amended

written at the top. Report any related

explanation of the withdrawal. Make

return and include an explanation of the

earnings for 2010 on the amended

any other necessary changes on the

withdrawal. Make any other necessary

return and include an explanation of the

amended return (for example, if you

changes on the amended return (for

withdrawal. Make any other necessary

reported the contributions as excess

example, if you reported the

changes on the amended return (for

contributions on your original return,

contributions as excess contributions

example, if you reported the

include an amended Form 5329

on your original return, include an

contributions as excess contributions

reflecting that the withdrawn

amended Form 5329 reflecting that the

on your original return, include an

contributions are no longer treated as

withdrawn contributions are no longer

amended Form 5329 reflecting that the

having been contributed).

treated as having been contributed).

withdrawn contributions are no longer

treated as having been contributed).

Part VI—Additional Tax

Part V—Additional Tax

Part VII—Additional Tax

on Excess Contributions

to Archer MSAs

to Coverdell ESAs

to Health Savings

If you or your employer contributed

If the contributions to your Coverdell

Accounts (HSAs)

more to your Archer MSA for 2010 than

ESAs for 2010 were more than is

is allowable or you had an amount on

allowable or you had an amount on line

If you, someone on your behalf, or your

line 41 of your 2009 Form 5329, you

33 of your 2009 Form 5329, you may

employer contributed more to your

may owe this tax. But you may be able

owe this tax. But you may be able to

HSAs for 2010 than is allowable or you

to avoid the tax on any 2010 excess

avoid the tax on any 2010 excess

had an amount on line 49 of your 2009

contributions (see the instructions for

Form 5329, you may owe this tax. But

line 39 later).

line 31 later).

you may be able to avoid the tax on

any 2010 excess contributions (see the

Line 34

Line 26

instructions for line 47 on page 6).

Enter the amount from line 40 of your

Enter the amount from line 32 of your

Line 43

2009 Form 5329 only if the amount on

line 41 of your 2009 Form 5329 is more

line 33 of your 2009 Form 5329 is more

If your contribution limit for your HSAs

than zero.

(line 12 of Form 8889, Health Savings

-5-

Instructions for Form 5329 (2010)

Instructions For Form 5329 - 2010 Page 5

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