Looking for a Form 5329 Templates? Download it for free!

1. You separated from service by

contributions (see the instructions for

Line 2

March 1, 1986;

line 15).

The additional tax on early distributions

2. As of March 1, 1986, your entire

does not apply to the distributions

Line 9

interest was in pay status under a

described below. Enter on line 2 the

written election that provides a specific

Enter the amount from line 16 of your

amount that can be excluded. In the

schedule for distribution of your entire

2006 Form 5329 only if the amount on

space provided, enter the applicable

interest; and

line 17 of your 2006 Form 5329 is more

exception number (01-12).

3. The distribution is actually being

than zero.

made under the written election.

•

Distributions that are dividends paid

Line 10

No. Exception

with respect to stock described in

If you contributed less to your

section 404(k).

01 Qualified retirement plan distributions

traditional IRAs for 2007 than your

•

Distributions from annuity contracts

(does not apply to IRAs) if you

contribution limit for traditional IRAs,

to the extent that the distributions are

separated from service in or after the

enter the difference.

allocable to the investment in the

year you reach age 55 (age 50 for

If you are not married filing jointly,

contract before August 14, 1982.

qualified public safety employees).

your contribution limit for traditional

For additional exceptions that apply

02 Distributions made as part of a series of

IRAs is the smaller of your taxable

substantially equal periodic payments

to annuities, see Pub. 575.

compensation (see page 2) or $4,000

(made at least annually) for your life (or

($5,000 if age 50 or older at the end of

life expectancy) or the joint lives (or joint

Line 4

2007). If you are married filing jointly,

life expectancies) of you and your

your contribution limit is generally

If any amount on line 3 was a

designated beneficiary (if from an

$4,000 ($5,000 if age 50 or older at the

distribution from a SIMPLE IRA

employer plan, payments must begin

end of 2007) and your spouse’s

received within 2 years from the date

after separation from service).

contribution limit is $4,000 ($5,000 if

you first participated in the SIMPLE IRA

03 Distributions due to total and permanent

age 50 or older at the end of 2007). But

plan, you must multiply that amount by

disability.

if the combined taxable compensation

25% instead of 10%. These

for you and your spouse is less than

distributions are included in boxes 1

04 Distributions due to death (does not

$8,000 ($9,000 if one spouse is 50 or

and 2a of Form 1099-R and are

apply to modified endowment contracts).

older at the end of 2007; $10,000 if

designated with code S in box 7.

05 Qualified retirement plan distributions up

both spouses are 50 or older at the end

to (1) the amount you paid for

of 2007), see How Much Can Be

Part II—Additional Tax

unreimbursed medical expenses during

Contributed? in Pub. 590 for special

the year minus (2) 7.5% of your

on Certain Distributions

rules.

adjusted gross income for the year.

From Education

If you participated in a 401(k)

06 Qualified retirement plan distributions

TIP

plan and the employer who

made to an alternate payee under a

Accounts

maintained the plan filed for

qualified domestic relations order (does

bankruptcy in an earlier year, you may

not apply to IRAs).

Line 6

be able to contribute up to $7,000 to

07 IRA distributions made to unemployed

your traditional IRA. See Pub. 590 for

This tax does not apply to distributions

individuals for health insurance

more details.

that are includible in income if:

premiums.

•

Due to the death or disability of the

Also include on line 11a or 11b of

08 IRA distributions made for higher

beneficiary;

the IRA Deduction Worksheet in the

education expenses.

•

Made on account of a tax-free

instructions for Form 1040, line 32, the

09 IRA distributions made for purchase of a

scholarship, allowance, or payment

smaller of (a) Form 5329, line 10, or (b)

first home, up to $10,000.

described in section 25A(g)(2);

the excess, if any, of Form 5329, line 9,

•

Made because of attendance by the

over the sum of Form 5329, lines 11

10 Distributions due to an IRS levy on the

beneficiary at a U.S. military academy.

qualified retirement plan.

and 12.

This exception applies only to the

11 Qualified distributions to reservists while

extent that the distribution does not

Line 11

serving on active duty for at least 180

exceed the costs of advanced

Enter on line 11 any withdrawals from

days.

education (as defined in title 10 of the

your traditional IRAs that are included

U.S. Code) at the academy; or

12 Other (see Other, below). Also, enter

in your income. Do not include any

•

this code if more than one exception

Included in income because you

withdrawn contributions reported on

applies.

used the qualified education expenses

line 12.

to figure the Hope and lifetime learning

credit.

Line 12

Enter on line 6 the portion of line 5

Enter any excess contributions to your

Other. The following exceptions also

that is excluded.

traditional IRAs for 1976 through 2005

apply.

•

that you had returned to you in 2007

Distributions incorrectly indicated as

and any 2006 excess contributions that

Part III—Additional Tax

early distributions by code 1, J, or S in

you had returned to you in 2007 after

box 7 of Form 1099-R. Include on line 2

on Excess Contributions

the due date (including extensions) of

the amount you received when you

your 2006 income tax return, that are

to Traditional IRAs

were age 59

or older.

included on line 9, if:

•

Distributions from a section 457 plan,

If you contributed more for 2007 than is

You did not claim a deduction for the

which are not from a rollover from a

allowable or you had an amount on line

excess contributions and no traditional

qualified retirement plan.

17 of your 2006 Form 5329, you may

IRA deduction was allowable (without

•

Distributions from a plan maintained

owe this tax. But you may be able to

regard to the modified AGI limitation)

by an employer if:

avoid the tax on any 2007 excess

for the excess contributions, and

-3-

Instructions For Form 5329 - Additional Taxes On Qualified Plans And Other Tax-Favored Accounts - 2007 Page 3

Related Articles

Related forms

Related Categories