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Line 10

You withdraw any earnings on the

for Form 8606 for details. Do not include

withdrawn contribution and include the

rollovers in figuring your excess

If you contributed less to your traditional

earnings in gross income (see the

contributions.

IRAs for 2001 than your contribution limit

Instructions for Form 8606 for details).

for traditional IRAs, enter the difference.

You may withdraw some or all of your

Also, if you had not reached age 59

excess contributions for 2001 and they

If you are not married filing jointly, your

the time of the withdrawal, include the

will not be treated as having been

contribution limit for traditional IRAs is

earnings as an early distribution on line 1

contributed if:

the smaller of $2,000 or your taxable

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of Form 5329 for the year in which you

You make the withdrawal by the due

compensation (see page 1). If you are

report the earnings.

date, including extensions, of your 2001

married filing jointly, your contribution limit

If you timely filed your return without

tax return and

is generally $2,000 and your spouse’s

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withdrawing the excess contributions, you

You withdraw any earnings on the

limit is $2,000 as well. But if the combined

may still make the withdrawal no later

withdrawn contribution and include the

taxable compensation for you and your

than 6 months after the due date of your

earnings in gross income (see the

spouse is less than $4,000, see How

tax return, excluding extensions. If you

Instructions for Form 8606 for details).

Much Can Be Contributed? in Pub. 590

do, file an amended return with “Filed

Also, if you had not reached age 59

for special rules.

pursuant to section 301.9100-2” written at

the time of the withdrawal, include the

the top. Report any related earnings for

Also include on line 9a or 9b of the

earnings as an early distribution on line 1

2001 on the amended return and include

IRA Deduction Worksheet in the

of Form 5329 for the year in which you

an explanation of the withdrawal. Make

instructions for Form 1040, line 23, the

report the earnings.

any other necessary changes on the

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

If you timely filed your return without

amended return (for example, if you

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

withdrawing the excess contributions, you

reported the contributions as excess

over the sum of Form 5329, lines 11 and

may still make the withdrawal no later

contributions on your original return,

12.

than 6 months after the due date of your

include an amended Form 5329 reflecting

tax return, excluding extensions. If you

Line 11

that the withdrawn contributions are no

do, file an amended return with “Filed

Enter on line 11 any withdrawals from

longer treated as having been

pursuant to section 301.9100-2” written at

your traditional IRAs that are included in

contributed).

the top. Report any related earnings for

your income. Do not include any

2001 on the amended return and include

Part IV—Tax on Excess

withdrawn contributions reported on line

an explanation of the withdrawal. Make

12.

any other necessary changes on the

Contributions to Roth IRAs

amended return (for example, if you

Line 12

If you contributed more to your Roth IRA

reported the contributions as excess

Enter any excess contributions to your

for 2001 than is allowable or you had an

contributions on your original return,

traditional IRAs for 1976 through 1999

excess contribution on line 24 of your

include an amended Form 5329 reflecting

that you had returned to you in 2001 and

2000 Form 5329, you may owe this tax.

that the withdrawn contributions are no

any 2000 excess contributions that you

But you may be able to avoid the tax on

longer treated as having been

had returned to you in 2001 after the due

any 2001 excess contributions (see the

contributed).

date (including extensions) of your 2000

instructions for line 23).

income tax return, that are included on

Part V—Tax on Excess

Line 19

line 9 if:

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You did not claim a deduction for the

Contributions to Coverdell

If you contributed less to your Roth IRAs

excess and no traditional IRA deduction

for 2001 than your contribution limit for

ESAs

was allowable (without regard to the

Roth IRAs, enter the difference. Your

modified AGI limitation) for the

contribution limit for Roth IRAs is

If the contributions to your Coverdell

contribution and

generally your contribution limit for

ESAs for 2001 were more than is

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The total contributions to your

traditional IRAs (see the instructions for

allowable or an excess contribution is

traditional (and SEP) IRAs for the tax year

line 10) reduced by the amount you

shown on line 32 of your 2000 Form

for which the excess contributions were

contributed to traditional IRAs. But your

5329, you may owe this tax. But you may

made were not more than $2,250 for tax

contribution limit for Roth IRAs may be

be able to avoid the tax on any 2001

years before 1997 or $2,000 for tax years

further reduced or eliminated if your

excess contributions (see the instructions

after 1996. (If the total contributions for

modified AGI for Roth IRA purposes is

for line 31).

the year included employer contributions

over:

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Line 27

to a SEP, increase that amount by the

$150,000 if married filing jointly,

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smaller of the amount of the employer

$0 if married filing separately and you

Enter the excess, if any, of the maximum

contributions or $30,000.)

lived with your spouse at any time in

amount that may be contributed to your

2001, or

Coverdell ESAs for 2001 (see below) over

Line 15

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the amount actually contributed in 2001.

$95,000 for any other taxpayer.

Enter the excess of your contributions to

See Pub. 590 for details.

Line 31

traditional IRAs for 2001 (unless

Line 20

withdrawn — see below) over your

Enter the excess of the contributions to

contribution limit for traditional IRAs. See

your Coverdell ESAs in 2001 (not

Enter on line 20 any withdrawals from

the instructions for line 10 to figure your

including rollovers) over your contribution

your Roth IRA in 2001 shown on Form

contribution limit for traditional IRAs. Any

8606, line 19. Do not include the

limit for Coverdell ESAs. Your contribution

amount you contribute for the year in

withdrawal of any excess contributions

limit is the smaller of $500 or the sum of

which you reach age 70

or a later year

and related earnings (see below).

the maximum amounts allowed to be

is an excess contribution (that is, your

contributed by the contributor(s) to your

Line 23

contribution limit is zero). Do not include

Coverdell ESAs. The maximum

rollovers in figuring your excess

Enter the excess of your contributions to

contribution may be limited based on the

contributions.

Roth IRAs for 2001 (unless withdrawn —

person’s modified AGI. See Pub. 970 for

see below) over your contribution limit for

details. Also, all amounts contributed to a

You may withdraw some or all of your

Roth IRAs (see the instructions for line

Coverdell ESA are excess contributions if

excess contributions for 2001 and they

19).

any amount is contributed to a qualified

will not be treated as having been

state tuition program for the same

contributed if:

Any amounts converted to a Roth IRA

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beneficiary (except for contributions to a

You make the withdrawal by the due

are excess Roth IRA contributions if your

qualified state tuition program made from

date, including extensions, of your 2001

modified AGI for Roth IRA purposes is

a distribution from the beneficiary’s

tax return,

over $100,000 or your filing status is

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Coverdell ESA).

You do not claim a traditional IRA

married filing separately and you lived

deduction for the withdrawn contribution,

with your spouse at any time in 2001. See

You may withdraw some or all of the

and

Recharacterizations in the Instructions

excess contributions for 2001 and they

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Instructions For Form 5329 - Additional Taxes On Qualified Plans And Other Tax-Favored Accounts - 2001 Page 3

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