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will not be treated as having been

If you timely filed your return without

death of the Roth IRA owner, required

contributed if:

withdrawing the excess contributions, you

distribution rules apply to a beneficiary or

•

You make the withdrawal by the due

may still make the withdrawal no later

surviving spouse. See Pub. 590 for

date, including extensions, of your 2001

than 6 months after the due date of your

details.

tax return (or by the date your return

tax return, excluding extensions. If you

Qualified retirement plans other than

would be due if you were required to file a

do, file an amended return with “Filed

IRAs. In general, you must begin

return) and

pursuant to section 301.9100 – 2” written

receiving distributions from your plan no

•

You also withdraw any income earned

at the top. Report any related earnings for

later than April 1 following the later of (a)

on the withdrawn contribution and include

2001 on the amended return and include

the year in which you reach age 70

the earnings in gross income for 2001.

an explanation of the withdrawal. Make

(b) the year in which you retire.

If you timely filed your return without

any other necessary changes on the

Exception. If you owned more than

withdrawing the excess contributions, you

amended return (for example, if you

5% of the employer maintaining the plan,

may still make the withdrawal no later

reported the contributions as excess

you must begin receiving distributions no

than 6 months after the due date of your

contributions on your original return,

later than April 1 of the year following the

tax return, excluding extensions. If you

include an amended Form 5329 reflecting

year in which you reach age 70

do, file an amended return with “Filed

that the withdrawn contributions are no

regardless of when you retire.

pursuant to section 301.9100-2” written at

longer treated as having been

Your plan administrator should figure

the top. Report any related earnings for

contributed).

the amount that must be distributed each

2001 on the amended return and include

Also include on line 39 any excess

year.

an explanation of the withdrawal. Make

contributions your employer made. See

Note: The IRS may waive this tax if you

any other necessary changes on the

Form 8853 for details.

can show that any shortfall in the amount

amended return (for example, if you

of withdrawals was due to reasonable

Part VII—Tax on Excess

reported the contributions as excess

error and you are taking appropriate steps

contributions on your original return,

Accumulation in Qualified

to remedy the shortfall. If you believe you

include an amended Form 5329 reflecting

qualify for this relief, file Form 5329, pay

that the withdrawn contributions are no

Retirement Plans

the tax, and attach a letter of explanation.

longer treated as having been

You owe this tax if you do not receive the

If the IRS waives the tax, we will send you

contributed).

minimum required distribution from your

a refund.

qualified retirement plan, including an IRA

Part VI—Tax on Excess

For more details, see Pub. 575.

or an eligible deferred compensation plan

Contributions to Archer

under section 457. The additional tax is

50% of the excess accumulation — the

Paperwork Reduction Act Notice. We

MSAs

difference between the amount that was

ask for the information on this form to

If you or your employer contributed more

required to be distributed and the amount

carry out the Internal Revenue laws of the

to your Archer MSA for 2001 than is

that was actually distributed.

United States. You are required to give us

allowable or an excess contribution from

the information. We need it to ensure that

Required Distributions

prior years is shown on line 39 of your

you are complying with these laws and to

2000 Form 5329, you may owe this tax.

IRA (other than a Roth IRA). You must

allow us to figure and collect the right

But you may be able to avoid the tax on

start receiving distributions from your IRA

amount of tax.

any 2001 excess contributions (see the

by April 1 of the year following the year in

You are not required to provide the

instructions for line 39).

which you reach age 70

. At that time,

information requested on a form that is

you may receive your entire interest in the

Line 35

subject to the Paperwork Reduction Act

IRA or begin receiving periodic

unless the form displays a valid OMB

If the contribution limit for your Archer

distributions. If you choose to receive

control number. Books or records relating

MSAs (the smaller of line 5 or line 6 of

periodic distributions, you must receive a

to a form or its instructions must be

Form 8853) is greater than the

minimum required distribution each year.

retained as long as their contents may

contributions to your Archer MSAs for

You may figure the minimum required

become material in the administration of

2001, enter the difference on line 35. Also

distribution by dividing the account

any Internal Revenue law. Generally, tax

include on line 7 of your 2001 Form 8853

balance of your IRAs (other than Roth

returns and return information are

the smaller of:

•

IRAs) on December 31 of the year

confidential, as required by section 6103.

Form 5329, line 35, or

•

preceding the distribution by the

The time needed to complete and file

The excess, if any, of Form 5329, line

applicable life expectancy. For applicable

this form will vary depending on individual

34, over Form 5329, line 36.

life expectancies, use the expected return

circumstances. The estimated average

Line 39

multiples from the tables in Pub. 590.

time is: Recordkeeping, 2 hr., 5 min.;

You may also use a new simplified

Enter the excess of your contributions to

Learning about the law or the form, 33

method to figure your minimum required

your Archer MSA for 2001 (from Form

min.; Preparing the form, 2 hr., 7 min.;

distribution. The new method may reduce

8853, line 4) over your contribution limit

Copying, assembling, and sending the

your minimum required distribution. If the

(the smaller of line 5 or line 6 of Form

form to the IRS, 14 min.

trustee, custodian, or issuer of your IRA

8853). However, you may withdraw some

If you have comments concerning the

or all of the excess contributions for 2001

informs you of the minimum required

accuracy of these time estimates or

distribution, you may use that amount.

and they will not be treated as having

suggestions for making this form simpler,

been contributed if:

If you have more than one IRA, you

we would be happy to hear from you. You

•

You make the withdrawal by the due

may take the minimum required

can write to the Tax Forms Committee,

date, including extensions, of your 2001

distribution from any one or more of the

Western Area Distribution Center,

tax return and

individual IRAs.

Rancho Cordova, CA 95743-0001. Do

•

You withdraw any income earned on

For more details on the minimum

not send the form to this address.

the withdrawn contributions and include

distribution rules (including examples),

Instead, see When and Where To File

the earnings in gross income for the year

see Pub. 590.

on page 1.

in which you receive the withdrawn

Roth IRA. There are no minimum

contributions and earnings.

required distributions during the lifetime of

Include the withdrawn contribution and

the owner of a Roth IRA. Following the

related earnings on Form 8853, lines 8a

and 8b.

-4-

Instructions For Form 5329 - Additional Taxes On Qualified Plans And Other Tax-Favored Accounts - 2001 Page 4

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