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Line 26

The excess, if any, of Form 5329, line

If you have more than one IRA, you

34, over Form 5329, line 36.

may take the minimum required

Enter the amount from line 32 of your

distribution from any one or more of the

Line 39

2002 Form 5329 only if the amount on

individual IRAs.

line 33 of your 2002 Form 5329 is more

Enter the excess of your contributions to

For more details on the minimum

than zero.

your Archer MSA for 2003 (from Form

distribution rules (including examples),

Line 27

8853, line 4) over your contribution limit

see Pub. 590.

(the smaller of line 5 or line 6 of Form

Enter the excess, if any, of the maximum

Roth IRA. There are no minimum

8853). However, you may withdraw some

amount that may be contributed to your

required distributions during the lifetime of

or all of the excess contributions for 2003

Coverdell ESAs for 2003 (see the

the owner of a Roth IRA. Following the

and they will not be treated as having

instructions for line 31) over the amount

death of the Roth IRA owner, required

been contributed if:

actually contributed for 2003.

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distribution rules apply to the beneficiary.

You make the withdrawal by the due

See Pub. 590 for details.

Line 28

date, including extensions, of your 2003

Qualified retirement plans (other than

tax return and

Enter your total distributions from

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IRAs) and eligible section 457 deferred

You withdraw any income earned on

Coverdell ESAs in 2003. Do not include

compensation plans. In general, you

the withdrawn contributions and include

rollovers or returned excess contributions.

must begin receiving distributions from

the earnings in gross income for the year

Line 31

your plan no later than April 1 following

in which you receive the withdrawn

the later of (a) the year in which you

Enter the excess of the contributions to

contributions and earnings.

reach age 70

or (b) the year in which

your Coverdell ESAs for 2003 (not

Include the withdrawn contribution and

you retire.

including rollovers) over your contribution

related earnings on Form 8853, lines 8a

limit for Coverdell ESAs. Your contribution

and 8b.

Exception. If you owned more than

limit is the smaller of $2,000 or the sum

5% of the employer maintaining the plan,

If you timely filed your return without

of the maximum amounts allowed to be

you must begin receiving distributions no

withdrawing the excess contributions, you

contributed by the contributor(s) to your

later than April 1 of the year following the

may still make the withdrawal no later

Coverdell ESAs. The maximum

year in which you reach age 70

than 6 months after the due date of your

contribution may be limited based on the

regardless of when you retire.

tax return, excluding extensions. If you

contributor’s modified AGI. See Pub. 970

do, file an amended return with “Filed

Your plan administrator should figure

for details.

pursuant to section 301.9100 – 2” written

the amount that must be distributed each

You may withdraw some or all of the

at the top. Report any related earnings for

year.

excess contributions for 2003 and they

2003 on the amended return and include

Note: The IRS may waive this tax if you

will not be treated as having been

an explanation of the withdrawal. Make

can show that any shortfall in the amount

contributed if:

any other necessary changes on the

of withdrawals was due to reasonable

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You make the withdrawal before June

amended return (for example, if you

error and you are taking appropriate steps

1, 2004, and

reported the contributions as excess

to remedy the shortfall. If you believe you

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You also withdraw any income earned

contributions on your original return,

qualify for this relief, file Form 5329, pay

on the withdrawn contribution and include

include an amended Form 5329 reflecting

the tax, and attach a letter of explanation.

the earnings in gross income for the year

that the withdrawn contributions are no

If the IRS waives the tax, we will send you

in which the contribution was made.

longer treated as having been

a refund.

If you filed your return without

contributed).

For more details, see Pub. 575.

withdrawing the excess contributions, you

Also include on line 39 any excess

may still make the withdrawal, but it must

contributions your employer made. See

be made before June 1, 2004. If you do,

Paperwork Reduction Act Notice. We

Form 8853 for details.

file an amended return. Report any

ask for the information on this form to

related earnings for 2003 on the amended

Part VII—Additional Tax

carry out the Internal Revenue laws of the

return and include an explanation of the

United States. You are required to give us

on Excess Accumulation

withdrawal. Make any other necessary

the information. We need it to ensure that

changes on the amended return (for

in Qualified Retirement

you are complying with these laws and to

example, if you reported the contributions

allow us to figure and collect the right

Plans (Including IRAs)

as excess contributions on your original

amount of tax.

return, include an amended Form 5329

You owe this tax if you do not receive the

You are not required to provide the

reflecting that the withdrawn contributions

minimum required distribution from your

information requested on a form that is

are no longer treated as having been

qualified retirement plan, including an IRA

subject to the Paperwork Reduction Act

contributed).

or an eligible section 457 deferred

unless the form displays a valid OMB

compensation plan. The additional tax is

control number. Books or records relating

Part VI—Additional Tax on

50% of the excess accumulation — the

to a form or its instructions must be

Excess Contributions to

difference between the amount that was

retained as long as their contents may

required to be distributed and the amount

become material in the administration of

Archer MSAs

that was actually distributed.

any Internal Revenue law. Generally, tax

returns and return information are

If you or your employer contributed more

Required Distributions

confidential, as required by section 6103.

to your Archer MSA for 2003 than is

IRA (other than a Roth IRA). You must

allowable or you had an amount on line

The time needed to complete and file

start receiving distributions from your IRA

41 of your 2002 Form 5329, you may owe

this form will vary depending on individual

by April 1 of the year following the year in

this tax. But you may be able to avoid the

circumstances. The estimated average

which you reach age 70

. At that time,

tax on any 2003 excess contributions

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

you may receive your entire interest in the

(see the instructions for line 39).

Learning about the law or the form, 33

IRA or begin receiving periodic

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

Line 34

distributions. If you choose to receive

Copying, assembling, and sending the

Enter the amount from line 40 of your

periodic distributions, you must receive a

form to the IRS, 14 min.

2002 Form 5329 only if the amount on

minimum required distribution each year.

If you have comments concerning the

line 41 of your 2002 Form 5329 is more

You may figure the minimum required

accuracy of these time estimates or

than zero.

distribution by dividing the account

suggestions for making this form simpler,

balance of your IRAs (other than Roth

Line 35

we would be happy to hear from you. You

IRAs) on December 31 of the year

can write to the Tax Products

If the contribution limit for your Archer

preceding the distribution by the

Coordinating Committee, Western Area

MSAs (the smaller of line 5 or line 6 of

applicable life expectancy. For applicable

Distribution Center, Rancho Cordova, CA

Form 8853) is greater than the

life expectancies, see Pub. 590.

95743-0001. Do not send the form to this

contributions to your Archer MSAs for

If the trustee, custodian, or issuer of

address. Instead, see When and Where

2003, enter the difference on line 35. Also

your IRA informs you of the minimum

To File on page 1.

include on line 7 of your 2003 Form 8853

required distribution, you may use that

the smaller of:

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amount.

Form 5329, line 35, or

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Instructions For Form 5329 - Additional Taxes On Qualified Plans And Other Tax-Favored Accounts - 2003 Page 4

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