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spouse’s contribution limit is $5,000

Line 15

Your contribution limit for Roth IRAs is

($6,000 if age 50 or older at the end of

generally your contribution limit for

Enter the excess of your contributions

2011). But if the combined taxable

traditional IRAs (see the instructions for

to traditional IRAs for 2011 (unless

compensation for you and your spouse

line 10, earlier) reduced by the amount

withdrawn — see below) over your

is less than $10,000 ($11,000 if one

you contributed to traditional IRAs. But

contribution limit for traditional IRAs.

spouse is 50 or older at the end of

your contribution limit for Roth IRAs

See the instructions for line 10, earlier,

2011; $12,000 if both spouses are 50

may be further reduced or eliminated if

to figure your contribution limit for

or older at the end of 2011), see How

your modified AGI for Roth IRA

traditional IRAs. Any amount you

Much Can Be Contributed? in Pub. 590

purposes is over:

contribute for the year in which you

•

for special rules.

$169,000 if married filing jointly or

reach age 70

or a later year is an

qualifying widow(er),

excess contribution because your

Also include on line 11a or 11b (line

•

$0 if married filing separately and you

contribution limit is zero. Do not include

11 for Form 1040NR) of the IRA

lived with your spouse at any time in

rollovers in figuring your excess

Deduction Worksheet in the instructions

2011, or

contributions.

for Form 1040 or Form 1040NR, line

•

$107,000 for any other taxpayer.

32, the smaller of (a) Form 5329, line

You can withdraw some or all of your

See Pub. 590 for details.

10, or (b) the excess, if any, of Form

excess contributions for 2011 and they

5329, line 9, over the sum of Form

Line 20

will not be treated as having been

5329, lines 11 and 12.

contributed if:

Generally, enter the amount from Form

•

You make the withdrawal by the due

8606, line 19, plus any qualified

Line 11

date, including extensions, of your 2011

distributions. But if you withdrew the

tax return,

Enter on line 11 any withdrawals from

entire balance of all your Roth IRAs, do

•

You do not claim a traditional IRA

your traditional IRAs that are included

not enter less than the amount on Form

deduction for the withdrawn

in your income. Do not include any

5329, line 18 (see Example below).

contributions, and

withdrawn contributions reported on

Example. You contributed $1,000

•

You withdraw any earnings on the

line 12.

to a Roth IRA in 2009, your only

withdrawn contribution and include the

contribution to Roth IRAs. In 2011, you

earnings in gross income (see the

Line 12

discovered you were not eligible to

Instructions for Form 8606 for details).

Enter any excess contributions to your

contribute to a Roth IRA in 2009. On

Also, if you had not reached age 59

traditional IRAs for 1976 through 2009

September 9, 2011, you withdrew $800,

at the time of the withdrawal, include

that you had returned to you in 2011

the entire balance in the Roth IRA. You

the earnings as an early distribution on

and any 2010 excess contributions that

must file Form 5329 for 2009 and 2010

line 1 of Form 5329 for the year in

you had returned to you in 2011 after

to pay the additional taxes for those

which you report the earnings.

the due date (including extensions) of

years. When you complete Form 5329

If you timely filed your return without

your 2010 income tax return, that are

for 2011, you enter $1,000 (not $800)

withdrawing the excess contributions,

included on line 9, if:

on line 20, because you withdrew the

you can still make the withdrawal no

•

You did not claim a deduction for the

entire balance.

later than 6 months after the due date

excess contributions and no traditional

Line 23

of your tax return, excluding extensions.

IRA deduction was allowable (without

If you do, file an amended return with

regard to the modified AGI limitation)

Enter the excess of your contributions

“Filed pursuant to section 301.9100-2”

for the excess contributions, and

to Roth IRAs for 2011 (unless

written at the top. Report any related

•

withdrawn — see below) over your

The total contributions to your

earnings for 2011 on the amended

traditional IRAs for the tax year for

contribution limit for Roth IRAs (see the

return and include an explanation of the

which the excess contributions were

instructions for line 19, earlier).

withdrawal. Make any other necessary

made were not more than the amounts

Do not include rollovers from another

changes on the amended return (for

shown in the following table.

Roth IRA or designated Roth account in

example, if you reported the

figuring your excess contributions.

contributions as excess contributions

Year(s)

Contribution

limit

limit if age 50 or

on your original return, include an

You can withdraw some or all of your

older at the end

amended Form 5329 reflecting that the

excess contributions for 2011 and they

of the year

withdrawn contributions are no longer

will not be treated as having been

2008 through

$5,000

$6,000

treated as having been contributed).

contributed if:

2010

•

You make the withdrawal by the due

Part IV—Additional Tax

2007 or 2006

$4,000

$5,000

date, including extensions, of your 2011

tax return, and

2005

$4,000

$4,500

on Excess Contributions

•

You withdraw any earnings on the

2002 through

$3,000

$3,500

to Roth IRAs

withdrawn contributions and include the

2004

earnings in gross income (see the

1997 through

$2,000

—

If you contributed more to your Roth

Instructions for Form 8606 for details).

2001

IRA for 2011 than is allowable or you

Also, if you had not reached age 59

before 1997

$2,250

—

had an amount on line 25 of your 2010

at the time of the withdrawal, include

Form 5329, you may owe this tax. But

the earnings as an early distribution on

If the total contributions for the year included employer

you may be able to avoid the tax on

line 1 of Form 5329 for the year in

contributions to a SEP, increase that amount by the

any 2011 excess contributions (see the

which you report the earnings.

smaller of the amount of the employer contributions or:

instructions for line 23, later).

Note. A Form 5329 is not required if

2009 or 2010

$49,000

the excess Roth IRA contributions are

2008

$46,000

Line 18

not treated as having been contributed

and you do not have any earnings to

2007

$45,000

Enter the amount from line 24 of your

report as early distributions on the form.

2006

$44,000

2010 Form 5329 only if the amount on

line 25 of your 2010 Form 5329 is more

If you timely filed your return without

2005

$42,000

than zero.

withdrawing the excess contributions,

2004

$41,000

you can still make the withdrawal no

Line 19

later than 6 months after the due date

2003 or 2002

$40,000

If you contributed less to your Roth

of your tax return, excluding extensions.

2001

$35,000

IRAs for 2011 than your contribution

If you do, file an amended return with

before 2001

$30,000

limit for Roth IRAs, enter the difference.

“Filed pursuant to section 301.9100-2”

-4-

Instructions for Form 5329 (2011)

Instructions For Form 5329 - Additional Taxes On Qualified Plans And Other Tax-Favored Accounts - 2011 Page 4

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