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

limit for Archer MSAs, enter the

Form 5329, you may owe this tax. But

Form 5329 reflecting that the withdrawn

difference on line 35. Your contribution

you may be able to avoid the tax on any

contributions are no longer treated as

limit for Archer MSAs is the smaller of

2017 excess contributions (see the

having been contributed).

line 3 or line 4 of Form 8853, Archer

instructions for

line 47

below).

Part VIII—Additional Tax

MSAs and Long-Term Care Insurance

Line 42

Contracts.

on Excess Contributions

Enter the amount from line 48 of your

to ABLE Accounts

Also include on your 2017 Form

2016 Form 5329 only if the amount on

8853, line 5, the smaller of:

line 49 of your 2016 Form 5329 is more

If the contributions to your

ABLE

Form 5329, line 35; or

than zero.

account

for 2017 were more than is

The excess, if any, of Form 5329,

allowable, you may owe tax on the net

Line 43

line 34, over Form 5329, line 36.

income resulting from the excess

If contributions to your HSAs for 2017

Line 39

contribution.

(line 2 of Form 8889, Health Savings

Line 50

Enter the excess of your contributions to

Accounts (HSAs)) were less than your

your Archer MSA for 2017 from Form

contribution limit for HSAs, enter the

Enter the excess, if any, of the

8853, line 2 (unless

difference on line 43. Your contribution

contributions to your ABLE account for

withdrawn—discussed next), over your

limit for HSAs is the amount on line 12

2017 over the contribution limit. The

contribution limit (the smaller of line 3 or

of Form 8889.

contribution limit to your ABLE account

line 4 of Form 8853). Also include on

from all sources for 2017 is $14,000.

Also include on your 2017 Form

line 39 any excess contributions your

8889, line 13, the smaller of:

employer made. See the Instructions for

Don’t include

ABLE rollovers

Form 5329, line 43; or

Form 8853 for details.

program-to-program transfers

in figuring

The excess, if any, of Form 5329,

your excess contributions.

You can withdraw some or all of the

line 42, over Form 5329, line 44.

excess contributions for 2017 and they

You won’t incur a tax on a

Line 47

will be treated as not having been

contribution to your ABLE account that

contributed if:

is in excess of the contribution limit if the

Enter the excess of your contributions

You make the withdrawal by the due

qualified ABLE program returns the

(including those made on your behalf) to

date, including extensions, of your 2017

contribution, including all net income

your HSAs for 2017 from Form 8889,

tax return; and

attributable to the contribution, to the

line 2 (unless withdrawn—discussed

You withdraw any income earned on

person who made the contribution (the

next), over your contribution limit (Form

the withdrawn contributions and include

“contributor”), and the contributor

8889, line 12). Also include on line 47

the earnings in gross income for the

receives the contribution on or before

any excess contributions your employer

year in which you receive the withdrawn

the due date (including extensions) for

made. See the Instructions for Form

contributions and earnings.

filing your Federal income tax return.

8889 for details.

Any net income distributed from the

Include the withdrawn contributions

You can withdraw some or all of the

excess contribution to the ABLE

and related earnings on Form 8853,

excess contributions for 2017 and they

account is includible in the gross

lines 6a and 6b.

will be treated as not having been

income of the contributor in the taxable

If you timely filed your return without

contributed if:

year in which the excess contribution

withdrawing the excess contributions,

You make the withdrawal by the due

was made.

you can still make the withdrawal no

date, including extensions, of your 2017

later than 6 months after the due date of

return; and

If the contributor receives the

your tax return, excluding extensions. If

You withdraw any income earned on

contribution after you have filed your

you do, file an amended return with

the withdrawn contributions and include

original tax return but before the due

“Filed pursuant to section 301.9100-2”

the earnings in gross income for the

date (including extensions) for filing

written at the top. Report any related

year in which you receive the withdrawn

your return, you may file an amended

earnings for 2017 on the amended

contributions and earnings.

return reflecting the return of the

return and include an explanation of the

contribution to the contributor with “Filed

Include the withdrawn contributions

withdrawal. Make any other necessary

pursuant to section 301.9100-2” written

and related earnings on Form 8889,

changes on the amended return (for

at the top. Make any necessary

lines 14a and 14b.

example, if you reported the

changes on the amended return. For

contributions as excess contributions on

example, if you reported the contribution

If you timely filed your return without

your original return, include an amended

as excess contributions on your original

withdrawing the excess contributions,

Form 5329 reflecting that the withdrawn

return, include an amended Form 5329

you can still make the withdrawal no

contributions are no longer treated as

reflecting that the withdrawn

later than 6 months after the due date of

having been contributed).

contributions are no longer treated as

your tax return, excluding extensions. If

having been contributed.

you do, file an amended return with

Part VII—Additional Tax on

“Filed pursuant to section 301.9100-2”

Part IX—Additional Tax on

Excess Contributions to

written at the top. Report any related

Excess Accumulation in

earnings for 2017 on the amended

Health Savings Accounts

return and include an explanation of the

Qualified Retirement Plans

(HSAs)

withdrawal. Make any other necessary

(Including IRAs)

If you, someone on your behalf, or your

changes on the amended return (for

employer contributed more to your

example, if you reported the

You owe this tax if you don’t receive the

HSAs for 2017 than is allowable or you

contributions as excess contributions on

required minimum distribution from your

had an amount on line 49 of your 2016

your original return, include an amended

qualified retirement plan, including an

Instructions for Form 5329 (2017)

-7-

Instructions For Form 5329 - Additional Taxes On Qualified Plans (Including Iras) And Other Tax-Favored Accounts - 2017 Page 7

Related Articles

Related forms

Related Categories