Instructions For Form 5329 (2015) Page 5
ADVERTISEMENT
1
2
3
4
5
6
7
8if the combined taxable compensation
traditional IRAs. Any amount you
Year(s)
Contribution
Contribution
for you and your spouse is less than
contribute for the year in which you
limit
limit if age
$11,000 ($12,000 if one spouse is 50 or
reach age 70
or for a later year is an
1
50 or older at
2
older at the end of 2015; $13,000 if both
excess contribution because your
the end of
spouses are 50 or older at the end of
contribution limit is zero. Do not include
the year
2015), see How Much Can Be
rollovers in figuring your excess
2013 or
$5,500
$6,500
Contributed? in Pub. 590-A for special
contributions.
2014
rules.
You can withdraw some or all of your
2008
$5,000
$6,000
Also include on line 11a or 11b
excess contributions for 2015 and they
through
(line 11 for Form 1040NR) of the IRA
will be treated as not having been
2012
Deduction Worksheet—Line 32 in the
contributed if:
2006 or
$4,000
$5,000
instructions for Form 1040 or Form
You make the withdrawal by the due
2007
1040NR, the smaller of:
date, including extensions, of your 2015
Form 5329, line 10, or
tax return,
2005
$4,000
$4,500
The excess, if any, of Form 5329,
You do not claim a traditional IRA
2002
$3,000
$3,500
line 9, over the sum of Form 5329, lines
deduction for the withdrawn
through
11 and 12 (which you will complete
contributions, and
2004
next).
You withdraw any earnings on the
1997
$2,000
—
withdrawn contributions and include the
Line 11
through
earnings in gross income (see the
2001
Enter on line 11 any withdrawals from
Instructions for Form 8606 for details).
before 1997
$2,250
—
your traditional IRAs that are included in
Also, if you had not reached age 59
at
1
2
your income. Do not include any
the time of the withdrawal, include the
withdrawn contributions reported on
earnings as an early distribution on
If the excess contribution to your
line 12.
line 1 of Form 5329 for the year in which
traditional IRA for the year included a
you report the earnings.
Line 12
rollover and the excess occurred
If you timely filed your return without
Enter on line 12 any amounts included
because the information the plan was
withdrawing the excess contributions,
required to give you was incorrect,
on line 9 that are excess contributions to
you can still make the withdrawal no
increase the contribution limit amount
your traditional IRAs for 1976 through
later than 6 months after the due date of
for the year shown in the table above by
2013 that you had returned to you in
your tax return, excluding extensions. If
the amount of the excess that is due to
2015 and any 2014 excess
you do, file an amended return with
the incorrect information.
contributions that you had returned to
“Filed pursuant to section 301.9100-2”
you in 2015 after the due date (including
If the total contributions for the year
written at the top. Report any related
extensions) of your 2014 income tax
included employer contributions to a
earnings for 2015 on the amended
return if:
SEP, increase the contribution limit
return and include an explanation of the
You did not claim a deduction for the
amount for the year shown in the table
withdrawal. Make any other necessary
excess contributions,
above by the smaller of the amount of
changes on the amended return (for
No traditional IRA deduction was
the employer contributions or:
example, if you reported the
allowable (without regard to the
contributions as excess contributions on
2014
$52,000
modified AGI limitation) for the excess
your original return, include an amended
contributions, and
2013
$51,000
Form 5329 reflecting that the withdrawn
The total contributions to your
2012
$50,000
contributions are no longer treated as
traditional IRAs for the tax year for
having been contributed).
2009, 2010, or 2011
$49,000
which the excess contributions were
made were not more than the amounts
2008
$46,000
Part IV—Additional Tax on
shown in the following table.
2007
$45,000
Excess Contributions to
2006
$44,000
Roth IRAs
2005
$42,000
If you contributed more to your Roth IRA
for 2015 than is allowable or you had an
2004
$41,000
amount on line 25 of your 2014 Form
2002 or 2003
$40,000
5329, you may owe this tax. But you
2001
$35,000
may be able to avoid the tax on any
2015 excess contributions (see the
before 2001
$30,000
instructions for
line
23, later).
Line 18
Line 15
Enter the amount from line 24 of your
Enter the excess of your contributions to
2014 Form 5329 only if the amount on
traditional IRAs for 2015 (unless
line 25 of your 2014 Form 5329 is more
withdrawn—discussed next) over your
than zero.
contribution limit for traditional IRAs.
See the instructions for
line
10, earlier,
to figure your contribution limit for
Instructions for Form 5329 (2015)
-5-
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial