Instructions For Form 5329 (2015) (Page 8 of 8) in pdf

between the amount that was required

of the owner of a Roth IRA. Following

ensure that you are complying with

to be distributed and the amount that

the death of the Roth IRA owner,

these laws and to allow us to figure and

was actually distributed. The tax is due

required distribution rules apply to the

collect the right amount of tax. You are

for the tax year that includes the last day

beneficiary. See Must You Withdraw or

required to give us this information if you

by which the minimum required

Use Assets? in Pub. 590-B for details.

made certain contributions or received

distribution must be taken.

certain distributions from qualified plans,

Qualified retirement plans (other

including IRAs, and other tax-favored

Line 52

than IRAs) and eligible section 457

accounts. Our legal right to ask for the

deferred compensation plans. In

information requested on this form is

IRA (other than a Roth IRA). You

general, you must begin receiving

sections 6001, 6011, 6012(a), and 6109

must start receiving distributions from

distributions from your plan no later than

and their regulations. If you do not

your IRA by April 1 of the year following

April 1 following the later of (a) the year

provide this information, or you provide

the year in which you reach age 70

. At

in which you reach age 70

or (b) the

incomplete or false information, you

that time, you can receive your entire

year in which you retire.

may be subject to penalties.

interest in the IRA or begin receiving

Exception. If you owned more than

periodic distributions. If you choose to

You are not required to provide the

5% of the employer maintaining the

receive periodic distributions, you must

information requested on a form that is

plan, you must begin receiving

receive a minimum required distribution

subject to the Paperwork Reduction Act

distributions no later than April 1 of the

each year. You can figure the minimum

unless the form displays a valid OMB

year following the year in which you

required distribution by dividing the

control number. Books or records

reach age 70

, regardless of when you

account balance of your IRAs (other

relating to a form or its instructions must

retire.

than Roth IRAs) on December 31 of the

be retained as long as their contents

year preceding the distribution by the

Your plan administrator should figure

may become material in the

applicable life expectancy. For

the amount that must be distributed

administration of any Internal Revenue

applicable life expectancies, see

each year.

law. Generally, tax returns and return

Figuring the Owner's Required Minimum

information are confidential, as required

Waiver of tax. The IRS can waive part

Distribution under When Must You

by section 6103. However, we may give

or all of this tax if you can show that any

Withdraw Assets? in Pub. 590-B.

this information to the Department of

shortfall in the amount of distributions

If the trustee, custodian, or issuer of

Justice for civil and criminal litigation,

was due to reasonable error and you

your IRA informs you of the minimum

and to cities, states, the District of

are taking reasonable steps to remedy

required distribution, you can use that

Columbia, and U.S. commonwealths

the shortfall. If you believe you qualify

amount.

and possessions to carry out their tax

for this relief, attach a statement of

laws. We may also disclose this

If you have more than one IRA, you

explanation and file Form 5329 as

information to other countries under a

can take the minimum required

follows.

tax treaty, to federal and state agencies

distribution from any one or more of the

1. Complete lines 52 and 53 as

to enforce federal nontax criminal laws,

IRAs (other than Roth IRAs).

instructed.

or to federal law enforcement and

For more details on the minimum

2. Enter “RC” and the amount you

intelligence agencies to combat

distribution rules (including examples),

want waived in parentheses on the

terrorism.

see When Must You Withdraw Assets?

dotted line next to line 54. Subtract this

in Pub. 590-B.

The average time and expenses

amount from the total shortfall you

required to complete and file this form

figured without regard to the waiver, and

A qualified charitable

will vary depending on individual

enter the result on line 54.

distribution will count towards

TIP

circumstances. For the estimated

your required minimum

3. Complete line 55 as instructed.

averages, see the instructions for your

distribution. See Qualified charitable

You must pay any tax due that is

income tax return.

distributions under Are Distributions

reported on line 55.

Taxable? in chapter 1 of Pub. 590-B for

If you have suggestions for making

The IRS will review the information

more information.

this form simpler, we would be happy to

you provide and decide whether to grant

hear from you. See the instructions for

your request for a waiver.

Trusts and estates. Include the

your income tax return.

amount of tax, if any, on Form 1041,

Privacy Act and Paperwork Reduc-

Schedule G, line 7. Write “From Form

tion Act Notice. We ask for the

5329” and the amount of the tax to the

information on this form to carry out the

left of the line 7 entry space.

Internal Revenue laws of the United

Roth IRA. There are no minimum

States. We need this information to

required distributions during the lifetime

-8-

Instructions for Form 5329 (2015)

Instructions For Form 5329 (2015) Page 8

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