For detailed directions onhow to fill out Form 5329see IRS website. Yes, you will owe a 6% tax penalty for over-contribution. You will also have to pay additional income taxes on those excess contributions. If you decide that you don’t want to pay that penalty or additional income tax...
If you received a distribution subject to additional taxes from an IRAs or other similar account or made excess contributions to certain retirement plans or tax-favored accounts, you'll enter that amount of tax here. You should complete and attach Form 5329 if required. Note that the requirement...
How Are Contributions to a Xxxx XXX Reported for Federal Tax Purposes You must file Form 5329 with the IRS to report and remit any penalties or excise taxes. In addition, certain contribution and distribution information must be reported to the IRS on Form 8606 (as an attachment to your fede...
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