Line 48. Add lines 46 and 47. Line 49.Calculate the additional taxes owed by multiplying line 48 by 0.06 (6%). 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 ...
* Form field data are not maintained on the Wolters Kluwer Legal & Regulatory US servers. You may save the form with the form entries as a .pdf file on your local drive. Most of these forms were obtained from the IRS website.Discover...
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...