Form 5329Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts Form 5405First-Time Homebuyer Credit Form 5695Residential Energy Credits Form 8283Noncash Charitable Contribution Form 8812Additional Child Tax Credit Form 8829Expenses for Business Use of Your Home ...
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 taxes on those excess contributions....
5329 Additional Taxes on Qualified Plans (including IRAs) and Other Tax-Favored Accounts Form 5329 is used by taxpayers who owe additional tax on distributions from qualified retirement plans before the taxpayer reached age 59½. 5405 First-Time Homebuyer Credit and Repayment of the Credit The ...
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Form 5329, part III questions 15 and 16 have $1. This $1 should be shown under 1040 4b instead. Currently 1040 4a show $7,001 and 4b shows $0. Also 8606 page 2 question 18 should say $1, but shows $0. Thank you! Reply
The additional tax is figured on Form 5329. Is there excise tax on excess IRA contributions? Tax on Excess Contributions You must pay the 6% tax each year on excess amounts that remain in your traditional IRA at the end of yo...
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1. Alternative Minimum Tax (e.g., Form 6251 Alternative Minimum Tax). 2. Early distributions from retirement plans (e.g., Form 5329 Additional Tax on Qualified Plans). 3. Self-employment tax (e.g., Schedule SE Self-Employment Tax). 4. Unreported Social Security and Medicare tax (...
Filing Status: Your tax filing status - Married filing jointly or separately, Single, Head of Household. This decides which standard deduction and tax brackets apply (see detailshere.) Ordinary Income: Job & self-employment income, interest, non-qualified dividends, short-term capital gains, taxab...