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Department of the Treasury
Internal Revenue Service
2023
Instructions for Form 5329
Additional Taxes on Qualified Plans (Including IRAs)
and Other Tax-Favored Accounts
Section references are to the Internal Revenue Code unless Roth IRA) and you meet an exception to the tax on early
otherwise noted. distributions from the list shown later, but box 7 of your Form
1099-R doesn’t indicate an exception or the exception
doesn’t apply to the entire distribution.
General Instructions • You received taxable distributions from Coverdell ESAs,
QTPs, or ABLE accounts.
Future Developments • The contributions for 2023 to your traditional IRAs, Roth
For the latest information about developments related to Form IRAs, Coverdell ESAs, Archer MSAs, HSAs, or ABLE
5329 and its instructions, such as legislation enacted after they accounts exceed your maximum contribution limit, or you
were published, go to IRS.gov/Form5329. had a tax due from an excess contribution on line 17, 25, 33,
41, or 49 of your 2022 Form 5329.
Reminders • You didn’t receive the minimum required distribution from
Certain corrective distributions not subject to 10% early your qualified retirement plan. This also includes trusts and
distribution tax. Beginning on December 29, 2022, the 10% estates that didn’t receive this amount. See Waiver of tax for
additional tax on early distributions will not apply to a corrective reasonable cause, later, for information on waiving the tax
IRA distribution, which consists of an excessive contribution (a on excess accumulations in qualified retirement plans.
contribution greater than the IRA contribution limit) and any If you rolled over part or all of a distribution from a
earnings allocable to the excessive contribution, as long as the TIP qualified retirement plan, the part rolled over isn’t subject
corrective distribution is made on or before the due date to the 10% additional tax on early distributions. See the
(including extensions) of the income tax return. instructions for Form 1040, or 1040-NR, lines 4a and 4b or lines
Qualified disaster distributions. The 10% additional tax on 5a and 5b, for how to report the rollover.
early distributions doesn't apply to qualified disaster distributions
nor does it apply to qualified disaster recovery distributions. See When and Where To File
Form 8915-F for more details. File Form 5329 with your 2023 Form 1040, 1040-SR,1040-NR,
Maximum age for traditional IRA contributions. The age or 1041 by the due date, including extensions, of your tax return.
restriction for contributions to a traditional IRA has been If you don’t have to file a 2023 income tax return, complete
eliminated. and file Form 5329 by itself at the time and place you would be
required to file Form 1040, 1040-SR, or 1040-NR. If you file Form
Purpose of Form 5329 by itself, then it can’t be filed electronically. Be sure to
Use Form 5329 to report additional taxes on: include your address on page 1 of the form and your signature
• IRAs, and the date on page 2 of the form. Enclose, but don’t attach, a
• Other qualified retirement plans, check or money order payable to “United States Treasury” for
• Modified endowment contracts, any taxes due. Write your social security number and “2023
• Coverdell ESAs, Form 5329” on the check. For information on other payment
• QTPs, options, including credit or debit card payments, see the
• Archer MSAs, Instructions for Form 1040 or the Instructions for Form 1040-NR,
• HSAs, or or go to IRS.gov.
• ABLE accounts.
Prior tax years. If you are filing Form 5329 for a prior year, you
Who Must File must use the prior year's version of the form. If you don’t have
any other changes and haven’t previously filed a federal income
You must file Form 5329 if any of the following apply. tax return for the prior year, file the prior year's version of Form
• You received a distribution from a Roth IRA and either the 5329 by itself (discussed earlier). If you have other changes, file
amount on line 25c of Form 8606, Nondeductible IRAs, is Form 5329 for the prior year with Form 1040-X, Amended U.S.
more than zero, or the distribution includes a recapture Individual Income Tax Return.
amount subject to the 10% additional tax, or it’s a qualified
first-time homebuyer distribution (see Distributions from Definitions
Roth IRAs, later).
• You received a distribution subject to the tax on early Qualified retirement plan. A qualified retirement plan includes:
distributions from a qualified retirement plan (other than a • A qualified pension, profit-sharing, or stock bonus plan
Roth IRA). However, if distribution code 1 is correctly shown (including a 401(k) plan);
in box 7 of all your Forms 1099-R and you owe the additional • A tax-sheltered annuity contract (403(b) plan);
tax on the full amount shown on each Form 1099-R, you • A qualified annuity plan; and
don’t have to file Form 5329. Instead, see the instructions for • An IRA.
Schedule 2 (Form 1040), line 8, in the Instructions for Form
1040, or the Instructions for Form 1040-NR, for how to report Note. Modified endowment contracts aren’t qualified retirement
the 10% additional tax directly on that line. plans.
• You received a distribution subject to the tax on early
distributions from a qualified retirement plan (other than a
Jan 23, 2024 Cat. No. 13330R
