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IRS Issues 2015 Form 5329

IRA holders and those who provide them services may be interested to know that the IRS has made modifications to the Form 5329, “Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts.” The IRS has issued the version to be used for 2015 reporting.

The IRS modified Part II, “Additional Tax on Certain Distributions From Education Accounts,” so that Part II of the 2015 version is entitled. “Additional Tax on Certain Distributions From Education Accounts and ABLE Accounts.” Part II now is to be completed if a taxpayer included an amount in income, on Form 1040 or Form 1040NR, line 21, from a Coverdell education savings account (ESA), a qualified tuition program (QTP) or an ABLE account.

The IRS added a new section, which is now Part VIII, entitled, “Additional Tax on Excess Contributions to an ABLE Account.” It is to be completed if contributions to an ABLE account for 2015 were more than is allowable. The section that had been Part VIII, “Additional Tax on Excess Accumulation in Qualified Retirement Plans (Including IRAs),” is Part IX for 2015. That section is to be completed if a taxpayer did not receive the minimum required distribution from his or her qualified retirement plan.