Screen 5329 - Additional Taxes on Qualified Plans (1040)

Overview

Use this screen to complete Form 5329, Parts III-VIII.

Form 5329 - Excess Contributions to IRAs

Use the
Part III
fields in this section to enter the information if the client contributed excess amounts to his or her traditional IRA account. Also enter Traditional IRA value on 12/31/
2024
in the
IRA
screen when completing this part of Form 5329.
Use the
Part IV
fields in this section to enter the information if the client contributed excess amounts to his or her Roth IRA account. Also enter Roth IRA value on 12/31/
2024
in the
IRA
screen when completing this part of Form 5329.
The application proformas this amount from the prior-year tax return.
Enter the amount of the contribution credit in
2024
when the taxpayer contributed less than the maximum contribution and has an excess contribution from earlier years that hasn't been eliminated.
The application doesn't automatically include excess contributions calculated in the return.
The application proformas this amount from the prior-year tax return.
Enter the amount of the contribution credit in
2024
if the taxpayer's Roth IRA contributions are less than the maximum contribution.
The application doesn't automatically include excess contributions calculated in the return.

Form 5329 - Excess Contributions to ESAs

The application proformas this amount from the prior-year tax return.
Enter the amount of the contribution credit in
2024
if the taxpayer's ESA contributions are less than the maximum contribution.
The application doesn't automatically include excess contributions calculated in the return.

Form 5329 - Excess Contributions to Health Accounts

The application proformas this amount from the prior-year tax return.
Enter the value of the Medical Savings Account on December 31,
2024
, if it hasn't been entered on the
5498SA
screen or to force a different amount.
Enter the amount of the MSA contribution credit when the taxpayer contributed less than the maximum contribution, if different from the amount calculated on Form 8853.
Enter the amount of excess contributions made in
2024
to a Medical Savings Account, if different from the amount calculated on Form 8853.
The application proformas this amount from the prior-year tax return.
Enter the value of the Health Savings Account on December 31,
2024
, if it hasn't been entered on the
5498SA
screen or to force a different amount.
Enter the amount of the Health Savings Account contribution credit in
2024
when the taxpayer contributed less than the maximum contribution, if different from the amount calculated on Form 8889.
Enter the amount of excess contributions made in
2024
to a Health Savings Account, if different from the amount calculated on Form 8889.

Form 5329 - Excess Contributions to ABLE Accounts

Enter the value of the ABLE Account on December 31,
2024
, if it hasn't been entered on the
1099QA
screen or to force a different amount.
Enter the amount of excess contributions made in
2024
to an ABLE Account, if different from the amount calculated on the ABLE Account Worksheet.
Enter
X
in this field if the information in this screen is for an amended return. If this field is marked, the application marks the corresponding box on Form 5329.
The application assumes you're filing Form 5329 with Form 1040. If you're filing Form 5329 by itself, enter
X
in this field. The application then prints the taxpayer address on Form 5329, Page 1 and the preparer information on Form 5329, Page 2. Form 5329 won't be included in an e-file when this box is marked.
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