Screen 5329 - Additional Taxes on Qualified Plans (1040)
Overview
Use this screen to complete Form 5329, Parts III-VIII.
note
To complete Form 5329, Parts I and IX, enter information in the
1099R-2
screen located in the
Retirement
folder.
To complete Form 5329, Part II, enter information in either the
1099Q
screen located in the
Educate
folder or the
1099QA
screen located in the
Health Care
folder.
To force Form 5329 to print if it has data and whether or not it's required, select
Setup
,
1040 Individual
, select the
Federal
tab, and select
Tax Return
in the
Collation
group box. In the
Return Collation
window, select
Pages that can be forced to print
in the
Focus
group box, select the tab for the collation you want to modify (
Government
,
Client
, or
Preparer
), select
Form 5329
in the list, and select
Always if data
. Select
OK
.
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.
2023
excess contributions, Form 5329 line 16
The application proformas this amount from the prior-year tax return.
Trad IRA contributions less than maximum...
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.
note
The contribution credit is the difference between the maximum contribution and the actual contribution.
Excess contributions to traditional IRA
The application doesn't automatically include excess contributions calculated in the return.
note
Also enter traditional IRA value on 12/31/
2024
in the
IRA
screen.
2023
excess contributions to Roth IRA, Form 5329 line 24
The application proformas this amount from the prior-year tax return.
Roth IRA contributions less than maximum allowable contribution
Enter the amount of the contribution credit in
2024
if the taxpayer's Roth IRA contributions are less than the maximum contribution.
note
The contribution credit is the difference between the maximum contribution and the actual contribution.
Excess contributions to Roth IRA
The application doesn't automatically include excess contributions calculated in the return.
note
Also enter Roth IRA value on 12/31/
2024
in the
IRA
screen.
Form 5329 - Excess Contributions to ESAs
2023
excess contributions to Education Savings Account, Form 5329 line 32
The application proformas this amount from the prior-year tax return.
ESA contributions less than maximum allowable contribution
Enter the amount of the contribution credit in
2024
if the taxpayer's ESA contributions are less than the maximum contribution.
note
The contribution credit is the difference between the maximum contribution and the actual contribution.
Excess contributions to Education Savings Account
The application doesn't automatically include excess contributions calculated in the return.
Form 5329 - Excess Contributions to Health Accounts
2023
excess contributions to MSA, Form 5329 line 40
The application proformas this amount from the prior-year tax return.
Value of Medical Savings Account on 12/31/
2024
(Force)
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.
MSA contributions less than maximum allowable contribution (Force)
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.
note
The contribution credit is the difference between the maximum contribution and the actual contribution.
Excess contributions to Medical Savings Account (Force)
Enter the amount of excess contributions made in
2024
to a Medical Savings Account, if different from the amount calculated on Form 8853.
2023
excess contributions to HSA, Form 5329 line 48
The application proformas this amount from the prior-year tax return.
Value of Health Savings Account on 12/31/
2024
(Force)
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.
HSA contributions less than maximum allowable contribution (Force)
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.
note
The contribution credit is the difference between the maximum contribution and the actual contribution.
Excess contributions to Health Savings Account (Force)
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
Value of ABLE Account on 12/31/
2024
(Force)
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.
Excess contributions to ABLE Account (Force)
Enter the amount of excess contributions made in
2024
to an ABLE Account, if different from the amount calculated on the ABLE Account Worksheet.
Amended return
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.
Print with firm data on form
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.