IRS Form 5329 is used to report additional taxes on:
- Early distributions from retirement plans (Form 1099-R)
- Certain distributions from education accounts
- Excess contributions to traditional IRAs
- Excess contributions to Roth IRAs
- Excess contributions to Coverdell ESAs
- Excess contributions to Archer MSAs
- Excess contributions to HSAs
- Excess accumulation in a retirement plan
For additional information see the IRS Instructions for Form 5329.
To enter, review, or delete information for Form 5329:
- From within your TaxAct® return (Online or Desktop), click on the Federal tab. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal
- Click Retirement Plan Income to expand the category and then click [Taxpayer or Spouse] Additional taxes on qualified plans (Form 5329)
- Click Review next to the entry you wish to make or modify
- The program will proceed with the interview questions for you to enter or review the appropriate information
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