2023 Instructions for Form 5329

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2023

Instructions for Form 5329

Additional Taxes on Qualiﬁed Plans (Including IRAs)

and Other Tax-Favored Accounts

Department of the Treasury

Internal Revenue Service

Section references are to the Internal Revenue Code unless

otherwise noted.

General Instructions

Future Developments

For the latest information about developments related to Form

5329 and its instructions, such as legislation enacted after they

were published, go to

IRS.gov/Form5329.

Reminders

Certain corrective distributions not subject to 10% early

distribution tax. Beginning on December 29, 2022, the 10%

additional tax on early distributions will not apply to a corrective

IRA distribution, which consists of an excessive contribution (a

contribution greater than the IRA contribution limit) and any

earnings allocable to the excessive contribution, as long as the

corrective distribution is made on or before the due date

(including extensions) of the income tax return.

Qualified disaster distributions. The 10% additional tax on

early distributions doesn't apply to qualified disaster distributions

nor does it apply to qualified disaster recovery distributions. See

Form 8915-F for more details.

Maximum age for traditional IRA contributions. The age

restriction for contributions to a traditional IRA has been

eliminated.

Purpose of Form

Use Form 5329 to report additional taxes on:

•

IRAs,

•

Other qualified retirement plans,

•

Modified endowment contracts,

•

Coverdell ESAs,

•

QTPs,

•

Archer MSAs,

•

HSAs, or

•

ABLE accounts.

Who Must File

You must file Form 5329 if any of the following apply.

•

You received a distribution from a Roth IRA and either the

amount on line 25c of Form 8606, Nondeductible IRAs, is

more than zero, or the distribution includes a recapture

amount subject to the 10% additional tax, or it’s a qualified

first-time homebuyer distribution (see

Distributions from

Roth IRAs, later).

•

You received a distribution subject to the tax on early

distributions from a qualified retirement plan (other than a

Roth IRA). However, if distribution code 1 is correctly shown

in box 7 of all your Forms 1099-R and you owe the additional

tax on the full amount shown on each Form 1099-R, you

don’t have to file Form 5329. Instead, see the instructions for

Schedule 2 (Form 1040), line 8, in the Instructions for Form

1040, or the Instructions for Form 1040-NR, for how to report

the 10% additional tax directly on that line.

•

You received a distribution subject to the tax on early

distributions from a qualified retirement plan (other than a

Roth IRA) and you meet an

exception to the tax on early

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.

•

You received taxable distributions from Coverdell ESAs,

QTPs, or ABLE accounts.

•

The contributions for 2023 to your traditional IRAs, Roth

IRAs, Coverdell ESAs, Archer MSAs, HSAs, or ABLE

accounts exceed your maximum contribution limit, or you

had a tax due from an excess contribution on line 17, 25, 33,

41, or 49 of your 2022 Form 5329.

•

You didn’t receive the minimum required distribution from

your qualified retirement plan. This also includes trusts and

estates that didn’t receive this amount. See Waiver of tax for

reasonable cause, later, for information on waiving the tax

on excess accumulations in qualified retirement plans.

If you rolled over part or all of a distribution from a

qualified retirement plan, the part rolled over isn’t subject

to the 10% additional tax on early distributions. See the

instructions for Form 1040, or 1040-NR, lines 4a and 4b or lines

5a and 5b, for how to report the rollover.

When and Where To File

File Form 5329 with your 2023 Form 1040, 1040-SR,1040-NR,

or 1041 by the due date, including extensions, of your tax return.

If you don’t have to file a 2023 income tax return, complete

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

5329 by itself, then it can’t be filed electronically. Be sure to

include your address on page 1 of the form and your signature

and the date on page 2 of the form. Enclose, but don’t attach, a

check or money order payable to “United States Treasury” for

any taxes due. Write your social security number and “2023

Form 5329” on the check. For information on other payment

options, including credit or debit card payments, see the

Instructions for Form 1040 or the Instructions for Form 1040-NR,

or go to IRS.gov.

Prior tax years. If you are filing Form 5329 for a prior year, you

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

tax return for the prior year, file the prior year's version of Form

5329 by itself (discussed earlier). If you have other changes, file

Form 5329 for the prior year with Form 1040-X, Amended U.S.

Individual Income Tax Return.

Definitions

Qualified retirement plan. A qualified retirement plan includes:

•

A qualified pension, profit-sharing, or stock bonus plan

(including a 401(k) plan);

•

A tax-sheltered annuity contract (403(b) plan);

•

A qualified annuity plan; and

•

An IRA.

Note. Modified endowment contracts aren’t qualified retirement

plans.

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Traditional IRAs. For purposes of Form 5329, a traditional IRA

is any IRA, including a simplified employee pension (SEP) IRA,

other than a SIMPLE IRA or Roth IRA.

Early distribution. Generally, any distribution from your IRA,

other qualified retirement plan, or modified endowment contract

before you reach age 59

/2 is an early distribution.

Qualified retirement plan rollover. Generally, a rollover is a

tax-free distribution of assets from one qualified retirement plan

that is reinvested in another plan or the same plan. Generally,

you must complete the rollover within 60 days of receiving the

distribution. Any taxable amount not rolled over must be included

in income and may be subject to the 10% additional tax on early

distributions. The IRS may extend the 60-day rollover period for

individuals affected by a disaster.

You can roll over (convert) amounts from a qualified

retirement plan to a Roth IRA. Any amount rolled over to a Roth

IRA is subject to the same rules for converting a traditional IRA to

a Roth IRA. You must include in your gross income distributions

from a qualified retirement plan that you would have had to

include in income if you hadn’t rolled them into a Roth IRA. The

10% additional tax on early distributions doesn’t apply. For more

information, see chapter 2 of Pub. 590-A.

Pursuant to Rev. Proc. 2020-46 in Internal Revenue Bulletin

2020-45, available at

https://www.irs.gov/irb/2020-45_IRB#REV-

PROC-2020-46, you may make a written certification to a plan

administrator or an IRA trustee that you missed the 60-day

rollover contribution deadline because of one or more of the

reasons listed in Rev. Proc. 2020-46. See Rev. Proc. 2020-46 for

information on how to self-certify for a waiver. Also see

Time

Limit for Making a Rollover Contribution under Can You Move

Retirement Plan Assets? in Pub. 590-A for more information on

ways to get a waiver of the 60-day rollover requirement.

Note. The following were effective as of January 1, 2018.

•

A qualified plan loan offset is a type of plan loan offset that

meets certain requirements. In order to be a qualified plan

loan offset, the loan, at the time of the offset, must be a loan

in good standing and the offset must be solely by reason of

(1) the termination of the qualified employer plan, or (2) the

failure to meet the repayment terms is because the

employee has a severance from employment. If you meet

the requirements of a qualified plan loan offset, you have

until the due date, including extensions, to file your tax return

for the tax year in which the offset occurs to roll over the

qualified plan loan offset amount.

•

If a retirement account has been wrongfully levied by the

IRS, the amount returned plus interest on such amount may

be contributed to the account or to an IRA (other than an

endowment contract) to which such a rollover contribution is

permitted. You have until the due date, excluding extensions,

for filing your tax return for the tax year in which the amount

is returned to make the contribution.

In-plan Roth rollover. If you are a participant in a 401(k),

403(b), or governmental 457(b) plan, your plan may permit you

to roll over amounts from those plans to a designated Roth

account within the same plan. The rollover of any untaxed

amounts must be included in income. The 10% additional tax on

early distributions doesn’t apply. For more information, see

In-plan Roth rollovers under Rollovers in Pub. 575.

ABLE rollover. For an ABLE account, a rollover means a

contribution to an ABLE account of a designated beneficiary (or

of an eligible individual who is a member of the family of the

designated beneficiary) of all or a portion of an amount

withdrawn from the designated beneficiary's ABLE account. The

contribution must be made within 60 days of the withdrawal date;

and, if the rollover is to the designated beneficiary's ABLE

account, there must have been no rollover to an ABLE account

of that beneficiary within the prior 12 months. The IRS may

extend the 60-day rollover period for individuals affected by a

disaster. An ABLE rollover doesn’t include a contribution to an

ABLE account of funds distributed from a QTP account.

Program-to-program transfer. For an ABLE account, a

program-to-program transfer includes the direct transfer of the

entire balance of an ABLE account into a second ABLE account

if both accounts have the same designated beneficiary and the

first ABLE account is closed upon completion of the transfer. A

program-to-program transfer also occurs when part or all of the

balance in an ABLE account is transferred to the ABLE account

of an eligible individual who is a member of the family of the

former designated beneficiary, as long as no intervening

distribution is made to the designated beneficiary.

Additional Information

See the following publications for more information about the

items in these instructions.

•

Pub. 560, Retirement Plans for Small Business.

•

Pub. 575, Pension and Annuity Income.

•

Pub. 590-A, Contributions to Individual Retirement

Arrangements (IRAs).

•

Pub. 590-B, Distributions from Individual Retirement

Arrangements (IRAs).

•

Pub. 721, Tax Guide to U.S. Civil Service Retirement

Benefits.

•

Pub. 969, Health Savings Accounts and Other Tax-Favored

Health Plans.

•

Pub. 970, Tax Benefits for Education.

Specific Instructions

Joint returns. If both you and your spouse are required to file

Form 5329, complete a separate form for each of you. Include

the combined tax on Schedule 2 (Form 1040), line 8.

Amended returns. If you are filing an amended 2023 Form

5329, check the box at the top of page 1 of the form. Don’t use

the 2023 Form 5329 to amend your return for any other year. For

information about amending a Form 5329 for a prior year, see

Prior tax years, earlier.

Part I—Additional Tax on Early

Distributions

In general, if you receive an early distribution (including an

involuntary cashout) from an IRA, other qualified retirement plan,

or modified endowment contract, the part of the distribution

included in income is generally subject to the 10% additional tax.

But see

Distributions from a designated Roth account and

Distributions from Roth IRAs, later.

The additional tax on early distributions doesn’t apply to any

of the following.

•

A qualified disaster recovery distribution (certain

distributions relating to disasters occurring on or after

January 26, 2021), or qualified disaster distributions. See

Form 8915-F for more details.

•

A qualified distribution from a retirement plan for the birth or

adoption of a child of up to $5,000 if made during the 1-year

period beginning on the date your child was born or

adopted. Attach a statement that provides the name, age,

and TIN of the child or eligible adoptee. If the child died

before you obtained a TIN, then write that the child died on

the statement and include a copy of the child’s birth

certificate, death certificate, or hospital records.

See Notice 2020-68, available at IRS.gov/pub/irs-drop/

n-20-68.pdf, for more information.

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An eligible adoptee includes any individual (other

than a child of the taxpayer’s spouse) who has not

reached age 18 or who is an adult and is physically

or mentally incapable of self-support.

•

A qualified HSA funding distribution from an IRA (other than

a SEP or SIMPLE IRA). See Qualified HSA funding

distribution under Health Savings Accounts in Pub. 969 for

details.

•

A distribution from a traditional or SIMPLE IRA that was

converted to a Roth IRA.

•

A rollover from a qualified retirement plan to a Roth IRA.

•

An in-plan Roth rollover.

•

A distribution of certain excess IRA contributions (see the

instructions for line 15, later, and the instructions for line 23,

later).

Any related IRA earnings withdrawn with excess IRA

contributions are taxable and must be reported on

line 1. Beginning on December 29, 2022, the 10%

additional tax on early distributions does not apply to an IRA

distribution made pursuant to the rules of section 408(d)(4),

which consists of a contribution for that year and any

earnings allocable to the contribution, as long as the

distribution is made on or before the due date (including

extensions) of the income tax return. Report this amount on

line 2 and enter exception number 21.

•

A distribution of excess deferrals. Excess deferrals include

distributions of excess contributions from a qualified cash or

deferred arrangement (401(k) plan), excess contributions

from a tax-sheltered annuity (403(b) plan), excess

contributions from a salary reduction SEP IRA, and excess

contributions from a SIMPLE IRA.

•

A distribution of excess aggregate contributions to meet

nondiscrimination requirements for employee contributions

and matching employer contributions.

•

A distribution from an eligible governmental section 457

deferred compensation plan to the extent the distribution

isn’t attributable to an amount transferred from a qualified

retirement plan.

See the instructions for line 2, later, for other distributions that

aren’t subject to the additional tax.

Line 1

Enter the amount of early distributions includible in income

(other than qualified disaster distributions, including qualified

disaster recovery distributions) that you received from:

•

A qualified retirement plan including earnings on withdrawn

excess contributions to your IRAs included in income in

2023; or

•

A modified endowment contract.

Certain prohibited transactions involving your IRA, such as

borrowing from your IRA or pledging your IRA assets as security

for a loan, are considered to be distributions and are generally

subject to the additional tax on early distributions. See

Prohibited

Transactions under What Acts Result in Penalties or Additional

Taxes? in Pub. 590-B for details.

Distributions from a designated Roth account. If you

received an early distribution from your designated Roth

account, include on line 1 the amount of the distribution that you

must include in your income. You will find this amount in box 2a

of your 2023 Form 1099-R. You may also need to include a

recapture amount on line 1 if you have ever made an in-plan

Roth rollover (discussed later).

If you never made an in-plan Roth rollover, you need to

include on line 1 of this form only the amount from

box 2a of your 2023 Form 1099-R reporting the early

distribution.

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Recapture amount subject to the additional tax on early

distributions. If you have ever made an in-plan Roth rollover

and you received an early distribution for 2023, the recapture

amount to include on line 1 is a portion of the amounts you rolled

over.

The recapture amount that you must include on line 1 won’t

exceed the amount of your early distribution; and, for purposes

of determining this recapture amount, you will allocate a rollover

amount (or portion thereof) to an early distribution only once.

For more information about the recapture amount for early

distributions from a designated Roth account, including how to

figure it, see Tax on Early Distributions under Special Additional

Taxes in Pub. 575.

Distributions from Roth IRAs. If you received an early

distribution from your Roth IRAs, include on line 1 the part of the

distribution that you must include in your income. You will find

this amount on line 25c of your 2023 Form 8606. You will also

need to include on line 1 the following amounts.

•

A qualified first-time homebuyer distribution from line 20 of

your 2023 Form 8606. Also include this amount on line 2

and enter exception number 09.

•

Recapture amounts attributable to any conversions or

rollovers to your Roth IRAs in 2019 through 2023. See

Recapture amount subject to the additional tax on early

distributions, next.

If you didn’t have a qualified first-time homebuyer

distribution in 2023, and you didn’t convert or roll over an

amount to your Roth IRAs in 2019 through 2023, you

only need to include the amount from line 25c of your 2023 Form

8606 on line 1 of this form.

Recapture amount subject to the additional tax on early

distributions. If you converted or rolled over an amount to your

Roth IRAs in 2019 through 2023 and you received an early

distribution for 2023, the recapture amount you must include on

line 1 is the amount, if any, of the early distribution allocated to

the taxable portion of your 2019 through 2023 conversions or

rollovers.

Generally, an early distribution is allocated to your Roth IRA

contributions first, then to your conversions and rollovers on a

first-in, first-out basis. For each conversion or rollover, you must

first allocate the early distribution to the portion that was subject

to tax in the year of the conversion or rollover, and then to the

portion that wasn’t subject to tax. The recapture amount is the

sum of the early distribution amounts that you allocate to these

taxable portions of your conversions or rollovers.

The recapture amount that you must include on line 1 won’t

exceed the amount of your early distribution; and, for purposes

of determining this recapture amount, you will allocate a

contribution, conversion, or rollover amount (or portion thereof)

to an early distribution only once.

For more information about the recapture amount for

distributions from a Roth IRA, including how to figure it, see

Ordering Rules for Distributions under Are Distributions Taxable?

in chapter 2 of Pub. 590-B. Also, see the Example next, which

illustrates a situation where a taxpayer must include a recapture

amount on line 1.

Example. You converted $20,000 from a traditional IRA to a

Roth IRA in 2019 and converted $10,000 in 2020. Your 2019

Form 8606 had $5,000 on line 17 and $15,000 on line 18, and

your 2020 Form 8606 had $3,000 on line 17 and $7,000 on

line 18. You made Roth IRA contributions of $2,000 for 2019 and

2020. You didn’t make any Roth IRA conversions or contributions

for 2021 through 2023, or take any Roth IRA distributions before

2023.

On July 10, 2023, at age 53, you took a $33,000 distribution

from your Roth IRA. Your 2023 Form 8606 shows $33,000 on

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line 19; $29,000 on line 23 ($33,000 minus $4,000 for your

contributions on line 22); and $0 on line 25a ($29,000 minus

your basis in conversions of $30,000).

First, $4,000 of the $33,000 is allocated to your 2023 Form

8606, line 22; then $15,000 to your 2019 Form 8606, line 18;

$5,000 to your 2019 Form 8606, line 17; and $7,000 to your

2020 Form 8606, line 18. The remaining $2,000 is allocated to

the $3,000 on your 2020 Form 8606, line 17. On line 1, enter

$22,000 ($15,000 allocated to your 2019 Form 8606, line 18,

plus the $7,000 that was allocated to your 2020 Form 8606,

line 18).

If you take a Roth IRA distribution in 2024, the first $1,000 will

be allocated to the $1,000 remaining from your 2020 Form 8606,

line 17, and won’t be subject to the additional tax on early

distributions.

Additional information. For more details, see Are Distributions

Taxable? in chapters 1 and 2 of Pub. 590-B.

Line 2

The additional tax on early distributions doesn’t apply to the

distributions described next. Enter on line 2 the amount that you

can exclude. In the space provided, enter the applicable

exception number (01–21). If more than one exception applies,

enter 99.

Exceptions to the Additional Tax on Early

Distributions

No. Exception

01 Qualified retirement plan distributions (doesn’t apply to

IRAs) you received after separation from service when the

separation from service occurs in or after the year you

reach age 55 (age 50 for qualified public safety employees

and private sector firefighters) or 25 years of service under

the plan, whichever is earlier. For this purpose, the term

“qualified public safety employee” includes a state or local

government corrections officer or forensic security

employee providing for the care, custody, and control of

forensic patients.

02 Distributions made as part of a series of substantially equal

periodic payments (made at least annually) for your life (or

life expectancy) or the joint lives (or joint life expectancies)

of you and your designated beneficiary (if from an

employer plan, payments must begin after separation from

service). Distributions received as periodic payments on or

after December 29, 2022, will not fail to be treated as

substantially equal merely because they are received as an

annuity. And, these distributions received as periodic

payments will be deemed to be substantially equal if they

are payable over a period that satisfies the section 401(a)

(9) requirements relating to annuity payments. For more

information see Pub. 590-B.

03 Distributions due to total and permanent disability. You are

considered disabled if you can furnish proof that you can’t

do any substantial gainful activity because of your physical

or mental condition. A medical determination that your

condition can be expected to result in death or to be of

long, continued, and indefinite duration must be made.

04 Distributions due to death (doesn’t apply to modified

endowment contracts).

05 Qualified retirement plan distributions up to the amount you

paid for unreimbursed medical expenses during the year

minus 7.5% of your adjusted gross income (AGI) for the

year.

06 Qualified retirement plan distributions made to an alternate

payee under a qualified domestic relations order (doesn’t

apply to IRAs).

07 IRA distributions made to certain unemployed individuals

for health insurance premiums.

08 IRA distributions made for qualified higher education

expenses.

09 IRA distributions made for the purchase of a first home, up

to $10,000.

10 Qualified retirement plan distributions made due to an IRS

levy.

11 Qualified distributions to reservists while serving on active

duty for at least 180 days.

12 Distributions incorrectly indicated as early distributions by

code 1, J, or S in box 7 of Form 1099-R. Include on line 2

the amount you received when you were age 59

/2 or older.

13 Distributions from a section 457 plan, which aren’t from a

rollover from a qualified retirement plan.

14 Distributions from a plan maintained by an employer if:

1. You separated from service by March 1, 1986;

2. As of March 1, 1986, your entire interest was in pay

status under a written election that provides a specific

schedule for the distribution of your entire interest; and

3. The distribution is actually being made under the

written election.

15 Distributions that are dividends paid with respect to stock

described in section 404(k).

16 Distributions from annuity contracts to the extent that the

distributions are allocable to the investment in the contract

before August 14, 1982. For additional exceptions that

apply to annuities, see Tax on Early Distributions under

Special Additional Taxes in Pub. 575.

17 Distributions that are phased retirement annuity payments

made to federal employees. See Pub. 721 for more

information on the phased retirement program.

18 Permissible withdrawals under section 414(w).

19 Qualified birth or adoption distributions. Attach a statement

that provides the name, age, and TIN of the child or eligible

adoptee.

20 Distributions due to terminal illness. Distributions that are

made on or after the date on which your physician has

certified that you have a terminal illness or physical

condition that can reasonably be expected to result in

death in 84 months or less after the date of the certification.

See Notice 2024-02, available at IRS.gov/pub/irs-drop/

n-24-02.pdf, for more information.

21 Corrective distributions of the income on excess

contributions distributed before the due date of the tax

return (including extensions).

99 Enter this exception number if more than one exception

applies.

Line 4

If any amount on line 3 was a distribution from a SIMPLE IRA

received within 2 years from the date you first participated in the

SIMPLE IRA plan, you must multiply that amount by 25% instead

of 10%. These distributions are included in boxes 1 and 2a of

Form 1099-R and are designated with code S in box 7.

Part II—Additional Tax on Certain

Distributions From Education

Accounts and ABLE Accounts

Line 5

Distributions from an ABLE account aren’t included in income if

made on or after the death of the designated beneficiary:

•

To the estate of the designated beneficiary;

•

To an heir or legatee of the designated beneficiary; or

•

To pay outstanding obligations due for qualified disability

expenses of the designated beneficiary, including a claim

filed by a state under a state Medicaid plan.

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Line 6

The additional tax doesn’t apply to the distributions that are

includible in income described next. Enter on line 6 the amount

from line 5 that you can exclude.

•

Distributions made due to the death or disability of the

beneficiary.

•

Distributions from an education account made on account of

a tax-free scholarship, allowance, or payment described in

section 25A(g)(2).

•

Distributions from an education account made because of

attendance by the beneficiary at a U.S. military academy.

This exception applies only to the extent that the distribution

doesn’t exceed the costs of advanced education (as defined

in title 10 of the U.S. Code) at the academy.

•

Distributions from an education account included in income

because you used the qualified education expenses to

figure the American opportunity and lifetime learning credits.

Part III—Additional Tax on Excess

Contributions to Traditional IRAs

If you contributed more for 2023 than is allowable or you had an

amount on line 17 of your 2022 Form 5329, you may owe this

tax. But you may be able to avoid the tax on any 2023 excess

contributions (see the instructions for line 15, later).

Line 9

Enter the amount from line 16 of your 2022 Form 5329 only if the

amount on line 17 of your 2022 Form 5329 is more than zero.

Line 10

Enter the difference, if any, of your contribution limit for traditional

IRAs less your contributions to traditional IRAs and Roth IRAs for

2023.

If you aren’t married filing jointly, your contribution limit for

traditional IRAs is the smaller of your taxable compensation or

$6,500 ($7,500 if age 50 or older at the end of 2023). If you are

married filing jointly, your contribution limit is generally $6,500

($7,500 if age 50 or older at the end of 2023) and your spouse's

contribution limit is $6,500 ($7,500 if age 50 or older at the end

of 2023). But if the combined taxable compensation for you and

your spouse is less than $13,000 ($14,000 if one spouse is 50 or

older at the end of 2023; $15,000 if both spouses are 50 or older

at the end of 2023), see

How Much Can Be Contributed? for

special rules and What Is Compensation? in Pub. 590-A for

additional information.

Also include on line 11a or 11b of the IRA Deduction

Worksheet—Schedule 1, Line 20, in the Instructions for Form

1040 or the Instructions for Form 1040-NR, the smaller of:

•

Form 5329, line 10; or

•

The excess, if any, of Form 5329, line 9, over the sum of

Form 5329, lines 11 and 12 (which you will complete next).

Line 11

Enter on line 11 any withdrawals from your traditional IRAs that

are included in your income. Don’t include any withdrawn

contributions reported on line 12.

Line 12

Enter on line 12 any amounts included on line 9 that are excess

contributions to your traditional IRAs for 1976 through 2021 that

you had returned to you in 2023 and any 2022 excess

contributions that you had returned to you in 2023 after the due

date (including extensions) of your 2022 income tax return if:

•

You didn’t claim a deduction for the excess contributions,

•

No traditional IRA deduction was allowable (without regard

to the modified AGI limitation) for the excess contributions,

and

•

The total contributions to your traditional IRAs for the tax

year for which the excess contributions were made weren’t

more than the amounts shown in the following table.

Year(s) Contribution

limit

Contribution limit if

age 50 or older at

the end of the year

2019 through 2022 $6,000 $7,000

2013 through 2018 $5,500 $6,500

2008 through 2012 $5,000 $6,000

2006 or 2007 $4,000 $5,000

2005 $4,000 $4,500

2002 through 2004 $3,000 $3,500

1997 through 2001 $2,000 —

before 1997 $2,250 —

If the excess contribution to your traditional IRA for the

year included a rollover and the excess occurred because

the information the plan was required to give you was

incorrect, increase the contribution limit amount for the year

shown in the table above by the amount of the excess that is

due to the incorrect information.

If the total contributions for the year included employer

contributions to a SEP, increase the contribution limit

amount for the year shown in the table above by the smaller

of the amount of the employer contributions or:

2022 $61,000

2021 $58,000

2020 $57,000

2019 $56,000

2018 $55,000

2017 $54,000

2015 or 2016 $53,000

2014 $52,000

2013 $51,000

2012 $50,000

2009, 2010, or 2011 $49,000

2008 $46,000

2007 $45,000

2006 $44,000

2005 $42,000

2004 $41,000

2002 or 2003 $40,000

2001 $35,000

before 2001 $30,000

Line 15

Enter the excess of your contributions to traditional IRAs for 2023

(unless withdrawn—discussed next) over your contribution limit

for traditional IRAs. Also, if you hadn't reached age 59 1/2 at the

time of the withdrawal, include the earnings as an early

distribution on line 1 on Form 5329 for the year in which you

report the earnings. See the instructions for

line 10, earlier, to

figure your contribution limit for traditional IRAs. Don’t include

Instructions for Form 5329 (2023)

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rollovers in figuring your excess contributions. See Difficulty of

care payments in Pub. 590-A for an exception for nondeductible

contributions made based on a type of foster care payment

received.

You can withdraw some or all of your excess contributions for

2023 and they will be treated as not having been contributed if:

•

You make the withdrawal by the due date, including

extensions, of your 2023 tax return;

•

You don’t claim a traditional IRA deduction for the withdrawn

contributions; and

•

You withdraw any earnings on the withdrawn contributions

and include the earnings in gross income (see the

Instructions for Form 8606 for details). Also, if you hadn't

reached age 59 1/2 at the time of the withdrawal, include the

earnings as an early distribution on line 1 of Form 5329 for

the year in which you report the earnings. Report this

amount on line 2 and enter exception number 21.

If you timely filed your return without withdrawing the excess

contributions, you can still make the withdrawal no later than 6

months after the due date of your tax return, excluding

extensions. If you do, file an amended return with “Filed pursuant

to section 301.9100-2” entered at the top. Report any related

earnings for 2023 on the amended return and include an

explanation of the withdrawal. Make any other necessary

changes on the amended return (for example, if you reported the

contributions as excess contributions on your original return,

include an amended Form 5329 reflecting that the withdrawn

contributions are no longer treated as having been contributed).

Part IV—Additional Tax on Excess

Contributions to Roth IRAs

If you contributed more to your Roth IRA for 2023 than is

allowable or you had an amount on line 25 of your 2022 Form

5329, you may owe this tax. But you may be able to avoid the tax

on any 2023 excess contributions (see the instructions for

line 23, later).

Line 18

Enter the amount from line 24 of your 2022 Form 5329 only if the

amount on line 25 of your 2022 Form 5329 is more than zero.

Line 19

If you contributed less to your Roth IRAs for 2023 than your

contribution limit for Roth IRAs, enter the difference. Your

contribution limit for Roth IRAs is generally your contribution limit

for traditional IRAs (see the instructions for

line 10, earlier)

reduced by the amount you contributed to traditional IRAs. But

your contribution limit for Roth IRAs may be further reduced or

eliminated if your modified AGI for Roth IRA purposes is over:

•

$218,000 if married filing jointly or qualifying surviving

spouse;

•

$138,000 if single, head of household, or married filing

separately and you didn’t live with your spouse at any time in

2023; or

•

$0 if married filing separately and you lived with your spouse

at any time in 2023.

See Can You Contribute to a Roth IRA? in Pub. 590-A for

details.

Line 20

Generally, enter the amount from Form 8606, line 19, plus any

qualified distributions. But if you withdrew the entire balance of

all of your Roth IRAs, don’t enter less than the amount on Form

5329, line 18 (see the Example, next).

Example. You contributed $1,000 to a Roth IRA in 2021,

your only contribution to Roth IRAs. In 2023, you discovered you

weren’t eligible to contribute to a Roth IRA in 2021. On

September 7, 2023, you withdrew $800, the entire balance in the

Roth IRA. You must file Form 5329 for 2021 and 2022 to pay the

additional taxes for those years. When you complete Form 5329

for 2023, you enter $1,000 (not $800) on line 20 because you

withdrew the entire balance.

Line 23

Enter the excess of your contributions to Roth IRAs for 2023

(unless withdrawn—discussed below) over your contribution limit

for Roth IRAs. See the instructions for line 19, earlier, to figure

your contribution limit for Roth IRAs.

Don’t include rollovers in figuring your excess contributions.

You can withdraw some or all of your excess contributions for

2023 and they will be treated as not having been contributed if:

•

You make the withdrawal by the due date, including

extensions, of your 2023 tax return; and

•

You withdraw any earnings on the withdrawn contributions

and include the earnings in gross income (see the

Instructions for Form 8606 for details). Also, if you hadn't

reached age 59 1/2 at the time of the withdrawal, include the

earnings as an early distribution on line 1 of Form 5329 for

the year in which you report the earnings. Report this

amount on line 2 and enter exception number 21.

If you timely filed your return without withdrawing the excess

contributions, you can still make the withdrawal no later than 6

months after the due date of your tax return, excluding

extensions. If you do, file an amended return with “Filed pursuant

to section 301.9100-2” entered at the top. Report any related

earnings for 2023 on the amended return and include an

explanation of the withdrawal. Make any other necessary

changes on the amended return (for example, if you reported the

contributions as excess contributions on your original return,

include an amended Form 5329 reflecting that the withdrawn

contributions are no longer treated as having been contributed).

Part V—Additional Tax on Excess

Contributions to Coverdell ESAs

If the contributions to your Coverdell ESAs for 2023 were more

than is allowable or you had an amount on line 33 of your 2022

Form 5329, you may owe this tax. But you may be able to avoid

the tax on any 2023 excess contributions (see the instructions for

line 31, later).

Line 26

Enter the amount from line 32 of your 2022 Form 5329 only if the

amount on line 33 of your 2022 Form 5329 is more than zero.

Line 27

Enter the excess, if any, of the maximum amount that can be

contributed to your Coverdell ESAs for 2023 over the amount

actually contributed for 2023. Your contribution limit is the

smaller of $2,000 or the sum of the maximum amounts the

contributor(s) to your Coverdell ESAs are allowed to contribute.

The maximum contribution may be limited based on the

contributor's modified AGI. See

Contributions in chapter 7 of

Pub. 970 for details.

Line 28

Enter your total distributions from Coverdell ESAs in 2023. Don’t

include rollovers or withdrawn excess contributions.

Line 31

Enter the excess of the contributions to your Coverdell ESAs for

2023 (unless withdrawn—discussed below) over your

contribution limit for Coverdell ESAs. See the instructions for

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line 27, earlier, to figure your contribution limit for Coverdell

ESAs.

Don’t include rollovers in figuring your excess contributions.

You can withdraw some or all of the excess contributions for

2023 and they will be treated as not having been contributed if:

•

You make the withdrawal before June 1, 2024; and

•

You also withdraw any income earned on the withdrawn

contributions and include the earnings in gross income for

the year in which the contribution was made.

If you filed your return without withdrawing the excess

contributions, you can still make the withdrawal, but it must be

made before June 1, 2024. If you do, file an amended return.

Report any related earnings for 2023 on the amended return and

include an explanation of the withdrawal. Make any other

necessary changes on the amended return (for example, if you

reported the contributions as excess contributions on your

original return, include an amended Form 5329 reflecting that the

withdrawn contributions are no longer treated as having been

contributed).

Part VI—Additional Tax on Excess

Contributions to Archer MSAs

If you or your employer contributed more to your Archer MSA for

2023 than is allowable or you had an amount on line 41 of your

2022 Form 5329, you may owe this tax. But you may be able to

avoid the tax on any 2023 excess contributions (see the

instructions for

line 39, later).

Line 34

Enter the amount from line 40 of your 2022 Form 5329 only if the

amount on line 41 of your 2022 Form 5329 is more than zero.

Line 35

If contributions to your Archer MSAs for 2023 were less than

your contribution limit for Archer MSAs, enter the difference on

line 35. Your contribution limit for Archer MSAs is the smaller of

line 3 or line 4 of Form 8853, Archer MSAs and Long-Term Care

Insurance Contracts.

Also include on your 2023 Form 8853, line 5, the smaller of:

•

Form 5329, line 35; or

•

The excess, if any, of Form 5329, line 34, over Form 5329,

line 36.

Line 39

Enter the excess of your contributions to your Archer MSA for

2023 from Form 8853, line 2 (unless withdrawn—discussed

next), over your contribution limit (the smaller of line 3 or line 4 of

Form 8853). Also include on line 39 any excess contributions

your employer made. See the Instructions for Form 8853 for

details.

You can withdraw some or all of the excess contributions for

2023 and they will be treated as not having been contributed if:

•

You make the withdrawal by the due date, including

extensions, of your 2023 tax return; and

•

You withdraw any income earned on the withdrawn

contributions and include the earnings in gross income for

the year in which you receive the withdrawn contributions

and earnings.

Include the withdrawn contributions and related earnings on

Form 8853, lines 6a and 6b.

If you timely filed your return without withdrawing the excess

contributions, you can still make the withdrawal no later than 6

months after the due date of your tax return, excluding

extensions. If you do, file an amended return with “Filed pursuant

to section 301.9100-2” entered at the top. Report any related

earnings for 2023 on the amended return and include an

explanation of the withdrawal. Make any other necessary

changes on the amended return (for example, if you reported the

contributions as excess contributions on your original return,

include an amended Form 5329 reflecting that the withdrawn

contributions are no longer treated as having been contributed).

Part VII—Additional Tax on Excess

Contributions to Health Savings

Accounts (HSAs)

If you, someone on your behalf, or your employer contributed

more to your HSAs for 2023 than is allowable or you had an

amount on line 49 of your 2022 Form 5329, you may owe this

tax. But you may be able to avoid the tax on any 2023 excess

contributions (see the instructions for

line 47, later).

Line 42

Enter the amount from line 48 of your 2022 Form 5329 only if the

amount on line 49 of your 2022 Form 5329 is more than zero.

Line 43

If contributions to your HSAs for 2023 (line 2 of Form 8889,

Health Savings Accounts (HSAs)) were less than your

contribution limit for HSAs, enter the difference on line 43. Your

contribution limit for HSAs is the amount on line 12 of Form

8889.

Also include on your 2023 Form 8889, line 13, the smaller of:

•

Form 5329, line 43; or

•

The excess, if any, of Form 5329, line 42, over Form 5329,

line 44.

Line 47

Enter the excess of your contributions (made by you or on your

behalf) to your HSAs for 2023 from Form 8889, line 2 (unless

withdrawn—discussed next), over your contribution limit (Form

8889, line 12). Also include on line 47 any excess contributions

your employer made. See the Instructions for Form 8889 for

details.

You can withdraw some or all of the excess contributions for

2023 and they will be treated as not having been contributed if:

•

You make the withdrawal by the due date, including

extensions, of your 2023 return; and

•

You withdraw any income earned on the withdrawn

contributions and include the earnings in gross income for

the year in which you receive the withdrawn contributions

and earnings.

Include the withdrawn contributions and related earnings on

Form 8889, lines 14a and 14b.

If you timely filed your return without withdrawing the excess

contributions, you can still make the withdrawal no later than 6

months after the due date of your tax return, excluding

extensions. If you do, file an amended return with “Filed pursuant

to section 301.9100-2” entered at the top. Report any related

earnings for 2023 on the amended return and include an

explanation of the withdrawal. Make any other necessary

changes on the amended return (for example, if you reported the

contributions as excess contributions on your original return,

include an amended Form 5329 reflecting that the withdrawn

contributions are no longer treated as having been contributed).

Instructions for Form 5329 (2023)

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Part VIII—Additional Tax on Excess

Contributions to ABLE Accounts

If the contributions to your ABLE account for 2023 were more

than is allowable, you may owe tax on the net income resulting

from the excess contribution.

Line 50

Enter the excess, if any, of the contributions to your ABLE

account for 2023 over the contribution limit. Total contributions

(including contributions from a section 529 account) made to

your ABLE account for 2023 may not exceed $17,000 plus, in the

case of an employed designated beneficiary, the applicable

amount under section 529A(b)(2)(B)(ii).

Don’t include ABLE rollovers or program-to-program transfers

in figuring your excess contributions.

You won’t incur a tax on a contribution to your ABLE account

that is in excess of the contribution limit if the qualified ABLE

program returns the contribution, including all net income

attributable to the contribution, to the person who made the

contribution (the “contributor”), and the contributor receives the

contribution on or before the due date (including extensions) for

filing your federal income tax return. Any net income distributed

from the excess contribution to the ABLE account is includible in

the gross income of the contributor in the tax year in which the

excess contribution was made.

If the contributor receives the contribution after you have filed

your original tax return but before the due date (including

extensions) for filing your return, you may file an amended return

reflecting the return of the contribution to the contributor with

“Filed pursuant to section 301.9100-2” entered at the top. Make

any necessary changes on the amended return. For example, if

you reported the contribution as excess contributions on your

original return, include an amended Form 5329 reflecting that the

withdrawn contributions are no longer treated as having been

contributed.

Part IX—Additional Tax on Excess

Accumulation in Qualified Retirement

Plans (Including IRAs)

You owe this tax if you don’t receive the minimum required

distribution from your qualified retirement plan, including an IRA

or an eligible section 457 deferred compensation plan. For tax

years beginning on or after December 29, 2022, the additional

tax is 25% of the excess accumulation, which is the difference

between the amount that was required to be distributed and the

amount that was actually distributed. The tax is due for the tax

year that includes the last day by which the minimum required

distribution must be taken.The additional tax is reduced to 10%

of the excess accumulation if you meet certain requirements.

See

Line 55 for more information.

Line 52

IRA (other than a Roth IRA). Generally, you must start

receiving distributions from your IRA by April 1 of the year

following the year in which you reach age 72. However, if you

become age 72 in 2023 or later, you must start receiving

distributions from your IRA by April 1 of the year following the

year in which you reach age 73. At that time, you can receive

your entire interest in the IRA or begin receiving periodic

distributions. If you choose to receive periodic distributions, you

must receive a minimum required distribution each year. You can

figure the minimum required distribution by dividing the account

balance of your IRAs (other than Roth IRAs) on December 31 of

the year preceding the distribution by the applicable life

expectancy. For applicable life expectancies, see

Figuring the

Owner's Required Minimum Distribution

under When Must You

Withdraw Assets? in Pub. 590-B.

If the trustee, custodian, or issuer of your IRA informs you of

the minimum required distribution, you can use that amount.

For more details on the minimum distribution rules (including

examples), see When Must You Withdraw Assets? in Pub.

590-B.

Roth IRA. There are no minimum required distributions during

the lifetime of the owner of a Roth IRA. Following the death of the

Roth IRA owner, required distribution rules apply to the

beneficiary. See

Must You Withdraw or Use Assets? in Pub.

590-B for details.

Qualified retirement plans (other than IRAs) and eligible

section 457 deferred compensation plans. In general, you

must begin receiving distributions from your plan no later than

April 1 following the later of (a) the year in which you reach age

72 (age 73 if you reach age 72 in 2023 or later years), or (b) the

year in which you retire.

Exception. If you owned more than 5% of the employer

maintaining the plan, you must begin receiving distributions no

later than April 1 of the year following the year in which you reach

age 72 (age 73 if you reach age 72 in 2023 or later years),

regardless of when you retire.

Your plan administrator should figure the amount that must be

distributed each year.

Line 53

Enter the amount actually distributed towards the required

minimum distribution from all plans. Do not include on line 53

any distribution(s) received after the deadline for taking the

minimum required distribution or during the correction window.

Distributions that satisfy minimum distribution rules.

Generally, all distributions from an account count towards the

minimum distribution requirements. If you received more than the

minimum required distribution from any account, do not include

the excess on line 53 unless those accounts may be aggregated

under the following rules.

A qualified charitable distribution will count towards your

minimum required distribution. See Qualified charitable

distributions under Are Distributions Taxable? in

chapter 1 of Pub. 590-B for more information.

IRA (other than a Roth IRA). The minimum required

distribution must be figured separately for each IRA you own, but

you can generally withdraw the total amount from one or more of

your IRAs that are not Roth IRAs. If you are the beneficiary of an

inherited IRA, then only distributions from IRAs inherited from

the same decedent can be combined to satisfy the minimum

required distribution for all inherited IRAs from that decedent. For

more information, see Treas. Reg. 1.408-8.

Roth IRA. Only withdrawals from Roth IRAs inherited from the

same decedent can be combined to satisfy the minimum

required distribution for all inherited Roth IRAs from that

decedent. For more information, see Treas. Reg. 1.408-8.

Qualified retirement plans (other than IRAs). Qualified plans

cannot aggregate distributions for purposes of meeting the

minimum required distribution requirement. You must figure the

amount of the minimum required distribution separately for each

plan and withdraw that amount from the specific plan. See Treas.

Reg. 1.401(a)(9)-8 for more information.

If you have more than one 403(b) tax-sheltered annuity

account, you can total the RMDs and then take them

from any one (or more) of the tax-sheltered annuities.

TIP

Instructions for Form 5329 (2023)

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Line 54

This is your total excess accumulation.

Waiver of tax for reasonable cause. The IRS can waive part

or all of this tax if you can show that any shortfall in the amount of

distributions was due to reasonable error and you are taking

reasonable steps to remedy the shortfall. If you believe you

qualify for this relief, attach a statement of explanation and file

Form 5329 as follows.

1. Complete lines 52 and 53 as instructed.

2. Enter “RC” and the amount of the shortfall you want waived

in parentheses on the dotted line next to line 54. Subtract

this amount from the total shortfall you figured without

regard to the waiver, and enter the result on line 54.

3. Complete line 55 as instructed. You must pay any tax due

that is reported on line 55.

The IRS will review the information you provide and decide

whether to grant your request for a waiver. If your request is not

granted, the IRS will notify you regarding any additional tax you

may owe on the shortfall.

Line 55

To figure the additional tax on the excess accumulation, you

must first determine which tax rate applies.

If you had an excess accumulation in only one qualified

retirement plan, including an IRA, or eligible section 457 deferred

compensation plan, then you will apply:

•

25%, if you did not satisfy the requirements under Reduced

tax rate; or

•

10%, if you satisfied the requirements under Reduced tax

rate.

Enter 25% or 10%, as applicable, of line 54. If you apply the

10% rate, then check the box on line 55. Also include this

amount on Schedule 2 (Form 1040), line 8.

For trusts and estates, include this amount on Form 1041,

Schedule G, line 8. Enter “From Form 5329” and the amount of

the tax to the left of the line 8 entry space.

If you had excess accumulations in more than one qualified

retirement plan, including an IRA, or eligible section 457 deferred

compensation plan, then use the

Line 55 Worksheet to figure the

additional tax.

Reduced tax rate. Generally, the additional tax rate for

distributions that are less than the minimum required distribution

amount (excess accumulations) is 25% for tax years beginning

after December 29, 2022.

You may be eligible for a reduced tax rate of 10% if, during the

correction period, you:

1. Receive a distribution of the amount that resulted in the

excess accumulation from the plan for which the tax was

imposed; and

2. Submit a return reflecting the additional tax.

Correction window. The correction window is the period of

time beginning on the date on which the additional tax is

imposed on the distribution shortfall and ends on the earliest of

the following dates:

•

The date of mailing the deficiency notice with respect to the

imposition of this tax; or

•

The date the tax is assessed; or

•

The last day of the second taxable year that begins after the

end of the taxable year in which the additional tax is

imposed.

Line 55 Worksheet

Part I. Excess Accumulation(s) Subject to 10% Tax

1. Did you receive a distribution of the full amount of the excess accumulation from at least one qualified plan during the correction

window?

[ ] Yes. Go to line 2. Also, check the box on Form 5329, line 55. [ ] No. Go to Part II

2. Enter the portion of line 52 from all plans for which you answered “Yes” on line 1 ..........

3. Enter the portion of line 53 from all plans for which you answered "Yes" on line 1 ..........

4. Subtract line 3 from line 2 ......................................................

5. Multiply the amount on line 4 by 10% (0.10). Continue to Part II if you had an excess

accumulation in at least one plan from which you did not receive a distribution of the full amount

of the excess accumulation during the correction window, otherwise enter the total on Form

5329, line 55 and on Schedule 2 (Form 1040), line 8 or Form 1041, Schedule G, line 8 ...... 5.

Part II. Excess Accumulation(s) Subject to 25% Tax

6. Enter the portion of line 52 from all plans for which you answered “No” on line 1 ...........

7. Enter the portion of line 53 from all plans for which you answered "No" on line 1 ...........

8. Subtract line 7 from line 6 ......................................................

9. Multiply the amount on line 8 by 25% (0.25) .......................................

10. Add line 5 and line 9. Enter the total on Form 5329, line 55 and on Schedule 2 (Form 1040),

line 8 or Form 1041, Schedule G, line 8 ........................................... 10.

Instructions for Form 5329 (2023)

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Privacy Act and Paperwork Reduction Act Notice.

We ask for the information on this form to carry out the Internal

Revenue laws of the United States. We need this information to

ensure that you are complying with these laws and to allow us to

figure and collect the right amount of tax. You are required to

give us this information if you made certain contributions or

received certain distributions from qualified plans, including

IRAs, and other tax-favored accounts. Our legal right to ask for

the information requested on this form is sections 6001, 6011,

6012(a), and 6109 and their regulations. If you do not provide

this information, or you provide incomplete or false information,

you may be subject to penalties.

You are not required to provide the information requested on

a form that is subject to the Paperwork Reduction Act unless the

form displays a valid OMB control number. Books or records

relating to a form or its instructions must be retained as long as

their contents may become material in the administration of any

Internal Revenue law. Generally, tax returns and return

information are confidential, as required by section 6103.

However, we may give this information to the Department of

Justice for civil and criminal litigation, and to cities, states, the

District of Columbia, and U.S. commonwealths and territories to

carry out their tax laws. We may also disclose this information to

other countries under a tax treaty, to federal and state agencies

to enforce federal nontax criminal laws, or to federal law

enforcement and intelligence agencies to combat terrorism.

The average time and expenses required to complete and file

this form will vary depending on individual circumstances. For

the estimated averages, see the instructions for your income tax

return.

If you have suggestions for making this form simpler, we

would be happy to hear from you. See the instructions for your

income tax return.

Instructions for Form 5329 (2023)