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previous pagePrevious Page: Instructions for Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts - Part IV—Additional Tax on Excess Contributions to Roth IRAs
next pageNext Page: Instructions for Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts - Part VI—Additional Tax on Excess Contributions to Archer MSAs
 Use previous pagenext page to find additional occurrences of topic items.
taxmap/instr2/i5329-009.htm#TXMP66e344da

taxmap/instr2/i5329-009.htm#TXMP09951be9
Part V—Additional Tax on Excess Contributions to Coverdell ESAs


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If the contributions to your Coverdell ESAs for 2008 were more than is allowable or you had an amount on line 33 of your 2007 Form 5329, you may owe this tax. But you may be able to avoid the tax on any 2008 excess contributions (see the instructions for line 31 on this page).
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An economic stimulus payment that was directly deposited into a Coverdell ESA can be fully or partly withdrawn by the later of the due date (including extensions) of your 2008 tax return or June 1, 2009. The amount withdrawn will not be subject to any additional tax or penalty.
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Line 26


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Enter the amount from line 32 of your 2007 Form 5329 only if the amount on line 33 of your 2007 Form 5329 is more than zero.
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Line 27


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Enter the excess, if any, of the maximum amount that can be contributed to your Coverdell ESAs for 2008 (see the instructions for line 31 on this page) over the amount actually contributed for 2008.
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Line 28


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Enter your total distributions from Coverdell ESAs in 2008. Do not include rollovers or returned excess contributions.
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Line 31


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Enter the excess of the contributions to your Coverdell ESAs for 2008 (not including rollovers) over your contribution limit for Coverdell ESAs. Your contribution limit is the smaller of $2,000 or the sum of the maximum amounts allowed to be contributed by the contributor(s) to your Coverdell ESAs. The maximum contribution may be limited based on the contributor's modified AGI. See Pub. 970 for details.
You can withdraw some or all of the excess contributions for 2008 and they will not be treated as having been contributed if:
If you filed your return without withdrawing the excess contributions, you can still make the withdrawal, but it must be made before June 1, 2009. If you do, file an amended return. Report any related earnings for 2008 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).
previous pagePrevious Page: Instructions for Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts - Part IV—Additional Tax on Excess Contributions to Roth IRAs
next pageNext Page: Instructions for Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts - Part VI—Additional Tax on Excess Contributions to Archer MSAs
 Use previous pagenext page to find additional occurrences of topic items.