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previous page Previous Page: Publication 970 - Tax Benefits for Education - Figuring the Amount Not Subject to the 10% Tax
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taxmap/pubs/p970-043.htm#en_us_publink100021090

Reporting Early Distributions(p59)


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Reporting Early Distributions

By February 2, 2009, the payer of your IRA distribution should send you Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. The information on this form will help you determine how much of your distribution is taxable for income tax purposes and how much is subject to the 10% additional tax.
If you received an early distribution from your IRA, you must report the taxable earnings on Form 1040, line 15b (Form 1040NR, line 16b). Then, if you qualify for an exception for qualified higher education expenses, you must file Form 5329 to show how much, if any, of your early distribution is subject to the 10% additional tax. See the instructions for Form 5329, Part I, for help in completing the form and entering the results on Form 1040 or 1040NR.
There are many other situations in which Form 5329 is required. If, during 2008, you had other distributions from IRAs or qualified retirement plans, or have made excess contributions to certain tax-favored accounts, see the instructions for line 59 (Form 1040) or line 54 (Form 1040NR) to determine if you must file Form 5329.
previous pagePrevious Page: Publication 970 - Tax Benefits for Education - Figuring the Amount Not Subject to the 10% Tax
next pageNext Page: Publication 970 - Tax Benefits for Education - Education Savings Bond Program
 Use previous pagenext page to find additional occurrences of topic items.Index for this Publication