skip navigation

Search Help
Navigation Help

Tax Map Index
ABCDEFGHI
JKLMNOPQR
STUVWXYZ#

International
Tax Topic Index

Affordable Care Act
Tax Topic Index

FAQs
Forms
Publications
Tax Topics

Comments
About Tax Map

IRS.gov Website
Instructions for Form 5329
taxmap/instr2/i5329-007.htm#en_us_publink13330rd0e882

taxmap/instr2/i5329-007.htm#TXMP651cb49e
Part III—Additional Tax on Excess Contributions to Traditional IRAs(p4)

rule
If you contributed more for 2014 than is allowable or you had an amount on line 17 of your 2013 Form 5329, you may owe this tax. But you may be able to avoid the tax on any 2014 excess contributions (see the instructions for line 15, later).
taxmap/instr2/i5329-007.htm#en_us_publink13330rd0e896

taxmap/instr2/i5329-007.htm#TXMP04319328
Line 9(p4)

rule
Enter the amount from line 16 of your 2013 Form 5329 only if the amount on line 17 of your 2013 Form 5329 is more than zero.
taxmap/instr2/i5329-007.htm#en_us_publink13330rd0e908

taxmap/instr2/i5329-007.htm#TXMP4b0e3e5d
Line 10(p4)

rule
Enter the difference, if any, of your contribution limit for traditional IRAs less your contributions to traditional IRAs and Roth IRAs for 2014.
If you are not married filing jointly, your contribution limit for traditional IRAs is the smaller of your taxable compensation (defined earlier) or $5,500 ($6,500 if age 50 or older at the end of 2014). If you are married filing jointly, your contribution limit is generally $5,500 ($6,500 if age 50 or older at the end of 2014) and your spouse's contribution limit is $5,500 ($6,500 if age 50 or older at the end of 2014). But if the combined taxable compensation for you and your spouse is less than $11,000 ($12,000 if one spouse is 50 or older at the end of 2014; $13,000 if both spouses are 50 or older at the end of 2014), see How Much Can Be Contributed? in Pub. 590-A for special rules.
Also include on line 11a or 11b (line 11 for Form 1040NR) of the IRA Deduction Worksheet—Line 32 in the instructions for Form 1040 or Form 1040NR, the smaller of:
taxmap/instr2/i5329-007.htm#en_us_publink13330rd0e933

taxmap/instr2/i5329-007.htm#TXMP3c090ecb
Line 11(p4)

rule
Enter on line 11 any withdrawals from your traditional IRAs that are included in your income. Do not include any withdrawn contributions reported on
line 12.
taxmap/instr2/i5329-007.htm#en_us_publink13330rd0e946

taxmap/instr2/i5329-007.htm#TXMP5affa08f
Line 12(p5)

rule
Enter on line 12 any amounts included on line 9 that are excess contributions to your traditional IRAs for 1976 through 2012 that you had returned to you in 2014 and any 2013 excess contributions that you had returned to you in 2014 after the due date (including extensions) of your 2013 income tax return if:
taxmap/instr2/i5329-007.htm#en_us_publink13330rd0e1183

taxmap/instr2/i5329-007.htm#TXMP3b64cad4
Line 15(p5)

rule
Enter the excess of your contributions to traditional IRAs for 2014 (unless withdrawn—discussed next) over your contribution limit for traditional IRAs. See the instructions for line 10, earlier, to figure your contribution limit for traditional IRAs. Any amount you contribute for the year in which you reach age 701/2 or for a later year is an excess contribution because your contribution limit is zero. Do not include rollovers in figuring your excess contributions.
You can withdraw some or all of your excess contributions for 2014 and they will be treated as not having been contributed if:
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 written at the top. Report any related earnings for 2014 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).