Form 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts 2024

Form 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts 2024

Summary: This is an example of Form 5329 (2024) with items included as described in the text. Additionally, these line items are completed:

"Name of individual subject to additional tax. If married filing jointly, see instructions." field contains Paul Jones
"Your social security number" field contains 003-00-0000
Under"Part III: Additional Tax on Excess Contributions to Traditional IRAs":
"15. Excess contributions for 2023 (see instructions)"field contains 500
"16. Total excess contributions. Add lines 14 and 15" field contains 500
"17. Additional tax. Enter 6% (0.06) of the smaller of line 16 or the value of your traditional IRAs on December 31, 2024 (including 2024 contributions made in 2025). Include this amount on Schedule 2 (Form 1040), line 8" field contains 30