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) as pertains to the description in the text. The line items completed are:

"Name of individual subject to additional tax. If married filing jointly, see instructions." field contains Tom Jones
"Your social security number" field contains 004-00-0000
Under"Part I: Additional Tax on Early Distributions":
"1. Early distributions included in income. For Roth IRA. distributions, see instructions" field contains 3,000
"2. Early distributions included on line 1 that aren't subject to the additional tax (see instructions)." field contains 0
"3. Amount subject to additional tax. Subtract line 2 from line 1" field contains 3,000
"4. Additional tax. Enter 10% (0.10) of line 3. Include this amount on Schedule 2 (Form 1040), line 8" field contains 300