IRS Tax Forms And Tables
You had better be serious about getting retirement distributions right-because the IRS is gearing up to punish those who mess it up.
A Service-wide Strategy Is Needed to Address Growing Noncompliance With Individual Retirement Account Contribution and Distribution Requirements
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-Form 1099-R, Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, Etc. The 1099-R is the key information form that will clue you in as to what type of distribution you have received from your retirement plan (or as a beneficiary of one), the applicable tax treatment, and the tax forms you will be required to file with your tax return. Anytime you receive a distribution from a retirement plan, a 1099-R is triggered and a copy is sent by your plan or IRA financial institution to you and to the IRS. Before even attempting to file your taxes, you should scrutinize the amounts and codes listed on the 1099-R form to see how the amounts will be reported.3
-Form 4972, Tax on Lump-Sum Distributions. This form is used to report lump-sum distributions and capital gain treatment, and to figure the income tax on lO-year averaging.
-Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts, This form is usually attached to your personal tax return (Form 1040), but it can be filed by itself if you do not have to file an income tax return for the year.
- Form 5329 is used to report and figure the tax on early (before age 59 ½ ) distributions from retirement plans. It is also used to notify the IRS of any exception that may apply to the 10 percent early-withdrawal penalty.
-Form 5329 is the place to report and compute the 6 percent tax on excess contributions and the 50 percent tax on any amount of your required distribution not withdrawn. These 6 and 50 percent penalty taxes apply to all IRA owners and beneficiaries even if they are age 59V2 or older.
- Form 5498, IRA Contribution Information. Your IRA financial institution sends this to you and the IRS to report your annual IRA activity and the value of your IRA and Roth IRA accounts each year. The IRA activity reported here is not needed to prepare your tax return, but it does provide official documentation that can support items on your tax return.
-Form 8606, Nondeductible IRS's This form also is usually attached to your personal tax return, but it too can be filed by itself if you do not have to file a income tax return for the year. Form 8606 is used to report an array of IRA contributions, distributions from the IRA that include nondeductible contributions, distributions from Roth IRAs, and distributions from education IRAs. Roth conversions and IRA or Roth IRA recharacterizations are also reported here. this is the form where the pro rata rule is computed for distributions from IRAs that contain nondeductible contributions or after-tax funds rolled into the IRA from a company plan.
IRS Publications
-590 Individual Retirement Arrangements (IRAs)
Tax Tables
-Uniform Tax Table
-Life Tax Table |
