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Cambridge Massachusetts online Form 4562: What You Should Know
The Form 5329 is designed as a tool to help you file a tax return, so if it's the first time you used it, prepare and save the paperwork in case you ever need it again. To simplify the process for the IRS, we recommend that you use the Form 5329 when filing your tax return. When it's time to file for a refund, we recommend that you apply for Form 4868 prior to filing the tax return. The IRS provides Form 5329 instructions. Form 5329: IRS-Exempt Status and Other Tax-Favored Accounts Exemptions Form 5329: IRS-Exempt Status and Other Tax-Favored Accounts Exemptions You must use the tax-exempt status of a retirement plan to qualify for the tax-favored account exemption. You can use Forms 5329 and 5399-F to determine tax-exempt status. If you are exempt from federal income tax, the IRS will not enforce the penalty on a return due to Form 5329. The Form 5329 is designed as an assist tool for IRAs. The IRS generally does not enforce an IRA return when the contributor is not exempted. When you use a qualified retirement plan, and you believe that the plan constitutes an IRAs, you can use Form 5329 to make the determination. For additional information on IRAs, visit the Internal Revenue Service's Publication 590 and Publication 591. Use of Form 5329 for Qualified Plans and Tax-Favored Accounts It is very difficult for taxpayers to establish that a qualified retirement plan doesn't constitute an IRAs, so don't go around claiming that it doesn't. However, a taxpayer may qualify for an exemption if the individual is a retired person who is not a member of the uniformed services and is subject to withholding tax on nonqualified distributions from the plan. Form 5329: IRS-Exempt Status of IRAs and Other Tax-Favored Accounts Exemptions Qualified retirement plans, such as defined contribution plans (or a Roth IRA), may qualify for the tax-exempt status of the plan.
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