(If an amount is also reported in box 10, see the instructions for Form 5329 and Publication 575.) (See the instructions for Form 4972).ĭesignated Roth account distribution. May be eligible for the 10-year tax option method of computing the tax on a lump sum distribution. (2) Corrective distribution of excess deferrals, excess contributions, and excess aggregate contributions taxable in the current year.Ĭost of current life insurance protection. (1) IRA distribution under section 408(d)(4) (3) Distribution from a life insurance, annuity, or endowment contract (4) Income from a life insurance contract that failed to satisfy the requirements of section 7702. (1) Normal distribution from a traditional IRA, 401(k), and 403(b) Section 1035 exchange (tax-free exchange of life insurance, annuity, qualified long-term care insurance, or endowment contracts). Prohibited transaction involving the IRA account, i.e., the account is no longer an IRA. (3) Reportable death benefits (under section 6050Y). (2) Employer death benefit payment separate from a pension, profit-sharing, or retirement plan See the instructions for Form 5329 for the list of exceptions. (3) Taxpayer is age 59-1/2 or older and has modified a series of substantially equal periodic payments under section 72(q), (t), or (v) prior to the end of the 5-year period which began with the first payment.Įarly distribution (taxpayer is under age 59-1/2) but an exception to the early distribution penalty applies. (2) Distribution for medical expenses, health insurance premiums, qualified higher education expenses, a first-time home purchase, a qualified reservist distribution, or a qualified birth or adoption distribution under section 72(t)(2)(B), (D), (E), (F), (G), or (H) Generally file Form 5329, however for a rollover to a traditional IRA of the entire taxable part of the distribution, do not file Form 5329 (1) Early distribution (taxpayer is under age 59-1/2) and there is no known exception to the early distribution penalty. Are you filing a Form 1099-R for your client? Find the explanation for box 7 codes here.
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