IRS Posts 2021 Form 5329

The IRS has posted the 2021 tax year Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts. In addition to qualified retirement plans and both Traditional and Roth IRAs, the excise taxes for which this form is used include those that apply to 529 plans and Coverdell education savings accounts (ESAs), health savings accounts (HSAs), Archer medical savings accounts (MSAs), and Achieving a Better Life Experience (ABLE) accounts. The form can also be used to submit a request to the IRS for the waiver of a penalty owed.

The form and its instructions are being reviewed for any additional changes of importance to FuturePlan clients and associates.