Note:

Using the 1040/1120 discrepancy adjustment 30-Day letter procedures for all Form 5329 adjustments is a significant change.

Form 5329 is used by the taxpayer to report additional taxes. The table below describes the part number of Form 5329, the corresponding reference number, and the type of tax (income or excise).

Part

Type

Ref #

Type

I

Additional Tax on Early Distributions - IRC 72(t)

N/A

Income

II

Additional Tax on Certain Distributions from Education Accounts - IRC 72(t)

N/A

Income

III

Increase or decrease tax on excess contributions reported on Form 5329, Part III, Additional Tax on Excess Contributions to Traditional IRAs - IRC 4973

160

Excise

IV

Increase or decrease tax on excess contributions reported on Form 5329, Part IV, Additional Tax on Excess Contributions to Roth IRAs - IRC 4973

236

Excise

V

Increase or decrease in tax on excess contributions reported on Form 5329, Part V, Additional Tax on Excess Contributions to Coverdell ESAs - IRC 4973

235

Excise

VI

Increase or decrease tax on excess contributions reported on Form 5329, Part VI, Additional Tax on Excess Contributions to Archer MSAs - IRC 4973

233

Excise

VII

Increase or decrease to additional 6% tax on excess contributions to HSAs. Reported on Form 5329, Part VII, Additional Tax on Excess Contributions to Health Savings Accounts (HSAs)

237

Excise

VIII

Increase or decrease in accumulations tax reported on Form 5329, Part VIII, Additional Tax on Excess Accumulation in Qualified Retirement Plans (Including IRAs) - IRC 4974

162

Excise