IRS Releases Forms 8853 and 5329

December 29, 2006 – The IRS has issued the 2006 tax year Form 5329, Additional Taxes on Qualified Plans, (Including IRAs) and Other Tax-Favored Accounts.  This form, the detailed instructions for which were previously issued and announced, is used for reporting such additional taxes as the 10 percent early distribution tax (in some situations), IRA excess contributions, the 50 percent additional tax for failing to take a required minimum distribution (RMD), etc. This form may be accessed at the following link.
http://www.irs.gov/pub/irs-pdf/f5329.pdf

The IRS has also issued the 2006 tax year Form 8853, Archer MSAs and Long-Term Care Insurance Contracts.  This form, the detailed instructions for which were issued and announced on 12/19/06, is used for reporting contributions, deductions, and distributions from MSAs, including Medicare Advantage (formerly Medicare-Plus-Choice) MSAs. This form may be accessed at the following link.
http://www.irs.gov/pub/irs-pdf/f8853.pdf