Reports to the IRS. You must file Form 5329 with the IRS for each taxable year that you owe penalty taxes on excess contributions, premature distributions, prohibited transactions and underdistributions. You must file Form 8606 with the IRS for each year in which you make a non-deductible contribution and for any subsequent year in which you make a withdrawal.
Appears in 2 contracts
Samples: Traditional Individual Retirement Account Custodial Account Agreement, Traditional Individual Retirement Account Custodial Account Agreement
Reports to the IRS. You must file Form 5329 with the IRS for each taxable year that you owe penalty taxes on excess contributions, premature distributions, and prohibited transactions and underdistributionstransactions. You must file Form 8606 with the IRS for each taxable year in which that you make a non-deductible contribution and for any subsequent year in which you make conversion to, a withdrawalrecharacterization of, or a distribution from a Xxxx XXX.
Appears in 2 contracts
Samples: Roth Individual Retirement Account Custodial Account Agreement, Roth Individual Retirement Account Custodial Account Agreement
Reports to the IRS. You must file Form 5329 with the IRS for each taxable year that you owe penalty taxes on excess contributions, premature distributions, prohibited transactions and underdistributions. You must file Form 8606 with the IRS for each year in which you make a non-deductible contribution and for any subsequent year in which you make a withdrawal.
Appears in 1 contract
Samples: Custodial Account Agreement
