The IRS may extend the 60-day rollover period for individuals affected by a disaster. Any taxable amount not rolled over must be included in income and may be subject to the 10% additional tax on early distributions. Generally, you must complete the rollover within 60 days of receiving the distribution. Generally, a rollover is a tax-free distribution of assets from one qualified retirement plan that is reinvested in another plan or the same plan. See the instructions for Form 1040, or 1040-NR, lines 4a and 4b or lines 5a and 5b, for how to report the rollover. If you rolled over part or all of a distribution from a qualified retirement plan, the part rolled over isn’t subject to the 10% additional tax on early distributions. See Waiver of tax for reasonable cause, later, for information on waiving the tax on excess accumulations in qualified retirement plans. This also includes trusts and estates that didn’t receive this amount. You didn’t receive the minimum required distribution from your qualified retirement plan. The contributions for 2022 to your traditional IRAs, Roth IRAs, Coverdell ESAs, Archer MSAs, HSAs, or ABLE accounts exceed your maximum contribution limit, or you had a tax due from an excess contribution on line 17, 25, 33, 41, or 49 of your 2021 Form 5329. You received taxable distributions from Coverdell ESAs, QTPs, or ABLE accounts. You received a distribution subject to the tax on early distributions from a qualified retirement plan (other than a Roth IRA) and you meet an exception to the tax on early distributions from the list shown later, but box 7 of your Form 1099-R doesn’t indicate an exception or the exception doesn’t apply to the entire distribution. Instead, see the instructions for Schedule 2 (Form 1040), line 8, in the Instructions for Form 1040, or the Instructions for Form 1040-NR, for how to report the 10% additional tax directly on that line. However, if distribution code 1 is correctly shown in box 7 of all your Forms 1099-R and you owe the additional tax on the full amount shown on each Form 1099-R, you don’t have to file Form 5329. You received a distribution subject to the tax on early distributions from a qualified retirement plan (other than a Roth IRA). You received a distribution from a Roth IRA and either the amount on line 25c of Form 8606, Nondeductible IRAs, is more than zero, or the distribution includes a recapture amount subject to the 10% additional tax, or it’s a qualified first-time homebuyer distribution (see Distributions from Roth IRAs, later).
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