IRS Posts 2025 Form 5329 for Savings Arrangement Excise Tax Reporting

The Internal Revenue Service (IRS) has posted Instructions for Instructions for Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts, for 2025. In addition to qualified retirement plans and individual retirement arrangements (IRAs), this form is used to report excise taxes applicable to 529 plans, Coverdell education savings accounts (ESAs), heath 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 penalty waiver request to the IRS.