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Irs 54 Form: What You Should Know
With respect to a distribution received under an annuity or an employee benefit plan or under a trust, provided the distribution is made in full and on the basis of an eligible retirement annuity contract. 2. An amount paid with respect to a qualified distribution is not subject to the 10 percent early withdrawal penalty if the distribution occurs immediately following the first year in which the person became subject to income tax in that particular tax year. 3. The terms “qualified distribution” and “qualified retirement annuity contract” are used interchangeably. For the purposes of this guide, “qualified distribution” and “qualified disability annuity contract” will be used to refer to a qualified disability annuity contract. 4. See Publication 519, Tax Guide for U.S. Citizens and Resident Aliens Abroad for tax reporting rules for annuities with respect to which you receive a qualified withdrawal. Also see Publication 54 (2021) under Tax Guide for U.S. Citizens and Resident Aliens Abroad. 5. There is no 10% early withdrawal penalty if you make a qualified distribution using Form 5498. 6. If the qualified disability pension fund is a U.S. corporation and is subject to a tax treaty between the United States and its taxing authority, the qualified disability annuity contract is treated as if it were a qualified retirement annuity contract. 7. The tax withheld at source from an annuity or a qualified retirement annuity contract is not refundable; however, taxable income or net capital gain will be refunded if the person receiving the distribution files Form 1040X or a paper return giving the correct information. 8. For more information on the tax treatment of a qualified disability annuity contract, see Form 5498. The Form 5498 may be filed by filing the form with the appropriate tax agency. 9. For more information on qualifying for a tax treaty, see Tax Guide for U.S. Citizens and Residents Abroad. 10. Form 5498 must be filed with Form 1040X, IRS Form 1040 with IRS Form 1040X. 11. The form also must be filed with Form W-4. 12. A Form 1040X filed with a Form W-4 is not acceptable. 13.
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