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Changes to 2006 Form

2006 Updates to Form 3805P, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts

Revision Date: 05/07/2007

Revision Details: Form 3805P

This change allows for the correct amount of excess contributions to be excluded from tax due to an early distribution

  • Page 2, first column, 2nd paragraph, second bullet:

It should read:

  • Excess IRA contribution for years before 2005 that were withdrawn after the due date (including extensions) of your 2005 income tax return, if no deduction was allowed for the excess contribution, and the total IRA contributions for the tax year for which the excess contributions were made were not more than $4,000 or $4,500 if age 50 or older at the end of 2005 (or if the total contributions for the year included employer contributions to a SEP, $4,000 increased by the smaller amount of the employer contributions to the SEP or $42,000) for years before 2002, refer to federal Form 5329 instructions

The revised internet version is available for download.


2006 Updates to Form 3805P

Revision Date: 02/20/2007

Revision Details: Form 3805PAdding new exception code number that conforms to the federal exception code under the Pension Protection Act of 2006

  • Page 2, second column, line 2 instructions

It should read:

Enter the applicable exception number (01-12) from the following list.

  • Page 3, first column under "No. Exception:"

It should read:

11. Qualified distributions to reservists while serving on active duty for at least 180 days.
12. Other (see instructions below).

This revision does have tax impact because an additional tax would be included in the taxpayer's tax liability if the above code was not added.

This revision needs to be noted in printed products 2006 3805P flat, pages 2 and 3; and 2006 Package X, pages 589 and 590.
The revised internet version is available for download.

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