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1040ez 2010 Form Printable

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1040ez 2010 Form Printable

1040ez 2010 form printable 6. 1040ez 2010 form printable   How To Get Tax Help Table of Contents Low Income Taxpayer Clinics Whether it's help with a tax issue, preparing your tax return or a need for a free publication or form, get the help you need the way you want it: online, use a smart phone, call or walk in to an IRS office or volunteer site near you. 1040ez 2010 form printable Free help with your tax return. 1040ez 2010 form printable   You can get free help preparing your return nationwide from IRS-certified volunteers. 1040ez 2010 form printable The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. 1040ez 2010 form printable The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. 1040ez 2010 form printable Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. 1040ez 2010 form printable In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. 1040ez 2010 form printable To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. 1040ez 2010 form printable gov, download the IRS2Go app, or call 1-800-906-9887. 1040ez 2010 form printable   As part of the TCE program, AARP offers the Tax-Aide counseling program. 1040ez 2010 form printable To find the nearest AARP Tax-Aide site, visit AARP's website at www. 1040ez 2010 form printable aarp. 1040ez 2010 form printable org/money/taxaide or call 1-888-227-7669. 1040ez 2010 form printable For more information on these programs, go to IRS. 1040ez 2010 form printable gov and enter “VITA” in the search box. 1040ez 2010 form printable Internet. 1040ez 2010 form printable    IRS. 1040ez 2010 form printable gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. 1040ez 2010 form printable Download the free IRS2Go app from the iTunes app store or from Google Play. 1040ez 2010 form printable Use it to check your refund status, order transcripts of your tax returns or tax account, watch the IRS YouTube channel, get IRS news as soon as it's released to the public, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. 1040ez 2010 form printable Check the status of your 2013 refund with the Where's My Refund? application on IRS. 1040ez 2010 form printable gov or download the IRS2Go app and select the Refund Status option. 1040ez 2010 form printable The IRS issues more than 9 out of 10 refunds in less than 21 days. 1040ez 2010 form printable Using these applications, you can start checking on the status of your return within 24 hours after we receive your e-filed return or 4 weeks after you mail a paper return. 1040ez 2010 form printable You will also be given a personalized refund date as soon as the IRS processes your tax return and approves your refund. 1040ez 2010 form printable The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. 1040ez 2010 form printable Use the Interactive Tax Assistant (ITA) to research your tax questions. 1040ez 2010 form printable No need to wait on the phone or stand in line. 1040ez 2010 form printable The ITA is available 24 hours a day, 7 days a week, and provides you with a variety of tax information related to general filing topics, deductions, credits, and income. 1040ez 2010 form printable When you reach the response screen, you can print the entire interview and the final response for your records. 1040ez 2010 form printable New subject areas are added on a regular basis. 1040ez 2010 form printable  Answers not provided through ITA may be found in Tax Trails, one of the Tax Topics on IRS. 1040ez 2010 form printable gov which contain general individual and business tax information or by searching the IRS Tax Map, which includes an international subject index. 1040ez 2010 form printable You can use the IRS Tax Map, to search publications and instructions by topic or keyword. 1040ez 2010 form printable The IRS Tax Map integrates forms and publications into one research tool and provides single-point access to tax law information by subject. 1040ez 2010 form printable When the user searches the IRS Tax Map, they will be provided with links to related content in existing IRS publications, forms and instructions, questions and answers, and Tax Topics. 1040ez 2010 form printable Coming this filing season, you can immediately view and print for free all 5 types of individual federal tax transcripts (tax returns, tax account, record of account, wage and income statement, and certification of non-filing) using Get Transcript. 1040ez 2010 form printable You can also ask the IRS to mail a return or an account transcript to you. 1040ez 2010 form printable Only the mail option is available by choosing the Tax Records option on the IRS2Go app by selecting Mail Transcript on IRS. 1040ez 2010 form printable gov or by calling 1-800-908-9946. 1040ez 2010 form printable Tax return and tax account transcripts are generally available for the current year and the past three years. 1040ez 2010 form printable Determine if you are eligible for the EITC and estimate the amount of the credit with the Earned Income Tax Credit (EITC) Assistant. 1040ez 2010 form printable Visit Understanding Your IRS Notice or Letter to get answers to questions about a notice or letter you received from the IRS. 1040ez 2010 form printable If you received the First Time Homebuyer Credit, you can use the First Time Homebuyer Credit Account Look-up tool for information on your repayments and account balance. 1040ez 2010 form printable Check the status of your amended return using Where's My Amended Return? Go to IRS. 1040ez 2010 form printable gov and enter Where's My Amended Return? in the search box. 1040ez 2010 form printable You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. 1040ez 2010 form printable It can take up to 3 weeks from the date you mailed it to show up in our system. 1040ez 2010 form printable Make a payment using one of several safe and convenient electronic payment options available on IRS. 1040ez 2010 form printable gov. 1040ez 2010 form printable Select the Payment tab on the front page of IRS. 1040ez 2010 form printable gov for more information. 1040ez 2010 form printable Determine if you are eligible and apply for an online payment agreement, if you owe more tax than you can pay today. 1040ez 2010 form printable Figure your income tax withholding with the IRS Withholding Calculator on IRS. 1040ez 2010 form printable gov. 1040ez 2010 form printable Use it if you've had too much or too little withheld, your personal situation has changed, you're starting a new job or you just want to see if you're having the right amount withheld. 1040ez 2010 form printable Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. 1040ez 2010 form printable gov. 1040ez 2010 form printable Request an Electronic Filing PIN by going to IRS. 1040ez 2010 form printable gov and entering Electronic Filing PIN in the search box. 1040ez 2010 form printable Download forms, instructions and publications, including accessible versions for people with disabilities. 1040ez 2010 form printable Locate the nearest Taxpayer Assistance Center (TAC) using the Office Locator tool on IRS. 1040ez 2010 form printable gov, or choose the Contact Us option on the IRS2Go app and search Local Offices. 1040ez 2010 form printable An employee can answer questions about your tax account or help you set up a payment plan. 1040ez 2010 form printable Before you visit, check the Office Locator on IRS. 1040ez 2010 form printable gov, or Local Offices under Contact Us on IRS2Go to confirm the address, phone number, days and hours of operation, and the services provided. 1040ez 2010 form printable If you have a special need, such as a disability, you can request an appointment. 1040ez 2010 form printable Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. 1040ez 2010 form printable Apply for an Employer Identification Number (EIN). 1040ez 2010 form printable Go to IRS. 1040ez 2010 form printable gov and enter Apply for an EIN in the search box. 1040ez 2010 form printable Read the Internal Revenue Code, regulations, or other official guidance. 1040ez 2010 form printable Read Internal Revenue Bulletins. 1040ez 2010 form printable Sign up to receive local and national tax news and more by email. 1040ez 2010 form printable Just click on “subscriptions” above the search box on IRS. 1040ez 2010 form printable gov and choose from a variety of options. 1040ez 2010 form printable Phone. 1040ez 2010 form printable    You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. 1040ez 2010 form printable Download the free IRS2Go app from the iTunes app store or from Google Play. 1040ez 2010 form printable Call to locate the nearest volunteer help site, 1-800-906-9887 or you can use the VITA Locator Tool on IRS. 1040ez 2010 form printable gov, or download the IRS2Go app. 1040ez 2010 form printable Low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. 1040ez 2010 form printable The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. 1040ez 2010 form printable Most VITA and TCE sites offer free electronic filing. 1040ez 2010 form printable Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. 1040ez 2010 form printable Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. 1040ez 2010 form printable Call the automated Where's My Refund? information hotline to check the status of your 2013 refund 24 hours a day, 7 days a week at 1-800-829-1954. 1040ez 2010 form printable If you e-file, you can start checking on the status of your return within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. 1040ez 2010 form printable The IRS issues more than 9 out of 10 refunds in less than 21 days. 1040ez 2010 form printable Where's My Refund? will give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. 1040ez 2010 form printable Before you call this automated hotline, have your 2013 tax return handy so you can enter your social security number, your filing status, and the exact whole dollar amount of your refund. 1040ez 2010 form printable The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. 1040ez 2010 form printable Note, the above information is for our automated hotline. 1040ez 2010 form printable Our live phone and walk-in assistors can research the status of your refund only if it's been 21 days or more since you filed electronically or more than 6 weeks since you mailed your paper return. 1040ez 2010 form printable Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. 1040ez 2010 form printable You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. 1040ez 2010 form printable It can take up to 3 weeks from the date you mailed it to show up in our system. 1040ez 2010 form printable Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, publications, and prior-year forms and instructions (limited to 5 years). 1040ez 2010 form printable You should receive your order within 10 business days. 1040ez 2010 form printable Call TeleTax, 1-800-829-4477, to listen to pre-recorded messages covering general and business tax information. 1040ez 2010 form printable If, between January and April 15, you still have questions about the Form 1040, 1040A, or 1040EZ (like filing requirements, dependents, credits, Schedule D, pensions and IRAs or self-employment taxes), call 1-800-829-1040. 1040ez 2010 form printable Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. 1040ez 2010 form printable The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. 1040ez 2010 form printable These individuals can also contact the IRS through relay services such as the Federal Relay Service. 1040ez 2010 form printable Walk-in. 1040ez 2010 form printable   You can find a selection of forms, publications and services — in-person. 1040ez 2010 form printable Products. 1040ez 2010 form printable You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. 1040ez 2010 form printable Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. 1040ez 2010 form printable Services. 1040ez 2010 form printable You can walk in to your local TAC for face-to-face tax help. 1040ez 2010 form printable An employee can answer questions about your tax account or help you set up a payment plan. 1040ez 2010 form printable Before visiting, use the Office Locator tool on IRS. 1040ez 2010 form printable gov, or choose the Contact Us option on the IRS2Go app and search Local Offices for days and hours of operation, and services provided. 1040ez 2010 form printable Mail. 1040ez 2010 form printable   You can send your order for forms, instructions, and publications to the address below. 1040ez 2010 form printable You should receive a response within 10 business days after your request is received. 1040ez 2010 form printable Internal Revenue Service 1201 N. 1040ez 2010 form printable Mitsubishi Motorway Bloomington, IL 61705-6613    The Taxpayer Advocate Service Is Here to Help You. 1040ez 2010 form printable The Taxpayer Advocate Service (TAS) is your voice at the IRS. 1040ez 2010 form printable Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. 1040ez 2010 form printable   What can TAS do for you? We can offer you free help with IRS problems that you can't resolve on your own. 1040ez 2010 form printable We know this process can be confusing, but the worst thing you can do is nothing at all! TAS can help if you can't resolve your tax problem and: Your problem is causing financial difficulties for you, your family, or your business. 1040ez 2010 form printable You face (or your business is facing) an immediate threat of adverse action. 1040ez 2010 form printable You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. 1040ez 2010 form printable   If you qualify for our help, you'll be assigned to one advocate who'll be with you at every turn and will do everything possible to resolve your problem. 1040ez 2010 form printable Here's why we can help: TAS is an independent organization within the IRS. 1040ez 2010 form printable Our advocates know how to work with the IRS. 1040ez 2010 form printable Our services are free and tailored to meet your needs. 1040ez 2010 form printable We have offices in every state, the District of Columbia, and Puerto Rico. 1040ez 2010 form printable   How can you reach us? If you think TAS can help you, call your local advocate, whose number is in your local directory and at Taxpayer Advocate, or call us toll-free at 1-877-777-4778. 1040ez 2010 form printable   How else does TAS help taxpayers?  TAS also works to resolve large-scale, systemic problems that affect many taxpayers. 1040ez 2010 form printable If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System. 1040ez 2010 form printable Low Income Taxpayer Clinics Low Income Taxpayer Clinics (LITCs) serve individuals whose income is below a certain level and need to resolve tax problems such as audits, appeals and tax collection disputes. 1040ez 2010 form printable Some clinics can provide information about taxpayer rights and responsibilities in different languages for individuals who speak English as a second language. 1040ez 2010 form printable Visit Taxpayer Advocate or see IRS Publication 4134, Low Income Taxpayer Clinic List. 1040ez 2010 form printable Prev  Up  Next   Home   More Online Publications
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If you become the victim of identity theft outside of the tax system or believe you may be at risk due to a lost/stolen purse or wallet, questionable credit card activity or credit report, etc., you are encouraged to contact the IRS Identity Protection Specialized Unit, toll-free at 1-800-908-4490.

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Page Last Reviewed or Updated: 06-Dec-2013

The 1040ez 2010 Form Printable

1040ez 2010 form printable 17. 1040ez 2010 form printable   Individual Retirement Arrangements (IRAs) Table of Contents What's New Reminders Introduction Useful Items - You may want to see: Traditional IRAsWho Can Open a Traditional IRA? When and How Can a Traditional IRA Be Opened? How Much Can Be Contributed? When Can Contributions Be Made? How Much Can You Deduct? Nondeductible Contributions Inherited IRAs Can You Move Retirement Plan Assets? When Can You Withdraw or Use IRA Assets? When Must You Withdraw IRA Assets? (Required Minimum Distributions) Are Distributions Taxable? What Acts Result in Penalties or Additional Taxes? Roth IRAsWhat Is a Roth IRA? When Can a Roth IRA Be Opened? Can You Contribute to a Roth IRA? Can You Move Amounts Into a Roth IRA? Are Distributions Taxable? What's New Traditional IRA contribution and deduction limit. 1040ez 2010 form printable  The contribution limit to your traditional IRA for 2013 will be increased to the smaller of the following amounts: $5,500, or Your taxable compensation for the year. 1040ez 2010 form printable If you were age 50 or older before 2014, the most that can be contributed to your traditional IRA for 2013 will be the smaller of the following amounts: $6,500, or Your taxable compensation for the year. 1040ez 2010 form printable For more information, see How Much Can Be Contributed? later. 1040ez 2010 form printable Roth IRA contribution limit. 1040ez 2010 form printable  If contributions on your behalf are made only to Roth IRAs, your contribution limit for 2013 will generally be the lesser of: $5,500, or Your taxable compensation for the year. 1040ez 2010 form printable If you were age 50 or older before 2014 and contributions on your behalf were made only to Roth IRAs, your contribution limit for 2013 will generally be the lesser of: $6,500, or Your taxable compensation for the year. 1040ez 2010 form printable However, if your modified adjusted gross income (AGI) is above a certain amount, your contribution limit may be reduced. 1040ez 2010 form printable For more information, see How Much Can Be Contributed? under Can You Contribute to a Roth IRA? later. 1040ez 2010 form printable Modified AGI limit for traditional IRA contributions increased. 1040ez 2010 form printable  For 2013, if you were covered by a retirement plan at work, your deduction for contributions to a traditional IRA is reduced (phased out) if your modified AGI is: More than $95,000 but less than $115,000 for a married couple filing a joint return or a qualifying widow(er), More than $59,000 but less than $69,000 for a single individual or head of household, or Less than $10,000 for a married individual filing a separate return. 1040ez 2010 form printable If you either lived with your spouse or file a joint return, and your spouse was covered by a retirement plan at work, but you were not, your deduction is phased out if your modified AGI is more than $178,000 but less than $188,000. 1040ez 2010 form printable If your modified AGI is $188,000 or more, you cannot take a deduction for contributions to a traditional IRA. 1040ez 2010 form printable See How Much Can You Deduct , later. 1040ez 2010 form printable Modified AGI limit for Roth IRA contributions increased. 1040ez 2010 form printable  For 2013, your Roth IRA contribution limit is reduced (phased out) in the following situations. 1040ez 2010 form printable Your filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $178,000. 1040ez 2010 form printable You cannot make a Roth IRA contribution if your modified AGI is $188,000 or more. 1040ez 2010 form printable Your filing status is single, head of household, or married filing separately and you did not live with your spouse at any time in 2013 and your modified AGI is at least $112,000. 1040ez 2010 form printable You cannot make a Roth IRA contribution if your modified AGI is $127,000 or more. 1040ez 2010 form printable Your filing status is married filing separately, you lived with your spouse at any time during the year, and your modified AGI is more than -0-. 1040ez 2010 form printable You cannot make a Roth IRA contribution if your modified AGI is $10,000 or more. 1040ez 2010 form printable See Can You Contribute to a Roth IRA , later. 1040ez 2010 form printable Net Investment Income Tax. 1040ez 2010 form printable   For purposes of the Net Investment Income Tax (NIIT), net investment income does not include distributions from a qualified retirement plan including IRAs (for example; 401(a), 403(a), 403(b), 408, 408A, or 457(b) plans). 1040ez 2010 form printable However, these distributions are taken into account when determining the modified adjusted gross income threshold. 1040ez 2010 form printable Distributions from a nonqualified retirement plan are included in net investment income. 1040ez 2010 form printable See Form 8960, Net Investment Income Tax - Individuals, Estates, and Trusts, and its instructions for more information. 1040ez 2010 form printable Name change. 1040ez 2010 form printable  All spousal IRAs have been renamed Kay Bailey Hutchison Spousal IRAs. 1040ez 2010 form printable There are no changes to the rules regarding these IRAs. 1040ez 2010 form printable See Kay Bailey Hutchison Spousal IRA Limit , later, for more information. 1040ez 2010 form printable Reminders 2014 limits. 1040ez 2010 form printable   You can find information about the 2014 contribution and AGI limits in Publication 590. 1040ez 2010 form printable Contributions to both traditional and Roth IRAs. 1040ez 2010 form printable   For information on your combined contribution limit if you contribute to both traditional and Roth IRAs, see Roth IRAs and traditional IRAs under How Much Can Be Contributed? in Roth IRAs, later. 1040ez 2010 form printable Statement of required minimum distribution. 1040ez 2010 form printable  If a minimum distribution from your IRA is required, the trustee, custodian, or issuer that held the IRA at the end of the preceding year must either report the amount of the required minimum distribution to you, or offer to calculate it for you. 1040ez 2010 form printable The report or offer must include the date by which the amount must be distributed. 1040ez 2010 form printable The report is due January 31 of the year in which the minimum distribution is required. 1040ez 2010 form printable It can be provided with the year-end fair market value statement that you normally get each year. 1040ez 2010 form printable No report is required for IRAs of owners who have died. 1040ez 2010 form printable IRA interest. 1040ez 2010 form printable  Although interest earned from your IRA is generally not taxed in the year earned, it is not tax-exempt interest. 1040ez 2010 form printable Tax on your traditional IRA is generally deferred until you take a distribution. 1040ez 2010 form printable Do not report this interest on your tax return as tax-exempt interest. 1040ez 2010 form printable Form 8606. 1040ez 2010 form printable   To designate contributions as nondeductible, you must file Form 8606, Nondeductible IRAs. 1040ez 2010 form printable The term “50 or older” is used several times in this chapter. 1040ez 2010 form printable It refers to an IRA owner who is age 50 or older by the end of the tax year. 1040ez 2010 form printable Introduction An individual retirement arrangement (IRA) is a personal savings plan that gives you tax advantages for setting aside money for your retirement. 1040ez 2010 form printable This chapter discusses the following topics. 1040ez 2010 form printable The rules for a traditional IRA (any IRA that is not a Roth or SIMPLE IRA). 1040ez 2010 form printable The Roth IRA, which features nondeductible contributions and tax-free distributions. 1040ez 2010 form printable Simplified Employee Pensions (SEPs) and Savings Incentive Match Plans for Employees (SIMPLEs) are not discussed in this chapter. 1040ez 2010 form printable For more information on these plans and employees' SEP IRAs and SIMPLE IRAs that are part of these plans, see Publications 560 and 590. 1040ez 2010 form printable For information about contributions, deductions, withdrawals, transfers, rollovers, and other transactions, see Publication 590. 1040ez 2010 form printable Useful Items - You may want to see: Publication 560 Retirement Plans for Small Business 590 Individual Retirement Arrangements (IRAs) Form (and Instructions) 5329 Additional Taxes on Qualified Plans (including IRAs) and Other Tax-Favored Accounts 8606 Nondeductible IRAs Traditional IRAs In this chapter, the original IRA (sometimes called an ordinary or regular IRA) is referred to as a “traditional IRA. 1040ez 2010 form printable ” A traditional IRA is any IRA that is not a Roth IRA or a SIMPLE IRA. 1040ez 2010 form printable Two advantages of a traditional IRA are: You may be able to deduct some or all of your contributions to it, depending on your circumstances, and Generally, amounts in your IRA, including earnings and gains, are not taxed until they are distributed. 1040ez 2010 form printable Who Can Open a Traditional IRA? You can open and make contributions to a traditional IRA if: You (or, if you file a joint return, your spouse) received taxable compensation during the year, and You were not age 70½ by the end of the year. 1040ez 2010 form printable What is compensation?   Generally, compensation is what you earn from working. 1040ez 2010 form printable Compensation includes wages, salaries, tips, professional fees, bonuses, and other amounts you receive for providing personal services. 1040ez 2010 form printable The IRS treats as compensation any amount properly shown in box 1 (Wages, tips, other compensation) of Form W-2, Wage and Tax Statement, provided that amount is reduced by any amount properly shown in box 11 (Nonqualified plans). 1040ez 2010 form printable   Scholarship and fellowship payments are compensation for this purpose only if shown in box 1 of Form W-2. 1040ez 2010 form printable   Compensation also includes commissions and taxable alimony and separate maintenance payments. 1040ez 2010 form printable Self-employment income. 1040ez 2010 form printable   If you are self-employed (a sole proprietor or a partner), compensation is the net earnings from your trade or business (provided your personal services are a material income-producing factor) reduced by the total of: The deduction for contributions made on your behalf to retirement plans, and The deductible part of your self-employment tax. 1040ez 2010 form printable   Compensation includes earnings from self-employment even if they are not subject to self-employment tax because of your religious beliefs. 1040ez 2010 form printable Nontaxable combat pay. 1040ez 2010 form printable   For IRA purposes, if you were a member of the U. 1040ez 2010 form printable S. 1040ez 2010 form printable Armed Forces, your compensation includes any nontaxable combat pay you receive. 1040ez 2010 form printable What is not compensation?   Compensation does not include any of the following items. 1040ez 2010 form printable Earnings and profits from property, such as rental income, interest income, and dividend income. 1040ez 2010 form printable Pension or annuity income. 1040ez 2010 form printable Deferred compensation received (compensation payments postponed from a past year). 1040ez 2010 form printable Income from a partnership for which you do not provide services that are a material income-producing factor. 1040ez 2010 form printable Conservation Reserve Program (CRP) payments reported on Schedule SE (Form 1040), line 1b. 1040ez 2010 form printable Any amounts (other than combat pay) you exclude from income, such as foreign earned income and housing costs. 1040ez 2010 form printable When and How Can a Traditional IRA Be Opened? You can open a traditional IRA at any time. 1040ez 2010 form printable However, the time for making contributions for any year is limited. 1040ez 2010 form printable See When Can Contributions Be Made , later. 1040ez 2010 form printable You can open different kinds of IRAs with a variety of organizations. 1040ez 2010 form printable You can open an IRA at a bank or other financial institution or with a mutual fund or life insurance company. 1040ez 2010 form printable You can also open an IRA through your stockbroker. 1040ez 2010 form printable Any IRA must meet Internal Revenue Code requirements. 1040ez 2010 form printable Kinds of traditional IRAs. 1040ez 2010 form printable   Your traditional IRA can be an individual retirement account or annuity. 1040ez 2010 form printable It can be part of either a simplified employee pension (SEP) or an employer or employee association trust account. 1040ez 2010 form printable How Much Can Be Contributed? There are limits and other rules that affect the amount that can be contributed to a traditional IRA. 1040ez 2010 form printable These limits and other rules are explained below. 1040ez 2010 form printable Community property laws. 1040ez 2010 form printable   Except as discussed later under Kay Bailey Hutchison Spousal IRA limit , each spouse figures his or her limit separately, using his or her own compensation. 1040ez 2010 form printable This is the rule even in states with community property laws. 1040ez 2010 form printable Brokers' commissions. 1040ez 2010 form printable   Brokers' commissions paid in connection with your traditional IRA are subject to the contribution limit. 1040ez 2010 form printable Trustees' fees. 1040ez 2010 form printable   Trustees' administrative fees are not subject to the contribution limit. 1040ez 2010 form printable Qualified reservist repayments. 1040ez 2010 form printable   If you are (or were) a member of a reserve component and you were ordered or called to active duty after September 11, 2001, you may be able to contribute (repay) to an IRA amounts equal to any qualified reservist distributions you received. 1040ez 2010 form printable You can make these repayment contributions even if they would cause your total contributions to the IRA to be more than the general limit on contributions. 1040ez 2010 form printable To be eligible to make these repayment contributions, you must have received a qualified reservist distribution from an IRA or from a section 401(k) or 403(b) plan or similar arrangement. 1040ez 2010 form printable   For more information, see Qualified reservist repayments under How Much Can Be Contributed? in chapter 1 of Publication 590. 1040ez 2010 form printable Contributions on your behalf to a traditional IRA reduce your limit for contributions to a Roth IRA. 1040ez 2010 form printable (See Roth IRAs, later. 1040ez 2010 form printable ) General limit. 1040ez 2010 form printable   For 2013, the most that can be contributed to your traditional IRA generally is the smaller of the following amounts. 1040ez 2010 form printable $5,500 ($6,500 if you are 50 or older). 1040ez 2010 form printable Your taxable compensation (defined earlier) for the year. 1040ez 2010 form printable This is the most that can be contributed regardless of whether the contributions are to one or more traditional IRAs or whether all or part of the contributions are nondeductible. 1040ez 2010 form printable (See Nondeductible Contributions , later. 1040ez 2010 form printable ) Qualified reservist repayments do not affect this limit. 1040ez 2010 form printable Example 1. 1040ez 2010 form printable Betty, who is 34 years old and single, earned $24,000 in 2013. 1040ez 2010 form printable Her IRA contributions for 2013 are limited to $5,500. 1040ez 2010 form printable Example 2. 1040ez 2010 form printable John, an unmarried college student working part time, earned $3,500 in 2013. 1040ez 2010 form printable His IRA contributions for 2013 are limited to $3,500, the amount of his compensation. 1040ez 2010 form printable Kay Bailey Hutchison Spousal IRA limit. 1040ez 2010 form printable   For 2013, if you file a joint return and your taxable compensation is less than that of your spouse, the most that can be contributed for the year to your IRA is the smaller of the following amounts. 1040ez 2010 form printable $5,500 ($6,500 if you are 50 or older). 1040ez 2010 form printable The total compensation includible in the gross income of both you and your spouse for the year, reduced by the following two amounts. 1040ez 2010 form printable Your spouse's IRA contribution for the year to a traditional IRA. 1040ez 2010 form printable Any contribution for the year to a Roth IRA on behalf of your spouse. 1040ez 2010 form printable This means that the total combined contributions that can be made for the year to your IRA and your spouse's IRA can be as much as $11,000 ($12,000 if only one of you is 50 or older, or $13,000 if both of you are 50 or older). 1040ez 2010 form printable When Can Contributions Be Made? As soon as you open your traditional IRA, contributions can be made to it through your chosen sponsor (trustee or other administrator). 1040ez 2010 form printable Contributions must be in the form of money (cash, check, or money order). 1040ez 2010 form printable Property cannot be contributed. 1040ez 2010 form printable Contributions must be made by due date. 1040ez 2010 form printable   Contributions can be made to your traditional IRA for a year at any time during the year or by the due date for filing your return for that year, not including extensions. 1040ez 2010 form printable Age 70½ rule. 1040ez 2010 form printable   Contributions cannot be made to your traditional IRA for the year in which you reach age 70½ or for any later year. 1040ez 2010 form printable   You attain age 70½ on the date that is 6 calendar months after the 70th anniversary of your birth. 1040ez 2010 form printable If you were born on or before June 30, 1943, you cannot contribute for 2013 or any later year. 1040ez 2010 form printable Designating year for which contribution is made. 1040ez 2010 form printable   If an amount is contributed to your traditional IRA between January 1 and April 15, you should tell the sponsor which year (the current year or the previous year) the contribution is for. 1040ez 2010 form printable If you do not tell the sponsor which year it is for, the sponsor can assume, and report to the IRS, that the contribution is for the current year (the year the sponsor received it). 1040ez 2010 form printable Filing before a contribution is made. 1040ez 2010 form printable   You can file your return claiming a traditional IRA contribution before the contribution is actually made. 1040ez 2010 form printable Generally, the contribution must be made by the due date of your return, not including extensions. 1040ez 2010 form printable Contributions not required. 1040ez 2010 form printable   You do not have to contribute to your traditional IRA for every tax year, even if you can. 1040ez 2010 form printable How Much Can You Deduct? Generally, you can deduct the lesser of: The contributions to your traditional IRA for the year, or The general limit (or the Kay Bailey Hutchison Spousal IRA limit, if it applies). 1040ez 2010 form printable However, if you or your spouse was covered by an employer retirement plan, you may not be able to deduct this amount. 1040ez 2010 form printable See Limit If Covered by Employer Plan , later. 1040ez 2010 form printable You may be able to claim a credit for contributions to your traditional IRA. 1040ez 2010 form printable For more information, see chapter 37. 1040ez 2010 form printable Trustees' fees. 1040ez 2010 form printable   Trustees' administrative fees that are billed separately and paid in connection with your traditional IRA are not deductible as IRA contributions. 1040ez 2010 form printable However, they may be deductible as a miscellaneous itemized deduction on Schedule A (Form 1040). 1040ez 2010 form printable See chapter 28. 1040ez 2010 form printable Brokers' commissions. 1040ez 2010 form printable   Brokers' commissions are part of your IRA contribution and, as such, are deductible subject to the limits. 1040ez 2010 form printable Full deduction. 1040ez 2010 form printable   If neither you nor your spouse was covered for any part of the year by an employer retirement plan, you can take a deduction for total contributions to one or more traditional IRAs of up to the lesser of: $5,500 ($6,500 if you are age 50 or older in 2013). 1040ez 2010 form printable 100% of your compensation. 1040ez 2010 form printable This limit is reduced by any contributions made to a 501(c)(18) plan on your behalf. 1040ez 2010 form printable Kay Bailey Hutchison Spousal IRA. 1040ez 2010 form printable   In the case of a married couple with unequal compensation who file a joint return, the deduction for contributions to the traditional IRA of the spouse with less compensation is limited to the lesser of the following amounts. 1040ez 2010 form printable $5,500 ($6,500 if the spouse with the lower compensation is age 50 or older in 2013). 1040ez 2010 form printable The total compensation includible in the gross income of both spouses for the year reduced by the following three amounts. 1040ez 2010 form printable The IRA deduction for the year of the spouse with the greater compensation. 1040ez 2010 form printable Any designated nondeductible contribution for the year made on behalf of the spouse with the greater compensation. 1040ez 2010 form printable Any contributions for the year to a Roth IRA on behalf of the spouse with the greater compensation. 1040ez 2010 form printable This limit is reduced by any contributions to a 501(c)(18) plan on behalf of the spouse with the lesser compensation. 1040ez 2010 form printable Note. 1040ez 2010 form printable If you were divorced or legally separated (and did not remarry) before the end of the year, you cannot deduct any contributions to your spouse's IRA. 1040ez 2010 form printable After a divorce or legal separation, you can deduct only contributions to your own IRA. 1040ez 2010 form printable Your deductions are subject to the rules for single individuals. 1040ez 2010 form printable Covered by an employer retirement plan. 1040ez 2010 form printable   If you or your spouse was covered by an employer retirement plan at any time during the year for which contributions were made, your deduction may be further limited. 1040ez 2010 form printable This is discussed later under Limit If Covered by Employer Plan . 1040ez 2010 form printable Limits on the amount you can deduct do not affect the amount that can be contributed. 1040ez 2010 form printable See Nondeductible Contributions , later. 1040ez 2010 form printable Are You Covered by an Employer Plan? The Form W-2 you receive from your employer has a box used to indicate whether you were covered for the year. 1040ez 2010 form printable The “Retirement plan” box should be checked if you were covered. 1040ez 2010 form printable Reservists and volunteer firefighters should also see Situations in Which You Are Not Covered by an Employer Plan , later. 1040ez 2010 form printable If you are not certain whether you were covered by your employer's retirement plan, you should ask your employer. 1040ez 2010 form printable Federal judges. 1040ez 2010 form printable   For purposes of the IRA deduction, federal judges are covered by an employer retirement plan. 1040ez 2010 form printable For Which Year(s) Are You Covered by an Employer Plan? Special rules apply to determine the tax years for which you are covered by an employer plan. 1040ez 2010 form printable These rules differ depending on whether the plan is a defined contribution plan or a defined benefit plan. 1040ez 2010 form printable Tax year. 1040ez 2010 form printable   Your tax year is the annual accounting period you use to keep records and report income and expenses on your income tax return. 1040ez 2010 form printable For almost all people, the tax year is the calendar year. 1040ez 2010 form printable Defined contribution plan. 1040ez 2010 form printable   Generally, you are covered by a defined contribution plan for a tax year if amounts are contributed or allocated to your account for the plan year that ends with or within that tax year. 1040ez 2010 form printable   A defined contribution plan is a plan that provides for a separate account for each person covered by the plan. 1040ez 2010 form printable Types of defined contribution plans include profit-sharing plans, stock bonus plans, and money purchase pension plans. 1040ez 2010 form printable Defined benefit plan. 1040ez 2010 form printable   If you are eligible to participate in your employer's defined benefit plan for the plan year that ends within your tax year, you are covered by the plan. 1040ez 2010 form printable This rule applies even if you: Declined to participate in the plan, Did not make a required contribution, or Did not perform the minimum service required to accrue a benefit for the year. 1040ez 2010 form printable   A defined benefit plan is any plan that is not a defined contribution plan. 1040ez 2010 form printable Defined benefit plans include pension plans and annuity plans. 1040ez 2010 form printable No vested interest. 1040ez 2010 form printable   If you accrue a benefit for a plan year, you are covered by that plan even if you have no vested interest in (legal right to) the accrual. 1040ez 2010 form printable Situations in Which You Are Not Covered by an Employer Plan Unless you are covered under another employer plan, you are not covered by an employer plan if you are in one of the situations described below. 1040ez 2010 form printable Social security or railroad retirement. 1040ez 2010 form printable   Coverage under social security or railroad retirement is not coverage under an employer retirement plan. 1040ez 2010 form printable Benefits from a previous employer's plan. 1040ez 2010 form printable   If you receive retirement benefits from a previous employer's plan, you are not covered by that plan. 1040ez 2010 form printable Reservists. 1040ez 2010 form printable   If the only reason you participate in a plan is because you are a member of a reserve unit of the armed forces, you may not be covered by the plan. 1040ez 2010 form printable You are not covered by the plan if both of the following conditions are met. 1040ez 2010 form printable The plan you participate in is established for its employees by: The United States, A state or political subdivision of a state, or An instrumentality of either (a) or (b) above. 1040ez 2010 form printable You did not serve more than 90 days on active duty during the year (not counting duty for training). 1040ez 2010 form printable Volunteer firefighters. 1040ez 2010 form printable   If the only reason you participate in a plan is because you are a volunteer firefighter, you may not be covered by the plan. 1040ez 2010 form printable You are not covered by the plan if both of the following conditions are met. 1040ez 2010 form printable The plan you participate in is established for its employees by: The United States, A state or political subdivision of a state, or An instrumentality of either (a) or (b) above. 1040ez 2010 form printable Your accrued retirement benefits at the beginning of the year will not provide more than $1,800 per year at retirement. 1040ez 2010 form printable Limit If Covered by Employer Plan If either you or your spouse was covered by an employer retirement plan, you may be entitled to only a partial (reduced) deduction or no deduction at all, depending on your income and your filing status. 1040ez 2010 form printable Your deduction begins to decrease (phase out) when your income rises above a certain amount and is eliminated altogether when it reaches a higher amount. 1040ez 2010 form printable These amounts vary depending on your filing status. 1040ez 2010 form printable To determine if your deduction is subject to phaseout, you must determine your modified adjusted gross income (AGI) and your filing status. 1040ez 2010 form printable See Filing status and Modified adjusted gross income (AGI) , later. 1040ez 2010 form printable Then use Table 17-1 or 17-2 to determine if the phaseout applies. 1040ez 2010 form printable Social security recipients. 1040ez 2010 form printable   Instead of using Table 17-1 or Table 17-2, use the worksheets in Appendix B of Publication 590 if, for the year, all of the following apply. 1040ez 2010 form printable You received social security benefits. 1040ez 2010 form printable You received taxable compensation. 1040ez 2010 form printable Contributions were made to your traditional IRA. 1040ez 2010 form printable You or your spouse was covered by an employer retirement plan. 1040ez 2010 form printable Use those worksheets to figure your IRA deduction, your nondeductible contribution, and the taxable portion, if any, of your social security benefits. 1040ez 2010 form printable Deduction phaseout. 1040ez 2010 form printable   If you were covered by an employer retirement plan and you did not receive any social security retirement benefits, your IRA deduction may be reduced or eliminated depending on your filing status and modified AGI as shown in Table 17-1. 1040ez 2010 form printable Table 17-1. 1040ez 2010 form printable Effect of Modified AGI1 on Deduction if You Are Covered by Retirement Plan at Work If you are covered by a retirement plan at work, use this table to determine if your modified AGI affects the amount of your deduction. 1040ez 2010 form printable IF your filing status is. 1040ez 2010 form printable . 1040ez 2010 form printable . 1040ez 2010 form printable   AND your modified AGI is. 1040ez 2010 form printable . 1040ez 2010 form printable . 1040ez 2010 form printable   THEN you can take. 1040ez 2010 form printable . 1040ez 2010 form printable . 1040ez 2010 form printable single   or  head of household   $59,000 or less   a full deduction. 1040ez 2010 form printable   more than $59,000 but less than $69,000   a partial deduction. 1040ez 2010 form printable   $69,000 or more   no deduction. 1040ez 2010 form printable married filing jointly   or  qualifying widow(er)   $95,000 or less   a full deduction. 1040ez 2010 form printable   more than $95,000 but less than $115,000   a partial deduction. 1040ez 2010 form printable   $115,000 or more   no deduction. 1040ez 2010 form printable married filing separately2   less than $10,000   a partial deduction. 1040ez 2010 form printable   $10,000 or more   no deduction. 1040ez 2010 form printable 1Modified AGI (adjusted gross income). 1040ez 2010 form printable See Modified adjusted gross income (AGI) . 1040ez 2010 form printable 2If you did not live with your spouse at any time during the year, your filing status is considered Single for this purpose (therefore, your IRA deduction is determined under the “Single” column). 1040ez 2010 form printable If your spouse is covered. 1040ez 2010 form printable   If you are not covered by an employer retirement plan, but your spouse is, and you did not receive any social security benefits, your IRA deduction may be reduced or eliminated entirely depending on your filing status and modified AGI as shown in Table 17-2. 1040ez 2010 form printable Filing status. 1040ez 2010 form printable   Your filing status depends primarily on your marital status. 1040ez 2010 form printable For this purpose, you need to know if your filing status is single or head of household, married filing jointly or qualifying widow(er), or married filing separately. 1040ez 2010 form printable If you need more information on filing status, see chapter 2. 1040ez 2010 form printable Lived apart from spouse. 1040ez 2010 form printable   If you did not live with your spouse at any time during the year and you file a separate return, your filing status, for this purpose, is single. 1040ez 2010 form printable Table 17-2. 1040ez 2010 form printable Effect of Modified AGI1 on Deduction if You Are NOT Covered by Retirement Plan at Work If you are not covered by a retirement plan at work, use this table to determine if your modified AGI affects the amount of your deduction. 1040ez 2010 form printable IF your filing status is. 1040ez 2010 form printable . 1040ez 2010 form printable . 1040ez 2010 form printable   AND your modified AGI is. 1040ez 2010 form printable . 1040ez 2010 form printable . 1040ez 2010 form printable   THEN you can take. 1040ez 2010 form printable . 1040ez 2010 form printable . 1040ez 2010 form printable single, head of household, or qualifying widow(er)   any amount   a full deduction. 1040ez 2010 form printable married filing jointly or separately with a spouse who is not covered by a plan at work   any amount   a full deduction. 1040ez 2010 form printable married filing jointly with a spouse who is covered by a plan at work   $178,000 or less   a full deduction. 1040ez 2010 form printable   more than $178,000 but less than $188,000   a partial deduction. 1040ez 2010 form printable   $188,000 or more   no deduction. 1040ez 2010 form printable married filing separately with a spouse who is covered by a plan at work2   less than $10,000   a partial deduction. 1040ez 2010 form printable   $10,000 or more   no deduction. 1040ez 2010 form printable 1Modified AGI (adjusted gross income). 1040ez 2010 form printable See Modified adjusted gross income (AGI) . 1040ez 2010 form printable 2You are entitled to the full deduction if you did not live with your spouse at any time during the year. 1040ez 2010 form printable Modified adjusted gross income (AGI). 1040ez 2010 form printable   How you figure your modified AGI depends on whether you are filing Form 1040 or Form 1040A. 1040ez 2010 form printable If you made contributions to your IRA for 2013 and received a distribution from your IRA in 2013, see Publication 590. 1040ez 2010 form printable You may be able to use Worksheet 17-1 to figure your modified AGI. 1040ez 2010 form printable    Do not assume that your modified AGI is the same as your compensation. 1040ez 2010 form printable Your modified AGI may include income in addition to your compensation (discussed earlier), such as interest, dividends, and income from IRA distributions. 1040ez 2010 form printable Form 1040. 1040ez 2010 form printable   If you file Form 1040, refigure the amount on the page 1 “adjusted gross income” line without taking into account any of the following eight amounts. 1040ez 2010 form printable IRA deduction. 1040ez 2010 form printable Student loan interest deduction. 1040ez 2010 form printable Tuition and fees deduction. 1040ez 2010 form printable Domestic production activities deduction. 1040ez 2010 form printable Foreign earned income exclusion. 1040ez 2010 form printable Foreign housing exclusion or deduction. 1040ez 2010 form printable Exclusion of qualified savings bond interest shown on Form 8815, Exclusion of Interest From Series EE and I U. 1040ez 2010 form printable S. 1040ez 2010 form printable Savings Bonds Issued After 1989. 1040ez 2010 form printable Exclusion of employer-provided adoption benefits shown on Form 8839, Qualified Adoption Expenses. 1040ez 2010 form printable This is your modified AGI. 1040ez 2010 form printable Form 1040A. 1040ez 2010 form printable   If you file Form 1040A, refigure the amount on the page 1 “adjusted gross income” line without taking into account any of the following amounts. 1040ez 2010 form printable IRA deduction. 1040ez 2010 form printable Student loan interest deduction. 1040ez 2010 form printable Tuition and fees deduction. 1040ez 2010 form printable Exclusion of qualified savings bond interest shown on Form 8815. 1040ez 2010 form printable This is your modified AGI. 1040ez 2010 form printable Both contributions for 2013 and distributions in 2013. 1040ez 2010 form printable   If all three of the following apply, any IRA distributions you received in 2013 may be partly tax free and partly taxable. 1040ez 2010 form printable You received distributions in 2013 from one or more traditional IRAs. 1040ez 2010 form printable You made contributions to a traditional IRA for 2013. 1040ez 2010 form printable Some of those contributions may be nondeductible contributions. 1040ez 2010 form printable If this is your situation, you must figure the taxable part of the traditional IRA distribution before you can figure your modified AGI. 1040ez 2010 form printable To do this, you can use Worksheet 1-5, Figuring the Taxable Part of Your IRA Distribution, in Publication 590. 1040ez 2010 form printable   If at least one of the above does not apply, figure your modified AGI using Worksheet 17-1, later. 1040ez 2010 form printable    How to figure your reduced IRA deduction. 1040ez 2010 form printable   You can figure your reduced IRA deduction for either Form 1040 or Form 1040A by using the worksheets in chapter 1 of Publication 590. 1040ez 2010 form printable Also, the instructions for Form 1040 and Form 1040A include similar worksheets that you may be able to use instead. 1040ez 2010 form printable Worksheet 17-1. 1040ez 2010 form printable Figuring Your Modified AGI Use this worksheet to figure your modified adjusted gross income for traditional IRA purposes. 1040ez 2010 form printable 1. 1040ez 2010 form printable Enter your adjusted gross income (AGI) from Form 1040, line 38, or Form 1040A, line 22, figured without taking into account the amount from Form 1040, line 32, or Form 1040A, line 17 1. 1040ez 2010 form printable   2. 1040ez 2010 form printable Enter any student loan interest deduction from Form 1040, line 33, or Form 1040A, line 18 2. 1040ez 2010 form printable   3. 1040ez 2010 form printable Enter any tuition and fees deduction from Form 1040, line 34, or Form 1040A, line 19 3. 1040ez 2010 form printable   4. 1040ez 2010 form printable Enter any domestic production activities deduction from Form 1040, line 35 4. 1040ez 2010 form printable   5. 1040ez 2010 form printable Enter any foreign earned income and/or housing exclusion from Form 2555, line 45, or Form 2555-EZ, line 18 5. 1040ez 2010 form printable   6. 1040ez 2010 form printable Enter any foreign housing deduction from Form 2555, line 50 6. 1040ez 2010 form printable   7. 1040ez 2010 form printable Enter any excludable savings bond interest from Form 8815, line 14 7. 1040ez 2010 form printable   8. 1040ez 2010 form printable Enter any excluded employer-provided adoption benefits from Form 8839, line 28 8. 1040ez 2010 form printable   9. 1040ez 2010 form printable Add lines 1 through 8. 1040ez 2010 form printable This is your Modified AGI for traditional IRA purposes 9. 1040ez 2010 form printable   Reporting Deductible Contributions If you file Form 1040, enter your IRA deduction on line 32 of that form. 1040ez 2010 form printable If you file Form 1040A, enter your IRA deduction on line 17. 1040ez 2010 form printable You cannot deduct IRA contributions on Form 1040EZ. 1040ez 2010 form printable Nondeductible Contributions Although your deduction for IRA contributions may be reduced or eliminated, contributions can be made to your IRA up to the general limit or, if it applies, the Kay Bailey Hutchison Spousal IRA limit. 1040ez 2010 form printable The difference between your total permitted contributions and your IRA deduction, if any, is your nondeductible contribution. 1040ez 2010 form printable Example. 1040ez 2010 form printable Mike is 28 years old and single. 1040ez 2010 form printable In 2013, he was covered by a retirement plan at work. 1040ez 2010 form printable His salary was $57,312. 1040ez 2010 form printable His modified AGI was $70,000. 1040ez 2010 form printable Mike made a $5,500 IRA contribution for 2013. 1040ez 2010 form printable Because he was covered by a retirement plan and his modified AGI was over $69,000, he cannot deduct his $5,500 IRA contribution. 1040ez 2010 form printable He must designate this contribution as a nondeductible contribution by reporting it on Form 8606, as explained next. 1040ez 2010 form printable Form 8606. 1040ez 2010 form printable   To designate contributions as nondeductible, you must file Form 8606. 1040ez 2010 form printable   You do not have to designate a contribution as nondeductible until you file your tax return. 1040ez 2010 form printable When you file, you can even designate otherwise deductible contributions as nondeductible. 1040ez 2010 form printable   You must file Form 8606 to report nondeductible contributions even if you do not have to file a tax return for the year. 1040ez 2010 form printable A Form 8606 is not used for the year that you make a rollover from a qualified retirement plan to a traditional IRA and the rollover includes nontaxable amounts. 1040ez 2010 form printable In those situations, a Form 8606 is completed for the year you take a distribution from that IRA. 1040ez 2010 form printable See Form 8606 under Distributions Fully or Partly Taxable, later. 1040ez 2010 form printable Failure to report nondeductible contributions. 1040ez 2010 form printable   If you do not report nondeductible contributions, all of the contributions to your traditional IRA will be treated as deductible contributions when withdrawn. 1040ez 2010 form printable All distributions from your IRA will be taxed unless you can show, with satisfactory evidence, that nondeductible contributions were made. 1040ez 2010 form printable Penalty for overstatement. 1040ez 2010 form printable   If you overstate the amount of nondeductible contributions on your Form 8606 for any tax year, you must pay a penalty of $100 for each overstatement, unless it was due to reasonable cause. 1040ez 2010 form printable Penalty for failure to file Form 8606. 1040ez 2010 form printable   You will have to pay a $50 penalty if you do not file a required Form 8606, unless you can prove that the failure was due to reasonable cause. 1040ez 2010 form printable    Tax on earnings on nondeductible contributions. 1040ez 2010 form printable   As long as contributions are within the contribution limits, none of the earnings or gains on contributions (deductible or nondeductible) will be taxed until they are distributed. 1040ez 2010 form printable See When Can You Withdraw or Use IRA Assets , later. 1040ez 2010 form printable Cost basis. 1040ez 2010 form printable   You will have a cost basis in your traditional IRA if you made any nondeductible contributions. 1040ez 2010 form printable Your cost basis is the sum of the nondeductible contributions to your IRA minus any withdrawals or distributions of nondeductible contributions. 1040ez 2010 form printable Inherited IRAs If you inherit a traditional IRA, you are called a beneficiary. 1040ez 2010 form printable A beneficiary can be any person or entity the owner chooses to receive the benefits of the IRA after he or she dies. 1040ez 2010 form printable Beneficiaries of a traditional IRA must include in their gross income any taxable distributions they receive. 1040ez 2010 form printable Inherited from spouse. 1040ez 2010 form printable   If you inherit a traditional IRA from your spouse, you generally have the following three choices. 1040ez 2010 form printable You can: Treat it as your own IRA by designating yourself as the account owner. 1040ez 2010 form printable Treat it as your own by rolling it over into your IRA, or to the extent it is taxable, into a: Qualified employer plan, Qualified employee annuity plan (section 403(a) plan), Tax-sheltered annuity plan (section 403(b) plan), or Deferred compensation plan of a state or local government (section 457 plan). 1040ez 2010 form printable Treat yourself as the beneficiary rather than treating the IRA as your own. 1040ez 2010 form printable Treating it as your own. 1040ez 2010 form printable   You will be considered to have chosen to treat the IRA as your own if: Contributions (including rollover contributions) are made to the inherited IRA, or You do not take the required minimum distribution for a year as a beneficiary of the IRA. 1040ez 2010 form printable You will only be considered to have chosen to treat the IRA as your own if: You are the sole beneficiary of the IRA, and You have an unlimited right to withdraw amounts from it. 1040ez 2010 form printable   However, if you receive a distribution from your deceased spouse's IRA, you can roll that distribution over into your own IRA within the 60-day time limit, as long as the distribution is not a required distribution, even if you are not the sole beneficiary of your deceased spouse's IRA. 1040ez 2010 form printable Inherited from someone other than spouse. 1040ez 2010 form printable   If you inherit a traditional IRA from anyone other than your deceased spouse, you cannot treat the inherited IRA as your own. 1040ez 2010 form printable This means that you cannot make any contributions to the IRA. 1040ez 2010 form printable It also means you cannot roll over any amounts into or out of the inherited IRA. 1040ez 2010 form printable However, you can make a trustee-to-trustee transfer as long as the IRA into which amounts are being moved is set up and maintained in the name of the deceased IRA owner for the benefit of you as beneficiary. 1040ez 2010 form printable For more information, see the discussion of inherited IRAs under Rollover From One IRA Into Another, later. 1040ez 2010 form printable Can You Move Retirement Plan Assets? You can transfer, tax free, assets (money or property) from other retirement plans (including traditional IRAs) to a traditional IRA. 1040ez 2010 form printable You can make the following kinds of transfers. 1040ez 2010 form printable Transfers from one trustee to another. 1040ez 2010 form printable Rollovers. 1040ez 2010 form printable Transfers incident to a divorce. 1040ez 2010 form printable Transfers to Roth IRAs. 1040ez 2010 form printable   Under certain conditions, you can move assets from a traditional IRA or from a designated Roth account to a Roth IRA. 1040ez 2010 form printable You can also move assets from a qualified retirement plan to a Roth IRA. 1040ez 2010 form printable See Can You Move Amounts Into a Roth IRA? under Roth IRAs, later. 1040ez 2010 form printable Trustee-to-Trustee Transfer A transfer of funds in your traditional IRA from one trustee directly to another, either at your request or at the trustee's request, is not a rollover. 1040ez 2010 form printable Because there is no distribution to you, the transfer is tax free. 1040ez 2010 form printable Because it is not a rollover, it is not affected by the 1-year waiting period required between rollovers, discussed later under Rollover From One IRA Into Another . 1040ez 2010 form printable For information about direct transfers to IRAs from retirement plans other than IRAs, see Can You Move Retirement Plan Assets? in chapter 1 and Can You Move Amounts Into a Roth IRA? in chapter 2 of Publication 590. 1040ez 2010 form printable Rollovers Generally, a rollover is a tax-free distribution to you of cash or other assets from one retirement plan that you contribute (roll over) to another retirement plan. 1040ez 2010 form printable The contribution to the second retirement plan is called a “rollover contribution. 1040ez 2010 form printable ” Note. 1040ez 2010 form printable An amount rolled over tax free from one retirement plan to another is generally includible in income when it is distributed from the second plan. 1040ez 2010 form printable Kinds of rollovers to a traditional IRA. 1040ez 2010 form printable   You can roll over amounts from the following plans into a traditional IRA: A traditional IRA, An employer's qualified retirement plan for its employees, A deferred compensation plan of a state or local government (section 457 plan), or A tax-sheltered annuity plan (section 403(b) plan). 1040ez 2010 form printable Treatment of rollovers. 1040ez 2010 form printable   You cannot deduct a rollover contribution, but you must report the rollover distribution on your tax return as discussed later under Reporting rollovers from IRAs and under Reporting rollovers from employer plans . 1040ez 2010 form printable Kinds of rollovers from a traditional IRA. 1040ez 2010 form printable   You may be able to roll over, tax free, a distribution from your traditional IRA into a qualified plan. 1040ez 2010 form printable These plans include the federal Thrift Savings Fund (for federal employees), deferred compensation plans of state or local governments (section 457 plans), and tax-sheltered annuity plans (section 403(b) plans). 1040ez 2010 form printable The part of the distribution that you can roll over is the part that would otherwise be taxable (includible in your income). 1040ez 2010 form printable Qualified plans may, but are not required to, accept such rollovers. 1040ez 2010 form printable Time limit for making a rollover contribution. 1040ez 2010 form printable   You generally must make the rollover contribution by the 60th day after the day you receive the distribution from your traditional IRA or your employer's plan. 1040ez 2010 form printable The IRS may waive the 60-day requirement where the failure to do so would be against equity or good conscience, such as in the event of a casualty, disaster, or other event beyond your reasonable control. 1040ez 2010 form printable For more information, see Can You Move Retirement Plan Assets? in chapter 1 of Publication 590. 1040ez 2010 form printable Extension of rollover period. 1040ez 2010 form printable   If an amount distributed to you from a traditional IRA or a qualified employer retirement plan is a frozen deposit at any time during the 60-day period allowed for a rollover, special rules extend the rollover period. 1040ez 2010 form printable For more information, see Can You Move Retirement Plan Assets? in chapter 1 of Publication 590. 1040ez 2010 form printable More information. 1040ez 2010 form printable   For more information on rollovers, see Can You Move Retirement Plan Assets? in chapter 1 of Publication 590. 1040ez 2010 form printable Rollover From One IRA Into Another You can withdraw, tax free, all or part of the assets from one traditional IRA if you reinvest them within 60 days in the same or another traditional IRA. 1040ez 2010 form printable Because this is a rollover, you cannot deduct the amount that you reinvest in an IRA. 1040ez 2010 form printable Waiting period between rollovers. 1040ez 2010 form printable   Generally, if you make a tax-free rollover of any part of a distribution from a traditional IRA, you cannot, within a 1-year period, make a tax-free rollover of any later distribution from that same IRA. 1040ez 2010 form printable You also cannot make a tax-free rollover of any amount distributed, within the same 1-year period, from the IRA into which you made the tax-free rollover. 1040ez 2010 form printable   The 1-year period begins on the date you receive the IRA distribution, not on the date you roll it over into an IRA. 1040ez 2010 form printable Example. 1040ez 2010 form printable You have two traditional IRAs, IRA-1 and IRA-2. 1040ez 2010 form printable You make a tax-free rollover of a distribution from IRA-1 into a new traditional IRA (IRA-3). 1040ez 2010 form printable You cannot, within 1 year of the distribution from IRA-1, make a tax-free rollover of any distribution from either IRA-1 or IRA-3 into another traditional IRA. 1040ez 2010 form printable However, the rollover from IRA-1 into IRA-3 does not prevent you from making a tax-free rollover from IRA-2 into any other traditional IRA. 1040ez 2010 form printable This is because you have not, within the last year, rolled over, tax free, any distribution from IRA-2 or made a tax-free rollover into IRA-2. 1040ez 2010 form printable Exception. 1040ez 2010 form printable   For an exception for distributions from failed financial institutions, see Rollover From One IRA Into Another under Can You Move Retirement Plan Assets? in chapter 1 of Publication 590. 1040ez 2010 form printable Partial rollovers. 1040ez 2010 form printable   If you withdraw assets from a traditional IRA, you can roll over part of the withdrawal tax free and keep the rest of it. 1040ez 2010 form printable The amount you keep will generally be taxable (except for the part that is a return of nondeductible contributions). 1040ez 2010 form printable The amount you keep may be subject to the 10% additional tax on early distributions, discussed later under What Acts Result in Penalties or Additional Taxes? . 1040ez 2010 form printable Required distributions. 1040ez 2010 form printable   Amounts that must be distributed during a particular year under the required distribution rules (discussed later) are not eligible for rollover treatment. 1040ez 2010 form printable Inherited IRAs. 1040ez 2010 form printable   If you inherit a traditional IRA from your spouse, you generally can roll it over, or you can choose to make the inherited IRA your own. 1040ez 2010 form printable See Treating it as your own , earlier. 1040ez 2010 form printable Not inherited from spouse. 1040ez 2010 form printable   If you inherit a traditional IRA from someone other than your spouse, you cannot roll it over or allow it to receive a rollover contribution. 1040ez 2010 form printable You must withdraw the IRA assets within a certain period. 1040ez 2010 form printable For more information, see When Must You Withdraw Assets? in chapter 1 of Publication 590. 1040ez 2010 form printable Reporting rollovers from IRAs. 1040ez 2010 form printable   Report any rollover from one traditional IRA to the same or another traditional IRA on lines 15a and 15b, Form 1040, or lines 11a and 11b, Form 1040A, as follows. 1040ez 2010 form printable   Enter the total amount of the distribution on Form 1040, line 15a, or Form 1040A, line 11a. 1040ez 2010 form printable If the total amount on Form 1040, line 15a, or Form 1040A, line 11a, was rolled over, enter zero on Form 1040, line 15b, or Form 1040A, line 11b. 1040ez 2010 form printable If the total distribution was not rolled over, enter the taxable portion of the part that was not rolled over on Form 1040, line 15b, or Form 1040A, line 11b. 1040ez 2010 form printable Put “Rollover” next to Form 1040, line 15b, or Form 1040A, line 11b. 1040ez 2010 form printable See your tax return instructions. 1040ez 2010 form printable   If you rolled over the distribution into a qualified plan (other than an IRA) or you make the rollover in 2014, attach a statement explaining what you did. 1040ez 2010 form printable Rollover From Employer's Plan Into an IRA You can roll over into a traditional IRA all or part of an eligible rollover distribution you receive from your (or your deceased spouse's): Employer's qualified pension, profit-sharing, or stock bonus plan; Annuity plan; Tax-sheltered annuity plan (section 403(b) plan); or Governmental deferred compensation plan (section 457 plan). 1040ez 2010 form printable A qualified plan is one that meets the requirements of the Internal Revenue Code. 1040ez 2010 form printable Eligible rollover distribution. 1040ez 2010 form printable   Generally, an eligible rollover distribution is any distribution of all or part of the balance to your credit in a qualified retirement plan except the following. 1040ez 2010 form printable A required minimum distribution (explained later under When Must You Withdraw IRA Assets? (Required Minimum Distributions) ). 1040ez 2010 form printable A hardship distribution. 1040ez 2010 form printable Any of a series of substantially equal periodic distributions paid at least once a year over: Your lifetime or life expectancy, The lifetimes or life expectancies of you and your beneficiary, or A period of 10 years or more. 1040ez 2010 form printable Corrective distributions of excess contributions or excess deferrals, and any income allocable to the excess, or of excess annual additions and any allocable gains. 1040ez 2010 form printable A loan treated as a distribution because it does not satisfy certain requirements either when made or later (such as upon default), unless the participant's accrued benefits are reduced (offset) to repay the loan. 1040ez 2010 form printable Dividends on employer securities. 1040ez 2010 form printable The cost of life insurance coverage. 1040ez 2010 form printable Any nontaxable amounts that you roll over into your traditional IRA become part of your basis (cost) in your IRAs. 1040ez 2010 form printable To recover your basis when you take distributions from your IRA, you must complete Form 8606 for the year of the distribution. 1040ez 2010 form printable See Form 8606 under Distributions Fully or Partly Taxable, later. 1040ez 2010 form printable Rollover by nonspouse beneficiary. 1040ez 2010 form printable   A direct transfer from a deceased employee's qualified pension, profit-sharing, or stock bonus plan; annuity plan; tax-sheltered annuity (section 403(b)) plan; or governmental deferred compensation (section 457) plan to an IRA set up to receive the distribution on your behalf can be treated as an eligible rollover distribution if you are the designated beneficiary of the plan and not the employee's spouse. 1040ez 2010 form printable The IRA is treated as an inherited IRA. 1040ez 2010 form printable For more information about inherited IRAs, see Inherited IRAs , earlier. 1040ez 2010 form printable Reporting rollovers from employer plans. 1040ez 2010 form printable    Enter the total distribution (before income tax or other deductions were withheld) on Form 1040, line 16a, or Form 1040A, line 12a. 1040ez 2010 form printable This amount should be shown in box 1 of Form 1099-R. 1040ez 2010 form printable From this amount, subtract any contributions (usually shown in box 5 of Form 1099-R) that were taxable to you when made. 1040ez 2010 form printable From that result, subtract the amount that was rolled over either directly or within 60 days of receiving the distribution. 1040ez 2010 form printable Enter the remaining amount, even if zero, on Form 1040, line 16b, or Form 1040A, line 12b. 1040ez 2010 form printable Also, enter "Rollover" next to Form 1040, line 16b, or Form 1040A, line 12b. 1040ez 2010 form printable Transfers Incident to Divorce If an interest in a traditional IRA is transferred from your spouse or former spouse to you by a divorce or separate maintenance decree or a written document related to such a decree, the interest in the IRA, starting from the date of the transfer, is treated as your IRA. 1040ez 2010 form printable The transfer is tax free. 1040ez 2010 form printable For detailed information, see Can You Move Retirement Plan Assets? in chapter 1 of Publication 590. 1040ez 2010 form printable Converting From Any Traditional IRA to a Roth IRA Allowable conversions. 1040ez 2010 form printable   You can withdraw all or part of the assets from a traditional IRA and reinvest them (within 60 days) in a Roth IRA. 1040ez 2010 form printable The amount that you withdraw and timely contribute (convert) to the Roth IRA is called a conversion contribution. 1040ez 2010 form printable If properly (and timely) rolled over, the 10% additional tax on early distributions will not apply. 1040ez 2010 form printable However, a part or all of the conversion contribution from your traditional IRA is included in your gross income. 1040ez 2010 form printable Required distributions. 1040ez 2010 form printable   You cannot convert amounts that must be distributed from your traditional IRA for a particular year (including the calendar year in which you reach age 70½) under the required distribution rules (discussed later). 1040ez 2010 form printable Income. 1040ez 2010 form printable   You must include in your gross income distributions from a traditional IRA that you would have had to include in income if you had not converted them into a Roth IRA. 1040ez 2010 form printable These amounts are normally included in income on your return for the year that you converted them from a traditional IRA to a Roth IRA. 1040ez 2010 form printable   You do not include in gross income any part of a distribution from a traditional IRA that is a return of your basis, as discussed later. 1040ez 2010 form printable   You must file Form 8606 to report 2013 conversions from traditional, SEP, or SIMPLE IRAs to a Roth IRA in 2013 (unless you recharacterized the entire amount) and to figure the amount to include in income. 1040ez 2010 form printable   If you must include any amount in your gross income, you may have to increase your withholding or make estimated tax payments. 1040ez 2010 form printable See chapter 4. 1040ez 2010 form printable Recharacterizations You may be able to treat a contribution made to one type of IRA as having been made to a different type of IRA. 1040ez 2010 form printable This is called recharacterizing the contribution. 1040ez 2010 form printable See Can You Move Retirement Plan Assets? in chapter 1 of Publication 590 for more detailed information. 1040ez 2010 form printable How to recharacterize a contribution. 1040ez 2010 form printable   To recharacterize a contribution, you generally must have the contribution transferred from the first IRA (the one to which it was made) to the second IRA in a trustee-to-trustee transfer. 1040ez 2010 form printable If the transfer is made by the due date (including extensions) for your tax return for the year during which the contribution was made, you can elect to treat the contribution as having been originally made to the second IRA instead of to the first IRA. 1040ez 2010 form printable If you recharacterize your contribution, you must do all three of the following. 1040ez 2010 form printable Include in the transfer any net income allocable to the contribution. 1040ez 2010 form printable If there was a loss, the net income you must transfer may be a negative amount. 1040ez 2010 form printable Report the recharacterization on your tax return for the year during which the contribution was made. 1040ez 2010 form printable Treat the contribution as having been made to the second IRA on the date that it was actually made to the first IRA. 1040ez 2010 form printable No deduction allowed. 1040ez 2010 form printable   You cannot deduct the contribution to the first IRA. 1040ez 2010 form printable Any net income you transfer with the recharacterized contribution is treated as earned in the second IRA. 1040ez 2010 form printable Required notifications. 1040ez 2010 form printable   To recharacterize a contribution, you must notify both the trustee of the first IRA (the one to which the contribution was actually made) and the trustee of the second IRA (the one to which the contribution is being moved) that you have elected to treat the contribution as having been made to the second IRA rather than the first. 1040ez 2010 form printable You must make the notifications by the date of the transfer. 1040ez 2010 form printable Only one notification is required if both IRAs are maintained by the same trustee. 1040ez 2010 form printable The notification(s) must include all of the following information. 1040ez 2010 form printable The type and amount of the contribution to the first IRA that is to be recharacterized. 1040ez 2010 form printable The date on which the contribution was made to the first IRA and the year for which it was made. 1040ez 2010 form printable A direction to the trustee of the first IRA to transfer in a trustee-to-trustee transfer the amount of the contribution and any net income (or loss) allocable to the contribution to the trustee of the second IRA. 1040ez 2010 form printable The name of the trustee of the first IRA and the name of the trustee of the second IRA. 1040ez 2010 form printable Any additional information needed to make the transfer. 1040ez 2010 form printable Reporting a recharacterization. 1040ez 2010 form printable   If you elect to recharacterize a contribution to one IRA as a contribution to another IRA, you must report the recharacterization on your tax return as directed by Form 8606 and its instructions. 1040ez 2010 form printable You must treat the contribution as having been made to the second IRA. 1040ez 2010 form printable When Can You Withdraw or Use IRA Assets? There are rules limiting use of your IRA assets and distributions from it. 1040ez 2010 form printable Violation of the rules generally results in additional taxes in the year of violation. 1040ez 2010 form printable See What Acts Result in Penalties or Additional Taxes , later. 1040ez 2010 form printable Contributions returned before the due date of return. 1040ez 2010 form printable   If you made IRA contributions in 2013, you can withdraw them tax free by the due date of your return. 1040ez 2010 form printable If you have an extension of time to file your return, you can withdraw them tax free by the extended due date. 1040ez 2010 form printable You can do this if, for each contribution you withdraw, both of the following conditions apply. 1040ez 2010 form printable You did not take a deduction for the contribution. 1040ez 2010 form printable You withdraw any interest or other income earned on the contribution. 1040ez 2010 form printable You can take into account any loss on the contribution while it was in the IRA when calculating the amount that must be withdrawn. 1040ez 2010 form printable If there was a loss, the net income earned on the contribution may be a negative amount. 1040ez 2010 form printable Note. 1040ez 2010 form printable To calculate the amount you must withdraw, see Worksheet 1-4 under When Can You Withdraw or Use Assets? in chapter 1 of Publication 590. 1040ez 2010 form printable Earnings includible in income. 1040ez 2010 form printable   You must include in income any earnings on the contributions you withdraw. 1040ez 2010 form printable Include the earnings in income for the year in which you made the contributions, not in the year in which you withdraw them. 1040ez 2010 form printable Generally, except for any part of a withdrawal that is a return of nondeductible contributions (basis), any withdrawal of your contributions after the due date (or extended due date) of your return will be treated as a taxable distribution. 1040ez 2010 form printable Excess contributions can also be recovered tax free as discussed under What Acts Result in Penalties or Additional Taxes?, later. 1040ez 2010 form printable    Early distributions tax. 1040ez 2010 form printable   The 10% additional tax on distributions made before you reach age 59½ does not apply to these tax-free withdrawals of your contributions. 1040ez 2010 form printable However, the distribution of interest or other income must be reported on Form 5329 and, unless the distribution qualifies as an exception to the age 59½ rule, it will be subject to this tax. 1040ez 2010 form printable When Must You Withdraw IRA Assets? (Required Minimum Distributions) You cannot keep funds in a traditional IRA indefinitely. 1040ez 2010 form printable Eventually they must be distributed. 1040ez 2010 form printable If there are no distributions, or if the distributions are not large enough, you may have to pay a 50% excise tax on the amount not distributed as required. 1040ez 2010 form printable See Excess Accumulations (Insufficient Distributions) , later. 1040ez 2010 form printable The requirements for distributing IRA funds differ depending on whether you are the IRA owner or the beneficiary of a decedent's IRA. 1040ez 2010 form printable Required minimum distribution. 1040ez 2010 form printable   The amount that must be distributed each year is referred to as the required minimum distribution. 1040ez 2010 form printable Required distributions not eligible for rollover. 1040ez 2010 form printable   Amounts that must be distributed (required minimum distributions) during a particular year are not eligible for rollover treatment. 1040ez 2010 form printable IRA owners. 1040ez 2010 form printable   If you are the owner of a traditional IRA, you must generally start receiving distributions from your IRA by April 1 of the year following the year in which you reach age 70½. 1040ez 2010 form printable April 1 of the year following the year in which you reach age 70½ is referred to as the required beginning date. 1040ez 2010 form printable Distributions by the required beginning date. 1040ez 2010 form printable   You must receive at least a minimum amount for each year starting with the year you reach age 70½ (your 70½ year). 1040ez 2010 form printable If you do not (or did not) receive that minimum amount in your 70½ year, then you must receive distributions for your 70½ year by April 1 of the next year. 1040ez 2010 form printable   If an IRA owner dies after reaching age 70½, but before April 1 of the next year, no minimum distribution is required because death occurred before the required beginning date. 1040ez 2010 form printable Even if you begin receiving distributions before you attain age 70½, you must begin calculating and receiving required minimum distributions by your required beginning date. 1040ez 2010 form printable Distributions after the required beginning date. 1040ez 2010 form printable   The required minimum distribution for any year after the year you turn 70½ must be made by December 31 of that later year. 1040ez 2010 form printable    Beneficiaries. 1040ez 2010 form printable   If you are the beneficiary of a decedent's traditional IRA, the requirements for distributions from that IRA generally depend on whether the IRA owner died before or after the required beginning date for distributions. 1040ez 2010 form printable More information. 1040ez 2010 form printable   For more information, including how to figure your minimum required distribution each year and how to figure your required distribution if you are a beneficiary of a decedent's IRA, see When Must You Withdraw Assets? in chapter 1 of Publication 590. 1040ez 2010 form printable Are Distributions Taxable? In general, distributions from a traditional IRA are taxable in the year you receive them. 1040ez 2010 form printable Exceptions. 1040ez 2010 form printable   Exceptions to distributions from traditional IRAs being taxable in the year you receive them are: Rollovers, Qualified charitable distributions (QCD), discussed later, Tax-free withdrawals of contributions, discussed earlier, and The return of nondeductible contributions, discussed later under Distributions Fully or Partly Taxable . 1040ez 2010 form printable    Although a conversion of a traditional IRA is considered a rollover for Roth IRA purposes, it is not an exception to the rule that distributions from a traditional IRA are taxable in the year you receive them. 1040ez 2010 form printable Conversion distributions are includible in your gross income subject to this rule and the special rules for conversions explained in Converting From Any Traditional IRA Into a Roth IRA under Can You Move Retirement Plan Assets? in chapter 1 of Publication 590. 1040ez 2010 form printable Qualified charitable distributions (QCD). 1040ez 2010 form printable   A QCD is generally a nontaxable distribution made directly by the trustee of your IRA to an organization eligible to receive tax-deductible contributions. 1040ez 2010 form printable Special rules apply if you made a qualified charitable distribution in January 2013 that you elected to treat as made in 2012. 1040ez 2010 form printable See Qualified Charitable Distributions in Publication 590 for more information. 1040ez 2010 form printable Ordinary income. 1040ez 2010 form printable   Distributions from traditional IRAs that you include in income are taxed as ordinary income. 1040ez 2010 form printable No special treatment. 1040ez 2010 form printable   In figuring your tax, you cannot use the 10-year tax option or capital gain treatment that applies to lump-sum distributions from qualified retirement plans. 1040ez 2010 form printable Distributions Fully or Partly Taxable Distributions from your traditional IRA may be fully or partly taxable, depending on whether your IRA includes any nondeductible contributions. 1040ez 2010 form printable Fully taxable. 1040ez 2010 form printable   If only deductible contributions were made to your traditional IRA (or IRAs, if you have more than one), you have no basis in your IRA. 1040ez 2010 form printable Because you have no basis in your IRA, any distributions are fully taxable when received. 1040ez 2010 form printable See Reporting taxable distributions on your return , later. 1040ez 2010 form printable Partly taxable. 1040ez 2010 form printable    If you made nondeductible contributions or rolled over any after-tax amounts to any of your traditional IRAs, you have a cost basis (investment in the contract) equal to the amount of those contributions. 1040ez 2010 form printable These nondeductible contributions are not taxed when they are distributed to you. 1040ez 2010 form printable They are a return of your investment in your IRA. 1040ez 2010 form printable   Only the part of the distribution that represents nondeductible contributions and rolled over after-tax amounts (your cost basis) is tax free. 1040ez 2010 form printable If nondeductible contributions have been made or after-tax amounts have been rolled over to your IRA, distributions consist partly of nondeductible contributions (basis) and partly of deductible contributions, earnings, and gains (if there are any). 1040ez 2010 form printable Until all of your basis has been distributed, each distribution is partly nontaxable and partly taxable. 1040ez 2010 form printable Form 8606. 1040ez 2010 form printable   You must complete Form 8606 and attach it to your return if you receive a distribution from a traditional IRA and have ever made nondeductible contributions or rolled over after-tax amounts to any of your traditional IRAs. 1040ez 2010 form printable Using the form, you will figure the nontaxable distributions for 2013 and your total IRA basis for 2013 and earlier years. 1040ez 2010 form printable Note. 1040ez 2010 form printable If you are required to file Form 8606, but you are not required to file an income tax return, you still must file Form 8606. 1040ez 2010 form printable Send it to the IRS at the time and place you would otherwise file an income tax return. 1040ez 2010 form printable Distributions reported on Form 1099-R. 1040ez 2010 form printable   If you receive a distribution from your traditional IRA, you will receive Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. 1040ez 2010 form printable , or a similar statement. 1040ez 2010 form printable IRA distributions are shown in boxes 1 and 2a of Form 1099-R. 1040ez 2010 form printable A number or letter code in box 7 tells you what type of distribution you received from your IRA. 1040ez 2010 form printable Withholding. 1040ez 2010 form printable   Federal income tax is withheld from distributions from traditional IRAs unless you choose not to have tax withheld. 1040ez 2010 form printable See chapter 4. 1040ez 2010 form printable IRA distributions delivered outside the United States. 1040ez 2010 form printable   In general, if you are a U. 1040ez 2010 form printable S. 1040ez 2010 form printable citizen or resident alien and your home address is outside the United States or its possessions, you cannot choose exemption from withholding on distributions from your traditional IRA. 1040ez 2010 form printable Reporting taxable distributions on your return. 1040ez 2010 form printable    Report fully taxable distributions, including early distributions on Form 1040, line 15b, or Form 1040A, line 11b (no entry is required on Form 1040, line 15a, or Form 1040A, line 11a). 1040ez 2010 form printable If only part of the distribution is taxable, enter the total amount on Form 1040, line 15a, or Form 1040A, line 11a, and the taxable part on Form 1040, line 15b, or Form 1040A, line 11b. 1040ez 2010 form printable You cannot report distributions on Form 1040EZ. 1040ez 2010 form printable What Acts Result in Penalties or Additional Taxes? The tax advantages of using traditional IRAs for retirement savings can be offset by additional taxes and penalties if you do not follow the rules. 1040ez 2010 form printable There are additions to the regular tax for using your IRA funds in prohibited transactions. 1040ez 2010 form printable There are also additional taxes for the following activities. 1040ez 2010 form printable Investing in collectibles. 1040ez 2010 form printable Making excess contributions. 1040ez 2010 form printable Taking early distributions. 1040ez 2010 form printable Allowing excess amounts to accumulate (failing to take required distributions). 1040ez 2010 form printable There are penalties for overstating the amount of nondeductible contributions and for failure to file a Form 8606, if required. 1040ez 2010 form printable Prohibited Transactions Generally, a prohibited transaction is any improper use of your traditional IRA by you, your beneficiary, or any disqualified person. 1040ez 2010 form printable Disqualified persons include your fiduciary and members of your family (spouse, ancestor, lineal descendent, and any spouse of a lineal descendent). 1040ez 2010 form printable The following are examples of prohibited transactions with a traditional IRA. 1040ez 2010 form printable Borrowing money from it. 1040ez 2010 form printable Selling property to it. 1040ez 2010 form printable Receiving unreasonable compensation for managing it. 1040ez 2010 form printable Using it as security for a loan. 1040ez 2010 form printable Buying property for personal use (present or future) with IRA funds. 1040ez 2010 form printable Effect on an IRA account. 1040ez 2010 form printable   Generally, if you or your beneficiary engages in a prohibited transaction in connection with your traditional IRA account at any time during the year, the account stops being an IRA as of the first day of that year. 1040ez 2010 form printable Effect on you or your beneficiary. 1040ez 2010 form printable   If your account stops being an IRA because you or your beneficiary engaged in a prohibited transaction, the account is treated as distributing all its assets to you at their fair market values on the first day of the year. 1040ez 2010 form printable If the total of those values is more than your basis in the IRA, you will have a taxable gain that is includible in your income. 1040ez 2010 form printable For information on figuring your gain and reporting it in income, see Are Distributions Taxable , earlier. 1040ez 2010 form printable The distribution may be subject to additional taxes or penalties. 1040ez 2010 form printable Taxes on prohibited transactions. 1040ez 2010 form printable   If someone other than the owner or beneficiary of a traditional IRA engages in a prohibited transaction, that person may be liable for certain taxes. 1040ez 2010 form printable In general, there is a 15% tax on the amount of the prohibited transaction and a 100% additional tax if the transaction is not corrected. 1040ez 2010 form printable More information. 1040ez 2010 form printable   For more information on prohibited transactions, see What Acts Result in Penalties or Additional Taxes? in chapter 1 of Publication 590. 1040ez 2010 form printable Investment in Collectibles If your traditional IRA invests in collectibles, the amount invested is considered distributed to you in the year invested. 1040ez 2010 form printable You may have to pay the 10% additional tax on early distributions, discussed later. 1040ez 2010 form printable Collectibles. 1040ez 2010 form printable   These include: Artworks, Rugs, Antiques, Metals, Gems, Stamps, Coins, Alcoholic beverages, and Certain other tangible personal property. 1040ez 2010 form printable Exception. 1040ez 2010 form printable    Your IRA can invest in one, one-half, one-quarter, or one-tenth ounce U. 1040ez 2010 form printable S. 1040ez 2010 form printable gold coins, or one-ounce silver coins minted by the Treasury Department. 1040ez 2010 form printable It can also invest in certain platinum coins and certain gold, silver, palladium, and platinum bullion. 1040ez 2010 form printable Excess Contributions Generally, an excess contribution is the amount contributed to your traditional IRA(s) for the year that is more than the smaller of: The maximum deductible amount for the year. 1040ez 2010 form printable For 2013, this is $5,500 ($6,500 if you are 50 or older), or Your taxable compensation for the year. 1040ez 2010 form printable Tax on excess contributions. 1040ez 2010 form printable   In general, if the excess contributions for a year are not withdrawn by the date your return for the year is due (including extensions), you are subject to a 6% tax. 1040ez 2010 form printable You must pay the 6% tax each year on excess amounts that remain in your traditional IRA at the end of your tax year. 1040ez 2010 form printable The tax cannot be more than 6% of the combined value of all your IRAs as of the end of your tax year. 1040ez 2010 form printable Excess contributions withdrawn by due date of return. 1040ez 2010 form printable   You will not have to pay the 6% tax if you withdraw an excess contribution made during a tax year and you also withdraw interest or other income earned on the excess contribution. 1040ez 2010 form printable You must complete your withdrawal by the date your tax return for that year is due, including extensions. 1040ez 2010 form printable How to treat withdrawn contributions. 1040ez 2010 form printable   Do not include in your gross income an excess contribution that you withdraw from your traditional IRA before your tax return is due if both the following conditions are met. 1040ez 2010 form printable No deduction was allowed for the excess contribution. 1040ez 2010 form printable You withdraw the interest or other income earned on the excess contribution. 1040ez 2010 form printable You can take into account any loss on the contribution while it was in the IRA when calculating the amount that must be withdrawn. 1040ez 2010 form printable If there was a loss, the net income you must withdraw may be a negative amount. 1040ez 2010 form printable How to treat withdrawn interest or other income. 1040ez 2010 form printable   You must include in your gross income the interest or other income that was earned on the excess contribution. 1040ez 2010 form printable Report it on your return for the year in which the excess contribution was made. 1040ez 2010 form printable Your withdrawal of interest or other income may be subject to an additional 10% tax on early distributions, discus