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2011 Federal 1040ez Form

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2011 Federal 1040ez Form

2011 federal 1040ez form Publication 584-B - Main Content Table of Contents How To Use This Workbook Comments and SuggestionsOrdering forms and publications. 2011 federal 1040ez form Tax questions. 2011 federal 1040ez form How To Get Tax HelpLow Income Taxpayer Clinics (LITCs). 2011 federal 1040ez form How To Use This Workbook You can use this workbook by following these five steps. 2011 federal 1040ez form Read Publication 547 to learn about the tax rules for casualties, disasters, and thefts. 2011 federal 1040ez form Know the definitions of adjusted basis and fair market value, discussed below. 2011 federal 1040ez form Fill out Schedules 1 through 6. 2011 federal 1040ez form Read the Instructions for Form 4684. 2011 federal 1040ez form Fill out Form 4684 using the information you entered in Schedules 1 through 6. 2011 federal 1040ez form Use the chart below to find out how to use Schedules 1 through 6 to fill out Form 4684. 2011 federal 1040ez form Take what's in each row of. 2011 federal 1040ez form . 2011 federal 1040ez form . 2011 federal 1040ez form And enter it on Form 4684. 2011 federal 1040ez form . 2011 federal 1040ez form . 2011 federal 1040ez form Column 1 Line 19 Column 2 Line 20 Column 3 Line 21 Column 4 Line 22 Column 5 Line 23 Column 6 Line 24 Column 7 Line 25 Column 8 Line 26 Column 9 Line 27 Adjusted basis. 2011 federal 1040ez form   Adjusted basis usually means original cost plus improvements, minus depreciation allowed or allowable (including any section 179 expense deduction), amortization, depletion, etc. 2011 federal 1040ez form If you did not acquire the property by purchasing it, your basis is determined as discussed in Publication 551, Basis of Assets. 2011 federal 1040ez form If you inherited the property from someone who died in 2010 and the executor of the decedent's estate made the election to file Form 8939, Allocation of Increase in Basis for Property Received From a Decedent, refer to the information provided by the executor or see Publication 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010. 2011 federal 1040ez form Fair market value. 2011 federal 1040ez form   Fair market value is the price for which you could sell your property to a willing buyer, when neither of you has to sell or buy and both of you know all the relevant facts. 2011 federal 1040ez form When filling out Schedules 1 through 6, you need to know the fair market value of the property immediately before and immediately after the disaster or casualty. 2011 federal 1040ez form Deduction limits. 2011 federal 1040ez form   If your casualty or theft loss involved a home you used for business or rented out, your deductible loss may be limited. 2011 federal 1040ez form See the Instructions for Form 4684, Section B. 2011 federal 1040ez form If the casualty or theft loss involved property used in a passive activity, see Form 8582, Passive Activity Loss Limitations, and its instructions. 2011 federal 1040ez form   The casualty and theft loss deduction for employee property, when added to your job expenses and most other miscellaneous itemized deductions on Schedule A (Form 1040), must be reduced by 2% of your adjusted gross income. 2011 federal 1040ez form Employee property is property used in performing services as an employee. 2011 federal 1040ez form Comments and Suggestions We welcome your comments about this publication and your suggestions for future editions. 2011 federal 1040ez form You can write to us at the following address: Internal Revenue Service Individual Forms and Publications Branch SE:W:CAR:MP:T:I 1111 Constitution Ave. 2011 federal 1040ez form NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. 2011 federal 1040ez form Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. 2011 federal 1040ez form You can email us at taxforms@irs. 2011 federal 1040ez form gov. 2011 federal 1040ez form Please put “Publications Comment” on the subject line. 2011 federal 1040ez form You can also send us comments from www. 2011 federal 1040ez form irs. 2011 federal 1040ez form gov/formspubs/. 2011 federal 1040ez form Select “Comment on Tax Forms and Publications” under “Information about. 2011 federal 1040ez form ” Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. 2011 federal 1040ez form Ordering forms and publications. 2011 federal 1040ez form   Visit www. 2011 federal 1040ez form irs. 2011 federal 1040ez form gov/formspubs/ to download forms and publications, call 1-800-829-3676, or write to the address below and receive a response within 10 days after your request is received. 2011 federal 1040ez form Internal Revenue Service 1201 N. 2011 federal 1040ez form Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. 2011 federal 1040ez form   If you have a tax question, check the information available on IRS. 2011 federal 1040ez form gov or call 1-800-829-1040. 2011 federal 1040ez form We cannot answer tax questions sent to either of the above addresses. 2011 federal 1040ez form How To Get Tax Help You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. 2011 federal 1040ez form By selecting the method that is best for you, you will have quick and easy access to tax help. 2011 federal 1040ez form Free help with your return. 2011 federal 1040ez form   Free help in preparing your return is available nationwide from IRS-certified volunteers. 2011 federal 1040ez form The Volunteer Income Tax Assistance (VITA) program is designed to help low-moderate income taxpayers and the Tax Counseling for the Elderly (TCE) program is designed to assist taxpayers age 60 and older with their tax returns. 2011 federal 1040ez form 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. 2011 federal 1040ez form To find the nearest VITA or TCE site, visit IRS. 2011 federal 1040ez form gov or call 1-800-906-9887 or 1-800-829-1040. 2011 federal 1040ez form   As part of the TCE program, AARP offers the Tax-Aide counseling program. 2011 federal 1040ez form To find the nearest AARP Tax-Aide site, call 1-888-227-7669 or visit AARP's website at www. 2011 federal 1040ez form aarp. 2011 federal 1040ez form org/money/taxaide. 2011 federal 1040ez form   For more information on these programs, go to IRS. 2011 federal 1040ez form gov and enter keyword “VITA” in the upper right-hand corner. 2011 federal 1040ez form Internet. 2011 federal 1040ez form You can access the IRS website at IRS. 2011 federal 1040ez form gov 24 hours a day, 7 days a week to: Check the status of your 2011 refund. 2011 federal 1040ez form Go to IRS. 2011 federal 1040ez form gov and click on Where's My Refund. 2011 federal 1040ez form Wait at least 72 hours after the IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after mailing a paper return. 2011 federal 1040ez form If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). 2011 federal 1040ez form Have your 2011 tax return available so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. 2011 federal 1040ez form E-file your return. 2011 federal 1040ez form Find out about commercial tax preparation and e-file services available free to eligible taxpayers. 2011 federal 1040ez form Download forms, including talking tax forms, instructions, and publications. 2011 federal 1040ez form Order IRS products online. 2011 federal 1040ez form Research your tax questions online. 2011 federal 1040ez form Search publications online by topic or keyword. 2011 federal 1040ez form Use the online Internal Revenue Code, regulations, or other official guidance. 2011 federal 1040ez form View Internal Revenue Bulletins (IRBs) published in the last few years. 2011 federal 1040ez form Figure your withholding allowances using the withholding calculator online at www. 2011 federal 1040ez form irs. 2011 federal 1040ez form gov/individuals. 2011 federal 1040ez form Determine if Form 6251 must be filed by using our Alternative Minimum Tax (AMT) Assistant available online at www. 2011 federal 1040ez form irs. 2011 federal 1040ez form gov/individuals. 2011 federal 1040ez form Sign up to receive local and national tax news by email. 2011 federal 1040ez form Get information on starting and operating a small business. 2011 federal 1040ez form Phone. 2011 federal 1040ez form Many services are available by phone. 2011 federal 1040ez form   Ordering forms, instructions, and publications. 2011 federal 1040ez form Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, and publications, and prior-year forms and instructions. 2011 federal 1040ez form You should receive your order within 10 days. 2011 federal 1040ez form Asking tax questions. 2011 federal 1040ez form Call the IRS with your tax questions at 1-800-829-1040. 2011 federal 1040ez form Solving problems. 2011 federal 1040ez form You can get face-to-face help solving tax problems every business day in IRS Taxpayer Assistance Centers. 2011 federal 1040ez form An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. 2011 federal 1040ez form Call your local Taxpayer Assistance Center for an appointment. 2011 federal 1040ez form To find the number, go to www. 2011 federal 1040ez form irs. 2011 federal 1040ez form gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. 2011 federal 1040ez form TTY/TDD equipment. 2011 federal 1040ez form If you have access to TTY/TDD equipment, call 1-800-829-4059 to ask tax questions or to order forms and publications. 2011 federal 1040ez form TeleTax topics. 2011 federal 1040ez form Call 1-800-829-4477 to listen to pre-recorded messages covering various tax topics. 2011 federal 1040ez form Refund information. 2011 federal 1040ez form You can check the status of your refund on the new IRS phone app. 2011 federal 1040ez form Download the free IRS2Go app by visiting the iTunes app store or the Android Marketplace. 2011 federal 1040ez form IRS2Go is a new way to provide you with information and tools. 2011 federal 1040ez form To check the status of your refund by phone, call 1-800-829-4477 (automated refund information 24 hours a day, 7 days a week). 2011 federal 1040ez form Wait at least 72 hours after the IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after mailing a paper return. 2011 federal 1040ez form If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). 2011 federal 1040ez form Have your 2011 tax return available so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. 2011 federal 1040ez form If you check the status of your refund and are not given the date it will be issued, please wait until the next week before checking back. 2011 federal 1040ez form Other refund information. 2011 federal 1040ez form To check the status of a prior-year refund or amended return refund, call 1-800-829-1040. 2011 federal 1040ez form Evaluating the quality of our telephone services. 2011 federal 1040ez form To ensure IRS representatives give accurate, courteous, and professional answers, we use several methods to evaluate the quality of our telephone services. 2011 federal 1040ez form One method is for a second IRS representative to listen in on or record random telephone calls. 2011 federal 1040ez form Another is to ask some callers to complete a short survey at the end of the call. 2011 federal 1040ez form Walk-in. 2011 federal 1040ez form Many products and services are available on a walk-in basis. 2011 federal 1040ez form   Products. 2011 federal 1040ez form You can walk in to many post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. 2011 federal 1040ez form Some IRS offices, libraries, grocery stores, copy centers, city and county government offices, credit unions, and office supply stores have a collection of products available to print from a CD or photocopy from reproducible proofs. 2011 federal 1040ez form Also, some IRS offices and libraries have the Internal Revenue Code, regulations, Internal Revenue Bulletins, and Cumulative Bulletins available for research purposes. 2011 federal 1040ez form Services. 2011 federal 1040ez form You can walk in to your local Taxpayer Assistance Center every business day for personal, face-to-face tax help. 2011 federal 1040ez form An employee can explain IRS letters, request adjustments to your tax account, or help you set up a payment plan. 2011 federal 1040ez form If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you are more comfortable talking with someone in person, visit your local Taxpayer Assistance Center where you can spread out your records and talk with an IRS representative face-to-face. 2011 federal 1040ez form No appointment is necessary—just walk in. 2011 federal 1040ez form If you prefer, you can call your local Center and leave a message requesting an appointment to resolve a tax account issue. 2011 federal 1040ez form A representative will call you back within 2 business days to schedule an in-person appointment at your convenience. 2011 federal 1040ez form If you have an ongoing, complex tax account problem or a special need, such as a disability, an appointment can be requested. 2011 federal 1040ez form All other issues will be handled without an appointment. 2011 federal 1040ez form To find the number of your local office, go to  www. 2011 federal 1040ez form irs. 2011 federal 1040ez form gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. 2011 federal 1040ez form Mail. 2011 federal 1040ez form You can send your order for forms, instructions, and publications to the address below. 2011 federal 1040ez form You should receive a response within 10 days after your request is received. 2011 federal 1040ez form  Internal Revenue Service 1201 N. 2011 federal 1040ez form Mitsubishi Motorway Bloomington, IL 61705-6613 Taxpayer Advocate Service. 2011 federal 1040ez form   The Taxpayer Advocate Service (TAS) is your voice at the IRS. 2011 federal 1040ez form Our job is to ensure that every taxpayer is treated fairly, and that you know and understand your rights. 2011 federal 1040ez form We offer free help to guide you through the often-confusing process of resolving tax problems that you haven’t been able to solve on your own. 2011 federal 1040ez form Remember, the worst thing you can do is nothing at all. 2011 federal 1040ez form   TAS can help if you can’t resolve your problem with the IRS and: Your problem is causing financial difficulties for you, your family, or your business. 2011 federal 1040ez form You face (or your business is facing) an immediate threat of adverse action. 2011 federal 1040ez form You have tried repeatedly to contact the IRS but no one has responded, or the IRS has not responded to you by the date promised. 2011 federal 1040ez form   If you qualify for our help, we’ll do everything we can to get your problem resolved. 2011 federal 1040ez form You will be assigned to one advocate who will be with you at every turn. 2011 federal 1040ez form We have offices in every state, the District of Columbia, and Puerto Rico. 2011 federal 1040ez form Although TAS is independent within the IRS, our advocates know how to work with the IRS to get your problems resolved. 2011 federal 1040ez form And our services are always free. 2011 federal 1040ez form   As a taxpayer, you have rights that the IRS must abide by in its dealings with you. 2011 federal 1040ez form Our tax toolkit at www. 2011 federal 1040ez form TaxpayerAdvocate. 2011 federal 1040ez form irs. 2011 federal 1040ez form gov can help you understand these rights. 2011 federal 1040ez form   If you think TAS might be able to help you, call your local advocate, whose number is in your phone book and on our website at www. 2011 federal 1040ez form irs. 2011 federal 1040ez form gov/advocate. 2011 federal 1040ez form You can also call our toll-free number at 1-877-777-4778. 2011 federal 1040ez form   TAS also handles large-scale or systemic problems that affect many taxpayers. 2011 federal 1040ez form If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System at www. 2011 federal 1040ez form irs. 2011 federal 1040ez form gov/advocate. 2011 federal 1040ez form Low Income Taxpayer Clinics (LITCs). 2011 federal 1040ez form   Low Income Taxpayer Clinics (LITCs) are independent from the IRS. 2011 federal 1040ez form Some clinics serve individuals whose income is below a certain level and who need to resolve a tax problem. 2011 federal 1040ez form These clinics provide professional representation before the IRS or in court on audits, appeals, tax collection disputes, and other issues for free or for a small fee. 2011 federal 1040ez form Some clinics can provide information about taxpayer rights and responsibilities in many different languages for individuals who speak English as a second language. 2011 federal 1040ez form For more information and to find a clinic near you, see the LITC page at www. 2011 federal 1040ez form irs. 2011 federal 1040ez form gov/advocate or IRS Publication 4134, Low Income Taxpayer Clinic List. 2011 federal 1040ez form This publication is also available by calling 1-800-829-3676 or at your local IRS office. 2011 federal 1040ez form Free tax services. 2011 federal 1040ez form   Publication 910, IRS Guide to Free Tax Services, is your guide to IRS services and resources. 2011 federal 1040ez form Learn about free tax information from the IRS, including publications, services, and education and assistance programs. 2011 federal 1040ez form The publication also has an index of over 100 TeleTax topics (recorded tax information) you can listen to on the telephone. 2011 federal 1040ez form The majority of the information and services listed in this publication are available to you free of charge. 2011 federal 1040ez form If there is a fee associated with a resource or service, it is listed in the publication. 2011 federal 1040ez form   Accessible versions of IRS published products are available on request in a variety of alternative formats for people with disabilities. 2011 federal 1040ez form DVD for tax products. 2011 federal 1040ez form You can order Publication 1796, IRS Tax Products DVD, and obtain: Current-year forms, instructions, and publications. 2011 federal 1040ez form Prior-year forms, instructions, and publications. 2011 federal 1040ez form Tax Map: an electronic research tool and finding aid. 2011 federal 1040ez form Tax law frequently asked questions. 2011 federal 1040ez form Tax Topics from the IRS telephone response system. 2011 federal 1040ez form Internal Revenue Code—Title 26 of the U. 2011 federal 1040ez form S. 2011 federal 1040ez form Code. 2011 federal 1040ez form Links to other Internet based Tax Research Materials. 2011 federal 1040ez form Fill-in, print, and save features for most tax forms. 2011 federal 1040ez form Internal Revenue Bulletins. 2011 federal 1040ez form Toll-free and email technical support. 2011 federal 1040ez form Two releases during the year. 2011 federal 1040ez form  – The first release will ship the beginning of January 2012. 2011 federal 1040ez form  – The final release will ship the beginning of March 2012. 2011 federal 1040ez form Purchase the DVD from National Technical Information Service (NTIS) at www. 2011 federal 1040ez form irs. 2011 federal 1040ez form gov/cdorders for $30 (no handling fee) or call 1-877-233-6767 toll free to buy the DVD for $30 (plus a $6 handling fee). 2011 federal 1040ez form Prev  Up  Next   Home   More Online Publications
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The 2011 Federal 1040ez Form

2011 federal 1040ez form 1. 2011 federal 1040ez form   Traditional IRAs Table of Contents What's New for 2013 What's New for 2014 Introduction Who Can Open a Traditional IRA?What Is Compensation? When Can a Traditional IRA Be Opened? How Can a Traditional IRA Be Opened?Individual Retirement Account Individual Retirement Annuity Individual Retirement Bonds Simplified Employee Pension (SEP) Employer and Employee Association Trust Accounts Required Disclosures How Much Can Be Contributed?Limit. 2011 federal 1040ez form When repayment contributions can be made. 2011 federal 1040ez form No deduction. 2011 federal 1040ez form Reserve component. 2011 federal 1040ez form Figuring your IRA deduction. 2011 federal 1040ez form Reporting the repayment. 2011 federal 1040ez form Example. 2011 federal 1040ez form General Limit Kay Bailey Hutchison Spousal IRA Limit Filing Status Less Than Maximum Contributions More Than Maximum Contributions When Can Contributions Be Made? How Much Can You Deduct?Kay Bailey Hutchison Spousal IRA. 2011 federal 1040ez form Are You Covered by an Employer Plan? Limit if Covered by Employer Plan Reporting Deductible Contributions Nondeductible Contributions Examples — Worksheet for Reduced IRA Deduction for 2013 What if You Inherit an IRA?Treating it as your own. 2011 federal 1040ez form Can You Move Retirement Plan Assets?Transfers to Roth IRAs from other retirement plans. 2011 federal 1040ez form Trustee-to-Trustee Transfer Rollovers Transfers Incident To Divorce Converting From Any Traditional IRA Into a Roth IRA Recharacterizations When Can You Withdraw or Use Assets?Contributions Returned Before Due Date of Return When Must You Withdraw Assets? (Required Minimum Distributions)IRA Owners IRA Beneficiaries Which Table Do You Use To Determine Your Required Minimum Distribution? What Age(s) Do You Use With the Table(s)? Miscellaneous Rules for Required Minimum Distributions Are Distributions Taxable?January 2013 QCDs treated as made in 2012. 2011 federal 1040ez form 2013 Reporting. 2011 federal 1040ez form Additional reporting requirements if you made the election to treat a January 2013 QCD as made in 2012. 2011 federal 1040ez form One-time transfer. 2011 federal 1040ez form Testing period rules apply. 2011 federal 1040ez form More information. 2011 federal 1040ez form Distributions Fully or Partly Taxable Figuring the Nontaxable and Taxable Amounts Recognizing Losses on Traditional IRA Investments Other Special IRA Distribution Situations Reporting and Withholding Requirements for Taxable Amounts What Acts Result in Penalties or Additional Taxes?Prohibited Transactions Investment in Collectibles Excess Contributions Early Distributions Excess Accumulations (Insufficient Distributions) Reporting Additional Taxes What's New for 2013 Traditional IRA contribution and deduction limit. 2011 federal 1040ez form  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. 2011 federal 1040ez form 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. 2011 federal 1040ez form For more information, see How Much Can Be Contributed? in this chapter. 2011 federal 1040ez form Modified AGI limit for traditional IRA contributions increased. 2011 federal 1040ez form  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. 2011 federal 1040ez form 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. 2011 federal 1040ez form If your modified AGI is $188,000 or more, you cannot take a deduction for contributions to a traditional IRA. 2011 federal 1040ez form See How Much Can You Deduct? in this chapter. 2011 federal 1040ez form Net Investment Income Tax. 2011 federal 1040ez form  For purposes of the Net Investment Income Tax (NIIT), net investment income does not include distributions from a qualified retirement plan (for example, 401(a), 403(a), 403(b), 457(b) plans, and IRAs). 2011 federal 1040ez form However, these distributions are taken into account when determining the modified adjusted gross income threshold. 2011 federal 1040ez form Distributions from a nonqualified retirement plan are included in net investment income. 2011 federal 1040ez form See Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts, and its instructions for more information. 2011 federal 1040ez form What's New for 2014 Modified AGI limit for traditional IRA contributions increased. 2011 federal 1040ez form  For 2014, if you are 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 $96,000 but less than $116,000 for a married couple filing a joint return or a qualifying widow(er), More than $60,000 but less than $70,000 for a single individual or head of household, or Less than $10,000 for a married individual filing a separate return. 2011 federal 1040ez form If you either live with your spouse or file a joint return, and your spouse is covered by a retirement plan at work, but you are not, your deduction is phased out if your modified AGI is more than $181,000 but less than $191,000. 2011 federal 1040ez form If your modified AGI is $191,000 or more, you cannot take a deduction for contributions to a traditional IRA. 2011 federal 1040ez form Introduction This chapter discusses the original IRA. 2011 federal 1040ez form In this publication the original IRA (sometimes called an ordinary or regular IRA) is referred to as a “traditional IRA. 2011 federal 1040ez form ” A traditional IRA is any IRA that is not a Roth IRA or a SIMPLE IRA. 2011 federal 1040ez form The following are two advantages of a traditional IRA: You may be able to deduct some or all of your contributions to it, depending on your circumstances. 2011 federal 1040ez form Generally, amounts in your IRA, including earnings and gains, are not taxed until they are distributed. 2011 federal 1040ez form 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. 2011 federal 1040ez form You can have a traditional IRA whether or not you are covered by any other retirement plan. 2011 federal 1040ez form However, you may not be able to deduct all of your contributions if you or your spouse is covered by an employer retirement plan. 2011 federal 1040ez form See How Much Can You Deduct , later. 2011 federal 1040ez form Both spouses have compensation. 2011 federal 1040ez form   If both you and your spouse have compensation and are under age 70½, each of you can open an IRA. 2011 federal 1040ez form You cannot both participate in the same IRA. 2011 federal 1040ez form If you file a joint return, only one of you needs to have compensation. 2011 federal 1040ez form What Is Compensation? Generally, compensation is what you earn from working. 2011 federal 1040ez form For a summary of what compensation does and does not include, see Table 1-1. 2011 federal 1040ez form Compensation includes all of the items discussed next (even if you have more than one type). 2011 federal 1040ez form Wages, salaries, etc. 2011 federal 1040ez form   Wages, salaries, tips, professional fees, bonuses, and other amounts you receive for providing personal services are compensation. 2011 federal 1040ez form 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). 2011 federal 1040ez form Scholarship and fellowship payments are compensation for IRA purposes only if shown in box 1 of Form W-2. 2011 federal 1040ez form Commissions. 2011 federal 1040ez form   An amount you receive that is a percentage of profits or sales price is compensation. 2011 federal 1040ez form Self-employment income. 2011 federal 1040ez form   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 deduction allowed for the deductible part of your self-employment taxes. 2011 federal 1040ez form   Compensation includes earnings from self-employment even if they are not subject to self-employment tax because of your religious beliefs. 2011 federal 1040ez form Self-employment loss. 2011 federal 1040ez form   If you have a net loss from self-employment, do not subtract the loss from your salaries or wages when figuring your total compensation. 2011 federal 1040ez form Alimony and separate maintenance. 2011 federal 1040ez form   For IRA purposes, compensation includes any taxable alimony and separate maintenance payments you receive under a decree of divorce or separate maintenance. 2011 federal 1040ez form Nontaxable combat pay. 2011 federal 1040ez form   If you were a member of the U. 2011 federal 1040ez form S. 2011 federal 1040ez form Armed Forces, compensation includes any nontaxable combat pay you received. 2011 federal 1040ez form This amount should be reported in box 12 of your 2013 Form W-2 with code Q. 2011 federal 1040ez form Table 1-1. 2011 federal 1040ez form Compensation for Purposes of an IRA Includes . 2011 federal 1040ez form . 2011 federal 1040ez form . 2011 federal 1040ez form Does not include . 2011 federal 1040ez form . 2011 federal 1040ez form . 2011 federal 1040ez form   earnings and profits from property. 2011 federal 1040ez form wages, salaries, etc. 2011 federal 1040ez form     interest and dividend income. 2011 federal 1040ez form commissions. 2011 federal 1040ez form     pension or annuity income. 2011 federal 1040ez form self-employment income. 2011 federal 1040ez form     deferred compensation. 2011 federal 1040ez form alimony and separate maintenance. 2011 federal 1040ez form     income from certain  partnerships. 2011 federal 1040ez form nontaxable combat pay. 2011 federal 1040ez form     any amounts you exclude from income. 2011 federal 1040ez form     What Is Not Compensation? Compensation does not include any of the following items. 2011 federal 1040ez form Earnings and profits from property, such as rental income, interest income, and dividend income. 2011 federal 1040ez form Pension or annuity income. 2011 federal 1040ez form Deferred compensation received (compensation payments postponed from a past year). 2011 federal 1040ez form Income from a partnership for which you do not provide services that are a material income-producing factor. 2011 federal 1040ez form Conservation Reserve Program (CRP) payments reported on Schedule SE (Form 1040), line 1b. 2011 federal 1040ez form Any amounts (other than combat pay) you exclude from income, such as foreign earned income and housing costs. 2011 federal 1040ez form When Can a Traditional IRA Be Opened? You can open a traditional IRA at any time. 2011 federal 1040ez form However, the time for making contributions for any year is limited. 2011 federal 1040ez form See When Can Contributions Be Made , later. 2011 federal 1040ez form How Can a Traditional IRA Be Opened? You can open different kinds of IRAs with a variety of organizations. 2011 federal 1040ez form You can open an IRA at a bank or other financial institution or with a mutual fund or life insurance company. 2011 federal 1040ez form You can also open an IRA through your stockbroker. 2011 federal 1040ez form Any IRA must meet Internal Revenue Code requirements. 2011 federal 1040ez form The requirements for the various arrangements are discussed below. 2011 federal 1040ez form Kinds of traditional IRAs. 2011 federal 1040ez form   Your traditional IRA can be an individual retirement account or annuity. 2011 federal 1040ez form It can be part of either a simplified employee pension (SEP) or an employer or employee association trust account. 2011 federal 1040ez form Individual Retirement Account An individual retirement account is a trust or custodial account set up in the United States for the exclusive benefit of you or your beneficiaries. 2011 federal 1040ez form The account is created by a written document. 2011 federal 1040ez form The document must show that the account meets all of the following requirements. 2011 federal 1040ez form The trustee or custodian must be a bank, a federally insured credit union, a savings and loan association, or an entity approved by the IRS to act as trustee or custodian. 2011 federal 1040ez form The trustee or custodian generally cannot accept contributions of more than the deductible amount for the year. 2011 federal 1040ez form However, rollover contributions and employer contributions to a simplified employee pension (SEP) can be more than this amount. 2011 federal 1040ez form Contributions, except for rollover contributions, must be in cash. 2011 federal 1040ez form See Rollovers , later. 2011 federal 1040ez form You must have a nonforfeitable right to the amount at all times. 2011 federal 1040ez form Money in your account cannot be used to buy a life insurance policy. 2011 federal 1040ez form Assets in your account cannot be combined with other property, except in a common trust fund or common investment fund. 2011 federal 1040ez form You must start receiving distributions by April 1 of the year following the year in which you reach age 70½. 2011 federal 1040ez form See When Must You Withdraw Assets? (Required Minimum Distributions) , later. 2011 federal 1040ez form Individual Retirement Annuity You can open an individual retirement annuity by purchasing an annuity contract or an endowment contract from a life insurance company. 2011 federal 1040ez form An individual retirement annuity must be issued in your name as the owner, and either you or your beneficiaries who survive you are the only ones who can receive the benefits or payments. 2011 federal 1040ez form An individual retirement annuity must meet all the following requirements. 2011 federal 1040ez form Your entire interest in the contract must be nonforfeitable. 2011 federal 1040ez form The contract must provide that you cannot transfer any portion of it to any person other than the issuer. 2011 federal 1040ez form There must be flexible premiums so that if your compensation changes, your payment can also change. 2011 federal 1040ez form This provision applies to contracts issued after November 6, 1978. 2011 federal 1040ez form The contract must provide that contributions cannot be more than the deductible amount for an IRA for the year, and that you must use any refunded premiums to pay for future premiums or to buy more benefits before the end of the calendar year after the year in which you receive the refund. 2011 federal 1040ez form Distributions must begin by April 1 of the year following the year in which you reach age 70½. 2011 federal 1040ez form See When Must You Withdraw Assets? (Required Minimum Distributions) , later. 2011 federal 1040ez form Individual Retirement Bonds The sale of individual retirement bonds issued by the federal government was suspended after April 30, 1982. 2011 federal 1040ez form The bonds have the following features. 2011 federal 1040ez form They stop earning interest when you reach age 70½. 2011 federal 1040ez form If you die, interest will stop 5 years after your death, or on the date you would have reached age 70½, whichever is earlier. 2011 federal 1040ez form You cannot transfer the bonds. 2011 federal 1040ez form If you cash (redeem) the bonds before the year in which you reach age 59½, you may be subject to a 10% additional tax. 2011 federal 1040ez form See Age 59½ Rule under Early Distributions, later. 2011 federal 1040ez form You can roll over redemption proceeds into IRAs. 2011 federal 1040ez form Simplified Employee Pension (SEP) A simplified employee pension (SEP) is a written arrangement that allows your employer to make deductible contributions to a traditional IRA (a SEP IRA) set up for you to receive such contributions. 2011 federal 1040ez form Generally, distributions from SEP IRAs are subject to the withdrawal and tax rules that apply to traditional IRAs. 2011 federal 1040ez form See Publication 560 for more information about SEPs. 2011 federal 1040ez form Employer and Employee Association Trust Accounts Your employer or your labor union or other employee association can set up a trust to provide individual retirement accounts for employees or members. 2011 federal 1040ez form The requirements for individual retirement accounts apply to these traditional IRAs. 2011 federal 1040ez form Required Disclosures The trustee or issuer (sometimes called the sponsor) of your traditional IRA generally must give you a disclosure statement at least 7 days before you open your IRA. 2011 federal 1040ez form However, the sponsor does not have to give you the statement until the date you open (or purchase, if earlier) your IRA, provided you are given at least 7 days from that date to revoke the IRA. 2011 federal 1040ez form The disclosure statement must explain certain items in plain language. 2011 federal 1040ez form For example, the statement should explain when and how you can revoke the IRA, and include the name, address, and telephone number of the person to receive the notice of cancellation. 2011 federal 1040ez form This explanation must appear at the beginning of the disclosure statement. 2011 federal 1040ez form If you revoke your IRA within the revocation period, the sponsor must return to you the entire amount you paid. 2011 federal 1040ez form The sponsor must report on the appropriate IRS forms both your contribution to the IRA (unless it was made by a trustee-to-trustee transfer) and the amount returned to you. 2011 federal 1040ez form These requirements apply to all sponsors. 2011 federal 1040ez form How Much Can Be Contributed? There are limits and other rules that affect the amount that can be contributed to a traditional IRA. 2011 federal 1040ez form These limits and rules are explained below. 2011 federal 1040ez form Community property laws. 2011 federal 1040ez form   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. 2011 federal 1040ez form This is the rule even in states with community property laws. 2011 federal 1040ez form Brokers' commissions. 2011 federal 1040ez form   Brokers' commissions paid in connection with your traditional IRA are subject to the contribution limit. 2011 federal 1040ez form For information about whether you can deduct brokers' commissions, see Brokers' commissions , later, under How Much Can You Deduct. 2011 federal 1040ez form Trustees' fees. 2011 federal 1040ez form   Trustees' administrative fees are not subject to the contribution limit. 2011 federal 1040ez form For information about whether you can deduct trustees' fees, see Trustees' fees , later, under How Much Can You Deduct. 2011 federal 1040ez form Qualified reservist repayments. 2011 federal 1040ez form   If you 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 (defined later under Early Distributions) you received. 2011 federal 1040ez form 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. 2011 federal 1040ez form 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 a similar arrangement. 2011 federal 1040ez form Limit. 2011 federal 1040ez form   Your qualified reservist repayments cannot be more than your qualified reservist distributions, explained under Early Distributions , later. 2011 federal 1040ez form When repayment contributions can be made. 2011 federal 1040ez form   You cannot make these repayment contributions later than the date that is 2 years after your active duty period ends. 2011 federal 1040ez form No deduction. 2011 federal 1040ez form   You cannot deduct qualified reservist repayments. 2011 federal 1040ez form Reserve component. 2011 federal 1040ez form   The term “reserve component” means the: Army National Guard of the United States, Army Reserve, Naval Reserve, Marine Corps Reserve, Air National Guard of the United States, Air Force Reserve, Coast Guard Reserve, or Reserve Corps of the Public Health Service. 2011 federal 1040ez form Figuring your IRA deduction. 2011 federal 1040ez form   The repayment of qualified reservist distributions does not affect the amount you can deduct as an IRA contribution. 2011 federal 1040ez form Reporting the repayment. 2011 federal 1040ez form   If you repay a qualified reservist distribution, include the amount of the repayment with nondeductible contributions on line 1 of Form 8606. 2011 federal 1040ez form Example. 2011 federal 1040ez form   In 2013, your IRA contribution limit is $5,500. 2011 federal 1040ez form However, because of your filing status and AGI, the limit on the amount you can deduct is $3,500. 2011 federal 1040ez form You can make a nondeductible contribution of $2,000 ($5,500 - $3,500). 2011 federal 1040ez form In an earlier year you received a $3,000 qualified reservist distribution, which you would like to repay this year. 2011 federal 1040ez form   For 2013, you can contribute a total of $8,500 to your IRA. 2011 federal 1040ez form This is made up of the maximum deductible contribution of $3,500; a nondeductible contribution of $2,000; and a $3,000 qualified reservist repayment. 2011 federal 1040ez form You contribute the maximum allowable for the year. 2011 federal 1040ez form Since you are making a nondeductible contribution ($2,000) and a qualified reservist repayment ($3,000), you must file Form 8606 with your return and include $5,000 ($2,000 + $3,000) on line 1 of Form 8606. 2011 federal 1040ez form The qualified reservist repayment is not deductible. 2011 federal 1040ez form Contributions on your behalf to a traditional IRA reduce your limit for contributions to a Roth IRA. 2011 federal 1040ez form See chapter 2 for information about Roth IRAs. 2011 federal 1040ez form General Limit For 2013, the most that can be contributed to your traditional IRA generally is the smaller of the following amounts: $5,500 ($6,500 if you are age 50 or older), or Your taxable compensation (defined earlier) for the year. 2011 federal 1040ez form Note. 2011 federal 1040ez form This limit is reduced by any contributions to a section 501(c)(18) plan (generally, a pension plan created before June 25, 1959, that is funded entirely by employee contributions). 2011 federal 1040ez form 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. 2011 federal 1040ez form (See Nondeductible Contributions , later. 2011 federal 1040ez form ) Qualified reservist repayments do not affect this limit. 2011 federal 1040ez form Examples. 2011 federal 1040ez form George, who is 34 years old and single, earns $24,000 in 2013. 2011 federal 1040ez form His IRA contributions for 2013 are limited to $5,500. 2011 federal 1040ez form Danny, an unmarried college student working part time, earns $3,500 in 2013. 2011 federal 1040ez form His IRA contributions for 2013 are limited to $3,500, the amount of his compensation. 2011 federal 1040ez form More than one IRA. 2011 federal 1040ez form   If you have more than one IRA, the limit applies to the total contributions made on your behalf to all your traditional IRAs for the year. 2011 federal 1040ez form Annuity or endowment contracts. 2011 federal 1040ez form   If you invest in an annuity or endowment contract under an individual retirement annuity, no more than $5,500 ($6,500 if you are age 50 or older) can be contributed toward its cost for the tax year, including the cost of life insurance coverage. 2011 federal 1040ez form If more than this amount is contributed, the annuity or endowment contract is disqualified. 2011 federal 1040ez form Kay Bailey Hutchison Spousal IRA Limit 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 two amounts: $5,500 ($6,500 if you are age 50 or older), or The total compensation includible in the gross income of both you and your spouse for the year, reduced by the following two amounts. 2011 federal 1040ez form Your spouse's IRA contribution for the year to a traditional IRA. 2011 federal 1040ez form Any contributions for the year to a Roth IRA on behalf of your spouse. 2011 federal 1040ez form 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 age 50 or older or $13,000 if both of you are age 50 or older). 2011 federal 1040ez form Note. 2011 federal 1040ez form This traditional IRA limit is reduced by any contributions to a section 501(c)(18) plan (generally, a pension plan created before June 25, 1959, that is funded entirely by employee contributions). 2011 federal 1040ez form Example. 2011 federal 1040ez form Kristin, a full-time student with no taxable compensation, marries Carl during the year. 2011 federal 1040ez form Neither of them was age 50 by the end of 2013. 2011 federal 1040ez form For the year, Carl has taxable compensation of $30,000. 2011 federal 1040ez form He plans to contribute (and deduct) $5,500 to a traditional IRA. 2011 federal 1040ez form If he and Kristin file a joint return, each can contribute $5,500 to a traditional IRA. 2011 federal 1040ez form This is because Kristin, who has no compensation, can add Carl's compensation, reduced by the amount of his IRA contribution ($30,000 − $5,500 = $24,500), to her own compensation (-0-) to figure her maximum contribution to a traditional IRA. 2011 federal 1040ez form In her case, $5,500 is her contribution limit, because $5,500 is less than $24,500 (her compensation for purposes of figuring her contribution limit). 2011 federal 1040ez form Filing Status Generally, except as discussed earlier under Kay Bailey Hutchison Spousal IRA Limit , your filing status has no effect on the amount of allowable contributions to your traditional IRA. 2011 federal 1040ez form However, if during the year either you or your spouse was covered by a retirement plan at work, your deduction may be reduced or eliminated, depending on your filing status and income. 2011 federal 1040ez form See How Much Can You Deduct , later. 2011 federal 1040ez form Example. 2011 federal 1040ez form Tom and Darcy are married and both are 53. 2011 federal 1040ez form They both work and each has a traditional IRA. 2011 federal 1040ez form Tom earned $3,800 and Darcy earned $48,000 in 2013. 2011 federal 1040ez form Because of the Kay Bailey Hutchison Spousal IRA limit rule, even though Tom earned less than $6,500, they can contribute up to $6,500 to his IRA for 2013 if they file a joint return. 2011 federal 1040ez form They can contribute up to $6,500 to Darcy's IRA. 2011 federal 1040ez form If they file separate returns, the amount that can be contributed to Tom's IRA is limited by his earned income, $3,800. 2011 federal 1040ez form Less Than Maximum Contributions If contributions to your traditional IRA for a year were less than the limit, you cannot contribute more after the due date of your return for that year to make up the difference. 2011 federal 1040ez form Example. 2011 federal 1040ez form Rafael, who is 40, earns $30,000 in 2013. 2011 federal 1040ez form Although he can contribute up to $5,500 for 2013, he contributes only $3,000. 2011 federal 1040ez form After April 15, 2014, Rafael cannot make up the difference between his actual contributions for 2013 ($3,000) and his 2013 limit ($5,500). 2011 federal 1040ez form He cannot contribute $2,500 more than the limit for any later year. 2011 federal 1040ez form More Than Maximum Contributions If contributions to your IRA for a year were more than the limit, you can apply the excess contribution in one year to a later year if the contributions for that later year are less than the maximum allowed for that year. 2011 federal 1040ez form However, a penalty or additional tax may apply. 2011 federal 1040ez form See Excess Contributions , later, under What Acts Result in Penalties or Additional Taxes. 2011 federal 1040ez form 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). 2011 federal 1040ez form Contributions must be in the form of money (cash, check, or money order). 2011 federal 1040ez form Property cannot be contributed. 2011 federal 1040ez form Although property cannot be contributed, your IRA may invest in certain property. 2011 federal 1040ez form For example, your IRA may purchase shares of stock. 2011 federal 1040ez form For other restrictions on the use of funds in your IRA, see Prohibited Transactions , later in this chapter. 2011 federal 1040ez form You may be able to transfer or roll over certain property from one retirement plan to another. 2011 federal 1040ez form See the discussion of rollovers and other transfers later in this chapter under Can You Move Retirement Plan Assets . 2011 federal 1040ez form You can make a contribution to your IRA by having your income tax refund (or a portion of your refund), if any, paid directly to your traditional IRA, Roth IRA, or SEP IRA. 2011 federal 1040ez form For details, see the instructions for your income tax return or Form 8888, Allocation of Refund (Including Savings Bond Purchases). 2011 federal 1040ez form Contributions can be made to your traditional IRA for each year that you receive compensation and have not reached age 70½. 2011 federal 1040ez form For any year in which you do not work, contributions cannot be made to your IRA unless you receive alimony, nontaxable combat pay, military differential pay, or file a joint return with a spouse who has compensation. 2011 federal 1040ez form See Who Can Open a Traditional IRA , earlier. 2011 federal 1040ez form Even if contributions cannot be made for the current year, the amounts contributed for years in which you did qualify can remain in your IRA. 2011 federal 1040ez form Contributions can resume for any years that you qualify. 2011 federal 1040ez form Contributions must be made by due date. 2011 federal 1040ez form   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. 2011 federal 1040ez form For most people, this means that contributions for 2013 must be made by April 15, 2014, and contributions for 2014 must be made by April 15, 2015. 2011 federal 1040ez form Age 70½ rule. 2011 federal 1040ez form   Contributions cannot be made to your traditional IRA for the year in which you reach age 70½ or for any later year. 2011 federal 1040ez form   You attain age 70½ on the date that is 6 calendar months after the 70th anniversary of your birth. 2011 federal 1040ez form If you were born on or before June 30, 1943, you cannot contribute for 2013 or any later year. 2011 federal 1040ez form Designating year for which contribution is made. 2011 federal 1040ez form   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. 2011 federal 1040ez form 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). 2011 federal 1040ez form Filing before a contribution is made. 2011 federal 1040ez form    You can file your return claiming a traditional IRA contribution before the contribution is actually made. 2011 federal 1040ez form Generally, the contribution must be made by the due date of your return, not including extensions. 2011 federal 1040ez form Contributions not required. 2011 federal 1040ez form   You do not have to contribute to your traditional IRA for every tax year, even if you can. 2011 federal 1040ez form 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 applicable) explained earlier under How Much Can Be Contributed . 2011 federal 1040ez form However, if you or your spouse was covered by an employer retirement plan, you may not be able to deduct this amount. 2011 federal 1040ez form See Limit if Covered by Employer Plan , later. 2011 federal 1040ez form You may be able to claim a credit for contributions to your traditional IRA. 2011 federal 1040ez form For more information, see chapter 4. 2011 federal 1040ez form Trustees' fees. 2011 federal 1040ez form   Trustees' administrative fees that are billed separately and paid in connection with your traditional IRA are not deductible as IRA contributions. 2011 federal 1040ez form However, they may be deductible as a miscellaneous itemized deduction on Schedule A (Form 1040). 2011 federal 1040ez form For information about miscellaneous itemized deductions, see Publication 529, Miscellaneous Deductions. 2011 federal 1040ez form Brokers' commissions. 2011 federal 1040ez form   These commissions are part of your IRA contribution and, as such, are deductible subject to the limits. 2011 federal 1040ez form Full deduction. 2011 federal 1040ez form   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 of your traditional IRAs of up to the lesser of: $5,500 ($6,500 if you are age 50 or older), or 100% of your compensation. 2011 federal 1040ez form   This limit is reduced by any contributions made to a 501(c)(18) plan on your behalf. 2011 federal 1040ez form Kay Bailey Hutchison Spousal IRA. 2011 federal 1040ez form   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: $5,500 ($6,500 if the spouse with the lower compensation is age 50 or older), or The total compensation includible in the gross income of both spouses for the year reduced by the following three amounts. 2011 federal 1040ez form The IRA deduction for the year of the spouse with the greater compensation. 2011 federal 1040ez form Any designated nondeductible contribution for the year made on behalf of the spouse with the greater compensation. 2011 federal 1040ez form Any contributions for the year to a Roth IRA on behalf of the spouse with the greater compensation. 2011 federal 1040ez form   This limit is reduced by any contributions to a section 501(c)(18) plan on behalf of the spouse with the lesser compensation. 2011 federal 1040ez form Note. 2011 federal 1040ez form 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. 2011 federal 1040ez form After a divorce or legal separation, you can deduct only the contributions to your own IRA. 2011 federal 1040ez form Your deductions are subject to the rules for single individuals. 2011 federal 1040ez form Covered by an employer retirement plan. 2011 federal 1040ez form   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. 2011 federal 1040ez form This is discussed later under Limit if Covered by Employer Plan . 2011 federal 1040ez form Limits on the amount you can deduct do not affect the amount that can be contributed. 2011 federal 1040ez form 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. 2011 federal 1040ez form The “Retirement Plan” box should be checked if you were covered. 2011 federal 1040ez form Reservists and volunteer firefighters should also see Situations in Which You Are Not Covered , later. 2011 federal 1040ez form If you are not certain whether you were covered by your employer's retirement plan, you should ask your employer. 2011 federal 1040ez form Federal judges. 2011 federal 1040ez form   For purposes of the IRA deduction, federal judges are covered by an employer plan. 2011 federal 1040ez form For Which Year(s) Are You Covered? Special rules apply to determine the tax years for which you are covered by an employer plan. 2011 federal 1040ez form These rules differ depending on whether the plan is a defined contribution plan or a defined benefit plan. 2011 federal 1040ez form Tax year. 2011 federal 1040ez form   Your tax year is the annual accounting period you use to keep records and report income and expenses on your income tax return. 2011 federal 1040ez form For almost all people, the tax year is the calendar year. 2011 federal 1040ez form Defined contribution plan. 2011 federal 1040ez form   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. 2011 federal 1040ez form However, also see Situations in Which You Are Not Covered , later. 2011 federal 1040ez form   A defined contribution plan is a plan that provides for a separate account for each person covered by the plan. 2011 federal 1040ez form In a defined contribution plan, the amount to be contributed to each participant's account is spelled out in the plan. 2011 federal 1040ez form The level of benefits actually provided to a participant depends on the total amount contributed to that participant's account and any earnings and losses on those contributions. 2011 federal 1040ez form Types of defined contribution plans include profit-sharing plans, stock bonus plans, and money purchase pension plans. 2011 federal 1040ez form Example. 2011 federal 1040ez form Company A has a money purchase pension plan. 2011 federal 1040ez form Its plan year is from July 1 to June 30. 2011 federal 1040ez form The plan provides that contributions must be allocated as of June 30. 2011 federal 1040ez form Bob, an employee, leaves Company A on December 31, 2012. 2011 federal 1040ez form The contribution for the plan year ending on June 30, 2013, is made February 15, 2014. 2011 federal 1040ez form Because an amount is contributed to Bob's account for the plan year, Bob is covered by the plan for his 2013 tax year. 2011 federal 1040ez form   A special rule applies to certain plans in which it is not possible to determine if an amount will be contributed to your account for a given plan year. 2011 federal 1040ez form If, for a plan year, no amounts have been allocated to your account that are attributable to employer contributions, employee contributions, or forfeitures, by the last day of the plan year, and contributions are discretionary for the plan year, you are not covered for the tax year in which the plan year ends. 2011 federal 1040ez form If, after the plan year ends, the employer makes a contribution for that plan year, you are covered for the tax year in which the contribution is made. 2011 federal 1040ez form Example. 2011 federal 1040ez form Mickey was covered by a profit-sharing plan and left the company on December 31, 2012. 2011 federal 1040ez form The plan year runs from July 1 to June 30. 2011 federal 1040ez form Under the terms of the plan, employer contributions do not have to be made, but if they are made, they are contributed to the plan before the due date for filing the company's tax return. 2011 federal 1040ez form Such contributions are allocated as of the last day of the plan year, and allocations are made to the accounts of individuals who have any service during the plan year. 2011 federal 1040ez form As of June 30, 2013, no contributions were made that were allocated to the June 30, 2013, plan year, and no forfeitures had been allocated within the plan year. 2011 federal 1040ez form In addition, as of that date, the company was not obligated to make a contribution for such plan year and it was impossible to determine whether or not a contribution would be made for the plan year. 2011 federal 1040ez form On December 31, 2013, the company decided to contribute to the plan for the plan year ending June 30, 2013. 2011 federal 1040ez form That contribution was made on February 15, 2014. 2011 federal 1040ez form Mickey is an active participant in the plan for his 2014 tax year but not for his 2013 tax year. 2011 federal 1040ez form No vested interest. 2011 federal 1040ez form   If an amount is allocated to your account for a plan year, you are covered by that plan even if you have no vested interest in (legal right to) the account. 2011 federal 1040ez form Defined benefit plan. 2011 federal 1040ez form   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. 2011 federal 1040ez form 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. 2011 federal 1040ez form   A defined benefit plan is any plan that is not a defined contribution plan. 2011 federal 1040ez form In a defined benefit plan, the level of benefits to be provided to each participant is spelled out in the plan. 2011 federal 1040ez form The plan administrator figures the amount needed to provide those benefits and those amounts are contributed to the plan. 2011 federal 1040ez form Defined benefit plans include pension plans and annuity plans. 2011 federal 1040ez form Example. 2011 federal 1040ez form Nick, an employee of Company B, is eligible to participate in Company B's defined benefit plan, which has a July 1 to June 30 plan year. 2011 federal 1040ez form Nick leaves Company B on December 31, 2012. 2011 federal 1040ez form Because Nick is eligible to participate in the plan for its year ending June 30, 2013, he is covered by the plan for his 2013 tax year. 2011 federal 1040ez form No vested interest. 2011 federal 1040ez form   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. 2011 federal 1040ez form Situations in Which You Are Not Covered Unless you are covered by another employer plan, you are not covered by an employer plan if you are in one of the situations described below. 2011 federal 1040ez form Social security or railroad retirement. 2011 federal 1040ez form   Coverage under social security or railroad retirement is not coverage under an employer retirement plan. 2011 federal 1040ez form Benefits from previous employer's plan. 2011 federal 1040ez form   If you receive retirement benefits from a previous employer's plan, you are not covered by that plan. 2011 federal 1040ez form Reservists. 2011 federal 1040ez form   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. 2011 federal 1040ez form You are not covered by the plan if both of the following conditions are met. 2011 federal 1040ez form 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. 2011 federal 1040ez form You did not serve more than 90 days on active duty during the year (not counting duty for training). 2011 federal 1040ez form Volunteer firefighters. 2011 federal 1040ez form   If the only reason you participate in a plan is because you are a volunteer firefighter, you may not be covered by the plan. 2011 federal 1040ez form You are not covered by the plan if both of the following conditions are met. 2011 federal 1040ez form 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. 2011 federal 1040ez form Your accrued retirement benefits at the beginning of the year will not provide more than $1,800 per year at retirement. 2011 federal 1040ez form Limit if Covered by Employer Plan As discussed earlier, the deduction you can take for contributions made to your traditional IRA depends on whether you or your spouse was covered for any part of the year by an employer retirement plan. 2011 federal 1040ez form Your deduction is also affected by how much income you had and by your filing status. 2011 federal 1040ez form Your deduction may also be affected by social security benefits you received. 2011 federal 1040ez form Reduced or no deduction. 2011 federal 1040ez form   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. 2011 federal 1040ez form   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. 2011 federal 1040ez form These amounts vary depending on your filing status. 2011 federal 1040ez form   To determine if your deduction is subject to the phaseout, you must determine your modified adjusted gross income (AGI) and your filing status, as explained later under Deduction Phaseout . 2011 federal 1040ez form Once you have determined your modified AGI and your filing status, you can use Table 1-2 or Table 1-3 to determine if the phaseout applies. 2011 federal 1040ez form Social Security Recipients Instead of using Table 1-2 or Table 1-3 and Worksheet 1-2, Figuring Your Reduced IRA Deduction for 2013, later, complete the worksheets in Appendix B of this publication if, for the year, all of the following apply. 2011 federal 1040ez form You received social security benefits. 2011 federal 1040ez form You received taxable compensation. 2011 federal 1040ez form Contributions were made to your traditional IRA. 2011 federal 1040ez form You or your spouse was covered by an employer retirement plan. 2011 federal 1040ez form Use the worksheets in Appendix B to figure your IRA deduction, your nondeductible contribution, and the taxable portion, if any, of your social security benefits. 2011 federal 1040ez form Appendix B includes an example with filled-in worksheets to assist you. 2011 federal 1040ez form Table 1-2. 2011 federal 1040ez form Effect of Modified AGI1 on Deduction if You Are Covered by a 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. 2011 federal 1040ez form IF your filing status is . 2011 federal 1040ez form . 2011 federal 1040ez form . 2011 federal 1040ez form AND your modified adjusted gross income (modified AGI) is . 2011 federal 1040ez form . 2011 federal 1040ez form . 2011 federal 1040ez form THEN you can take . 2011 federal 1040ez form . 2011 federal 1040ez form . 2011 federal 1040ez form single or head of household $59,000 or less a full deduction. 2011 federal 1040ez form more than $59,000 but less than $69,000 a partial deduction. 2011 federal 1040ez form $69,000 or more no deduction. 2011 federal 1040ez form married filing jointly or  qualifying widow(er) $95,000 or less a full deduction. 2011 federal 1040ez form more than $95,000 but less than $115,000 a partial deduction. 2011 federal 1040ez form $115,000 or more no deduction. 2011 federal 1040ez form married filing separately2 less than $10,000 a partial deduction. 2011 federal 1040ez form $10,000 or more no deduction. 2011 federal 1040ez form 1 Modified AGI (adjusted gross income). 2011 federal 1040ez form See Modified adjusted gross income (AGI) , later. 2011 federal 1040ez form  2 If 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” filing status). 2011 federal 1040ez form Table 1-3. 2011 federal 1040ez form Effect of Modified AGI1 on Deduction if You Are NOT Covered by a 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. 2011 federal 1040ez form IF your filing status is . 2011 federal 1040ez form . 2011 federal 1040ez form . 2011 federal 1040ez form AND your modified adjusted gross income (modified AGI) is . 2011 federal 1040ez form . 2011 federal 1040ez form . 2011 federal 1040ez form THEN you can take . 2011 federal 1040ez form . 2011 federal 1040ez form . 2011 federal 1040ez form single, head of household, or qualifying widow(er) any amount a full deduction. 2011 federal 1040ez form married filing jointly or separately with a spouse who is not covered by a plan at work any amount a full deduction. 2011 federal 1040ez form married filing jointly with a spouse who is covered by a plan at work $178,000 or less a full deduction. 2011 federal 1040ez form more than $178,000 but less than $188,000 a partial deduction. 2011 federal 1040ez form $188,000 or more no deduction. 2011 federal 1040ez form married filing separately with a spouse who is covered by a plan at work2 less than $10,000 a partial deduction. 2011 federal 1040ez form $10,000 or more no deduction. 2011 federal 1040ez form 1 Modified AGI (adjusted gross income). 2011 federal 1040ez form See Modified adjusted gross income (AGI) , later. 2011 federal 1040ez form  2 You are entitled to the full deduction if you did not live with your spouse at any time during the year. 2011 federal 1040ez form For 2014, if you are not covered by a retirement plan at work and you are married filing jointly with a spouse who is covered by a plan at work, your deduction is phased out if your modified AGI is more than $181,000 but less than $191,000. 2011 federal 1040ez form If your AGI is $191,000 or more, you cannot take a deduction for a contribution to a traditional IRA. 2011 federal 1040ez form Deduction Phaseout The amount of any reduction in the limit on your IRA deduction (phaseout) depends on whether you or your spouse was covered by an employer retirement plan. 2011 federal 1040ez form Covered by a retirement plan. 2011 federal 1040ez form   If you are 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 1-2. 2011 federal 1040ez form For 2014, if you are covered by a retirement plan at work, your IRA deduction will not be reduced (phased out) unless your modified AGI is: More than $60,000 but less than $70,000 for a single individual (or head of household), More than $96,000 but less than $116,000 for a married couple filing a joint return (or a qualifying widow(er)), or Less than $10,000 for a married individual filing a separate return. 2011 federal 1040ez form If your spouse is covered. 2011 federal 1040ez form   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 1-3. 2011 federal 1040ez form Filing status. 2011 federal 1040ez form   Your filing status depends primarily on your marital status. 2011 federal 1040ez form 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. 2011 federal 1040ez form If you need more information on filing status, see Publication 501, Exemptions, Standard Deduction, and Filing Information. 2011 federal 1040ez form Lived apart from spouse. 2011 federal 1040ez form   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. 2011 federal 1040ez form Modified adjusted gross income (AGI). 2011 federal 1040ez form   You can use Worksheet 1-1 to figure your modified AGI. 2011 federal 1040ez form If you made contributions to your IRA for 2013 and received a distribution from your IRA in 2013, see Both contributions for 2013 and distributions in 2013 , later. 2011 federal 1040ez form    Do not assume that your modified AGI is the same as your compensation. 2011 federal 1040ez form Your modified AGI may include income in addition to your compensation (discussed earlier) such as interest, dividends, and income from IRA distributions. 2011 federal 1040ez form Form 1040. 2011 federal 1040ez form   If you file Form 1040, refigure the amount on the page 1 “adjusted gross income” line without taking into account any of the following amounts. 2011 federal 1040ez form IRA deduction. 2011 federal 1040ez form Student loan interest deduction. 2011 federal 1040ez form Tuition and fees deduction. 2011 federal 1040ez form Domestic production activities deduction. 2011 federal 1040ez form Foreign earned income exclusion. 2011 federal 1040ez form Foreign housing exclusion or deduction. 2011 federal 1040ez form Exclusion of qualified savings bond interest shown on Form 8815. 2011 federal 1040ez form Exclusion of employer-provided adoption benefits shown on Form 8839. 2011 federal 1040ez form This is your modified AGI. 2011 federal 1040ez form Form 1040A. 2011 federal 1040ez form   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. 2011 federal 1040ez form IRA deduction. 2011 federal 1040ez form Student loan interest deduction. 2011 federal 1040ez form Tuition and fees deduction. 2011 federal 1040ez form Exclusion of qualified savings bond interest shown on Form 8815. 2011 federal 1040ez form This is your modified AGI. 2011 federal 1040ez form Form 1040NR. 2011 federal 1040ez form   If you file Form 1040NR, refigure the amount on the page 1 “adjusted gross income” line without taking into account any of the following amounts. 2011 federal 1040ez form IRA deduction. 2011 federal 1040ez form Student loan interest deduction. 2011 federal 1040ez form Domestic production activities deduction. 2011 federal 1040ez form Exclusion of qualified savings bond interest shown on Form 8815. 2011 federal 1040ez form Exclusion of employer-provided adoption benefits shown on Form 8839. 2011 federal 1040ez form This is your modified AGI. 2011 federal 1040ez form Income from IRA distributions. 2011 federal 1040ez form   If you received distributions in 2013 from one or more traditional IRAs and your traditional IRAs include only deductible contributions, the distributions are fully taxable and are included in your modified AGI. 2011 federal 1040ez form Both contributions for 2013 and distributions in 2013. 2011 federal 1040ez form   If all three of the following apply, any IRA distributions you received in 2013 may be partly tax free and partly taxable. 2011 federal 1040ez form You received distributions in 2013 from one or more traditional IRAs, You made contributions to a traditional IRA for 2013, and Some of those contributions may be nondeductible contributions. 2011 federal 1040ez form (See Nondeductible Contributions and Worksheet 1-2, later. 2011 federal 1040ez form ) If this is your situation, you must figure the taxable part of the traditional IRA distribution before you can figure your modified AGI. 2011 federal 1040ez form To do this, you can use Worksheet 1-5, later. 2011 federal 1040ez form   If at least one of the above does not apply, figure your modified AGI using Worksheet 1-1, later. 2011 federal 1040ez form How To Figure Your Reduced IRA Deduction If you or your spouse is covered by an employer retirement plan and you did not receive any social security benefits, you can figure your reduced IRA deduction by using Worksheet 1-2. 2011 federal 1040ez form Figuring Your Reduced IRA Deduction for 2013. 2011 federal 1040ez form The Instructions for Form 1040, Form 1040A, and Form 1040NR include similar worksheets that you can use instead of the worksheet in this publication. 2011 federal 1040ez form If you or your spouse is covered by an employer retirement plan, and you received any social security benefits, see Social Security Recipients , earlier. 2011 federal 1040ez form Note. 2011 federal 1040ez form If you were married and both you and your spouse contributed to IRAs, figure your deduction and your spouse's deduction separately. 2011 federal 1040ez form Worksheet 1-1. 2011 federal 1040ez form Figuring Your Modified AGI Use this worksheet to figure your modified AGI for traditional IRA purposes. 2011 federal 1040ez form 1. 2011 federal 1040ez form Enter your adjusted gross income (AGI) from Form 1040, line 38; Form 1040A, line 22; or Form 1040NR, line 37, figured without taking into account the amount from Form 1040, line 32; Form 1040A, line 17; or Form 1040NR, line 32 1. 2011 federal 1040ez form   2. 2011 federal 1040ez form Enter any student loan interest deduction from Form 1040, line 33; Form 1040A, line 18; or Form 1040NR, line 33 2. 2011 federal 1040ez form   3. 2011 federal 1040ez form Enter any tuition and fees deduction from Form 1040, line 34, or Form 1040A, line 19 3. 2011 federal 1040ez form   4. 2011 federal 1040ez form Enter any domestic production activities deduction from Form 1040, line 35, or Form 1040NR, line 34 4. 2011 federal 1040ez form   5. 2011 federal 1040ez form Enter any foreign earned income exclusion and/or housing exclusion from Form 2555, line 45, or Form 2555-EZ, line 18 5. 2011 federal 1040ez form   6. 2011 federal 1040ez form Enter any foreign housing deduction from Form 2555, line 50 6. 2011 federal 1040ez form   7. 2011 federal 1040ez form Enter any excludable savings bond interest from Form 8815, line 14 7. 2011 federal 1040ez form   8. 2011 federal 1040ez form Enter any excluded employer-provided adoption benefits from Form 8839, line 28 8. 2011 federal 1040ez form   9. 2011 federal 1040ez form Add lines 1 through 8. 2011 federal 1040ez form This is your Modified AGI for traditional IRA purposes 9. 2011 federal 1040ez form   Reporting Deductible Contributions If you file Form 1040, enter your IRA deduction on line 32 of that form. 2011 federal 1040ez form If you file Form 1040A, enter your IRA deduction on line 17 of that form. 2011 federal 1040ez form If you file Form 1040NR, enter your IRA deduction on line 32 of that form. 2011 federal 1040ez form You cannot deduct IRA contributions on Form 1040EZ or Form 1040NR-EZ. 2011 federal 1040ez form Self-employed. 2011 federal 1040ez form   If you are self-employed (a sole proprietor or partner) and have a SIMPLE IRA, enter your deduction for allowable plan contributions on Form 1040, line 28. 2011 federal 1040ez form If you file Form 1040NR, enter your deduction on line 28 of that form. 2011 federal 1040ez form Nondeductible Contributions Although your deduction for IRA contributions may be reduced or eliminated, contributions can be made to your IRA of up to the general limit or, if it applies, the Kay Bailey Hutchison Spousal IRA limit. 2011 federal 1040ez form The difference between your total permitted contributions and your IRA deduction, if any, is your nondeductible contribution. 2011 federal 1040ez form Example. 2011 federal 1040ez form Tony is 29 years old and single. 2011 federal 1040ez form In 2013, he was covered by a retirement plan at work. 2011 federal 1040ez form His salary is $62,000. 2011 federal 1040ez form His modified AGI is $70,000. 2011 federal 1040ez form Tony makes a $5,500 IRA contribution for 2013. 2011 federal 1040ez form Because he was covered by a retirement plan and his modified AGI is above $69,000, he cannot deduct his $5,500 IRA contribution. 2011 federal 1040ez form He must designate this contribution as a nondeductible contribution by reporting it on Form 8606. 2011 federal 1040ez form Repayment of reservist distributions. 2011 federal 1040ez form   Nondeductible contributions may include repayments of qualified reservist distributions. 2011 federal 1040ez form For more information, see Qualified reservist repayments under How Much Can Be Contributed, earlier. 2011 federal 1040ez form Form 8606. 2011 federal 1040ez form   To designate contributions as nondeductible, you must file Form 8606. 2011 federal 1040ez form (See the filled-in Forms 8606 in this chapter. 2011 federal 1040ez form )   You do not have to designate a contribution as nondeductible until you file your tax return. 2011 federal 1040ez form When you file, you can even designate otherwise deductible contributions as nondeductible contributions. 2011 federal 1040ez form   You must file Form 8606 to report nondeductible contributions even if you do not have to file a tax return for the year. 2011 federal 1040ez form    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. 2011 federal 1040ez form In those situations, a Form 8606 is completed for the year you take a distribution from that IRA. 2011 federal 1040ez form See Form 8606 under Distributions Fully or Partly Taxable, later. 2011 federal 1040ez form Failure to report nondeductible contributions. 2011 federal 1040ez form   If you do not report nondeductible contributions, all of the contributions to your traditional IRA will be treated like deductible contributions when withdrawn. 2011 federal 1040ez form All distributions from your IRA will be taxed unless you can show, with satisfactory evidence, that nondeductible contributions were made. 2011 federal 1040ez form Penalty for overstatement. 2011 federal 1040ez form   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. 2011 federal 1040ez form Penalty for failure to file Form 8606. 2011 federal 1040ez form   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. 2011 federal 1040ez form Tax on earnings on nondeductible contributions. 2011 federal 1040ez form   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. 2011 federal 1040ez form Cost basis. 2011 federal 1040ez form   You will have a cost basis in your traditional IRA if you made any nondeductible contributions. 2011 federal 1040ez form Your cost basis is the sum of the nondeductible contributions to your IRA minus any withdrawals or distributions of nondeductible contributions. 2011 federal 1040ez form    Commonly, distributions from your traditional IRAs will include both taxable and nontaxable (cost basis) amounts. 2011 federal 1040ez form See Are Distributions Taxable, later, for more information. 2011 federal 1040ez form Recordkeeping. 2011 federal 1040ez form There is a recordkeeping worksheet, Appendix A. 2011 federal 1040ez form Summary Record of Traditional IRA(s) for 2013 , that you can use to keep a record of deductible and nondeductible IRA contributions. 2011 federal 1040ez form Examples — Worksheet for Reduced IRA Deduction for 2013 The following examples illustrate the use of Worksheet 1-2, Figuring Your Reduced IRA Deduction for 2013. 2011 federal 1040ez form Example 1. 2011 federal 1040ez form For 2013, Tom and Betty file a joint return on Form 1040. 2011 federal 1040ez form They are both 39 years old. 2011 federal 1040ez form They are both employed and Tom is covered by his employer's retirement plan. 2011 federal 1040ez form Tom's salary is $59,000 and Betty's is $32,555. 2011 federal 1040ez form They each have a traditional IRA and their combined modified AGI, which includes $5,000 interest and dividend income, is $96,555. 2011 federal 1040ez form Because their modified AGI is between $95,000 and $115,000 and Tom is covered by an employer plan, Tom is subject to the deduction phaseout discussed earlier under Limit if Covered by Employer Plan . 2011 federal 1040ez form For 2013, Tom contributed $5,500 to his IRA and Betty contributed $5,500 to hers. 2011 federal 1040ez form Even though they file a joint return, they must use separate worksheets to figure the IRA deduction for each of them. 2011 federal 1040ez form Tom can take a deduction of only $5,080. 2011 federal 1040ez form He can choose to treat the $5,080 as either deductible or nondeductible contributions. 2011 federal 1040ez form He can either leave the $420 ($5,500 − $5,080) of nondeductible contributions in his IRA or withdraw them by April 15, 2014. 2011 federal 1040ez form He decides to treat the $5,080 as deductible contributions and leave the $420 of nondeductible contributions in his IRA. 2011 federal 1040ez form Using Worksheet 1-2, Figuring Your Reduced IRA Deduction for 2013, Tom figures his deductible and nondeductible amounts as shown on Worksheet 1-2. 2011 federal 1040ez form Figuring Your Reduced IRA Deduction for 2013—Example 1 Illustrated. 2011 federal 1040ez form Betty figures her IRA deduction as follows. 2011 federal 1040ez form Betty can treat all or part of her contributions as either deductible or nondeductible. 2011 federal 1040ez form This is because her $5,500 contribution for 2013 is not subject to the deduction phaseout discussed earlier under Limit if Covered by Employer Plan . 2011 federal 1040ez form She does not need to use Worksheet 1-2, Figuring Your Reduced IRA Deduction for 2013, because their modified AGI is not within the phaseout range that applies. 2011 federal 1040ez form Betty decides to treat her $5,500 IRA contributions as deductible. 2011 federal 1040ez form The IRA deductions of $5,080 and $5,500 on the joint return for Tom and Betty total $10,580. 2011 federal 1040ez form Example 2. 2011 federal 1040ez form For 2013, Ed and Sue file a joint return on Form 1040. 2011 federal 1040ez form They are both 39 years old. 2011 federal 1040ez form Ed is covered by his employer's retirement plan. 2011 federal 1040ez form Ed's salary is $45,000. 2011 federal 1040ez form Sue had no compensation for the year and did not contribute to an IRA. 2011 federal 1040ez form Sue is not covered by an employer plan. 2011 federal 1040ez form Ed contributed $5,500 to his traditional IRA and $5,500 to a traditional IRA for Sue (a Kay Bailey Hutchison Spousal IRA). 2011 federal 1040ez form Their combined modified AGI, which includes $2,000 interest and dividend income and a large capital gain from the sale of stock, is $180,555. 2011 federal 1040ez form Because the combined modified AGI is $115,000 or more, Ed cannot deduct any of the contribution to his traditional IRA. 2011 federal 1040ez form He can either leave the $5,500 of nondeductible contributions in his IRA or withdraw them by April 15, 2014. 2011 federal 1040ez form Sue figures her IRA deduction as shown on Worksheet 1-2. 2011 federal 1040ez form Figuring Your Reduced IRA Deduction for 2013—Example 2 Illustrated. 2011 federal 1040ez form Worksheet 1-2. 2011 federal 1040ez form Figuring Your Reduced IRA Deduction for 2013 (Use only if you or your spouse is covered by an employer plan and your modified AGI falls between the two amounts shown below for your coverage situation and filing status. 2011 federal 1040ez form ) Note. 2011 federal 1040ez form If you were married and both you and your spouse contributed to IRAs, figure your deduction and your spouse's deduction separately. 2011 federal 1040ez form IF you . 2011 federal 1040ez form . 2011 federal 1040ez form . 2011 federal 1040ez form AND your  filing status is . 2011 federal 1040ez form . 2011 federal 1040ez form . 2011 federal 1040ez form AND your modified AGI is over . 2011 federal 1040ez form . 2011 federal 1040ez form . 2011 federal 1040ez form THEN enter on  line 1 below . 2011 federal 1040ez form . 2011 federal 1040ez form . 2011 federal 1040ez form       are covered by an employer plan single or head of household $59,000 $69,000     married filing jointly or qualifying widow(er) $95,000 $115,000     married filing separately $0 $10,000     are not covered by an employer plan, but your spouse is covered married filing jointly $178,000 $188,000     married filing separately $0 $10,000     1. 2011 federal 1040ez form Enter applicable amount from table above 1. 2011 federal 1040ez form   2. 2011 federal 1040ez form Enter your modified AGI (that of both spouses, if married filing jointly) 2. 2011 federal 1040ez form     Note. 2011 federal 1040ez form If line 2 is equal to or more than the amount on line 1, stop here. 2011 federal 1040ez form  Your IRA contributions are not deductible. 2011 federal 1040ez form See Nondeductible Contributions , earlier. 2011 federal 1040ez form     3. 2011 federal 1040ez form Subtract line 2 from line 1. 2011 federal 1040ez form If line 3 is $10,000 or more ($20,000 or more if married filing jointly or qualifying widow(er) and you are covered by an employer plan), stop here. 2011 federal 1040ez form You can take a full IRA deduction for contributions of up to $5,500 ($6,500 if you are age 50 or older) or 100% of your (and if married filing jointly, your spouse's) compensation, whichever is less 3. 2011 federal 1040ez form   4. 2011 federal 1040ez form Multiply line 3 by the percentage below that applies to you. 2011 federal 1040ez form If the result is not a multiple of $10, round it to the next highest multiple of $10. 2011 federal 1040ez form (For example, $611. 2011 federal 1040ez form 40 is rounded to $620. 2011 federal 1040ez form ) However, if the result is less than $200, enter $200. 2011 federal 1040ez form         Married filing jointly or qualifying widow(er) and you are covered by an employer plan, multiply line 3 by 27. 2011 federal 1040ez form 5% (. 2011 federal 1040ez form 275) (by 32. 2011 federal 1040ez form 5% (. 2011 federal 1040ez form 325) if you are age 50 or older). 2011 federal 1040ez form All others, multiply line 3 by 55% (. 2011 federal 1040ez form 55) (by 65% (. 2011 federal 1040ez form 65) if you are age 50 or older). 2011 federal 1040ez form 4. 2011 federal 1040ez form   5. 2011 federal 1040ez form Enter your compensation minus any deductions on Form 1040 or Form 1040NR, line 27 (deductible part of self-employment tax) and line 28 (self-employed SEP, SIMPLE, and qualified plans). 2011 federal 1040ez form If you are filing a joint return and your compensation is less than your spouse's, include your spouse's compensation reduced by his or her traditional IRA and Roth IRA contributions for this year. 2011 federal 1040ez form If you file Form 1040 or Form 1040NR, do not reduce your compensation by any losses from self-employment 5. 2011 federal 1040ez form   6. 2011 federal 1040ez form Enter contributions made, or to be made, to your IRA for 2013, but do not enter more than $5,500 ($6,500 if you are age 50 or older). 2011 federal 1040ez form If contributions are more than $5,500 ($6,500 if you are age 50 or older), see Excess Contributions , later. 2011 federal 1040ez form 6. 2011 federal 1040ez form   7. 2011 federal 1040ez form IRA deduction. 2011 federal 1040ez form Compare lines 4, 5, and 6. 2011 federal 1040ez form Enter the smallest amount (or a smaller amount if you choose) here and on the Form 1040, 1040A, or 1040NR line for your IRA, whichever applies. 2011 federal 1040ez form If line 6 is more than line 7 and you want to make a nondeductible contribution, go to line 8 7. 2011 federal 1040ez form   8. 2011 federal 1040ez form Nondeductible contribution. 2011 federal 1040ez form Subtract line 7 from line 5 or 6, whichever is smaller. 2011 federal 1040ez form  Enter the result here and on line 1 of your Form 8606 8. 2011 federal 1040ez form   Worksheet 1-2. 2011 federal 1040ez form Figuring Your Reduced IRA Deduction for 2013—Example 1 Illustrated (Use only if you or your spouse is covered by an employer plan and your modified AGI falls between the two amounts shown below for your coverage situation and filing status. 2011 federal 1040ez form ) Note. 2011 federal 1040ez form If you were married and both you and your spouse contributed to IRAs, figure your deduction and your spouse's deduction separately. 2011 federal 1040ez form IF you . 2011 federal 1040ez form . 2011 federal 1040ez form . 2011 federal 1040ez form AND your  filing status is . 2011 federal 1040ez form . 2011 federal 1040ez form . 2011 federal 1040ez form AND your modified AGI is over . 2011 federal 1040ez form . 2011 federal 1040ez form . 2011 federal 1040ez form THEN enter on  line 1 below . 2011 federal 1040ez form . 2011 federal 1040ez form . 2011 federal 1040ez form       are covered by an employer plan single or head of household $59,000 $69,000     married filing jointly or qualifying widow(er) $95,000 $115,000     married filing separately $0 $10,000     are not covered by an employer plan, but your spouse is covered married filing jointly $178,000 $188,000     married filing separately $0 $10,000     1. 2011 federal 1040ez form Enter applicable amount from table above 1. 2011 federal 1040ez form 115,000 2. 2011 federal 1040ez form Enter your modified AGI (that of both spouses, if married filing jointly) 2. 2011 federal 1040ez form 96,555   Note. 2011 federal 1040ez form If line 2 is equal to or more than the amount on line 1, stop here. 2011 federal 1040ez form  Your IRA contributions are not deductible. 2011 federal 1040ez form See Nondeductible Contributions , earlier. 2011 federal 1040ez form     3. 2011 federal 1040ez form Subtract line 2 from line 1. 2011 federal 1040ez form If line 3 is $10,000 or more ($20,000 or more if married filing jointly or qualifying widow(er) and you are covered by an employer plan), stop here. 2011 federal 1040ez form You can take a full IRA deduction for contributions of up to $5,500 ($6,500 if you are age 50 or older) or 100% of your (and if married filing jointly, your spouse's) compensation, whichever is less 3. 2011 federal 1040ez form 18,445 4. 2011 federal 1040ez form Multiply line 3 by the percentage below that applies to you. 2011 federal 1040ez form If the result is not a multiple of $10, round it to the next highest multiple of $10. 2011 federal 1040ez form (For example, $611. 2011 federal 1040ez form 40 is rounded to $620. 2011 federal 1040ez form ) However, if the result is less than $200, enter $200. 2011 federal 1040ez form         Married filing jointly or qualifying widow(er) and you are covered by an employer plan, multiply line 3 by 27. 2011 federal 1040ez form 5% (. 2011 federal 1040ez form 275) (by 32. 2011 federal 1040ez form 5% (. 2011 federal 1040ez form 325) if you are age 50 or older). 2011 federal 1040ez form All others, multiply line 3 by 55% (. 2011 federal 1040ez form 55) (by 65% (. 2011 federal 1040ez form 65) if you are age 50 or older). 2011 federal 1040ez form 4. 2011 federal 1040ez form 5,080 5. 2011 federal 1040ez form Enter your compensation minus any deductions on Form 1040 or Form 1040NR, line 27 (deductible part of self-employment tax) and line 28 (self-employed SEP, SIMPLE, and qualified plans). 2011 federal 1040ez form If you are filing a joint return and your compensation is less than your spouse's, include your spouse's compensation reduced by his or her traditional IRA and Roth IRA contributions for this year. 2011 federal 1040ez form If you file Form 1040 or Form 1040NR, do not reduce your compensation by any losses from self-employment 5. 2011 federal 1040ez form 59,000 6. 2011 federal 1040ez form Enter contributions made, or to be made, to your IRA for 2013, but do not enter more than $5,500 ($6,500 if you are age 50 or older). 2011 federal 1040ez form If contributions are more than $5,500 ($6,500 if you are age 50 or older), see Excess Contributions , later. 2011 federal 1040ez form 6. 2011 federal 1040ez form 5,500 7. 2011 federal 1040ez form IRA deduction. 2011 federal 1040ez form Compare lines 4, 5, and 6. 2011 federal 1040ez form Enter the smallest amount (or a smaller amount if you choose) here and on the Form 1040, 1040A, or 1040NR line for your IRA, whichever applies. 2011 federal 1040ez form If line 6 is more than line 7 and you want to make a nondeductible contribution, go to line 8 7. 2011 federal 1040ez form 5,080 8. 2011 federal 1040ez form Nondeductible contribution. 2011 federal 1040ez form Subtract line 7 from line 5 or 6, whichever is smaller. 2011 federal 1040ez form  Enter the result here and on line 1 of your Form 8606 8. 2011 federal 1040ez form 420 Worksheet 1-2. 2011 federal 1040ez form Figuring Your Reduced IRA Deduction for 2013—Example 2 Illustrated (Use only if you or your spouse is covered by an employer plan and your modified AGI falls between the two amounts shown below for your coverage situation and filing status. 2011 federal 1040ez form ) Note. 2011 federal 1040ez form If you were married and both you and your spouse contributed to IRAs, figure your deduction and your spouse's deduction separately. 2011 federal 1040ez form IF you . 2011 federal 1040ez form . 2011 federal 1040ez form . 2011 federal 1040ez form AND your  filing status is . 2011 federal 1040ez form . 2011 federal 1040ez form . 2011 federal 1040ez form AND your modified AGI is over . 2011 federal 1040ez form . 2011 federal 1040ez form . 2011 federal 1040ez form THEN enter on  line 1 below . 2011 federal 1040ez form . 2011 federal 1040ez form . 2011 federal 1040ez form       are covered by an employer plan single or head of household $59,000 $69,000     married filing jointly or qualifying widow(er) $95,000 $115,000     married filing separately $0 $10,000     are not covered by an employer plan, but your spouse is covered married filing jointly $178,000 $188,000     married filing separately $0 $10,000     1. 2011 federal 1040ez form Enter applicable amount from table above 1. 2011 federal 1040ez form 188,000 2. 2011 federal 1040ez form Enter your modified AGI (that of both spouses, if married filing jointly) 2. 2011 federal 1040ez form 180,555   Note. 2011 federal 1040ez form If line 2 is equal to or more than the amount on line 1, stop here. 2011 federal 1040ez form  Your IRA contributions are not deductible. 2011 federal 1040ez form See Nondeductible Contributions , earlier. 2011 federal 1040ez form     3. 2011 federal 1040ez form Subtract line 2 from line 1. 2011 federal 1040ez form If line 3 is $10,000 or more ($20,000 or more if married filing jointly or qualifying widow(er) and you are covered by an employer plan), stop here. 2011 federal 1040ez form You can take a full IRA deduction for contributions of up to $5,500 ($6,500 if you are age 50 or older) or 100% of your (and if married filing jointly, your spouse's) compensation, whichever is less 3. 2011 federal 1040ez form 7,445 4. 2011 federal 1040ez form Multiply line 3 by the percentage below that applies to you. 2011 federal 1040ez form If the result is not a multiple of $10, round it to the next highest multiple of $10. 2011 federal 1040ez form (For example, $611. 2011 federal 1040ez form 40 is rounded to $620. 2011 federal 1040ez form ) However, if the result is less than $200, enter $200. 2011 federal 1040ez form         Married filing jointly or qualifying widow(er) and you are covered by an employer plan, multiply line 3 by 27. 2011 federal 1040ez form 5% (. 2011 federal 1040ez form 275) (by 32. 2011 federal 1040ez form 5% (. 2011 federal 1040ez form 325) if you are age 50 or older). 2011 federal 1040ez form All others, multiply line 3 by 55% (. 2011 federal 1040ez form 55) (by 65% (. 2011 federal 1040ez form 65) if you are age 50 or older). 2011 federal 1040ez form 4. 2011 federal 1040ez form 4,100 5. 2011 federal 1040ez form Enter your compensation minus any deductions on Form 1040 or Form 1040NR, line 27 (deductible part of self-employment tax) and line 28 (self-employed SEP, SIMPLE, and qualified plans). 2011 federal 1040ez form If you are filing a joint return and your compensation is less than your spouse's, include your spouse's compensation reduced by his or her traditional IRA and Roth IRA contributions for this year. 2011 federal 1040ez form If you file Form 1040 or Form 1040NR, do not reduce your compensation by any losses from self-employment 5. 2011 federal 1040ez form 39,500 6. 2011 federal 1040ez form Enter contributions made, or to be made, to your IRA for 2013, but do not enter more than $5,500 ($6,500 if you are age 50 or older). 2011 federal 1040ez form If contributions are more than $5,500 ($6,500 if you are age 50 or older), see Excess Contributions , later. 2011 federal 1040ez form 6. 2011 federal 1040ez form 5,500 7. 2011 federal 1040ez form IRA deduction. 2011 federal 1040ez form Compare lines 4, 5, and 6. 2011 federal 1040ez form Enter the smallest amount (or a smaller amount if you choose) here and on the Form 1040, 1040A, or 1040NR line for your IRA, whichever applies. 2011 federal 1040ez form If line 6 is more than line 7 and you want to make a nondeductible contribution, go to line 8 7. 2011 federal 1040ez form 4,100 8. 2011 federal 1040ez form Nondeductible contribution. 2011 federal 1040ez form Subtract line 7 from line 5 or 6, whichever is smaller. 2011 federal 1040ez form  Enter the result here and on line 1 of your Form 8606 8. 2011 federal 1040ez form 1,400 What if You Inherit an IRA? If you inherit a traditional IRA, you are called a beneficiary. 2011 federal 1040ez form A beneficiary can be any person or entity the owner chooses to receive the benefits of the IRA after he or she dies. 2011 federal 1040ez form Beneficiaries of a traditional IRA must include in their gross income any taxable distributions they receive. 2011 federal 1040ez form Inherited from spouse. 2011 federal 1040ez form   If you inherit a traditional IRA from your spouse, you generally have the following three choices. 2011 federal 1040ez form You can: Treat it as your own IRA by designating yourself as the account owner. 2011 federal 1040ez form 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 (s