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2014 1040ez Form

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2014 1040ez Form

2014 1040ez form Index Symbols "Hours of service" limits, Individuals subject to hours of service limits. 2014 1040ez form Form 2106, Hours of service limits. 2014 1040ez form 50% limit on meals, 50% limit on meals. 2014 1040ez form A Accountable plans, Accountable Plans, Per diem allowance more than federal rate. 2014 1040ez form Accounting to employer, Accountable Plans Adequate accounting, Adequate Accounting Independent contractors, Adequate accounting. 2014 1040ez form Adequate records, What Are Adequate Records? Advertising Car display, Advertising display on car. 2014 1040ez form Expenses, 3 - Advertising expenses. 2014 1040ez form Signs, display racks, or other promotional material to be used on recipient's business premises, Exceptions. 2014 1040ez form Airline clubs, Club dues and membership fees. 2014 1040ez form Allocating costs, Separating costs. 2014 1040ez form , Separating costs. 2014 1040ez form , Allocating between business and nonbusiness. 2014 1040ez form , Allocating total cost. 2014 1040ez form Allowance (see Reimbursements) Armed forces Assigned overseas, Members of the Armed Forces. 2014 1040ez form Assistance (see Tax help) Associated entertainment, Associated Test Athletic clubs, Club dues and membership fees. 2014 1040ez form B Basis of car, Basis. 2014 1040ez form (see also Depreciation of car) Bona fide business purpose, Bona fide business purpose. 2014 1040ez form Box seats at entertainment events, Skyboxes and other private luxury boxes. 2014 1040ez form Business travel, Trip Primarily for Business Outside U. 2014 1040ez form S. 2014 1040ez form , Travel Entirely for Business or Considered Entirely for Business Business use of car, Business and personal use. 2014 1040ez form More-than-50%-use test. 2014 1040ez form , More-than-50%-use test. 2014 1040ez form Qualified business use, Qualified business use. 2014 1040ez form C Canceled checks As evidence of business expenses, Canceled check. 2014 1040ez form Car expenses, Car Expenses, Reporting inclusion amounts. 2014 1040ez form Actual expenses, Actual Car Expenses Allowances for, Per Diem and Car Allowances, Allowance more than the federal rate. 2014 1040ez form Business and personal use, Business and personal use. 2014 1040ez form Combining expenses, Car expenses. 2014 1040ez form Disposition of car, Disposition of a Car Fixed and variable rate (FAVR) allowance, Fixed and variable rate (FAVR). 2014 1040ez form Form 2106, Car expenses. 2014 1040ez form Leasing a car, truck, or van, Leasing a Car, Reporting inclusion amounts. 2014 1040ez form Mileage rate (see Standard mileage rate) Taxes paid on car, Taxes paid on your car. 2014 1040ez form Traffic tickets, Fines and collateral. 2014 1040ez form Car pools, Car pools. 2014 1040ez form Car rentals, Reporting inclusion amounts. 2014 1040ez form Form 2106, Car rentals. 2014 1040ez form Car, defined, Car defined. 2014 1040ez form Car, truck, or van rentals, Leasing a Car, Reporting inclusion amounts. 2014 1040ez form Casualty and theft losses Cars, Casualty and theft losses. 2014 1040ez form Depreciation, Casualty or theft. 2014 1040ez form Charitable organizations Benefit events for, Exception for events that benefit charitable organizations. 2014 1040ez form Sports events to benefit, 5 - Charitable sports event. 2014 1040ez form Club dues, Club dues and membership fees. 2014 1040ez form Commuting expenses, Commuting expenses. 2014 1040ez form Conventions, Conventions, Meetings at conventions. 2014 1040ez form Country clubs, Club dues and membership fees. 2014 1040ez form Cruise ships, Cruise Ships D Daily business mileage and expense log (Table 6-2), Table 5-2. 2014 1040ez form Daily Business Mileage and Expense Log Name: Depreciation of car, Depreciation and section 179 deductions. 2014 1040ez form (see also Section 179 deductions) Adjustment for using standard mileage rate, Depreciation adjustment when you used the standard mileage rate. 2014 1040ez form Basis, Basis. 2014 1040ez form Sales taxes, Sales taxes. 2014 1040ez form Unrecovered basis, How to treat unrecovered basis. 2014 1040ez form Casualty or theft, effect, Casualty or theft. 2014 1040ez form Deduction, Depreciation and section 179 deductions. 2014 1040ez form , Depreciation deduction for the year of disposition. 2014 1040ez form Excess depreciation, Excess depreciation. 2014 1040ez form Modified Accelerated Cost Recovery System (MACRS), Modified Accelerated Cost Recovery System (MACRS). 2014 1040ez form Trade-in, effect, Car trade-in. 2014 1040ez form , Trade-in. 2014 1040ez form Trucks and vans, Trucks and vans. 2014 1040ez form Depreciation of Car Section 179 deduction, Section 179 deduction. 2014 1040ez form Directly-related entertainment, Directly-Related Test Disabled employees Impairment-related work expenses, Impairment-Related Work Expenses of Disabled Employees Documentary evidence, Documentary evidence. 2014 1040ez form E Employer-provided vehicles, Employer-provided vehicle. 2014 1040ez form Reporting requirements, Vehicle Provided by Your Employer Entertainment expenses, Entertainment, Individuals subject to hours of service limits. 2014 1040ez form , Gift or entertainment. 2014 1040ez form 50% limit, Directly before or after business discussion. 2014 1040ez form Determination of applicability (Figure A), 50% Limit Associated test, Associated Test Deductible, What Entertainment Expenses Are Deductible?, Expenses for spouses. 2014 1040ez form Summary (Table 2-1), Exception for events that benefit charitable organizations. 2014 1040ez form Directly-related test, Directly-Related Test Entertainment, defined, Entertainment. 2014 1040ez form Form 2106, Meal and entertainment expenses. 2014 1040ez form Tickets (see Tickets) Entertainment facilities Expenses for use of, Entertainment facilities. 2014 1040ez form Estimates of expenses, How To Prove Expenses Exceptions to the 50% Limit, Exceptions to the 50% Limit Excess reimbursements (see Reimbursements) Extravagant expenses, Lavish or extravagant. 2014 1040ez form , Lavish or extravagant expenses. 2014 1040ez form F Fair market value of car, Fair market value. 2014 1040ez form Farmers Form 1040, Schedule F, Self-employed. 2014 1040ez form Federal crime investigations or prosecutions Federal employees engaged in, Exception for federal crime investigations or prosecutions. 2014 1040ez form Federal rate for per diem, Standard Meal Allowance, The federal rate. 2014 1040ez form Fee-basis officials, Officials Paid on a Fee Basis Fees you pay, Parking fees. 2014 1040ez form Fixed and variable rate (FAVR) allowance, Fixed and variable rate (FAVR). 2014 1040ez form Form 1040, Schedule C, Self-employed. 2014 1040ez form Form 1040, Schedule F, Self-employed. 2014 1040ez form Form 2106, How to choose. 2014 1040ez form , Employees. 2014 1040ez form , Full value included in your income. 2014 1040ez form , Reporting your expenses under a nonaccountable plan. 2014 1040ez form , Completing Forms 2106 and 2106-EZ Form 2106-EZ, Form 2106-EZ. 2014 1040ez form Form 4562, Self-employed. 2014 1040ez form Form 4797, Excess depreciation. 2014 1040ez form Form W-2 Employer-provided vehicles, Value reported on Form W-2. 2014 1040ez form Reimbursement of personal expenses, Reimbursement for personal expenses. 2014 1040ez form Statutory employees, Statutory employees. 2014 1040ez form Free tax services, Free help with your tax return. 2014 1040ez form G Gifts, Gift or entertainment. 2014 1040ez form , Gifts $25 limit, $25 limit. 2014 1040ez form Combining for recordkeeping purposes, Gift expenses. 2014 1040ez form Reporting requirements, Gifts. 2014 1040ez form Golf clubs, Club dues and membership fees. 2014 1040ez form H Hauling tools, Hauling tools or instruments. 2014 1040ez form Help (see Tax help) High-low method Introduction, High-low method. 2014 1040ez form Transition rules, High-low method. 2014 1040ez form High-low rate method, High-low rate. 2014 1040ez form Home office, Office in the home. 2014 1040ez form Hotel clubs, Club dues and membership fees. 2014 1040ez form I Impairment-related work expenses, Impairment-Related Work Expenses of Disabled Employees Incidental expenses Defined, Incidental expenses. 2014 1040ez form Gifts, Incidental costs. 2014 1040ez form No meals, incidentals only, Incidental-expenses-only method. 2014 1040ez form Income-producing property, Income-producing property. 2014 1040ez form Incomplete records, What If I Have Incomplete Records? Indefinite job assignment, Temporary assignment vs. 2014 1040ez form indefinite assignment. 2014 1040ez form Independent contractors, Rules for Independent Contractors and Clients Interest on car loans, Interest on car loans. 2014 1040ez form Itinerants, Tax Home L Lavish or extravagant expenses, Lavish or extravagant. 2014 1040ez form , Lavish or extravagant expenses. 2014 1040ez form Leasing a car, truck, or van, Leasing a Car, Reporting inclusion amounts. 2014 1040ez form Luxury private boxes at entertainment events, Skyboxes and other private luxury boxes. 2014 1040ez form Luxury water travel, Luxury Water Travel M MACRS (Modified Accelerated Cost Recovery System), Modified Accelerated Cost Recovery System (MACRS). 2014 1040ez form 2011 chart (Table 4-1), Table 4-1. 2014 1040ez form 2013 MACRS Depreciation Chart (Use to Figure Depreciation for 2013. 2014 1040ez form ) Main place of business or work, Main place of business or work. 2014 1040ez form Married taxpayers Performing artists, Special rules for married persons. 2014 1040ez form Meal expenses, Meals 50% limit, 50% Limit Determination of applicability (Figure A), 50% Limit Exceptions, Exceptions to the 50% Limit Actual cost method, Actual Cost Form 2106, Meal and entertainment expenses. 2014 1040ez form Major cities with higher allowances, Amount of standard meal allowance. 2014 1040ez form Standard meal allowance, Standard Meal Allowance, Who can use the standard meal allowance. 2014 1040ez form , The standard meal allowance. 2014 1040ez form Meals, entertainment-related, A meal as a form of entertainment. 2014 1040ez form Mileage rate (see Standard mileage rate) Military (see Armed forces) Missing children, photographs of, Reminder Modified Accelerated Cost Recovery System (MACRS), Modified Accelerated Cost Recovery System (MACRS). 2014 1040ez form 2011 chart (Table 4-1), Table 4-1. 2014 1040ez form 2013 MACRS Depreciation Chart (Use to Figure Depreciation for 2013. 2014 1040ez form ) N Nonaccountable plans, Nonaccountable Plans O Office in the home, Office in the home. 2014 1040ez form Officials paid on fee basis, Officials Paid on a Fee Basis Overseas travel Conventions, Conventions Held Outside the North American Area Meal allowance, Standard meal allowance for areas outside the continental United States. 2014 1040ez form Part of trip outside U. 2014 1040ez form S. 2014 1040ez form , Part of Trip Outside the United States P Parking fees, Parking fees. 2014 1040ez form , Parking fees and tolls. 2014 1040ez form Per diem allowances, Per Diem and Car Allowances, Allowance more than the federal rate. 2014 1040ez form Defined, Reimbursement, allowance, or advance. 2014 1040ez form Federal rate for, The federal rate. 2014 1040ez form Per diem rates High-cost localities, High-low method. 2014 1040ez form High-low method, High-low method. 2014 1040ez form Regular federal method, Regular federal per diem rate method. 2014 1040ez form Standard rate for unlisted localities, High-low method. 2014 1040ez form , Regular federal per diem rate method. 2014 1040ez form Transition rules, High-low method. 2014 1040ez form , Federal per diem rate method. 2014 1040ez form Performing artists, Expenses of Certain Performing Artists Personal property taxes, Personal property taxes. 2014 1040ez form , Taxes paid on your car. 2014 1040ez form Personal trips, Trip Primarily for Personal Reasons Outside U. 2014 1040ez form S. 2014 1040ez form , Travel Primarily for Personal Reasons Placed in service, cars, Placed in service. 2014 1040ez form Probationary work period, Probationary work period. 2014 1040ez form Proving business purpose, Proving business purpose. 2014 1040ez form Public transportation Outside of U. 2014 1040ez form S. 2014 1040ez form travel, Public transportation. 2014 1040ez form Publications (see Tax help) R Recordkeeping requirements, Recordkeeping, Examples of Records Adequate records, What Are Adequate Records? Daily business mileage and expense log (Table 6-2), Table 5-2. 2014 1040ez form Daily Business Mileage and Expense Log Name: Destroyed records, Destroyed records. 2014 1040ez form How to prove expenses (Table 5-1), Table 5-1. 2014 1040ez form How To Prove Certain Business Expenses Incomplete records, What If I Have Incomplete Records? Reimbursed expenses, Reimbursed for expenses. 2014 1040ez form Sampling to prove expenses, Sampling. 2014 1040ez form Separating and combining expenses, Separating and Combining Expenses, If your return is examined. 2014 1040ez form Three-year period of retention, How Long To Keep Records and Receipts Weekly travel expense and entertainment record (Table 6-3), THIS IS NOT AN OFFICIAL INTERNAL REVENUE FORM Regular federal method Introduction, Regular federal per diem rate method. 2014 1040ez form Transition rules, Federal per diem rate method. 2014 1040ez form Reimbursements, Less than full value included in your income. 2014 1040ez form , Contractor does not adequately account. 2014 1040ez form Accountable plans, Accountable Plans Excess, Returning Excess Reimbursements, Nonaccountable Plans Form 2106, Reimbursements. 2014 1040ez form Nonaccountable plans, Nonaccountable Plans Nondeductible expenses, Reimbursement of nondeductible expenses. 2014 1040ez form Personal expenses, Reimbursement for personal expenses. 2014 1040ez form Recordkeeping, Reimbursed for expenses. 2014 1040ez form Reporting (Table 6-1), Table 6-1. 2014 1040ez form Reporting Travel, Entertainment, Gift, and Car Expenses and Reimbursements Unclaimed, Where To Report Reporting requirements, How To Report Per diem or car allowance, Reporting your expenses with a per diem or car allowance. 2014 1040ez form Reimbursements, Reimbursements, Contractor does not adequately account. 2014 1040ez form Reservists Transportation expenses, Armed Forces reservists. 2014 1040ez form Traveling more than 100 miles from home, Armed Forces Reservists Traveling More Than 100 Miles From Home Returning excess reimbursements, Returning Excess Reimbursements Rural mail carriers, Rural mail carriers. 2014 1040ez form S Section 179 deduction Amended return, How to choose. 2014 1040ez form Deduction, Section 179 Deduction Limits, Limits. 2014 1040ez form Self-employed persons, 2 - Self-employed. 2014 1040ez form Reporting requirements, Self-employed. 2014 1040ez form Skyboxes, Skyboxes and other private luxury boxes. 2014 1040ez form Spouse, expenses for, Travel expenses for another individual. 2014 1040ez form , Expenses for spouses. 2014 1040ez form Standard meal allowance, Standard Meal Allowance, Who can use the standard meal allowance. 2014 1040ez form , The standard meal allowance. 2014 1040ez form Standard mileage rate, What's New, Standard Mileage Rate, The standard mileage rate. 2014 1040ez form Depreciation adjustment for using, Depreciation adjustment when you used the standard mileage rate. 2014 1040ez form Form 2106, Standard mileage rate. 2014 1040ez form Statutory employees, Statutory employees. 2014 1040ez form T Tables and figures 50% limit determination (Figure A), 50% Limit Daily business mileage and expense log (Table 6-2), Table 5-2. 2014 1040ez form Daily Business Mileage and Expense Log Name: Entertainment expenses, determination of deductibility (Table 2-1), Table 2-1. 2014 1040ez form When Are Entertainment Expenses Deductible? Maximum depreciation deduction for cars table, Maximum Depreciation Deduction for Cars Modified Accelerated Cost Recovery System (MACRS) 2011 chart (Table 4-1), Table 4-1. 2014 1040ez form 2013 MACRS Depreciation Chart (Use to Figure Depreciation for 2013. 2014 1040ez form ) Proving expenses (Table 5-1), Table 5-1. 2014 1040ez form How To Prove Certain Business Expenses Reporting reimbursements (Table 6-1), Table 6-1. 2014 1040ez form Reporting Travel, Entertainment, Gift, and Car Expenses and Reimbursements Transportation expenses, determination of deductibility (Figure B), Gift or entertainment. 2014 1040ez form , Illustration of transportation expenses. 2014 1040ez form Travel expenses, determination of deductibility (Table 1-1), Table 1-1. 2014 1040ez form Travel Expenses You Can Deduct Weekly travel expense and entertainment record (Table 6-3), THIS IS NOT AN OFFICIAL INTERNAL REVENUE FORM Tax help, How To Get Tax Help Tax home, determination of, Tax Home Temporary job assignments, Temporary Assignment or Job Temporary work location, Temporary work location. 2014 1040ez form Tickets, Entertainment tickets. 2014 1040ez form , Gift or entertainment. 2014 1040ez form Season or series tickets, Season or series tickets. 2014 1040ez form Traffic violations, Fines and collateral. 2014 1040ez form Tools Hauling tools, Hauling tools or instruments. 2014 1040ez form Trade association meetings, Trade association meetings. 2014 1040ez form Trade-in of car, Car trade-in. 2014 1040ez form , Trade-in. 2014 1040ez form Traffic tickets, Fines and collateral. 2014 1040ez form Transients, Tax Home Transition rules, Transition Rules Example High-low method, High-low method. 2014 1040ez form High-low method, High-low method. 2014 1040ez form Regular federal method, Federal per diem rate method. 2014 1040ez form Transportation expenses, Transportation, Depreciation deduction for the year of disposition. 2014 1040ez form Car expenses, Car Expenses, Reporting inclusion amounts. 2014 1040ez form Deductible (Figure B), Gift or entertainment. 2014 1040ez form , Illustration of transportation expenses. 2014 1040ez form five or more cars, Five or more cars. 2014 1040ez form Form 2106, Transportation expenses. 2014 1040ez form Transportation workers, Special rate for transportation workers. 2014 1040ez form , Individuals subject to hours of service limits. 2014 1040ez form Travel advance, Reimbursement, allowance, or advance. 2014 1040ez form , Travel advance. 2014 1040ez form (see also Reimbursements) Travel expenses, Travel, Cruise Ships Another individual accompanying taxpayer, Travel expenses for another individual. 2014 1040ez form Away from home, Traveling Away From Home, Tax Home Deductible, What Travel Expenses Are Deductible?, Cruise Ships Summary of (Table 1-1), Table 1-1. 2014 1040ez form Travel Expenses You Can Deduct Defined, Travel expenses defined. 2014 1040ez form Going home on days off, Going home on days off. 2014 1040ez form In U. 2014 1040ez form S. 2014 1040ez form , Travel in the United States Lodging, Standard Meal Allowance Luxury water travel, Luxury Water Travel Outside U. 2014 1040ez form S. 2014 1040ez form , Travel Outside the United States Travel to family home, Tax Home Different From Family Home Trucks and vans Depreciation, Trucks and vans. 2014 1040ez form Transportation workers, Individuals subject to hours of service limits. 2014 1040ez form Transportation workers' expenses, Special rate for transportation workers. 2014 1040ez form Two places of work, Two places of work. 2014 1040ez form U Unclaimed reimbursements, Where To Report Unions Trips from union hall to place of work, Union members' trips from a union hall. 2014 1040ez form Unrecovered basis of car, How to treat unrecovered basis. 2014 1040ez form V Volunteers, Volunteers. 2014 1040ez form W Weekly travel expense and entertainment record (Table 6-3), THIS IS NOT AN OFFICIAL INTERNAL REVENUE FORM Prev  Up     Home   More Online Publications
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TV Options

There are many choices for consumers looking to buy new televisions today:

  • Direct View or Tube — This is a traditional TV that uses a cathode ray tube. It comes in many shapes and sizes, produces a good picture, is generally dependable, and- best of all- is less expensive than many other models.
  • DLP or Digital Light Processing — Many manufacturers produce this TV, which makes use of an optical semiconductor called a Digital Micromirror Device that depends on over a million tiny mirrors. DLPs come in rear and front projection. Some consumers are bothered by a "rainbow effect" on DLP screens, best described as flashes of light shadows seen on high-contrast images.
  • LCD or Liquid Crystal Display— Whether flat panel or rear projection, there are many types of LCD televisions on the market. Many people prefer flat panels because of their thin, lightweight construction. Some consumers complain of slow response times and a ghosting effect.
  • PDP or Plasma Display Panels— A favorite among consumers, plasma TVs come in a variety of flat panel models. They are generally dependable, competitively priced, and deliver a dramatic picture. The gases that power the picture cannot be refilled, but problems such as dead pixels, screen burn, and other screen distortions can generally be repaired.

Before buying a new TV, do your homework. Visit stores and online sites to compare prices, models, and features. It is important to see the monitors in person before buying to make sure the one you select will meet your needs. For independent ratings and reviews, check out Consumer Reports. Additional information is also available from Energystar

EnergyStar TVs

EnergyStar qualified televisions use about 40% less energy than standard units. You can find the EnergyStar on everything from standard TVs, to HD-ready TVs, to the largest flat-screen plasma TVs.

Home electronics that have earned the EnergyStar deliver exceptional features, while using less energy. Saving energy helps you save money on utility bills and helps to protect the environment by reducing greenhouse gas emissions to counter climate change.

The 2014 1040ez Form

2014 1040ez form 2. 2014 1040ez form   Roth IRAs Table of Contents What's New for 2013 What's New for 2014 Reminders Introduction What Is a Roth IRA? When Can a Roth IRA Be Opened? Can You Contribute to a Roth IRA?How Much Can Be Contributed? When Can You Make Contributions? What if You Contribute Too Much? Can You Move Amounts Into a Roth IRA?Conversions Rollover From Employer's Plan Into a Roth IRA Military Death Gratuities and Servicemembers' Group Life Insurance (SGLI) Payments Rollover From a Roth IRA Rollover of Exxon Valdez Settlement Income Rollover of Airline Payments Are Distributions Taxable?What Are Qualified Distributions? Additional Tax on Early Distributions Ordering Rules for Distributions How Do You Figure the Taxable Part? Must You Withdraw or Use Assets?Minimum distributions. 2014 1040ez form Recognizing Losses on Investments Distributions After Owner's Death What's New for 2013 Roth IRA contribution limit. 2014 1040ez form  If contributions on your behalf are made only to Roth IRAs, your contribution limit for 2013 will generally be the lesser of: $5,500, or Your taxable compensation for the year. 2014 1040ez form If you were age 50 or older before 2014 and contributions on your behalf were made only to Roth IRAs, your contribution limit for 2013 will generally be the lesser of: $6,500, or Your taxable compensation for the year. 2014 1040ez form However, if your modified adjusted gross income (AGI) is above a certain amount, your contribution limit may be reduced. 2014 1040ez form For more information, see How Much Can Be Contributed? under Can You Contribute to a Roth IRA? in this chapter. 2014 1040ez form Modified AGI limit for Roth IRA contributions increased. 2014 1040ez form  For 2013, your Roth IRA contribution limit is reduced (phased out) in the following situations. 2014 1040ez form Your filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $178,000. 2014 1040ez form You cannot make a Roth IRA contribution if your modified AGI is $188,000 or more. 2014 1040ez form Your filing status is single, head of household, or married filing separately and you did not live with your spouse at any time in 2013 and your modified AGI is at least $112,000. 2014 1040ez form You cannot make a Roth IRA contribution if your modified AGI is $127,000 or more. 2014 1040ez form Your filing status is married filing separately, you lived with your spouse at any time during the year, and your modified AGI is more than -0-. 2014 1040ez form You cannot make a Roth IRA contribution if your modified AGI is $10,000 or more. 2014 1040ez form See Can You Contribute to a Roth IRA? in this chapter. 2014 1040ez form Net Investment Income Tax. 2014 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). 2014 1040ez form However, these distributions are taken into account when determining the modified adjusted gross income threshold. 2014 1040ez form Distributions from a nonqualified retirement plan are included in net investment income. 2014 1040ez form See Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts, and its instructions for more information. 2014 1040ez form What's New for 2014 Modified AGI limit for Roth IRA contributions increased. 2014 1040ez form  For 2014, your Roth IRA contribution limit is reduced (phased out) in the following situations. 2014 1040ez form Your filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $181,000. 2014 1040ez form You cannot make a Roth IRA contribution if your modified AGI is $191,000 or more. 2014 1040ez form Your filing status is single, head of household, or married filing separately and you did not live with your spouse at any time in 2014 and your modified AGI is at least $114,000. 2014 1040ez form You cannot make a Roth IRA contribution if your modified AGI is $129,000 or more. 2014 1040ez form Your filing status is married filing separately, you lived with your spouse at any time during the year, and your modified AGI is more than -0-. 2014 1040ez form You cannot make a Roth IRA contribution if your modified AGI is $10,000 or more. 2014 1040ez form Reminders Deemed IRAs. 2014 1040ez form  For plan years beginning after 2002, a qualified employer plan (retirement plan) can maintain a separate account or annuity under the plan (a deemed IRA) to receive voluntary employee contributions. 2014 1040ez form If the separate account or annuity otherwise meets the requirements of an IRA, it will be subject only to IRA rules. 2014 1040ez form An employee's account can be treated as a traditional IRA or a Roth IRA. 2014 1040ez form For this purpose, a “qualified employer plan” includes: A qualified pension, profit-sharing, or stock bonus plan (section 401(a) plan), A qualified employee annuity plan (section 403(a) plan), A tax-sheltered annuity plan (section 403(b) plan), and A deferred compensation plan (section 457 plan) maintained by a state, a political subdivision of a state, or an agency or instrumentality of a state or political subdivision of a state. 2014 1040ez form Designated Roth accounts. 2014 1040ez form  Designated Roth accounts are separate accounts under 401(k), 403(b), or 457(b) plans that accept elective deferrals that are referred to as Roth contributions. 2014 1040ez form These elective deferrals are included in your income, but qualified distributions from these accounts are not included in your income. 2014 1040ez form Designated Roth accounts are not IRAs and should not be confused with Roth IRAs. 2014 1040ez form Contributions, up to their respective limits, can be made to Roth IRAs and designated Roth accounts according to your eligibility to participate. 2014 1040ez form A contribution to one does not impact your eligibility to contribute to the other. 2014 1040ez form See Publication 575, for more information on designated Roth accounts. 2014 1040ez form Introduction Regardless of your age, you may be able to establish and make nondeductible contributions to an individual retirement plan called a Roth IRA. 2014 1040ez form Contributions not reported. 2014 1040ez form   You do not report Roth IRA contributions on your return. 2014 1040ez form What Is a Roth IRA? A Roth IRA is an individual retirement plan that, except as explained in this chapter, is subject to the rules that apply to a traditional IRA (defined next). 2014 1040ez form It can be either an account or an annuity. 2014 1040ez form Individual retirement accounts and annuities are described in chapter 1 under How Can a Traditional IRA Be Opened. 2014 1040ez form To be a Roth IRA, the account or annuity must be designated as a Roth IRA when it is opened. 2014 1040ez form A deemed IRA can be a Roth IRA, but neither a SEP IRA nor a SIMPLE IRA can be designated as a Roth IRA. 2014 1040ez form Unlike a traditional IRA, you cannot deduct contributions to a Roth IRA. 2014 1040ez form But, if you satisfy the requirements, qualified distributions (discussed later) are tax free. 2014 1040ez form Contributions can be made to your Roth IRA after you reach age 70½ and you can leave amounts in your Roth IRA as long as you live. 2014 1040ez form Traditional IRA. 2014 1040ez form   A traditional IRA is any IRA that is not a Roth IRA or SIMPLE IRA. 2014 1040ez form Traditional IRAs are discussed in chapter 1. 2014 1040ez form When Can a Roth IRA Be Opened? You can open a Roth IRA at any time. 2014 1040ez form However, the time for making contributions for any year is limited. 2014 1040ez form See When Can You Make Contributions , later under Can You Contribute to a Roth IRA. 2014 1040ez form Can You Contribute to a Roth IRA? Generally, you can contribute to a Roth IRA if you have taxable compensation (defined later) and your modified AGI (defined later) is less than: $188,000 for married filing jointly or qualifying widow(er), $127,000 for single, head of household, or married filing separately and you did not live with your spouse at any time during the year, and $10,000 for married filing separately and you lived with your spouse at any time during the year. 2014 1040ez form You may be able to claim a credit for contributions to your Roth IRA. 2014 1040ez form For more information, see chapter 4. 2014 1040ez form Is there an age limit for contributions?   Contributions can be made to your Roth IRA regardless of your age. 2014 1040ez form Can you contribute to a Roth IRA for your spouse?   You can contribute to a Roth IRA for your spouse provided the contributions satisfy the Kay Bailey Hutchison Spousal IRA limit discussed in chapter 1 under How Much Can Be Contributed, you file jointly, and your modified AGI is less than $188,000. 2014 1040ez form Compensation. 2014 1040ez form   Compensation includes wages, salaries, tips, professional fees, bonuses, and other amounts received for providing personal services. 2014 1040ez form It also includes commissions, self-employment income, nontaxable combat pay, military differential pay, and taxable alimony and separate maintenance payments. 2014 1040ez form For more information, see What Is Compensation? under Who Can Open a Traditional IRA? in chapter 1. 2014 1040ez form Modified AGI. 2014 1040ez form   Your modified AGI for Roth IRA purposes is your adjusted gross income (AGI) as shown on your return with some adjustments. 2014 1040ez form Use Worksheet 2-1 , later, to determine your modified AGI. 2014 1040ez form    Do not subtract conversion income when figuring your other AGI-based phaseouts and taxable income, such as your deduction for medical and dental expenses. 2014 1040ez form Subtract them from AGI only for the purpose of figuring your modified AGI for Roth IRA purposes. 2014 1040ez form How Much Can Be Contributed? The contribution limit for Roth IRAs generally depends on whether contributions are made only to Roth IRAs or to both traditional IRAs and Roth IRAs. 2014 1040ez form Worksheet 2-1. 2014 1040ez form Modified Adjusted Gross Income for Roth IRA Purposes Use this worksheet to figure your modified adjusted gross income for Roth IRA purposes. 2014 1040ez form 1. 2014 1040ez form Enter your adjusted gross income from Form 1040, line 38; Form 1040A, line 22; or Form 1040NR, line 37 1. 2014 1040ez form   2. 2014 1040ez form Enter any income resulting from the conversion of an IRA (other than a Roth IRA) to a Roth IRA (included on Form 1040, line 15b, Form 1040A, line 11b, or Form 1040NR, line 16b) and a rollover from a qualified retirement plan to a Roth IRA (included on Form 1040, line 16b, Form 1040A, line 12b, or Form 1040NR, line 17b) 2. 2014 1040ez form   3. 2014 1040ez form Subtract line 2 from line 1 3. 2014 1040ez form   4. 2014 1040ez form Enter any traditional IRA deduction from Form 1040, line 32; Form 1040A, line 17; or Form 1040NR, line 32 4. 2014 1040ez form   5. 2014 1040ez form Enter any student loan interest deduction from Form 1040, line 33; Form 1040A, line 18; or Form 1040NR, line 33 5. 2014 1040ez form   6. 2014 1040ez form Enter any tuition and fees deduction from Form 1040, line 34, or Form 1040A, line 19 6. 2014 1040ez form   7. 2014 1040ez form Enter any domestic production activities deduction from Form 1040, line 35, or Form 1040NR, line 34 7. 2014 1040ez form   8. 2014 1040ez form Enter any foreign earned income exclusion and/or housing exclusion from Form 2555, line 45, or Form 2555-EZ, line 18 8. 2014 1040ez form   9. 2014 1040ez form Enter any foreign housing deduction from Form 2555, line 50 9. 2014 1040ez form   10. 2014 1040ez form Enter any excludable qualified savings bond interest from Form 8815, line 14 10. 2014 1040ez form   11. 2014 1040ez form Enter any excluded employer-provided adoption benefits from Form 8839, line 28 11. 2014 1040ez form   12. 2014 1040ez form Add the amounts on lines 3 through 11 12. 2014 1040ez form   13. 2014 1040ez form Enter: $188,000 if married filing jointly or qualifying widow(er), $10,000 if married filing separately and you lived with your spouse at any time during the year, or $127,000 for all others 13. 2014 1040ez form   Is the amount on line 12 more than the amount on line 13? If yes, see the note below. 2014 1040ez form  If no, the amount on line 12 is your modified adjusted gross income for Roth IRA purposes. 2014 1040ez form       Note. 2014 1040ez form If the amount on line 12 is more than the amount on line 13 and you have other income or loss items, such as social security income or passive activity losses, that are subject to AGI-based phaseouts, you can refigure your AGI solely for the purpose of figuring your modified AGI for Roth IRA purposes. 2014 1040ez form (If you receive social security benefits, use Worksheet 1 in Appendix B to refigure your AGI. 2014 1040ez form ) Then go to line 3 above in this Worksheet 2-1 to refigure your modified AGI. 2014 1040ez form If you do not have other income or loss items subject to AGI-based phaseouts, your modified adjusted gross income for Roth IRA purposes is the amount on line 12 above. 2014 1040ez form Roth IRAs only. 2014 1040ez form   If contributions are made only to Roth IRAs, your contribution limit generally is the lesser of: $5,500 ($6,500 if you are age 50 or older), or Your taxable compensation. 2014 1040ez form   However, if your modified AGI is above a certain amount, your contribution limit may be reduced, as explained later under Contribution limit reduced . 2014 1040ez form Roth IRAs and traditional IRAs. 2014 1040ez form   If contributions are made to both Roth IRAs and traditional IRAs established for your benefit, your contribution limit for Roth IRAs generally is the same as your limit would be if contributions were made only to Roth IRAs, but then reduced by all contributions for the year to all IRAs other than Roth IRAs. 2014 1040ez form Employer contributions under a SEP or SIMPLE IRA plan do not affect this limit. 2014 1040ez form   This means that your contribution limit is the lesser of: $5,500 ($6,500 if you are age 50 or older) minus all contributions (other than employer contributions under a SEP or SIMPLE IRA plan) for the year to all IRAs other than Roth IRAs, or Your taxable compensation minus all contributions (other than employer contributions under a SEP or SIMPLE IRA plan) for the year to all IRAs other than Roth IRAs. 2014 1040ez form   However, if your modified AGI is above a certain amount, your contribution limit may be reduced, as explained below under Contribution limit reduced . 2014 1040ez form   Simplified employee pensions (SEPs) are discussed in Publication 560. 2014 1040ez form Savings incentive match plans for employees (SIMPLEs) are discussed in chapter 3. 2014 1040ez form Repayment of reservist distributions. 2014 1040ez form   You can repay qualified reservist distributions even if the repayments would cause your total contributions to the Roth IRA to be more than the general limit on contributions. 2014 1040ez form However, the total repayments cannot be more than the amount of your distribution. 2014 1040ez form Note. 2014 1040ez form If you make repayments of qualified reservist distributions to a Roth IRA, increase your basis in the Roth IRA by the amount of the repayment. 2014 1040ez form For more information, see Qualified reservist repayments under How Much Can Be Contributed? in chapter 1. 2014 1040ez form Contribution limit reduced. 2014 1040ez form   If your modified AGI is above a certain amount, your contribution limit is gradually reduced. 2014 1040ez form Use Table 2-1, later, to determine if this reduction applies to you. 2014 1040ez form Table 2-1. 2014 1040ez form Effect of Modified AGI on Roth IRA Contribution This table shows whether your contribution to a Roth IRA is affected by the amount of your modified adjusted gross income (modified AGI). 2014 1040ez form IF you have taxable compensation and your filing status is . 2014 1040ez form . 2014 1040ez form . 2014 1040ez form AND your modified AGI is . 2014 1040ez form . 2014 1040ez form . 2014 1040ez form THEN . 2014 1040ez form . 2014 1040ez form . 2014 1040ez form married filing jointly or  qualifying widow(er) less than $178,000 you can contribute up to $5,500 ($6,500 if you are age 50 or older) as explained under How Much Can Be Contributed . 2014 1040ez form at least $178,000 but less than $188,000 the amount you can contribute is reduced as explained under Contribution limit reduced . 2014 1040ez form $188,000 or more you cannot contribute to a Roth IRA. 2014 1040ez form married filing separately and you lived with your spouse at any time during the year zero (-0-) you can contribute up to $5,500 ($6,500 if you are age 50 or older) as explained under How Much Can Be Contributed . 2014 1040ez form more than zero (-0-) but less than $10,000 the amount you can contribute is reduced as explained under Contribution limit reduced . 2014 1040ez form $10,000 or more you cannot contribute to a Roth IRA. 2014 1040ez form single, head of household,  or married filing separately and you did not live with your spouse at any time during the year less than $112,000 you can contribute up to $5,500 ($6,500 if you are age 50 or older) as explained under How Much Can Be Contributed . 2014 1040ez form at least $112,000 but less than $127,000 the amount you can contribute is reduced as explained under Contribution limit reduced . 2014 1040ez form $127,000 or more you cannot contribute to a Roth IRA. 2014 1040ez form Figuring the reduction. 2014 1040ez form   If the amount you can contribute must be reduced, use Worksheet 2-2, later, to figure your reduced contribution limit. 2014 1040ez form Worksheet 2-2. 2014 1040ez form Determining Your Reduced Roth IRA Contribution Limit Before using this worksheet, check Table 2-1, earlier, to determine whether or not your Roth IRA contribution limit is reduced. 2014 1040ez form If it is, use this worksheet to determine how much it is reduced. 2014 1040ez form 1. 2014 1040ez form Enter your modified AGI for Roth IRA purposes (Worksheet 2-1, line 12) 1. 2014 1040ez form   2. 2014 1040ez form Enter: $178,000 if filing a joint return or qualifying widow(er), $-0- if married filing a separate return and you lived with your spouse at any time in 2013, or $112,000 for all others 2. 2014 1040ez form   3. 2014 1040ez form Subtract line 2 from line 1 3. 2014 1040ez form   4. 2014 1040ez form Enter: $10,000 if filing a joint return or qualifying widow(er) or married filing a separate return and you lived with your spouse at any time during the year, or $15,000 for all others 4. 2014 1040ez form   5. 2014 1040ez form Divide line 3 by line 4 and enter the result as a decimal (rounded to at least three places). 2014 1040ez form If the result is 1. 2014 1040ez form 000 or more, enter 1. 2014 1040ez form 000 5. 2014 1040ez form   6. 2014 1040ez form Enter the lesser of: $5,500 ($6,500 if you are age 50 or older), or Your taxable compensation 6. 2014 1040ez form   7. 2014 1040ez form Multiply line 5 by line 6 7. 2014 1040ez form   8. 2014 1040ez form Subtract line 7 from line 6. 2014 1040ez form Round the result up to the nearest $10. 2014 1040ez form If the result is less than $200, enter $200 8. 2014 1040ez form   9. 2014 1040ez form Enter contributions for the year to other IRAs 9. 2014 1040ez form   10. 2014 1040ez form Subtract line 9 from line 6 10. 2014 1040ez form   11. 2014 1040ez form Enter the lesser of line 8 or line 10. 2014 1040ez form This is your reduced Roth IRA contribution limit 11. 2014 1040ez form      Round your reduced contribution limit up to the nearest $10. 2014 1040ez form If your reduced contribution limit is more than $0, but less than $200, increase the limit to $200. 2014 1040ez form Example. 2014 1040ez form You are a 45-year-old, single individual with taxable compensation of $113,000. 2014 1040ez form You want to make the maximum allowable contribution to your Roth IRA for 2013. 2014 1040ez form Your modified AGI for 2013 is $113,000. 2014 1040ez form You have not contributed to any traditional IRA, so the maximum contribution limit before the modified AGI reduction is $5,500. 2014 1040ez form You figure your reduced Roth IRA contribution of $5,140 as shown on Worksheet 2-2. 2014 1040ez form Example—Illustrated, later. 2014 1040ez form   Worksheet 2-2. 2014 1040ez form Example—Illustrated Before using this worksheet, check Table 2-1, earlier, to determine whether or not your Roth IRA contribution limit is reduced. 2014 1040ez form If it is, use this worksheet to determine how much it is reduced. 2014 1040ez form 1. 2014 1040ez form Enter your modified AGI for Roth IRA purposes (Worksheet 2-1, line 12) 1. 2014 1040ez form 113,000 2. 2014 1040ez form Enter: $178,000 if filing a joint return or qualifying widow(er), $-0- if married filing a separate return and you lived with your spouse at any time in 2013, or $112,000 for all others 2. 2014 1040ez form 112,000 3. 2014 1040ez form Subtract line 2 from line 1 3. 2014 1040ez form 1,000 4. 2014 1040ez form Enter: $10,000 if filing a joint return or qualifying widow(er) or married filing a separate return and you lived with your spouse at any time during the year, or $15,000 for all others 4. 2014 1040ez form 15,000 5. 2014 1040ez form Divide line 3 by line 4 and enter the result as a decimal (rounded to at least three places). 2014 1040ez form If the result is 1. 2014 1040ez form 000 or more, enter 1. 2014 1040ez form 000 5. 2014 1040ez form . 2014 1040ez form 067 6. 2014 1040ez form Enter the lesser of: $5,500 ($6,500 if you are age 50 or older), or Your taxable compensation 6. 2014 1040ez form 5,500 7. 2014 1040ez form Multiply line 5 by line 6 7. 2014 1040ez form 369 8. 2014 1040ez form Subtract line 7 from line 6. 2014 1040ez form Round the result up to the nearest $10. 2014 1040ez form If the result is less than $200, enter $200 8. 2014 1040ez form 5,140 9. 2014 1040ez form Enter contributions for the year to other IRAs 9. 2014 1040ez form 0 10. 2014 1040ez form Subtract line 9 from line 6 10. 2014 1040ez form 5,500 11. 2014 1040ez form Enter the lesser of line 8 or line 10. 2014 1040ez form This is your reduced Roth IRA contribution limit 11. 2014 1040ez form 5,140 When Can You Make Contributions? You can make contributions to a Roth IRA for a year at any time during the year or by the due date of your return for that year (not including extensions). 2014 1040ez form You can make contributions for 2013 by the due date (not including extensions) for filing your 2013 tax return. 2014 1040ez form This means that most people can make contributions for 2013 by April 15, 2014. 2014 1040ez form What if You Contribute Too Much? A 6% excise tax applies to any excess contribution to a Roth IRA. 2014 1040ez form Excess contributions. 2014 1040ez form   These are the contributions to your Roth IRAs for a year that equal the total of: Amounts contributed for the tax year to your Roth IRAs (other than amounts properly and timely rolled over from a Roth IRA or properly converted from a traditional IRA or rolled over from a qualified retirement plan, as described later) that are more than your contribution limit for the year (explained earlier under How Much Can Be Contributed? ), plus Any excess contributions for the preceding year, reduced by the total of: Any distributions out of your Roth IRAs for the year, plus Your contribution limit for the year minus your contributions to all your IRAs for the year. 2014 1040ez form Withdrawal of excess contributions. 2014 1040ez form   For purposes of determining excess contributions, any contribution that is withdrawn on or before the due date (including extensions) for filing your tax return for the year is treated as an amount not contributed. 2014 1040ez form This treatment only applies if any earnings on the contributions are also withdrawn. 2014 1040ez form The earnings are considered earned and received in the year the excess contribution was made. 2014 1040ez form   If you timely filed your 2013 tax return without withdrawing a contribution that you made in 2013, you can still have the contribution returned to you within 6 months of the due date of your 2013 tax return, excluding extensions. 2014 1040ez form If you do, file an amended return with “Filed pursuant to section 301. 2014 1040ez form 9100-2” written at the top. 2014 1040ez form Report any related earnings on the amended return and include an explanation of the withdrawal. 2014 1040ez form Make any other necessary changes on the amended return. 2014 1040ez form Applying excess contributions. 2014 1040ez form    If contributions to your Roth 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. 2014 1040ez form Can You Move Amounts Into a Roth IRA? You may be able to convert amounts from either a traditional, SEP, or SIMPLE IRA into a Roth IRA. 2014 1040ez form You may be able to roll over amounts from a qualified retirement plan to a Roth IRA. 2014 1040ez form You may be able to recharacterize contributions made to one IRA as having been made directly to a different IRA. 2014 1040ez form You can roll amounts over from a designated Roth account or from one Roth IRA to another Roth IRA. 2014 1040ez form Conversions You can convert a traditional IRA to a Roth IRA. 2014 1040ez form The conversion is treated as a rollover, regardless of the conversion method used. 2014 1040ez form Most of the rules for rollovers, described in chapter 1 under Rollover From One IRA Into Another , apply to these rollovers. 2014 1040ez form However, the 1-year waiting period does not apply. 2014 1040ez form Conversion methods. 2014 1040ez form   You can convert amounts from a traditional IRA to a Roth IRA in any of the following three ways. 2014 1040ez form Rollover. 2014 1040ez form You can receive a distribution from a traditional IRA and roll it over (contribute it) to a Roth IRA within 60 days after the distribution. 2014 1040ez form Trustee-to-trustee transfer. 2014 1040ez form You can direct the trustee of the traditional IRA to transfer an amount from the traditional IRA to the trustee of the Roth IRA. 2014 1040ez form Same trustee transfer. 2014 1040ez form If the trustee of the traditional IRA also maintains the Roth IRA, you can direct the trustee to transfer an amount from the traditional IRA to the Roth IRA. 2014 1040ez form Same trustee. 2014 1040ez form   Conversions made with the same trustee can be made by redesignating the traditional IRA as a Roth IRA, rather than opening a new account or issuing a new contract. 2014 1040ez form Income. 2014 1040ez form   You must include in your gross income distributions from a traditional IRA that you would have had to include in income if you had not converted them into a Roth IRA. 2014 1040ez form These amounts are normally included in income on your return for the year that you converted them from a traditional IRA to a Roth IRA. 2014 1040ez form If you must include any amount in your gross income, you may have to increase your withholding or make estimated tax payments. 2014 1040ez form See Publication 505, Tax Withholding and Estimated Tax. 2014 1040ez form More information. 2014 1040ez form   For more information on conversions, see Converting From Any Traditional IRA Into a Roth IRA in chapter 1. 2014 1040ez form Rollover From Employer's Plan Into a Roth IRA You can roll over into a Roth IRA all or part of an eligible rollover distribution you receive from your (or your deceased spouse's): Employer's qualified pension, profit-sharing, or stock bonus plan (including a 401(k) plan); Annuity plan; Tax-sheltered annuity plan (section 403(b) plan); or Governmental deferred compensation plan (section 457 plan). 2014 1040ez form Any amount rolled over is subject to the same rules for converting a traditional IRA into a Roth IRA. 2014 1040ez form See Converting From Any Traditional IRA Into a Roth IRA in chapter 1. 2014 1040ez form Also, the rollover contribution must meet the rollover requirements that apply to the specific type of retirement plan. 2014 1040ez form Rollover methods. 2014 1040ez form   You can roll over amounts from a qualified retirement plan to a Roth IRA in one of the following ways. 2014 1040ez form Rollover. 2014 1040ez form You can receive a distribution from a qualified retirement plan and roll it over (contribute) to a Roth IRA within 60 days after the distribution. 2014 1040ez form Since the distribution is paid directly to you, the payer generally must withhold 20% of it. 2014 1040ez form Direct rollover option. 2014 1040ez form Your employer's qualified plan must give you the option to have any part of an eligible rollover distribution paid directly to a Roth IRA. 2014 1040ez form Generally, no tax is withheld from any part of the designated distribution that is directly paid to the trustee of the Roth IRA. 2014 1040ez form Rollover by nonspouse beneficiary. 2014 1040ez form   If you are a designated beneficiary (other than a surviving spouse) of a deceased employee, you can roll over all or part of an eligible rollover distribution from one of the types of plans listed above into a Roth IRA. 2014 1040ez form You must make the rollover by a direct trustee-to-trustee transfer into an inherited Roth IRA. 2014 1040ez form   You will determine your required minimum distributions in years after you make the rollover based on whether the employee died before his or her required beginning date for taking distributions from the plan. 2014 1040ez form For more information, see Distributions after the employee’s death under Tax on Excess Accumulation in Publication 575. 2014 1040ez form Income. 2014 1040ez form   You must include in your gross income distributions from a qualified retirement plan that you would have had to include in income if you had not rolled them over into a Roth IRA. 2014 1040ez form You do not include in gross income any part of a distribution from a qualified retirement plan that is a return of contributions (after-tax contributions) to the plan that were taxable to you when paid. 2014 1040ez form These amounts are normally included in income on your return for the year of the rollover from the qualified employer plan to a Roth IRA. 2014 1040ez form If you must include any amount in your gross income, you may have to increase your withholding or make estimated tax payments. 2014 1040ez form See Publication 505, Tax Withholding and Estimated Tax. 2014 1040ez form For more information on eligible rollover distributions from qualified retirement plans and withholding, see Rollover From Employer's Plan Into an IRA in chapter 1. 2014 1040ez form Military Death Gratuities and Servicemembers' Group Life Insurance (SGLI) Payments If you received a military death gratuity or SGLI payment with respect to a death from injury that occurred after October 6, 2001, you can contribute (roll over) all or part of the amount received to your Roth IRA. 2014 1040ez form The contribution is treated as a qualified rollover contribution. 2014 1040ez form The amount you can roll over to your Roth IRA cannot exceed the total amount that you received reduced by any part of that amount that was contributed to a Coverdell ESA or another Roth IRA. 2014 1040ez form Any military death gratuity or SGLI payment contributed to a Roth IRA is disregarded for purposes of the 1-year waiting period between rollovers. 2014 1040ez form The rollover must be completed before the end of the 1-year period beginning on the date you received the payment. 2014 1040ez form The amount contributed to your Roth IRA is treated as part of your cost basis (investment in the contract) in the Roth IRA that is not taxable when distributed. 2014 1040ez form Rollover From a Roth IRA You can withdraw, tax free, all or part of the assets from one Roth IRA if you contribute them within 60 days to another Roth IRA. 2014 1040ez form Most of the rules for rollovers, described in chapter 1 under Rollover From One IRA Into Another , apply to these rollovers. 2014 1040ez form However, rollovers from retirement plans other than Roth IRAs are disregarded for purposes of the 1-year waiting period between rollovers. 2014 1040ez form A rollover from a Roth IRA to an employer retirement plan is not allowed. 2014 1040ez form A rollover from a designated Roth account can only be made to another designated Roth account or to a Roth IRA. 2014 1040ez form If you roll over an amount from one Roth IRA to another Roth IRA, the 5-year period used to determine qualified distributions does not change. 2014 1040ez form The 5-year period begins with the first taxable year for which the contribution was made to the initial Roth IRA. 2014 1040ez form See What are Qualified Distributions , later. 2014 1040ez form Rollover of Exxon Valdez Settlement Income If you are a qualified taxpayer (defined in chapter 1, earlier) and you received qualified settlement income (defined in chapter 1, earlier), you can contribute all or part of the amount received to an eligible retirement plan which includes a Roth IRA. 2014 1040ez form The rules for contributing qualified settlement income to a Roth IRA are the same as the rules for contributing qualified settlement income to a traditional IRA with the following exception. 2014 1040ez form Qualified settlement income that is contributed to a Roth IRA, or to a designated Roth account, will be: Included in your taxable income for the year the qualified settlement income was received, and Treated as part of your cost basis (investment in the contract) in the Roth IRA that is not taxable when distributed. 2014 1040ez form For more information, see Rollover of Exxon Valdez Settlement Income in chapter 1. 2014 1040ez form Rollover of Airline Payments If you are a qualified airline employee (defined next), you may contribute any portion of an airline payment (defined below) you receive to a Roth IRA. 2014 1040ez form The contribution must be made within 180 days from the date you received the payment. 2014 1040ez form The contribution will be treated as a qualified rollover contribution. 2014 1040ez form The rollover contribution is included in income to the extent it would be included in income if it were not part of the rollover contribution. 2014 1040ez form Also, any reduction in the airline payment amount on account of employment taxes shall be disregarded when figuring the amount you can contribute to your Roth IRA. 2014 1040ez form Qualified airline employee. 2014 1040ez form    A current or former employee of a commercial airline carrier who was a participant in a qualified defined benefit plan maintained by the carrier which was terminated or became subject to restrictions under Section 402(b) of the Pension Protection Act of 2006. 2014 1040ez form These provisions also apply to surviving spouses of qualified airline employees. 2014 1040ez form Airline payment. 2014 1040ez form    An airline payment is any payment of money or other property that is paid to a qualified airline employee from a commercial airline carrier. 2014 1040ez form The payment also must be made both: Under the approval of an order of federal bankruptcy court in a case filed after September 11, 2001, and before January 1, 2007, and In respect of the qualified airline employee’s interest in a bankruptcy claim against the airline carrier, any note of the carrier (or amount paid in lieu of a note being issued), or any other fixed obligation of the carrier to pay a lump sum amount. 2014 1040ez form Any reduction in the airline payment amount on account of employment taxes shall be disregarded when figuring the amount you can roll over to your traditional IRA. 2014 1040ez form Also, an airline payment shall not include any amount payable on the basis of the airline carrier’s future earnings or profits. 2014 1040ez form Are Distributions Taxable? You do not include in your gross income qualified distributions or distributions that are a return of your regular contributions from your Roth IRA(s). 2014 1040ez form You also do not include distributions from your Roth IRA that you roll over tax free into another Roth IRA. 2014 1040ez form You may have to include part of other distributions in your income. 2014 1040ez form See Ordering Rules for Distributions , later. 2014 1040ez form Basis of distributed property. 2014 1040ez form   The basis of property distributed from a Roth IRA is its fair market value (FMV) on the date of distribution, whether or not the distribution is a qualified distribution. 2014 1040ez form Withdrawals of contributions by due date. 2014 1040ez form   If you withdraw contributions (including any net earnings on the contributions) by the due date of your return for the year in which you made the contribution, the contributions are treated as if you never made them. 2014 1040ez form If you have an extension of time to file your return, you can withdraw the contributions and earnings by the extended due date. 2014 1040ez form The withdrawal of contributions is tax free, but you must include the earnings on the contributions in income for the year in which you made the contributions. 2014 1040ez form What Are Qualified Distributions? A qualified distribution is any payment or distribution from your Roth IRA that meets the following requirements. 2014 1040ez form It is made after the 5-year period beginning with the first taxable year for which a contribution was made to a Roth IRA set up for your benefit, and The payment or distribution is: Made on or after the date you reach age 59½, Made because you are disabled (defined earlier), Made to a beneficiary or to your estate after your death, or One that meets the requirements listed under First home under Exceptions in chapter 1 (up to a $10,000 lifetime limit). 2014 1040ez form Additional Tax on Early Distributions If you receive a distribution that is not a qualified distribution, you may have to pay the 10% additional tax on early distributions as explained in the following paragraphs. 2014 1040ez form Distributions of conversion and certain rollover contributions within 5-year period. 2014 1040ez form   If, within the 5-year period starting with the first day of your tax year in which you convert an amount from a traditional IRA or rollover an amount from a qualified retirement plan to a Roth IRA, you take a distribution from a Roth IRA, you may have to pay the 10% additional tax on early distributions. 2014 1040ez form You generally must pay the 10% additional tax on any amount attributable to the part of the amount converted or rolled over (the conversion or rollover contribution) that you had to include in income (recapture amount). 2014 1040ez form A separate 5-year period applies to each conversion and rollover. 2014 1040ez form See Ordering Rules for Distributions , later, to determine the recapture amount, if any. 2014 1040ez form   The 5-year period used for determining whether the 10% early distribution tax applies to a distribution from a conversion or rollover contribution is separately determined for each conversion and rollover, and is not necessarily the same as the 5-year period used for determining whether a distribution is a qualified distribution. 2014 1040ez form See What Are Qualified Distributions , earlier. 2014 1040ez form   For example, if a calendar-year taxpayer makes a conversion contribution on February 25, 2013, and makes a regular contribution for 2012 on the same date, the 5-year period for the conversion begins January 1, 2013, while the 5-year period for the regular contribution begins on January 1, 2012. 2014 1040ez form   Unless one of the exceptions listed later applies, you must pay the additional tax on the portion of the distribution attributable to the part of the conversion or rollover contribution that you had to include in income because of the conversion or rollover. 2014 1040ez form   You must pay the 10% additional tax in the year of the distribution, even if you had included the conversion or rollover contribution in an earlier year. 2014 1040ez form You also must pay the additional tax on any portion of the distribution attributable to earnings on contributions. 2014 1040ez form Other early distributions. 2014 1040ez form   Unless one of the exceptions listed below applies, you must pay the 10% additional tax on the taxable part of any distributions that are not qualified distributions. 2014 1040ez form Exceptions. 2014 1040ez form   You may not have to pay the 10% additional tax in the following situations. 2014 1040ez form You have reached age 59½. 2014 1040ez form You are totally and permanently disabled. 2014 1040ez form You are the beneficiary of a deceased IRA owner. 2014 1040ez form You use the distribution to buy, build, or rebuild a first home. 2014 1040ez form The distributions are part of a series of substantially equal payments. 2014 1040ez form You have unreimbursed medical expenses that are more than 10% (or 7. 2014 1040ez form 5% if you or your spouse was born before January 2, 1949) of your adjusted gross income (defined earlier) for the year. 2014 1040ez form You are paying medical insurance premiums during a period of unemployment. 2014 1040ez form The distributions are not more than your qualified higher education expenses. 2014 1040ez form The distribution is due to an IRS levy of the qualified plan. 2014 1040ez form The distribution is a qualified reservist distribution. 2014 1040ez form Most of these exceptions are discussed earlier in chapter 1 under Early Distributions . 2014 1040ez form Please click here for the text description of the image. 2014 1040ez form Is Roth Distributions a Qualified Distribution? Ordering Rules for Distributions If you receive a distribution from your Roth IRA that is not a qualified distribution, part of it may be taxable. 2014 1040ez form There is a set order in which contributions (including conversion contributions and rollover contributions from qualified retirement plans) and earnings are considered to be distributed from your Roth IRA. 2014 1040ez form For these purposes, disregard the withdrawal of excess contributions and the earnings on them (discussed earlier under What if You Contribute Too Much ). 2014 1040ez form Order the distributions as follows. 2014 1040ez form Regular contributions. 2014 1040ez form Conversion and rollover contributions, on a first-in, first-out basis (generally, total conversions and rollovers from the earliest year first). 2014 1040ez form See Aggregation (grouping and adding) rules, later. 2014 1040ez form Take these conversion and rollover contributions into account as follows: Taxable portion (the amount required to be included in gross income because of the conversion or rollover) first, and then the Nontaxable portion. 2014 1040ez form Earnings on contributions. 2014 1040ez form Disregard rollover contributions from other Roth IRAs for this purpose. 2014 1040ez form Aggregation (grouping and adding) rules. 2014 1040ez form   Determine the taxable amounts distributed (withdrawn), distributions, and contributions by grouping and adding them together as follows. 2014 1040ez form Add all distributions from all your Roth IRAs during the year together. 2014 1040ez form Add all regular contributions made for the year (including contributions made after the close of the year, but before the due date of your return) together. 2014 1040ez form Add this total to the total undistributed regular contributions made in prior years. 2014 1040ez form Add all conversion and rollover contributions made during the year together. 2014 1040ez form For purposes of the ordering rules, in the case of any conversion or rollover in which the conversion or rollover distribution is made in 2013 and the conversion or rollover contribution is made in 2014, treat the conversion or rollover contribution as contributed before any other conversion or rollover contributions made in 2014. 2014 1040ez form Add any recharacterized contributions that end up in a Roth IRA to the appropriate contribution group for the year that the original contribution would have been taken into account if it had been made directly to the Roth IRA. 2014 1040ez form   Disregard any recharacterized contribution that ends up in an IRA other than a Roth IRA for the purpose of grouping (aggregating) both contributions and distributions. 2014 1040ez form Also disregard any amount withdrawn to correct an excess contribution (including the earnings withdrawn) for this purpose. 2014 1040ez form Example. 2014 1040ez form On October 15, 2009, Justin converted all $80,000 in his traditional IRA to his Roth IRA. 2014 1040ez form His Forms 8606 from prior years show that $20,000 of the amount converted is his basis. 2014 1040ez form Justin included $60,000 ($80,000 − $20,000) in his gross income. 2014 1040ez form On February 23, 2013, Justin made a regular contribution of $5,000 to a Roth IRA. 2014 1040ez form On November 8, 2013, at age 60, Justin took a $7,000 distribution from his Roth IRA. 2014 1040ez form The first $5,000 of the distribution is a return of Justin's regular contribution and is not includible in his income. 2014 1040ez form The next $2,000 of the distribution is not includible in income because it was included previously. 2014 1040ez form Figuring your recapture amount. 2014 1040ez form   If you had an early distribution from your Roth IRAs in 2013, you must allocate the early distribution by using the Recapture Amount—Allocation Chart, later. 2014 1040ez form Recapture Amount—Allocation Chart Enter the amount from your 2013 Form 8606, line 19   Before you begin: You will need your prior year Form(s) 8606 and income tax return(s) if you entered an amount on any line(s) as indicated below. 2014 1040ez form   You will now allocate the amount you entered above (2013 Form 8606, line 19) in the order shown, to the amounts on the lines listed below (to the extent a prior year distribution was not allocable to the amount). 2014 1040ez form The maximum amount you can enter on each line below is the amount entered on the referenced lines of the form for that year. 2014 1040ez form Note. 2014 1040ez form Once you have allocated the full amount from your 2013 Form 8606, line 19, STOP. 2014 1040ez form See the Example , earlier. 2014 1040ez form Tax Year Your Form 2013 Form 8606, line 20   Form 8606, line 22   1998 Form 8606, line 16   Form 8606, line 15   1999 Form 8606, line 16   Form 8606, line 15   2000 Form 8606, line 16   Form 8606, line 15   2001 Form 8606, line 18   Form 8606, line 17   2002 Form 8606, line 18   Form 8606, line 17   2003 Form 8606, line 18   Form 8606, line 17   2004 Form 8606, line 18   Form 8606, line 17   2005 Form 8606, line 18   Form 8606, line 17   2006 Form 8606, line 18   Form 8606, line 17   2007 Form 8606, line 18   Form 8606, line 17   2008 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2009 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2010 Form 8606, lines 18 and 23   Form 8606, lines 17 and 22   2011 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2012 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2013 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2013 Form 8606, line 25       *Only include those amounts rolled over to a Roth IRA. 2014 1040ez form  **Only include any contributions (usually Form 1099-R, box 5) that were taxable to you when made and rolled over to a Roth IRA. 2014 1040ez form Amount to include on Form 5329, line 1. 2014 1040ez form   Include on line 1 of your 2013 Form 5329 the following four amounts from the Recapture Amount—Allocation Chart that you filled out. 2014 1040ez form The amount you allocated to line 20 of your 2013 Form 8606. 2014 1040ez form The amount(s) allocated to your 2009 through 2013 Forms 8606, line 18, and your 2010 Form 8606, line 23. 2014 1040ez form The amount(s) allocated to your 2009, 2011, 2012, and 2013 Forms 1040, line 16b; Forms 1040A, line 12b; and Forms 1040NR, line 17b. 2014 1040ez form The amount from your 2013 Form 8606, line 25. 2014 1040ez form   Also, include any amount you allocated to line 20 of your 2013 Form 8606 on your 2013 Form 5329, line 2, and enter exception number 09. 2014 1040ez form Example. 2014 1040ez form Ishmael, age 32, opened a Roth IRA in 2000. 2014 1040ez form He made the maximum contributions to it every year. 2014 1040ez form In addition, he made the following transactions into his Roth IRA. 2014 1040ez form In 2005, he converted $10,000 from his traditional IRA into his Roth IRA. 2014 1040ez form He filled out a 2005 Form 8606 and attached it with his 2005 Form 1040. 2014 1040ez form He entered $0 on line 17 of Form 8606 because he took a deduction for all the contributions to the traditional IRA, therefore he has no basis. 2014 1040ez form He entered $10,000 on line 18 of Form 8606. 2014 1040ez form In 2011, he rolled over the entire balance of his qualified retirement plan, $20,000, into a Roth IRA when he changed jobs. 2014 1040ez form He used a 2011 Form 1040 to file his taxes. 2014 1040ez form He entered $20,000 on line 16a of Form 1040 because that was the amount reported in box 1 of his 2011 Form 1099-R. 2014 1040ez form Box 5 of his 2011 Form 1099-R reported $0 since he did not make any after-tax contributions to the qualified retirement plan. 2014 1040ez form He entered $20,000 on line 16b of Form 1040 since that is the taxable amount that was rolled over in 2011. 2014 1040ez form The total balance in his Roth IRA as of January 1, 2013 was $105,000 ($50,000 in contributions from 2000 through 2012 + $10,000 from the 2005 conversion + $20,000 from the 2011 rollover + $25,000 from earnings). 2014 1040ez form He has not taken any early distribution from his Roth IRA before 2013. 2014 1040ez form In 2013, he made the maximum contribution of $5,500 to his Roth IRA. 2014 1040ez form In August of 2013, he took a $85,500 early distribution from his Roth IRA to use as a down payment on the purchase of his first home. 2014 1040ez form See his filled out Illustrated Recapture Amount—Allocation Chart, later, to see how he allocated the amounts from the above transactions. 2014 1040ez form Based on his allocation, he would enter $20,000 on his 2013 Form 5329, line 1 (see Amount to include on Form 5329, line 1 , above). 2014 1040ez form He should also report $10,000 on his 2013 Form 5329, line 2, and enter exception 09 since that amount is not subject to the 10% additional tax on early distributions. 2014 1040ez form Illustrated Recapture Amount—Allocation Chart Enter the amount from your 2013 Form 8606, line 19 $85,500 Before you begin: You will need your prior year Form(s) 8606 and income tax return(s) if you entered an amount on any line(s) as indicated below. 2014 1040ez form   You will now allocate the amount you entered above (2013 Form 8606, line 19) in the order shown, to the amounts on the lines listed below (to the extent a prior year distribution was not allocable to the amount). 2014 1040ez form The maximum amount you can enter on each line below is the amount entered on the referenced lines of the form for that year. 2014 1040ez form Note. 2014 1040ez form Once you have allocated the full amount from your 2013 Form 8606, line 19, STOP. 2014 1040ez form See the Example , earlier. 2014 1040ez form Tax Year Your Form 2013 Form 8606, line 20 $10,000 Form 8606, line 22 $55,500 1998 Form 8606, line 16   Form 8606, line 15   1999 Form 8606, line 16   Form 8606, line 15   2000 Form 8606, line 16   Form 8606, line 15   2001 Form 8606, line 18   Form 8606, line 17   2002 Form 8606, line 18   Form 8606, line 17   2003 Form 8606, line 18   Form 8606, line 17   2004 Form 8606, line 18   Form 8606, line 17   2005 Form 8606, line 18 $10,000 Form 8606, line 17 $-0- 2006 Form 8606, line 18   Form 8606, line 17   2007 Form 8606, line 18   Form 8606, line 17   2008 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2009 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2010 Form 8606, lines 18 and 23   Form 8606, lines 17 and 22   2011 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b* $10,000 Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2012 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2013 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2013 Form 8606, line 25       *Only include those amounts rolled over to a Roth IRA. 2014 1040ez form  **Only include any contributions (usually Form 1099-R, box 5) that were taxable to you when made and rolled over to a Roth IRA. 2014 1040ez form How Do You Figure the Taxable Part? To figure the taxable part of a distribution that is not a qualified distribution, complete Form 8606, Part III. 2014 1040ez form Must You Withdraw or Use Assets? You are not required to take distributions from your Roth IRA at any age. 2014 1040ez form The minimum distribution rules that apply to traditional IRAs do not apply to Roth IRAs while the owner is alive. 2014 1040ez form However, after the death of a Roth IRA owner, certain of the minimum distribution rules that apply to traditional IRAs also apply to Roth IRAs as explained later under Distributions After Owner's Death . 2014 1040ez form Minimum distributions. 2014 1040ez form   You cannot use your Roth IRA to satisfy minimum distribution requirements for your traditional IRA. 2014 1040ez form Nor can you use distributions from traditional IRAs for required distributions from Roth IRAs. 2014 1040ez form See Distributions to beneficiaries , later. 2014 1040ez form Recognizing Losses on Investments If you have a loss on your Roth IRA investment, you can recognize the loss on your income tax return, but only when all the amounts in all of your Roth IRA accounts have been distributed to you and the total distributions are less than your unrecovered basis. 2014 1040ez form Your basis is the total amount of contributions in your Roth IRAs. 2014 1040ez form You claim the loss as a miscellaneous itemized deduction, subject to the 2%-of-adjusted-gross-income limit that applies to certain miscellaneous itemized deductions on Schedule A (Form 1040). 2014 1040ez form Any such losses are added back to taxable income for purposes of calculating the alternative minimum tax. 2014 1040ez form Distributions After Owner's Death If a Roth IRA owner dies, the minimum distribution rules that apply to traditional IRAs apply to Roth IRAs as though the Roth IRA owner died before his or her required beginning date. 2014 1040ez form See When Can You Withdraw or Use Assets? in chapter 1. 2014 1040ez form Distributions to beneficiaries. 2014 1040ez form   Generally, the entire interest in the Roth IRA must be distributed by the end of the fifth calendar year after the year of the owner's death unless the interest is payable to a designated beneficiary over the life or life expectancy of the designated beneficiary. 2014 1040ez form (See When Must You Withdraw Assets? (Required Minimum Distributions) in chapter 1. 2014 1040ez form )   If paid as an annuity, the entire interest must be payable over a period not greater than the designated beneficiary's life expectancy and distributions must begin before the end of the calendar year following the year of death. 2014 1040ez form Distributions from another Roth IRA cannot be substituted for these distributions unless the other Roth IRA was inherited from the same decedent. 2014 1040ez form   If the sole beneficiary is the spouse, he or she can either delay distributions until the decedent would have reached age 70½ or treat the Roth IRA as his or her own. 2014 1040ez form Combining with other Roth IRAs. 2014 1040ez form   A beneficiary can combine an inherited Roth IRA with another Roth IRA maintained by the beneficiary only if the beneficiary either: Inherited the other Roth IRA from the same decedent, or Was the spouse of the decedent and the sole beneficiary of the Roth IRA and elects to treat it as his or her own IRA. 2014 1040ez form Distributions that are not qualified distributions. 2014 1040ez form   If a distribution to a beneficiary is not a qualified distribution, it is generally includible in the beneficiary's gross income in the same manner as it would have been included in the owner's income had it been distributed to the IRA owner when he or she was alive. 2014 1040ez form   If the owner of a Roth IRA dies before the end of: The 5-year period beginning with the first taxable year for which a contribution was made to a Roth IRA set up for the owner's benefit, or The 5-year period starting with the year of a conversion contribution from a traditional IRA or a rollover from a qualified retirement plan to a Roth IRA, each type of contribution is divided among multiple beneficiaries according to the pro-rata share of each. 2014 1040ez form See Ordering Rules for Distributions , earlier in this chapter under Are Distributions Taxable. 2014 1040ez form Example. 2014 1040ez form When Ms. 2014 1040ez form Hibbard died in 2013, her Roth IRA contained regular contributions of $4,000, a conversion contribution of $10,000 that was made in 2009, and earnings of $2,000. 2014 1040ez form No distributions had been made from her IRA. 2014 1040ez form She had no basis in the conversion contribution in 2009. 2014 1040ez form When she established this Roth IRA (her first) in 2009, she named each of her four children as equal beneficiaries. 2014 1040ez form Each child will receive one-fourth of each type of contribution and one-fourth of the earnings. 2014 1040ez form An immediate distribution of $4,000 to each child will be treated as $1,000 from regular contributions, $2,500 from conversion contributions, and $500 from earnings. 2014 1040ez form In this case, because the distributions are made before the end of the applicable 5-year period for a qualified distribution, each beneficiary includes $500 in income for 2013. 2014 1040ez form The 10% additional tax on early distributions does not apply because the distribution was made to the beneficiaries as a result of the death of the IRA owner. 2014 1040ez form If distributions from an inherited Roth IRA are less than the required minimum distribution for the year, discussed in chapter 1 under When Must You Withdraw Assets? (Required Minimum Distributions), you may have to pay a 50% excise tax for that year on the amount not distributed as required. 2014 1040ez form For the tax on excess accumulations (insufficient distributions), see Excess Accumulations (Insufficient Distributions) under What Acts Result in Penalties or Additional Taxes? in chapter 1. 2014 1040ez form If this applies to you, substitute “Roth IRA” for “traditional IRA” in that discussion. 2014 1040ez form Prev  Up  Next   Home   More Online Publications