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Filing Taxes As A College Student

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Filing Taxes As A College Student

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

Filing taxes as a college student Index A Adjusted basis for installment sale, Adjusted basis for installment sale purposes. Filing taxes as a college student Assistance (see Tax help) B Basis Adjusted, Adjusted basis. Filing taxes as a college student Assumed mortgage, Buyer Assumes Mortgage Installment obligation, Basis. Filing taxes as a college student , Basis in installment obligation. Filing taxes as a college student , Basis in installment obligation. Filing taxes as a college student Installment sale, Adjusted basis for installment sale purposes. Filing taxes as a college student Repossessed property, Basis in repossessed property. Filing taxes as a college student , Basis. Filing taxes as a college student Bond, Bond. Filing taxes as a college student Buyer's note, Buyer's note. Filing taxes as a college student C Contingent payment sale, Contingent Payment Sale Contract price, Contract price. Filing taxes as a college student D Dealer sales, special rule, Dealer sales. Filing taxes as a college student Depreciation recapture income, Depreciation Recapture Income Disposition of installment obligation, Disposition of an Installment Obligation E Electing out, Electing Out of the Installment Method Escrow account, Escrow Account F Fair market value, Fair market value (FMV). Filing taxes as a college student , Fair market value (FMV). Filing taxes as a college student Figuring installment sale income, Figuring Installment Sale Income Form 4797, Form 4797, Form 4797. Filing taxes as a college student 6252, Form 6252, Reporting an Installment Sale 8594, Reporting requirement. Filing taxes as a college student Schedule D (Form 1040), Schedule D (Form 1040), Other forms. Filing taxes as a college student , Schedule D (Form 1040). Filing taxes as a college student Free tax services, Free help with your tax return. Filing taxes as a college student G Gross profit percentage, Gross profit percentage. Filing taxes as a college student Gross profit, defined, Gross profit. Filing taxes as a college student Guarantee, Debt not payable on demand. Filing taxes as a college student H Help (see Tax help) I Installment obligation Defined, Installment obligation. Filing taxes as a college student Disposition, Disposition of an Installment Obligation Used as security, Installment Obligation Used as Security (Pledge Rule) Installment Sale, What Is an Installment Sale? Interest Escrow account, Escrow Account Income, Interest Income Reporting, Seller-financed mortgage. Filing taxes as a college student Unstated, Installment income after 2013. Filing taxes as a college student Interest on deferred tax, Interest on Deferred Tax Exceptions, Exceptions. Filing taxes as a college student L Like-kind exchange, Like-Kind Exchange N Note Buyer's, Buyer's note. Filing taxes as a college student Third-party, Third-party note. Filing taxes as a college student O Original issue discount, Installment income after 2013. Filing taxes as a college student P Payments considered received, Payments Received or Considered Received Buyer assumes debts, Buyer Assumes Other Debts Buyer pays seller's expenses, Buyer Pays Seller's Expenses Mortgage assumed, Buyer Assumes Mortgage Pledge rule, Installment Obligation Used as Security (Pledge Rule) Payments received, Payments Received or Considered Received Pledge rule, Installment Obligation Used as Security (Pledge Rule) Publications (see Tax help) R Related person Land sale, Land transfers between related persons. Filing taxes as a college student Reporting sale to, Related person. Filing taxes as a college student Sale to, Sale to a Related Person Reporting installment sale, Reporting Installment Sale Income, Reporting an Installment Sale Repossession, Repossession Holding period for resale, Holding period for resales. Filing taxes as a college student Personal property, Personal Property Real property, Real Property S Sale at a loss, Sale at a loss. Filing taxes as a college student Sale of Business, Sale of a Business Home, Sale of Your Home Land between related persons, Land transfers between related persons. Filing taxes as a college student Partnership interest, Sale of Partnership Interest Several assets, Single Sale of Several Assets, Several assets. Filing taxes as a college student Stock or securities, Stock or securities. Filing taxes as a college student Sales by dealers, Dealer sales. Filing taxes as a college student Section 1274, Section 1274 Exceptions, Exceptions to Sections 1274 and 483 Section 483, Section 483 Exceptions, Exceptions to Sections 1274 and 483 Selling expenses, Selling expenses. Filing taxes as a college student Selling price Defined, Selling price. Filing taxes as a college student Reduced, Selling Price Reduced Single sale of several assets, Single Sale of Several Assets, Several assets. Filing taxes as a college student T Tax help, How To Get Tax Help Third-party note, Third-party note. Filing taxes as a college student TTY/TDD information, How To Get Tax Help U Unstated interest, Installment income after 2013. Filing taxes as a college student Prev  Up     Home   More Online Publications