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Free internet tax filing 3. Free internet tax filing   Adjustments to Income Table of Contents Individual Retirement Arrangement (IRA) Contributions and DeductionsContributions to Kay Bailey Hutchison Spousal IRAs. Free internet tax filing Deductible contribution. Free internet tax filing Nondeductible contribution. Free internet tax filing You may be able to subtract amounts from your total income (Form 1040, line 22 or Form 1040A, line 15) or total effectively connected income (Form 1040NR, line 23) to get your adjusted gross income (Form 1040, line 37; Form 1040A, line 21; or Form 1040NR, line 36). Free internet tax filing Some adjustments to income follow. Free internet tax filing Contributions to your individual retirement arrangement (IRA) (Form 1040, line 32; Form 1040A, line 17; or Form 1040NR, line 32), explained later in this publication. Free internet tax filing Certain moving expenses (Form 1040, line 26; or Form 1040NR, line 26) if you changed job locations or started a new job in 2013. Free internet tax filing See Publication 521, Moving Expenses, or see Form 3903, Moving Expenses, and its instructions. Free internet tax filing Some health insurance costs (Form 1040, line 29 or Form 1040NR, line 29) if you were self-employed and had a net profit for the year, or if you received wages in 2013 from an S corporation in which you were a more-than-2% shareholder. Free internet tax filing For more details, see Publication 535, Business Expenses. Free internet tax filing Payments to your self-employed SEP, SIMPLE, or qualified plan (Form 1040, line 28 or Form 1040NR, line 28). Free internet tax filing For more information, including limits on how much you can deduct, see Publication 560, Retirement Plans for Small Business. Free internet tax filing Penalties paid on early withdrawal of savings (Form 1040, line 30 or Form 1040NR, line 30). Free internet tax filing Form 1099-INT, Interest Income, or Form 1099-OID, Original Issue Discount, will show the amount of any penalty you were charged. Free internet tax filing Alimony payments (Form 1040, line 31a). Free internet tax filing For more information, see Publication 504, Divorced or Separated Individuals. Free internet tax filing There are other items you can claim as adjustments to income. Free internet tax filing These adjustments are discussed in your tax return instructions. Free internet tax filing Individual Retirement Arrangement (IRA) Contributions and Deductions This section explains the tax treatment of amounts you pay into traditional IRAs. Free internet tax filing A traditional IRA is any IRA that is not a Roth or SIMPLE IRA. Free internet tax filing Roth and SIMPLE IRAs are defined earlier in the IRA discussion under Retirement Plan Distributions . Free internet tax filing For more detailed information, see Publication 590. Free internet tax filing Contributions. Free internet tax filing   An IRA is a personal savings plan that offers you tax advantages to set aside money for your retirement. Free internet tax filing 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 distributed. Free internet tax filing    Although interest earned from your traditional IRA generally is not taxed in the year earned, it is not tax-exempt interest. Free internet tax filing Do not report this interest on your tax return as tax-exempt interest. Free internet tax filing General limit. Free internet tax filing   The most that can be contributed for 2013 to your traditional IRA is the smaller of the following amounts. Free internet tax filing Your taxable compensation for the year, or $5,500 ($6,500 if you were age 50 or older by the end of 2013). Free internet tax filing Contributions to Kay Bailey Hutchison Spousal IRAs. Free internet tax filing   In the case of a married couple filing a joint return for 2013, up to $5,500 ($6,500 for each spouse age 50 or older by the end of 2013) can be contributed to IRAs on behalf of each spouse, even if one spouse has little or no compensation. Free internet tax filing For more information on the general limit and the Kay Bailey Hutchison Spousal IRA limit, see How Much Can Be Contributed? in Publication 590. Free internet tax filing Deductible contribution. Free internet tax filing   Generally, you can deduct the lesser of the contributions to your traditional IRA for the year or the general limit (or Kay Bailey Hutchison Spousal IRA limit, if applicable) just explained. Free internet tax filing However, if you or your spouse was covered by an employer retirement plan at any time during the year for which contributions were made, you may not be able to deduct all of the contributions. Free internet tax filing Your deduction may be reduced or eliminated, depending on your filing status and the amount of your income. Free internet tax filing For more information, see Limit if Covered by Employer Plan in Publication 590. Free internet tax filing Nondeductible contribution. Free internet tax filing   The difference between your total permitted contributions and your IRA deduction, if any, is your nondeductible contribution. Free internet tax filing You must file Form 8606, Nondeductible IRAs, to report nondeductible contributions even if you do not have to file a tax return for the year. Free internet tax filing    For 2014, the most that can be contributed to your traditional IRA is $5,500 ($6,500 if you are age 50 or older at the end of 2014). Free internet tax filing Prev  Up  Next   Home   More Online Publications
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Foreign Account Tax Compliance Act

ALERT  

Regulations coordinating chapters 3, 4, 61, and section 3406 of the Internal Revenue Code and revising the final FATCA regulations have been posted to the Federal Register for publication.

See below for links to the new final and temporary regulations (and the associated notices of proposed rulemaking by cross-reference). Please note: Clicking any of the Federal Register publication links below will direct you first to an intermediate web page advising that you are leaving the IRS website. Click the button indicating you wish to leave the IRS website. 

Withholding of Tax on Certain U.S. Source Income Paid to Foreign Persons, Information Reporting and Backup Withholding on Payments Made to Certain U.S. Persons, and Portfolio Interest Treatment Pages 12725 - 12809 [FR DOC # 2014-03991]

Regulations Relating to Information Reporting by Foreign Financial Institutions and Withholding on Certain Payments to Foreign Financial Institutions and Other Foreign Entities Pages 12811 - 12865 [FR DOC # 2014-03967]

Regulations Relating to Information Reporting by Foreign Financial Institutions and Withholding on Certain Payments to Foreign Financial Institutions and Other Foreign Entities Pages 12867 - 12878 [FR DOC # 2014-03960]

Withholding of Tax on Certain U.S. Source Income Paid to Foreign Persons and Revision of Information Reporting and Backup Withholding Regulations Pages 12879 - 12888 [FR DOC # 2014-03990]

The following FATCA Forms and Instructions for 2014 are now available on the IRS.GOV Forms and Publications Website:  

  • Form 1042 - Use the 2013 form.  Learn more.
  • Form 1042-S
  • Form 8966
  • Form W-8BEN - Use the 2013 form.  Learn more.
  • Instructions to Form W-8BEN
  • Form W-8ECI
  • Instructions to Form W-8ECI

Click here to access IRS.GOV Forms and Publications Website.

The provisions commonly known as the Foreign Account Tax Compliance Act (FATCA) became law in March 2010.
  • FATCA targets tax non-compliance by U.S. taxpayers with foreign accounts
  • FATCA focuses on reporting:
 
  • By U.S. taxpayers about certain foreign financial accounts and offshore assets
 
  • By foreign financial institutions about financial accounts held by U.S. taxpayers or foreign entities in which U.S. taxpayers hold a substantial ownership interest
  • The objective of FATCA is the reporting of foreign financial assets; withholding is the cost of not reporting.
Individuals
 
Financial Institutions
 
Governments

 
U.S. individual taxpayers must report information about certain foreign financial accounts and offshore assets on Form 8938 and attach it to their income tax return, if the total asset value exceeds the appropriate reporting threshold.


Form 8938 reporting is in addition to FBAR reporting.
 

 
   
Foreign
To avoid being withheld upon, a foreign financial institution may register with the IRS, obtain a Global Intermediary Identification Number (GIIN) and report certain information on U.S. accounts to the IRS.

U.S.
U.S. financial institutions and other U.S withholding agents must both withhold 30% on certain payments to foreign entities that do not document their FATCA status and report information about certain non-financial foreign entities.
 
   
If a jurisdiction enters into an Intergovernmental Agreement (IGA) to implement FATCA, the reporting and other compliance burdens on the financial institutions in the jurisdiction may be simplified. Such financial institutions will not be subject to withholding under FATCA.
 

 

Page Last Reviewed or Updated: 19-Mar-2014

The Free Internet Tax Filing

Free internet tax filing Publication 559 - Additional Material Prev  Up  Next   Home   More Online Publications