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Past Year Taxes

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Past Year Taxes

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

2008 Changes to Form 1065 - Frequently Asked Questions
Form 1065 has a number of changes for 2008. For example, Schedule B and Schedule K-1 require reporting of ownership percentages. The FAQ page on Form 1065 changes offers helpful examples.

Partnership - Audit Techniques Guide (ATG)
The focus is on issues that fall within sections 701 through 761 of the Code (Subchapter K). Subchapter K deals primarily with the formation, operation, and termination of partnerships. Many issues arise during the initial or final year of the partnership.

Starting a Business
If you’re considering starting a business, then start here. This section provides links to everything from a checklist for a new business to selecting a business structure and more.

Notification of Possible Filing Requirement
This reminder is being issued to alert partnerships that they may have an additional filing requirement with the Internal Revenue Service related to a foreign partner(s) on their partnership return.

Modernized e-file (MeF) for Partnerships
This web site provides an overview of electronic filing and more detailed information for those partnerships that prepare and transmit their own income tax returns using MeF. Partnerships that rely upon third party tax professionals to prepare and transmit their tax returns should consult their tax professional.

Partnerships
A partnership is the relationship existing between two or more persons who join to carry on a trade or business.

Publicly Traded Partnerships
This page contains information related to publicly traded partnerships that have effectively connected income, gain, or loss and who must pay withholding tax on any distributions of income made to its foreign partners.

Report of Foreign Bank and Financial Accounts (FBAR)
If you own a foreign bank account, brokerage account, mutual fund, unit trust, or other financial account, then you may be required to report the account yearly to the Internal Revenue Service.

Page Last Reviewed or Updated: 30-Mar-2014

The Past Year Taxes

Past year taxes Publication 547(SP) - Introductory Material Table of Contents Qué Hay de Nuevo Recordatorios IntroductionCómo pedir formularios y publicaciones. Past year taxes Preguntas sobre los impuestos. Past year taxes Useful Items - You may want to see: Qué Hay de Nuevo Nueva Sección C en el Formulario 4684 para esquemas de inversión de tipo Ponzi (Ponzi-type schemes). Past year taxes  La Sección C del Formulario 4684 (disponible en inglés) es nueva para el año 2013. Past year taxes Usted debe completar la Seción C si está reclamando una deducción de pérdida por robo debido a un esquema de inversión de tipo Ponzi (Ponzi-type scheme) y estará usando el Procedimiento Tributario (Revenue Procedure) 2009-20, según modificado por el Procedimiento Tributario (Revenue Procedure) 2011-58. Past year taxes La Sección C del Formulario 4864 reemplaza el Anexo A del Procedimiento Tributario (Revenue Procedure) 2009-20. Past year taxes No necesita completar el Anexo A. Past year taxes Para más información, vea Pérdidas provenientes de esquemas de inversión de tipo Ponzi (Ponzi-type schemes) , más adelante. Past year taxes Recordatorios Acontecimientos futuros. Past year taxes  Si desea obtener la información más reciente sobre los acontecimientos relacionados con la Publicación 547(SP), tal como legislación promulgada después que ésta fue impresa, acceda a www. Past year taxes irs. Past year taxes gov/Spanish/About-Publication-547(SP). Past year taxes Fotografías de niños desaparecidos. Past year taxes  El Servicio de Impuestos Internos (IRS, por sus siglas en inglés) se enorgullece en colaborar con el Centro Nacional de Niños Desaparecidos y Explotados (National Center for Missing and Exploited Children). Past year taxes En esta publicación, pueden aparecer fotografías de niños desaparecidos que han sido seleccionadas por el Centro. Past year taxes Estas fotografías aparecen en páginas que de otra manera estarían en blanco. Past year taxes Usted puede ayudar a que estos niños regresen a sus hogares si identifica alguno de ellos y llama gratis al 1-800-THE-LOST (1-800-843-5678). Past year taxes Introduction Esta publicación explica el trato tributario de casos de hechos fortuitos, robos y pérdidas de depósitos monetarios. Past year taxes Un hecho fortuito ocurre cuando su propiedad resulta dañada por causa de algún desastre, como por ejemplo, una tormenta, un incendio, un accidente automovilístico u otro suceso de esta índole. Past year taxes Un robo ocurre cuando alguien hurta sus bienes. Past year taxes La pérdida de depósitos monetarios ocurre cuando su institución bancaria se declara insolvente o en quiebra (bancarrota). Past year taxes Esta publicación aborda los siguientes temas: Definiciones de hecho fortuito, robo y pérdida de depósitos monetarios. Past year taxes Cómo calcular el monto de su pérdida o ganancia. Past year taxes Cómo se tratan tributariamente seguros y otros reembolsos que reciba. Past year taxes Límites de la deducción. Past year taxes Cómo y cuándo declarar un caso de hecho fortuito o robo. Past year taxes Reglas especiales para pérdidas en zonas de desastre. Past year taxes Formularios que tiene que presentar. Past year taxes   Normalmente, si es víctima de un hecho fortuito o robo, tiene que presentar el Formulario 4684 (disponible sólo en inglés). Past year taxes Asimismo, es posible que tenga que presentar uno o más de los siguientes formularios (todos en inglés): Anexo A (Formulario 1040). Past year taxes Formulario 1040NR, Anexo A (para extranjeros no residentes). Past year taxes Anexo D. Past year taxes Formulario 4797. Past year taxes Para información adicional sobre qué formulario utilizar, vea más adelante la sección sobre Cómo Declarar Pérdidas y Ganancias . Past year taxes Expropiaciones forzosas. Past year taxes   Para obtener información sobre expropiaciones forzosas de propiedades, vea el tema Involuntary Conversions (Conversiones involuntarias) en el capítulo 1 de la Publicación 544, Sales and Other Dispositions of Assets (Ventas y otras enajenaciones de activos), en inglés. Past year taxes Registros para el cálculo de pérdidas por hecho fortuito y robo. Past year taxes   La Publicación 584SP, Registro de Pérdidas por Hechos Fortuitos (Imprevistos), Desastres y Robos (Propiedad de uso Personal) está a su disposición para ayudarle a hacer una lista de artículos de sus bienes de uso personal que hayan sido robados o dañados y calcular su pérdida. Past year taxes En dicha publicación se incluyen tablas para ayudarle a calcular el monto de las pérdidas de su vivienda, artículos de la misma y vehículos motorizados. Past year taxes   La Publicación 584-B, Business Casualty, Disaster, and Theft Loss Workbook (Registro de pérdidas por hechos fortuitos, desastres y robos de propiedad de uso comercial), en inglés puede ayudarle a hacer una lista de artículos que hayan sido robados o dañados en su empresa o bienes de generación de ingresos, y calcular su pérdida. Past year taxes Comentarios y sugerencias. Past year taxes   Agradecemos sus comentarios y sugerencias sobre esta publicación para ediciones futuras. Past year taxes   Puede escribirnos a la siguiente dirección: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Past year taxes NW, IR-6526 Washington, DC 20224   Contestamos gran parte de correspondencia por teléfono. Past year taxes Por lo tanto, nos sería útil si en su correspondencia incluye el número telefónico con su código de área donde podemos ubicarlo durante el día. Past year taxes   Puede enviarnos comentarios a través de www. Past year taxes irs. Past year taxes gov/formspubs, pulsando sobre “ Comment on Tax Forms and Publications ” (Comentarios sobre formularios y publicaciones tributarios) bajo el título “ Information about ” (Información sobre), en inglés. Past year taxes   Aunque no podemos contestar cada uno de los comentarios, agradecemos su opinión y tendremos en cuenta sus comentarios cuando revisemos nuestros productos. Past year taxes Cómo pedir formularios y publicaciones. Past year taxes   Visite el sitio web del IRS www. Past year taxes irs. Past year taxes gov/espanol y pulse sobre el enlace “Formularios y Publicaciones” para descargar formularios y publicaciones. Past year taxes Llame al 1-800-829-3676 o escriba a la dirección que aparece a continuación y recibirá respuesta a los 10 días de que el IRS reciba su solicitud: Internal Revenue Service 1201 N. Past year taxes Mitsubishi Motorway Bloomington, IL 61705-6613 Preguntas sobre los impuestos. Past year taxes   Si tiene alguna pregunta acerca de sus impuestos, consulte la información disponible en IRS. Past year taxes gov/espanol o llame al número 1-800-829-1040. Past year taxes No podemos contestar preguntas sobre impuestos enviadas a las direcciones anteriores. Past year taxes Useful Items - You may want to see: Publicación 523 Selling Your Home (Venta de su vivienda), en inglés 525 Taxable and Nontaxable Income (Ingresos tributables y no tributables), en inglés 550 Investment Income and Expenses (Ingresos y gastos de inversiones), en inglés 551 Basis of Assets (Base de activos), en inglés 584SP Registro de Pérdidas por Hechos Fortuitos (Imprevistos), Desastres y Robos (Propiedad de Uso Personal) 584-B Business Casualty, Disaster, and Theft Loss Workbook (Registro de pérdidas por hechos fortuitos, desastres y robos comerciales), en inglés  Formulario (e Instrucciones) Anexo A (Formulario 1040) Itemized Deductions (Deducciones detalladas), en inglés Anexo A (Formulario 1040NR) Itemized Deductions (for nonresident aliens) (Deducciones detalladas (para extranjeros no residentes)), en inglés Anexo D (Formulario 1040) Capital Gains and Losses (Pérdidas y ganancias de capital), en inglés 4684 Casualties and Thefts (Hechos fortuitos y robos), en inglés 4797 Sales of Business Property (Ventas de bienes comerciales), en inglés  Para más información sobre cómo obtener publicaciones y formularios, vea la sección Cómo Obtener Ayuda con los Impuestos al final de esta publicación. 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