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Tax Planning Us 2005 Taxes

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Tax Planning Us 2005 Taxes

Tax planning us 2005 taxes 9. Tax planning us 2005 taxes   Education Exception to Additional Tax on Early IRA Distributions Table of Contents Introduction Who Is Eligible Figuring the Amount Not Subject to the 10% Tax Reporting Early Distributions Introduction Generally, if you take a distribution from your IRA before you reach age 59½, you must pay a 10% additional tax on the early distribution. Tax planning us 2005 taxes This applies to any IRA you own, whether it is a traditional IRA (including a SEP-IRA), a Roth IRA, or a SIMPLE IRA. Tax planning us 2005 taxes The additional tax on an early distribution from a SIMPLE IRA may be as high as 25%. Tax planning us 2005 taxes See Publication 560, Retirement Plans for Small Business, for information on SEP-IRAs, and Publication 590, for information about all other IRAs. Tax planning us 2005 taxes However, you can take distributions from your IRAs for qualified higher education expenses without having to pay the 10% additional tax. Tax planning us 2005 taxes You may owe income tax on at least part of the amount distributed, but you may not have to pay the 10% additional tax. Tax planning us 2005 taxes Generally, if the taxable part of the distribution is less than or equal to the adjusted qualified education expenses (AQEE), none of the distribution is subject to the additional tax. Tax planning us 2005 taxes If the taxable part of the distribution is more than the AQEE, only the excess is subject to the additional tax. Tax planning us 2005 taxes Who Is Eligible You can take a distribution from your IRA before you reach age 59½ and not have to pay the 10% additional tax if, for the year of the distribution, you pay qualified education expenses for: yourself, your spouse, or your or your spouse's child, foster child, adopted child, or descendant of any of them. Tax planning us 2005 taxes Qualified education expenses. Tax planning us 2005 taxes   For purposes of the 10% additional tax, these expenses are tuition, fees, books, supplies, and equipment required for enrollment or attendance at an eligible educational institution. Tax planning us 2005 taxes They also include expenses for special needs services incurred by or for special needs students in connection with their enrollment or attendance. Tax planning us 2005 taxes   In addition, if the student is at least a half-time student, room and board are qualified education expenses. Tax planning us 2005 taxes   The expense for room and board qualifies only to the extent that it is not more than the greater of the following two amounts. Tax planning us 2005 taxes The allowance for room and board, as determined by the eligible educational institution, that was included in the cost of attendance (for federal financial aid purposes) for a particular academic period and living arrangement of the student. Tax planning us 2005 taxes The actual amount charged if the student is residing in housing owned or operated by the eligible educational institution. Tax planning us 2005 taxes You will need to contact the eligible educational institution for qualified room and board costs. Tax planning us 2005 taxes Eligible educational institution. Tax planning us 2005 taxes   An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. Tax planning us 2005 taxes S. Tax planning us 2005 taxes Department of Education. Tax planning us 2005 taxes It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Tax planning us 2005 taxes The educational institution should be able to tell you if it is an eligible educational institution. Tax planning us 2005 taxes   Certain educational institutions located outside the United States also participate in the U. Tax planning us 2005 taxes S. Tax planning us 2005 taxes Department of Education's Federal Student Aid (FSA) programs. Tax planning us 2005 taxes Half-time student. Tax planning us 2005 taxes   A student is enrolled “at least half-time” if he or she is enrolled for at least half the full-time academic work load for the course of study the student is pursuing as determined under the standards of the school where the student is enrolled. Tax planning us 2005 taxes Figuring the Amount Not Subject to the 10% Tax To determine the amount of your distribution that is not subject to the 10% additional tax, first figure your adjusted qualified education expenses. Tax planning us 2005 taxes You do this by reducing your total qualified education expenses by any tax-free educational assistance, which includes: Expenses used to figure the tax-free portion of distributions from a Coverdell education savings account (ESA) (see Distributions in chapter 7, Coverdell Education Savings Account), The tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Pell grants (see Pell Grants and Other Title IV Need-Based Education Grants in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Veterans' educational assistance (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ), and Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. Tax planning us 2005 taxes Do not reduce the qualified education expenses by amounts paid with funds the student receives as: Payment for services, such as wages, A loan, A gift, An inheritance given to either the student or the individual making the withdrawal, or A withdrawal from personal savings (including savings from a qualified tuition program (QTP)). Tax planning us 2005 taxes If your IRA distribution is equal to or less than your adjusted qualified education expenses, you are not subject to the 10% additional tax. Tax planning us 2005 taxes Example 1. Tax planning us 2005 taxes In 2013, Erin (age 32) took a year off from teaching to attend graduate school full-time. Tax planning us 2005 taxes She paid $5,800 of qualified education expenses from the following sources. Tax planning us 2005 taxes   Employer-provided educational assistance  (tax free) $5,000     Early distribution from IRA (includes $500 taxable earnings) 3,200           Before Erin can determine if she must pay the 10% additional tax on her IRA distribution, she must reduce her total qualified education expenses. Tax planning us 2005 taxes   Total qualified education expenses $5,800     Minus: Tax-free educational assistance −5,000     Equals: Adjusted qualified  education expenses (AQEE) $ 800   Because Erin's AQEE ($800) are more than the taxable portion of her IRA distribution ($500), she does not have to pay the 10% additional tax on any part of this distribution. Tax planning us 2005 taxes However, she must include the $500 taxable earnings in her gross income subject to income tax. Tax planning us 2005 taxes Example 2. Tax planning us 2005 taxes Assume the same facts as in Example 1 , except that Erin deducted some of the contributions to her IRA, so the taxable part of her early distribution is higher by $1,000. Tax planning us 2005 taxes This must be included in her income subject to income tax. Tax planning us 2005 taxes The taxable part of Erin's IRA distribution ($1,000) is larger than her $800 AQEE. Tax planning us 2005 taxes Therefore, she must pay the 10% additional tax on $200, the taxable part of her distribution ($1,000) that is more than her qualified education expenses ($800). Tax planning us 2005 taxes She does not have to pay the 10% additional tax on the remaining $800 of her taxable distribution. Tax planning us 2005 taxes Reporting Early Distributions By January 31, 2014, the payer of your IRA distribution should send you Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Tax planning us 2005 taxes The information on this form will help you determine how much of your distribution is taxable for income tax purposes and how much is subject to the 10% additional tax. Tax planning us 2005 taxes If you received an early distribution from your IRA, you must report the taxable earnings on Form 1040, line 15b (Form 1040NR, line 16b). Tax planning us 2005 taxes Then, if you qualify for an exception for qualified higher education expenses, you must file Form 5329 to show how much, if any, of your early distribution is subject to the 10% additional tax. Tax planning us 2005 taxes See the Instructions for Form 5329, Part I, for help in completing the form and entering the results on Form 1040 or 1040NR. Tax planning us 2005 taxes There are many other situations in which Form 5329 is required. Tax planning us 2005 taxes If, during 2013, you had other distributions from IRAs or qualified retirement plans, or have made excess contributions to certain tax-favored accounts, see the instructions for line 58 (Form 1040) or line 56 (Form 1040NR) to determine if you must file Form 5329. Tax planning us 2005 taxes Prev  Up  Next   Home   More Online Publications
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The Tax Planning Us 2005 Taxes

Tax planning us 2005 taxes Publication 590 - Introductory Material Table of Contents What's New for 2013 What's New for 2014 Reminders IntroductionOrdering forms and publications. Tax planning us 2005 taxes Tax questions. Tax planning us 2005 taxes Useful Items - You may want to see: Note. Tax planning us 2005 taxes After 2013, Publication 590 will be split into two separate publications as follows. Tax planning us 2005 taxes Publication 590-A, will focus on contributions to traditional IRAs as well as Roth IRAs. Tax planning us 2005 taxes This publication will include the rules for rollover and conversion contributions. Tax planning us 2005 taxes Publication 590-B, will focus on distributions from traditional IRAs as well as Roth IRAs. Tax planning us 2005 taxes This publication will include the rules for required minimum distributions and IRA beneficiaries. Tax planning us 2005 taxes What's New for 2013 Traditional IRA contribution and deduction limit. Tax planning us 2005 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. Tax planning us 2005 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. Tax planning us 2005 taxes For more information, see How Much Can Be Contributed? in chapter 1. Tax planning us 2005 taxes Roth IRA contribution limit. Tax planning us 2005 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. Tax planning us 2005 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. Tax planning us 2005 taxes However, if your modified adjusted gross income (AGI) is above a certain amount, your contribution limit may be reduced. Tax planning us 2005 taxes For more information, see How Much Can Be Contributed? under Can You Contribute to a Roth IRA? in chapter 2. Tax planning us 2005 taxes Modified AGI limit for traditional IRA contributions increased. Tax planning us 2005 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. Tax planning us 2005 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. Tax planning us 2005 taxes If your modified AGI is $188,000 or more, you cannot take a deduction for contributions to a traditional IRA. Tax planning us 2005 taxes See How Much Can You Deduct? in chapter 1. Tax planning us 2005 taxes Modified AGI limit for Roth IRA contributions increased. Tax planning us 2005 taxes  For 2013, your Roth IRA contribution limit is reduced (phased out) in the following situations. Tax planning us 2005 taxes Your filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $178,000. Tax planning us 2005 taxes You cannot make a Roth IRA contribution if your modified AGI is $188,000 or more. Tax planning us 2005 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. Tax planning us 2005 taxes You cannot make a Roth IRA contribution if your modified AGI is $127,000 or more. Tax planning us 2005 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-. Tax planning us 2005 taxes You cannot make a Roth IRA contribution if your modified AGI is $10,000 or more. Tax planning us 2005 taxes See Can You Contribute to a Roth IRA? in chapter 2. Tax planning us 2005 taxes Net Investment Income Tax. Tax planning us 2005 taxes  For purposes of the Net Investment Income Tax (NIIT), net investment income does not include distributions from a qualified retirement plan (for example, 401(a), 403(a), 403(b), 457(b) plans, and IRAs). Tax planning us 2005 taxes However, these distributions are taken into account when determining the modified adjusted gross income threshold. Tax planning us 2005 taxes Distributions from a nonqualified retirement plan are included in net investment income. Tax planning us 2005 taxes See Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts, and its instructions for more information. Tax planning us 2005 taxes Kay Bailey Hutchison Spousal IRA. Tax planning us 2005 taxes . Tax planning us 2005 taxes  In 2013, spousal IRAs were renamed to Kay Bailey Hutchison Spousal IRAs. Tax planning us 2005 taxes There are no changes to the rules regarding these IRAs. Tax planning us 2005 taxes See Kay Bailey Hutchison Spousal IRA Limit in chapter 1 for more information. Tax planning us 2005 taxes What's New for 2014 Modified AGI limit for traditional IRA contributions increased. Tax planning us 2005 taxes  For 2014, if you are covered by a retirement plan at work, your deduction for contributions to a traditional IRA is reduced (phased out) if your modified AGI is: More than $96,000 but less than $116,000 for a married couple filing a joint return or a qualifying widow(er), More than $60,000 but less than $70,000 for a single individual or head of household, or Less than $10,000 for a married individual filing a separate return. Tax planning us 2005 taxes If you either live with your spouse or file a joint return, and your spouse is covered by a retirement plan at work, but you are not, your deduction is phased out if your modified AGI is more than $181,000 but less than $191,000. Tax planning us 2005 taxes If your modified AGI is $191,000 or more, you cannot take a deduction for contributions to a traditional IRA. Tax planning us 2005 taxes Modified AGI limit for Roth IRA contributions increased. Tax planning us 2005 taxes  For 2014, your Roth IRA contribution limit is reduced (phased out) in the following situations. Tax planning us 2005 taxes Your filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $181,000. Tax planning us 2005 taxes You cannot make a Roth IRA contribution if your modified AGI is $191,000 or more. Tax planning us 2005 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 2014 and your modified AGI is at least $114,000. Tax planning us 2005 taxes You cannot make a Roth IRA contribution if your modified AGI is $129,000 or more. Tax planning us 2005 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-. Tax planning us 2005 taxes You cannot make a Roth IRA contribution if your modified AGI is $10,000 or more. Tax planning us 2005 taxes Reminders Future developments. Tax planning us 2005 taxes  For the latest information about developments related to Publication 590, such as legislation enacted after it was published, go to www. Tax planning us 2005 taxes irs. Tax planning us 2005 taxes gov/pub590. Tax planning us 2005 taxes Simplified employee pension (SEP). Tax planning us 2005 taxes  SEP IRAs are not covered in this publication. Tax planning us 2005 taxes They are covered in Publication 560, Retirement Plans for Small Business. Tax planning us 2005 taxes Deemed IRAs. Tax planning us 2005 taxes  A qualified employer plan (retirement plan) can maintain a separate account or annuity under the plan (a deemed IRA) to receive voluntary employee contributions. Tax planning us 2005 taxes If the separate account or annuity otherwise meets the requirements of an IRA, it will be subject only to IRA rules. Tax planning us 2005 taxes An employee's account can be treated as a traditional IRA or a Roth IRA. Tax planning us 2005 taxes For this purpose, a “qualified employer plan” includes: A qualified pension, profit-sharing, or stock bonus plan (section 401(a) plan), A qualified employee annuity plan (section 403(a) plan), A tax-sheltered annuity plan (section 403(b) plan), and A deferred compensation plan (section 457 plan) maintained by a state, a political subdivision of a state, or an agency or instrumentality of a state or political subdivision of a state. Tax planning us 2005 taxes Contributions to both traditional and Roth IRAs. Tax planning us 2005 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 chapter 2. Tax planning us 2005 taxes Statement of required minimum distribution (RMD). Tax planning us 2005 taxes  If an RMD is required from your IRA, the trustee, custodian, or issuer that held the IRA at the end of the preceding year must either report the amount of the RMD to you, or offer to calculate it for you. Tax planning us 2005 taxes The report or offer must include the date by which the amount must be distributed. Tax planning us 2005 taxes The report is due January 31 of the year in which the minimum distribution is required. Tax planning us 2005 taxes It can be provided with the year-end fair market value statement that you normally get each year. Tax planning us 2005 taxes No report is required for section 403(b) contracts (generally tax-sheltered annuities) or for IRAs of owners who have died. Tax planning us 2005 taxes IRA interest. Tax planning us 2005 taxes  Although interest earned from your IRA is generally not taxed in the year earned, it is not tax-exempt interest. Tax planning us 2005 taxes Tax on your traditional IRA is generally deferred until you take a distribution. Tax planning us 2005 taxes Do not report this interest on your return as tax-exempt interest. Tax planning us 2005 taxes For more information on tax-exempt interest, see the instructions for your tax return. Tax planning us 2005 taxes Photographs of missing children. Tax planning us 2005 taxes  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Tax planning us 2005 taxes Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Tax planning us 2005 taxes You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Tax planning us 2005 taxes Introduction This publication discusses individual retirement arrangements (IRAs). Tax planning us 2005 taxes An IRA is a personal savings plan that gives you tax advantages for setting aside money for retirement. Tax planning us 2005 taxes What are some tax advantages of an IRA?   Two tax advantages of an IRA are that: Contributions you make to an IRA may be fully or partially deductible, depending on which type of IRA you have and on your circumstances, and Generally, amounts in your IRA (including earnings and gains) are not taxed until distributed. Tax planning us 2005 taxes In some cases, amounts are not taxed at all if distributed according to the rules. Tax planning us 2005 taxes What's in this publication?   This publication discusses traditional, Roth, and SIMPLE IRAs. Tax planning us 2005 taxes It explains the rules for: Setting up an IRA, Contributing to an IRA, Transferring money or property to and from an IRA, Handling an inherited IRA, Receiving distributions (making withdrawals) from an IRA, and Taking a credit for contributions to an IRA. Tax planning us 2005 taxes   It also explains the penalties and additional taxes that apply when the rules are not followed. Tax planning us 2005 taxes To assist you in complying with the tax rules for IRAs, this publication contains worksheets, sample forms, and tables, which can be found throughout the publication and in the appendices at the back of the publication. Tax planning us 2005 taxes How to use this publication. Tax planning us 2005 taxes   The rules that you must follow depend on which type of IRA you have. Tax planning us 2005 taxes Use Table I-1 to help you determine which parts of this publication to read. Tax planning us 2005 taxes Also use Table I-1 if you were referred to this publication from instructions to a form. Tax planning us 2005 taxes Comments and suggestions. Tax planning us 2005 taxes   We welcome your comments about this publication and your suggestions for future editions. Tax planning us 2005 taxes   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Tax planning us 2005 taxes NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Tax planning us 2005 taxes Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Tax planning us 2005 taxes   You can send your comments from www. Tax planning us 2005 taxes irs. Tax planning us 2005 taxes gov/formspubs/. Tax planning us 2005 taxes Click on “More Information” and then on “Comment on Tax Forms and Publications”. Tax planning us 2005 taxes   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Tax planning us 2005 taxes Ordering forms and publications. Tax planning us 2005 taxes   Visit www. Tax planning us 2005 taxes irs. Tax planning us 2005 taxes gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Tax planning us 2005 taxes Internal Revenue Service 1201 N. Tax planning us 2005 taxes Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Tax planning us 2005 taxes   If you have a tax question, check the information available on IRS. Tax planning us 2005 taxes gov or call 1-800-829-1040. Tax planning us 2005 taxes We cannot answer tax questions sent to either of the above addresses. Tax planning us 2005 taxes Useful Items - You may want to see: Publications 560 Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans) 571 Tax-Sheltered Annuity Plans (403(b) Plans) 575 Pension and Annuity Income 939 General Rule for Pensions and Annuities Forms (and instructions) W-4P Withholding Certificate for Pension or Annuity Payments 1099-R Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Tax planning us 2005 taxes 5304-SIMPLE Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)–Not for Use With a Designated Financial Institution 5305-S SIMPLE Individual Retirement Trust Account 5305-SA SIMPLE Individual Retirement Custodial Account 5305-SIMPLE Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)–for Use With a Designated Financial Institution 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts 5498 IRA Contribution Information 8606 Nondeductible IRAs 8815 Exclusion of Interest From Series EE and I U. Tax planning us 2005 taxes S. Tax planning us 2005 taxes Savings Bonds Issued After 1989 8839 Qualified Adoption Expenses 8880 Credit for Qualified Retirement Savings Contributions See chapter 5 for information about getting these publications and forms. Tax planning us 2005 taxes Table I-1. Tax planning us 2005 taxes Using This Publication IF you need information on . Tax planning us 2005 taxes . Tax planning us 2005 taxes . Tax planning us 2005 taxes THEN see . Tax planning us 2005 taxes . Tax planning us 2005 taxes . Tax planning us 2005 taxes traditional IRAs chapter 1. Tax planning us 2005 taxes Roth IRAs chapter 2, and parts of  chapter 1. Tax planning us 2005 taxes SIMPLE IRAs chapter 3. Tax planning us 2005 taxes the credit for qualified retirement savings contributions (the saver's credit) chapter 4. Tax planning us 2005 taxes how to keep a record of your contributions to, and distributions from, your traditional IRA(s) appendix A. Tax planning us 2005 taxes SEP IRAs and 401(k) plans Publication 560. Tax planning us 2005 taxes Coverdell education savings accounts (formerly called education IRAs) Publication 970. Tax planning us 2005 taxes IF for 2013, you received social security benefits, had taxable compensation, contributed to a traditional IRA, and you or your spouse was covered by an employer retirement plan, and you want to. Tax planning us 2005 taxes . Tax planning us 2005 taxes . Tax planning us 2005 taxes THEN see . Tax planning us 2005 taxes . Tax planning us 2005 taxes . Tax planning us 2005 taxes first figure your modified adjusted gross income (AGI) appendix B, worksheet 1. Tax planning us 2005 taxes then figure how much of your traditional IRA contribution you can deduct appendix B, worksheet 2. Tax planning us 2005 taxes and finally figure how much of your social security is taxable appendix B, worksheet 3. Tax planning us 2005 taxes Table I-2. Tax planning us 2005 taxes How Are a Traditional IRA and a Roth IRA Different? This table shows the differences between traditional and Roth IRAs. Tax planning us 2005 taxes Answers in the middle column apply to traditional IRAs. Tax planning us 2005 taxes Answers in the right column apply to Roth IRAs. Tax planning us 2005 taxes Question Answer   Traditional IRA? Roth IRA? Is there an age limit on when I can open and contribute to a Yes. Tax planning us 2005 taxes You must not have reached age  70½ by the end of the year. Tax planning us 2005 taxes See Who Can Open a Traditional IRA? in chapter 1. Tax planning us 2005 taxes No. Tax planning us 2005 taxes You can be any age. Tax planning us 2005 taxes See Can You Contribute to a Roth IRA? in chapter 2. Tax planning us 2005 taxes If I earned more than $5,500 in 2013 ($6,500 if I was 50 or older by the end of 2013), is there a limit on how much I can contribute to a Yes. Tax planning us 2005 taxes For 2013, you can contribute to a traditional IRA up to: $5,500, or $6,500 if you were age 50 or older by the end of 2013. Tax planning us 2005 taxes  There is no upper limit on how much you can earn and still contribute. Tax planning us 2005 taxes See How Much Can Be Contributed? in chapter 1. Tax planning us 2005 taxes Yes. Tax planning us 2005 taxes For 2013, you may be able to contribute to a Roth IRA up to: $5,500, or $6,500 if you were age 50 or older by the end of 2013,  but the amount you can contribute may be less than that depending on your income, filing status, and if you contribute to another IRA. Tax planning us 2005 taxes See How Much Can Be Contributed? and Table 2-1 in chapter 2. Tax planning us 2005 taxes Can I deduct contributions to a Yes. Tax planning us 2005 taxes You may be able to deduct your contributions to a traditional IRA depending on your income, filing status, whether you are covered by a retirement plan at work, and whether you receive social security benefits. Tax planning us 2005 taxes See How Much Can You Deduct? in chapter 1. Tax planning us 2005 taxes No. Tax planning us 2005 taxes You can never deduct contributions to a Roth IRA. Tax planning us 2005 taxes See What Is a Roth IRA? in chapter 2. Tax planning us 2005 taxes Do I have to file a form just because I contribute to a Not unless you make nondeductible contributions to your traditional IRA. Tax planning us 2005 taxes In that case, you must file Form 8606. Tax planning us 2005 taxes See Nondeductible Contributions in chapter 1. Tax planning us 2005 taxes No. Tax planning us 2005 taxes You do not have to file a form if you contribute to a Roth IRA. Tax planning us 2005 taxes See Contributions not reported in chapter 2. Tax planning us 2005 taxes Do I have to start taking distributions when I reach a certain age from a Yes. Tax planning us 2005 taxes You must begin receiving required minimum distributions by April 1 of the year following the year you reach age 70½. Tax planning us 2005 taxes See When Must You Withdraw Assets? (Required Minimum Distributions) in chapter 1. Tax planning us 2005 taxes No. Tax planning us 2005 taxes If you are the original owner of a Roth IRA, you do not have to take distributions regardless of your age. Tax planning us 2005 taxes See Are Distributions Taxable? in chapter 2. Tax planning us 2005 taxes However, if you are the beneficiary of a Roth IRA, you may have to take distributions. Tax planning us 2005 taxes See Distributions After Owner's Death in chapter 2. Tax planning us 2005 taxes How are distributions taxed from a Distributions from a traditional IRA are taxed as ordinary income, but if you made nondeductible contributions, not all of the distribution is taxable. Tax planning us 2005 taxes See Are Distributions Taxable? in chapter 1. Tax planning us 2005 taxes Distributions from a Roth IRA are not taxed as long as you meet certain criteria. Tax planning us 2005 taxes See Are Distributions Taxable? in chapter 2. Tax planning us 2005 taxes Do I have to file a form just because I receive distributions from a Not unless you have ever made a nondeductible contribution to a traditional IRA. Tax planning us 2005 taxes If you have, file Form 8606. Tax planning us 2005 taxes See Nondeductible Contributions in chapter 1. Tax planning us 2005 taxes Yes. Tax planning us 2005 taxes File Form 8606 if you received distributions from a Roth IRA (other than a rollover, qualified charitable distribution, one-time distribution to fund an HSA, recharacterization, certain qualified distributions, or a return of certain contributions). Tax planning us 2005 taxes Prev  Up  Next   Home   More Online Publications