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Tax preparation software 1. Tax preparation software   Traditional IRAs Table of Contents What's New for 2013 What's New for 2014 Introduction Who Can Open a Traditional IRA?What Is Compensation? When Can a Traditional IRA Be Opened? How Can a Traditional IRA Be Opened?Individual Retirement Account Individual Retirement Annuity Individual Retirement Bonds Simplified Employee Pension (SEP) Employer and Employee Association Trust Accounts Required Disclosures How Much Can Be Contributed?Limit. Tax preparation software When repayment contributions can be made. Tax preparation software No deduction. Tax preparation software Reserve component. Tax preparation software Figuring your IRA deduction. Tax preparation software Reporting the repayment. Tax preparation software Example. Tax preparation software General Limit Kay Bailey Hutchison Spousal IRA Limit Filing Status Less Than Maximum Contributions More Than Maximum Contributions When Can Contributions Be Made? How Much Can You Deduct?Kay Bailey Hutchison Spousal IRA. Tax preparation software Are You Covered by an Employer Plan? Limit if Covered by Employer Plan Reporting Deductible Contributions Nondeductible Contributions Examples — Worksheet for Reduced IRA Deduction for 2013 What if You Inherit an IRA?Treating it as your own. Tax preparation software Can You Move Retirement Plan Assets?Transfers to Roth IRAs from other retirement plans. Tax preparation software Trustee-to-Trustee Transfer Rollovers Transfers Incident To Divorce Converting From Any Traditional IRA Into a Roth IRA Recharacterizations When Can You Withdraw or Use Assets?Contributions Returned Before Due Date of Return When Must You Withdraw Assets? (Required Minimum Distributions)IRA Owners IRA Beneficiaries Which Table Do You Use To Determine Your Required Minimum Distribution? What Age(s) Do You Use With the Table(s)? Miscellaneous Rules for Required Minimum Distributions Are Distributions Taxable?January 2013 QCDs treated as made in 2012. Tax preparation software 2013 Reporting. Tax preparation software Additional reporting requirements if you made the election to treat a January 2013 QCD as made in 2012. Tax preparation software One-time transfer. Tax preparation software Testing period rules apply. Tax preparation software More information. Tax preparation software Distributions Fully or Partly Taxable Figuring the Nontaxable and Taxable Amounts Recognizing Losses on Traditional IRA Investments Other Special IRA Distribution Situations Reporting and Withholding Requirements for Taxable Amounts What Acts Result in Penalties or Additional Taxes?Prohibited Transactions Investment in Collectibles Excess Contributions Early Distributions Excess Accumulations (Insufficient Distributions) Reporting Additional Taxes What's New for 2013 Traditional IRA contribution and deduction limit. Tax preparation software  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 preparation software 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 preparation software For more information, see How Much Can Be Contributed? in this chapter. Tax preparation software Modified AGI limit for traditional IRA contributions increased. Tax preparation software  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 preparation software 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 preparation software If your modified AGI is $188,000 or more, you cannot take a deduction for contributions to a traditional IRA. Tax preparation software See How Much Can You Deduct? in this chapter. Tax preparation software Net Investment Income Tax. Tax preparation software  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 preparation software However, these distributions are taken into account when determining the modified adjusted gross income threshold. Tax preparation software Distributions from a nonqualified retirement plan are included in net investment income. Tax preparation software See Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts, and its instructions for more information. Tax preparation software What's New for 2014 Modified AGI limit for traditional IRA contributions increased. Tax preparation software  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 preparation software 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 preparation software If your modified AGI is $191,000 or more, you cannot take a deduction for contributions to a traditional IRA. Tax preparation software Introduction This chapter discusses the original IRA. Tax preparation software In this publication the original IRA (sometimes called an ordinary or regular IRA) is referred to as a “traditional IRA. Tax preparation software ” A traditional IRA is any IRA that is not a Roth IRA or a SIMPLE IRA. Tax preparation software The following are two advantages of a traditional IRA: You may be able to deduct some or all of your contributions to it, depending on your circumstances. Tax preparation software Generally, amounts in your IRA, including earnings and gains, are not taxed until they are distributed. Tax preparation software 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. Tax preparation software You can have a traditional IRA whether or not you are covered by any other retirement plan. Tax preparation software However, you may not be able to deduct all of your contributions if you or your spouse is covered by an employer retirement plan. Tax preparation software See How Much Can You Deduct , later. Tax preparation software Both spouses have compensation. Tax preparation software   If both you and your spouse have compensation and are under age 70½, each of you can open an IRA. Tax preparation software You cannot both participate in the same IRA. Tax preparation software If you file a joint return, only one of you needs to have compensation. Tax preparation software What Is Compensation? Generally, compensation is what you earn from working. Tax preparation software For a summary of what compensation does and does not include, see Table 1-1. Tax preparation software Compensation includes all of the items discussed next (even if you have more than one type). Tax preparation software Wages, salaries, etc. Tax preparation software   Wages, salaries, tips, professional fees, bonuses, and other amounts you receive for providing personal services are compensation. Tax preparation software 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). Tax preparation software Scholarship and fellowship payments are compensation for IRA purposes only if shown in box 1 of Form W-2. Tax preparation software Commissions. Tax preparation software   An amount you receive that is a percentage of profits or sales price is compensation. Tax preparation software Self-employment income. Tax preparation software   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 deduction allowed for the deductible part of your self-employment taxes. Tax preparation software   Compensation includes earnings from self-employment even if they are not subject to self-employment tax because of your religious beliefs. Tax preparation software Self-employment loss. Tax preparation software   If you have a net loss from self-employment, do not subtract the loss from your salaries or wages when figuring your total compensation. Tax preparation software Alimony and separate maintenance. Tax preparation software   For IRA purposes, compensation includes any taxable alimony and separate maintenance payments you receive under a decree of divorce or separate maintenance. Tax preparation software Nontaxable combat pay. Tax preparation software   If you were a member of the U. Tax preparation software S. Tax preparation software Armed Forces, compensation includes any nontaxable combat pay you received. Tax preparation software This amount should be reported in box 12 of your 2013 Form W-2 with code Q. Tax preparation software Table 1-1. Tax preparation software Compensation for Purposes of an IRA Includes . Tax preparation software . Tax preparation software . Tax preparation software Does not include . Tax preparation software . Tax preparation software . Tax preparation software   earnings and profits from property. Tax preparation software wages, salaries, etc. Tax preparation software     interest and dividend income. Tax preparation software commissions. Tax preparation software     pension or annuity income. Tax preparation software self-employment income. Tax preparation software     deferred compensation. Tax preparation software alimony and separate maintenance. Tax preparation software     income from certain  partnerships. Tax preparation software nontaxable combat pay. Tax preparation software     any amounts you exclude from income. Tax preparation software     What Is Not Compensation? Compensation does not include any of the following items. Tax preparation software Earnings and profits from property, such as rental income, interest income, and dividend income. Tax preparation software Pension or annuity income. Tax preparation software Deferred compensation received (compensation payments postponed from a past year). Tax preparation software Income from a partnership for which you do not provide services that are a material income-producing factor. Tax preparation software Conservation Reserve Program (CRP) payments reported on Schedule SE (Form 1040), line 1b. Tax preparation software Any amounts (other than combat pay) you exclude from income, such as foreign earned income and housing costs. Tax preparation software When Can a Traditional IRA Be Opened? You can open a traditional IRA at any time. Tax preparation software However, the time for making contributions for any year is limited. Tax preparation software See When Can Contributions Be Made , later. Tax preparation software How Can a Traditional IRA Be Opened? You can open different kinds of IRAs with a variety of organizations. Tax preparation software You can open an IRA at a bank or other financial institution or with a mutual fund or life insurance company. Tax preparation software You can also open an IRA through your stockbroker. Tax preparation software Any IRA must meet Internal Revenue Code requirements. Tax preparation software The requirements for the various arrangements are discussed below. Tax preparation software Kinds of traditional IRAs. Tax preparation software   Your traditional IRA can be an individual retirement account or annuity. Tax preparation software It can be part of either a simplified employee pension (SEP) or an employer or employee association trust account. Tax preparation software Individual Retirement Account An individual retirement account is a trust or custodial account set up in the United States for the exclusive benefit of you or your beneficiaries. Tax preparation software The account is created by a written document. Tax preparation software The document must show that the account meets all of the following requirements. Tax preparation software The trustee or custodian must be a bank, a federally insured credit union, a savings and loan association, or an entity approved by the IRS to act as trustee or custodian. Tax preparation software The trustee or custodian generally cannot accept contributions of more than the deductible amount for the year. Tax preparation software However, rollover contributions and employer contributions to a simplified employee pension (SEP) can be more than this amount. Tax preparation software Contributions, except for rollover contributions, must be in cash. Tax preparation software See Rollovers , later. Tax preparation software You must have a nonforfeitable right to the amount at all times. Tax preparation software Money in your account cannot be used to buy a life insurance policy. Tax preparation software Assets in your account cannot be combined with other property, except in a common trust fund or common investment fund. Tax preparation software You must start receiving distributions by April 1 of the year following the year in which you reach age 70½. Tax preparation software See When Must You Withdraw Assets? (Required Minimum Distributions) , later. Tax preparation software Individual Retirement Annuity You can open an individual retirement annuity by purchasing an annuity contract or an endowment contract from a life insurance company. Tax preparation software An individual retirement annuity must be issued in your name as the owner, and either you or your beneficiaries who survive you are the only ones who can receive the benefits or payments. Tax preparation software An individual retirement annuity must meet all the following requirements. Tax preparation software Your entire interest in the contract must be nonforfeitable. Tax preparation software The contract must provide that you cannot transfer any portion of it to any person other than the issuer. Tax preparation software There must be flexible premiums so that if your compensation changes, your payment can also change. Tax preparation software This provision applies to contracts issued after November 6, 1978. Tax preparation software The contract must provide that contributions cannot be more than the deductible amount for an IRA for the year, and that you must use any refunded premiums to pay for future premiums or to buy more benefits before the end of the calendar year after the year in which you receive the refund. Tax preparation software Distributions must begin by April 1 of the year following the year in which you reach age 70½. Tax preparation software See When Must You Withdraw Assets? (Required Minimum Distributions) , later. Tax preparation software Individual Retirement Bonds The sale of individual retirement bonds issued by the federal government was suspended after April 30, 1982. Tax preparation software The bonds have the following features. Tax preparation software They stop earning interest when you reach age 70½. Tax preparation software If you die, interest will stop 5 years after your death, or on the date you would have reached age 70½, whichever is earlier. Tax preparation software You cannot transfer the bonds. Tax preparation software If you cash (redeem) the bonds before the year in which you reach age 59½, you may be subject to a 10% additional tax. Tax preparation software See Age 59½ Rule under Early Distributions, later. Tax preparation software You can roll over redemption proceeds into IRAs. Tax preparation software Simplified Employee Pension (SEP) A simplified employee pension (SEP) is a written arrangement that allows your employer to make deductible contributions to a traditional IRA (a SEP IRA) set up for you to receive such contributions. Tax preparation software Generally, distributions from SEP IRAs are subject to the withdrawal and tax rules that apply to traditional IRAs. Tax preparation software See Publication 560 for more information about SEPs. Tax preparation software Employer and Employee Association Trust Accounts Your employer or your labor union or other employee association can set up a trust to provide individual retirement accounts for employees or members. Tax preparation software The requirements for individual retirement accounts apply to these traditional IRAs. Tax preparation software Required Disclosures The trustee or issuer (sometimes called the sponsor) of your traditional IRA generally must give you a disclosure statement at least 7 days before you open your IRA. Tax preparation software However, the sponsor does not have to give you the statement until the date you open (or purchase, if earlier) your IRA, provided you are given at least 7 days from that date to revoke the IRA. Tax preparation software The disclosure statement must explain certain items in plain language. Tax preparation software For example, the statement should explain when and how you can revoke the IRA, and include the name, address, and telephone number of the person to receive the notice of cancellation. Tax preparation software This explanation must appear at the beginning of the disclosure statement. Tax preparation software If you revoke your IRA within the revocation period, the sponsor must return to you the entire amount you paid. Tax preparation software The sponsor must report on the appropriate IRS forms both your contribution to the IRA (unless it was made by a trustee-to-trustee transfer) and the amount returned to you. Tax preparation software These requirements apply to all sponsors. Tax preparation software How Much Can Be Contributed? There are limits and other rules that affect the amount that can be contributed to a traditional IRA. Tax preparation software These limits and rules are explained below. Tax preparation software Community property laws. Tax preparation software   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. Tax preparation software This is the rule even in states with community property laws. Tax preparation software Brokers' commissions. Tax preparation software   Brokers' commissions paid in connection with your traditional IRA are subject to the contribution limit. Tax preparation software For information about whether you can deduct brokers' commissions, see Brokers' commissions , later, under How Much Can You Deduct. Tax preparation software Trustees' fees. Tax preparation software   Trustees' administrative fees are not subject to the contribution limit. Tax preparation software For information about whether you can deduct trustees' fees, see Trustees' fees , later, under How Much Can You Deduct. Tax preparation software Qualified reservist repayments. Tax preparation software   If you 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 (defined later under Early Distributions) you received. Tax preparation software 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. Tax preparation software 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 a similar arrangement. Tax preparation software Limit. Tax preparation software   Your qualified reservist repayments cannot be more than your qualified reservist distributions, explained under Early Distributions , later. Tax preparation software When repayment contributions can be made. Tax preparation software   You cannot make these repayment contributions later than the date that is 2 years after your active duty period ends. Tax preparation software No deduction. Tax preparation software   You cannot deduct qualified reservist repayments. Tax preparation software Reserve component. Tax preparation software   The term “reserve component” means the: Army National Guard of the United States, Army Reserve, Naval Reserve, Marine Corps Reserve, Air National Guard of the United States, Air Force Reserve, Coast Guard Reserve, or Reserve Corps of the Public Health Service. Tax preparation software Figuring your IRA deduction. Tax preparation software   The repayment of qualified reservist distributions does not affect the amount you can deduct as an IRA contribution. Tax preparation software Reporting the repayment. Tax preparation software   If you repay a qualified reservist distribution, include the amount of the repayment with nondeductible contributions on line 1 of Form 8606. Tax preparation software Example. Tax preparation software   In 2013, your IRA contribution limit is $5,500. Tax preparation software However, because of your filing status and AGI, the limit on the amount you can deduct is $3,500. Tax preparation software You can make a nondeductible contribution of $2,000 ($5,500 - $3,500). Tax preparation software In an earlier year you received a $3,000 qualified reservist distribution, which you would like to repay this year. Tax preparation software   For 2013, you can contribute a total of $8,500 to your IRA. Tax preparation software This is made up of the maximum deductible contribution of $3,500; a nondeductible contribution of $2,000; and a $3,000 qualified reservist repayment. Tax preparation software You contribute the maximum allowable for the year. Tax preparation software Since you are making a nondeductible contribution ($2,000) and a qualified reservist repayment ($3,000), you must file Form 8606 with your return and include $5,000 ($2,000 + $3,000) on line 1 of Form 8606. Tax preparation software The qualified reservist repayment is not deductible. Tax preparation software Contributions on your behalf to a traditional IRA reduce your limit for contributions to a Roth IRA. Tax preparation software See chapter 2 for information about Roth IRAs. Tax preparation software General Limit For 2013, the most that can be contributed to your traditional IRA generally is the smaller of the following amounts: $5,500 ($6,500 if you are age 50 or older), or Your taxable compensation (defined earlier) for the year. Tax preparation software Note. Tax preparation software This limit is reduced by any contributions to a section 501(c)(18) plan (generally, a pension plan created before June 25, 1959, that is funded entirely by employee contributions). Tax preparation software 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. Tax preparation software (See Nondeductible Contributions , later. Tax preparation software ) Qualified reservist repayments do not affect this limit. Tax preparation software Examples. Tax preparation software George, who is 34 years old and single, earns $24,000 in 2013. Tax preparation software His IRA contributions for 2013 are limited to $5,500. Tax preparation software Danny, an unmarried college student working part time, earns $3,500 in 2013. Tax preparation software His IRA contributions for 2013 are limited to $3,500, the amount of his compensation. Tax preparation software More than one IRA. Tax preparation software   If you have more than one IRA, the limit applies to the total contributions made on your behalf to all your traditional IRAs for the year. Tax preparation software Annuity or endowment contracts. Tax preparation software   If you invest in an annuity or endowment contract under an individual retirement annuity, no more than $5,500 ($6,500 if you are age 50 or older) can be contributed toward its cost for the tax year, including the cost of life insurance coverage. Tax preparation software If more than this amount is contributed, the annuity or endowment contract is disqualified. Tax preparation software Kay Bailey Hutchison Spousal IRA Limit 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 two amounts: $5,500 ($6,500 if you are age 50 or older), or The total compensation includible in the gross income of both you and your spouse for the year, reduced by the following two amounts. Tax preparation software Your spouse's IRA contribution for the year to a traditional IRA. Tax preparation software Any contributions for the year to a Roth IRA on behalf of your spouse. Tax preparation software 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 age 50 or older or $13,000 if both of you are age 50 or older). Tax preparation software Note. Tax preparation software This traditional IRA limit is reduced by any contributions to a section 501(c)(18) plan (generally, a pension plan created before June 25, 1959, that is funded entirely by employee contributions). Tax preparation software Example. Tax preparation software Kristin, a full-time student with no taxable compensation, marries Carl during the year. Tax preparation software Neither of them was age 50 by the end of 2013. Tax preparation software For the year, Carl has taxable compensation of $30,000. Tax preparation software He plans to contribute (and deduct) $5,500 to a traditional IRA. Tax preparation software If he and Kristin file a joint return, each can contribute $5,500 to a traditional IRA. Tax preparation software This is because Kristin, who has no compensation, can add Carl's compensation, reduced by the amount of his IRA contribution ($30,000 − $5,500 = $24,500), to her own compensation (-0-) to figure her maximum contribution to a traditional IRA. Tax preparation software In her case, $5,500 is her contribution limit, because $5,500 is less than $24,500 (her compensation for purposes of figuring her contribution limit). Tax preparation software Filing Status Generally, except as discussed earlier under Kay Bailey Hutchison Spousal IRA Limit , your filing status has no effect on the amount of allowable contributions to your traditional IRA. Tax preparation software However, if during the year either you or your spouse was covered by a retirement plan at work, your deduction may be reduced or eliminated, depending on your filing status and income. Tax preparation software See How Much Can You Deduct , later. Tax preparation software Example. Tax preparation software Tom and Darcy are married and both are 53. Tax preparation software They both work and each has a traditional IRA. Tax preparation software Tom earned $3,800 and Darcy earned $48,000 in 2013. Tax preparation software Because of the Kay Bailey Hutchison Spousal IRA limit rule, even though Tom earned less than $6,500, they can contribute up to $6,500 to his IRA for 2013 if they file a joint return. Tax preparation software They can contribute up to $6,500 to Darcy's IRA. Tax preparation software If they file separate returns, the amount that can be contributed to Tom's IRA is limited by his earned income, $3,800. Tax preparation software Less Than Maximum Contributions If contributions to your traditional IRA for a year were less than the limit, you cannot contribute more after the due date of your return for that year to make up the difference. Tax preparation software Example. Tax preparation software Rafael, who is 40, earns $30,000 in 2013. Tax preparation software Although he can contribute up to $5,500 for 2013, he contributes only $3,000. Tax preparation software After April 15, 2014, Rafael cannot make up the difference between his actual contributions for 2013 ($3,000) and his 2013 limit ($5,500). Tax preparation software He cannot contribute $2,500 more than the limit for any later year. Tax preparation software More Than Maximum Contributions If contributions to your IRA for a year were more than the limit, you can apply the excess contribution in one year to a later year if the contributions for that later year are less than the maximum allowed for that year. Tax preparation software However, a penalty or additional tax may apply. Tax preparation software See Excess Contributions , later, under What Acts Result in Penalties or Additional Taxes. Tax preparation software 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). Tax preparation software Contributions must be in the form of money (cash, check, or money order). Tax preparation software Property cannot be contributed. Tax preparation software Although property cannot be contributed, your IRA may invest in certain property. Tax preparation software For example, your IRA may purchase shares of stock. Tax preparation software For other restrictions on the use of funds in your IRA, see Prohibited Transactions , later in this chapter. Tax preparation software You may be able to transfer or roll over certain property from one retirement plan to another. Tax preparation software See the discussion of rollovers and other transfers later in this chapter under Can You Move Retirement Plan Assets . Tax preparation software You can make a contribution to your IRA by having your income tax refund (or a portion of your refund), if any, paid directly to your traditional IRA, Roth IRA, or SEP IRA. Tax preparation software For details, see the instructions for your income tax return or Form 8888, Allocation of Refund (Including Savings Bond Purchases). Tax preparation software Contributions can be made to your traditional IRA for each year that you receive compensation and have not reached age 70½. Tax preparation software For any year in which you do not work, contributions cannot be made to your IRA unless you receive alimony, nontaxable combat pay, military differential pay, or file a joint return with a spouse who has compensation. Tax preparation software See Who Can Open a Traditional IRA , earlier. Tax preparation software Even if contributions cannot be made for the current year, the amounts contributed for years in which you did qualify can remain in your IRA. Tax preparation software Contributions can resume for any years that you qualify. Tax preparation software Contributions must be made by due date. Tax preparation software   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. Tax preparation software For most people, this means that contributions for 2013 must be made by April 15, 2014, and contributions for 2014 must be made by April 15, 2015. Tax preparation software Age 70½ rule. Tax preparation software   Contributions cannot be made to your traditional IRA for the year in which you reach age 70½ or for any later year. Tax preparation software   You attain age 70½ on the date that is 6 calendar months after the 70th anniversary of your birth. Tax preparation software If you were born on or before June 30, 1943, you cannot contribute for 2013 or any later year. Tax preparation software Designating year for which contribution is made. Tax preparation software   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. Tax preparation software 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). Tax preparation software Filing before a contribution is made. Tax preparation software    You can file your return claiming a traditional IRA contribution before the contribution is actually made. Tax preparation software Generally, the contribution must be made by the due date of your return, not including extensions. Tax preparation software Contributions not required. Tax preparation software   You do not have to contribute to your traditional IRA for every tax year, even if you can. Tax preparation software 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 applicable) explained earlier under How Much Can Be Contributed . Tax preparation software However, if you or your spouse was covered by an employer retirement plan, you may not be able to deduct this amount. Tax preparation software See Limit if Covered by Employer Plan , later. Tax preparation software You may be able to claim a credit for contributions to your traditional IRA. Tax preparation software For more information, see chapter 4. Tax preparation software Trustees' fees. Tax preparation software   Trustees' administrative fees that are billed separately and paid in connection with your traditional IRA are not deductible as IRA contributions. Tax preparation software However, they may be deductible as a miscellaneous itemized deduction on Schedule A (Form 1040). Tax preparation software For information about miscellaneous itemized deductions, see Publication 529, Miscellaneous Deductions. Tax preparation software Brokers' commissions. Tax preparation software   These commissions are part of your IRA contribution and, as such, are deductible subject to the limits. Tax preparation software Full deduction. Tax preparation software   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 of your traditional IRAs of up to the lesser of: $5,500 ($6,500 if you are age 50 or older), or 100% of your compensation. Tax preparation software   This limit is reduced by any contributions made to a 501(c)(18) plan on your behalf. Tax preparation software Kay Bailey Hutchison Spousal IRA. Tax preparation software   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: $5,500 ($6,500 if the spouse with the lower compensation is age 50 or older), or The total compensation includible in the gross income of both spouses for the year reduced by the following three amounts. Tax preparation software The IRA deduction for the year of the spouse with the greater compensation. Tax preparation software Any designated nondeductible contribution for the year made on behalf of the spouse with the greater compensation. Tax preparation software Any contributions for the year to a Roth IRA on behalf of the spouse with the greater compensation. Tax preparation software   This limit is reduced by any contributions to a section 501(c)(18) plan on behalf of the spouse with the lesser compensation. Tax preparation software Note. Tax preparation software 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. Tax preparation software After a divorce or legal separation, you can deduct only the contributions to your own IRA. Tax preparation software Your deductions are subject to the rules for single individuals. Tax preparation software Covered by an employer retirement plan. Tax preparation software   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. Tax preparation software This is discussed later under Limit if Covered by Employer Plan . Tax preparation software Limits on the amount you can deduct do not affect the amount that can be contributed. Tax preparation software 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. Tax preparation software The “Retirement Plan” box should be checked if you were covered. Tax preparation software Reservists and volunteer firefighters should also see Situations in Which You Are Not Covered , later. Tax preparation software If you are not certain whether you were covered by your employer's retirement plan, you should ask your employer. Tax preparation software Federal judges. Tax preparation software   For purposes of the IRA deduction, federal judges are covered by an employer plan. Tax preparation software For Which Year(s) Are You Covered? Special rules apply to determine the tax years for which you are covered by an employer plan. Tax preparation software These rules differ depending on whether the plan is a defined contribution plan or a defined benefit plan. Tax preparation software Tax year. Tax preparation software   Your tax year is the annual accounting period you use to keep records and report income and expenses on your income tax return. Tax preparation software For almost all people, the tax year is the calendar year. Tax preparation software Defined contribution plan. Tax preparation software   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. Tax preparation software However, also see Situations in Which You Are Not Covered , later. Tax preparation software   A defined contribution plan is a plan that provides for a separate account for each person covered by the plan. Tax preparation software In a defined contribution plan, the amount to be contributed to each participant's account is spelled out in the plan. Tax preparation software The level of benefits actually provided to a participant depends on the total amount contributed to that participant's account and any earnings and losses on those contributions. Tax preparation software Types of defined contribution plans include profit-sharing plans, stock bonus plans, and money purchase pension plans. Tax preparation software Example. Tax preparation software Company A has a money purchase pension plan. Tax preparation software Its plan year is from July 1 to June 30. Tax preparation software The plan provides that contributions must be allocated as of June 30. Tax preparation software Bob, an employee, leaves Company A on December 31, 2012. Tax preparation software The contribution for the plan year ending on June 30, 2013, is made February 15, 2014. Tax preparation software Because an amount is contributed to Bob's account for the plan year, Bob is covered by the plan for his 2013 tax year. Tax preparation software   A special rule applies to certain plans in which it is not possible to determine if an amount will be contributed to your account for a given plan year. Tax preparation software If, for a plan year, no amounts have been allocated to your account that are attributable to employer contributions, employee contributions, or forfeitures, by the last day of the plan year, and contributions are discretionary for the plan year, you are not covered for the tax year in which the plan year ends. Tax preparation software If, after the plan year ends, the employer makes a contribution for that plan year, you are covered for the tax year in which the contribution is made. Tax preparation software Example. Tax preparation software Mickey was covered by a profit-sharing plan and left the company on December 31, 2012. Tax preparation software The plan year runs from July 1 to June 30. Tax preparation software Under the terms of the plan, employer contributions do not have to be made, but if they are made, they are contributed to the plan before the due date for filing the company's tax return. Tax preparation software Such contributions are allocated as of the last day of the plan year, and allocations are made to the accounts of individuals who have any service during the plan year. Tax preparation software As of June 30, 2013, no contributions were made that were allocated to the June 30, 2013, plan year, and no forfeitures had been allocated within the plan year. Tax preparation software In addition, as of that date, the company was not obligated to make a contribution for such plan year and it was impossible to determine whether or not a contribution would be made for the plan year. Tax preparation software On December 31, 2013, the company decided to contribute to the plan for the plan year ending June 30, 2013. Tax preparation software That contribution was made on February 15, 2014. Tax preparation software Mickey is an active participant in the plan for his 2014 tax year but not for his 2013 tax year. Tax preparation software No vested interest. Tax preparation software   If an amount is allocated to your account for a plan year, you are covered by that plan even if you have no vested interest in (legal right to) the account. Tax preparation software Defined benefit plan. Tax preparation software   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. Tax preparation software 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. Tax preparation software   A defined benefit plan is any plan that is not a defined contribution plan. Tax preparation software In a defined benefit plan, the level of benefits to be provided to each participant is spelled out in the plan. Tax preparation software The plan administrator figures the amount needed to provide those benefits and those amounts are contributed to the plan. Tax preparation software Defined benefit plans include pension plans and annuity plans. Tax preparation software Example. Tax preparation software Nick, an employee of Company B, is eligible to participate in Company B's defined benefit plan, which has a July 1 to June 30 plan year. Tax preparation software Nick leaves Company B on December 31, 2012. Tax preparation software Because Nick is eligible to participate in the plan for its year ending June 30, 2013, he is covered by the plan for his 2013 tax year. Tax preparation software No vested interest. Tax preparation software   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. Tax preparation software Situations in Which You Are Not Covered Unless you are covered by another employer plan, you are not covered by an employer plan if you are in one of the situations described below. Tax preparation software Social security or railroad retirement. Tax preparation software   Coverage under social security or railroad retirement is not coverage under an employer retirement plan. Tax preparation software Benefits from previous employer's plan. Tax preparation software   If you receive retirement benefits from a previous employer's plan, you are not covered by that plan. Tax preparation software Reservists. Tax preparation software   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. Tax preparation software You are not covered by the plan if both of the following conditions are met. Tax preparation software 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. Tax preparation software You did not serve more than 90 days on active duty during the year (not counting duty for training). Tax preparation software Volunteer firefighters. Tax preparation software   If the only reason you participate in a plan is because you are a volunteer firefighter, you may not be covered by the plan. Tax preparation software You are not covered by the plan if both of the following conditions are met. Tax preparation software 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. Tax preparation software Your accrued retirement benefits at the beginning of the year will not provide more than $1,800 per year at retirement. Tax preparation software Limit if Covered by Employer Plan As discussed earlier, the deduction you can take for contributions made to your traditional IRA depends on whether you or your spouse was covered for any part of the year by an employer retirement plan. Tax preparation software Your deduction is also affected by how much income you had and by your filing status. Tax preparation software Your deduction may also be affected by social security benefits you received. Tax preparation software Reduced or no deduction. Tax preparation software   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. Tax preparation software   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. Tax preparation software These amounts vary depending on your filing status. Tax preparation software   To determine if your deduction is subject to the phaseout, you must determine your modified adjusted gross income (AGI) and your filing status, as explained later under Deduction Phaseout . Tax preparation software Once you have determined your modified AGI and your filing status, you can use Table 1-2 or Table 1-3 to determine if the phaseout applies. Tax preparation software Social Security Recipients Instead of using Table 1-2 or Table 1-3 and Worksheet 1-2, Figuring Your Reduced IRA Deduction for 2013, later, complete the worksheets in Appendix B of this publication if, for the year, all of the following apply. Tax preparation software You received social security benefits. Tax preparation software You received taxable compensation. Tax preparation software Contributions were made to your traditional IRA. Tax preparation software You or your spouse was covered by an employer retirement plan. Tax preparation software Use the worksheets in Appendix B to figure your IRA deduction, your nondeductible contribution, and the taxable portion, if any, of your social security benefits. Tax preparation software Appendix B includes an example with filled-in worksheets to assist you. Tax preparation software Table 1-2. Tax preparation software Effect of Modified AGI1 on Deduction if You Are Covered by a 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. Tax preparation software IF your filing status is . Tax preparation software . Tax preparation software . Tax preparation software AND your modified adjusted gross income (modified AGI) is . Tax preparation software . Tax preparation software . Tax preparation software THEN you can take . Tax preparation software . Tax preparation software . Tax preparation software single or head of household $59,000 or less a full deduction. Tax preparation software more than $59,000 but less than $69,000 a partial deduction. Tax preparation software $69,000 or more no deduction. Tax preparation software married filing jointly or  qualifying widow(er) $95,000 or less a full deduction. Tax preparation software more than $95,000 but less than $115,000 a partial deduction. Tax preparation software $115,000 or more no deduction. Tax preparation software married filing separately2 less than $10,000 a partial deduction. Tax preparation software $10,000 or more no deduction. Tax preparation software 1 Modified AGI (adjusted gross income). Tax preparation software See Modified adjusted gross income (AGI) , later. Tax preparation software  2 If 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” filing status). Tax preparation software Table 1-3. Tax preparation software Effect of Modified AGI1 on Deduction if You Are NOT Covered by a 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. Tax preparation software IF your filing status is . Tax preparation software . Tax preparation software . Tax preparation software AND your modified adjusted gross income (modified AGI) is . Tax preparation software . Tax preparation software . Tax preparation software THEN you can take . Tax preparation software . Tax preparation software . Tax preparation software single, head of household, or qualifying widow(er) any amount a full deduction. Tax preparation software married filing jointly or separately with a spouse who is not covered by a plan at work any amount a full deduction. Tax preparation software married filing jointly with a spouse who is covered by a plan at work $178,000 or less a full deduction. Tax preparation software more than $178,000 but less than $188,000 a partial deduction. Tax preparation software $188,000 or more no deduction. Tax preparation software married filing separately with a spouse who is covered by a plan at work2 less than $10,000 a partial deduction. Tax preparation software $10,000 or more no deduction. Tax preparation software 1 Modified AGI (adjusted gross income). Tax preparation software See Modified adjusted gross income (AGI) , later. Tax preparation software  2 You are entitled to the full deduction if you did not live with your spouse at any time during the year. Tax preparation software For 2014, if you are not covered by a retirement plan at work and you are married filing jointly with a spouse who is covered by a plan at work, your deduction is phased out if your modified AGI is more than $181,000 but less than $191,000. Tax preparation software If your AGI is $191,000 or more, you cannot take a deduction for a contribution to a traditional IRA. Tax preparation software Deduction Phaseout The amount of any reduction in the limit on your IRA deduction (phaseout) depends on whether you or your spouse was covered by an employer retirement plan. Tax preparation software Covered by a retirement plan. Tax preparation software   If you are 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 1-2. Tax preparation software For 2014, if you are covered by a retirement plan at work, your IRA deduction will not be reduced (phased out) unless your modified AGI is: More than $60,000 but less than $70,000 for a single individual (or head of household), More than $96,000 but less than $116,000 for a married couple filing a joint return (or a qualifying widow(er)), or Less than $10,000 for a married individual filing a separate return. Tax preparation software If your spouse is covered. Tax preparation software   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 1-3. Tax preparation software Filing status. Tax preparation software   Your filing status depends primarily on your marital status. Tax preparation software 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. Tax preparation software If you need more information on filing status, see Publication 501, Exemptions, Standard Deduction, and Filing Information. Tax preparation software Lived apart from spouse. Tax preparation software   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. Tax preparation software Modified adjusted gross income (AGI). Tax preparation software   You can use Worksheet 1-1 to figure your modified AGI. Tax preparation software If you made contributions to your IRA for 2013 and received a distribution from your IRA in 2013, see Both contributions for 2013 and distributions in 2013 , later. Tax preparation software    Do not assume that your modified AGI is the same as your compensation. Tax preparation software Your modified AGI may include income in addition to your compensation (discussed earlier) such as interest, dividends, and income from IRA distributions. Tax preparation software Form 1040. Tax preparation software   If you file Form 1040, refigure the amount on the page 1 “adjusted gross income” line without taking into account any of the following amounts. Tax preparation software IRA deduction. Tax preparation software Student loan interest deduction. Tax preparation software Tuition and fees deduction. Tax preparation software Domestic production activities deduction. Tax preparation software Foreign earned income exclusion. Tax preparation software Foreign housing exclusion or deduction. Tax preparation software Exclusion of qualified savings bond interest shown on Form 8815. Tax preparation software Exclusion of employer-provided adoption benefits shown on Form 8839. Tax preparation software This is your modified AGI. Tax preparation software Form 1040A. Tax preparation software   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. Tax preparation software IRA deduction. Tax preparation software Student loan interest deduction. Tax preparation software Tuition and fees deduction. Tax preparation software Exclusion of qualified savings bond interest shown on Form 8815. Tax preparation software This is your modified AGI. Tax preparation software Form 1040NR. Tax preparation software   If you file Form 1040NR, refigure the amount on the page 1 “adjusted gross income” line without taking into account any of the following amounts. Tax preparation software IRA deduction. Tax preparation software Student loan interest deduction. Tax preparation software Domestic production activities deduction. Tax preparation software Exclusion of qualified savings bond interest shown on Form 8815. Tax preparation software Exclusion of employer-provided adoption benefits shown on Form 8839. Tax preparation software This is your modified AGI. Tax preparation software Income from IRA distributions. Tax preparation software   If you received distributions in 2013 from one or more traditional IRAs and your traditional IRAs include only deductible contributions, the distributions are fully taxable and are included in your modified AGI. Tax preparation software Both contributions for 2013 and distributions in 2013. Tax preparation software   If all three of the following apply, any IRA distributions you received in 2013 may be partly tax free and partly taxable. Tax preparation software You received distributions in 2013 from one or more traditional IRAs, You made contributions to a traditional IRA for 2013, and Some of those contributions may be nondeductible contributions. Tax preparation software (See Nondeductible Contributions and Worksheet 1-2, later. Tax preparation software ) If this is your situation, you must figure the taxable part of the traditional IRA distribution before you can figure your modified AGI. Tax preparation software To do this, you can use Worksheet 1-5, later. Tax preparation software   If at least one of the above does not apply, figure your modified AGI using Worksheet 1-1, later. Tax preparation software How To Figure Your Reduced IRA Deduction If you or your spouse is covered by an employer retirement plan and you did not receive any social security benefits, you can figure your reduced IRA deduction by using Worksheet 1-2. Tax preparation software Figuring Your Reduced IRA Deduction for 2013. Tax preparation software The Instructions for Form 1040, Form 1040A, and Form 1040NR include similar worksheets that you can use instead of the worksheet in this publication. Tax preparation software If you or your spouse is covered by an employer retirement plan, and you received any social security benefits, see Social Security Recipients , earlier. Tax preparation software Note. Tax preparation software If you were married and both you and your spouse contributed to IRAs, figure your deduction and your spouse's deduction separately. Tax preparation software Worksheet 1-1. Tax preparation software Figuring Your Modified AGI Use this worksheet to figure your modified AGI for traditional IRA purposes. Tax preparation software 1. Tax preparation software Enter your adjusted gross income (AGI) from Form 1040, line 38; Form 1040A, line 22; or Form 1040NR, line 37, figured without taking into account the amount from Form 1040, line 32; Form 1040A, line 17; or Form 1040NR, line 32 1. Tax preparation software   2. Tax preparation software Enter any student loan interest deduction from Form 1040, line 33; Form 1040A, line 18; or Form 1040NR, line 33 2. Tax preparation software   3. Tax preparation software Enter any tuition and fees deduction from Form 1040, line 34, or Form 1040A, line 19 3. Tax preparation software   4. Tax preparation software Enter any domestic production activities deduction from Form 1040, line 35, or Form 1040NR, line 34 4. Tax preparation software   5. Tax preparation software Enter any foreign earned income exclusion and/or housing exclusion from Form 2555, line 45, or Form 2555-EZ, line 18 5. Tax preparation software   6. Tax preparation software Enter any foreign housing deduction from Form 2555, line 50 6. Tax preparation software   7. Tax preparation software Enter any excludable savings bond interest from Form 8815, line 14 7. Tax preparation software   8. Tax preparation software Enter any excluded employer-provided adoption benefits from Form 8839, line 28 8. Tax preparation software   9. Tax preparation software Add lines 1 through 8. Tax preparation software This is your Modified AGI for traditional IRA purposes 9. Tax preparation software   Reporting Deductible Contributions If you file Form 1040, enter your IRA deduction on line 32 of that form. Tax preparation software If you file Form 1040A, enter your IRA deduction on line 17 of that form. Tax preparation software If you file Form 1040NR, enter your IRA deduction on line 32 of that form. Tax preparation software You cannot deduct IRA contributions on Form 1040EZ or Form 1040NR-EZ. Tax preparation software Self-employed. Tax preparation software   If you are self-employed (a sole proprietor or partner) and have a SIMPLE IRA, enter your deduction for allowable plan contributions on Form 1040, line 28. Tax preparation software If you file Form 1040NR, enter your deduction on line 28 of that form. Tax preparation software Nondeductible Contributions Although your deduction for IRA contributions may be reduced or eliminated, contributions can be made to your IRA of up to the general limit or, if it applies, the Kay Bailey Hutchison Spousal IRA limit. Tax preparation software The difference between your total permitted contributions and your IRA deduction, if any, is your nondeductible contribution. Tax preparation software Example. Tax preparation software Tony is 29 years old and single. Tax preparation software In 2013, he was covered by a retirement plan at work. Tax preparation software His salary is $62,000. Tax preparation software His modified AGI is $70,000. Tax preparation software Tony makes a $5,500 IRA contribution for 2013. Tax preparation software Because he was covered by a retirement plan and his modified AGI is above $69,000, he cannot deduct his $5,500 IRA contribution. Tax preparation software He must designate this contribution as a nondeductible contribution by reporting it on Form 8606. Tax preparation software Repayment of reservist distributions. Tax preparation software   Nondeductible contributions may include repayments of qualified reservist distributions. Tax preparation software For more information, see Qualified reservist repayments under How Much Can Be Contributed, earlier. Tax preparation software Form 8606. Tax preparation software   To designate contributions as nondeductible, you must file Form 8606. Tax preparation software (See the filled-in Forms 8606 in this chapter. Tax preparation software )   You do not have to designate a contribution as nondeductible until you file your tax return. Tax preparation software When you file, you can even designate otherwise deductible contributions as nondeductible contributions. Tax preparation software   You must file Form 8606 to report nondeductible contributions even if you do not have to file a tax return for the year. Tax preparation software    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. Tax preparation software In those situations, a Form 8606 is completed for the year you take a distribution from that IRA. Tax preparation software See Form 8606 under Distributions Fully or Partly Taxable, later. Tax preparation software Failure to report nondeductible contributions. Tax preparation software   If you do not report nondeductible contributions, all of the contributions to your traditional IRA will be treated like deductible contributions when withdrawn. Tax preparation software All distributions from your IRA will be taxed unless you can show, with satisfactory evidence, that nondeductible contributions were made. Tax preparation software Penalty for overstatement. Tax preparation software   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. Tax preparation software Penalty for failure to file Form 8606. Tax preparation software   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. Tax preparation software Tax on earnings on nondeductible contributions. Tax preparation software   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. Tax preparation software Cost basis. Tax preparation software   You will have a cost basis in your traditional IRA if you made any nondeductible contributions. Tax preparation software Your cost basis is the sum of the nondeductible contributions to your IRA minus any withdrawals or distributions of nondeductible contributions. Tax preparation software    Commonly, distributions from your traditional IRAs will include both taxable and nontaxable (cost basis) amounts. Tax preparation software See Are Distributions Taxable, later, for more information. Tax preparation software Recordkeeping. Tax preparation software There is a recordkeeping worksheet, Appendix A. Tax preparation software Summary Record of Traditional IRA(s) for 2013 , that you can use to keep a record of deductible and nondeductible IRA contributions. Tax preparation software Examples — Worksheet for Reduced IRA Deduction for 2013 The following examples illustrate the use of Worksheet 1-2, Figuring Your Reduced IRA Deduction for 2013. Tax preparation software Example 1. Tax preparation software For 2013, Tom and Betty file a joint return on Form 1040. Tax preparation software They are both 39 years old. Tax preparation software They are both employed and Tom is covered by his employer's retirement plan. Tax preparation software Tom's salary is $59,000 and Betty's is $32,555. Tax preparation software They each have a traditional IRA and their combined modified AGI, which includes $5,000 interest and dividend income, is $96,555. Tax preparation software Because their modified AGI is between $95,000 and $115,000 and Tom is covered by an employer plan, Tom is subject to the deduction phaseout discussed earlier under Limit if Covered by Employer Plan . Tax preparation software For 2013, Tom contributed $5,500 to his IRA and Betty contributed $5,500 to hers. Tax preparation software Even though they file a joint return, they must use separate worksheets to figure the IRA deduction for each of them. Tax preparation software Tom can take a deduction of only $5,080. Tax preparation software He can choose to treat the $5,080 as either deductible or nondeductible contributions. Tax preparation software He can either leave the $420 ($5,500 − $5,080) of nondeductible contributions in his IRA or withdraw them by April 15, 2014. Tax preparation software He decides to treat the $5,080 as deductible contributions and leave the $420 of nondeductible contributions in his IRA. Tax preparation software Using Worksheet 1-2, Figuring Your Reduced IRA Deduction for 2013, Tom figures his deductible and nondeductible amounts as shown on Worksheet 1-2. Tax preparation software Figuring Your Reduced IRA Deduction for 2013—Example 1 Illustrated. Tax preparation software Betty figures her IRA deduction as follows. Tax preparation software Betty can treat all or part of her contributions as either deductible or nondeductible. Tax preparation software This is because her $5,500 contribution for 2013 is not subject to the deduction phaseout discussed earlier under Limit if Covered by Employer Plan . Tax preparation software She does not need to use Worksheet 1-2, Figuring Your Reduced IRA Deduction for 2013, because their modified AGI is not within the phaseout range that applies. Tax preparation software Betty decides to treat her $5,500 IRA contributions as deductible. Tax preparation software The IRA deductions of $5,080 and $5,500 on the joint return for Tom and Betty total $10,580. Tax preparation software Example 2. Tax preparation software For 2013, Ed and Sue file a joint return on Form 1040. Tax preparation software They are both 39 years old. Tax preparation software Ed is covered by his employer's retirement plan. Tax preparation software Ed's salary is $45,000. Tax preparation software Sue had no compensation for the year and did not contribute to an IRA. Tax preparation software Sue is not covered by an employer plan. Tax preparation software Ed contributed $5,500 to his traditional IRA and $5,500 to a traditional IRA for Sue (a Kay Bailey Hutchison Spousal IRA). Tax preparation software Their combined modified AGI, which includes $2,000 interest and dividend income and a large capital gain from the sale of stock, is $180,555. Tax preparation software Because the combined modified AGI is $115,000 or more, Ed cannot deduct any of the contribution to his traditional IRA. Tax preparation software He can either leave the $5,500 of nondeductible contributions in his IRA or withdraw them by April 15, 2014. Tax preparation software Sue figures her IRA deduction as shown on Worksheet 1-2. Tax preparation software Figuring Your Reduced IRA Deduction for 2013—Example 2 Illustrated. Tax preparation software Worksheet 1-2. Tax preparation software Figuring Your Reduced IRA Deduction for 2013 (Use only if you or your spouse is covered by an employer plan and your modified AGI falls between the two amounts shown below for your coverage situation and filing status. Tax preparation software ) Note. Tax preparation software If you were married and both you and your spouse contributed to IRAs, figure your deduction and your spouse's deduction separately. Tax preparation software IF you . Tax preparation software . Tax preparation software . Tax preparation software AND your  filing status is . Tax preparation software . Tax preparation software . Tax preparation software AND your modified AGI is over . Tax preparation software . Tax preparation software . Tax preparation software THEN enter on  line 1 below . Tax preparation software . Tax preparation software . Tax preparation software       are covered by an employer plan single or head of household $59,000 $69,000     married filing jointly or qualifying widow(er) $95,000 $115,000     married filing separately $0 $10,000     are not covered by an employer plan, but your spouse is covered married filing jointly $178,000 $188,000     married filing separately $0 $10,000     1. Tax preparation software Enter applicable amount from table above 1. Tax preparation software   2. Tax preparation software Enter your modified AGI (that of both spouses, if married filing jointly) 2. Tax preparation software     Note. Tax preparation software If line 2 is equal to or more than the amount on line 1, stop here. Tax preparation software  Your IRA contributions are not deductible. Tax preparation software See Nondeductible Contributions , earlier. Tax preparation software     3. Tax preparation software Subtract line 2 from line 1. Tax preparation software If line 3 is $10,000 or more ($20,000 or more if married filing jointly or qualifying widow(er) and you are covered by an employer plan), stop here. Tax preparation software You can take a full IRA deduction for contributions of up to $5,500 ($6,500 if you are age 50 or older) or 100% of your (and if married filing jointly, your spouse's) compensation, whichever is less 3. Tax preparation software   4. Tax preparation software Multiply line 3 by the percentage below that applies to you. Tax preparation software If the result is not a multiple of $10, round it to the next highest multiple of $10. Tax preparation software (For example, $611. Tax preparation software 40 is rounded to $620. Tax preparation software ) However, if the result is less than $200, enter $200. Tax preparation software         Married filing jointly or qualifying widow(er) and you are covered by an employer plan, multiply line 3 by 27. Tax preparation software 5% (. Tax preparation software 275) (by 32. Tax preparation software 5% (. Tax preparation software 325) if you are age 50 or older). Tax preparation software All others, multiply line 3 by 55% (. Tax preparation software 55) (by 65% (. Tax preparation software 65) if you are age 50 or older). Tax preparation software 4. Tax preparation software   5. Tax preparation software Enter your compensation minus any deductions on Form 1040 or Form 1040NR, line 27 (deductible part of self-employment tax) and line 28 (self-employed SEP, SIMPLE, and qualified plans). Tax preparation software If you are filing a joint return and your compensation is less than your spouse's, include your spouse's compensation reduced by his or her traditional IRA and Roth IRA contributions for this year. Tax preparation software If you file Form 1040 or Form 1040NR, do not reduce your compensation by any losses from self-employment 5. Tax preparation software   6. Tax preparation software Enter contributions made, or to be made, to your IRA for 2013, but do not enter more than $5,500 ($6,500 if you are age 50 or older). Tax preparation software If contributions are more than $5,500 ($6,500 if you are age 50 or older), see Excess Contributions , later. Tax preparation software 6. Tax preparation software   7. Tax preparation software IRA deduction. Tax preparation software Compare lines 4, 5, and 6. Tax preparation software Enter the smallest amount (or a smaller amount if you choose) here and on the Form 1040, 1040A, or 1040NR line for your IRA, whichever applies. Tax preparation software If line 6 is more than line 7 and you want to make a nondeductible contribution, go to line 8 7. Tax preparation software   8. Tax preparation software Nondeductible contribution. Tax preparation software Subtract line 7 from line 5 or 6, whichever is smaller. Tax preparation software  Enter the result here and on line 1 of your Form 8606 8. Tax preparation software   Worksheet 1-2. Tax preparation software Figuring Your Reduced IRA Deduction for 2013—Example 1 Illustrated (Use only if you or your spouse is covered by an employer plan and your modified AGI falls between the two amounts shown below for your coverage situation and filing status. Tax preparation software ) Note. Tax preparation software If you were married and both you and your spouse contributed to IRAs, figure your deduction and your spouse's deduction separately. Tax preparation software IF you . Tax preparation software . Tax preparation software . Tax preparation software AND your  filing status is . Tax preparation software . Tax preparation software . Tax preparation software AND your modified AGI is over . Tax preparation software . Tax preparation software . Tax preparation software THEN enter on  line 1 below . Tax preparation software . Tax preparation software . Tax preparation software       are covered by an employer plan single or head of household $59,000 $69,000     married filing jointly or qualifying widow(er) $95,000 $115,000     married filing separately $0 $10,000     are not covered by an employer plan, but your spouse is covered married filing jointly $178,000 $188,000     married filing separately $0 $10,000     1. Tax preparation software Enter applicable amount from table above 1. Tax preparation software 115,000 2. Tax preparation software Enter your modified AGI (that of both spouses, if married filing jointly) 2. Tax preparation software 96,555   Note. Tax preparation software If line 2 is equal to or more than the amount on line 1, stop here. Tax preparation software  Your IRA contributions are not deductible. Tax preparation software See Nondeductible Contributions , earlier. Tax preparation software     3. Tax preparation software Subtract line 2 from line 1. Tax preparation software If line 3 is $10,000 or more ($20,000 or more if married filing jointly or qualifying widow(er) and you are covered by an employer plan), stop here. Tax preparation software You can take a full IRA deduction for contributions of up to $5,500 ($6,500 if you are age 50 or older) or 100% of your (and if married filing jointly, your spouse's) compensation, whichever is less 3. Tax preparation software 18,445 4. Tax preparation software Multiply line 3 by the percentage below that applies to you. Tax preparation software If the result is not a multiple of $10, round it to the next highest multiple of $10. Tax preparation software (For example, $611. Tax preparation software 40 is rounded to $620. Tax preparation software ) However, if the result is less than $200, enter $200. Tax preparation software         Married filing jointly or qualifying widow(er) and you are covered by an employer plan, multiply line 3 by 27. Tax preparation software 5% (. Tax preparation software 275) (by 32. Tax preparation software 5% (. Tax preparation software 325) if you are age 50 or older). Tax preparation software All others, multiply line 3 by 55% (. Tax preparation software 55) (by 65% (. Tax preparation software 65) if you are age 50 or older). Tax preparation software 4. Tax preparation software 5,080 5. Tax preparation software Enter your compensation minus any deductions on Form 1040 or Form 1040NR, line 27 (deductible part of self-employment tax) and line 28 (self-employed SEP, SIMPLE, and qualified plans). Tax preparation software If you are filing a joint return and your compensation is less than your spouse's, include your spouse's compensation reduced by his or her traditional IRA and Roth IRA contributions for this year. Tax preparation software If you file Form 1040 or Form 1040NR, do not reduce your compensation by any losses from self-employment 5. Tax preparation software 59,000 6. Tax preparation software Enter contributions made, or to be made, to your IRA for 2013, but do not enter more than $5,500 ($6,500 if you are age 50 or older). Tax preparation software If contributions are more than $5,500 ($6,500 if you are age 50 or older), see Excess Contributions , later. Tax preparation software 6. Tax preparation software 5,500 7. Tax preparation software IRA deduction. Tax preparation software Compare lines 4, 5, and 6. Tax preparation software Enter the smallest amount (or a smaller amount if you choose) here and on the Form 1040, 1040A, or 1040NR line for your IRA, whichever applies. Tax preparation software If line 6 is more than line 7 and you want to make a nondeductible contribution, go to line 8 7. Tax preparation software 5,080 8. Tax preparation software Nondeductible contribution. Tax preparation software Subtract line 7 from line 5 or 6, whichever is smaller. Tax preparation software  Enter the result here and on line 1 of your Form 8606 8. Tax preparation software 420 Worksheet 1-2. Tax preparation software Figuring Your Reduced IRA Deduction for 2013—Example 2 Illustrated (Use only if you or your spouse is covered by an employer plan and your modified AGI falls between the two amounts shown below for your coverage situation and filing status. Tax preparation software ) Note. Tax preparation software If you were married and both you and your spouse contributed to IRAs, figure your deduction and your spouse's deduction separately. Tax preparation software IF you . Tax preparation software . Tax preparation software . Tax preparation software AND your  filing status is . Tax preparation software . Tax preparation software . Tax preparation software AND your modified AGI is over . Tax preparation software . Tax preparation software . Tax preparation software THEN enter on  line 1 below . Tax preparation software . Tax preparation software . Tax preparation software       are covered by an employer plan single or head of household $59,000 $69,000     married filing jointly or qualifying widow(er) $95,000 $115,000     married filing separately $0 $10,000     are not covered by an employer plan, but your spouse is covered married filing jointly $178,000 $188,000     married filing separately $0 $10,000     1. Tax preparation software Enter applicable amount from table above 1. Tax preparation software 188,000 2. Tax preparation software Enter your modified AGI (that of both spouses, if married filing jointly) 2. Tax preparation software 180,555   Note. Tax preparation software If line 2 is equal to or more than the amount on line 1, stop here. Tax preparation software  Your IRA contributions are not deductible. Tax preparation software See Nondeductible Contributions , earlier. Tax preparation software     3. Tax preparation software Subtract line 2 from line 1. Tax preparation software If line 3 is $10,000 or more ($20,000 or more if married filing jointly or qualifying widow(er) and you are covered by an employer plan), stop here. Tax preparation software You can take a full IRA deduction for contributions of up to $5,500 ($6,500 if you are age 50 or older) or 100% of your (and if married filing jointly, your spouse's) compensation, whichever is less 3. Tax preparation software 7,445 4. Tax preparation software Multiply line 3 by the percentage below that applies to you. Tax preparation software If the result is not a multiple of $10, round it to the next highest multiple of $10. Tax preparation software (For example, $611. Tax preparation software 40 is rounded to $620. Tax preparation software ) However, if the result is less than $200, enter $200. Tax preparation software         Married filing jointly or qualifying widow(er) and you are covered by an employer plan, multiply line 3 by 27. Tax preparation software 5% (. Tax preparation software 275) (by 32. Tax preparation software 5% (. Tax preparation software 325) if you are age 50 or older). Tax preparation software All others, multiply line 3 by 55% (. Tax preparation software 55) (by 65% (. Tax preparation software 65) if you are age 50 or older). Tax preparation software 4. Tax preparation software 4,100 5. Tax preparation software Enter your compensation minus any deductions on Form 1040 or Form 1040NR, line 27 (deductible part of self-employment tax) and line 28 (self-employed SEP, SIMPLE, and qualified plans). Tax preparation software If you are filing a joint return and your compensation is less than your spouse's, include your spouse's compensation reduced by his or her traditional IRA and Roth IRA contributions for this year. Tax preparation software If you file Form 1040 or Form 1040NR, do not reduce your compensation by any losses from self-employment 5. Tax preparation software 39,500 6. Tax preparation software Enter contributions made, or to be made, to your IRA for 2013, but do not enter more than $5,500 ($6,500 if you are age 50 or older). Tax preparation software If contributions are more than $5,500 ($6,500 if you are age 50 or older), see Excess Contributions , later. Tax preparation software 6. Tax preparation software 5,500 7. Tax preparation software IRA deduction. Tax preparation software Compare lines 4, 5, and 6. Tax preparation software Enter the smallest amount (or a smaller amount if you choose) here and on the Form 1040, 1040A, or 1040NR line for your IRA, whichever applies. Tax preparation software If line 6 is more than line 7 and you want to make a nondeductible contribution, go to line 8 7. Tax preparation software 4,100 8. Tax preparation software Nondeductible contribution. Tax preparation software Subtract line 7 from line 5 or 6, whichever is smaller. Tax preparation software  Enter the result here and on line 1 of your Form 8606 8. Tax preparation software 1,400 What if You Inherit an IRA? If you inherit a traditional IRA, you are called a beneficiary. Tax preparation software A beneficiary can be any person or entity the owner chooses to receive the benefits of the IRA after he or she dies. Tax preparation software Beneficiaries of a traditional IRA must include in their gross income any taxable distributions they receive. Tax preparation software Inherited from spouse. Tax preparation software   If you inherit a traditional IRA from your spouse, you generally have the following three choices. Tax preparation software You can: Treat it as your own IRA by designating yourself as the account owner. Tax preparation software 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 (s
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Recent Updates

Exempt Organizations Financial Data—2013 data on tax-exempt organizations were published on Tax Stats. These data include selected financial items from more than 600,000 Forms 990, 990-EZ and 990-PF filed by tax-exempt organizations and processed by the IRS during calendar year 2013. The latest release was expanded to include nearly 500 financial and other data items. The data are in ASCII space-delimited format, and supporting documentation is available.

2013 IRS Data BookThe Internal Revenue Service (IRS) has released the 2013 IRS Data Book, a snapshot of agency activities for Fiscal Year 2013—Oct. 1, 2012, to Sept. 30, 2013. In addition to information on taxes collected and returns processed, the report also includes information about enforcement, taxpayer assistance, and the IRS budget and workforce, among others.

2014 Winter SOI Bulletin—Statistics of Income (SOI) has released the 2014 Winter SOI Bulletin. Articles included in the publication provide the most recent data available from various tax and information returns filed by U.S. taxpayers.

This issue of the SOI Bulletin includes articles on the following topics:

  • Individual Income Tax Returns, Preliminary Data, 2012
  • Sales of Capital Assets Panel Data Reported on Individual Tax Returns, 2004–2007
  • Split-Interest Trusts, Filing Year 2012
  • Nonprofit Charitable Organizations, 2010

(March 2014)

Corporation Foreign Tax Credit, 2010Two new tables presenting data from Form 1118, Foreign Tax Credit—Corporations, are now available on SOI’s Tax Stats Webpage. The tables present data from the population of returns filed for Tax Year 2010. Table 1.1 displays data on returns with income in an excess credit position while table 1.2 shows data on returns in an excess limit position. Data presented includes foreign-source income, deductions, and taxes by major and selected minor industry. (February, 2014)

Exempt Organizations Microdata Files, Tax Years 1985–1997—Historical microdata files based on Forms 990 and Forms 990-EZ sampled for the annual studies of nonprofit charitable and other tax-exempt organizations are now available. Annual data are available for organizations exempt from income tax under Internal Revenue Code Section 501(c)(3). Additional data for tax-exempt organizations under IRC Sections 501(c)(4) through 501(c)(9) are available for limited tax years. (February, 2014)

2011 Individual Income Tax ZIP Code and County DataUnited States’ ZIP Code and county data for Tax Year 2011 are now available on Tax Stats. The data present selected income and tax return items by State, ZIP Code, county, and size of adjusted gross income. These data are based on individual income tax returns filed with the IRS. (February, 2014)

Fiduciary Income Tax, 2012—Three tables presenting Filing Year 2012 data for income from estates and trusts (Form 1041) are now available. The statistics cover sources of income and deductions at the National and State levels. Data are classified by trust type and filing status. (February, 2014)

U.S. Gift Tax Returns table Gift Tax, 2012 - One table presenting Filing Year 2012 data for United States Gift (and Generation-Skipping Transfer) Tax Returns (Form 709), including information on total gifts, deductions, credits, and net tax amounts, is now available. Data are presented by tax status and size of total taxable gifts. (January 2014)

2013 Fall SOI Bulletin—Statistics of Income (SOI) has released the 2013 Fall SOI Bulletin. Articles included in the publication provide the most recent data available from various tax and information returns filed by U.S. taxpayers.

This issue of the SOI Bulletin includes articles on the following topics:

  • Individual Income Tax Returns, 2011
  • Partnership Returns, 2011
  • Accumulation and Distribution of Individual Retirement Arrangements, 2010

(January 2014)

The Statistics of Income Tax Stats Table Wizard was recently updated! The Table Wizard allows users to query tax data on corporations, individuals, tax-exempt organizations, estates, gifts trusts, and more. The resulting data can then be downloaded. This update includes the following data:

  • Corporate data by industry (Forms 1120 and 1120s)—2004 through 2010
  • 501c(3)  Exempt Organizations (Form 990)—2004 through 2007
  • Domestic Private Foundations and Charitable Trusts (Form 990-PF)—2004 through 2008
  • Unrelated Business Income Tax Returns (Form 990-T)—2006 through 2008
  • Estate Tax Returns (Form 706)—2007 through 2010
  • Gift Tax Returns (Form 709)—2005 through 2010

(December 2013)

2011 Individual Income Tax Estimated Data Line CountsThe 2011 Statistics of Income (SOI) estimated data line counts publication presents estimates of frequencies of taxpayer entries on the lines of the forms and schedules filed with individual tax returns as shown on the 2011 Individual SOI Complete Report file. The statistics are based on a sample of returns that have been weighted to estimate the entire 2011 Tax Year population. The publication includes corresponding dollar amounts of selected lines filed in concurrence with the number of returns filed. (December 2013)

Tax Year 2001–2011 Individual Income Tax Return Statistics by Selected Descending and Ascending Cumulative PercentilesStatistics based on all individual income tax returns by selected descending and ascending cumulative percentiles are now available for Tax Years 2001–2011. Tables present historical statistics on income and tax by cumulative percentiles based on the number of returns. They also show distributions of adjusted gross income (AGI) and total income tax, as defined for each tax year, by descending and ascending cumulative percentiles of returns in both current and constant dollars. These tables can be used to make comparisons across cumulative percentile classes beginning with Tax Year 2001. This release is based on all individual income tax returns except returns of dependents. (December 2013)

2011 Partnership Returns Line Item Estimates (Publication 5035)—This publication presents estimates of frequencies of taxpayer entries recorded on the applicable lines of the forms and schedules filed with partnership tax returns for Tax Year 2011. It also contains corresponding population estimates of dollar amounts recorded on those lines (as applicable). (November 2013)

Partnerships, 2011—Twenty-two tables presenting Tax Year 2011 data for partnership returns (Forms 1065 and 1065-B), including types of partnerships and specific industrial sectors, are now available. The statistics cover balance sheets, trade or business income and deductions, portfolio income, rental income (including rental real estate income), and total net income. Data are classified by industry and size of total assets. In addition, historical tables provide balance sheet and income statement data as well as counts of partnership returns, by size of assets and receipts. 
(November 2013)

Foreign Recipients of US Income Study, 2011 Tax Year—Two tables presenting data for Tax Year 2011 from Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding, are now available. The tables include statistics for the number of returns, total income, tax withheld, income subject to withholding, income exempt from withholding, and income by category. Data are available by selected countries and selected recipient types. (October 2013)

Issue Year 2011 Tax-Exempt Bond Tables— Updated tax-exempt bond data for both governmental and private activity bonds issued in calendar year 2011 are now available on Tax Stats. Data include the term of issue, purpose, bond size, and uses of bond proceeds. Tax credit bond data, by bond type, and State-level data, by bond purpose, are also available. (October 2013)

 

 



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