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Turbotax online 3. Turbotax online Adjustments to Income Table of Contents Individual Retirement Arrangement (IRA) Contributions and DeductionsContributions to Kay Bailey Hutchison Spousal IRAs. Turbotax online Deductible contribution. Turbotax online Nondeductible contribution. Turbotax online You may be able to subtract amounts from your total income (Form 1040, line 22 or Form 1040A, line 15) or total effectively connected income (Form 1040NR, line 23) to get your adjusted gross income (Form 1040, line 37; Form 1040A, line 21; or Form 1040NR, line 36). Turbotax online Some adjustments to income follow. Turbotax online Contributions to your individual retirement arrangement (IRA) (Form 1040, line 32; Form 1040A, line 17; or Form 1040NR, line 32), explained later in this publication. Turbotax online Certain moving expenses (Form 1040, line 26; or Form 1040NR, line 26) if you changed job locations or started a new job in 2013. Turbotax online See Publication 521, Moving Expenses, or see Form 3903, Moving Expenses, and its instructions. Turbotax online Some health insurance costs (Form 1040, line 29 or Form 1040NR, line 29) if you were self-employed and had a net profit for the year, or if you received wages in 2013 from an S corporation in which you were a more-than-2% shareholder. Turbotax online For more details, see Publication 535, Business Expenses. Turbotax online Payments to your self-employed SEP, SIMPLE, or qualified plan (Form 1040, line 28 or Form 1040NR, line 28). Turbotax online For more information, including limits on how much you can deduct, see Publication 560, Retirement Plans for Small Business. Turbotax online Penalties paid on early withdrawal of savings (Form 1040, line 30 or Form 1040NR, line 30). Turbotax online Form 1099-INT, Interest Income, or Form 1099-OID, Original Issue Discount, will show the amount of any penalty you were charged. Turbotax online Alimony payments (Form 1040, line 31a). Turbotax online For more information, see Publication 504, Divorced or Separated Individuals. Turbotax online There are other items you can claim as adjustments to income. Turbotax online These adjustments are discussed in your tax return instructions. Turbotax online Individual Retirement Arrangement (IRA) Contributions and Deductions This section explains the tax treatment of amounts you pay into traditional IRAs. Turbotax online A traditional IRA is any IRA that is not a Roth or SIMPLE IRA. Turbotax online Roth and SIMPLE IRAs are defined earlier in the IRA discussion under Retirement Plan Distributions . Turbotax online For more detailed information, see Publication 590. Turbotax online Contributions. Turbotax online An IRA is a personal savings plan that offers you tax advantages to set aside money for your retirement. Turbotax online Two advantages of a traditional IRA are: You may be able to deduct some or all of your contributions to it, depending on your circumstances, and Generally, amounts in your IRA, including earnings and gains, are not taxed until distributed. Turbotax online Although interest earned from your traditional IRA generally is not taxed in the year earned, it is not tax-exempt interest. Turbotax online Do not report this interest on your tax return as tax-exempt interest. Turbotax online General limit. Turbotax online The most that can be contributed for 2013 to your traditional IRA is the smaller of the following amounts. Turbotax online Your taxable compensation for the year, or $5,500 ($6,500 if you were age 50 or older by the end of 2013). Turbotax online Contributions to Kay Bailey Hutchison Spousal IRAs. Turbotax online In the case of a married couple filing a joint return for 2013, up to $5,500 ($6,500 for each spouse age 50 or older by the end of 2013) can be contributed to IRAs on behalf of each spouse, even if one spouse has little or no compensation. Turbotax online For more information on the general limit and the Kay Bailey Hutchison Spousal IRA limit, see How Much Can Be Contributed? in Publication 590. Turbotax online Deductible contribution. Turbotax online Generally, you can deduct the lesser of the contributions to your traditional IRA for the year or the general limit (or Kay Bailey Hutchison Spousal IRA limit, if applicable) just explained. Turbotax online However, if you or your spouse was covered by an employer retirement plan at any time during the year for which contributions were made, you may not be able to deduct all of the contributions. Turbotax online Your deduction may be reduced or eliminated, depending on your filing status and the amount of your income. Turbotax online For more information, see Limit if Covered by Employer Plan in Publication 590. Turbotax online Nondeductible contribution. Turbotax online The difference between your total permitted contributions and your IRA deduction, if any, is your nondeductible contribution. Turbotax online You must file Form 8606, Nondeductible IRAs, to report nondeductible contributions even if you do not have to file a tax return for the year. Turbotax online For 2014, the most that can be contributed to your traditional IRA is $5,500 ($6,500 if you are age 50 or older at the end of 2014). Turbotax online Prev Up Next Home More Online Publications
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Turbotax online Publication 575 - Introductory Material Table of Contents What's New Reminders IntroductionThe General Rule. Turbotax online Individual retirement arrangements (IRAs). Turbotax online Civil service retirement benefits. Turbotax online Social security and equivalent tier 1 railroad retirement benefits. Turbotax online Tax-sheltered annuity plans (403(b) plans). Turbotax online Ordering forms and publications. Turbotax online Tax questions. Turbotax online Useful Items - You may want to see: What's New 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), 408, 408A, or 457(b) plans). Turbotax online However, these distributions are taken into account when determining the modified adjusted gross income threshold. Turbotax online Distributions from a nonqualified retirement plan are included in net investment income. Turbotax online See Form 8960, Net Investment Income Tax - Individuals, Estates, and Trusts, and its instructions for more information. Turbotax online Reminders Future developments. Turbotax online For the latest information about developments related to Publication 575, such as legislation enacted after it was published, go to www. Turbotax online irs. Turbotax online gov/pub575. Turbotax online In-plan Roth rollovers. Turbotax online Starting in 2013, the American Taxpayer Relief Act of 2012 expanded the rules for in-plan Roth rollovers to include more taxpayers. Turbotax online For more information, see In-plan Roth rollovers under Rollovers, discussed later. Turbotax online Photographs of missing children. Turbotax online The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Turbotax online Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Turbotax online 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. Turbotax online Introduction This publication discusses the tax treatment of distributions you receive from pension and annuity plans and also shows you how to report the income on your federal income tax return. Turbotax online How these distributions are taxed depends on whether they are periodic payments (amounts received as an annuity) that are paid at regular intervals over several years or nonperiodic payments (amounts not received as an annuity). Turbotax online What is covered in this publication? This publication contains information that you need to understand the following topics. Turbotax online How to figure the tax-free part of periodic payments under a pension or annuity plan, including using a simple worksheet for payments under a qualified plan. Turbotax online How to figure the tax-free part of nonperiodic payments from qualified and nonqualified plans, and how to use the optional methods to figure the tax on lump-sum distributions from pension, stock bonus, and profit-sharing plans. Turbotax online How to roll over certain distributions from a retirement plan into another retirement plan or IRA. Turbotax online How to report disability payments, and how beneficiaries and survivors of employees and retirees must report benefits paid to them. Turbotax online How to report railroad retirement benefits. Turbotax online When additional taxes on certain distributions may apply (including the tax on early distributions and the tax on excess accumulation). Turbotax online For additional information on how to report pension or annuity payments on your federal income tax return, be sure to review the instructions on the back of Copies B, C, and 2 of the Form 1099-R that you received and the instructions for Form 1040, lines 16a and 16b (Form 1040A, lines 12a and 12b or Form 1040NR, lines 17a and 17b). Turbotax online A “corrected” Form 1099-R replaces the corresponding original Form 1099-R if the original Form 1099-R contained an error. Turbotax online Make sure you use the amounts shown on the corrected Form 1099-R when reporting information on your tax return. Turbotax online What is not covered in this publication? The following topics are not discussed in this publication. Turbotax online The General Rule. Turbotax online This is the method generally used to determine the tax treatment of pension and annuity income from nonqualified plans (including commercial annuities). Turbotax online For a qualified plan, you generally cannot use the General Rule unless your annuity starting date is before November 19, 1996. Turbotax online Although this publication will help you determine whether you can use the General Rule, it will not help you use it to determine the tax treatment of your pension or annuity income. Turbotax online For that and other information on the General Rule, see Publication 939, General Rule for Pensions and Annuities. Turbotax online Individual retirement arrangements (IRAs). Turbotax online Information on the tax treatment of amounts you receive from an IRA is in Publication 590, Individual Retirement Arrangements (IRAs). Turbotax online Civil service retirement benefits. Turbotax online If you are retired from the federal government (regular, phased, or disability retirement) or are the survivor or beneficiary of a federal employee or retiree who died, get Publication 721, Tax Guide to U. Turbotax online S. Turbotax online Civil Service Retirement Benefits. Turbotax online Publication 721 covers the tax treatment of federal retirement benefits, primarily those paid under the Civil Service Retirement System (CSRS) or the Federal Employees' Retirement System (FERS). Turbotax online It also covers benefits paid from the Thrift Savings Plan (TSP). Turbotax online Social security and equivalent tier 1 railroad retirement benefits. Turbotax online For information about the tax treatment of these benefits, see Publication 915, Social Security and Equivalent Railroad Retirement Benefits. Turbotax online However, this publication (575) covers the tax treatment of the non-social security equivalent benefit portion of tier 1 railroad retirement benefits, tier 2 benefits, vested dual benefits, and supplemental annuity benefits paid by the U. Turbotax online S. Turbotax online Railroad Retirement Board. Turbotax online Tax-sheltered annuity plans (403(b) plans). Turbotax online If you work for a public school or certain tax-exempt organizations, you may be eligible to participate in a 403(b) retirement plan offered by your employer. Turbotax online Although this publication covers the treatment of benefits under 403(b) plans and discusses in-plan Roth rollovers from 403(b) plans to designated Roth accounts, it does not cover other tax provisions that apply to these plans. Turbotax online For that and other information on 403(b) plans, see Publication 571, Tax-Sheltered Annuity Plans (403(b) Plans) For Employees of Public Schools and Certain Tax-Exempt Organizations. Turbotax online Comments and suggestions. Turbotax online We welcome your comments about this publication and your suggestions for future editions. Turbotax online You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Turbotax online NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. Turbotax online Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Turbotax online You can send your comments from www. Turbotax online irs. Turbotax online gov/formspubs/. Turbotax online Click on “More Information” and then on “Comment on Tax Forms and Publications. Turbotax online ” 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. Turbotax online Ordering forms and publications. Turbotax online Visit www. Turbotax online irs. Turbotax online 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. Turbotax online Internal Revenue Service 1201 N. Turbotax online Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Turbotax online If you have a tax question, check the information available on IRS. Turbotax online gov or call 1-800-829-1040. Turbotax online We cannot answer tax questions sent to either of the above addresses. Turbotax online Useful Items - You may want to see: Publication 524 Credit for the Elderly or the Disabled 525 Taxable and Nontaxable Income 560 Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans) 571 Tax-Sheltered Annuity Plans (403(b) Plans) For Employees of Public Schools and Certain Tax-Exempt Organizations 590 Individual Retirement Arrangements (IRAs) 721 Tax Guide to U. Turbotax online S. Turbotax online Civil Service Retirement Benefits 915 Social Security and Equivalent Railroad Retirement Benefits 939 General Rule for Pensions and Annuities Form (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. Turbotax online 4972 Tax on Lump-Sum Distributions 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts See How To Get Tax Help near the end of this publication for information about getting publications and forms. Turbotax online Prev Up Next Home More Online Publications