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Can I Efile My 2011 Taxes

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Can I Efile My 2011 Taxes

Can i efile my 2011 taxes 2. Can i efile my 2011 taxes   Roth IRAs Table of Contents What's New for 2013 What's New for 2014 Reminders Introduction What Is a Roth IRA? When Can a Roth IRA Be Opened? Can You Contribute to a Roth IRA?How Much Can Be Contributed? When Can You Make Contributions? What if You Contribute Too Much? Can You Move Amounts Into a Roth IRA?Conversions Rollover From Employer's Plan Into a Roth IRA Military Death Gratuities and Servicemembers' Group Life Insurance (SGLI) Payments Rollover From a Roth IRA Rollover of Exxon Valdez Settlement Income Rollover of Airline Payments Are Distributions Taxable?What Are Qualified Distributions? Additional Tax on Early Distributions Ordering Rules for Distributions How Do You Figure the Taxable Part? Must You Withdraw or Use Assets?Minimum distributions. Can i efile my 2011 taxes Recognizing Losses on Investments Distributions After Owner's Death What's New for 2013 Roth IRA contribution limit. Can i efile my 2011 taxes  If contributions on your behalf are made only to Roth IRAs, your contribution limit for 2013 will generally be the lesser of: $5,500, or Your taxable compensation for the year. Can i efile my 2011 taxes If you were age 50 or older before 2014 and contributions on your behalf were made only to Roth IRAs, your contribution limit for 2013 will generally be the lesser of: $6,500, or Your taxable compensation for the year. Can i efile my 2011 taxes However, if your modified adjusted gross income (AGI) is above a certain amount, your contribution limit may be reduced. Can i efile my 2011 taxes For more information, see How Much Can Be Contributed? under Can You Contribute to a Roth IRA? in this chapter. Can i efile my 2011 taxes Modified AGI limit for Roth IRA contributions increased. Can i efile my 2011 taxes  For 2013, your Roth IRA contribution limit is reduced (phased out) in the following situations. Can i efile my 2011 taxes Your filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $178,000. Can i efile my 2011 taxes You cannot make a Roth IRA contribution if your modified AGI is $188,000 or more. Can i efile my 2011 taxes Your filing status is single, head of household, or married filing separately and you did not live with your spouse at any time in 2013 and your modified AGI is at least $112,000. Can i efile my 2011 taxes You cannot make a Roth IRA contribution if your modified AGI is $127,000 or more. Can i efile my 2011 taxes Your filing status is married filing separately, you lived with your spouse at any time during the year, and your modified AGI is more than -0-. Can i efile my 2011 taxes You cannot make a Roth IRA contribution if your modified AGI is $10,000 or more. Can i efile my 2011 taxes See Can You Contribute to a Roth IRA? in this chapter. Can i efile my 2011 taxes Net Investment Income Tax. Can i efile my 2011 taxes  For purposes of the Net Investment Income Tax (NIIT), net investment income does not include distributions from a qualified retirement plan (for example, 401(a), 403(a), 403(b), 457(b) plans, and IRAs). Can i efile my 2011 taxes However, these distributions are taken into account when determining the modified adjusted gross income threshold. Can i efile my 2011 taxes Distributions from a nonqualified retirement plan are included in net investment income. Can i efile my 2011 taxes See Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts, and its instructions for more information. Can i efile my 2011 taxes What's New for 2014 Modified AGI limit for Roth IRA contributions increased. Can i efile my 2011 taxes  For 2014, your Roth IRA contribution limit is reduced (phased out) in the following situations. Can i efile my 2011 taxes Your filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $181,000. Can i efile my 2011 taxes You cannot make a Roth IRA contribution if your modified AGI is $191,000 or more. Can i efile my 2011 taxes Your filing status is single, head of household, or married filing separately and you did not live with your spouse at any time in 2014 and your modified AGI is at least $114,000. Can i efile my 2011 taxes You cannot make a Roth IRA contribution if your modified AGI is $129,000 or more. Can i efile my 2011 taxes Your filing status is married filing separately, you lived with your spouse at any time during the year, and your modified AGI is more than -0-. Can i efile my 2011 taxes You cannot make a Roth IRA contribution if your modified AGI is $10,000 or more. Can i efile my 2011 taxes Reminders Deemed IRAs. Can i efile my 2011 taxes  For plan years beginning after 2002, a qualified employer plan (retirement plan) can maintain a separate account or annuity under the plan (a deemed IRA) to receive voluntary employee contributions. Can i efile my 2011 taxes If the separate account or annuity otherwise meets the requirements of an IRA, it will be subject only to IRA rules. Can i efile my 2011 taxes An employee's account can be treated as a traditional IRA or a Roth IRA. Can i efile my 2011 taxes For this purpose, a “qualified employer plan” includes: A qualified pension, profit-sharing, or stock bonus plan (section 401(a) plan), A qualified employee annuity plan (section 403(a) plan), A tax-sheltered annuity plan (section 403(b) plan), and A deferred compensation plan (section 457 plan) maintained by a state, a political subdivision of a state, or an agency or instrumentality of a state or political subdivision of a state. Can i efile my 2011 taxes Designated Roth accounts. Can i efile my 2011 taxes  Designated Roth accounts are separate accounts under 401(k), 403(b), or 457(b) plans that accept elective deferrals that are referred to as Roth contributions. Can i efile my 2011 taxes These elective deferrals are included in your income, but qualified distributions from these accounts are not included in your income. Can i efile my 2011 taxes Designated Roth accounts are not IRAs and should not be confused with Roth IRAs. Can i efile my 2011 taxes Contributions, up to their respective limits, can be made to Roth IRAs and designated Roth accounts according to your eligibility to participate. Can i efile my 2011 taxes A contribution to one does not impact your eligibility to contribute to the other. Can i efile my 2011 taxes See Publication 575, for more information on designated Roth accounts. Can i efile my 2011 taxes Introduction Regardless of your age, you may be able to establish and make nondeductible contributions to an individual retirement plan called a Roth IRA. Can i efile my 2011 taxes Contributions not reported. Can i efile my 2011 taxes   You do not report Roth IRA contributions on your return. Can i efile my 2011 taxes What Is a Roth IRA? A Roth IRA is an individual retirement plan that, except as explained in this chapter, is subject to the rules that apply to a traditional IRA (defined next). Can i efile my 2011 taxes It can be either an account or an annuity. Can i efile my 2011 taxes Individual retirement accounts and annuities are described in chapter 1 under How Can a Traditional IRA Be Opened. Can i efile my 2011 taxes To be a Roth IRA, the account or annuity must be designated as a Roth IRA when it is opened. Can i efile my 2011 taxes A deemed IRA can be a Roth IRA, but neither a SEP IRA nor a SIMPLE IRA can be designated as a Roth IRA. Can i efile my 2011 taxes Unlike a traditional IRA, you cannot deduct contributions to a Roth IRA. Can i efile my 2011 taxes But, if you satisfy the requirements, qualified distributions (discussed later) are tax free. Can i efile my 2011 taxes Contributions can be made to your Roth IRA after you reach age 70½ and you can leave amounts in your Roth IRA as long as you live. Can i efile my 2011 taxes Traditional IRA. Can i efile my 2011 taxes   A traditional IRA is any IRA that is not a Roth IRA or SIMPLE IRA. Can i efile my 2011 taxes Traditional IRAs are discussed in chapter 1. Can i efile my 2011 taxes When Can a Roth IRA Be Opened? You can open a Roth IRA at any time. Can i efile my 2011 taxes However, the time for making contributions for any year is limited. Can i efile my 2011 taxes See When Can You Make Contributions , later under Can You Contribute to a Roth IRA. Can i efile my 2011 taxes Can You Contribute to a Roth IRA? Generally, you can contribute to a Roth IRA if you have taxable compensation (defined later) and your modified AGI (defined later) is less than: $188,000 for married filing jointly or qualifying widow(er), $127,000 for single, head of household, or married filing separately and you did not live with your spouse at any time during the year, and $10,000 for married filing separately and you lived with your spouse at any time during the year. Can i efile my 2011 taxes You may be able to claim a credit for contributions to your Roth IRA. Can i efile my 2011 taxes For more information, see chapter 4. Can i efile my 2011 taxes Is there an age limit for contributions?   Contributions can be made to your Roth IRA regardless of your age. Can i efile my 2011 taxes Can you contribute to a Roth IRA for your spouse?   You can contribute to a Roth IRA for your spouse provided the contributions satisfy the Kay Bailey Hutchison Spousal IRA limit discussed in chapter 1 under How Much Can Be Contributed, you file jointly, and your modified AGI is less than $188,000. Can i efile my 2011 taxes Compensation. Can i efile my 2011 taxes   Compensation includes wages, salaries, tips, professional fees, bonuses, and other amounts received for providing personal services. Can i efile my 2011 taxes It also includes commissions, self-employment income, nontaxable combat pay, military differential pay, and taxable alimony and separate maintenance payments. Can i efile my 2011 taxes For more information, see What Is Compensation? under Who Can Open a Traditional IRA? in chapter 1. Can i efile my 2011 taxes Modified AGI. Can i efile my 2011 taxes   Your modified AGI for Roth IRA purposes is your adjusted gross income (AGI) as shown on your return with some adjustments. Can i efile my 2011 taxes Use Worksheet 2-1 , later, to determine your modified AGI. Can i efile my 2011 taxes    Do not subtract conversion income when figuring your other AGI-based phaseouts and taxable income, such as your deduction for medical and dental expenses. Can i efile my 2011 taxes Subtract them from AGI only for the purpose of figuring your modified AGI for Roth IRA purposes. Can i efile my 2011 taxes How Much Can Be Contributed? The contribution limit for Roth IRAs generally depends on whether contributions are made only to Roth IRAs or to both traditional IRAs and Roth IRAs. Can i efile my 2011 taxes Worksheet 2-1. Can i efile my 2011 taxes Modified Adjusted Gross Income for Roth IRA Purposes Use this worksheet to figure your modified adjusted gross income for Roth IRA purposes. Can i efile my 2011 taxes 1. Can i efile my 2011 taxes Enter your adjusted gross income from Form 1040, line 38; Form 1040A, line 22; or Form 1040NR, line 37 1. Can i efile my 2011 taxes   2. Can i efile my 2011 taxes Enter any income resulting from the conversion of an IRA (other than a Roth IRA) to a Roth IRA (included on Form 1040, line 15b, Form 1040A, line 11b, or Form 1040NR, line 16b) and a rollover from a qualified retirement plan to a Roth IRA (included on Form 1040, line 16b, Form 1040A, line 12b, or Form 1040NR, line 17b) 2. Can i efile my 2011 taxes   3. Can i efile my 2011 taxes Subtract line 2 from line 1 3. Can i efile my 2011 taxes   4. Can i efile my 2011 taxes Enter any traditional IRA deduction from Form 1040, line 32; Form 1040A, line 17; or Form 1040NR, line 32 4. Can i efile my 2011 taxes   5. Can i efile my 2011 taxes Enter any student loan interest deduction from Form 1040, line 33; Form 1040A, line 18; or Form 1040NR, line 33 5. Can i efile my 2011 taxes   6. Can i efile my 2011 taxes Enter any tuition and fees deduction from Form 1040, line 34, or Form 1040A, line 19 6. Can i efile my 2011 taxes   7. Can i efile my 2011 taxes Enter any domestic production activities deduction from Form 1040, line 35, or Form 1040NR, line 34 7. Can i efile my 2011 taxes   8. Can i efile my 2011 taxes Enter any foreign earned income exclusion and/or housing exclusion from Form 2555, line 45, or Form 2555-EZ, line 18 8. Can i efile my 2011 taxes   9. Can i efile my 2011 taxes Enter any foreign housing deduction from Form 2555, line 50 9. Can i efile my 2011 taxes   10. Can i efile my 2011 taxes Enter any excludable qualified savings bond interest from Form 8815, line 14 10. Can i efile my 2011 taxes   11. Can i efile my 2011 taxes Enter any excluded employer-provided adoption benefits from Form 8839, line 28 11. Can i efile my 2011 taxes   12. Can i efile my 2011 taxes Add the amounts on lines 3 through 11 12. Can i efile my 2011 taxes   13. Can i efile my 2011 taxes Enter: $188,000 if married filing jointly or qualifying widow(er), $10,000 if married filing separately and you lived with your spouse at any time during the year, or $127,000 for all others 13. Can i efile my 2011 taxes   Is the amount on line 12 more than the amount on line 13? If yes, see the note below. Can i efile my 2011 taxes  If no, the amount on line 12 is your modified adjusted gross income for Roth IRA purposes. Can i efile my 2011 taxes       Note. Can i efile my 2011 taxes If the amount on line 12 is more than the amount on line 13 and you have other income or loss items, such as social security income or passive activity losses, that are subject to AGI-based phaseouts, you can refigure your AGI solely for the purpose of figuring your modified AGI for Roth IRA purposes. Can i efile my 2011 taxes (If you receive social security benefits, use Worksheet 1 in Appendix B to refigure your AGI. Can i efile my 2011 taxes ) Then go to line 3 above in this Worksheet 2-1 to refigure your modified AGI. Can i efile my 2011 taxes If you do not have other income or loss items subject to AGI-based phaseouts, your modified adjusted gross income for Roth IRA purposes is the amount on line 12 above. Can i efile my 2011 taxes Roth IRAs only. Can i efile my 2011 taxes   If contributions are made only to Roth IRAs, your contribution limit generally is the lesser of: $5,500 ($6,500 if you are age 50 or older), or Your taxable compensation. Can i efile my 2011 taxes   However, if your modified AGI is above a certain amount, your contribution limit may be reduced, as explained later under Contribution limit reduced . Can i efile my 2011 taxes Roth IRAs and traditional IRAs. Can i efile my 2011 taxes   If contributions are made to both Roth IRAs and traditional IRAs established for your benefit, your contribution limit for Roth IRAs generally is the same as your limit would be if contributions were made only to Roth IRAs, but then reduced by all contributions for the year to all IRAs other than Roth IRAs. Can i efile my 2011 taxes Employer contributions under a SEP or SIMPLE IRA plan do not affect this limit. Can i efile my 2011 taxes   This means that your contribution limit is the lesser of: $5,500 ($6,500 if you are age 50 or older) minus all contributions (other than employer contributions under a SEP or SIMPLE IRA plan) for the year to all IRAs other than Roth IRAs, or Your taxable compensation minus all contributions (other than employer contributions under a SEP or SIMPLE IRA plan) for the year to all IRAs other than Roth IRAs. Can i efile my 2011 taxes   However, if your modified AGI is above a certain amount, your contribution limit may be reduced, as explained below under Contribution limit reduced . Can i efile my 2011 taxes   Simplified employee pensions (SEPs) are discussed in Publication 560. Can i efile my 2011 taxes Savings incentive match plans for employees (SIMPLEs) are discussed in chapter 3. Can i efile my 2011 taxes Repayment of reservist distributions. Can i efile my 2011 taxes   You can repay qualified reservist distributions even if the repayments would cause your total contributions to the Roth IRA to be more than the general limit on contributions. Can i efile my 2011 taxes However, the total repayments cannot be more than the amount of your distribution. Can i efile my 2011 taxes Note. Can i efile my 2011 taxes If you make repayments of qualified reservist distributions to a Roth IRA, increase your basis in the Roth IRA by the amount of the repayment. Can i efile my 2011 taxes For more information, see Qualified reservist repayments under How Much Can Be Contributed? in chapter 1. Can i efile my 2011 taxes Contribution limit reduced. Can i efile my 2011 taxes   If your modified AGI is above a certain amount, your contribution limit is gradually reduced. Can i efile my 2011 taxes Use Table 2-1, later, to determine if this reduction applies to you. Can i efile my 2011 taxes Table 2-1. Can i efile my 2011 taxes Effect of Modified AGI on Roth IRA Contribution This table shows whether your contribution to a Roth IRA is affected by the amount of your modified adjusted gross income (modified AGI). Can i efile my 2011 taxes IF you have taxable compensation and your filing status is . Can i efile my 2011 taxes . Can i efile my 2011 taxes . Can i efile my 2011 taxes AND your modified AGI is . Can i efile my 2011 taxes . Can i efile my 2011 taxes . Can i efile my 2011 taxes THEN . Can i efile my 2011 taxes . Can i efile my 2011 taxes . Can i efile my 2011 taxes married filing jointly or  qualifying widow(er) less than $178,000 you can contribute up to $5,500 ($6,500 if you are age 50 or older) as explained under How Much Can Be Contributed . Can i efile my 2011 taxes at least $178,000 but less than $188,000 the amount you can contribute is reduced as explained under Contribution limit reduced . Can i efile my 2011 taxes $188,000 or more you cannot contribute to a Roth IRA. Can i efile my 2011 taxes married filing separately and you lived with your spouse at any time during the year zero (-0-) you can contribute up to $5,500 ($6,500 if you are age 50 or older) as explained under How Much Can Be Contributed . Can i efile my 2011 taxes more than zero (-0-) but less than $10,000 the amount you can contribute is reduced as explained under Contribution limit reduced . Can i efile my 2011 taxes $10,000 or more you cannot contribute to a Roth IRA. Can i efile my 2011 taxes single, head of household,  or married filing separately and you did not live with your spouse at any time during the year less than $112,000 you can contribute up to $5,500 ($6,500 if you are age 50 or older) as explained under How Much Can Be Contributed . Can i efile my 2011 taxes at least $112,000 but less than $127,000 the amount you can contribute is reduced as explained under Contribution limit reduced . Can i efile my 2011 taxes $127,000 or more you cannot contribute to a Roth IRA. Can i efile my 2011 taxes Figuring the reduction. Can i efile my 2011 taxes   If the amount you can contribute must be reduced, use Worksheet 2-2, later, to figure your reduced contribution limit. Can i efile my 2011 taxes Worksheet 2-2. Can i efile my 2011 taxes Determining Your Reduced Roth IRA Contribution Limit Before using this worksheet, check Table 2-1, earlier, to determine whether or not your Roth IRA contribution limit is reduced. Can i efile my 2011 taxes If it is, use this worksheet to determine how much it is reduced. Can i efile my 2011 taxes 1. Can i efile my 2011 taxes Enter your modified AGI for Roth IRA purposes (Worksheet 2-1, line 12) 1. Can i efile my 2011 taxes   2. Can i efile my 2011 taxes Enter: $178,000 if filing a joint return or qualifying widow(er), $-0- if married filing a separate return and you lived with your spouse at any time in 2013, or $112,000 for all others 2. Can i efile my 2011 taxes   3. Can i efile my 2011 taxes Subtract line 2 from line 1 3. Can i efile my 2011 taxes   4. Can i efile my 2011 taxes Enter: $10,000 if filing a joint return or qualifying widow(er) or married filing a separate return and you lived with your spouse at any time during the year, or $15,000 for all others 4. Can i efile my 2011 taxes   5. Can i efile my 2011 taxes Divide line 3 by line 4 and enter the result as a decimal (rounded to at least three places). Can i efile my 2011 taxes If the result is 1. Can i efile my 2011 taxes 000 or more, enter 1. Can i efile my 2011 taxes 000 5. Can i efile my 2011 taxes   6. Can i efile my 2011 taxes Enter the lesser of: $5,500 ($6,500 if you are age 50 or older), or Your taxable compensation 6. Can i efile my 2011 taxes   7. Can i efile my 2011 taxes Multiply line 5 by line 6 7. Can i efile my 2011 taxes   8. Can i efile my 2011 taxes Subtract line 7 from line 6. Can i efile my 2011 taxes Round the result up to the nearest $10. Can i efile my 2011 taxes If the result is less than $200, enter $200 8. Can i efile my 2011 taxes   9. Can i efile my 2011 taxes Enter contributions for the year to other IRAs 9. Can i efile my 2011 taxes   10. Can i efile my 2011 taxes Subtract line 9 from line 6 10. Can i efile my 2011 taxes   11. Can i efile my 2011 taxes Enter the lesser of line 8 or line 10. Can i efile my 2011 taxes This is your reduced Roth IRA contribution limit 11. Can i efile my 2011 taxes      Round your reduced contribution limit up to the nearest $10. Can i efile my 2011 taxes If your reduced contribution limit is more than $0, but less than $200, increase the limit to $200. Can i efile my 2011 taxes Example. Can i efile my 2011 taxes You are a 45-year-old, single individual with taxable compensation of $113,000. Can i efile my 2011 taxes You want to make the maximum allowable contribution to your Roth IRA for 2013. Can i efile my 2011 taxes Your modified AGI for 2013 is $113,000. Can i efile my 2011 taxes You have not contributed to any traditional IRA, so the maximum contribution limit before the modified AGI reduction is $5,500. Can i efile my 2011 taxes You figure your reduced Roth IRA contribution of $5,140 as shown on Worksheet 2-2. Can i efile my 2011 taxes Example—Illustrated, later. Can i efile my 2011 taxes   Worksheet 2-2. Can i efile my 2011 taxes Example—Illustrated Before using this worksheet, check Table 2-1, earlier, to determine whether or not your Roth IRA contribution limit is reduced. Can i efile my 2011 taxes If it is, use this worksheet to determine how much it is reduced. Can i efile my 2011 taxes 1. Can i efile my 2011 taxes Enter your modified AGI for Roth IRA purposes (Worksheet 2-1, line 12) 1. Can i efile my 2011 taxes 113,000 2. Can i efile my 2011 taxes Enter: $178,000 if filing a joint return or qualifying widow(er), $-0- if married filing a separate return and you lived with your spouse at any time in 2013, or $112,000 for all others 2. Can i efile my 2011 taxes 112,000 3. Can i efile my 2011 taxes Subtract line 2 from line 1 3. Can i efile my 2011 taxes 1,000 4. Can i efile my 2011 taxes Enter: $10,000 if filing a joint return or qualifying widow(er) or married filing a separate return and you lived with your spouse at any time during the year, or $15,000 for all others 4. Can i efile my 2011 taxes 15,000 5. Can i efile my 2011 taxes Divide line 3 by line 4 and enter the result as a decimal (rounded to at least three places). Can i efile my 2011 taxes If the result is 1. Can i efile my 2011 taxes 000 or more, enter 1. Can i efile my 2011 taxes 000 5. Can i efile my 2011 taxes . Can i efile my 2011 taxes 067 6. Can i efile my 2011 taxes Enter the lesser of: $5,500 ($6,500 if you are age 50 or older), or Your taxable compensation 6. Can i efile my 2011 taxes 5,500 7. Can i efile my 2011 taxes Multiply line 5 by line 6 7. Can i efile my 2011 taxes 369 8. Can i efile my 2011 taxes Subtract line 7 from line 6. Can i efile my 2011 taxes Round the result up to the nearest $10. Can i efile my 2011 taxes If the result is less than $200, enter $200 8. Can i efile my 2011 taxes 5,140 9. Can i efile my 2011 taxes Enter contributions for the year to other IRAs 9. Can i efile my 2011 taxes 0 10. Can i efile my 2011 taxes Subtract line 9 from line 6 10. Can i efile my 2011 taxes 5,500 11. Can i efile my 2011 taxes Enter the lesser of line 8 or line 10. Can i efile my 2011 taxes This is your reduced Roth IRA contribution limit 11. Can i efile my 2011 taxes 5,140 When Can You Make Contributions? You can make contributions to a Roth IRA for a year at any time during the year or by the due date of your return for that year (not including extensions). Can i efile my 2011 taxes You can make contributions for 2013 by the due date (not including extensions) for filing your 2013 tax return. Can i efile my 2011 taxes This means that most people can make contributions for 2013 by April 15, 2014. Can i efile my 2011 taxes What if You Contribute Too Much? A 6% excise tax applies to any excess contribution to a Roth IRA. Can i efile my 2011 taxes Excess contributions. Can i efile my 2011 taxes   These are the contributions to your Roth IRAs for a year that equal the total of: Amounts contributed for the tax year to your Roth IRAs (other than amounts properly and timely rolled over from a Roth IRA or properly converted from a traditional IRA or rolled over from a qualified retirement plan, as described later) that are more than your contribution limit for the year (explained earlier under How Much Can Be Contributed? ), plus Any excess contributions for the preceding year, reduced by the total of: Any distributions out of your Roth IRAs for the year, plus Your contribution limit for the year minus your contributions to all your IRAs for the year. Can i efile my 2011 taxes Withdrawal of excess contributions. Can i efile my 2011 taxes   For purposes of determining excess contributions, any contribution that is withdrawn on or before the due date (including extensions) for filing your tax return for the year is treated as an amount not contributed. Can i efile my 2011 taxes This treatment only applies if any earnings on the contributions are also withdrawn. Can i efile my 2011 taxes The earnings are considered earned and received in the year the excess contribution was made. Can i efile my 2011 taxes   If you timely filed your 2013 tax return without withdrawing a contribution that you made in 2013, you can still have the contribution returned to you within 6 months of the due date of your 2013 tax return, excluding extensions. Can i efile my 2011 taxes If you do, file an amended return with “Filed pursuant to section 301. Can i efile my 2011 taxes 9100-2” written at the top. Can i efile my 2011 taxes Report any related earnings on the amended return and include an explanation of the withdrawal. Can i efile my 2011 taxes Make any other necessary changes on the amended return. Can i efile my 2011 taxes Applying excess contributions. Can i efile my 2011 taxes    If contributions to your Roth 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. Can i efile my 2011 taxes Can You Move Amounts Into a Roth IRA? You may be able to convert amounts from either a traditional, SEP, or SIMPLE IRA into a Roth IRA. Can i efile my 2011 taxes You may be able to roll over amounts from a qualified retirement plan to a Roth IRA. Can i efile my 2011 taxes You may be able to recharacterize contributions made to one IRA as having been made directly to a different IRA. Can i efile my 2011 taxes You can roll amounts over from a designated Roth account or from one Roth IRA to another Roth IRA. Can i efile my 2011 taxes Conversions You can convert a traditional IRA to a Roth IRA. Can i efile my 2011 taxes The conversion is treated as a rollover, regardless of the conversion method used. Can i efile my 2011 taxes Most of the rules for rollovers, described in chapter 1 under Rollover From One IRA Into Another , apply to these rollovers. Can i efile my 2011 taxes However, the 1-year waiting period does not apply. Can i efile my 2011 taxes Conversion methods. Can i efile my 2011 taxes   You can convert amounts from a traditional IRA to a Roth IRA in any of the following three ways. Can i efile my 2011 taxes Rollover. Can i efile my 2011 taxes You can receive a distribution from a traditional IRA and roll it over (contribute it) to a Roth IRA within 60 days after the distribution. Can i efile my 2011 taxes Trustee-to-trustee transfer. Can i efile my 2011 taxes You can direct the trustee of the traditional IRA to transfer an amount from the traditional IRA to the trustee of the Roth IRA. Can i efile my 2011 taxes Same trustee transfer. Can i efile my 2011 taxes If the trustee of the traditional IRA also maintains the Roth IRA, you can direct the trustee to transfer an amount from the traditional IRA to the Roth IRA. Can i efile my 2011 taxes Same trustee. Can i efile my 2011 taxes   Conversions made with the same trustee can be made by redesignating the traditional IRA as a Roth IRA, rather than opening a new account or issuing a new contract. Can i efile my 2011 taxes Income. Can i efile my 2011 taxes   You must include in your gross income distributions from a traditional IRA that you would have had to include in income if you had not converted them into a Roth IRA. Can i efile my 2011 taxes These amounts are normally included in income on your return for the year that you converted them from a traditional IRA to a Roth IRA. Can i efile my 2011 taxes If you must include any amount in your gross income, you may have to increase your withholding or make estimated tax payments. Can i efile my 2011 taxes See Publication 505, Tax Withholding and Estimated Tax. Can i efile my 2011 taxes More information. Can i efile my 2011 taxes   For more information on conversions, see Converting From Any Traditional IRA Into a Roth IRA in chapter 1. Can i efile my 2011 taxes Rollover From Employer's Plan Into a Roth IRA You can roll over into a Roth IRA all or part of an eligible rollover distribution you receive from your (or your deceased spouse's): Employer's qualified pension, profit-sharing, or stock bonus plan (including a 401(k) plan); Annuity plan; Tax-sheltered annuity plan (section 403(b) plan); or Governmental deferred compensation plan (section 457 plan). Can i efile my 2011 taxes Any amount rolled over is subject to the same rules for converting a traditional IRA into a Roth IRA. Can i efile my 2011 taxes See Converting From Any Traditional IRA Into a Roth IRA in chapter 1. Can i efile my 2011 taxes Also, the rollover contribution must meet the rollover requirements that apply to the specific type of retirement plan. Can i efile my 2011 taxes Rollover methods. Can i efile my 2011 taxes   You can roll over amounts from a qualified retirement plan to a Roth IRA in one of the following ways. Can i efile my 2011 taxes Rollover. Can i efile my 2011 taxes You can receive a distribution from a qualified retirement plan and roll it over (contribute) to a Roth IRA within 60 days after the distribution. Can i efile my 2011 taxes Since the distribution is paid directly to you, the payer generally must withhold 20% of it. Can i efile my 2011 taxes Direct rollover option. Can i efile my 2011 taxes Your employer's qualified plan must give you the option to have any part of an eligible rollover distribution paid directly to a Roth IRA. Can i efile my 2011 taxes Generally, no tax is withheld from any part of the designated distribution that is directly paid to the trustee of the Roth IRA. Can i efile my 2011 taxes Rollover by nonspouse beneficiary. Can i efile my 2011 taxes   If you are a designated beneficiary (other than a surviving spouse) of a deceased employee, you can roll over all or part of an eligible rollover distribution from one of the types of plans listed above into a Roth IRA. Can i efile my 2011 taxes You must make the rollover by a direct trustee-to-trustee transfer into an inherited Roth IRA. Can i efile my 2011 taxes   You will determine your required minimum distributions in years after you make the rollover based on whether the employee died before his or her required beginning date for taking distributions from the plan. Can i efile my 2011 taxes For more information, see Distributions after the employee’s death under Tax on Excess Accumulation in Publication 575. Can i efile my 2011 taxes Income. Can i efile my 2011 taxes   You must include in your gross income distributions from a qualified retirement plan that you would have had to include in income if you had not rolled them over into a Roth IRA. Can i efile my 2011 taxes You do not include in gross income any part of a distribution from a qualified retirement plan that is a return of contributions (after-tax contributions) to the plan that were taxable to you when paid. Can i efile my 2011 taxes These amounts are normally included in income on your return for the year of the rollover from the qualified employer plan to a Roth IRA. Can i efile my 2011 taxes If you must include any amount in your gross income, you may have to increase your withholding or make estimated tax payments. Can i efile my 2011 taxes See Publication 505, Tax Withholding and Estimated Tax. Can i efile my 2011 taxes For more information on eligible rollover distributions from qualified retirement plans and withholding, see Rollover From Employer's Plan Into an IRA in chapter 1. Can i efile my 2011 taxes Military Death Gratuities and Servicemembers' Group Life Insurance (SGLI) Payments If you received a military death gratuity or SGLI payment with respect to a death from injury that occurred after October 6, 2001, you can contribute (roll over) all or part of the amount received to your Roth IRA. Can i efile my 2011 taxes The contribution is treated as a qualified rollover contribution. Can i efile my 2011 taxes The amount you can roll over to your Roth IRA cannot exceed the total amount that you received reduced by any part of that amount that was contributed to a Coverdell ESA or another Roth IRA. Can i efile my 2011 taxes Any military death gratuity or SGLI payment contributed to a Roth IRA is disregarded for purposes of the 1-year waiting period between rollovers. Can i efile my 2011 taxes The rollover must be completed before the end of the 1-year period beginning on the date you received the payment. Can i efile my 2011 taxes The amount contributed to your Roth IRA is treated as part of your cost basis (investment in the contract) in the Roth IRA that is not taxable when distributed. Can i efile my 2011 taxes Rollover From a Roth IRA You can withdraw, tax free, all or part of the assets from one Roth IRA if you contribute them within 60 days to another Roth IRA. Can i efile my 2011 taxes Most of the rules for rollovers, described in chapter 1 under Rollover From One IRA Into Another , apply to these rollovers. Can i efile my 2011 taxes However, rollovers from retirement plans other than Roth IRAs are disregarded for purposes of the 1-year waiting period between rollovers. Can i efile my 2011 taxes A rollover from a Roth IRA to an employer retirement plan is not allowed. Can i efile my 2011 taxes A rollover from a designated Roth account can only be made to another designated Roth account or to a Roth IRA. Can i efile my 2011 taxes If you roll over an amount from one Roth IRA to another Roth IRA, the 5-year period used to determine qualified distributions does not change. Can i efile my 2011 taxes The 5-year period begins with the first taxable year for which the contribution was made to the initial Roth IRA. Can i efile my 2011 taxes See What are Qualified Distributions , later. Can i efile my 2011 taxes Rollover of Exxon Valdez Settlement Income If you are a qualified taxpayer (defined in chapter 1, earlier) and you received qualified settlement income (defined in chapter 1, earlier), you can contribute all or part of the amount received to an eligible retirement plan which includes a Roth IRA. Can i efile my 2011 taxes The rules for contributing qualified settlement income to a Roth IRA are the same as the rules for contributing qualified settlement income to a traditional IRA with the following exception. Can i efile my 2011 taxes Qualified settlement income that is contributed to a Roth IRA, or to a designated Roth account, will be: Included in your taxable income for the year the qualified settlement income was received, and Treated as part of your cost basis (investment in the contract) in the Roth IRA that is not taxable when distributed. Can i efile my 2011 taxes For more information, see Rollover of Exxon Valdez Settlement Income in chapter 1. Can i efile my 2011 taxes Rollover of Airline Payments If you are a qualified airline employee (defined next), you may contribute any portion of an airline payment (defined below) you receive to a Roth IRA. Can i efile my 2011 taxes The contribution must be made within 180 days from the date you received the payment. Can i efile my 2011 taxes The contribution will be treated as a qualified rollover contribution. Can i efile my 2011 taxes The rollover contribution is included in income to the extent it would be included in income if it were not part of the rollover contribution. Can i efile my 2011 taxes Also, any reduction in the airline payment amount on account of employment taxes shall be disregarded when figuring the amount you can contribute to your Roth IRA. Can i efile my 2011 taxes Qualified airline employee. Can i efile my 2011 taxes    A current or former employee of a commercial airline carrier who was a participant in a qualified defined benefit plan maintained by the carrier which was terminated or became subject to restrictions under Section 402(b) of the Pension Protection Act of 2006. Can i efile my 2011 taxes These provisions also apply to surviving spouses of qualified airline employees. Can i efile my 2011 taxes Airline payment. Can i efile my 2011 taxes    An airline payment is any payment of money or other property that is paid to a qualified airline employee from a commercial airline carrier. Can i efile my 2011 taxes The payment also must be made both: Under the approval of an order of federal bankruptcy court in a case filed after September 11, 2001, and before January 1, 2007, and In respect of the qualified airline employee’s interest in a bankruptcy claim against the airline carrier, any note of the carrier (or amount paid in lieu of a note being issued), or any other fixed obligation of the carrier to pay a lump sum amount. Can i efile my 2011 taxes Any reduction in the airline payment amount on account of employment taxes shall be disregarded when figuring the amount you can roll over to your traditional IRA. Can i efile my 2011 taxes Also, an airline payment shall not include any amount payable on the basis of the airline carrier’s future earnings or profits. Can i efile my 2011 taxes Are Distributions Taxable? You do not include in your gross income qualified distributions or distributions that are a return of your regular contributions from your Roth IRA(s). Can i efile my 2011 taxes You also do not include distributions from your Roth IRA that you roll over tax free into another Roth IRA. Can i efile my 2011 taxes You may have to include part of other distributions in your income. Can i efile my 2011 taxes See Ordering Rules for Distributions , later. Can i efile my 2011 taxes Basis of distributed property. Can i efile my 2011 taxes   The basis of property distributed from a Roth IRA is its fair market value (FMV) on the date of distribution, whether or not the distribution is a qualified distribution. Can i efile my 2011 taxes Withdrawals of contributions by due date. Can i efile my 2011 taxes   If you withdraw contributions (including any net earnings on the contributions) by the due date of your return for the year in which you made the contribution, the contributions are treated as if you never made them. Can i efile my 2011 taxes If you have an extension of time to file your return, you can withdraw the contributions and earnings by the extended due date. Can i efile my 2011 taxes The withdrawal of contributions is tax free, but you must include the earnings on the contributions in income for the year in which you made the contributions. Can i efile my 2011 taxes What Are Qualified Distributions? A qualified distribution is any payment or distribution from your Roth IRA that meets the following requirements. Can i efile my 2011 taxes It is made after the 5-year period beginning with the first taxable year for which a contribution was made to a Roth IRA set up for your benefit, and The payment or distribution is: Made on or after the date you reach age 59½, Made because you are disabled (defined earlier), Made to a beneficiary or to your estate after your death, or One that meets the requirements listed under First home under Exceptions in chapter 1 (up to a $10,000 lifetime limit). Can i efile my 2011 taxes Additional Tax on Early Distributions If you receive a distribution that is not a qualified distribution, you may have to pay the 10% additional tax on early distributions as explained in the following paragraphs. Can i efile my 2011 taxes Distributions of conversion and certain rollover contributions within 5-year period. Can i efile my 2011 taxes   If, within the 5-year period starting with the first day of your tax year in which you convert an amount from a traditional IRA or rollover an amount from a qualified retirement plan to a Roth IRA, you take a distribution from a Roth IRA, you may have to pay the 10% additional tax on early distributions. Can i efile my 2011 taxes You generally must pay the 10% additional tax on any amount attributable to the part of the amount converted or rolled over (the conversion or rollover contribution) that you had to include in income (recapture amount). Can i efile my 2011 taxes A separate 5-year period applies to each conversion and rollover. Can i efile my 2011 taxes See Ordering Rules for Distributions , later, to determine the recapture amount, if any. Can i efile my 2011 taxes   The 5-year period used for determining whether the 10% early distribution tax applies to a distribution from a conversion or rollover contribution is separately determined for each conversion and rollover, and is not necessarily the same as the 5-year period used for determining whether a distribution is a qualified distribution. Can i efile my 2011 taxes See What Are Qualified Distributions , earlier. Can i efile my 2011 taxes   For example, if a calendar-year taxpayer makes a conversion contribution on February 25, 2013, and makes a regular contribution for 2012 on the same date, the 5-year period for the conversion begins January 1, 2013, while the 5-year period for the regular contribution begins on January 1, 2012. Can i efile my 2011 taxes   Unless one of the exceptions listed later applies, you must pay the additional tax on the portion of the distribution attributable to the part of the conversion or rollover contribution that you had to include in income because of the conversion or rollover. Can i efile my 2011 taxes   You must pay the 10% additional tax in the year of the distribution, even if you had included the conversion or rollover contribution in an earlier year. Can i efile my 2011 taxes You also must pay the additional tax on any portion of the distribution attributable to earnings on contributions. Can i efile my 2011 taxes Other early distributions. Can i efile my 2011 taxes   Unless one of the exceptions listed below applies, you must pay the 10% additional tax on the taxable part of any distributions that are not qualified distributions. Can i efile my 2011 taxes Exceptions. Can i efile my 2011 taxes   You may not have to pay the 10% additional tax in the following situations. Can i efile my 2011 taxes You have reached age 59½. Can i efile my 2011 taxes You are totally and permanently disabled. Can i efile my 2011 taxes You are the beneficiary of a deceased IRA owner. Can i efile my 2011 taxes You use the distribution to buy, build, or rebuild a first home. Can i efile my 2011 taxes The distributions are part of a series of substantially equal payments. Can i efile my 2011 taxes You have unreimbursed medical expenses that are more than 10% (or 7. Can i efile my 2011 taxes 5% if you or your spouse was born before January 2, 1949) of your adjusted gross income (defined earlier) for the year. Can i efile my 2011 taxes You are paying medical insurance premiums during a period of unemployment. Can i efile my 2011 taxes The distributions are not more than your qualified higher education expenses. Can i efile my 2011 taxes The distribution is due to an IRS levy of the qualified plan. Can i efile my 2011 taxes The distribution is a qualified reservist distribution. Can i efile my 2011 taxes Most of these exceptions are discussed earlier in chapter 1 under Early Distributions . Can i efile my 2011 taxes Please click here for the text description of the image. Can i efile my 2011 taxes Is Roth Distributions a Qualified Distribution? Ordering Rules for Distributions If you receive a distribution from your Roth IRA that is not a qualified distribution, part of it may be taxable. Can i efile my 2011 taxes There is a set order in which contributions (including conversion contributions and rollover contributions from qualified retirement plans) and earnings are considered to be distributed from your Roth IRA. Can i efile my 2011 taxes For these purposes, disregard the withdrawal of excess contributions and the earnings on them (discussed earlier under What if You Contribute Too Much ). Can i efile my 2011 taxes Order the distributions as follows. Can i efile my 2011 taxes Regular contributions. Can i efile my 2011 taxes Conversion and rollover contributions, on a first-in, first-out basis (generally, total conversions and rollovers from the earliest year first). Can i efile my 2011 taxes See Aggregation (grouping and adding) rules, later. Can i efile my 2011 taxes Take these conversion and rollover contributions into account as follows: Taxable portion (the amount required to be included in gross income because of the conversion or rollover) first, and then the Nontaxable portion. Can i efile my 2011 taxes Earnings on contributions. Can i efile my 2011 taxes Disregard rollover contributions from other Roth IRAs for this purpose. Can i efile my 2011 taxes Aggregation (grouping and adding) rules. Can i efile my 2011 taxes   Determine the taxable amounts distributed (withdrawn), distributions, and contributions by grouping and adding them together as follows. Can i efile my 2011 taxes Add all distributions from all your Roth IRAs during the year together. Can i efile my 2011 taxes Add all regular contributions made for the year (including contributions made after the close of the year, but before the due date of your return) together. Can i efile my 2011 taxes Add this total to the total undistributed regular contributions made in prior years. Can i efile my 2011 taxes Add all conversion and rollover contributions made during the year together. Can i efile my 2011 taxes For purposes of the ordering rules, in the case of any conversion or rollover in which the conversion or rollover distribution is made in 2013 and the conversion or rollover contribution is made in 2014, treat the conversion or rollover contribution as contributed before any other conversion or rollover contributions made in 2014. Can i efile my 2011 taxes Add any recharacterized contributions that end up in a Roth IRA to the appropriate contribution group for the year that the original contribution would have been taken into account if it had been made directly to the Roth IRA. Can i efile my 2011 taxes   Disregard any recharacterized contribution that ends up in an IRA other than a Roth IRA for the purpose of grouping (aggregating) both contributions and distributions. Can i efile my 2011 taxes Also disregard any amount withdrawn to correct an excess contribution (including the earnings withdrawn) for this purpose. Can i efile my 2011 taxes Example. Can i efile my 2011 taxes On October 15, 2009, Justin converted all $80,000 in his traditional IRA to his Roth IRA. Can i efile my 2011 taxes His Forms 8606 from prior years show that $20,000 of the amount converted is his basis. Can i efile my 2011 taxes Justin included $60,000 ($80,000 − $20,000) in his gross income. Can i efile my 2011 taxes On February 23, 2013, Justin made a regular contribution of $5,000 to a Roth IRA. Can i efile my 2011 taxes On November 8, 2013, at age 60, Justin took a $7,000 distribution from his Roth IRA. Can i efile my 2011 taxes The first $5,000 of the distribution is a return of Justin's regular contribution and is not includible in his income. Can i efile my 2011 taxes The next $2,000 of the distribution is not includible in income because it was included previously. Can i efile my 2011 taxes Figuring your recapture amount. Can i efile my 2011 taxes   If you had an early distribution from your Roth IRAs in 2013, you must allocate the early distribution by using the Recapture Amount—Allocation Chart, later. Can i efile my 2011 taxes Recapture Amount—Allocation Chart Enter the amount from your 2013 Form 8606, line 19   Before you begin: You will need your prior year Form(s) 8606 and income tax return(s) if you entered an amount on any line(s) as indicated below. Can i efile my 2011 taxes   You will now allocate the amount you entered above (2013 Form 8606, line 19) in the order shown, to the amounts on the lines listed below (to the extent a prior year distribution was not allocable to the amount). Can i efile my 2011 taxes The maximum amount you can enter on each line below is the amount entered on the referenced lines of the form for that year. Can i efile my 2011 taxes Note. Can i efile my 2011 taxes Once you have allocated the full amount from your 2013 Form 8606, line 19, STOP. Can i efile my 2011 taxes See the Example , earlier. Can i efile my 2011 taxes Tax Year Your Form 2013 Form 8606, line 20   Form 8606, line 22   1998 Form 8606, line 16   Form 8606, line 15   1999 Form 8606, line 16   Form 8606, line 15   2000 Form 8606, line 16   Form 8606, line 15   2001 Form 8606, line 18   Form 8606, line 17   2002 Form 8606, line 18   Form 8606, line 17   2003 Form 8606, line 18   Form 8606, line 17   2004 Form 8606, line 18   Form 8606, line 17   2005 Form 8606, line 18   Form 8606, line 17   2006 Form 8606, line 18   Form 8606, line 17   2007 Form 8606, line 18   Form 8606, line 17   2008 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2009 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2010 Form 8606, lines 18 and 23   Form 8606, lines 17 and 22   2011 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2012 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2013 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2013 Form 8606, line 25       *Only include those amounts rolled over to a Roth IRA. Can i efile my 2011 taxes  **Only include any contributions (usually Form 1099-R, box 5) that were taxable to you when made and rolled over to a Roth IRA. Can i efile my 2011 taxes Amount to include on Form 5329, line 1. Can i efile my 2011 taxes   Include on line 1 of your 2013 Form 5329 the following four amounts from the Recapture Amount—Allocation Chart that you filled out. Can i efile my 2011 taxes The amount you allocated to line 20 of your 2013 Form 8606. Can i efile my 2011 taxes The amount(s) allocated to your 2009 through 2013 Forms 8606, line 18, and your 2010 Form 8606, line 23. Can i efile my 2011 taxes The amount(s) allocated to your 2009, 2011, 2012, and 2013 Forms 1040, line 16b; Forms 1040A, line 12b; and Forms 1040NR, line 17b. Can i efile my 2011 taxes The amount from your 2013 Form 8606, line 25. Can i efile my 2011 taxes   Also, include any amount you allocated to line 20 of your 2013 Form 8606 on your 2013 Form 5329, line 2, and enter exception number 09. Can i efile my 2011 taxes Example. Can i efile my 2011 taxes Ishmael, age 32, opened a Roth IRA in 2000. Can i efile my 2011 taxes He made the maximum contributions to it every year. Can i efile my 2011 taxes In addition, he made the following transactions into his Roth IRA. Can i efile my 2011 taxes In 2005, he converted $10,000 from his traditional IRA into his Roth IRA. Can i efile my 2011 taxes He filled out a 2005 Form 8606 and attached it with his 2005 Form 1040. Can i efile my 2011 taxes He entered $0 on line 17 of Form 8606 because he took a deduction for all the contributions to the traditional IRA, therefore he has no basis. Can i efile my 2011 taxes He entered $10,000 on line 18 of Form 8606. Can i efile my 2011 taxes In 2011, he rolled over the entire balance of his qualified retirement plan, $20,000, into a Roth IRA when he changed jobs. Can i efile my 2011 taxes He used a 2011 Form 1040 to file his taxes. Can i efile my 2011 taxes He entered $20,000 on line 16a of Form 1040 because that was the amount reported in box 1 of his 2011 Form 1099-R. Can i efile my 2011 taxes Box 5 of his 2011 Form 1099-R reported $0 since he did not make any after-tax contributions to the qualified retirement plan. Can i efile my 2011 taxes He entered $20,000 on line 16b of Form 1040 since that is the taxable amount that was rolled over in 2011. Can i efile my 2011 taxes The total balance in his Roth IRA as of January 1, 2013 was $105,000 ($50,000 in contributions from 2000 through 2012 + $10,000 from the 2005 conversion + $20,000 from the 2011 rollover + $25,000 from earnings). Can i efile my 2011 taxes He has not taken any early distribution from his Roth IRA before 2013. Can i efile my 2011 taxes In 2013, he made the maximum contribution of $5,500 to his Roth IRA. Can i efile my 2011 taxes In August of 2013, he took a $85,500 early distribution from his Roth IRA to use as a down payment on the purchase of his first home. Can i efile my 2011 taxes See his filled out Illustrated Recapture Amount—Allocation Chart, later, to see how he allocated the amounts from the above transactions. Can i efile my 2011 taxes Based on his allocation, he would enter $20,000 on his 2013 Form 5329, line 1 (see Amount to include on Form 5329, line 1 , above). Can i efile my 2011 taxes He should also report $10,000 on his 2013 Form 5329, line 2, and enter exception 09 since that amount is not subject to the 10% additional tax on early distributions. Can i efile my 2011 taxes Illustrated Recapture Amount—Allocation Chart Enter the amount from your 2013 Form 8606, line 19 $85,500 Before you begin: You will need your prior year Form(s) 8606 and income tax return(s) if you entered an amount on any line(s) as indicated below. Can i efile my 2011 taxes   You will now allocate the amount you entered above (2013 Form 8606, line 19) in the order shown, to the amounts on the lines listed below (to the extent a prior year distribution was not allocable to the amount). Can i efile my 2011 taxes The maximum amount you can enter on each line below is the amount entered on the referenced lines of the form for that year. Can i efile my 2011 taxes Note. Can i efile my 2011 taxes Once you have allocated the full amount from your 2013 Form 8606, line 19, STOP. Can i efile my 2011 taxes See the Example , earlier. Can i efile my 2011 taxes Tax Year Your Form 2013 Form 8606, line 20 $10,000 Form 8606, line 22 $55,500 1998 Form 8606, line 16   Form 8606, line 15   1999 Form 8606, line 16   Form 8606, line 15   2000 Form 8606, line 16   Form 8606, line 15   2001 Form 8606, line 18   Form 8606, line 17   2002 Form 8606, line 18   Form 8606, line 17   2003 Form 8606, line 18   Form 8606, line 17   2004 Form 8606, line 18   Form 8606, line 17   2005 Form 8606, line 18 $10,000 Form 8606, line 17 $-0- 2006 Form 8606, line 18   Form 8606, line 17   2007 Form 8606, line 18   Form 8606, line 17   2008 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2009 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2010 Form 8606, lines 18 and 23   Form 8606, lines 17 and 22   2011 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b* $10,000 Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2012 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2013 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2013 Form 8606, line 25       *Only include those amounts rolled over to a Roth IRA. Can i efile my 2011 taxes  **Only include any contributions (usually Form 1099-R, box 5) that were taxable to you when made and rolled over to a Roth IRA. Can i efile my 2011 taxes How Do You Figure the Taxable Part? To figure the taxable part of a distribution that is not a qualified distribution, complete Form 8606, Part III. Can i efile my 2011 taxes Must You Withdraw or Use Assets? You are not required to take distributions from your Roth IRA at any age. Can i efile my 2011 taxes The minimum distribution rules that apply to traditional IRAs do not apply to Roth IRAs while the owner is alive. Can i efile my 2011 taxes However, after the death of a Roth IRA owner, certain of the minimum distribution rules that apply to traditional IRAs also apply to Roth IRAs as explained later under Distributions After Owner's Death . Can i efile my 2011 taxes Minimum distributions. Can i efile my 2011 taxes   You cannot use your Roth IRA to satisfy minimum distribution requirements for your traditional IRA. Can i efile my 2011 taxes Nor can you use distributions from traditional IRAs for required distributions from Roth IRAs. Can i efile my 2011 taxes See Distributions to beneficiaries , later. Can i efile my 2011 taxes Recognizing Losses on Investments If you have a loss on your Roth IRA investment, you can recognize the loss on your income tax return, but only when all the amounts in all of your Roth IRA accounts have been distributed to you and the total distributions are less than your unrecovered basis. Can i efile my 2011 taxes Your basis is the total amount of contributions in your Roth IRAs. Can i efile my 2011 taxes You claim the loss as a miscellaneous itemized deduction, subject to the 2%-of-adjusted-gross-income limit that applies to certain miscellaneous itemized deductions on Schedule A (Form 1040). Can i efile my 2011 taxes Any such losses are added back to taxable income for purposes of calculating the alternative minimum tax. Can i efile my 2011 taxes Distributions After Owner's Death If a Roth IRA owner dies, the minimum distribution rules that apply to traditional IRAs apply to Roth IRAs as though the Roth IRA owner died before his or her required beginning date. Can i efile my 2011 taxes See When Can You Withdraw or Use Assets? in chapter 1. Can i efile my 2011 taxes Distributions to beneficiaries. Can i efile my 2011 taxes   Generally, the entire interest in the Roth IRA must be distributed by the end of the fifth calendar year after the year of the owner's death unless the interest is payable to a designated beneficiary over the life or life expectancy of the designated beneficiary. Can i efile my 2011 taxes (See When Must You Withdraw Assets? (Required Minimum Distributions) in chapter 1. Can i efile my 2011 taxes )   If paid as an annuity, the entire interest must be payable over a period not greater than the designated beneficiary's life expectancy and distributions must begin before the end of the calendar year following the year of death. Can i efile my 2011 taxes Distributions from another Roth IRA cannot be substituted for these distributions unless the other Roth IRA was inherited from the same decedent. Can i efile my 2011 taxes   If the sole beneficiary is the spouse, he or she can either delay distributions until the decedent would have reached age 70½ or treat the Roth IRA as his or her own. Can i efile my 2011 taxes Combining with other Roth IRAs. Can i efile my 2011 taxes   A beneficiary can combine an inherited Roth IRA with another Roth IRA maintained by the beneficiary only if the beneficiary either: Inherited the other Roth IRA from the same decedent, or Was the spouse of the decedent and the sole beneficiary of the Roth IRA and elects to treat it as his or her own IRA. Can i efile my 2011 taxes Distributions that are not qualified distributions. Can i efile my 2011 taxes   If a distribution to a beneficiary is not a qualified distribution, it is generally includible in the beneficiary's gross income in the same manner as it would have been included in the owner's income had it been distributed to the IRA owner when he or she was alive. Can i efile my 2011 taxes   If the owner of a Roth IRA dies before the end of: The 5-year period beginning with the first taxable year for which a contribution was made to a Roth IRA set up for the owner's benefit, or The 5-year period starting with the year of a conversion contribution from a traditional IRA or a rollover from a qualified retirement plan to a Roth IRA, each type of contribution is divided among multiple beneficiaries according to the pro-rata share of each. Can i efile my 2011 taxes See Ordering Rules for Distributions , earlier in this chapter under Are Distributions Taxable. Can i efile my 2011 taxes Example. Can i efile my 2011 taxes When Ms. Can i efile my 2011 taxes Hibbard died in 2013, her Roth IRA contained regular contributions of $4,000, a conversion contribution of $10,000 that was made in 2009, and earnings of $2,000. Can i efile my 2011 taxes No distributions had been made from her IRA. Can i efile my 2011 taxes She had no basis in the conversion contribution in 2009. Can i efile my 2011 taxes When she established this Roth IRA (her first) in 2009, she named each of her four children as equal beneficiaries. Can i efile my 2011 taxes Each child will receive one-fourth of each type of contribution and one-fourth of the earnings. Can i efile my 2011 taxes An immediate distribution of $4,000 to each child will be treated as $1,000 from regular contributions, $2,500 from conversion contributions, and $500 from earnings. Can i efile my 2011 taxes In this case, because the distributions are made before the end of the applicable 5-year period for a qualified distribution, each beneficiary includes $500 in income for 2013. Can i efile my 2011 taxes The 10% additional tax on early distributions does not apply because the distribution was made to the beneficiaries as a result of the death of the IRA owner. Can i efile my 2011 taxes If distributions from an inherited Roth IRA are less than the required minimum distribution for the year, discussed in chapter 1 under When Must You Withdraw Assets? (Required Minimum Distributions), you may have to pay a 50% excise tax for that year on the amount not distributed as required. Can i efile my 2011 taxes For the tax on excess accumulations (insufficient distributions), see Excess Accumulations (Insufficient Distributions) under What Acts Result in Penalties or Additional Taxes? in chapter 1. Can i efile my 2011 taxes If this applies to you, substitute “Roth IRA” for “traditional IRA” in that discussion. Can i efile my 2011 taxes Prev  Up  Next   Home   More Online Publications
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The Can I Efile My 2011 Taxes

Can i efile my 2011 taxes Publication 523 - Introductory Material Table of Contents Future Developments Reminders IntroductionOrdering forms and publications. Can i efile my 2011 taxes Tax questions. Can i efile my 2011 taxes Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 523, such as legislation enacted after it was published, go to www. Can i efile my 2011 taxes irs. Can i efile my 2011 taxes gov/pub523. Can i efile my 2011 taxes Reminders Change of address. Can i efile my 2011 taxes  If you change your mailing address, be sure to notify the Internal Revenue Service (IRS) using Form 8822, Change of Address. Can i efile my 2011 taxes Mail it to the Internal Revenue Service Center for your old address. Can i efile my 2011 taxes (Addresses for the Service Centers are on the back of the form. Can i efile my 2011 taxes ) Home sold with undeducted points. Can i efile my 2011 taxes  If you have not deducted all the points you paid to secure a mortgage on your old home, you may be able to deduct the remaining points in the year of sale. Can i efile my 2011 taxes See Points in Publication 936, Home Mortgage Interest Deduction. Can i efile my 2011 taxes Photographs of missing children. Can i efile my 2011 taxes  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Can i efile my 2011 taxes Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Can i efile my 2011 taxes You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Can i efile my 2011 taxes Introduction This publication explains the tax rules that apply when you sell your main home. Can i efile my 2011 taxes In most cases, your main home is the one in which you live most of the time. Can i efile my 2011 taxes If you sold your main home in 2013, you may be able to exclude from income any gain up to a limit of $250,000 ($500,000 on a joint return in most cases). Can i efile my 2011 taxes See Excluding the Gain , later. Can i efile my 2011 taxes Generally, if you can exclude all the gain, you do not need to report the sale on your tax return. Can i efile my 2011 taxes If you have gain that cannot be excluded, you generally must report it on Form 8949, Sales and Other Dispositions of Capital Assets, and Schedule D (Form 1040), Capital Gains and Losses. Can i efile my 2011 taxes You may also have to complete Form 4797, Sales of Business Property. Can i efile my 2011 taxes See Reporting the Sale , later. Can i efile my 2011 taxes If you have a loss on the sale, you generally cannot deduct it on your return. Can i efile my 2011 taxes However, you may need to report it. Can i efile my 2011 taxes See Reporting the Sale , later. Can i efile my 2011 taxes The main topics in this publication are: Figuring gain or loss, Basis, Excluding the gain, Ownership and use tests, and Reporting the sale. Can i efile my 2011 taxes Other topics include: Business use or rental of home, Deducting taxes in the year of sale, and Recapturing a federal mortgage subsidy. Can i efile my 2011 taxes Net Investment Income Tax (NIIT). Can i efile my 2011 taxes   If any part of the gain on the sale of a home is not excluded under the rules discussed in this publication, it may be subject to the NIIT. Can i efile my 2011 taxes For more details, see Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts, and its instructions. Can i efile my 2011 taxes Worksheets. Can i efile my 2011 taxes   Near the end of this publication you will find worksheets you can use to figure your gain (or loss) and your exclusion. Can i efile my 2011 taxes Use Worksheet 1 to figure the adjusted basis of the home you sold. Can i efile my 2011 taxes Use Worksheet 2 to figure the gain (or loss), the exclusion, and the taxable gain (if any) on the sale. Can i efile my 2011 taxes If you do not qualify for the maximum exclusion, use Worksheet 3 to figure your reduced maximum exclusion. Can i efile my 2011 taxes Date of sale. Can i efile my 2011 taxes    If you received a Form 1099-S, Proceeds From Real Estate Transactions, the date of sale should be shown in box 1. Can i efile my 2011 taxes If you did not receive this form, the date of sale is the earlier of (a) the date title transferred or (b) the date the economic burdens and benefits of ownership shifted to the buyer. Can i efile my 2011 taxes In most cases, these dates are the same. Can i efile my 2011 taxes What is not covered in this publication. Can i efile my 2011 taxes   This publication does not cover the sale of rental property, second homes, or vacation homes. Can i efile my 2011 taxes For information on how to report any gain or loss from those sales, see Publication 544, Sales and Other Dispositions of Assets. Can i efile my 2011 taxes Comments and suggestions. Can i efile my 2011 taxes   We welcome your comments about this publication and your suggestions for future editions. Can i efile my 2011 taxes   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Can i efile my 2011 taxes NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Can i efile my 2011 taxes Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Can i efile my 2011 taxes   You can send your comments from www. Can i efile my 2011 taxes irs. Can i efile my 2011 taxes gov/formspubs/. Can i efile my 2011 taxes Click on “More Information” and then on “Comment on Tax Forms and Publications”. Can i efile my 2011 taxes   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Can i efile my 2011 taxes Ordering forms and publications. Can i efile my 2011 taxes   Visit www. Can i efile my 2011 taxes irs. Can i efile my 2011 taxes gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Can i efile my 2011 taxes Internal Revenue Service 1201 N. Can i efile my 2011 taxes Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Can i efile my 2011 taxes   If you have a tax question, check the information available on IRS. Can i efile my 2011 taxes gov or call 1-800-829-1040. Can i efile my 2011 taxes We cannot answer tax questions sent to either of the above addresses. Can i efile my 2011 taxes Useful Items - You may want to see: Publication 527 Residential Rental Property 530 Tax Information for Homeowners 544 Sales and Other Dispositions of Assets 547 Casualties, Disasters, and Thefts 551 Basis of Assets 587 Business Use of Your Home 936 Home Mortgage Interest Deduction 4681 Canceled Debts, Foreclosures, Repossessions, and Abandonments Form (and Instructions) Schedule A (Form 1040) Itemized Deductions Schedule D (Form 1040) Capital Gains and Losses 982 Reduction of Tax Attributes Due to Discharge of Indebtedness 1040 U. Can i efile my 2011 taxes S. Can i efile my 2011 taxes Individual Income Tax Return 1040NR U. Can i efile my 2011 taxes S. Can i efile my 2011 taxes Nonresident Alien Income Tax Return 1040X Amended U. Can i efile my 2011 taxes S. Can i efile my 2011 taxes Individual Income Tax Return 1099-S Proceeds From Real Estate Transactions 4797 Sales of Business Property 5405 Repayment of the First-Time Homebuyer Credit 8822 Change of Address 8828 Recapture of Federal Mortgage Subsidy 8939 Allocation of Increase in Basis for Property Acquired From a Decedent 8949 Sales and Other Dispositions of Capital Assets W-2 Wage and Tax Statement See How To Get Tax Help , near the end of this publication, for information about getting these publications and forms. Can i efile my 2011 taxes Prev  Up  Next   Home   More Online Publications