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Can You Refile Your TaxesCan you refile your taxes 3. Can you refile your taxes Adjustments to Income Table of Contents Individual Retirement Arrangement (IRA) Contributions and DeductionsContributions to Kay Bailey Hutchison Spousal IRAs. Can you refile your taxes Deductible contribution. Can you refile your taxes Nondeductible contribution. Can you refile your taxes 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). Can you refile your taxes Some adjustments to income follow. Can you refile your taxes 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. Can you refile your taxes Certain moving expenses (Form 1040, line 26; or Form 1040NR, line 26) if you changed job locations or started a new job in 2013. Can you refile your taxes See Publication 521, Moving Expenses, or see Form 3903, Moving Expenses, and its instructions. Can you refile your taxes 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. Can you refile your taxes For more details, see Publication 535, Business Expenses. Can you refile your taxes Payments to your self-employed SEP, SIMPLE, or qualified plan (Form 1040, line 28 or Form 1040NR, line 28). Can you refile your taxes For more information, including limits on how much you can deduct, see Publication 560, Retirement Plans for Small Business. Can you refile your taxes Penalties paid on early withdrawal of savings (Form 1040, line 30 or Form 1040NR, line 30). Can you refile your taxes Form 1099-INT, Interest Income, or Form 1099-OID, Original Issue Discount, will show the amount of any penalty you were charged. Can you refile your taxes Alimony payments (Form 1040, line 31a). Can you refile your taxes For more information, see Publication 504, Divorced or Separated Individuals. Can you refile your taxes There are other items you can claim as adjustments to income. Can you refile your taxes These adjustments are discussed in your tax return instructions. Can you refile your taxes Individual Retirement Arrangement (IRA) Contributions and Deductions This section explains the tax treatment of amounts you pay into traditional IRAs. Can you refile your taxes A traditional IRA is any IRA that is not a Roth or SIMPLE IRA. Can you refile your taxes Roth and SIMPLE IRAs are defined earlier in the IRA discussion under Retirement Plan Distributions . Can you refile your taxes For more detailed information, see Publication 590. Can you refile your taxes Contributions. Can you refile your taxes An IRA is a personal savings plan that offers you tax advantages to set aside money for your retirement. Can you refile your taxes Two advantages of a traditional IRA are: You may be able to deduct some or all of your contributions to it, depending on your circumstances, and Generally, amounts in your IRA, including earnings and gains, are not taxed until distributed. Can you refile your taxes Although interest earned from your traditional IRA generally is not taxed in the year earned, it is not tax-exempt interest. Can you refile your taxes Do not report this interest on your tax return as tax-exempt interest. Can you refile your taxes General limit. Can you refile your taxes The most that can be contributed for 2013 to your traditional IRA is the smaller of the following amounts. Can you refile your taxes Your taxable compensation for the year, or $5,500 ($6,500 if you were age 50 or older by the end of 2013). Can you refile your taxes Contributions to Kay Bailey Hutchison Spousal IRAs. Can you refile your taxes 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. Can you refile your taxes For more information on the general limit and the Kay Bailey Hutchison Spousal IRA limit, see How Much Can Be Contributed? in Publication 590. Can you refile your taxes Deductible contribution. Can you refile your taxes 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. Can you refile your taxes 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. Can you refile your taxes Your deduction may be reduced or eliminated, depending on your filing status and the amount of your income. Can you refile your taxes For more information, see Limit if Covered by Employer Plan in Publication 590. Can you refile your taxes Nondeductible contribution. Can you refile your taxes The difference between your total permitted contributions and your IRA deduction, if any, is your nondeductible contribution. Can you refile your taxes 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. Can you refile your taxes 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). Can you refile your taxes Prev Up Next Home More Online Publications
Savings and Checking Accounts
Choose the Account That Is Best for You
When it comes to finding a safe place to put your money, there are a lot of options. Savings accounts, checking accounts, certificates of deposit and money market accounts are popular choices. Each has different rules and benefits that fit different needs. When choosing the one that is right for you, consider:
- Minimum deposit requirements- Some accounts can only be set up with a minimum dollar amount. If your account goes below the minimum the bank may not pay you interest on the money you deposited and you may be charged extra fees.
- Limits on withdrawals- Can you take money out whenever you want? Are there any penalties for doing so?
- Interest- How much (if anything) is paid and when: Daily, monthly, quarterly, yearly? To compare rates offered locally to those from financial institutions around the nation, visit bankrate.com
- Deposit insurance- Make sure your bank is a member of the Federal Deposit Insurance Corporation. This organization protects the money in your checking and savings accounts, certificates of deposit and IRA accounts up to $250,000.
- Credit unions- A credit union is a nonprofit, cooperative financial institution owned and run by its members. Like the FDIC does for banks, the National Credit Union Share Insurance Fund (NCUIF) insures a person's savings up to $250,000.
- Convenience- How easy is it to put money in and take it out? Are there tellers or ATM machines close to where you work and live? Or would you receive most of your service via the telephone or Internet?
If you are considering a checking account or another type of account with check-writing privileges, add these items to your list of things to think about:
- Number of checks- Is there a maximum number of checks you can write per month without incurring a charge?
- Check fees- Is there a monthly fee for the account or a charge for each check you write?
- Holds on checks- Is there a waiting period for checks to clear before you can withdraw the money from your account?
- Overdrafts- If you write a check for more money than you have in your account, what happens? You may be able to link your checking account to a savings account to protect yourself.
- Debit card fees- Are there fees for using your debit card?
- strong>Account fees- Banks can charge fees on your checking or savings account to cover things like maintenance, withdrawals, or minimum balance rules. However, the bank must inform you of the fees up front as part of your account agreement and notify you when changes occur. Practices vary from bank to bank, but each must inform you of the fee change on your statement, in a separate letter, or in a pamphlet. The Federal Reserve has more information about account fees.
- Bounced checks- It’s your responsibility to have sufficient funds in your account to cover the checks you write. If you try to cash a check, withdraw money, or use your debit card for an amount greater than the amount of money in your account, you can face a bounced check or overdraft fee. Your bank may pay for the item, but charge you a fee or deny the purchase and still charge you a fee. In addition, the business to which you wrote the check may charge you an additional returned check fee. Bounced checks can also blemish your credit record, so you may want to talk to your bank about overdraft protection. For more information, contact the Federal Reserve.