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File a tax extension online 1. File a tax extension online   403(b) Plan Basics Table of Contents What Is a 403(b) Plan? What Are the Benefits of Contributing to a 403(b) Plan?Excluded. File a tax extension online Deducted. File a tax extension online Who Can Participate in a 403(b) Plan?Ministers. File a tax extension online Who Can Set Up a 403(b) Account? How Can Contributions Be Made to My 403(b) Account? Do I Report Contributions on My Tax Return? How Much Can Be Contributed to My 403(b) Account? This chapter introduces you to 403(b) plans and accounts. File a tax extension online Specifically, the chapter answers the following questions. File a tax extension online What is a 403(b) plan? What are the benefits of contributing to a 403(b) plan? Who can participate in a 403(b) plan? Who can set up a 403(b) account? How can contributions be made to my 403(b) account? Do I report contributions on my tax return? How much can be contributed to my 403(b) account? What Is a 403(b) Plan? A 403(b) plan, also known as a tax-sheltered annuity (TSA) plan, is a retirement plan for certain employees of public schools, employees of certain tax-exempt organizations, and certain ministers. File a tax extension online Individual accounts in a 403(b) plan can be any of the following types. File a tax extension online An annuity contract, which is a contract provided through an insurance company, A custodial account, which is an account invested in mutual funds, or A retirement income account set up for church employees. File a tax extension online Generally, retirement income accounts can invest in either annuities or mutual funds. File a tax extension online We use the term “403(b) account” to refer to any one of these funding arrangements throughout this publication, unless otherwise specified. File a tax extension online What Are the Benefits of Contributing to a 403(b) Plan?  There are three benefits to contributing to a 403(b) plan. File a tax extension online The first benefit is that you do not pay income tax on allowable contributions until you begin making withdrawals from the plan, usually after you retire. File a tax extension online Allowable contributions to a 403(b) plan are either excluded or deducted from your income. File a tax extension online However, if your contributions are made to a Roth contribution program, this benefit does not apply. File a tax extension online Instead, you pay income tax on the contributions to the plan but distributions from the plan (if certain requirements are met) are tax free. File a tax extension online Note. File a tax extension online Generally, employees must pay social security and Medicare tax on their contributions to a 403(b) plan, including those made under a salary reduction agreement. File a tax extension online See chapter 4, Limit on Elective Deferrals , for more information. File a tax extension online The second benefit is that earnings and gains on amounts in your 403(b) account are not taxed until you withdraw them. File a tax extension online Earnings and gains on amounts in a Roth contribution program are not taxed if your withdrawals are qualified distributions. File a tax extension online Otherwise, they are taxed when you withdraw them. File a tax extension online The third benefit is that you may be eligible to take a credit for elective deferrals contributed to your 403(b) account. File a tax extension online See chapter 10, Retirement Savings Contributions Credit (Saver's Credit) . File a tax extension online Excluded. File a tax extension online   If an amount is excluded from your income, it is not included in your total wages on your Form W-2. File a tax extension online This means that you do not report the excluded amount on your tax return. File a tax extension online Deducted. File a tax extension online   If an amount is deducted from your income, it is included with your other wages on your Form W-2. File a tax extension online You report this amount on your tax return, but you are allowed to subtract it when figuring the amount of income on which you must pay tax. File a tax extension online Who Can Participate in a 403(b) Plan? Any eligible employee can participate in a 403(b) plan. File a tax extension online Eligible employees. File a tax extension online   The following employees are eligible to participate in a 403(b) plan. File a tax extension online Employees of tax-exempt organizations established under section 501(c)(3). File a tax extension online These organizations are usually referred to as section 501(c)(3) organizations or simply 501(c)(3) organizations. File a tax extension online Employees of public school systems who are involved in the day-to-day operations of a school. File a tax extension online Employees of cooperative hospital service organizations. File a tax extension online Civilian faculty and staff of the Uniformed Services University of the Health Sciences. File a tax extension online Employees of public school systems organized by Indian tribal governments. File a tax extension online Certain ministers (explained next). File a tax extension online Ministers. File a tax extension online   The following ministers are eligible employees for whom a 403(b) account can be established. File a tax extension online Ministers employed by section 501(c)(3) organizations. File a tax extension online Self-employed ministers. File a tax extension online A self-employed minister is treated as employed by a tax-exempt organization that is a qualified employer. File a tax extension online Ministers (chaplains) who meet both of the following requirements. File a tax extension online They are employed by organizations that are not section 501(c)(3) organizations. File a tax extension online They function as ministers in their day-to-day professional responsibilities with their employers. File a tax extension online   Throughout this publication, the term chaplain will be used to mean ministers described in the third category in the list above. File a tax extension online Example. File a tax extension online A minister employed as a chaplain by a state-run prison and a chaplain in the United States Armed Forces are eligible employees because their employers are not section 501(c)(3) organizations and they are employed as ministers. File a tax extension online Who Can Set Up a 403(b) Account? You cannot set up your own 403(b) account. File a tax extension online Only employers can set up 403(b) accounts. File a tax extension online A self-employed minister cannot set up a 403(b) account for his or her benefit. File a tax extension online If you are a self-employed minister, only the organization (denomination) with which you are associated can set up an account for your benefit. File a tax extension online How Can Contributions Be Made to My 403(b) Account? Generally, only your employer can make contributions to your 403(b) account. File a tax extension online However, some plans will allow you to make after-tax contributions (defined below). File a tax extension online The following types of contributions can be made to 403(b) accounts. File a tax extension online Elective deferrals . File a tax extension online These are contributions made under a salary reduction agreement. File a tax extension online This agreement allows your employer to withhold money from your paycheck to be contributed directly into a 403(b) account for your benefit. File a tax extension online Except for Roth contributions, you do not pay income tax on these contributions until you withdraw them from the account. File a tax extension online If your contributions are Roth contributions, you pay taxes on your contributions but any qualified distributions from your Roth account are tax free. File a tax extension online Nonelective contributions . File a tax extension online These are employer contributions that are not made under a salary reduction agreement. File a tax extension online Nonelective contributions include matching contributions, discretionary contributions, and mandatory contributions from your employer. File a tax extension online You do not pay income tax on these contributions until you withdraw them from the account. File a tax extension online After-tax contributions . File a tax extension online These are contributions (that are not Roth contributions) you make with funds that you must include in income on your tax return. File a tax extension online A salary payment on which income tax has been withheld is a source of these contributions. File a tax extension online If your plan allows you to make after-tax contributions, they are not excluded from income and you cannot deduct them on your tax return. File a tax extension online A combination of any of the three contribution types listed above. File a tax extension online Self-employed minister. File a tax extension online   If you are a self-employed minister, you are considered both an employee and an employer, and you can contribute to a retirement income account for your own benefit. File a tax extension online Do I Report Contributions on My Tax Return? Generally, you do not report contributions to your 403(b) account (except Roth contributions) on your tax return. File a tax extension online Your employer will report contributions on your 2013 Form W-2. File a tax extension online Elective deferrals will be shown in box 12 and the Retirement plan box will be checked in box 13. File a tax extension online If you are a self-employed minister or chaplain, see the discussions next. File a tax extension online Self-employed ministers. File a tax extension online   If you are a self-employed minister, you must report the total contributions as a deduction on your tax return. File a tax extension online Deduct your contributions on line 28 of the 2013 Form 1040. File a tax extension online Chaplains. File a tax extension online   If you are a chaplain and your employer does not exclude contributions made to your 403(b) account from your earned income, you may be able to take a deduction for those contributions on your tax return. File a tax extension online    However, if your employer has agreed to exclude the contributions from your earned income, you will not be allowed a deduction on your tax return. File a tax extension online   If you can take a deduction, include your contributions on line 36 of the 2013 Form 1040. File a tax extension online Enter the amount of your deduction and write “403(b)” on the dotted line next to line 36. File a tax extension online How Much Can Be Contributed to My 403(b) Account? There are limits on the amount of contributions that can be made to your 403(b) account each year. File a tax extension online If contributions made to your 403(b) account are more than these contribution limits, penalties may apply. File a tax extension online Chapters 2 through 6 provide information on how to determine the amount that can be contributed to your 403(b) account. File a tax extension online Worksheets are provided in Chapter 9 to help you determine the maximum amount that can be contributed to your 403(b) account each year. File a tax extension online Chapter 7, Excess Contributions , describes how to prevent excess contributions and how to get an excess contribution corrected. File a tax extension online Prev  Up  Next   Home   More Online Publications
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File a tax extension online 1. File a tax extension online   Traditional IRAs Table of Contents What's New for 2013 What's New for 2014 Introduction Who Can Open a Traditional IRA?What Is Compensation? When Can a Traditional IRA Be Opened? How Can a Traditional IRA Be Opened?Individual Retirement Account Individual Retirement Annuity Individual Retirement Bonds Simplified Employee Pension (SEP) Employer and Employee Association Trust Accounts Required Disclosures How Much Can Be Contributed?Limit. File a tax extension online When repayment contributions can be made. File a tax extension online No deduction. File a tax extension online Reserve component. File a tax extension online Figuring your IRA deduction. File a tax extension online Reporting the repayment. File a tax extension online Example. File a tax extension online General Limit Kay Bailey Hutchison Spousal IRA Limit Filing Status Less Than Maximum Contributions More Than Maximum Contributions When Can Contributions Be Made? How Much Can You Deduct?Kay Bailey Hutchison Spousal IRA. File a tax extension online Are You Covered by an Employer Plan? Limit if Covered by Employer Plan Reporting Deductible Contributions Nondeductible Contributions Examples — Worksheet for Reduced IRA Deduction for 2013 What if You Inherit an IRA?Treating it as your own. File a tax extension online Can You Move Retirement Plan Assets?Transfers to Roth IRAs from other retirement plans. File a tax extension online Trustee-to-Trustee Transfer Rollovers Transfers Incident To Divorce Converting From Any Traditional IRA Into a Roth IRA Recharacterizations When Can You Withdraw or Use Assets?Contributions Returned Before Due Date of Return When Must You Withdraw Assets? (Required Minimum Distributions)IRA Owners IRA Beneficiaries Which Table Do You Use To Determine Your Required Minimum Distribution? What Age(s) Do You Use With the Table(s)? Miscellaneous Rules for Required Minimum Distributions Are Distributions Taxable?January 2013 QCDs treated as made in 2012. File a tax extension online 2013 Reporting. File a tax extension online Additional reporting requirements if you made the election to treat a January 2013 QCD as made in 2012. File a tax extension online One-time transfer. File a tax extension online Testing period rules apply. File a tax extension online More information. File a tax extension online Distributions Fully or Partly Taxable Figuring the Nontaxable and Taxable Amounts Recognizing Losses on Traditional IRA Investments Other Special IRA Distribution Situations Reporting and Withholding Requirements for Taxable Amounts What Acts Result in Penalties or Additional Taxes?Prohibited Transactions Investment in Collectibles Excess Contributions Early Distributions Excess Accumulations (Insufficient Distributions) Reporting Additional Taxes What's New for 2013 Traditional IRA contribution and deduction limit. File a tax extension online  The contribution limit to your traditional IRA for 2013 will be increased to the smaller of the following amounts: $5,500, or Your taxable compensation for the year. File a tax extension online If you were age 50 or older before 2014, the most that can be contributed to your traditional IRA for 2013 will be the smaller of the following amounts: $6,500, or Your taxable compensation for the year. File a tax extension online For more information, see How Much Can Be Contributed? in this chapter. File a tax extension online Modified AGI limit for traditional IRA contributions increased. File a tax extension online  For 2013, if you were covered by a retirement plan at work, your deduction for contributions to a traditional IRA is reduced (phased out) if your modified AGI is: More than $95,000 but less than $115,000 for a married couple filing a joint return or a qualifying widow(er), More than $59,000 but less than $69,000 for a single individual or head of household, or Less than $10,000 for a married individual filing a separate return. File a tax extension online If you either lived with your spouse or file a joint return, and your spouse was covered by a retirement plan at work, but you were not, your deduction is phased out if your modified AGI is more than $178,000 but less than $188,000. File a tax extension online If your modified AGI is $188,000 or more, you cannot take a deduction for contributions to a traditional IRA. File a tax extension online See How Much Can You Deduct? in this chapter. File a tax extension online Net Investment Income Tax. File a tax extension online  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). File a tax extension online However, these distributions are taken into account when determining the modified adjusted gross income threshold. File a tax extension online Distributions from a nonqualified retirement plan are included in net investment income. File a tax extension online See Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts, and its instructions for more information. File a tax extension online What's New for 2014 Modified AGI limit for traditional IRA contributions increased. File a tax extension online  For 2014, if you are covered by a retirement plan at work, your deduction for contributions to a traditional IRA is reduced (phased out) if your modified AGI is: More than $96,000 but less than $116,000 for a married couple filing a joint return or a qualifying widow(er), More than $60,000 but less than $70,000 for a single individual or head of household, or Less than $10,000 for a married individual filing a separate return. File a tax extension online If you either live with your spouse or file a joint return, and your spouse is covered by a retirement plan at work, but you are not, your deduction is phased out if your modified AGI is more than $181,000 but less than $191,000. File a tax extension online If your modified AGI is $191,000 or more, you cannot take a deduction for contributions to a traditional IRA. File a tax extension online Introduction This chapter discusses the original IRA. File a tax extension online In this publication the original IRA (sometimes called an ordinary or regular IRA) is referred to as a “traditional IRA. File a tax extension online ” A traditional IRA is any IRA that is not a Roth IRA or a SIMPLE IRA. File a tax extension online The following are two advantages of a traditional IRA: You may be able to deduct some or all of your contributions to it, depending on your circumstances. File a tax extension online Generally, amounts in your IRA, including earnings and gains, are not taxed until they are distributed. File a tax extension online Who Can Open a Traditional IRA? You can open and make contributions to a traditional IRA if: You (or, if you file a joint return, your spouse) received taxable compensation during the year, and You were not age 70½ by the end of the year. File a tax extension online You can have a traditional IRA whether or not you are covered by any other retirement plan. File a tax extension online However, you may not be able to deduct all of your contributions if you or your spouse is covered by an employer retirement plan. File a tax extension online See How Much Can You Deduct , later. File a tax extension online Both spouses have compensation. File a tax extension online   If both you and your spouse have compensation and are under age 70½, each of you can open an IRA. File a tax extension online You cannot both participate in the same IRA. File a tax extension online If you file a joint return, only one of you needs to have compensation. File a tax extension online What Is Compensation? Generally, compensation is what you earn from working. File a tax extension online For a summary of what compensation does and does not include, see Table 1-1. File a tax extension online Compensation includes all of the items discussed next (even if you have more than one type). File a tax extension online Wages, salaries, etc. File a tax extension online   Wages, salaries, tips, professional fees, bonuses, and other amounts you receive for providing personal services are compensation. File a tax extension online The IRS treats as compensation any amount properly shown in box 1 (Wages, tips, other compensation) of Form W-2, Wage and Tax Statement, provided that amount is reduced by any amount properly shown in box 11 (Nonqualified plans). File a tax extension online Scholarship and fellowship payments are compensation for IRA purposes only if shown in box 1 of Form W-2. File a tax extension online Commissions. File a tax extension online   An amount you receive that is a percentage of profits or sales price is compensation. File a tax extension online Self-employment income. File a tax extension online   If you are self-employed (a sole proprietor or a partner), compensation is the net earnings from your trade or business (provided your personal services are a material income-producing factor) reduced by the total of: The deduction for contributions made on your behalf to retirement plans, and The deduction allowed for the deductible part of your self-employment taxes. File a tax extension online   Compensation includes earnings from self-employment even if they are not subject to self-employment tax because of your religious beliefs. File a tax extension online Self-employment loss. File a tax extension online   If you have a net loss from self-employment, do not subtract the loss from your salaries or wages when figuring your total compensation. File a tax extension online Alimony and separate maintenance. File a tax extension online   For IRA purposes, compensation includes any taxable alimony and separate maintenance payments you receive under a decree of divorce or separate maintenance. File a tax extension online Nontaxable combat pay. File a tax extension online   If you were a member of the U. File a tax extension online S. File a tax extension online Armed Forces, compensation includes any nontaxable combat pay you received. File a tax extension online This amount should be reported in box 12 of your 2013 Form W-2 with code Q. File a tax extension online Table 1-1. File a tax extension online Compensation for Purposes of an IRA Includes . File a tax extension online . File a tax extension online . File a tax extension online Does not include . File a tax extension online . File a tax extension online . File a tax extension online   earnings and profits from property. File a tax extension online wages, salaries, etc. File a tax extension online     interest and dividend income. File a tax extension online commissions. File a tax extension online     pension or annuity income. File a tax extension online self-employment income. File a tax extension online     deferred compensation. File a tax extension online alimony and separate maintenance. File a tax extension online     income from certain  partnerships. File a tax extension online nontaxable combat pay. File a tax extension online     any amounts you exclude from income. File a tax extension online     What Is Not Compensation? Compensation does not include any of the following items. File a tax extension online Earnings and profits from property, such as rental income, interest income, and dividend income. File a tax extension online Pension or annuity income. File a tax extension online Deferred compensation received (compensation payments postponed from a past year). File a tax extension online Income from a partnership for which you do not provide services that are a material income-producing factor. File a tax extension online Conservation Reserve Program (CRP) payments reported on Schedule SE (Form 1040), line 1b. File a tax extension online Any amounts (other than combat pay) you exclude from income, such as foreign earned income and housing costs. File a tax extension online When Can a Traditional IRA Be Opened? You can open a traditional IRA at any time. File a tax extension online However, the time for making contributions for any year is limited. File a tax extension online See When Can Contributions Be Made , later. File a tax extension online How Can a Traditional IRA Be Opened? You can open different kinds of IRAs with a variety of organizations. File a tax extension online You can open an IRA at a bank or other financial institution or with a mutual fund or life insurance company. File a tax extension online You can also open an IRA through your stockbroker. File a tax extension online Any IRA must meet Internal Revenue Code requirements. File a tax extension online The requirements for the various arrangements are discussed below. File a tax extension online Kinds of traditional IRAs. File a tax extension online   Your traditional IRA can be an individual retirement account or annuity. File a tax extension online It can be part of either a simplified employee pension (SEP) or an employer or employee association trust account. File a tax extension online Individual Retirement Account An individual retirement account is a trust or custodial account set up in the United States for the exclusive benefit of you or your beneficiaries. File a tax extension online The account is created by a written document. File a tax extension online The document must show that the account meets all of the following requirements. File a tax extension online The trustee or custodian must be a bank, a federally insured credit union, a savings and loan association, or an entity approved by the IRS to act as trustee or custodian. File a tax extension online The trustee or custodian generally cannot accept contributions of more than the deductible amount for the year. File a tax extension online However, rollover contributions and employer contributions to a simplified employee pension (SEP) can be more than this amount. File a tax extension online Contributions, except for rollover contributions, must be in cash. File a tax extension online See Rollovers , later. File a tax extension online You must have a nonforfeitable right to the amount at all times. File a tax extension online Money in your account cannot be used to buy a life insurance policy. File a tax extension online Assets in your account cannot be combined with other property, except in a common trust fund or common investment fund. File a tax extension online You must start receiving distributions by April 1 of the year following the year in which you reach age 70½. File a tax extension online See When Must You Withdraw Assets? (Required Minimum Distributions) , later. File a tax extension online Individual Retirement Annuity You can open an individual retirement annuity by purchasing an annuity contract or an endowment contract from a life insurance company. File a tax extension online An individual retirement annuity must be issued in your name as the owner, and either you or your beneficiaries who survive you are the only ones who can receive the benefits or payments. File a tax extension online An individual retirement annuity must meet all the following requirements. File a tax extension online Your entire interest in the contract must be nonforfeitable. File a tax extension online The contract must provide that you cannot transfer any portion of it to any person other than the issuer. File a tax extension online There must be flexible premiums so that if your compensation changes, your payment can also change. File a tax extension online This provision applies to contracts issued after November 6, 1978. File a tax extension online The contract must provide that contributions cannot be more than the deductible amount for an IRA for the year, and that you must use any refunded premiums to pay for future premiums or to buy more benefits before the end of the calendar year after the year in which you receive the refund. File a tax extension online Distributions must begin by April 1 of the year following the year in which you reach age 70½. File a tax extension online See When Must You Withdraw Assets? (Required Minimum Distributions) , later. File a tax extension online Individual Retirement Bonds The sale of individual retirement bonds issued by the federal government was suspended after April 30, 1982. File a tax extension online The bonds have the following features. File a tax extension online They stop earning interest when you reach age 70½. File a tax extension online If you die, interest will stop 5 years after your death, or on the date you would have reached age 70½, whichever is earlier. File a tax extension online You cannot transfer the bonds. File a tax extension online If you cash (redeem) the bonds before the year in which you reach age 59½, you may be subject to a 10% additional tax. File a tax extension online See Age 59½ Rule under Early Distributions, later. File a tax extension online You can roll over redemption proceeds into IRAs. File a tax extension online Simplified Employee Pension (SEP) A simplified employee pension (SEP) is a written arrangement that allows your employer to make deductible contributions to a traditional IRA (a SEP IRA) set up for you to receive such contributions. File a tax extension online Generally, distributions from SEP IRAs are subject to the withdrawal and tax rules that apply to traditional IRAs. File a tax extension online See Publication 560 for more information about SEPs. File a tax extension online Employer and Employee Association Trust Accounts Your employer or your labor union or other employee association can set up a trust to provide individual retirement accounts for employees or members. File a tax extension online The requirements for individual retirement accounts apply to these traditional IRAs. File a tax extension online Required Disclosures The trustee or issuer (sometimes called the sponsor) of your traditional IRA generally must give you a disclosure statement at least 7 days before you open your IRA. File a tax extension online However, the sponsor does not have to give you the statement until the date you open (or purchase, if earlier) your IRA, provided you are given at least 7 days from that date to revoke the IRA. File a tax extension online The disclosure statement must explain certain items in plain language. File a tax extension online For example, the statement should explain when and how you can revoke the IRA, and include the name, address, and telephone number of the person to receive the notice of cancellation. File a tax extension online This explanation must appear at the beginning of the disclosure statement. File a tax extension online If you revoke your IRA within the revocation period, the sponsor must return to you the entire amount you paid. File a tax extension online The sponsor must report on the appropriate IRS forms both your contribution to the IRA (unless it was made by a trustee-to-trustee transfer) and the amount returned to you. File a tax extension online These requirements apply to all sponsors. File a tax extension online How Much Can Be Contributed? There are limits and other rules that affect the amount that can be contributed to a traditional IRA. File a tax extension online These limits and rules are explained below. File a tax extension online Community property laws. File a tax extension online   Except as discussed later under Kay Bailey Hutchison Spousal IRA Limit , each spouse figures his or her limit separately, using his or her own compensation. File a tax extension online This is the rule even in states with community property laws. File a tax extension online Brokers' commissions. File a tax extension online   Brokers' commissions paid in connection with your traditional IRA are subject to the contribution limit. File a tax extension online For information about whether you can deduct brokers' commissions, see Brokers' commissions , later, under How Much Can You Deduct. File a tax extension online Trustees' fees. File a tax extension online   Trustees' administrative fees are not subject to the contribution limit. File a tax extension online For information about whether you can deduct trustees' fees, see Trustees' fees , later, under How Much Can You Deduct. File a tax extension online Qualified reservist repayments. File a tax extension online   If you were a member of a reserve component and you were ordered or called to active duty after September 11, 2001, you may be able to contribute (repay) to an IRA amounts equal to any qualified reservist distributions (defined later under Early Distributions) you received. File a tax extension online You can make these repayment contributions even if they would cause your total contributions to the IRA to be more than the general limit on contributions. File a tax extension online To be eligible to make these repayment contributions, you must have received a qualified reservist distribution from an IRA or from a section 401(k) or 403(b) plan or a similar arrangement. File a tax extension online Limit. File a tax extension online   Your qualified reservist repayments cannot be more than your qualified reservist distributions, explained under Early Distributions , later. File a tax extension online When repayment contributions can be made. File a tax extension online   You cannot make these repayment contributions later than the date that is 2 years after your active duty period ends. File a tax extension online No deduction. File a tax extension online   You cannot deduct qualified reservist repayments. File a tax extension online Reserve component. File a tax extension online   The term “reserve component” means the: Army National Guard of the United States, Army Reserve, Naval Reserve, Marine Corps Reserve, Air National Guard of the United States, Air Force Reserve, Coast Guard Reserve, or Reserve Corps of the Public Health Service. File a tax extension online Figuring your IRA deduction. File a tax extension online   The repayment of qualified reservist distributions does not affect the amount you can deduct as an IRA contribution. File a tax extension online Reporting the repayment. File a tax extension online   If you repay a qualified reservist distribution, include the amount of the repayment with nondeductible contributions on line 1 of Form 8606. File a tax extension online Example. File a tax extension online   In 2013, your IRA contribution limit is $5,500. File a tax extension online However, because of your filing status and AGI, the limit on the amount you can deduct is $3,500. File a tax extension online You can make a nondeductible contribution of $2,000 ($5,500 - $3,500). File a tax extension online In an earlier year you received a $3,000 qualified reservist distribution, which you would like to repay this year. File a tax extension online   For 2013, you can contribute a total of $8,500 to your IRA. File a tax extension online This is made up of the maximum deductible contribution of $3,500; a nondeductible contribution of $2,000; and a $3,000 qualified reservist repayment. File a tax extension online You contribute the maximum allowable for the year. File a tax extension online Since you are making a nondeductible contribution ($2,000) and a qualified reservist repayment ($3,000), you must file Form 8606 with your return and include $5,000 ($2,000 + $3,000) on line 1 of Form 8606. File a tax extension online The qualified reservist repayment is not deductible. File a tax extension online Contributions on your behalf to a traditional IRA reduce your limit for contributions to a Roth IRA. File a tax extension online See chapter 2 for information about Roth IRAs. File a tax extension online General Limit For 2013, the most that can be contributed to your traditional IRA generally is the smaller of the following amounts: $5,500 ($6,500 if you are age 50 or older), or Your taxable compensation (defined earlier) for the year. File a tax extension online Note. File a tax extension online This limit is reduced by any contributions to a section 501(c)(18) plan (generally, a pension plan created before June 25, 1959, that is funded entirely by employee contributions). File a tax extension online This is the most that can be contributed regardless of whether the contributions are to one or more traditional IRAs or whether all or part of the contributions are nondeductible. File a tax extension online (See Nondeductible Contributions , later. File a tax extension online ) Qualified reservist repayments do not affect this limit. File a tax extension online Examples. File a tax extension online George, who is 34 years old and single, earns $24,000 in 2013. File a tax extension online His IRA contributions for 2013 are limited to $5,500. File a tax extension online Danny, an unmarried college student working part time, earns $3,500 in 2013. File a tax extension online His IRA contributions for 2013 are limited to $3,500, the amount of his compensation. File a tax extension online More than one IRA. File a tax extension online   If you have more than one IRA, the limit applies to the total contributions made on your behalf to all your traditional IRAs for the year. File a tax extension online Annuity or endowment contracts. File a tax extension online   If you invest in an annuity or endowment contract under an individual retirement annuity, no more than $5,500 ($6,500 if you are age 50 or older) can be contributed toward its cost for the tax year, including the cost of life insurance coverage. File a tax extension online If more than this amount is contributed, the annuity or endowment contract is disqualified. File a tax extension online Kay Bailey Hutchison Spousal IRA Limit For 2013, if you file a joint return and your taxable compensation is less than that of your spouse, the most that can be contributed for the year to your IRA is the smaller of the following two amounts: $5,500 ($6,500 if you are age 50 or older), or The total compensation includible in the gross income of both you and your spouse for the year, reduced by the following two amounts. File a tax extension online Your spouse's IRA contribution for the year to a traditional IRA. File a tax extension online Any contributions for the year to a Roth IRA on behalf of your spouse. File a tax extension online This means that the total combined contributions that can be made for the year to your IRA and your spouse's IRA can be as much as $11,000 ($12,000 if only one of you is age 50 or older or $13,000 if both of you are age 50 or older). File a tax extension online Note. File a tax extension online This traditional IRA limit is reduced by any contributions to a section 501(c)(18) plan (generally, a pension plan created before June 25, 1959, that is funded entirely by employee contributions). File a tax extension online Example. File a tax extension online Kristin, a full-time student with no taxable compensation, marries Carl during the year. File a tax extension online Neither of them was age 50 by the end of 2013. File a tax extension online For the year, Carl has taxable compensation of $30,000. File a tax extension online He plans to contribute (and deduct) $5,500 to a traditional IRA. File a tax extension online If he and Kristin file a joint return, each can contribute $5,500 to a traditional IRA. File a tax extension online This is because Kristin, who has no compensation, can add Carl's compensation, reduced by the amount of his IRA contribution ($30,000 − $5,500 = $24,500), to her own compensation (-0-) to figure her maximum contribution to a traditional IRA. File a tax extension online In her case, $5,500 is her contribution limit, because $5,500 is less than $24,500 (her compensation for purposes of figuring her contribution limit). File a tax extension online Filing Status Generally, except as discussed earlier under Kay Bailey Hutchison Spousal IRA Limit , your filing status has no effect on the amount of allowable contributions to your traditional IRA. File a tax extension online However, if during the year either you or your spouse was covered by a retirement plan at work, your deduction may be reduced or eliminated, depending on your filing status and income. File a tax extension online See How Much Can You Deduct , later. File a tax extension online Example. File a tax extension online Tom and Darcy are married and both are 53. File a tax extension online They both work and each has a traditional IRA. File a tax extension online Tom earned $3,800 and Darcy earned $48,000 in 2013. File a tax extension online Because of the Kay Bailey Hutchison Spousal IRA limit rule, even though Tom earned less than $6,500, they can contribute up to $6,500 to his IRA for 2013 if they file a joint return. File a tax extension online They can contribute up to $6,500 to Darcy's IRA. File a tax extension online If they file separate returns, the amount that can be contributed to Tom's IRA is limited by his earned income, $3,800. File a tax extension online Less Than Maximum Contributions If contributions to your traditional IRA for a year were less than the limit, you cannot contribute more after the due date of your return for that year to make up the difference. File a tax extension online Example. File a tax extension online Rafael, who is 40, earns $30,000 in 2013. File a tax extension online Although he can contribute up to $5,500 for 2013, he contributes only $3,000. File a tax extension online After April 15, 2014, Rafael cannot make up the difference between his actual contributions for 2013 ($3,000) and his 2013 limit ($5,500). File a tax extension online He cannot contribute $2,500 more than the limit for any later year. File a tax extension online More Than Maximum Contributions If contributions to your IRA for a year were more than the limit, you can apply the excess contribution in one year to a later year if the contributions for that later year are less than the maximum allowed for that year. File a tax extension online However, a penalty or additional tax may apply. File a tax extension online See Excess Contributions , later, under What Acts Result in Penalties or Additional Taxes. File a tax extension online When Can Contributions Be Made? As soon as you open your traditional IRA, contributions can be made to it through your chosen sponsor (trustee or other administrator). File a tax extension online Contributions must be in the form of money (cash, check, or money order). File a tax extension online Property cannot be contributed. File a tax extension online Although property cannot be contributed, your IRA may invest in certain property. File a tax extension online For example, your IRA may purchase shares of stock. File a tax extension online For other restrictions on the use of funds in your IRA, see Prohibited Transactions , later in this chapter. File a tax extension online You may be able to transfer or roll over certain property from one retirement plan to another. File a tax extension online See the discussion of rollovers and other transfers later in this chapter under Can You Move Retirement Plan Assets . File a tax extension online You can make a contribution to your IRA by having your income tax refund (or a portion of your refund), if any, paid directly to your traditional IRA, Roth IRA, or SEP IRA. File a tax extension online For details, see the instructions for your income tax return or Form 8888, Allocation of Refund (Including Savings Bond Purchases). File a tax extension online Contributions can be made to your traditional IRA for each year that you receive compensation and have not reached age 70½. File a tax extension online For any year in which you do not work, contributions cannot be made to your IRA unless you receive alimony, nontaxable combat pay, military differential pay, or file a joint return with a spouse who has compensation. File a tax extension online See Who Can Open a Traditional IRA , earlier. File a tax extension online Even if contributions cannot be made for the current year, the amounts contributed for years in which you did qualify can remain in your IRA. File a tax extension online Contributions can resume for any years that you qualify. File a tax extension online Contributions must be made by due date. File a tax extension online   Contributions can be made to your traditional IRA for a year at any time during the year or by the due date for filing your return for that year, not including extensions. File a tax extension online For most people, this means that contributions for 2013 must be made by April 15, 2014, and contributions for 2014 must be made by April 15, 2015. File a tax extension online Age 70½ rule. File a tax extension online   Contributions cannot be made to your traditional IRA for the year in which you reach age 70½ or for any later year. File a tax extension online   You attain age 70½ on the date that is 6 calendar months after the 70th anniversary of your birth. File a tax extension online If you were born on or before June 30, 1943, you cannot contribute for 2013 or any later year. File a tax extension online Designating year for which contribution is made. File a tax extension online   If an amount is contributed to your traditional IRA between January 1 and April 15, you should tell the sponsor which year (the current year or the previous year) the contribution is for. File a tax extension online If you do not tell the sponsor which year it is for, the sponsor can assume, and report to the IRS, that the contribution is for the current year (the year the sponsor received it). File a tax extension online Filing before a contribution is made. File a tax extension online    You can file your return claiming a traditional IRA contribution before the contribution is actually made. File a tax extension online Generally, the contribution must be made by the due date of your return, not including extensions. File a tax extension online Contributions not required. File a tax extension online   You do not have to contribute to your traditional IRA for every tax year, even if you can. File a tax extension online How Much Can You Deduct? Generally, you can deduct the lesser of: The contributions to your traditional IRA for the year, or The general limit (or the Kay Bailey Hutchison Spousal IRA limit, if applicable) explained earlier under How Much Can Be Contributed . File a tax extension online However, if you or your spouse was covered by an employer retirement plan, you may not be able to deduct this amount. File a tax extension online See Limit if Covered by Employer Plan , later. File a tax extension online You may be able to claim a credit for contributions to your traditional IRA. File a tax extension online For more information, see chapter 4. File a tax extension online Trustees' fees. File a tax extension online   Trustees' administrative fees that are billed separately and paid in connection with your traditional IRA are not deductible as IRA contributions. File a tax extension online However, they may be deductible as a miscellaneous itemized deduction on Schedule A (Form 1040). File a tax extension online For information about miscellaneous itemized deductions, see Publication 529, Miscellaneous Deductions. File a tax extension online Brokers' commissions. File a tax extension online   These commissions are part of your IRA contribution and, as such, are deductible subject to the limits. File a tax extension online Full deduction. File a tax extension online   If neither you nor your spouse was covered for any part of the year by an employer retirement plan, you can take a deduction for total contributions to one or more of your traditional IRAs of up to the lesser of: $5,500 ($6,500 if you are age 50 or older), or 100% of your compensation. File a tax extension online   This limit is reduced by any contributions made to a 501(c)(18) plan on your behalf. File a tax extension online Kay Bailey Hutchison Spousal IRA. File a tax extension online   In the case of a married couple with unequal compensation who file a joint return, the deduction for contributions to the traditional IRA of the spouse with less compensation is limited to the lesser of: $5,500 ($6,500 if the spouse with the lower compensation is age 50 or older), or The total compensation includible in the gross income of both spouses for the year reduced by the following three amounts. File a tax extension online The IRA deduction for the year of the spouse with the greater compensation. File a tax extension online Any designated nondeductible contribution for the year made on behalf of the spouse with the greater compensation. File a tax extension online Any contributions for the year to a Roth IRA on behalf of the spouse with the greater compensation. File a tax extension online   This limit is reduced by any contributions to a section 501(c)(18) plan on behalf of the spouse with the lesser compensation. File a tax extension online Note. File a tax extension online If you were divorced or legally separated (and did not remarry) before the end of the year, you cannot deduct any contributions to your spouse's IRA. File a tax extension online After a divorce or legal separation, you can deduct only the contributions to your own IRA. File a tax extension online Your deductions are subject to the rules for single individuals. File a tax extension online Covered by an employer retirement plan. File a tax extension online   If you or your spouse was covered by an employer retirement plan at any time during the year for which contributions were made, your deduction may be further limited. File a tax extension online This is discussed later under Limit if Covered by Employer Plan . File a tax extension online Limits on the amount you can deduct do not affect the amount that can be contributed. File a tax extension online Are You Covered by an Employer Plan? The Form W-2 you receive from your employer has a box used to indicate whether you were covered for the year. File a tax extension online The “Retirement Plan” box should be checked if you were covered. File a tax extension online Reservists and volunteer firefighters should also see Situations in Which You Are Not Covered , later. File a tax extension online If you are not certain whether you were covered by your employer's retirement plan, you should ask your employer. File a tax extension online Federal judges. File a tax extension online   For purposes of the IRA deduction, federal judges are covered by an employer plan. File a tax extension online For Which Year(s) Are You Covered? Special rules apply to determine the tax years for which you are covered by an employer plan. File a tax extension online These rules differ depending on whether the plan is a defined contribution plan or a defined benefit plan. File a tax extension online Tax year. File a tax extension online   Your tax year is the annual accounting period you use to keep records and report income and expenses on your income tax return. File a tax extension online For almost all people, the tax year is the calendar year. File a tax extension online Defined contribution plan. File a tax extension online   Generally, you are covered by a defined contribution plan for a tax year if amounts are contributed or allocated to your account for the plan year that ends with or within that tax year. File a tax extension online However, also see Situations in Which You Are Not Covered , later. File a tax extension online   A defined contribution plan is a plan that provides for a separate account for each person covered by the plan. File a tax extension online In a defined contribution plan, the amount to be contributed to each participant's account is spelled out in the plan. File a tax extension online The level of benefits actually provided to a participant depends on the total amount contributed to that participant's account and any earnings and losses on those contributions. File a tax extension online Types of defined contribution plans include profit-sharing plans, stock bonus plans, and money purchase pension plans. File a tax extension online Example. File a tax extension online Company A has a money purchase pension plan. File a tax extension online Its plan year is from July 1 to June 30. File a tax extension online The plan provides that contributions must be allocated as of June 30. File a tax extension online Bob, an employee, leaves Company A on December 31, 2012. File a tax extension online The contribution for the plan year ending on June 30, 2013, is made February 15, 2014. File a tax extension online Because an amount is contributed to Bob's account for the plan year, Bob is covered by the plan for his 2013 tax year. File a tax extension online   A special rule applies to certain plans in which it is not possible to determine if an amount will be contributed to your account for a given plan year. File a tax extension online If, for a plan year, no amounts have been allocated to your account that are attributable to employer contributions, employee contributions, or forfeitures, by the last day of the plan year, and contributions are discretionary for the plan year, you are not covered for the tax year in which the plan year ends. File a tax extension online If, after the plan year ends, the employer makes a contribution for that plan year, you are covered for the tax year in which the contribution is made. File a tax extension online Example. File a tax extension online Mickey was covered by a profit-sharing plan and left the company on December 31, 2012. File a tax extension online The plan year runs from July 1 to June 30. File a tax extension online Under the terms of the plan, employer contributions do not have to be made, but if they are made, they are contributed to the plan before the due date for filing the company's tax return. File a tax extension online Such contributions are allocated as of the last day of the plan year, and allocations are made to the accounts of individuals who have any service during the plan year. File a tax extension online As of June 30, 2013, no contributions were made that were allocated to the June 30, 2013, plan year, and no forfeitures had been allocated within the plan year. File a tax extension online In addition, as of that date, the company was not obligated to make a contribution for such plan year and it was impossible to determine whether or not a contribution would be made for the plan year. File a tax extension online On December 31, 2013, the company decided to contribute to the plan for the plan year ending June 30, 2013. File a tax extension online That contribution was made on February 15, 2014. File a tax extension online Mickey is an active participant in the plan for his 2014 tax year but not for his 2013 tax year. File a tax extension online No vested interest. File a tax extension online   If an amount is allocated to your account for a plan year, you are covered by that plan even if you have no vested interest in (legal right to) the account. File a tax extension online Defined benefit plan. File a tax extension online   If you are eligible to participate in your employer's defined benefit plan for the plan year that ends within your tax year, you are covered by the plan. File a tax extension online This rule applies even if you: Declined to participate in the plan, Did not make a required contribution, or Did not perform the minimum service required to accrue a benefit for the year. File a tax extension online   A defined benefit plan is any plan that is not a defined contribution plan. File a tax extension online In a defined benefit plan, the level of benefits to be provided to each participant is spelled out in the plan. File a tax extension online The plan administrator figures the amount needed to provide those benefits and those amounts are contributed to the plan. File a tax extension online Defined benefit plans include pension plans and annuity plans. File a tax extension online Example. File a tax extension online Nick, an employee of Company B, is eligible to participate in Company B's defined benefit plan, which has a July 1 to June 30 plan year. File a tax extension online Nick leaves Company B on December 31, 2012. File a tax extension online Because Nick is eligible to participate in the plan for its year ending June 30, 2013, he is covered by the plan for his 2013 tax year. File a tax extension online No vested interest. File a tax extension online   If you accrue a benefit for a plan year, you are covered by that plan even if you have no vested interest in (legal right to) the accrual. File a tax extension online Situations in Which You Are Not Covered Unless you are covered by another employer plan, you are not covered by an employer plan if you are in one of the situations described below. File a tax extension online Social security or railroad retirement. File a tax extension online   Coverage under social security or railroad retirement is not coverage under an employer retirement plan. File a tax extension online Benefits from previous employer's plan. File a tax extension online   If you receive retirement benefits from a previous employer's plan, you are not covered by that plan. File a tax extension online Reservists. File a tax extension online   If the only reason you participate in a plan is because you are a member of a reserve unit of the Armed Forces, you may not be covered by the plan. File a tax extension online You are not covered by the plan if both of the following conditions are met. File a tax extension online The plan you participate in is established for its employees by: The United States, A state or political subdivision of a state, or An instrumentality of either (a) or (b) above. File a tax extension online You did not serve more than 90 days on active duty during the year (not counting duty for training). File a tax extension online Volunteer firefighters. File a tax extension online   If the only reason you participate in a plan is because you are a volunteer firefighter, you may not be covered by the plan. File a tax extension online You are not covered by the plan if both of the following conditions are met. File a tax extension online The plan you participate in is established for its employees by: The United States, A state or political subdivision of a state, or An instrumentality of either (a) or (b) above. File a tax extension online Your accrued retirement benefits at the beginning of the year will not provide more than $1,800 per year at retirement. File a tax extension online Limit if Covered by Employer Plan As discussed earlier, the deduction you can take for contributions made to your traditional IRA depends on whether you or your spouse was covered for any part of the year by an employer retirement plan. File a tax extension online Your deduction is also affected by how much income you had and by your filing status. File a tax extension online Your deduction may also be affected by social security benefits you received. File a tax extension online Reduced or no deduction. File a tax extension online   If either you or your spouse was covered by an employer retirement plan, you may be entitled to only a partial (reduced) deduction or no deduction at all, depending on your income and your filing status. File a tax extension online   Your deduction begins to decrease (phase out) when your income rises above a certain amount and is eliminated altogether when it reaches a higher amount. File a tax extension online These amounts vary depending on your filing status. File a tax extension online   To determine if your deduction is subject to the phaseout, you must determine your modified adjusted gross income (AGI) and your filing status, as explained later under Deduction Phaseout . File a tax extension online Once you have determined your modified AGI and your filing status, you can use Table 1-2 or Table 1-3 to determine if the phaseout applies. File a tax extension online Social Security Recipients Instead of using Table 1-2 or Table 1-3 and Worksheet 1-2, Figuring Your Reduced IRA Deduction for 2013, later, complete the worksheets in Appendix B of this publication if, for the year, all of the following apply. File a tax extension online You received social security benefits. File a tax extension online You received taxable compensation. File a tax extension online Contributions were made to your traditional IRA. File a tax extension online You or your spouse was covered by an employer retirement plan. File a tax extension online Use the worksheets in Appendix B to figure your IRA deduction, your nondeductible contribution, and the taxable portion, if any, of your social security benefits. File a tax extension online Appendix B includes an example with filled-in worksheets to assist you. File a tax extension online Table 1-2. File a tax extension online Effect of Modified AGI1 on Deduction if You Are Covered by a Retirement Plan at Work If you are covered by a retirement plan at work, use this table to determine if your modified AGI affects the amount of your deduction. File a tax extension online IF your filing status is . File a tax extension online . File a tax extension online . File a tax extension online AND your modified adjusted gross income (modified AGI) is . File a tax extension online . File a tax extension online . File a tax extension online THEN you can take . File a tax extension online . File a tax extension online . File a tax extension online single or head of household $59,000 or less a full deduction. File a tax extension online more than $59,000 but less than $69,000 a partial deduction. File a tax extension online $69,000 or more no deduction. File a tax extension online married filing jointly or  qualifying widow(er) $95,000 or less a full deduction. File a tax extension online more than $95,000 but less than $115,000 a partial deduction. File a tax extension online $115,000 or more no deduction. File a tax extension online married filing separately2 less than $10,000 a partial deduction. File a tax extension online $10,000 or more no deduction. File a tax extension online 1 Modified AGI (adjusted gross income). File a tax extension online See Modified adjusted gross income (AGI) , later. File a tax extension online  2 If you did not live with your spouse at any time during the year, your filing status is considered Single for this purpose (therefore, your IRA deduction is determined under the “Single” filing status). File a tax extension online Table 1-3. File a tax extension online Effect of Modified AGI1 on Deduction if You Are NOT Covered by a Retirement Plan at Work If you are not covered by a retirement plan at work, use this table to determine if your modified AGI affects the amount of your deduction. File a tax extension online IF your filing status is . File a tax extension online . File a tax extension online . File a tax extension online AND your modified adjusted gross income (modified AGI) is . File a tax extension online . File a tax extension online . File a tax extension online THEN you can take . File a tax extension online . File a tax extension online . File a tax extension online single, head of household, or qualifying widow(er) any amount a full deduction. File a tax extension online married filing jointly or separately with a spouse who is not covered by a plan at work any amount a full deduction. File a tax extension online married filing jointly with a spouse who is covered by a plan at work $178,000 or less a full deduction. File a tax extension online more than $178,000 but less than $188,000 a partial deduction. File a tax extension online $188,000 or more no deduction. File a tax extension online married filing separately with a spouse who is covered by a plan at work2 less than $10,000 a partial deduction. File a tax extension online $10,000 or more no deduction. File a tax extension online 1 Modified AGI (adjusted gross income). File a tax extension online See Modified adjusted gross income (AGI) , later. File a tax extension online  2 You are entitled to the full deduction if you did not live with your spouse at any time during the year. File a tax extension online For 2014, if you are not covered by a retirement plan at work and you are married filing jointly with a spouse who is covered by a plan at work, your deduction is phased out if your modified AGI is more than $181,000 but less than $191,000. File a tax extension online If your AGI is $191,000 or more, you cannot take a deduction for a contribution to a traditional IRA. File a tax extension online Deduction Phaseout The amount of any reduction in the limit on your IRA deduction (phaseout) depends on whether you or your spouse was covered by an employer retirement plan. File a tax extension online Covered by a retirement plan. File a tax extension online   If you are covered by an employer retirement plan and you did not receive any social security retirement benefits, your IRA deduction may be reduced or eliminated depending on your filing status and modified AGI, as shown in Table 1-2. File a tax extension online For 2014, if you are covered by a retirement plan at work, your IRA deduction will not be reduced (phased out) unless your modified AGI is: More than $60,000 but less than $70,000 for a single individual (or head of household), More than $96,000 but less than $116,000 for a married couple filing a joint return (or a qualifying widow(er)), or Less than $10,000 for a married individual filing a separate return. File a tax extension online If your spouse is covered. File a tax extension online   If you are not covered by an employer retirement plan, but your spouse is, and you did not receive any social security benefits, your IRA deduction may be reduced or eliminated entirely depending on your filing status and modified AGI as shown in Table 1-3. File a tax extension online Filing status. File a tax extension online   Your filing status depends primarily on your marital status. File a tax extension online For this purpose, you need to know if your filing status is single or head of household, married filing jointly or qualifying widow(er), or married filing separately. File a tax extension online If you need more information on filing status, see Publication 501, Exemptions, Standard Deduction, and Filing Information. File a tax extension online Lived apart from spouse. File a tax extension online   If you did not live with your spouse at any time during the year and you file a separate return, your filing status, for this purpose, is single. File a tax extension online Modified adjusted gross income (AGI). File a tax extension online   You can use Worksheet 1-1 to figure your modified AGI. File a tax extension online If you made contributions to your IRA for 2013 and received a distribution from your IRA in 2013, see Both contributions for 2013 and distributions in 2013 , later. File a tax extension online    Do not assume that your modified AGI is the same as your compensation. File a tax extension online Your modified AGI may include income in addition to your compensation (discussed earlier) such as interest, dividends, and income from IRA distributions. File a tax extension online Form 1040. File a tax extension online   If you file Form 1040, refigure the amount on the page 1 “adjusted gross income” line without taking into account any of the following amounts. File a tax extension online IRA deduction. File a tax extension online Student loan interest deduction. File a tax extension online Tuition and fees deduction. File a tax extension online Domestic production activities deduction. File a tax extension online Foreign earned income exclusion. File a tax extension online Foreign housing exclusion or deduction. File a tax extension online Exclusion of qualified savings bond interest shown on Form 8815. File a tax extension online Exclusion of employer-provided adoption benefits shown on Form 8839. File a tax extension online This is your modified AGI. File a tax extension online Form 1040A. File a tax extension online   If you file Form 1040A, refigure the amount on the page 1 “adjusted gross income” line without taking into account any of the following amounts. File a tax extension online IRA deduction. File a tax extension online Student loan interest deduction. File a tax extension online Tuition and fees deduction. File a tax extension online Exclusion of qualified savings bond interest shown on Form 8815. File a tax extension online This is your modified AGI. File a tax extension online Form 1040NR. File a tax extension online   If you file Form 1040NR, refigure the amount on the page 1 “adjusted gross income” line without taking into account any of the following amounts. File a tax extension online IRA deduction. File a tax extension online Student loan interest deduction. File a tax extension online Domestic production activities deduction. File a tax extension online Exclusion of qualified savings bond interest shown on Form 8815. File a tax extension online Exclusion of employer-provided adoption benefits shown on Form 8839. File a tax extension online This is your modified AGI. File a tax extension online Income from IRA distributions. File a tax extension online   If you received distributions in 2013 from one or more traditional IRAs and your traditional IRAs include only deductible contributions, the distributions are fully taxable and are included in your modified AGI. File a tax extension online Both contributions for 2013 and distributions in 2013. File a tax extension online   If all three of the following apply, any IRA distributions you received in 2013 may be partly tax free and partly taxable. File a tax extension online You received distributions in 2013 from one or more traditional IRAs, You made contributions to a traditional IRA for 2013, and Some of those contributions may be nondeductible contributions. File a tax extension online (See Nondeductible Contributions and Worksheet 1-2, later. File a tax extension online ) If this is your situation, you must figure the taxable part of the traditional IRA distribution before you can figure your modified AGI. File a tax extension online To do this, you can use Worksheet 1-5, later. File a tax extension online   If at least one of the above does not apply, figure your modified AGI using Worksheet 1-1, later. File a tax extension online How To Figure Your Reduced IRA Deduction If you or your spouse is covered by an employer retirement plan and you did not receive any social security benefits, you can figure your reduced IRA deduction by using Worksheet 1-2. File a tax extension online Figuring Your Reduced IRA Deduction for 2013. File a tax extension online The Instructions for Form 1040, Form 1040A, and Form 1040NR include similar worksheets that you can use instead of the worksheet in this publication. File a tax extension online If you or your spouse is covered by an employer retirement plan, and you received any social security benefits, see Social Security Recipients , earlier. File a tax extension online Note. File a tax extension online If you were married and both you and your spouse contributed to IRAs, figure your deduction and your spouse's deduction separately. File a tax extension online Worksheet 1-1. File a tax extension online Figuring Your Modified AGI Use this worksheet to figure your modified AGI for traditional IRA purposes. File a tax extension online 1. File a tax extension online Enter your adjusted gross income (AGI) from Form 1040, line 38; Form 1040A, line 22; or Form 1040NR, line 37, figured without taking into account the amount from Form 1040, line 32; Form 1040A, line 17; or Form 1040NR, line 32 1. File a tax extension online   2. File a tax extension online Enter any student loan interest deduction from Form 1040, line 33; Form 1040A, line 18; or Form 1040NR, line 33 2. File a tax extension online   3. File a tax extension online Enter any tuition and fees deduction from Form 1040, line 34, or Form 1040A, line 19 3. File a tax extension online   4. File a tax extension online Enter any domestic production activities deduction from Form 1040, line 35, or Form 1040NR, line 34 4. File a tax extension online   5. File a tax extension online Enter any foreign earned income exclusion and/or housing exclusion from Form 2555, line 45, or Form 2555-EZ, line 18 5. File a tax extension online   6. File a tax extension online Enter any foreign housing deduction from Form 2555, line 50 6. File a tax extension online   7. File a tax extension online Enter any excludable savings bond interest from Form 8815, line 14 7. File a tax extension online   8. File a tax extension online Enter any excluded employer-provided adoption benefits from Form 8839, line 28 8. File a tax extension online   9. File a tax extension online Add lines 1 through 8. File a tax extension online This is your Modified AGI for traditional IRA purposes 9. File a tax extension online   Reporting Deductible Contributions If you file Form 1040, enter your IRA deduction on line 32 of that form. File a tax extension online If you file Form 1040A, enter your IRA deduction on line 17 of that form. File a tax extension online If you file Form 1040NR, enter your IRA deduction on line 32 of that form. File a tax extension online You cannot deduct IRA contributions on Form 1040EZ or Form 1040NR-EZ. File a tax extension online Self-employed. File a tax extension online   If you are self-employed (a sole proprietor or partner) and have a SIMPLE IRA, enter your deduction for allowable plan contributions on Form 1040, line 28. File a tax extension online If you file Form 1040NR, enter your deduction on line 28 of that form. File a tax extension online Nondeductible Contributions Although your deduction for IRA contributions may be reduced or eliminated, contributions can be made to your IRA of up to the general limit or, if it applies, the Kay Bailey Hutchison Spousal IRA limit. File a tax extension online The difference between your total permitted contributions and your IRA deduction, if any, is your nondeductible contribution. File a tax extension online Example. File a tax extension online Tony is 29 years old and single. File a tax extension online In 2013, he was covered by a retirement plan at work. File a tax extension online His salary is $62,000. File a tax extension online His modified AGI is $70,000. File a tax extension online Tony makes a $5,500 IRA contribution for 2013. File a tax extension online Because he was covered by a retirement plan and his modified AGI is above $69,000, he cannot deduct his $5,500 IRA contribution. File a tax extension online He must designate this contribution as a nondeductible contribution by reporting it on Form 8606. File a tax extension online Repayment of reservist distributions. File a tax extension online   Nondeductible contributions may include repayments of qualified reservist distributions. File a tax extension online For more information, see Qualified reservist repayments under How Much Can Be Contributed, earlier. File a tax extension online Form 8606. File a tax extension online   To designate contributions as nondeductible, you must file Form 8606. File a tax extension online (See the filled-in Forms 8606 in this chapter. File a tax extension online )   You do not have to designate a contribution as nondeductible until you file your tax return. File a tax extension online When you file, you can even designate otherwise deductible contributions as nondeductible contributions. File a tax extension online   You must file Form 8606 to report nondeductible contributions even if you do not have to file a tax return for the year. File a tax extension online    A Form 8606 is not used for the year that you make a rollover from a qualified retirement plan to a traditional IRA and the rollover includes nontaxable amounts. File a tax extension online In those situations, a Form 8606 is completed for the year you take a distribution from that IRA. File a tax extension online See Form 8606 under Distributions Fully or Partly Taxable, later. File a tax extension online Failure to report nondeductible contributions. File a tax extension online   If you do not report nondeductible contributions, all of the contributions to your traditional IRA will be treated like deductible contributions when withdrawn. File a tax extension online All distributions from your IRA will be taxed unless you can show, with satisfactory evidence, that nondeductible contributions were made. File a tax extension online Penalty for overstatement. File a tax extension online   If you overstate the amount of nondeductible contributions on your Form 8606 for any tax year, you must pay a penalty of $100 for each overstatement, unless it was due to reasonable cause. File a tax extension online Penalty for failure to file Form 8606. File a tax extension online   You will have to pay a $50 penalty if you do not file a required Form 8606, unless you can prove that the failure was due to reasonable cause. File a tax extension online Tax on earnings on nondeductible contributions. File a tax extension online   As long as contributions are within the contribution limits, none of the earnings or gains on contributions (deductible or nondeductible) will be taxed until they are distributed. File a tax extension online Cost basis. File a tax extension online   You will have a cost basis in your traditional IRA if you made any nondeductible contributions. File a tax extension online Your cost basis is the sum of the nondeductible contributions to your IRA minus any withdrawals or distributions of nondeductible contributions. File a tax extension online    Commonly, distributions from your traditional IRAs will include both taxable and nontaxable (cost basis) amounts. File a tax extension online See Are Distributions Taxable, later, for more information. File a tax extension online Recordkeeping. File a tax extension online There is a recordkeeping worksheet, Appendix A. File a tax extension online Summary Record of Traditional IRA(s) for 2013 , that you can use to keep a record of deductible and nondeductible IRA contributions. File a tax extension online Examples — Worksheet for Reduced IRA Deduction for 2013 The following examples illustrate the use of Worksheet 1-2, Figuring Your Reduced IRA Deduction for 2013. File a tax extension online Example 1. File a tax extension online For 2013, Tom and Betty file a joint return on Form 1040. File a tax extension online They are both 39 years old. File a tax extension online They are both employed and Tom is covered by his employer's retirement plan. File a tax extension online Tom's salary is $59,000 and Betty's is $32,555. File a tax extension online They each have a traditional IRA and their combined modified AGI, which includes $5,000 interest and dividend income, is $96,555. File a tax extension online Because their modified AGI is between $95,000 and $115,000 and Tom is covered by an employer plan, Tom is subject to the deduction phaseout discussed earlier under Limit if Covered by Employer Plan . File a tax extension online For 2013, Tom contributed $5,500 to his IRA and Betty contributed $5,500 to hers. File a tax extension online Even though they file a joint return, they must use separate worksheets to figure the IRA deduction for each of them. File a tax extension online Tom can take a deduction of only $5,080. File a tax extension online He can choose to treat the $5,080 as either deductible or nondeductible contributions. File a tax extension online He can either leave the $420 ($5,500 − $5,080) of nondeductible contributions in his IRA or withdraw them by April 15, 2014. File a tax extension online He decides to treat the $5,080 as deductible contributions and leave the $420 of nondeductible contributions in his IRA. File a tax extension online Using Worksheet 1-2, Figuring Your Reduced IRA Deduction for 2013, Tom figures his deductible and nondeductible amounts as shown on Worksheet 1-2. File a tax extension online Figuring Your Reduced IRA Deduction for 2013—Example 1 Illustrated. File a tax extension online Betty figures her IRA deduction as follows. File a tax extension online Betty can treat all or part of her contributions as either deductible or nondeductible. File a tax extension online This is because her $5,500 contribution for 2013 is not subject to the deduction phaseout discussed earlier under Limit if Covered by Employer Plan . File a tax extension online She does not need to use Worksheet 1-2, Figuring Your Reduced IRA Deduction for 2013, because their modified AGI is not within the phaseout range that applies. File a tax extension online Betty decides to treat her $5,500 IRA contributions as deductible. File a tax extension online The IRA deductions of $5,080 and $5,500 on the joint return for Tom and Betty total $10,580. File a tax extension online Example 2. File a tax extension online For 2013, Ed and Sue file a joint return on Form 1040. File a tax extension online They are both 39 years old. File a tax extension online Ed is covered by his employer's retirement plan. File a tax extension online Ed's salary is $45,000. File a tax extension online Sue had no compensation for the year and did not contribute to an IRA. File a tax extension online Sue is not covered by an employer plan. File a tax extension online Ed contributed $5,500 to his traditional IRA and $5,500 to a traditional IRA for Sue (a Kay Bailey Hutchison Spousal IRA). File a tax extension online Their combined modified AGI, which includes $2,000 interest and dividend income and a large capital gain from the sale of stock, is $180,555. File a tax extension online Because the combined modified AGI is $115,000 or more, Ed cannot deduct any of the contribution to his traditional IRA. File a tax extension online He can either leave the $5,500 of nondeductible contributions in his IRA or withdraw them by April 15, 2014. File a tax extension online Sue figures her IRA deduction as shown on Worksheet 1-2. File a tax extension online Figuring Your Reduced IRA Deduction for 2013—Example 2 Illustrated. File a tax extension online Worksheet 1-2. File a tax extension online Figuring Your Reduced IRA Deduction for 2013 (Use only if you or your spouse is covered by an employer plan and your modified AGI falls between the two amounts shown below for your coverage situation and filing status. File a tax extension online ) Note. File a tax extension online If you were married and both you and your spouse contributed to IRAs, figure your deduction and your spouse's deduction separately. File a tax extension online IF you . File a tax extension online . File a tax extension online . File a tax extension online AND your  filing status is . File a tax extension online . File a tax extension online . File a tax extension online AND your modified AGI is over . File a tax extension online . File a tax extension online . File a tax extension online THEN enter on  line 1 below . File a tax extension online . File a tax extension online . File a tax extension online       are covered by an employer plan single or head of household $59,000 $69,000     married filing jointly or qualifying widow(er) $95,000 $115,000     married filing separately $0 $10,000     are not covered by an employer plan, but your spouse is covered married filing jointly $178,000 $188,000     married filing separately $0 $10,000     1. File a tax extension online Enter applicable amount from table above 1. File a tax extension online   2. File a tax extension online Enter your modified AGI (that of both spouses, if married filing jointly) 2. File a tax extension online     Note. File a tax extension online If line 2 is equal to or more than the amount on line 1, stop here. File a tax extension online  Your IRA contributions are not deductible. File a tax extension online See Nondeductible Contributions , earlier. File a tax extension online     3. File a tax extension online Subtract line 2 from line 1. File a tax extension online If line 3 is $10,000 or more ($20,000 or more if married filing jointly or qualifying widow(er) and you are covered by an employer plan), stop here. File a tax extension online You can take a full IRA deduction for contributions of up to $5,500 ($6,500 if you are age 50 or older) or 100% of your (and if married filing jointly, your spouse's) compensation, whichever is less 3. File a tax extension online   4. File a tax extension online Multiply line 3 by the percentage below that applies to you. File a tax extension online If the result is not a multiple of $10, round it to the next highest multiple of $10. File a tax extension online (For example, $611. File a tax extension online 40 is rounded to $620. File a tax extension online ) However, if the result is less than $200, enter $200. File a tax extension online         Married filing jointly or qualifying widow(er) and you are covered by an employer plan, multiply line 3 by 27. File a tax extension online 5% (. File a tax extension online 275) (by 32. File a tax extension online 5% (. File a tax extension online 325) if you are age 50 or older). File a tax extension online All others, multiply line 3 by 55% (. File a tax extension online 55) (by 65% (. File a tax extension online 65) if you are age 50 or older). File a tax extension online 4. File a tax extension online   5. File a tax extension online Enter your compensation minus any deductions on Form 1040 or Form 1040NR, line 27 (deductible part of self-employment tax) and line 28 (self-employed SEP, SIMPLE, and qualified plans). File a tax extension online If you are filing a joint return and your compensation is less than your spouse's, include your spouse's compensation reduced by his or her traditional IRA and Roth IRA contributions for this year. File a tax extension online If you file Form 1040 or Form 1040NR, do not reduce your compensation by any losses from self-employment 5. File a tax extension online   6. File a tax extension online Enter contributions made, or to be made, to your IRA for 2013, but do not enter more than $5,500 ($6,500 if you are age 50 or older). File a tax extension online If contributions are more than $5,500 ($6,500 if you are age 50 or older), see Excess Contributions , later. File a tax extension online 6. File a tax extension online   7. File a tax extension online IRA deduction. File a tax extension online Compare lines 4, 5, and 6. File a tax extension online Enter the smallest amount (or a smaller amount if you choose) here and on the Form 1040, 1040A, or 1040NR line for your IRA, whichever applies. File a tax extension online If line 6 is more than line 7 and you want to make a nondeductible contribution, go to line 8 7. File a tax extension online   8. File a tax extension online Nondeductible contribution. File a tax extension online Subtract line 7 from line 5 or 6, whichever is smaller. File a tax extension online  Enter the result here and on line 1 of your Form 8606 8. File a tax extension online   Worksheet 1-2. File a tax extension online Figuring Your Reduced IRA Deduction for 2013—Example 1 Illustrated (Use only if you or your spouse is covered by an employer plan and your modified AGI falls between the two amounts shown below for your coverage situation and filing status. File a tax extension online ) Note. File a tax extension online If you were married and both you and your spouse contributed to IRAs, figure your deduction and your spouse's deduction separately. File a tax extension online IF you . File a tax extension online . File a tax extension online . File a tax extension online AND your  filing status is . File a tax extension online . File a tax extension online . File a tax extension online AND your modified AGI is over . File a tax extension online . File a tax extension online . File a tax extension online THEN enter on  line 1 below . File a tax extension online . File a tax extension online . File a tax extension online       are covered by an employer plan single or head of household $59,000 $69,000     married filing jointly or qualifying widow(er) $95,000 $115,000     married filing separately $0 $10,000     are not covered by an employer plan, but your spouse is covered married filing jointly $178,000 $188,000     married filing separately $0 $10,000     1. File a tax extension online Enter applicable amount from table above 1. File a tax extension online 115,000 2. File a tax extension online Enter your modified AGI (that of both spouses, if married filing jointly) 2. File a tax extension online 96,555   Note. File a tax extension online If line 2 is equal to or more than the amount on line 1, stop here. File a tax extension online  Your IRA contributions are not deductible. File a tax extension online See Nondeductible Contributions , earlier. File a tax extension online     3. File a tax extension online Subtract line 2 from line 1. File a tax extension online If line 3 is $10,000 or more ($20,000 or more if married filing jointly or qualifying widow(er) and you are covered by an employer plan), stop here. File a tax extension online You can take a full IRA deduction for contributions of up to $5,500 ($6,500 if you are age 50 or older) or 100% of your (and if married filing jointly, your spouse's) compensation, whichever is less 3. File a tax extension online 18,445 4. File a tax extension online Multiply line 3 by the percentage below that applies to you. File a tax extension online If the result is not a multiple of $10, round it to the next highest multiple of $10. File a tax extension online (For example, $611. File a tax extension online 40 is rounded to $620. File a tax extension online ) However, if the result is less than $200, enter $200. File a tax extension online         Married filing jointly or qualifying widow(er) and you are covered by an employer plan, multiply line 3 by 27. File a tax extension online 5% (. File a tax extension online 275) (by 32. File a tax extension online 5% (. File a tax extension online 325) if you are age 50 or older). File a tax extension online All others, multiply line 3 by 55% (. File a tax extension online 55) (by 65% (. File a tax extension online 65) if you are age 50 or older). File a tax extension online 4. File a tax extension online 5,080 5. File a tax extension online Enter your compensation minus any deductions on Form 1040 or Form 1040NR, line 27 (deductible part of self-employment tax) and line 28 (self-employed SEP, SIMPLE, and qualified plans). File a tax extension online If you are filing a joint return and your compensation is less than your spouse's, include your spouse's compensation reduced by his or her traditional IRA and Roth IRA contributions for this year. File a tax extension online If you file Form 1040 or Form 1040NR, do not reduce your compensation by any losses from self-employment 5. File a tax extension online 59,000 6. File a tax extension online Enter contributions made, or to be made, to your IRA for 2013, but do not enter more than $5,500 ($6,500 if you are age 50 or older). File a tax extension online If contributions are more than $5,500 ($6,500 if you are age 50 or older), see Excess Contributions , later. File a tax extension online 6. File a tax extension online 5,500 7. File a tax extension online IRA deduction. File a tax extension online Compare lines 4, 5, and 6. File a tax extension online Enter the smallest amount (or a smaller amount if you choose) here and on the Form 1040, 1040A, or 1040NR line for your IRA, whichever applies. File a tax extension online If line 6 is more than line 7 and you want to make a nondeductible contribution, go to line 8 7. File a tax extension online 5,080 8. File a tax extension online Nondeductible contribution. File a tax extension online Subtract line 7 from line 5 or 6, whichever is smaller. File a tax extension online  Enter the result here and on line 1 of your Form 8606 8. File a tax extension online 420 Worksheet 1-2. File a tax extension online Figuring Your Reduced IRA Deduction for 2013—Example 2 Illustrated (Use only if you or your spouse is covered by an employer plan and your modified AGI falls between the two amounts shown below for your coverage situation and filing status. File a tax extension online ) Note. File a tax extension online If you were married and both you and your spouse contributed to IRAs, figure your deduction and your spouse's deduction separately. File a tax extension online IF you . File a tax extension online . File a tax extension online . File a tax extension online AND your  filing status is . File a tax extension online . File a tax extension online . File a tax extension online AND your modified AGI is over . File a tax extension online . File a tax extension online . File a tax extension online THEN enter on  line 1 below . File a tax extension online . File a tax extension online . File a tax extension online       are covered by an employer plan single or head of household $59,000 $69,000     married filing jointly or qualifying widow(er) $95,000 $115,000     married filing separately $0 $10,000     are not covered by an employer plan, but your spouse is covered married filing jointly $178,000 $188,000     married filing separately $0 $10,000     1. File a tax extension online Enter applicable amount from table above 1. File a tax extension online 188,000 2. File a tax extension online Enter your modified AGI (that of both spouses, if married filing jointly) 2. File a tax extension online 180,555   Note. File a tax extension online If line 2 is equal to or more than the amount on line 1, stop here. File a tax extension online  Your IRA contributions are not deductible. File a tax extension online See Nondeductible Contributions , earlier. File a tax extension online     3. File a tax extension online Subtract line 2 from line 1. File a tax extension online If line 3 is $10,000 or more ($20,000 or more if married filing jointly or qualifying widow(er) and you are covered by an employer plan), stop here. File a tax extension online You can take a full IRA deduction for contributions of up to $5,500 ($6,500 if you are age 50 or older) or 100% of your (and if married filing jointly, your spouse's) compensation, whichever is less 3. File a tax extension online 7,445 4. File a tax extension online Multiply line 3 by the percentage below that applies to you. File a tax extension online If the result is not a multiple of $10, round it to the next highest multiple of $10. File a tax extension online (For example, $611. File a tax extension online 40 is rounded to $620. File a tax extension online ) However, if the result is less than $200, enter $200. File a tax extension online         Married filing jointly or qualifying widow(er) and you are covered by an employer plan, multiply line 3 by 27. File a tax extension online 5% (. File a tax extension online 275) (by 32. File a tax extension online 5% (. File a tax extension online 325) if you are age 50 or older). File a tax extension online All others, multiply line 3 by 55% (. File a tax extension online 55) (by 65% (. File a tax extension online 65) if you are age 50 or older). File a tax extension online 4. File a tax extension online 4,100 5. File a tax extension online Enter your compensation minus any deductions on Form 1040 or Form 1040NR, line 27 (deductible part of self-employment tax) and line 28 (self-employed SEP, SIMPLE, and qualified plans). File a tax extension online If you are filing a joint return and your compensation is less than your spouse's, include your spouse's compensation reduced by his or her traditional IRA and Roth IRA contributions for this year. File a tax extension online If you file Form 1040 or Form 1040NR, do not reduce your compensation by any losses from self-employment 5. File a tax extension online 39,500 6. File a tax extension online Enter contributions made, or to be made, to your IRA for 2013, but do not enter more than $5,500 ($6,500 if you are age 50 or older). File a tax extension online If contributions are more than $5,500 ($6,500 if you are age 50 or older), see Excess Contributions , later. File a tax extension online 6. File a tax extension online 5,500 7. File a tax extension online IRA deduction. File a tax extension online Compare lines 4, 5, and 6. File a tax extension online Enter the smallest amount (or a smaller amount if you choose) here and on the Form 1040, 1040A, or 1040NR line for your IRA, whichever applies. File a tax extension online If line 6 is more than line 7 and you want to make a nondeductible contribution, go to line 8 7. File a tax extension online 4,100 8. File a tax extension online Nondeductible contribution. File a tax extension online Subtract line 7 from line 5 or 6, whichever is smaller. File a tax extension online  Enter the result here and on line 1 of your Form 8606 8. File a tax extension online 1,400 What if You Inherit an IRA? If you inherit a traditional IRA, you are called a beneficiary. File a tax extension online A beneficiary can be any person or entity the owner chooses to receive the benefits of the IRA after he or she dies. File a tax extension online Beneficiaries of a traditional IRA must include in their gross income any taxable distributions they receive. File a tax extension online Inherited from spouse. File a tax extension online   If you inherit a traditional IRA from your spouse, you generally have the following three choices. File a tax extension online You can: Treat it as your own IRA by designating yourself as the account owner. File a tax extension online Treat it as your own by rolling it over into your IRA, or to the extent it is taxable, into a: Qualified employer plan, Qualified employee annuity plan (section 403(a) plan), Tax-sheltered annuity plan (s