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File taxes 2014 1. File taxes 2014   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 taxes 2014 When repayment contributions can be made. File taxes 2014 No deduction. File taxes 2014 Reserve component. File taxes 2014 Figuring your IRA deduction. File taxes 2014 Reporting the repayment. File taxes 2014 Example. File taxes 2014 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 taxes 2014 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 taxes 2014 Can You Move Retirement Plan Assets?Transfers to Roth IRAs from other retirement plans. File taxes 2014 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 taxes 2014 2013 Reporting. File taxes 2014 Additional reporting requirements if you made the election to treat a January 2013 QCD as made in 2012. File taxes 2014 One-time transfer. File taxes 2014 Testing period rules apply. File taxes 2014 More information. File taxes 2014 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 taxes 2014  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 taxes 2014 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 taxes 2014 For more information, see How Much Can Be Contributed? in this chapter. File taxes 2014 Modified AGI limit for traditional IRA contributions increased. File taxes 2014  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 taxes 2014 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 taxes 2014 If your modified AGI is $188,000 or more, you cannot take a deduction for contributions to a traditional IRA. File taxes 2014 See How Much Can You Deduct? in this chapter. File taxes 2014 Net Investment Income Tax. File taxes 2014  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 taxes 2014 However, these distributions are taken into account when determining the modified adjusted gross income threshold. File taxes 2014 Distributions from a nonqualified retirement plan are included in net investment income. File taxes 2014 See Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts, and its instructions for more information. File taxes 2014 What's New for 2014 Modified AGI limit for traditional IRA contributions increased. File taxes 2014  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 taxes 2014 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 taxes 2014 If your modified AGI is $191,000 or more, you cannot take a deduction for contributions to a traditional IRA. File taxes 2014 Introduction This chapter discusses the original IRA. File taxes 2014 In this publication the original IRA (sometimes called an ordinary or regular IRA) is referred to as a “traditional IRA. File taxes 2014 ” A traditional IRA is any IRA that is not a Roth IRA or a SIMPLE IRA. File taxes 2014 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 taxes 2014 Generally, amounts in your IRA, including earnings and gains, are not taxed until they are distributed. File taxes 2014 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 taxes 2014 You can have a traditional IRA whether or not you are covered by any other retirement plan. File taxes 2014 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 taxes 2014 See How Much Can You Deduct , later. File taxes 2014 Both spouses have compensation. File taxes 2014   If both you and your spouse have compensation and are under age 70½, each of you can open an IRA. File taxes 2014 You cannot both participate in the same IRA. File taxes 2014 If you file a joint return, only one of you needs to have compensation. File taxes 2014 What Is Compensation? Generally, compensation is what you earn from working. File taxes 2014 For a summary of what compensation does and does not include, see Table 1-1. File taxes 2014 Compensation includes all of the items discussed next (even if you have more than one type). File taxes 2014 Wages, salaries, etc. File taxes 2014   Wages, salaries, tips, professional fees, bonuses, and other amounts you receive for providing personal services are compensation. File taxes 2014 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 taxes 2014 Scholarship and fellowship payments are compensation for IRA purposes only if shown in box 1 of Form W-2. File taxes 2014 Commissions. File taxes 2014   An amount you receive that is a percentage of profits or sales price is compensation. File taxes 2014 Self-employment income. File taxes 2014   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 taxes 2014   Compensation includes earnings from self-employment even if they are not subject to self-employment tax because of your religious beliefs. File taxes 2014 Self-employment loss. File taxes 2014   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 taxes 2014 Alimony and separate maintenance. File taxes 2014   For IRA purposes, compensation includes any taxable alimony and separate maintenance payments you receive under a decree of divorce or separate maintenance. File taxes 2014 Nontaxable combat pay. File taxes 2014   If you were a member of the U. File taxes 2014 S. File taxes 2014 Armed Forces, compensation includes any nontaxable combat pay you received. File taxes 2014 This amount should be reported in box 12 of your 2013 Form W-2 with code Q. File taxes 2014 Table 1-1. File taxes 2014 Compensation for Purposes of an IRA Includes . File taxes 2014 . File taxes 2014 . File taxes 2014 Does not include . File taxes 2014 . File taxes 2014 . File taxes 2014   earnings and profits from property. File taxes 2014 wages, salaries, etc. File taxes 2014     interest and dividend income. File taxes 2014 commissions. File taxes 2014     pension or annuity income. File taxes 2014 self-employment income. File taxes 2014     deferred compensation. File taxes 2014 alimony and separate maintenance. File taxes 2014     income from certain  partnerships. File taxes 2014 nontaxable combat pay. File taxes 2014     any amounts you exclude from income. File taxes 2014     What Is Not Compensation? Compensation does not include any of the following items. File taxes 2014 Earnings and profits from property, such as rental income, interest income, and dividend income. File taxes 2014 Pension or annuity income. File taxes 2014 Deferred compensation received (compensation payments postponed from a past year). File taxes 2014 Income from a partnership for which you do not provide services that are a material income-producing factor. File taxes 2014 Conservation Reserve Program (CRP) payments reported on Schedule SE (Form 1040), line 1b. File taxes 2014 Any amounts (other than combat pay) you exclude from income, such as foreign earned income and housing costs. File taxes 2014 When Can a Traditional IRA Be Opened? You can open a traditional IRA at any time. File taxes 2014 However, the time for making contributions for any year is limited. File taxes 2014 See When Can Contributions Be Made , later. File taxes 2014 How Can a Traditional IRA Be Opened? You can open different kinds of IRAs with a variety of organizations. File taxes 2014 You can open an IRA at a bank or other financial institution or with a mutual fund or life insurance company. File taxes 2014 You can also open an IRA through your stockbroker. File taxes 2014 Any IRA must meet Internal Revenue Code requirements. File taxes 2014 The requirements for the various arrangements are discussed below. File taxes 2014 Kinds of traditional IRAs. File taxes 2014   Your traditional IRA can be an individual retirement account or annuity. File taxes 2014 It can be part of either a simplified employee pension (SEP) or an employer or employee association trust account. File taxes 2014 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 taxes 2014 The account is created by a written document. File taxes 2014 The document must show that the account meets all of the following requirements. File taxes 2014 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 taxes 2014 The trustee or custodian generally cannot accept contributions of more than the deductible amount for the year. File taxes 2014 However, rollover contributions and employer contributions to a simplified employee pension (SEP) can be more than this amount. File taxes 2014 Contributions, except for rollover contributions, must be in cash. File taxes 2014 See Rollovers , later. File taxes 2014 You must have a nonforfeitable right to the amount at all times. File taxes 2014 Money in your account cannot be used to buy a life insurance policy. File taxes 2014 Assets in your account cannot be combined with other property, except in a common trust fund or common investment fund. File taxes 2014 You must start receiving distributions by April 1 of the year following the year in which you reach age 70½. File taxes 2014 See When Must You Withdraw Assets? (Required Minimum Distributions) , later. File taxes 2014 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 taxes 2014 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 taxes 2014 An individual retirement annuity must meet all the following requirements. File taxes 2014 Your entire interest in the contract must be nonforfeitable. File taxes 2014 The contract must provide that you cannot transfer any portion of it to any person other than the issuer. File taxes 2014 There must be flexible premiums so that if your compensation changes, your payment can also change. File taxes 2014 This provision applies to contracts issued after November 6, 1978. File taxes 2014 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 taxes 2014 Distributions must begin by April 1 of the year following the year in which you reach age 70½. File taxes 2014 See When Must You Withdraw Assets? (Required Minimum Distributions) , later. File taxes 2014 Individual Retirement Bonds The sale of individual retirement bonds issued by the federal government was suspended after April 30, 1982. File taxes 2014 The bonds have the following features. File taxes 2014 They stop earning interest when you reach age 70½. File taxes 2014 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 taxes 2014 You cannot transfer the bonds. File taxes 2014 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 taxes 2014 See Age 59½ Rule under Early Distributions, later. File taxes 2014 You can roll over redemption proceeds into IRAs. File taxes 2014 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 taxes 2014 Generally, distributions from SEP IRAs are subject to the withdrawal and tax rules that apply to traditional IRAs. File taxes 2014 See Publication 560 for more information about SEPs. File taxes 2014 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 taxes 2014 The requirements for individual retirement accounts apply to these traditional IRAs. File taxes 2014 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 taxes 2014 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 taxes 2014 The disclosure statement must explain certain items in plain language. File taxes 2014 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 taxes 2014 This explanation must appear at the beginning of the disclosure statement. File taxes 2014 If you revoke your IRA within the revocation period, the sponsor must return to you the entire amount you paid. File taxes 2014 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 taxes 2014 These requirements apply to all sponsors. File taxes 2014 How Much Can Be Contributed? There are limits and other rules that affect the amount that can be contributed to a traditional IRA. File taxes 2014 These limits and rules are explained below. File taxes 2014 Community property laws. File taxes 2014   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 taxes 2014 This is the rule even in states with community property laws. File taxes 2014 Brokers' commissions. File taxes 2014   Brokers' commissions paid in connection with your traditional IRA are subject to the contribution limit. File taxes 2014 For information about whether you can deduct brokers' commissions, see Brokers' commissions , later, under How Much Can You Deduct. File taxes 2014 Trustees' fees. File taxes 2014   Trustees' administrative fees are not subject to the contribution limit. File taxes 2014 For information about whether you can deduct trustees' fees, see Trustees' fees , later, under How Much Can You Deduct. File taxes 2014 Qualified reservist repayments. File taxes 2014   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 taxes 2014 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 taxes 2014 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 taxes 2014 Limit. File taxes 2014   Your qualified reservist repayments cannot be more than your qualified reservist distributions, explained under Early Distributions , later. File taxes 2014 When repayment contributions can be made. File taxes 2014   You cannot make these repayment contributions later than the date that is 2 years after your active duty period ends. File taxes 2014 No deduction. File taxes 2014   You cannot deduct qualified reservist repayments. File taxes 2014 Reserve component. File taxes 2014   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 taxes 2014 Figuring your IRA deduction. File taxes 2014   The repayment of qualified reservist distributions does not affect the amount you can deduct as an IRA contribution. File taxes 2014 Reporting the repayment. File taxes 2014   If you repay a qualified reservist distribution, include the amount of the repayment with nondeductible contributions on line 1 of Form 8606. File taxes 2014 Example. File taxes 2014   In 2013, your IRA contribution limit is $5,500. File taxes 2014 However, because of your filing status and AGI, the limit on the amount you can deduct is $3,500. File taxes 2014 You can make a nondeductible contribution of $2,000 ($5,500 - $3,500). File taxes 2014 In an earlier year you received a $3,000 qualified reservist distribution, which you would like to repay this year. File taxes 2014   For 2013, you can contribute a total of $8,500 to your IRA. File taxes 2014 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 taxes 2014 You contribute the maximum allowable for the year. File taxes 2014 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 taxes 2014 The qualified reservist repayment is not deductible. File taxes 2014 Contributions on your behalf to a traditional IRA reduce your limit for contributions to a Roth IRA. File taxes 2014 See chapter 2 for information about Roth IRAs. File taxes 2014 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 taxes 2014 Note. File taxes 2014 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 taxes 2014 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 taxes 2014 (See Nondeductible Contributions , later. File taxes 2014 ) Qualified reservist repayments do not affect this limit. File taxes 2014 Examples. File taxes 2014 George, who is 34 years old and single, earns $24,000 in 2013. File taxes 2014 His IRA contributions for 2013 are limited to $5,500. File taxes 2014 Danny, an unmarried college student working part time, earns $3,500 in 2013. File taxes 2014 His IRA contributions for 2013 are limited to $3,500, the amount of his compensation. File taxes 2014 More than one IRA. File taxes 2014   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 taxes 2014 Annuity or endowment contracts. File taxes 2014   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 taxes 2014 If more than this amount is contributed, the annuity or endowment contract is disqualified. File taxes 2014 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 taxes 2014 Your spouse's IRA contribution for the year to a traditional IRA. File taxes 2014 Any contributions for the year to a Roth IRA on behalf of your spouse. File taxes 2014 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 taxes 2014 Note. File taxes 2014 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 taxes 2014 Example. File taxes 2014 Kristin, a full-time student with no taxable compensation, marries Carl during the year. File taxes 2014 Neither of them was age 50 by the end of 2013. File taxes 2014 For the year, Carl has taxable compensation of $30,000. File taxes 2014 He plans to contribute (and deduct) $5,500 to a traditional IRA. File taxes 2014 If he and Kristin file a joint return, each can contribute $5,500 to a traditional IRA. File taxes 2014 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 taxes 2014 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 taxes 2014 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 taxes 2014 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 taxes 2014 See How Much Can You Deduct , later. File taxes 2014 Example. File taxes 2014 Tom and Darcy are married and both are 53. File taxes 2014 They both work and each has a traditional IRA. File taxes 2014 Tom earned $3,800 and Darcy earned $48,000 in 2013. File taxes 2014 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 taxes 2014 They can contribute up to $6,500 to Darcy's IRA. File taxes 2014 If they file separate returns, the amount that can be contributed to Tom's IRA is limited by his earned income, $3,800. File taxes 2014 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 taxes 2014 Example. File taxes 2014 Rafael, who is 40, earns $30,000 in 2013. File taxes 2014 Although he can contribute up to $5,500 for 2013, he contributes only $3,000. File taxes 2014 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 taxes 2014 He cannot contribute $2,500 more than the limit for any later year. File taxes 2014 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 taxes 2014 However, a penalty or additional tax may apply. File taxes 2014 See Excess Contributions , later, under What Acts Result in Penalties or Additional Taxes. File taxes 2014 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 taxes 2014 Contributions must be in the form of money (cash, check, or money order). File taxes 2014 Property cannot be contributed. File taxes 2014 Although property cannot be contributed, your IRA may invest in certain property. File taxes 2014 For example, your IRA may purchase shares of stock. File taxes 2014 For other restrictions on the use of funds in your IRA, see Prohibited Transactions , later in this chapter. File taxes 2014 You may be able to transfer or roll over certain property from one retirement plan to another. File taxes 2014 See the discussion of rollovers and other transfers later in this chapter under Can You Move Retirement Plan Assets . File taxes 2014 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 taxes 2014 For details, see the instructions for your income tax return or Form 8888, Allocation of Refund (Including Savings Bond Purchases). File taxes 2014 Contributions can be made to your traditional IRA for each year that you receive compensation and have not reached age 70½. File taxes 2014 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 taxes 2014 See Who Can Open a Traditional IRA , earlier. File taxes 2014 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 taxes 2014 Contributions can resume for any years that you qualify. File taxes 2014 Contributions must be made by due date. File taxes 2014   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 taxes 2014 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 taxes 2014 Age 70½ rule. File taxes 2014   Contributions cannot be made to your traditional IRA for the year in which you reach age 70½ or for any later year. File taxes 2014   You attain age 70½ on the date that is 6 calendar months after the 70th anniversary of your birth. File taxes 2014 If you were born on or before June 30, 1943, you cannot contribute for 2013 or any later year. File taxes 2014 Designating year for which contribution is made. File taxes 2014   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 taxes 2014 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 taxes 2014 Filing before a contribution is made. File taxes 2014    You can file your return claiming a traditional IRA contribution before the contribution is actually made. File taxes 2014 Generally, the contribution must be made by the due date of your return, not including extensions. File taxes 2014 Contributions not required. File taxes 2014   You do not have to contribute to your traditional IRA for every tax year, even if you can. File taxes 2014 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 taxes 2014 However, if you or your spouse was covered by an employer retirement plan, you may not be able to deduct this amount. File taxes 2014 See Limit if Covered by Employer Plan , later. File taxes 2014 You may be able to claim a credit for contributions to your traditional IRA. File taxes 2014 For more information, see chapter 4. File taxes 2014 Trustees' fees. File taxes 2014   Trustees' administrative fees that are billed separately and paid in connection with your traditional IRA are not deductible as IRA contributions. File taxes 2014 However, they may be deductible as a miscellaneous itemized deduction on Schedule A (Form 1040). File taxes 2014 For information about miscellaneous itemized deductions, see Publication 529, Miscellaneous Deductions. File taxes 2014 Brokers' commissions. File taxes 2014   These commissions are part of your IRA contribution and, as such, are deductible subject to the limits. File taxes 2014 Full deduction. File taxes 2014   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 taxes 2014   This limit is reduced by any contributions made to a 501(c)(18) plan on your behalf. File taxes 2014 Kay Bailey Hutchison Spousal IRA. File taxes 2014   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 taxes 2014 The IRA deduction for the year of the spouse with the greater compensation. File taxes 2014 Any designated nondeductible contribution for the year made on behalf of the spouse with the greater compensation. File taxes 2014 Any contributions for the year to a Roth IRA on behalf of the spouse with the greater compensation. File taxes 2014   This limit is reduced by any contributions to a section 501(c)(18) plan on behalf of the spouse with the lesser compensation. File taxes 2014 Note. File taxes 2014 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 taxes 2014 After a divorce or legal separation, you can deduct only the contributions to your own IRA. File taxes 2014 Your deductions are subject to the rules for single individuals. File taxes 2014 Covered by an employer retirement plan. File taxes 2014   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 taxes 2014 This is discussed later under Limit if Covered by Employer Plan . File taxes 2014 Limits on the amount you can deduct do not affect the amount that can be contributed. File taxes 2014 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 taxes 2014 The “Retirement Plan” box should be checked if you were covered. File taxes 2014 Reservists and volunteer firefighters should also see Situations in Which You Are Not Covered , later. File taxes 2014 If you are not certain whether you were covered by your employer's retirement plan, you should ask your employer. File taxes 2014 Federal judges. File taxes 2014   For purposes of the IRA deduction, federal judges are covered by an employer plan. File taxes 2014 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 taxes 2014 These rules differ depending on whether the plan is a defined contribution plan or a defined benefit plan. File taxes 2014 Tax year. File taxes 2014   Your tax year is the annual accounting period you use to keep records and report income and expenses on your income tax return. File taxes 2014 For almost all people, the tax year is the calendar year. File taxes 2014 Defined contribution plan. File taxes 2014   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 taxes 2014 However, also see Situations in Which You Are Not Covered , later. File taxes 2014   A defined contribution plan is a plan that provides for a separate account for each person covered by the plan. File taxes 2014 In a defined contribution plan, the amount to be contributed to each participant's account is spelled out in the plan. File taxes 2014 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 taxes 2014 Types of defined contribution plans include profit-sharing plans, stock bonus plans, and money purchase pension plans. File taxes 2014 Example. File taxes 2014 Company A has a money purchase pension plan. File taxes 2014 Its plan year is from July 1 to June 30. File taxes 2014 The plan provides that contributions must be allocated as of June 30. File taxes 2014 Bob, an employee, leaves Company A on December 31, 2012. File taxes 2014 The contribution for the plan year ending on June 30, 2013, is made February 15, 2014. File taxes 2014 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 taxes 2014   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 taxes 2014 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 taxes 2014 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 taxes 2014 Example. File taxes 2014 Mickey was covered by a profit-sharing plan and left the company on December 31, 2012. File taxes 2014 The plan year runs from July 1 to June 30. File taxes 2014 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 taxes 2014 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 taxes 2014 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 taxes 2014 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 taxes 2014 On December 31, 2013, the company decided to contribute to the plan for the plan year ending June 30, 2013. File taxes 2014 That contribution was made on February 15, 2014. File taxes 2014 Mickey is an active participant in the plan for his 2014 tax year but not for his 2013 tax year. File taxes 2014 No vested interest. File taxes 2014   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 taxes 2014 Defined benefit plan. File taxes 2014   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 taxes 2014 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 taxes 2014   A defined benefit plan is any plan that is not a defined contribution plan. File taxes 2014 In a defined benefit plan, the level of benefits to be provided to each participant is spelled out in the plan. File taxes 2014 The plan administrator figures the amount needed to provide those benefits and those amounts are contributed to the plan. File taxes 2014 Defined benefit plans include pension plans and annuity plans. File taxes 2014 Example. File taxes 2014 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 taxes 2014 Nick leaves Company B on December 31, 2012. File taxes 2014 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 taxes 2014 No vested interest. File taxes 2014   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 taxes 2014 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 taxes 2014 Social security or railroad retirement. File taxes 2014   Coverage under social security or railroad retirement is not coverage under an employer retirement plan. File taxes 2014 Benefits from previous employer's plan. File taxes 2014   If you receive retirement benefits from a previous employer's plan, you are not covered by that plan. File taxes 2014 Reservists. File taxes 2014   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 taxes 2014 You are not covered by the plan if both of the following conditions are met. File taxes 2014 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 taxes 2014 You did not serve more than 90 days on active duty during the year (not counting duty for training). File taxes 2014 Volunteer firefighters. File taxes 2014   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 taxes 2014 You are not covered by the plan if both of the following conditions are met. File taxes 2014 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 taxes 2014 Your accrued retirement benefits at the beginning of the year will not provide more than $1,800 per year at retirement. File taxes 2014 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 taxes 2014 Your deduction is also affected by how much income you had and by your filing status. File taxes 2014 Your deduction may also be affected by social security benefits you received. File taxes 2014 Reduced or no deduction. File taxes 2014   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 taxes 2014   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 taxes 2014 These amounts vary depending on your filing status. File taxes 2014   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 taxes 2014 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 taxes 2014 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 taxes 2014 You received social security benefits. File taxes 2014 You received taxable compensation. File taxes 2014 Contributions were made to your traditional IRA. File taxes 2014 You or your spouse was covered by an employer retirement plan. File taxes 2014 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 taxes 2014 Appendix B includes an example with filled-in worksheets to assist you. File taxes 2014 Table 1-2. File taxes 2014 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 taxes 2014 IF your filing status is . File taxes 2014 . File taxes 2014 . File taxes 2014 AND your modified adjusted gross income (modified AGI) is . File taxes 2014 . File taxes 2014 . File taxes 2014 THEN you can take . File taxes 2014 . File taxes 2014 . File taxes 2014 single or head of household $59,000 or less a full deduction. File taxes 2014 more than $59,000 but less than $69,000 a partial deduction. File taxes 2014 $69,000 or more no deduction. File taxes 2014 married filing jointly or  qualifying widow(er) $95,000 or less a full deduction. File taxes 2014 more than $95,000 but less than $115,000 a partial deduction. File taxes 2014 $115,000 or more no deduction. File taxes 2014 married filing separately2 less than $10,000 a partial deduction. File taxes 2014 $10,000 or more no deduction. File taxes 2014 1 Modified AGI (adjusted gross income). File taxes 2014 See Modified adjusted gross income (AGI) , later. File taxes 2014  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 taxes 2014 Table 1-3. File taxes 2014 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 taxes 2014 IF your filing status is . File taxes 2014 . File taxes 2014 . File taxes 2014 AND your modified adjusted gross income (modified AGI) is . File taxes 2014 . File taxes 2014 . File taxes 2014 THEN you can take . File taxes 2014 . File taxes 2014 . File taxes 2014 single, head of household, or qualifying widow(er) any amount a full deduction. File taxes 2014 married filing jointly or separately with a spouse who is not covered by a plan at work any amount a full deduction. File taxes 2014 married filing jointly with a spouse who is covered by a plan at work $178,000 or less a full deduction. File taxes 2014 more than $178,000 but less than $188,000 a partial deduction. File taxes 2014 $188,000 or more no deduction. File taxes 2014 married filing separately with a spouse who is covered by a plan at work2 less than $10,000 a partial deduction. File taxes 2014 $10,000 or more no deduction. File taxes 2014 1 Modified AGI (adjusted gross income). File taxes 2014 See Modified adjusted gross income (AGI) , later. File taxes 2014  2 You are entitled to the full deduction if you did not live with your spouse at any time during the year. File taxes 2014 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 taxes 2014 If your AGI is $191,000 or more, you cannot take a deduction for a contribution to a traditional IRA. File taxes 2014 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 taxes 2014 Covered by a retirement plan. File taxes 2014   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 taxes 2014 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 taxes 2014 If your spouse is covered. File taxes 2014   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 taxes 2014 Filing status. File taxes 2014   Your filing status depends primarily on your marital status. File taxes 2014 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 taxes 2014 If you need more information on filing status, see Publication 501, Exemptions, Standard Deduction, and Filing Information. File taxes 2014 Lived apart from spouse. File taxes 2014   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 taxes 2014 Modified adjusted gross income (AGI). File taxes 2014   You can use Worksheet 1-1 to figure your modified AGI. File taxes 2014 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 taxes 2014    Do not assume that your modified AGI is the same as your compensation. File taxes 2014 Your modified AGI may include income in addition to your compensation (discussed earlier) such as interest, dividends, and income from IRA distributions. File taxes 2014 Form 1040. File taxes 2014   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 taxes 2014 IRA deduction. File taxes 2014 Student loan interest deduction. File taxes 2014 Tuition and fees deduction. File taxes 2014 Domestic production activities deduction. File taxes 2014 Foreign earned income exclusion. File taxes 2014 Foreign housing exclusion or deduction. File taxes 2014 Exclusion of qualified savings bond interest shown on Form 8815. File taxes 2014 Exclusion of employer-provided adoption benefits shown on Form 8839. File taxes 2014 This is your modified AGI. File taxes 2014 Form 1040A. File taxes 2014   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 taxes 2014 IRA deduction. File taxes 2014 Student loan interest deduction. File taxes 2014 Tuition and fees deduction. File taxes 2014 Exclusion of qualified savings bond interest shown on Form 8815. File taxes 2014 This is your modified AGI. File taxes 2014 Form 1040NR. File taxes 2014   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 taxes 2014 IRA deduction. File taxes 2014 Student loan interest deduction. File taxes 2014 Domestic production activities deduction. File taxes 2014 Exclusion of qualified savings bond interest shown on Form 8815. File taxes 2014 Exclusion of employer-provided adoption benefits shown on Form 8839. File taxes 2014 This is your modified AGI. File taxes 2014 Income from IRA distributions. File taxes 2014   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 taxes 2014 Both contributions for 2013 and distributions in 2013. File taxes 2014   If all three of the following apply, any IRA distributions you received in 2013 may be partly tax free and partly taxable. File taxes 2014 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 taxes 2014 (See Nondeductible Contributions and Worksheet 1-2, later. File taxes 2014 ) If this is your situation, you must figure the taxable part of the traditional IRA distribution before you can figure your modified AGI. File taxes 2014 To do this, you can use Worksheet 1-5, later. File taxes 2014   If at least one of the above does not apply, figure your modified AGI using Worksheet 1-1, later. File taxes 2014 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 taxes 2014 Figuring Your Reduced IRA Deduction for 2013. File taxes 2014 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 taxes 2014 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 taxes 2014 Note. File taxes 2014 If you were married and both you and your spouse contributed to IRAs, figure your deduction and your spouse's deduction separately. File taxes 2014 Worksheet 1-1. File taxes 2014 Figuring Your Modified AGI Use this worksheet to figure your modified AGI for traditional IRA purposes. File taxes 2014 1. File taxes 2014 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 taxes 2014   2. File taxes 2014 Enter any student loan interest deduction from Form 1040, line 33; Form 1040A, line 18; or Form 1040NR, line 33 2. File taxes 2014   3. File taxes 2014 Enter any tuition and fees deduction from Form 1040, line 34, or Form 1040A, line 19 3. File taxes 2014   4. File taxes 2014 Enter any domestic production activities deduction from Form 1040, line 35, or Form 1040NR, line 34 4. File taxes 2014   5. File taxes 2014 Enter any foreign earned income exclusion and/or housing exclusion from Form 2555, line 45, or Form 2555-EZ, line 18 5. File taxes 2014   6. File taxes 2014 Enter any foreign housing deduction from Form 2555, line 50 6. File taxes 2014   7. File taxes 2014 Enter any excludable savings bond interest from Form 8815, line 14 7. File taxes 2014   8. File taxes 2014 Enter any excluded employer-provided adoption benefits from Form 8839, line 28 8. File taxes 2014   9. File taxes 2014 Add lines 1 through 8. File taxes 2014 This is your Modified AGI for traditional IRA purposes 9. File taxes 2014   Reporting Deductible Contributions If you file Form 1040, enter your IRA deduction on line 32 of that form. File taxes 2014 If you file Form 1040A, enter your IRA deduction on line 17 of that form. File taxes 2014 If you file Form 1040NR, enter your IRA deduction on line 32 of that form. File taxes 2014 You cannot deduct IRA contributions on Form 1040EZ or Form 1040NR-EZ. File taxes 2014 Self-employed. File taxes 2014   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 taxes 2014 If you file Form 1040NR, enter your deduction on line 28 of that form. File taxes 2014 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 taxes 2014 The difference between your total permitted contributions and your IRA deduction, if any, is your nondeductible contribution. File taxes 2014 Example. File taxes 2014 Tony is 29 years old and single. File taxes 2014 In 2013, he was covered by a retirement plan at work. File taxes 2014 His salary is $62,000. File taxes 2014 His modified AGI is $70,000. File taxes 2014 Tony makes a $5,500 IRA contribution for 2013. File taxes 2014 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 taxes 2014 He must designate this contribution as a nondeductible contribution by reporting it on Form 8606. File taxes 2014 Repayment of reservist distributions. File taxes 2014   Nondeductible contributions may include repayments of qualified reservist distributions. File taxes 2014 For more information, see Qualified reservist repayments under How Much Can Be Contributed, earlier. File taxes 2014 Form 8606. File taxes 2014   To designate contributions as nondeductible, you must file Form 8606. File taxes 2014 (See the filled-in Forms 8606 in this chapter. File taxes 2014 )   You do not have to designate a contribution as nondeductible until you file your tax return. File taxes 2014 When you file, you can even designate otherwise deductible contributions as nondeductible contributions. File taxes 2014   You must file Form 8606 to report nondeductible contributions even if you do not have to file a tax return for the year. File taxes 2014    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 taxes 2014 In those situations, a Form 8606 is completed for the year you take a distribution from that IRA. File taxes 2014 See Form 8606 under Distributions Fully or Partly Taxable, later. File taxes 2014 Failure to report nondeductible contributions. File taxes 2014   If you do not report nondeductible contributions, all of the contributions to your traditional IRA will be treated like deductible contributions when withdrawn. File taxes 2014 All distributions from your IRA will be taxed unless you can show, with satisfactory evidence, that nondeductible contributions were made. File taxes 2014 Penalty for overstatement. File taxes 2014   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 taxes 2014 Penalty for failure to file Form 8606. File taxes 2014   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 taxes 2014 Tax on earnings on nondeductible contributions. File taxes 2014   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 taxes 2014 Cost basis. File taxes 2014   You will have a cost basis in your traditional IRA if you made any nondeductible contributions. File taxes 2014 Your cost basis is the sum of the nondeductible contributions to your IRA minus any withdrawals or distributions of nondeductible contributions. File taxes 2014    Commonly, distributions from your traditional IRAs will include both taxable and nontaxable (cost basis) amounts. File taxes 2014 See Are Distributions Taxable, later, for more information. File taxes 2014 Recordkeeping. File taxes 2014 There is a recordkeeping worksheet, Appendix A. File taxes 2014 Summary Record of Traditional IRA(s) for 2013 , that you can use to keep a record of deductible and nondeductible IRA contributions. File taxes 2014 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 taxes 2014 Example 1. File taxes 2014 For 2013, Tom and Betty file a joint return on Form 1040. File taxes 2014 They are both 39 years old. File taxes 2014 They are both employed and Tom is covered by his employer's retirement plan. File taxes 2014 Tom's salary is $59,000 and Betty's is $32,555. File taxes 2014 They each have a traditional IRA and their combined modified AGI, which includes $5,000 interest and dividend income, is $96,555. File taxes 2014 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 taxes 2014 For 2013, Tom contributed $5,500 to his IRA and Betty contributed $5,500 to hers. File taxes 2014 Even though they file a joint return, they must use separate worksheets to figure the IRA deduction for each of them. File taxes 2014 Tom can take a deduction of only $5,080. File taxes 2014 He can choose to treat the $5,080 as either deductible or nondeductible contributions. File taxes 2014 He can either leave the $420 ($5,500 − $5,080) of nondeductible contributions in his IRA or withdraw them by April 15, 2014. File taxes 2014 He decides to treat the $5,080 as deductible contributions and leave the $420 of nondeductible contributions in his IRA. File taxes 2014 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 taxes 2014 Figuring Your Reduced IRA Deduction for 2013—Example 1 Illustrated. File taxes 2014 Betty figures her IRA deduction as follows. File taxes 2014 Betty can treat all or part of her contributions as either deductible or nondeductible. File taxes 2014 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 taxes 2014 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 taxes 2014 Betty decides to treat her $5,500 IRA contributions as deductible. File taxes 2014 The IRA deductions of $5,080 and $5,500 on the joint return for Tom and Betty total $10,580. File taxes 2014 Example 2. File taxes 2014 For 2013, Ed and Sue file a joint return on Form 1040. File taxes 2014 They are both 39 years old. File taxes 2014 Ed is covered by his employer's retirement plan. File taxes 2014 Ed's salary is $45,000. File taxes 2014 Sue had no compensation for the year and did not contribute to an IRA. File taxes 2014 Sue is not covered by an employer plan. File taxes 2014 Ed contributed $5,500 to his traditional IRA and $5,500 to a traditional IRA for Sue (a Kay Bailey Hutchison Spousal IRA). File taxes 2014 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 taxes 2014 Because the combined modified AGI is $115,000 or more, Ed cannot deduct any of the contribution to his traditional IRA. File taxes 2014 He can either leave the $5,500 of nondeductible contributions in his IRA or withdraw them by April 15, 2014. File taxes 2014 Sue figures her IRA deduction as shown on Worksheet 1-2. File taxes 2014 Figuring Your Reduced IRA Deduction for 2013—Example 2 Illustrated. File taxes 2014 Worksheet 1-2. File taxes 2014 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 taxes 2014 ) Note. File taxes 2014 If you were married and both you and your spouse contributed to IRAs, figure your deduction and your spouse's deduction separately. File taxes 2014 IF you . File taxes 2014 . File taxes 2014 . File taxes 2014 AND your  filing status is . File taxes 2014 . File taxes 2014 . File taxes 2014 AND your modified AGI is over . File taxes 2014 . File taxes 2014 . File taxes 2014 THEN enter on  line 1 below . File taxes 2014 . File taxes 2014 . File taxes 2014       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 taxes 2014 Enter applicable amount from table above 1. File taxes 2014   2. File taxes 2014 Enter your modified AGI (that of both spouses, if married filing jointly) 2. File taxes 2014     Note. File taxes 2014 If line 2 is equal to or more than the amount on line 1, stop here. File taxes 2014  Your IRA contributions are not deductible. File taxes 2014 See Nondeductible Contributions , earlier. File taxes 2014     3. File taxes 2014 Subtract line 2 from line 1. File taxes 2014 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 taxes 2014 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 taxes 2014   4. File taxes 2014 Multiply line 3 by the percentage below that applies to you. File taxes 2014 If the result is not a multiple of $10, round it to the next highest multiple of $10. File taxes 2014 (For example, $611. File taxes 2014 40 is rounded to $620. File taxes 2014 ) However, if the result is less than $200, enter $200. File taxes 2014         Married filing jointly or qualifying widow(er) and you are covered by an employer plan, multiply line 3 by 27. File taxes 2014 5% (. File taxes 2014 275) (by 32. File taxes 2014 5% (. File taxes 2014 325) if you are age 50 or older). File taxes 2014 All others, multiply line 3 by 55% (. File taxes 2014 55) (by 65% (. File taxes 2014 65) if you are age 50 or older). File taxes 2014 4. File taxes 2014   5. File taxes 2014 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 taxes 2014 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 taxes 2014 If you file Form 1040 or Form 1040NR, do not reduce your compensation by any losses from self-employment 5. File taxes 2014   6. File taxes 2014 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 taxes 2014 If contributions are more than $5,500 ($6,500 if you are age 50 or older), see Excess Contributions , later. File taxes 2014 6. File taxes 2014   7. File taxes 2014 IRA deduction. File taxes 2014 Compare lines 4, 5, and 6. File taxes 2014 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 taxes 2014 If line 6 is more than line 7 and you want to make a nondeductible contribution, go to line 8 7. File taxes 2014   8. File taxes 2014 Nondeductible contribution. File taxes 2014 Subtract line 7 from line 5 or 6, whichever is smaller. File taxes 2014  Enter the result here and on line 1 of your Form 8606 8. File taxes 2014   Worksheet 1-2. File taxes 2014 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 taxes 2014 ) Note. File taxes 2014 If you were married and both you and your spouse contributed to IRAs, figure your deduction and your spouse's deduction separately. File taxes 2014 IF you . File taxes 2014 . File taxes 2014 . File taxes 2014 AND your  filing status is . File taxes 2014 . File taxes 2014 . File taxes 2014 AND your modified AGI is over . File taxes 2014 . File taxes 2014 . File taxes 2014 THEN enter on  line 1 below . File taxes 2014 . File taxes 2014 . File taxes 2014       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 taxes 2014 Enter applicable amount from table above 1. File taxes 2014 115,000 2. File taxes 2014 Enter your modified AGI (that of both spouses, if married filing jointly) 2. File taxes 2014 96,555   Note. File taxes 2014 If line 2 is equal to or more than the amount on line 1, stop here. File taxes 2014  Your IRA contributions are not deductible. File taxes 2014 See Nondeductible Contributions , earlier. File taxes 2014     3. File taxes 2014 Subtract line 2 from line 1. File taxes 2014 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 taxes 2014 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 taxes 2014 18,445 4. File taxes 2014 Multiply line 3 by the percentage below that applies to you. File taxes 2014 If the result is not a multiple of $10, round it to the next highest multiple of $10. File taxes 2014 (For example, $611. File taxes 2014 40 is rounded to $620. File taxes 2014 ) However, if the result is less than $200, enter $200. File taxes 2014         Married filing jointly or qualifying widow(er) and you are covered by an employer plan, multiply line 3 by 27. File taxes 2014 5% (. File taxes 2014 275) (by 32. File taxes 2014 5% (. File taxes 2014 325) if you are age 50 or older). File taxes 2014 All others, multiply line 3 by 55% (. File taxes 2014 55) (by 65% (. File taxes 2014 65) if you are age 50 or older). File taxes 2014 4. File taxes 2014 5,080 5. File taxes 2014 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 taxes 2014 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 taxes 2014 If you file Form 1040 or Form 1040NR, do not reduce your compensation by any losses from self-employment 5. File taxes 2014 59,000 6. File taxes 2014 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 taxes 2014 If contributions are more than $5,500 ($6,500 if you are age 50 or older), see Excess Contributions , later. File taxes 2014 6. File taxes 2014 5,500 7. File taxes 2014 IRA deduction. File taxes 2014 Compare lines 4, 5, and 6. File taxes 2014 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 taxes 2014 If line 6 is more than line 7 and you want to make a nondeductible contribution, go to line 8 7. File taxes 2014 5,080 8. File taxes 2014 Nondeductible contribution. File taxes 2014 Subtract line 7 from line 5 or 6, whichever is smaller. File taxes 2014  Enter the result here and on line 1 of your Form 8606 8. File taxes 2014 420 Worksheet 1-2. File taxes 2014 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 taxes 2014 ) Note. File taxes 2014 If you were married and both you and your spouse contributed to IRAs, figure your deduction and your spouse's deduction separately. File taxes 2014 IF you . File taxes 2014 . File taxes 2014 . File taxes 2014 AND your  filing status is . File taxes 2014 . File taxes 2014 . File taxes 2014 AND your modified AGI is over . File taxes 2014 . File taxes 2014 . File taxes 2014 THEN enter on  line 1 below . File taxes 2014 . File taxes 2014 . File taxes 2014       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 taxes 2014 Enter applicable amount from table above 1. File taxes 2014 188,000 2. File taxes 2014 Enter your modified AGI (that of both spouses, if married filing jointly) 2. File taxes 2014 180,555   Note. File taxes 2014 If line 2 is equal to or more than the amount on line 1, stop here. File taxes 2014  Your IRA contributions are not deductible. File taxes 2014 See Nondeductible Contributions , earlier. File taxes 2014     3. File taxes 2014 Subtract line 2 from line 1. File taxes 2014 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 taxes 2014 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 taxes 2014 7,445 4. File taxes 2014 Multiply line 3 by the percentage below that applies to you. File taxes 2014 If the result is not a multiple of $10, round it to the next highest multiple of $10. File taxes 2014 (For example, $611. File taxes 2014 40 is rounded to $620. File taxes 2014 ) However, if the result is less than $200, enter $200. File taxes 2014         Married filing jointly or qualifying widow(er) and you are covered by an employer plan, multiply line 3 by 27. File taxes 2014 5% (. File taxes 2014 275) (by 32. File taxes 2014 5% (. File taxes 2014 325) if you are age 50 or older). File taxes 2014 All others, multiply line 3 by 55% (. File taxes 2014 55) (by 65% (. File taxes 2014 65) if you are age 50 or older). File taxes 2014 4. File taxes 2014 4,100 5. File taxes 2014 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 taxes 2014 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 taxes 2014 If you file Form 1040 or Form 1040NR, do not reduce your compensation by any losses from self-employment 5. File taxes 2014 39,500 6. File taxes 2014 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 taxes 2014 If contributions are more than $5,500 ($6,500 if you are age 50 or older), see Excess Contributions , later. File taxes 2014 6. File taxes 2014 5,500 7. File taxes 2014 IRA deduction. File taxes 2014 Compare lines 4, 5, and 6. File taxes 2014 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 taxes 2014 If line 6 is more than line 7 and you want to make a nondeductible contribution, go to line 8 7. File taxes 2014 4,100 8. File taxes 2014 Nondeductible contribution. File taxes 2014 Subtract line 7 from line 5 or 6, whichever is smaller. File taxes 2014  Enter the result here and on line 1 of your Form 8606 8. File taxes 2014 1,400 What if You Inherit an IRA? If you inherit a traditional IRA, you are called a beneficiary. File taxes 2014 A beneficiary can be any person or entity the owner chooses to receive the benefits of the IRA after he or she dies. File taxes 2014 Beneficiaries of a traditional IRA must include in their gross income any taxable distributions they receive. File taxes 2014 Inherited from spouse. File taxes 2014   If you inherit a traditional IRA from your spouse, you generally have the following three choices. File taxes 2014 You can: Treat it as your own IRA by designating yourself as the account owner. File taxes 2014 Treat it as your own by rolling it over into your IRA, or to the extent it is taxable, into a: Qualified employer plan, Qualified employee annuity plan (section 403(a) plan), Tax-sheltered annuity plan (s
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Tax Relief for Victims of Tropical Storm Irene in Connecticut

E-file to Remain Open through Oct. 31 for Irene Victims

CT-2011-40, Sept. 6, 2011

WASHINGTON — Victims of Tropical Storm Irene that began on Aug. 27, 2011, in Connecticut may qualify for tax relief from the Internal Revenue Service.

The President has declared the following counties a federal disaster area: Fairfield, Hartford, Litchfield, Middlesex, New Haven, New London, Tolland and Windham. Individuals who reside or have a business in these counties may qualify for tax relief.

The declaration permits the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after Aug. 27, and on or before Oct. 31, have been postponed to Oct. 31, 2011. This includes corporations and other businesses that previously obtained an extension until Sept. 15 to file their 2010 returns, and individuals and businesses that received a similar extension until Oct. 17. It also includes the estimated tax payment for the third quarter, normally due Sept. 15.

In addition, the IRS is waiving the failure-to-deposit penalties for employment and excise tax deposits due on or after Aug. 27, and on or before Sept. 12, as long as the deposits are made by Sept. 12, 2011.

If an affected taxpayer receives a penalty notice from the IRS, the taxpayer should call the telephone number on the notice to have the IRS abate any interest and any late filing or late payment penalties that would otherwise apply. Penalties or interest will be abated only for taxpayers who have an original or extended filing, payment or deposit due date, including an extended filing or payment due date, that falls within the postponement period.

The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area must call the IRS disaster hotline at 1-866-562-5227 to request this tax relief.

Covered Disaster Area

The counties listed above constitute a covered disaster area for purposes of Treas. Reg. § 301.7508A-1(d)(2) and are entitled to the relief detailed below.

Affected Taxpayers

Taxpayers considered to be affected taxpayers eligible for the postponement of time to file returns, pay taxes and perform other time-sensitive acts are those taxpayers listed in Treas. Reg. § 301.7508A-1(d)(1), and include individuals who live, and businesses whose principal place of business is located, in the covered disaster area. Taxpayers not in the covered disaster area, but whose records necessary to meet a deadline listed in Treas. Reg. § 301.7508A-1(c) are in the covered disaster area, are also entitled to relief. In addition, all relief workers affiliated with a recognized government or philanthropic organization assisting in the relief activities in the covered disaster area and any individual visiting the covered disaster area who was killed or injured as a result of the disaster are entitled to relief.

Grant of Relief

Under section 7508A, the IRS gives affected taxpayers until Oct. 31 to file most tax returns (including individual, corporate, and estate and trust income tax returns; partnership returns, S corporation returns, and trust returns; estate, gift, and generation-skipping transfer tax returns; and employment and certain excise tax returns), or to make tax payments, including estimated tax payments, that have either an original or extended due date occurring on or after Aug. 27 and on or before Oct. 31.

The IRS also gives affected taxpayers until Oct. 31 to perform other time-sensitive actions described in Treas. Reg. § 301.7508A-1(c)(1) and Rev. Proc. 2007-56, 2007-34 I.R.B. 388 (Aug. 20, 2007), that are due to be performed on or after Aug. 27 and on or before Oct. 31.

This relief also includes the filing of Form 5500 series returns, in the manner described in section 8 of Rev. Proc. 2007-56. The relief described in section 17 of Rev. Proc. 2007-56, pertaining to like-kind exchanges of property, also applies to certain taxpayers who are not otherwise affected taxpayers and may include acts required to be performed before or after the period above.

The postponement of time to file and pay does not apply to information returns in the W-2, 1098, 1099 series, or to Forms 1042-S or 8027. Penalties for failure to timely file information returns can be waived under existing procedures for reasonable cause. Likewise, the postponement does not apply to employment and excise tax deposits. The IRS, however, will abate penalties for failure to make timely employment and excise tax deposits due on or after Aug. 27 and on or before Sept. 12 provided the taxpayer makes these deposits by Sept. 12.

Casualty Losses

Affected taxpayers in a federally declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year. Claiming the loss on an original or amended return for last year will get the taxpayer an earlier refund, but waiting to claim the loss on this year’s return could result in a greater tax saving, depending on other income factors.

Individuals may deduct personal property losses that are not covered by insurance or other reimbursements. For details, see Form 4684 and its instructions.

Affected taxpayers claiming the disaster loss on last year’s return should put the Disaster Designation “Connecticut/Tropical Storm Irene” at the top of the form so that the IRS can expedite the processing of the refund.

Other Relief

The IRS will waive the usual fees and expedite requests for copies of previously filed tax returns for affected taxpayers. Taxpayers should put the assigned Disaster Designation in red ink at the top of Form 4506, Request for Copy of Tax Return, or Form 4506-T, Request for Transcript of Tax Return, as appropriate, and submit it to the IRS.

Affected taxpayers who are contacted by the IRS on a collection or examination matter should explain how the disaster impacts them so that the IRS can provide appropriate consideration to their case.

Taxpayers may download forms and publications from this website, irs.gov, or order them by calling 1-800-TAX-FORM (1-800-829-3676). The IRS toll-free number for general tax questions is 1-800-829-1040.

Related Information

Disaster Assistance and Emergency Relief for Individuals and Businesses
Recent IRS Disaster Relief Announcements

 

 

Page Last Reviewed or Updated: 20-Feb-2014

The File Taxes 2014

File taxes 2014 Index A Accidentes, Pérdidas deducibles. File taxes 2014 , Pérdidas no deducibles. File taxes 2014 Agencia Federal para el Manejo de Emergencias (FEMA) , cómo comunicarse con la, Cómo Comunicarse con la Agencia Federal para el Manejo de Emergencias (FEMA) Ajustes a la base, Ajuste a la base de los bienes de una sociedad anónima. File taxes 2014 , Ajustes a la Base Aplazamiento de la declaración de una ganancia, Aplazamiento de la Declaración de una Ganancia Bienes de reposición adquiridos antes de presentar la declaración de impuestos, Bienes de reposición adquiridos antes de presentar la declaración de impuestos. File taxes 2014 Bienes de reposición adquiridos después de haber presentado la declaración de impuestos, Bienes de reposición adquiridos después de haber presentado la declaración de impuestos. File taxes 2014 Cambio de idea, Si cambia de idea. File taxes 2014 Declaración enmendada, Declaración enmendada. File taxes 2014 Documento escrito requerido, Documento escrito requerido. File taxes 2014 Límite de 3 años, Límite de 3 años. File taxes 2014 Sustitución de los bienes de reposición, Sustitución de los bienes de reposición. File taxes 2014 Asistencia (see Ayuda con los impuestos) Automóviles Accidentes, Pérdidas deducibles. File taxes 2014 Valor justo de mercado de, Valor de automóviles. File taxes 2014 Ayuda (see Ayuda con los impuestos) Ayuda con los impuestos, Cómo Obtener Ayuda con los Impuestos B Base Ajustada, Base Ajustada Ajustes a, Ajuste a la base de los bienes de una sociedad anónima. File taxes 2014 , Ajustes a la Base Propiedad de Reposición, Base de la propiedad de reposición. File taxes 2014 Base ajustada, Base Ajustada Bienes de reposición, Bienes de Reposición Ajuste a la base de los bienes de una sociedad anónima, Ajuste a la base de los bienes de una sociedad anónima. File taxes 2014 Aplazamiento de la declaración de una ganancia, Bienes de reposición adquiridos antes de presentar la declaración de impuestos. File taxes 2014 Pago adelantado, Pago adelantado. File taxes 2014 Vivienda principal Ubicada en zona de desastre, Vivienda principal en una zona de desastre. File taxes 2014 Bienes de uso personal Cómo declarar pérdidas y ganancias, Bienes de uso personal. File taxes 2014 Bienes extraviados o perdidos, Bienes extraviados o perdidos. File taxes 2014 Bienes muebles Deducción de pérdidas, cálculo de, Bienes muebles. File taxes 2014 Bienes raíces de uso personal, Excepción en el caso de bienes inmuebles de uso personal. File taxes 2014 Bienes robados (see Pérdidas por robo) Bienes robados recuperados, Bienes robados recuperados. File taxes 2014 C Comentarios sobre la publicación, Comentarios y sugerencias. File taxes 2014 Cómo aplazar la declaración de una ganancia, Cómo Aplazar la Declaración de una Ganancia Cómo calcular una ganancia, Propiedad usada en parte para fines comerciales y en parte para fines personales. File taxes 2014 Cómo calcular una pérdida, Comprobación de las pérdidas por robo. File taxes 2014 Base ajustada, Base Ajustada Pérdidas en zonas de desastre, Cómo calcular la deducción de pérdidas. File taxes 2014 Seguro y otros reembolsos, Seguro y Otros Reembolsos Cómo Calcular una Pérdida, Cómo Calcular la Deducción Cómo declarar pérdidas y ganancias, Declaración de una ganancia. File taxes 2014 , Cómo Declarar Pérdidas y Ganancias Adquiridos antes o después de presentar la declaración de impuestos, Cuándo Declarar Pérdidas y Ganancias Base, ajustes a la, Ajustes a la Base Bienes de uso personal, Bienes de uso personal. File taxes 2014 Deducciones mayores al ingreso, Si las Deducciones son Mayores que el Ingreso Depósitos monetarios, Cómo se declaran las pérdidas de depósitos monetarios. File taxes 2014 Tabla 1, Tabla 1. File taxes 2014 Cómo Declarar la Pérdida de Depósitos Monetarios Pérdidas en zonas de desastre, Cómo declarar la pérdida en el Formulario 1040X. File taxes 2014 Propiedad comercial y de generación de ingresos, Bienes comerciales y de generación de ingresos. File taxes 2014 Comprobación de las Pérdidas, Comprobación de las Pérdidas Contribuyentes casados Límites de la deducción, Contribuyentes casados. File taxes 2014 , Contribuyentes casados. File taxes 2014 Costos Fotografías tomadas después de la pérdida, Costos de fotografías y tasaciones. File taxes 2014 Gastos imprevistos, Gastos afines. File taxes 2014 Jardines, Jardines. File taxes 2014 Limpieza, Costos de limpieza y reparaciones. File taxes 2014 Protección, Costos de protección. File taxes 2014 Reparaciones, Costos de limpieza y reparaciones. File taxes 2014 Reposición, Costos de reposición. File taxes 2014 Tasaciones, Costos de fotografías y tasaciones. File taxes 2014 Costos de limpieza, Costos de limpieza y reparaciones. File taxes 2014 Costos de protección, Costos de protección. File taxes 2014 Costos de reparación, Costos de limpieza y reparaciones. File taxes 2014 Costos de reposición, Costos de reposición. File taxes 2014 D Declaración enmendada, Declaración enmendada. File taxes 2014 Defensor del Contribuyente, El Servicio del Defensor del Contribuyente está aquí para ayudarlo a usted. File taxes 2014 Desastres declarados por el gobierno federal, Propiedad comercial o de generación de ingresos ubicada en una zona de desastre declarada por el gobierno federal. File taxes 2014 , Pérdidas en Zonas de Desastre Deudas incobrables, Deudas incobrables no relacionadas con los negocios. File taxes 2014 Deudas incobrables no relacionadas con los negocios, Deudas incobrables no relacionadas con los negocios. File taxes 2014 Documentación de la pérdida, Comprobación de las pérdidas por robo. File taxes 2014 Donaciones en efectivo, Donaciones en efectivo. File taxes 2014 E Entidad afín, compra de bienes de reposición de una, Compra de bienes de reposición de una entidad afín. File taxes 2014 Esquemas de inversión de tipo Ponzi , Pérdidas provenientes de esquemas de inversión de tipo Ponzi (Ponzi-type schemes). File taxes 2014 Expropiaciones forzosas, Expropiaciones forzosas. File taxes 2014 F Fallecimiento de un contribuyente Aplazamiento de la declaración de una ganancia, Fallecimiento de un contribuyente. File taxes 2014 Fines comerciales, propiedad usada en parte para, Propiedad usada en parte para fines comerciales y en parte para fines personales. File taxes 2014 Fondo de emergencia del empleador en caso de desastre, Fondo de emergencia del empleador en caso de desastre. File taxes 2014 Formulario 1040, Anexo A, Bienes de uso personal. File taxes 2014 Formulario 1040, Anexo D, Bienes de uso personal. File taxes 2014 Formulario 1040X Pérdidas en zonas de desastre, Cómo declarar la pérdida en el Formulario 1040X. File taxes 2014 Formulario 4684 Cómo declarar pérdidas y ganancias en bienes de uso personal, Bienes de uso personal. File taxes 2014 Fotografías Documentación de la pérdida, Costos de fotografías y tasaciones. File taxes 2014 G Ganancias Aplazamiento de, Aplazamiento de la Declaración de una Ganancia, Cómo Aplazar la Declaración de una Ganancia Cómo calcular, Cómo Calcular una Ganancia Cómo declarar, Cómo Comunicarse con la Agencia Federal para el Manejo de Emergencias (FEMA) Cuándo declarar, Si cambia de idea. File taxes 2014 Reembolsos, Ganancias por reembolsos. File taxes 2014 Gastos afines, Gastos afines. File taxes 2014 Gastos imprevistos, Gastos afines. File taxes 2014 I Información adicional (see Ayuda con los impuestos) J Jardines, Jardines. File taxes 2014 L Límites de la deducción, Límites de la Deducción Límites de la Deducción Regla de los $100, Regla de los $100 Regla del 10%, Regla del 10% Regla del 2%, Regla del 2% N Niños desaparecidos, fotografías de, Recordatorios P Pagos calificados para mitigación de desastres, Pagos calificados para mitigación de desastres. File taxes 2014 Pagos del seguro por gastos de manutención, Pagos del seguro por gastos de manutención. File taxes 2014 Paneles de Yeso (Drywall) Corrosivos, Procedimiento Especial Correspondiente a Daños Ocasionados por Paneles de Yeso (Drywall) Corrosivos Pérdida de inventario, Pérdida de inventario. File taxes 2014 Pérdidas en zonas de desastre, Pérdida de inventario por desastre. File taxes 2014 Pérdida de madera en pie, Pérdida de madera en pie. File taxes 2014 Pérdidas Calcular la cantidad (see Cómo calcular una pérdida) Cómo declarar, Cómo Comunicarse con la Agencia Federal para el Manejo de Emergencias (FEMA) Comprobación de las, Recuperación de pérdida deducida. File taxes 2014 Cuándo declarar, Si cambia de idea. File taxes 2014 (Tabla 3), Tabla 3. File taxes 2014 Cuándo deducir una pérdida por hecho fortuito o robo Depósitos monetarios (see Pérdidas de depósitos) Documentación de, Comprobación de las pérdidas por robo. File taxes 2014 Hecho Fortuito (see Pérdidas por hecho fortuito) Robo (see Pérdidas por robo) Zonas de desastre (see Pérdidas en zonas de desastre) Pérdidas de Depósitos Declaración de (Tabla 1), Tabla 1. File taxes 2014 Cómo Declarar la Pérdida de Depósitos Monetarios Pérdidas de depósitos monetarios, Bienes extraviados o perdidos. File taxes 2014 , Tabla 3. File taxes 2014 Cuándo deducir una pérdida por hecho fortuito o robo Cuándo declarar, Pérdidas de depósitos monetarios. File taxes 2014 Pérdidas deducibles, Pérdidas deducibles. File taxes 2014 Pérdidas en Zonas de Desastre Cómo calcular la deducción de pérdidas, Cómo calcular la deducción de pérdidas. File taxes 2014 Cómo deducir la pérdida del año anterior, Cómo deducir la pérdida del año anterior. File taxes 2014 Cuándo deducir, Cuándo deducir la pérdida. File taxes 2014 Tabla 3, Tabla 3. File taxes 2014 Cuándo deducir una pérdida por hecho fortuito o robo Declaración en una declaración enmendada, Declaración de pérdida por desastre en declaración de impuestos enmendada. File taxes 2014 Desastre declarado por el gobierno federal, Propiedad comercial o de generación de ingresos ubicada en una zona de desastre declarada por el gobierno federal. File taxes 2014 , Pérdidas en Zonas de Desastre Documentación, Documentación. File taxes 2014 Formulario 1040X, Cómo declarar la pérdida en el Formulario 1040X. File taxes 2014 Inventario, Pérdida de inventario por desastre. File taxes 2014 Pagos calificados de asistencia en caso de desastre, Pagos calificados de asistencia en caso de desastre. File taxes 2014 Pagos calificados para mitigación de desastres, Pagos calificados para mitigación de desastres. File taxes 2014 Plazos Tributarios Aplazados, Zona de desastre con cobertura. File taxes 2014 Préstamo federal cancelado, Préstamo federal cancelado. File taxes 2014 Reglas para vivienda principal, Vivienda principal en zona de desastre. File taxes 2014 , Ganancias. File taxes 2014 Vivienda inhabitable, Vivienda inhabitable por desastre. File taxes 2014 Pérdidas en zonas de desastre, Pérdida del inquilino. File taxes 2014 Pérdidas no deducibles, Pérdidas no deducibles. File taxes 2014 Pérdidas por hecho fortuito, Tabla 3. File taxes 2014 Cuándo deducir una pérdida por hecho fortuito o robo Comprobación de las, Comprobación de las pérdidas por hecho fortuito. File taxes 2014 Cuándo declarar, Pérdidas. File taxes 2014 Definición, Hecho Fortuito Depósitos monetarios, pérdidas de, Pérdida ordinaria o por hechos fortuitos. File taxes 2014 Deterioro progresivo, Deterioro progresivo. File taxes 2014 Pérdidas deducibles, Pérdidas deducibles. File taxes 2014 Pérdidas no deducibles, Pérdidas no deducibles. File taxes 2014 Registros para el cálculo de, Registros para el cálculo de pérdidas por hecho fortuito y robo. File taxes 2014 Pérdidas por robo, Robo Bienes extraviados o perdidos, Bienes extraviados o perdidos. File taxes 2014 Comprobación de las, Comprobación de las pérdidas por robo. File taxes 2014 Cuándo declarar, Pérdidas. File taxes 2014 Cuándo Deducir una Pérdida por Hecho Fortuito (Tabla 3), Tabla 3. File taxes 2014 Cuándo deducir una pérdida por hecho fortuito o robo Esquemas de inversión de tipo Ponzi , Pérdidas provenientes de esquemas de inversión de tipo Ponzi (Ponzi-type schemes). File taxes 2014 Registros para el cálculo de, Registros para el cálculo de pérdidas por hecho fortuito y robo. File taxes 2014 Valor justo de mercado de los bienes robados, Valor justo de mercado de los bienes robados. File taxes 2014 Plazo de reposición, Plazo de Reposición Prórroga de, Prórroga. File taxes 2014 Plazos Plazos Tributarios Aplazados, Plazos Tributarios Aplazados Plazos Tributarios Aplazados, Plazos Tributarios Aplazados Propiedad alquilada, Propiedad alquilada. File taxes 2014 Cuándo declarar, Pérdida del inquilino. File taxes 2014 Propiedad comercial o de generación de ingresos, Propiedad comercial o de generación de ingresos. File taxes 2014 Propiedad de reposición Base de, Base de la propiedad de reposición. File taxes 2014 Vivienda principal, Vivienda principal repuesta. File taxes 2014 Publicaciones (see Ayuda con los impuestos) R Reducción de intereses, Reducción de intereses y multas. File taxes 2014 Reducción de intereses y multas, Reducción de intereses y multas. File taxes 2014 Reducción de multas, Reducción de intereses y multas. File taxes 2014 Reembolsos Asistencia en caso de desastre, Asistencia en caso de desastre. File taxes 2014 Donaciones en efectivo, Donaciones en efectivo. File taxes 2014 Falta de presentación de una solicitud, Falta de presentación de una solicitud de reembolso. File taxes 2014 Fondo de emergencia del empleador en caso de desastre, Fondo de emergencia del empleador en caso de desastre. File taxes 2014 Recibido después de la deducción de una pérdida, Reembolso Recibido Después de la Deducción de una Pérdida Tipos de, Tipos de Reembolsos Registros para el cálculo de pérdidas por hecho fortuito y robo, Registros para el cálculo de pérdidas por hecho fortuito y robo. File taxes 2014 S Seguros, Seguro y Otros Reembolsos Gastos de manutención, pagos del seguro por, Pagos del seguro por gastos de manutención. File taxes 2014 Servicio del Defensor del Contribuyente, El Servicio del Defensor del Contribuyente está aquí para ayudarlo a usted. File taxes 2014 Servicios gratuitos para los impuestos, Cómo Obtener Ayuda con los Impuestos Subsidios de asistencia en caso de desastre, Asistencia en caso de desastre. File taxes 2014 Subsidios estales de asistencia por desastres para empresas, Subsidios estatales de asistencia por desastre para empresas. File taxes 2014 Subsidios federales de asistencia en caso de desastre, Subsidios federales de asistencia en caso de desastre. File taxes 2014 Sugerencias para la publicación, Comentarios y sugerencias. File taxes 2014 T Tablas y figuras Cómo Declarar la Pérdida de Depósitos Monetarios (Tabla 1), Tabla 1. File taxes 2014 Cómo Declarar la Pérdida de Depósitos Monetarios Cuándo Deducir una Pérdida por Hecho Fortuito (Tabla 3), Tabla 1. File taxes 2014 Cómo Declarar la Pérdida de Depósitos Monetarios , Tabla 3. File taxes 2014 Cuándo deducir una pérdida por hecho fortuito o robo Tasaciones, Tasaciones. File taxes 2014 , Costos de fotografías y tasaciones. File taxes 2014 V Valor justo de mercado Cálculo de la disminución de, Disminución del Valor Justo de Mercado Puntos a no tener en cuenta, Cómo Calcular la Disminución del Valor Justo de Mercado —Puntos a No Tener en Cuenta Puntos a tener en cuenta, Cómo Calcular la Disminución del Valor Justo de Mercado —Puntos a Tener en Cuenta Disminución del valor de mercado de la propiedad en la zona del hecho fortuito o en sus alrededores, Disminución del valor de mercado de la propiedad en la zona del hecho fortuito o en sus alrededores. File taxes 2014 Valor sentimental, Valor sentimental. File taxes 2014 Prev  Up     Home   More Online Publications