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Irs free tax filing 5. Irs free tax filing   Table and Worksheets for the Self-Employed Table of Contents Community property laws. Irs free tax filing As discussed in chapters 2 and 4, if you are self-employed, you must use the rate table or rate worksheet and deduction worksheet to figure your deduction for contributions you made for yourself to a SEP-IRA or qualified plan. Irs free tax filing First, use either the rate table or rate worksheet to find your reduced contribution rate. Irs free tax filing Then complete the deduction worksheet to figure your deduction for contributions. Irs free tax filing The table and the worksheets in chapter 5 apply only to self-employed individuals who have only one defined contribution plan, such as a profit-sharing plan. Irs free tax filing A SEP plan is treated as a profit-sharing plan. Irs free tax filing However, do not use this worksheet for SARSEPs. Irs free tax filing Rate table for self-employed. Irs free tax filing   If your plan's contribution rate is a whole percentage (for example, 12% rather than 12½%), you can use the table on the next page to find your reduced contribution rate. Irs free tax filing Otherwise, use the rate worksheet provided below. Irs free tax filing   First, find your plan contribution rate (the contribution rate stated in your plan) in Column A of the table. Irs free tax filing Then read across to the rate under Column B. Irs free tax filing Enter the rate from Column B in step 4 of the Deduction Worksheet for Self-Employed on this page. Irs free tax filing    Example. Irs free tax filing You are a sole proprietor with no employees. Irs free tax filing If your plan's contribution rate is 10% of a participant's compensation, your rate is 0. Irs free tax filing 090909. Irs free tax filing Enter this rate in step 4 of the Deduction Worksheet for Self-Employed on this page. Irs free tax filing Deduction Worksheet for Self-Employed   Step 1           Enter your net profit from line 31, Schedule C (Form 1040); line 3, Schedule C-EZ (Form 1040); line 34, Schedule F (Form 1040)*; or box 14, code A**, Schedule K-1 (Form 1065)*. Irs free tax filing For information on other income included in net profit from self-employment, see the Instructions for Schedule SE, Form 1040. Irs free tax filing       *Reduce this amount by any amount reported on Schedule SE (Form 1040), line 1b. Irs free tax filing       **General partners should reduce this amount by the same additional expenses subtracted from box 14, code A to determine the amount on line 1 or 2 of Schedule SE. Irs free tax filing     Step 2           Enter your deduction for self-employment tax from Form 1040, line 27             Step 3           Net earnings from self-employment. Irs free tax filing Subtract step 2 from step 1     Step 4           Enter your rate from the Rate Table for Self-Employed or Rate Worksheet for Self-Employed     Step 5           Multiply step 3 by step 4     Step 6           Multiply $255,000 by your plan contribution rate (not the reduced rate)     Step 7           Enter the smaller of step 5 or step 6     Step 8           Contribution dollar limit $51,000     • If you made any elective deferrals to your self-employed plan, go to step 9. Irs free tax filing         • Otherwise, skip steps 9 through 20 and enter the smaller of step 7 or step 8 on step 21. Irs free tax filing       Step 9           Enter your allowable elective deferrals (including designated Roth contributions) made to your self-employed plan during 2013. Irs free tax filing Do not enter more than $17,500     Step 10           Subtract step 9 from step 8     Step 11           Subtract step 9 from step 3       Step 12           Enter one-half of step 11     Step 13           Enter the smallest of step 7, 10, or 12     Step 14           Subtract step 13 from step 3     Step 15           Enter the smaller of step 9 or step 14       • If you made catch-up contributions, go to step 16. Irs free tax filing         • Otherwise, skip steps 16 through 18 and go to step 19. Irs free tax filing       Step 16           Subtract step 15 from step 14     Step 17           Enter your catch-up contributions (including designated Roth contributions), if any. Irs free tax filing Do not enter more than $5,500     Step 18           Enter the smaller of step 16 or step 17     Step 19           Add steps 13, 15, and 18. Irs free tax filing     Step 20           Enter the amount of designated Roth contributions included on lines 9 and 17. Irs free tax filing     Step 21           Subtract step 20 from step 19. Irs free tax filing This is your maximum deductible contribution. Irs free tax filing                 Next: Enter your actual contribution, not to exceed your maximum deductible contribution, on Form 1040, line 28. Irs free tax filing   Rate worksheet for self-employed. Irs free tax filing   If your plan's contribution rate is not a whole percentage (for example, 10½%), you cannot use the Rate Table for Self-Employed. Irs free tax filing Use the following worksheet instead. Irs free tax filing Rate Worksheet for Self-Employed 1) Plan contribution rate as a decimal (for example, 10½% = 0. Irs free tax filing 105)   2) Rate in line 1 plus 1 (for example, 0. Irs free tax filing 105 + 1 = 1. Irs free tax filing 105)   3) Self-employed rate as a decimal rounded to at least 3 decimal places (line 1 ÷ line 2) (for example, 0. Irs free tax filing 105 ÷ 1. Irs free tax filing 105 = 0. Irs free tax filing 095)   Figuring your deduction. Irs free tax filing   Now that you have your self-employed rate from either the rate table or rate worksheet, you can figure your maximum deduction for contributions for yourself by completing the Deduction Worksheet for Self-Employed. Irs free tax filing Community property laws. Irs free tax filing   If you reside in a community property state and you are married and filing a separate return, disregard community property laws for step 1 of the Deduction Worksheet for Self-Employed. Irs free tax filing Enter on step 1 the total net profit you actually earned. Irs free tax filing Rate Table for Self-Employed Column A  If the plan contri- bution rate is: (shown as %) Column B  Your rate is: (shown as decimal) 1 . Irs free tax filing 009901 2 . Irs free tax filing 019608 3 . Irs free tax filing 029126 4 . Irs free tax filing 038462 5 . Irs free tax filing 047619 6 . Irs free tax filing 056604 7 . Irs free tax filing 065421 8 . Irs free tax filing 074074 9 . Irs free tax filing 082569 10 . Irs free tax filing 090909 11 . Irs free tax filing 099099 12 . Irs free tax filing 107143 13 . Irs free tax filing 115044 14 . Irs free tax filing 122807 15 . Irs free tax filing 130435 16 . Irs free tax filing 137931 17 . Irs free tax filing 145299 18 . Irs free tax filing 152542 19 . Irs free tax filing 159664 20 . Irs free tax filing 166667 21 . Irs free tax filing 173554 22 . Irs free tax filing 180328 23 . Irs free tax filing 186992 24 . Irs free tax filing 193548 25* . Irs free tax filing 200000* *The deduction for annual employer contributions (other than elective deferrals) to a SEP plan, a profit-sharing plan, or a money purchase plan cannot be more than 20% of your net earnings (figured without deducting contributions for yourself) from the business that has the plan. Irs free tax filing Example. Irs free tax filing You are a sole proprietor with no employees. Irs free tax filing The terms of your plan provide that you contribute 8½% (. Irs free tax filing 085) of your compensation to your plan. Irs free tax filing Your net profit from line 31, Schedule C (Form 1040) is $200,000. Irs free tax filing You have no elective deferrals or catch-up contributions. Irs free tax filing Your self-employment tax deduction on line 27 of Form 1040 is $9,728. Irs free tax filing See the filled-in portions of both Schedule SE (Form 1040), Self-Employment Income, and Form 1040, later. Irs free tax filing You figure your self-employed rate and maximum deduction for employer contributions you made for yourself as follows. Irs free tax filing Deduction Worksheet for Self-Employed   Step 1           Enter your net profit from line 31, Schedule C (Form 1040); line 3, Schedule C-EZ (Form 1040); line 34, Schedule F (Form 1040)*; or box 14, code A**, Schedule K-1 (Form 1065)*. Irs free tax filing For information on other income included in net profit from self-employment, see the Instructions for Schedule SE, Form 1040. Irs free tax filing $200,000     *Reduce this amount by any amount reported on Schedule SE (Form 1040), line 1b. Irs free tax filing       **General partners should reduce this amount by the same additional expenses subtracted from box 14, code A to determine the amount on line 1 or 2 of Schedule SE. Irs free tax filing     Step 2           Enter your deduction for self-employment tax from Form 1040, line 27 9,728           Step 3           Net earnings from self-employment. Irs free tax filing Subtract step 2 from step 1 190,272   Step 4           Enter your rate from the Rate Table for Self-Employed or Rate Worksheet for Self-Employed 0. Irs free tax filing 078   Step 5           Multiply step 3 by step 4 14,841   Step 6           Multiply $255,000 by your plan contribution rate (not the reduced rate) 21,675   Step 7           Enter the smaller of step 5 or step 6 14,841   Step 8           Contribution dollar limit $51,000     • If you made any elective deferrals to your self-employed plan, go to step 9. Irs free tax filing         • Otherwise, skip steps 9 through 20 and enter the smaller of step 7 or step 8 on step 21. Irs free tax filing       Step 9           Enter your allowable elective deferrals (including designated Roth contributions) made to your self-employed plan during 2013. Irs free tax filing Do not enter more than $17,500 N/A   Step 10           Subtract step 9 from step 8     Step 11           Subtract step 9 from step 3       Step 12           Enter one-half of step 11     Step 13           Enter the smallest of step 7, 10, or 12     Step 14           Subtract step 13 from step 3     Step 15           Enter the smaller of step 9 or step 14       • If you made catch-up contributions, go to step 16. Irs free tax filing         • Otherwise, skip steps 16 through 18 and go to step 19. Irs free tax filing       Step 16           Subtract step 15 from step 14     Step 17           Enter your catch-up contributions (including designated Roth contributions), if any. Irs free tax filing Do not enter more than $5,500     Step 18           Enter the smaller of step 16 or step 17     Step 19           Add steps 13, 15, and 18. Irs free tax filing     Step 20           Enter the amount of designated Roth contributions included on lines 9 and 17     Step 21           Subtract step 20 from step 19. Irs free tax filing This is your maximum deductible contribution $14,841                 Next: Enter your actual contribution, not to exceed your maximum deductible contribution, on Form 1040, line 28. Irs free tax filing   See the filled-in Deduction Worksheet for Self-Employed on this page. Irs free tax filing Rate Worksheet for Self-Employed 1) Plan contribution rate as a decimal (for example, 10½% = 0. Irs free tax filing 105) 0. Irs free tax filing 085 2) Rate in line 1 plus 1 (for example, 0. Irs free tax filing 105 + 1 = 1. Irs free tax filing 105) 1. Irs free tax filing 085 3) Self-employed rate as a decimal rounded to at least 3 decimal places (line 1 ÷ line 2) (for example, 0. Irs free tax filing 105 ÷ 1. Irs free tax filing 105 = 0. Irs free tax filing 095) 0. Irs free tax filing 078 This image is too large to be displayed in the current screen. Irs free tax filing Please click the link to view the image. Irs free tax filing Portion of Form 1040 and Portion of Schedule SE Prev  Up  Next   Home   More Online Publications
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The Irs Free Tax Filing

Irs free tax filing Publication 590 - Introductory Material Table of Contents What's New for 2013 What's New for 2014 Reminders IntroductionOrdering forms and publications. Irs free tax filing Tax questions. Irs free tax filing Useful Items - You may want to see: Note. Irs free tax filing After 2013, Publication 590 will be split into two separate publications as follows. Irs free tax filing Publication 590-A, will focus on contributions to traditional IRAs as well as Roth IRAs. Irs free tax filing This publication will include the rules for rollover and conversion contributions. Irs free tax filing Publication 590-B, will focus on distributions from traditional IRAs as well as Roth IRAs. Irs free tax filing This publication will include the rules for required minimum distributions and IRA beneficiaries. Irs free tax filing What's New for 2013 Traditional IRA contribution and deduction limit. Irs free tax filing  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. Irs free tax filing 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. Irs free tax filing For more information, see How Much Can Be Contributed? in chapter 1. Irs free tax filing Roth IRA contribution limit. Irs free tax filing  If contributions on your behalf are made only to Roth IRAs, your contribution limit for 2013 will generally be the lesser of: $5,500, or Your taxable compensation for the year. Irs free tax filing If you were age 50 or older before 2014 and contributions on your behalf were made only to Roth IRAs, your contribution limit for 2013 will generally be the lesser of: $6,500, or Your taxable compensation for the year. Irs free tax filing However, if your modified adjusted gross income (AGI) is above a certain amount, your contribution limit may be reduced. Irs free tax filing For more information, see How Much Can Be Contributed? under Can You Contribute to a Roth IRA? in chapter 2. Irs free tax filing Modified AGI limit for traditional IRA contributions increased. Irs free tax filing  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. Irs free tax filing 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. Irs free tax filing If your modified AGI is $188,000 or more, you cannot take a deduction for contributions to a traditional IRA. Irs free tax filing See How Much Can You Deduct? in chapter 1. Irs free tax filing Modified AGI limit for Roth IRA contributions increased. Irs free tax filing  For 2013, your Roth IRA contribution limit is reduced (phased out) in the following situations. Irs free tax filing Your filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $178,000. Irs free tax filing You cannot make a Roth IRA contribution if your modified AGI is $188,000 or more. Irs free tax filing Your filing status is single, head of household, or married filing separately and you did not live with your spouse at any time in 2013 and your modified AGI is at least $112,000. Irs free tax filing You cannot make a Roth IRA contribution if your modified AGI is $127,000 or more. Irs free tax filing Your filing status is married filing separately, you lived with your spouse at any time during the year, and your modified AGI is more than -0-. Irs free tax filing You cannot make a Roth IRA contribution if your modified AGI is $10,000 or more. Irs free tax filing See Can You Contribute to a Roth IRA? in chapter 2. Irs free tax filing Net Investment Income Tax. Irs free tax filing  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). Irs free tax filing However, these distributions are taken into account when determining the modified adjusted gross income threshold. Irs free tax filing Distributions from a nonqualified retirement plan are included in net investment income. Irs free tax filing See Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts, and its instructions for more information. Irs free tax filing Kay Bailey Hutchison Spousal IRA. Irs free tax filing . Irs free tax filing  In 2013, spousal IRAs were renamed to Kay Bailey Hutchison Spousal IRAs. Irs free tax filing There are no changes to the rules regarding these IRAs. Irs free tax filing See Kay Bailey Hutchison Spousal IRA Limit in chapter 1 for more information. Irs free tax filing What's New for 2014 Modified AGI limit for traditional IRA contributions increased. Irs free tax filing  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. Irs free tax filing 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. Irs free tax filing If your modified AGI is $191,000 or more, you cannot take a deduction for contributions to a traditional IRA. Irs free tax filing Modified AGI limit for Roth IRA contributions increased. Irs free tax filing  For 2014, your Roth IRA contribution limit is reduced (phased out) in the following situations. Irs free tax filing Your filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $181,000. Irs free tax filing You cannot make a Roth IRA contribution if your modified AGI is $191,000 or more. Irs free tax filing Your filing status is single, head of household, or married filing separately and you did not live with your spouse at any time in 2014 and your modified AGI is at least $114,000. Irs free tax filing You cannot make a Roth IRA contribution if your modified AGI is $129,000 or more. Irs free tax filing Your filing status is married filing separately, you lived with your spouse at any time during the year, and your modified AGI is more than -0-. Irs free tax filing You cannot make a Roth IRA contribution if your modified AGI is $10,000 or more. Irs free tax filing Reminders Future developments. Irs free tax filing  For the latest information about developments related to Publication 590, such as legislation enacted after it was published, go to www. Irs free tax filing irs. Irs free tax filing gov/pub590. Irs free tax filing Simplified employee pension (SEP). Irs free tax filing  SEP IRAs are not covered in this publication. Irs free tax filing They are covered in Publication 560, Retirement Plans for Small Business. Irs free tax filing Deemed IRAs. Irs free tax filing  A qualified employer plan (retirement plan) can maintain a separate account or annuity under the plan (a deemed IRA) to receive voluntary employee contributions. Irs free tax filing If the separate account or annuity otherwise meets the requirements of an IRA, it will be subject only to IRA rules. Irs free tax filing An employee's account can be treated as a traditional IRA or a Roth IRA. Irs free tax filing For this purpose, a “qualified employer plan” includes: A qualified pension, profit-sharing, or stock bonus plan (section 401(a) plan), A qualified employee annuity plan (section 403(a) plan), A tax-sheltered annuity plan (section 403(b) plan), and A deferred compensation plan (section 457 plan) maintained by a state, a political subdivision of a state, or an agency or instrumentality of a state or political subdivision of a state. Irs free tax filing Contributions to both traditional and Roth IRAs. Irs free tax filing  For information on your combined contribution limit if you contribute to both traditional and Roth IRAs, see Roth IRAs and traditional IRAs under How Much Can Be Contributed? in chapter 2. Irs free tax filing Statement of required minimum distribution (RMD). Irs free tax filing  If an RMD is required from your IRA, the trustee, custodian, or issuer that held the IRA at the end of the preceding year must either report the amount of the RMD to you, or offer to calculate it for you. Irs free tax filing The report or offer must include the date by which the amount must be distributed. Irs free tax filing The report is due January 31 of the year in which the minimum distribution is required. Irs free tax filing It can be provided with the year-end fair market value statement that you normally get each year. Irs free tax filing No report is required for section 403(b) contracts (generally tax-sheltered annuities) or for IRAs of owners who have died. Irs free tax filing IRA interest. Irs free tax filing  Although interest earned from your IRA is generally not taxed in the year earned, it is not tax-exempt interest. Irs free tax filing Tax on your traditional IRA is generally deferred until you take a distribution. Irs free tax filing Do not report this interest on your return as tax-exempt interest. Irs free tax filing For more information on tax-exempt interest, see the instructions for your tax return. Irs free tax filing Photographs of missing children. Irs free tax filing  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Irs free tax filing Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Irs free tax filing You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Irs free tax filing Introduction This publication discusses individual retirement arrangements (IRAs). Irs free tax filing An IRA is a personal savings plan that gives you tax advantages for setting aside money for retirement. Irs free tax filing What are some tax advantages of an IRA?   Two tax advantages of an IRA are that: Contributions you make to an IRA may be fully or partially deductible, depending on which type of IRA you have and on your circumstances, and Generally, amounts in your IRA (including earnings and gains) are not taxed until distributed. Irs free tax filing In some cases, amounts are not taxed at all if distributed according to the rules. Irs free tax filing What's in this publication?   This publication discusses traditional, Roth, and SIMPLE IRAs. Irs free tax filing It explains the rules for: Setting up an IRA, Contributing to an IRA, Transferring money or property to and from an IRA, Handling an inherited IRA, Receiving distributions (making withdrawals) from an IRA, and Taking a credit for contributions to an IRA. Irs free tax filing   It also explains the penalties and additional taxes that apply when the rules are not followed. Irs free tax filing To assist you in complying with the tax rules for IRAs, this publication contains worksheets, sample forms, and tables, which can be found throughout the publication and in the appendices at the back of the publication. Irs free tax filing How to use this publication. Irs free tax filing   The rules that you must follow depend on which type of IRA you have. Irs free tax filing Use Table I-1 to help you determine which parts of this publication to read. Irs free tax filing Also use Table I-1 if you were referred to this publication from instructions to a form. Irs free tax filing Comments and suggestions. Irs free tax filing   We welcome your comments about this publication and your suggestions for future editions. Irs free tax filing   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Irs free tax filing NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Irs free tax filing Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Irs free tax filing   You can send your comments from www. Irs free tax filing irs. Irs free tax filing gov/formspubs/. Irs free tax filing Click on “More Information” and then on “Comment on Tax Forms and Publications”. Irs free tax filing   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Irs free tax filing Ordering forms and publications. Irs free tax filing   Visit www. Irs free tax filing irs. Irs free tax filing gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Irs free tax filing Internal Revenue Service 1201 N. Irs free tax filing Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Irs free tax filing   If you have a tax question, check the information available on IRS. Irs free tax filing gov or call 1-800-829-1040. Irs free tax filing We cannot answer tax questions sent to either of the above addresses. Irs free tax filing Useful Items - You may want to see: Publications 560 Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans) 571 Tax-Sheltered Annuity Plans (403(b) Plans) 575 Pension and Annuity Income 939 General Rule for Pensions and Annuities Forms (and instructions) W-4P Withholding Certificate for Pension or Annuity Payments 1099-R Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Irs free tax filing 5304-SIMPLE Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)–Not for Use With a Designated Financial Institution 5305-S SIMPLE Individual Retirement Trust Account 5305-SA SIMPLE Individual Retirement Custodial Account 5305-SIMPLE Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)–for Use With a Designated Financial Institution 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts 5498 IRA Contribution Information 8606 Nondeductible IRAs 8815 Exclusion of Interest From Series EE and I U. Irs free tax filing S. Irs free tax filing Savings Bonds Issued After 1989 8839 Qualified Adoption Expenses 8880 Credit for Qualified Retirement Savings Contributions See chapter 5 for information about getting these publications and forms. Irs free tax filing Table I-1. Irs free tax filing Using This Publication IF you need information on . Irs free tax filing . Irs free tax filing . Irs free tax filing THEN see . Irs free tax filing . Irs free tax filing . Irs free tax filing traditional IRAs chapter 1. Irs free tax filing Roth IRAs chapter 2, and parts of  chapter 1. Irs free tax filing SIMPLE IRAs chapter 3. Irs free tax filing the credit for qualified retirement savings contributions (the saver's credit) chapter 4. Irs free tax filing how to keep a record of your contributions to, and distributions from, your traditional IRA(s) appendix A. Irs free tax filing SEP IRAs and 401(k) plans Publication 560. Irs free tax filing Coverdell education savings accounts (formerly called education IRAs) Publication 970. Irs free tax filing IF for 2013, you received social security benefits, had taxable compensation, contributed to a traditional IRA, and you or your spouse was covered by an employer retirement plan, and you want to. Irs free tax filing . Irs free tax filing . Irs free tax filing THEN see . Irs free tax filing . Irs free tax filing . Irs free tax filing first figure your modified adjusted gross income (AGI) appendix B, worksheet 1. Irs free tax filing then figure how much of your traditional IRA contribution you can deduct appendix B, worksheet 2. Irs free tax filing and finally figure how much of your social security is taxable appendix B, worksheet 3. Irs free tax filing Table I-2. Irs free tax filing How Are a Traditional IRA and a Roth IRA Different? This table shows the differences between traditional and Roth IRAs. Irs free tax filing Answers in the middle column apply to traditional IRAs. Irs free tax filing Answers in the right column apply to Roth IRAs. Irs free tax filing Question Answer   Traditional IRA? Roth IRA? Is there an age limit on when I can open and contribute to a Yes. Irs free tax filing You must not have reached age  70½ by the end of the year. Irs free tax filing See Who Can Open a Traditional IRA? in chapter 1. Irs free tax filing No. Irs free tax filing You can be any age. Irs free tax filing See Can You Contribute to a Roth IRA? in chapter 2. Irs free tax filing If I earned more than $5,500 in 2013 ($6,500 if I was 50 or older by the end of 2013), is there a limit on how much I can contribute to a Yes. Irs free tax filing For 2013, you can contribute to a traditional IRA up to: $5,500, or $6,500 if you were age 50 or older by the end of 2013. Irs free tax filing  There is no upper limit on how much you can earn and still contribute. Irs free tax filing See How Much Can Be Contributed? in chapter 1. Irs free tax filing Yes. Irs free tax filing For 2013, you may be able to contribute to a Roth IRA up to: $5,500, or $6,500 if you were age 50 or older by the end of 2013,  but the amount you can contribute may be less than that depending on your income, filing status, and if you contribute to another IRA. Irs free tax filing See How Much Can Be Contributed? and Table 2-1 in chapter 2. Irs free tax filing Can I deduct contributions to a Yes. Irs free tax filing You may be able to deduct your contributions to a traditional IRA depending on your income, filing status, whether you are covered by a retirement plan at work, and whether you receive social security benefits. Irs free tax filing See How Much Can You Deduct? in chapter 1. Irs free tax filing No. Irs free tax filing You can never deduct contributions to a Roth IRA. Irs free tax filing See What Is a Roth IRA? in chapter 2. Irs free tax filing Do I have to file a form just because I contribute to a Not unless you make nondeductible contributions to your traditional IRA. Irs free tax filing In that case, you must file Form 8606. Irs free tax filing See Nondeductible Contributions in chapter 1. Irs free tax filing No. Irs free tax filing You do not have to file a form if you contribute to a Roth IRA. Irs free tax filing See Contributions not reported in chapter 2. Irs free tax filing Do I have to start taking distributions when I reach a certain age from a Yes. Irs free tax filing You must begin receiving required minimum distributions by April 1 of the year following the year you reach age 70½. Irs free tax filing See When Must You Withdraw Assets? (Required Minimum Distributions) in chapter 1. Irs free tax filing No. Irs free tax filing If you are the original owner of a Roth IRA, you do not have to take distributions regardless of your age. Irs free tax filing See Are Distributions Taxable? in chapter 2. Irs free tax filing However, if you are the beneficiary of a Roth IRA, you may have to take distributions. Irs free tax filing See Distributions After Owner's Death in chapter 2. Irs free tax filing How are distributions taxed from a Distributions from a traditional IRA are taxed as ordinary income, but if you made nondeductible contributions, not all of the distribution is taxable. Irs free tax filing See Are Distributions Taxable? in chapter 1. Irs free tax filing Distributions from a Roth IRA are not taxed as long as you meet certain criteria. Irs free tax filing See Are Distributions Taxable? in chapter 2. Irs free tax filing Do I have to file a form just because I receive distributions from a Not unless you have ever made a nondeductible contribution to a traditional IRA. Irs free tax filing If you have, file Form 8606. Irs free tax filing See Nondeductible Contributions in chapter 1. Irs free tax filing Yes. Irs free tax filing File Form 8606 if you received distributions from a Roth IRA (other than a rollover, qualified charitable distribution, one-time distribution to fund an HSA, recharacterization, certain qualified distributions, or a return of certain contributions). Irs free tax filing Prev  Up  Next   Home   More Online Publications