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Irs Tax Form 940 For 2012

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Irs Tax Form 940 For 2012

Irs tax form 940 for 2012 Index A Accidentes, Pérdidas deducibles. Irs tax form 940 for 2012 , Pérdidas no deducibles. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 , 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. Irs tax form 940 for 2012 Bienes de reposición adquiridos después de haber presentado la declaración de impuestos, Bienes de reposición adquiridos después de haber presentado la declaración de impuestos. Irs tax form 940 for 2012 Cambio de idea, Si cambia de idea. Irs tax form 940 for 2012 Declaración enmendada, Declaración enmendada. Irs tax form 940 for 2012 Documento escrito requerido, Documento escrito requerido. Irs tax form 940 for 2012 Límite de 3 años, Límite de 3 años. Irs tax form 940 for 2012 Sustitución de los bienes de reposición, Sustitución de los bienes de reposición. Irs tax form 940 for 2012 Asistencia (see Ayuda con los impuestos) Automóviles Accidentes, Pérdidas deducibles. Irs tax form 940 for 2012 Valor justo de mercado de, Valor de automóviles. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 , Ajustes a la Base Propiedad de Reposición, Base de la propiedad de reposición. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 Aplazamiento de la declaración de una ganancia, Bienes de reposición adquiridos antes de presentar la declaración de impuestos. Irs tax form 940 for 2012 Pago adelantado, Pago adelantado. Irs tax form 940 for 2012 Vivienda principal Ubicada en zona de desastre, Vivienda principal en una zona de desastre. Irs tax form 940 for 2012 Bienes de uso personal Cómo declarar pérdidas y ganancias, Bienes de uso personal. Irs tax form 940 for 2012 Bienes extraviados o perdidos, Bienes extraviados o perdidos. Irs tax form 940 for 2012 Bienes muebles Deducción de pérdidas, cálculo de, Bienes muebles. Irs tax form 940 for 2012 Bienes raíces de uso personal, Excepción en el caso de bienes inmuebles de uso personal. Irs tax form 940 for 2012 Bienes robados (see Pérdidas por robo) Bienes robados recuperados, Bienes robados recuperados. Irs tax form 940 for 2012 C Comentarios sobre la publicación, Comentarios y sugerencias. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 Cómo calcular una pérdida, Comprobación de las pérdidas por robo. Irs tax form 940 for 2012 Base ajustada, Base Ajustada Pérdidas en zonas de desastre, Cómo calcular la deducción de pérdidas. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 , 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. Irs tax form 940 for 2012 Deducciones mayores al ingreso, Si las Deducciones son Mayores que el Ingreso Depósitos monetarios, Cómo se declaran las pérdidas de depósitos monetarios. Irs tax form 940 for 2012 Tabla 1, Tabla 1. Irs tax form 940 for 2012 Cómo Declarar la Pérdida de Depósitos Monetarios Pérdidas en zonas de desastre, Cómo declarar la pérdida en el Formulario 1040X. Irs tax form 940 for 2012 Propiedad comercial y de generación de ingresos, Bienes comerciales y de generación de ingresos. Irs tax form 940 for 2012 Comprobación de las Pérdidas, Comprobación de las Pérdidas Contribuyentes casados Límites de la deducción, Contribuyentes casados. Irs tax form 940 for 2012 , Contribuyentes casados. Irs tax form 940 for 2012 Costos Fotografías tomadas después de la pérdida, Costos de fotografías y tasaciones. Irs tax form 940 for 2012 Gastos imprevistos, Gastos afines. Irs tax form 940 for 2012 Jardines, Jardines. Irs tax form 940 for 2012 Limpieza, Costos de limpieza y reparaciones. Irs tax form 940 for 2012 Protección, Costos de protección. Irs tax form 940 for 2012 Reparaciones, Costos de limpieza y reparaciones. Irs tax form 940 for 2012 Reposición, Costos de reposición. Irs tax form 940 for 2012 Tasaciones, Costos de fotografías y tasaciones. Irs tax form 940 for 2012 Costos de limpieza, Costos de limpieza y reparaciones. Irs tax form 940 for 2012 Costos de protección, Costos de protección. Irs tax form 940 for 2012 Costos de reparación, Costos de limpieza y reparaciones. Irs tax form 940 for 2012 Costos de reposición, Costos de reposición. Irs tax form 940 for 2012 D Declaración enmendada, Declaración enmendada. Irs tax form 940 for 2012 Defensor del Contribuyente, El Servicio del Defensor del Contribuyente está aquí para ayudarlo a usted. Irs tax form 940 for 2012 Desastres declarados por el gobierno federal, Propiedad comercial o de generación de ingresos ubicada en una zona de desastre declarada por el gobierno federal. Irs tax form 940 for 2012 , Pérdidas en Zonas de Desastre Deudas incobrables, Deudas incobrables no relacionadas con los negocios. Irs tax form 940 for 2012 Deudas incobrables no relacionadas con los negocios, Deudas incobrables no relacionadas con los negocios. Irs tax form 940 for 2012 Documentación de la pérdida, Comprobación de las pérdidas por robo. Irs tax form 940 for 2012 Donaciones en efectivo, Donaciones en efectivo. Irs tax form 940 for 2012 E Entidad afín, compra de bienes de reposición de una, Compra de bienes de reposición de una entidad afín. Irs tax form 940 for 2012 Esquemas de inversión de tipo Ponzi , Pérdidas provenientes de esquemas de inversión de tipo Ponzi (Ponzi-type schemes). Irs tax form 940 for 2012 Expropiaciones forzosas, Expropiaciones forzosas. Irs tax form 940 for 2012 F Fallecimiento de un contribuyente Aplazamiento de la declaración de una ganancia, Fallecimiento de un contribuyente. Irs tax form 940 for 2012 Fines comerciales, propiedad usada en parte para, Propiedad usada en parte para fines comerciales y en parte para fines personales. Irs tax form 940 for 2012 Fondo de emergencia del empleador en caso de desastre, Fondo de emergencia del empleador en caso de desastre. Irs tax form 940 for 2012 Formulario 1040, Anexo A, Bienes de uso personal. Irs tax form 940 for 2012 Formulario 1040, Anexo D, Bienes de uso personal. Irs tax form 940 for 2012 Formulario 1040X Pérdidas en zonas de desastre, Cómo declarar la pérdida en el Formulario 1040X. Irs tax form 940 for 2012 Formulario 4684 Cómo declarar pérdidas y ganancias en bienes de uso personal, Bienes de uso personal. Irs tax form 940 for 2012 Fotografías Documentación de la pérdida, Costos de fotografías y tasaciones. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 Reembolsos, Ganancias por reembolsos. Irs tax form 940 for 2012 Gastos afines, Gastos afines. Irs tax form 940 for 2012 Gastos imprevistos, Gastos afines. Irs tax form 940 for 2012 I Información adicional (see Ayuda con los impuestos) J Jardines, Jardines. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 Pagos del seguro por gastos de manutención, Pagos del seguro por gastos de manutención. Irs tax form 940 for 2012 Paneles de Yeso (Drywall) Corrosivos, Procedimiento Especial Correspondiente a Daños Ocasionados por Paneles de Yeso (Drywall) Corrosivos Pérdida de inventario, Pérdida de inventario. Irs tax form 940 for 2012 Pérdidas en zonas de desastre, Pérdida de inventario por desastre. Irs tax form 940 for 2012 Pérdida de madera en pie, Pérdida de madera en pie. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 Cuándo declarar, Si cambia de idea. Irs tax form 940 for 2012 (Tabla 3), Tabla 3. Irs tax form 940 for 2012 Cuándo deducir una pérdida por hecho fortuito o robo Depósitos monetarios (see Pérdidas de depósitos) Documentación de, Comprobación de las pérdidas por robo. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 Cómo Declarar la Pérdida de Depósitos Monetarios Pérdidas de depósitos monetarios, Bienes extraviados o perdidos. Irs tax form 940 for 2012 , Tabla 3. Irs tax form 940 for 2012 Cuándo deducir una pérdida por hecho fortuito o robo Cuándo declarar, Pérdidas de depósitos monetarios. Irs tax form 940 for 2012 Pérdidas deducibles, Pérdidas deducibles. Irs tax form 940 for 2012 Pérdidas en Zonas de Desastre Cómo calcular la deducción de pérdidas, Cómo calcular la deducción de pérdidas. Irs tax form 940 for 2012 Cómo deducir la pérdida del año anterior, Cómo deducir la pérdida del año anterior. Irs tax form 940 for 2012 Cuándo deducir, Cuándo deducir la pérdida. Irs tax form 940 for 2012 Tabla 3, Tabla 3. Irs tax form 940 for 2012 Cuándo deducir una pérdida por hecho fortuito o robo Declaración en una declaración enmendada, Declaración de pérdida por desastre en declaración de impuestos enmendada. Irs tax form 940 for 2012 Desastre declarado por el gobierno federal, Propiedad comercial o de generación de ingresos ubicada en una zona de desastre declarada por el gobierno federal. Irs tax form 940 for 2012 , Pérdidas en Zonas de Desastre Documentación, Documentación. Irs tax form 940 for 2012 Formulario 1040X, Cómo declarar la pérdida en el Formulario 1040X. Irs tax form 940 for 2012 Inventario, Pérdida de inventario por desastre. Irs tax form 940 for 2012 Pagos calificados de asistencia en caso de desastre, Pagos calificados de asistencia en caso de desastre. Irs tax form 940 for 2012 Pagos calificados para mitigación de desastres, Pagos calificados para mitigación de desastres. Irs tax form 940 for 2012 Plazos Tributarios Aplazados, Zona de desastre con cobertura. Irs tax form 940 for 2012 Préstamo federal cancelado, Préstamo federal cancelado. Irs tax form 940 for 2012 Reglas para vivienda principal, Vivienda principal en zona de desastre. Irs tax form 940 for 2012 , Ganancias. Irs tax form 940 for 2012 Vivienda inhabitable, Vivienda inhabitable por desastre. Irs tax form 940 for 2012 Pérdidas en zonas de desastre, Pérdida del inquilino. Irs tax form 940 for 2012 Pérdidas no deducibles, Pérdidas no deducibles. Irs tax form 940 for 2012 Pérdidas por hecho fortuito, Tabla 3. Irs tax form 940 for 2012 Cuándo deducir una pérdida por hecho fortuito o robo Comprobación de las, Comprobación de las pérdidas por hecho fortuito. Irs tax form 940 for 2012 Cuándo declarar, Pérdidas. Irs tax form 940 for 2012 Definición, Hecho Fortuito Depósitos monetarios, pérdidas de, Pérdida ordinaria o por hechos fortuitos. Irs tax form 940 for 2012 Deterioro progresivo, Deterioro progresivo. Irs tax form 940 for 2012 Pérdidas deducibles, Pérdidas deducibles. Irs tax form 940 for 2012 Pérdidas no deducibles, Pérdidas no deducibles. Irs tax form 940 for 2012 Registros para el cálculo de, Registros para el cálculo de pérdidas por hecho fortuito y robo. Irs tax form 940 for 2012 Pérdidas por robo, Robo Bienes extraviados o perdidos, Bienes extraviados o perdidos. Irs tax form 940 for 2012 Comprobación de las, Comprobación de las pérdidas por robo. Irs tax form 940 for 2012 Cuándo declarar, Pérdidas. Irs tax form 940 for 2012 Cuándo Deducir una Pérdida por Hecho Fortuito (Tabla 3), Tabla 3. Irs tax form 940 for 2012 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). Irs tax form 940 for 2012 Registros para el cálculo de, Registros para el cálculo de pérdidas por hecho fortuito y robo. Irs tax form 940 for 2012 Valor justo de mercado de los bienes robados, Valor justo de mercado de los bienes robados. Irs tax form 940 for 2012 Plazo de reposición, Plazo de Reposición Prórroga de, Prórroga. Irs tax form 940 for 2012 Plazos Plazos Tributarios Aplazados, Plazos Tributarios Aplazados Plazos Tributarios Aplazados, Plazos Tributarios Aplazados Propiedad alquilada, Propiedad alquilada. Irs tax form 940 for 2012 Cuándo declarar, Pérdida del inquilino. Irs tax form 940 for 2012 Propiedad comercial o de generación de ingresos, Propiedad comercial o de generación de ingresos. Irs tax form 940 for 2012 Propiedad de reposición Base de, Base de la propiedad de reposición. Irs tax form 940 for 2012 Vivienda principal, Vivienda principal repuesta. Irs tax form 940 for 2012 Publicaciones (see Ayuda con los impuestos) R Reducción de intereses, Reducción de intereses y multas. Irs tax form 940 for 2012 Reducción de intereses y multas, Reducción de intereses y multas. Irs tax form 940 for 2012 Reducción de multas, Reducción de intereses y multas. Irs tax form 940 for 2012 Reembolsos Asistencia en caso de desastre, Asistencia en caso de desastre. Irs tax form 940 for 2012 Donaciones en efectivo, Donaciones en efectivo. Irs tax form 940 for 2012 Falta de presentación de una solicitud, Falta de presentación de una solicitud de reembolso. Irs tax form 940 for 2012 Fondo de emergencia del empleador en caso de desastre, Fondo de emergencia del empleador en caso de desastre. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 S Seguros, Seguro y Otros Reembolsos Gastos de manutención, pagos del seguro por, Pagos del seguro por gastos de manutención. Irs tax form 940 for 2012 Servicio del Defensor del Contribuyente, El Servicio del Defensor del Contribuyente está aquí para ayudarlo a usted. Irs tax form 940 for 2012 Servicios gratuitos para los impuestos, Cómo Obtener Ayuda con los Impuestos Subsidios de asistencia en caso de desastre, Asistencia en caso de desastre. Irs tax form 940 for 2012 Subsidios estales de asistencia por desastres para empresas, Subsidios estatales de asistencia por desastre para empresas. Irs tax form 940 for 2012 Subsidios federales de asistencia en caso de desastre, Subsidios federales de asistencia en caso de desastre. Irs tax form 940 for 2012 Sugerencias para la publicación, Comentarios y sugerencias. Irs tax form 940 for 2012 T Tablas y figuras Cómo Declarar la Pérdida de Depósitos Monetarios (Tabla 1), Tabla 1. Irs tax form 940 for 2012 Cómo Declarar la Pérdida de Depósitos Monetarios Cuándo Deducir una Pérdida por Hecho Fortuito (Tabla 3), Tabla 1. Irs tax form 940 for 2012 Cómo Declarar la Pérdida de Depósitos Monetarios , Tabla 3. Irs tax form 940 for 2012 Cuándo deducir una pérdida por hecho fortuito o robo Tasaciones, Tasaciones. Irs tax form 940 for 2012 , Costos de fotografías y tasaciones. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 Valor sentimental, Valor sentimental. Irs tax form 940 for 2012 Prev  Up     Home   More Online Publications
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Consumer Protection Offices

City, county, regional, and state consumer offices offer a variety of important services. They might mediate complaints, conduct investigations, prosecute offenders of consumer laws, license and regulate professional service providers, provide educational materials and advocate for consumer rights. To save time, call before sending a written complaint. Ask if the office handles the type of complaint you have and if complaint forms are provided.

State Consumer Protection Offices

Montana Department of Justice

Website: Montana Department of Justice

Address: Montana Department of Justice
Office of Consumer Protection
2225 11th Ave.
PO Box 200151
Helena, MT 59620-0151

Phone Number: 406-444-4500

Toll-free: 1-800-481-6896

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Banking Authorities

The officials listed in this section regulate and supervise state-chartered banks. Many of them handle or refer problems and complaints about other types of financial institutions as well. Some also answer general questions about banking and consumer credit. If you are dealing with a federally chartered bank, check Federal Agencies.

Division of Banking and Financial Institutions

Website: Division of Banking and Financial Institutions

Address: Division of Banking and Financial Institutions
PO Box 200546
Helena, MT 59620

Phone Number: 406-841-2920

TTY: 406-841-2974

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Insurance Regulators

Each state has its own laws and regulations for each type of insurance. The officials listed in this section enforce these laws. Many of these offices can also provide you with information to help you make informed insurance buying decisions.

Commissioner of Securities and Insurance

Website: Commissioner of Securities and Insurance

Address: Commissioner of Securities and Insurance
Insurance Division
840 Helena Ave.
Helena, MT 59601

Phone Number: 406-444-2040

Toll-free: 1-800-332-6148 (MT)

TTY: 406-444-3246

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Securities Administrators

Each state has its own laws and regulations for securities brokers and securities - including stocks, mutual funds, commodities, real estate, etc. The officials and agencies listed in this section enforce these laws and regulations. Many of these offices can also provide information to help you make informed investment decisions.

State Auditor's Office

Website: State Auditor's Office

Address: State Auditor's Office
Securities Department
840 Helena Ave.
Helena, MT 59601

Phone Number: 406-444-2040

Toll-free: 1-800-332-6148 (MT)

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Utility Commissions

State Utility Commissions regulate services and rates for gas, electricity and telephones within your state. In some states, the utility commissions regulate other services such as water, transportation, and the moving of household goods. Many utility commissions handle consumer complaints. Sometimes, if a number of complaints are received about the same utility matter, they will conduct investigations.

Public Service Commission

Website: Public Service Commission

Address: Public Service Commission
PO Box 202601
Helena, MT 59620-2601

Phone Number: 406-444-6150

Toll-free: 1-800-646-6150 (MT)

TTY: 406-444-4212

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The Irs Tax Form 940 For 2012

Irs tax form 940 for 2012 1. Irs tax form 940 for 2012   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. Irs tax form 940 for 2012 When repayment contributions can be made. Irs tax form 940 for 2012 No deduction. Irs tax form 940 for 2012 Reserve component. Irs tax form 940 for 2012 Figuring your IRA deduction. Irs tax form 940 for 2012 Reporting the repayment. Irs tax form 940 for 2012 Example. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 Can You Move Retirement Plan Assets?Transfers to Roth IRAs from other retirement plans. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 2013 Reporting. Irs tax form 940 for 2012 Additional reporting requirements if you made the election to treat a January 2013 QCD as made in 2012. Irs tax form 940 for 2012 One-time transfer. Irs tax form 940 for 2012 Testing period rules apply. Irs tax form 940 for 2012 More information. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012  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 tax form 940 for 2012 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 tax form 940 for 2012 For more information, see How Much Can Be Contributed? in this chapter. Irs tax form 940 for 2012 Modified AGI limit for traditional IRA contributions increased. Irs tax form 940 for 2012  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 tax form 940 for 2012 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 tax form 940 for 2012 If your modified AGI is $188,000 or more, you cannot take a deduction for contributions to a traditional IRA. Irs tax form 940 for 2012 See How Much Can You Deduct? in this chapter. Irs tax form 940 for 2012 Net Investment Income Tax. Irs tax form 940 for 2012  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 tax form 940 for 2012 However, these distributions are taken into account when determining the modified adjusted gross income threshold. Irs tax form 940 for 2012 Distributions from a nonqualified retirement plan are included in net investment income. Irs tax form 940 for 2012 See Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts, and its instructions for more information. Irs tax form 940 for 2012 What's New for 2014 Modified AGI limit for traditional IRA contributions increased. Irs tax form 940 for 2012  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 tax form 940 for 2012 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 tax form 940 for 2012 If your modified AGI is $191,000 or more, you cannot take a deduction for contributions to a traditional IRA. Irs tax form 940 for 2012 Introduction This chapter discusses the original IRA. Irs tax form 940 for 2012 In this publication the original IRA (sometimes called an ordinary or regular IRA) is referred to as a “traditional IRA. Irs tax form 940 for 2012 ” A traditional IRA is any IRA that is not a Roth IRA or a SIMPLE IRA. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 Generally, amounts in your IRA, including earnings and gains, are not taxed until they are distributed. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 You can have a traditional IRA whether or not you are covered by any other retirement plan. Irs tax form 940 for 2012 However, you may not be able to deduct all of your contributions if you or your spouse is covered by an employer retirement plan. Irs tax form 940 for 2012 See How Much Can You Deduct , later. Irs tax form 940 for 2012 Both spouses have compensation. Irs tax form 940 for 2012   If both you and your spouse have compensation and are under age 70½, each of you can open an IRA. Irs tax form 940 for 2012 You cannot both participate in the same IRA. Irs tax form 940 for 2012 If you file a joint return, only one of you needs to have compensation. Irs tax form 940 for 2012 What Is Compensation? Generally, compensation is what you earn from working. Irs tax form 940 for 2012 For a summary of what compensation does and does not include, see Table 1-1. Irs tax form 940 for 2012 Compensation includes all of the items discussed next (even if you have more than one type). Irs tax form 940 for 2012 Wages, salaries, etc. Irs tax form 940 for 2012   Wages, salaries, tips, professional fees, bonuses, and other amounts you receive for providing personal services are compensation. Irs tax form 940 for 2012 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). Irs tax form 940 for 2012 Scholarship and fellowship payments are compensation for IRA purposes only if shown in box 1 of Form W-2. Irs tax form 940 for 2012 Commissions. Irs tax form 940 for 2012   An amount you receive that is a percentage of profits or sales price is compensation. Irs tax form 940 for 2012 Self-employment income. Irs tax form 940 for 2012   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. Irs tax form 940 for 2012   Compensation includes earnings from self-employment even if they are not subject to self-employment tax because of your religious beliefs. Irs tax form 940 for 2012 Self-employment loss. Irs tax form 940 for 2012   If you have a net loss from self-employment, do not subtract the loss from your salaries or wages when figuring your total compensation. Irs tax form 940 for 2012 Alimony and separate maintenance. Irs tax form 940 for 2012   For IRA purposes, compensation includes any taxable alimony and separate maintenance payments you receive under a decree of divorce or separate maintenance. Irs tax form 940 for 2012 Nontaxable combat pay. Irs tax form 940 for 2012   If you were a member of the U. Irs tax form 940 for 2012 S. Irs tax form 940 for 2012 Armed Forces, compensation includes any nontaxable combat pay you received. Irs tax form 940 for 2012 This amount should be reported in box 12 of your 2013 Form W-2 with code Q. Irs tax form 940 for 2012 Table 1-1. Irs tax form 940 for 2012 Compensation for Purposes of an IRA Includes . Irs tax form 940 for 2012 . Irs tax form 940 for 2012 . Irs tax form 940 for 2012 Does not include . Irs tax form 940 for 2012 . Irs tax form 940 for 2012 . Irs tax form 940 for 2012   earnings and profits from property. Irs tax form 940 for 2012 wages, salaries, etc. Irs tax form 940 for 2012     interest and dividend income. Irs tax form 940 for 2012 commissions. Irs tax form 940 for 2012     pension or annuity income. Irs tax form 940 for 2012 self-employment income. Irs tax form 940 for 2012     deferred compensation. Irs tax form 940 for 2012 alimony and separate maintenance. Irs tax form 940 for 2012     income from certain  partnerships. Irs tax form 940 for 2012 nontaxable combat pay. Irs tax form 940 for 2012     any amounts you exclude from income. Irs tax form 940 for 2012     What Is Not Compensation? Compensation does not include any of the following items. Irs tax form 940 for 2012 Earnings and profits from property, such as rental income, interest income, and dividend income. Irs tax form 940 for 2012 Pension or annuity income. Irs tax form 940 for 2012 Deferred compensation received (compensation payments postponed from a past year). Irs tax form 940 for 2012 Income from a partnership for which you do not provide services that are a material income-producing factor. Irs tax form 940 for 2012 Conservation Reserve Program (CRP) payments reported on Schedule SE (Form 1040), line 1b. Irs tax form 940 for 2012 Any amounts (other than combat pay) you exclude from income, such as foreign earned income and housing costs. Irs tax form 940 for 2012 When Can a Traditional IRA Be Opened? You can open a traditional IRA at any time. Irs tax form 940 for 2012 However, the time for making contributions for any year is limited. Irs tax form 940 for 2012 See When Can Contributions Be Made , later. Irs tax form 940 for 2012 How Can a Traditional IRA Be Opened? You can open different kinds of IRAs with a variety of organizations. Irs tax form 940 for 2012 You can open an IRA at a bank or other financial institution or with a mutual fund or life insurance company. Irs tax form 940 for 2012 You can also open an IRA through your stockbroker. Irs tax form 940 for 2012 Any IRA must meet Internal Revenue Code requirements. Irs tax form 940 for 2012 The requirements for the various arrangements are discussed below. Irs tax form 940 for 2012 Kinds of traditional IRAs. Irs tax form 940 for 2012   Your traditional IRA can be an individual retirement account or annuity. Irs tax form 940 for 2012 It can be part of either a simplified employee pension (SEP) or an employer or employee association trust account. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 The account is created by a written document. Irs tax form 940 for 2012 The document must show that the account meets all of the following requirements. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 The trustee or custodian generally cannot accept contributions of more than the deductible amount for the year. Irs tax form 940 for 2012 However, rollover contributions and employer contributions to a simplified employee pension (SEP) can be more than this amount. Irs tax form 940 for 2012 Contributions, except for rollover contributions, must be in cash. Irs tax form 940 for 2012 See Rollovers , later. Irs tax form 940 for 2012 You must have a nonforfeitable right to the amount at all times. Irs tax form 940 for 2012 Money in your account cannot be used to buy a life insurance policy. Irs tax form 940 for 2012 Assets in your account cannot be combined with other property, except in a common trust fund or common investment fund. Irs tax form 940 for 2012 You must start receiving distributions by April 1 of the year following the year in which you reach age 70½. Irs tax form 940 for 2012 See When Must You Withdraw Assets? (Required Minimum Distributions) , later. Irs tax form 940 for 2012 Individual Retirement Annuity You can open an individual retirement annuity by purchasing an annuity contract or an endowment contract from a life insurance company. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 An individual retirement annuity must meet all the following requirements. Irs tax form 940 for 2012 Your entire interest in the contract must be nonforfeitable. Irs tax form 940 for 2012 The contract must provide that you cannot transfer any portion of it to any person other than the issuer. Irs tax form 940 for 2012 There must be flexible premiums so that if your compensation changes, your payment can also change. Irs tax form 940 for 2012 This provision applies to contracts issued after November 6, 1978. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 Distributions must begin by April 1 of the year following the year in which you reach age 70½. Irs tax form 940 for 2012 See When Must You Withdraw Assets? (Required Minimum Distributions) , later. Irs tax form 940 for 2012 Individual Retirement Bonds The sale of individual retirement bonds issued by the federal government was suspended after April 30, 1982. Irs tax form 940 for 2012 The bonds have the following features. Irs tax form 940 for 2012 They stop earning interest when you reach age 70½. Irs tax form 940 for 2012 If you die, interest will stop 5 years after your death, or on the date you would have reached age 70½, whichever is earlier. Irs tax form 940 for 2012 You cannot transfer the bonds. Irs tax form 940 for 2012 If you cash (redeem) the bonds before the year in which you reach age 59½, you may be subject to a 10% additional tax. Irs tax form 940 for 2012 See Age 59½ Rule under Early Distributions, later. Irs tax form 940 for 2012 You can roll over redemption proceeds into IRAs. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 Generally, distributions from SEP IRAs are subject to the withdrawal and tax rules that apply to traditional IRAs. Irs tax form 940 for 2012 See Publication 560 for more information about SEPs. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 The requirements for individual retirement accounts apply to these traditional IRAs. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 The disclosure statement must explain certain items in plain language. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 This explanation must appear at the beginning of the disclosure statement. Irs tax form 940 for 2012 If you revoke your IRA within the revocation period, the sponsor must return to you the entire amount you paid. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 These requirements apply to all sponsors. Irs tax form 940 for 2012 How Much Can Be Contributed? There are limits and other rules that affect the amount that can be contributed to a traditional IRA. Irs tax form 940 for 2012 These limits and rules are explained below. Irs tax form 940 for 2012 Community property laws. Irs tax form 940 for 2012   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. Irs tax form 940 for 2012 This is the rule even in states with community property laws. Irs tax form 940 for 2012 Brokers' commissions. Irs tax form 940 for 2012   Brokers' commissions paid in connection with your traditional IRA are subject to the contribution limit. Irs tax form 940 for 2012 For information about whether you can deduct brokers' commissions, see Brokers' commissions , later, under How Much Can You Deduct. Irs tax form 940 for 2012 Trustees' fees. Irs tax form 940 for 2012   Trustees' administrative fees are not subject to the contribution limit. Irs tax form 940 for 2012 For information about whether you can deduct trustees' fees, see Trustees' fees , later, under How Much Can You Deduct. Irs tax form 940 for 2012 Qualified reservist repayments. Irs tax form 940 for 2012   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. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 Limit. Irs tax form 940 for 2012   Your qualified reservist repayments cannot be more than your qualified reservist distributions, explained under Early Distributions , later. Irs tax form 940 for 2012 When repayment contributions can be made. Irs tax form 940 for 2012   You cannot make these repayment contributions later than the date that is 2 years after your active duty period ends. Irs tax form 940 for 2012 No deduction. Irs tax form 940 for 2012   You cannot deduct qualified reservist repayments. Irs tax form 940 for 2012 Reserve component. Irs tax form 940 for 2012   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. Irs tax form 940 for 2012 Figuring your IRA deduction. Irs tax form 940 for 2012   The repayment of qualified reservist distributions does not affect the amount you can deduct as an IRA contribution. Irs tax form 940 for 2012 Reporting the repayment. Irs tax form 940 for 2012   If you repay a qualified reservist distribution, include the amount of the repayment with nondeductible contributions on line 1 of Form 8606. Irs tax form 940 for 2012 Example. Irs tax form 940 for 2012   In 2013, your IRA contribution limit is $5,500. Irs tax form 940 for 2012 However, because of your filing status and AGI, the limit on the amount you can deduct is $3,500. Irs tax form 940 for 2012 You can make a nondeductible contribution of $2,000 ($5,500 - $3,500). Irs tax form 940 for 2012 In an earlier year you received a $3,000 qualified reservist distribution, which you would like to repay this year. Irs tax form 940 for 2012   For 2013, you can contribute a total of $8,500 to your IRA. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 You contribute the maximum allowable for the year. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 The qualified reservist repayment is not deductible. Irs tax form 940 for 2012 Contributions on your behalf to a traditional IRA reduce your limit for contributions to a Roth IRA. Irs tax form 940 for 2012 See chapter 2 for information about Roth IRAs. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 Note. Irs tax form 940 for 2012 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). Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 (See Nondeductible Contributions , later. Irs tax form 940 for 2012 ) Qualified reservist repayments do not affect this limit. Irs tax form 940 for 2012 Examples. Irs tax form 940 for 2012 George, who is 34 years old and single, earns $24,000 in 2013. Irs tax form 940 for 2012 His IRA contributions for 2013 are limited to $5,500. Irs tax form 940 for 2012 Danny, an unmarried college student working part time, earns $3,500 in 2013. Irs tax form 940 for 2012 His IRA contributions for 2013 are limited to $3,500, the amount of his compensation. Irs tax form 940 for 2012 More than one IRA. Irs tax form 940 for 2012   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. Irs tax form 940 for 2012 Annuity or endowment contracts. Irs tax form 940 for 2012   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. Irs tax form 940 for 2012 If more than this amount is contributed, the annuity or endowment contract is disqualified. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 Your spouse's IRA contribution for the year to a traditional IRA. Irs tax form 940 for 2012 Any contributions for the year to a Roth IRA on behalf of your spouse. Irs tax form 940 for 2012 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). Irs tax form 940 for 2012 Note. Irs tax form 940 for 2012 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). Irs tax form 940 for 2012 Example. Irs tax form 940 for 2012 Kristin, a full-time student with no taxable compensation, marries Carl during the year. Irs tax form 940 for 2012 Neither of them was age 50 by the end of 2013. Irs tax form 940 for 2012 For the year, Carl has taxable compensation of $30,000. Irs tax form 940 for 2012 He plans to contribute (and deduct) $5,500 to a traditional IRA. Irs tax form 940 for 2012 If he and Kristin file a joint return, each can contribute $5,500 to a traditional IRA. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 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). Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 See How Much Can You Deduct , later. Irs tax form 940 for 2012 Example. Irs tax form 940 for 2012 Tom and Darcy are married and both are 53. Irs tax form 940 for 2012 They both work and each has a traditional IRA. Irs tax form 940 for 2012 Tom earned $3,800 and Darcy earned $48,000 in 2013. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 They can contribute up to $6,500 to Darcy's IRA. Irs tax form 940 for 2012 If they file separate returns, the amount that can be contributed to Tom's IRA is limited by his earned income, $3,800. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 Example. Irs tax form 940 for 2012 Rafael, who is 40, earns $30,000 in 2013. Irs tax form 940 for 2012 Although he can contribute up to $5,500 for 2013, he contributes only $3,000. Irs tax form 940 for 2012 After April 15, 2014, Rafael cannot make up the difference between his actual contributions for 2013 ($3,000) and his 2013 limit ($5,500). Irs tax form 940 for 2012 He cannot contribute $2,500 more than the limit for any later year. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 However, a penalty or additional tax may apply. Irs tax form 940 for 2012 See Excess Contributions , later, under What Acts Result in Penalties or Additional Taxes. Irs tax form 940 for 2012 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). Irs tax form 940 for 2012 Contributions must be in the form of money (cash, check, or money order). Irs tax form 940 for 2012 Property cannot be contributed. Irs tax form 940 for 2012 Although property cannot be contributed, your IRA may invest in certain property. Irs tax form 940 for 2012 For example, your IRA may purchase shares of stock. Irs tax form 940 for 2012 For other restrictions on the use of funds in your IRA, see Prohibited Transactions , later in this chapter. Irs tax form 940 for 2012 You may be able to transfer or roll over certain property from one retirement plan to another. Irs tax form 940 for 2012 See the discussion of rollovers and other transfers later in this chapter under Can You Move Retirement Plan Assets . Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 For details, see the instructions for your income tax return or Form 8888, Allocation of Refund (Including Savings Bond Purchases). Irs tax form 940 for 2012 Contributions can be made to your traditional IRA for each year that you receive compensation and have not reached age 70½. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 See Who Can Open a Traditional IRA , earlier. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 Contributions can resume for any years that you qualify. Irs tax form 940 for 2012 Contributions must be made by due date. Irs tax form 940 for 2012   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. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 Age 70½ rule. Irs tax form 940 for 2012   Contributions cannot be made to your traditional IRA for the year in which you reach age 70½ or for any later year. Irs tax form 940 for 2012   You attain age 70½ on the date that is 6 calendar months after the 70th anniversary of your birth. Irs tax form 940 for 2012 If you were born on or before June 30, 1943, you cannot contribute for 2013 or any later year. Irs tax form 940 for 2012 Designating year for which contribution is made. Irs tax form 940 for 2012   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. Irs tax form 940 for 2012 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). Irs tax form 940 for 2012 Filing before a contribution is made. Irs tax form 940 for 2012    You can file your return claiming a traditional IRA contribution before the contribution is actually made. Irs tax form 940 for 2012 Generally, the contribution must be made by the due date of your return, not including extensions. Irs tax form 940 for 2012 Contributions not required. Irs tax form 940 for 2012   You do not have to contribute to your traditional IRA for every tax year, even if you can. Irs tax form 940 for 2012 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 . Irs tax form 940 for 2012 However, if you or your spouse was covered by an employer retirement plan, you may not be able to deduct this amount. Irs tax form 940 for 2012 See Limit if Covered by Employer Plan , later. Irs tax form 940 for 2012 You may be able to claim a credit for contributions to your traditional IRA. Irs tax form 940 for 2012 For more information, see chapter 4. Irs tax form 940 for 2012 Trustees' fees. Irs tax form 940 for 2012   Trustees' administrative fees that are billed separately and paid in connection with your traditional IRA are not deductible as IRA contributions. Irs tax form 940 for 2012 However, they may be deductible as a miscellaneous itemized deduction on Schedule A (Form 1040). Irs tax form 940 for 2012 For information about miscellaneous itemized deductions, see Publication 529, Miscellaneous Deductions. Irs tax form 940 for 2012 Brokers' commissions. Irs tax form 940 for 2012   These commissions are part of your IRA contribution and, as such, are deductible subject to the limits. Irs tax form 940 for 2012 Full deduction. Irs tax form 940 for 2012   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. Irs tax form 940 for 2012   This limit is reduced by any contributions made to a 501(c)(18) plan on your behalf. Irs tax form 940 for 2012 Kay Bailey Hutchison Spousal IRA. Irs tax form 940 for 2012   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. Irs tax form 940 for 2012 The IRA deduction for the year of the spouse with the greater compensation. Irs tax form 940 for 2012 Any designated nondeductible contribution for the year made on behalf of the spouse with the greater compensation. Irs tax form 940 for 2012 Any contributions for the year to a Roth IRA on behalf of the spouse with the greater compensation. Irs tax form 940 for 2012   This limit is reduced by any contributions to a section 501(c)(18) plan on behalf of the spouse with the lesser compensation. Irs tax form 940 for 2012 Note. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 After a divorce or legal separation, you can deduct only the contributions to your own IRA. Irs tax form 940 for 2012 Your deductions are subject to the rules for single individuals. Irs tax form 940 for 2012 Covered by an employer retirement plan. Irs tax form 940 for 2012   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. Irs tax form 940 for 2012 This is discussed later under Limit if Covered by Employer Plan . Irs tax form 940 for 2012 Limits on the amount you can deduct do not affect the amount that can be contributed. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 The “Retirement Plan” box should be checked if you were covered. Irs tax form 940 for 2012 Reservists and volunteer firefighters should also see Situations in Which You Are Not Covered , later. Irs tax form 940 for 2012 If you are not certain whether you were covered by your employer's retirement plan, you should ask your employer. Irs tax form 940 for 2012 Federal judges. Irs tax form 940 for 2012   For purposes of the IRA deduction, federal judges are covered by an employer plan. Irs tax form 940 for 2012 For Which Year(s) Are You Covered? Special rules apply to determine the tax years for which you are covered by an employer plan. Irs tax form 940 for 2012 These rules differ depending on whether the plan is a defined contribution plan or a defined benefit plan. Irs tax form 940 for 2012 Tax year. Irs tax form 940 for 2012   Your tax year is the annual accounting period you use to keep records and report income and expenses on your income tax return. Irs tax form 940 for 2012 For almost all people, the tax year is the calendar year. Irs tax form 940 for 2012 Defined contribution plan. Irs tax form 940 for 2012   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. Irs tax form 940 for 2012 However, also see Situations in Which You Are Not Covered , later. Irs tax form 940 for 2012   A defined contribution plan is a plan that provides for a separate account for each person covered by the plan. Irs tax form 940 for 2012 In a defined contribution plan, the amount to be contributed to each participant's account is spelled out in the plan. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 Types of defined contribution plans include profit-sharing plans, stock bonus plans, and money purchase pension plans. Irs tax form 940 for 2012 Example. Irs tax form 940 for 2012 Company A has a money purchase pension plan. Irs tax form 940 for 2012 Its plan year is from July 1 to June 30. Irs tax form 940 for 2012 The plan provides that contributions must be allocated as of June 30. Irs tax form 940 for 2012 Bob, an employee, leaves Company A on December 31, 2012. Irs tax form 940 for 2012 The contribution for the plan year ending on June 30, 2013, is made February 15, 2014. Irs tax form 940 for 2012 Because an amount is contributed to Bob's account for the plan year, Bob is covered by the plan for his 2013 tax year. Irs tax form 940 for 2012   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. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 Example. Irs tax form 940 for 2012 Mickey was covered by a profit-sharing plan and left the company on December 31, 2012. Irs tax form 940 for 2012 The plan year runs from July 1 to June 30. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 On December 31, 2013, the company decided to contribute to the plan for the plan year ending June 30, 2013. Irs tax form 940 for 2012 That contribution was made on February 15, 2014. Irs tax form 940 for 2012 Mickey is an active participant in the plan for his 2014 tax year but not for his 2013 tax year. Irs tax form 940 for 2012 No vested interest. Irs tax form 940 for 2012   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. Irs tax form 940 for 2012 Defined benefit plan. Irs tax form 940 for 2012   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. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012   A defined benefit plan is any plan that is not a defined contribution plan. Irs tax form 940 for 2012 In a defined benefit plan, the level of benefits to be provided to each participant is spelled out in the plan. Irs tax form 940 for 2012 The plan administrator figures the amount needed to provide those benefits and those amounts are contributed to the plan. Irs tax form 940 for 2012 Defined benefit plans include pension plans and annuity plans. Irs tax form 940 for 2012 Example. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 Nick leaves Company B on December 31, 2012. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 No vested interest. Irs tax form 940 for 2012   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. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 Social security or railroad retirement. Irs tax form 940 for 2012   Coverage under social security or railroad retirement is not coverage under an employer retirement plan. Irs tax form 940 for 2012 Benefits from previous employer's plan. Irs tax form 940 for 2012   If you receive retirement benefits from a previous employer's plan, you are not covered by that plan. Irs tax form 940 for 2012 Reservists. Irs tax form 940 for 2012   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. Irs tax form 940 for 2012 You are not covered by the plan if both of the following conditions are met. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 You did not serve more than 90 days on active duty during the year (not counting duty for training). Irs tax form 940 for 2012 Volunteer firefighters. Irs tax form 940 for 2012   If the only reason you participate in a plan is because you are a volunteer firefighter, you may not be covered by the plan. Irs tax form 940 for 2012 You are not covered by the plan if both of the following conditions are met. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 Your accrued retirement benefits at the beginning of the year will not provide more than $1,800 per year at retirement. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 Your deduction is also affected by how much income you had and by your filing status. Irs tax form 940 for 2012 Your deduction may also be affected by social security benefits you received. Irs tax form 940 for 2012 Reduced or no deduction. Irs tax form 940 for 2012   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. Irs tax form 940 for 2012   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. Irs tax form 940 for 2012 These amounts vary depending on your filing status. Irs tax form 940 for 2012   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 . Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 You received social security benefits. Irs tax form 940 for 2012 You received taxable compensation. Irs tax form 940 for 2012 Contributions were made to your traditional IRA. Irs tax form 940 for 2012 You or your spouse was covered by an employer retirement plan. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 Appendix B includes an example with filled-in worksheets to assist you. Irs tax form 940 for 2012 Table 1-2. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 IF your filing status is . Irs tax form 940 for 2012 . Irs tax form 940 for 2012 . Irs tax form 940 for 2012 AND your modified adjusted gross income (modified AGI) is . Irs tax form 940 for 2012 . Irs tax form 940 for 2012 . Irs tax form 940 for 2012 THEN you can take . Irs tax form 940 for 2012 . Irs tax form 940 for 2012 . Irs tax form 940 for 2012 single or head of household $59,000 or less a full deduction. Irs tax form 940 for 2012 more than $59,000 but less than $69,000 a partial deduction. Irs tax form 940 for 2012 $69,000 or more no deduction. Irs tax form 940 for 2012 married filing jointly or  qualifying widow(er) $95,000 or less a full deduction. Irs tax form 940 for 2012 more than $95,000 but less than $115,000 a partial deduction. Irs tax form 940 for 2012 $115,000 or more no deduction. Irs tax form 940 for 2012 married filing separately2 less than $10,000 a partial deduction. Irs tax form 940 for 2012 $10,000 or more no deduction. Irs tax form 940 for 2012 1 Modified AGI (adjusted gross income). Irs tax form 940 for 2012 See Modified adjusted gross income (AGI) , later. Irs tax form 940 for 2012  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). Irs tax form 940 for 2012 Table 1-3. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 IF your filing status is . Irs tax form 940 for 2012 . Irs tax form 940 for 2012 . Irs tax form 940 for 2012 AND your modified adjusted gross income (modified AGI) is . Irs tax form 940 for 2012 . Irs tax form 940 for 2012 . Irs tax form 940 for 2012 THEN you can take . Irs tax form 940 for 2012 . Irs tax form 940 for 2012 . Irs tax form 940 for 2012 single, head of household, or qualifying widow(er) any amount a full deduction. Irs tax form 940 for 2012 married filing jointly or separately with a spouse who is not covered by a plan at work any amount a full deduction. Irs tax form 940 for 2012 married filing jointly with a spouse who is covered by a plan at work $178,000 or less a full deduction. Irs tax form 940 for 2012 more than $178,000 but less than $188,000 a partial deduction. Irs tax form 940 for 2012 $188,000 or more no deduction. Irs tax form 940 for 2012 married filing separately with a spouse who is covered by a plan at work2 less than $10,000 a partial deduction. Irs tax form 940 for 2012 $10,000 or more no deduction. Irs tax form 940 for 2012 1 Modified AGI (adjusted gross income). Irs tax form 940 for 2012 See Modified adjusted gross income (AGI) , later. Irs tax form 940 for 2012  2 You are entitled to the full deduction if you did not live with your spouse at any time during the year. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 If your AGI is $191,000 or more, you cannot take a deduction for a contribution to a traditional IRA. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 Covered by a retirement plan. Irs tax form 940 for 2012   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. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 If your spouse is covered. Irs tax form 940 for 2012   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. Irs tax form 940 for 2012 Filing status. Irs tax form 940 for 2012   Your filing status depends primarily on your marital status. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 If you need more information on filing status, see Publication 501, Exemptions, Standard Deduction, and Filing Information. Irs tax form 940 for 2012 Lived apart from spouse. Irs tax form 940 for 2012   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. Irs tax form 940 for 2012 Modified adjusted gross income (AGI). Irs tax form 940 for 2012   You can use Worksheet 1-1 to figure your modified AGI. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012    Do not assume that your modified AGI is the same as your compensation. Irs tax form 940 for 2012 Your modified AGI may include income in addition to your compensation (discussed earlier) such as interest, dividends, and income from IRA distributions. Irs tax form 940 for 2012 Form 1040. Irs tax form 940 for 2012   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. Irs tax form 940 for 2012 IRA deduction. Irs tax form 940 for 2012 Student loan interest deduction. Irs tax form 940 for 2012 Tuition and fees deduction. Irs tax form 940 for 2012 Domestic production activities deduction. Irs tax form 940 for 2012 Foreign earned income exclusion. Irs tax form 940 for 2012 Foreign housing exclusion or deduction. Irs tax form 940 for 2012 Exclusion of qualified savings bond interest shown on Form 8815. Irs tax form 940 for 2012 Exclusion of employer-provided adoption benefits shown on Form 8839. Irs tax form 940 for 2012 This is your modified AGI. Irs tax form 940 for 2012 Form 1040A. Irs tax form 940 for 2012   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. Irs tax form 940 for 2012 IRA deduction. Irs tax form 940 for 2012 Student loan interest deduction. Irs tax form 940 for 2012 Tuition and fees deduction. Irs tax form 940 for 2012 Exclusion of qualified savings bond interest shown on Form 8815. Irs tax form 940 for 2012 This is your modified AGI. Irs tax form 940 for 2012 Form 1040NR. Irs tax form 940 for 2012   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. Irs tax form 940 for 2012 IRA deduction. Irs tax form 940 for 2012 Student loan interest deduction. Irs tax form 940 for 2012 Domestic production activities deduction. Irs tax form 940 for 2012 Exclusion of qualified savings bond interest shown on Form 8815. Irs tax form 940 for 2012 Exclusion of employer-provided adoption benefits shown on Form 8839. Irs tax form 940 for 2012 This is your modified AGI. Irs tax form 940 for 2012 Income from IRA distributions. Irs tax form 940 for 2012   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. Irs tax form 940 for 2012 Both contributions for 2013 and distributions in 2013. Irs tax form 940 for 2012   If all three of the following apply, any IRA distributions you received in 2013 may be partly tax free and partly taxable. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 (See Nondeductible Contributions and Worksheet 1-2, later. Irs tax form 940 for 2012 ) If this is your situation, you must figure the taxable part of the traditional IRA distribution before you can figure your modified AGI. Irs tax form 940 for 2012 To do this, you can use Worksheet 1-5, later. Irs tax form 940 for 2012   If at least one of the above does not apply, figure your modified AGI using Worksheet 1-1, later. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 Figuring Your Reduced IRA Deduction for 2013. Irs tax form 940 for 2012 The Instructions for Form 1040, Form 1040A, and Form 1040NR include similar worksheets that you can use instead of the worksheet in this publication. Irs tax form 940 for 2012 If you or your spouse is covered by an employer retirement plan, and you received any social security benefits, see Social Security Recipients , earlier. Irs tax form 940 for 2012 Note. Irs tax form 940 for 2012 If you were married and both you and your spouse contributed to IRAs, figure your deduction and your spouse's deduction separately. Irs tax form 940 for 2012 Worksheet 1-1. Irs tax form 940 for 2012 Figuring Your Modified AGI Use this worksheet to figure your modified AGI for traditional IRA purposes. Irs tax form 940 for 2012 1. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012   2. Irs tax form 940 for 2012 Enter any student loan interest deduction from Form 1040, line 33; Form 1040A, line 18; or Form 1040NR, line 33 2. Irs tax form 940 for 2012   3. Irs tax form 940 for 2012 Enter any tuition and fees deduction from Form 1040, line 34, or Form 1040A, line 19 3. Irs tax form 940 for 2012   4. Irs tax form 940 for 2012 Enter any domestic production activities deduction from Form 1040, line 35, or Form 1040NR, line 34 4. Irs tax form 940 for 2012   5. Irs tax form 940 for 2012 Enter any foreign earned income exclusion and/or housing exclusion from Form 2555, line 45, or Form 2555-EZ, line 18 5. Irs tax form 940 for 2012   6. Irs tax form 940 for 2012 Enter any foreign housing deduction from Form 2555, line 50 6. Irs tax form 940 for 2012   7. Irs tax form 940 for 2012 Enter any excludable savings bond interest from Form 8815, line 14 7. Irs tax form 940 for 2012   8. Irs tax form 940 for 2012 Enter any excluded employer-provided adoption benefits from Form 8839, line 28 8. Irs tax form 940 for 2012   9. Irs tax form 940 for 2012 Add lines 1 through 8. Irs tax form 940 for 2012 This is your Modified AGI for traditional IRA purposes 9. Irs tax form 940 for 2012   Reporting Deductible Contributions If you file Form 1040, enter your IRA deduction on line 32 of that form. Irs tax form 940 for 2012 If you file Form 1040A, enter your IRA deduction on line 17 of that form. Irs tax form 940 for 2012 If you file Form 1040NR, enter your IRA deduction on line 32 of that form. Irs tax form 940 for 2012 You cannot deduct IRA contributions on Form 1040EZ or Form 1040NR-EZ. Irs tax form 940 for 2012 Self-employed. Irs tax form 940 for 2012   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. Irs tax form 940 for 2012 If you file Form 1040NR, enter your deduction on line 28 of that form. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 The difference between your total permitted contributions and your IRA deduction, if any, is your nondeductible contribution. Irs tax form 940 for 2012 Example. Irs tax form 940 for 2012 Tony is 29 years old and single. Irs tax form 940 for 2012 In 2013, he was covered by a retirement plan at work. Irs tax form 940 for 2012 His salary is $62,000. Irs tax form 940 for 2012 His modified AGI is $70,000. Irs tax form 940 for 2012 Tony makes a $5,500 IRA contribution for 2013. Irs tax form 940 for 2012 Because he was covered by a retirement plan and his modified AGI is above $69,000, he cannot deduct his $5,500 IRA contribution. Irs tax form 940 for 2012 He must designate this contribution as a nondeductible contribution by reporting it on Form 8606. Irs tax form 940 for 2012 Repayment of reservist distributions. Irs tax form 940 for 2012   Nondeductible contributions may include repayments of qualified reservist distributions. Irs tax form 940 for 2012 For more information, see Qualified reservist repayments under How Much Can Be Contributed, earlier. Irs tax form 940 for 2012 Form 8606. Irs tax form 940 for 2012   To designate contributions as nondeductible, you must file Form 8606. Irs tax form 940 for 2012 (See the filled-in Forms 8606 in this chapter. Irs tax form 940 for 2012 )   You do not have to designate a contribution as nondeductible until you file your tax return. Irs tax form 940 for 2012 When you file, you can even designate otherwise deductible contributions as nondeductible contributions. Irs tax form 940 for 2012   You must file Form 8606 to report nondeductible contributions even if you do not have to file a tax return for the year. Irs tax form 940 for 2012    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. Irs tax form 940 for 2012 In those situations, a Form 8606 is completed for the year you take a distribution from that IRA. Irs tax form 940 for 2012 See Form 8606 under Distributions Fully or Partly Taxable, later. Irs tax form 940 for 2012 Failure to report nondeductible contributions. Irs tax form 940 for 2012   If you do not report nondeductible contributions, all of the contributions to your traditional IRA will be treated like deductible contributions when withdrawn. Irs tax form 940 for 2012 All distributions from your IRA will be taxed unless you can show, with satisfactory evidence, that nondeductible contributions were made. Irs tax form 940 for 2012 Penalty for overstatement. Irs tax form 940 for 2012   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. Irs tax form 940 for 2012 Penalty for failure to file Form 8606. Irs tax form 940 for 2012   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. Irs tax form 940 for 2012 Tax on earnings on nondeductible contributions. Irs tax form 940 for 2012   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. Irs tax form 940 for 2012 Cost basis. Irs tax form 940 for 2012   You will have a cost basis in your traditional IRA if you made any nondeductible contributions. Irs tax form 940 for 2012 Your cost basis is the sum of the nondeductible contributions to your IRA minus any withdrawals or distributions of nondeductible contributions. Irs tax form 940 for 2012    Commonly, distributions from your traditional IRAs will include both taxable and nontaxable (cost basis) amounts. Irs tax form 940 for 2012 See Are Distributions Taxable, later, for more information. Irs tax form 940 for 2012 Recordkeeping. Irs tax form 940 for 2012 There is a recordkeeping worksheet, Appendix A. Irs tax form 940 for 2012 Summary Record of Traditional IRA(s) for 2013 , that you can use to keep a record of deductible and nondeductible IRA contributions. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 Example 1. Irs tax form 940 for 2012 For 2013, Tom and Betty file a joint return on Form 1040. Irs tax form 940 for 2012 They are both 39 years old. Irs tax form 940 for 2012 They are both employed and Tom is covered by his employer's retirement plan. Irs tax form 940 for 2012 Tom's salary is $59,000 and Betty's is $32,555. Irs tax form 940 for 2012 They each have a traditional IRA and their combined modified AGI, which includes $5,000 interest and dividend income, is $96,555. Irs tax form 940 for 2012 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 . Irs tax form 940 for 2012 For 2013, Tom contributed $5,500 to his IRA and Betty contributed $5,500 to hers. Irs tax form 940 for 2012 Even though they file a joint return, they must use separate worksheets to figure the IRA deduction for each of them. Irs tax form 940 for 2012 Tom can take a deduction of only $5,080. Irs tax form 940 for 2012 He can choose to treat the $5,080 as either deductible or nondeductible contributions. Irs tax form 940 for 2012 He can either leave the $420 ($5,500 − $5,080) of nondeductible contributions in his IRA or withdraw them by April 15, 2014. Irs tax form 940 for 2012 He decides to treat the $5,080 as deductible contributions and leave the $420 of nondeductible contributions in his IRA. Irs tax form 940 for 2012 Using Worksheet 1-2, Figuring Your Reduced IRA Deduction for 2013, Tom figures his deductible and nondeductible amounts as shown on Worksheet 1-2. Irs tax form 940 for 2012 Figuring Your Reduced IRA Deduction for 2013—Example 1 Illustrated. Irs tax form 940 for 2012 Betty figures her IRA deduction as follows. Irs tax form 940 for 2012 Betty can treat all or part of her contributions as either deductible or nondeductible. Irs tax form 940 for 2012 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 . Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 Betty decides to treat her $5,500 IRA contributions as deductible. Irs tax form 940 for 2012 The IRA deductions of $5,080 and $5,500 on the joint return for Tom and Betty total $10,580. Irs tax form 940 for 2012 Example 2. Irs tax form 940 for 2012 For 2013, Ed and Sue file a joint return on Form 1040. Irs tax form 940 for 2012 They are both 39 years old. Irs tax form 940 for 2012 Ed is covered by his employer's retirement plan. Irs tax form 940 for 2012 Ed's salary is $45,000. Irs tax form 940 for 2012 Sue had no compensation for the year and did not contribute to an IRA. Irs tax form 940 for 2012 Sue is not covered by an employer plan. Irs tax form 940 for 2012 Ed contributed $5,500 to his traditional IRA and $5,500 to a traditional IRA for Sue (a Kay Bailey Hutchison Spousal IRA). Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 Because the combined modified AGI is $115,000 or more, Ed cannot deduct any of the contribution to his traditional IRA. Irs tax form 940 for 2012 He can either leave the $5,500 of nondeductible contributions in his IRA or withdraw them by April 15, 2014. Irs tax form 940 for 2012 Sue figures her IRA deduction as shown on Worksheet 1-2. Irs tax form 940 for 2012 Figuring Your Reduced IRA Deduction for 2013—Example 2 Illustrated. Irs tax form 940 for 2012 Worksheet 1-2. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 ) Note. Irs tax form 940 for 2012 If you were married and both you and your spouse contributed to IRAs, figure your deduction and your spouse's deduction separately. Irs tax form 940 for 2012 IF you . Irs tax form 940 for 2012 . Irs tax form 940 for 2012 . Irs tax form 940 for 2012 AND your  filing status is . Irs tax form 940 for 2012 . Irs tax form 940 for 2012 . Irs tax form 940 for 2012 AND your modified AGI is over . Irs tax form 940 for 2012 . Irs tax form 940 for 2012 . Irs tax form 940 for 2012 THEN enter on  line 1 below . Irs tax form 940 for 2012 . Irs tax form 940 for 2012 . Irs tax form 940 for 2012       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. Irs tax form 940 for 2012 Enter applicable amount from table above 1. Irs tax form 940 for 2012   2. Irs tax form 940 for 2012 Enter your modified AGI (that of both spouses, if married filing jointly) 2. Irs tax form 940 for 2012     Note. Irs tax form 940 for 2012 If line 2 is equal to or more than the amount on line 1, stop here. Irs tax form 940 for 2012  Your IRA contributions are not deductible. Irs tax form 940 for 2012 See Nondeductible Contributions , earlier. Irs tax form 940 for 2012     3. Irs tax form 940 for 2012 Subtract line 2 from line 1. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012   4. Irs tax form 940 for 2012 Multiply line 3 by the percentage below that applies to you. Irs tax form 940 for 2012 If the result is not a multiple of $10, round it to the next highest multiple of $10. Irs tax form 940 for 2012 (For example, $611. Irs tax form 940 for 2012 40 is rounded to $620. Irs tax form 940 for 2012 ) However, if the result is less than $200, enter $200. Irs tax form 940 for 2012         Married filing jointly or qualifying widow(er) and you are covered by an employer plan, multiply line 3 by 27. Irs tax form 940 for 2012 5% (. Irs tax form 940 for 2012 275) (by 32. Irs tax form 940 for 2012 5% (. Irs tax form 940 for 2012 325) if you are age 50 or older). Irs tax form 940 for 2012 All others, multiply line 3 by 55% (. Irs tax form 940 for 2012 55) (by 65% (. Irs tax form 940 for 2012 65) if you are age 50 or older). Irs tax form 940 for 2012 4. Irs tax form 940 for 2012   5. Irs tax form 940 for 2012 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). Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 If you file Form 1040 or Form 1040NR, do not reduce your compensation by any losses from self-employment 5. Irs tax form 940 for 2012   6. Irs tax form 940 for 2012 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). Irs tax form 940 for 2012 If contributions are more than $5,500 ($6,500 if you are age 50 or older), see Excess Contributions , later. Irs tax form 940 for 2012 6. Irs tax form 940 for 2012   7. Irs tax form 940 for 2012 IRA deduction. Irs tax form 940 for 2012 Compare lines 4, 5, and 6. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 If line 6 is more than line 7 and you want to make a nondeductible contribution, go to line 8 7. Irs tax form 940 for 2012   8. Irs tax form 940 for 2012 Nondeductible contribution. Irs tax form 940 for 2012 Subtract line 7 from line 5 or 6, whichever is smaller. Irs tax form 940 for 2012  Enter the result here and on line 1 of your Form 8606 8. Irs tax form 940 for 2012   Worksheet 1-2. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 ) Note. Irs tax form 940 for 2012 If you were married and both you and your spouse contributed to IRAs, figure your deduction and your spouse's deduction separately. Irs tax form 940 for 2012 IF you . Irs tax form 940 for 2012 . Irs tax form 940 for 2012 . Irs tax form 940 for 2012 AND your  filing status is . Irs tax form 940 for 2012 . Irs tax form 940 for 2012 . Irs tax form 940 for 2012 AND your modified AGI is over . Irs tax form 940 for 2012 . Irs tax form 940 for 2012 . Irs tax form 940 for 2012 THEN enter on  line 1 below . Irs tax form 940 for 2012 . Irs tax form 940 for 2012 . Irs tax form 940 for 2012       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. Irs tax form 940 for 2012 Enter applicable amount from table above 1. Irs tax form 940 for 2012 115,000 2. Irs tax form 940 for 2012 Enter your modified AGI (that of both spouses, if married filing jointly) 2. Irs tax form 940 for 2012 96,555   Note. Irs tax form 940 for 2012 If line 2 is equal to or more than the amount on line 1, stop here. Irs tax form 940 for 2012  Your IRA contributions are not deductible. Irs tax form 940 for 2012 See Nondeductible Contributions , earlier. Irs tax form 940 for 2012     3. Irs tax form 940 for 2012 Subtract line 2 from line 1. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 18,445 4. Irs tax form 940 for 2012 Multiply line 3 by the percentage below that applies to you. Irs tax form 940 for 2012 If the result is not a multiple of $10, round it to the next highest multiple of $10. Irs tax form 940 for 2012 (For example, $611. Irs tax form 940 for 2012 40 is rounded to $620. Irs tax form 940 for 2012 ) However, if the result is less than $200, enter $200. Irs tax form 940 for 2012         Married filing jointly or qualifying widow(er) and you are covered by an employer plan, multiply line 3 by 27. Irs tax form 940 for 2012 5% (. Irs tax form 940 for 2012 275) (by 32. Irs tax form 940 for 2012 5% (. Irs tax form 940 for 2012 325) if you are age 50 or older). Irs tax form 940 for 2012 All others, multiply line 3 by 55% (. Irs tax form 940 for 2012 55) (by 65% (. Irs tax form 940 for 2012 65) if you are age 50 or older). Irs tax form 940 for 2012 4. Irs tax form 940 for 2012 5,080 5. Irs tax form 940 for 2012 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). Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 If you file Form 1040 or Form 1040NR, do not reduce your compensation by any losses from self-employment 5. Irs tax form 940 for 2012 59,000 6. Irs tax form 940 for 2012 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). Irs tax form 940 for 2012 If contributions are more than $5,500 ($6,500 if you are age 50 or older), see Excess Contributions , later. Irs tax form 940 for 2012 6. Irs tax form 940 for 2012 5,500 7. Irs tax form 940 for 2012 IRA deduction. Irs tax form 940 for 2012 Compare lines 4, 5, and 6. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 If line 6 is more than line 7 and you want to make a nondeductible contribution, go to line 8 7. Irs tax form 940 for 2012 5,080 8. Irs tax form 940 for 2012 Nondeductible contribution. Irs tax form 940 for 2012 Subtract line 7 from line 5 or 6, whichever is smaller. Irs tax form 940 for 2012  Enter the result here and on line 1 of your Form 8606 8. Irs tax form 940 for 2012 420 Worksheet 1-2. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 ) Note. Irs tax form 940 for 2012 If you were married and both you and your spouse contributed to IRAs, figure your deduction and your spouse's deduction separately. Irs tax form 940 for 2012 IF you . Irs tax form 940 for 2012 . Irs tax form 940 for 2012 . Irs tax form 940 for 2012 AND your  filing status is . Irs tax form 940 for 2012 . Irs tax form 940 for 2012 . Irs tax form 940 for 2012 AND your modified AGI is over . Irs tax form 940 for 2012 . Irs tax form 940 for 2012 . Irs tax form 940 for 2012 THEN enter on  line 1 below . Irs tax form 940 for 2012 . Irs tax form 940 for 2012 . Irs tax form 940 for 2012       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. Irs tax form 940 for 2012 Enter applicable amount from table above 1. Irs tax form 940 for 2012 188,000 2. Irs tax form 940 for 2012 Enter your modified AGI (that of both spouses, if married filing jointly) 2. Irs tax form 940 for 2012 180,555   Note. Irs tax form 940 for 2012 If line 2 is equal to or more than the amount on line 1, stop here. Irs tax form 940 for 2012  Your IRA contributions are not deductible. Irs tax form 940 for 2012 See Nondeductible Contributions , earlier. Irs tax form 940 for 2012     3. Irs tax form 940 for 2012 Subtract line 2 from line 1. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 7,445 4. Irs tax form 940 for 2012 Multiply line 3 by the percentage below that applies to you. Irs tax form 940 for 2012 If the result is not a multiple of $10, round it to the next highest multiple of $10. Irs tax form 940 for 2012 (For example, $611. Irs tax form 940 for 2012 40 is rounded to $620. Irs tax form 940 for 2012 ) However, if the result is less than $200, enter $200. Irs tax form 940 for 2012         Married filing jointly or qualifying widow(er) and you are covered by an employer plan, multiply line 3 by 27. Irs tax form 940 for 2012 5% (. Irs tax form 940 for 2012 275) (by 32. Irs tax form 940 for 2012 5% (. Irs tax form 940 for 2012 325) if you are age 50 or older). Irs tax form 940 for 2012 All others, multiply line 3 by 55% (. Irs tax form 940 for 2012 55) (by 65% (. Irs tax form 940 for 2012 65) if you are age 50 or older). Irs tax form 940 for 2012 4. Irs tax form 940 for 2012 4,100 5. Irs tax form 940 for 2012 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). Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 If you file Form 1040 or Form 1040NR, do not reduce your compensation by any losses from self-employment 5. Irs tax form 940 for 2012 39,500 6. Irs tax form 940 for 2012 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). Irs tax form 940 for 2012 If contributions are more than $5,500 ($6,500 if you are age 50 or older), see Excess Contributions , later. Irs tax form 940 for 2012 6. Irs tax form 940 for 2012 5,500 7. Irs tax form 940 for 2012 IRA deduction. Irs tax form 940 for 2012 Compare lines 4, 5, and 6. Irs tax form 940 for 2012 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. Irs tax form 940 for 2012 If line 6 is more than line 7 and you want to make a nondeductible contribution, go to line 8 7. Irs tax form 940 for 2012 4,100 8. Irs tax form 940 for 2012 Nondeductible contribution. Irs tax form 940 for 2012 Subtract line 7 from line 5 or 6, whichever is smaller. Irs tax form 940 for 2012  Enter the result here and on line 1 of your Form 8606 8. Irs tax form 940 for 2012 1,400 What if You Inherit an IRA? If you inherit a traditional IRA, you are called a beneficiary. Irs tax form 940 for 2012 A beneficiary can be any person or entity the owner chooses to receive the benefits of the IRA after he or she dies. Irs tax form 940 for 2012 Beneficiaries of a traditional IRA must include in their gross income any taxable distributions they receive. Irs tax form 940 for 2012 Inherited from spouse. Irs tax form 940 for 2012   If you inherit a traditional IRA from your spouse, you generally have the following three choices. Irs tax form 940 for 2012 You can: Treat it as your own IRA by designating yourself as the account owner. Irs tax form 940 for 2012 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