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Taxhow 1040x 34. Taxhow 1040x   Crédito Tributario por Hijos Table of Contents Introduction Useful Items - You may want to see: Hijo Calificado Cantidad de CréditoLímites del Crédito Cómo Reclamar el Crédito Crédito Tributario Adicional por Hijos Cómo Completar el Anexo 8812 (Formulario 1040A o Formulario 1040)Parte I Partes II a IV Introduction El crédito tributario por hijos es un crédito que puede reducir su impuesto hasta $1,000 por cada uno de sus hijos calificados. Taxhow 1040x El crédito tributario adicional por hijos es un crédito que podría tomar en el caso de que no pueda reclamar la cantidad completa del crédito tributario por hijos. Taxhow 1040x Este capítulo le explica lo siguiente: Quién es un hijo calificado. Taxhow 1040x La cantidad del crédito. Taxhow 1040x Cómo se puede reclamar el crédito. Taxhow 1040x El crédito tributario por hijos y el crédito tributario adicional por hijos no deben confundirse con el crédito por gastos del cuidado de menores y dependientes, el cual se explica en el capítulo 32. Taxhow 1040x Si no está sujeto al pago de impuestos. Taxhow 1040x   Algunos créditos, tales como el crédito tributario por hijos o el crédito por gastos del cuidado de menores y dependientes, se usan para reducir el impuesto. Taxhow 1040x Si la cantidad del impuesto en la línea 46 del Formulario 1040 o en la línea 28 del Formulario 1040A es cero, no calcule el crédito tributario por hijos ya que no hay impuesto que se pueda reducir. Taxhow 1040x Sin embargo, podría reunir los requisitos para el crédito tributario adicional por hijos en la línea 65 (Formulario 1040) o en la línea 39 (Formulario 1040A). Taxhow 1040x Useful Items - You may want to see: Publicación 972 Child Tax Credit (Crédito tributario por hijos), en inglés Formulario (e Instrucciones) Anexo 8812   (Formulario 1040A o 1040) Child Tax Credit (Crédito tributario por hijos), en inglés W-4(SP) Certificado de Exención de Retenciones del Empleado W-4 Employee's Withholding Allowance Certificate (Certificado de exención de retenciones del empleado), en inglés Hijo Calificado Un hijo calificado, para propósitos del crédito tributario por hijos, es aquél que: Es su hijo o hija, hijastro o hijastra, hijo de crianza, hermano o hermana, hermanastro o hermanastra o descendiente de cualquiera de ellos (por ejemplo, su nieto, nieta, sobrina o sobrino), Tenía menos de 17 años de edad al finalizar el año 2013, No proveyó más de la mitad de su propia manutención durante el año 2013, Vivió con usted durante más de la mitad del año 2013 (vea Excepciones al tiempo vivido con usted , más adelante), Fue reclamado como dependiente en la declaración de usted, No presenta una declaración conjunta para el año (o la presenta solamente para reclamar un reembolso), y Era ciudadano, nacional o residente de los Estados Unidos. Taxhow 1040x Si el hijo fue adoptado, vea Hijo adoptivo , más adelante. Taxhow 1040x Para cada hijo calificado, tiene que marcar el recuadro que aparece en la línea 6c del Formulario 1040 o del Formulario 1040A. Taxhow 1040x Ejemplo 1. Taxhow 1040x Su hijo cumplió 17 años de edad el día 30 de diciembre del año 2013. Taxhow 1040x Él es ciudadano de los Estados Unidos y usted lo declara como dependiente en la declaración de impuestos. Taxhow 1040x Su hijo no es hijo calificado para el crédito tributario por hijos porque no tenía menos de 17 años de edad al finalizar el año 2013. Taxhow 1040x Ejemplo 2. Taxhow 1040x Su hija cumplió 8 años en el año 2013. Taxhow 1040x Ella no es ciudadana de los Estados Unidos, tiene un ITIN y vivió en México durante todo el año 2013. Taxhow 1040x Ella no es un hijo calificado para el crédito tributario por hijos debido a que no fue residente de los Estados Unidos en 2013. Taxhow 1040x Contribuyentes que tienen determinados hijos dependientes con un número de identificación personal del contribuyente (ITIN, por sus siglas en inglés). Taxhow 1040x   Si está reclamando un crédito tributario por hijos o un crédito tributario adicional por hijos basándose en un hijo que identificó en su declaración de impuestos con un número de identificación personal del contribuyente (ITIN, por sus siglas en inglés), en lugar de un número de Seguro Social (SSN, por sus siglas en inglés), tiene que completar la Parte I del Anexo 8812 (Formulario 1040A o 1040). Taxhow 1040x   Aun si su hijo es dependiente suyo, sólo puede reclamar un crédito tributario por hijos o un crédito tributario adicional por hijos basándose en un dependiente que sea ciudadano, nacional o residente de los Estados Unidos. Taxhow 1040x Para ser tratado como residente de los Estados Unidos, un hijo normalmente tiene que cumplir el requisito de presencia sustancial. Taxhow 1040x Para más información sobre el requisito de presencia sustancial, vea la Publicación 519, U. Taxhow 1040x S. Taxhow 1040x Tax Guide for Aliens (Guía sobre los impuestos federales estadounidenses para extranjeros), en inglés. Taxhow 1040x Hijo adoptivo. Taxhow 1040x   A un hijo adoptivo siempre se le trata como si fuera su hijo. Taxhow 1040x Un hijo adoptivo incluye un niño colocado en su hogar por una agencia autorizada, con la intención de que sea legalmente adoptado. Taxhow 1040x   Si usted es ciudadano o nacional de los EE. Taxhow 1040x UU. Taxhow 1040x y su hijo adoptivo vivió con usted como integrante de su unidad familiar durante todo el año en 2013, dicho hijo cumple el requisito (7), anteriormente, para ser un hijo calificado para propósitos del crédito tributario por hijos. Taxhow 1040x Excepciones al tiempo vivido con usted. Taxhow 1040x   Se considera que un hijo vivió con usted más de la mitad del año 2013 si nació o murió en el año 2013, y su hogar (el de usted) fue el hogar del hijo más de la mitad del tiempo en el cual estuvo vivo. Taxhow 1040x Las ausencias temporales por usted o su hijo debidas a circunstancias especiales, tales como las ausencias por educación, vacaciones, negocios, atención médica, servicio militar o estancia en un centro de detención para delincuentes juveniles cuentan como tiempo que el hijo vivió con usted. Taxhow 1040x   También hay excepciones para hijos secuestrados e hijos de padres divorciados o separados. Taxhow 1040x Para detalles, vea Requisito de Residencia , en el capítulo 3. Taxhow 1040x Hijo calificado de más de una persona. Taxhow 1040x   Se aplica una regla especial si su hijo calificado es el hijo calificado de más de una persona. Taxhow 1040x Para detalles, vea Requisito Especial para el Hijo Calificado de Más de una Persona , en el capítulo 3. Taxhow 1040x Cantidad de Crédito La cantidad máxima de crédito que puede reclamar es $1,000 por cada hijo calificado. Taxhow 1040x Límites del Crédito Usted tiene que reducir su crédito tributario por hijos si la condición (1) o la condición (2) le corresponde: La cantidad de la línea 46 (Formulario 1040) o de la línea 28 (Formulario 1040A) es menor que el crédito. Taxhow 1040x Si esta cantidad es cero, no puede reclamar este crédito porque no hay impuesto que se pueda reducir. Taxhow 1040x Sin embargo, es posible que pueda tomar el crédito tributario adicional por hijos. Taxhow 1040x Vea Crédito Tributario Adicional por Hijos , más adelante. Taxhow 1040x Su ingreso bruto ajustado (AGI, por sus siglas en inglés) modificado es mayor que la cantidad que se indica a continuación para su estado civil para efectos de la declaración. Taxhow 1040x Casados que presentan una declaración conjunta: $110,000. Taxhow 1040x Soltero, cabeza de familia o viudo que reúne los requisitos: $75,000. Taxhow 1040x Casados que presentan la declaración por separado: $55,000. Taxhow 1040x Ingresos brutos ajustados modificados. Taxhow 1040x   Para propósitos del crédito tributario por hijos, su ingreso bruto ajustado (AGI, por sus siglas en inglés) modificado es su ingreso bruto ajustado más las cantidades siguientes que puedan ser aplicables en su caso: Toda cantidad excluida del ingreso debido a la exclusión de ingresos de fuentes de  Puerto Rico. Taxhow 1040x En la línea de puntos directamente al lado de la línea 38 del Formulario 1040, anote la cantidad excluida e indentifíquela como “ EPRI. Taxhow 1040x ” Además, adjunte una copia de todo Formulario 499R-2/W-2PR a su declaración. Taxhow 1040x Toda cantidad de las líneas 45 ó 50 del Formulario 2555, Foreign Earned Income (Ingreso devengado en el extranjero), en inglés. Taxhow 1040x Toda cantidad de la línea 18 del Formulario 2555-EZ, Foreign Earned Income Exclusion (Exclusión de ingreso devengado en el extranjero), en inglés. Taxhow 1040x Toda cantidad de la línea 15 del Formulario 4563, Exclusion of Income for Bona Fide Residents of American Samoa (Exclusión del ingreso para residentes bona fide de la Samoa Estadounidense), en inglés. Taxhow 1040x   Si no tiene ninguna de las cantidades mencionadas anteriormente, su ingreso bruto ajustado modificado es igual a su ingreso bruto ajustado. Taxhow 1040x Ingreso bruto ajustado. Taxhow 1040x   El ingreso bruto ajustado (AGI, por sus siglas en inglés) es la cantidad de la línea 38 del Formulario 1040 o de la línea 22 del Formulario 1040A. Taxhow 1040x Cómo Reclamar el Crédito Para reclamar el crédito tributario por hijos, tiene que presentar el Formulario 1040 o el Formulario 1040A. Taxhow 1040x No puede reclamar el crédito tributario por hijos en el Formulario 1040EZ. Taxhow 1040x Tiene que proveer el nombre y número de identificación (normalmente el número de Seguro Social) de cada hijo calificado en su declaración de impuestos. Taxhow 1040x Si reclama el crédito tributario por hijos con un hijo identificado por un ITIN, usted también tiene que presentar el Anexo 8812. Taxhow 1040x Para calcular el crédito, primero revise la Child Tax Credit Worksheet (Hoja de trabajo del crédito tributario por hijos), en las Instrucciones para el Formulario 1040 o el Formulario 1040A. Taxhow 1040x Si se le indica que consulte la Publicación 972, Child Tax Credit (Crédito tributario por hijos), en inglés, no puede utilizar la Hoja de trabajo de las instrucciones en la declaración de impuestos; en su lugar, usted tiene que utilizar la Publicación 972, en inglés, para calcular el crédito. Taxhow 1040x Si no se le indica que utilice la Publicación 972, puede usar la Hoja de trabajo del crédito tributario por hijos, que se encuentra en las Instrucciones para el Formulario 1040 o las Instrucciones para el Formulario 1040A o la Publicación 972, todas en inglés, para calcular el crédito. Taxhow 1040x Crédito Tributario Adicional por Hijos Este crédito es para determinadas personas que reciban menos de la cantidad total del crédito tributario por hijos. Taxhow 1040x El crédito tributario adicional por hijos puede darle un reembolso aunque no adeude ningún impuesto. Taxhow 1040x Cómo se reclama el crédito tributario adicional por hijos. Taxhow 1040x   Para reclamar el crédito tributario adicional por hijos, siga los pasos que aparecen a continuación: Asegúrese de haber calculado la cantidad, si existe, de su crédito tributario por hijos. Taxhow 1040x Vea anteriormente el tema titulado Cómo Reclamar el Crédito . Taxhow 1040x Use las Partes II a la IV del Anexo 8812 para determinar si puede reclamar el crédito tributario adicional por hijos si usted contestó “Yes” (Sí) en la línea 9 ó 10 de la Child Tax Credit Worksheet (Hoja de trabajo del crédito tributario por hijos) en las Instrucciones para el Formulario 1040 o en las Instrucciones para el Formulario 1040A, o en la línea 13 de la Child Tax Credit Worksheet (Hoja de trabajo del crédito tributario por hijos) en la Publicación 972, todas en inglés. Taxhow 1040x Si tiene un crédito tributario adicional por hijos en la línea 13 del Anexo 8812, anótelo en la línea 65 del Formulario 1040 o en la línea 39 del Formulario 1040A. Taxhow 1040x Cómo Completar el Anexo 8812 (Formulario 1040A o Formulario 1040) El Anexo 8812 tiene cuatro partes, pero se puede considerar como que consta de dos secciones. Taxhow 1040x La Parte I es independiente de las Partes II a la IV. Taxhow 1040x Si todos sus hijos tienen números de Seguro Social o números de identificación del contribuyente para adopción del IRS(ATIN, por sus siglas en inglés),y usted no reclama el crédito tributario adicional por hijos, no necesita completar ni adjuntar el Anexo 8812 a su declaración de impuestos. Taxhow 1040x Parte I Usted sólo necesitará completar la Parte I si está reclamando el crédito tributario por hijos para un hijo que aparece identificado con un número de identificación personal del contribuyente del IRS (ITIN, por sus siglas en inglés). Taxhow 1040x Si todos los hijos por los cuales usted marcó la casilla en la columna 4 de la línea 6c de su Formulario 1040 o Formulario 1040A tienen números de Seguro Social (SSN, por sus siglas en inglés) o números de identificación del contribuyente para adopción del IRS (ATIN, por sus siglas en inglés), no tiene que completar la Parte I del Anexo 8812. Taxhow 1040x Partes II a IV Las Partes II a la IV le ayudan a calcular el crédito adicional por hijos que le corresponde a usted. Taxhow 1040x Por lo general, deberá completar las Partes II a la IV únicamente si se le indica luego de que completa la Hoja de trabajo del crédito tributario por hijos que aparece en las instrucciones de su declaración de impuestos o en la Publicación 972. Taxhow 1040x Vea Cómo se reclama el crédito tributario adicional por hijos , anteriormente. Taxhow 1040x Prev  Up  Next   Home   More Online Publications
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Understanding your CP178 Notice

Your tax return filing requirements may have changed: You may no longer owe excise tax.

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You can also authorize someone (such as an accountant) to contact the IRS on your behalf using this Power of Attorney and Declaration of Representative (Form 2848).

Or you may qualify for help from a Low Income Taxpayer Clinic.
 


What you need to do

If you no longer owe excise tax, file a final Quarterly Excise Tax Return (Form 720) by:

  • Writing "Not liable" at the top of next quarter’s Form 720, and
  • Checking the box that says, "Final return," located on Page 1 of the form in the upper left corner.
  • If you owe excise tax in the future, we’ll automatically send you Form 720 after we receive a return from you reporting tax.

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Answers to Common Questions

How do I know if my business remains liable for excise taxes?
Your business is liable for excise tax if it involves goods, services, or activities identified on Form 720.

If I no longer owe excise taxes where to I mail my final Form 720?
File a final Form 720 if you no longer owe excise taxes because you’re either going out of business or you will not owe excise taxes in future quarters. Check the final return box above Part I of Form 720 and mail to IRS, Cincinnati, OH 45999-0009.

I don’t handle excise taxes for my corporation. How can I request that the IRS send all future notices directly to our accountant?
Complete a Form 8822, Change of Address, and send it to the address shown on the form.


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Notice CP178, Page 1

Page Last Reviewed or Updated: 28-Mar-2014

The Taxhow 1040x

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