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Amending A 2010 Tax Return

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Amending A 2010 Tax Return

Amending a 2010 tax return Publication 521 - Additional Material Prev  Up  Next   Home   More Online Publications

Topic 451 - Individual Retirement Arrangements (IRAs)

An individual retirement arrangement, or IRA, is a tax-favored personal savings arrangement, which allows you to set aside money for retirement. There are several different types of IRAs, which you can set up with a bank, insurance company, or other financial institution.

The original IRA is often referred to as a "traditional IRA." You may be able to deduct some or all of your contributions to a traditional IRA. You may also be eligible for a tax credit equal to a percentage of your contribution. Amounts in your traditional IRA, including earnings, generally are not taxed until distributed to you. IRAs cannot be owned jointly. However, any amounts remaining in your IRA upon your death will be paid to your beneficiary or beneficiaries.

To contribute to a traditional IRA, you must be under age 70½ at the end of the tax year. You, and/or your spouse if you file a joint return, must have taxable compensation, such as wages, salaries, commissions, tips, bonuses, or net income from self-employment. Taxable alimony and separate maintenance payments received by an individual are treated as compensation for IRA purposes.

Compensation does not include earnings and profits from property, such as rental income, interest and dividend income, or any amount received as pension or annuity income, or as deferred compensation.

Figure your allowable deduction using the worksheets in the Form 1040 Instructions (PDF), Form 1040A Instructions (PDF) or in Publication 590, Individual Retirement Arrangements (IRAs). You cannot claim an IRA deduction on Form 1040EZ (PDF); you must use either Form 1040A (PDF) or Form 1040 (PDF). If you made nondeductible contributions to a traditional IRA you need to attach Form 8606 (PDF), Nondeductible IRAs. Use Form 8880 (PDF), Credit for Qualified Retirement Savings Contributions, to determine whether you are also eligible for a tax credit. Enter the amount of the credit on either Form 1040A or Form 1040. You cannot use Form 1040EZ to claim this credit.

Distributions from a traditional IRA are fully or partially taxable in the year of distribution. If you made only deductible contributions, distributions are fully taxable. Use Form 8606 to figure the taxable portion of withdrawals.

Distributions made prior to age 59½ may be subject to a 10% additional tax. You also may owe an excise tax if you do not begin to withdraw minimum distributions by April 1 of the year after you reach age 70½. These additional taxes are figured and reported on Form 5329 (PDF), Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts. Refer to the Form 5329 Instructions (PDF) for exceptions to the additional taxes.

A Roth IRA differs from a traditional IRA in several respects. Contributions to a Roth IRA are not deductible (and you do not report the contributions on your tax return), but you also are not taxed on qualified distributions or distributions that are a return of contributions. In addition, you do not have to be under age 70½ to contribute to a Roth IRA. To be a Roth IRA, the account or annuity must be designated as a Roth IRA when it is set up. For more information on Roth IRA contributions, refer to Topic 309.

Refer to Publication 590, Individual Retirement Arrangements (IRAs), for additional information on the different types of IRAs, including information on contributions, distributions, as well as conversions from one type of IRA to another.

Page Last Reviewed or Updated: December 12, 2013

The Amending A 2010 Tax Return

Amending a 2010 tax return Publication 587 - Introductory Material Table of Contents Future Developments What's New Reminders IntroductionOrdering forms and publications. Amending a 2010 tax return Tax questions. Amending a 2010 tax return Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 587, such as legislation enacted after it was published, go to www. Amending a 2010 tax return irs. Amending a 2010 tax return gov/pub587. Amending a 2010 tax return What's New The IRS now provides a simplified method to determine your expenses for business use of your home. Amending a 2010 tax return The simplified method is an alternative to calculating and substantiating actual expenses. Amending a 2010 tax return For more information, see Using the Simplified Method under Figuring the Deduction, later. Amending a 2010 tax return Reminders Photographs of missing children. Amending a 2010 tax return  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Amending a 2010 tax return Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Amending a 2010 tax return 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. Amending a 2010 tax return Introduction The purpose of this publication is to provide information on figuring and claiming the deduction for business use of your home. Amending a 2010 tax return The term “home” includes a house, apartment, condominium, mobile home, boat, or similar property which provides basic living accommodations. Amending a 2010 tax return It also includes structures on the property, such as an unattached garage, studio, barn, or greenhouse. Amending a 2010 tax return However, it does not include any part of your property used exclusively as a hotel, motel, inn, or similar establishment. Amending a 2010 tax return Qualifying for a Deduction gives the requirements for qualifying to deduct expenses for the business use of your home (including special rules for employees and special rules for storing inventory or product samples). Amending a 2010 tax return For special rules that apply to daycare providers, see Daycare Facility . Amending a 2010 tax return After you determine that you qualify for the deduction, Figuring the Deduction explains the expenses you can deduct using either your actual expenses or the simplified method. Amending a 2010 tax return The simplified method is an alternative to calculating and substantiating actual expenses. Amending a 2010 tax return Where To Deduct explains where a self-employed person, employee, or partner will report the deduction. Amending a 2010 tax return This publication also includes information on the following. Amending a 2010 tax return Selling a home that was used partly for business. Amending a 2010 tax return Deducting expenses for furniture and equipment used in your business. Amending a 2010 tax return Records you should keep. Amending a 2010 tax return Finally, this publication contains worksheets to help you figure the amount of your deduction if you use your home in your farming business and you are filing Schedule F (Form 1040), you use your home for work as an employee, or you are a partner and the use of your home resulted in unreimbursed ordinary and necessary expenses that you are required to pay under the partnership agreement. Amending a 2010 tax return If you used your home for business and you are filing Schedule C (Form 1040), you will use either Form 8829 or the Simplified Method Worksheet in your Instructions for Schedule C. Amending a 2010 tax return The rules in this publication apply to individuals. Amending a 2010 tax return If you need information on deductions for renting out your property, see Publication 527, Residential Rental Property. Amending a 2010 tax return Comments and suggestions. Amending a 2010 tax return   We welcome your comments about this publication and your suggestions for future editions. Amending a 2010 tax return   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Amending a 2010 tax return NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Amending a 2010 tax return Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Amending a 2010 tax return   You can send your comments from www. Amending a 2010 tax return irs. Amending a 2010 tax return gov/formspubs/. Amending a 2010 tax return Click on “More Information” and then on “Comment on Tax Forms and Publications. Amending a 2010 tax return ”   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. Amending a 2010 tax return Ordering forms and publications. Amending a 2010 tax return   Visit www. Amending a 2010 tax return irs. Amending a 2010 tax return 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. Amending a 2010 tax return Internal Revenue Service 1201 N. Amending a 2010 tax return Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Amending a 2010 tax return   If you have a tax question, check the information available on IRS. Amending a 2010 tax return gov or call 1-800-829-1040. Amending a 2010 tax return We cannot answer tax questions sent to either of the above addresses. Amending a 2010 tax return Useful Items - You may want to see: Publications 523 Selling Your Home 551 Basis of Assets 583 Starting a Business and Keeping Records 946 How To Depreciate Property Forms (and Instructions) Schedule C (Form 1040) Profit or Loss from Business 2106 Employee Business Expenses 2106-EZ Unreimbursed Employee Business Expenses 4562 Depreciation and Amortization 8829 Expenses for Business Use of Your Home  See How To Get Tax Help , near the end of this publication for information about getting publications and forms. Amending a 2010 tax return Prev  Up  Next   Home   More Online Publications