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Filing 2012 Taxes Late

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Filing 2012 Taxes Late

Filing 2012 taxes late 2. Filing 2012 taxes late   Roth IRAs Table of Contents What's New for 2013 What's New for 2014 Reminders Introduction What Is a Roth IRA? When Can a Roth IRA Be Opened? Can You Contribute to a Roth IRA?How Much Can Be Contributed? When Can You Make Contributions? What if You Contribute Too Much? Can You Move Amounts Into a Roth IRA?Conversions Rollover From Employer's Plan Into a Roth IRA Military Death Gratuities and Servicemembers' Group Life Insurance (SGLI) Payments Rollover From a Roth IRA Rollover of Exxon Valdez Settlement Income Rollover of Airline Payments Are Distributions Taxable?What Are Qualified Distributions? Additional Tax on Early Distributions Ordering Rules for Distributions How Do You Figure the Taxable Part? Must You Withdraw or Use Assets?Minimum distributions. Filing 2012 taxes late Recognizing Losses on Investments Distributions After Owner's Death What's New for 2013 Roth IRA contribution limit. Filing 2012 taxes late  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. Filing 2012 taxes late 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. Filing 2012 taxes late However, if your modified adjusted gross income (AGI) is above a certain amount, your contribution limit may be reduced. Filing 2012 taxes late For more information, see How Much Can Be Contributed? under Can You Contribute to a Roth IRA? in this chapter. Filing 2012 taxes late Modified AGI limit for Roth IRA contributions increased. Filing 2012 taxes late  For 2013, your Roth IRA contribution limit is reduced (phased out) in the following situations. Filing 2012 taxes late Your filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $178,000. Filing 2012 taxes late You cannot make a Roth IRA contribution if your modified AGI is $188,000 or more. Filing 2012 taxes late 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. Filing 2012 taxes late You cannot make a Roth IRA contribution if your modified AGI is $127,000 or more. Filing 2012 taxes late 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-. Filing 2012 taxes late You cannot make a Roth IRA contribution if your modified AGI is $10,000 or more. Filing 2012 taxes late See Can You Contribute to a Roth IRA? in this chapter. Filing 2012 taxes late Net Investment Income Tax. Filing 2012 taxes late  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). Filing 2012 taxes late However, these distributions are taken into account when determining the modified adjusted gross income threshold. Filing 2012 taxes late Distributions from a nonqualified retirement plan are included in net investment income. Filing 2012 taxes late See Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts, and its instructions for more information. Filing 2012 taxes late What's New for 2014 Modified AGI limit for Roth IRA contributions increased. Filing 2012 taxes late  For 2014, your Roth IRA contribution limit is reduced (phased out) in the following situations. Filing 2012 taxes late Your filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $181,000. Filing 2012 taxes late You cannot make a Roth IRA contribution if your modified AGI is $191,000 or more. Filing 2012 taxes late 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. Filing 2012 taxes late You cannot make a Roth IRA contribution if your modified AGI is $129,000 or more. Filing 2012 taxes late 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-. Filing 2012 taxes late You cannot make a Roth IRA contribution if your modified AGI is $10,000 or more. Filing 2012 taxes late Reminders Deemed IRAs. Filing 2012 taxes late  For plan years beginning after 2002, a qualified employer plan (retirement plan) can maintain a separate account or annuity under the plan (a deemed IRA) to receive voluntary employee contributions. Filing 2012 taxes late If the separate account or annuity otherwise meets the requirements of an IRA, it will be subject only to IRA rules. Filing 2012 taxes late An employee's account can be treated as a traditional IRA or a Roth IRA. Filing 2012 taxes late 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. Filing 2012 taxes late Designated Roth accounts. Filing 2012 taxes late  Designated Roth accounts are separate accounts under 401(k), 403(b), or 457(b) plans that accept elective deferrals that are referred to as Roth contributions. Filing 2012 taxes late These elective deferrals are included in your income, but qualified distributions from these accounts are not included in your income. Filing 2012 taxes late Designated Roth accounts are not IRAs and should not be confused with Roth IRAs. Filing 2012 taxes late Contributions, up to their respective limits, can be made to Roth IRAs and designated Roth accounts according to your eligibility to participate. Filing 2012 taxes late A contribution to one does not impact your eligibility to contribute to the other. Filing 2012 taxes late See Publication 575, for more information on designated Roth accounts. Filing 2012 taxes late Introduction Regardless of your age, you may be able to establish and make nondeductible contributions to an individual retirement plan called a Roth IRA. Filing 2012 taxes late Contributions not reported. Filing 2012 taxes late   You do not report Roth IRA contributions on your return. Filing 2012 taxes late What Is a Roth IRA? A Roth IRA is an individual retirement plan that, except as explained in this chapter, is subject to the rules that apply to a traditional IRA (defined next). Filing 2012 taxes late It can be either an account or an annuity. Filing 2012 taxes late Individual retirement accounts and annuities are described in chapter 1 under How Can a Traditional IRA Be Opened. Filing 2012 taxes late To be a Roth IRA, the account or annuity must be designated as a Roth IRA when it is opened. Filing 2012 taxes late A deemed IRA can be a Roth IRA, but neither a SEP IRA nor a SIMPLE IRA can be designated as a Roth IRA. Filing 2012 taxes late Unlike a traditional IRA, you cannot deduct contributions to a Roth IRA. Filing 2012 taxes late But, if you satisfy the requirements, qualified distributions (discussed later) are tax free. Filing 2012 taxes late Contributions can be made to your Roth IRA after you reach age 70½ and you can leave amounts in your Roth IRA as long as you live. Filing 2012 taxes late Traditional IRA. Filing 2012 taxes late   A traditional IRA is any IRA that is not a Roth IRA or SIMPLE IRA. Filing 2012 taxes late Traditional IRAs are discussed in chapter 1. Filing 2012 taxes late When Can a Roth IRA Be Opened? You can open a Roth IRA at any time. Filing 2012 taxes late However, the time for making contributions for any year is limited. Filing 2012 taxes late See When Can You Make Contributions , later under Can You Contribute to a Roth IRA. Filing 2012 taxes late Can You Contribute to a Roth IRA? Generally, you can contribute to a Roth IRA if you have taxable compensation (defined later) and your modified AGI (defined later) is less than: $188,000 for married filing jointly or qualifying widow(er), $127,000 for single, head of household, or married filing separately and you did not live with your spouse at any time during the year, and $10,000 for married filing separately and you lived with your spouse at any time during the year. Filing 2012 taxes late You may be able to claim a credit for contributions to your Roth IRA. Filing 2012 taxes late For more information, see chapter 4. Filing 2012 taxes late Is there an age limit for contributions?   Contributions can be made to your Roth IRA regardless of your age. Filing 2012 taxes late Can you contribute to a Roth IRA for your spouse?   You can contribute to a Roth IRA for your spouse provided the contributions satisfy the Kay Bailey Hutchison Spousal IRA limit discussed in chapter 1 under How Much Can Be Contributed, you file jointly, and your modified AGI is less than $188,000. Filing 2012 taxes late Compensation. Filing 2012 taxes late   Compensation includes wages, salaries, tips, professional fees, bonuses, and other amounts received for providing personal services. Filing 2012 taxes late It also includes commissions, self-employment income, nontaxable combat pay, military differential pay, and taxable alimony and separate maintenance payments. Filing 2012 taxes late For more information, see What Is Compensation? under Who Can Open a Traditional IRA? in chapter 1. Filing 2012 taxes late Modified AGI. Filing 2012 taxes late   Your modified AGI for Roth IRA purposes is your adjusted gross income (AGI) as shown on your return with some adjustments. Filing 2012 taxes late Use Worksheet 2-1 , later, to determine your modified AGI. Filing 2012 taxes late    Do not subtract conversion income when figuring your other AGI-based phaseouts and taxable income, such as your deduction for medical and dental expenses. Filing 2012 taxes late Subtract them from AGI only for the purpose of figuring your modified AGI for Roth IRA purposes. Filing 2012 taxes late How Much Can Be Contributed? The contribution limit for Roth IRAs generally depends on whether contributions are made only to Roth IRAs or to both traditional IRAs and Roth IRAs. Filing 2012 taxes late Worksheet 2-1. Filing 2012 taxes late Modified Adjusted Gross Income for Roth IRA Purposes Use this worksheet to figure your modified adjusted gross income for Roth IRA purposes. Filing 2012 taxes late 1. Filing 2012 taxes late Enter your adjusted gross income from Form 1040, line 38; Form 1040A, line 22; or Form 1040NR, line 37 1. Filing 2012 taxes late   2. Filing 2012 taxes late Enter any income resulting from the conversion of an IRA (other than a Roth IRA) to a Roth IRA (included on Form 1040, line 15b, Form 1040A, line 11b, or Form 1040NR, line 16b) and a rollover from a qualified retirement plan to a Roth IRA (included on Form 1040, line 16b, Form 1040A, line 12b, or Form 1040NR, line 17b) 2. Filing 2012 taxes late   3. Filing 2012 taxes late Subtract line 2 from line 1 3. Filing 2012 taxes late   4. Filing 2012 taxes late Enter any traditional IRA deduction from Form 1040, line 32; Form 1040A, line 17; or Form 1040NR, line 32 4. Filing 2012 taxes late   5. Filing 2012 taxes late Enter any student loan interest deduction from Form 1040, line 33; Form 1040A, line 18; or Form 1040NR, line 33 5. Filing 2012 taxes late   6. Filing 2012 taxes late Enter any tuition and fees deduction from Form 1040, line 34, or Form 1040A, line 19 6. Filing 2012 taxes late   7. Filing 2012 taxes late Enter any domestic production activities deduction from Form 1040, line 35, or Form 1040NR, line 34 7. Filing 2012 taxes late   8. Filing 2012 taxes late Enter any foreign earned income exclusion and/or housing exclusion from Form 2555, line 45, or Form 2555-EZ, line 18 8. Filing 2012 taxes late   9. Filing 2012 taxes late Enter any foreign housing deduction from Form 2555, line 50 9. Filing 2012 taxes late   10. Filing 2012 taxes late Enter any excludable qualified savings bond interest from Form 8815, line 14 10. Filing 2012 taxes late   11. Filing 2012 taxes late Enter any excluded employer-provided adoption benefits from Form 8839, line 28 11. Filing 2012 taxes late   12. Filing 2012 taxes late Add the amounts on lines 3 through 11 12. Filing 2012 taxes late   13. Filing 2012 taxes late Enter: $188,000 if married filing jointly or qualifying widow(er), $10,000 if married filing separately and you lived with your spouse at any time during the year, or $127,000 for all others 13. Filing 2012 taxes late   Is the amount on line 12 more than the amount on line 13? If yes, see the note below. Filing 2012 taxes late  If no, the amount on line 12 is your modified adjusted gross income for Roth IRA purposes. Filing 2012 taxes late       Note. Filing 2012 taxes late If the amount on line 12 is more than the amount on line 13 and you have other income or loss items, such as social security income or passive activity losses, that are subject to AGI-based phaseouts, you can refigure your AGI solely for the purpose of figuring your modified AGI for Roth IRA purposes. Filing 2012 taxes late (If you receive social security benefits, use Worksheet 1 in Appendix B to refigure your AGI. Filing 2012 taxes late ) Then go to line 3 above in this Worksheet 2-1 to refigure your modified AGI. Filing 2012 taxes late If you do not have other income or loss items subject to AGI-based phaseouts, your modified adjusted gross income for Roth IRA purposes is the amount on line 12 above. Filing 2012 taxes late Roth IRAs only. Filing 2012 taxes late   If contributions are made only to Roth IRAs, your contribution limit generally is the lesser of: $5,500 ($6,500 if you are age 50 or older), or Your taxable compensation. Filing 2012 taxes late   However, if your modified AGI is above a certain amount, your contribution limit may be reduced, as explained later under Contribution limit reduced . Filing 2012 taxes late Roth IRAs and traditional IRAs. Filing 2012 taxes late   If contributions are made to both Roth IRAs and traditional IRAs established for your benefit, your contribution limit for Roth IRAs generally is the same as your limit would be if contributions were made only to Roth IRAs, but then reduced by all contributions for the year to all IRAs other than Roth IRAs. Filing 2012 taxes late Employer contributions under a SEP or SIMPLE IRA plan do not affect this limit. Filing 2012 taxes late   This means that your contribution limit is the lesser of: $5,500 ($6,500 if you are age 50 or older) minus all contributions (other than employer contributions under a SEP or SIMPLE IRA plan) for the year to all IRAs other than Roth IRAs, or Your taxable compensation minus all contributions (other than employer contributions under a SEP or SIMPLE IRA plan) for the year to all IRAs other than Roth IRAs. Filing 2012 taxes late   However, if your modified AGI is above a certain amount, your contribution limit may be reduced, as explained below under Contribution limit reduced . Filing 2012 taxes late   Simplified employee pensions (SEPs) are discussed in Publication 560. Filing 2012 taxes late Savings incentive match plans for employees (SIMPLEs) are discussed in chapter 3. Filing 2012 taxes late Repayment of reservist distributions. Filing 2012 taxes late   You can repay qualified reservist distributions even if the repayments would cause your total contributions to the Roth IRA to be more than the general limit on contributions. Filing 2012 taxes late However, the total repayments cannot be more than the amount of your distribution. Filing 2012 taxes late Note. Filing 2012 taxes late If you make repayments of qualified reservist distributions to a Roth IRA, increase your basis in the Roth IRA by the amount of the repayment. Filing 2012 taxes late For more information, see Qualified reservist repayments under How Much Can Be Contributed? in chapter 1. Filing 2012 taxes late Contribution limit reduced. Filing 2012 taxes late   If your modified AGI is above a certain amount, your contribution limit is gradually reduced. Filing 2012 taxes late Use Table 2-1, later, to determine if this reduction applies to you. Filing 2012 taxes late Table 2-1. Filing 2012 taxes late Effect of Modified AGI on Roth IRA Contribution This table shows whether your contribution to a Roth IRA is affected by the amount of your modified adjusted gross income (modified AGI). Filing 2012 taxes late IF you have taxable compensation and your filing status is . Filing 2012 taxes late . Filing 2012 taxes late . Filing 2012 taxes late AND your modified AGI is . Filing 2012 taxes late . Filing 2012 taxes late . Filing 2012 taxes late THEN . Filing 2012 taxes late . Filing 2012 taxes late . Filing 2012 taxes late married filing jointly or  qualifying widow(er) less than $178,000 you can contribute up to $5,500 ($6,500 if you are age 50 or older) as explained under How Much Can Be Contributed . Filing 2012 taxes late at least $178,000 but less than $188,000 the amount you can contribute is reduced as explained under Contribution limit reduced . Filing 2012 taxes late $188,000 or more you cannot contribute to a Roth IRA. Filing 2012 taxes late married filing separately and you lived with your spouse at any time during the year zero (-0-) you can contribute up to $5,500 ($6,500 if you are age 50 or older) as explained under How Much Can Be Contributed . Filing 2012 taxes late more than zero (-0-) but less than $10,000 the amount you can contribute is reduced as explained under Contribution limit reduced . Filing 2012 taxes late $10,000 or more you cannot contribute to a Roth IRA. Filing 2012 taxes late single, head of household,  or married filing separately and you did not live with your spouse at any time during the year less than $112,000 you can contribute up to $5,500 ($6,500 if you are age 50 or older) as explained under How Much Can Be Contributed . Filing 2012 taxes late at least $112,000 but less than $127,000 the amount you can contribute is reduced as explained under Contribution limit reduced . Filing 2012 taxes late $127,000 or more you cannot contribute to a Roth IRA. Filing 2012 taxes late Figuring the reduction. Filing 2012 taxes late   If the amount you can contribute must be reduced, use Worksheet 2-2, later, to figure your reduced contribution limit. Filing 2012 taxes late Worksheet 2-2. Filing 2012 taxes late Determining Your Reduced Roth IRA Contribution Limit Before using this worksheet, check Table 2-1, earlier, to determine whether or not your Roth IRA contribution limit is reduced. Filing 2012 taxes late If it is, use this worksheet to determine how much it is reduced. Filing 2012 taxes late 1. Filing 2012 taxes late Enter your modified AGI for Roth IRA purposes (Worksheet 2-1, line 12) 1. Filing 2012 taxes late   2. Filing 2012 taxes late Enter: $178,000 if filing a joint return or qualifying widow(er), $-0- if married filing a separate return and you lived with your spouse at any time in 2013, or $112,000 for all others 2. Filing 2012 taxes late   3. Filing 2012 taxes late Subtract line 2 from line 1 3. Filing 2012 taxes late   4. Filing 2012 taxes late Enter: $10,000 if filing a joint return or qualifying widow(er) or married filing a separate return and you lived with your spouse at any time during the year, or $15,000 for all others 4. Filing 2012 taxes late   5. Filing 2012 taxes late Divide line 3 by line 4 and enter the result as a decimal (rounded to at least three places). Filing 2012 taxes late If the result is 1. Filing 2012 taxes late 000 or more, enter 1. Filing 2012 taxes late 000 5. Filing 2012 taxes late   6. Filing 2012 taxes late Enter the lesser of: $5,500 ($6,500 if you are age 50 or older), or Your taxable compensation 6. Filing 2012 taxes late   7. Filing 2012 taxes late Multiply line 5 by line 6 7. Filing 2012 taxes late   8. Filing 2012 taxes late Subtract line 7 from line 6. Filing 2012 taxes late Round the result up to the nearest $10. Filing 2012 taxes late If the result is less than $200, enter $200 8. Filing 2012 taxes late   9. Filing 2012 taxes late Enter contributions for the year to other IRAs 9. Filing 2012 taxes late   10. Filing 2012 taxes late Subtract line 9 from line 6 10. Filing 2012 taxes late   11. Filing 2012 taxes late Enter the lesser of line 8 or line 10. Filing 2012 taxes late This is your reduced Roth IRA contribution limit 11. Filing 2012 taxes late      Round your reduced contribution limit up to the nearest $10. Filing 2012 taxes late If your reduced contribution limit is more than $0, but less than $200, increase the limit to $200. Filing 2012 taxes late Example. Filing 2012 taxes late You are a 45-year-old, single individual with taxable compensation of $113,000. Filing 2012 taxes late You want to make the maximum allowable contribution to your Roth IRA for 2013. Filing 2012 taxes late Your modified AGI for 2013 is $113,000. Filing 2012 taxes late You have not contributed to any traditional IRA, so the maximum contribution limit before the modified AGI reduction is $5,500. Filing 2012 taxes late You figure your reduced Roth IRA contribution of $5,140 as shown on Worksheet 2-2. Filing 2012 taxes late Example—Illustrated, later. Filing 2012 taxes late   Worksheet 2-2. Filing 2012 taxes late Example—Illustrated Before using this worksheet, check Table 2-1, earlier, to determine whether or not your Roth IRA contribution limit is reduced. Filing 2012 taxes late If it is, use this worksheet to determine how much it is reduced. Filing 2012 taxes late 1. Filing 2012 taxes late Enter your modified AGI for Roth IRA purposes (Worksheet 2-1, line 12) 1. Filing 2012 taxes late 113,000 2. Filing 2012 taxes late Enter: $178,000 if filing a joint return or qualifying widow(er), $-0- if married filing a separate return and you lived with your spouse at any time in 2013, or $112,000 for all others 2. Filing 2012 taxes late 112,000 3. Filing 2012 taxes late Subtract line 2 from line 1 3. Filing 2012 taxes late 1,000 4. Filing 2012 taxes late Enter: $10,000 if filing a joint return or qualifying widow(er) or married filing a separate return and you lived with your spouse at any time during the year, or $15,000 for all others 4. Filing 2012 taxes late 15,000 5. Filing 2012 taxes late Divide line 3 by line 4 and enter the result as a decimal (rounded to at least three places). Filing 2012 taxes late If the result is 1. Filing 2012 taxes late 000 or more, enter 1. Filing 2012 taxes late 000 5. Filing 2012 taxes late . Filing 2012 taxes late 067 6. Filing 2012 taxes late Enter the lesser of: $5,500 ($6,500 if you are age 50 or older), or Your taxable compensation 6. Filing 2012 taxes late 5,500 7. Filing 2012 taxes late Multiply line 5 by line 6 7. Filing 2012 taxes late 369 8. Filing 2012 taxes late Subtract line 7 from line 6. Filing 2012 taxes late Round the result up to the nearest $10. Filing 2012 taxes late If the result is less than $200, enter $200 8. Filing 2012 taxes late 5,140 9. Filing 2012 taxes late Enter contributions for the year to other IRAs 9. Filing 2012 taxes late 0 10. Filing 2012 taxes late Subtract line 9 from line 6 10. Filing 2012 taxes late 5,500 11. Filing 2012 taxes late Enter the lesser of line 8 or line 10. Filing 2012 taxes late This is your reduced Roth IRA contribution limit 11. Filing 2012 taxes late 5,140 When Can You Make Contributions? You can make contributions to a Roth IRA for a year at any time during the year or by the due date of your return for that year (not including extensions). Filing 2012 taxes late You can make contributions for 2013 by the due date (not including extensions) for filing your 2013 tax return. Filing 2012 taxes late This means that most people can make contributions for 2013 by April 15, 2014. Filing 2012 taxes late What if You Contribute Too Much? A 6% excise tax applies to any excess contribution to a Roth IRA. Filing 2012 taxes late Excess contributions. Filing 2012 taxes late   These are the contributions to your Roth IRAs for a year that equal the total of: Amounts contributed for the tax year to your Roth IRAs (other than amounts properly and timely rolled over from a Roth IRA or properly converted from a traditional IRA or rolled over from a qualified retirement plan, as described later) that are more than your contribution limit for the year (explained earlier under How Much Can Be Contributed? ), plus Any excess contributions for the preceding year, reduced by the total of: Any distributions out of your Roth IRAs for the year, plus Your contribution limit for the year minus your contributions to all your IRAs for the year. Filing 2012 taxes late Withdrawal of excess contributions. Filing 2012 taxes late   For purposes of determining excess contributions, any contribution that is withdrawn on or before the due date (including extensions) for filing your tax return for the year is treated as an amount not contributed. Filing 2012 taxes late This treatment only applies if any earnings on the contributions are also withdrawn. Filing 2012 taxes late The earnings are considered earned and received in the year the excess contribution was made. Filing 2012 taxes late   If you timely filed your 2013 tax return without withdrawing a contribution that you made in 2013, you can still have the contribution returned to you within 6 months of the due date of your 2013 tax return, excluding extensions. Filing 2012 taxes late If you do, file an amended return with “Filed pursuant to section 301. Filing 2012 taxes late 9100-2” written at the top. Filing 2012 taxes late Report any related earnings on the amended return and include an explanation of the withdrawal. Filing 2012 taxes late Make any other necessary changes on the amended return. Filing 2012 taxes late Applying excess contributions. Filing 2012 taxes late    If contributions to your Roth 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. Filing 2012 taxes late Can You Move Amounts Into a Roth IRA? You may be able to convert amounts from either a traditional, SEP, or SIMPLE IRA into a Roth IRA. Filing 2012 taxes late You may be able to roll over amounts from a qualified retirement plan to a Roth IRA. Filing 2012 taxes late You may be able to recharacterize contributions made to one IRA as having been made directly to a different IRA. Filing 2012 taxes late You can roll amounts over from a designated Roth account or from one Roth IRA to another Roth IRA. Filing 2012 taxes late Conversions You can convert a traditional IRA to a Roth IRA. Filing 2012 taxes late The conversion is treated as a rollover, regardless of the conversion method used. Filing 2012 taxes late Most of the rules for rollovers, described in chapter 1 under Rollover From One IRA Into Another , apply to these rollovers. Filing 2012 taxes late However, the 1-year waiting period does not apply. Filing 2012 taxes late Conversion methods. Filing 2012 taxes late   You can convert amounts from a traditional IRA to a Roth IRA in any of the following three ways. Filing 2012 taxes late Rollover. Filing 2012 taxes late You can receive a distribution from a traditional IRA and roll it over (contribute it) to a Roth IRA within 60 days after the distribution. Filing 2012 taxes late Trustee-to-trustee transfer. Filing 2012 taxes late You can direct the trustee of the traditional IRA to transfer an amount from the traditional IRA to the trustee of the Roth IRA. Filing 2012 taxes late Same trustee transfer. Filing 2012 taxes late If the trustee of the traditional IRA also maintains the Roth IRA, you can direct the trustee to transfer an amount from the traditional IRA to the Roth IRA. Filing 2012 taxes late Same trustee. Filing 2012 taxes late   Conversions made with the same trustee can be made by redesignating the traditional IRA as a Roth IRA, rather than opening a new account or issuing a new contract. Filing 2012 taxes late Income. Filing 2012 taxes late   You must include in your gross income distributions from a traditional IRA that you would have had to include in income if you had not converted them into a Roth IRA. Filing 2012 taxes late These amounts are normally included in income on your return for the year that you converted them from a traditional IRA to a Roth IRA. Filing 2012 taxes late If you must include any amount in your gross income, you may have to increase your withholding or make estimated tax payments. Filing 2012 taxes late See Publication 505, Tax Withholding and Estimated Tax. Filing 2012 taxes late More information. Filing 2012 taxes late   For more information on conversions, see Converting From Any Traditional IRA Into a Roth IRA in chapter 1. Filing 2012 taxes late Rollover From Employer's Plan Into a Roth IRA You can roll over into a Roth IRA all or part of an eligible rollover distribution you receive from your (or your deceased spouse's): Employer's qualified pension, profit-sharing, or stock bonus plan (including a 401(k) plan); Annuity plan; Tax-sheltered annuity plan (section 403(b) plan); or Governmental deferred compensation plan (section 457 plan). Filing 2012 taxes late Any amount rolled over is subject to the same rules for converting a traditional IRA into a Roth IRA. Filing 2012 taxes late See Converting From Any Traditional IRA Into a Roth IRA in chapter 1. Filing 2012 taxes late Also, the rollover contribution must meet the rollover requirements that apply to the specific type of retirement plan. Filing 2012 taxes late Rollover methods. Filing 2012 taxes late   You can roll over amounts from a qualified retirement plan to a Roth IRA in one of the following ways. Filing 2012 taxes late Rollover. Filing 2012 taxes late You can receive a distribution from a qualified retirement plan and roll it over (contribute) to a Roth IRA within 60 days after the distribution. Filing 2012 taxes late Since the distribution is paid directly to you, the payer generally must withhold 20% of it. Filing 2012 taxes late Direct rollover option. Filing 2012 taxes late Your employer's qualified plan must give you the option to have any part of an eligible rollover distribution paid directly to a Roth IRA. Filing 2012 taxes late Generally, no tax is withheld from any part of the designated distribution that is directly paid to the trustee of the Roth IRA. Filing 2012 taxes late Rollover by nonspouse beneficiary. Filing 2012 taxes late   If you are a designated beneficiary (other than a surviving spouse) of a deceased employee, you can roll over all or part of an eligible rollover distribution from one of the types of plans listed above into a Roth IRA. Filing 2012 taxes late You must make the rollover by a direct trustee-to-trustee transfer into an inherited Roth IRA. Filing 2012 taxes late   You will determine your required minimum distributions in years after you make the rollover based on whether the employee died before his or her required beginning date for taking distributions from the plan. Filing 2012 taxes late For more information, see Distributions after the employee’s death under Tax on Excess Accumulation in Publication 575. Filing 2012 taxes late Income. Filing 2012 taxes late   You must include in your gross income distributions from a qualified retirement plan that you would have had to include in income if you had not rolled them over into a Roth IRA. Filing 2012 taxes late You do not include in gross income any part of a distribution from a qualified retirement plan that is a return of contributions (after-tax contributions) to the plan that were taxable to you when paid. Filing 2012 taxes late These amounts are normally included in income on your return for the year of the rollover from the qualified employer plan to a Roth IRA. Filing 2012 taxes late If you must include any amount in your gross income, you may have to increase your withholding or make estimated tax payments. Filing 2012 taxes late See Publication 505, Tax Withholding and Estimated Tax. Filing 2012 taxes late For more information on eligible rollover distributions from qualified retirement plans and withholding, see Rollover From Employer's Plan Into an IRA in chapter 1. Filing 2012 taxes late Military Death Gratuities and Servicemembers' Group Life Insurance (SGLI) Payments If you received a military death gratuity or SGLI payment with respect to a death from injury that occurred after October 6, 2001, you can contribute (roll over) all or part of the amount received to your Roth IRA. Filing 2012 taxes late The contribution is treated as a qualified rollover contribution. Filing 2012 taxes late The amount you can roll over to your Roth IRA cannot exceed the total amount that you received reduced by any part of that amount that was contributed to a Coverdell ESA or another Roth IRA. Filing 2012 taxes late Any military death gratuity or SGLI payment contributed to a Roth IRA is disregarded for purposes of the 1-year waiting period between rollovers. Filing 2012 taxes late The rollover must be completed before the end of the 1-year period beginning on the date you received the payment. Filing 2012 taxes late The amount contributed to your Roth IRA is treated as part of your cost basis (investment in the contract) in the Roth IRA that is not taxable when distributed. Filing 2012 taxes late Rollover From a Roth IRA You can withdraw, tax free, all or part of the assets from one Roth IRA if you contribute them within 60 days to another Roth IRA. Filing 2012 taxes late Most of the rules for rollovers, described in chapter 1 under Rollover From One IRA Into Another , apply to these rollovers. Filing 2012 taxes late However, rollovers from retirement plans other than Roth IRAs are disregarded for purposes of the 1-year waiting period between rollovers. Filing 2012 taxes late A rollover from a Roth IRA to an employer retirement plan is not allowed. Filing 2012 taxes late A rollover from a designated Roth account can only be made to another designated Roth account or to a Roth IRA. Filing 2012 taxes late If you roll over an amount from one Roth IRA to another Roth IRA, the 5-year period used to determine qualified distributions does not change. Filing 2012 taxes late The 5-year period begins with the first taxable year for which the contribution was made to the initial Roth IRA. Filing 2012 taxes late See What are Qualified Distributions , later. Filing 2012 taxes late Rollover of Exxon Valdez Settlement Income If you are a qualified taxpayer (defined in chapter 1, earlier) and you received qualified settlement income (defined in chapter 1, earlier), you can contribute all or part of the amount received to an eligible retirement plan which includes a Roth IRA. Filing 2012 taxes late The rules for contributing qualified settlement income to a Roth IRA are the same as the rules for contributing qualified settlement income to a traditional IRA with the following exception. Filing 2012 taxes late Qualified settlement income that is contributed to a Roth IRA, or to a designated Roth account, will be: Included in your taxable income for the year the qualified settlement income was received, and Treated as part of your cost basis (investment in the contract) in the Roth IRA that is not taxable when distributed. Filing 2012 taxes late For more information, see Rollover of Exxon Valdez Settlement Income in chapter 1. Filing 2012 taxes late Rollover of Airline Payments If you are a qualified airline employee (defined next), you may contribute any portion of an airline payment (defined below) you receive to a Roth IRA. Filing 2012 taxes late The contribution must be made within 180 days from the date you received the payment. Filing 2012 taxes late The contribution will be treated as a qualified rollover contribution. Filing 2012 taxes late The rollover contribution is included in income to the extent it would be included in income if it were not part of the rollover contribution. Filing 2012 taxes late Also, any reduction in the airline payment amount on account of employment taxes shall be disregarded when figuring the amount you can contribute to your Roth IRA. Filing 2012 taxes late Qualified airline employee. Filing 2012 taxes late    A current or former employee of a commercial airline carrier who was a participant in a qualified defined benefit plan maintained by the carrier which was terminated or became subject to restrictions under Section 402(b) of the Pension Protection Act of 2006. Filing 2012 taxes late These provisions also apply to surviving spouses of qualified airline employees. Filing 2012 taxes late Airline payment. Filing 2012 taxes late    An airline payment is any payment of money or other property that is paid to a qualified airline employee from a commercial airline carrier. Filing 2012 taxes late The payment also must be made both: Under the approval of an order of federal bankruptcy court in a case filed after September 11, 2001, and before January 1, 2007, and In respect of the qualified airline employee’s interest in a bankruptcy claim against the airline carrier, any note of the carrier (or amount paid in lieu of a note being issued), or any other fixed obligation of the carrier to pay a lump sum amount. Filing 2012 taxes late Any reduction in the airline payment amount on account of employment taxes shall be disregarded when figuring the amount you can roll over to your traditional IRA. Filing 2012 taxes late Also, an airline payment shall not include any amount payable on the basis of the airline carrier’s future earnings or profits. Filing 2012 taxes late Are Distributions Taxable? You do not include in your gross income qualified distributions or distributions that are a return of your regular contributions from your Roth IRA(s). Filing 2012 taxes late You also do not include distributions from your Roth IRA that you roll over tax free into another Roth IRA. Filing 2012 taxes late You may have to include part of other distributions in your income. Filing 2012 taxes late See Ordering Rules for Distributions , later. Filing 2012 taxes late Basis of distributed property. Filing 2012 taxes late   The basis of property distributed from a Roth IRA is its fair market value (FMV) on the date of distribution, whether or not the distribution is a qualified distribution. Filing 2012 taxes late Withdrawals of contributions by due date. Filing 2012 taxes late   If you withdraw contributions (including any net earnings on the contributions) by the due date of your return for the year in which you made the contribution, the contributions are treated as if you never made them. Filing 2012 taxes late If you have an extension of time to file your return, you can withdraw the contributions and earnings by the extended due date. Filing 2012 taxes late The withdrawal of contributions is tax free, but you must include the earnings on the contributions in income for the year in which you made the contributions. Filing 2012 taxes late What Are Qualified Distributions? A qualified distribution is any payment or distribution from your Roth IRA that meets the following requirements. Filing 2012 taxes late It is made after the 5-year period beginning with the first taxable year for which a contribution was made to a Roth IRA set up for your benefit, and The payment or distribution is: Made on or after the date you reach age 59½, Made because you are disabled (defined earlier), Made to a beneficiary or to your estate after your death, or One that meets the requirements listed under First home under Exceptions in chapter 1 (up to a $10,000 lifetime limit). Filing 2012 taxes late Additional Tax on Early Distributions If you receive a distribution that is not a qualified distribution, you may have to pay the 10% additional tax on early distributions as explained in the following paragraphs. Filing 2012 taxes late Distributions of conversion and certain rollover contributions within 5-year period. Filing 2012 taxes late   If, within the 5-year period starting with the first day of your tax year in which you convert an amount from a traditional IRA or rollover an amount from a qualified retirement plan to a Roth IRA, you take a distribution from a Roth IRA, you may have to pay the 10% additional tax on early distributions. Filing 2012 taxes late You generally must pay the 10% additional tax on any amount attributable to the part of the amount converted or rolled over (the conversion or rollover contribution) that you had to include in income (recapture amount). Filing 2012 taxes late A separate 5-year period applies to each conversion and rollover. Filing 2012 taxes late See Ordering Rules for Distributions , later, to determine the recapture amount, if any. Filing 2012 taxes late   The 5-year period used for determining whether the 10% early distribution tax applies to a distribution from a conversion or rollover contribution is separately determined for each conversion and rollover, and is not necessarily the same as the 5-year period used for determining whether a distribution is a qualified distribution. Filing 2012 taxes late See What Are Qualified Distributions , earlier. Filing 2012 taxes late   For example, if a calendar-year taxpayer makes a conversion contribution on February 25, 2013, and makes a regular contribution for 2012 on the same date, the 5-year period for the conversion begins January 1, 2013, while the 5-year period for the regular contribution begins on January 1, 2012. Filing 2012 taxes late   Unless one of the exceptions listed later applies, you must pay the additional tax on the portion of the distribution attributable to the part of the conversion or rollover contribution that you had to include in income because of the conversion or rollover. Filing 2012 taxes late   You must pay the 10% additional tax in the year of the distribution, even if you had included the conversion or rollover contribution in an earlier year. Filing 2012 taxes late You also must pay the additional tax on any portion of the distribution attributable to earnings on contributions. Filing 2012 taxes late Other early distributions. Filing 2012 taxes late   Unless one of the exceptions listed below applies, you must pay the 10% additional tax on the taxable part of any distributions that are not qualified distributions. Filing 2012 taxes late Exceptions. Filing 2012 taxes late   You may not have to pay the 10% additional tax in the following situations. Filing 2012 taxes late You have reached age 59½. Filing 2012 taxes late You are totally and permanently disabled. Filing 2012 taxes late You are the beneficiary of a deceased IRA owner. Filing 2012 taxes late You use the distribution to buy, build, or rebuild a first home. Filing 2012 taxes late The distributions are part of a series of substantially equal payments. Filing 2012 taxes late You have unreimbursed medical expenses that are more than 10% (or 7. Filing 2012 taxes late 5% if you or your spouse was born before January 2, 1949) of your adjusted gross income (defined earlier) for the year. Filing 2012 taxes late You are paying medical insurance premiums during a period of unemployment. Filing 2012 taxes late The distributions are not more than your qualified higher education expenses. Filing 2012 taxes late The distribution is due to an IRS levy of the qualified plan. Filing 2012 taxes late The distribution is a qualified reservist distribution. Filing 2012 taxes late Most of these exceptions are discussed earlier in chapter 1 under Early Distributions . Filing 2012 taxes late Please click here for the text description of the image. Filing 2012 taxes late Is Roth Distributions a Qualified Distribution? Ordering Rules for Distributions If you receive a distribution from your Roth IRA that is not a qualified distribution, part of it may be taxable. Filing 2012 taxes late There is a set order in which contributions (including conversion contributions and rollover contributions from qualified retirement plans) and earnings are considered to be distributed from your Roth IRA. Filing 2012 taxes late For these purposes, disregard the withdrawal of excess contributions and the earnings on them (discussed earlier under What if You Contribute Too Much ). Filing 2012 taxes late Order the distributions as follows. Filing 2012 taxes late Regular contributions. Filing 2012 taxes late Conversion and rollover contributions, on a first-in, first-out basis (generally, total conversions and rollovers from the earliest year first). Filing 2012 taxes late See Aggregation (grouping and adding) rules, later. Filing 2012 taxes late Take these conversion and rollover contributions into account as follows: Taxable portion (the amount required to be included in gross income because of the conversion or rollover) first, and then the Nontaxable portion. Filing 2012 taxes late Earnings on contributions. Filing 2012 taxes late Disregard rollover contributions from other Roth IRAs for this purpose. Filing 2012 taxes late Aggregation (grouping and adding) rules. Filing 2012 taxes late   Determine the taxable amounts distributed (withdrawn), distributions, and contributions by grouping and adding them together as follows. Filing 2012 taxes late Add all distributions from all your Roth IRAs during the year together. Filing 2012 taxes late Add all regular contributions made for the year (including contributions made after the close of the year, but before the due date of your return) together. Filing 2012 taxes late Add this total to the total undistributed regular contributions made in prior years. Filing 2012 taxes late Add all conversion and rollover contributions made during the year together. Filing 2012 taxes late For purposes of the ordering rules, in the case of any conversion or rollover in which the conversion or rollover distribution is made in 2013 and the conversion or rollover contribution is made in 2014, treat the conversion or rollover contribution as contributed before any other conversion or rollover contributions made in 2014. Filing 2012 taxes late Add any recharacterized contributions that end up in a Roth IRA to the appropriate contribution group for the year that the original contribution would have been taken into account if it had been made directly to the Roth IRA. Filing 2012 taxes late   Disregard any recharacterized contribution that ends up in an IRA other than a Roth IRA for the purpose of grouping (aggregating) both contributions and distributions. Filing 2012 taxes late Also disregard any amount withdrawn to correct an excess contribution (including the earnings withdrawn) for this purpose. Filing 2012 taxes late Example. Filing 2012 taxes late On October 15, 2009, Justin converted all $80,000 in his traditional IRA to his Roth IRA. Filing 2012 taxes late His Forms 8606 from prior years show that $20,000 of the amount converted is his basis. Filing 2012 taxes late Justin included $60,000 ($80,000 − $20,000) in his gross income. Filing 2012 taxes late On February 23, 2013, Justin made a regular contribution of $5,000 to a Roth IRA. Filing 2012 taxes late On November 8, 2013, at age 60, Justin took a $7,000 distribution from his Roth IRA. Filing 2012 taxes late The first $5,000 of the distribution is a return of Justin's regular contribution and is not includible in his income. Filing 2012 taxes late The next $2,000 of the distribution is not includible in income because it was included previously. Filing 2012 taxes late Figuring your recapture amount. Filing 2012 taxes late   If you had an early distribution from your Roth IRAs in 2013, you must allocate the early distribution by using the Recapture Amount—Allocation Chart, later. Filing 2012 taxes late Recapture Amount—Allocation Chart Enter the amount from your 2013 Form 8606, line 19   Before you begin: You will need your prior year Form(s) 8606 and income tax return(s) if you entered an amount on any line(s) as indicated below. Filing 2012 taxes late   You will now allocate the amount you entered above (2013 Form 8606, line 19) in the order shown, to the amounts on the lines listed below (to the extent a prior year distribution was not allocable to the amount). Filing 2012 taxes late The maximum amount you can enter on each line below is the amount entered on the referenced lines of the form for that year. Filing 2012 taxes late Note. Filing 2012 taxes late Once you have allocated the full amount from your 2013 Form 8606, line 19, STOP. Filing 2012 taxes late See the Example , earlier. Filing 2012 taxes late Tax Year Your Form 2013 Form 8606, line 20   Form 8606, line 22   1998 Form 8606, line 16   Form 8606, line 15   1999 Form 8606, line 16   Form 8606, line 15   2000 Form 8606, line 16   Form 8606, line 15   2001 Form 8606, line 18   Form 8606, line 17   2002 Form 8606, line 18   Form 8606, line 17   2003 Form 8606, line 18   Form 8606, line 17   2004 Form 8606, line 18   Form 8606, line 17   2005 Form 8606, line 18   Form 8606, line 17   2006 Form 8606, line 18   Form 8606, line 17   2007 Form 8606, line 18   Form 8606, line 17   2008 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2009 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2010 Form 8606, lines 18 and 23   Form 8606, lines 17 and 22   2011 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2012 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2013 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2013 Form 8606, line 25       *Only include those amounts rolled over to a Roth IRA. Filing 2012 taxes late  **Only include any contributions (usually Form 1099-R, box 5) that were taxable to you when made and rolled over to a Roth IRA. Filing 2012 taxes late Amount to include on Form 5329, line 1. Filing 2012 taxes late   Include on line 1 of your 2013 Form 5329 the following four amounts from the Recapture Amount—Allocation Chart that you filled out. Filing 2012 taxes late The amount you allocated to line 20 of your 2013 Form 8606. Filing 2012 taxes late The amount(s) allocated to your 2009 through 2013 Forms 8606, line 18, and your 2010 Form 8606, line 23. Filing 2012 taxes late The amount(s) allocated to your 2009, 2011, 2012, and 2013 Forms 1040, line 16b; Forms 1040A, line 12b; and Forms 1040NR, line 17b. Filing 2012 taxes late The amount from your 2013 Form 8606, line 25. Filing 2012 taxes late   Also, include any amount you allocated to line 20 of your 2013 Form 8606 on your 2013 Form 5329, line 2, and enter exception number 09. Filing 2012 taxes late Example. Filing 2012 taxes late Ishmael, age 32, opened a Roth IRA in 2000. Filing 2012 taxes late He made the maximum contributions to it every year. Filing 2012 taxes late In addition, he made the following transactions into his Roth IRA. Filing 2012 taxes late In 2005, he converted $10,000 from his traditional IRA into his Roth IRA. Filing 2012 taxes late He filled out a 2005 Form 8606 and attached it with his 2005 Form 1040. Filing 2012 taxes late He entered $0 on line 17 of Form 8606 because he took a deduction for all the contributions to the traditional IRA, therefore he has no basis. Filing 2012 taxes late He entered $10,000 on line 18 of Form 8606. Filing 2012 taxes late In 2011, he rolled over the entire balance of his qualified retirement plan, $20,000, into a Roth IRA when he changed jobs. Filing 2012 taxes late He used a 2011 Form 1040 to file his taxes. Filing 2012 taxes late He entered $20,000 on line 16a of Form 1040 because that was the amount reported in box 1 of his 2011 Form 1099-R. Filing 2012 taxes late Box 5 of his 2011 Form 1099-R reported $0 since he did not make any after-tax contributions to the qualified retirement plan. Filing 2012 taxes late He entered $20,000 on line 16b of Form 1040 since that is the taxable amount that was rolled over in 2011. Filing 2012 taxes late The total balance in his Roth IRA as of January 1, 2013 was $105,000 ($50,000 in contributions from 2000 through 2012 + $10,000 from the 2005 conversion + $20,000 from the 2011 rollover + $25,000 from earnings). Filing 2012 taxes late He has not taken any early distribution from his Roth IRA before 2013. Filing 2012 taxes late In 2013, he made the maximum contribution of $5,500 to his Roth IRA. Filing 2012 taxes late In August of 2013, he took a $85,500 early distribution from his Roth IRA to use as a down payment on the purchase of his first home. Filing 2012 taxes late See his filled out Illustrated Recapture Amount—Allocation Chart, later, to see how he allocated the amounts from the above transactions. Filing 2012 taxes late Based on his allocation, he would enter $20,000 on his 2013 Form 5329, line 1 (see Amount to include on Form 5329, line 1 , above). Filing 2012 taxes late He should also report $10,000 on his 2013 Form 5329, line 2, and enter exception 09 since that amount is not subject to the 10% additional tax on early distributions. Filing 2012 taxes late Illustrated Recapture Amount—Allocation Chart Enter the amount from your 2013 Form 8606, line 19 $85,500 Before you begin: You will need your prior year Form(s) 8606 and income tax return(s) if you entered an amount on any line(s) as indicated below. Filing 2012 taxes late   You will now allocate the amount you entered above (2013 Form 8606, line 19) in the order shown, to the amounts on the lines listed below (to the extent a prior year distribution was not allocable to the amount). Filing 2012 taxes late The maximum amount you can enter on each line below is the amount entered on the referenced lines of the form for that year. Filing 2012 taxes late Note. Filing 2012 taxes late Once you have allocated the full amount from your 2013 Form 8606, line 19, STOP. Filing 2012 taxes late See the Example , earlier. Filing 2012 taxes late Tax Year Your Form 2013 Form 8606, line 20 $10,000 Form 8606, line 22 $55,500 1998 Form 8606, line 16   Form 8606, line 15   1999 Form 8606, line 16   Form 8606, line 15   2000 Form 8606, line 16   Form 8606, line 15   2001 Form 8606, line 18   Form 8606, line 17   2002 Form 8606, line 18   Form 8606, line 17   2003 Form 8606, line 18   Form 8606, line 17   2004 Form 8606, line 18   Form 8606, line 17   2005 Form 8606, line 18 $10,000 Form 8606, line 17 $-0- 2006 Form 8606, line 18   Form 8606, line 17   2007 Form 8606, line 18   Form 8606, line 17   2008 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2009 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2010 Form 8606, lines 18 and 23   Form 8606, lines 17 and 22   2011 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b* $10,000 Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2012 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2013 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2013 Form 8606, line 25       *Only include those amounts rolled over to a Roth IRA. Filing 2012 taxes late  **Only include any contributions (usually Form 1099-R, box 5) that were taxable to you when made and rolled over to a Roth IRA. Filing 2012 taxes late How Do You Figure the Taxable Part? To figure the taxable part of a distribution that is not a qualified distribution, complete Form 8606, Part III. Filing 2012 taxes late Must You Withdraw or Use Assets? You are not required to take distributions from your Roth IRA at any age. Filing 2012 taxes late The minimum distribution rules that apply to traditional IRAs do not apply to Roth IRAs while the owner is alive. Filing 2012 taxes late However, after the death of a Roth IRA owner, certain of the minimum distribution rules that apply to traditional IRAs also apply to Roth IRAs as explained later under Distributions After Owner's Death . Filing 2012 taxes late Minimum distributions. Filing 2012 taxes late   You cannot use your Roth IRA to satisfy minimum distribution requirements for your traditional IRA. Filing 2012 taxes late Nor can you use distributions from traditional IRAs for required distributions from Roth IRAs. Filing 2012 taxes late See Distributions to beneficiaries , later. Filing 2012 taxes late Recognizing Losses on Investments If you have a loss on your Roth IRA investment, you can recognize the loss on your income tax return, but only when all the amounts in all of your Roth IRA accounts have been distributed to you and the total distributions are less than your unrecovered basis. Filing 2012 taxes late Your basis is the total amount of contributions in your Roth IRAs. Filing 2012 taxes late You claim the loss as a miscellaneous itemized deduction, subject to the 2%-of-adjusted-gross-income limit that applies to certain miscellaneous itemized deductions on Schedule A (Form 1040). Filing 2012 taxes late Any such losses are added back to taxable income for purposes of calculating the alternative minimum tax. Filing 2012 taxes late Distributions After Owner's Death If a Roth IRA owner dies, the minimum distribution rules that apply to traditional IRAs apply to Roth IRAs as though the Roth IRA owner died before his or her required beginning date. Filing 2012 taxes late See When Can You Withdraw or Use Assets? in chapter 1. Filing 2012 taxes late Distributions to beneficiaries. Filing 2012 taxes late   Generally, the entire interest in the Roth IRA must be distributed by the end of the fifth calendar year after the year of the owner's death unless the interest is payable to a designated beneficiary over the life or life expectancy of the designated beneficiary. Filing 2012 taxes late (See When Must You Withdraw Assets? (Required Minimum Distributions) in chapter 1. Filing 2012 taxes late )   If paid as an annuity, the entire interest must be payable over a period not greater than the designated beneficiary's life expectancy and distributions must begin before the end of the calendar year following the year of death. Filing 2012 taxes late Distributions from another Roth IRA cannot be substituted for these distributions unless the other Roth IRA was inherited from the same decedent. Filing 2012 taxes late   If the sole beneficiary is the spouse, he or she can either delay distributions until the decedent would have reached age 70½ or treat the Roth IRA as his or her own. Filing 2012 taxes late Combining with other Roth IRAs. Filing 2012 taxes late   A beneficiary can combine an inherited Roth IRA with another Roth IRA maintained by the beneficiary only if the beneficiary either: Inherited the other Roth IRA from the same decedent, or Was the spouse of the decedent and the sole beneficiary of the Roth IRA and elects to treat it as his or her own IRA. Filing 2012 taxes late Distributions that are not qualified distributions. Filing 2012 taxes late   If a distribution to a beneficiary is not a qualified distribution, it is generally includible in the beneficiary's gross income in the same manner as it would have been included in the owner's income had it been distributed to the IRA owner when he or she was alive. Filing 2012 taxes late   If the owner of a Roth IRA dies before the end of: The 5-year period beginning with the first taxable year for which a contribution was made to a Roth IRA set up for the owner's benefit, or The 5-year period starting with the year of a conversion contribution from a traditional IRA or a rollover from a qualified retirement plan to a Roth IRA, each type of contribution is divided among multiple beneficiaries according to the pro-rata share of each. Filing 2012 taxes late See Ordering Rules for Distributions , earlier in this chapter under Are Distributions Taxable. Filing 2012 taxes late Example. Filing 2012 taxes late When Ms. Filing 2012 taxes late Hibbard died in 2013, her Roth IRA contained regular contributions of $4,000, a conversion contribution of $10,000 that was made in 2009, and earnings of $2,000. Filing 2012 taxes late No distributions had been made from her IRA. Filing 2012 taxes late She had no basis in the conversion contribution in 2009. Filing 2012 taxes late When she established this Roth IRA (her first) in 2009, she named each of her four children as equal beneficiaries. Filing 2012 taxes late Each child will receive one-fourth of each type of contribution and one-fourth of the earnings. Filing 2012 taxes late An immediate distribution of $4,000 to each child will be treated as $1,000 from regular contributions, $2,500 from conversion contributions, and $500 from earnings. Filing 2012 taxes late In this case, because the distributions are made before the end of the applicable 5-year period for a qualified distribution, each beneficiary includes $500 in income for 2013. Filing 2012 taxes late The 10% additional tax on early distributions does not apply because the distribution was made to the beneficiaries as a result of the death of the IRA owner. Filing 2012 taxes late If distributions from an inherited Roth IRA are less than the required minimum distribution for the year, discussed in chapter 1 under When Must You Withdraw Assets? (Required Minimum Distributions), you may have to pay a 50% excise tax for that year on the amount not distributed as required. Filing 2012 taxes late For the tax on excess accumulations (insufficient distributions), see Excess Accumulations (Insufficient Distributions) under What Acts Result in Penalties or Additional Taxes? in chapter 1. Filing 2012 taxes late If this applies to you, substitute “Roth IRA” for “traditional IRA” in that discussion. Filing 2012 taxes late Prev  Up  Next   Home   More Online Publications
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Retirement Plan Forms and Publications

Form 5500 Corner
Filing tips & updates, notices, and other helpful materials to assist you in preparing your Form 5500 (5500-EZ) return.

Form 5330 Corner
Filing tips to assist you in preparing your Form 5330 return.

Forms

  • To avoid delays, use the most current version of the form.
  • The freely available Adobe Acrobat Reader software is required to view, print and search the items listed below.

Name

Title

Current
Version

Separate
Instructions?

Form W-2 Wage and Tax Statement Standard Yes
Form 23-EP Application for Enrollment to Practice Before the Internal Revenue Service as an Enrolled Retirement Plan Agent (ERPA) Fillable No
Form 945 Annual Return of Withheld Federal Income Tax Fillable Yes
Form 990-T Exempt Organization Business Income Tax Return Fillable Yes
Form 1099-R

Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.

Standard Yes

Form 2848

Power of Attorney and Declaration of Representative

Fillable Yes

Form 4461

Application for Approval of Master or Prototype or Volume Submitter Defined Contribution Plans

Fillable

No

Form 4461-A

Application for Approval of Master or Prototype or Volume Submitter Defined Benefit Plan

Fillable

No

Form 4461-B

Application for Approval of Master or Prototype or Volume Submitter Plans

Fillable

No

Form 4972

Tax on Lump-Sum Distributions

Fillable

No

Form 5300

Application for Determination for Employee Benefit Plan

Fillable Yes

Schedule Q

Elective Determination Requests

Fillable Yes

Form 5304-SIMPLE

Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) - Not for Use With a Designated Financial Institution

Fillable

No

Form 5305

Traditional Individual Retirement Trust Account

Fillable

No

Form 5305-A

Traditional Individual Retirement Custodial Account

Fillable

No

Form 5305-E

Coverdell Education Savings Trust Account

Fillable

No

Form 5305-EA

Coverdell Education Savings Custodial Account

Fillable

No

Form 5305-R

Roth Individual Retirement Trust Account

Fillable

No

Form 5305-RA

Roth Individual Retirement Custodial Account

Fillable

No

Form 5305-RB

Roth Individual Retirement Annuity Endorsement

Fillable

No

Form 5305-S

SIMPLE Individual Retirement Trust Account

Fillable

No

Form 5305-SA

SIMPLE Individual Retirement Custodial Account Fillable No
Form 5305-SEP Simplified Employee Pension - Individual Retirement Accounts Contribution Agreement Fillable No
Form 5305-SIMPLE Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) - for Use With a Designated Financial Institution Fillable No
Form 5305A-SEP Salary Reduction Simplified Employee Pension - Individual Retirement Accounts Contribution Agreement Fillable No
Form 5306 Application for Approval of Prototype or Employer Sponsored Individual Retirement Arrangement (IRA) Fillable No
Form 5306-A Application for Approval of Prototype Simplified Employee Pension (SEP) or Savings Incentive Match Plan for Employees of Small Employers (SIMPLE IRA Plan) Fillable No
Form 5307 Application for Determination for Adopters of Master or Prototype or Volume Submitter Plans Fillable Yes
Form 5308 Request for Change in Plan/Trust Year Fillable No
Form 5309 Application for Determination of Employee Stock Ownership Plan Fillable No
Form 5310

Application for Determination for Terminating Plan

Fillable Yes
Form 5310-A Notice of Plan Merger or Consolidation, Spinoff, or Transfer of Plan Assets or Liabilities; Notice of Qualified Separate Lines of Business Fillable Yes
Form 5316 Application for Group or Pooled Trust Ruling Fillable No
Form 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts Fillable Yes
Form 5330 Return of Excise Taxes Related to Employee Benefit Plans Fillable Yes
Form 5498 IRA Contribution Information Standard Yes
Form 5500 & Schedules Annual Return/Report of Employee Benefit Plan Standard Yes
Form 5500-EZ Annual Return of One-Participant (Owners and Their Spouses) Retirement Plan Fillable Yes
Form 5500-SF Short Form Annual Return/Report of Small Employee Benefit Plan Standard Yes
Form 5558 Application for Extension of Time To File Certain Employee Plan Returns Fillable No
Form 6088 Distributable Benefits From Employee Pension Benefit Plans Fillable No
Form 8717

User Fee for Employee Plan Determination Letter Request

Fillable No
Form 8717-A User Fee for Employee Plan Opinion or Advisory Letter Request Fillable No
Form 8821 Tax Information Authorization Fillable No
Form 8822-B Change of Address or Responsible Party - Business Fillable No
Form 8880 Credit for Qualified Retirement Savings Contributions Fillable No
Form 8881 Credit for Small Employer Pension Plan Startup Costs Fillable No
Form 8905 Certification of Intent To Adopt a Pre-approved Plan Fillable No
Form 8915 Qualified Hurricane Retirement Plan Distributions and Repayments Fillable No
Form 8950 Application for Voluntary Correction Program (VCP) Fillable Yes
Form 8951 Compliance Fee for Application for Voluntary Correction Program (VCP) Fillable No
Form 8955-SSA Annual Registration Statement Identifying Separated Participants with Deferred Vested Benefits Fillable No

Publications
 

Name

Title

Version(s)

Publication 1-EP Understanding the Employee Plans Examination Process PDF
Publication 15 (Circular E), Employer's Tax Guide PDF Web
Publication 15-A Employer's Supplemental Tax Guide PDF Web
Publication 525 Taxable and Nontaxable Income PDF Web
Publication 535 Business Expenses PDF Web
Publication 560 Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans) PDF Web
Publication 571 Tax-Sheltered Annuity Plans (403(b) Plans) For Employees of Public Schools and Certain Tax-Exempt Organizations PDF Web
Publication 575 Pension and Annuity Income PDF Web
Publication 590 Individual Retirement Arrangements (IRAs) PDF Web
Publication 794 Favorable Determination Letter PDF
Publication 939 General Rule for Pensions and Annuities PDF Web
Publication 963 Federal-State Reference Guide PDF
Publication 3066 Have you had your Check-up this year? for Retirement Plans

PDF

Publication 3125 The IRS Does Not Approve IRA Investments PDF
Publication 3636 Employee Plans Brochure PDF
Publication 3998 Choosing A Retirement Solution for Your Small Business PDF Web
Publication 4118 Lots of Benefits - Retirement Plan Life Cycle PDF
Publication 4222 401(k) Plans for Small Businesses PDF Web
Publication 4224 Retirement Plan Correction Programs PDF
Publication 4284 SIMPLE IRA Plan Checklist PDF
Publication 4285 SEP Checklist PDF
Publication 4286 SARSEP Checklist PDF
Publication 4324 Employee Plan Examination Process PDF
Publication 4333 SEP Retirement Plans for Small Businesses PDF Web
Publication 4334 SIMPLE IRA Plans for Small Businesses PDF Web
Publication 4336 SARSEP for Small Businesses PDF
Publication 4407 SARSEP - Key Issues and Assistance PDF
Publication 4460 The IRS Retirement Plan Products Guide PDF
Publication 4482 403(b) Tax-Sheltered Annuities for Participants PDF
Publication 4483 403(b) Tax-Sheltered Annuity Plans for Sponsors PDF
Publication 4484 Choose a Retirement Plan for Employees of Tax Exempt and Government Entities PDF
Publication 4530 Designated Roth Accounts Under 401(k), 403(b) or Governmental 457(b) Plans PDF
Publication 4531 401(k) Plan Checklist PDF
Publication 4546 403(b) Plan Checklist PDF

Publication 4587

Payroll Deduction IRAs for Small Businesses

PDF Web

Publication 4674

Automatic Enrollment 401(k) Plans for Small Businesses

PDF Web
Publication 4703 Retirement Savings Contributions Credit - Tax Information for Saving for Retirement PDF

Publication 4789

Represent Taxpayers Before the IRS on Retirement Plan Matters

PDF

Publication 4806

Profit Sharing Plans for Small Businesses

PDF Web

Additional forms, publications and ordering instructions may be found at:
www.irs.gov/formspubs/index.html

 

Page Last Reviewed or Updated: 20-Mar-2014

The Filing 2012 Taxes Late

Filing 2012 taxes late Publication 529 - Introductory Material Table of Contents What's New Reminders IntroductionOrdering forms and publications. Filing 2012 taxes late Tax questions. Filing 2012 taxes late Useful Items - You may want to see: What's New Standard mileage rate. Filing 2012 taxes late  The 2013 rate for business use of a vehicle is 56½ cents per mile. Filing 2012 taxes late Reminders Future developments. Filing 2012 taxes late  For the latest information about developments related to Publication 529, such as legislation enacted after it was published, go to www. Filing 2012 taxes late irs. Filing 2012 taxes late gov/pub529. Filing 2012 taxes late Photographs of missing children. Filing 2012 taxes late  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Filing 2012 taxes late Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Filing 2012 taxes late 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. Filing 2012 taxes late Introduction This publication explains which expenses you can claim as miscellaneous itemized deductions on Schedule A (Form 1040 or Form 1040NR). Filing 2012 taxes late You must reduce the total of most miscellaneous itemized deductions by 2% of your adjusted gross income. Filing 2012 taxes late This publication covers the following topics. Filing 2012 taxes late Deductions subject to the 2% limit. Filing 2012 taxes late Deductions not subject to the 2% limit. Filing 2012 taxes late Expenses you cannot deduct. Filing 2012 taxes late How to report your deductions. Filing 2012 taxes late Some of the deductions previously discussed in this publication are adjustments to income rather than miscellaneous deductions. Filing 2012 taxes late These include certain employee business expenses that must be listed on Form 2106 or Form 2106-EZ and some that are entered directly on Form 1040. Filing 2012 taxes late Those deductions, which are discussed in Publication 463, Travel, Entertainment, Gift, and Car Expenses, include employee business expenses of officials paid on a fee basis and performing artists. Filing 2012 taxes late Note. Filing 2012 taxes late Generally, nonresident aliens are allowed miscellaneous itemized deductions to the extent they are directly related to income which is effectively connected with the conduct of a trade or business within the United States. Filing 2012 taxes late You must keep records to verify your deductions. Filing 2012 taxes late You should keep receipts, canceled checks, substitute checks, financial account statements, and other documentary evidence. Filing 2012 taxes late For more information on recordkeeping, see Publication 552, Recordkeeping for Individuals. Filing 2012 taxes late Comments and suggestions. Filing 2012 taxes late   We welcome your comments about this publication and your suggestions for future editions. Filing 2012 taxes late   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Filing 2012 taxes late NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Filing 2012 taxes late Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Filing 2012 taxes late   You can send your comments from www. Filing 2012 taxes late irs. Filing 2012 taxes late gov/formspubs. Filing 2012 taxes late Click on “More Information” and then on “Comment on Tax Forms and Publications. Filing 2012 taxes late ”   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. Filing 2012 taxes late Ordering forms and publications. Filing 2012 taxes late   Visit www. Filing 2012 taxes late irs. Filing 2012 taxes late 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. Filing 2012 taxes late Internal Revenue Service 1201 N. Filing 2012 taxes late Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Filing 2012 taxes late   If you have a tax question, check the information available on IRS. Filing 2012 taxes late gov or call 1-800-829-1040. Filing 2012 taxes late We cannot answer tax questions sent to either of the above addresses. Filing 2012 taxes late Useful Items - You may want to see: Publication 463 Travel, Entertainment, Gift, and Car Expenses 525 Taxable and Nontaxable Income 535 Business Expenses 587 Business Use of Your Home (Including Use by Daycare Providers) 946 How To Depreciate Property Form (and Instructions) Schedule A (Form 1040) Itemized Deductions 2106 Employee Business Expenses 2106-EZ Unreimbursed Employee Business Expenses See How To Get Tax Help near the end of this publication for information about getting these publications and forms. Filing 2012 taxes late Prev  Up  Next   Home   More Online Publications