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Free efile 1040ez 17. Free efile 1040ez   Individual Retirement Arrangements (IRAs) Table of Contents What's New Reminders Introduction Useful Items - You may want to see: Traditional IRAsWho Can Open a Traditional IRA? When and How Can a Traditional IRA Be Opened? How Much Can Be Contributed? When Can Contributions Be Made? How Much Can You Deduct? Nondeductible Contributions Inherited IRAs Can You Move Retirement Plan Assets? When Can You Withdraw or Use IRA Assets? When Must You Withdraw IRA Assets? (Required Minimum Distributions) Are Distributions Taxable? What Acts Result in Penalties or Additional Taxes? Roth IRAsWhat Is a Roth IRA? When Can a Roth IRA Be Opened? Can You Contribute to a Roth IRA? Can You Move Amounts Into a Roth IRA? Are Distributions Taxable? What's New Traditional IRA contribution and deduction limit. Free efile 1040ez  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. Free efile 1040ez 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. Free efile 1040ez For more information, see How Much Can Be Contributed? later. Free efile 1040ez Roth IRA contribution limit. Free efile 1040ez  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. Free efile 1040ez 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. Free efile 1040ez However, if your modified adjusted gross income (AGI) is above a certain amount, your contribution limit may be reduced. Free efile 1040ez For more information, see How Much Can Be Contributed? under Can You Contribute to a Roth IRA? later. Free efile 1040ez Modified AGI limit for traditional IRA contributions increased. Free efile 1040ez  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. Free efile 1040ez 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. Free efile 1040ez If your modified AGI is $188,000 or more, you cannot take a deduction for contributions to a traditional IRA. Free efile 1040ez See How Much Can You Deduct , later. Free efile 1040ez Modified AGI limit for Roth IRA contributions increased. Free efile 1040ez  For 2013, your Roth IRA contribution limit is reduced (phased out) in the following situations. Free efile 1040ez Your filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $178,000. Free efile 1040ez You cannot make a Roth IRA contribution if your modified AGI is $188,000 or more. Free efile 1040ez 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. Free efile 1040ez You cannot make a Roth IRA contribution if your modified AGI is $127,000 or more. Free efile 1040ez 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-. Free efile 1040ez You cannot make a Roth IRA contribution if your modified AGI is $10,000 or more. Free efile 1040ez See Can You Contribute to a Roth IRA , later. Free efile 1040ez Net Investment Income Tax. Free efile 1040ez   For purposes of the Net Investment Income Tax (NIIT), net investment income does not include distributions from a qualified retirement plan including IRAs (for example; 401(a), 403(a), 403(b), 408, 408A, or 457(b) plans). Free efile 1040ez However, these distributions are taken into account when determining the modified adjusted gross income threshold. Free efile 1040ez Distributions from a nonqualified retirement plan are included in net investment income. Free efile 1040ez See Form 8960, Net Investment Income Tax - Individuals, Estates, and Trusts, and its instructions for more information. Free efile 1040ez Name change. Free efile 1040ez  All spousal IRAs have been renamed Kay Bailey Hutchison Spousal IRAs. Free efile 1040ez There are no changes to the rules regarding these IRAs. Free efile 1040ez See Kay Bailey Hutchison Spousal IRA Limit , later, for more information. Free efile 1040ez Reminders 2014 limits. Free efile 1040ez   You can find information about the 2014 contribution and AGI limits in Publication 590. Free efile 1040ez Contributions to both traditional and Roth IRAs. Free efile 1040ez   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 Roth IRAs, later. Free efile 1040ez Statement of required minimum distribution. Free efile 1040ez  If a minimum distribution from your IRA is required, the trustee, custodian, or issuer that held the IRA at the end of the preceding year must either report the amount of the required minimum distribution to you, or offer to calculate it for you. Free efile 1040ez The report or offer must include the date by which the amount must be distributed. Free efile 1040ez The report is due January 31 of the year in which the minimum distribution is required. Free efile 1040ez It can be provided with the year-end fair market value statement that you normally get each year. Free efile 1040ez No report is required for IRAs of owners who have died. Free efile 1040ez IRA interest. Free efile 1040ez  Although interest earned from your IRA is generally not taxed in the year earned, it is not tax-exempt interest. Free efile 1040ez Tax on your traditional IRA is generally deferred until you take a distribution. Free efile 1040ez Do not report this interest on your tax return as tax-exempt interest. Free efile 1040ez Form 8606. Free efile 1040ez   To designate contributions as nondeductible, you must file Form 8606, Nondeductible IRAs. Free efile 1040ez The term “50 or older” is used several times in this chapter. Free efile 1040ez It refers to an IRA owner who is age 50 or older by the end of the tax year. Free efile 1040ez Introduction An individual retirement arrangement (IRA) is a personal savings plan that gives you tax advantages for setting aside money for your retirement. Free efile 1040ez This chapter discusses the following topics. Free efile 1040ez The rules for a traditional IRA (any IRA that is not a Roth or SIMPLE IRA). Free efile 1040ez The Roth IRA, which features nondeductible contributions and tax-free distributions. Free efile 1040ez Simplified Employee Pensions (SEPs) and Savings Incentive Match Plans for Employees (SIMPLEs) are not discussed in this chapter. Free efile 1040ez For more information on these plans and employees' SEP IRAs and SIMPLE IRAs that are part of these plans, see Publications 560 and 590. Free efile 1040ez For information about contributions, deductions, withdrawals, transfers, rollovers, and other transactions, see Publication 590. Free efile 1040ez Useful Items - You may want to see: Publication 560 Retirement Plans for Small Business 590 Individual Retirement Arrangements (IRAs) Form (and Instructions) 5329 Additional Taxes on Qualified Plans (including IRAs) and Other Tax-Favored Accounts 8606 Nondeductible IRAs Traditional IRAs In this chapter, the original IRA (sometimes called an ordinary or regular IRA) is referred to as a “traditional IRA. Free efile 1040ez ” A traditional IRA is any IRA that is not a Roth IRA or a SIMPLE IRA. Free efile 1040ez Two advantages of a traditional IRA are: You may be able to deduct some or all of your contributions to it, depending on your circumstances, and Generally, amounts in your IRA, including earnings and gains, are not taxed until they are distributed. Free efile 1040ez Who Can Open a Traditional IRA? You can open and make contributions to a traditional IRA if: You (or, if you file a joint return, your spouse) received taxable compensation during the year, and You were not age 70½ by the end of the year. Free efile 1040ez What is compensation?   Generally, compensation is what you earn from working. Free efile 1040ez Compensation includes wages, salaries, tips, professional fees, bonuses, and other amounts you receive for providing personal services. Free efile 1040ez The IRS treats as compensation any amount properly shown in box 1 (Wages, tips, other compensation) of Form W-2, Wage and Tax Statement, provided that amount is reduced by any amount properly shown in box 11 (Nonqualified plans). Free efile 1040ez   Scholarship and fellowship payments are compensation for this purpose only if shown in box 1 of Form W-2. Free efile 1040ez   Compensation also includes commissions and taxable alimony and separate maintenance payments. Free efile 1040ez Self-employment income. Free efile 1040ez   If you are self-employed (a sole proprietor or a partner), compensation is the net earnings from your trade or business (provided your personal services are a material income-producing factor) reduced by the total of: The deduction for contributions made on your behalf to retirement plans, and The deductible part of your self-employment tax. Free efile 1040ez   Compensation includes earnings from self-employment even if they are not subject to self-employment tax because of your religious beliefs. Free efile 1040ez Nontaxable combat pay. Free efile 1040ez   For IRA purposes, if you were a member of the U. Free efile 1040ez S. Free efile 1040ez Armed Forces, your compensation includes any nontaxable combat pay you receive. Free efile 1040ez What is not compensation?   Compensation does not include any of the following items. Free efile 1040ez Earnings and profits from property, such as rental income, interest income, and dividend income. Free efile 1040ez Pension or annuity income. Free efile 1040ez Deferred compensation received (compensation payments postponed from a past year). Free efile 1040ez Income from a partnership for which you do not provide services that are a material income-producing factor. Free efile 1040ez Conservation Reserve Program (CRP) payments reported on Schedule SE (Form 1040), line 1b. Free efile 1040ez Any amounts (other than combat pay) you exclude from income, such as foreign earned income and housing costs. Free efile 1040ez When and How Can a Traditional IRA Be Opened? You can open a traditional IRA at any time. Free efile 1040ez However, the time for making contributions for any year is limited. Free efile 1040ez See When Can Contributions Be Made , later. Free efile 1040ez You can open different kinds of IRAs with a variety of organizations. Free efile 1040ez You can open an IRA at a bank or other financial institution or with a mutual fund or life insurance company. Free efile 1040ez You can also open an IRA through your stockbroker. Free efile 1040ez Any IRA must meet Internal Revenue Code requirements. Free efile 1040ez Kinds of traditional IRAs. Free efile 1040ez   Your traditional IRA can be an individual retirement account or annuity. Free efile 1040ez It can be part of either a simplified employee pension (SEP) or an employer or employee association trust account. Free efile 1040ez How Much Can Be Contributed? There are limits and other rules that affect the amount that can be contributed to a traditional IRA. Free efile 1040ez These limits and other rules are explained below. Free efile 1040ez Community property laws. Free efile 1040ez   Except as discussed later under Kay Bailey Hutchison Spousal IRA limit , each spouse figures his or her limit separately, using his or her own compensation. Free efile 1040ez This is the rule even in states with community property laws. Free efile 1040ez Brokers' commissions. Free efile 1040ez   Brokers' commissions paid in connection with your traditional IRA are subject to the contribution limit. Free efile 1040ez Trustees' fees. Free efile 1040ez   Trustees' administrative fees are not subject to the contribution limit. Free efile 1040ez Qualified reservist repayments. Free efile 1040ez   If you are (or were) a member of a reserve component and you were ordered or called to active duty after September 11, 2001, you may be able to contribute (repay) to an IRA amounts equal to any qualified reservist distributions you received. Free efile 1040ez You can make these repayment contributions even if they would cause your total contributions to the IRA to be more than the general limit on contributions. Free efile 1040ez To be eligible to make these repayment contributions, you must have received a qualified reservist distribution from an IRA or from a section 401(k) or 403(b) plan or similar arrangement. Free efile 1040ez   For more information, see Qualified reservist repayments under How Much Can Be Contributed? in chapter 1 of Publication 590. Free efile 1040ez Contributions on your behalf to a traditional IRA reduce your limit for contributions to a Roth IRA. Free efile 1040ez (See Roth IRAs, later. Free efile 1040ez ) General limit. Free efile 1040ez   For 2013, the most that can be contributed to your traditional IRA generally is the smaller of the following amounts. Free efile 1040ez $5,500 ($6,500 if you are 50 or older). Free efile 1040ez Your taxable compensation (defined earlier) for the year. Free efile 1040ez This is the most that can be contributed regardless of whether the contributions are to one or more traditional IRAs or whether all or part of the contributions are nondeductible. Free efile 1040ez (See Nondeductible Contributions , later. Free efile 1040ez ) Qualified reservist repayments do not affect this limit. Free efile 1040ez Example 1. Free efile 1040ez Betty, who is 34 years old and single, earned $24,000 in 2013. Free efile 1040ez Her IRA contributions for 2013 are limited to $5,500. Free efile 1040ez Example 2. Free efile 1040ez John, an unmarried college student working part time, earned $3,500 in 2013. Free efile 1040ez His IRA contributions for 2013 are limited to $3,500, the amount of his compensation. Free efile 1040ez Kay Bailey Hutchison Spousal IRA limit. Free efile 1040ez   For 2013, if you file a joint return and your taxable compensation is less than that of your spouse, the most that can be contributed for the year to your IRA is the smaller of the following amounts. Free efile 1040ez $5,500 ($6,500 if you are 50 or older). Free efile 1040ez The total compensation includible in the gross income of both you and your spouse for the year, reduced by the following two amounts. Free efile 1040ez Your spouse's IRA contribution for the year to a traditional IRA. Free efile 1040ez Any contribution for the year to a Roth IRA on behalf of your spouse. Free efile 1040ez This means that the total combined contributions that can be made for the year to your IRA and your spouse's IRA can be as much as $11,000 ($12,000 if only one of you is 50 or older, or $13,000 if both of you are 50 or older). Free efile 1040ez When Can Contributions Be Made? As soon as you open your traditional IRA, contributions can be made to it through your chosen sponsor (trustee or other administrator). Free efile 1040ez Contributions must be in the form of money (cash, check, or money order). Free efile 1040ez Property cannot be contributed. Free efile 1040ez Contributions must be made by due date. Free efile 1040ez   Contributions can be made to your traditional IRA for a year at any time during the year or by the due date for filing your return for that year, not including extensions. Free efile 1040ez Age 70½ rule. Free efile 1040ez   Contributions cannot be made to your traditional IRA for the year in which you reach age 70½ or for any later year. Free efile 1040ez   You attain age 70½ on the date that is 6 calendar months after the 70th anniversary of your birth. Free efile 1040ez If you were born on or before June 30, 1943, you cannot contribute for 2013 or any later year. Free efile 1040ez Designating year for which contribution is made. Free efile 1040ez   If an amount is contributed to your traditional IRA between January 1 and April 15, you should tell the sponsor which year (the current year or the previous year) the contribution is for. Free efile 1040ez If you do not tell the sponsor which year it is for, the sponsor can assume, and report to the IRS, that the contribution is for the current year (the year the sponsor received it). Free efile 1040ez Filing before a contribution is made. Free efile 1040ez   You can file your return claiming a traditional IRA contribution before the contribution is actually made. Free efile 1040ez Generally, the contribution must be made by the due date of your return, not including extensions. Free efile 1040ez Contributions not required. Free efile 1040ez   You do not have to contribute to your traditional IRA for every tax year, even if you can. Free efile 1040ez How Much Can You Deduct? Generally, you can deduct the lesser of: The contributions to your traditional IRA for the year, or The general limit (or the Kay Bailey Hutchison Spousal IRA limit, if it applies). Free efile 1040ez However, if you or your spouse was covered by an employer retirement plan, you may not be able to deduct this amount. Free efile 1040ez See Limit If Covered by Employer Plan , later. Free efile 1040ez You may be able to claim a credit for contributions to your traditional IRA. Free efile 1040ez For more information, see chapter 37. Free efile 1040ez Trustees' fees. Free efile 1040ez   Trustees' administrative fees that are billed separately and paid in connection with your traditional IRA are not deductible as IRA contributions. Free efile 1040ez However, they may be deductible as a miscellaneous itemized deduction on Schedule A (Form 1040). Free efile 1040ez See chapter 28. Free efile 1040ez Brokers' commissions. Free efile 1040ez   Brokers' commissions are part of your IRA contribution and, as such, are deductible subject to the limits. Free efile 1040ez Full deduction. Free efile 1040ez   If neither you nor your spouse was covered for any part of the year by an employer retirement plan, you can take a deduction for total contributions to one or more traditional IRAs of up to the lesser of: $5,500 ($6,500 if you are age 50 or older in 2013). Free efile 1040ez 100% of your compensation. Free efile 1040ez This limit is reduced by any contributions made to a 501(c)(18) plan on your behalf. Free efile 1040ez Kay Bailey Hutchison Spousal IRA. Free efile 1040ez   In the case of a married couple with unequal compensation who file a joint return, the deduction for contributions to the traditional IRA of the spouse with less compensation is limited to the lesser of the following amounts. Free efile 1040ez $5,500 ($6,500 if the spouse with the lower compensation is age 50 or older in 2013). Free efile 1040ez The total compensation includible in the gross income of both spouses for the year reduced by the following three amounts. Free efile 1040ez The IRA deduction for the year of the spouse with the greater compensation. Free efile 1040ez Any designated nondeductible contribution for the year made on behalf of the spouse with the greater compensation. Free efile 1040ez Any contributions for the year to a Roth IRA on behalf of the spouse with the greater compensation. Free efile 1040ez This limit is reduced by any contributions to a 501(c)(18) plan on behalf of the spouse with the lesser compensation. Free efile 1040ez Note. Free efile 1040ez If you were divorced or legally separated (and did not remarry) before the end of the year, you cannot deduct any contributions to your spouse's IRA. Free efile 1040ez After a divorce or legal separation, you can deduct only contributions to your own IRA. Free efile 1040ez Your deductions are subject to the rules for single individuals. Free efile 1040ez Covered by an employer retirement plan. Free efile 1040ez   If you or your spouse was covered by an employer retirement plan at any time during the year for which contributions were made, your deduction may be further limited. Free efile 1040ez This is discussed later under Limit If Covered by Employer Plan . Free efile 1040ez Limits on the amount you can deduct do not affect the amount that can be contributed. Free efile 1040ez See Nondeductible Contributions , later. Free efile 1040ez Are You Covered by an Employer Plan? The Form W-2 you receive from your employer has a box used to indicate whether you were covered for the year. Free efile 1040ez The “Retirement plan” box should be checked if you were covered. Free efile 1040ez Reservists and volunteer firefighters should also see Situations in Which You Are Not Covered by an Employer Plan , later. Free efile 1040ez If you are not certain whether you were covered by your employer's retirement plan, you should ask your employer. Free efile 1040ez Federal judges. Free efile 1040ez   For purposes of the IRA deduction, federal judges are covered by an employer retirement plan. Free efile 1040ez For Which Year(s) Are You Covered by an Employer Plan? Special rules apply to determine the tax years for which you are covered by an employer plan. Free efile 1040ez These rules differ depending on whether the plan is a defined contribution plan or a defined benefit plan. Free efile 1040ez Tax year. Free efile 1040ez   Your tax year is the annual accounting period you use to keep records and report income and expenses on your income tax return. Free efile 1040ez For almost all people, the tax year is the calendar year. Free efile 1040ez Defined contribution plan. Free efile 1040ez   Generally, you are covered by a defined contribution plan for a tax year if amounts are contributed or allocated to your account for the plan year that ends with or within that tax year. Free efile 1040ez   A defined contribution plan is a plan that provides for a separate account for each person covered by the plan. Free efile 1040ez Types of defined contribution plans include profit-sharing plans, stock bonus plans, and money purchase pension plans. Free efile 1040ez Defined benefit plan. Free efile 1040ez   If you are eligible to participate in your employer's defined benefit plan for the plan year that ends within your tax year, you are covered by the plan. Free efile 1040ez This rule applies even if you: Declined to participate in the plan, Did not make a required contribution, or Did not perform the minimum service required to accrue a benefit for the year. Free efile 1040ez   A defined benefit plan is any plan that is not a defined contribution plan. Free efile 1040ez Defined benefit plans include pension plans and annuity plans. Free efile 1040ez No vested interest. Free efile 1040ez   If you accrue a benefit for a plan year, you are covered by that plan even if you have no vested interest in (legal right to) the accrual. Free efile 1040ez Situations in Which You Are Not Covered by an Employer Plan Unless you are covered under another employer plan, you are not covered by an employer plan if you are in one of the situations described below. Free efile 1040ez Social security or railroad retirement. Free efile 1040ez   Coverage under social security or railroad retirement is not coverage under an employer retirement plan. Free efile 1040ez Benefits from a previous employer's plan. Free efile 1040ez   If you receive retirement benefits from a previous employer's plan, you are not covered by that plan. Free efile 1040ez Reservists. Free efile 1040ez   If the only reason you participate in a plan is because you are a member of a reserve unit of the armed forces, you may not be covered by the plan. Free efile 1040ez You are not covered by the plan if both of the following conditions are met. Free efile 1040ez The plan you participate in is established for its employees by: The United States, A state or political subdivision of a state, or An instrumentality of either (a) or (b) above. Free efile 1040ez You did not serve more than 90 days on active duty during the year (not counting duty for training). Free efile 1040ez Volunteer firefighters. Free efile 1040ez   If the only reason you participate in a plan is because you are a volunteer firefighter, you may not be covered by the plan. Free efile 1040ez You are not covered by the plan if both of the following conditions are met. Free efile 1040ez The plan you participate in is established for its employees by: The United States, A state or political subdivision of a state, or An instrumentality of either (a) or (b) above. Free efile 1040ez Your accrued retirement benefits at the beginning of the year will not provide more than $1,800 per year at retirement. Free efile 1040ez Limit If Covered by Employer Plan If either you or your spouse was covered by an employer retirement plan, you may be entitled to only a partial (reduced) deduction or no deduction at all, depending on your income and your filing status. Free efile 1040ez Your deduction begins to decrease (phase out) when your income rises above a certain amount and is eliminated altogether when it reaches a higher amount. Free efile 1040ez These amounts vary depending on your filing status. Free efile 1040ez To determine if your deduction is subject to phaseout, you must determine your modified adjusted gross income (AGI) and your filing status. Free efile 1040ez See Filing status and Modified adjusted gross income (AGI) , later. Free efile 1040ez Then use Table 17-1 or 17-2 to determine if the phaseout applies. Free efile 1040ez Social security recipients. Free efile 1040ez   Instead of using Table 17-1 or Table 17-2, use the worksheets in Appendix B of Publication 590 if, for the year, all of the following apply. Free efile 1040ez You received social security benefits. Free efile 1040ez You received taxable compensation. Free efile 1040ez Contributions were made to your traditional IRA. Free efile 1040ez You or your spouse was covered by an employer retirement plan. Free efile 1040ez Use those worksheets to figure your IRA deduction, your nondeductible contribution, and the taxable portion, if any, of your social security benefits. Free efile 1040ez Deduction phaseout. Free efile 1040ez   If you were covered by an employer retirement plan and you did not receive any social security retirement benefits, your IRA deduction may be reduced or eliminated depending on your filing status and modified AGI as shown in Table 17-1. Free efile 1040ez Table 17-1. Free efile 1040ez Effect of Modified AGI1 on Deduction if You Are Covered by Retirement Plan at Work If you are covered by a retirement plan at work, use this table to determine if your modified AGI affects the amount of your deduction. Free efile 1040ez IF your filing status is. Free efile 1040ez . Free efile 1040ez . Free efile 1040ez   AND your modified AGI is. Free efile 1040ez . Free efile 1040ez . Free efile 1040ez   THEN you can take. Free efile 1040ez . Free efile 1040ez . Free efile 1040ez single   or  head of household   $59,000 or less   a full deduction. Free efile 1040ez   more than $59,000 but less than $69,000   a partial deduction. Free efile 1040ez   $69,000 or more   no deduction. Free efile 1040ez married filing jointly   or  qualifying widow(er)   $95,000 or less   a full deduction. Free efile 1040ez   more than $95,000 but less than $115,000   a partial deduction. Free efile 1040ez   $115,000 or more   no deduction. Free efile 1040ez married filing separately2   less than $10,000   a partial deduction. Free efile 1040ez   $10,000 or more   no deduction. Free efile 1040ez 1Modified AGI (adjusted gross income). Free efile 1040ez See Modified adjusted gross income (AGI) . Free efile 1040ez 2If you did not live with your spouse at any time during the year, your filing status is considered Single for this purpose (therefore, your IRA deduction is determined under the “Single” column). Free efile 1040ez If your spouse is covered. Free efile 1040ez   If you are not covered by an employer retirement plan, but your spouse is, and you did not receive any social security benefits, your IRA deduction may be reduced or eliminated entirely depending on your filing status and modified AGI as shown in Table 17-2. Free efile 1040ez Filing status. Free efile 1040ez   Your filing status depends primarily on your marital status. Free efile 1040ez For this purpose, you need to know if your filing status is single or head of household, married filing jointly or qualifying widow(er), or married filing separately. Free efile 1040ez If you need more information on filing status, see chapter 2. Free efile 1040ez Lived apart from spouse. Free efile 1040ez   If you did not live with your spouse at any time during the year and you file a separate return, your filing status, for this purpose, is single. Free efile 1040ez Table 17-2. Free efile 1040ez Effect of Modified AGI1 on Deduction if You Are NOT Covered by Retirement Plan at Work If you are not covered by a retirement plan at work, use this table to determine if your modified AGI affects the amount of your deduction. Free efile 1040ez IF your filing status is. Free efile 1040ez . Free efile 1040ez . Free efile 1040ez   AND your modified AGI is. Free efile 1040ez . Free efile 1040ez . Free efile 1040ez   THEN you can take. Free efile 1040ez . Free efile 1040ez . Free efile 1040ez single, head of household, or qualifying widow(er)   any amount   a full deduction. Free efile 1040ez married filing jointly or separately with a spouse who is not covered by a plan at work   any amount   a full deduction. Free efile 1040ez married filing jointly with a spouse who is covered by a plan at work   $178,000 or less   a full deduction. Free efile 1040ez   more than $178,000 but less than $188,000   a partial deduction. Free efile 1040ez   $188,000 or more   no deduction. Free efile 1040ez married filing separately with a spouse who is covered by a plan at work2   less than $10,000   a partial deduction. Free efile 1040ez   $10,000 or more   no deduction. Free efile 1040ez 1Modified AGI (adjusted gross income). Free efile 1040ez See Modified adjusted gross income (AGI) . Free efile 1040ez 2You are entitled to the full deduction if you did not live with your spouse at any time during the year. Free efile 1040ez Modified adjusted gross income (AGI). Free efile 1040ez   How you figure your modified AGI depends on whether you are filing Form 1040 or Form 1040A. Free efile 1040ez If you made contributions to your IRA for 2013 and received a distribution from your IRA in 2013, see Publication 590. Free efile 1040ez You may be able to use Worksheet 17-1 to figure your modified AGI. Free efile 1040ez    Do not assume that your modified AGI is the same as your compensation. Free efile 1040ez Your modified AGI may include income in addition to your compensation (discussed earlier), such as interest, dividends, and income from IRA distributions. Free efile 1040ez Form 1040. Free efile 1040ez   If you file Form 1040, refigure the amount on the page 1 “adjusted gross income” line without taking into account any of the following eight amounts. Free efile 1040ez IRA deduction. Free efile 1040ez Student loan interest deduction. Free efile 1040ez Tuition and fees deduction. Free efile 1040ez Domestic production activities deduction. Free efile 1040ez Foreign earned income exclusion. Free efile 1040ez Foreign housing exclusion or deduction. Free efile 1040ez Exclusion of qualified savings bond interest shown on Form 8815, Exclusion of Interest From Series EE and I U. Free efile 1040ez S. Free efile 1040ez Savings Bonds Issued After 1989. Free efile 1040ez Exclusion of employer-provided adoption benefits shown on Form 8839, Qualified Adoption Expenses. Free efile 1040ez This is your modified AGI. Free efile 1040ez Form 1040A. Free efile 1040ez   If you file Form 1040A, refigure the amount on the page 1 “adjusted gross income” line without taking into account any of the following amounts. Free efile 1040ez IRA deduction. Free efile 1040ez Student loan interest deduction. Free efile 1040ez Tuition and fees deduction. Free efile 1040ez Exclusion of qualified savings bond interest shown on Form 8815. Free efile 1040ez This is your modified AGI. Free efile 1040ez Both contributions for 2013 and distributions in 2013. Free efile 1040ez   If all three of the following apply, any IRA distributions you received in 2013 may be partly tax free and partly taxable. Free efile 1040ez You received distributions in 2013 from one or more traditional IRAs. Free efile 1040ez You made contributions to a traditional IRA for 2013. Free efile 1040ez Some of those contributions may be nondeductible contributions. Free efile 1040ez If this is your situation, you must figure the taxable part of the traditional IRA distribution before you can figure your modified AGI. Free efile 1040ez To do this, you can use Worksheet 1-5, Figuring the Taxable Part of Your IRA Distribution, in Publication 590. Free efile 1040ez   If at least one of the above does not apply, figure your modified AGI using Worksheet 17-1, later. Free efile 1040ez    How to figure your reduced IRA deduction. Free efile 1040ez   You can figure your reduced IRA deduction for either Form 1040 or Form 1040A by using the worksheets in chapter 1 of Publication 590. Free efile 1040ez Also, the instructions for Form 1040 and Form 1040A include similar worksheets that you may be able to use instead. Free efile 1040ez Worksheet 17-1. Free efile 1040ez Figuring Your Modified AGI Use this worksheet to figure your modified adjusted gross income for traditional IRA purposes. Free efile 1040ez 1. Free efile 1040ez Enter your adjusted gross income (AGI) from Form 1040, line 38, or Form 1040A, line 22, figured without taking into account the amount from Form 1040, line 32, or Form 1040A, line 17 1. Free efile 1040ez   2. Free efile 1040ez Enter any student loan interest deduction from Form 1040, line 33, or Form 1040A, line 18 2. Free efile 1040ez   3. Free efile 1040ez Enter any tuition and fees deduction from Form 1040, line 34, or Form 1040A, line 19 3. Free efile 1040ez   4. Free efile 1040ez Enter any domestic production activities deduction from Form 1040, line 35 4. Free efile 1040ez   5. Free efile 1040ez Enter any foreign earned income and/or housing exclusion from Form 2555, line 45, or Form 2555-EZ, line 18 5. Free efile 1040ez   6. Free efile 1040ez Enter any foreign housing deduction from Form 2555, line 50 6. Free efile 1040ez   7. Free efile 1040ez Enter any excludable savings bond interest from Form 8815, line 14 7. Free efile 1040ez   8. Free efile 1040ez Enter any excluded employer-provided adoption benefits from Form 8839, line 28 8. Free efile 1040ez   9. Free efile 1040ez Add lines 1 through 8. Free efile 1040ez This is your Modified AGI for traditional IRA purposes 9. Free efile 1040ez   Reporting Deductible Contributions If you file Form 1040, enter your IRA deduction on line 32 of that form. Free efile 1040ez If you file Form 1040A, enter your IRA deduction on line 17. Free efile 1040ez You cannot deduct IRA contributions on Form 1040EZ. Free efile 1040ez Nondeductible Contributions Although your deduction for IRA contributions may be reduced or eliminated, contributions can be made to your IRA up to the general limit or, if it applies, the Kay Bailey Hutchison Spousal IRA limit. Free efile 1040ez The difference between your total permitted contributions and your IRA deduction, if any, is your nondeductible contribution. Free efile 1040ez Example. Free efile 1040ez Mike is 28 years old and single. Free efile 1040ez In 2013, he was covered by a retirement plan at work. Free efile 1040ez His salary was $57,312. Free efile 1040ez His modified AGI was $70,000. Free efile 1040ez Mike made a $5,500 IRA contribution for 2013. Free efile 1040ez Because he was covered by a retirement plan and his modified AGI was over $69,000, he cannot deduct his $5,500 IRA contribution. Free efile 1040ez He must designate this contribution as a nondeductible contribution by reporting it on Form 8606, as explained next. Free efile 1040ez Form 8606. Free efile 1040ez   To designate contributions as nondeductible, you must file Form 8606. Free efile 1040ez   You do not have to designate a contribution as nondeductible until you file your tax return. Free efile 1040ez When you file, you can even designate otherwise deductible contributions as nondeductible. Free efile 1040ez   You must file Form 8606 to report nondeductible contributions even if you do not have to file a tax return for the year. Free efile 1040ez A Form 8606 is not used for the year that you make a rollover from a qualified retirement plan to a traditional IRA and the rollover includes nontaxable amounts. Free efile 1040ez In those situations, a Form 8606 is completed for the year you take a distribution from that IRA. Free efile 1040ez See Form 8606 under Distributions Fully or Partly Taxable, later. Free efile 1040ez Failure to report nondeductible contributions. Free efile 1040ez   If you do not report nondeductible contributions, all of the contributions to your traditional IRA will be treated as deductible contributions when withdrawn. Free efile 1040ez All distributions from your IRA will be taxed unless you can show, with satisfactory evidence, that nondeductible contributions were made. Free efile 1040ez Penalty for overstatement. Free efile 1040ez   If you overstate the amount of nondeductible contributions on your Form 8606 for any tax year, you must pay a penalty of $100 for each overstatement, unless it was due to reasonable cause. Free efile 1040ez Penalty for failure to file Form 8606. Free efile 1040ez   You will have to pay a $50 penalty if you do not file a required Form 8606, unless you can prove that the failure was due to reasonable cause. Free efile 1040ez    Tax on earnings on nondeductible contributions. Free efile 1040ez   As long as contributions are within the contribution limits, none of the earnings or gains on contributions (deductible or nondeductible) will be taxed until they are distributed. Free efile 1040ez See When Can You Withdraw or Use IRA Assets , later. Free efile 1040ez Cost basis. Free efile 1040ez   You will have a cost basis in your traditional IRA if you made any nondeductible contributions. Free efile 1040ez Your cost basis is the sum of the nondeductible contributions to your IRA minus any withdrawals or distributions of nondeductible contributions. Free efile 1040ez Inherited IRAs If you inherit a traditional IRA, you are called a beneficiary. Free efile 1040ez A beneficiary can be any person or entity the owner chooses to receive the benefits of the IRA after he or she dies. Free efile 1040ez Beneficiaries of a traditional IRA must include in their gross income any taxable distributions they receive. Free efile 1040ez Inherited from spouse. Free efile 1040ez   If you inherit a traditional IRA from your spouse, you generally have the following three choices. Free efile 1040ez You can: Treat it as your own IRA by designating yourself as the account owner. Free efile 1040ez Treat it as your own by rolling it over into your IRA, or to the extent it is taxable, into a: Qualified employer plan, Qualified employee annuity plan (section 403(a) plan), Tax-sheltered annuity plan (section 403(b) plan), or Deferred compensation plan of a state or local government (section 457 plan). Free efile 1040ez Treat yourself as the beneficiary rather than treating the IRA as your own. Free efile 1040ez Treating it as your own. Free efile 1040ez   You will be considered to have chosen to treat the IRA as your own if: Contributions (including rollover contributions) are made to the inherited IRA, or You do not take the required minimum distribution for a year as a beneficiary of the IRA. Free efile 1040ez You will only be considered to have chosen to treat the IRA as your own if: You are the sole beneficiary of the IRA, and You have an unlimited right to withdraw amounts from it. Free efile 1040ez   However, if you receive a distribution from your deceased spouse's IRA, you can roll that distribution over into your own IRA within the 60-day time limit, as long as the distribution is not a required distribution, even if you are not the sole beneficiary of your deceased spouse's IRA. Free efile 1040ez Inherited from someone other than spouse. Free efile 1040ez   If you inherit a traditional IRA from anyone other than your deceased spouse, you cannot treat the inherited IRA as your own. Free efile 1040ez This means that you cannot make any contributions to the IRA. Free efile 1040ez It also means you cannot roll over any amounts into or out of the inherited IRA. Free efile 1040ez However, you can make a trustee-to-trustee transfer as long as the IRA into which amounts are being moved is set up and maintained in the name of the deceased IRA owner for the benefit of you as beneficiary. Free efile 1040ez For more information, see the discussion of inherited IRAs under Rollover From One IRA Into Another, later. Free efile 1040ez Can You Move Retirement Plan Assets? You can transfer, tax free, assets (money or property) from other retirement plans (including traditional IRAs) to a traditional IRA. Free efile 1040ez You can make the following kinds of transfers. Free efile 1040ez Transfers from one trustee to another. Free efile 1040ez Rollovers. Free efile 1040ez Transfers incident to a divorce. Free efile 1040ez Transfers to Roth IRAs. Free efile 1040ez   Under certain conditions, you can move assets from a traditional IRA or from a designated Roth account to a Roth IRA. Free efile 1040ez You can also move assets from a qualified retirement plan to a Roth IRA. Free efile 1040ez See Can You Move Amounts Into a Roth IRA? under Roth IRAs, later. Free efile 1040ez Trustee-to-Trustee Transfer A transfer of funds in your traditional IRA from one trustee directly to another, either at your request or at the trustee's request, is not a rollover. Free efile 1040ez Because there is no distribution to you, the transfer is tax free. Free efile 1040ez Because it is not a rollover, it is not affected by the 1-year waiting period required between rollovers, discussed later under Rollover From One IRA Into Another . Free efile 1040ez For information about direct transfers to IRAs from retirement plans other than IRAs, see Can You Move Retirement Plan Assets? in chapter 1 and Can You Move Amounts Into a Roth IRA? in chapter 2 of Publication 590. Free efile 1040ez Rollovers Generally, a rollover is a tax-free distribution to you of cash or other assets from one retirement plan that you contribute (roll over) to another retirement plan. Free efile 1040ez The contribution to the second retirement plan is called a “rollover contribution. Free efile 1040ez ” Note. Free efile 1040ez An amount rolled over tax free from one retirement plan to another is generally includible in income when it is distributed from the second plan. Free efile 1040ez Kinds of rollovers to a traditional IRA. Free efile 1040ez   You can roll over amounts from the following plans into a traditional IRA: A traditional IRA, An employer's qualified retirement plan for its employees, A deferred compensation plan of a state or local government (section 457 plan), or A tax-sheltered annuity plan (section 403(b) plan). Free efile 1040ez Treatment of rollovers. Free efile 1040ez   You cannot deduct a rollover contribution, but you must report the rollover distribution on your tax return as discussed later under Reporting rollovers from IRAs and under Reporting rollovers from employer plans . Free efile 1040ez Kinds of rollovers from a traditional IRA. Free efile 1040ez   You may be able to roll over, tax free, a distribution from your traditional IRA into a qualified plan. Free efile 1040ez These plans include the federal Thrift Savings Fund (for federal employees), deferred compensation plans of state or local governments (section 457 plans), and tax-sheltered annuity plans (section 403(b) plans). Free efile 1040ez The part of the distribution that you can roll over is the part that would otherwise be taxable (includible in your income). Free efile 1040ez Qualified plans may, but are not required to, accept such rollovers. Free efile 1040ez Time limit for making a rollover contribution. Free efile 1040ez   You generally must make the rollover contribution by the 60th day after the day you receive the distribution from your traditional IRA or your employer's plan. Free efile 1040ez The IRS may waive the 60-day requirement where the failure to do so would be against equity or good conscience, such as in the event of a casualty, disaster, or other event beyond your reasonable control. Free efile 1040ez For more information, see Can You Move Retirement Plan Assets? in chapter 1 of Publication 590. Free efile 1040ez Extension of rollover period. Free efile 1040ez   If an amount distributed to you from a traditional IRA or a qualified employer retirement plan is a frozen deposit at any time during the 60-day period allowed for a rollover, special rules extend the rollover period. Free efile 1040ez For more information, see Can You Move Retirement Plan Assets? in chapter 1 of Publication 590. Free efile 1040ez More information. Free efile 1040ez   For more information on rollovers, see Can You Move Retirement Plan Assets? in chapter 1 of Publication 590. Free efile 1040ez Rollover From One IRA Into Another You can withdraw, tax free, all or part of the assets from one traditional IRA if you reinvest them within 60 days in the same or another traditional IRA. Free efile 1040ez Because this is a rollover, you cannot deduct the amount that you reinvest in an IRA. Free efile 1040ez Waiting period between rollovers. Free efile 1040ez   Generally, if you make a tax-free rollover of any part of a distribution from a traditional IRA, you cannot, within a 1-year period, make a tax-free rollover of any later distribution from that same IRA. Free efile 1040ez You also cannot make a tax-free rollover of any amount distributed, within the same 1-year period, from the IRA into which you made the tax-free rollover. Free efile 1040ez   The 1-year period begins on the date you receive the IRA distribution, not on the date you roll it over into an IRA. Free efile 1040ez Example. Free efile 1040ez You have two traditional IRAs, IRA-1 and IRA-2. Free efile 1040ez You make a tax-free rollover of a distribution from IRA-1 into a new traditional IRA (IRA-3). Free efile 1040ez You cannot, within 1 year of the distribution from IRA-1, make a tax-free rollover of any distribution from either IRA-1 or IRA-3 into another traditional IRA. Free efile 1040ez However, the rollover from IRA-1 into IRA-3 does not prevent you from making a tax-free rollover from IRA-2 into any other traditional IRA. Free efile 1040ez This is because you have not, within the last year, rolled over, tax free, any distribution from IRA-2 or made a tax-free rollover into IRA-2. Free efile 1040ez Exception. Free efile 1040ez   For an exception for distributions from failed financial institutions, see Rollover From One IRA Into Another under Can You Move Retirement Plan Assets? in chapter 1 of Publication 590. Free efile 1040ez Partial rollovers. Free efile 1040ez   If you withdraw assets from a traditional IRA, you can roll over part of the withdrawal tax free and keep the rest of it. Free efile 1040ez The amount you keep will generally be taxable (except for the part that is a return of nondeductible contributions). Free efile 1040ez The amount you keep may be subject to the 10% additional tax on early distributions, discussed later under What Acts Result in Penalties or Additional Taxes? . Free efile 1040ez Required distributions. Free efile 1040ez   Amounts that must be distributed during a particular year under the required distribution rules (discussed later) are not eligible for rollover treatment. Free efile 1040ez Inherited IRAs. Free efile 1040ez   If you inherit a traditional IRA from your spouse, you generally can roll it over, or you can choose to make the inherited IRA your own. Free efile 1040ez See Treating it as your own , earlier. Free efile 1040ez Not inherited from spouse. Free efile 1040ez   If you inherit a traditional IRA from someone other than your spouse, you cannot roll it over or allow it to receive a rollover contribution. Free efile 1040ez You must withdraw the IRA assets within a certain period. Free efile 1040ez For more information, see When Must You Withdraw Assets? in chapter 1 of Publication 590. Free efile 1040ez Reporting rollovers from IRAs. Free efile 1040ez   Report any rollover from one traditional IRA to the same or another traditional IRA on lines 15a and 15b, Form 1040, or lines 11a and 11b, Form 1040A, as follows. Free efile 1040ez   Enter the total amount of the distribution on Form 1040, line 15a, or Form 1040A, line 11a. Free efile 1040ez If the total amount on Form 1040, line 15a, or Form 1040A, line 11a, was rolled over, enter zero on Form 1040, line 15b, or Form 1040A, line 11b. Free efile 1040ez If the total distribution was not rolled over, enter the taxable portion of the part that was not rolled over on Form 1040, line 15b, or Form 1040A, line 11b. Free efile 1040ez Put “Rollover” next to Form 1040, line 15b, or Form 1040A, line 11b. Free efile 1040ez See your tax return instructions. Free efile 1040ez   If you rolled over the distribution into a qualified plan (other than an IRA) or you make the rollover in 2014, attach a statement explaining what you did. Free efile 1040ez Rollover From Employer's Plan Into an IRA You can roll over into a traditional 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; Annuity plan; Tax-sheltered annuity plan (section 403(b) plan); or Governmental deferred compensation plan (section 457 plan). Free efile 1040ez A qualified plan is one that meets the requirements of the Internal Revenue Code. Free efile 1040ez Eligible rollover distribution. Free efile 1040ez   Generally, an eligible rollover distribution is any distribution of all or part of the balance to your credit in a qualified retirement plan except the following. Free efile 1040ez A required minimum distribution (explained later under When Must You Withdraw IRA Assets? (Required Minimum Distributions) ). Free efile 1040ez A hardship distribution. Free efile 1040ez Any of a series of substantially equal periodic distributions paid at least once a year over: Your lifetime or life expectancy, The lifetimes or life expectancies of you and your beneficiary, or A period of 10 years or more. Free efile 1040ez Corrective distributions of excess contributions or excess deferrals, and any income allocable to the excess, or of excess annual additions and any allocable gains. Free efile 1040ez A loan treated as a distribution because it does not satisfy certain requirements either when made or later (such as upon default), unless the participant's accrued benefits are reduced (offset) to repay the loan. Free efile 1040ez Dividends on employer securities. Free efile 1040ez The cost of life insurance coverage. Free efile 1040ez Any nontaxable amounts that you roll over into your traditional IRA become part of your basis (cost) in your IRAs. Free efile 1040ez To recover your basis when you take distributions from your IRA, you must complete Form 8606 for the year of the distribution. Free efile 1040ez See Form 8606 under Distributions Fully or Partly Taxable, later. Free efile 1040ez Rollover by nonspouse beneficiary. Free efile 1040ez   A direct transfer from a deceased employee's qualified pension, profit-sharing, or stock bonus plan; annuity plan; tax-sheltered annuity (section 403(b)) plan; or governmental deferred compensation (section 457) plan to an IRA set up to receive the distribution on your behalf can be treated as an eligible rollover distribution if you are the designated beneficiary of the plan and not the employee's spouse. Free efile 1040ez The IRA is treated as an inherited IRA. Free efile 1040ez For more information about inherited IRAs, see Inherited IRAs , earlier. Free efile 1040ez Reporting rollovers from employer plans. Free efile 1040ez    Enter the total distribution (before income tax or other deductions were withheld) on Form 1040, line 16a, or Form 1040A, line 12a. Free efile 1040ez This amount should be shown in box 1 of Form 1099-R. Free efile 1040ez From this amount, subtract any contributions (usually shown in box 5 of Form 1099-R) that were taxable to you when made. Free efile 1040ez From that result, subtract the amount that was rolled over either directly or within 60 days of receiving the distribution. Free efile 1040ez Enter the remaining amount, even if zero, on Form 1040, line 16b, or Form 1040A, line 12b. Free efile 1040ez Also, enter "Rollover" next to Form 1040, line 16b, or Form 1040A, line 12b. Free efile 1040ez Transfers Incident to Divorce If an interest in a traditional IRA is transferred from your spouse or former spouse to you by a divorce or separate maintenance decree or a written document related to such a decree, the interest in the IRA, starting from the date of the transfer, is treated as your IRA. Free efile 1040ez The transfer is tax free. Free efile 1040ez For detailed information, see Can You Move Retirement Plan Assets? in chapter 1 of Publication 590. Free efile 1040ez Converting From Any Traditional IRA to a Roth IRA Allowable conversions. Free efile 1040ez   You can withdraw all or part of the assets from a traditional IRA and reinvest them (within 60 days) in a Roth IRA. Free efile 1040ez The amount that you withdraw and timely contribute (convert) to the Roth IRA is called a conversion contribution. Free efile 1040ez If properly (and timely) rolled over, the 10% additional tax on early distributions will not apply. Free efile 1040ez However, a part or all of the conversion contribution from your traditional IRA is included in your gross income. Free efile 1040ez Required distributions. Free efile 1040ez   You cannot convert amounts that must be distributed from your traditional IRA for a particular year (including the calendar year in which you reach age 70½) under the required distribution rules (discussed later). Free efile 1040ez Income. Free efile 1040ez   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. Free efile 1040ez 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. Free efile 1040ez   You do not include in gross income any part of a distribution from a traditional IRA that is a return of your basis, as discussed later. Free efile 1040ez   You must file Form 8606 to report 2013 conversions from traditional, SEP, or SIMPLE IRAs to a Roth IRA in 2013 (unless you recharacterized the entire amount) and to figure the amount to include in income. Free efile 1040ez   If you must include any amount in your gross income, you may have to increase your withholding or make estimated tax payments. Free efile 1040ez See chapter 4. Free efile 1040ez Recharacterizations You may be able to treat a contribution made to one type of IRA as having been made to a different type of IRA. Free efile 1040ez This is called recharacterizing the contribution. Free efile 1040ez See Can You Move Retirement Plan Assets? in chapter 1 of Publication 590 for more detailed information. Free efile 1040ez How to recharacterize a contribution. Free efile 1040ez   To recharacterize a contribution, you generally must have the contribution transferred from the first IRA (the one to which it was made) to the second IRA in a trustee-to-trustee transfer. Free efile 1040ez If the transfer is made by the due date (including extensions) for your tax return for the year during which the contribution was made, you can elect to treat the contribution as having been originally made to the second IRA instead of to the first IRA. Free efile 1040ez If you recharacterize your contribution, you must do all three of the following. Free efile 1040ez Include in the transfer any net income allocable to the contribution. Free efile 1040ez If there was a loss, the net income you must transfer may be a negative amount. Free efile 1040ez Report the recharacterization on your tax return for the year during which the contribution was made. Free efile 1040ez Treat the contribution as having been made to the second IRA on the date that it was actually made to the first IRA. Free efile 1040ez No deduction allowed. Free efile 1040ez   You cannot deduct the contribution to the first IRA. Free efile 1040ez Any net income you transfer with the recharacterized contribution is treated as earned in the second IRA. Free efile 1040ez Required notifications. Free efile 1040ez   To recharacterize a contribution, you must notify both the trustee of the first IRA (the one to which the contribution was actually made) and the trustee of the second IRA (the one to which the contribution is being moved) that you have elected to treat the contribution as having been made to the second IRA rather than the first. Free efile 1040ez You must make the notifications by the date of the transfer. Free efile 1040ez Only one notification is required if both IRAs are maintained by the same trustee. Free efile 1040ez The notification(s) must include all of the following information. Free efile 1040ez The type and amount of the contribution to the first IRA that is to be recharacterized. Free efile 1040ez The date on which the contribution was made to the first IRA and the year for which it was made. Free efile 1040ez A direction to the trustee of the first IRA to transfer in a trustee-to-trustee transfer the amount of the contribution and any net income (or loss) allocable to the contribution to the trustee of the second IRA. Free efile 1040ez The name of the trustee of the first IRA and the name of the trustee of the second IRA. Free efile 1040ez Any additional information needed to make the transfer. Free efile 1040ez Reporting a recharacterization. Free efile 1040ez   If you elect to recharacterize a contribution to one IRA as a contribution to another IRA, you must report the recharacterization on your tax return as directed by Form 8606 and its instructions. Free efile 1040ez You must treat the contribution as having been made to the second IRA. Free efile 1040ez When Can You Withdraw or Use IRA Assets? There are rules limiting use of your IRA assets and distributions from it. Free efile 1040ez Violation of the rules generally results in additional taxes in the year of violation. Free efile 1040ez See What Acts Result in Penalties or Additional Taxes , later. Free efile 1040ez Contributions returned before the due date of return. Free efile 1040ez   If you made IRA contributions in 2013, you can withdraw them tax free by the due date of your return. Free efile 1040ez If you have an extension of time to file your return, you can withdraw them tax free by the extended due date. Free efile 1040ez You can do this if, for each contribution you withdraw, both of the following conditions apply. Free efile 1040ez You did not take a deduction for the contribution. Free efile 1040ez You withdraw any interest or other income earned on the contribution. Free efile 1040ez You can take into account any loss on the contribution while it was in the IRA when calculating the amount that must be withdrawn. Free efile 1040ez If there was a loss, the net income earned on the contribution may be a negative amount. Free efile 1040ez Note. Free efile 1040ez To calculate the amount you must withdraw, see Worksheet 1-4 under When Can You Withdraw or Use Assets? in chapter 1 of Publication 590. Free efile 1040ez Earnings includible in income. Free efile 1040ez   You must include in income any earnings on the contributions you withdraw. Free efile 1040ez Include the earnings in income for the year in which you made the contributions, not in the year in which you withdraw them. Free efile 1040ez Generally, except for any part of a withdrawal that is a return of nondeductible contributions (basis), any withdrawal of your contributions after the due date (or extended due date) of your return will be treated as a taxable distribution. Free efile 1040ez Excess contributions can also be recovered tax free as discussed under What Acts Result in Penalties or Additional Taxes?, later. Free efile 1040ez    Early distributions tax. Free efile 1040ez   The 10% additional tax on distributions made before you reach age 59½ does not apply to these tax-free withdrawals of your contributions. Free efile 1040ez However, the distribution of interest or other income must be reported on Form 5329 and, unless the distribution qualifies as an exception to the age 59½ rule, it will be subject to this tax. Free efile 1040ez When Must You Withdraw IRA Assets? (Required Minimum Distributions) You cannot keep funds in a traditional IRA indefinitely. Free efile 1040ez Eventually they must be distributed. Free efile 1040ez If there are no distributions, or if the distributions are not large enough, you may have to pay a 50% excise tax on the amount not distributed as required. Free efile 1040ez See Excess Accumulations (Insufficient Distributions) , later. Free efile 1040ez The requirements for distributing IRA funds differ depending on whether you are the IRA owner or the beneficiary of a decedent's IRA. Free efile 1040ez Required minimum distribution. Free efile 1040ez   The amount that must be distributed each year is referred to as the required minimum distribution. Free efile 1040ez Required distributions not eligible for rollover. Free efile 1040ez   Amounts that must be distributed (required minimum distributions) during a particular year are not eligible for rollover treatment. Free efile 1040ez IRA owners. Free efile 1040ez   If you are the owner of a traditional IRA, you must generally start receiving distributions from your IRA by April 1 of the year following the year in which you reach age 70½. Free efile 1040ez April 1 of the year following the year in which you reach age 70½ is referred to as the required beginning date. Free efile 1040ez Distributions by the required beginning date. Free efile 1040ez   You must receive at least a minimum amount for each year starting with the year you reach age 70½ (your 70½ year). Free efile 1040ez If you do not (or did not) receive that minimum amount in your 70½ year, then you must receive distributions for your 70½ year by April 1 of the next year. Free efile 1040ez   If an IRA owner dies after reaching age 70½, but before April 1 of the next year, no minimum distribution is required because death occurred before the required beginning date. Free efile 1040ez Even if you begin receiving distributions before you attain age 70½, you must begin calculating and receiving required minimum distributions by your required beginning date. Free efile 1040ez Distributions after the required beginning date. Free efile 1040ez   The required minimum distribution for any year after the year you turn 70½ must be made by December 31 of that later year. Free efile 1040ez    Beneficiaries. Free efile 1040ez   If you are the beneficiary of a decedent's traditional IRA, the requirements for distributions from that IRA generally depend on whether the IRA owner died before or after the required beginning date for distributions. Free efile 1040ez More information. Free efile 1040ez   For more information, including how to figure your minimum required distribution each year and how to figure your required distribution if you are a beneficiary of a decedent's IRA, see When Must You Withdraw Assets? in chapter 1 of Publication 590. Free efile 1040ez Are Distributions Taxable? In general, distributions from a traditional IRA are taxable in the year you receive them. Free efile 1040ez Exceptions. Free efile 1040ez   Exceptions to distributions from traditional IRAs being taxable in the year you receive them are: Rollovers, Qualified charitable distributions (QCD), discussed later, Tax-free withdrawals of contributions, discussed earlier, and The return of nondeductible contributions, discussed later under Distributions Fully or Partly Taxable . Free efile 1040ez    Although a conversion of a traditional IRA is considered a rollover for Roth IRA purposes, it is not an exception to the rule that distributions from a traditional IRA are taxable in the year you receive them. Free efile 1040ez Conversion distributions are includible in your gross income subject to this rule and the special rules for conversions explained in Converting From Any Traditional IRA Into a Roth IRA under Can You Move Retirement Plan Assets? in chapter 1 of Publication 590. Free efile 1040ez Qualified charitable distributions (QCD). Free efile 1040ez   A QCD is generally a nontaxable distribution made directly by the trustee of your IRA to an organization eligible to receive tax-deductible contributions. Free efile 1040ez Special rules apply if you made a qualified charitable distribution in January 2013 that you elected to treat as made in 2012. Free efile 1040ez See Qualified Charitable Distributions in Publication 590 for more information. Free efile 1040ez Ordinary income. Free efile 1040ez   Distributions from traditional IRAs that you include in income are taxed as ordinary income. Free efile 1040ez No special treatment. Free efile 1040ez   In figuring your tax, you cannot use the 10-year tax option or capital gain treatment that applies to lump-sum distributions from qualified retirement plans. Free efile 1040ez Distributions Fully or Partly Taxable Distributions from your traditional IRA may be fully or partly taxable, depending on whether your IRA includes any nondeductible contributions. Free efile 1040ez Fully taxable. Free efile 1040ez   If only deductible contributions were made to your traditional IRA (or IRAs, if you have more than one), you have no basis in your IRA. Free efile 1040ez Because you have no basis in your IRA, any distributions are fully taxable when received. Free efile 1040ez See Reporting taxable distributions on your return , later. Free efile 1040ez Partly taxable. Free efile 1040ez    If you made nondeductible contributions or rolled over any after-tax amounts to any of your traditional IRAs, you have a cost basis (investment in the contract) equal to the amount of those contributions. Free efile 1040ez These nondeductible contributions are not taxed when they are distributed to you. Free efile 1040ez They are a return of your investment in your IRA. Free efile 1040ez   Only the part of the distribution that represents nondeductible contributions and rolled over after-tax amounts (your cost basis) is tax free. Free efile 1040ez If nondeductible contributions have been made or after-tax amounts have been rolled over to your IRA, distributions consist partly of nondeductible contributions (basis) and partly of deductible contributions, earnings, and gains (if there are any). Free efile 1040ez Until all of your basis has been distributed, each distribution is partly nontaxable and partly taxable. Free efile 1040ez Form 8606. Free efile 1040ez   You must complete Form 8606 and attach it to your return if you receive a distribution from a traditional IRA and have ever made nondeductible contributions or rolled over after-tax amounts to any of your traditional IRAs. Free efile 1040ez Using the form, you will figure the nontaxable distributions for 2013 and your total IRA basis for 2013 and earlier years. Free efile 1040ez Note. Free efile 1040ez If you are required to file Form 8606, but you are not required to file an income tax return, you still must file Form 8606. Free efile 1040ez Send it to the IRS at the time and place you would otherwise file an income tax return. Free efile 1040ez Distributions reported on Form 1099-R. Free efile 1040ez   If you receive a distribution from your traditional IRA, you will receive Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Free efile 1040ez , or a similar statement. Free efile 1040ez IRA distributions are shown in boxes 1 and 2a of Form 1099-R. Free efile 1040ez A number or letter code in box 7 tells you what type of distribution you received from your IRA. Free efile 1040ez Withholding. Free efile 1040ez   Federal income tax is withheld from distributions from traditional IRAs unless you choose not to have tax withheld. Free efile 1040ez See chapter 4. Free efile 1040ez IRA distributions delivered outside the United States. Free efile 1040ez   In general, if you are a U. Free efile 1040ez S. Free efile 1040ez citizen or resident alien and your home address is outside the United States or its possessions, you cannot choose exemption from withholding on distributions from your traditional IRA. Free efile 1040ez Reporting taxable distributions on your return. Free efile 1040ez    Report fully taxable distributions, including early distributions on Form 1040, line 15b, or Form 1040A, line 11b (no entry is required on Form 1040, line 15a, or Form 1040A, line 11a). Free efile 1040ez If only part of the distribution is taxable, enter the total amount on Form 1040, line 15a, or Form 1040A, line 11a, and the taxable part on Form 1040, line 15b, or Form 1040A, line 11b. Free efile 1040ez You cannot report distributions on Form 1040EZ. Free efile 1040ez What Acts Result in Penalties or Additional Taxes? The tax advantages of using traditional IRAs for retirement savings can be offset by additional taxes and penalties if you do not follow the rules. Free efile 1040ez There are additions to the regular tax for using your IRA funds in prohibited transactions. Free efile 1040ez There are also additional taxes for the following activities. Free efile 1040ez Investing in collectibles. Free efile 1040ez Making excess contributions. Free efile 1040ez Taking early distributions. Free efile 1040ez Allowing excess amounts to accumulate (failing to take required distributions). Free efile 1040ez There are penalties for overstating the amount of nondeductible contributions and for failure to file a Form 8606, if required. Free efile 1040ez Prohibited Transactions Generally, a prohibited transaction is any improper use of your traditional IRA by you, your beneficiary, or any disqualified person. Free efile 1040ez Disqualified persons include your fiduciary and members of your family (spouse, ancestor, lineal descendent, and any spouse of a lineal descendent). Free efile 1040ez The following are examples of prohibited transactions with a traditional IRA. Free efile 1040ez Borrowing money from it. Free efile 1040ez Selling property to it. Free efile 1040ez Receiving unreasonable compensation for managing it. Free efile 1040ez Using it as security for a loan. Free efile 1040ez Buying property for personal use (present or future) with IRA funds. Free efile 1040ez Effect on an IRA account. Free efile 1040ez   Generally, if you or your beneficiary engages in a prohibited transaction in connection with your traditional IRA account at any time during the year, the account stops being an IRA as of the first day of that year. Free efile 1040ez Effect on you or your beneficiary. Free efile 1040ez   If your account stops being an IRA because you or your beneficiary engaged in a prohibited transaction, the account is treated as distributing all its assets to you at their fair market values on the first day of the year. Free efile 1040ez If the total of those values is more than your basis in the IRA, you will have a taxable gain that is includible in your income. Free efile 1040ez For information on figuring your gain and reporting it in income, see Are Distributions Taxable , earlier. Free efile 1040ez The distribution may be subject to additional taxes or penalties. Free efile 1040ez Taxes on prohibited transactions. Free efile 1040ez   If someone other than the owner or beneficiary of a traditional IRA engages in a prohibited transaction, that person may be liable for certain taxes. Free efile 1040ez In general, there is a 15% tax on the amount of the prohibited transaction and a 100% additional tax if the transaction is not corrected. Free efile 1040ez More information. Free efile 1040ez   For more information on prohibited transactions, see What Acts Result in Penalties or Additional Taxes? in chapter 1 of Publication 590. Free efile 1040ez Investment in Collectibles If your traditional IRA invests in collectibles, the amount invested is considered distributed to you in the year invested. Free efile 1040ez You may have to pay the 10% additional tax on early distributions, discussed later. Free efile 1040ez Collectibles. Free efile 1040ez   These include: Artworks, Rugs, Antiques, Metals, Gems, Stamps, Coins, Alcoholic beverages, and Certain other tangible personal property. Free efile 1040ez Exception. Free efile 1040ez    Your IRA can invest in one, one-half, one-quarter, or one-tenth ounce U. Free efile 1040ez S. Free efile 1040ez gold coins, or one-ounce silver coins minted by the Treasury Department. Free efile 1040ez It can also invest in certain platinum coins and certain gold, silver, palladium, and platinum bullion. Free efile 1040ez Excess Contributions Generally, an excess contribution is the amount contributed to your traditional IRA(s) for the year that is more than the smaller of: The maximum deductible amount for the year. Free efile 1040ez For 2013, this is $5,500 ($6,500 if you are 50 or older), or Your taxable compensation for the year. Free efile 1040ez Tax on excess contributions. Free efile 1040ez   In general, if the excess contributions for a year are not withdrawn by the date your return for the year is due (including extensions), you are subject to a 6% tax. Free efile 1040ez You must pay the 6% tax each year on excess amounts that remain in your traditional IRA at the end of your tax year. Free efile 1040ez The tax cannot be more than 6% of the combined value of all your IRAs as of the end of your tax year. Free efile 1040ez Excess contributions withdrawn by due date of return. Free efile 1040ez   You will not have to pay the 6% tax if you withdraw an excess contribution made during a tax year and you also withdraw interest or other income earned on the excess contribution. Free efile 1040ez You must complete your withdrawal by the date your tax return for that year is due, including extensions. Free efile 1040ez How to treat withdrawn contributions. Free efile 1040ez   Do not include in your gross income an excess contribution that you withdraw from your traditional IRA before your tax return is due if both the following conditions are met. Free efile 1040ez No deduction was allowed for the excess contribution. Free efile 1040ez You withdraw the interest or other income earned on the excess contribution. Free efile 1040ez You can take into account any loss on the contribution while it was in the IRA when calculating the amount that must be withdrawn. Free efile 1040ez If there was a loss, the net income you must withdraw may be a negative amount. Free efile 1040ez How to treat withdrawn interest or other income. Free efile 1040ez   You must include in your gross income the interest or other income that was earned on the excess contribution. Free efile 1040ez Report it on your return for the year in which the excess contribution was made. Free efile 1040ez Your withdrawal of interest or other income may be subject to an additional 10% tax on early distributions, discus
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Governmental Plans Updates

Governmental Plans Update - April 24, 2013

Determination letters for governmental plans - issues not addressed
Favorable letters don’t address employer pick-up contributions or qualified governmental excess benefit arrangements

Governmental Plans Update - November 29, 2012

Governmental Plans Update - April 18, 2012

Guidance on Normal Retirement Age Rules for Governmental Plans
Notice 2012-29 announces guidance under consideration that would affect NRA rules and extend the effective date of the 2007 regulations.

Governmental Plans Update - April 16, 2012

Register Now for the May 3 Governmental Plan Town Hall Meeting
Reserve your space now for the May 3, 2012, governmental plan town hall meeting in Cleveland, Ohio. Take advantage of this opportunity to provide your feedback on draft proposed standards for defining the term "governmental plan" under IRC section 414(d).

Governmental Plans Update - February 24, 2012

Meetings on Possible Governmental Plan Guidance
Two town hall meetings and one phone forum to discuss proposed drafts of the general guidance on possible standards for determining if a retirement plan is a governmental plan under IRC section 414(d).

Governmental Plans Update - February 6, 2012

Governmental and Indian Tribal Government Plans – Public Hearings
July 9 and 10 hearings will address two Advance Notices of Proposed Rulemaking

Governmental Plans Update - November 7, 2011

Request for Comments - Governmental Plans
IRS and Treasury solicit comments on possible standards for determining if a plan is a governmental plan under IRC section 414(d).

 


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  • a state or political subdivision, or their agency or instrumentality; or
  • an Indian tribal government, its subdivision, or an agency or instrumentality of either, the participants of which plan(s) are employees of that entity substantially performing services essential to governmental functions, rather than commercial activities.

The Governmental Plans Updates, prepared jointly by the offices of Employee Plans, Federal, State, and Local Governments, and Indian Tribal Governments, are brief summaries with links to other materials available on IRS.gov about:
 

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  • and recent guidance for governmental plans

 

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Page Last Reviewed or Updated: 14-Mar-2014

The Free Efile 1040ez

Free efile 1040ez Publication 527 - Introductory Material Table of Contents Future Developments What's New Reminders IntroductionSale of main home used as rental property. Free efile 1040ez Tax-free exchange of rental property occasionally used for personal purposes. Free efile 1040ez Ordering forms and publications. Free efile 1040ez Tax questions. Free efile 1040ez Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 527, such as legislation enacted after it was published, go to www. Free efile 1040ez irs. Free efile 1040ez gov/pub527. Free efile 1040ez What's New Net Investment Income Tax (NIIT). Free efile 1040ez  Beginning in 2013, you may be subject to the Net Investment Income Tax (NIIT). Free efile 1040ez NIIT is a 3. Free efile 1040ez 8% tax on the lesser of net investment income or the excess of modified adjusted gross income (MAGI) over the threshold amount. Free efile 1040ez Net investment income may include rental income and other income from passive activities. Free efile 1040ez Use Form 8960, Net Investment Income Tax, to figure this tax. Free efile 1040ez For more information on NIIT, go to IRS. Free efile 1040ez gov and enter “Net Investment Income Tax” in the search box. Free efile 1040ez Reminders Photographs of missing children. Free efile 1040ez  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Free efile 1040ez Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Free efile 1040ez 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. Free efile 1040ez Introduction Do you own a second house that you rent out all the time? Do you own a vacation home that you rent out when you or your family isn't using it? These are two common types of residential rental activities discussed in this publication. Free efile 1040ez In most cases, all rental income must be reported on your tax return, but there are differences in the expenses you are allowed to deduct and in the way the rental activity is reported on your return. Free efile 1040ez First, this publication will look at the rental-for-profit activity in which there is no personal use of the property. Free efile 1040ez We will look at types of income and when each is reported, and at types of expenses and which are deductible. Free efile 1040ez Chapter 2 discusses depreciation as it applies to your rental real estate activity—what property can be depreciated and how to figure it. Free efile 1040ez Chapter 3 covers the actual reporting of your rental income and deductions, including casualties and thefts, limitations on losses, and claiming the correct amount of depreciation. Free efile 1040ez Special rental situations are grouped together in chapter 4. Free efile 1040ez These include condominiums, cooperatives, property changed to rental use, renting only part of your property, and a not-for-profit rental activity. Free efile 1040ez Finally, in chapter 5, we will look at the rules for rental income and expenses when there is also personal use of the dwelling unit, such as a vacation home. Free efile 1040ez Sale or exchange of rental property. Free efile 1040ez   For information on how to figure and report any gain or loss from the sale, exchange or other disposition of your rental property, see Publication 544, Sales and Other Dispositions of Assets. Free efile 1040ez Sale of main home used as rental property. Free efile 1040ez   For information on how to figure and report any gain or loss from the sale or other disposition of your main home that you also used as rental property, see Publication 523, Selling Your Home. Free efile 1040ez Tax-free exchange of rental property occasionally used for personal purposes. Free efile 1040ez   If you meet certain qualifying use standards, you may qualify for a tax-free exchange (a like-kind or section 1031 exchange) of one piece of rental property you own for a similar piece of rental property, even if you have used the rental property for personal purposes. Free efile 1040ez   For information on the qualifying use standards, see Rev. Free efile 1040ez Proc. Free efile 1040ez 2008–16, 2008 IRB 547, at http://www. Free efile 1040ez irs. Free efile 1040ez gov/irb/2008-10_IRB/ar12. Free efile 1040ez html . Free efile 1040ez For more information on like-kind exchanges, see chapter 1 of Publication 544. Free efile 1040ez Comments and suggestions. Free efile 1040ez   We welcome your comments about this publication and your suggestions for future editions. Free efile 1040ez   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Free efile 1040ez NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Free efile 1040ez Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Free efile 1040ez   You can send your comments from www. Free efile 1040ez irs. Free efile 1040ez gov/formspubs/. Free efile 1040ez Click on “More Information” and then on “Comment on Tax Forms and Publications”. Free efile 1040ez   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. Free efile 1040ez Ordering forms and publications. Free efile 1040ez   Visit www. Free efile 1040ez irs. Free efile 1040ez 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. Free efile 1040ez Internal Revenue Service 1201 N. Free efile 1040ez Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Free efile 1040ez   If you have a tax question, check the information available on IRS. Free efile 1040ez gov or call 1-800-829-1040. Free efile 1040ez We cannot answer tax questions sent to either of the above addresses. Free efile 1040ez Useful Items - You may want to see: Publication 463 Travel, Entertainment, Gift, and Car Expenses 523 Selling Your Home 534 Depreciating Property Placed in Service Before 1987 535 Business Expenses 544 Sales and Other Dispositions of Assets 547 Casualties, Disasters, and Thefts 551 Basis of Assets 925 Passive Activity and At-Risk Rules 946 How To Depreciate Property Form (and Instructions) 4562 Depreciation and Amortization 5213 Election To Postpone Determination as To Whether the Presumption Applies That an Activity Is Engaged in for Profit 8582 Passive Activity Loss Limitations Schedule E (Form 1040) Supplemental Income and Loss   See chapter 6, How To Get Tax Help for information about getting these publications and forms. Free efile 1040ez Prev  Up  Next   Home   More Online Publications