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How To File 2011 Taxes Late Online

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How To File 2011 Taxes Late Online

How to file 2011 taxes late online 17. How to file 2011 taxes late online   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. How to file 2011 taxes late online  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. How to file 2011 taxes late online 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. How to file 2011 taxes late online For more information, see How Much Can Be Contributed? later. How to file 2011 taxes late online Roth IRA contribution limit. How to file 2011 taxes late online  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. How to file 2011 taxes late online 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. How to file 2011 taxes late online However, if your modified adjusted gross income (AGI) is above a certain amount, your contribution limit may be reduced. How to file 2011 taxes late online For more information, see How Much Can Be Contributed? under Can You Contribute to a Roth IRA? later. How to file 2011 taxes late online Modified AGI limit for traditional IRA contributions increased. How to file 2011 taxes late online  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. How to file 2011 taxes late online 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. How to file 2011 taxes late online If your modified AGI is $188,000 or more, you cannot take a deduction for contributions to a traditional IRA. How to file 2011 taxes late online See How Much Can You Deduct , later. How to file 2011 taxes late online Modified AGI limit for Roth IRA contributions increased. How to file 2011 taxes late online  For 2013, your Roth IRA contribution limit is reduced (phased out) in the following situations. How to file 2011 taxes late online Your filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $178,000. How to file 2011 taxes late online You cannot make a Roth IRA contribution if your modified AGI is $188,000 or more. How to file 2011 taxes late online 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. How to file 2011 taxes late online You cannot make a Roth IRA contribution if your modified AGI is $127,000 or more. How to file 2011 taxes late online 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-. How to file 2011 taxes late online You cannot make a Roth IRA contribution if your modified AGI is $10,000 or more. How to file 2011 taxes late online See Can You Contribute to a Roth IRA , later. How to file 2011 taxes late online Net Investment Income Tax. How to file 2011 taxes late online   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). How to file 2011 taxes late online However, these distributions are taken into account when determining the modified adjusted gross income threshold. How to file 2011 taxes late online Distributions from a nonqualified retirement plan are included in net investment income. How to file 2011 taxes late online See Form 8960, Net Investment Income Tax - Individuals, Estates, and Trusts, and its instructions for more information. How to file 2011 taxes late online Name change. How to file 2011 taxes late online  All spousal IRAs have been renamed Kay Bailey Hutchison Spousal IRAs. How to file 2011 taxes late online There are no changes to the rules regarding these IRAs. How to file 2011 taxes late online See Kay Bailey Hutchison Spousal IRA Limit , later, for more information. How to file 2011 taxes late online Reminders 2014 limits. How to file 2011 taxes late online   You can find information about the 2014 contribution and AGI limits in Publication 590. How to file 2011 taxes late online Contributions to both traditional and Roth IRAs. How to file 2011 taxes late online   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. How to file 2011 taxes late online Statement of required minimum distribution. How to file 2011 taxes late online  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. How to file 2011 taxes late online The report or offer must include the date by which the amount must be distributed. How to file 2011 taxes late online The report is due January 31 of the year in which the minimum distribution is required. How to file 2011 taxes late online It can be provided with the year-end fair market value statement that you normally get each year. How to file 2011 taxes late online No report is required for IRAs of owners who have died. How to file 2011 taxes late online IRA interest. How to file 2011 taxes late online  Although interest earned from your IRA is generally not taxed in the year earned, it is not tax-exempt interest. How to file 2011 taxes late online Tax on your traditional IRA is generally deferred until you take a distribution. How to file 2011 taxes late online Do not report this interest on your tax return as tax-exempt interest. How to file 2011 taxes late online Form 8606. How to file 2011 taxes late online   To designate contributions as nondeductible, you must file Form 8606, Nondeductible IRAs. How to file 2011 taxes late online The term “50 or older” is used several times in this chapter. How to file 2011 taxes late online It refers to an IRA owner who is age 50 or older by the end of the tax year. How to file 2011 taxes late online Introduction An individual retirement arrangement (IRA) is a personal savings plan that gives you tax advantages for setting aside money for your retirement. How to file 2011 taxes late online This chapter discusses the following topics. How to file 2011 taxes late online The rules for a traditional IRA (any IRA that is not a Roth or SIMPLE IRA). How to file 2011 taxes late online The Roth IRA, which features nondeductible contributions and tax-free distributions. How to file 2011 taxes late online Simplified Employee Pensions (SEPs) and Savings Incentive Match Plans for Employees (SIMPLEs) are not discussed in this chapter. How to file 2011 taxes late online For more information on these plans and employees' SEP IRAs and SIMPLE IRAs that are part of these plans, see Publications 560 and 590. How to file 2011 taxes late online For information about contributions, deductions, withdrawals, transfers, rollovers, and other transactions, see Publication 590. How to file 2011 taxes late online 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. How to file 2011 taxes late online ” A traditional IRA is any IRA that is not a Roth IRA or a SIMPLE IRA. How to file 2011 taxes late online 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. How to file 2011 taxes late online 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. How to file 2011 taxes late online What is compensation?   Generally, compensation is what you earn from working. How to file 2011 taxes late online Compensation includes wages, salaries, tips, professional fees, bonuses, and other amounts you receive for providing personal services. How to file 2011 taxes late online 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). How to file 2011 taxes late online   Scholarship and fellowship payments are compensation for this purpose only if shown in box 1 of Form W-2. How to file 2011 taxes late online   Compensation also includes commissions and taxable alimony and separate maintenance payments. How to file 2011 taxes late online Self-employment income. How to file 2011 taxes late online   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. How to file 2011 taxes late online   Compensation includes earnings from self-employment even if they are not subject to self-employment tax because of your religious beliefs. How to file 2011 taxes late online Nontaxable combat pay. How to file 2011 taxes late online   For IRA purposes, if you were a member of the U. How to file 2011 taxes late online S. How to file 2011 taxes late online Armed Forces, your compensation includes any nontaxable combat pay you receive. How to file 2011 taxes late online What is not compensation?   Compensation does not include any of the following items. How to file 2011 taxes late online Earnings and profits from property, such as rental income, interest income, and dividend income. How to file 2011 taxes late online Pension or annuity income. How to file 2011 taxes late online Deferred compensation received (compensation payments postponed from a past year). How to file 2011 taxes late online Income from a partnership for which you do not provide services that are a material income-producing factor. How to file 2011 taxes late online Conservation Reserve Program (CRP) payments reported on Schedule SE (Form 1040), line 1b. How to file 2011 taxes late online Any amounts (other than combat pay) you exclude from income, such as foreign earned income and housing costs. How to file 2011 taxes late online When and How Can a Traditional IRA Be Opened? You can open a traditional IRA at any time. How to file 2011 taxes late online However, the time for making contributions for any year is limited. How to file 2011 taxes late online See When Can Contributions Be Made , later. How to file 2011 taxes late online You can open different kinds of IRAs with a variety of organizations. How to file 2011 taxes late online You can open an IRA at a bank or other financial institution or with a mutual fund or life insurance company. How to file 2011 taxes late online You can also open an IRA through your stockbroker. How to file 2011 taxes late online Any IRA must meet Internal Revenue Code requirements. How to file 2011 taxes late online Kinds of traditional IRAs. How to file 2011 taxes late online   Your traditional IRA can be an individual retirement account or annuity. How to file 2011 taxes late online It can be part of either a simplified employee pension (SEP) or an employer or employee association trust account. How to file 2011 taxes late online How Much Can Be Contributed? There are limits and other rules that affect the amount that can be contributed to a traditional IRA. How to file 2011 taxes late online These limits and other rules are explained below. How to file 2011 taxes late online Community property laws. How to file 2011 taxes late online   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. How to file 2011 taxes late online This is the rule even in states with community property laws. How to file 2011 taxes late online Brokers' commissions. How to file 2011 taxes late online   Brokers' commissions paid in connection with your traditional IRA are subject to the contribution limit. How to file 2011 taxes late online Trustees' fees. How to file 2011 taxes late online   Trustees' administrative fees are not subject to the contribution limit. How to file 2011 taxes late online Qualified reservist repayments. How to file 2011 taxes late online   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. How to file 2011 taxes late online 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. How to file 2011 taxes late online 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. How to file 2011 taxes late online   For more information, see Qualified reservist repayments under How Much Can Be Contributed? in chapter 1 of Publication 590. How to file 2011 taxes late online Contributions on your behalf to a traditional IRA reduce your limit for contributions to a Roth IRA. How to file 2011 taxes late online (See Roth IRAs, later. How to file 2011 taxes late online ) General limit. How to file 2011 taxes late online   For 2013, the most that can be contributed to your traditional IRA generally is the smaller of the following amounts. How to file 2011 taxes late online $5,500 ($6,500 if you are 50 or older). How to file 2011 taxes late online Your taxable compensation (defined earlier) for the year. How to file 2011 taxes late online 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. How to file 2011 taxes late online (See Nondeductible Contributions , later. How to file 2011 taxes late online ) Qualified reservist repayments do not affect this limit. How to file 2011 taxes late online Example 1. How to file 2011 taxes late online Betty, who is 34 years old and single, earned $24,000 in 2013. How to file 2011 taxes late online Her IRA contributions for 2013 are limited to $5,500. How to file 2011 taxes late online Example 2. How to file 2011 taxes late online John, an unmarried college student working part time, earned $3,500 in 2013. How to file 2011 taxes late online His IRA contributions for 2013 are limited to $3,500, the amount of his compensation. How to file 2011 taxes late online Kay Bailey Hutchison Spousal IRA limit. How to file 2011 taxes late online   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. How to file 2011 taxes late online $5,500 ($6,500 if you are 50 or older). How to file 2011 taxes late online The total compensation includible in the gross income of both you and your spouse for the year, reduced by the following two amounts. How to file 2011 taxes late online Your spouse's IRA contribution for the year to a traditional IRA. How to file 2011 taxes late online Any contribution for the year to a Roth IRA on behalf of your spouse. How to file 2011 taxes late online 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). How to file 2011 taxes late online 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). How to file 2011 taxes late online Contributions must be in the form of money (cash, check, or money order). How to file 2011 taxes late online Property cannot be contributed. How to file 2011 taxes late online Contributions must be made by due date. How to file 2011 taxes late online   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. How to file 2011 taxes late online Age 70½ rule. How to file 2011 taxes late online   Contributions cannot be made to your traditional IRA for the year in which you reach age 70½ or for any later year. How to file 2011 taxes late online   You attain age 70½ on the date that is 6 calendar months after the 70th anniversary of your birth. How to file 2011 taxes late online If you were born on or before June 30, 1943, you cannot contribute for 2013 or any later year. How to file 2011 taxes late online Designating year for which contribution is made. How to file 2011 taxes late online   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. How to file 2011 taxes late online 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). How to file 2011 taxes late online Filing before a contribution is made. How to file 2011 taxes late online   You can file your return claiming a traditional IRA contribution before the contribution is actually made. How to file 2011 taxes late online Generally, the contribution must be made by the due date of your return, not including extensions. How to file 2011 taxes late online Contributions not required. How to file 2011 taxes late online   You do not have to contribute to your traditional IRA for every tax year, even if you can. How to file 2011 taxes late online 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). How to file 2011 taxes late online However, if you or your spouse was covered by an employer retirement plan, you may not be able to deduct this amount. How to file 2011 taxes late online See Limit If Covered by Employer Plan , later. How to file 2011 taxes late online You may be able to claim a credit for contributions to your traditional IRA. How to file 2011 taxes late online For more information, see chapter 37. How to file 2011 taxes late online Trustees' fees. How to file 2011 taxes late online   Trustees' administrative fees that are billed separately and paid in connection with your traditional IRA are not deductible as IRA contributions. How to file 2011 taxes late online However, they may be deductible as a miscellaneous itemized deduction on Schedule A (Form 1040). How to file 2011 taxes late online See chapter 28. How to file 2011 taxes late online Brokers' commissions. How to file 2011 taxes late online   Brokers' commissions are part of your IRA contribution and, as such, are deductible subject to the limits. How to file 2011 taxes late online Full deduction. How to file 2011 taxes late online   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). How to file 2011 taxes late online 100% of your compensation. How to file 2011 taxes late online This limit is reduced by any contributions made to a 501(c)(18) plan on your behalf. How to file 2011 taxes late online Kay Bailey Hutchison Spousal IRA. How to file 2011 taxes late online   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. How to file 2011 taxes late online $5,500 ($6,500 if the spouse with the lower compensation is age 50 or older in 2013). How to file 2011 taxes late online The total compensation includible in the gross income of both spouses for the year reduced by the following three amounts. How to file 2011 taxes late online The IRA deduction for the year of the spouse with the greater compensation. How to file 2011 taxes late online Any designated nondeductible contribution for the year made on behalf of the spouse with the greater compensation. How to file 2011 taxes late online Any contributions for the year to a Roth IRA on behalf of the spouse with the greater compensation. How to file 2011 taxes late online This limit is reduced by any contributions to a 501(c)(18) plan on behalf of the spouse with the lesser compensation. How to file 2011 taxes late online Note. How to file 2011 taxes late online 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. How to file 2011 taxes late online After a divorce or legal separation, you can deduct only contributions to your own IRA. How to file 2011 taxes late online Your deductions are subject to the rules for single individuals. How to file 2011 taxes late online Covered by an employer retirement plan. How to file 2011 taxes late online   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. How to file 2011 taxes late online This is discussed later under Limit If Covered by Employer Plan . How to file 2011 taxes late online Limits on the amount you can deduct do not affect the amount that can be contributed. How to file 2011 taxes late online See Nondeductible Contributions , later. How to file 2011 taxes late online 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. How to file 2011 taxes late online The “Retirement plan” box should be checked if you were covered. How to file 2011 taxes late online Reservists and volunteer firefighters should also see Situations in Which You Are Not Covered by an Employer Plan , later. How to file 2011 taxes late online If you are not certain whether you were covered by your employer's retirement plan, you should ask your employer. How to file 2011 taxes late online Federal judges. How to file 2011 taxes late online   For purposes of the IRA deduction, federal judges are covered by an employer retirement plan. How to file 2011 taxes late online 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. How to file 2011 taxes late online These rules differ depending on whether the plan is a defined contribution plan or a defined benefit plan. How to file 2011 taxes late online Tax year. How to file 2011 taxes late online   Your tax year is the annual accounting period you use to keep records and report income and expenses on your income tax return. How to file 2011 taxes late online For almost all people, the tax year is the calendar year. How to file 2011 taxes late online Defined contribution plan. How to file 2011 taxes late online   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. How to file 2011 taxes late online   A defined contribution plan is a plan that provides for a separate account for each person covered by the plan. How to file 2011 taxes late online Types of defined contribution plans include profit-sharing plans, stock bonus plans, and money purchase pension plans. How to file 2011 taxes late online Defined benefit plan. How to file 2011 taxes late online   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. How to file 2011 taxes late online 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. How to file 2011 taxes late online   A defined benefit plan is any plan that is not a defined contribution plan. How to file 2011 taxes late online Defined benefit plans include pension plans and annuity plans. How to file 2011 taxes late online No vested interest. How to file 2011 taxes late online   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. How to file 2011 taxes late online 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. How to file 2011 taxes late online Social security or railroad retirement. How to file 2011 taxes late online   Coverage under social security or railroad retirement is not coverage under an employer retirement plan. How to file 2011 taxes late online Benefits from a previous employer's plan. How to file 2011 taxes late online   If you receive retirement benefits from a previous employer's plan, you are not covered by that plan. How to file 2011 taxes late online Reservists. How to file 2011 taxes late online   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. How to file 2011 taxes late online You are not covered by the plan if both of the following conditions are met. How to file 2011 taxes late online 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. How to file 2011 taxes late online You did not serve more than 90 days on active duty during the year (not counting duty for training). How to file 2011 taxes late online Volunteer firefighters. How to file 2011 taxes late online   If the only reason you participate in a plan is because you are a volunteer firefighter, you may not be covered by the plan. How to file 2011 taxes late online You are not covered by the plan if both of the following conditions are met. How to file 2011 taxes late online 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. How to file 2011 taxes late online Your accrued retirement benefits at the beginning of the year will not provide more than $1,800 per year at retirement. How to file 2011 taxes late online 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. How to file 2011 taxes late online 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. How to file 2011 taxes late online These amounts vary depending on your filing status. How to file 2011 taxes late online To determine if your deduction is subject to phaseout, you must determine your modified adjusted gross income (AGI) and your filing status. How to file 2011 taxes late online See Filing status and Modified adjusted gross income (AGI) , later. How to file 2011 taxes late online Then use Table 17-1 or 17-2 to determine if the phaseout applies. How to file 2011 taxes late online Social security recipients. How to file 2011 taxes late online   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. How to file 2011 taxes late online You received social security benefits. How to file 2011 taxes late online You received taxable compensation. How to file 2011 taxes late online Contributions were made to your traditional IRA. How to file 2011 taxes late online You or your spouse was covered by an employer retirement plan. How to file 2011 taxes late online Use those worksheets to figure your IRA deduction, your nondeductible contribution, and the taxable portion, if any, of your social security benefits. How to file 2011 taxes late online Deduction phaseout. How to file 2011 taxes late online   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. How to file 2011 taxes late online Table 17-1. How to file 2011 taxes late online 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. How to file 2011 taxes late online IF your filing status is. How to file 2011 taxes late online . How to file 2011 taxes late online . How to file 2011 taxes late online   AND your modified AGI is. How to file 2011 taxes late online . How to file 2011 taxes late online . How to file 2011 taxes late online   THEN you can take. How to file 2011 taxes late online . How to file 2011 taxes late online . How to file 2011 taxes late online single   or  head of household   $59,000 or less   a full deduction. How to file 2011 taxes late online   more than $59,000 but less than $69,000   a partial deduction. How to file 2011 taxes late online   $69,000 or more   no deduction. How to file 2011 taxes late online married filing jointly   or  qualifying widow(er)   $95,000 or less   a full deduction. How to file 2011 taxes late online   more than $95,000 but less than $115,000   a partial deduction. How to file 2011 taxes late online   $115,000 or more   no deduction. How to file 2011 taxes late online married filing separately2   less than $10,000   a partial deduction. How to file 2011 taxes late online   $10,000 or more   no deduction. How to file 2011 taxes late online 1Modified AGI (adjusted gross income). How to file 2011 taxes late online See Modified adjusted gross income (AGI) . How to file 2011 taxes late online 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). How to file 2011 taxes late online If your spouse is covered. How to file 2011 taxes late online   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. How to file 2011 taxes late online Filing status. How to file 2011 taxes late online   Your filing status depends primarily on your marital status. How to file 2011 taxes late online 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. How to file 2011 taxes late online If you need more information on filing status, see chapter 2. How to file 2011 taxes late online Lived apart from spouse. How to file 2011 taxes late online   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. How to file 2011 taxes late online Table 17-2. How to file 2011 taxes late online 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. How to file 2011 taxes late online IF your filing status is. How to file 2011 taxes late online . How to file 2011 taxes late online . How to file 2011 taxes late online   AND your modified AGI is. How to file 2011 taxes late online . How to file 2011 taxes late online . How to file 2011 taxes late online   THEN you can take. How to file 2011 taxes late online . How to file 2011 taxes late online . How to file 2011 taxes late online single, head of household, or qualifying widow(er)   any amount   a full deduction. How to file 2011 taxes late online married filing jointly or separately with a spouse who is not covered by a plan at work   any amount   a full deduction. How to file 2011 taxes late online married filing jointly with a spouse who is covered by a plan at work   $178,000 or less   a full deduction. How to file 2011 taxes late online   more than $178,000 but less than $188,000   a partial deduction. How to file 2011 taxes late online   $188,000 or more   no deduction. How to file 2011 taxes late online married filing separately with a spouse who is covered by a plan at work2   less than $10,000   a partial deduction. How to file 2011 taxes late online   $10,000 or more   no deduction. How to file 2011 taxes late online 1Modified AGI (adjusted gross income). How to file 2011 taxes late online See Modified adjusted gross income (AGI) . How to file 2011 taxes late online 2You are entitled to the full deduction if you did not live with your spouse at any time during the year. How to file 2011 taxes late online Modified adjusted gross income (AGI). How to file 2011 taxes late online   How you figure your modified AGI depends on whether you are filing Form 1040 or Form 1040A. How to file 2011 taxes late online If you made contributions to your IRA for 2013 and received a distribution from your IRA in 2013, see Publication 590. How to file 2011 taxes late online You may be able to use Worksheet 17-1 to figure your modified AGI. How to file 2011 taxes late online    Do not assume that your modified AGI is the same as your compensation. How to file 2011 taxes late online Your modified AGI may include income in addition to your compensation (discussed earlier), such as interest, dividends, and income from IRA distributions. How to file 2011 taxes late online Form 1040. How to file 2011 taxes late online   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. How to file 2011 taxes late online IRA deduction. How to file 2011 taxes late online Student loan interest deduction. How to file 2011 taxes late online Tuition and fees deduction. How to file 2011 taxes late online Domestic production activities deduction. How to file 2011 taxes late online Foreign earned income exclusion. How to file 2011 taxes late online Foreign housing exclusion or deduction. How to file 2011 taxes late online Exclusion of qualified savings bond interest shown on Form 8815, Exclusion of Interest From Series EE and I U. How to file 2011 taxes late online S. How to file 2011 taxes late online Savings Bonds Issued After 1989. How to file 2011 taxes late online Exclusion of employer-provided adoption benefits shown on Form 8839, Qualified Adoption Expenses. How to file 2011 taxes late online This is your modified AGI. How to file 2011 taxes late online Form 1040A. How to file 2011 taxes late online   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. How to file 2011 taxes late online IRA deduction. How to file 2011 taxes late online Student loan interest deduction. How to file 2011 taxes late online Tuition and fees deduction. How to file 2011 taxes late online Exclusion of qualified savings bond interest shown on Form 8815. How to file 2011 taxes late online This is your modified AGI. How to file 2011 taxes late online Both contributions for 2013 and distributions in 2013. How to file 2011 taxes late online   If all three of the following apply, any IRA distributions you received in 2013 may be partly tax free and partly taxable. How to file 2011 taxes late online You received distributions in 2013 from one or more traditional IRAs. How to file 2011 taxes late online You made contributions to a traditional IRA for 2013. How to file 2011 taxes late online Some of those contributions may be nondeductible contributions. How to file 2011 taxes late online If this is your situation, you must figure the taxable part of the traditional IRA distribution before you can figure your modified AGI. How to file 2011 taxes late online To do this, you can use Worksheet 1-5, Figuring the Taxable Part of Your IRA Distribution, in Publication 590. How to file 2011 taxes late online   If at least one of the above does not apply, figure your modified AGI using Worksheet 17-1, later. How to file 2011 taxes late online    How to figure your reduced IRA deduction. How to file 2011 taxes late online   You can figure your reduced IRA deduction for either Form 1040 or Form 1040A by using the worksheets in chapter 1 of Publication 590. How to file 2011 taxes late online Also, the instructions for Form 1040 and Form 1040A include similar worksheets that you may be able to use instead. How to file 2011 taxes late online Worksheet 17-1. How to file 2011 taxes late online Figuring Your Modified AGI Use this worksheet to figure your modified adjusted gross income for traditional IRA purposes. How to file 2011 taxes late online 1. How to file 2011 taxes late online 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. How to file 2011 taxes late online   2. How to file 2011 taxes late online Enter any student loan interest deduction from Form 1040, line 33, or Form 1040A, line 18 2. How to file 2011 taxes late online   3. How to file 2011 taxes late online Enter any tuition and fees deduction from Form 1040, line 34, or Form 1040A, line 19 3. How to file 2011 taxes late online   4. How to file 2011 taxes late online Enter any domestic production activities deduction from Form 1040, line 35 4. How to file 2011 taxes late online   5. How to file 2011 taxes late online Enter any foreign earned income and/or housing exclusion from Form 2555, line 45, or Form 2555-EZ, line 18 5. How to file 2011 taxes late online   6. How to file 2011 taxes late online Enter any foreign housing deduction from Form 2555, line 50 6. How to file 2011 taxes late online   7. How to file 2011 taxes late online Enter any excludable savings bond interest from Form 8815, line 14 7. How to file 2011 taxes late online   8. How to file 2011 taxes late online Enter any excluded employer-provided adoption benefits from Form 8839, line 28 8. How to file 2011 taxes late online   9. How to file 2011 taxes late online Add lines 1 through 8. How to file 2011 taxes late online This is your Modified AGI for traditional IRA purposes 9. How to file 2011 taxes late online   Reporting Deductible Contributions If you file Form 1040, enter your IRA deduction on line 32 of that form. How to file 2011 taxes late online If you file Form 1040A, enter your IRA deduction on line 17. How to file 2011 taxes late online You cannot deduct IRA contributions on Form 1040EZ. How to file 2011 taxes late online 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. How to file 2011 taxes late online The difference between your total permitted contributions and your IRA deduction, if any, is your nondeductible contribution. How to file 2011 taxes late online Example. How to file 2011 taxes late online Mike is 28 years old and single. How to file 2011 taxes late online In 2013, he was covered by a retirement plan at work. How to file 2011 taxes late online His salary was $57,312. How to file 2011 taxes late online His modified AGI was $70,000. How to file 2011 taxes late online Mike made a $5,500 IRA contribution for 2013. How to file 2011 taxes late online Because he was covered by a retirement plan and his modified AGI was over $69,000, he cannot deduct his $5,500 IRA contribution. How to file 2011 taxes late online He must designate this contribution as a nondeductible contribution by reporting it on Form 8606, as explained next. How to file 2011 taxes late online Form 8606. How to file 2011 taxes late online   To designate contributions as nondeductible, you must file Form 8606. How to file 2011 taxes late online   You do not have to designate a contribution as nondeductible until you file your tax return. How to file 2011 taxes late online When you file, you can even designate otherwise deductible contributions as nondeductible. How to file 2011 taxes late online   You must file Form 8606 to report nondeductible contributions even if you do not have to file a tax return for the year. How to file 2011 taxes late online 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. How to file 2011 taxes late online In those situations, a Form 8606 is completed for the year you take a distribution from that IRA. How to file 2011 taxes late online See Form 8606 under Distributions Fully or Partly Taxable, later. How to file 2011 taxes late online Failure to report nondeductible contributions. How to file 2011 taxes late online   If you do not report nondeductible contributions, all of the contributions to your traditional IRA will be treated as deductible contributions when withdrawn. How to file 2011 taxes late online All distributions from your IRA will be taxed unless you can show, with satisfactory evidence, that nondeductible contributions were made. How to file 2011 taxes late online Penalty for overstatement. How to file 2011 taxes late online   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. How to file 2011 taxes late online Penalty for failure to file Form 8606. How to file 2011 taxes late online   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. How to file 2011 taxes late online    Tax on earnings on nondeductible contributions. How to file 2011 taxes late online   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. How to file 2011 taxes late online See When Can You Withdraw or Use IRA Assets , later. How to file 2011 taxes late online Cost basis. How to file 2011 taxes late online   You will have a cost basis in your traditional IRA if you made any nondeductible contributions. How to file 2011 taxes late online Your cost basis is the sum of the nondeductible contributions to your IRA minus any withdrawals or distributions of nondeductible contributions. How to file 2011 taxes late online Inherited IRAs If you inherit a traditional IRA, you are called a beneficiary. How to file 2011 taxes late online A beneficiary can be any person or entity the owner chooses to receive the benefits of the IRA after he or she dies. How to file 2011 taxes late online Beneficiaries of a traditional IRA must include in their gross income any taxable distributions they receive. How to file 2011 taxes late online Inherited from spouse. How to file 2011 taxes late online   If you inherit a traditional IRA from your spouse, you generally have the following three choices. How to file 2011 taxes late online You can: Treat it as your own IRA by designating yourself as the account owner. How to file 2011 taxes late online 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). How to file 2011 taxes late online Treat yourself as the beneficiary rather than treating the IRA as your own. How to file 2011 taxes late online Treating it as your own. How to file 2011 taxes late online   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. How to file 2011 taxes late online 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. How to file 2011 taxes late online   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. How to file 2011 taxes late online Inherited from someone other than spouse. How to file 2011 taxes late online   If you inherit a traditional IRA from anyone other than your deceased spouse, you cannot treat the inherited IRA as your own. How to file 2011 taxes late online This means that you cannot make any contributions to the IRA. How to file 2011 taxes late online It also means you cannot roll over any amounts into or out of the inherited IRA. How to file 2011 taxes late online 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. How to file 2011 taxes late online For more information, see the discussion of inherited IRAs under Rollover From One IRA Into Another, later. How to file 2011 taxes late online 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. How to file 2011 taxes late online You can make the following kinds of transfers. How to file 2011 taxes late online Transfers from one trustee to another. How to file 2011 taxes late online Rollovers. How to file 2011 taxes late online Transfers incident to a divorce. How to file 2011 taxes late online Transfers to Roth IRAs. How to file 2011 taxes late online   Under certain conditions, you can move assets from a traditional IRA or from a designated Roth account to a Roth IRA. How to file 2011 taxes late online You can also move assets from a qualified retirement plan to a Roth IRA. How to file 2011 taxes late online See Can You Move Amounts Into a Roth IRA? under Roth IRAs, later. How to file 2011 taxes late online 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. How to file 2011 taxes late online Because there is no distribution to you, the transfer is tax free. How to file 2011 taxes late online 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 . How to file 2011 taxes late online 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. How to file 2011 taxes late online 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. How to file 2011 taxes late online The contribution to the second retirement plan is called a “rollover contribution. How to file 2011 taxes late online ” Note. How to file 2011 taxes late online 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. How to file 2011 taxes late online Kinds of rollovers to a traditional IRA. How to file 2011 taxes late online   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). How to file 2011 taxes late online Treatment of rollovers. How to file 2011 taxes late online   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 . How to file 2011 taxes late online Kinds of rollovers from a traditional IRA. How to file 2011 taxes late online   You may be able to roll over, tax free, a distribution from your traditional IRA into a qualified plan. How to file 2011 taxes late online 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). How to file 2011 taxes late online The part of the distribution that you can roll over is the part that would otherwise be taxable (includible in your income). How to file 2011 taxes late online Qualified plans may, but are not required to, accept such rollovers. How to file 2011 taxes late online Time limit for making a rollover contribution. How to file 2011 taxes late online   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. How to file 2011 taxes late online 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. How to file 2011 taxes late online For more information, see Can You Move Retirement Plan Assets? in chapter 1 of Publication 590. How to file 2011 taxes late online Extension of rollover period. How to file 2011 taxes late online   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. How to file 2011 taxes late online For more information, see Can You Move Retirement Plan Assets? in chapter 1 of Publication 590. How to file 2011 taxes late online More information. How to file 2011 taxes late online   For more information on rollovers, see Can You Move Retirement Plan Assets? in chapter 1 of Publication 590. How to file 2011 taxes late online 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. How to file 2011 taxes late online Because this is a rollover, you cannot deduct the amount that you reinvest in an IRA. How to file 2011 taxes late online Waiting period between rollovers. How to file 2011 taxes late online   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. How to file 2011 taxes late online 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. How to file 2011 taxes late online   The 1-year period begins on the date you receive the IRA distribution, not on the date you roll it over into an IRA. How to file 2011 taxes late online Example. How to file 2011 taxes late online You have two traditional IRAs, IRA-1 and IRA-2. How to file 2011 taxes late online You make a tax-free rollover of a distribution from IRA-1 into a new traditional IRA (IRA-3). How to file 2011 taxes late online 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. How to file 2011 taxes late online 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. How to file 2011 taxes late online 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. How to file 2011 taxes late online Exception. How to file 2011 taxes late online   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. How to file 2011 taxes late online Partial rollovers. How to file 2011 taxes late online   If you withdraw assets from a traditional IRA, you can roll over part of the withdrawal tax free and keep the rest of it. How to file 2011 taxes late online The amount you keep will generally be taxable (except for the part that is a return of nondeductible contributions). How to file 2011 taxes late online 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? . How to file 2011 taxes late online Required distributions. How to file 2011 taxes late online   Amounts that must be distributed during a particular year under the required distribution rules (discussed later) are not eligible for rollover treatment. How to file 2011 taxes late online Inherited IRAs. How to file 2011 taxes late online   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. How to file 2011 taxes late online See Treating it as your own , earlier. How to file 2011 taxes late online Not inherited from spouse. How to file 2011 taxes late online   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. How to file 2011 taxes late online You must withdraw the IRA assets within a certain period. How to file 2011 taxes late online For more information, see When Must You Withdraw Assets? in chapter 1 of Publication 590. How to file 2011 taxes late online Reporting rollovers from IRAs. How to file 2011 taxes late online   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. How to file 2011 taxes late online   Enter the total amount of the distribution on Form 1040, line 15a, or Form 1040A, line 11a. How to file 2011 taxes late online 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. How to file 2011 taxes late online 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. How to file 2011 taxes late online Put “Rollover” next to Form 1040, line 15b, or Form 1040A, line 11b. How to file 2011 taxes late online See your tax return instructions. How to file 2011 taxes late online   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. How to file 2011 taxes late online 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). How to file 2011 taxes late online A qualified plan is one that meets the requirements of the Internal Revenue Code. How to file 2011 taxes late online Eligible rollover distribution. How to file 2011 taxes late online   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. How to file 2011 taxes late online A required minimum distribution (explained later under When Must You Withdraw IRA Assets? (Required Minimum Distributions) ). How to file 2011 taxes late online A hardship distribution. How to file 2011 taxes late online 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. How to file 2011 taxes late online Corrective distributions of excess contributions or excess deferrals, and any income allocable to the excess, or of excess annual additions and any allocable gains. How to file 2011 taxes late online 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. How to file 2011 taxes late online Dividends on employer securities. How to file 2011 taxes late online The cost of life insurance coverage. How to file 2011 taxes late online Any nontaxable amounts that you roll over into your traditional IRA become part of your basis (cost) in your IRAs. How to file 2011 taxes late online To recover your basis when you take distributions from your IRA, you must complete Form 8606 for the year of the distribution. How to file 2011 taxes late online See Form 8606 under Distributions Fully or Partly Taxable, later. How to file 2011 taxes late online Rollover by nonspouse beneficiary. How to file 2011 taxes late online   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. How to file 2011 taxes late online The IRA is treated as an inherited IRA. How to file 2011 taxes late online For more information about inherited IRAs, see Inherited IRAs , earlier. How to file 2011 taxes late online Reporting rollovers from employer plans. How to file 2011 taxes late online    Enter the total distribution (before income tax or other deductions were withheld) on Form 1040, line 16a, or Form 1040A, line 12a. How to file 2011 taxes late online This amount should be shown in box 1 of Form 1099-R. How to file 2011 taxes late online From this amount, subtract any contributions (usually shown in box 5 of Form 1099-R) that were taxable to you when made. How to file 2011 taxes late online From that result, subtract the amount that was rolled over either directly or within 60 days of receiving the distribution. How to file 2011 taxes late online Enter the remaining amount, even if zero, on Form 1040, line 16b, or Form 1040A, line 12b. How to file 2011 taxes late online Also, enter "Rollover" next to Form 1040, line 16b, or Form 1040A, line 12b. How to file 2011 taxes late online 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. How to file 2011 taxes late online The transfer is tax free. How to file 2011 taxes late online For detailed information, see Can You Move Retirement Plan Assets? in chapter 1 of Publication 590. How to file 2011 taxes late online Converting From Any Traditional IRA to a Roth IRA Allowable conversions. How to file 2011 taxes late online   You can withdraw all or part of the assets from a traditional IRA and reinvest them (within 60 days) in a Roth IRA. How to file 2011 taxes late online The amount that you withdraw and timely contribute (convert) to the Roth IRA is called a conversion contribution. How to file 2011 taxes late online If properly (and timely) rolled over, the 10% additional tax on early distributions will not apply. How to file 2011 taxes late online However, a part or all of the conversion contribution from your traditional IRA is included in your gross income. How to file 2011 taxes late online Required distributions. How to file 2011 taxes late online   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). How to file 2011 taxes late online Income. How to file 2011 taxes late online   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. How to file 2011 taxes late online 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. How to file 2011 taxes late online   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. How to file 2011 taxes late online   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. How to file 2011 taxes late online   If you must include any amount in your gross income, you may have to increase your withholding or make estimated tax payments. How to file 2011 taxes late online See chapter 4. How to file 2011 taxes late online 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. How to file 2011 taxes late online This is called recharacterizing the contribution. How to file 2011 taxes late online See Can You Move Retirement Plan Assets? in chapter 1 of Publication 590 for more detailed information. How to file 2011 taxes late online How to recharacterize a contribution. How to file 2011 taxes late online   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. How to file 2011 taxes late online 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. How to file 2011 taxes late online If you recharacterize your contribution, you must do all three of the following. How to file 2011 taxes late online Include in the transfer any net income allocable to the contribution. How to file 2011 taxes late online If there was a loss, the net income you must transfer may be a negative amount. How to file 2011 taxes late online Report the recharacterization on your tax return for the year during which the contribution was made. How to file 2011 taxes late online Treat the contribution as having been made to the second IRA on the date that it was actually made to the first IRA. How to file 2011 taxes late online No deduction allowed. How to file 2011 taxes late online   You cannot deduct the contribution to the first IRA. How to file 2011 taxes late online Any net income you transfer with the recharacterized contribution is treated as earned in the second IRA. How to file 2011 taxes late online Required notifications. How to file 2011 taxes late online   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. How to file 2011 taxes late online You must make the notifications by the date of the transfer. How to file 2011 taxes late online Only one notification is required if both IRAs are maintained by the same trustee. How to file 2011 taxes late online The notification(s) must include all of the following information. How to file 2011 taxes late online The type and amount of the contribution to the first IRA that is to be recharacterized. How to file 2011 taxes late online The date on which the contribution was made to the first IRA and the year for which it was made. How to file 2011 taxes late online 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. How to file 2011 taxes late online The name of the trustee of the first IRA and the name of the trustee of the second IRA. How to file 2011 taxes late online Any additional information needed to make the transfer. How to file 2011 taxes late online Reporting a recharacterization. How to file 2011 taxes late online   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. How to file 2011 taxes late online You must treat the contribution as having been made to the second IRA. How to file 2011 taxes late online When Can You Withdraw or Use IRA Assets? There are rules limiting use of your IRA assets and distributions from it. How to file 2011 taxes late online Violation of the rules generally results in additional taxes in the year of violation. How to file 2011 taxes late online See What Acts Result in Penalties or Additional Taxes , later. How to file 2011 taxes late online Contributions returned before the due date of return. How to file 2011 taxes late online   If you made IRA contributions in 2013, you can withdraw them tax free by the due date of your return. How to file 2011 taxes late online If you have an extension of time to file your return, you can withdraw them tax free by the extended due date. How to file 2011 taxes late online You can do this if, for each contribution you withdraw, both of the following conditions apply. How to file 2011 taxes late online You did not take a deduction for the contribution. How to file 2011 taxes late online You withdraw any interest or other income earned on the contribution. How to file 2011 taxes late online You can take into account any loss on the contribution while it was in the IRA when calculating the amount that must be withdrawn. How to file 2011 taxes late online If there was a loss, the net income earned on the contribution may be a negative amount. How to file 2011 taxes late online Note. How to file 2011 taxes late online 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. How to file 2011 taxes late online Earnings includible in income. How to file 2011 taxes late online   You must include in income any earnings on the contributions you withdraw. How to file 2011 taxes late online Include the earnings in income for the year in which you made the contributions, not in the year in which you withdraw them. How to file 2011 taxes late online 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. How to file 2011 taxes late online Excess contributions can also be recovered tax free as discussed under What Acts Result in Penalties or Additional Taxes?, later. How to file 2011 taxes late online    Early distributions tax. How to file 2011 taxes late online   The 10% additional tax on distributions made before you reach age 59½ does not apply to these tax-free withdrawals of your contributions. How to file 2011 taxes late online 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. How to file 2011 taxes late online When Must You Withdraw IRA Assets? (Required Minimum Distributions) You cannot keep funds in a traditional IRA indefinitely. How to file 2011 taxes late online Eventually they must be distributed. How to file 2011 taxes late online 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. How to file 2011 taxes late online See Excess Accumulations (Insufficient Distributions) , later. How to file 2011 taxes late online The requirements for distributing IRA funds differ depending on whether you are the IRA owner or the beneficiary of a decedent's IRA. How to file 2011 taxes late online Required minimum distribution. How to file 2011 taxes late online   The amount that must be distributed each year is referred to as the required minimum distribution. How to file 2011 taxes late online Required distributions not eligible for rollover. How to file 2011 taxes late online   Amounts that must be distributed (required minimum distributions) during a particular year are not eligible for rollover treatment. How to file 2011 taxes late online IRA owners. How to file 2011 taxes late online   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. How to file 2011 taxes late online April 1 of the year following the year in which you reach age 70½ is referred to as the required beginning date. How to file 2011 taxes late online Distributions by the required beginning date. How to file 2011 taxes late online   You must receive at least a minimum amount for each year starting with the year you reach age 70½ (your 70½ year). How to file 2011 taxes late online 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. How to file 2011 taxes late online   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. How to file 2011 taxes late online 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. How to file 2011 taxes late online Distributions after the required beginning date. How to file 2011 taxes late online   The required minimum distribution for any year after the year you turn 70½ must be made by December 31 of that later year. How to file 2011 taxes late online    Beneficiaries. How to file 2011 taxes late online   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. How to file 2011 taxes late online More information. How to file 2011 taxes late online   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. How to file 2011 taxes late online Are Distributions Taxable? In general, distributions from a traditional IRA are taxable in the year you receive them. How to file 2011 taxes late online Exceptions. How to file 2011 taxes late online   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 . How to file 2011 taxes late online    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. How to file 2011 taxes late online 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. How to file 2011 taxes late online Qualified charitable distributions (QCD). How to file 2011 taxes late online   A QCD is generally a nontaxable distribution made directly by the trustee of your IRA to an organization eligible to receive tax-deductible contributions. How to file 2011 taxes late online Special rules apply if you made a qualified charitable distribution in January 2013 that you elected to treat as made in 2012. How to file 2011 taxes late online See Qualified Charitable Distributions in Publication 590 for more information. How to file 2011 taxes late online Ordinary income. How to file 2011 taxes late online   Distributions from traditional IRAs that you include in income are taxed as ordinary income. How to file 2011 taxes late online No special treatment. How to file 2011 taxes late online   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. How to file 2011 taxes late online 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. How to file 2011 taxes late online Fully taxable. How to file 2011 taxes late online   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. How to file 2011 taxes late online Because you have no basis in your IRA, any distributions are fully taxable when received. How to file 2011 taxes late online See Reporting taxable distributions on your return , later. How to file 2011 taxes late online Partly taxable. How to file 2011 taxes late online    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. How to file 2011 taxes late online These nondeductible contributions are not taxed when they are distributed to you. How to file 2011 taxes late online They are a return of your investment in your IRA. How to file 2011 taxes late online   Only the part of the distribution that represents nondeductible contributions and rolled over after-tax amounts (your cost basis) is tax free. How to file 2011 taxes late online 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). How to file 2011 taxes late online Until all of your basis has been distributed, each distribution is partly nontaxable and partly taxable. How to file 2011 taxes late online Form 8606. How to file 2011 taxes late online   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. How to file 2011 taxes late online Using the form, you will figure the nontaxable distributions for 2013 and your total IRA basis for 2013 and earlier years. How to file 2011 taxes late online Note. How to file 2011 taxes late online 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. How to file 2011 taxes late online Send it to the IRS at the time and place you would otherwise file an income tax return. How to file 2011 taxes late online Distributions reported on Form 1099-R. How to file 2011 taxes late online   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. How to file 2011 taxes late online , or a similar statement. How to file 2011 taxes late online IRA distributions are shown in boxes 1 and 2a of Form 1099-R. How to file 2011 taxes late online A number or letter code in box 7 tells you what type of distribution you received from your IRA. How to file 2011 taxes late online Withholding. How to file 2011 taxes late online   Federal income tax is withheld from distributions from traditional IRAs unless you choose not to have tax withheld. How to file 2011 taxes late online See chapter 4. How to file 2011 taxes late online IRA distributions delivered outside the United States. How to file 2011 taxes late online   In general, if you are a U. How to file 2011 taxes late online S. How to file 2011 taxes late online 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. How to file 2011 taxes late online Reporting taxable distributions on your return. How to file 2011 taxes late online    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). How to file 2011 taxes late online 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. How to file 2011 taxes late online You cannot report distributions on Form 1040EZ. How to file 2011 taxes late online 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. How to file 2011 taxes late online There are additions to the regular tax for using your IRA funds in prohibited transactions. How to file 2011 taxes late online There are also additional taxes for the following activities. How to file 2011 taxes late online Investing in collectibles. How to file 2011 taxes late online Making excess contributions. How to file 2011 taxes late online Taking early distributions. How to file 2011 taxes late online Allowing excess amounts to accumulate (failing to take required distributions). How to file 2011 taxes late online There are penalties for overstating the amount of nondeductible contributions and for failure to file a Form 8606, if required. How to file 2011 taxes late online Prohibited Transactions Generally, a prohibited transaction is any improper use of your traditional IRA by you, your beneficiary, or any disqualified person. How to file 2011 taxes late online Disqualified persons include your fiduciary and members of your family (spouse, ancestor, lineal descendent, and any spouse of a lineal descendent). How to file 2011 taxes late online The following are examples of prohibited transactions with a traditional IRA. How to file 2011 taxes late online Borrowing money from it. How to file 2011 taxes late online Selling property to it. How to file 2011 taxes late online Receiving unreasonable compensation for managing it. How to file 2011 taxes late online Using it as security for a loan. How to file 2011 taxes late online Buying property for personal use (present or future) with IRA funds. How to file 2011 taxes late online Effect on an IRA account. How to file 2011 taxes late online   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. How to file 2011 taxes late online Effect on you or your beneficiary. How to file 2011 taxes late online   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. How to file 2011 taxes late online 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. How to file 2011 taxes late online For information on figuring your gain and reporting it in income, see Are Distributions Taxable , earlier. How to file 2011 taxes late online The distribution may be subject to additional taxes or penalties. How to file 2011 taxes late online Taxes on prohibited transactions. How to file 2011 taxes late online   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. How to file 2011 taxes late online 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. How to file 2011 taxes late online More information. How to file 2011 taxes late online   For more information on prohibited transactions, see What Acts Result in Penalties or Additional Taxes? in chapter 1 of Publication 590. How to file 2011 taxes late online Investment in Collectibles If your traditional IRA invests in collectibles, the amount invested is considered distributed to you in the year invested. How to file 2011 taxes late online You may have to pay the 10% additional tax on early distributions, discussed later. How to file 2011 taxes late online Collectibles. How to file 2011 taxes late online   These include: Artworks, Rugs, Antiques, Metals, Gems, Stamps, Coins, Alcoholic beverages, and Certain other tangible personal property. How to file 2011 taxes late online Exception. How to file 2011 taxes late online    Your IRA can invest in one, one-half, one-quarter, or one-tenth ounce U. How to file 2011 taxes late online S. How to file 2011 taxes late online gold coins, or one-ounce silver coins minted by the Treasury Department. How to file 2011 taxes late online It can also invest in certain platinum coins and certain gold, silver, palladium, and platinum bullion. How to file 2011 taxes late online 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. How to file 2011 taxes late online For 2013, this is $5,500 ($6,500 if you are 50 or older), or Your taxable compensation for the year. How to file 2011 taxes late online Tax on excess contributions. How to file 2011 taxes late online   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. How to file 2011 taxes late online You must pay the 6% tax each year on excess amounts that remain in your traditional IRA at the end of your tax year. How to file 2011 taxes late online The tax cannot be more than 6% of the combined value of all your IRAs as of the end of your tax year. How to file 2011 taxes late online Excess contributions withdrawn by due date of return. How to file 2011 taxes late online   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. How to file 2011 taxes late online You must complete your withdrawal by the date your tax return for that year is due, including extensions. How to file 2011 taxes late online How to treat withdrawn contributions. How to file 2011 taxes late online   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. How to file 2011 taxes late online No deduction was allowed for the excess contribution. How to file 2011 taxes late online You withdraw the interest or other income earned on the excess contribution. How to file 2011 taxes late online You can take into account any loss on the contribution while it was in the IRA when calculating the amount that must be withdrawn. How to file 2011 taxes late online If there was a loss, the net income you must withdraw may be a negative amount. How to file 2011 taxes late online How to treat withdrawn interest or other income. How to file 2011 taxes late online   You must include in your gross income the interest or other income that was earned on the excess contribution. How to file 2011 taxes late online Report it on your return for the year in which the excess contribution was made. How to file 2011 taxes late online Your withdrawal of interest or other income may be subject to an additional 10% tax on early distributions, discus
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Pay Taxes by Electronic Funds Withdrawal

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Features and Benefits of Electronic Funds Withdrawal:

  • It's convenient. Individual and business filers can e-file and e-pay in a single step.
  • It's free, but check with your financial institution about any fees it may charge.
  • It’s safe and secure. Payment information is used only for the tax payment(s) authorized.
  • Bank account information is safeguarded.
  • Payment information will not be disclosed for any reason other than for processing authorized payment transactions.
  • Form 1040 family, Form 1120 series, Form(s) 2350, 4868, 7004, 8868 and 990-PF can be e-filed early and, at the same time, have an Electronic Funds Withdrawal (EFW) scheduled for settlement on a future date, up to and including the return due date.
  • For Form(s) 720, 940, 941, 943, 944, 945 and 2290 the electronic payment will be effective (i.e., settled) on the date the return or form is e-filed.
  • After the return due date, the effective date for EFW payments is the date the return or form is successfully transmitted.
  • New for Filing Season 2014 - Up to four quarterly payments can be submitted with Form(s) 990-PF, 1041 (1041-ES) and 1120/1120-F/1120-S/1120-POL.
  • Up to four Form 1040-ES estimated tax payments for TY 2014 may be submitted with the TY 2013 e-filed return, regardless if the TY 2013 return has a balance due or not. 
    • A separate payment record is required for each (business or individual) estimated payment. 
    • The bank account information can be the same or different for each payment entered.

How to Make an Electronic Funds Withdrawal Payment:

  • Use Free File, commercial software or a paid preparer, to e-file your federal tax return, and at the same time, use EFW to make your payment(s). 
     
  • Upon selection of the electronic funds withdrawal option, a payment record will display for entry of payment information (see EFW Payment Record Item and Instructions table below).
    • Enter your financial institution's routing transit number and account number. Check with your financial institution to confirm these numbers.
    • Select the type of account from which the payment is to be debited (checking or savings).
    • Enter the amount of your payment. A single payment cannot equal or exceed $100 million.
  • Penalty and/or interest can be added to your balance due payment.  Some commercial software will compute these amounts or they can be computed manually.  Or you can wait and be billed for any applicable penalty and/or interest you may owe. 
  • Electronic funds withdrawal payments cannot be initiated after the return or form is filed.
  • You cannot make Federal Tax Deposits using the EFW payment option. For payment options for making Federal Tax Deposits, please refer to the Tax Form Instructions for that respective form.

 

EFW Payment Record Item and Instructions
Item Instructions
Primary SSN This is the social security number of the first person listed on the return.  Note: For Business Return/Forms an Employer Identification Number would be entered instead of an SSN.
Secondary SSN If applicable, this is the social security number of the second person listed on the return.
Routing Transit Number The first two digits of the routing number must be 01 through 12 or 21 through 32. Do not use a deposit slip to verify the number because it may contain internal routing numbers that are not part of the actual routing number. On the sample check below, the routing number is 250250025.
Bank Account Number The account number can be up to 17 digits. Omit hyphens, spaces, and special symbols. Enter the number from left to right and leave any unused boxes blank. On the sample check below, the account number is 20202086. Do not to include the check number.
Type of Account The type of account can either be savings or checking. Many credit unions don't allow an electronic funds withdrawal from a savings account. Please check with your financial institution for further details.
Amount of Tax Payment Enter the amount you want withdrawn from your bank account. Depending on the software used payments should be in whole dollars or dollars and cents. Employment and excise tax payments and payments made using Modernized e-File software should be made in dollars and cents. 
Tax Type Code The commercial software used will display all values allowed for this field (e.g., 10401, 22901).
Requested Payment Date Enter the date you would like funds to be withdrawn from your bank account in the format: YYYYMMDD (e.g., 20140415).
Taxpayer's Daytime Telephone Number Enter a telephone number where you can be reached Monday through Friday between the hours of 8 a.m.and 5:30 p.m. This number will only be used to contact you if there is a problem with your payment information. (Note: for foreign telephone numbers, enter the first 10 digits. The complete number will be retrieved from the return, if IRS needs to reach you.

Sample Check:

Facts You Need to Know:

  • This transaction authorizes the U.S. Department of the Treasury (through a Treasury Financial Agent) to transfer the specified payment amount from the specified bank account to the Treasury’s account.
  • “IRS USA Tax Payment,”  "IRS USA Tax Pymt," or something similar will be shown on your bank statement as proof of payment. 
  • If the payment date requested is a weekend or bank holiday, the payment will be withdrawn on the next business day. In that case, your bank may put a hold on those funds, and treat it as a pending transaction.
  • The payment amount will be debited in a single transaction. No recurring or partial withdrawals will be made.

Cancellations, Errors and Questions:

  • Once your return is accepted, information pertaining to your payment, such as account information, payment date or amount, cannot be changed. If changes are needed, the only option is to cancel the payment and choose another payment method.
  • Call IRS e-file Payment Services at 1-888-353-4537 to inquire about or cancel a payment, or to report problems such as bank closures, lost or stolen bank account numbers, closed bank accounts, or unauthorized transactions. If calling to inquire about your payment, wait 7 to 10 days after your return was accepted before calling. Customer Service is available 24/7.
  • Cancellation requests must be received no later than 11:59 p.m. ET two business days prior to the scheduled payment date.
  • If a payment is returned by your financial institution (e.g., due to insufficient funds, incorrect account information, closed account, etc.) the IRS will mail a notification letter to the address we have on file for you, explaining why the payment could not be processed, and providing alternate payment options. For questions regarding the letter, please call 1-888-353-4537.
  • In the event your financial institution is unable to process your payment request, you will be responsible for making other payment arrangements, and for any penalties and interest incurred.
  • Contact the IRS immediately at 1-800-829-1040 if there is an error in the amount withdrawn.
  • In the event Treasury causes an incorrect amount of funds to be withdrawn from a bank account, Treasury will return any improperly transferred funds.

Additional information is available in the articles below:

Electronic Funds Withdrawal and Credit or Debit Card Payment Options for Individuals

Electronic Funds Withdrawal and Credit or Debit Card Payment Options for Businesses

Pay Taxes by Credit or Debit Card

Electronic Federal Tax Payment System (EFTPS)

Download IRS Forms and Instructions

Electronic Payment Options Home Page

Page Last Reviewed or Updated: 13-Dec-2013

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