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Illinois NonResident and Part Year Deductible IRA Contributions

Use the following worksheet to calculate the Illinois portion of the Federal IRA Contributions deduction. Enter the amount calculated on your Illinois return

Special Charitable Contributions for Certain IRA Owners

be contributed directly by the IRA trustee to the eligible charity. 6. Amounts transferred are not taxable and no deduction is available for the amount given to the charity unless nondeductible contributions are transferred. 7. Not all

Can I deduct contributions I made to my spouse's IRA?

Yes. However, you must be filing a joint return. If you are filing as Married Filing Separately, you cannot deduct contributions made to your spouse's IRA. For more information on IRAs: Can I take an IRA Deduction for the amount I

What is a 5498 IRA Contribution?

The Form 5498 reports the contributions you paid into an IRA throughout the year. To see an example of this form please select the link provided below. Example of Form 5498: Click here Additional Articles that may be of interest: Can I

What is a SIMPLE IRA?

A SIMPLE IRA plan is a Savings Incentive Match Plan for Employees. The plan gives small employers a simplified method to make contributions toward their own and their employees retirement. Under a SIMPLE IRA plan, employees can choose

What is an IRA Rollover vs. an IRA Conversion?

I of Form 8606 if you have any non-deductible traditional IRA contributions that would factor into the taxable portion of the conversion. Enter this on the line stating " Contributions made from January 1 through April 15 "

General Guidelines for the IRA Deduction

If you made contributions to a traditional IRA during the tax year, you may be able to take an IRA deduction. But you, or your spouse if filing a joint return, must have had earned income to do so. Earned Income: For IRA purposes, earned

Massachusetts Taxable IRA/Keogh Plan worksheet (Example)

charitable IRA distribution or Roth IRA conversion distribution. Since Massachusetts does not allow a deduction for amounts originally contributed to an IRA or Keogh, the distributions are not taxable until the full amount of your contributions

Can I take an IRA Deduction for the amount I contributed to a 401(k) plan last year?

for contributions to any of the following plans: Roth IRA Section 457 plan SIMPLE plan Federal Thrift Savings Plan. For General Guidelines on IRA Deductions: click here

Who can take the Retirement Savings Contributions Credit? (Savers Credit)

have been a full-time student during the calendar year and cannot be claimed as a dependent on another person’s return. 3. Credit amount : If you make eligible contributions to a qualified IRA, 401(k) and certain other retirement plans, you