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What is an IRA Rollover vs. an IRA Conversion?

If you " roll over " an IRA you are moving it from one company to another. You have 60 days from the time you receive the funds from one company to invest it with the other company before it becomes taxable to you. To make an entry...

Massachusetts Taxable IRA/Keogh Plan worksheet (Example)

Taxable IRA/Keogh Plan, Qualified Charitable IRA deductions and Roth IRA Conversion Distributions Complete the Schedule X, line 2 worksheet to calculate the taxable portion of any amount you received from an IRA, Keogh,...

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...

What are the qualifications for "miscellaneous deductions"?

miscellaneous deductions of pass-through entities. Legal fees related to producing or collecting taxable income or getting tax advice. Loss on traditional IRAs or Roth IRAs, when all amounts have been distributed to you. Loss on deposits...

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...

California Itemized Deductions

claimed as a negative number on Other adjustments to CA Itemized Deductions. Mortgage Interest Credit – If you reduced your federal mortgage interest deduction by the amount of your mortgage interest credit (from federal Form 8396, Mortgage...

Missouri Itemized Deductions

Care Sharing Ministry - If you made contributions to a qualifying health care sharing ministry, enter the amounts you paid in 2011. Do not include amounts excluded from your federal taxable income. New Jobs - If you were a small business...

Indiana Other Deductions

an instant game, an online game such as Hoosier Lotto, Powerball, Lucky 5, Daily 3 & 4, Max 5, etc., you must report those winnings as income on your federal income tax return. Most of these winnings are fully taxable by Indiana. However, some...

New York Itemized Deductions

Schedule A, Line 1- Premiums paid for long-term care insurance to the extent deducted in determining federal taxable income For additional information, please see Itemized Deductions on Form IT-201....

Virginia Deductions from Income

The following entries show as deductions on your return. Please note the Code number on the item, as this will appear on your VA 760-CG under Deductions Foster Care Deduction – Code 102 Foster parents may claim a deduction of $1,000...