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I was covered by a retirement plan at work. Will this affect the amount of my IRA deduction?

account and select Federal Section >> Deductions >> Enter Myself >> Adjustments >> IRA Deduction....

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...

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...

Examples of deductions and credits that are available in TaxSlayer

either: Over age 65; OR Retired on permanent and total disability and you reported taxable disability income. However, this credit is not that common because only low-income taxpayers qualify. To access this in our program go to Deductions......

Is Unemployment Taxable?

Yes. You must include all unemployment compensation received in the income you report on your taxes each year. You should receive a Form 1099-G, and the total unemployment paid to you will show in box 1. You can choose to have federal income tax withheld from your unemp...

What is a 5498 IRA Contribution?

This form shows you the contributions you paid into a IRA throughout the year. To see an example of this form please select the link provided below. 5498 Example: Click here Additional Articles you may be interested in: Can I take an IRA...

Please explain all of the credits and deductions that are available related to retirement and investment.

IRA Deductions Generally, any contributions that you (or your spouse, if applicable) made to a Traditional IRA qualify as a deduction on your return. Roth IRA contributions are not deductible. Sometimes this deduction may be limited...

What Income is Taxable?

While most income you receive is generally considered taxable, there are some situations when certain types of income are partially taxed or not taxed at all. Some common examples of items that are not included in your income are: Adoption...

Arizona Itemized Deductions

Within your TaxSlayer account, itemized deductions will be automatically pulled from the entries made in the federal program under "Itemized Deductions". Certain adjustments are required by Arizona law which will SUBTRACT from......

Mississippi Itemized Deductions

Standard or Itemized Deductions You may choose to either itemize individual non-business deductions or claim the standard deduction for your filing status, whichever produces the greater tax benefit. Note : The TaxSlayer program......