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Special Charitable Contributions for Certain IRA Owners

As an alternative method for donating to a charity, certain taxpayers may transfer funds from their IRA to an eligible charitable organization. Here are ten things taxpayers who are thinking about making such a donation will need to know...

An Overview of Deductions for Gifts to Charity

the tax year, you can enter these under: Federal Section > Deductions > Enter Myself > Itemized Deductions > Gifts to Charity. Organizations that Qualify You can deduct contributions or gifts you gave to organizations that are religious...

1099-R: How do I Enter Distributions from Pensions, Annuities, or Other Retirement Plans?

How do I report my 1099-R? Form 1099-R is generally used to report income that you received from a retirement account. This income could have been from a pension, an annuity, a retirement or profit-sharing plan, an IRA, or an insurance...

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, qualified...

What Gifts and Donations to Charity can I Deduct?

The IRS allows certain deductions for charity donations made by you throughout the tax year. The IRS allows you to deduct contributions or gifts you gave to organizations that are religious, charitable, educational, scientific, or literary...

Gifts to Charity - What is a "qualifying organization"?

For your donation or contribution to be deductible, the primary function or purpose of the organization that you donated to must be one of the following: Religious Charitable Educational Scientific Literary The prevention of cruelty to children or animals Certain organi...

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...

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 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...

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...