Start For Free

Fast, Secure, and Always Accurate!
Help Categories

Articles
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...

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

If you were covered by a retirement plan ( qualified pension, profit-sharing, 401(k), annuity, SEP, SIMPLE, etc .) at work or through self-employment, your IRA deduction may be reduced or eliminated. This depends on the level of your...

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

No. A 401(k) plan is not an IRA. The amount you contributed is not included as income in box 1 of your W-2 form so you do not pay tax on it in the year you made the contribution. In addition, you cannot take an IRA Deduction...

Form 5329 - Exceptions to Early Withdrawal Penalty

retirement plan distributions made to an alternate payee under a qualified domestic relations order (does not apply to IRAs). 07 IRA distributions made to unemployed individuals for health insurance premiums. 08 IRA distributions made...

1099-R: Early Withdrawal Penalty

be subject to the 10% additional tax. Distributions that are not taxable , such as distributions that you roll over to another qualified retirement plan or a distribution of your designated Roth IRA contributions are not subject to this 10...

Michigan Subtractions from Income

IRA distributions received after age 59 1/2 or described by Section 72(t)(2)(A)(iv) of the IRC (series of equal periodic payments made for life). Benefits from any of the previous plans received due to a disability, or as a surviving spouse...

On my 1099-R, what do the codes in box 7 mean?

section 457(b) plan, or an IRA H Direct rollover of a designated Roth account distribution to a Roth IRA J Early distribution from a Roth IRA, no known exception ( in most cases, under age 59 ½) L Loans treated as distributions N...

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 may...

Massachusetts Additions to Income

in Massachusetts banks. Note : This exemption does not apply to your U.S. tax return. T taxable IRA/Keogh and Roth IRA Conversion Distributions Enter the taxable portion of any amount you received from an Individual Retirement Account (IRA),...