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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

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 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

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

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 Nondeductible IRA?

If you are not covered by an employer-sponsored retirement plan at work, your contribution to a traditional IRA is always tax-deductible, regardless of your modified adjusted gross income (MAGI). However, if either you or your spouse

Income > Additional Capital Gain Distributions

The 28% tax rate applies to a gain or loss from the sale or exchange of collectibles (ex. stamps, coins, etc.) and the taxable part of gain from the sale of qualified small business stock.

Delaware Tax (on Certain Lump Sum Distributions)

Tax on Certain Lump Sum Distributions (Form 329) FORM 329 applies, in the case of someone who is not self-employed, only when the distribution was made: -Due to the participant's separation from employment; or -Due to the participant's

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

Income > Additional Capital Gain Distributions > 28%

The 28% tax rate applies to a gain or loss from the sale or exchange of collectibles (ex. stamps, coins, etc.) and the taxable part of gain from the sale of qualified small business stock.