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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...

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...

What is an IRA Rollover vs. an IRA Conversion?

I of Form 8606 if you have any non-deductible traditional IRA contributions that would factor into the taxable portion of the conversion. Enter this on the line stating " Contributions made from January 1 through April 15 "...

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...

Massachusetts Taxable IRA/Keogh Plan worksheet (Example)

charitable IRA distribution or Roth IRA conversion distribution. Since Massachusetts does not allow a deduction for amounts originally contributed to an IRA or Keogh, the distributions are not taxable until the full amount of your...

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...

Minnesota Contributions

Minnesota state return under the "Contributions" tab. The contribution provided will either decrease your Minnesota refund or increase the amount you owe to Minnesota. To make a contribution directly to the Nongame Wildlife Fund, either...