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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...

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

Recharacterized IRA contribution made for 2013 and recharacterized in 2013 P Excess contributions plus earnings/excess deferrals ( and/or earnings ) taxable in 2012 Q Qualified distribution from a Roth IRA ( participant meets the 5-year holding...

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...

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), Keogh...

Types of Adjustments You May Be Eligible For

before 1985 and recapture rules, is available in IRS Publication 504 on the IRS website. IRA Deduction If you made contributions to a traditional IRA for 2014, you may be able to take an IRA deduction. But you, or your spouse if filing...

Mississippi Subtractions from Income

for making contributions to an IRA under federal law for such years (by the due date of the return, not including extensions.) Only amounts contributed to these programs are excluded from Mississippi income. For additional information pertaining...

Acronyms Commonly Used for Tax Purposes

Earned Income Credit EIN - Employer’s Identification Number ERO - Electronic Return Originator FICA - Federal Insurance Contributions Act FIT - Federal Income Tax Withholding ITIN - Individual Taxpayer Identification Number (used for alien...

Iowa Subtractions From Income

If both spouses earned income and made contributions to an IRA account , each spouse must claim his or her own contribution, not to exceed $5,000 per spouse ($6,000 if 50 or older). If both spouses made contributions to an IRA but only...

Lump-Sum Social Security Payments

of IRA contributions, student loan interest expense, foreign earned income exclusion, foreign housing, U.S. tax exempt bonds and interest, employer-paid adoption expense and domestic production activities deduction. Your AGI can be found...

Unreimbursed Employee Expenses - What CANNOT be deducted?

Deduct: Commuting Expenses. Broker's commissions that you paid in connection with your IRA or other investment property. Political contributions. Legal expenses for personal matters that do not produce taxable income. Lost or misplaced cash...