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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...

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 is the Second Lowest Cost Silver Plan (SLCSP) and the Affordable Care Act /Obamacare?

There are four types of plans sold on the insurance exchange- bronze, silver, gold and platinum. Each plan offers a different level of health coverage available at different costs. The Second Lowest Cost Silver Plan, is the silver plan...

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...

What types of income does the IRS consider "Taxable Disability Income"?

because of permanent and total disability. However, any payment you received from a plan that does not provide for disability retirement is not disability income. Disability income does NOT include any amount you received from your employer's...

Installment Agreement (Form 9465)

Purpose of the Form The purpose of form 9465 is to request a monthly installment plan if you cannot pay the full amount you owe shown on your tax return or any letter you may have received from the IRS requesting payment. The maximum...

If you owed on your return this year, consider making Estimated Payments to the IRS in the upcoming tax year.

Having your employer withhold more taxes from your paycheck each pay period; OR Making quarterly estimated payments to the IRS throughout the year. If you already make estimated payments throughout the tax year, or plan on doing so...

Four Ways to Pay Your Federal Income Tax

in writing, or call 800-829-1040. For balances of more than $50,000, you are required to complete a financial statement to determine the monthly payment amount for an installment plan. You may be able to avoid the filing of a notice...

Completing Form 4868 - Application for Automatic Extension

Form 1040, line 72. Form 1040A, line 41. Form 1040EZ, 9. Amount of Tax Payment: Enter here the total amount that you plan to pay with your extension. Your "Tax Liability" minus your "Tax Payments" would be the total "Balance Due" that you...

Application for an Extension (Form 4868)

on your: Form 1040, line 72. Form 1040A, line 41. Form 1040EZ, 9. Amount of Tax Payment: Enter here the total amount that you plan to pay with your extension. Your "Tax Liability" minus your "Tax Payments" would be the total "Balance Due...