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Who qualifies to have a Medical Savings Account (MSA)?

and then grow beyond 50 employees. The employer will continue to meet the requirement for small employers if he or she: Had 50 or fewer employees when the Archer MSAs began, Made a contribution that was excludable or deductible as an Archer MSA...

Louisiana Retirement Benefits

Louisiana State Employees’ Retirement Benefits Enter the amount of retirement benefits received from the Louisiana State Employees’ Retirement System. This amount should be included in the amount on Schedule E, Line 1. Louisiana State...

Utah Retirement Tax Credit

Note : Any retirement credit that is more than the tax liability may not be carried back or forward. A. Taxpayers Age 65 or Older as of December 31, 2013 Each taxpayer (you, and/or your spouse if filing jointly) age 65 or older at the end...

Penalty on Early Withdrawal of Savings

navigation bar, select Deductions>>>Enter Myself>>>Adjustments>>>Penalty on Early Withdrawal of Savings. For additional information regarding this penalty, please refer to IRS Publication 550....

Georgia Retirement/Disability Income Exclusion

For tax year 2014, the maximum retirement income exclusion is $35,000 for taxpayers who are: 62-64 years of age, or less than 62 and permanently disabled to such an extent that they are unable to perform any type of gainful employment...

What is a 5498-ESA (Education Savings Account) ?

Coverdell ESA Contributions 5498-ESA: This form shows you the education savings account contributions, transfers or distributions that you have made throughout the year. For an example of this form please select the link provided below

What are the benefits of an HSA (Health Savings Account)?

You may enjoy several benefits from having an HSA. They include the fact that: You can claim a tax deduction for contributions you, or someone other than your employer, make to your HSA even if you do not itemize your deductions on Form 1040. Contributions to your HSA m...

Indiana Taxable Social Security and/or Railroad Retirement Benefits Deduction

Indiana does not tax Social Security income or the railroad retirement benefits that are issued by the U.S. Railroad Retirement Board. Taxable Social Security income from Federal 1040, line 20b, is automatically deducted from Indiana...

Kentucky Retirement Income (Schedule P - Part I Only)

Complete Schedule P, Part I, and file with Kentucky Form 740 if: 1. your taxable pension and retirement income from all sources is greater than $41,110; and you are retired from the federal government, the Commonwealth of Kentucky...

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...