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Michigan Subtractions from Income

The amount you may subtract depends on the source of the benefits (public or private). Qualifying Benefits Include: Pension plans that define eligibility for retirement and set contribution and benefit amounts in advance. Qualified...

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...

Montana Subtractions from Income

Mortgage Corporation (FHLMAC) securities, you cannot subtract this interest or mutual fund dividends. United States obligations that are exempt include: Series E, EE, F, G and H savings bonds U.S. treasury bills U.S. government notes U.S....

Idaho Subtractions from Income

medical savings account and deduct the contribution. Deductible contributions do not include reimbursements that were redeposited into your Idaho medical savings account. Do not include amounts deducted on federal Form 1040. Enter the amount...

Colorado Subtractions from Income

to qualified Colorado tuition savings plans can be deducted from your return. The contribution must have been included on your federal income tax return and calculated as part of your federal taxable income. If this applies to you, please...

What is a Qualified Plan?

Qualified retirement plans set up by self-employed individuals are sometimes called Keogh or H.R.10 plans. The plan must be for the exclusive benefit of employees or their beneficiaries. A qualified plan can include coverage for a self...

South Carolina Subtractions from Income

Disability Retirement Income If disability retirement income was taxed on your federal income tax return and you are totally and permanently disabled , you may be able to deduct this income from your South Carolina taxable income. You must...

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...

Examples of Credits

secondary educational institution eligible to participate in the student aid programs administered by the Department of Education. For more information about Education Credits, please Click here . Retirement Savings Credit (Form 8880) You...

W-2 Information

This is an important form that you receive from your employers for the past year. This form shows your wages, tax withheld, Social Security and Medicare information and any contribution(s) made to a retirement plan, medical account...