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2010 Federal Tax Forms

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2010 Federal Tax Forms

2010 federal tax forms 2. 2010 federal tax forms   Entertainment Table of Contents Directly-Related Test Associated TestMeetings at conventions. 2010 federal tax forms 50% LimitExceptions to the 50% Limit What Entertainment Expenses Are Deductible?A meal as a form of entertainment. 2010 federal tax forms Deduction may depend on your type of business. 2010 federal tax forms Exception for events that benefit charitable organizations. 2010 federal tax forms Food and beverages in skybox seats. 2010 federal tax forms What Entertainment Expenses Are Not Deductible?Out-of-pocket expenses. 2010 federal tax forms You may be able to deduct business-related entertainment expenses you have for entertaining a client, customer, or employee. 2010 federal tax forms The rules and definitions are summarized in Table 2-1 . 2010 federal tax forms You can deduct entertainment expenses only if they are both ordinary and necessary and meet one of the following tests. 2010 federal tax forms Directly-related test. 2010 federal tax forms Associated test. 2010 federal tax forms Both of these tests are explained later. 2010 federal tax forms An ordinary expense is one that is common and accepted in your trade or business. 2010 federal tax forms A necessary expense is one that is helpful and appropriate for your business. 2010 federal tax forms An expense does not have to be required to be considered necessary. 2010 federal tax forms The amount you can deduct for entertainment expenses may be limited. 2010 federal tax forms Generally, you can deduct only 50% of your unreimbursed entertainment expenses. 2010 federal tax forms This limit is discussed later under 50% Limit. 2010 federal tax forms Directly-Related Test To meet the directly-related test for entertainment expenses (including entertainment-related meals), you must show that: The main purpose of the combined business and entertainment was the active conduct of business, You did engage in business with the person during the entertainment period, and You had more than a general expectation of getting income or some other specific business benefit at some future time. 2010 federal tax forms Business is generally not considered to be the main purpose when business and entertainment are combined on hunting or fishing trips, or on yachts or other pleasure boats. 2010 federal tax forms Even if you show that business was the main purpose, you generally cannot deduct the expenses for the use of an entertainment facility. 2010 federal tax forms See Entertainment facilities under What Entertainment Expenses Are Not Deductible? later in this chapter. 2010 federal tax forms You must consider all the facts, including the nature of the business transacted and the reasons for conducting business during the entertainment. 2010 federal tax forms It is not necessary to devote more time to business than to entertainment. 2010 federal tax forms However, if the business discussion is only incidental to the entertainment, the entertainment expenses do not meet the directly-related test. 2010 federal tax forms Table 2-1. 2010 federal tax forms When Are Entertainment Expenses Deductible? General rule You can deduct ordinary and necessary expenses to entertain a client, customer, or employee if the expenses meet the directly-related test or the associated test. 2010 federal tax forms Definitions Entertainment includes any activity generally considered to provide entertainment, amusement, or recreation, and includes meals provided to a customer or client. 2010 federal tax forms An ordinary expense is one that is common and accepted in your trade or business. 2010 federal tax forms A necessary expense is one that is helpful and appropriate. 2010 federal tax forms Tests to be met Directly-related test Entertainment took place in a clear business setting, or Main purpose of entertainment was the active conduct of business, and You did engage in business with the person during the entertainment period, and You had more than a general expectation of getting income or some other specific business benefit. 2010 federal tax forms   Associated test Entertainment is associated with your trade or business, and Entertainment is directly before or after a substantial business discussion. 2010 federal tax forms Other rules You cannot deduct the cost of your meal as an entertainment expense if you are claiming the meal as a travel expense. 2010 federal tax forms You cannot deduct expenses that are lavish or extravagant under the circumstances. 2010 federal tax forms You generally can deduct only 50% of your unreimbursed entertainment expenses (see 50% Limit ). 2010 federal tax forms You do not have to show that business income or other business benefit actually resulted from each entertainment expense. 2010 federal tax forms Clear business setting. 2010 federal tax forms   If the entertainment takes place in a clear business setting and is for your business or work, the expenses are considered directly related to your business or work. 2010 federal tax forms The following situations are examples of entertainment in a clear business setting. 2010 federal tax forms Entertainment in a hospitality room at a convention where business goodwill is created through the display or discussion of business products. 2010 federal tax forms Entertainment that is mainly a price rebate on the sale of your products (such as a restaurant owner providing an occasional free meal to a loyal customer). 2010 federal tax forms Entertainment of a clear business nature occurring under circumstances where there is no meaningful personal or social relationship between you and the persons entertained. 2010 federal tax forms An example is entertainment of business and civic leaders at the opening of a new hotel or play when the purpose is to get business publicity rather than to create or maintain the goodwill of the persons entertained. 2010 federal tax forms Expenses not considered directly related. 2010 federal tax forms   Entertainment expenses generally are not considered directly related if you are not there or in situations where there are substantial distractions that generally prevent you from actively conducting business. 2010 federal tax forms The following are examples of situations where there are substantial distractions. 2010 federal tax forms A meeting or discussion at a nightclub, theater, or sporting event. 2010 federal tax forms A meeting or discussion during what is essentially a social gathering, such as a cocktail party. 2010 federal tax forms A meeting with a group that includes persons who are not business associates at places such as cocktail lounges, country clubs, golf clubs, athletic clubs, or vacation resorts. 2010 federal tax forms Associated Test Even if your expenses do not meet the directly-related test, they may meet the associated test. 2010 federal tax forms To meet the associated test for entertainment expenses (including entertainment-related meals), you must show that the entertainment is: Associated with the active conduct of your trade or business, and Directly before or after a substantial business discussion (defined later). 2010 federal tax forms Associated with trade or business. 2010 federal tax forms   Generally, an expense is associated with the active conduct of your trade or business if you can show that you had a clear business purpose for having the expense. 2010 federal tax forms The purpose may be to get new business or to encourage the continuation of an existing business relationship. 2010 federal tax forms Substantial business discussion. 2010 federal tax forms   Whether a business discussion is substantial depends on the facts of each case. 2010 federal tax forms A business discussion will not be considered substantial unless you can show that you actively engaged in the discussion, meeting, negotiation, or other business transaction to get income or some other specific business benefit. 2010 federal tax forms   The meeting does not have to be for any specified length of time, but you must show that the business discussion was substantial in relation to the meal or entertainment. 2010 federal tax forms It is not necessary that you devote more time to business than to entertainment. 2010 federal tax forms You do not have to discuss business during the meal or entertainment. 2010 federal tax forms Meetings at conventions. 2010 federal tax forms   You are considered to have a substantial business discussion if you attend meetings at a convention or similar event, or at a trade or business meeting sponsored and conducted by a business or professional organization. 2010 federal tax forms However, your reason for attending the convention or meeting must be to further your trade or business. 2010 federal tax forms The organization that sponsors the convention or meeting must schedule a program of business activities that is the main activity of the convention or meeting. 2010 federal tax forms Directly before or after business discussion. 2010 federal tax forms   If the entertainment is held on the same day as the business discussion, it is considered to be held directly before or after the business discussion. 2010 federal tax forms   If the entertainment and the business discussion are not held on the same day, you must consider the facts of each case to see if the associated test is met. 2010 federal tax forms Among the facts to consider are the place, date, and duration of the business discussion. 2010 federal tax forms If you or your business associates are from out of town, you must also consider the dates of arrival and departure, and the reasons the entertainment and the discussion did not take place on the same day. 2010 federal tax forms Example. 2010 federal tax forms A group of business associates comes from out of town to your place of business to hold a substantial business discussion. 2010 federal tax forms If you entertain those business guests on the evening before the business discussion, or on the evening of the day following the business discussion, the entertainment generally is considered to be held directly before or after the discussion. 2010 federal tax forms The expense meets the associated test. 2010 federal tax forms 50% Limit In general, you can deduct only 50% of your business-related meal and entertainment expenses. 2010 federal tax forms (If you are subject to the Department of Transportation's “hours of service” limits, you can deduct 80% of your business-related meal and entertainment expenses. 2010 federal tax forms See Individuals subject to “hours of service” limits , later. 2010 federal tax forms ) The 50% limit applies to employees or their employers, and to self-employed persons (including independent contractors) or their clients, depending on whether the expenses are reimbursed. 2010 federal tax forms Figure A summarizes the general rules explained in this section. 2010 federal tax forms The 50% limit applies to business meals or entertainment expenses you have while: Traveling away from home (whether eating alone or with others) on business, Entertaining customers at your place of business, a restaurant, or other location, or Attending a business convention or reception, business meeting, or business luncheon at a club. 2010 federal tax forms Included expenses. 2010 federal tax forms   Expenses subject to the 50% limit include: Taxes and tips relating to a business meal or entertainment activity, Cover charges for admission to a nightclub, Rent paid for a room in which you hold a dinner or cocktail party, and Amounts paid for parking at a sports arena. 2010 federal tax forms However, the cost of transportation to and from a business meal or a business-related entertainment activity is not subject to the 50% limit. 2010 federal tax forms Figure A. 2010 federal tax forms Does the 50% Limit Apply to Your Expenses? There are exceptions to these rules. 2010 federal tax forms See Exceptions to the 50% Limit . 2010 federal tax forms Please click here for the text description of the image. 2010 federal tax forms Figure A. 2010 federal tax forms Does the 50% limit apply to Your Expenses?TAs for Figure A are: Notice 87-23; Form 2106 instructions Application of 50% limit. 2010 federal tax forms   The 50% limit on meal and entertainment expenses applies if the expense is otherwise deductible and is not covered by one of the exceptions discussed later. 2010 federal tax forms   The 50% limit also applies to certain meal and entertainment expenses that are not business related. 2010 federal tax forms It applies to meal and entertainment expenses you have for the production of income, including rental or royalty income. 2010 federal tax forms It also applies to the cost of meals included in deductible educational expenses. 2010 federal tax forms When to apply the 50% limit. 2010 federal tax forms   You apply the 50% limit after determining the amount that would otherwise qualify for a deduction. 2010 federal tax forms You first have to determine the amount of meal and entertainment expenses that would be deductible under the other rules discussed in this publication. 2010 federal tax forms Example 1. 2010 federal tax forms You spend $200 for a business-related meal. 2010 federal tax forms If $110 of that amount is not allowable because it is lavish and extravagant, the remaining $90 is subject to the 50% limit. 2010 federal tax forms Your deduction cannot be more than $45 (50% × $90). 2010 federal tax forms Example 2. 2010 federal tax forms You purchase two tickets to a concert and give them to a client. 2010 federal tax forms You purchased the tickets through a ticket agent. 2010 federal tax forms You paid $200 for the two tickets, which had a face value of $80 each ($160 total). 2010 federal tax forms Your deduction cannot be more than $80 (50% × $160). 2010 federal tax forms Exceptions to the 50% Limit Generally, business-related meal and entertainment expenses are subject to the 50% limit. 2010 federal tax forms Figure A can help you determine if the 50% limit applies to you. 2010 federal tax forms Expenses not subject to 50% limit. 2010 federal tax forms   Your meal or entertainment expense is not subject to the 50% limit if the expense meets one of the following exceptions. 2010 federal tax forms 1 - Employee's reimbursed expenses. 2010 federal tax forms   If you are an employee, you are not subject to the 50% limit on expenses for which your employer reimburses you under an accountable plan. 2010 federal tax forms Accountable plans are discussed in chapter 6. 2010 federal tax forms 2 - Self-employed. 2010 federal tax forms   If you are self-employed, your deductible meal and entertainment expenses are not subject to the 50% limit if all of the following requirements are met. 2010 federal tax forms You have these expenses as an independent contractor. 2010 federal tax forms Your customer or client reimburses you or gives you an allowance for these expenses in connection with services you perform. 2010 federal tax forms You provide adequate records of these expenses to your customer or client. 2010 federal tax forms (See chapter 5 . 2010 federal tax forms )   In this case, your client or customer is subject to the 50% limit on the expenses. 2010 federal tax forms Example. 2010 federal tax forms You are a self-employed attorney who adequately accounts for meal and entertainment expenses to a client who reimburses you for these expenses. 2010 federal tax forms You are not subject to the directly-related or associated test, nor are you subject to the 50% limit. 2010 federal tax forms If the client can deduct the expenses, the client is subject to the 50% limit. 2010 federal tax forms If you (as an independent contractor) have expenses for meals and entertainment related to providing services for a client but do not adequately account for and seek reimbursement from the client for those expenses, you are subject to the directly-related or associated test and to the 50% limit. 2010 federal tax forms 3 - Advertising expenses. 2010 federal tax forms   You are not subject to the 50% limit if you provide meals, entertainment, or recreational facilities to the general public as a means of advertising or promoting goodwill in the community. 2010 federal tax forms For example, neither the expense of sponsoring a television or radio show nor the expense of distributing free food and beverages to the general public is subject to the 50% limit. 2010 federal tax forms 4 - Sale of meals or entertainment. 2010 federal tax forms   You are not subject to the 50% limit if you actually sell meals, entertainment, goods and services, or use of facilities to the public. 2010 federal tax forms For example, if you run a nightclub, your expense for the entertainment you furnish to your customers, such as a floor show, is not subject to the 50% limit. 2010 federal tax forms 5 - Charitable sports event. 2010 federal tax forms   You are not subject to the 50% limit if you pay for a package deal that includes a ticket to a qualified charitable sports event. 2010 federal tax forms For the conditions the sports event must meet, see Exception for events that benefit charitable organizations under What Entertainment Expenses Are Deductible?, later. 2010 federal tax forms Individuals subject to “hours of service” limits. 2010 federal tax forms   You can deduct a higher percentage of your meal expenses while traveling away from your tax home if the meals take place during or incident to any period subject to the Department of Transportation's “hours of service” limits. 2010 federal tax forms The percentage is 80%. 2010 federal tax forms   Individuals subject to the Department of Transportation's “hours of service” limits include the following persons. 2010 federal tax forms Certain air transportation workers (such as pilots, crew, dispatchers, mechanics, and control tower operators) who are under Federal Aviation Administration regulations. 2010 federal tax forms Interstate truck operators and bus drivers who are under Department of Transportation regulations. 2010 federal tax forms Certain railroad employees (such as engineers, conductors, train crews, dispatchers, and control operations personnel) who are under Federal Railroad Administration regulations. 2010 federal tax forms Certain merchant mariners who are under Coast Guard regulations. 2010 federal tax forms What Entertainment Expenses Are Deductible? This section explains different types of entertainment expenses you may be able to deduct. 2010 federal tax forms Entertainment. 2010 federal tax forms   Entertainment includes any activity generally considered to provide entertainment, amusement, or recreation. 2010 federal tax forms Examples include entertaining guests at nightclubs; at social, athletic, and sporting clubs; at theaters; at sporting events; on yachts; or on hunting, fishing, vacation, and similar trips. 2010 federal tax forms   Entertainment also may include meeting personal, living, or family needs of individuals, such as providing meals, a hotel suite, or a car to customers or their families. 2010 federal tax forms A meal as a form of entertainment. 2010 federal tax forms   Entertainment includes the cost of a meal you provide to a customer or client, whether the meal is a part of other entertainment or by itself. 2010 federal tax forms A meal expense includes the cost of food, beverages, taxes, and tips for the meal. 2010 federal tax forms To deduct an entertainment-related meal, you or your employee must be present when the food or beverages are provided. 2010 federal tax forms    You cannot claim the cost of your meal both as an entertainment expense and as a travel expense. 2010 federal tax forms    Meals sold in the normal course of your business are not considered entertainment. 2010 federal tax forms Deduction may depend on your type of business. 2010 federal tax forms   Your kind of business may determine if a particular activity is considered entertainment. 2010 federal tax forms For example, if you are a dress designer and have a fashion show to introduce your new designs to store buyers, the show generally is not considered entertainment. 2010 federal tax forms This is because fashion shows are typical in your business. 2010 federal tax forms But, if you are an appliance distributor and hold a fashion show for the spouses of your retailers, the show generally is considered entertainment. 2010 federal tax forms Separating costs. 2010 federal tax forms   If you have one expense that includes the costs of entertainment and other services (such as lodging or transportation), you must allocate that expense between the cost of entertainment and the cost of other services. 2010 federal tax forms You must have a reasonable basis for making this allocation. 2010 federal tax forms For example, you must allocate your expenses if a hotel includes entertainment in its lounge on the same bill with your room charge. 2010 federal tax forms Taking turns paying for meals or entertainment. 2010 federal tax forms   If a group of business acquaintances takes turns picking up each others' meal or entertainment checks primarily for personal reasons, without regard to whether any business purposes are served, no member of the group can deduct any part of the expense. 2010 federal tax forms Lavish or extravagant expenses. 2010 federal tax forms   You cannot deduct expenses for entertainment that are lavish or extravagant. 2010 federal tax forms An expense is not considered lavish or extravagant if it is reasonable considering the facts and circumstances. 2010 federal tax forms Expenses will not be disallowed just because they are more than a fixed dollar amount or take place at deluxe restaurants, hotels, nightclubs, or resorts. 2010 federal tax forms Allocating between business and nonbusiness. 2010 federal tax forms   If you entertain business and nonbusiness individuals at the same event, you must divide your entertainment expenses between business and nonbusiness. 2010 federal tax forms You can deduct only the business part. 2010 federal tax forms If you cannot establish the part of the expense for each person participating, allocate the expense to each participant on a pro rata basis. 2010 federal tax forms Example. 2010 federal tax forms You entertain a group of individuals that includes yourself, three business prospects, and seven social guests. 2010 federal tax forms Only 4/11 of the expense qualifies as a business entertainment expense. 2010 federal tax forms You cannot deduct the expenses for the seven social guests because those costs are nonbusiness expenses. 2010 federal tax forms Trade association meetings. 2010 federal tax forms   You can deduct entertainment expenses that are directly related to and necessary for attending business meetings or conventions of certain exempt organizations if the expenses of your attendance are related to your active trade or business. 2010 federal tax forms These organizations include business leagues, chambers of commerce, real estate boards, trade associations, and professional associations. 2010 federal tax forms Entertainment tickets. 2010 federal tax forms   Generally, you cannot deduct more than the face value of an entertainment ticket, even if you paid a higher price. 2010 federal tax forms For example, you cannot deduct service fees you pay to ticket agencies or brokers or any amount over the face value of the tickets you pay to scalpers. 2010 federal tax forms Exception for events that benefit charitable organizations. 2010 federal tax forms   Different rules apply when the cost of a ticket to a sports event benefits a charitable organization. 2010 federal tax forms You can take into account the full cost you pay for the ticket, even if it is more than the face value, if all of the following conditions apply. 2010 federal tax forms The event's main purpose is to benefit a qualified charitable organization. 2010 federal tax forms The entire net proceeds go to the charity. 2010 federal tax forms The event uses volunteers to perform substantially all the event's work. 2010 federal tax forms    The 50% limit on entertainment does not apply to any expense for a package deal that includes a ticket to such a charitable sports event. 2010 federal tax forms Example 1. 2010 federal tax forms You purchase tickets to a golf tournament organized by the local volunteer fire company. 2010 federal tax forms All net proceeds will be used to buy new fire equipment. 2010 federal tax forms The volunteers will run the tournament. 2010 federal tax forms You can deduct the entire cost of the tickets as a business expense if they otherwise qualify as an entertainment expense. 2010 federal tax forms Example 2. 2010 federal tax forms You purchase tickets to a college football game through a ticket broker. 2010 federal tax forms After having a business discussion, you take a client to the game. 2010 federal tax forms Net proceeds from the game go to colleges that qualify as charitable organizations. 2010 federal tax forms However, since the colleges also pay individuals to perform services, such as coaching and recruiting, you can only use the face value of the tickets in determining your business deduction. 2010 federal tax forms Skyboxes and other private luxury boxes. 2010 federal tax forms   If you rent a skybox or other private luxury box for more than one event at the same sports arena, you generally cannot deduct more than the price of a nonluxury box seat ticket. 2010 federal tax forms   To determine whether a skybox has been rented for more than one event, count each game or other performance as one event. 2010 federal tax forms For example, renting a skybox for a series of playoff games is considered renting it for more than one event. 2010 federal tax forms All skyboxes you rent in the same arena, along with any rentals by related parties, are considered in making this determination. 2010 federal tax forms   Related parties include: Family members (spouses, ancestors, and lineal descendants), Parties who have made a reciprocal arrangement involving the sharing of skyboxes, Related corporations, A partnership and its principal partners, and A corporation and a partnership with common ownership. 2010 federal tax forms Example. 2010 federal tax forms You pay $3,000 to rent a 10-seat skybox at Team Stadium for three baseball games. 2010 federal tax forms The cost of regular nonluxury box seats at each event is $30 a seat. 2010 federal tax forms You can deduct (subject to the 50% limit) $900 ((10 seats × $30 each) × 3 events). 2010 federal tax forms Food and beverages in skybox seats. 2010 federal tax forms   If expenses for food and beverages are separately stated, you can deduct these expenses in addition to the amounts allowable for the skybox, subject to the requirements and limits that apply. 2010 federal tax forms The amounts separately stated for food and beverages must be reasonable. 2010 federal tax forms You cannot inflate the charges for food and beverages to avoid the limited deduction for skybox rentals. 2010 federal tax forms What Entertainment Expenses Are Not Deductible? This section explains different types of entertainment expenses you generally may not be able to deduct. 2010 federal tax forms Club dues and membership fees. 2010 federal tax forms   You cannot deduct dues (including initiation fees) for membership in any club organized for: Business, Pleasure, Recreation, or Other social purpose. 2010 federal tax forms This rule applies to any membership organization if one of its principal purposes is either: To conduct entertainment activities for members or their guests, or To provide members or their guests with access to entertainment facilities, discussed later. 2010 federal tax forms   The purposes and activities of a club, not its name, will determine whether or not you can deduct the dues. 2010 federal tax forms You cannot deduct dues paid to: Country clubs, Golf and athletic clubs, Airline clubs, Hotel clubs, and Clubs operated to provide meals under circumstances generally considered to be conducive to business discussions. 2010 federal tax forms Entertainment facilities. 2010 federal tax forms   Generally, you cannot deduct any expense for the use of an entertainment facility. 2010 federal tax forms This includes expenses for depreciation and operating costs such as rent, utilities, maintenance, and protection. 2010 federal tax forms   An entertainment facility is any property you own, rent, or use for entertainment. 2010 federal tax forms Examples include a yacht, hunting lodge, fishing camp, swimming pool, tennis court, bowling alley, car, airplane, apartment, hotel suite, or home in a vacation resort. 2010 federal tax forms Out-of-pocket expenses. 2010 federal tax forms   You can deduct out-of-pocket expenses, such as for food and beverages, catering, gas, and fishing bait, that you provided during entertainment at a facility. 2010 federal tax forms These are not expenses for the use of an entertainment facility. 2010 federal tax forms However, these expenses are subject to the directly-related and associated tests and to the 50% limit , all discussed earlier. 2010 federal tax forms Expenses for spouses. 2010 federal tax forms   You generally cannot deduct the cost of entertainment for your spouse or for the spouse of a customer. 2010 federal tax forms However, you can deduct these costs if you can show you had a clear business purpose, rather than a personal or social purpose, for providing the entertainment. 2010 federal tax forms Example. 2010 federal tax forms You entertain a customer. 2010 federal tax forms The cost is an ordinary and necessary business expense and is allowed under the entertainment rules. 2010 federal tax forms The customer's spouse joins you because it is impractical to entertain the customer without the spouse. 2010 federal tax forms You can deduct the cost of entertaining the customer's spouse. 2010 federal tax forms If your spouse joins the party because the customer's spouse is present, the cost of the entertainment for your spouse is also deductible. 2010 federal tax forms Gift or entertainment. 2010 federal tax forms   Any item that might be considered either a gift or entertainment generally will be considered entertainment. 2010 federal tax forms However, if you give a customer packaged food or beverages that you intend the customer to use at a later date, treat it as a gift. 2010 federal tax forms   If you give a customer tickets to a theater performance or sporting event and you do not go with the customer to the performance or event, you have a choice. 2010 federal tax forms You can treat the tickets as either a gift or entertainment, whichever is to your advantage. 2010 federal tax forms   You can change your treatment of the tickets at a later date by filing an amended return. 2010 federal tax forms Generally, an amended return must be filed within 3 years from the date the original return was filed or within 2 years from the time the tax was paid, whichever is later. 2010 federal tax forms   If you go with the customer to the event, you must treat the cost of the tickets as an entertainment expense. 2010 federal tax forms You cannot choose, in this case, to treat the tickets as a gift. 2010 federal tax forms Prev  Up  Next   Home   More Online Publications
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The 2010 Federal Tax Forms

2010 federal tax forms Publication 590 - Introductory Material Table of Contents What's New for 2013 What's New for 2014 Reminders IntroductionOrdering forms and publications. 2010 federal tax forms Tax questions. 2010 federal tax forms Useful Items - You may want to see: Note. 2010 federal tax forms After 2013, Publication 590 will be split into two separate publications as follows. 2010 federal tax forms Publication 590-A, will focus on contributions to traditional IRAs as well as Roth IRAs. 2010 federal tax forms This publication will include the rules for rollover and conversion contributions. 2010 federal tax forms Publication 590-B, will focus on distributions from traditional IRAs as well as Roth IRAs. 2010 federal tax forms This publication will include the rules for required minimum distributions and IRA beneficiaries. 2010 federal tax forms What's New for 2013 Traditional IRA contribution and deduction limit. 2010 federal tax forms  The contribution limit to your traditional IRA for 2013 will be increased to the smaller of the following amounts: $5,500, or Your taxable compensation for the year. 2010 federal tax forms If you were age 50 or older before 2014, the most that can be contributed to your traditional IRA for 2013 will be the smaller of the following amounts: $6,500, or Your taxable compensation for the year. 2010 federal tax forms For more information, see How Much Can Be Contributed? in chapter 1. 2010 federal tax forms Roth IRA contribution limit. 2010 federal tax forms  If contributions on your behalf are made only to Roth IRAs, your contribution limit for 2013 will generally be the lesser of: $5,500, or Your taxable compensation for the year. 2010 federal tax forms If you were age 50 or older before 2014 and contributions on your behalf were made only to Roth IRAs, your contribution limit for 2013 will generally be the lesser of: $6,500, or Your taxable compensation for the year. 2010 federal tax forms However, if your modified adjusted gross income (AGI) is above a certain amount, your contribution limit may be reduced. 2010 federal tax forms For more information, see How Much Can Be Contributed? under Can You Contribute to a Roth IRA? in chapter 2. 2010 federal tax forms Modified AGI limit for traditional IRA contributions increased. 2010 federal tax forms  For 2013, if you were covered by a retirement plan at work, your deduction for contributions to a traditional IRA is reduced (phased out) if your modified AGI is: More than $95,000 but less than $115,000 for a married couple filing a joint return or a qualifying widow(er), More than $59,000 but less than $69,000 for a single individual or head of household, or Less than $10,000 for a married individual filing a separate return. 2010 federal tax forms If you either lived with your spouse or file a joint return, and your spouse was covered by a retirement plan at work, but you were not, your deduction is phased out if your modified AGI is more than $178,000 but less than $188,000. 2010 federal tax forms If your modified AGI is $188,000 or more, you cannot take a deduction for contributions to a traditional IRA. 2010 federal tax forms See How Much Can You Deduct? in chapter 1. 2010 federal tax forms Modified AGI limit for Roth IRA contributions increased. 2010 federal tax forms  For 2013, your Roth IRA contribution limit is reduced (phased out) in the following situations. 2010 federal tax forms Your filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $178,000. 2010 federal tax forms You cannot make a Roth IRA contribution if your modified AGI is $188,000 or more. 2010 federal tax forms Your filing status is single, head of household, or married filing separately and you did not live with your spouse at any time in 2013 and your modified AGI is at least $112,000. 2010 federal tax forms You cannot make a Roth IRA contribution if your modified AGI is $127,000 or more. 2010 federal tax forms Your filing status is married filing separately, you lived with your spouse at any time during the year, and your modified AGI is more than -0-. 2010 federal tax forms You cannot make a Roth IRA contribution if your modified AGI is $10,000 or more. 2010 federal tax forms See Can You Contribute to a Roth IRA? in chapter 2. 2010 federal tax forms Net Investment Income Tax. 2010 federal tax forms  For purposes of the Net Investment Income Tax (NIIT), net investment income does not include distributions from a qualified retirement plan (for example, 401(a), 403(a), 403(b), 457(b) plans, and IRAs). 2010 federal tax forms However, these distributions are taken into account when determining the modified adjusted gross income threshold. 2010 federal tax forms Distributions from a nonqualified retirement plan are included in net investment income. 2010 federal tax forms See Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts, and its instructions for more information. 2010 federal tax forms Kay Bailey Hutchison Spousal IRA. 2010 federal tax forms . 2010 federal tax forms  In 2013, spousal IRAs were renamed to Kay Bailey Hutchison Spousal IRAs. 2010 federal tax forms There are no changes to the rules regarding these IRAs. 2010 federal tax forms See Kay Bailey Hutchison Spousal IRA Limit in chapter 1 for more information. 2010 federal tax forms What's New for 2014 Modified AGI limit for traditional IRA contributions increased. 2010 federal tax forms  For 2014, if you are covered by a retirement plan at work, your deduction for contributions to a traditional IRA is reduced (phased out) if your modified AGI is: More than $96,000 but less than $116,000 for a married couple filing a joint return or a qualifying widow(er), More than $60,000 but less than $70,000 for a single individual or head of household, or Less than $10,000 for a married individual filing a separate return. 2010 federal tax forms If you either live with your spouse or file a joint return, and your spouse is covered by a retirement plan at work, but you are not, your deduction is phased out if your modified AGI is more than $181,000 but less than $191,000. 2010 federal tax forms If your modified AGI is $191,000 or more, you cannot take a deduction for contributions to a traditional IRA. 2010 federal tax forms Modified AGI limit for Roth IRA contributions increased. 2010 federal tax forms  For 2014, your Roth IRA contribution limit is reduced (phased out) in the following situations. 2010 federal tax forms Your filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $181,000. 2010 federal tax forms You cannot make a Roth IRA contribution if your modified AGI is $191,000 or more. 2010 federal tax forms Your filing status is single, head of household, or married filing separately and you did not live with your spouse at any time in 2014 and your modified AGI is at least $114,000. 2010 federal tax forms You cannot make a Roth IRA contribution if your modified AGI is $129,000 or more. 2010 federal tax forms Your filing status is married filing separately, you lived with your spouse at any time during the year, and your modified AGI is more than -0-. 2010 federal tax forms You cannot make a Roth IRA contribution if your modified AGI is $10,000 or more. 2010 federal tax forms Reminders Future developments. 2010 federal tax forms  For the latest information about developments related to Publication 590, such as legislation enacted after it was published, go to www. 2010 federal tax forms irs. 2010 federal tax forms gov/pub590. 2010 federal tax forms Simplified employee pension (SEP). 2010 federal tax forms  SEP IRAs are not covered in this publication. 2010 federal tax forms They are covered in Publication 560, Retirement Plans for Small Business. 2010 federal tax forms Deemed IRAs. 2010 federal tax forms  A qualified employer plan (retirement plan) can maintain a separate account or annuity under the plan (a deemed IRA) to receive voluntary employee contributions. 2010 federal tax forms If the separate account or annuity otherwise meets the requirements of an IRA, it will be subject only to IRA rules. 2010 federal tax forms An employee's account can be treated as a traditional IRA or a Roth IRA. 2010 federal tax forms For this purpose, a “qualified employer plan” includes: A qualified pension, profit-sharing, or stock bonus plan (section 401(a) plan), A qualified employee annuity plan (section 403(a) plan), A tax-sheltered annuity plan (section 403(b) plan), and A deferred compensation plan (section 457 plan) maintained by a state, a political subdivision of a state, or an agency or instrumentality of a state or political subdivision of a state. 2010 federal tax forms Contributions to both traditional and Roth IRAs. 2010 federal tax forms  For information on your combined contribution limit if you contribute to both traditional and Roth IRAs, see Roth IRAs and traditional IRAs under How Much Can Be Contributed? in chapter 2. 2010 federal tax forms Statement of required minimum distribution (RMD). 2010 federal tax forms  If an RMD is required from your IRA, the trustee, custodian, or issuer that held the IRA at the end of the preceding year must either report the amount of the RMD to you, or offer to calculate it for you. 2010 federal tax forms The report or offer must include the date by which the amount must be distributed. 2010 federal tax forms The report is due January 31 of the year in which the minimum distribution is required. 2010 federal tax forms It can be provided with the year-end fair market value statement that you normally get each year. 2010 federal tax forms No report is required for section 403(b) contracts (generally tax-sheltered annuities) or for IRAs of owners who have died. 2010 federal tax forms IRA interest. 2010 federal tax forms  Although interest earned from your IRA is generally not taxed in the year earned, it is not tax-exempt interest. 2010 federal tax forms Tax on your traditional IRA is generally deferred until you take a distribution. 2010 federal tax forms Do not report this interest on your return as tax-exempt interest. 2010 federal tax forms For more information on tax-exempt interest, see the instructions for your tax return. 2010 federal tax forms Photographs of missing children. 2010 federal tax forms  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. 2010 federal tax forms Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. 2010 federal tax forms You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. 2010 federal tax forms Introduction This publication discusses individual retirement arrangements (IRAs). 2010 federal tax forms An IRA is a personal savings plan that gives you tax advantages for setting aside money for retirement. 2010 federal tax forms What are some tax advantages of an IRA?   Two tax advantages of an IRA are that: Contributions you make to an IRA may be fully or partially deductible, depending on which type of IRA you have and on your circumstances, and Generally, amounts in your IRA (including earnings and gains) are not taxed until distributed. 2010 federal tax forms In some cases, amounts are not taxed at all if distributed according to the rules. 2010 federal tax forms What's in this publication?   This publication discusses traditional, Roth, and SIMPLE IRAs. 2010 federal tax forms It explains the rules for: Setting up an IRA, Contributing to an IRA, Transferring money or property to and from an IRA, Handling an inherited IRA, Receiving distributions (making withdrawals) from an IRA, and Taking a credit for contributions to an IRA. 2010 federal tax forms   It also explains the penalties and additional taxes that apply when the rules are not followed. 2010 federal tax forms To assist you in complying with the tax rules for IRAs, this publication contains worksheets, sample forms, and tables, which can be found throughout the publication and in the appendices at the back of the publication. 2010 federal tax forms How to use this publication. 2010 federal tax forms   The rules that you must follow depend on which type of IRA you have. 2010 federal tax forms Use Table I-1 to help you determine which parts of this publication to read. 2010 federal tax forms Also use Table I-1 if you were referred to this publication from instructions to a form. 2010 federal tax forms Comments and suggestions. 2010 federal tax forms   We welcome your comments about this publication and your suggestions for future editions. 2010 federal tax forms   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. 2010 federal tax forms NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. 2010 federal tax forms Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. 2010 federal tax forms   You can send your comments from www. 2010 federal tax forms irs. 2010 federal tax forms gov/formspubs/. 2010 federal tax forms Click on “More Information” and then on “Comment on Tax Forms and Publications”. 2010 federal tax forms   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. 2010 federal tax forms Ordering forms and publications. 2010 federal tax forms   Visit www. 2010 federal tax forms irs. 2010 federal tax forms gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. 2010 federal tax forms Internal Revenue Service 1201 N. 2010 federal tax forms Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. 2010 federal tax forms   If you have a tax question, check the information available on IRS. 2010 federal tax forms gov or call 1-800-829-1040. 2010 federal tax forms We cannot answer tax questions sent to either of the above addresses. 2010 federal tax forms Useful Items - You may want to see: Publications 560 Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans) 571 Tax-Sheltered Annuity Plans (403(b) Plans) 575 Pension and Annuity Income 939 General Rule for Pensions and Annuities Forms (and instructions) W-4P Withholding Certificate for Pension or Annuity Payments 1099-R Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. 2010 federal tax forms 5304-SIMPLE Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)–Not for Use With a Designated Financial Institution 5305-S SIMPLE Individual Retirement Trust Account 5305-SA SIMPLE Individual Retirement Custodial Account 5305-SIMPLE Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)–for Use With a Designated Financial Institution 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts 5498 IRA Contribution Information 8606 Nondeductible IRAs 8815 Exclusion of Interest From Series EE and I U. 2010 federal tax forms S. 2010 federal tax forms Savings Bonds Issued After 1989 8839 Qualified Adoption Expenses 8880 Credit for Qualified Retirement Savings Contributions See chapter 5 for information about getting these publications and forms. 2010 federal tax forms Table I-1. 2010 federal tax forms Using This Publication IF you need information on . 2010 federal tax forms . 2010 federal tax forms . 2010 federal tax forms THEN see . 2010 federal tax forms . 2010 federal tax forms . 2010 federal tax forms traditional IRAs chapter 1. 2010 federal tax forms Roth IRAs chapter 2, and parts of  chapter 1. 2010 federal tax forms SIMPLE IRAs chapter 3. 2010 federal tax forms the credit for qualified retirement savings contributions (the saver's credit) chapter 4. 2010 federal tax forms how to keep a record of your contributions to, and distributions from, your traditional IRA(s) appendix A. 2010 federal tax forms SEP IRAs and 401(k) plans Publication 560. 2010 federal tax forms Coverdell education savings accounts (formerly called education IRAs) Publication 970. 2010 federal tax forms IF for 2013, you received social security benefits, had taxable compensation, contributed to a traditional IRA, and you or your spouse was covered by an employer retirement plan, and you want to. 2010 federal tax forms . 2010 federal tax forms . 2010 federal tax forms THEN see . 2010 federal tax forms . 2010 federal tax forms . 2010 federal tax forms first figure your modified adjusted gross income (AGI) appendix B, worksheet 1. 2010 federal tax forms then figure how much of your traditional IRA contribution you can deduct appendix B, worksheet 2. 2010 federal tax forms and finally figure how much of your social security is taxable appendix B, worksheet 3. 2010 federal tax forms Table I-2. 2010 federal tax forms How Are a Traditional IRA and a Roth IRA Different? This table shows the differences between traditional and Roth IRAs. 2010 federal tax forms Answers in the middle column apply to traditional IRAs. 2010 federal tax forms Answers in the right column apply to Roth IRAs. 2010 federal tax forms Question Answer   Traditional IRA? Roth IRA? Is there an age limit on when I can open and contribute to a Yes. 2010 federal tax forms You must not have reached age  70½ by the end of the year. 2010 federal tax forms See Who Can Open a Traditional IRA? in chapter 1. 2010 federal tax forms No. 2010 federal tax forms You can be any age. 2010 federal tax forms See Can You Contribute to a Roth IRA? in chapter 2. 2010 federal tax forms If I earned more than $5,500 in 2013 ($6,500 if I was 50 or older by the end of 2013), is there a limit on how much I can contribute to a Yes. 2010 federal tax forms For 2013, you can contribute to a traditional IRA up to: $5,500, or $6,500 if you were age 50 or older by the end of 2013. 2010 federal tax forms  There is no upper limit on how much you can earn and still contribute. 2010 federal tax forms See How Much Can Be Contributed? in chapter 1. 2010 federal tax forms Yes. 2010 federal tax forms For 2013, you may be able to contribute to a Roth IRA up to: $5,500, or $6,500 if you were age 50 or older by the end of 2013,  but the amount you can contribute may be less than that depending on your income, filing status, and if you contribute to another IRA. 2010 federal tax forms See How Much Can Be Contributed? and Table 2-1 in chapter 2. 2010 federal tax forms Can I deduct contributions to a Yes. 2010 federal tax forms You may be able to deduct your contributions to a traditional IRA depending on your income, filing status, whether you are covered by a retirement plan at work, and whether you receive social security benefits. 2010 federal tax forms See How Much Can You Deduct? in chapter 1. 2010 federal tax forms No. 2010 federal tax forms You can never deduct contributions to a Roth IRA. 2010 federal tax forms See What Is a Roth IRA? in chapter 2. 2010 federal tax forms Do I have to file a form just because I contribute to a Not unless you make nondeductible contributions to your traditional IRA. 2010 federal tax forms In that case, you must file Form 8606. 2010 federal tax forms See Nondeductible Contributions in chapter 1. 2010 federal tax forms No. 2010 federal tax forms You do not have to file a form if you contribute to a Roth IRA. 2010 federal tax forms See Contributions not reported in chapter 2. 2010 federal tax forms Do I have to start taking distributions when I reach a certain age from a Yes. 2010 federal tax forms You must begin receiving required minimum distributions by April 1 of the year following the year you reach age 70½. 2010 federal tax forms See When Must You Withdraw Assets? (Required Minimum Distributions) in chapter 1. 2010 federal tax forms No. 2010 federal tax forms If you are the original owner of a Roth IRA, you do not have to take distributions regardless of your age. 2010 federal tax forms See Are Distributions Taxable? in chapter 2. 2010 federal tax forms However, if you are the beneficiary of a Roth IRA, you may have to take distributions. 2010 federal tax forms See Distributions After Owner's Death in chapter 2. 2010 federal tax forms How are distributions taxed from a Distributions from a traditional IRA are taxed as ordinary income, but if you made nondeductible contributions, not all of the distribution is taxable. 2010 federal tax forms See Are Distributions Taxable? in chapter 1. 2010 federal tax forms Distributions from a Roth IRA are not taxed as long as you meet certain criteria. 2010 federal tax forms See Are Distributions Taxable? in chapter 2. 2010 federal tax forms Do I have to file a form just because I receive distributions from a Not unless you have ever made a nondeductible contribution to a traditional IRA. 2010 federal tax forms If you have, file Form 8606. 2010 federal tax forms See Nondeductible Contributions in chapter 1. 2010 federal tax forms Yes. 2010 federal tax forms File Form 8606 if you received distributions from a Roth IRA (other than a rollover, qualified charitable distribution, one-time distribution to fund an HSA, recharacterization, certain qualified distributions, or a return of certain contributions). 2010 federal tax forms Prev  Up  Next   Home   More Online Publications