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Can I Refile My Taxes

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Can I Refile My Taxes

Can i refile my taxes Internal Revenue Bulletin:  2009-17  April 27, 2009  Rev. Can i refile my taxes Proc. Can i refile my taxes 2009-24 Table of Contents SECTION 1. Can i refile my taxes PURPOSE SECTION 2. Can i refile my taxes BACKGROUND SECTION 3. Can i refile my taxes SCOPE SECTION 4. Can i refile my taxes APPLICATION. Can i refile my taxes 01 In General. Can i refile my taxes . Can i refile my taxes 02 Limitations on Depreciation Deductions for Certain Automobiles. Can i refile my taxes . Can i refile my taxes 03 Inclusions in Income of Lessees of Passenger Automobiles. Can i refile my taxes SECTION 5. Can i refile my taxes EFFECTIVE DATE SECTION 6. Can i refile my taxes DRAFTING INFORMATION SECTION 1. Can i refile my taxes PURPOSE . Can i refile my taxes 01 This revenue procedure provides: (1) limitations on depreciation deductions for owners of passenger automobiles first placed in service by the taxpayer during calendar year 2009, including a separate table of limitations on depreciation deductions for trucks and vans; and (2) the amounts to be included in income by lessees of passenger automobiles first leased by the taxpayer during calendar year 2009, including a separate table of inclusion amounts for lessees of trucks and vans. Can i refile my taxes . Can i refile my taxes 02 The tables detailing these depreciation limitations and lessee inclusion amounts reflect the automobile price inflation adjustments required by § 280F(d)(7) of the Internal Revenue Code. Can i refile my taxes SECTION 2. Can i refile my taxes BACKGROUND . Can i refile my taxes 01 For owners of passenger automobiles, § 280F(a) imposes dollar limitations on the depreciation deduction for the year that the passenger automobile is placed in service by the taxpayer and each succeeding year. Can i refile my taxes Section 280F(d)(7) requires the amounts allowable as depreciation deductions to be increased by a price inflation adjustment amount for passenger automobiles placed in service after 1988. Can i refile my taxes The method of calculating this price inflation amount for trucks and vans placed in service in or after calendar year 2003 uses a different CPI “automobile component” (the “new trucks” component) than that used in the price inflation amount calculation for other passenger automobiles (the “new cars” component), resulting in somewhat higher depreciation deductions for trucks and vans. Can i refile my taxes This change reflects the higher rate of price inflation that trucks and vans have been subject to since 1988. Can i refile my taxes . Can i refile my taxes 02 Section 168(k)(1)(A) provides a 50 percent additional first year depreciation deduction for certain new property acquired by a taxpayer after December 31, 2007, and before January 1, 2010, if no written binding contract for the acquisition of the property existed before January 1, 2008. Can i refile my taxes Section 168(k)(2)(F)(i) increases the first year depreciation allowed under § 280F(a)(1)(A) by $8,000 for passenger automobiles to which the 50 percent additional first year depreciation deduction applies. Can i refile my taxes . Can i refile my taxes 03 Section 168(k)(2)(D)(i) provides that the 50 percent additional first year depreciation deduction does not apply to any property required to be depreciated under the alternative depreciation system of § 168(g), including property described in § 280F(b)(1). Can i refile my taxes Section 168(k)(2)(D)(iii) permits a taxpayer to elect to not claim the 50 percent additional first year depreciation deduction for any class of property. Can i refile my taxes Section 168(k)(4) permits a corporation to elect to not claim the 50 percent additional first year depreciation deduction for all eligible qualified property (that is extension property or that is not extension property, as applicable) and instead to increase the business credit limitation under § 38(c) or the alternative minimum tax credit limitation under § 53(c). Can i refile my taxes Accordingly, this revenue procedure provides tables for passenger automobiles for which the 50 percent additional depreciation deduction applies and tables for passenger automobiles for which the 50 percent additional first year depreciation deduction does not apply, including passenger automobiles in a class of property for which the taxpayer “elects out” of the 50 percent additional first year depreciation deduction or passenger automobiles that are eligible qualified property to which the § 168(k)(4) election applies. Can i refile my taxes . Can i refile my taxes 04 For leased passenger automobiles, § 280F(c) requires a reduction in the deduction allowed to the lessee of the passenger automobile. Can i refile my taxes The reduction must be substantially equivalent to the limitations on the depreciation deductions imposed on owners of passenger automobiles. Can i refile my taxes Under § 1. Can i refile my taxes 280F-7(a) of the Income Tax Regulations, this reduction requires a lessee to include in gross income an inclusion amount determined by applying a formula to the amount obtained from a table. Can i refile my taxes One table applies to lessees of trucks and vans and another table applies to all other passenger automobiles. Can i refile my taxes Each table shows inclusion amounts for a range of fair market values for each taxable year after the passenger automobile is first leased. Can i refile my taxes SECTION 3. Can i refile my taxes SCOPE . Can i refile my taxes 01 The limitations on depreciation deductions in section 4. Can i refile my taxes 02(2) of this revenue procedure apply to passenger automobiles (other than leased passenger automobiles) that are placed in service by the taxpayer in calendar year 2009, and continue to apply for each taxable year that the passenger automobile remains in service. Can i refile my taxes . Can i refile my taxes 02 The tables in section 4. Can i refile my taxes 03 of this revenue procedure apply to leased passenger automobiles for which the lease term begins during calendar year 2009. Can i refile my taxes Lessees of these passenger automobiles must use these tables to determine the inclusion amount for each taxable year during which the passenger automobile is leased. Can i refile my taxes See Rev. Can i refile my taxes Proc. Can i refile my taxes 2002-14, 2002-1 C. Can i refile my taxes B. Can i refile my taxes 450, for passenger automobiles first leased before January 1, 2003, Rev. Can i refile my taxes Proc. Can i refile my taxes 2003-75, 2003-2 C. Can i refile my taxes B. Can i refile my taxes 1018, for passenger automobiles first leased during calendar year 2003, Rev. Can i refile my taxes Proc. Can i refile my taxes 2004-20, 2004-1 C. Can i refile my taxes B. Can i refile my taxes 642, for passenger automobiles first leased during calendar year 2004, Rev. Can i refile my taxes Proc. Can i refile my taxes 2005-13, 2005-1 C. Can i refile my taxes B. Can i refile my taxes 759, for passenger automobiles first leased during calendar year 2005, Rev. Can i refile my taxes Proc. Can i refile my taxes 2006-18, 2006-1 C. Can i refile my taxes B. Can i refile my taxes 645, for passenger automobiles first leased during calendar year 2006, Rev. Can i refile my taxes Proc. Can i refile my taxes 2007-30, 2007-1 C. Can i refile my taxes B. Can i refile my taxes 1104, for passenger automobiles first leased during calendar year 2007, and Rev. Can i refile my taxes Proc. Can i refile my taxes 2008-22, 2008-12 I. Can i refile my taxes R. Can i refile my taxes B. Can i refile my taxes 658, for passenger automobiles first leased during calendar year 2008. Can i refile my taxes SECTION 4. Can i refile my taxes APPLICATION . Can i refile my taxes 01 In General. Can i refile my taxes (1) Limitations on depreciation deductions for certain automobiles. Can i refile my taxes The limitations on depreciation deductions for passenger automobiles placed in service by the taxpayer for the first time during calendar year 2009 are in Tables 1 through 4 in section 4. Can i refile my taxes 02(2) of this revenue procedure. Can i refile my taxes (2) Inclusions in income of lessees of passenger automobiles. Can i refile my taxes A taxpayer first leasing a passenger automobile during calendar year 2009 must determine the inclusion amount that is added to gross income using Tables 5 and 6 in section 4. Can i refile my taxes 03 of this revenue procedure. Can i refile my taxes In addition, the taxpayer must follow the procedures of § 1. Can i refile my taxes 280F-7(a). Can i refile my taxes . Can i refile my taxes 02 Limitations on Depreciation Deductions for Certain Automobiles. Can i refile my taxes (1) Amount of the inflation adjustment. Can i refile my taxes (a) Passenger automobiles (other than trucks or vans). Can i refile my taxes Under § 280F(d)(7)(B)(i), the automobile price inflation adjustment for any calendar year is the percentage (if any) by which the CPI automobile component for October of the preceding calendar year exceeds the CPI automobile component for October 1987. Can i refile my taxes The term “CPI automobile component” is defined in § 280F(d)(7)(B)(ii) as the “automobile component” of the Consumer Price Index for all Urban Consumers published by the Department of Labor. Can i refile my taxes The new car component of the CPI was 115. Can i refile my taxes 2 for October 1987 and 134. Can i refile my taxes 837 for October 2008. Can i refile my taxes The October 2008 index exceeded the October 1987 index by 19. Can i refile my taxes 637. Can i refile my taxes The Internal Revenue Service has, therefore, determined that the automobile price inflation adjustment for 2009 for passenger automobiles (other than trucks and vans) is 17. Can i refile my taxes 05 percent (19. Can i refile my taxes 637/115. Can i refile my taxes 2 x 100%). Can i refile my taxes This adjustment is applicable to all passenger automobiles (other than trucks and vans) that are first placed in service in calendar year 2009. Can i refile my taxes The dollar limitations in § 280F(a) therefore must be multiplied by a factor of 0. Can i refile my taxes 1705, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations applicable to passenger automobiles (other than trucks and vans) for calendar year 2009. Can i refile my taxes (b) Trucks and vans. Can i refile my taxes To determine the dollar limitations applicable to trucks and vans first placed in service during calendar year 2009, the new truck component of the CPI is used instead of the new car component. Can i refile my taxes The new truck component of the CPI was 112. Can i refile my taxes 4 for October 1987 and 133. Can i refile my taxes 640 for October 2008. Can i refile my taxes The October 2008 index exceeded the October 1987 index by 21. Can i refile my taxes 24. Can i refile my taxes The Service has, therefore, determined that the automobile price inflation adjustment for 2009 for trucks and vans is 18. Can i refile my taxes 90 percent (21. Can i refile my taxes 24/112. Can i refile my taxes 4 x 100%). Can i refile my taxes This adjustment is applicable to all trucks and vans that are first placed in service in calendar year 2009. Can i refile my taxes The dollar limitations in § 280F(a) therefore must be multiplied by a factor of 0. Can i refile my taxes 1890, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations applicable to trucks and vans. Can i refile my taxes (2) Amount of the limitation. Can i refile my taxes For passenger automobiles placed in service by the taxpayer in calendar year 2009, Tables 1 through 4 contain the dollar amount of the depreciation limitation for each taxable year. Can i refile my taxes Use Table 1 for a passenger automobile (other than a truck or van) placed in service by the taxpayer in calendar year 2009, for which the 50 percent additional first year depreciation deduction does not apply, including a passenger automobile (other than a truck or van) in a class of property for which the taxpayer elects out of the 50 percent additional first year depreciation deduction or a passenger automobile that is eligible qualified property to which the § 168(k)(4) election applies. Can i refile my taxes Use Table 2 for a passenger automobile (other than a truck or van) placed in service by the taxpayer in calendar year 2009, for which the 50 percent additional first year depreciation deduction applies. Can i refile my taxes Use Table 3 for a truck or van placed in service by the taxpayer in calendar year 2009, for which the 50 percent additional first year depreciation deduction does not apply, including a truck or van in a class of property for which the taxpayer elects out of the 50 percent additional first year depreciation deduction or a truck or van that is eligible qualified property to which the § 168(k)(4) election applies. Can i refile my taxes Use Table 4 for a truck or van placed in service by the taxpayer in calendar year 2009, for which the 50 percent additional first year depreciation deduction applies. Can i refile my taxes REV. Can i refile my taxes PROC. Can i refile my taxes 2009-24 TABLE 1 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE BY THE TAXPAYER IN CALENDAR YEAR 2009, FOR WHICH THE 50 PERCENT ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $2,960 2nd Tax Year $4,800 3rd Tax Year $2,850 Each Succeeding Year $1,775 REV. Can i refile my taxes PROC. Can i refile my taxes 2009-24 TABLE 2 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE BY THE TAXPAYER IN CALENDAR YEAR 2009, FOR WHICH THE 50 PERCENT ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $10,960 2nd Tax Year $4,800 3rd Tax Year $2,850 Each Succeeding Year $1,775 REV. Can i refile my taxes PROC. Can i refile my taxes 2009-24 TABLE 3 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE BY THE TAXPAYER IN CALENDAR YEAR 2009, FOR WHICH THE 50 PERCENT ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $3,060 2nd Tax Year $4,900 3rd Tax Year $2,950 Each Succeeding Year $1,775 REV. Can i refile my taxes PROC. Can i refile my taxes 2009-24 TABLE 4 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE BY THE TAXPAYER IN CALENDAR YEAR 2009, FOR WHICH THE 50 PERCENT ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,060 2nd Tax Year $4,900 3rd Tax Year $2,950 Each Succeeding Year $1,775 . Can i refile my taxes 03 Inclusions in Income of Lessees of Passenger Automobiles. Can i refile my taxes The inclusion amounts for passenger automobiles first leased in calendar year 2009 are calculated under the procedures described in § 1. Can i refile my taxes 280F-7(a). Can i refile my taxes Lessees of passenger automobiles other than trucks and vans should use Table 5 of this revenue procedure in applying these procedures, while lessees of trucks and vans should use Table 6 of this revenue procedure. Can i refile my taxes REV. Can i refile my taxes PROC. Can i refile my taxes 2009-24 TABLE 5 DOLLAR AMOUNTS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2009 Fair Market Value of Passenger Automobile Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & Later $18,500 $19,000 9 19 28 34 38 19,000 19,500 10 21 32 38 43 19,500 20,000 11 24 36 42 48 20,000 20,500 12 27 39 46 54 20,500 21,000 13 29 43 51 58 21,000 21,500 15 31 47 55 64 21,500 22,000 16 34 50 60 68 22,000 23,000 17 38 56 66 76 23,000 24,000 20 42 64 75 86 24,000 25,000 22 47 71 84 96 25,000 26,000 24 52 78 93 107 26,000 27,000 26 58 85 101 117 27,000 28,000 29 62 93 110 127 28,000 29,000 31 67 100 119 138 29,000 30,000 33 72 108 128 147 30,000 31,000 35 77 115 137 157 31,000 32,000 38 82 122 146 167 32,000 33,000 40 87 129 155 178 33,000 34,000 42 92 137 163 188 34,000 35,000 44 97 144 172 199 35,000 36,000 47 102 151 181 208 36,000 37,000 49 107 159 189 219 37,000 38,000 51 112 166 199 228 38,000 39,000 53 117 173 208 239 39,000 40,000 56 122 180 216 250 40,000 41,000 58 127 188 225 259 41,000 42,000 60 132 195 234 269 42,000 43,000 62 137 203 242 280 43,000 44,000 65 141 210 252 290 44,000 45,000 67 146 218 260 300 45,000 46,000 69 151 225 269 311 46,000 47,000 71 157 232 278 320 47,000 48,000 74 161 240 286 331 48,000 49,000 76 166 247 296 340 49,000 50,000 78 171 255 304 351 50,000 51,000 80 176 262 313 361 51,000 52,000 83 181 269 322 371 52,000 53,000 85 186 276 331 381 53,000 54,000 87 191 284 339 392 54,000 55,000 89 196 291 349 401 55,000 56,000 92 201 298 357 412 56,000 57,000 94 206 306 365 423 57,000 58,000 96 211 313 375 432 58,000 59,000 98 216 320 384 442 59,000 60,000 101 221 327 393 452 60,000 62,000 104 228 339 406 467 62,000 64,000 109 238 353 424 488 64,000 66,000 113 248 368 441 509 66,000 68,000 118 258 382 459 529 68,000 70,000 122 268 397 476 550 70,000 72,000 127 277 413 493 570 72,000 74,000 131 288 427 511 590 74,000 76,000 136 297 442 529 610 76,000 78,000 140 307 457 546 631 78,000 80,000 145 317 471 564 651 80,000 85,000 152 335 497 595 686 85,000 90,000 164 359 534 639 737 90,000 95,000 175 384 570 683 789 95,000 100,000 186 409 607 727 839 100,000 110,000 203 446 662 793 916 110,000 120,000 226 495 736 881 1,018 120,000 130,000 248 545 809 970 1,119 130,000 140,000 271 594 883 1,058 1,220 140,000 150,000 293 644 956 1,146 1,322 150,000 160,000 316 693 1,030 1,234 1,424 160,000 170,000 338 743 1,103 1,322 1,526 170,000 180,000 361 792 1,177 1,410 1,628 180,000 190,000 383 842 1,250 1,498 1,730 190,000 200,000 406 891 1,324 1,586 1,831 200,000 210,000 428 941 1,397 1,675 1,932 210,000 220,000 451 990 1,471 1,762 2,035 220,000 230,000 473 1,040 1,544 1,851 2,136 230,000 240,000 496 1,089 1,618 1,939 2,238 240,000 And up 518 1,139 1,691 2,027 2,340 REV. Can i refile my taxes PROC. Can i refile my taxes 2009-24 TABLE 6 DOLLAR AMOUNTS FOR TRUCKS AND VANS WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2009 Fair Market Value of Electric Automobile Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th and Later $18,500 $19,000 8 17 25 30 35 19,000 19,500 9 19 29 35 40 19,500 20,000 10 22 33 38 45 20,000 20,500 11 25 36 43 50 20,500 21,000 12 27 40 48 55 21,000 21,500 13 30 43 52 60 21,500 22,000 15 32 47 56 66 22,000 23,000 16 36 52 64 72 23,000 24,000 18 41 60 72 83 24,000 25,000 21 45 68 81 93 25,000 26,000 23 50 75 90 103 26,000 27,000 25 56 82 98 114 27,000 28,000 27 61 89 107 124 28,000 29,000 30 65 97 116 134 29,000 30,000 32 70 104 125 144 30,000 31,000 34 75 112 134 154 31,000 32,000 36 80 119 143 164 32,000 33,000 39 85 126 151 175 33,000 34,000 41 90 134 160 184 34,000 35,000 43 95 141 169 195 35,000 36,000 45 100 148 178 205 36,000 37,000 48 105 155 187 215 37,000 38,000 50 110 163 195 226 38,000 39,000 52 115 170 204 236 39,000 40,000 55 120 177 213 246 40,000 41,000 57 125 185 221 256 41,000 42,000 59 130 192 231 266 42,000 43,000 61 135 199 240 276 43,000 44,000 64 139 207 249 286 44,000 45,000 66 144 215 257 296 45,000 46,000 68 149 222 266 307 46,000 47,000 70 155 229 274 317 47,000 48,000 73 159 237 283 327 48,000 49,000 75 164 244 292 338 49,000 50,000 77 169 251 301 348 50,000 51,000 79 174 259 310 357 51,000 52,000 82 179 266 318 368 52,000 53,000 84 184 273 328 378 53,000 54,000 86 189 281 336 388 54,000 55,000 88 194 288 345 399 55,000 56,000 91 199 295 354 408 56,000 57,000 93 204 302 363 419 57,000 58,000 95 209 310 371 429 58,000 59,000 97 214 317 381 439 59,000 60,000 100 219 324 389 450 60,000 62,000 103 226 336 402 465 62,000 64,000 107 236 351 420 485 64,000 66,000 112 246 365 438 505 66,000 68,000 116 256 380 455 526 68,000 70,000 121 266 394 473 546 70,000 72,000 125 276 409 491 566 72,000 74,000 130 286 423 509 586 74,000 76,000 134 296 438 526 607 76,000 78,000 139 305 454 543 627 78,000 80,000 143 316 467 561 648 80,000 85,000 151 333 493 592 684 85,000 90,000 163 357 531 635 735 90,000 95,000 174 382 567 680 785 95,000 100,000 185 407 604 724 836 100,000 110,000 202 444 659 790 912 110,000 120,000 225 493 733 878 1,014 120,000 130,000 247 543 806 966 1,116 130,000 140,000 270 592 880 1,054 1,218 140,000 150,000 292 642 953 1,143 1,319 150,000 160,000 315 691 1,027 1,230 1,421 160,000 170,000 337 741 1,100 1,319 1,522 170,000 180,000 360 790 1,174 1,407 1,624 180,000 190,000 382 840 1,247 1,495 1,726 190,000 200,000 405 889 1,321 1,583 1,828 200,000 210,000 427 939 1,394 1,671 1,930 210,000 220,000 450 988 1,468 1,759 2,031 220,000 230,000 472 1,038 1,541 1,847 2,134 230,000 240,000 495 1,087 1,615 1,935 2,235 240,000 and up 517 1,137 1,688 2,024 2,336 SECTION 5. Can i refile my taxes EFFECTIVE DATE This revenue procedure applies to passenger automobiles (other than leased passenger automobiles) that are first placed in service by a taxpayer during calendar year 2009, and to leased passenger automobiles that are first leased by a taxpayer during calendar year 2009. Can i refile my taxes SECTION 6. Can i refile my taxes DRAFTING INFORMATION The principal author of this revenue procedure is Bernard P. Can i refile my taxes Harvey of the Office of Associate Chief Counsel (Income Tax & Accounting). Can i refile my taxes For further information regarding this revenue procedure, contact Mr. Can i refile my taxes Harvey at (202) 622-4930 (not a toll-free call). Can i refile my taxes Prev  Up  Next   Home   More Internal Revenue Bulletins
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IRS Criminal Investigation Issues Annual Report

IR-2014-18, Feb. 24, 2014
 

WASHINGTON — The Internal Revenue Service today announced the release of its IRS Criminal Investigation (CI) Annual Report for fiscal year 2013, reflecting significant increases in enforcement actions against tax criminals and a robust rise in convictions, including identity theft. 

CI investigates potential criminal violations of the Internal Revenue Code and related financial crimes in a manner to foster confidence in the tax system and compliance with the law.

High points of fiscal year 2013 include a 12.5 percent increase in investigations initiated compared to the prior year and a nearly 18 percent gain in prosecution recommendations. Specifically, CI initiated 5,314 cases and recommended 4,364 cases for prosecution. These increases were accomplished at a time when agent resources decreased more than 5 percent.

Meanwhile, convictions rose more than 25 percent compared to the prior year. The conviction rate for fiscal 2013 was 93 percent.

“The conviction rate is especially important because it reflects the quality of our case work, our teamwork with law enforcement partners and the U.S. Attorneys’ Offices, and it represents an increase over 2011 and 2012,” said Richard Weber, Chief of Criminal Investigation.

CI continues to play a vital role in the fight against identity theft. CI initiated over 1,400 investigations and recommended prosecution of over 1,250 individuals who were involved in identity theft crimes during fiscal 2013.

As an active partner in over 35 Identity Theft Task Forces, CI works side-by-side with federal, state and local law-enforcement agencies to combat the threat of this insidious crime. One of those task forces, the Tampa Bay Identity Theft Alliance, was recently recognized as the "2013 Task Force of the Year," a national award given by the International Association of Financial Crimes Investigators for investigative excellence and outstanding public service. The Tampa Bay Identity Theft Alliance was formed last year and comprises of 20 Tampa Bay federal, state and local law enforcement agencies and prosecutors.

“The Alliance represents true teamwork by all levels of law enforcement,” Weber said. “Individuals who commit identity theft demonstrate a blatant disregard of the integrity of the United States tax system and cause immeasurable hardship to innocent victims.”

In addition, the 36-page report summarizes a wide variety of IRS CI activity on a range of tax crimes, money laundering, public corruption, terrorist financing and narcotics trafficking financial crimes during the fiscal year ending Sept. 30, 2013.

“Our cases involved individuals and corporations from all segments of society. They led us into corporate board rooms, offices of public officials, tax preparation businesses, identity theft gangs and narcotics trafficking organizations,” Weber said.

"This report highlights some of the many noteworthy cases that were completed by CI, which is just the tip of the iceberg of the complex cases we completed this past year,” Weber added. “The dedication and enthusiasm of our employees was a driving force behind these achievements. IRS-CI continues to make our mark in history as the best financial investigators in the world."

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The Can I Refile My Taxes

Can i refile my taxes 1. Can i refile my taxes   Traditional IRAs Table of Contents What's New for 2013 What's New for 2014 Introduction Who Can Open a Traditional IRA?What Is Compensation? When Can a Traditional IRA Be Opened? How Can a Traditional IRA Be Opened?Individual Retirement Account Individual Retirement Annuity Individual Retirement Bonds Simplified Employee Pension (SEP) Employer and Employee Association Trust Accounts Required Disclosures How Much Can Be Contributed?Limit. Can i refile my taxes When repayment contributions can be made. Can i refile my taxes No deduction. Can i refile my taxes Reserve component. Can i refile my taxes Figuring your IRA deduction. Can i refile my taxes Reporting the repayment. Can i refile my taxes Example. Can i refile my taxes General Limit Kay Bailey Hutchison Spousal IRA Limit Filing Status Less Than Maximum Contributions More Than Maximum Contributions When Can Contributions Be Made? How Much Can You Deduct?Kay Bailey Hutchison Spousal IRA. Can i refile my taxes Are You Covered by an Employer Plan? Limit if Covered by Employer Plan Reporting Deductible Contributions Nondeductible Contributions Examples — Worksheet for Reduced IRA Deduction for 2013 What if You Inherit an IRA?Treating it as your own. Can i refile my taxes Can You Move Retirement Plan Assets?Transfers to Roth IRAs from other retirement plans. Can i refile my taxes Trustee-to-Trustee Transfer Rollovers Transfers Incident To Divorce Converting From Any Traditional IRA Into a Roth IRA Recharacterizations When Can You Withdraw or Use Assets?Contributions Returned Before Due Date of Return When Must You Withdraw Assets? (Required Minimum Distributions)IRA Owners IRA Beneficiaries Which Table Do You Use To Determine Your Required Minimum Distribution? What Age(s) Do You Use With the Table(s)? Miscellaneous Rules for Required Minimum Distributions Are Distributions Taxable?January 2013 QCDs treated as made in 2012. Can i refile my taxes 2013 Reporting. Can i refile my taxes Additional reporting requirements if you made the election to treat a January 2013 QCD as made in 2012. Can i refile my taxes One-time transfer. Can i refile my taxes Testing period rules apply. Can i refile my taxes More information. Can i refile my taxes Distributions Fully or Partly Taxable Figuring the Nontaxable and Taxable Amounts Recognizing Losses on Traditional IRA Investments Other Special IRA Distribution Situations Reporting and Withholding Requirements for Taxable Amounts What Acts Result in Penalties or Additional Taxes?Prohibited Transactions Investment in Collectibles Excess Contributions Early Distributions Excess Accumulations (Insufficient Distributions) Reporting Additional Taxes What's New for 2013 Traditional IRA contribution and deduction limit. Can i refile my taxes  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. Can i refile my taxes 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. Can i refile my taxes For more information, see How Much Can Be Contributed? in this chapter. Can i refile my taxes Modified AGI limit for traditional IRA contributions increased. Can i refile my taxes  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. Can i refile my taxes 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. Can i refile my taxes If your modified AGI is $188,000 or more, you cannot take a deduction for contributions to a traditional IRA. Can i refile my taxes See How Much Can You Deduct? in this chapter. Can i refile my taxes Net Investment Income Tax. Can i refile my taxes  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). Can i refile my taxes However, these distributions are taken into account when determining the modified adjusted gross income threshold. Can i refile my taxes Distributions from a nonqualified retirement plan are included in net investment income. Can i refile my taxes See Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts, and its instructions for more information. Can i refile my taxes What's New for 2014 Modified AGI limit for traditional IRA contributions increased. Can i refile my taxes  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. Can i refile my taxes 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. Can i refile my taxes If your modified AGI is $191,000 or more, you cannot take a deduction for contributions to a traditional IRA. Can i refile my taxes Introduction This chapter discusses the original IRA. Can i refile my taxes In this publication the original IRA (sometimes called an ordinary or regular IRA) is referred to as a “traditional IRA. Can i refile my taxes ” A traditional IRA is any IRA that is not a Roth IRA or a SIMPLE IRA. Can i refile my taxes The following are two advantages of a traditional IRA: You may be able to deduct some or all of your contributions to it, depending on your circumstances. Can i refile my taxes Generally, amounts in your IRA, including earnings and gains, are not taxed until they are distributed. Can i refile my taxes Who Can Open a Traditional IRA? You can open and make contributions to a traditional IRA if: You (or, if you file a joint return, your spouse) received taxable compensation during the year, and You were not age 70½ by the end of the year. Can i refile my taxes You can have a traditional IRA whether or not you are covered by any other retirement plan. Can i refile my taxes However, you may not be able to deduct all of your contributions if you or your spouse is covered by an employer retirement plan. Can i refile my taxes See How Much Can You Deduct , later. Can i refile my taxes Both spouses have compensation. Can i refile my taxes   If both you and your spouse have compensation and are under age 70½, each of you can open an IRA. Can i refile my taxes You cannot both participate in the same IRA. Can i refile my taxes If you file a joint return, only one of you needs to have compensation. Can i refile my taxes What Is Compensation? Generally, compensation is what you earn from working. Can i refile my taxes For a summary of what compensation does and does not include, see Table 1-1. Can i refile my taxes Compensation includes all of the items discussed next (even if you have more than one type). Can i refile my taxes Wages, salaries, etc. Can i refile my taxes   Wages, salaries, tips, professional fees, bonuses, and other amounts you receive for providing personal services are compensation. Can i refile my taxes The IRS treats as compensation any amount properly shown in box 1 (Wages, tips, other compensation) of Form W-2, Wage and Tax Statement, provided that amount is reduced by any amount properly shown in box 11 (Nonqualified plans). Can i refile my taxes Scholarship and fellowship payments are compensation for IRA purposes only if shown in box 1 of Form W-2. Can i refile my taxes Commissions. Can i refile my taxes   An amount you receive that is a percentage of profits or sales price is compensation. Can i refile my taxes Self-employment income. Can i refile my taxes   If you are self-employed (a sole proprietor or a partner), compensation is the net earnings from your trade or business (provided your personal services are a material income-producing factor) reduced by the total of: The deduction for contributions made on your behalf to retirement plans, and The deduction allowed for the deductible part of your self-employment taxes. Can i refile my taxes   Compensation includes earnings from self-employment even if they are not subject to self-employment tax because of your religious beliefs. Can i refile my taxes Self-employment loss. Can i refile my taxes   If you have a net loss from self-employment, do not subtract the loss from your salaries or wages when figuring your total compensation. Can i refile my taxes Alimony and separate maintenance. Can i refile my taxes   For IRA purposes, compensation includes any taxable alimony and separate maintenance payments you receive under a decree of divorce or separate maintenance. Can i refile my taxes Nontaxable combat pay. Can i refile my taxes   If you were a member of the U. Can i refile my taxes S. Can i refile my taxes Armed Forces, compensation includes any nontaxable combat pay you received. Can i refile my taxes This amount should be reported in box 12 of your 2013 Form W-2 with code Q. Can i refile my taxes Table 1-1. Can i refile my taxes Compensation for Purposes of an IRA Includes . Can i refile my taxes . Can i refile my taxes . Can i refile my taxes Does not include . Can i refile my taxes . Can i refile my taxes . Can i refile my taxes   earnings and profits from property. Can i refile my taxes wages, salaries, etc. Can i refile my taxes     interest and dividend income. Can i refile my taxes commissions. Can i refile my taxes     pension or annuity income. Can i refile my taxes self-employment income. Can i refile my taxes     deferred compensation. Can i refile my taxes alimony and separate maintenance. Can i refile my taxes     income from certain  partnerships. Can i refile my taxes nontaxable combat pay. Can i refile my taxes     any amounts you exclude from income. Can i refile my taxes     What Is Not Compensation? Compensation does not include any of the following items. Can i refile my taxes Earnings and profits from property, such as rental income, interest income, and dividend income. Can i refile my taxes Pension or annuity income. Can i refile my taxes Deferred compensation received (compensation payments postponed from a past year). Can i refile my taxes Income from a partnership for which you do not provide services that are a material income-producing factor. Can i refile my taxes Conservation Reserve Program (CRP) payments reported on Schedule SE (Form 1040), line 1b. Can i refile my taxes Any amounts (other than combat pay) you exclude from income, such as foreign earned income and housing costs. Can i refile my taxes When Can a Traditional IRA Be Opened? You can open a traditional IRA at any time. Can i refile my taxes However, the time for making contributions for any year is limited. Can i refile my taxes See When Can Contributions Be Made , later. Can i refile my taxes How Can a Traditional IRA Be Opened? You can open different kinds of IRAs with a variety of organizations. Can i refile my taxes You can open an IRA at a bank or other financial institution or with a mutual fund or life insurance company. Can i refile my taxes You can also open an IRA through your stockbroker. Can i refile my taxes Any IRA must meet Internal Revenue Code requirements. Can i refile my taxes The requirements for the various arrangements are discussed below. Can i refile my taxes Kinds of traditional IRAs. Can i refile my taxes   Your traditional IRA can be an individual retirement account or annuity. Can i refile my taxes It can be part of either a simplified employee pension (SEP) or an employer or employee association trust account. Can i refile my taxes Individual Retirement Account An individual retirement account is a trust or custodial account set up in the United States for the exclusive benefit of you or your beneficiaries. Can i refile my taxes The account is created by a written document. Can i refile my taxes The document must show that the account meets all of the following requirements. Can i refile my taxes The trustee or custodian must be a bank, a federally insured credit union, a savings and loan association, or an entity approved by the IRS to act as trustee or custodian. Can i refile my taxes The trustee or custodian generally cannot accept contributions of more than the deductible amount for the year. Can i refile my taxes However, rollover contributions and employer contributions to a simplified employee pension (SEP) can be more than this amount. Can i refile my taxes Contributions, except for rollover contributions, must be in cash. Can i refile my taxes See Rollovers , later. Can i refile my taxes You must have a nonforfeitable right to the amount at all times. Can i refile my taxes Money in your account cannot be used to buy a life insurance policy. Can i refile my taxes Assets in your account cannot be combined with other property, except in a common trust fund or common investment fund. Can i refile my taxes You must start receiving distributions by April 1 of the year following the year in which you reach age 70½. Can i refile my taxes See When Must You Withdraw Assets? (Required Minimum Distributions) , later. Can i refile my taxes Individual Retirement Annuity You can open an individual retirement annuity by purchasing an annuity contract or an endowment contract from a life insurance company. Can i refile my taxes An individual retirement annuity must be issued in your name as the owner, and either you or your beneficiaries who survive you are the only ones who can receive the benefits or payments. Can i refile my taxes An individual retirement annuity must meet all the following requirements. Can i refile my taxes Your entire interest in the contract must be nonforfeitable. Can i refile my taxes The contract must provide that you cannot transfer any portion of it to any person other than the issuer. Can i refile my taxes There must be flexible premiums so that if your compensation changes, your payment can also change. Can i refile my taxes This provision applies to contracts issued after November 6, 1978. Can i refile my taxes The contract must provide that contributions cannot be more than the deductible amount for an IRA for the year, and that you must use any refunded premiums to pay for future premiums or to buy more benefits before the end of the calendar year after the year in which you receive the refund. Can i refile my taxes Distributions must begin by April 1 of the year following the year in which you reach age 70½. Can i refile my taxes See When Must You Withdraw Assets? (Required Minimum Distributions) , later. Can i refile my taxes Individual Retirement Bonds The sale of individual retirement bonds issued by the federal government was suspended after April 30, 1982. Can i refile my taxes The bonds have the following features. Can i refile my taxes They stop earning interest when you reach age 70½. Can i refile my taxes If you die, interest will stop 5 years after your death, or on the date you would have reached age 70½, whichever is earlier. Can i refile my taxes You cannot transfer the bonds. Can i refile my taxes If you cash (redeem) the bonds before the year in which you reach age 59½, you may be subject to a 10% additional tax. Can i refile my taxes See Age 59½ Rule under Early Distributions, later. Can i refile my taxes You can roll over redemption proceeds into IRAs. Can i refile my taxes Simplified Employee Pension (SEP) A simplified employee pension (SEP) is a written arrangement that allows your employer to make deductible contributions to a traditional IRA (a SEP IRA) set up for you to receive such contributions. Can i refile my taxes Generally, distributions from SEP IRAs are subject to the withdrawal and tax rules that apply to traditional IRAs. Can i refile my taxes See Publication 560 for more information about SEPs. Can i refile my taxes Employer and Employee Association Trust Accounts Your employer or your labor union or other employee association can set up a trust to provide individual retirement accounts for employees or members. Can i refile my taxes The requirements for individual retirement accounts apply to these traditional IRAs. Can i refile my taxes Required Disclosures The trustee or issuer (sometimes called the sponsor) of your traditional IRA generally must give you a disclosure statement at least 7 days before you open your IRA. Can i refile my taxes However, the sponsor does not have to give you the statement until the date you open (or purchase, if earlier) your IRA, provided you are given at least 7 days from that date to revoke the IRA. Can i refile my taxes The disclosure statement must explain certain items in plain language. Can i refile my taxes For example, the statement should explain when and how you can revoke the IRA, and include the name, address, and telephone number of the person to receive the notice of cancellation. Can i refile my taxes This explanation must appear at the beginning of the disclosure statement. Can i refile my taxes If you revoke your IRA within the revocation period, the sponsor must return to you the entire amount you paid. Can i refile my taxes The sponsor must report on the appropriate IRS forms both your contribution to the IRA (unless it was made by a trustee-to-trustee transfer) and the amount returned to you. Can i refile my taxes These requirements apply to all sponsors. Can i refile my taxes How Much Can Be Contributed? There are limits and other rules that affect the amount that can be contributed to a traditional IRA. Can i refile my taxes These limits and rules are explained below. Can i refile my taxes Community property laws. Can i refile my taxes   Except as discussed later under Kay Bailey Hutchison Spousal IRA Limit , each spouse figures his or her limit separately, using his or her own compensation. Can i refile my taxes This is the rule even in states with community property laws. Can i refile my taxes Brokers' commissions. Can i refile my taxes   Brokers' commissions paid in connection with your traditional IRA are subject to the contribution limit. Can i refile my taxes For information about whether you can deduct brokers' commissions, see Brokers' commissions , later, under How Much Can You Deduct. Can i refile my taxes Trustees' fees. Can i refile my taxes   Trustees' administrative fees are not subject to the contribution limit. Can i refile my taxes For information about whether you can deduct trustees' fees, see Trustees' fees , later, under How Much Can You Deduct. Can i refile my taxes Qualified reservist repayments. Can i refile my taxes   If you were a member of a reserve component and you were ordered or called to active duty after September 11, 2001, you may be able to contribute (repay) to an IRA amounts equal to any qualified reservist distributions (defined later under Early Distributions) you received. Can i refile my taxes You can make these repayment contributions even if they would cause your total contributions to the IRA to be more than the general limit on contributions. Can i refile my taxes To be eligible to make these repayment contributions, you must have received a qualified reservist distribution from an IRA or from a section 401(k) or 403(b) plan or a similar arrangement. Can i refile my taxes Limit. Can i refile my taxes   Your qualified reservist repayments cannot be more than your qualified reservist distributions, explained under Early Distributions , later. Can i refile my taxes When repayment contributions can be made. Can i refile my taxes   You cannot make these repayment contributions later than the date that is 2 years after your active duty period ends. Can i refile my taxes No deduction. Can i refile my taxes   You cannot deduct qualified reservist repayments. Can i refile my taxes Reserve component. Can i refile my taxes   The term “reserve component” means the: Army National Guard of the United States, Army Reserve, Naval Reserve, Marine Corps Reserve, Air National Guard of the United States, Air Force Reserve, Coast Guard Reserve, or Reserve Corps of the Public Health Service. Can i refile my taxes Figuring your IRA deduction. Can i refile my taxes   The repayment of qualified reservist distributions does not affect the amount you can deduct as an IRA contribution. Can i refile my taxes Reporting the repayment. Can i refile my taxes   If you repay a qualified reservist distribution, include the amount of the repayment with nondeductible contributions on line 1 of Form 8606. Can i refile my taxes Example. Can i refile my taxes   In 2013, your IRA contribution limit is $5,500. Can i refile my taxes However, because of your filing status and AGI, the limit on the amount you can deduct is $3,500. Can i refile my taxes You can make a nondeductible contribution of $2,000 ($5,500 - $3,500). Can i refile my taxes In an earlier year you received a $3,000 qualified reservist distribution, which you would like to repay this year. Can i refile my taxes   For 2013, you can contribute a total of $8,500 to your IRA. Can i refile my taxes This is made up of the maximum deductible contribution of $3,500; a nondeductible contribution of $2,000; and a $3,000 qualified reservist repayment. Can i refile my taxes You contribute the maximum allowable for the year. Can i refile my taxes Since you are making a nondeductible contribution ($2,000) and a qualified reservist repayment ($3,000), you must file Form 8606 with your return and include $5,000 ($2,000 + $3,000) on line 1 of Form 8606. Can i refile my taxes The qualified reservist repayment is not deductible. Can i refile my taxes Contributions on your behalf to a traditional IRA reduce your limit for contributions to a Roth IRA. Can i refile my taxes See chapter 2 for information about Roth IRAs. Can i refile my taxes General Limit For 2013, the most that can be contributed to your traditional IRA generally is the smaller of the following amounts: $5,500 ($6,500 if you are age 50 or older), or Your taxable compensation (defined earlier) for the year. Can i refile my taxes Note. Can i refile my taxes This limit is reduced by any contributions to a section 501(c)(18) plan (generally, a pension plan created before June 25, 1959, that is funded entirely by employee contributions). Can i refile my taxes This is the most that can be contributed regardless of whether the contributions are to one or more traditional IRAs or whether all or part of the contributions are nondeductible. Can i refile my taxes (See Nondeductible Contributions , later. Can i refile my taxes ) Qualified reservist repayments do not affect this limit. Can i refile my taxes Examples. Can i refile my taxes George, who is 34 years old and single, earns $24,000 in 2013. Can i refile my taxes His IRA contributions for 2013 are limited to $5,500. Can i refile my taxes Danny, an unmarried college student working part time, earns $3,500 in 2013. Can i refile my taxes His IRA contributions for 2013 are limited to $3,500, the amount of his compensation. Can i refile my taxes More than one IRA. Can i refile my taxes   If you have more than one IRA, the limit applies to the total contributions made on your behalf to all your traditional IRAs for the year. Can i refile my taxes Annuity or endowment contracts. Can i refile my taxes   If you invest in an annuity or endowment contract under an individual retirement annuity, no more than $5,500 ($6,500 if you are age 50 or older) can be contributed toward its cost for the tax year, including the cost of life insurance coverage. Can i refile my taxes If more than this amount is contributed, the annuity or endowment contract is disqualified. Can i refile my taxes Kay Bailey Hutchison Spousal IRA Limit For 2013, if you file a joint return and your taxable compensation is less than that of your spouse, the most that can be contributed for the year to your IRA is the smaller of the following two amounts: $5,500 ($6,500 if you are age 50 or older), or The total compensation includible in the gross income of both you and your spouse for the year, reduced by the following two amounts. Can i refile my taxes Your spouse's IRA contribution for the year to a traditional IRA. Can i refile my taxes Any contributions for the year to a Roth IRA on behalf of your spouse. Can i refile my taxes This means that the total combined contributions that can be made for the year to your IRA and your spouse's IRA can be as much as $11,000 ($12,000 if only one of you is age 50 or older or $13,000 if both of you are age 50 or older). Can i refile my taxes Note. Can i refile my taxes This traditional IRA limit is reduced by any contributions to a section 501(c)(18) plan (generally, a pension plan created before June 25, 1959, that is funded entirely by employee contributions). Can i refile my taxes Example. Can i refile my taxes Kristin, a full-time student with no taxable compensation, marries Carl during the year. Can i refile my taxes Neither of them was age 50 by the end of 2013. Can i refile my taxes For the year, Carl has taxable compensation of $30,000. Can i refile my taxes He plans to contribute (and deduct) $5,500 to a traditional IRA. Can i refile my taxes If he and Kristin file a joint return, each can contribute $5,500 to a traditional IRA. Can i refile my taxes This is because Kristin, who has no compensation, can add Carl's compensation, reduced by the amount of his IRA contribution ($30,000 − $5,500 = $24,500), to her own compensation (-0-) to figure her maximum contribution to a traditional IRA. Can i refile my taxes In her case, $5,500 is her contribution limit, because $5,500 is less than $24,500 (her compensation for purposes of figuring her contribution limit). Can i refile my taxes Filing Status Generally, except as discussed earlier under Kay Bailey Hutchison Spousal IRA Limit , your filing status has no effect on the amount of allowable contributions to your traditional IRA. Can i refile my taxes However, if during the year either you or your spouse was covered by a retirement plan at work, your deduction may be reduced or eliminated, depending on your filing status and income. Can i refile my taxes See How Much Can You Deduct , later. Can i refile my taxes Example. Can i refile my taxes Tom and Darcy are married and both are 53. Can i refile my taxes They both work and each has a traditional IRA. Can i refile my taxes Tom earned $3,800 and Darcy earned $48,000 in 2013. Can i refile my taxes Because of the Kay Bailey Hutchison Spousal IRA limit rule, even though Tom earned less than $6,500, they can contribute up to $6,500 to his IRA for 2013 if they file a joint return. Can i refile my taxes They can contribute up to $6,500 to Darcy's IRA. Can i refile my taxes If they file separate returns, the amount that can be contributed to Tom's IRA is limited by his earned income, $3,800. Can i refile my taxes Less Than Maximum Contributions If contributions to your traditional IRA for a year were less than the limit, you cannot contribute more after the due date of your return for that year to make up the difference. Can i refile my taxes Example. Can i refile my taxes Rafael, who is 40, earns $30,000 in 2013. Can i refile my taxes Although he can contribute up to $5,500 for 2013, he contributes only $3,000. Can i refile my taxes After April 15, 2014, Rafael cannot make up the difference between his actual contributions for 2013 ($3,000) and his 2013 limit ($5,500). Can i refile my taxes He cannot contribute $2,500 more than the limit for any later year. Can i refile my taxes More Than Maximum Contributions If contributions to your IRA for a year were more than the limit, you can apply the excess contribution in one year to a later year if the contributions for that later year are less than the maximum allowed for that year. Can i refile my taxes However, a penalty or additional tax may apply. Can i refile my taxes See Excess Contributions , later, under What Acts Result in Penalties or Additional Taxes. Can i refile my taxes When Can Contributions Be Made? As soon as you open your traditional IRA, contributions can be made to it through your chosen sponsor (trustee or other administrator). Can i refile my taxes Contributions must be in the form of money (cash, check, or money order). Can i refile my taxes Property cannot be contributed. Can i refile my taxes Although property cannot be contributed, your IRA may invest in certain property. Can i refile my taxes For example, your IRA may purchase shares of stock. Can i refile my taxes For other restrictions on the use of funds in your IRA, see Prohibited Transactions , later in this chapter. Can i refile my taxes You may be able to transfer or roll over certain property from one retirement plan to another. Can i refile my taxes See the discussion of rollovers and other transfers later in this chapter under Can You Move Retirement Plan Assets . Can i refile my taxes You can make a contribution to your IRA by having your income tax refund (or a portion of your refund), if any, paid directly to your traditional IRA, Roth IRA, or SEP IRA. Can i refile my taxes For details, see the instructions for your income tax return or Form 8888, Allocation of Refund (Including Savings Bond Purchases). Can i refile my taxes Contributions can be made to your traditional IRA for each year that you receive compensation and have not reached age 70½. Can i refile my taxes For any year in which you do not work, contributions cannot be made to your IRA unless you receive alimony, nontaxable combat pay, military differential pay, or file a joint return with a spouse who has compensation. Can i refile my taxes See Who Can Open a Traditional IRA , earlier. Can i refile my taxes Even if contributions cannot be made for the current year, the amounts contributed for years in which you did qualify can remain in your IRA. Can i refile my taxes Contributions can resume for any years that you qualify. Can i refile my taxes Contributions must be made by due date. Can i refile my taxes   Contributions can be made to your traditional IRA for a year at any time during the year or by the due date for filing your return for that year, not including extensions. Can i refile my taxes For most people, this means that contributions for 2013 must be made by April 15, 2014, and contributions for 2014 must be made by April 15, 2015. Can i refile my taxes Age 70½ rule. Can i refile my taxes   Contributions cannot be made to your traditional IRA for the year in which you reach age 70½ or for any later year. Can i refile my taxes   You attain age 70½ on the date that is 6 calendar months after the 70th anniversary of your birth. Can i refile my taxes If you were born on or before June 30, 1943, you cannot contribute for 2013 or any later year. Can i refile my taxes Designating year for which contribution is made. Can i refile my taxes   If an amount is contributed to your traditional IRA between January 1 and April 15, you should tell the sponsor which year (the current year or the previous year) the contribution is for. Can i refile my taxes If you do not tell the sponsor which year it is for, the sponsor can assume, and report to the IRS, that the contribution is for the current year (the year the sponsor received it). Can i refile my taxes Filing before a contribution is made. Can i refile my taxes    You can file your return claiming a traditional IRA contribution before the contribution is actually made. Can i refile my taxes Generally, the contribution must be made by the due date of your return, not including extensions. Can i refile my taxes Contributions not required. Can i refile my taxes   You do not have to contribute to your traditional IRA for every tax year, even if you can. Can i refile my taxes How Much Can You Deduct? Generally, you can deduct the lesser of: The contributions to your traditional IRA for the year, or The general limit (or the Kay Bailey Hutchison Spousal IRA limit, if applicable) explained earlier under How Much Can Be Contributed . Can i refile my taxes However, if you or your spouse was covered by an employer retirement plan, you may not be able to deduct this amount. Can i refile my taxes See Limit if Covered by Employer Plan , later. Can i refile my taxes You may be able to claim a credit for contributions to your traditional IRA. Can i refile my taxes For more information, see chapter 4. Can i refile my taxes Trustees' fees. Can i refile my taxes   Trustees' administrative fees that are billed separately and paid in connection with your traditional IRA are not deductible as IRA contributions. Can i refile my taxes However, they may be deductible as a miscellaneous itemized deduction on Schedule A (Form 1040). Can i refile my taxes For information about miscellaneous itemized deductions, see Publication 529, Miscellaneous Deductions. Can i refile my taxes Brokers' commissions. Can i refile my taxes   These commissions are part of your IRA contribution and, as such, are deductible subject to the limits. Can i refile my taxes Full deduction. Can i refile my taxes   If neither you nor your spouse was covered for any part of the year by an employer retirement plan, you can take a deduction for total contributions to one or more of your traditional IRAs of up to the lesser of: $5,500 ($6,500 if you are age 50 or older), or 100% of your compensation. Can i refile my taxes   This limit is reduced by any contributions made to a 501(c)(18) plan on your behalf. Can i refile my taxes Kay Bailey Hutchison Spousal IRA. Can i refile my taxes   In the case of a married couple with unequal compensation who file a joint return, the deduction for contributions to the traditional IRA of the spouse with less compensation is limited to the lesser of: $5,500 ($6,500 if the spouse with the lower compensation is age 50 or older), or The total compensation includible in the gross income of both spouses for the year reduced by the following three amounts. Can i refile my taxes The IRA deduction for the year of the spouse with the greater compensation. Can i refile my taxes Any designated nondeductible contribution for the year made on behalf of the spouse with the greater compensation. Can i refile my taxes Any contributions for the year to a Roth IRA on behalf of the spouse with the greater compensation. Can i refile my taxes   This limit is reduced by any contributions to a section 501(c)(18) plan on behalf of the spouse with the lesser compensation. Can i refile my taxes Note. Can i refile my taxes If you were divorced or legally separated (and did not remarry) before the end of the year, you cannot deduct any contributions to your spouse's IRA. Can i refile my taxes After a divorce or legal separation, you can deduct only the contributions to your own IRA. Can i refile my taxes Your deductions are subject to the rules for single individuals. Can i refile my taxes Covered by an employer retirement plan. Can i refile my taxes   If you or your spouse was covered by an employer retirement plan at any time during the year for which contributions were made, your deduction may be further limited. Can i refile my taxes This is discussed later under Limit if Covered by Employer Plan . Can i refile my taxes Limits on the amount you can deduct do not affect the amount that can be contributed. Can i refile my taxes Are You Covered by an Employer Plan? The Form W-2 you receive from your employer has a box used to indicate whether you were covered for the year. Can i refile my taxes The “Retirement Plan” box should be checked if you were covered. Can i refile my taxes Reservists and volunteer firefighters should also see Situations in Which You Are Not Covered , later. Can i refile my taxes If you are not certain whether you were covered by your employer's retirement plan, you should ask your employer. Can i refile my taxes Federal judges. Can i refile my taxes   For purposes of the IRA deduction, federal judges are covered by an employer plan. Can i refile my taxes For Which Year(s) Are You Covered? Special rules apply to determine the tax years for which you are covered by an employer plan. Can i refile my taxes These rules differ depending on whether the plan is a defined contribution plan or a defined benefit plan. Can i refile my taxes Tax year. Can i refile my taxes   Your tax year is the annual accounting period you use to keep records and report income and expenses on your income tax return. Can i refile my taxes For almost all people, the tax year is the calendar year. Can i refile my taxes Defined contribution plan. Can i refile my taxes   Generally, you are covered by a defined contribution plan for a tax year if amounts are contributed or allocated to your account for the plan year that ends with or within that tax year. Can i refile my taxes However, also see Situations in Which You Are Not Covered , later. Can i refile my taxes   A defined contribution plan is a plan that provides for a separate account for each person covered by the plan. Can i refile my taxes In a defined contribution plan, the amount to be contributed to each participant's account is spelled out in the plan. Can i refile my taxes The level of benefits actually provided to a participant depends on the total amount contributed to that participant's account and any earnings and losses on those contributions. Can i refile my taxes Types of defined contribution plans include profit-sharing plans, stock bonus plans, and money purchase pension plans. Can i refile my taxes Example. Can i refile my taxes Company A has a money purchase pension plan. Can i refile my taxes Its plan year is from July 1 to June 30. Can i refile my taxes The plan provides that contributions must be allocated as of June 30. Can i refile my taxes Bob, an employee, leaves Company A on December 31, 2012. Can i refile my taxes The contribution for the plan year ending on June 30, 2013, is made February 15, 2014. Can i refile my taxes Because an amount is contributed to Bob's account for the plan year, Bob is covered by the plan for his 2013 tax year. Can i refile my taxes   A special rule applies to certain plans in which it is not possible to determine if an amount will be contributed to your account for a given plan year. Can i refile my taxes If, for a plan year, no amounts have been allocated to your account that are attributable to employer contributions, employee contributions, or forfeitures, by the last day of the plan year, and contributions are discretionary for the plan year, you are not covered for the tax year in which the plan year ends. Can i refile my taxes If, after the plan year ends, the employer makes a contribution for that plan year, you are covered for the tax year in which the contribution is made. Can i refile my taxes Example. Can i refile my taxes Mickey was covered by a profit-sharing plan and left the company on December 31, 2012. Can i refile my taxes The plan year runs from July 1 to June 30. Can i refile my taxes Under the terms of the plan, employer contributions do not have to be made, but if they are made, they are contributed to the plan before the due date for filing the company's tax return. Can i refile my taxes Such contributions are allocated as of the last day of the plan year, and allocations are made to the accounts of individuals who have any service during the plan year. Can i refile my taxes As of June 30, 2013, no contributions were made that were allocated to the June 30, 2013, plan year, and no forfeitures had been allocated within the plan year. Can i refile my taxes In addition, as of that date, the company was not obligated to make a contribution for such plan year and it was impossible to determine whether or not a contribution would be made for the plan year. Can i refile my taxes On December 31, 2013, the company decided to contribute to the plan for the plan year ending June 30, 2013. Can i refile my taxes That contribution was made on February 15, 2014. Can i refile my taxes Mickey is an active participant in the plan for his 2014 tax year but not for his 2013 tax year. Can i refile my taxes No vested interest. Can i refile my taxes   If an amount is allocated to your account for a plan year, you are covered by that plan even if you have no vested interest in (legal right to) the account. Can i refile my taxes Defined benefit plan. Can i refile my taxes   If you are eligible to participate in your employer's defined benefit plan for the plan year that ends within your tax year, you are covered by the plan. Can i refile my taxes This rule applies even if you: Declined to participate in the plan, Did not make a required contribution, or Did not perform the minimum service required to accrue a benefit for the year. Can i refile my taxes   A defined benefit plan is any plan that is not a defined contribution plan. Can i refile my taxes In a defined benefit plan, the level of benefits to be provided to each participant is spelled out in the plan. Can i refile my taxes The plan administrator figures the amount needed to provide those benefits and those amounts are contributed to the plan. Can i refile my taxes Defined benefit plans include pension plans and annuity plans. Can i refile my taxes Example. Can i refile my taxes Nick, an employee of Company B, is eligible to participate in Company B's defined benefit plan, which has a July 1 to June 30 plan year. Can i refile my taxes Nick leaves Company B on December 31, 2012. Can i refile my taxes Because Nick is eligible to participate in the plan for its year ending June 30, 2013, he is covered by the plan for his 2013 tax year. Can i refile my taxes No vested interest. Can i refile my taxes   If you accrue a benefit for a plan year, you are covered by that plan even if you have no vested interest in (legal right to) the accrual. Can i refile my taxes Situations in Which You Are Not Covered Unless you are covered by another employer plan, you are not covered by an employer plan if you are in one of the situations described below. Can i refile my taxes Social security or railroad retirement. Can i refile my taxes   Coverage under social security or railroad retirement is not coverage under an employer retirement plan. Can i refile my taxes Benefits from previous employer's plan. Can i refile my taxes   If you receive retirement benefits from a previous employer's plan, you are not covered by that plan. Can i refile my taxes Reservists. Can i refile my taxes   If the only reason you participate in a plan is because you are a member of a reserve unit of the Armed Forces, you may not be covered by the plan. Can i refile my taxes You are not covered by the plan if both of the following conditions are met. Can i refile my taxes The plan you participate in is established for its employees by: The United States, A state or political subdivision of a state, or An instrumentality of either (a) or (b) above. Can i refile my taxes You did not serve more than 90 days on active duty during the year (not counting duty for training). Can i refile my taxes Volunteer firefighters. Can i refile my taxes   If the only reason you participate in a plan is because you are a volunteer firefighter, you may not be covered by the plan. Can i refile my taxes You are not covered by the plan if both of the following conditions are met. Can i refile my taxes The plan you participate in is established for its employees by: The United States, A state or political subdivision of a state, or An instrumentality of either (a) or (b) above. Can i refile my taxes Your accrued retirement benefits at the beginning of the year will not provide more than $1,800 per year at retirement. Can i refile my taxes Limit if Covered by Employer Plan As discussed earlier, the deduction you can take for contributions made to your traditional IRA depends on whether you or your spouse was covered for any part of the year by an employer retirement plan. Can i refile my taxes Your deduction is also affected by how much income you had and by your filing status. Can i refile my taxes Your deduction may also be affected by social security benefits you received. Can i refile my taxes Reduced or no deduction. Can i refile my taxes   If either you or your spouse was covered by an employer retirement plan, you may be entitled to only a partial (reduced) deduction or no deduction at all, depending on your income and your filing status. Can i refile my taxes   Your deduction begins to decrease (phase out) when your income rises above a certain amount and is eliminated altogether when it reaches a higher amount. Can i refile my taxes These amounts vary depending on your filing status. Can i refile my taxes   To determine if your deduction is subject to the phaseout, you must determine your modified adjusted gross income (AGI) and your filing status, as explained later under Deduction Phaseout . Can i refile my taxes Once you have determined your modified AGI and your filing status, you can use Table 1-2 or Table 1-3 to determine if the phaseout applies. Can i refile my taxes Social Security Recipients Instead of using Table 1-2 or Table 1-3 and Worksheet 1-2, Figuring Your Reduced IRA Deduction for 2013, later, complete the worksheets in Appendix B of this publication if, for the year, all of the following apply. Can i refile my taxes You received social security benefits. Can i refile my taxes You received taxable compensation. Can i refile my taxes Contributions were made to your traditional IRA. Can i refile my taxes You or your spouse was covered by an employer retirement plan. Can i refile my taxes Use the worksheets in Appendix B to figure your IRA deduction, your nondeductible contribution, and the taxable portion, if any, of your social security benefits. Can i refile my taxes Appendix B includes an example with filled-in worksheets to assist you. Can i refile my taxes Table 1-2. Can i refile my taxes Effect of Modified AGI1 on Deduction if You Are Covered by a Retirement Plan at Work If you are covered by a retirement plan at work, use this table to determine if your modified AGI affects the amount of your deduction. Can i refile my taxes IF your filing status is . Can i refile my taxes . Can i refile my taxes . Can i refile my taxes AND your modified adjusted gross income (modified AGI) is . Can i refile my taxes . Can i refile my taxes . Can i refile my taxes THEN you can take . Can i refile my taxes . Can i refile my taxes . Can i refile my taxes single or head of household $59,000 or less a full deduction. Can i refile my taxes more than $59,000 but less than $69,000 a partial deduction. Can i refile my taxes $69,000 or more no deduction. Can i refile my taxes married filing jointly or  qualifying widow(er) $95,000 or less a full deduction. Can i refile my taxes more than $95,000 but less than $115,000 a partial deduction. Can i refile my taxes $115,000 or more no deduction. Can i refile my taxes married filing separately2 less than $10,000 a partial deduction. Can i refile my taxes $10,000 or more no deduction. Can i refile my taxes 1 Modified AGI (adjusted gross income). Can i refile my taxes See Modified adjusted gross income (AGI) , later. Can i refile my taxes  2 If you did not live with your spouse at any time during the year, your filing status is considered Single for this purpose (therefore, your IRA deduction is determined under the “Single” filing status). Can i refile my taxes Table 1-3. Can i refile my taxes Effect of Modified AGI1 on Deduction if You Are NOT Covered by a Retirement Plan at Work If you are not covered by a retirement plan at work, use this table to determine if your modified AGI affects the amount of your deduction. Can i refile my taxes IF your filing status is . Can i refile my taxes . Can i refile my taxes . Can i refile my taxes AND your modified adjusted gross income (modified AGI) is . Can i refile my taxes . Can i refile my taxes . Can i refile my taxes THEN you can take . Can i refile my taxes . Can i refile my taxes . Can i refile my taxes single, head of household, or qualifying widow(er) any amount a full deduction. Can i refile my taxes married filing jointly or separately with a spouse who is not covered by a plan at work any amount a full deduction. Can i refile my taxes married filing jointly with a spouse who is covered by a plan at work $178,000 or less a full deduction. Can i refile my taxes more than $178,000 but less than $188,000 a partial deduction. Can i refile my taxes $188,000 or more no deduction. Can i refile my taxes married filing separately with a spouse who is covered by a plan at work2 less than $10,000 a partial deduction. Can i refile my taxes $10,000 or more no deduction. Can i refile my taxes 1 Modified AGI (adjusted gross income). Can i refile my taxes See Modified adjusted gross income (AGI) , later. Can i refile my taxes  2 You are entitled to the full deduction if you did not live with your spouse at any time during the year. Can i refile my taxes For 2014, if you are not covered by a retirement plan at work and you are married filing jointly with a spouse who is covered by a plan at work, your deduction is phased out if your modified AGI is more than $181,000 but less than $191,000. Can i refile my taxes If your AGI is $191,000 or more, you cannot take a deduction for a contribution to a traditional IRA. Can i refile my taxes Deduction Phaseout The amount of any reduction in the limit on your IRA deduction (phaseout) depends on whether you or your spouse was covered by an employer retirement plan. Can i refile my taxes Covered by a retirement plan. Can i refile my taxes   If you are covered by an employer retirement plan and you did not receive any social security retirement benefits, your IRA deduction may be reduced or eliminated depending on your filing status and modified AGI, as shown in Table 1-2. Can i refile my taxes For 2014, if you are covered by a retirement plan at work, your IRA deduction will not be reduced (phased out) unless your modified AGI is: More than $60,000 but less than $70,000 for a single individual (or head of household), More than $96,000 but less than $116,000 for a married couple filing a joint return (or a qualifying widow(er)), or Less than $10,000 for a married individual filing a separate return. Can i refile my taxes If your spouse is covered. Can i refile my taxes   If you are not covered by an employer retirement plan, but your spouse is, and you did not receive any social security benefits, your IRA deduction may be reduced or eliminated entirely depending on your filing status and modified AGI as shown in Table 1-3. Can i refile my taxes Filing status. Can i refile my taxes   Your filing status depends primarily on your marital status. Can i refile my taxes For this purpose, you need to know if your filing status is single or head of household, married filing jointly or qualifying widow(er), or married filing separately. Can i refile my taxes If you need more information on filing status, see Publication 501, Exemptions, Standard Deduction, and Filing Information. Can i refile my taxes Lived apart from spouse. Can i refile my taxes   If you did not live with your spouse at any time during the year and you file a separate return, your filing status, for this purpose, is single. Can i refile my taxes Modified adjusted gross income (AGI). Can i refile my taxes   You can use Worksheet 1-1 to figure your modified AGI. Can i refile my taxes If you made contributions to your IRA for 2013 and received a distribution from your IRA in 2013, see Both contributions for 2013 and distributions in 2013 , later. Can i refile my taxes    Do not assume that your modified AGI is the same as your compensation. Can i refile my taxes Your modified AGI may include income in addition to your compensation (discussed earlier) such as interest, dividends, and income from IRA distributions. Can i refile my taxes Form 1040. Can i refile my taxes   If you file Form 1040, refigure the amount on the page 1 “adjusted gross income” line without taking into account any of the following amounts. Can i refile my taxes IRA deduction. Can i refile my taxes Student loan interest deduction. Can i refile my taxes Tuition and fees deduction. Can i refile my taxes Domestic production activities deduction. Can i refile my taxes Foreign earned income exclusion. Can i refile my taxes Foreign housing exclusion or deduction. Can i refile my taxes Exclusion of qualified savings bond interest shown on Form 8815. Can i refile my taxes Exclusion of employer-provided adoption benefits shown on Form 8839. Can i refile my taxes This is your modified AGI. Can i refile my taxes Form 1040A. Can i refile my taxes   If you file Form 1040A, refigure the amount on the page 1 “adjusted gross income” line without taking into account any of the following amounts. Can i refile my taxes IRA deduction. Can i refile my taxes Student loan interest deduction. Can i refile my taxes Tuition and fees deduction. Can i refile my taxes Exclusion of qualified savings bond interest shown on Form 8815. Can i refile my taxes This is your modified AGI. Can i refile my taxes Form 1040NR. Can i refile my taxes   If you file Form 1040NR, refigure the amount on the page 1 “adjusted gross income” line without taking into account any of the following amounts. Can i refile my taxes IRA deduction. Can i refile my taxes Student loan interest deduction. Can i refile my taxes Domestic production activities deduction. Can i refile my taxes Exclusion of qualified savings bond interest shown on Form 8815. Can i refile my taxes Exclusion of employer-provided adoption benefits shown on Form 8839. Can i refile my taxes This is your modified AGI. Can i refile my taxes Income from IRA distributions. Can i refile my taxes   If you received distributions in 2013 from one or more traditional IRAs and your traditional IRAs include only deductible contributions, the distributions are fully taxable and are included in your modified AGI. Can i refile my taxes Both contributions for 2013 and distributions in 2013. Can i refile my taxes   If all three of the following apply, any IRA distributions you received in 2013 may be partly tax free and partly taxable. Can i refile my taxes You received distributions in 2013 from one or more traditional IRAs, You made contributions to a traditional IRA for 2013, and Some of those contributions may be nondeductible contributions. Can i refile my taxes (See Nondeductible Contributions and Worksheet 1-2, later. Can i refile my taxes ) If this is your situation, you must figure the taxable part of the traditional IRA distribution before you can figure your modified AGI. Can i refile my taxes To do this, you can use Worksheet 1-5, later. Can i refile my taxes   If at least one of the above does not apply, figure your modified AGI using Worksheet 1-1, later. Can i refile my taxes How To Figure Your Reduced IRA Deduction If you or your spouse is covered by an employer retirement plan and you did not receive any social security benefits, you can figure your reduced IRA deduction by using Worksheet 1-2. Can i refile my taxes Figuring Your Reduced IRA Deduction for 2013. Can i refile my taxes The Instructions for Form 1040, Form 1040A, and Form 1040NR include similar worksheets that you can use instead of the worksheet in this publication. Can i refile my taxes If you or your spouse is covered by an employer retirement plan, and you received any social security benefits, see Social Security Recipients , earlier. Can i refile my taxes Note. Can i refile my taxes If you were married and both you and your spouse contributed to IRAs, figure your deduction and your spouse's deduction separately. Can i refile my taxes Worksheet 1-1. Can i refile my taxes Figuring Your Modified AGI Use this worksheet to figure your modified AGI for traditional IRA purposes. Can i refile my taxes 1. Can i refile my taxes Enter your adjusted gross income (AGI) from Form 1040, line 38; Form 1040A, line 22; or Form 1040NR, line 37, figured without taking into account the amount from Form 1040, line 32; Form 1040A, line 17; or Form 1040NR, line 32 1. Can i refile my taxes   2. Can i refile my taxes Enter any student loan interest deduction from Form 1040, line 33; Form 1040A, line 18; or Form 1040NR, line 33 2. Can i refile my taxes   3. Can i refile my taxes Enter any tuition and fees deduction from Form 1040, line 34, or Form 1040A, line 19 3. Can i refile my taxes   4. Can i refile my taxes Enter any domestic production activities deduction from Form 1040, line 35, or Form 1040NR, line 34 4. Can i refile my taxes   5. Can i refile my taxes Enter any foreign earned income exclusion and/or housing exclusion from Form 2555, line 45, or Form 2555-EZ, line 18 5. Can i refile my taxes   6. Can i refile my taxes Enter any foreign housing deduction from Form 2555, line 50 6. Can i refile my taxes   7. Can i refile my taxes Enter any excludable savings bond interest from Form 8815, line 14 7. Can i refile my taxes   8. Can i refile my taxes Enter any excluded employer-provided adoption benefits from Form 8839, line 28 8. Can i refile my taxes   9. Can i refile my taxes Add lines 1 through 8. Can i refile my taxes This is your Modified AGI for traditional IRA purposes 9. Can i refile my taxes   Reporting Deductible Contributions If you file Form 1040, enter your IRA deduction on line 32 of that form. Can i refile my taxes If you file Form 1040A, enter your IRA deduction on line 17 of that form. Can i refile my taxes If you file Form 1040NR, enter your IRA deduction on line 32 of that form. Can i refile my taxes You cannot deduct IRA contributions on Form 1040EZ or Form 1040NR-EZ. Can i refile my taxes Self-employed. Can i refile my taxes   If you are self-employed (a sole proprietor or partner) and have a SIMPLE IRA, enter your deduction for allowable plan contributions on Form 1040, line 28. Can i refile my taxes If you file Form 1040NR, enter your deduction on line 28 of that form. Can i refile my taxes Nondeductible Contributions Although your deduction for IRA contributions may be reduced or eliminated, contributions can be made to your IRA of up to the general limit or, if it applies, the Kay Bailey Hutchison Spousal IRA limit. Can i refile my taxes The difference between your total permitted contributions and your IRA deduction, if any, is your nondeductible contribution. Can i refile my taxes Example. Can i refile my taxes Tony is 29 years old and single. Can i refile my taxes In 2013, he was covered by a retirement plan at work. Can i refile my taxes His salary is $62,000. Can i refile my taxes His modified AGI is $70,000. Can i refile my taxes Tony makes a $5,500 IRA contribution for 2013. Can i refile my taxes Because he was covered by a retirement plan and his modified AGI is above $69,000, he cannot deduct his $5,500 IRA contribution. Can i refile my taxes He must designate this contribution as a nondeductible contribution by reporting it on Form 8606. Can i refile my taxes Repayment of reservist distributions. Can i refile my taxes   Nondeductible contributions may include repayments of qualified reservist distributions. Can i refile my taxes For more information, see Qualified reservist repayments under How Much Can Be Contributed, earlier. Can i refile my taxes Form 8606. Can i refile my taxes   To designate contributions as nondeductible, you must file Form 8606. Can i refile my taxes (See the filled-in Forms 8606 in this chapter. Can i refile my taxes )   You do not have to designate a contribution as nondeductible until you file your tax return. Can i refile my taxes When you file, you can even designate otherwise deductible contributions as nondeductible contributions. Can i refile my taxes   You must file Form 8606 to report nondeductible contributions even if you do not have to file a tax return for the year. Can i refile my taxes    A Form 8606 is not used for the year that you make a rollover from a qualified retirement plan to a traditional IRA and the rollover includes nontaxable amounts. Can i refile my taxes In those situations, a Form 8606 is completed for the year you take a distribution from that IRA. Can i refile my taxes See Form 8606 under Distributions Fully or Partly Taxable, later. Can i refile my taxes Failure to report nondeductible contributions. Can i refile my taxes   If you do not report nondeductible contributions, all of the contributions to your traditional IRA will be treated like deductible contributions when withdrawn. Can i refile my taxes All distributions from your IRA will be taxed unless you can show, with satisfactory evidence, that nondeductible contributions were made. Can i refile my taxes Penalty for overstatement. Can i refile my taxes   If you overstate the amount of nondeductible contributions on your Form 8606 for any tax year, you must pay a penalty of $100 for each overstatement, unless it was due to reasonable cause. Can i refile my taxes Penalty for failure to file Form 8606. Can i refile my taxes   You will have to pay a $50 penalty if you do not file a required Form 8606, unless you can prove that the failure was due to reasonable cause. Can i refile my taxes Tax on earnings on nondeductible contributions. Can i refile my taxes   As long as contributions are within the contribution limits, none of the earnings or gains on contributions (deductible or nondeductible) will be taxed until they are distributed. Can i refile my taxes Cost basis. Can i refile my taxes   You will have a cost basis in your traditional IRA if you made any nondeductible contributions. Can i refile my taxes Your cost basis is the sum of the nondeductible contributions to your IRA minus any withdrawals or distributions of nondeductible contributions. Can i refile my taxes    Commonly, distributions from your traditional IRAs will include both taxable and nontaxable (cost basis) amounts. Can i refile my taxes See Are Distributions Taxable, later, for more information. Can i refile my taxes Recordkeeping. Can i refile my taxes There is a recordkeeping worksheet, Appendix A. Can i refile my taxes Summary Record of Traditional IRA(s) for 2013 , that you can use to keep a record of deductible and nondeductible IRA contributions. Can i refile my taxes Examples — Worksheet for Reduced IRA Deduction for 2013 The following examples illustrate the use of Worksheet 1-2, Figuring Your Reduced IRA Deduction for 2013. Can i refile my taxes Example 1. Can i refile my taxes For 2013, Tom and Betty file a joint return on Form 1040. Can i refile my taxes They are both 39 years old. Can i refile my taxes They are both employed and Tom is covered by his employer's retirement plan. Can i refile my taxes Tom's salary is $59,000 and Betty's is $32,555. Can i refile my taxes They each have a traditional IRA and their combined modified AGI, which includes $5,000 interest and dividend income, is $96,555. Can i refile my taxes Because their modified AGI is between $95,000 and $115,000 and Tom is covered by an employer plan, Tom is subject to the deduction phaseout discussed earlier under Limit if Covered by Employer Plan . Can i refile my taxes For 2013, Tom contributed $5,500 to his IRA and Betty contributed $5,500 to hers. Can i refile my taxes Even though they file a joint return, they must use separate worksheets to figure the IRA deduction for each of them. Can i refile my taxes Tom can take a deduction of only $5,080. Can i refile my taxes He can choose to treat the $5,080 as either deductible or nondeductible contributions. Can i refile my taxes He can either leave the $420 ($5,500 − $5,080) of nondeductible contributions in his IRA or withdraw them by April 15, 2014. Can i refile my taxes He decides to treat the $5,080 as deductible contributions and leave the $420 of nondeductible contributions in his IRA. Can i refile my taxes Using Worksheet 1-2, Figuring Your Reduced IRA Deduction for 2013, Tom figures his deductible and nondeductible amounts as shown on Worksheet 1-2. Can i refile my taxes Figuring Your Reduced IRA Deduction for 2013—Example 1 Illustrated. Can i refile my taxes Betty figures her IRA deduction as follows. Can i refile my taxes Betty can treat all or part of her contributions as either deductible or nondeductible. Can i refile my taxes This is because her $5,500 contribution for 2013 is not subject to the deduction phaseout discussed earlier under Limit if Covered by Employer Plan . Can i refile my taxes She does not need to use Worksheet 1-2, Figuring Your Reduced IRA Deduction for 2013, because their modified AGI is not within the phaseout range that applies. Can i refile my taxes Betty decides to treat her $5,500 IRA contributions as deductible. Can i refile my taxes The IRA deductions of $5,080 and $5,500 on the joint return for Tom and Betty total $10,580. Can i refile my taxes Example 2. Can i refile my taxes For 2013, Ed and Sue file a joint return on Form 1040. Can i refile my taxes They are both 39 years old. Can i refile my taxes Ed is covered by his employer's retirement plan. Can i refile my taxes Ed's salary is $45,000. Can i refile my taxes Sue had no compensation for the year and did not contribute to an IRA. Can i refile my taxes Sue is not covered by an employer plan. Can i refile my taxes Ed contributed $5,500 to his traditional IRA and $5,500 to a traditional IRA for Sue (a Kay Bailey Hutchison Spousal IRA). Can i refile my taxes Their combined modified AGI, which includes $2,000 interest and dividend income and a large capital gain from the sale of stock, is $180,555. Can i refile my taxes Because the combined modified AGI is $115,000 or more, Ed cannot deduct any of the contribution to his traditional IRA. Can i refile my taxes He can either leave the $5,500 of nondeductible contributions in his IRA or withdraw them by April 15, 2014. Can i refile my taxes Sue figures her IRA deduction as shown on Worksheet 1-2. Can i refile my taxes Figuring Your Reduced IRA Deduction for 2013—Example 2 Illustrated. Can i refile my taxes Worksheet 1-2. Can i refile my taxes Figuring Your Reduced IRA Deduction for 2013 (Use only if you or your spouse is covered by an employer plan and your modified AGI falls between the two amounts shown below for your coverage situation and filing status. Can i refile my taxes ) Note. Can i refile my taxes If you were married and both you and your spouse contributed to IRAs, figure your deduction and your spouse's deduction separately. Can i refile my taxes IF you . Can i refile my taxes . Can i refile my taxes . Can i refile my taxes AND your  filing status is . Can i refile my taxes . Can i refile my taxes . Can i refile my taxes AND your modified AGI is over . Can i refile my taxes . Can i refile my taxes . Can i refile my taxes THEN enter on  line 1 below . Can i refile my taxes . Can i refile my taxes . Can i refile my taxes       are covered by an employer plan single or head of household $59,000 $69,000     married filing jointly or qualifying widow(er) $95,000 $115,000     married filing separately $0 $10,000     are not covered by an employer plan, but your spouse is covered married filing jointly $178,000 $188,000     married filing separately $0 $10,000     1. Can i refile my taxes Enter applicable amount from table above 1. Can i refile my taxes   2. Can i refile my taxes Enter your modified AGI (that of both spouses, if married filing jointly) 2. Can i refile my taxes     Note. Can i refile my taxes If line 2 is equal to or more than the amount on line 1, stop here. Can i refile my taxes  Your IRA contributions are not deductible. Can i refile my taxes See Nondeductible Contributions , earlier. Can i refile my taxes     3. Can i refile my taxes Subtract line 2 from line 1. Can i refile my taxes If line 3 is $10,000 or more ($20,000 or more if married filing jointly or qualifying widow(er) and you are covered by an employer plan), stop here. Can i refile my taxes You can take a full IRA deduction for contributions of up to $5,500 ($6,500 if you are age 50 or older) or 100% of your (and if married filing jointly, your spouse's) compensation, whichever is less 3. Can i refile my taxes   4. Can i refile my taxes Multiply line 3 by the percentage below that applies to you. Can i refile my taxes If the result is not a multiple of $10, round it to the next highest multiple of $10. Can i refile my taxes (For example, $611. Can i refile my taxes 40 is rounded to $620. Can i refile my taxes ) However, if the result is less than $200, enter $200. Can i refile my taxes         Married filing jointly or qualifying widow(er) and you are covered by an employer plan, multiply line 3 by 27. Can i refile my taxes 5% (. Can i refile my taxes 275) (by 32. Can i refile my taxes 5% (. Can i refile my taxes 325) if you are age 50 or older). Can i refile my taxes All others, multiply line 3 by 55% (. Can i refile my taxes 55) (by 65% (. Can i refile my taxes 65) if you are age 50 or older). Can i refile my taxes 4. Can i refile my taxes   5. Can i refile my taxes Enter your compensation minus any deductions on Form 1040 or Form 1040NR, line 27 (deductible part of self-employment tax) and line 28 (self-employed SEP, SIMPLE, and qualified plans). Can i refile my taxes If you are filing a joint return and your compensation is less than your spouse's, include your spouse's compensation reduced by his or her traditional IRA and Roth IRA contributions for this year. Can i refile my taxes If you file Form 1040 or Form 1040NR, do not reduce your compensation by any losses from self-employment 5. Can i refile my taxes   6. Can i refile my taxes Enter contributions made, or to be made, to your IRA for 2013, but do not enter more than $5,500 ($6,500 if you are age 50 or older). Can i refile my taxes If contributions are more than $5,500 ($6,500 if you are age 50 or older), see Excess Contributions , later. Can i refile my taxes 6. Can i refile my taxes   7. Can i refile my taxes IRA deduction. Can i refile my taxes Compare lines 4, 5, and 6. Can i refile my taxes Enter the smallest amount (or a smaller amount if you choose) here and on the Form 1040, 1040A, or 1040NR line for your IRA, whichever applies. Can i refile my taxes If line 6 is more than line 7 and you want to make a nondeductible contribution, go to line 8 7. Can i refile my taxes   8. Can i refile my taxes Nondeductible contribution. Can i refile my taxes Subtract line 7 from line 5 or 6, whichever is smaller. Can i refile my taxes  Enter the result here and on line 1 of your Form 8606 8. Can i refile my taxes   Worksheet 1-2. Can i refile my taxes Figuring Your Reduced IRA Deduction for 2013—Example 1 Illustrated (Use only if you or your spouse is covered by an employer plan and your modified AGI falls between the two amounts shown below for your coverage situation and filing status. Can i refile my taxes ) Note. Can i refile my taxes If you were married and both you and your spouse contributed to IRAs, figure your deduction and your spouse's deduction separately. Can i refile my taxes IF you . Can i refile my taxes . Can i refile my taxes . Can i refile my taxes AND your  filing status is . Can i refile my taxes . Can i refile my taxes . Can i refile my taxes AND your modified AGI is over . Can i refile my taxes . Can i refile my taxes . Can i refile my taxes THEN enter on  line 1 below . Can i refile my taxes . Can i refile my taxes . Can i refile my taxes       are covered by an employer plan single or head of household $59,000 $69,000     married filing jointly or qualifying widow(er) $95,000 $115,000     married filing separately $0 $10,000     are not covered by an employer plan, but your spouse is covered married filing jointly $178,000 $188,000     married filing separately $0 $10,000     1. Can i refile my taxes Enter applicable amount from table above 1. Can i refile my taxes 115,000 2. Can i refile my taxes Enter your modified AGI (that of both spouses, if married filing jointly) 2. Can i refile my taxes 96,555   Note. Can i refile my taxes If line 2 is equal to or more than the amount on line 1, stop here. Can i refile my taxes  Your IRA contributions are not deductible. Can i refile my taxes See Nondeductible Contributions , earlier. Can i refile my taxes     3. Can i refile my taxes Subtract line 2 from line 1. Can i refile my taxes If line 3 is $10,000 or more ($20,000 or more if married filing jointly or qualifying widow(er) and you are covered by an employer plan), stop here. Can i refile my taxes You can take a full IRA deduction for contributions of up to $5,500 ($6,500 if you are age 50 or older) or 100% of your (and if married filing jointly, your spouse's) compensation, whichever is less 3. Can i refile my taxes 18,445 4. Can i refile my taxes Multiply line 3 by the percentage below that applies to you. Can i refile my taxes If the result is not a multiple of $10, round it to the next highest multiple of $10. Can i refile my taxes (For example, $611. Can i refile my taxes 40 is rounded to $620. Can i refile my taxes ) However, if the result is less than $200, enter $200. Can i refile my taxes         Married filing jointly or qualifying widow(er) and you are covered by an employer plan, multiply line 3 by 27. Can i refile my taxes 5% (. Can i refile my taxes 275) (by 32. Can i refile my taxes 5% (. Can i refile my taxes 325) if you are age 50 or older). Can i refile my taxes All others, multiply line 3 by 55% (. Can i refile my taxes 55) (by 65% (. Can i refile my taxes 65) if you are age 50 or older). Can i refile my taxes 4. Can i refile my taxes 5,080 5. Can i refile my taxes Enter your compensation minus any deductions on Form 1040 or Form 1040NR, line 27 (deductible part of self-employment tax) and line 28 (self-employed SEP, SIMPLE, and qualified plans). Can i refile my taxes If you are filing a joint return and your compensation is less than your spouse's, include your spouse's compensation reduced by his or her traditional IRA and Roth IRA contributions for this year. Can i refile my taxes If you file Form 1040 or Form 1040NR, do not reduce your compensation by any losses from self-employment 5. Can i refile my taxes 59,000 6. Can i refile my taxes Enter contributions made, or to be made, to your IRA for 2013, but do not enter more than $5,500 ($6,500 if you are age 50 or older). Can i refile my taxes If contributions are more than $5,500 ($6,500 if you are age 50 or older), see Excess Contributions , later. Can i refile my taxes 6. Can i refile my taxes 5,500 7. Can i refile my taxes IRA deduction. Can i refile my taxes Compare lines 4, 5, and 6. Can i refile my taxes Enter the smallest amount (or a smaller amount if you choose) here and on the Form 1040, 1040A, or 1040NR line for your IRA, whichever applies. Can i refile my taxes If line 6 is more than line 7 and you want to make a nondeductible contribution, go to line 8 7. Can i refile my taxes 5,080 8. Can i refile my taxes Nondeductible contribution. Can i refile my taxes Subtract line 7 from line 5 or 6, whichever is smaller. Can i refile my taxes  Enter the result here and on line 1 of your Form 8606 8. Can i refile my taxes 420 Worksheet 1-2. Can i refile my taxes Figuring Your Reduced IRA Deduction for 2013—Example 2 Illustrated (Use only if you or your spouse is covered by an employer plan and your modified AGI falls between the two amounts shown below for your coverage situation and filing status. Can i refile my taxes ) Note. Can i refile my taxes If you were married and both you and your spouse contributed to IRAs, figure your deduction and your spouse's deduction separately. Can i refile my taxes IF you . Can i refile my taxes . Can i refile my taxes . Can i refile my taxes AND your  filing status is . Can i refile my taxes . Can i refile my taxes . Can i refile my taxes AND your modified AGI is over . Can i refile my taxes . Can i refile my taxes . Can i refile my taxes THEN enter on  line 1 below . Can i refile my taxes . Can i refile my taxes . Can i refile my taxes       are covered by an employer plan single or head of household $59,000 $69,000     married filing jointly or qualifying widow(er) $95,000 $115,000     married filing separately $0 $10,000     are not covered by an employer plan, but your spouse is covered married filing jointly $178,000 $188,000     married filing separately $0 $10,000     1. Can i refile my taxes Enter applicable amount from table above 1. Can i refile my taxes 188,000 2. Can i refile my taxes Enter your modified AGI (that of both spouses, if married filing jointly) 2. Can i refile my taxes 180,555   Note. Can i refile my taxes If line 2 is equal to or more than the amount on line 1, stop here. Can i refile my taxes  Your IRA contributions are not deductible. Can i refile my taxes See Nondeductible Contributions , earlier. Can i refile my taxes     3. Can i refile my taxes Subtract line 2 from line 1. Can i refile my taxes If line 3 is $10,000 or more ($20,000 or more if married filing jointly or qualifying widow(er) and you are covered by an employer plan), stop here. Can i refile my taxes You can take a full IRA deduction for contributions of up to $5,500 ($6,500 if you are age 50 or older) or 100% of your (and if married filing jointly, your spouse's) compensation, whichever is less 3. Can i refile my taxes 7,445 4. Can i refile my taxes Multiply line 3 by the percentage below that applies to you. Can i refile my taxes If the result is not a multiple of $10, round it to the next highest multiple of $10. Can i refile my taxes (For example, $611. Can i refile my taxes 40 is rounded to $620. Can i refile my taxes ) However, if the result is less than $200, enter $200. Can i refile my taxes         Married filing jointly or qualifying widow(er) and you are covered by an employer plan, multiply line 3 by 27. Can i refile my taxes 5% (. Can i refile my taxes 275) (by 32. Can i refile my taxes 5% (. Can i refile my taxes 325) if you are age 50 or older). Can i refile my taxes All others, multiply line 3 by 55% (. Can i refile my taxes 55) (by 65% (. Can i refile my taxes 65) if you are age 50 or older). Can i refile my taxes 4. Can i refile my taxes 4,100 5. Can i refile my taxes Enter your compensation minus any deductions on Form 1040 or Form 1040NR, line 27 (deductible part of self-employment tax) and line 28 (self-employed SEP, SIMPLE, and qualified plans). Can i refile my taxes If you are filing a joint return and your compensation is less than your spouse's, include your spouse's compensation reduced by his or her traditional IRA and Roth IRA contributions for this year. Can i refile my taxes If you file Form 1040 or Form 1040NR, do not reduce your compensation by any losses from self-employment 5. Can i refile my taxes 39,500 6. Can i refile my taxes Enter contributions made, or to be made, to your IRA for 2013, but do not enter more than $5,500 ($6,500 if you are age 50 or older). Can i refile my taxes If contributions are more than $5,500 ($6,500 if you are age 50 or older), see Excess Contributions , later. Can i refile my taxes 6. Can i refile my taxes 5,500 7. Can i refile my taxes IRA deduction. Can i refile my taxes Compare lines 4, 5, and 6. Can i refile my taxes Enter the smallest amount (or a smaller amount if you choose) here and on the Form 1040, 1040A, or 1040NR line for your IRA, whichever applies. Can i refile my taxes If line 6 is more than line 7 and you want to make a nondeductible contribution, go to line 8 7. Can i refile my taxes 4,100 8. Can i refile my taxes Nondeductible contribution. Can i refile my taxes Subtract line 7 from line 5 or 6, whichever is smaller. Can i refile my taxes  Enter the result here and on line 1 of your Form 8606 8. Can i refile my taxes 1,400 What if You Inherit an IRA? If you inherit a traditional IRA, you are called a beneficiary. Can i refile my taxes A beneficiary can be any person or entity the owner chooses to receive the benefits of the IRA after he or she dies. Can i refile my taxes Beneficiaries of a traditional IRA must include in their gross income any taxable distributions they receive. Can i refile my taxes Inherited from spouse. Can i refile my taxes   If you inherit a traditional IRA from your spouse, you generally have the following three choices. Can i refile my taxes You can: Treat it as your own IRA by designating yourself as the account owner. Can i refile my taxes Treat it as your own by rolling it over into your IRA, or to the extent it is taxable, into a: Qualified employer plan, Qualified employee annuity plan (section 403(a) plan), Tax-sheltered annuity plan (s