Irs 1040 Form
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Irs 1040 Form
Irs 1040 form 3. Irs 1040 form Adjustments to Income Table of Contents Individual Retirement Arrangement (IRA) Contributions and DeductionsContributions to Kay Bailey Hutchison Spousal IRAs. Irs 1040 form Deductible contribution. Irs 1040 form Nondeductible contribution. Irs 1040 form You may be able to subtract amounts from your total income (Form 1040, line 22 or Form 1040A, line 15) or total effectively connected income (Form 1040NR, line 23) to get your adjusted gross income (Form 1040, line 37; Form 1040A, line 21; or Form 1040NR, line 36). Irs 1040 form Some adjustments to income follow. Irs 1040 form Contributions to your individual retirement arrangement (IRA) (Form 1040, line 32; Form 1040A, line 17; or Form 1040NR, line 32), explained later in this publication. Irs 1040 form Certain moving expenses (Form 1040, line 26; or Form 1040NR, line 26) if you changed job locations or started a new job in 2013. Irs 1040 form See Publication 521, Moving Expenses, or see Form 3903, Moving Expenses, and its instructions. Irs 1040 form Some health insurance costs (Form 1040, line 29 or Form 1040NR, line 29) if you were self-employed and had a net profit for the year, or if you received wages in 2013 from an S corporation in which you were a more-than-2% shareholder. Irs 1040 form For more details, see Publication 535, Business Expenses. Irs 1040 form Payments to your self-employed SEP, SIMPLE, or qualified plan (Form 1040, line 28 or Form 1040NR, line 28). Irs 1040 form For more information, including limits on how much you can deduct, see Publication 560, Retirement Plans for Small Business. Irs 1040 form Penalties paid on early withdrawal of savings (Form 1040, line 30 or Form 1040NR, line 30). Irs 1040 form Form 1099-INT, Interest Income, or Form 1099-OID, Original Issue Discount, will show the amount of any penalty you were charged. Irs 1040 form Alimony payments (Form 1040, line 31a). Irs 1040 form For more information, see Publication 504, Divorced or Separated Individuals. Irs 1040 form There are other items you can claim as adjustments to income. Irs 1040 form These adjustments are discussed in your tax return instructions. Irs 1040 form Individual Retirement Arrangement (IRA) Contributions and Deductions This section explains the tax treatment of amounts you pay into traditional IRAs. Irs 1040 form A traditional IRA is any IRA that is not a Roth or SIMPLE IRA. Irs 1040 form Roth and SIMPLE IRAs are defined earlier in the IRA discussion under Retirement Plan Distributions . Irs 1040 form For more detailed information, see Publication 590. Irs 1040 form Contributions. Irs 1040 form An IRA is a personal savings plan that offers you tax advantages to set aside money for your retirement. Irs 1040 form Two advantages of a traditional IRA are: You may be able to deduct some or all of your contributions to it, depending on your circumstances, and Generally, amounts in your IRA, including earnings and gains, are not taxed until distributed. Irs 1040 form Although interest earned from your traditional IRA generally is not taxed in the year earned, it is not tax-exempt interest. Irs 1040 form Do not report this interest on your tax return as tax-exempt interest. Irs 1040 form General limit. Irs 1040 form The most that can be contributed for 2013 to your traditional IRA is the smaller of the following amounts. Irs 1040 form Your taxable compensation for the year, or $5,500 ($6,500 if you were age 50 or older by the end of 2013). Irs 1040 form Contributions to Kay Bailey Hutchison Spousal IRAs. Irs 1040 form In the case of a married couple filing a joint return for 2013, up to $5,500 ($6,500 for each spouse age 50 or older by the end of 2013) can be contributed to IRAs on behalf of each spouse, even if one spouse has little or no compensation. Irs 1040 form For more information on the general limit and the Kay Bailey Hutchison Spousal IRA limit, see How Much Can Be Contributed? in Publication 590. Irs 1040 form Deductible contribution. Irs 1040 form Generally, you can deduct the lesser of the contributions to your traditional IRA for the year or the general limit (or Kay Bailey Hutchison Spousal IRA limit, if applicable) just explained. Irs 1040 form However, if you or your spouse was covered by an employer retirement plan at any time during the year for which contributions were made, you may not be able to deduct all of the contributions. Irs 1040 form Your deduction may be reduced or eliminated, depending on your filing status and the amount of your income. Irs 1040 form For more information, see Limit if Covered by Employer Plan in Publication 590. Irs 1040 form Nondeductible contribution. Irs 1040 form The difference between your total permitted contributions and your IRA deduction, if any, is your nondeductible contribution. Irs 1040 form You must file Form 8606, Nondeductible IRAs, to report nondeductible contributions even if you do not have to file a tax return for the year. Irs 1040 form For 2014, the most that can be contributed to your traditional IRA is $5,500 ($6,500 if you are age 50 or older at the end of 2014). Irs 1040 form Prev Up Next Home More Online Publications
Understanding Your CP232B Notice
We denied your request to extend the time to file Form 5330 because your Form 5558, Application for Extension of Time To File Certain Employee Plan Returns, wasn't received on time. A request for an extension of the time to file Form 5330 must be received on or before the due date of your return.
What you need to do
- File your required Form 5330 immediately to limit any late filing penalties. If Form 5330 is filed after the due date of the return, the return will be considered late and subject to late filing penalties.
You may want to
Answers to Common Questions
Q. Where can I go for more information about Employee Benefit Plans?
A. For more information on Employee Benefit Plans, see Retirement Plans Community.
Q. Can I get help over the phone?
A. If you have questions and/or need help, please call 1-877-829-5500. Personal assistance is available Monday through Friday, 7:00 a.m. to 7:00 p.m. CT.
Tips for next year
- Be sure to mail your Form 5558 on or before the due date of your return.
- Review the Form 5558 resources at Form 5500 Corner.
Page Last Reviewed or Updated: 27-Jan-2014
Printable samples of this notice (PDF)
Tax publications you may find useful
How to get help
- Call the 1-800 number listed on the top right corner of your notice.
- Authorize someone (e.g., accountant) to contact the IRS on your behalf using Form 2848.
- See if you qualify for help from a Low Income Taxpayer Clinic.
The Irs 1040 Form
Irs 1040 form Index A Assistance (see Tax help) F Free tax services, How To Get Tax Help H Help (see Tax help) P Publications (see Tax help) T Tax help, How To Get Tax Help TTY/TDD information, How To Get Tax Help Prev Up Home More Online Publications