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Www. Www.irs.gov1040x irs. Www.irs.gov1040x gov1040x 3. Www.irs.gov1040x   Adjustments to Income Table of Contents Individual Retirement Arrangement (IRA) Contributions and DeductionsContributions to Kay Bailey Hutchison Spousal IRAs. Www.irs.gov1040x Deductible contribution. Www.irs.gov1040x Nondeductible contribution. Www.irs.gov1040x 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). Www.irs.gov1040x Some adjustments to income follow. Www.irs.gov1040x 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. Www.irs.gov1040x Certain moving expenses (Form 1040, line 26; or Form 1040NR, line 26) if you changed job locations or started a new job in 2013. Www.irs.gov1040x See Publication 521, Moving Expenses, or see Form 3903, Moving Expenses, and its instructions. Www.irs.gov1040x 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. Www.irs.gov1040x For more details, see Publication 535, Business Expenses. Www.irs.gov1040x Payments to your self-employed SEP, SIMPLE, or qualified plan (Form 1040, line 28 or Form 1040NR, line 28). Www.irs.gov1040x For more information, including limits on how much you can deduct, see Publication 560, Retirement Plans for Small Business. Www.irs.gov1040x Penalties paid on early withdrawal of savings (Form 1040, line 30 or Form 1040NR, line 30). Www.irs.gov1040x Form 1099-INT, Interest Income, or Form 1099-OID, Original Issue Discount, will show the amount of any penalty you were charged. Www.irs.gov1040x Alimony payments (Form 1040, line 31a). Www.irs.gov1040x For more information, see Publication 504, Divorced or Separated Individuals. Www.irs.gov1040x There are other items you can claim as adjustments to income. Www.irs.gov1040x These adjustments are discussed in your tax return instructions. Www.irs.gov1040x Individual Retirement Arrangement (IRA) Contributions and Deductions This section explains the tax treatment of amounts you pay into traditional IRAs. Www.irs.gov1040x A traditional IRA is any IRA that is not a Roth or SIMPLE IRA. Www.irs.gov1040x Roth and SIMPLE IRAs are defined earlier in the IRA discussion under Retirement Plan Distributions . Www.irs.gov1040x For more detailed information, see Publication 590. Www.irs.gov1040x Contributions. Www.irs.gov1040x   An IRA is a personal savings plan that offers you tax advantages to set aside money for your retirement. Www.irs.gov1040x 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. Www.irs.gov1040x    Although interest earned from your traditional IRA generally is not taxed in the year earned, it is not tax-exempt interest. Www.irs.gov1040x Do not report this interest on your tax return as tax-exempt interest. Www.irs.gov1040x General limit. Www.irs.gov1040x   The most that can be contributed for 2013 to your traditional IRA is the smaller of the following amounts. Www.irs.gov1040x Your taxable compensation for the year, or $5,500 ($6,500 if you were age 50 or older by the end of 2013). Www.irs.gov1040x Contributions to Kay Bailey Hutchison Spousal IRAs. Www.irs.gov1040x   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. Www.irs.gov1040x For more information on the general limit and the Kay Bailey Hutchison Spousal IRA limit, see How Much Can Be Contributed? in Publication 590. Www.irs.gov1040x Deductible contribution. Www.irs.gov1040x   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. Www.irs.gov1040x 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. Www.irs.gov1040x Your deduction may be reduced or eliminated, depending on your filing status and the amount of your income. Www.irs.gov1040x For more information, see Limit if Covered by Employer Plan in Publication 590. Www.irs.gov1040x Nondeductible contribution. Www.irs.gov1040x   The difference between your total permitted contributions and your IRA deduction, if any, is your nondeductible contribution. Www.irs.gov1040x 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. Www.irs.gov1040x    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). Www.irs.gov1040x Prev  Up  Next   Home   More Online Publications
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IRS Offers New Streamlined Option to Certain 501(c)(4) Groups Caught in Application Backlog

FS-2013-8, June 2013

Following a review of internal procedures to reduce the backlog of tax-exempt applications, the IRS is offering certain organizations that have applied for 501(c)(4) status a faster, optional method to gain tax-exempt status.

The IRS will start mailing about 80 letters this week offering the expedited option to groups that have had their applications pending for more than 120 days and involve possible political campaign intervention or issue advocacy. This effort is part of an internal review of IRS operations, processes and practices at the IRS announced today.

“The IRS is committed to improving our tax-exempt review process,” said IRS Principal Deputy Commissioner Danny Werfel. “This new streamlined option gives certain groups that have waited far too long a quick and clear path to get their status resolved.”

This “safe-harbor” option will provide certain groups an approved determination letter granting them 501(c)(4) status within two weeks if they certify they devote 60 percent or more of both their spending and time on activities that promote social welfare as defined by Section 501(c)(4). At the same time, they must certify that political campaign intervention involves less than 40 percent of both their spending and time. These thresholds apply for past, current and future years of operation. Solely for the purpose of determining eligibility for the expedited procedure, an organization must count, among other things, any public communication identifying a candidate that occurred within 60 days prior to a general election or 30 days prior to a primary as political campaign intervention.

 “The IRS will treat these groups fairly and review applications promptly, a step that will immediately reduce the backlog of these cases,” Werfel said. “At the same time, the IRS will work to ensure 501(c)(4) groups follow the law set by Congress. As part of our efforts, the IRS will continue to look for ways to improve its processes going forward.”

The IRS also emphasized that any eligible organizations that do not choose the expedited option will be treated fairly and expeditiously through the regular review process.

Full details of the expedited process and specific instructions for the groups qualifying for the option can be found in IRS Letter 5228.

Related Item: New Review Process and Expedited Self-Certification Option

 

Page Last Reviewed or Updated: 19-Dec-2013

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Www. Www.irs.gov1040x irs. Www.irs.gov1040x gov1040x Index A Adjusted basis: Adoption tax benefits, Adoption Tax Benefits Assessment for local improvements, Assessments for Local Improvements Canceled debt, Canceled Debt Excluded From Income Casualty and theft losses, Casualties and Thefts Credit for qualified electric vehicles, Vehicle Credits Decreases to, Decreases to Basis Depreciation, Depreciation Easements, Easements Employer-provided child care, Employer-Provided Child Care Example, Adjustments to Basis Example Gain from sale of home, Postponed Gain From Sale of Home Gas-guzzler tax, Gas-Guzzler Tax Increases to, Increases to Basis Section 179 deduction, Section 179 Deduction Subsidies for energy conservation, Exclusion of Subsidies for Energy Conservation Measures Adoption tax benefits, Adoption Tax Benefits Allocating basis, Allocating the Basis Assistance (see Tax help) Assumption of mortgage, Assumption of mortgage. Www.irs.gov1040x B Business acquired, Trade or Business Acquired Business assets, Business Assets Businesses exchanged, Exchange of business property. Www.irs.gov1040x C Canceled debt, Canceled Debt Excluded From Income Casualty and theft losses, Casualties and Thefts Change to business use, Property Changed to Business or Rental Use Community property, Community Property Constructing assets, Constructing assets. Www.irs.gov1040x Copyrights, Copyrights. Www.irs.gov1040x Cost basis: Allocating basis, Allocating the Basis Assumption of mortgage, Assumption of mortgage. Www.irs.gov1040x Capitalized costs, Activities subject to the rules. Www.irs.gov1040x , Deducting vs. Www.irs.gov1040x Capitalizing Costs Loans, low or no interest, Loans with low or no interest. Www.irs.gov1040x Real estate taxes, Real estate taxes. Www.irs.gov1040x Real property, Real Property Settlement costs (fees), Settlement costs. Www.irs.gov1040x D Decreases to basis, Decreases to Basis Demolition of building, Demolition of building. Www.irs.gov1040x Depreciation, Depreciation E Easements, Easements Employer-provided child care, Employer-Provided Child Care Exchanges: Involuntary, Involuntary Conversions Like-kind, Like-Kind Exchanges Nontaxable, Nontaxable Exchanges Partial business use of property, Partial Business Use of Property Taxable, Taxable Exchanges F Fair market value, Fair market value (FMV). Www.irs.gov1040x Franchises, Franchises, trademarks, and trade names. Www.irs.gov1040x Free tax services, How To Get Tax Help G Gain from sale of home, Postponed Gain From Sale of Home Gifts, property received, Property Received as a Gift Group of assets acquired, Group of Assets Acquired H Help (see Tax help) I Inherited property, Inherited Property Intangible assets, Intangible Assets Involuntary exchanges, Involuntary Conversions L Land and buildings, Land and Buildings Loans, low or no interest, Loans with low or no interest. Www.irs.gov1040x M More information (see Tax help) N Nontaxable exchanges: Like-kind, Like-Kind Exchanges Partial, Partially Nontaxable Exchange P Partially nontaxable exchanges, Partially Nontaxable Exchange Patents, Patents. Www.irs.gov1040x Points, Points. Www.irs.gov1040x Property changed to business use, Property Changed to Business or Rental Use Property received as a gift, Property Received as a Gift Property received for services: Bargain purchases, Bargain Purchases Fair market value, Property Received for Services Restricted property, Restricted Property Property transferred from a spouse, Property Transferred From a Spouse Publications (see Tax help) R Real estate taxes, Real estate taxes. Www.irs.gov1040x Real property, Real Property S Settlement costs (fees), Settlement costs. Www.irs.gov1040x Special-use valuation, Special-use valuation. Www.irs.gov1040x Spouse, property transferred from, Property Transferred From a Spouse Stocks and bonds, Stocks and Bonds Subdivided lots, Subdivided lots. Www.irs.gov1040x T Tax help, How To Get Tax Help Taxable exchanges, Taxable Exchanges Taxpayer Advocate, Contacting your Taxpayer Advocate. Www.irs.gov1040x Trade or business acquired, Trade or Business Acquired Trademarks and trade  names, Franchises, trademarks, and trade names. Www.irs.gov1040x Trading property (see Exchanges), Taxable Exchanges TTY/TDD information, How To Get Tax Help U Uniform capitalization rules: Activities subject to the rules, Activities subject to the rules. Www.irs.gov1040x Exceptions, Exceptions. Www.irs.gov1040x Prev  Up     Home   More Online Publications