What is Form 590 A?
What is Form 590 A?
IRS Publication 590-A specifies rules for contributions to an Individual Retirement Arrangement (IRA). This publication addresses traditional and Roth Individual Retirement Accounts (IRAs), SIMPLE IRAs, and Simplified Employee Pension (SEP) IRA plans.
What amount is considered a highly compensated employee?
The IRS defines a highly compensated employee as someone who meets either of the two following criteria: Received $130,000 or more in compensation from the employer that sponsors his or her 401(k) plan in the previous year.
What if I contribute too much to my IRA?
If you contribute more than the traditional IRA or Roth IRA contribution limit, the tax laws impose a 6% excise tax per year on the excess amount for each year it remains in the IRA. The IRS imposes a 6% tax penalty on the excess amount for each year it remains in the IRA.
How do I report earnings on excess IRA contributions?
Form 1099-R. You will receive Form 1099-R indicating the amount of the withdrawal. If the excess contribution was made in a previous tax year, the form will indicate the year in which the earnings are taxable.
How is modified gross income calculated?
To calculate your modified adjusted gross income, take your AGI and “add-back” certain deductions. Many of these deductions are rare, so it’s possible your AGI and MAGI can be identical. Different credit and deductions can have differing add-backs for your MAGI calculation.
What is a 1040A form for 2012?
2012 Form 1040A – Short Form. File federal Form 1040A if you met these requirements for 2012: Taxable income less than $100,000. No itemized deductions, mortgage interest, property tax, etc. No capital gain or loss, no other gains or losses. No business income or loss, self-employed, LLC, etc. No farm or fisherman income or loss.
What are the printable 2012 federal tax forms?
Printable 2012 federal tax forms 1040EZ, 1040A, and 1040 are grouped below along with their most commonly filed supporting IRS schedules, worksheets, 2012 tax tables, and instructions for easy one page access.
What form do I use to report IRA distributions?
Use Form 8606 to report: 1 Nondeductible contributions you made to traditional IRAs; 2 Distributions from traditional, SEP, or SIMPLE IRAs, if you have a basis in these IRAs; 3 Conversions from traditional, SEP, or SIMPLE IRAs to Roth IRAs; and 4 Distributions from Roth IRAs.
Do I need to file Form 1040EZ for 2012?
See the 2012 Form 1040 instructions booklet below for more information. File federal Form 1040EZ if you met these requirements for 2012: Filing status is single or married filing jointly. No dependents to claim (children, adults you support). You and your spouse were under age 65 and not blind.
