This page includes information for entering IRA Deductions, IRA Contributions along with any Penalties and Excess Taxes on a IRA (Forms 5329 & Form 8606). This information is not to be used as tax advise.  The following pages can be added in regards to IRA Contributions:
IRA Contributions Page Traditional IRA Contributions: Taxpayer's/Spouse's Traditional IRA Contribution (for current tax year): Only enter here contributions made to a Traditional IRA account. Enter 0 if no contributions were made (Married Filing Joint filers only).  Roth IRA Contributions: Taxpayer's/Spouse's Contribution to a Roth IRA (for current tax year): Only enter here contributions made to a Roth IRA account. Enter 0 if no contributions were made (Married Filing Joint filers only). Excess Traditional IRA Contributions Page Form 8606: When a Form 8606 was required for either the Taxpayer or Spouse in a prior year, you will enter the amount from the most recent prior year Form 8606 on this page. Enter 0 if the Taxpayer or Spouse have never been required to file Form 8606.  Taxpayer's Nondeductible Traditional IRA Contributions: Taxpayer's Total Basis in Traditional IRAs: Enter the amount from the most recent prior year Form 8606 (if applicable). If the taxpayer has never been required to file a Form 8606 in the past, enter 0. Spouse's Nondeductible Traditional IRA Contributions: (Married Filing Joint Filers Only) Spouse's Total Basis in Traditional IRAs: Enter the amount from the most recent prior year Form 8606 (if applicable). If the spouse has never been required to file a Form 8606 in the past, enter 0. Roth IRA Contributions and Excess Traditional IRA Contributions Page: This page is only if one or more of the following apply:
Married Filing Joint returns will include fields for both Taxpayer & Spouse (not shown).  Value of all taxpayer's Traditional IRAs as of December 31 of current tax year: Include the amount of any outstanding rollovers to total.Value of all taxpayer's SEP and SIMPLE IRAs as of December 31 of current tax year: Include the amount of any outstanding rollovers to totalTaxpayer's Distributions from Traditional IRAs in the current tax year: (For this purpose, a distribution does not include a Rollover, Qualified Charitable Distribution, One-Time Distribution to fund a HSA, Conversion, Recharacterization, or Return of certain Contributions) IRA Income from Form 1099-R will display under calculated value. Only enter an amount into the Override box when a different value is required.  Taxpayer's Distributions from Traditional, SEP, and SIMPLE IRAs in the current tax year: (For this purpose, a distribution does not include a Rollover, Qualified Charitable Distribution, One-Time Distribution to fund a HSA, Conversion, Recharacterization, or Return of certain Contributions) IRA Income from Form 1099-R will display under calculated value. Only enter an amount into the Override box when a different value is required. Net Amount the Taxpayer Converted from Traditional, SEP, and SIMPLE IRAs to Roth IRAs in Current Tax Year: Amounts displayed here are entered on the Form 1099-R entry page.  All Taxpayer Traditional, SEP, and SIMPLE IRAs Converted to ROTH: Select the applicable answer: Yes - All the taxpayer's Traditional, SEP, and SIMPLE IRAs were converted to ROTH IRAs in the current tax year. No - Part of taxpayer's Traditional, SEP, and SIMPLE IRAs were not converted to ROTH IRAs in the current tax year. None of the taxpayer's Traditional, SEP, and SIMPLE IRAs were converted to ROTH IRAs in the current tax year. Roth IRA Contributions Without Excess Traditional IRA Contributions Page: This page will only display an amount if there has been an Roth Conversion amount entered into the Form 1099-R Entry Page. The calculated amount shown will change depending on the information entered into the system.  The calculated amount shown will change depending on the information entered into the system. Net amount the Spouse (when applicable) converted from Traditional, SEP, and SIMPLE IRAs to Roth IRAs in the current tax year: The calculated amount shown will change depending on the information entered into the system. IRA Distributions Click "Form 1099-R & Early Withdrawal Penalty" located in list on the left to see our Wiki page for entering a Form 1099-R into the program. Generally, anytime a IRA Distribution was taken a Form 1099-R will be mailed reporting this.
Additional Taxes/Excess Taxes Form 5329: The following pages can be added in regards to Additional/Excess Taxes on IRAs:
Additional Tax on Excess Accumulation in Qualified Retirement Plans Page Form 5329 Part IV: IRS Form 5329 Part IV Instructions: You owe this tax if you do not receive the required minimum distribution from your qualified retirement plan, including an IRA or an eligible section 457 deferred compensation plan. The additional tax is 50% of the excess accumulation, which is the difference between the amount that was required to be distributed and the amount that was actually distributed. Taxpayer's minimum required distribution for current tax year: Enter the taxpayer's minimum required distribution they were required to take in the current tax year. IMPORTANT: Do not mistake the Minimum Required Distribution Amount with the Actual Distribution Amount. Taxpayer's amount actually distributed in current tax year: Enter the actual distribution amount the taxpayer received in the current tax year.  Spouse minimum required distribution for current tax year: Enter the spouse's minimum required distribution they were required to take in the current tax year. IMPORTANT: Do not mistake the Minimum Required Distribution Amount with the Actual Distribution Amount. Spouse amount actually distributed in current tax year: Enter the actual distribution amount the spouse received in the current tax year. Excess Tax on Roth IRAs Page: This page is for Roth IRAs only, do not enter amounts for Traditional IRAs here. Add the Excess Tax on Traditional IRAs page. Amounts entered on this page will be carried over to the Additional Tax on Excess Contributions to Roth IRAs section on IRS Form 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts. IMPORTANT: Enter amounts on this page to change the calculated value amounts. Amounts entered into the Override box will be the amount the program uses. Amounts entered elsewhere will not be used.  Taxpayer's excess contributions from the 2015 Form 5329: Calculated value will display prior-year carryover amounts entered elsewhere in program. To change this amount, use the Override field. Only enter an amount into the Override field when a different amount is needed. Taxpayer's 2016 Roth IRA Distributions: Calculated value will display the amount of Form 1099-R entered in program that have been selected as Roth IRAs. To change this amount, use the Override field. Only enter an amount into the Override field when a different amount is needed. Excess Tax on Traditional IRAs This page is for Traditional IRAs only, do not enter amounts for Roth IRAs here. Add the Excess Tax on Roth IRAs page. Amounts entered on this page will be carried over to the Additional Tax on Excess Contributions to Traditional IRAs section on IRS Form 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts. IMPORTANT: Enter amounts on this page to change the calculated value amounts. Amounts entered into the Override box will be the amount the program uses. Amounts entered elsewhere will not be used.  Taxpayer's excess contributions from the 2015 Form 5329: Calculated value will display prior-year carryover amounts entered elsewhere in program. To change this amount, use the Override field. Only enter an amount into the Override field when a different amount is needed. Taxpayer's 2016 Traditional IRA distributions included in income: Calculated value will display the amount of Form 1099-R entered in program that have been selected as Traditional IRAs. To change this amount, use the Override field. Only enter an amount into the Override field when a different amount is needed. Taxpayer's 2016 distributions of prior year excess contributions: Calculated value will display the amount of Form 1099-R entered in program that have been selected as Traditional IRAs. To change this amount, use the Override field. Only enter an amount into the Override field when a different amount is needed. Excess contributions from the 2015 Form 5329: Calculated value will display prior-year carryover amounts entered elsewhere in program. To change this amount, use the Override field. .Only enter an amount into the Override field when a different amount is needed. . |