0
This response is for tax year ending 2009 only:
Yes there is. It usually is placed in on the standard 1040 in line #32. "IRA deduction" be sure to read page 31 of the instructions if you are taking this deduction because not everything is always deductible. If you have exceeded the maximum contribution, that amount would not be deductible. In addition, ROTH IRA contributions are not tax deductible either.
There is also a credit if your income falls below a certain threshold and you have contributed to an IRA account. It is found on the standard 1040 line 50 and requires that form 8880 be filed along with the line on 1040 to receive the credit. The income limits for the credit are $27,750 - Single, 41,625 - Head of Household and 55,500 - Married filing jointly.
What else can I help you with?
What tax form would you use for church donations?
Put your donation on SCHEDULE A (Form 1040) on line 16, this is your Itemized Deduction form.
Is a claimed dependent an exemption or a deduction?
Both. A taxpayer (the person who can claim the dependent) claims exemptions for themselves and their dependents. Each exemption qualifies them for a deduction. The amount changes each year ($3,700 per exemption for 2011) and a person will multiply the number of exemptions on Form 1040 line 6 by the amount for their total deduction on Form 1040 line 42. The deduction for exemptions reduces their taxable income.
What can I use the tax 1040 form for?
The tax 1040 form is the form you receive from your employer that shows how much gross income you made the previous as well as the amount of taxes, retirement, etc you had taken out.
How do you claim this deduction on your taxes?
THIS DEDUCTION ON YOUR TAXES will have to entered on the correct form or line of your 1040 federal income tax return before your income tax return can be completed correctly.
Will a consumer be able to use VAT he has paid as a Federal Income tax deduction?
Not on the IRS federal 1040 income tax form.
Where do you put property taxes on the tax form if you do not itemize deductions?
Property taxes can be itemized on the schedule A itemized deduction of the 1040, or if your standard deduction would be more than your itemized deduction, the amount can be used to increase your standard deduction amount on your federal income tax return.
When a single person who wishes to claim a standard deduction and no additional adjustments on his or her federal tax return should use which tax form?
A single person who wishes to claim a standard deduction and has no additional adjustments should use IRS Form 1040. This form is designed for individual income tax returns and allows taxpayers to report their income, claim the standard deduction, and calculate their tax liability efficiently. If the individual has uncomplicated tax situations, they might also consider using Form 1040-SR, which is specifically for seniors but still allows for the standard deduction.
Where to enter 5498 on 1040?
Form 5498 reports contributions to retirement accounts, but it is not directly entered on your Form 1040. Instead, you use the information from Form 5498 to determine your allowable contributions and deductions for retirement plans, which may affect your taxable income. If you made contributions to an IRA, you would report those on Schedule 1 (Form 1040), Line 19. Always consult the instructions for the specific tax year you are filing to ensure accurate reporting.
How is retirement pay reported to IRS?
Your employer send both you and the IRS copies of Form 1099-R. You then report the amount on line 16 of Form 1040.
I received a refund from my state taxes in 2009. Do I need to report this refund on my federal tax for 2010?
You do if you claimed your state income tax as a deduction last year. This is line 10 on form 1040 If you took the standard deduction, you don't.
What type of forms lists the standard deductions that can be subtracted from a person's taxable income?
The standard deductions that can be subtracted from a person's taxable income are typically listed on IRS Form 1040. Specifically, the standard deduction amounts are detailed in the instructions for Form 1040 and can vary based on filing status, age, and other factors. Taxpayers can refer to these forms and their accompanying schedules to determine the appropriate deduction for their situation.
What form does a college student with children need to take standard deduction or itemize?
Schedule A is Itemized Deductions. If you're able to itemize, you must file Form 1040 (U.S. Individual Income Tax Return), often called the 'long form'. If you're taking the standard deduction, you probably can file either Form 1040 or Form 1040A (often called the 'short form'), depending on other income, adjustments, etc. For more information, go to www.irs.gov/taxtopics for Topic 501 (Should I Itemize?).
