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Category: IRA/Pension Distributions
4 Articles
Orange arrow What are the contribution limits for a traditional and Roth IRA?

  For 2020, the most that can be contributed to your traditional IRA generally is the smaller of the following amounts. • $6,000 ($7,000 if you are age 50 or older). • Your taxable compensation (defined earlier) for the year. Note. This limit is reduced by any contributions to a section ...
Orange arrow How do I claim a recharacterization of an IRA?

  https://www.irs.gov/pub/irs-pdf/i8606.pdf?_ga=1.190564908.622946967.1467065268 You may be able to treat a contribution made to one type of IRA as having been made to a different type of IRA. This is called recharacterizing the contribution. To recharacterize a contribution, you generally must h...
Orange arrow Form 5329 Exceptions

  Distributions from Qualified Tuition Programs (QTP's) or Coverdell Education Savings Accounts (ESA's) made because of attendance by the beneficiary at a U.S. military academy generally are not subject to the 10% additional tax. The tax on early distributions does not apply to the distributions des...
Orange arrow How to enter the QCD for a 1099R?

  Enter the 1099R form as it appears on the income page of the federal return in the section for Pensions, Annuities, and IRA distributions. Check the small box for IRA/SEP/SIMPLE. At the bottom of the page, click on "advanced options". Check the box for the QCD and enter the amount of the contrib...

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