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Posted by maxed_out41 on February 25, 2007, 5:19 am
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Hi...trying to do my taxes here and have the following
questions:
where on a 1040 does the $500 IRA go that I have?
Also, where if any place at all do CD accounts go on a 1040?
Thanks very much in advanced for any good answers,
M C
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Posted by Bill on February 26, 2007, 1:32 am
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netsurfer802@yahoo.com (maxed_out41) posted:
> Hi...trying to do my taxes here and have the
> following questions:
> where on a 1040 does the $500 IRA go that I
> have?
Insufficient information. If you mean a $500 contribution,
is it to a traditional IRA? Then, you can deduct it as an
adjustment to income on line 32. If you're speaking of a
normal Distribution, then it goes on line 15b. If it's a
premature distribution, then in addition to the line 15b
entry, you'll need to enter 10% as an "additional IRA tax"
-- on line 60.
Also, if it's a Roth IRA contribution, then you have no
deduction, but you could get credit for Retirement savings
contribution on line 51 (but you'll need to also fill out
Form 8880 -- which could also apply to a traditional IRA
contribution, as an alternative to the deduction.)
> Also, where if any place at all do CD accounts
> go on a 1040?
CD accounts produce interest income, and that would be
entered on Schedule B -- or, if your total interest is under
$1500, can be entered directly on line 8a.
Bill
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Bill Brown on February 26, 2007, 1:32 am
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> Hi...trying to do my taxes here and have the following
> questions:
>
> where on a 1040 does the $500 IRA go that I have?
Unless you made a contribution to your IRA or took a
withdrawal from it there is nothing to report on your tax
return.
> Also, where if any place at all do CD accounts go on a 1040?
The interest earned from regular CDs is reported on Schedule
B.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Rich Carreiro on February 27, 2007, 4:33 pm
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> Hi...trying to do my taxes here and have the following
> questions:
Given your uncertainty on such basic items, you may wish to
use a paid prepaper.
> where on a 1040 does the $500 IRA go that I have?
You mean the account itself or a $500 contribution
you made to it this year?
> Also, where if any place at all do CD accounts go on a 1040?
Line 8a, taxable interest. But if total interest is more
than $1500, you have to fill out Schedule B and carry the
total to line 8a.
--
Rich Carreiro rlcarr@animato.arlington.ma.us
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Benjamin Yazersky CPA on February 27, 2007, 4:33 pm
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> Hi...trying to do my taxes here and have the following
> questions:
>
> where on a 1040 does the $500 IRA go that I have?
>
> Also, where if any place at all do CD accounts go on a 1040?
Your inquiry clearly indicates that you need professional
help. Call your CPA today
___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] >>>
-----> real address on hobokeni or hobokenx <-----
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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