Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

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Tuesday, March 4, 2014

Reporting IRA Contributions

How-to-Understand-Federal-Tax-Forms

Tax laws can be confusing and so can reporting your IRA contributions.  On your 2013 federal tax return, there are at least five different places where you may have to report IRA contributions if you want to avoid unnecessary taxes or penalties.  Those places are:

  1. Line 32 of Form 1040 (Above-the-Line IRA Deduction)
  2. Line 28 of Form 1040 (Above-the-Line Deduction for Contributions to Self-Employed SEP IRAs, SIMPLE IRAs and Qualified Plans)
  3. Line 19 of Schedule C (Business Deduction for Contributions Made to Retirement Plans for Employees)
  4. Line 1 of Form 8606 (Nondeductible IRA Contributions)
  5. Line 15 of Form 5329 (Excess Contributions)

See Jeffrey Levine, 5 Places to Report IRA Contributions on Your Tax Return, Market Watch, March 3, 2014.

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