Page 138 - 2020 Publication 17

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Rollovers (Cont.) 14:38 - 19-Jan-2021
From employer's plan to IRA 81, Schedules A–F, R, SE (Form Form SSA-1042S for nonresident Sunday, deadline falling on 41
82 1040) (See Form 1040) aliens 61 Supplemental wages 38
From IRA to IRA 81 Scholarships 29, 33, 35 Form SSA-1099 61 Support test:
From IRA to Roth IRA 88 Scholarships and fellowships: IRAs for recipients of benefits 78 Qualifying child 29
From Roth IRA to Roth IRA 89 Earned income including 91 Joint returns 65 Qualifying relative 33
From section 457 plan to IRA 81 Exclusion from gross income 75 Lump-sum election 63 Surviving spouse:
From SIMPLE IRA to Roth Teaching or research Married filing separately 22, 63 Filing status 21
IRA 89 fellowships 75 Paid by employer 47 With dependent child 24
Inherited IRAs 81 S corporations 100 Repayment of benefits 62, 69 Gross income filing requirements
Married filing separately 22 Shareholders 68 Repayments 100 (Table 1-1) 5
Partial rollovers 81 Section 457 deferred Reporting of 63 Life insurance proceeds paid
Reporting: compensation plans: Taxability of 61, 63 to 67
From employer's plan to Rollovers: Withholding 39 Single filing status 21
IRA 82 To IRAs 82, 88 Withholding for 63 Tax (See Estate tax)
IRA to IRA 81 Securities: Not deductible 98
Taxability 81, 86 Claim for refund 19 Social security number (SSN) 12
Time limits (60-day rule) 81 Options 50 Child's 3
Treatment of 81 Stock appreciation rights 47 Number to be obtained at T
Waiting period between 81 Self-employed persons 98 birth 36 Tables and figures:
Roth IRAs 86–89 (See also Self-employment tax) Correspondence with IRS, Estimated tax, who must make
(See also Rollovers) Corporate directors as 73 include SSN 13 payments (Figure 4-A) 41
Age: Definition 7 Dependents 3, 12 Filing requirements:
Distributions after age Foreign government or Exception 12 Dependents (Table 1-2) 6
59 1/2 89 international organizations, Failure to include penalty 13 Gross income levels
No limit for contributions 86 U.S. citizens employed by 7 Form SS-5 to request number 12 (Table 1-1) 5
No required distribution Gross income 6 Nonresident alien spouse 13 Head of household, qualifying
age 89 IRAs 76 Resident aliens 12 person (Table 2-1) 23
Compensation, defined 86 Ministers 7 Spouse 6, 13, 14, 21, 22, 67 Individual retirement
Contribution limits 87 Nonemployee compensation 73 (See also Married taxpayers) arrangements (IRAs):
Age 50 or older, 87 Self-employment tax: (See also Surviving spouse) Figuring modified AGI
Under age 50, 87 Deduction of: Spouse's death 91 (Worksheet 9-1) 80
Contributions: List of deductible taxes SSN (See Social security number Modified AGI, effect on
No deduction for 86 (Table 11-1) 97 (SSN)) deduction if covered by
Roth IRA only 87 Seminars: Stamps (See Collectibles) retirement plan at work
Time to make 88 Investment-related 101 Stamp taxes: (Table 9 -1) 78
To traditional IRA for same Senior Companion Program 51 Real estate transactions and 98 Modified AGI, effect on
year 87 Separated parents 28, 32 Standard deduction 90, 92 deduction if not covered
Conversion 88 Separated taxpayers 21 State: by retirement plan at work
Definition of 86 Filing status 22, 23 Obligations, interest on 59 (Table 9-2) 79
Distributions: IRAs 77 State or local governments: Roth IRAs, effect of modified
Qualified distributions 89 Nonresident alien spouse 23 Employees: AGI on contributions
Effect of modified AGI on Separate returns (See Married filing Unemployment (Table 9-3) 86
contributions (Table 9-3) 86 separately) compensation 71 Roth IRAs, modified AGI
Establishing account 86 SEPs (See Simplified employee State or local income taxes 92 (Worksheet 9-2) 85
Excess contributions 88 pensions (SEPs)) Deduction of 94 Roth IRA and modified adjusted
IRA transfer to 81, 82 Series EE and E savings List of deductible taxes gross income (MAGI)
Modified adjusted gross income bonds 56 (Table 11-1) 97 phaseout (Table 9-3) 86
(MAGI): Series HH and H savings Schedule A (Form 1040) 98 Standard deduction tables 93
Computation (Worksheet bonds 56 Electronic returns filed with Taxes that are deductible
9-2) 85 Series I savings bonds 56 federal 8 (Table 11-1) 97
Phaseout (Table 9-3) 86 Service charges 100 Exception to deduction 94 Tax returns:
Penalties: Service Corps of Retired Federal changes, effect on 19 Due dates (Table 1-5) 10
Conversion contributions Executives (SCORE) 51 Form W-2 to show withheld Steps to prepare
withdrawn in 5-year Severance pay 47 taxes 94 (Table 1-6) 11
period 89 Accrued leave payment 47 Joint state and local returns but Tax computation worksheet 122
Excess contributions 88 Outplacement services 47 federal returns filed Tax Counseling for the Elderly 9
Recharacterizations 82 Short tax year: separately 94 Tax credits (See Credits)
Spousal contributions 86 Change in annual accounting Married filing separately 94 Taxes, not support 35
Taxability 89 period 90 Refunds, treatment of 94, 95 Taxes 36, 94–98, 104
Withdrawals: Sick pay: State or local taxes: Alternative minimum 105
Excess contributions 88 Collective bargaining Refunds 68 Business taxes, deduction of 94
Not taxable 89 agreements 38 Statute of limitations: Deduction of 94
Rounding off dollars 13 FECA payments 53 Claim for refund 15 Schedules to use 98
Royalties 70 Income 47 Claim for refunds 18 Types of taxes deductible
Railroad Unemployment Stillborn child 28 (Table 11-1) 97
Insurance Act 53 Stock appreciation rights 47 Estate (See Estate tax)
Withholding 38
S Signatures 13 Stock bonus plans 39 Excise (See Excise taxes)
Federal income taxes, not
Stockholders 19
Safe deposit box 100 Agent, use of 14 (See also Securities) deductible 98
Salaries (See Wages and salaries) Joint returns 22 Debts 67 Foreign taxes 94
Sale of home 74 Mentally incompetent 14 Stockholders' meeting Income tax, deduction of 95
Division of real estate taxes 95 Parent for child 14 expenses 102 Gift taxes 98
Sale of property: Physically disabled 14 Stock options 50 How to figure
Personal items 74 Signing your return 8 Stocks 19 Income taxes, deduction of 94
Sales and exchanges: Silver (See Gold and silver) (See also Securities) Indian tribal government taxes,
Bonds 59 SIMPLE plans: Stolen funds: deduction of 94
Saturday, deadline falling on 41 Rollover to Roth IRA 89 Reporting of 75 Inheritance tax 98
Savings: Simplified employee pensions Stolen property 75 Kiddie tax (See Children,
Bonds 56, 61 (SEPs): Strike benefits 75 subheading: Unearned
Bonds used for education 58 IRAs as 76 Student loans: income of)
Certificate 55, 60 Single taxpayers 21 Cancellation of debt 67 Not deductible 98
Schedule 16, 46, 50, 53 Filing requirements 6 Interest deduction: Personal property taxes:
(See also Form 1040 or 1040-SR) Filing status 6, 21 Married filing separately 22 Deduction of 98
(See also Form 1040) Gross income filing requirements Students: Real estate taxes (See Real
Form 1040, A-F, R, SE (See Form (Table 1-1) 5 Defined 27 estate taxes)
1040) Social security and Medicare Exemption from withholding 38 Tax evasion 20
K-1: taxes: Foreign 27 Tax-exempt:
K-1, Form 1041 54 Support, not included in 35 Loans (See Student loans) Bonds and other obligations 59
Partnership income 68 Social security benefits 34, 61, 65 Scholarships (See Scholarships Income 102
S corporation income 68 Deductions related to 65 and fellowships) Interest 59
Schedule 8812 108 Employer retirement plans Tuition programs, Tax-exempt income 34
Schedule A (Form 1040): different from 78 qualified (See Qualified tuition Tax figured by IRS 106
Itemized deductions 92 Estimated tax 63 programs) Tax help 4, 9, 125
Foreign employer 51 Substitute forms 11 Tax Counseling for the Elderly 9
Page 134 Publication 17 (2020)