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Retirement Savings Spreadsheet

Retirement Savings Spreadsheet – An Individual Retirement Savings Plan, or IRA, is an individual tax-savvy savings plan that saves you money for your retirement. There are several different types of IRA plans, including traditional IRAs and Roth IRAs. You can establish an IRA at a bank, insurance company, or other financial institution.
Traditional IRA
It is possible that some of the contributions to a traditional IRA may be deducted. Also, you may be entitled to a tax credit equal to a percentage of your contributions to the IRA. The money from your traditional IRA plan, including profits, is generally not taxable until you receive it. IRA plans can not be jointly owned. However, any amount left in your IRA at the time of your death will be paid to your beneficiary or beneficiaries.
To provide a traditional IRA plan, you are less than 70 and a half years old at the end of the tax year. You and / or your spouse, if you file a joint return, have taxable compensation, such as wages, salaries, commissions, tips, bonuses, or self-employment income. Taxable maintenance and court separation payments received by a person are considered compensation for fines from an IRA.
Compensation does not include gains and gains on a property, income as rental income, interest income and dividends, and the total amount of income received as a result of the annuity, or as deferred compensation.
You can calculate your allowable deduction using the spreadsheets contained in Form 1040 Instructions, Form 1040A Instructions and Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs) (Contributions to Individual Savings Plans for Retirement (IRAs). You can claim an IRA deduction, either on Form 1040A or Form 1040, Individual Federal Income Tax Return; You can not claim an IRA deduction on Form 1040EZ, Income Tax Return for Single and Joint Applicants with No Dependents (Income Tax Return for Individuals and Married Persons filing a joint return without dependents). If you made contributions do not deduct a traditional IRA, you must attach Form 8606, non-deductible IRA (IRA plans that can not be deducted), your statement. Use Form 8880, Credit for Qualified Retirement Savings Contributions, to determine if you are also entitled to the tax credit. Report the amount of credit on Form 1040A or Form 1040. You can not use Form 1040EZ to claim this credit.
The distributions of a traditional IRA are total taxable in the year of distribution. If you only made deductible contributions, distributions are taxable. Use Form 8606 to calculate the taxable portion of amounts withdrawn when the traditional IRA contains non-deductible contributions.
Distributions made before the age of 59 and a half are subject to an additional 10% tax. You may also have a tax on items of use and consumption and do not begin to withdraw the minimum distributions by April 1 of the year after you have reached the age of 70 and a half. These additional taxes are calculated and reported on Form 5329, Additional Taxes on Qualified Plans (Including IRAs and Other Favored Accounts (IMPL) and other tax-favored accounts). See the instructions on Form 5329. For exceptions to additional taxes.
Roth Ira
A Roth IRA distinguishes itself from a traditional IRA in several ways. Contributions to a Roth IRA are not deductible (and do not have to declare contributions on your tax return), but qualified distributions or distributions that are a refund of your contributions are not subject to taxation. In addition, it has not less than 70 years and a half to contribute to a Roth IRA. For a description of how a Roth IRA, the account or the annuity has to be designated as Roth IRA when it is established. For more information about contributions to Roth IRAs and about myRA® (which is a new type of Roth IRA), see Topic 309.
Additional Information
Refer to Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs) (Contributions to Individual Savings Plans for Retirement

Retirement Savings Spreadsheet

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