Individual Retirement

Individual Retirement Arrangements

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Publication 590 (2004), Individual Retirement Arrangements (IRAs)

For use in preparing 2004 Returns

Publication 590 - Introductory Material

What's New for 2004

What's New for 2005

Reminders

Introduction

	Tax questions.
	Ordering forms and publications.

Useful Items - You may want to see:

1. Traditional IRAs

What's New for 2004

What's New for 2005

Introduction

What Is a Traditional IRA?

Who Can Set Up a Traditional IRA?

What Is Compensation?

When Can a Traditional IRA Be Set Up?

How Can a Traditional IRA Be Set Up?

	Individual Retirement Account
	Individual Retirement Annuity
	Individual Retirement Bonds
	Simplified Employee Pension (SEP)
	Employer and Employee Association Trust Accounts
	Required Disclosures

How Much Can Be Contributed?

	General Limit
	Spousal IRA Limit
	Filing Status
	Less Than Maximum Contributions
	More Than Maximum Contributions

When Can Contributions Be Made?

How Much Can You Deduct?

	Spousal IRA.
	Are You Covered by an Employer Plan?
	Limit If Covered By Employer Plan
	Reporting Deductible Contributions
	Nondeductible Contributions
	Examples — Worksheet for Reduced IRA Deduction for 2004

What If You Inherit an IRA?

Treating it as your own.

Can You Move Retirement Plan Assets?

	Trustee-to-Trustee Transfer
	Rollovers
	Transfers Incident To Divorce
	Converting From Any Traditional IRA Into a Roth IRA
	Recharacterizations

When Can You Withdraw or Use Assets?

Contributions Returned Before Due Date of Return

When Must You Withdraw Assets? (Required Minimum Distributions)

	IRA Owners
	IRA Beneficiaries
	Which Table Do You Use To Determine Your Required Minimum Distribution?
	What Age(s) Do You Use With the Table(s)?
	Miscellaneous Rules for Required Minimum Distributions

Are Distributions Taxable?

	Distributions Fully or Partly Taxable
	Figuring the Nontaxable and Taxable Amounts
	Recognizing Losses on Traditional IRA Investments
	Other Special IRA Distribution Situations
	Reporting and Withholding Requirements for Taxable Amounts

What Acts Result in Penalties or Additional Taxes?

	Prohibited Transactions
	Investment in Collectibles
	Excess Contributions
	Early Distributions
	Excess Accumulations (Insufficient Distributions)
	Reporting Additional Taxes

2. Roth IRAs

What's New for 2005

Reminder

Introduction

What is a Roth IRA?

When Can a Roth IRA Be Set Up?

Can You Contribute to a Roth IRA?

	How Much Can Be Contributed?
	When Can You Make Contributions?
	What If You Contribute Too Much?

Can You Move Amounts Into a Roth IRA?

	Conversions
	Failed Conversions
	Rollover From a Roth IRA

Are Distributions Taxable?

	What Are Qualified Distributions?
	Additional Tax on Early Distributions
	Ordering Rules for Distributions
	How Do You Figure the Taxable Part?

Must You Withdraw or Use Assets?

	Minimum distributions.
	Recognizing Losses on Investments
	Distributions After Owner's Death

3. Savings Incentive Match Plans for Employees (SIMPLE)

What's New for 2004

What's New for 2005

Introduction

What Is a SIMPLE Plan?

Eligible Employees

How Are Contributions Made?

How Much Can Be Contributed on Your Behalf?

	Matching contributions less than 3%.
	Traditional IRA mistakenly moved to SIMPLE IRA.

When Can You Withdraw or Use Assets?

Are Distributions Taxable?

4. Retirement Savings Contributions Credit

	Full-time student.
	Adjusted gross income.
	Distributions received by spouse.
	Testing period.

5. How To Get Tax Help

Publication 590 - Additional Material

Appendices

Index

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annuities

automobile insurance

banking

credit cards

disability insurance

financial planning

401(k) plans

health insurance

home equity loan

identity theft
individual retirement arrangements
life insurance

mortgages

mutual funds

online trading

payroll savings bonds
pensions

savings accounts

social security

trust accounts

unemployment compensation

Individual Retirement Arrangements

This collection of personal financial information is directed to works for a living. Everyone needs to know more about financial matters. The SOURCE for much of this information is the GSA Consumer Information Catalog published by the Federal Citizen Information Center.

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For use in preparing 2004 Returns

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