Where on 1040 to put entries


M

maxed_out41

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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B

Bill

(e-mail address removed) (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
 
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B

Bill Brown

maxed_out41 said:
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.
 
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R

Rich Carreiro

maxed_out41 said:
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.
 
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B

Benjamin Yazersky CPA

maxed_out41 said:
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 <-----
 
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H

Harlan Lunsford

Your inquiry clearly indicates that you need professional
help. Call your CPA today
Or an Enrolled Agent (EA) in your local area. For a
referral, look at www.naea.org website for one near you.

ChEAr$,
Harlan Lunsford, EA n LA
 
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