2007 Instructions For Form 1040 - Draft Worksheet(S) And Tables Page 7
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39IRA Deduction Worksheet—Line 32
Keep for Your Records
If you were age 70
1
⁄
or older at the end of 2007, you cannot deduct any contributions made to your traditional IRA or treat them
2
as nondeductible contributions. Do not complete this worksheet for anyone age 70
1
⁄
or older at the end of 2007. If you are
2
married filing jointly and only one spouse was under age 70
1
⁄
at the end of 2007, complete this worksheet only for that spouse.
2
Before you begin:
Be sure you have read the list on page 27.
Figure any write-in adjustments to be entered on the dotted line next to line 36 (see the instructions for line 36 on
page 31).
Your IRA
Spouse’s IRA
1a.
Were you covered by a retirement plan (see page 27)? . . . . . . . . . . . . . . . . . . . . . .
1a.
Yes
No
b.
If married filing jointly, was your spouse covered by a retirement plan? . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1b.
Yes
No
Next. If you checked “No” on line 1a (and “No” on line 1b if married filing jointly),
skip lines 2 through 6, enter the applicable amount below on line 7a (and line 7b if
applicable), and go to line 8:
•
$4,000, if under age 50 at the end of 2007.
•
$5,000, if age 50 or older but under age 70
1
⁄
at the end of 2007.
2
Otherwise, go to line 2.
2.
Enter the amount shown below that applies to you.
}
•
Single, head of household, or married filing separately and you lived apart
from your spouse for all of 2007, enter $62,000
•
Qualifying widow(er), enter $103,000
2a.
2b.
•
Married filing jointly, enter $103,000 in both columns. But if you checked
“No” on either line 1a or 1b, enter $166,000 for the person who was not
covered by a plan
•
Married filing separately and you lived with your spouse at any time in 2007,
enter $10,000
3.
Enter the amount from Form 1040, line 22 . . . . . . . . . . .
3.
4.
Enter the total of the amounts from Form 1040, lines 23
through 31a, plus any write-in adjustments you entered on
the dotted line next to line 36 . . . . . . . . . . . . . . . . . . . .
4.
5.
Subtract line 4 from line 3. If married filing jointly, enter the result in both columns . .
5a.
5b.
6.
Is the amount on line 5 less than the amount on line 2?
None of your IRA contributions are deductible. For details on
No.
STOP
nondeductible IRA contributions, see Form 8606.
Subtract line 5 from line 2 in each column. Follow the instruction below
Yes.
that applies to you.
•
If single, head of household, or married filing separately, and the
}
result is $10,000 or more, enter the applicable amount below on
line 7 for that column and go to line 8:
i. $4,000, if under age 50 at the end of 2007.
ii. $5,000, if age 50 or older but under age 70
⁄
at the end
1
2
of 2007.
Otherwise, go to line 7.
6a.
6b.
•
If married filing jointly or qualifying widow(er), and the result is
$20,000 or more ($10,000 or more in the column for the IRA of
a person who was not covered by a retirement plan), enter the
applicable amount below on line 7 for that column and go to
line 8:
i. $4,000, if age 50 or under at the end of 2007.
ii. $5,000 if age 50 or older but under age 70
1
⁄
at the end
2
of 2007.
Otherwise, go to line 7.
- 6 -
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