Instructions For Form 1040-A - U.s. Individual Income Tax Return - 2016 Page 34
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92IRA Deduction Worksheet— (continued)
Your IRA
Spouse's IRA
7.
Multiply lines 6a and 6b by the percentage below that applies to you. If the
result isn't a multiple of $10, increase it to the next multiple of $10 (for
example, increase $490.30 to $500). If the result is $200 or more, enter the
result. But if it is less than $200, enter $200.
Single, head of household, or married filing
separately, multiply by 55% (0.55) (or by 65% (0.65) in the
column for the IRA of a person who is age 50 or older at
the end of 2017)
7a.
7b.
Married filing jointly or qualifying widow(er), multiply by 27.5%
(0.275) (or by 32.5% (0.325) in the column for the IRA of a
person who is age 50 or older at the end of 2017). But if you
checked “No” on either line 1a or 1b, then in the
column for the IRA of the person who wasn't covered by a
retirement plan, multiply by 55% (0.55) (or by 65% (0.65) if age
50 or older at the end of 2017)
8.
Enter the amount from Form 1040A, line 7. Include any
nontaxable combat pay. This amount should be reported
in box 12 of Form W-2 with code Q . . . . . . . . . . . . . . . .
8.
If married filing jointly and line 8 is less than $11,000 ($12,000 if
!
one spouse is age 50 or older at the end of 2017; $13,000 if both
spouses are age 50 or older at the end of 2017), stop here and
CAUTION
see Pub. 590-A to figure your IRA deduction.
9.
Enter traditional IRA contributions made, or that will be made by April 17, 2018, for
2017 to your IRA on line 9a and to your spouse's IRA on line 9b . . . . . . . . . . . . . . .
9a.
9b.
10.
On line 10a, enter the smallest of line 7a, 8, or 9a. On line 10b, enter the smallest of
line 7b, 8, or 9b. This is the most you can deduct. Add the amounts on lines 10a and
10b and enter the total on Form 1040A, line 17. Or, if you want, you can deduct a
smaller amount and treat the rest as a nondeductible contribution (see Form
8606) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10a.
10b.
You must use Form 1040 if you owe tax on any excess con-
Line 18
tributions made to an IRA or any excess accumulations in an
IRA. For details, see Pub. 590-A.
Student Loan Interest Deduction
Were you covered by a retirement plan? If you were cov-
You can take this deduction only if all of the following apply.
ered by a retirement plan (401(k), SIMPLE, etc.) at work, your
You paid interest in 2017 on a qualified student loan (de-
IRA deduction may be reduced or eliminated. But you can still
fined later).
make contributions to an IRA even if you can't deduct them. In
Your filing status is any status except married filing sepa-
any case, the income earned on your IRA contributions isn't
rately.
taxed until it is paid to you. The “Retirement plan” box in
Your modified adjusted gross income (AGI) is less than:
box 13 of your Form W-2 should be checked if you were cov-
$80,000 if single, head of household, or qualifying widow(er);
ered by a plan at work even if you weren't vested in the plan.
$165,000 if married filing jointly. Use lines 2 through 4 of the
If you were covered by a retirement plan and you file Form
Student Loan Interest Deduction Worksheet to figure your
8815, see Pub. 590-A to figure the amount, if any, of your IRA
modified AGI.
deduction.
You, or your spouse if filing jointly, aren't claimed as a
dependent on someone's (such as your parent's) 2017 tax re-
Married persons filing separately. If you weren't covered by
turn.
a retirement plan but your spouse was, you are considered cov-
ered by a plan unless you lived apart from your spouse for all
Use the Student Loan Interest Deduction Worksheet to fig-
of 2017.
ure your student loan interest deduction.
Qualified student loan. A qualified student loan is any loan
You may be able to take the retirement savings contri-
you took out to pay the qualified higher education expenses for
butions credit. See the line 34 instructions.
TIP
any of the following individuals who was an eligible student.
-34-
Need more information or forms? Visit IRS.gov.
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