Instructions For Form 1040 - Draft Worksheet(S) And Tables - 2008 Page 8
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42IRA Deduction Worksheet—Line 32 (continued)
Your IRA
Spouse’s IRA
7.
Multiply lines 6a and 6b by the percentage below that applies to you. If the
result is not 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 50%
(.50)(or by 60% (.60) in the column for the IRA of a person who is age
50 or older at the end of 2008)
7a.
7b.
•
Married filing jointly or qualifying widow(er), multiply by 25% (.25) (or by
30% (.30) in the column for the IRA of a person who is age 50 or older at
the end of 2008). But if you checked “No” on either line 1a or 1b, then in
the column for the IRA of the person who was not covered by a retirement
plan, multiply by 50% (.50) (or by 60% (.60) if age 50 or older at the end
of 2008)
8.
Enter the total of your (and your spouse’s if filing
jointly):
•
Wages, salaries, tips, etc. Generally, this is the
}
amount reported in box 1 of Form W-2. See page 27
for exceptions
8.
•
Alimony and separate maintenance payments reported
on Form 1040, line 11
•
Nontaxable combat pay. This amount should be
reported in box 12 of Form W-2 with code Q
9.
Enter the earned income you (and your spouse if filing
jointly) received as a self-employed individual or a
partner. Generally, this is your (and your spouse’s if
filing jointly) net earnings from self-employment if your
personal services were a material income-producing
factor, minus any deductions on Form 1040, lines 27
and 28. If zero or less, enter -0-. For more details, see
Pub. 590 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9.
10.
Add lines 8 and 9 . . . . . . . . . . . . . . . . . . . . . . . . . .
10.
If married filing jointly and line 10 is less than $10,000 ($11,000 if one
spouse is age 50 or older at the end of 2008; $12,000 if both spouses
are age 50 or older at the end of 2008), stop here and see Pub. 590 to
figure your IRA deduction.
11.
Enter traditional IRA contributions made, or that will be made by April 15, 2009,
for 2008 to your IRA on line 11a and to your spouse’s IRA on line 11b . . . . . . . . 11a.
11b.
12.
On line 12a, enter the smallest of line 7a, 10, or 11a. On line 12b, enter the
smallest of line 7b, 10, or 11b. This is the most you can deduct. Add the amounts
on lines 12a and 12b and enter the total on Form 1040, line 32. Or, if you want,
you can deduct a smaller amount and treat the rest as a nondeductible contribution
(see Form 8606) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12a.
12b.
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