Line 14 – Other gains or (losses). Attach Form 4797
If you sold or exchanged
assets used in a trade or business, see the Instructions
for Form 4797.
Line 15a – IRA
distributions and Line 15b – Taxable amount
You should receive a Form
1099-R showing the total amount of any distribution from your IRA before income tax or other deductions were withheld. This amount should be shown in box 1 of Form 1099-R. Unless otherwise noted in the line 15a and 15b instructions, an IRA includes a traditional IRA, Roth
IRA, simplified employee pension (SEP) IRA,
and a savings incentive match plan for
employees (SIMPLE) IRA. Except as provided
below, leave line 15ablank and enter the total distribution (from Form 1099-R, box 1) on line 15b. If you converted part or all of an IRA to a Roth IRA in 2010 and did not elect to report the taxable amount on your 2010 return, you generally must report half of it on your 2011 return and the rest on your 2012 return. See 2010 Roth IRA conversions, later.
Exception
1
Enter the total
distribution on line 15a if you rolled over part or all
of the distribution from one:
·
IRA to another IRA of the same
type
(for example, from one traditional IRA to another traditional IRA),
·
SEP or SIMPLE IRA to a traditional
IRA, or
·
IRA to a qualified plan other than
an
IRA. Also, enter
“Rollover” next to line 15b. If the total
distribution was rolled over in a qualified
rollover, enter -0- on line 15b. If the total
distribution was not rolled over in a
qualified rollover, enter the part not rolled over
on line 15b unless Exception 2 applies to the
part not rolled over. Generally, a qualified
rollover must be made within 60 days after the
day you received the distribution. For more details on rollovers, see Pub.
590. If you rolled
over the distribution into a qualified plan
other than an IRA or you made the rollover in
2012, include a statement explaining what you did.
Exception
2
If any of the following
apply, enter the total distribution on line
15a and see Form 8606 and its instructions to
figure the amount to enter on line 15b.
·
You received a distribution from
an
IRA (other than a Roth IRA) and you made nondeductible contributions to any of your traditional or SEP IRAs for 2011 or an earlier year. If you
made nondeductible contributions to these IRAs for 2011.
·
You received a distribution from a Roth IRA. But if either (a) or (b) below applies, enter -0- on line 15b; you do not have to see Form 8606 or its instructions.
·
Distribution code T is shown in
box 7
of Form 1099-R and you made a contribution (including
a conversion) to a Roth IRA for 2006 or an
earlier year.
·
Distribution code Q is shown in
box 7
of Form 1099-R.
·
You converted part or all of a
traditional, SEP, or SIMPLE IRA to a Roth IRA in 2011.
·
You had a 2010 or 2011 IRA contribution
returned to you, with the related earnings or less
any loss, by the due date (including
extensions) of your tax return for that year.
·
You made excess contributions to your IRA for an earlier year and had them returned to you
in 2011.
·
You recharacterized part or all of
a contribution to a Roth IRA as a traditional IRA contribution,
or vice versa.
Exception
3
If the distribution is a
qualified charitable distribution (QCD), enter the total
distribution on line 15a. If the total amount
distributed is a QCD, enter -0- on line 15b.
If only part of the distribution is a QCD,
enter the part that is not a QCD on line 15b
unless Exception 2 applies to that part. Enter
“QCD” next to line 15b. A QCD is a
distribution made directly by the trustee of
your IRA (other than an ongoing SEP or SIMPLE
IRA) to an organization eligible to receive tax-deductible contributions (with
certain exceptions).
You must have been at least age 70 ½ when the distribution was
made. Generally, your total QCDs for the year cannot be more than $100,000. (On
a joint return, your spouse can also have a QCD of up to $100,000.) If you
elected to treat a January 2011 QCD as made in 2010, report it on your 2011
return like any other 2011 QCD, as just described. However, if you also made
another 2011 QCD and the total was more than $100,000 per spouse, attach a
brief explanation. For example: “Line 15b – Spouse One’s 2010 QCD $75,000; Spouse
One’s 2011 QCD $70,000.” The amount of the QCD is limited to the amount that
would otherwise be included in your income. If your IRA includes nondeductible contributions,
the distribution is first considered to be paid out of otherwise taxable
income. You cannot claim a charitable
contribution deduction for any QCD not included in your income.
Exception 4
If the distribution is a health savings account (HSA) funding
distribution (HFD), enter the total distribution on line 15a. If the total
amount distributed is an HFD and you elect to exclude it from income, enter -0-
on line 15b. If only part of the distribution is an HFD and you elect to exclude
that part from income, enter the part that is not an HFD on line 15b unless Exception
2 applies to that part. Enter “HFD” next to line 15b.
An HFD is a distribution made directly by the trustee of your IRA
(other than an ongoing SEP or SIMPLE IRA) to your HSA. If eligible, you
generally can elect to exclude an HFD from your income once in your lifetime.
You cannot exclude more than the limit on HSA contributions or more than the
amount that would otherwise be included in your income. If your IRA includes
nondeductible contributions, the
HFD is first considered to be paid out of otherwise taxable
income. See Pub. 969 for details.
The amount of an HFD reduces the amount you can contribute to your
HSA for the year. If you fail to maintain eligibility for an HSA for the 12
months following the month of the HFD, you may have to report the HFD as income
and pay an additional tax. See Form 8889, Part III.
More than one exception applies
If more than one exception applies, include a statement showing
the amount of each exception, instead of making an entry next to line 15b. For
example: “Line 15b – $1,000 Rollover and $500 HFD.” But you do not need to
attach a statement if only Exception 2 and one other exception apply.
2010 Roth IRA conversions
If you converted part or all of an IRA to a Roth IRA in 2010 and
did not elect to report the taxable amount on your 2010 return, include on line
15b the amount from your 2010 Form 8606, line 20a. However, you may have to include
a different amount on line 15b if either of the following applies.
You received a distribution from a Roth IRA in 2010 or the owner
of the Roth IRA died in 2011. See Pub. 590 to figure the amount to include on
line 15b.
You received a distribution from a Roth IRA in 2011. Use Form
8606 to figure the amount to include on line 15b.
More than one distribution
If you (or your spouse if filing jointly) received more than one
distribution, figure the taxable amount of each distribution and enter the total
of the taxable amounts on line 15b. Enter the total amount of those distributions
on line 15a. You may have to pay an additional tax if (a) you received an early
distribution from your IRA and the total was not rolled over, or (b) you were
born before July 1, 1940, and received less than the minimum required
distribution from your traditional, SEP, and SIMPLE IRAs. See the instructions
for line 58 for details.
More information
For more information about IRAs, see Pub. 590.
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Next up is Part III - income section of the 2011 Form 1040.
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