Show:
Its a Plan
Contributing to the future
Staying within limits
To deduct or to not deduct
Saving and crediting
100
this plan is established by non goverment employees
What is 401(k)s
100
$16,500 in 2011 and $17,000 in 2012 for those under 50 are the limits to what?
What is elective deferral for employer sponsored plans or 401k, 403bs and 457s.
100
After this age you can only contribute to a Roth plan.
What is 701/2 years of age.
100
Because they are taken out before tax, contributions to these plans are not a tax deduction, but are a credit.
what are employer sponsored plans.
100
This form is used to compute a credit for contributions to a retirement plan.
What is 8880
200
These plans can be set up by two different types of employers; one of which is a tax exempt organization.
What are 403(b)s and 457 plans.
200
Contributions from an employer based plan are usually reported in this form and in this box on the form.
What is W2 box 12
200
This item does not restrict contributions if you have other compensation.
What is self employment net loss.
200
Traditional IRA contributions offer a tax deduction of this amount.
What is $5000.
200
This is the maximum amount someone will receive for the Savers Credit.
What is $1000
300
Thrift Saving plans are only available for these employees
What are federal government employees.
300
AA, BB, EE are codes for what contributions.
What are Roth 401k, Roth 403b, Roth 457
300
These reduce the amount of a IRA contribution you can deduct.
What are employer plan contributions.
300
Married couples must consider these factors before taking a deduction retirement contributions.
What are : if one or both of them contributed to an employer sponsored plan during the tax year, and how much has been contributed.
300
These are the percentages that are used to calculate the saver's credit based on your MAGI.
What 50%,20% and 10%
400
Set up by an individual, this plan is sometimes deductible and sometimes not, sometimes taxable and sometimes not.
What is an Individual Retirement Account or IRA
400
Allowable IRA Contributions are the lesser of these two factors.
What are $5000 or 100% of taxpayer compensation.
400
Two of the six items that change AGI when computing limits to retirment contribution deductions.
What are student loan interest deduction, tuition and fees deduction, excludible employer provided adoption benefits, excludible US Savings bond interest, domestic production activity deduction, or excluded foreign earned income and housing deduction.
400
This is used to calculate the deductible amount of IRA and Roth contributions.
What is the IRA Deduction worksheet.
400
If you do this during a tax year, your saver's credit maybe reduced.
What is take a distribution from your retirement plan during the tax year.
500
Though this plan offers less tax benefits and has more contribution restrictions, it still is the best to use for retirement distributions.
What is Roth IRA
500
After tax contributions are called this and are reported on this form.
What is a nondeductible contribution on form 8606
500
Though someone over 50 may contribute up to $22,000 in 2011, this amount is the absolute limit that anyone can contribute through an employer based plan.
What is $49,000 in 2011 and $50,000 in 2012.
500
Are you owing for 2011? You can do this to reduce your taxes.
What is make a contribution to an IRA before April 15,2012.
500
You can't take the Saver's credit if you meet one of these three conditions.
What is 1. You were younger than 18 years of age. 2. Someone claimed you as a dependent on their return. 3. You were a full time student for at least 5 calendar months during the year.