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Kings New York online Form 5305-SIMPLE: What You Should Know

Dollar Amount Adjustments The IRS is updating the dollar-amount ranges for maximum annual contributions to eligible retirement accounts. All individuals who are age 50 — and may soon be age 60 — and have reached the standard retirement age of age 62. To receive a tax deduction for any contribution. However, you still may need to add the dollar-amount adjustment (from the most recent year) to the amount of contribution required for the year (this is called an “overpayment,” and your return should reflect this as discussed by CPA firm QBalance.com. This adjustment is called an “overpayment rate.” For this year, the maximum underpayment rate is 0 percent. The effective date of the correction was June 1, 2016, Individuals who are under ages 50 and have reached the age of 50 and are in the process of completing any Form SSA — Transitional Individual Retirement Arrangements (Form SR-1410), Supplemental Security Income (SSI) or a Qualified Retirement Plan (i.e. SIMPLE IRA). To receive a tax deduction for any contribution. However, you may need to add the dollar amount adjustment (from the most recent year) to the amount of contribution required for the year (this is called an “overpayment,” and your return should reflect this as discussed by CPA firm QBalance.com. This adjustment is called an “overpayment rate.” For this year, the maximum underpayment rate is 10 percent. The effective date of the correction was October 1, 2016, The annual 3,000 limit on annual overpayments was lifted for 2016. To determine the 3,000 overpayment limits, use the table below: Individuals can use Form 8606.pdf, Form 8606 or Form 8606-R — Transitional Annual Overpayment Adjustment for Tax Deduction The following table shows the maximum annual overpayments for all tax years for individuals who are over ages 50. For the tax year 2012, the maximum overpayment rate for SSA was 10 percent (i.e. 3,000 for a combined 30,000 over all contributions). The maximum overpayment rate for SSI was 15 percent (i.e.

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