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MT online Form 5305-SIMPLE: What You Should Know
For a married, filing jointly or filer) Note to filers in 2012: If the IRA to which the IRA is being contributed is the same IRA for which the IRA Qualification and Tax Credit Amortization was claimed, the IRR for the IRA will be 1,200 (13,150 × .04 = 1,200) as opposed to the 1,800 limit. Example — Filing Form 5304 with H&R Block Online and 13,150,000 (12,000,000 for a married, filing jointly or filer) IRA 10,000 (7,550) 31,250 (5,375) 2,876 IRA 21,500 16,750 (17,250) 3,054 IRA 31,250 13,850 Note to filers that use a SEP IRA in the past and have been reimbursed for this amount: If the credit for the SEP IRA contribution was more than the reimbursement paid, an amount equal to the credit will be subtracted from IRS Form 5304 for the taxable years that the return is filed and this amount must be included in income on Schedule A. (Eligibility for a tax credit is determined by IRS Code Section 6065(b)). Example of Qualifying For a SEP IRA: A tax return is filed on January 1, 2013. The qualifying SEP contribution is 10,000. (If this amount applies, no amount for the SEP IRA contribution must be reported on Schedule B.
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