Benjamin Yazersky CPA wrote:
- quote -

Or an Enrolled Agent (EA) in your local area. For a
referral, look at www.naea.org website for one near you.

ChEAr$,
Harlan Lunsford, EA n LA

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"maxed_out41" <netsurfer802[at]yahoo.com> wrote:

- quote -

Your inquiry clearly indicates that you need professional
help. Call your CPA today

___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] > > -----> real address on hobokeni or hobokenx <-----

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"maxed_out41" <netsurfer802[at]yahoo.com> writes:

- quote -

Given your uncertainty on such basic items, you may wish to
use a paid prepaper.

- quote -

You mean the account itself or a $500 contribution
you made to it this year?

- quote -

Line 8a, taxable interest. But if total interest is more
than $1500, you have to fill out Schedule B and carry the
total to line 8a.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

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"maxed_out41" <netsurfer...[at]yahoo.com> wrote:

- quote -

Unless you made a contribution to your IRA or took a
withdrawal from it there is nothing to report on your tax
return.

- quote -

The interest earned from regular CDs is reported on Schedule
B.

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netsurfer802[at]yahoo.com (maxed_out41) posted:

- quote -

Insufficient information. If you mean a $500 contribution,
is it to a traditional IRA? Then, you can deduct it as an
adjustment to income on line 32. If you're speaking of a
normal Distribution, then it goes on line 15b. If it's a
premature distribution, then in addition to the line 15b
entry, you'll need to enter 10% as an "additional IRA tax"
-- on line 60.

Also, if it's a Roth IRA contribution, then you have no
deduction, but you could get credit for Retirement savings
contribution on line 51 (but you'll need to also fill out
Form 8880 -- which could also apply to a traditional IRA
contribution, as an alternative to the deduction.)

- quote -

CD accounts produce interest income, and that would be
entered on Schedule B -- or, if your total interest is under
$1500, can be entered directly on line 8a.

Bill

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Hi...trying to do my taxes here and have the following
questions:

where on a 1040 does the $500 IRA go that I have?

Also, where if any place at all do CD accounts go on a 1040?

Thanks very much in advanced for any good answers,

M C

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >