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Nm Taxation And Revenue

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Nm Taxation And Revenue

Nm taxation and revenue 1. Nm taxation and revenue   Traditional IRAs Table of Contents What's New for 2013 What's New for 2014 Introduction Who Can Open a Traditional IRA?What Is Compensation? When Can a Traditional IRA Be Opened? How Can a Traditional IRA Be Opened?Individual Retirement Account Individual Retirement Annuity Individual Retirement Bonds Simplified Employee Pension (SEP) Employer and Employee Association Trust Accounts Required Disclosures How Much Can Be Contributed?Limit. Nm taxation and revenue When repayment contributions can be made. Nm taxation and revenue No deduction. Nm taxation and revenue Reserve component. Nm taxation and revenue Figuring your IRA deduction. Nm taxation and revenue Reporting the repayment. Nm taxation and revenue Example. Nm taxation and revenue General Limit Kay Bailey Hutchison Spousal IRA Limit Filing Status Less Than Maximum Contributions More Than Maximum Contributions When Can Contributions Be Made? How Much Can You Deduct?Kay Bailey Hutchison Spousal IRA. Nm taxation and revenue Are You Covered by an Employer Plan? Limit if Covered by Employer Plan Reporting Deductible Contributions Nondeductible Contributions Examples — Worksheet for Reduced IRA Deduction for 2013 What if You Inherit an IRA?Treating it as your own. Nm taxation and revenue Can You Move Retirement Plan Assets?Transfers to Roth IRAs from other retirement plans. Nm taxation and revenue Trustee-to-Trustee Transfer Rollovers Transfers Incident To Divorce Converting From Any Traditional IRA Into a Roth IRA Recharacterizations When Can You Withdraw or Use Assets?Contributions Returned Before Due Date of Return When Must You Withdraw Assets? (Required Minimum Distributions)IRA Owners IRA Beneficiaries Which Table Do You Use To Determine Your Required Minimum Distribution? What Age(s) Do You Use With the Table(s)? Miscellaneous Rules for Required Minimum Distributions Are Distributions Taxable?January 2013 QCDs treated as made in 2012. Nm taxation and revenue 2013 Reporting. Nm taxation and revenue Additional reporting requirements if you made the election to treat a January 2013 QCD as made in 2012. Nm taxation and revenue One-time transfer. Nm taxation and revenue Testing period rules apply. Nm taxation and revenue More information. Nm taxation and revenue Distributions Fully or Partly Taxable Figuring the Nontaxable and Taxable Amounts Recognizing Losses on Traditional IRA Investments Other Special IRA Distribution Situations Reporting and Withholding Requirements for Taxable Amounts What Acts Result in Penalties or Additional Taxes?Prohibited Transactions Investment in Collectibles Excess Contributions Early Distributions Excess Accumulations (Insufficient Distributions) Reporting Additional Taxes What's New for 2013 Traditional IRA contribution and deduction limit. Nm taxation and revenue  The contribution limit to your traditional IRA for 2013 will be increased to the smaller of the following amounts: $5,500, or Your taxable compensation for the year. Nm taxation and revenue If you were age 50 or older before 2014, the most that can be contributed to your traditional IRA for 2013 will be the smaller of the following amounts: $6,500, or Your taxable compensation for the year. Nm taxation and revenue For more information, see How Much Can Be Contributed? in this chapter. Nm taxation and revenue Modified AGI limit for traditional IRA contributions increased. Nm taxation and revenue  For 2013, if you were covered by a retirement plan at work, your deduction for contributions to a traditional IRA is reduced (phased out) if your modified AGI is: More than $95,000 but less than $115,000 for a married couple filing a joint return or a qualifying widow(er), More than $59,000 but less than $69,000 for a single individual or head of household, or Less than $10,000 for a married individual filing a separate return. Nm taxation and revenue If you either lived with your spouse or file a joint return, and your spouse was covered by a retirement plan at work, but you were not, your deduction is phased out if your modified AGI is more than $178,000 but less than $188,000. Nm taxation and revenue If your modified AGI is $188,000 or more, you cannot take a deduction for contributions to a traditional IRA. Nm taxation and revenue See How Much Can You Deduct? in this chapter. Nm taxation and revenue Net Investment Income Tax. Nm taxation and revenue  For purposes of the Net Investment Income Tax (NIIT), net investment income does not include distributions from a qualified retirement plan (for example, 401(a), 403(a), 403(b), 457(b) plans, and IRAs). Nm taxation and revenue However, these distributions are taken into account when determining the modified adjusted gross income threshold. Nm taxation and revenue Distributions from a nonqualified retirement plan are included in net investment income. Nm taxation and revenue See Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts, and its instructions for more information. Nm taxation and revenue What's New for 2014 Modified AGI limit for traditional IRA contributions increased. Nm taxation and revenue  For 2014, if you are covered by a retirement plan at work, your deduction for contributions to a traditional IRA is reduced (phased out) if your modified AGI is: More than $96,000 but less than $116,000 for a married couple filing a joint return or a qualifying widow(er), More than $60,000 but less than $70,000 for a single individual or head of household, or Less than $10,000 for a married individual filing a separate return. Nm taxation and revenue If you either live with your spouse or file a joint return, and your spouse is covered by a retirement plan at work, but you are not, your deduction is phased out if your modified AGI is more than $181,000 but less than $191,000. Nm taxation and revenue If your modified AGI is $191,000 or more, you cannot take a deduction for contributions to a traditional IRA. Nm taxation and revenue Introduction This chapter discusses the original IRA. Nm taxation and revenue In this publication the original IRA (sometimes called an ordinary or regular IRA) is referred to as a “traditional IRA. Nm taxation and revenue ” A traditional IRA is any IRA that is not a Roth IRA or a SIMPLE IRA. Nm taxation and revenue The following are two advantages of a traditional IRA: You may be able to deduct some or all of your contributions to it, depending on your circumstances. Nm taxation and revenue Generally, amounts in your IRA, including earnings and gains, are not taxed until they are distributed. Nm taxation and revenue Who Can Open a Traditional IRA? You can open and make contributions to a traditional IRA if: You (or, if you file a joint return, your spouse) received taxable compensation during the year, and You were not age 70½ by the end of the year. Nm taxation and revenue You can have a traditional IRA whether or not you are covered by any other retirement plan. Nm taxation and revenue However, you may not be able to deduct all of your contributions if you or your spouse is covered by an employer retirement plan. Nm taxation and revenue See How Much Can You Deduct , later. Nm taxation and revenue Both spouses have compensation. Nm taxation and revenue   If both you and your spouse have compensation and are under age 70½, each of you can open an IRA. Nm taxation and revenue You cannot both participate in the same IRA. Nm taxation and revenue If you file a joint return, only one of you needs to have compensation. Nm taxation and revenue What Is Compensation? Generally, compensation is what you earn from working. Nm taxation and revenue For a summary of what compensation does and does not include, see Table 1-1. Nm taxation and revenue Compensation includes all of the items discussed next (even if you have more than one type). Nm taxation and revenue Wages, salaries, etc. Nm taxation and revenue   Wages, salaries, tips, professional fees, bonuses, and other amounts you receive for providing personal services are compensation. Nm taxation and revenue The IRS treats as compensation any amount properly shown in box 1 (Wages, tips, other compensation) of Form W-2, Wage and Tax Statement, provided that amount is reduced by any amount properly shown in box 11 (Nonqualified plans). Nm taxation and revenue Scholarship and fellowship payments are compensation for IRA purposes only if shown in box 1 of Form W-2. Nm taxation and revenue Commissions. Nm taxation and revenue   An amount you receive that is a percentage of profits or sales price is compensation. Nm taxation and revenue Self-employment income. Nm taxation and revenue   If you are self-employed (a sole proprietor or a partner), compensation is the net earnings from your trade or business (provided your personal services are a material income-producing factor) reduced by the total of: The deduction for contributions made on your behalf to retirement plans, and The deduction allowed for the deductible part of your self-employment taxes. Nm taxation and revenue   Compensation includes earnings from self-employment even if they are not subject to self-employment tax because of your religious beliefs. Nm taxation and revenue Self-employment loss. Nm taxation and revenue   If you have a net loss from self-employment, do not subtract the loss from your salaries or wages when figuring your total compensation. Nm taxation and revenue Alimony and separate maintenance. Nm taxation and revenue   For IRA purposes, compensation includes any taxable alimony and separate maintenance payments you receive under a decree of divorce or separate maintenance. Nm taxation and revenue Nontaxable combat pay. Nm taxation and revenue   If you were a member of the U. Nm taxation and revenue S. Nm taxation and revenue Armed Forces, compensation includes any nontaxable combat pay you received. Nm taxation and revenue This amount should be reported in box 12 of your 2013 Form W-2 with code Q. Nm taxation and revenue Table 1-1. Nm taxation and revenue Compensation for Purposes of an IRA Includes . Nm taxation and revenue . Nm taxation and revenue . Nm taxation and revenue Does not include . Nm taxation and revenue . Nm taxation and revenue . Nm taxation and revenue   earnings and profits from property. Nm taxation and revenue wages, salaries, etc. Nm taxation and revenue     interest and dividend income. Nm taxation and revenue commissions. Nm taxation and revenue     pension or annuity income. Nm taxation and revenue self-employment income. Nm taxation and revenue     deferred compensation. Nm taxation and revenue alimony and separate maintenance. Nm taxation and revenue     income from certain  partnerships. Nm taxation and revenue nontaxable combat pay. Nm taxation and revenue     any amounts you exclude from income. Nm taxation and revenue     What Is Not Compensation? Compensation does not include any of the following items. Nm taxation and revenue Earnings and profits from property, such as rental income, interest income, and dividend income. Nm taxation and revenue Pension or annuity income. Nm taxation and revenue Deferred compensation received (compensation payments postponed from a past year). Nm taxation and revenue Income from a partnership for which you do not provide services that are a material income-producing factor. Nm taxation and revenue Conservation Reserve Program (CRP) payments reported on Schedule SE (Form 1040), line 1b. Nm taxation and revenue Any amounts (other than combat pay) you exclude from income, such as foreign earned income and housing costs. Nm taxation and revenue When Can a Traditional IRA Be Opened? You can open a traditional IRA at any time. Nm taxation and revenue However, the time for making contributions for any year is limited. Nm taxation and revenue See When Can Contributions Be Made , later. Nm taxation and revenue How Can a Traditional IRA Be Opened? You can open different kinds of IRAs with a variety of organizations. Nm taxation and revenue You can open an IRA at a bank or other financial institution or with a mutual fund or life insurance company. Nm taxation and revenue You can also open an IRA through your stockbroker. Nm taxation and revenue Any IRA must meet Internal Revenue Code requirements. Nm taxation and revenue The requirements for the various arrangements are discussed below. Nm taxation and revenue Kinds of traditional IRAs. Nm taxation and revenue   Your traditional IRA can be an individual retirement account or annuity. Nm taxation and revenue It can be part of either a simplified employee pension (SEP) or an employer or employee association trust account. Nm taxation and revenue Individual Retirement Account An individual retirement account is a trust or custodial account set up in the United States for the exclusive benefit of you or your beneficiaries. Nm taxation and revenue The account is created by a written document. Nm taxation and revenue The document must show that the account meets all of the following requirements. Nm taxation and revenue The trustee or custodian must be a bank, a federally insured credit union, a savings and loan association, or an entity approved by the IRS to act as trustee or custodian. Nm taxation and revenue The trustee or custodian generally cannot accept contributions of more than the deductible amount for the year. Nm taxation and revenue However, rollover contributions and employer contributions to a simplified employee pension (SEP) can be more than this amount. Nm taxation and revenue Contributions, except for rollover contributions, must be in cash. Nm taxation and revenue See Rollovers , later. Nm taxation and revenue You must have a nonforfeitable right to the amount at all times. Nm taxation and revenue Money in your account cannot be used to buy a life insurance policy. Nm taxation and revenue Assets in your account cannot be combined with other property, except in a common trust fund or common investment fund. Nm taxation and revenue You must start receiving distributions by April 1 of the year following the year in which you reach age 70½. Nm taxation and revenue See When Must You Withdraw Assets? (Required Minimum Distributions) , later. Nm taxation and revenue Individual Retirement Annuity You can open an individual retirement annuity by purchasing an annuity contract or an endowment contract from a life insurance company. Nm taxation and revenue An individual retirement annuity must be issued in your name as the owner, and either you or your beneficiaries who survive you are the only ones who can receive the benefits or payments. Nm taxation and revenue An individual retirement annuity must meet all the following requirements. Nm taxation and revenue Your entire interest in the contract must be nonforfeitable. Nm taxation and revenue The contract must provide that you cannot transfer any portion of it to any person other than the issuer. Nm taxation and revenue There must be flexible premiums so that if your compensation changes, your payment can also change. Nm taxation and revenue This provision applies to contracts issued after November 6, 1978. Nm taxation and revenue The contract must provide that contributions cannot be more than the deductible amount for an IRA for the year, and that you must use any refunded premiums to pay for future premiums or to buy more benefits before the end of the calendar year after the year in which you receive the refund. Nm taxation and revenue Distributions must begin by April 1 of the year following the year in which you reach age 70½. Nm taxation and revenue See When Must You Withdraw Assets? (Required Minimum Distributions) , later. Nm taxation and revenue Individual Retirement Bonds The sale of individual retirement bonds issued by the federal government was suspended after April 30, 1982. Nm taxation and revenue The bonds have the following features. Nm taxation and revenue They stop earning interest when you reach age 70½. Nm taxation and revenue If you die, interest will stop 5 years after your death, or on the date you would have reached age 70½, whichever is earlier. Nm taxation and revenue You cannot transfer the bonds. Nm taxation and revenue If you cash (redeem) the bonds before the year in which you reach age 59½, you may be subject to a 10% additional tax. Nm taxation and revenue See Age 59½ Rule under Early Distributions, later. Nm taxation and revenue You can roll over redemption proceeds into IRAs. Nm taxation and revenue Simplified Employee Pension (SEP) A simplified employee pension (SEP) is a written arrangement that allows your employer to make deductible contributions to a traditional IRA (a SEP IRA) set up for you to receive such contributions. Nm taxation and revenue Generally, distributions from SEP IRAs are subject to the withdrawal and tax rules that apply to traditional IRAs. Nm taxation and revenue See Publication 560 for more information about SEPs. Nm taxation and revenue Employer and Employee Association Trust Accounts Your employer or your labor union or other employee association can set up a trust to provide individual retirement accounts for employees or members. Nm taxation and revenue The requirements for individual retirement accounts apply to these traditional IRAs. Nm taxation and revenue Required Disclosures The trustee or issuer (sometimes called the sponsor) of your traditional IRA generally must give you a disclosure statement at least 7 days before you open your IRA. Nm taxation and revenue However, the sponsor does not have to give you the statement until the date you open (or purchase, if earlier) your IRA, provided you are given at least 7 days from that date to revoke the IRA. Nm taxation and revenue The disclosure statement must explain certain items in plain language. Nm taxation and revenue For example, the statement should explain when and how you can revoke the IRA, and include the name, address, and telephone number of the person to receive the notice of cancellation. Nm taxation and revenue This explanation must appear at the beginning of the disclosure statement. Nm taxation and revenue If you revoke your IRA within the revocation period, the sponsor must return to you the entire amount you paid. Nm taxation and revenue The sponsor must report on the appropriate IRS forms both your contribution to the IRA (unless it was made by a trustee-to-trustee transfer) and the amount returned to you. Nm taxation and revenue These requirements apply to all sponsors. Nm taxation and revenue How Much Can Be Contributed? There are limits and other rules that affect the amount that can be contributed to a traditional IRA. Nm taxation and revenue These limits and rules are explained below. Nm taxation and revenue Community property laws. Nm taxation and revenue   Except as discussed later under Kay Bailey Hutchison Spousal IRA Limit , each spouse figures his or her limit separately, using his or her own compensation. Nm taxation and revenue This is the rule even in states with community property laws. Nm taxation and revenue Brokers' commissions. Nm taxation and revenue   Brokers' commissions paid in connection with your traditional IRA are subject to the contribution limit. Nm taxation and revenue For information about whether you can deduct brokers' commissions, see Brokers' commissions , later, under How Much Can You Deduct. Nm taxation and revenue Trustees' fees. Nm taxation and revenue   Trustees' administrative fees are not subject to the contribution limit. Nm taxation and revenue For information about whether you can deduct trustees' fees, see Trustees' fees , later, under How Much Can You Deduct. Nm taxation and revenue Qualified reservist repayments. Nm taxation and revenue   If you were a member of a reserve component and you were ordered or called to active duty after September 11, 2001, you may be able to contribute (repay) to an IRA amounts equal to any qualified reservist distributions (defined later under Early Distributions) you received. Nm taxation and revenue You can make these repayment contributions even if they would cause your total contributions to the IRA to be more than the general limit on contributions. Nm taxation and revenue To be eligible to make these repayment contributions, you must have received a qualified reservist distribution from an IRA or from a section 401(k) or 403(b) plan or a similar arrangement. Nm taxation and revenue Limit. Nm taxation and revenue   Your qualified reservist repayments cannot be more than your qualified reservist distributions, explained under Early Distributions , later. Nm taxation and revenue When repayment contributions can be made. Nm taxation and revenue   You cannot make these repayment contributions later than the date that is 2 years after your active duty period ends. Nm taxation and revenue No deduction. Nm taxation and revenue   You cannot deduct qualified reservist repayments. Nm taxation and revenue Reserve component. Nm taxation and revenue   The term “reserve component” means the: Army National Guard of the United States, Army Reserve, Naval Reserve, Marine Corps Reserve, Air National Guard of the United States, Air Force Reserve, Coast Guard Reserve, or Reserve Corps of the Public Health Service. Nm taxation and revenue Figuring your IRA deduction. Nm taxation and revenue   The repayment of qualified reservist distributions does not affect the amount you can deduct as an IRA contribution. Nm taxation and revenue Reporting the repayment. Nm taxation and revenue   If you repay a qualified reservist distribution, include the amount of the repayment with nondeductible contributions on line 1 of Form 8606. Nm taxation and revenue Example. Nm taxation and revenue   In 2013, your IRA contribution limit is $5,500. Nm taxation and revenue However, because of your filing status and AGI, the limit on the amount you can deduct is $3,500. Nm taxation and revenue You can make a nondeductible contribution of $2,000 ($5,500 - $3,500). Nm taxation and revenue In an earlier year you received a $3,000 qualified reservist distribution, which you would like to repay this year. Nm taxation and revenue   For 2013, you can contribute a total of $8,500 to your IRA. Nm taxation and revenue This is made up of the maximum deductible contribution of $3,500; a nondeductible contribution of $2,000; and a $3,000 qualified reservist repayment. Nm taxation and revenue You contribute the maximum allowable for the year. Nm taxation and revenue Since you are making a nondeductible contribution ($2,000) and a qualified reservist repayment ($3,000), you must file Form 8606 with your return and include $5,000 ($2,000 + $3,000) on line 1 of Form 8606. Nm taxation and revenue The qualified reservist repayment is not deductible. Nm taxation and revenue Contributions on your behalf to a traditional IRA reduce your limit for contributions to a Roth IRA. Nm taxation and revenue See chapter 2 for information about Roth IRAs. Nm taxation and revenue General Limit For 2013, the most that can be contributed to your traditional IRA generally is the smaller of the following amounts: $5,500 ($6,500 if you are age 50 or older), or Your taxable compensation (defined earlier) for the year. Nm taxation and revenue Note. Nm taxation and revenue This limit is reduced by any contributions to a section 501(c)(18) plan (generally, a pension plan created before June 25, 1959, that is funded entirely by employee contributions). Nm taxation and revenue This is the most that can be contributed regardless of whether the contributions are to one or more traditional IRAs or whether all or part of the contributions are nondeductible. Nm taxation and revenue (See Nondeductible Contributions , later. Nm taxation and revenue ) Qualified reservist repayments do not affect this limit. Nm taxation and revenue Examples. Nm taxation and revenue George, who is 34 years old and single, earns $24,000 in 2013. Nm taxation and revenue His IRA contributions for 2013 are limited to $5,500. Nm taxation and revenue Danny, an unmarried college student working part time, earns $3,500 in 2013. Nm taxation and revenue His IRA contributions for 2013 are limited to $3,500, the amount of his compensation. Nm taxation and revenue More than one IRA. Nm taxation and revenue   If you have more than one IRA, the limit applies to the total contributions made on your behalf to all your traditional IRAs for the year. Nm taxation and revenue Annuity or endowment contracts. Nm taxation and revenue   If you invest in an annuity or endowment contract under an individual retirement annuity, no more than $5,500 ($6,500 if you are age 50 or older) can be contributed toward its cost for the tax year, including the cost of life insurance coverage. Nm taxation and revenue If more than this amount is contributed, the annuity or endowment contract is disqualified. Nm taxation and revenue Kay Bailey Hutchison Spousal IRA Limit For 2013, if you file a joint return and your taxable compensation is less than that of your spouse, the most that can be contributed for the year to your IRA is the smaller of the following two amounts: $5,500 ($6,500 if you are age 50 or older), or The total compensation includible in the gross income of both you and your spouse for the year, reduced by the following two amounts. Nm taxation and revenue Your spouse's IRA contribution for the year to a traditional IRA. Nm taxation and revenue Any contributions for the year to a Roth IRA on behalf of your spouse. Nm taxation and revenue This means that the total combined contributions that can be made for the year to your IRA and your spouse's IRA can be as much as $11,000 ($12,000 if only one of you is age 50 or older or $13,000 if both of you are age 50 or older). Nm taxation and revenue Note. Nm taxation and revenue This traditional IRA limit is reduced by any contributions to a section 501(c)(18) plan (generally, a pension plan created before June 25, 1959, that is funded entirely by employee contributions). Nm taxation and revenue Example. Nm taxation and revenue Kristin, a full-time student with no taxable compensation, marries Carl during the year. Nm taxation and revenue Neither of them was age 50 by the end of 2013. Nm taxation and revenue For the year, Carl has taxable compensation of $30,000. Nm taxation and revenue He plans to contribute (and deduct) $5,500 to a traditional IRA. Nm taxation and revenue If he and Kristin file a joint return, each can contribute $5,500 to a traditional IRA. Nm taxation and revenue This is because Kristin, who has no compensation, can add Carl's compensation, reduced by the amount of his IRA contribution ($30,000 − $5,500 = $24,500), to her own compensation (-0-) to figure her maximum contribution to a traditional IRA. Nm taxation and revenue In her case, $5,500 is her contribution limit, because $5,500 is less than $24,500 (her compensation for purposes of figuring her contribution limit). Nm taxation and revenue Filing Status Generally, except as discussed earlier under Kay Bailey Hutchison Spousal IRA Limit , your filing status has no effect on the amount of allowable contributions to your traditional IRA. Nm taxation and revenue However, if during the year either you or your spouse was covered by a retirement plan at work, your deduction may be reduced or eliminated, depending on your filing status and income. Nm taxation and revenue See How Much Can You Deduct , later. Nm taxation and revenue Example. Nm taxation and revenue Tom and Darcy are married and both are 53. Nm taxation and revenue They both work and each has a traditional IRA. Nm taxation and revenue Tom earned $3,800 and Darcy earned $48,000 in 2013. Nm taxation and revenue Because of the Kay Bailey Hutchison Spousal IRA limit rule, even though Tom earned less than $6,500, they can contribute up to $6,500 to his IRA for 2013 if they file a joint return. Nm taxation and revenue They can contribute up to $6,500 to Darcy's IRA. Nm taxation and revenue If they file separate returns, the amount that can be contributed to Tom's IRA is limited by his earned income, $3,800. Nm taxation and revenue Less Than Maximum Contributions If contributions to your traditional IRA for a year were less than the limit, you cannot contribute more after the due date of your return for that year to make up the difference. Nm taxation and revenue Example. Nm taxation and revenue Rafael, who is 40, earns $30,000 in 2013. Nm taxation and revenue Although he can contribute up to $5,500 for 2013, he contributes only $3,000. Nm taxation and revenue After April 15, 2014, Rafael cannot make up the difference between his actual contributions for 2013 ($3,000) and his 2013 limit ($5,500). Nm taxation and revenue He cannot contribute $2,500 more than the limit for any later year. Nm taxation and revenue More Than Maximum Contributions If contributions to your IRA for a year were more than the limit, you can apply the excess contribution in one year to a later year if the contributions for that later year are less than the maximum allowed for that year. Nm taxation and revenue However, a penalty or additional tax may apply. Nm taxation and revenue See Excess Contributions , later, under What Acts Result in Penalties or Additional Taxes. Nm taxation and revenue When Can Contributions Be Made? As soon as you open your traditional IRA, contributions can be made to it through your chosen sponsor (trustee or other administrator). Nm taxation and revenue Contributions must be in the form of money (cash, check, or money order). Nm taxation and revenue Property cannot be contributed. Nm taxation and revenue Although property cannot be contributed, your IRA may invest in certain property. Nm taxation and revenue For example, your IRA may purchase shares of stock. Nm taxation and revenue For other restrictions on the use of funds in your IRA, see Prohibited Transactions , later in this chapter. Nm taxation and revenue You may be able to transfer or roll over certain property from one retirement plan to another. Nm taxation and revenue See the discussion of rollovers and other transfers later in this chapter under Can You Move Retirement Plan Assets . Nm taxation and revenue You can make a contribution to your IRA by having your income tax refund (or a portion of your refund), if any, paid directly to your traditional IRA, Roth IRA, or SEP IRA. Nm taxation and revenue For details, see the instructions for your income tax return or Form 8888, Allocation of Refund (Including Savings Bond Purchases). Nm taxation and revenue Contributions can be made to your traditional IRA for each year that you receive compensation and have not reached age 70½. Nm taxation and revenue For any year in which you do not work, contributions cannot be made to your IRA unless you receive alimony, nontaxable combat pay, military differential pay, or file a joint return with a spouse who has compensation. Nm taxation and revenue See Who Can Open a Traditional IRA , earlier. Nm taxation and revenue Even if contributions cannot be made for the current year, the amounts contributed for years in which you did qualify can remain in your IRA. Nm taxation and revenue Contributions can resume for any years that you qualify. Nm taxation and revenue Contributions must be made by due date. Nm taxation and revenue   Contributions can be made to your traditional IRA for a year at any time during the year or by the due date for filing your return for that year, not including extensions. Nm taxation and revenue For most people, this means that contributions for 2013 must be made by April 15, 2014, and contributions for 2014 must be made by April 15, 2015. Nm taxation and revenue Age 70½ rule. Nm taxation and revenue   Contributions cannot be made to your traditional IRA for the year in which you reach age 70½ or for any later year. Nm taxation and revenue   You attain age 70½ on the date that is 6 calendar months after the 70th anniversary of your birth. Nm taxation and revenue If you were born on or before June 30, 1943, you cannot contribute for 2013 or any later year. Nm taxation and revenue Designating year for which contribution is made. Nm taxation and revenue   If an amount is contributed to your traditional IRA between January 1 and April 15, you should tell the sponsor which year (the current year or the previous year) the contribution is for. Nm taxation and revenue If you do not tell the sponsor which year it is for, the sponsor can assume, and report to the IRS, that the contribution is for the current year (the year the sponsor received it). Nm taxation and revenue Filing before a contribution is made. Nm taxation and revenue    You can file your return claiming a traditional IRA contribution before the contribution is actually made. Nm taxation and revenue Generally, the contribution must be made by the due date of your return, not including extensions. Nm taxation and revenue Contributions not required. Nm taxation and revenue   You do not have to contribute to your traditional IRA for every tax year, even if you can. Nm taxation and revenue How Much Can You Deduct? Generally, you can deduct the lesser of: The contributions to your traditional IRA for the year, or The general limit (or the Kay Bailey Hutchison Spousal IRA limit, if applicable) explained earlier under How Much Can Be Contributed . Nm taxation and revenue However, if you or your spouse was covered by an employer retirement plan, you may not be able to deduct this amount. Nm taxation and revenue See Limit if Covered by Employer Plan , later. Nm taxation and revenue You may be able to claim a credit for contributions to your traditional IRA. Nm taxation and revenue For more information, see chapter 4. Nm taxation and revenue Trustees' fees. Nm taxation and revenue   Trustees' administrative fees that are billed separately and paid in connection with your traditional IRA are not deductible as IRA contributions. Nm taxation and revenue However, they may be deductible as a miscellaneous itemized deduction on Schedule A (Form 1040). Nm taxation and revenue For information about miscellaneous itemized deductions, see Publication 529, Miscellaneous Deductions. Nm taxation and revenue Brokers' commissions. Nm taxation and revenue   These commissions are part of your IRA contribution and, as such, are deductible subject to the limits. Nm taxation and revenue Full deduction. Nm taxation and revenue   If neither you nor your spouse was covered for any part of the year by an employer retirement plan, you can take a deduction for total contributions to one or more of your traditional IRAs of up to the lesser of: $5,500 ($6,500 if you are age 50 or older), or 100% of your compensation. Nm taxation and revenue   This limit is reduced by any contributions made to a 501(c)(18) plan on your behalf. Nm taxation and revenue Kay Bailey Hutchison Spousal IRA. Nm taxation and revenue   In the case of a married couple with unequal compensation who file a joint return, the deduction for contributions to the traditional IRA of the spouse with less compensation is limited to the lesser of: $5,500 ($6,500 if the spouse with the lower compensation is age 50 or older), or The total compensation includible in the gross income of both spouses for the year reduced by the following three amounts. Nm taxation and revenue The IRA deduction for the year of the spouse with the greater compensation. Nm taxation and revenue Any designated nondeductible contribution for the year made on behalf of the spouse with the greater compensation. Nm taxation and revenue Any contributions for the year to a Roth IRA on behalf of the spouse with the greater compensation. Nm taxation and revenue   This limit is reduced by any contributions to a section 501(c)(18) plan on behalf of the spouse with the lesser compensation. Nm taxation and revenue Note. Nm taxation and revenue If you were divorced or legally separated (and did not remarry) before the end of the year, you cannot deduct any contributions to your spouse's IRA. Nm taxation and revenue After a divorce or legal separation, you can deduct only the contributions to your own IRA. Nm taxation and revenue Your deductions are subject to the rules for single individuals. Nm taxation and revenue Covered by an employer retirement plan. Nm taxation and revenue   If you or your spouse was covered by an employer retirement plan at any time during the year for which contributions were made, your deduction may be further limited. Nm taxation and revenue This is discussed later under Limit if Covered by Employer Plan . Nm taxation and revenue Limits on the amount you can deduct do not affect the amount that can be contributed. Nm taxation and revenue Are You Covered by an Employer Plan? The Form W-2 you receive from your employer has a box used to indicate whether you were covered for the year. Nm taxation and revenue The “Retirement Plan” box should be checked if you were covered. Nm taxation and revenue Reservists and volunteer firefighters should also see Situations in Which You Are Not Covered , later. Nm taxation and revenue If you are not certain whether you were covered by your employer's retirement plan, you should ask your employer. Nm taxation and revenue Federal judges. Nm taxation and revenue   For purposes of the IRA deduction, federal judges are covered by an employer plan. Nm taxation and revenue For Which Year(s) Are You Covered? Special rules apply to determine the tax years for which you are covered by an employer plan. Nm taxation and revenue These rules differ depending on whether the plan is a defined contribution plan or a defined benefit plan. Nm taxation and revenue Tax year. Nm taxation and revenue   Your tax year is the annual accounting period you use to keep records and report income and expenses on your income tax return. Nm taxation and revenue For almost all people, the tax year is the calendar year. Nm taxation and revenue Defined contribution plan. Nm taxation and revenue   Generally, you are covered by a defined contribution plan for a tax year if amounts are contributed or allocated to your account for the plan year that ends with or within that tax year. Nm taxation and revenue However, also see Situations in Which You Are Not Covered , later. Nm taxation and revenue   A defined contribution plan is a plan that provides for a separate account for each person covered by the plan. Nm taxation and revenue In a defined contribution plan, the amount to be contributed to each participant's account is spelled out in the plan. Nm taxation and revenue The level of benefits actually provided to a participant depends on the total amount contributed to that participant's account and any earnings and losses on those contributions. Nm taxation and revenue Types of defined contribution plans include profit-sharing plans, stock bonus plans, and money purchase pension plans. Nm taxation and revenue Example. Nm taxation and revenue Company A has a money purchase pension plan. Nm taxation and revenue Its plan year is from July 1 to June 30. Nm taxation and revenue The plan provides that contributions must be allocated as of June 30. Nm taxation and revenue Bob, an employee, leaves Company A on December 31, 2012. Nm taxation and revenue The contribution for the plan year ending on June 30, 2013, is made February 15, 2014. Nm taxation and revenue Because an amount is contributed to Bob's account for the plan year, Bob is covered by the plan for his 2013 tax year. Nm taxation and revenue   A special rule applies to certain plans in which it is not possible to determine if an amount will be contributed to your account for a given plan year. Nm taxation and revenue If, for a plan year, no amounts have been allocated to your account that are attributable to employer contributions, employee contributions, or forfeitures, by the last day of the plan year, and contributions are discretionary for the plan year, you are not covered for the tax year in which the plan year ends. Nm taxation and revenue If, after the plan year ends, the employer makes a contribution for that plan year, you are covered for the tax year in which the contribution is made. Nm taxation and revenue Example. Nm taxation and revenue Mickey was covered by a profit-sharing plan and left the company on December 31, 2012. Nm taxation and revenue The plan year runs from July 1 to June 30. Nm taxation and revenue Under the terms of the plan, employer contributions do not have to be made, but if they are made, they are contributed to the plan before the due date for filing the company's tax return. Nm taxation and revenue Such contributions are allocated as of the last day of the plan year, and allocations are made to the accounts of individuals who have any service during the plan year. Nm taxation and revenue As of June 30, 2013, no contributions were made that were allocated to the June 30, 2013, plan year, and no forfeitures had been allocated within the plan year. Nm taxation and revenue In addition, as of that date, the company was not obligated to make a contribution for such plan year and it was impossible to determine whether or not a contribution would be made for the plan year. Nm taxation and revenue On December 31, 2013, the company decided to contribute to the plan for the plan year ending June 30, 2013. Nm taxation and revenue That contribution was made on February 15, 2014. Nm taxation and revenue Mickey is an active participant in the plan for his 2014 tax year but not for his 2013 tax year. Nm taxation and revenue No vested interest. Nm taxation and revenue   If an amount is allocated to your account for a plan year, you are covered by that plan even if you have no vested interest in (legal right to) the account. Nm taxation and revenue Defined benefit plan. Nm taxation and revenue   If you are eligible to participate in your employer's defined benefit plan for the plan year that ends within your tax year, you are covered by the plan. Nm taxation and revenue This rule applies even if you: Declined to participate in the plan, Did not make a required contribution, or Did not perform the minimum service required to accrue a benefit for the year. Nm taxation and revenue   A defined benefit plan is any plan that is not a defined contribution plan. Nm taxation and revenue In a defined benefit plan, the level of benefits to be provided to each participant is spelled out in the plan. Nm taxation and revenue The plan administrator figures the amount needed to provide those benefits and those amounts are contributed to the plan. Nm taxation and revenue Defined benefit plans include pension plans and annuity plans. Nm taxation and revenue Example. Nm taxation and revenue Nick, an employee of Company B, is eligible to participate in Company B's defined benefit plan, which has a July 1 to June 30 plan year. Nm taxation and revenue Nick leaves Company B on December 31, 2012. Nm taxation and revenue Because Nick is eligible to participate in the plan for its year ending June 30, 2013, he is covered by the plan for his 2013 tax year. Nm taxation and revenue No vested interest. Nm taxation and revenue   If you accrue a benefit for a plan year, you are covered by that plan even if you have no vested interest in (legal right to) the accrual. Nm taxation and revenue Situations in Which You Are Not Covered Unless you are covered by another employer plan, you are not covered by an employer plan if you are in one of the situations described below. Nm taxation and revenue Social security or railroad retirement. Nm taxation and revenue   Coverage under social security or railroad retirement is not coverage under an employer retirement plan. Nm taxation and revenue Benefits from previous employer's plan. Nm taxation and revenue   If you receive retirement benefits from a previous employer's plan, you are not covered by that plan. Nm taxation and revenue Reservists. Nm taxation and revenue   If the only reason you participate in a plan is because you are a member of a reserve unit of the Armed Forces, you may not be covered by the plan. Nm taxation and revenue You are not covered by the plan if both of the following conditions are met. Nm taxation and revenue The plan you participate in is established for its employees by: The United States, A state or political subdivision of a state, or An instrumentality of either (a) or (b) above. Nm taxation and revenue You did not serve more than 90 days on active duty during the year (not counting duty for training). Nm taxation and revenue Volunteer firefighters. Nm taxation and revenue   If the only reason you participate in a plan is because you are a volunteer firefighter, you may not be covered by the plan. Nm taxation and revenue You are not covered by the plan if both of the following conditions are met. Nm taxation and revenue The plan you participate in is established for its employees by: The United States, A state or political subdivision of a state, or An instrumentality of either (a) or (b) above. Nm taxation and revenue Your accrued retirement benefits at the beginning of the year will not provide more than $1,800 per year at retirement. Nm taxation and revenue Limit if Covered by Employer Plan As discussed earlier, the deduction you can take for contributions made to your traditional IRA depends on whether you or your spouse was covered for any part of the year by an employer retirement plan. Nm taxation and revenue Your deduction is also affected by how much income you had and by your filing status. Nm taxation and revenue Your deduction may also be affected by social security benefits you received. Nm taxation and revenue Reduced or no deduction. Nm taxation and revenue   If either you or your spouse was covered by an employer retirement plan, you may be entitled to only a partial (reduced) deduction or no deduction at all, depending on your income and your filing status. Nm taxation and revenue   Your deduction begins to decrease (phase out) when your income rises above a certain amount and is eliminated altogether when it reaches a higher amount. Nm taxation and revenue These amounts vary depending on your filing status. Nm taxation and revenue   To determine if your deduction is subject to the phaseout, you must determine your modified adjusted gross income (AGI) and your filing status, as explained later under Deduction Phaseout . Nm taxation and revenue Once you have determined your modified AGI and your filing status, you can use Table 1-2 or Table 1-3 to determine if the phaseout applies. Nm taxation and revenue Social Security Recipients Instead of using Table 1-2 or Table 1-3 and Worksheet 1-2, Figuring Your Reduced IRA Deduction for 2013, later, complete the worksheets in Appendix B of this publication if, for the year, all of the following apply. Nm taxation and revenue You received social security benefits. Nm taxation and revenue You received taxable compensation. Nm taxation and revenue Contributions were made to your traditional IRA. Nm taxation and revenue You or your spouse was covered by an employer retirement plan. Nm taxation and revenue Use the worksheets in Appendix B to figure your IRA deduction, your nondeductible contribution, and the taxable portion, if any, of your social security benefits. Nm taxation and revenue Appendix B includes an example with filled-in worksheets to assist you. Nm taxation and revenue Table 1-2. Nm taxation and revenue Effect of Modified AGI1 on Deduction if You Are Covered by a Retirement Plan at Work If you are covered by a retirement plan at work, use this table to determine if your modified AGI affects the amount of your deduction. Nm taxation and revenue IF your filing status is . Nm taxation and revenue . Nm taxation and revenue . Nm taxation and revenue AND your modified adjusted gross income (modified AGI) is . Nm taxation and revenue . Nm taxation and revenue . Nm taxation and revenue THEN you can take . Nm taxation and revenue . Nm taxation and revenue . Nm taxation and revenue single or head of household $59,000 or less a full deduction. Nm taxation and revenue more than $59,000 but less than $69,000 a partial deduction. Nm taxation and revenue $69,000 or more no deduction. Nm taxation and revenue married filing jointly or  qualifying widow(er) $95,000 or less a full deduction. Nm taxation and revenue more than $95,000 but less than $115,000 a partial deduction. Nm taxation and revenue $115,000 or more no deduction. Nm taxation and revenue married filing separately2 less than $10,000 a partial deduction. Nm taxation and revenue $10,000 or more no deduction. Nm taxation and revenue 1 Modified AGI (adjusted gross income). Nm taxation and revenue See Modified adjusted gross income (AGI) , later. Nm taxation and revenue  2 If you did not live with your spouse at any time during the year, your filing status is considered Single for this purpose (therefore, your IRA deduction is determined under the “Single” filing status). Nm taxation and revenue Table 1-3. Nm taxation and revenue Effect of Modified AGI1 on Deduction if You Are NOT Covered by a Retirement Plan at Work If you are not covered by a retirement plan at work, use this table to determine if your modified AGI affects the amount of your deduction. Nm taxation and revenue IF your filing status is . Nm taxation and revenue . Nm taxation and revenue . Nm taxation and revenue AND your modified adjusted gross income (modified AGI) is . Nm taxation and revenue . Nm taxation and revenue . Nm taxation and revenue THEN you can take . Nm taxation and revenue . Nm taxation and revenue . Nm taxation and revenue single, head of household, or qualifying widow(er) any amount a full deduction. Nm taxation and revenue married filing jointly or separately with a spouse who is not covered by a plan at work any amount a full deduction. Nm taxation and revenue married filing jointly with a spouse who is covered by a plan at work $178,000 or less a full deduction. Nm taxation and revenue more than $178,000 but less than $188,000 a partial deduction. Nm taxation and revenue $188,000 or more no deduction. Nm taxation and revenue married filing separately with a spouse who is covered by a plan at work2 less than $10,000 a partial deduction. Nm taxation and revenue $10,000 or more no deduction. Nm taxation and revenue 1 Modified AGI (adjusted gross income). Nm taxation and revenue See Modified adjusted gross income (AGI) , later. Nm taxation and revenue  2 You are entitled to the full deduction if you did not live with your spouse at any time during the year. Nm taxation and revenue For 2014, if you are not covered by a retirement plan at work and you are married filing jointly with a spouse who is covered by a plan at work, your deduction is phased out if your modified AGI is more than $181,000 but less than $191,000. Nm taxation and revenue If your AGI is $191,000 or more, you cannot take a deduction for a contribution to a traditional IRA. Nm taxation and revenue Deduction Phaseout The amount of any reduction in the limit on your IRA deduction (phaseout) depends on whether you or your spouse was covered by an employer retirement plan. Nm taxation and revenue Covered by a retirement plan. Nm taxation and revenue   If you are covered by an employer retirement plan and you did not receive any social security retirement benefits, your IRA deduction may be reduced or eliminated depending on your filing status and modified AGI, as shown in Table 1-2. Nm taxation and revenue For 2014, if you are covered by a retirement plan at work, your IRA deduction will not be reduced (phased out) unless your modified AGI is: More than $60,000 but less than $70,000 for a single individual (or head of household), More than $96,000 but less than $116,000 for a married couple filing a joint return (or a qualifying widow(er)), or Less than $10,000 for a married individual filing a separate return. Nm taxation and revenue If your spouse is covered. Nm taxation and revenue   If you are not covered by an employer retirement plan, but your spouse is, and you did not receive any social security benefits, your IRA deduction may be reduced or eliminated entirely depending on your filing status and modified AGI as shown in Table 1-3. Nm taxation and revenue Filing status. Nm taxation and revenue   Your filing status depends primarily on your marital status. Nm taxation and revenue For this purpose, you need to know if your filing status is single or head of household, married filing jointly or qualifying widow(er), or married filing separately. Nm taxation and revenue If you need more information on filing status, see Publication 501, Exemptions, Standard Deduction, and Filing Information. Nm taxation and revenue Lived apart from spouse. Nm taxation and revenue   If you did not live with your spouse at any time during the year and you file a separate return, your filing status, for this purpose, is single. Nm taxation and revenue Modified adjusted gross income (AGI). Nm taxation and revenue   You can use Worksheet 1-1 to figure your modified AGI. Nm taxation and revenue If you made contributions to your IRA for 2013 and received a distribution from your IRA in 2013, see Both contributions for 2013 and distributions in 2013 , later. Nm taxation and revenue    Do not assume that your modified AGI is the same as your compensation. Nm taxation and revenue Your modified AGI may include income in addition to your compensation (discussed earlier) such as interest, dividends, and income from IRA distributions. Nm taxation and revenue Form 1040. Nm taxation and revenue   If you file Form 1040, refigure the amount on the page 1 “adjusted gross income” line without taking into account any of the following amounts. Nm taxation and revenue IRA deduction. Nm taxation and revenue Student loan interest deduction. Nm taxation and revenue Tuition and fees deduction. Nm taxation and revenue Domestic production activities deduction. Nm taxation and revenue Foreign earned income exclusion. Nm taxation and revenue Foreign housing exclusion or deduction. Nm taxation and revenue Exclusion of qualified savings bond interest shown on Form 8815. Nm taxation and revenue Exclusion of employer-provided adoption benefits shown on Form 8839. Nm taxation and revenue This is your modified AGI. Nm taxation and revenue Form 1040A. Nm taxation and revenue   If you file Form 1040A, refigure the amount on the page 1 “adjusted gross income” line without taking into account any of the following amounts. Nm taxation and revenue IRA deduction. Nm taxation and revenue Student loan interest deduction. Nm taxation and revenue Tuition and fees deduction. Nm taxation and revenue Exclusion of qualified savings bond interest shown on Form 8815. Nm taxation and revenue This is your modified AGI. Nm taxation and revenue Form 1040NR. Nm taxation and revenue   If you file Form 1040NR, refigure the amount on the page 1 “adjusted gross income” line without taking into account any of the following amounts. Nm taxation and revenue IRA deduction. Nm taxation and revenue Student loan interest deduction. Nm taxation and revenue Domestic production activities deduction. Nm taxation and revenue Exclusion of qualified savings bond interest shown on Form 8815. Nm taxation and revenue Exclusion of employer-provided adoption benefits shown on Form 8839. Nm taxation and revenue This is your modified AGI. Nm taxation and revenue Income from IRA distributions. Nm taxation and revenue   If you received distributions in 2013 from one or more traditional IRAs and your traditional IRAs include only deductible contributions, the distributions are fully taxable and are included in your modified AGI. Nm taxation and revenue Both contributions for 2013 and distributions in 2013. Nm taxation and revenue   If all three of the following apply, any IRA distributions you received in 2013 may be partly tax free and partly taxable. Nm taxation and revenue You received distributions in 2013 from one or more traditional IRAs, You made contributions to a traditional IRA for 2013, and Some of those contributions may be nondeductible contributions. Nm taxation and revenue (See Nondeductible Contributions and Worksheet 1-2, later. Nm taxation and revenue ) If this is your situation, you must figure the taxable part of the traditional IRA distribution before you can figure your modified AGI. Nm taxation and revenue To do this, you can use Worksheet 1-5, later. Nm taxation and revenue   If at least one of the above does not apply, figure your modified AGI using Worksheet 1-1, later. Nm taxation and revenue How To Figure Your Reduced IRA Deduction If you or your spouse is covered by an employer retirement plan and you did not receive any social security benefits, you can figure your reduced IRA deduction by using Worksheet 1-2. Nm taxation and revenue Figuring Your Reduced IRA Deduction for 2013. Nm taxation and revenue The Instructions for Form 1040, Form 1040A, and Form 1040NR include similar worksheets that you can use instead of the worksheet in this publication. Nm taxation and revenue If you or your spouse is covered by an employer retirement plan, and you received any social security benefits, see Social Security Recipients , earlier. Nm taxation and revenue Note. Nm taxation and revenue If you were married and both you and your spouse contributed to IRAs, figure your deduction and your spouse's deduction separately. Nm taxation and revenue Worksheet 1-1. Nm taxation and revenue Figuring Your Modified AGI Use this worksheet to figure your modified AGI for traditional IRA purposes. Nm taxation and revenue 1. Nm taxation and revenue Enter your adjusted gross income (AGI) from Form 1040, line 38; Form 1040A, line 22; or Form 1040NR, line 37, figured without taking into account the amount from Form 1040, line 32; Form 1040A, line 17; or Form 1040NR, line 32 1. Nm taxation and revenue   2. Nm taxation and revenue Enter any student loan interest deduction from Form 1040, line 33; Form 1040A, line 18; or Form 1040NR, line 33 2. Nm taxation and revenue   3. Nm taxation and revenue Enter any tuition and fees deduction from Form 1040, line 34, or Form 1040A, line 19 3. Nm taxation and revenue   4. Nm taxation and revenue Enter any domestic production activities deduction from Form 1040, line 35, or Form 1040NR, line 34 4. Nm taxation and revenue   5. Nm taxation and revenue Enter any foreign earned income exclusion and/or housing exclusion from Form 2555, line 45, or Form 2555-EZ, line 18 5. Nm taxation and revenue   6. Nm taxation and revenue Enter any foreign housing deduction from Form 2555, line 50 6. Nm taxation and revenue   7. Nm taxation and revenue Enter any excludable savings bond interest from Form 8815, line 14 7. Nm taxation and revenue   8. Nm taxation and revenue Enter any excluded employer-provided adoption benefits from Form 8839, line 28 8. Nm taxation and revenue   9. Nm taxation and revenue Add lines 1 through 8. Nm taxation and revenue This is your Modified AGI for traditional IRA purposes 9. Nm taxation and revenue   Reporting Deductible Contributions If you file Form 1040, enter your IRA deduction on line 32 of that form. Nm taxation and revenue If you file Form 1040A, enter your IRA deduction on line 17 of that form. Nm taxation and revenue If you file Form 1040NR, enter your IRA deduction on line 32 of that form. Nm taxation and revenue You cannot deduct IRA contributions on Form 1040EZ or Form 1040NR-EZ. Nm taxation and revenue Self-employed. Nm taxation and revenue   If you are self-employed (a sole proprietor or partner) and have a SIMPLE IRA, enter your deduction for allowable plan contributions on Form 1040, line 28. Nm taxation and revenue If you file Form 1040NR, enter your deduction on line 28 of that form. Nm taxation and revenue Nondeductible Contributions Although your deduction for IRA contributions may be reduced or eliminated, contributions can be made to your IRA of up to the general limit or, if it applies, the Kay Bailey Hutchison Spousal IRA limit. Nm taxation and revenue The difference between your total permitted contributions and your IRA deduction, if any, is your nondeductible contribution. Nm taxation and revenue Example. Nm taxation and revenue Tony is 29 years old and single. Nm taxation and revenue In 2013, he was covered by a retirement plan at work. Nm taxation and revenue His salary is $62,000. Nm taxation and revenue His modified AGI is $70,000. Nm taxation and revenue Tony makes a $5,500 IRA contribution for 2013. Nm taxation and revenue Because he was covered by a retirement plan and his modified AGI is above $69,000, he cannot deduct his $5,500 IRA contribution. Nm taxation and revenue He must designate this contribution as a nondeductible contribution by reporting it on Form 8606. Nm taxation and revenue Repayment of reservist distributions. Nm taxation and revenue   Nondeductible contributions may include repayments of qualified reservist distributions. Nm taxation and revenue For more information, see Qualified reservist repayments under How Much Can Be Contributed, earlier. Nm taxation and revenue Form 8606. Nm taxation and revenue   To designate contributions as nondeductible, you must file Form 8606. Nm taxation and revenue (See the filled-in Forms 8606 in this chapter. Nm taxation and revenue )   You do not have to designate a contribution as nondeductible until you file your tax return. Nm taxation and revenue When you file, you can even designate otherwise deductible contributions as nondeductible contributions. Nm taxation and revenue   You must file Form 8606 to report nondeductible contributions even if you do not have to file a tax return for the year. Nm taxation and revenue    A Form 8606 is not used for the year that you make a rollover from a qualified retirement plan to a traditional IRA and the rollover includes nontaxable amounts. Nm taxation and revenue In those situations, a Form 8606 is completed for the year you take a distribution from that IRA. Nm taxation and revenue See Form 8606 under Distributions Fully or Partly Taxable, later. Nm taxation and revenue Failure to report nondeductible contributions. Nm taxation and revenue   If you do not report nondeductible contributions, all of the contributions to your traditional IRA will be treated like deductible contributions when withdrawn. Nm taxation and revenue All distributions from your IRA will be taxed unless you can show, with satisfactory evidence, that nondeductible contributions were made. Nm taxation and revenue Penalty for overstatement. Nm taxation and revenue   If you overstate the amount of nondeductible contributions on your Form 8606 for any tax year, you must pay a penalty of $100 for each overstatement, unless it was due to reasonable cause. Nm taxation and revenue Penalty for failure to file Form 8606. Nm taxation and revenue   You will have to pay a $50 penalty if you do not file a required Form 8606, unless you can prove that the failure was due to reasonable cause. Nm taxation and revenue Tax on earnings on nondeductible contributions. Nm taxation and revenue   As long as contributions are within the contribution limits, none of the earnings or gains on contributions (deductible or nondeductible) will be taxed until they are distributed. Nm taxation and revenue Cost basis. Nm taxation and revenue   You will have a cost basis in your traditional IRA if you made any nondeductible contributions. Nm taxation and revenue Your cost basis is the sum of the nondeductible contributions to your IRA minus any withdrawals or distributions of nondeductible contributions. Nm taxation and revenue    Commonly, distributions from your traditional IRAs will include both taxable and nontaxable (cost basis) amounts. Nm taxation and revenue See Are Distributions Taxable, later, for more information. Nm taxation and revenue Recordkeeping. Nm taxation and revenue There is a recordkeeping worksheet, Appendix A. Nm taxation and revenue Summary Record of Traditional IRA(s) for 2013 , that you can use to keep a record of deductible and nondeductible IRA contributions. Nm taxation and revenue Examples — Worksheet for Reduced IRA Deduction for 2013 The following examples illustrate the use of Worksheet 1-2, Figuring Your Reduced IRA Deduction for 2013. Nm taxation and revenue Example 1. Nm taxation and revenue For 2013, Tom and Betty file a joint return on Form 1040. Nm taxation and revenue They are both 39 years old. Nm taxation and revenue They are both employed and Tom is covered by his employer's retirement plan. Nm taxation and revenue Tom's salary is $59,000 and Betty's is $32,555. Nm taxation and revenue They each have a traditional IRA and their combined modified AGI, which includes $5,000 interest and dividend income, is $96,555. Nm taxation and revenue Because their modified AGI is between $95,000 and $115,000 and Tom is covered by an employer plan, Tom is subject to the deduction phaseout discussed earlier under Limit if Covered by Employer Plan . Nm taxation and revenue For 2013, Tom contributed $5,500 to his IRA and Betty contributed $5,500 to hers. Nm taxation and revenue Even though they file a joint return, they must use separate worksheets to figure the IRA deduction for each of them. Nm taxation and revenue Tom can take a deduction of only $5,080. Nm taxation and revenue He can choose to treat the $5,080 as either deductible or nondeductible contributions. Nm taxation and revenue He can either leave the $420 ($5,500 − $5,080) of nondeductible contributions in his IRA or withdraw them by April 15, 2014. Nm taxation and revenue He decides to treat the $5,080 as deductible contributions and leave the $420 of nondeductible contributions in his IRA. Nm taxation and revenue Using Worksheet 1-2, Figuring Your Reduced IRA Deduction for 2013, Tom figures his deductible and nondeductible amounts as shown on Worksheet 1-2. Nm taxation and revenue Figuring Your Reduced IRA Deduction for 2013—Example 1 Illustrated. Nm taxation and revenue Betty figures her IRA deduction as follows. Nm taxation and revenue Betty can treat all or part of her contributions as either deductible or nondeductible. Nm taxation and revenue This is because her $5,500 contribution for 2013 is not subject to the deduction phaseout discussed earlier under Limit if Covered by Employer Plan . Nm taxation and revenue She does not need to use Worksheet 1-2, Figuring Your Reduced IRA Deduction for 2013, because their modified AGI is not within the phaseout range that applies. Nm taxation and revenue Betty decides to treat her $5,500 IRA contributions as deductible. Nm taxation and revenue The IRA deductions of $5,080 and $5,500 on the joint return for Tom and Betty total $10,580. Nm taxation and revenue Example 2. Nm taxation and revenue For 2013, Ed and Sue file a joint return on Form 1040. Nm taxation and revenue They are both 39 years old. Nm taxation and revenue Ed is covered by his employer's retirement plan. Nm taxation and revenue Ed's salary is $45,000. Nm taxation and revenue Sue had no compensation for the year and did not contribute to an IRA. Nm taxation and revenue Sue is not covered by an employer plan. Nm taxation and revenue Ed contributed $5,500 to his traditional IRA and $5,500 to a traditional IRA for Sue (a Kay Bailey Hutchison Spousal IRA). Nm taxation and revenue Their combined modified AGI, which includes $2,000 interest and dividend income and a large capital gain from the sale of stock, is $180,555. Nm taxation and revenue Because the combined modified AGI is $115,000 or more, Ed cannot deduct any of the contribution to his traditional IRA. Nm taxation and revenue He can either leave the $5,500 of nondeductible contributions in his IRA or withdraw them by April 15, 2014. Nm taxation and revenue Sue figures her IRA deduction as shown on Worksheet 1-2. Nm taxation and revenue Figuring Your Reduced IRA Deduction for 2013—Example 2 Illustrated. Nm taxation and revenue Worksheet 1-2. Nm taxation and revenue Figuring Your Reduced IRA Deduction for 2013 (Use only if you or your spouse is covered by an employer plan and your modified AGI falls between the two amounts shown below for your coverage situation and filing status. Nm taxation and revenue ) Note. Nm taxation and revenue If you were married and both you and your spouse contributed to IRAs, figure your deduction and your spouse's deduction separately. Nm taxation and revenue IF you . Nm taxation and revenue . Nm taxation and revenue . Nm taxation and revenue AND your  filing status is . Nm taxation and revenue . Nm taxation and revenue . Nm taxation and revenue AND your modified AGI is over . Nm taxation and revenue . Nm taxation and revenue . Nm taxation and revenue THEN enter on  line 1 below . Nm taxation and revenue . Nm taxation and revenue . Nm taxation and revenue       are covered by an employer plan single or head of household $59,000 $69,000     married filing jointly or qualifying widow(er) $95,000 $115,000     married filing separately $0 $10,000     are not covered by an employer plan, but your spouse is covered married filing jointly $178,000 $188,000     married filing separately $0 $10,000     1. Nm taxation and revenue Enter applicable amount from table above 1. Nm taxation and revenue   2. Nm taxation and revenue Enter your modified AGI (that of both spouses, if married filing jointly) 2. Nm taxation and revenue     Note. Nm taxation and revenue If line 2 is equal to or more than the amount on line 1, stop here. Nm taxation and revenue  Your IRA contributions are not deductible. Nm taxation and revenue See Nondeductible Contributions , earlier. Nm taxation and revenue     3. Nm taxation and revenue Subtract line 2 from line 1. Nm taxation and revenue If line 3 is $10,000 or more ($20,000 or more if married filing jointly or qualifying widow(er) and you are covered by an employer plan), stop here. Nm taxation and revenue You can take a full IRA deduction for contributions of up to $5,500 ($6,500 if you are age 50 or older) or 100% of your (and if married filing jointly, your spouse's) compensation, whichever is less 3. Nm taxation and revenue   4. Nm taxation and revenue Multiply line 3 by the percentage below that applies to you. Nm taxation and revenue If the result is not a multiple of $10, round it to the next highest multiple of $10. Nm taxation and revenue (For example, $611. Nm taxation and revenue 40 is rounded to $620. Nm taxation and revenue ) However, if the result is less than $200, enter $200. Nm taxation and revenue         Married filing jointly or qualifying widow(er) and you are covered by an employer plan, multiply line 3 by 27. Nm taxation and revenue 5% (. Nm taxation and revenue 275) (by 32. Nm taxation and revenue 5% (. Nm taxation and revenue 325) if you are age 50 or older). Nm taxation and revenue All others, multiply line 3 by 55% (. Nm taxation and revenue 55) (by 65% (. Nm taxation and revenue 65) if you are age 50 or older). Nm taxation and revenue 4. Nm taxation and revenue   5. Nm taxation and revenue Enter your compensation minus any deductions on Form 1040 or Form 1040NR, line 27 (deductible part of self-employment tax) and line 28 (self-employed SEP, SIMPLE, and qualified plans). Nm taxation and revenue If you are filing a joint return and your compensation is less than your spouse's, include your spouse's compensation reduced by his or her traditional IRA and Roth IRA contributions for this year. Nm taxation and revenue If you file Form 1040 or Form 1040NR, do not reduce your compensation by any losses from self-employment 5. Nm taxation and revenue   6. Nm taxation and revenue Enter contributions made, or to be made, to your IRA for 2013, but do not enter more than $5,500 ($6,500 if you are age 50 or older). Nm taxation and revenue If contributions are more than $5,500 ($6,500 if you are age 50 or older), see Excess Contributions , later. Nm taxation and revenue 6. Nm taxation and revenue   7. Nm taxation and revenue IRA deduction. Nm taxation and revenue Compare lines 4, 5, and 6. Nm taxation and revenue Enter the smallest amount (or a smaller amount if you choose) here and on the Form 1040, 1040A, or 1040NR line for your IRA, whichever applies. Nm taxation and revenue If line 6 is more than line 7 and you want to make a nondeductible contribution, go to line 8 7. Nm taxation and revenue   8. Nm taxation and revenue Nondeductible contribution. Nm taxation and revenue Subtract line 7 from line 5 or 6, whichever is smaller. Nm taxation and revenue  Enter the result here and on line 1 of your Form 8606 8. Nm taxation and revenue   Worksheet 1-2. Nm taxation and revenue Figuring Your Reduced IRA Deduction for 2013—Example 1 Illustrated (Use only if you or your spouse is covered by an employer plan and your modified AGI falls between the two amounts shown below for your coverage situation and filing status. Nm taxation and revenue ) Note. Nm taxation and revenue If you were married and both you and your spouse contributed to IRAs, figure your deduction and your spouse's deduction separately. Nm taxation and revenue IF you . Nm taxation and revenue . Nm taxation and revenue . Nm taxation and revenue AND your  filing status is . Nm taxation and revenue . Nm taxation and revenue . Nm taxation and revenue AND your modified AGI is over . Nm taxation and revenue . Nm taxation and revenue . Nm taxation and revenue THEN enter on  line 1 below . Nm taxation and revenue . Nm taxation and revenue . Nm taxation and revenue       are covered by an employer plan single or head of household $59,000 $69,000     married filing jointly or qualifying widow(er) $95,000 $115,000     married filing separately $0 $10,000     are not covered by an employer plan, but your spouse is covered married filing jointly $178,000 $188,000     married filing separately $0 $10,000     1. Nm taxation and revenue Enter applicable amount from table above 1. Nm taxation and revenue 115,000 2. Nm taxation and revenue Enter your modified AGI (that of both spouses, if married filing jointly) 2. Nm taxation and revenue 96,555   Note. Nm taxation and revenue If line 2 is equal to or more than the amount on line 1, stop here. Nm taxation and revenue  Your IRA contributions are not deductible. Nm taxation and revenue See Nondeductible Contributions , earlier. Nm taxation and revenue     3. Nm taxation and revenue Subtract line 2 from line 1. Nm taxation and revenue If line 3 is $10,000 or more ($20,000 or more if married filing jointly or qualifying widow(er) and you are covered by an employer plan), stop here. Nm taxation and revenue You can take a full IRA deduction for contributions of up to $5,500 ($6,500 if you are age 50 or older) or 100% of your (and if married filing jointly, your spouse's) compensation, whichever is less 3. Nm taxation and revenue 18,445 4. Nm taxation and revenue Multiply line 3 by the percentage below that applies to you. Nm taxation and revenue If the result is not a multiple of $10, round it to the next highest multiple of $10. Nm taxation and revenue (For example, $611. Nm taxation and revenue 40 is rounded to $620. Nm taxation and revenue ) However, if the result is less than $200, enter $200. Nm taxation and revenue         Married filing jointly or qualifying widow(er) and you are covered by an employer plan, multiply line 3 by 27. Nm taxation and revenue 5% (. Nm taxation and revenue 275) (by 32. Nm taxation and revenue 5% (. Nm taxation and revenue 325) if you are age 50 or older). Nm taxation and revenue All others, multiply line 3 by 55% (. Nm taxation and revenue 55) (by 65% (. Nm taxation and revenue 65) if you are age 50 or older). Nm taxation and revenue 4. Nm taxation and revenue 5,080 5. Nm taxation and revenue Enter your compensation minus any deductions on Form 1040 or Form 1040NR, line 27 (deductible part of self-employment tax) and line 28 (self-employed SEP, SIMPLE, and qualified plans). Nm taxation and revenue If you are filing a joint return and your compensation is less than your spouse's, include your spouse's compensation reduced by his or her traditional IRA and Roth IRA contributions for this year. Nm taxation and revenue If you file Form 1040 or Form 1040NR, do not reduce your compensation by any losses from self-employment 5. Nm taxation and revenue 59,000 6. Nm taxation and revenue Enter contributions made, or to be made, to your IRA for 2013, but do not enter more than $5,500 ($6,500 if you are age 50 or older). Nm taxation and revenue If contributions are more than $5,500 ($6,500 if you are age 50 or older), see Excess Contributions , later. Nm taxation and revenue 6. Nm taxation and revenue 5,500 7. Nm taxation and revenue IRA deduction. Nm taxation and revenue Compare lines 4, 5, and 6. Nm taxation and revenue Enter the smallest amount (or a smaller amount if you choose) here and on the Form 1040, 1040A, or 1040NR line for your IRA, whichever applies. Nm taxation and revenue If line 6 is more than line 7 and you want to make a nondeductible contribution, go to line 8 7. Nm taxation and revenue 5,080 8. Nm taxation and revenue Nondeductible contribution. Nm taxation and revenue Subtract line 7 from line 5 or 6, whichever is smaller. Nm taxation and revenue  Enter the result here and on line 1 of your Form 8606 8. Nm taxation and revenue 420 Worksheet 1-2. Nm taxation and revenue Figuring Your Reduced IRA Deduction for 2013—Example 2 Illustrated (Use only if you or your spouse is covered by an employer plan and your modified AGI falls between the two amounts shown below for your coverage situation and filing status. Nm taxation and revenue ) Note. Nm taxation and revenue If you were married and both you and your spouse contributed to IRAs, figure your deduction and your spouse's deduction separately. Nm taxation and revenue IF you . Nm taxation and revenue . Nm taxation and revenue . Nm taxation and revenue AND your  filing status is . Nm taxation and revenue . Nm taxation and revenue . Nm taxation and revenue AND your modified AGI is over . Nm taxation and revenue . Nm taxation and revenue . Nm taxation and revenue THEN enter on  line 1 below . Nm taxation and revenue . Nm taxation and revenue . Nm taxation and revenue       are covered by an employer plan single or head of household $59,000 $69,000     married filing jointly or qualifying widow(er) $95,000 $115,000     married filing separately $0 $10,000     are not covered by an employer plan, but your spouse is covered married filing jointly $178,000 $188,000     married filing separately $0 $10,000     1. Nm taxation and revenue Enter applicable amount from table above 1. Nm taxation and revenue 188,000 2. Nm taxation and revenue Enter your modified AGI (that of both spouses, if married filing jointly) 2. Nm taxation and revenue 180,555   Note. Nm taxation and revenue If line 2 is equal to or more than the amount on line 1, stop here. Nm taxation and revenue  Your IRA contributions are not deductible. Nm taxation and revenue See Nondeductible Contributions , earlier. Nm taxation and revenue     3. Nm taxation and revenue Subtract line 2 from line 1. Nm taxation and revenue If line 3 is $10,000 or more ($20,000 or more if married filing jointly or qualifying widow(er) and you are covered by an employer plan), stop here. Nm taxation and revenue You can take a full IRA deduction for contributions of up to $5,500 ($6,500 if you are age 50 or older) or 100% of your (and if married filing jointly, your spouse's) compensation, whichever is less 3. Nm taxation and revenue 7,445 4. Nm taxation and revenue Multiply line 3 by the percentage below that applies to you. Nm taxation and revenue If the result is not a multiple of $10, round it to the next highest multiple of $10. Nm taxation and revenue (For example, $611. Nm taxation and revenue 40 is rounded to $620. Nm taxation and revenue ) However, if the result is less than $200, enter $200. Nm taxation and revenue         Married filing jointly or qualifying widow(er) and you are covered by an employer plan, multiply line 3 by 27. Nm taxation and revenue 5% (. Nm taxation and revenue 275) (by 32. Nm taxation and revenue 5% (. Nm taxation and revenue 325) if you are age 50 or older). Nm taxation and revenue All others, multiply line 3 by 55% (. Nm taxation and revenue 55) (by 65% (. Nm taxation and revenue 65) if you are age 50 or older). Nm taxation and revenue 4. Nm taxation and revenue 4,100 5. Nm taxation and revenue Enter your compensation minus any deductions on Form 1040 or Form 1040NR, line 27 (deductible part of self-employment tax) and line 28 (self-employed SEP, SIMPLE, and qualified plans). Nm taxation and revenue If you are filing a joint return and your compensation is less than your spouse's, include your spouse's compensation reduced by his or her traditional IRA and Roth IRA contributions for this year. Nm taxation and revenue If you file Form 1040 or Form 1040NR, do not reduce your compensation by any losses from self-employment 5. Nm taxation and revenue 39,500 6. Nm taxation and revenue Enter contributions made, or to be made, to your IRA for 2013, but do not enter more than $5,500 ($6,500 if you are age 50 or older). Nm taxation and revenue If contributions are more than $5,500 ($6,500 if you are age 50 or older), see Excess Contributions , later. Nm taxation and revenue 6. Nm taxation and revenue 5,500 7. Nm taxation and revenue IRA deduction. Nm taxation and revenue Compare lines 4, 5, and 6. Nm taxation and revenue Enter the smallest amount (or a smaller amount if you choose) here and on the Form 1040, 1040A, or 1040NR line for your IRA, whichever applies. Nm taxation and revenue If line 6 is more than line 7 and you want to make a nondeductible contribution, go to line 8 7. Nm taxation and revenue 4,100 8. Nm taxation and revenue Nondeductible contribution. Nm taxation and revenue Subtract line 7 from line 5 or 6, whichever is smaller. Nm taxation and revenue  Enter the result here and on line 1 of your Form 8606 8. Nm taxation and revenue 1,400 What if You Inherit an IRA? If you inherit a traditional IRA, you are called a beneficiary. Nm taxation and revenue A beneficiary can be any person or entity the owner chooses to receive the benefits of the IRA after he or she dies. Nm taxation and revenue Beneficiaries of a traditional IRA must include in their gross income any taxable distributions they receive. Nm taxation and revenue Inherited from spouse. Nm taxation and revenue   If you inherit a traditional IRA from your spouse, you generally have the following three choices. Nm taxation and revenue You can: Treat it as your own IRA by designating yourself as the account owner. Nm taxation and revenue Treat it as your own by rolling it over into your IRA, or to the extent it is taxable, into a: Qualified employer plan, Qualified employee annuity plan (section 403(a) plan), Tax-sheltered annuity plan (s
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Consumer Protection Offices

City, county, regional, and state consumer offices offer a variety of important services. They might mediate complaints, conduct investigations, prosecute offenders of consumer laws, license and regulate professional service providers, provide educational materials and advocate for consumer rights. To save time, call before sending a written complaint. Ask if the office handles the type of complaint you have and if complaint forms are provided.

State Consumer Protection Offices

Bureau of Consumer Credit Protection

Website: Bureau of Consumer Credit Protection

Address: Bureau of Consumer Credit Protection
35 State House Station
Augusta, ME 04333

Phone Number: 207-624-8527

Toll-free: 1-800-332-8529 (ME)

TTY: 1-888-577-6690

Maine Attorney General's Office

Website: Maine Attorney General's Office

Address: Maine Attorney General's Office
Consumer Information and Mediation Service
Six State House Station
Augusta, ME 04333

Phone Number: 207-626-8849

Toll-free: 1-800-436-2131 (ME)

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Banking Authorities

The officials listed in this section regulate and supervise state-chartered banks. Many of them handle or refer problems and complaints about other types of financial institutions as well. Some also answer general questions about banking and consumer credit. If you are dealing with a federally chartered bank, check Federal Agencies.

Bureau of Financial Institutions

Website: Bureau of Financial Institutions

Address: Bureau of Financial Institutions
Consumer Outreach Program
36 State House Station
Augusta, ME 04333-0036

Phone Number: 207-624-8570

Toll-free: 1-800-965-5235

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Insurance Regulators

Each state has its own laws and regulations for each type of insurance. The officials listed in this section enforce these laws. Many of these offices can also provide you with information to help you make informed insurance buying decisions.

Bureau of Insurance

Website: Bureau of Insurance

Address: Bureau of Insurance
34 State House Station
Augusta, ME 04333-0034

Phone Number: 207-624-8475

Toll-free: 1-800-300-5000 (ME)

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Securities Administrators

Each state has its own laws and regulations for securities brokers and securities - including stocks, mutual funds, commodities, real estate, etc. The officials and agencies listed in this section enforce these laws and regulations. Many of these offices can also provide information to help you make informed investment decisions.

Department of Professional and Financial Regulation

Website: Department of Professional and Financial Regulation

Address: Department of Professional and Financial Regulation
Office of Securities
121 State House Station
Augusta, ME 04333

Phone Number: 207-624-8551

Toll-free: 1-877-624-8551 (ME)

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Utility Commissions

State Utility Commissions regulate services and rates for gas, electricity and telephones within your state. In some states, the utility commissions regulate other services such as water, transportation, and the moving of household goods. Many utility commissions handle consumer complaints. Sometimes, if a number of complaints are received about the same utility matter, they will conduct investigations.

Public Utilities Commission

Website: Public Utilities Commission

Address: Public Utilities Commission
Consumer Assistance Division
18 State House Station
Augusta, ME 04333-0018

Phone Number: 207-287-3831

Toll-free: 1-800-452-4699 (ME)

TTY: 1-800-437-1220

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The Nm Taxation And Revenue

Nm taxation and revenue 18. Nm taxation and revenue   Appendix This appendix contains models of the certificates, waivers, reports, and statements discussed in Part One. Nm taxation and revenue Model Certificate A   STATEMENT OF SUBSEQUENT SELLER     1. Nm taxation and revenue                 Name, address, and employer identification number of seller in subsequent sale             2. Nm taxation and revenue                 Name, address, and employer identification number of the buyer in subsequent sale             3. Nm taxation and revenue         Date and location of subsequent sale             4. Nm taxation and revenue         Volume and type of taxable fuel sold               The undersigned seller (“Seller”) has received the copy of the first taxpayer's report provided with this statement in     connection with Seller's purchase of the taxable fuel described in this statement. Nm taxation and revenue       Under penalties of perjury, Seller declares that Seller has examined this statement, including any accompanying     schedules and statements, and, to the best of Seller's knowledge and belief, they are true, correct and complete. Nm taxation and revenue                   Signature and date signed                   Printed or typed name of person signing this report                   Title—   Model Certificate B   FIRST TAXPAYER'S REPORT   1. Nm taxation and revenue                     First Taxpayer's name, address and employer identification number     2. Nm taxation and revenue                     Name, address, and employer identification number of the buyer of the taxable fuel subject to tax     3. Nm taxation and revenue           Date and location of removal, entry, or sale       4. Nm taxation and revenue           Volume and type of taxable fuel removed, entered or sold     5. Nm taxation and revenue Check type of taxable event:         Removal from refinery         Entry into United States         Bulk transfer from terminal by unregistered position holder       Bulk transfer not received at an approved terminal       Sale within the bulk transfer/terminal system       Removal at the terminal rack         Removal or sale by the blender                   6. Nm taxation and revenue           Amount of federal excise tax paid on account of the removal, entry, or sale                   The undersigned taxpayer (“Taxpayer”) has not received, and will not claim, a credit with respect to, or a refund of, the tax     on the taxable fuel to which this form relates. Nm taxation and revenue       Under penalties of perjury, Taxpayer declares that Taxpayer has examined this statement, including any accompanying     schedules and statements, and to the best of Taxpayer's knowledge and belief, they are true, correct and complete. Nm taxation and revenue             Signature and date signed               Printed or typed name of person signing this report               Title     Model Certificate C   NOTIFICATION CERTIFICATE OF TAXABLE FUEL REGISTRANT                           Name, address, and employer identification number of person receiving certificate       The undersigned taxable registrant (“Registrant”) hereby certifies under penalties of perjury that Registrant is registered     by the Internal Revenue Service with registration number and that Registrant's registration has not     been revoked or suspended by the Internal Revenue Service. Nm taxation and revenue                 Registrant understands that the fraudulent use of this certificate may subject Registrant and all parties making such     fraudulent use of this certificate to a fine or imprisonment, or both, together with the costs of prosecution. Nm taxation and revenue                       Signature and date signed                         Printed or typed name of person signing                         Title of person signing                         Name of Registrant                         Employer identification number                         Address of Registrant     Model Certificate D   CERTIFICATE OF PERSON BUYING GASOLINE BLENDSTOCKS FOR USE OTHER THAN IN THE PRODUCTION OF FINISHED GASOLINE     (To support tax-free sales (other than LUST) under section 4081 of the Internal Revenue Code. Nm taxation and revenue )                 Name, address, and employer identification number of seller       The undersigned buyer (“Buyer”) hereby certifies the following under penalties of perjury:       The gasoline blendstocks to which this certificate relates will not be used to produce finished gasoline. Nm taxation and revenue       This certificate applies to the following (complete as applicable):       If this is a single purchase certificate, check here and enter:     1. Nm taxation and revenue Invoice or delivery ticket number       2. Nm taxation and revenue (number of gallons) of(type of gasoline blendstocks)       If this is a certificate covering all purchases under a specified account or order number, check here and enter:     1. Nm taxation and revenue Effective date       2. Nm taxation and revenue Expiration date       (period not to exceed 1 year after the effective date)       3. Nm taxation and revenue Type (or types) of gasoline blendstocks     4. Nm taxation and revenue Buyer's account or order number         Buyer will not claim a credit or refund under section 6427(h) of the Internal Revenue Code for any gasoline blendstocks     covered by this certificate. Nm taxation and revenue         Buyer will provide a new certificate to the seller if any information in this certificate changes. Nm taxation and revenue       If Buyer resells the gasoline blendstocks to which this certificate relates, Buyer will be liable for tax unless Buyer obtains a     certificate from the purchaser stating that the gasoline blendstocks will not be used to produce finished gasoline and otherwise complies with the conditions of §48. Nm taxation and revenue 4081-4(b)(3) of the Manufacturers and Retailers Excise Tax Regulations. Nm taxation and revenue       Buyer understands that if Buyer violates the terms of this certificate, the Internal Revenue Service may withdraw Buyer's     right to provide a certificate. Nm taxation and revenue       Buyer has not been notified by the Internal Revenue Service that its right to provide a certificate has been withdrawn. Nm taxation and revenue     In addition, the Internal Revenue Service has not notified Buyer that the right to provide a certificate has been withdrawn from a purchaser to which Buyer sells gasoline blendstocks tax free. Nm taxation and revenue       Buyer understands that the fraudulent use of this certificate may subject Buyer and all parties making such fraudulent use     of this certificate to a fine or imprisonment, or both, together with the costs of prosecution. Nm taxation and revenue             Signature and date signed               Printed or typed name of person signing               Title of person signing               Name of Buyer               Employer identification number               Address of Buyer     Model Certificate G   CERTIFICATE OF REGISTERED FEEDSTOCK USER     (To support tax-free removals and entries (other than LUST) of kerosene under section 4082 of the Internal Revenue Code. Nm taxation and revenue )         (Buyer) certifies the following under penalties of perjury:       Name of buyer         Buyer is a registered feedstock user with registration number . Nm taxation and revenue Buyer's registration has not been revoked     or suspended. Nm taxation and revenue         The kerosene to which this certificate applies will be used by Buyer for a feedstock purpose. Nm taxation and revenue                 This certificate applies to percent of Buyer's purchases from (name, address, and employer     identification number of seller) as follows (complete as applicable):       1. Nm taxation and revenue A single purchase on invoice or delivery ticket number . Nm taxation and revenue                 2. Nm taxation and revenue All purchases between (effective date) and (expiration date) (period not to exceed     one year after the effective date) under account or order number(s) . Nm taxation and revenue If this certificate applies only to Buyer's     purchases for certain locations, check here and list the locations. Nm taxation and revenue                                   If Buyer sells the kerosene to which this certificate relates, Buyer will be liable for tax on that sale. Nm taxation and revenue                 Buyer will provide a new certificate to the seller if any information in this certificate changes. Nm taxation and revenue                 If Buyer violates the terms of this certificate, the Internal Revenue Service may revoke the Buyer's registration. Nm taxation and revenue                 Buyer understands that the fraudulent use of this certificate may subject Buyer and all parties making any fraudulent use of     this certificate to a fine or imprisonment, or both, together with the costs of prosecution. Nm taxation and revenue             Printed or typed name of person signing               Title of person signing               Employer identification number               Address of Buyer               Signature and date signed     Model Certificate J   CERTIFICATE OF PERSON BUYING COMPRESSED NATURAL GAS (CNG) FOR A NONTAXABLE USE     (To support tax-free sales of CNG under section 4041 of the Internal Revenue Code. Nm taxation and revenue )                                         Name, address, and employer identification number of seller                   (“Buyer”) certifies the following under penalties of perjury:     Name of buyer                     The CNG to which this certificate relates will be used in a nontaxable use. Nm taxation and revenue       This certificate applies to the following (complete as applicable):               If this is a single purchase certificate, check here and enter:       1. Nm taxation and revenue Invoice or delivery ticket number       2. Nm taxation and revenue (Gasoline gallon equivalents)       If this is a certificate covering all purchases under a specified account or order number, check here and enter:         1. Nm taxation and revenue Effective date         2. Nm taxation and revenue Expiration date         (period not to exceed 1 year after the effective date)         3. Nm taxation and revenue Buyer's account or order number       Buyer will not claim a credit or refund under section 6427 of the Internal Revenue Code for any CNG to which this certificate relates. Nm taxation and revenue       Buyer will provide a new certificate to the seller if any information in this certificate changes. Nm taxation and revenue       Buyer understands that if Buyer violates the terms of this certificate, the Internal Revenue Service may withdraw Buyer's     right to provide a certificate. Nm taxation and revenue       Buyer has not been notified by the Internal Revenue Service that its right to provide a certificate has been withdrawn. Nm taxation and revenue     In addition, the Internal Revenue Service has not notified Buyer that the right to provide a certificate has been withdrawn     from a purchaser to which Buyer sells CNG tax free. Nm taxation and revenue       Buyer understands that the fraudulent use of this certificate may subject Buyer and all parties making any fraudulent use     of this certificate to a fine or imprisonment, or both, together with the costs of prosecution. Nm taxation and revenue             Printed or typed name of person signing               Title of person signing             Employer identification number               Address of Buyer               Signature and date signed     Model Certificate K   CERTIFICATE OF PERSON BUYING KEROSENE FOR USE IN AVIATION FOR     COMMERCIAL AVIATION OR NONTAXABLE USE     (To support operator liability for tax on removals of kerosene for use in aviation directly into the fuel tank of an aircraft in commercial aviation pursuant to § 4081 of the Internal Revenue Code or to support a tax rate of zero under § 4041(c) pursuant to §§4041(c) and 4082. Nm taxation and revenue )           Name, address, and employer identification number of position holder       The undersigned aircraft operator (“Buyer”) hereby certifies the following under the penalties of perjury:       The kerosene for use in aviation to which this certificate relates is purchased (check one): for     use on a farm for farming purposes; for use in foreign trade (reciprocal benefits required for foreign registered airlines); for use in certain helicopter and fixed-wing air ambulance uses; for use other than as a fuel in the propulsion engine of an aircraft; for the exclusive use of a qualified blood collector organization; for the exclusive use of a nonprofit educational organization; for the exclusive use of a state; for use in an aircraft owned by an aircraft museum; for use in military aircraft; or for use in commercial aviation (other than foreign trade). Nm taxation and revenue       With respect to kerosene for use in aviation purchased after June 30, 2005, for use in commercial aviation     (other than foreign trade), Buyer's registration number is. Nm taxation and revenue Buyer's registration has not been suspended or revoked by the Internal Revenue Service. Nm taxation and revenue       This certificate applies to the following (complete as applicable):     This is a single purchase certificate:       1. Nm taxation and revenue Invoice or delivery ticket number       2. Nm taxation and revenue Number of gallons     This is a certificate covering all purchases under a specified account or order number:       1. Nm taxation and revenue Effective date       2. Nm taxation and revenue Expiration date (period not to exceed 1 year after the effective date)       3. Nm taxation and revenue Buyer's account number       Buyer agrees to provide the person liable for tax with a new certificate if any information in this certificate changes. Nm taxation and revenue       If the kerosene for use in aviation to which this certificate relates is being bought for use in commercial aviation     (other than foreign trade), Buyer is liable for tax on its use of the fuel and will pay that tax to the government. Nm taxation and revenue       If Buyer sells or uses the kerosene for use in aviation to which this certificate relates for a use other than the use     stated above, Buyer will be liable for tax. Nm taxation and revenue       Buyer understands that it must be prepared to establish by satisfactory evidence the purpose for which the     fuel purchased under this certificate was used. Nm taxation and revenue     Buyer has not been notified by the Internal Revenue Service that its right to provide a certificate has been withdrawn. Nm taxation and revenue     If Buyer violates the terms of this certificate, the Internal Revenue Service may withdraw Buyer's right to provide a certificate. Nm taxation and revenue       The fraudulent use of this certificate may subject Buyer and all parties making any fraudulent use of this certificate     to a fine or imprisonment, or both, together with the costs of prosecution. Nm taxation and revenue           Printed or typed name of person signing           Title of person signing           Name of Buyer           Employer identification number           Address of Buyer           Signature and date signed   Model Waiver L WAIVER FOR USE BY ULTIMATE PURCHASERS OF KEROSENE FOR CERTAIN USES IN AVIATION (To support vendor's claim for a credit or payment under § 6427(l)(4)(C)(i) of the Internal Revenue Code. Nm taxation and revenue )               Name, Address, and Employer Identification Number of Ultimate Vendor     The undersigned ultimate purchaser (“Buyer”) hereby certifies the following under penalties of perjury:     A. Nm taxation and revenue The kerosene to which this waiver relates is purchased for — (check one):       1. Nm taxation and revenue □ Use on a farm for farming purposes,       2. Nm taxation and revenue □ Use in foreign trade (reciprocal benefits required for foreign registered airlines),       3. Nm taxation and revenue □ Use in certain helicopter and fixed-wing air ambulance uses,       4. Nm taxation and revenue □ The exclusive use of a qualified blood collector organization,       5. Nm taxation and revenue □ The exclusive use of a nonprofit educational organization,       6. Nm taxation and revenue □ Use in an aircraft owned by an aircraft museum,       7. Nm taxation and revenue □ Use in military aircraft, or       8. Nm taxation and revenue □ Use in commercial aviation (other than foreign trade). Nm taxation and revenue     B. Nm taxation and revenue This waiver applies to the following (complete as applicable):       This is a single purchase waiver:           1. Nm taxation and revenue Invoice or delivery ticket number           2. Nm taxation and revenue Number of gallons       This is a waiver covering all purchases under a specified account or order number:           1. Nm taxation and revenue Effective date           2. Nm taxation and revenue Expiration date (period not to exceed 1 year after the effective date)           3. Nm taxation and revenue Buyer's account number       Buyer will provide a new waiver to the vendor if any information in this waiver changes. Nm taxation and revenue       If Buyer uses the kerosene for use in aviation to which this waiver relates for a use other than the use stated above, Buyer will be liable for tax. Nm taxation and revenue       Buyer understands that by signing this waiver, Buyer gives up its right to claim any credit or payment for the kerosene for use in aviation used in a nontaxable use. Nm taxation and revenue       Buyer acknowledges that it has not and will not claim any credit or payment for the kerosene for use in aviation to which this waiver relates. Nm taxation and revenue       Buyer understands that the fraudulent use of this waiver may subject Buyer and all parties making such fraudulent use of this waiver to a fine or imprisonment, or both, together with the costs of prosecution. Nm taxation and revenue           Printed or typed name of person signing           Title of person signing           Name of Buyer           Employer identification number           Address of Buyer           Signature and date signed   Model Certificate M   CERTIFICATE FOR STATE USE OR NONPROFIT EDUCATIONAL     ORGANIZATION USE     (To support vendor's claim for a credit or payment under § 6416(a)(4) of the Internal Revenue Code. Nm taxation and revenue )                       Name, address, and employer identification number of ultimate vendor       The undersigned ultimate purchaser (“Buyer”) hereby certifies the following under the penalties of perjury:       Buyer will use the gasoline or aviation gasoline to which this certificate relates (check one):     For the exclusive use of a state or local government; or     For the exclusive use of a nonprofit educational organization. Nm taxation and revenue       This certificate applies to the following (complete as applicable):     This is a single purchase certificate:       1. Nm taxation and revenue Invoice or delivery ticket number       2. Nm taxation and revenue Number of gallons     This is a certificate covering all purchases under a specified account or order number:       1. Nm taxation and revenue Effective date       2. Nm taxation and revenue Expiration date (period not to exceed 1 year after the effective date)       3. Nm taxation and revenue Buyer's account number       Buyer will provide a new certificate to the vendor if any information in this certificate changes. Nm taxation and revenue       Buyer understands that by signing this certificate, Buyer gives up its right to claim any credit or payment for the gasoline or aviation gasoline to which this certificate relates. Nm taxation and revenue       Buyer acknowledges that it has not and will not claim any credit or payment for the gasoline or aviation gasoline to which this certificate relates. Nm taxation and revenue       Buyer understands that the fraudulent use of this certificate may subject Buyer and all parties making such fraudulent use of this certificate to a fine or imprisonment, or both, together with the costs of prosecution. Nm taxation and revenue           Printed or typed name of person signing           Title of person signing           Name of Buyer           Employer identification number           Address of Buyer           Signature and date signed   Model Waiver N   WAIVER FOR USE BY ULTIMATE PURCHASERS OF DIESEL FUEL OR     KEROSENE USED IN INTERCITY BUS TRANSPORTATION     (To support vendor's claim for a credit or payment under § 6427 of the Internal Revenue Code. Nm taxation and revenue )                       Name, address, and employer identification number of ultimate vendor       The undersigned ultimate purchaser (“Buyer”) hereby certifies the following under the penalties of perjury:       The diesel fuel or kerosene to which this waiver relates is purchased for use in intercity bus transportation. Nm taxation and revenue       This waiver applies to the following (complete as applicable):     This is a single purchase waiver:       1. Nm taxation and revenue Invoice or delivery ticket number       2. Nm taxation and revenue Number of gallons     This is a waiver covering all purchases under a specified account or order number:       1. Nm taxation and revenue Effective date       2. Nm taxation and revenue Expiration date (period not to exceed 1 year after the effective date)       3. Nm taxation and revenue Buyer's account number       Buyer will provide a new waiver to the vendor if any information in this waiver changes. Nm taxation and revenue       If Buyer uses the diesel fuel or kerosene to which this waiver relates for a use other than in intercity bus transportation, Buyer will be liable for tax. Nm taxation and revenue       Buyer understands that by signing this waiver, Buyer gives up its right to claim any credit or payment for the diesel fuel or kerosene used in intercity bus transportation. Nm taxation and revenue       Buyer acknowledges that it has not and will not claim any credit or payment for the diesel fuel or kerosene to which this waiver relates. Nm taxation and revenue       Buyer understands that the fraudulent use of this waiver may subject Buyer and all parties making such fraudulent use of this waiver to a fine or imprisonment, or both, together with the costs of prosecution. Nm taxation and revenue           Printed or typed name of person signing           Title of person signing           Name of Buyer           Employer identification number           Address of Buyer           Signature and date signed   Model Certificate O   CERTIFICATE FOR BIODIESEL     Certificate Identification Number:     (To support a claim related to biodiesel or a biodiesel mixture under section 6426 of the Internal Revenue Code. Nm taxation and revenue )     The undersigned biodiesel producer (“Producer”) hereby certifies the following under penalties of perjury:   1. Nm taxation and revenue             Producer's name, address, and employer identification number (EIN)   2. Nm taxation and revenue             Name, address, and EIN of person buying the biodiesel from Producer   3. Nm taxation and revenue       Date and location of sale to buyer   4. Nm taxation and revenue This certificate applies to gallons of biodiesel. Nm taxation and revenue   5. Nm taxation and revenue Producer certifies that the biodiesel to which this certificate relates is:       % Agri-biodiesel (derived solely from virgin oils)       % Biodiesel other than agri-biodiesel       This certificate applies to the following sale:       Invoice or delivery ticket number       Total number of gallons of biodiesel sold under that invoice or delivery ticket number (including biodiesel not covered by this certificate)       Total number of certificates issued for that invoice or delivery ticket number   6. Nm taxation and revenue             Name, address, and employer identification number of reseller to whom certificate is issued (only in the case of certificates reissued to a reseller after the return of the original certificate)   7. Nm taxation and revenue Original Certificate Identification Number (only in the case of certificates reissued to a reseller after return of the original certificate). Nm taxation and revenue       Producer is registered as a biodiesel producer with registration number . Nm taxation and revenue  Producer's registration has not been suspended or revoked by the Internal Revenue Service. Nm taxation and revenue       Producer certifies that the biodiesel to which this certificate relates in monoalkyl esters of long chain fatty acids derived from plant or animal matter that meets the requirements of the American Society of Testing and Materials D6751 and the registration requirements for fuels and fuel additives established by EPA under section 211 of the Clean Air Act (42 U. Nm taxation and revenue S. Nm taxation and revenue C. Nm taxation and revenue 7545). Nm taxation and revenue       Producer understands that the fraudulent use of this certificate may subject Producer and all parties making any fraudulent use of this certificate to a fine or imprisonment, or both, together with the costs of prosecution. Nm taxation and revenue           Printed or typed name of person signing this certificate           Title of person signing           Signature and date signed   Model Certificate P CERTIFICATE OF STATE USE (To support vendor's claim for credit or payment under section 6427 of the Internal Revenue Code. Nm taxation and revenue )               Name, Address, and Employer Identification Number of Vendor     The undersigned buyer (“Buyer”) hereby certifies the following under penalties of perjury:     A. Nm taxation and revenue Buyer will use the diesel fuel or kerosene to which this certificate relates for the exclusive use of a state or local government, or the District of Columbia. Nm taxation and revenue     B. Nm taxation and revenue This certificate applies to the following (complete as applicable):       1. Nm taxation and revenue   If this is a single purchase certificate, check here □ and enter:           a. Nm taxation and revenue Invoice or delivery ticket number           b. Nm taxation and revenue Number of gallons       2. Nm taxation and revenue   If this is a certificate covering all purchases under a specified account or order number, check here □  and enter:           a. Nm taxation and revenue Effective date           b. Nm taxation and revenue Expiration date   (period not to exceed 1 year after effective date)           c. Nm taxation and revenue Buyer's account or order number     ▪ Buyer will provide a new certificate to the vendor if any information in this certificate changes. Nm taxation and revenue     ▪ If Buyer uses the diesel fuel or kerosene to which this certificate relates for a purpose other than stated in the certificate, Buyer will be liable for any tax. Nm taxation and revenue     ▪ Buyer acknowledges that it has not and will not claim any credit or payment for the diesel fuel or kerosene to which this certificate relates. Nm taxation and revenue     ▪ Buyer understands that the fraudulent use of this certificate may subject Buyer and all parties making such fraudulent use of this certificate to a fine or imprisonment, or both, together with the costs of prosecution. Nm taxation and revenue           Printed or typed name of person signing           Title of person signing           Name of Buyer           Employer identification number           Address of Buyer           Signature and date signed   Model Certificate Q CERTIFICATE OF ULTIMATE PURCHASER OF KEROSENE FOR USE IN NONEXEMPT, NONCOMMERCIAL AVIATION (To support vendor's claim for credit or payment under section 6427(l)(4)(C)(ii) of the Internal Revenue Code. Nm taxation and revenue )               Name, Address, and Employer Identification Number of Ultimate Vendor     The undersigned ultimate purchaser (“Buyer”) hereby certifies the following under penalties of perjury:     A. Nm taxation and revenue The kerosene to which this certificate relates is purchased for a nonexempt use in noncommercial aviation. Nm taxation and revenue     B. Nm taxation and revenue This certificate applies to the following (complete as applicable):       1. Nm taxation and revenue   If this is a single purchase certificate, check here □ and enter:           a. Nm taxation and revenue Invoice or delivery ticket number           b. Nm taxation and revenue Number of gallons       2. Nm taxation and revenue   This is a certificate covering all purchases under a specified account or order number:           a. Nm taxation and revenue Effective date           b. Nm taxation and revenue Expiration date   (period not to exceed 1 year after effective date)           c. Nm taxation and revenue Buyer's account number     ▪ Buyer will provide a new certificate to the vendor if any information in this certificate changes. Nm taxation and revenue     ▪ If Buyer uses the kerosene to which this certificate relates for a use other than the nontaxable use stated above, Buyer will be liable for tax. Nm taxation and revenue     ▪ Buyer understands that the fraudulent use of this certificate may subject Buyer and all parties making such fraudulent use of this certificate to a fine or imprisonment, or both, together with the costs of prosecution. Nm taxation and revenue           Printed or typed name of person signing           Title of person signing           Name of Buyer           Employer identification number           Address of Buyer           Signature and date signed   Model Certificate R CERTIFICATE OF BUYER OF TAXABLE FUEL FOR USE BY A STATE OR NONPROFIT EDUCATIONAL ORGANIZATION (To support credit card issuer's claim for credit, refund, or payment under section 6416(a)(4)(B) or section 6427(l)(5)(D) of the Internal Revenue Code. Nm taxation and revenue )               Name, Address, and Employer Identification Number of Credit Card Issuer. Nm taxation and revenue     The undersigned ultimate purchaser (“Buyer”) hereby certifies the following under penalties of perjury:     A. Nm taxation and revenue Buyer will use the taxable fuel to which this certificate relates for the exclusive use of a state; or     B. Nm taxation and revenue Buyer will use the gasoline to which this certificate relates for the exclusive use of a nonprofit educational organization. Nm taxation and revenue     C. Nm taxation and revenue This certificate applies to all purchases made with the credit card identified below during the period specified:           a. Nm taxation and revenue Effective date of certificate           b. Nm taxation and revenue Expiration date of certificate   (period not to exceed 2 years after effective date)           c. Nm taxation and revenue Buyer's account number     ▪ Buyer will provide a new certificate to the credit card issuer if any information in this certificate changes. Nm taxation and revenue     ▪ Buyer understands that by signing this certificate, Buyer gives up its right to claim a credit or payment for the taxable fuel purchased with the credit card to which this certificate relates. Nm taxation and revenue     ▪ Buyer acknowledges that it has not and will not claim any credit or payment for the taxable fuel purchased with the credit card to which this certificate relates. Nm taxation and revenue     ▪ Buyer understands that the fraudulent use of this certificate may subject Buyer and all parties making such fraudulent use of this certificate to a fine or imprisonment, or both, together with the costs of prosecution. Nm taxation and revenue           Printed or typed name of person signing           Title of person signing           Name of Buyer           Employer identification number           Address of Buyer           Signature and date signed   Model Statement S   STATEMENT OF BIODIESEL RESELLER     (To support a claim related to biodiesel or a biodiesel mixture under section 6426 of the Internal Revenue Code. Nm taxation and revenue )     The undersigned biodiesel producer (“Reseller”) hereby certifies the following under penalties of perjury:   1. Nm taxation and revenue                   Reseller's name, address, and employer identification number (EIN)   2. Nm taxation and revenue                   Name, address, and EIN of Reseller's buyer   3. Nm taxation and revenue       Date and location of sale to buyer   4. Nm taxation and revenue Volume of biodiesel sold   5. Nm taxation and revenue Certificate Identification Number on the Certificate for Biodiesel       Reseller has bought the biodiesel described in the accompanying Certificate for Biodiesel and Reseller has no reason to believe that any information in the certificate is false. Nm taxation and revenue       Reseller has not been notified by the Internal Revenue Service that its right to provide a certificate or statement has been withdrawn. Nm taxation and revenue       Reseller understands that the fraudulent use of this statement may subject Reseller and all parties making any fraudulent use of this statement to a fine or imprisonment, or both, together with the costs of prosecution. Nm taxation and revenue           Printed or typed name of person signing this certificate           Title of person signing           Signature and date signed   Prev  Up  Next   Home   More Online Publications