© FTI Publishing, LLC 2013 -
Individual Income Tax Guide
Page 3: Form 1040, line 29 (cont.) to line 32
Medicare premiums: Medicare premiums you voluntarily pay to obtain insurance that is similar to qualifying private health insurance can be used to figure the deduction. Amounts paid for health insurance coverage from retirement plan distributions that were nontaxable because you are a retired public safety officer cannot be used to figure the deduction.
Worksheet for calculating deduction amount: If you qualify to take the deduction, use the Self-
Line 30 – Penalty on Early Withdrawal of Savings: The amount of a penalty for early withdrawal of savings are reported to you on Form 1099-
Line 31 – Alimony Paid: This line is comprised of two entry fields, 31a and 31b. The amount of any deductible alimony you paid to or for your spouse or former spouse during the year is entered in 31a. The social security number of the person you paid the alimony to is entered in 31b.
Whether payments to a spouse or former spouse qualify as deductible alimony is determined under specific rules. See the Alimony page for more information.
Line 32 – IRA Deduction: If you made contributions to a traditional IRA for 2016, you may be able to take an IRA deduction. But you, or your spouse if filing a joint return, must have had earned income to do so and if you or your spouse was covered by a retirement plan, your deduction may be reduced or eliminated. For IRA purposes, earned income includes:
If you are self-
A statement should be sent to you by May 31, 2017, that shows all contributions to your traditional IRA for 2016.
Taxpayers covered by a retirement plan: If you were covered by a retirement plan (qualified pension, profit-
The “Retirement plan” box in box 13 of your Form W-
Married persons filing separately: If you were not covered by a retirement plan but your spouse was, you are considered covered by a plan unless you lived apart from your spouse for all of 2016. You may be able to take the retirement savings contributions credit. See the line 51 instructions.
Line 32 instructions continued on page 4.
Chapter 3 – Adjusted Gross Income