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Payments to an IRA, Keogh, or SEP

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Line: 
16
Step: 
Step 6
Step Subject: 
Adjustments to Income
Year: 
2016

All Taxpayers

All taxpayers report adjustments from all sources in this section.

Nonresidents and Part-Year Residents 

Nonresidents and part-year residents must also report Iowa-source adjustments to income on Schedule IA 126, lines 16-24.

Enter the amount claimed on your federal tax return for payments made to your IRA, Keogh Plan, SEP, SIMPLE, or Qualified Plans.

Roth IRA

Payments made to a Roth IRA are not deductible.

Married Separate Filers:

a. If only one spouse has earned income, that individual can contribute up to $5,500 per year ($6,500 if 50 or older) to an IRA account of the nonworking spouse and up to $5,500 per year ($6,500 if 50 or older) to an IRA account of the individual.

When claiming the deduction between spouses, the working spouse will usually claim all of the deduction, not to exceed the federal limits for both spouses. However, if the nonworking spouse has any earned income, then the nonworking spouse must claim the deduction to the extent of his or her earned income. The working spouse will then claim the balance of the IRA contribution of both spouses. (Examples of how to prorate)

b. If both spouses earned income and made contributions to an IRA account, each spouse must claim his or her own contribution, not to exceed $5,500 per spouse ($6,500 if 50 or older).

c. If both spouses made contributions to an IRA but only a portion of the contribution is deductible on the federal return, the amount of the IRA deduction that is allowed for federal income tax purposes must be allocated between the spouses in the ratio of the IRA contribution made by each spouse to the total IRA contribution made by both spouses. (Examples of how to prorate)

d. For Keogh Plans, SEPs, SIMPLE, or Qualified Plans, each spouse must claim his or her individual contributions.

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