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IRA contributions are an above-the-line deduction
The worksheet converts a taxpayer’s reported benefits and other income into a single “combined income” figure, applies fixed base thresholds, and then follows a two‑step formula that yields either 50%...
do not get a stepped-up cost basis like most ; distributions from inherited traditional IRAs are taxed as ordinary income (the IRA balance represents “income in respect of a decedent,” which does not ...
Custodians determine whether a distribution qualifies as a (QCD) principally by verifying that the transfer was a direct distribution from an eligible IRA to a qualifying charity and by relying on whe...