Home Offices Reinstated. This will apply to contractors, sales representatives, and many of the other taxpayers who lost their office in home deduction after the Soliman case. Student Loan Interest. Other changes help family-owned businesses and farms. While it seems very simple to open and maintain, there are various rules about contributions, withdrawals and fees associated with them.
Compensation includes wages, self-employment income, nonpassive partnership income and alimony.
Form 5498 is an information form showing the value of your account at the end of the tax year along with the amount of contributions for the year. It is not attached to your income tax return. If you are making a contribution between January 1 and April 15, be sure to indicate which tax year the contribution should be credited to. Fees taken from your account are not deductible. There are some limitations on deductibility.