Here's how it works: Say you receive a car, RV or boat loan through a credit union with which you also have a credit card. In the fine print of the loan contract, you'll probably see that your credit card balance is secured by the auto, RV or boat.ere's how it works: Say you receive a car, RV or boat loan through a credit union with which you also have a credit card. In the fine print of the loan contract, you'll probably see that your credit card balance is secured by the auto, RV or boat.
If you've made nondeductible contributions to your traditional IRA, you have to use Form 8606 to figure the taxable and nontaxable portion. Otherwise, the entire amount is taxable. In addition, if you take a taxable non-qualified withdrawal, you'll have to figure the 10 percent additional tax with Form 5329.
Traditional and Roth IRAs. You can make a contribution to a traditional individual retirement arrangement, or IRA, anytime up to and including the due date for your tax return. That means you have until April 15, 2014, to put money in your IRA and still count it as a contribution for 2013. This IRA rule holds true whether your contributions are deductible or nondeductible. For Roth IRAs, the deadline is also April 15, 2014, for 2013 contributions. If you file a tax extension, you don't get any extra time to make your traditional or Roth IRA contribution. SEP IRAs You can set up a simplified employee plan, or SEP, and make matching and nonelective contributions until the deadline of your business income tax return, including extensions.