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.
Note: The article below refers to the 2015 tax year. Assuming your IRA was opened by Dec. 31, 2015, you have until the tax filing deadlineâApril 15, 2016âto make a 2015 contribution. Click here to see current Roth IRA contribution limits.The Internal Revenue Service has a set of rules that individuals must meet to be qualified to invest in a Roth IRA.ssuming your IRA was opened by Dec. 31, 2015, you have until the tax filing deadlineâApril 15, 2016âto make a 2015 contribution. Click here to see current Roth IRA contribution limits. The Internal Revenue Service has a set of rules that individuals must meet to be qualified to invest in a Roth IRA.