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.
1 You can also take the IRA deduction on Form 1040A, but not on Form 1040EZ. 2  Contributions to a traditional IRA are tax-deductible, but you will pay income tax on earnings when you take distributions.3  Contributions to a Roth IRA are not deductible, but there's no tax on qualified distributions. You can also take the IRA deduction on Form 1040A, but not on Form 1040EZ. 2  Contributions to a traditional IRA are tax-deductible, but you will pay income tax on earnings when you take distributions.