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.
Enter the amount of any withdrawals you may have made from your Roth IRA account on line 15a of IRS Form 1040, 1040A or a similar tax form as appropriate to your filing situation. Enter the taxable amount that you have contributed on line 15b.f you have a Roth IRA, the contributions you make aren't tax-deductible, but you do have the advantage of not owing taxes on the money once you start taking distributions. Because Roth contributions are not deductible it's important you claim them properly when filing your federal taxes.