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1040 Easy Form

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1040 Easy Form

1040 easy form Publication 537 - Introductory Material Table of Contents Future Developments Reminder IntroductionOrdering forms and publications. 1040 easy form Tax questions. 1040 easy form Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 537, such as legislation enacted after it was published, go to www. 1040 easy form irs. 1040 easy form gov/pub537. 1040 easy form Reminder Photographs of missing children. 1040 easy form  The Internal Revenue Service (IRS) is a proud partner with the National Center for Missing and Exploited Children. 1040 easy form Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. 1040 easy form You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. 1040 easy form Introduction Note. 1040 easy form Section references within this publication are to the Internal Revenue Code and regulation references are to the Income Tax Regulations under the Code. 1040 easy form An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. 1040 easy form If you realize a gain on an installment sale, you may be able to report part of your gain when you receive each payment. 1040 easy form This method of reporting gain is called the installment method. 1040 easy form You cannot use the installment method to report a loss. 1040 easy form You can choose to report all of your gain in the year of sale. 1040 easy form This publication discusses the general rules that apply to using the installment method. 1040 easy form It also discusses more complex rules that apply only when certain conditions exist or certain types of property are sold. 1040 easy form If you sell your home or other nonbusiness property under an installment plan, you may need to read only the General Rules . 1040 easy form If you sell business or rental property or have a like-kind exchange or other complex situation, also see the appropriate discussion under Other Rules . 1040 easy form Comments and suggestions. 1040 easy form   We welcome your comments about this publication and your suggestions for future editions. 1040 easy form   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. 1040 easy form NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. 1040 easy form Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. 1040 easy form   You can send your comments from www. 1040 easy form irs. 1040 easy form gov/formspubs/. 1040 easy form Click on “More Information” and then on “Comment on Tax Forms and Publications. 1040 easy form ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. 1040 easy form Ordering forms and publications. 1040 easy form   Visit www. 1040 easy form irs. 1040 easy form gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. 1040 easy form Internal Revenue Service 1201 N. 1040 easy form Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. 1040 easy form   If you have a tax question, check the information available on IRS. 1040 easy form gov or call 1-800-829-1040. 1040 easy form We cannot answer tax questions sent to either of the above addresses. 1040 easy form Useful Items - You may want to see: Publication 523 Selling Your Home 541 Partnerships 544 Sales and Other Dispositions of Assets 550 Investment Income and Expenses 551 Basis of Assets 4895 Tax Treatment of Property Acquired From a Decedent Dying in 2010 Form (and Instructions) 4797 Sales of Business Property 6252 Installment Sale Income  See How To Get Tax Help near the end of this publication for information about getting publications and forms. 1040 easy form Prev  Up  Next   Home   More Online Publications
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The 1040 Easy Form

1040 easy form 1. 1040 easy form   Definitions You Need To Know Table of Contents Other options. 1040 easy form Exception. 1040 easy form Certain terms used in this publication are defined below. 1040 easy form The same term used in another publication may have a slightly different meaning. 1040 easy form Annual additions. 1040 easy form   Annual additions are the total of all your contributions in a year, employee contributions (not including rollovers), and forfeitures allocated to a participant's account. 1040 easy form Annual benefits. 1040 easy form   Annual benefits are the benefits to be paid yearly in the form of a straight life annuity (with no extra benefits) under a plan to which employees do not contribute and under which no rollover contributions are made. 1040 easy form Business. 1040 easy form   A business is an activity in which a profit motive is present and economic activity is involved. 1040 easy form Service as a newspaper carrier under age 18 or as a public official is not a business. 1040 easy form Common-law employee. 1040 easy form   A common-law employee is any individual who, under common law, would have the status of an employee. 1040 easy form A leased employee can also be a common-law employee. 1040 easy form   A common-law employee is a person who performs services for an employer who has the right to control and direct the results of the work and the way in which it is done. 1040 easy form For example, the employer: Provides the employee's tools, materials, and workplace, and Can fire the employee. 1040 easy form   Common-law employees are not self-employed and cannot set up retirement plans for income from their work, even if that income is self-employment income for social security tax purposes. 1040 easy form For example, common-law employees who are ministers, members of religious orders, full-time insurance salespeople, and U. 1040 easy form S. 1040 easy form citizens employed in the United States by foreign governments cannot set up retirement plans for their earnings from those employments, even though their earnings are treated as self-employment income. 1040 easy form   However, an individual may be a common-law employee and a self-employed person as well. 1040 easy form For example, an attorney can be a corporate common-law employee during regular working hours and also practice law in the evening as a self-employed person. 1040 easy form In another example, a minister employed by a congregation for a salary is a common-law employee even though the salary is treated as self-employment income for social security tax purposes. 1040 easy form However, fees reported on Schedule C (Form 1040), Profit or Loss From Business, for performing marriages, baptisms, and other personal services are self-employment earnings for qualified plan purposes. 1040 easy form Compensation. 1040 easy form   Compensation for plan allocations is the pay a participant received from you for personal services for a year. 1040 easy form You can generally define compensation as including all the following payments. 1040 easy form Wages and salaries. 1040 easy form Fees for professional services. 1040 easy form Other amounts received (cash or noncash) for personal services actually rendered by an employee, including, but not limited to, the following items. 1040 easy form Commissions and tips. 1040 easy form Fringe benefits. 1040 easy form Bonuses. 1040 easy form   For a self-employed individual, compensation means the earned income, discussed later, of that individual. 1040 easy form   Compensation generally includes amounts deferred in the following employee benefit plans. 1040 easy form These amounts are elective deferrals. 1040 easy form Qualified cash or deferred arrangement (section 401(k) plan). 1040 easy form Salary reduction agreement to contribute to a tax-sheltered annuity (section 403(b) plan), a SIMPLE IRA plan, or a SARSEP. 1040 easy form Section 457 nonqualified deferred compensation plan. 1040 easy form Section 125 cafeteria plan. 1040 easy form   However, an employer can choose to exclude elective deferrals under the above plans from the definition of compensation. 1040 easy form The limit on elective deferrals is discussed in chapter 2 under Salary Reduction Simplified Employee Pension (SARSEP) and in chapter 4. 1040 easy form Other options. 1040 easy form   In figuring the compensation of a participant, you can treat any of the following amounts as the employee's compensation. 1040 easy form The employee's wages as defined for income tax withholding purposes. 1040 easy form The employee's wages you report in box 1 of Form W-2, Wage and Tax Statement. 1040 easy form The employee's social security wages (including elective deferrals). 1040 easy form   Compensation generally cannot include either of the following items. 1040 easy form Nontaxable reimbursements or other expense allowances. 1040 easy form Deferred compensation (other than elective deferrals). 1040 easy form SIMPLE plans. 1040 easy form   A special definition of compensation applies for SIMPLE plans. 1040 easy form See chapter 3. 1040 easy form Contribution. 1040 easy form   A contribution is an amount you pay into a plan for all those participating in the plan, including self-employed individuals. 1040 easy form Limits apply to how much, under the contribution formula of the plan, can be contributed each year for a participant. 1040 easy form Deduction. 1040 easy form   A deduction is the plan contributions you can subtract from gross income on your federal income tax return. 1040 easy form Limits apply to the amount deductible. 1040 easy form Earned income. 1040 easy form   Earned income is net earnings from self-employment, discussed later, from a business in which your services materially helped to produce the income. 1040 easy form   You can also have earned income from property your personal efforts helped create, such as royalties from your books or inventions. 1040 easy form Earned income includes net earnings from selling or otherwise disposing of the property, but it does not include capital gains. 1040 easy form It includes income from licensing the use of property other than goodwill. 1040 easy form   Earned income includes amounts received for services by self-employed members of recognized religious sects opposed to social security benefits who are exempt from self-employment tax. 1040 easy form   If you have more than one business, but only one has a retirement plan, only the earned income from that business is considered for that plan. 1040 easy form Employer. 1040 easy form   An employer is generally any person for whom an individual performs or did perform any service, of whatever nature, as an employee. 1040 easy form A sole proprietor is treated as his or her own employer for retirement plan purposes. 1040 easy form However, a partner is not an employer for retirement plan purposes. 1040 easy form Instead, the partnership is treated as the employer of each partner. 1040 easy form Highly compensated employee. 1040 easy form   A highly compensated employee is an individual who: Owned more than 5% of the interest in your business at any time during the year or the preceding year, regardless of how much compensation that person earned or received, or For the preceding year, received compensation from you of more than $115,000 (if the preceding year is 2012, 2013, or 2014) and, if you so choose, was in the top 20% of employees when ranked by compensation. 1040 easy form Leased employee. 1040 easy form   A leased employee who is not your common-law employee must generally be treated as your employee for retirement plan purposes if he or she does all the following. 1040 easy form Provides services to you under an agreement between you and a leasing organization. 1040 easy form Has performed services for you (or for you and related persons) substantially full time for at least 1 year. 1040 easy form Performs services under your primary direction or control. 1040 easy form Exception. 1040 easy form   A leased employee is not treated as your employee if all the following conditions are met. 1040 easy form Leased employees are not more than 20% of your non-highly compensated work force. 1040 easy form The employee is covered under the leasing organization's qualified pension plan. 1040 easy form The leasing organization's plan is a money purchase pension plan that has all the following provisions. 1040 easy form Immediate participation. 1040 easy form (This requirement does not apply to any individual whose compensation from the leasing organization in each plan year during the 4-year period ending with the plan year is less than $1,000. 1040 easy form ) Full and immediate vesting. 1040 easy form A nonintegrated employer contribution rate of at least 10% of compensation for each participant. 1040 easy form However, if the leased employee is your common-law employee, that employee will be your employee for all purposes, regardless of any pension plan of the leasing organization. 1040 easy form Net earnings from self-employment. 1040 easy form   For SEP and qualified plans, net earnings from self-employment is your gross income from your trade or business (provided your personal services are a material income-producing factor) minus allowable business deductions. 1040 easy form Allowable deductions include contributions to SEP and qualified plans for common-law employees and the deduction allowed for the deductible part of your self-employment tax. 1040 easy form   Net earnings from self-employment does not include items excluded from gross income (or their related deductions) other than foreign earned income and foreign housing cost amounts. 1040 easy form   For the deduction limits, earned income is net earnings for personal services actually rendered to the business. 1040 easy form You take into account the income tax deduction for the deductible part of self-employment tax and the deduction for contributions to the plan made on your behalf when figuring net earnings. 1040 easy form   Net earnings include a partner's distributive share of partnership income or loss (other than separately stated items, such as capital gains and losses). 1040 easy form It does not include income passed through to shareholders of S corporations. 1040 easy form Guaranteed payments to limited partners are net earnings from self-employment if they are paid for services to or for the partnership. 1040 easy form Distributions of other income or loss to limited partners are not net earnings from self-employment. 1040 easy form   For SIMPLE plans, net earnings from self-employment is the amount on line 4 of Short Schedule SE or line 6 of Long Schedule SE (Form 1040), Self-Employment Tax, before subtracting any contributions made to the SIMPLE plan for yourself. 1040 easy form Qualified plan. 1040 easy form   A qualified plan is a retirement plan that offers a tax-favored way to save for retirement. 1040 easy form You can deduct contributions made to the plan for your employees. 1040 easy form Earnings on these contributions are generally tax free until distributed at retirement. 1040 easy form Profit-sharing, money purchase, and defined benefit plans are qualified plans. 1040 easy form A 401(k) plan is also a qualified plan. 1040 easy form Participant. 1040 easy form   A participant is an eligible employee who is covered by your retirement plan. 1040 easy form See the discussions of the different types of plans for the definition of an employee eligible to participate in each type of plan. 1040 easy form Partner. 1040 easy form   A partner is an individual who shares ownership of an unincorporated trade or business with one or more persons. 1040 easy form For retirement plans, a partner is treated as an employee of the partnership. 1040 easy form Self-employed individual. 1040 easy form   An individual in business for himself or herself, and whose business is not incorporated, is self-employed. 1040 easy form Sole proprietors and partners are self-employed. 1040 easy form Self-employment can include part-time work. 1040 easy form   Not everyone who has net earnings from self-employment for social security tax purposes is self-employed for qualified plan purposes. 1040 easy form See Common-law employee and Net earnings from self-employment , earlier. 1040 easy form   In addition, certain fishermen may be considered self-employed for setting up a qualified plan. 1040 easy form See Publication 595, Capital Construction Fund for Commercial Fishermen, for the special rules used to determine whether fishermen are self-employed. 1040 easy form Sole proprietor. 1040 easy form   A sole proprietor is an individual who owns an unincorporated business by himself or herself, including a single member limited liability company that is treated as a disregarded entity for tax purposes. 1040 easy form For retirement plans, a sole proprietor is treated as both an employer and an employee. 1040 easy form Prev  Up  Next   Home   More Online Publications