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1040

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1040 IRAs and Other Retirement Plans Table of Contents 2002 ChangesSimplified Employee Pensions (SEPs) 403(b) Plans Later ChangeDeemed IRAs 2002 Changes Simplified Employee Pensions (SEPs) Contribution limit increased. 1040   For plan years beginning after December 31, 2001, the annual limit on the amount of employer contributions to a SEP increases to the lesser of the following amounts. 1040 25% of an eligible employee's compensation. 1040 $40,000 (subject to cost-of-living adjustments after 2002). 1040 Deduction limit. 1040   For years beginning after 2001, the following changes apply to the SEP deduction limit. 1040 Elective deferrals (SARSEPs). 1040   Elective deferrals under a SARSEP are not subject to the deduction limit that applies to employer contributions. 1040 Also, elective deferrals are not taken into account when figuring the amount you can deduct for employer contributions that are not elective deferrals. 1040 Definition of compensation. 1040    Compensation for figuring the deduction for employer contributions includes elective deferrals under a SARSEP. 1040 More information. 1040   For more information about SEPs, see Publication 560, Retirement Plans for Small Business. 1040 403(b) Plans Figuring catch-up contributions. 1040   When figuring allowable catch-up contributions, combine all contributions made by your employer on your behalf to the following plans. 1040 Qualified retirement plans. 1040 403(b) plans. 1040 Simplified employee pensions (SEP). 1040 SIMPLE plans. 1040   The total amount of the catch-up contributions to all plans maintained by your employer cannot exceed the annual limit. 1040 For 2002, the limit is $1,000. 1040 Rollovers to and from 403(b) plans. 1040   If a distribution includes both pre-tax contributions and after-tax contributions, the portion of the distribution that is rolled over is treated as consisting first of pre-tax amounts (contributions and earnings that would be includible in income if no rollover occurred). 1040 This means that if you roll over an amount that is at least as much as the pre-tax portion of the distribution, you do not have to include any of the distribution in income. 1040 Years of service for church employees and ministers. 1040   If you are a minister or church employee, treat all of your years of service as an employee of a church or a convention or association of churches as years of service with one employer. 1040 Prior law required church employees and ministers to figure years of service separately for each employer. 1040   As a minister or church employee, all contributions made to 403(b) plans on your behalf, as an employee of a church or a convention or association of churches, are considered made by one employer. 1040 Foreign missionaries. 1040   If you are a foreign missionary, contributions to your 403(b) account will not be treated as exceeding the limit on annual additions if the contributions are not more than the greater of: $3,000, or Your includible compensation. 1040 More information. 1040   For more information about 403(b) plans, see Publication 571, Tax-Sheltered Annuity Plans (403(b) Plans). 1040 Later Change Deemed IRAs For plan years beginning after 2002, a qualified employer plan can provide for voluntary employee contributions to a separate account or annuity that is deemed to be an IRA. 1040 For this purpose, a qualified employer plan includes a deferred compensation plan (section 457(b) plan) maintained by a state, a political subdivision of a state, or an agency or instrumentality of a state or political subdivision of a state. 1040 The term qualified employer plan also includes: A qualified pension, profit-sharing, or stock bonus plan (section 401(a) plan), A qualified employee annuity plan (section 403(a) plan), and A tax-sheltered annuity plan (section 403(b) plan). 1040 More information about IRAs can be found in Publication 590, Individual Retirement Arrangements (IRAs). 1040 Prev  Up  Next   Home   More Online Publications
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American Holidays

Americans celebrate a variety of federal holidays and other national observances.


Federal Holidays

Find the dates for this year's federal holidays.

Federal law establishes the following public holidays for federal employees. If the holiday falls during the weekend, it may be observed on a different day.

Many government offices are closed on federal holidays and some private businesses may close as well. If you plan to visit a government office on or around a federal holiday, you should contact them to determine when they will be open. Find contact information for government departments and agencies.

New Year's Day

New Year's Day is January 1. The celebration of this holiday begins the night before, when Americans gather to wish each other a happy and prosperous coming year. Many Americans make New Year's resolutions. See the New Year's resolutions that are popular every year.

Birthday of Martin Luther King, Jr.

Martin Luther King, Jr. Day is celebrated on the third Monday in January. The Reverend Martin Luther King, Jr. was an African-American clergyman who is recognized for his tireless efforts to win civil rights for all people through nonviolent means.

Washington's Birthday

Washington's Birthday is observed the third Monday of February in honor George Washington, the first President of the United States. This date is commonly called Presidents' Day and many groups honor the legacy of past presidents on this date.

Memorial Day

Memorial Day is a observed the last Monday of May. It originally honored the people killed in the American Civil War, but has become a day on which the American dead of all wars are remembered.

Independence Day

Independence Day is July 4. This holiday honors the nation's birthday - the adoption of the Declaration of Independence on July 4, 1776. It is a day of picnics and patriotic parades, a night of concerts, and fireworks.

Labor Day

Labor Day is the first Monday of September. This holiday honors the nation's working people, typically with parades. For most Americans it marks the end of the summer vacation season and the start of the school year.

Columbus Day

Columbus Day is a celebrated on the second Monday in October. The day commemorates October 12, 1492, when Italian navigator Christopher Columbus landed in the New World. The holiday was first proclaimed in 1937 by President Franklin D. Roosevelt.

Veterans Day

Veterans Day is celebrated on November 11. This holiday was originally called Armistice Day and established to honor Americans who had served in World War I. It now honors veterans of all wars in which the U.S. has fought. Veterans' organizations hold parades, and the president places a wreath on the Tomb of the Unknowns at Arlington National Cemetery in Virginia.

Thanksgiving Day

Thanksgiving Day is celebrated on the fourth Thursday in November. In the fall of 1621, the Pilgrims held a three-day feast to celebrate a bountiful harvest. Many regard this event as the nation's first Thanksgiving. The Thanksgiving feast became a national tradition and almost always includes some of the foods served at the first feast: roast turkey, cranberry sauce, potatoes, and pumpkin pie.

Christmas Day

Christmas Day is a celebrated on December 25. Christmas is a Christian holiday marking the birth of the Christ Child. Decorating houses and yards with lights, putting up Christmas trees, giving gifts, and sending greeting cards have become holiday traditions even for many non-Christian Americans. Find tips to help celebrate.

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Other Celebrations and Observances

There are many commonly observed celebrations in the United States that are not federal holidays. Some of these observances honor groups of people, such as National African American History Month and Women's History Month, or causes, such as National Oceans Month and National Substance Abuse Prevention Month. Many of these holidays and observances are proclaimed by the President ever year. View recent Presidential proclamations.

These are some of the most popular American celebrations and observances that occur every year.

Groundhog Day

Groundhog Day is February 2 and has been celebrated since 1887. On Groundhog Day, crowds gather in Punxsutawney, Pennsylvania, to see if groundhog Punxsutawney Phil sees his shadow after emerging from his burrow, thus predicting six more weeks of winter weather.

Valentine's Day

Valentine's Day is celebrated on February 14. The day was named after an early Christian martyr, and on Valentine's Day, Americans give presents like candy or flowers to the ones they love. The first mass-produced valentine cards were sold in the 1840s.

Earth Day

Earth Day is observed on April 22. First celebrated in 1970 in the United States, it inspired national legislation such as the Clean Air and Clean Water Acts. Earth Day is designed to promote ecology, encourage respect for life on earth, and highlight concern over pollution of the soil, air, and water.

Arbor Day

National Arbor Day was proclaimed as the last Friday in April by President Richard Nixon in 1970. A number of state Arbor Days are observed at other times of the year to coincide with the best tree planting weather. The observance began in 1872, when Nebraska settlers and homesteaders were urged to plant trees on the largely treeless plains.

Mother's Day

Mother's Day is the second Sunday of May. President Woodrow Wilson issued a proclamation in 1914 that started the holiday. He asked Americans to give a public expression of reverence to mothers on this day. Carnations have come to represent Mother's Day, following President William McKinley's habit of always wearing a white carnation, his mother's favorite flower.

Flag Day

Flag Day, celebrated June 14, has been a presidentially proclaimed observance since 1916. Although Flag Day is not a federal holiday, Americans are encouraged to display the flag outside their homes and businesses on this day to honor the history and heritage the American flag represents.

Father's Day

Father's Day celebrates fathers every third Sunday of June. Father's Day began in 1909 in Spokane, Washington, when a daughter requested a special day to honor her father, a Civil War veteran who raised his children after his wife died. The first presidential proclamation honoring fathers was issued in 1966 by President Lyndon Johnson.

Patriot Day

September 11, 2001, was a defining moment in American history. On that day, terrorists hijacked four commercial airliners to strike targets in the United States. Nearly 3,000 people died as a consequence of the attacks. Patriot Day and National Day of Service and Remembrance is observed on September 11 in honor of the victims of these attacks.

Halloween

Halloween is celebrated on October 31. On Halloween, American children dress up in funny or scary costumes and go "trick or treating" by knocking on doors in their neighborhood. The neighbors are expected to respond by giving them small gifts of candy or money.

Pearl Harbor Day

Pearl Harbor Remembrance Day is December 7. In 1994, Congress designated this national observance to honor the more than 2,400 military service personnel who died on this date in 1941, during the surprise attack on Pearl Harbor, Hawaii, by Japanese forces. The attack on Pearl Harbor caused the United States to enter World War II.

Ethnic and Religious Holidays

Various ethnic and religious groups in America celebrate days with special meaning to them even though these are not national holidays. For example, Christians celebrate the resurrection of Jesus Christ on Easter, Jews observe their high holy days in September, Muslims celebrate Ramadan, and African Americans celebrate Kwanzaa. There are many other religious and ethnic celebrations in the United States.

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The 1040

1040 5. 1040   Table and Worksheets for the Self-Employed Table of Contents Community property laws. 1040 As discussed in chapters 2 and 4, if you are self-employed, you must use the rate table or rate worksheet and deduction worksheet to figure your deduction for contributions you made for yourself to a SEP-IRA or qualified plan. 1040 First, use either the rate table or rate worksheet to find your reduced contribution rate. 1040 Then complete the deduction worksheet to figure your deduction for contributions. 1040 The table and the worksheets in chapter 5 apply only to self-employed individuals who have only one defined contribution plan, such as a profit-sharing plan. 1040 A SEP plan is treated as a profit-sharing plan. 1040 However, do not use this worksheet for SARSEPs. 1040 Rate table for self-employed. 1040   If your plan's contribution rate is a whole percentage (for example, 12% rather than 12½%), you can use the table on the next page to find your reduced contribution rate. 1040 Otherwise, use the rate worksheet provided below. 1040   First, find your plan contribution rate (the contribution rate stated in your plan) in Column A of the table. 1040 Then read across to the rate under Column B. 1040 Enter the rate from Column B in step 4 of the Deduction Worksheet for Self-Employed on this page. 1040    Example. 1040 You are a sole proprietor with no employees. 1040 If your plan's contribution rate is 10% of a participant's compensation, your rate is 0. 1040 090909. 1040 Enter this rate in step 4 of the Deduction Worksheet for Self-Employed on this page. 1040 Deduction Worksheet for Self-Employed   Step 1           Enter your net profit from line 31, Schedule C (Form 1040); line 3, Schedule C-EZ (Form 1040); line 34, Schedule F (Form 1040)*; or box 14, code A**, Schedule K-1 (Form 1065)*. 1040 For information on other income included in net profit from self-employment, see the Instructions for Schedule SE, Form 1040. 1040       *Reduce this amount by any amount reported on Schedule SE (Form 1040), line 1b. 1040       **General partners should reduce this amount by the same additional expenses subtracted from box 14, code A to determine the amount on line 1 or 2 of Schedule SE. 1040     Step 2           Enter your deduction for self-employment tax from Form 1040, line 27             Step 3           Net earnings from self-employment. 1040 Subtract step 2 from step 1     Step 4           Enter your rate from the Rate Table for Self-Employed or Rate Worksheet for Self-Employed     Step 5           Multiply step 3 by step 4     Step 6           Multiply $255,000 by your plan contribution rate (not the reduced rate)     Step 7           Enter the smaller of step 5 or step 6     Step 8           Contribution dollar limit $51,000     • If you made any elective deferrals to your self-employed plan, go to step 9. 1040         • Otherwise, skip steps 9 through 20 and enter the smaller of step 7 or step 8 on step 21. 1040       Step 9           Enter your allowable elective deferrals (including designated Roth contributions) made to your self-employed plan during 2013. 1040 Do not enter more than $17,500     Step 10           Subtract step 9 from step 8     Step 11           Subtract step 9 from step 3       Step 12           Enter one-half of step 11     Step 13           Enter the smallest of step 7, 10, or 12     Step 14           Subtract step 13 from step 3     Step 15           Enter the smaller of step 9 or step 14       • If you made catch-up contributions, go to step 16. 1040         • Otherwise, skip steps 16 through 18 and go to step 19. 1040       Step 16           Subtract step 15 from step 14     Step 17           Enter your catch-up contributions (including designated Roth contributions), if any. 1040 Do not enter more than $5,500     Step 18           Enter the smaller of step 16 or step 17     Step 19           Add steps 13, 15, and 18. 1040     Step 20           Enter the amount of designated Roth contributions included on lines 9 and 17. 1040     Step 21           Subtract step 20 from step 19. 1040 This is your maximum deductible contribution. 1040                 Next: Enter your actual contribution, not to exceed your maximum deductible contribution, on Form 1040, line 28. 1040   Rate worksheet for self-employed. 1040   If your plan's contribution rate is not a whole percentage (for example, 10½%), you cannot use the Rate Table for Self-Employed. 1040 Use the following worksheet instead. 1040 Rate Worksheet for Self-Employed 1) Plan contribution rate as a decimal (for example, 10½% = 0. 1040 105)   2) Rate in line 1 plus 1 (for example, 0. 1040 105 + 1 = 1. 1040 105)   3) Self-employed rate as a decimal rounded to at least 3 decimal places (line 1 ÷ line 2) (for example, 0. 1040 105 ÷ 1. 1040 105 = 0. 1040 095)   Figuring your deduction. 1040   Now that you have your self-employed rate from either the rate table or rate worksheet, you can figure your maximum deduction for contributions for yourself by completing the Deduction Worksheet for Self-Employed. 1040 Community property laws. 1040   If you reside in a community property state and you are married and filing a separate return, disregard community property laws for step 1 of the Deduction Worksheet for Self-Employed. 1040 Enter on step 1 the total net profit you actually earned. 1040 Rate Table for Self-Employed Column A  If the plan contri- bution rate is: (shown as %) Column B  Your rate is: (shown as decimal) 1 . 1040 009901 2 . 1040 019608 3 . 1040 029126 4 . 1040 038462 5 . 1040 047619 6 . 1040 056604 7 . 1040 065421 8 . 1040 074074 9 . 1040 082569 10 . 1040 090909 11 . 1040 099099 12 . 1040 107143 13 . 1040 115044 14 . 1040 122807 15 . 1040 130435 16 . 1040 137931 17 . 1040 145299 18 . 1040 152542 19 . 1040 159664 20 . 1040 166667 21 . 1040 173554 22 . 1040 180328 23 . 1040 186992 24 . 1040 193548 25* . 1040 200000* *The deduction for annual employer contributions (other than elective deferrals) to a SEP plan, a profit-sharing plan, or a money purchase plan cannot be more than 20% of your net earnings (figured without deducting contributions for yourself) from the business that has the plan. 1040 Example. 1040 You are a sole proprietor with no employees. 1040 The terms of your plan provide that you contribute 8½% (. 1040 085) of your compensation to your plan. 1040 Your net profit from line 31, Schedule C (Form 1040) is $200,000. 1040 You have no elective deferrals or catch-up contributions. 1040 Your self-employment tax deduction on line 27 of Form 1040 is $9,728. 1040 See the filled-in portions of both Schedule SE (Form 1040), Self-Employment Income, and Form 1040, later. 1040 You figure your self-employed rate and maximum deduction for employer contributions you made for yourself as follows. 1040 Deduction Worksheet for Self-Employed   Step 1           Enter your net profit from line 31, Schedule C (Form 1040); line 3, Schedule C-EZ (Form 1040); line 34, Schedule F (Form 1040)*; or box 14, code A**, Schedule K-1 (Form 1065)*. 1040 For information on other income included in net profit from self-employment, see the Instructions for Schedule SE, Form 1040. 1040 $200,000     *Reduce this amount by any amount reported on Schedule SE (Form 1040), line 1b. 1040       **General partners should reduce this amount by the same additional expenses subtracted from box 14, code A to determine the amount on line 1 or 2 of Schedule SE. 1040     Step 2           Enter your deduction for self-employment tax from Form 1040, line 27 9,728           Step 3           Net earnings from self-employment. 1040 Subtract step 2 from step 1 190,272   Step 4           Enter your rate from the Rate Table for Self-Employed or Rate Worksheet for Self-Employed 0. 1040 078   Step 5           Multiply step 3 by step 4 14,841   Step 6           Multiply $255,000 by your plan contribution rate (not the reduced rate) 21,675   Step 7           Enter the smaller of step 5 or step 6 14,841   Step 8           Contribution dollar limit $51,000     • If you made any elective deferrals to your self-employed plan, go to step 9. 1040         • Otherwise, skip steps 9 through 20 and enter the smaller of step 7 or step 8 on step 21. 1040       Step 9           Enter your allowable elective deferrals (including designated Roth contributions) made to your self-employed plan during 2013. 1040 Do not enter more than $17,500 N/A   Step 10           Subtract step 9 from step 8     Step 11           Subtract step 9 from step 3       Step 12           Enter one-half of step 11     Step 13           Enter the smallest of step 7, 10, or 12     Step 14           Subtract step 13 from step 3     Step 15           Enter the smaller of step 9 or step 14       • If you made catch-up contributions, go to step 16. 1040         • Otherwise, skip steps 16 through 18 and go to step 19. 1040       Step 16           Subtract step 15 from step 14     Step 17           Enter your catch-up contributions (including designated Roth contributions), if any. 1040 Do not enter more than $5,500     Step 18           Enter the smaller of step 16 or step 17     Step 19           Add steps 13, 15, and 18. 1040     Step 20           Enter the amount of designated Roth contributions included on lines 9 and 17     Step 21           Subtract step 20 from step 19. 1040 This is your maximum deductible contribution $14,841                 Next: Enter your actual contribution, not to exceed your maximum deductible contribution, on Form 1040, line 28. 1040   See the filled-in Deduction Worksheet for Self-Employed on this page. 1040 Rate Worksheet for Self-Employed 1) Plan contribution rate as a decimal (for example, 10½% = 0. 1040 105) 0. 1040 085 2) Rate in line 1 plus 1 (for example, 0. 1040 105 + 1 = 1. 1040 105) 1. 1040 085 3) Self-employed rate as a decimal rounded to at least 3 decimal places (line 1 ÷ line 2) (for example, 0. 1040 105 ÷ 1. 1040 105 = 0. 1040 095) 0. 1040 078 This image is too large to be displayed in the current screen. 1040 Please click the link to view the image. 1040 Portion of Form 1040 and Portion of Schedule SE Prev  Up  Next   Home   More Online Publications