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1040nr Efile

1040nr efile Publication 595 - Main Contents Table of Contents Capital Construction FundCCF Accounts Types of Accounts You Must Maintain Within a CCF Tax Treatment of CCF Deposits Tax Treatment of CCF Earnings Tax Treatment of CCF Withdrawals More Information How To Get Tax Help Capital Construction Fund The following sections discuss CCF accounts and the types of bookkeeping accounts you must maintain when you invest in a CCF account. 1040nr efile They also discuss the income tax treatment of CCF deposits, earnings, and withdrawals. 1040nr efile CCF Accounts This section explains who can open a CCF account and how to use the account to defer income tax. 1040nr efile Opening a CCF account. 1040nr efile   If you are a U. 1040nr efile S. 1040nr efile citizen and you own or lease one or more eligible vessels (defined later), you can open a CCF account. 1040nr efile However, before you open your CCF account, you must enter into an agreement with the Secretary of Commerce through the NMFS. 1040nr efile This agreement will establish the following. 1040nr efile Agreement vessels. 1040nr efile Eligible vessels named in the agreement that will be the basis for the deferral of income tax. 1040nr efile Planned use of withdrawals. 1040nr efile Use of CCF funds to acquire, build, or rebuild a vessel. 1040nr efile CCF depository. 1040nr efile Where your CCF funds will be held. 1040nr efile    You can request an application kit or get additional information from NMFS at the following address. 1040nr efile NOAA/NMFS, Financial Services Division, F/MB5 Capital Construction Fund Program 1315 East-West Highway Silver Spring, MD 20910-3282    You can obtain information on the Capital Construction Fund Program at the following website: www. 1040nr efile nmfs. 1040nr efile noaa. 1040nr efile gov/mb/financial_services/ccf. 1040nr efile htm. 1040nr efile    You can call NMFS to request an application kit or get additional information at (301) 713-2393 (ext. 1040nr efile 204). 1040nr efile Their fax number is (301) 713-1939. 1040nr efile Eligible vessels. 1040nr efile   There are two types of vessels that may be considered eligible, those weighing 5 tons or more and those weighing less than 5 tons. 1040nr efile For each type, certain requirements must be met. 1040nr efile Vessel weighing 5 tons or more. 1040nr efile   To be considered eligible, the vessel must meet all the following requirements. 1040nr efile Be built or rebuilt in the United States. 1040nr efile Be documented under the laws of the United States. 1040nr efile Be used commercially in the fisheries of the United States. 1040nr efile Be operated in the foreign or domestic commerce of the United States. 1040nr efile Vessel weighing less than 5 tons. 1040nr efile   A small vessel, weighing at least 2 net tons but less than 5 net tons, must meet all the following requirements to be considered eligible. 1040nr efile Be built or rebuilt in the United States. 1040nr efile Be owned by a U. 1040nr efile S. 1040nr efile citizen. 1040nr efile Have a home port in the United States. 1040nr efile Be used commercially in the fisheries of the United States. 1040nr efile Deferring tax on CCF deposits and earnings. 1040nr efile   You can use a CCF account to defer income tax by taking the following actions. 1040nr efile Making deposits to your CCF account from taxable income. 1040nr efile Excluding from income deposits assigned to certain accounts (discussed later). 1040nr efile Making withdrawals from your CCF account when you acquire, build, or rebuild fishing vessels. 1040nr efile Reducing the basis of fishing vessels you acquire, build, or rebuild to recapture amounts previously excluded from tax. 1040nr efile    Reporting requirements. 1040nr efile Beginning with the tax year in which you establish your agreement, you must report annual deposit and withdrawal activity to the NMFS on NOAA Form 34-82. 1040nr efile This form is due within 30 days after you file your federal income tax return even if no deposits or withdrawals are made. 1040nr efile For more information, contact the NMFS at the address or phone number given earlier. 1040nr efile Types of Accounts You Must Maintain Within a CCF This section discusses the three types of bookkeeping accounts you must maintain when you invest in a CCF account. 1040nr efile Your total CCF deposits and earnings for any given year are limited to the amount attributed to these three accounts for that year. 1040nr efile Capital account. 1040nr efile   The capital account consists primarily of amounts attributable to the following items. 1040nr efile Allowable depreciation deductions for agreement vessels. 1040nr efile Any nontaxable return of capital from either (a) or (b), below. 1040nr efile The sale or other disposition of agreement vessels. 1040nr efile Insurance or indemnity proceeds attributable to agreement vessels. 1040nr efile Any tax-exempt interest earned on state or local bonds in your CCF account. 1040nr efile Capital gain account. 1040nr efile   The capital gain account consists of amounts attributable to the following items reduced by any capital losses from assets held in your CCF account for more than 6 months. 1040nr efile Any capital gain from either of the following sources. 1040nr efile The sale or other disposition of agreement vessels held for more than 6 months. 1040nr efile Insurance or indemnity proceeds attributable to agreement vessels held for more than 6 months. 1040nr efile Any capital gain from assets held in your CCF account for more than 6 months. 1040nr efile Ordinary income account. 1040nr efile   The ordinary income account consists of amounts attributable to the following items. 1040nr efile Any earnings (without regard to the carryback of any net operating or net capital loss) from the operation of agreement vessels in the fisheries of the United States or in the foreign or domestic commerce of the United States. 1040nr efile Any capital gain from the following sources reduced by any capital losses from assets held in your CCF account for 6 months or less. 1040nr efile The sale or other disposition of agreement vessels held for 6 months or less. 1040nr efile Insurance or indemnity proceeds attributable to agreement vessels held for 6 months or less. 1040nr efile Any capital gain from assets held in your CCF account for 6 months or less. 1040nr efile Any ordinary income (such as depreciation recapture) from either of the following sources. 1040nr efile The sale or other disposition of agreement vessels. 1040nr efile Insurance or indemnity proceeds attributable to agreement vessels. 1040nr efile Any interest (not including tax-exempt interest from state and local bonds), most dividends, and other ordinary income earned on the assets in your CCF account. 1040nr efile Tax Treatment of CCF Deposits This section explains the tax treatment of income used as the basis for CCF deposits. 1040nr efile Capital gains. 1040nr efile   Do not report any transaction that produces a capital gain if you deposit the net proceeds into your CCF account. 1040nr efile This treatment applies to either of the following transactions. 1040nr efile The sale or other disposition of an agreement vessel. 1040nr efile The receipt of insurance or indemnity proceeds attributable to an agreement vessel. 1040nr efile Depreciation recapture. 1040nr efile   Do not report any transaction that produces depreciation recapture if you deposit the net proceeds into your CCF account. 1040nr efile This treatment applies to either of the following transactions. 1040nr efile The sale or other disposition of an agreement vessel. 1040nr efile The receipt of insurance or indemnity proceeds attributable to an agreement vessel. 1040nr efile Earnings from operations. 1040nr efile   Report earnings from the operation of agreement vessels on your Schedule C or C-EZ (Form 1040) even if you deposit part of these earnings into your CCF account. 1040nr efile You subtract any part of the earnings you deposited into your CCF account from the amount you would otherwise enter as taxable income on Form 1040, line 43 (for 2005). 1040nr efile Next to line 43, write “CCF” and the amount of the deposits. 1040nr efile Do not deduct these CCF deposits on Schedule C or C-EZ (Form 1040). 1040nr efile If you deposit earnings from operations into your CCF account and you must complete other forms such as Form 6251, Alternative Minimum Tax (Individuals), or a worksheet for Schedule D (Form 1040), you will need to make an extra computation. 1040nr efile When the other form instructs you to use the amount from Form 1040, line 41 (for 2005), do not use that amount. 1040nr efile Instead, add Form 1040, lines 42 and 43 (for 2005), and use that amount. 1040nr efile Self-employment tax. 1040nr efile   You must use your net profit or loss from your fishing business to figure your self-employment tax. 1040nr efile Do not reduce your net profit or loss by any earnings from operations you deposit into your CCF account. 1040nr efile    Partnerships and S corporations. 1040nr efile The deduction for partnership earnings from operations deposited into a CCF account is separately stated on Schedule K (Form 1065), line 13d, and allocated to the partners on Schedule K-1 (Form 1065), box 13 (for 2005). 1040nr efile   The deduction for S corporation earnings deposited into a CCF account is separately stated on Schedule K (Form 1120S), line 12d, and allocated to the shareholders on Schedule K-1 (Form 1120S), box 12 (for 2005). 1040nr efile Tax Treatment of CCF Earnings This section explains the tax treatment of the earnings from the assets in your CCF account when the earnings are redeposited or left in your account. 1040nr efile However, if you choose to withdraw the earnings in the year earned, you must generally pay income tax on them. 1040nr efile Capital gains. 1040nr efile   Do not report any capital gains from the sale of capital assets held in your CCF account. 1040nr efile This includes capital gain distributions reported to you on Form 1099-DIV or a substitute statement. 1040nr efile However, you should attach a statement to your tax return to list the payers and the amounts and to identify the capital gains as “CCF account earnings. 1040nr efile ” Interest and dividends. 1040nr efile   Do not report any ordinary income (such as interest and dividends) you earn on the assets in your CCF account. 1040nr efile However, you should attach a statement to your return to list the payers and the amounts and to identify them as “CCF account earnings. 1040nr efile ”   If you are required to file Schedule B (Form 1040), you can add these earnings to the list of payers and amounts on line 1 or line 5 and identify them as “CCF earnings. 1040nr efile ” Then, subtract the same amounts from the list and identify them as “CCF deposits. 1040nr efile ” Tax-exempt interest. 1040nr efile   Do not report tax-exempt interest from state or local bonds you held in your CCF account. 1040nr efile You are not required to report this interest on Form 1040, line 8b. 1040nr efile Tax Treatment of CCF Withdrawals This section discusses the tax treatment of amounts you withdraw from your CCF account during the year. 1040nr efile Qualified Withdrawals A qualified withdrawal from a CCF account is one that is approved by NMFS for either of the following uses. 1040nr efile Acquiring, building, or rebuilding qualified vessels (defined next). 1040nr efile Making principal payments on the mortgage of a qualified vessel. 1040nr efile NMFS will not approve amounts withdrawn to purchase nets not continuously attached to the vessel, such as seine nets, gill set-nets, and gill drift-nets. 1040nr efile NMFS will approve amounts withdrawn to purchase trawl nets. 1040nr efile Qualified vessel. 1040nr efile   This is any vessel that meets all of the following requirements. 1040nr efile The vessel was built or rebuilt in the United States. 1040nr efile The vessel is documented under the laws of the United States. 1040nr efile The person maintaining the CCF account agrees with the Secretary of Commerce that the vessel will be operated in United States foreign trade, Great Lakes trade, noncontiguous domestic trade, or the fisheries of the United States. 1040nr efile How to determine the source of qualified withdrawals. 1040nr efile   When you make a qualified withdrawal, the amount is treated as being withdrawn in the following order from the accounts listed below. 1040nr efile The capital account. 1040nr efile The capital gain account. 1040nr efile The ordinary income account. 1040nr efile Excluding qualified withdrawals from tax. 1040nr efile   Do not report on your income tax return any qualified withdrawals from your CCF account. 1040nr efile Reduce the depreciable basis of fishing vessels you acquire, build, or rebuild when you make a qualified withdrawal from either the capital gain or the ordinary income account. 1040nr efile Nonqualified Withdrawals A nonqualified withdrawal from a CCF account is generally any withdrawal that is not a qualified withdrawal. 1040nr efile Qualified withdrawals are defined under Qualified Withdrawals, earlier. 1040nr efile Examples. 1040nr efile   Examples of nonqualified withdrawals include the following amounts from either the ordinary income account or the capital gain account. 1040nr efile Amounts remaining in a CCF account upon termination of your agreement with NMFS. 1040nr efile Amounts you withdraw and use to make principal payments on the mortgage of a vessel if the basis of that vessel and the bases of other vessels you own have already been reduced to zero. 1040nr efile Amounts determined by the IRS to cause your CCF account balance to exceed the amount appropriate to meet your planned use of withdrawals. 1040nr efile You will generally be given 3 years to revise your plans to cover this excess balance. 1040nr efile Amounts you leave in your account for more than 25 years. 1040nr efile There is a graduated schedule under which the percentage applied to determine the amount of the nonqualified withdrawal increases from 20% in the 26th year to 100% in the 30th year. 1040nr efile How to determine the source of nonqualified withdrawals. 1040nr efile    When you make a nonqualified withdrawal from your CCF account, the amount is treated as being withdrawn in the following order from the accounts listed below. 1040nr efile The ordinary income account. 1040nr efile The capital gain account. 1040nr efile The capital account. 1040nr efile Paying tax on nonqualified withdrawals. 1040nr efile   In general, nonqualified withdrawals are taxed separately from your other gross income and at the highest marginal tax rate in effect for the year of withdrawal. 1040nr efile However, nonqualified withdrawals treated as made from the capital gain account are taxed at a rate that cannot exceed 15% for individuals and 34% for corporations. 1040nr efile    Partnerships and S corporations. 1040nr efile Taxable nonqualified partnership withdrawals are separately stated on Schedule K (Form 1065), line 20c, and allocated to the partners on Schedule K-1 (Form 1065), box 20 (for 2005). 1040nr efile Taxable nonqualified withdrawals by an S corporation are separately stated on Schedule K (Form 1120S), line 17d, and allocated to the shareholders on Schedule K-1 (Form 1120S), box 17. 1040nr efile Interest. 1040nr efile   You must pay interest on the additional tax due to nonqualified withdrawals that are treated as made from either the ordinary income or the capital gain account. 1040nr efile The interest period begins on the last date for paying tax for the year for which you deposited the amount you withdrew from your CCF account. 1040nr efile The period ends on the last date for paying tax for the year in which you make the nonqualified withdrawal. 1040nr efile The interest rate on the nonqualified withdrawal is simple interest. 1040nr efile The rate is subject to change annually and is published in the Federal Register. 1040nr efile    You also can call NMFS at (301) 713-2393 (ext. 1040nr efile 204) to get the current interest rate. 1040nr efile Interest deduction. 1040nr efile   You can deduct the interest you pay on a nonqualified withdrawal as a trade or business expense. 1040nr efile Reporting the additional tax and interest. 1040nr efile   Attach a statement to your income tax return showing your computation of the tax and the interest on a nonqualified withdrawal. 1040nr efile Include the tax and interest on Form 1040, line 63 (for 2005). 1040nr efile To the left of line 63, write in the amount of tax and interest and “CCF. 1040nr efile ” Tax benefit rule. 1040nr efile   If any portion of your nonqualified withdrawal is properly attributable to contributions (not earnings on the contributions) you made to the CCF account that did not reduce your tax liability for any tax year prior to the withdrawal year, the following tax treatment applies. 1040nr efile The part that did not reduce your tax liability for any year prior to the withdrawal year is not taxed. 1040nr efile That part is allowed as a net operating loss deduction. 1040nr efile More Information This section briefly discussed the CCF program. 1040nr efile For more detailed information, see the following legislative authorities. 1040nr efile Section 607 of the Merchant Marine Act of 1936, as amended (46 U. 1040nr efile S. 1040nr efile C. 1040nr efile 1177). 1040nr efile Chapter 2, Part 259 of title 50 of the Code of Federal Regulations (50 C. 1040nr efile F. 1040nr efile R. 1040nr efile , Part 259). 1040nr efile Subchapter A, Part 3 of title 26 of the Code of Federal Regulations (26 C. 1040nr efile F. 1040nr efile R. 1040nr efile , Part 3). 1040nr efile Section 7518 of the Internal Revenue Code (IRC 7518). 1040nr efile The application kit you can obtain from NMFS at the address or phone number given earlier may contain copies of some of these sources of additional information. 1040nr efile Also, see their web page at www. 1040nr efile nmfs. 1040nr efile noaa. 1040nr efile gov/mb/financial_services/ccf. 1040nr efile htm. 1040nr efile How To Get Tax Help You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. 1040nr efile By selecting the method that is best for you, you will have quick and easy access to tax help. 1040nr efile Contacting your Taxpayer Advocate. 1040nr efile   If you have attempted to deal with an IRS problem unsuccessfully, you should contact your Taxpayer Advocate. 1040nr efile   The Taxpayer Advocate independently represents your interests and concerns within the IRS by protecting your rights and resolving problems that have not been fixed through normal channels. 1040nr efile While Taxpayer Advocates cannot change the tax law or make a technical tax decision, they can clear up problems that resulted from previous contacts and ensure that your case is given a complete and impartial review. 1040nr efile   To contact your Taxpayer Advocate: Call the Taxpayer Advocate toll free at 1-877-777-4778, Call, write, or fax the Taxpayer Advocate office in your area, Call 1-800-829-4059 if you are a TTY/TDD user, or Visit www. 1040nr efile irs. 1040nr efile gov/advocate. 1040nr efile   For more information, see Publication 1546, How To Get Help With Unresolved Tax Problems (now available in Chinese, Korean, Russian, and Vietnamese, in addition to English and Spanish). 1040nr efile Free tax services. 1040nr efile   To find out what services are available, get Publication 910, IRS Guide to Free Tax Services. 1040nr efile It contains a list of free tax publications and an index of tax topics. 1040nr efile It also describes other free tax information services, including tax education and assistance programs and a list of TeleTax topics. 1040nr efile Internet. 1040nr efile You can access the IRS website 24 hours a day, 7 days a week, at www. 1040nr efile irs. 1040nr efile gov to: E-file your return. 1040nr efile Find out about commercial tax preparation and e-file services available free to eligible taxpayers. 1040nr efile Check the status of your refund. 1040nr efile Click on Where's My Refund. 1040nr efile Be sure to wait at least 6 weeks from the date you filed your return (3 weeks if you filed electronically). 1040nr efile Have your tax return available because you will need to know your social security number, your filing status, and the exact whole dollar amount of your refund. 1040nr efile Download forms, instructions, and publications. 1040nr efile Order IRS products online. 1040nr efile Research your tax questions online. 1040nr efile Search publications online by topic or keyword. 1040nr efile View Internal Revenue Bulletins (IRBs) published in the last few years. 1040nr efile Figure your withholding allowances using our Form W-4 calculator. 1040nr efile Sign up to receive local and national tax news by email. 1040nr efile Get information on starting and operating a small business. 1040nr efile Phone. 1040nr efile Many services are available by phone. 1040nr efile Ordering forms, instructions, and publications. 1040nr efile Call 1-800-829-3676 to order current-year forms, instructions, and publications and prior-year forms and instructions. 1040nr efile You should receive your order within 10 days. 1040nr efile Asking tax questions. 1040nr efile Call the IRS with your tax questions at 1-800-829-1040. 1040nr efile Solving problems. 1040nr efile You can get face-to-face help solving tax problems every business day in IRS Taxpayer Assistance Centers. 1040nr efile An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. 1040nr efile Call your local Taxpayer Assistance Center for an appointment. 1040nr efile To find the number, go to www. 1040nr efile irs. 1040nr efile gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. 1040nr efile TTY/TDD equipment. 1040nr efile If you have access to TTY/TDD equipment, call 1-800-829-4059 to ask tax questions or to order forms and publications. 1040nr efile TeleTax topics. 1040nr efile Call 1-800-829-4477 and press 2 to listen to pre-recorded messages covering various tax topics. 1040nr efile Refund information. 1040nr efile If you would like to check the status of your refund, call 1-800-829-4477 and press 1 for automated refund information and follow the recorded instructions or call 1-800-829-1954. 1040nr efile Be sure to wait at least 6 weeks from the date you filed your return (3 weeks if you filed electronically). 1040nr efile Have your tax return available because you will need to know your social security number, your filing status, and the exact whole dollar amount of your refund. 1040nr efile Evaluating the quality of our telephone services. 1040nr efile To ensure that IRS representatives give accurate, courteous, and professional answers, we use several methods to evaluate the quality of our telephone services. 1040nr efile One method is for a second IRS representative to sometimes listen in on or record telephone calls. 1040nr efile Another is to ask some callers to complete a short survey at the end of the call. 1040nr efile Walk-in. 1040nr efile Many products and services are available on a walk-in basis. 1040nr efile Products. 1040nr efile You can walk in to many post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. 1040nr efile Some IRS offices, libraries, grocery stores, copy centers, city and county government offices, credit unions, and office supply stores have a collection of products available to print from a CD-ROM or photocopy from reproducible proofs. 1040nr efile Also, some IRS offices and libraries have the Internal Revenue Code, regulations, Internal Revenue Bulletins, and Cumulative Bulletins available for research purposes. 1040nr efile Services. 1040nr efile You can walk in to your local Taxpayer Assistance Center every business day for personal, face-to-face tax help. 1040nr efile An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. 1040nr efile If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you're more comfortable talking with someone in person, visit your local Taxpayer Assistance Center where you can spread out your records and talk with an IRS representative face-to-face. 1040nr efile No appointment is necessary, but if you prefer, you can call your local Center and leave a message requesting an appointment to resolve a tax account issue. 1040nr efile A representative will call you back within 2 business days to schedule an in-person appointment at your convenience. 1040nr efile To find the number, go to www. 1040nr efile irs. 1040nr efile gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. 1040nr efile Mail. 1040nr efile You can send your order for forms, instructions, and publications to the address below and receive a response within 10 business days after your request is received. 1040nr efile National Distribution Center P. 1040nr efile O. 1040nr efile Box 8903 Bloomington, IL 61702-8903 CD-ROM for tax products. 1040nr efile You can order Publication 1796, IRS Tax Products on CD-ROM, and obtain: A CD that is released twice so you have the latest products. 1040nr efile The first release ships in late December and the final release ships in late February. 1040nr efile Current-year forms, instructions, and publications. 1040nr efile Prior-year forms, instructions, and publications. 1040nr efile Tax Map: an electronic research tool and finding aid. 1040nr efile Tax law frequently asked questions (FAQs). 1040nr efile Tax Topics from the IRS telephone response system. 1040nr efile Fill-in, print, and save features for most tax forms. 1040nr efile Internal Revenue Bulletins. 1040nr efile Toll-free and email technical support. 1040nr efile Buy the CD-ROM from National Technical Information Service (NTIS) at www. 1040nr efile irs. 1040nr efile gov/cdorders for $25 (no handling fee) or call 1-877-233-6767 toll free to buy the CD-ROM for $25 (plus a $5 handling fee). 1040nr efile CD-ROM for small businesses. 1040nr efile Publication 3207, Small Business Resource Guide CD-ROM, has a new look and enhanced navigation features. 1040nr efile This CD includes: Helpful information, such as how to prepare a business plan, find financing for your business, and much more. 1040nr efile All the business tax forms, instructions, and publications needed to successfully manage a business. 1040nr efile Tax law changes. 1040nr efile IRS Tax Map to help you find forms, instructions, and publications by searching on a keyword or topic. 1040nr efile Web links to various government agencies, business associations, and IRS organizations. 1040nr efile “Rate the Product” survey—your opportunity to suggest changes for future editions. 1040nr efile An updated version of this CD is available each year in early April. 1040nr efile You can get a free copy by calling 1-800-829-3676 or by visiting www. 1040nr efile irs. 1040nr efile gov/smallbiz. 1040nr efile Prev  Up  Next   Home   More Online Publications
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Understanding Your CP80 Notice

We credited payments and/or other credits to your tax account for the tax period shown on your notice. However, we haven't received your tax return.


What you need to do

If you are required to file this tax return:

  • Please file today. Send your signed tax return to the address shown on the top of your notice.

  • Answers to common questions

    What if I have already filed this return?
    Please send a newly-signed copy to the address shown on the top of your notice.

    What if I want the credit transferred to another tax form, tax period or tax identification number?
    Please call us at 1-800-829-8374 to give us details of the account to which the credit should be transferred.

Page Last Reviewed or Updated: 07-Mar-2014

Printable samples of this notice (PDF)

 

 

How to get help

  • Call the 1-800 number listed on the top right corner of your notice.
  • Authorize someone (e.g., accountant) to contact the IRS on your behalf using Form 2848.
  • See if you qualify for help from a Low Income Taxpayer Clinic.
     

The 1040nr Efile

1040nr efile 1. 1040nr efile   403(b) Plan Basics Table of Contents What Is a 403(b) Plan? What Are the Benefits of Contributing to a 403(b) Plan?Excluded. 1040nr efile Deducted. 1040nr efile Who Can Participate in a 403(b) Plan?Ministers. 1040nr efile Who Can Set Up a 403(b) Account? How Can Contributions Be Made to My 403(b) Account? Do I Report Contributions on My Tax Return? How Much Can Be Contributed to My 403(b) Account? This chapter introduces you to 403(b) plans and accounts. 1040nr efile Specifically, the chapter answers the following questions. 1040nr efile What is a 403(b) plan? What are the benefits of contributing to a 403(b) plan? Who can participate in a 403(b) plan? Who can set up a 403(b) account? How can contributions be made to my 403(b) account? Do I report contributions on my tax return? How much can be contributed to my 403(b) account? What Is a 403(b) Plan? A 403(b) plan, also known as a tax-sheltered annuity (TSA) plan, is a retirement plan for certain employees of public schools, employees of certain tax-exempt organizations, and certain ministers. 1040nr efile Individual accounts in a 403(b) plan can be any of the following types. 1040nr efile An annuity contract, which is a contract provided through an insurance company, A custodial account, which is an account invested in mutual funds, or A retirement income account set up for church employees. 1040nr efile Generally, retirement income accounts can invest in either annuities or mutual funds. 1040nr efile We use the term “403(b) account” to refer to any one of these funding arrangements throughout this publication, unless otherwise specified. 1040nr efile What Are the Benefits of Contributing to a 403(b) Plan?  There are three benefits to contributing to a 403(b) plan. 1040nr efile The first benefit is that you do not pay income tax on allowable contributions until you begin making withdrawals from the plan, usually after you retire. 1040nr efile Allowable contributions to a 403(b) plan are either excluded or deducted from your income. 1040nr efile However, if your contributions are made to a Roth contribution program, this benefit does not apply. 1040nr efile Instead, you pay income tax on the contributions to the plan but distributions from the plan (if certain requirements are met) are tax free. 1040nr efile Note. 1040nr efile Generally, employees must pay social security and Medicare tax on their contributions to a 403(b) plan, including those made under a salary reduction agreement. 1040nr efile See chapter 4, Limit on Elective Deferrals , for more information. 1040nr efile The second benefit is that earnings and gains on amounts in your 403(b) account are not taxed until you withdraw them. 1040nr efile Earnings and gains on amounts in a Roth contribution program are not taxed if your withdrawals are qualified distributions. 1040nr efile Otherwise, they are taxed when you withdraw them. 1040nr efile The third benefit is that you may be eligible to take a credit for elective deferrals contributed to your 403(b) account. 1040nr efile See chapter 10, Retirement Savings Contributions Credit (Saver's Credit) . 1040nr efile Excluded. 1040nr efile   If an amount is excluded from your income, it is not included in your total wages on your Form W-2. 1040nr efile This means that you do not report the excluded amount on your tax return. 1040nr efile Deducted. 1040nr efile   If an amount is deducted from your income, it is included with your other wages on your Form W-2. 1040nr efile You report this amount on your tax return, but you are allowed to subtract it when figuring the amount of income on which you must pay tax. 1040nr efile Who Can Participate in a 403(b) Plan? Any eligible employee can participate in a 403(b) plan. 1040nr efile Eligible employees. 1040nr efile   The following employees are eligible to participate in a 403(b) plan. 1040nr efile Employees of tax-exempt organizations established under section 501(c)(3). 1040nr efile These organizations are usually referred to as section 501(c)(3) organizations or simply 501(c)(3) organizations. 1040nr efile Employees of public school systems who are involved in the day-to-day operations of a school. 1040nr efile Employees of cooperative hospital service organizations. 1040nr efile Civilian faculty and staff of the Uniformed Services University of the Health Sciences. 1040nr efile Employees of public school systems organized by Indian tribal governments. 1040nr efile Certain ministers (explained next). 1040nr efile Ministers. 1040nr efile   The following ministers are eligible employees for whom a 403(b) account can be established. 1040nr efile Ministers employed by section 501(c)(3) organizations. 1040nr efile Self-employed ministers. 1040nr efile A self-employed minister is treated as employed by a tax-exempt organization that is a qualified employer. 1040nr efile Ministers (chaplains) who meet both of the following requirements. 1040nr efile They are employed by organizations that are not section 501(c)(3) organizations. 1040nr efile They function as ministers in their day-to-day professional responsibilities with their employers. 1040nr efile   Throughout this publication, the term chaplain will be used to mean ministers described in the third category in the list above. 1040nr efile Example. 1040nr efile A minister employed as a chaplain by a state-run prison and a chaplain in the United States Armed Forces are eligible employees because their employers are not section 501(c)(3) organizations and they are employed as ministers. 1040nr efile Who Can Set Up a 403(b) Account? You cannot set up your own 403(b) account. 1040nr efile Only employers can set up 403(b) accounts. 1040nr efile A self-employed minister cannot set up a 403(b) account for his or her benefit. 1040nr efile If you are a self-employed minister, only the organization (denomination) with which you are associated can set up an account for your benefit. 1040nr efile How Can Contributions Be Made to My 403(b) Account? Generally, only your employer can make contributions to your 403(b) account. 1040nr efile However, some plans will allow you to make after-tax contributions (defined below). 1040nr efile The following types of contributions can be made to 403(b) accounts. 1040nr efile Elective deferrals . 1040nr efile These are contributions made under a salary reduction agreement. 1040nr efile This agreement allows your employer to withhold money from your paycheck to be contributed directly into a 403(b) account for your benefit. 1040nr efile Except for Roth contributions, you do not pay income tax on these contributions until you withdraw them from the account. 1040nr efile If your contributions are Roth contributions, you pay taxes on your contributions but any qualified distributions from your Roth account are tax free. 1040nr efile Nonelective contributions . 1040nr efile These are employer contributions that are not made under a salary reduction agreement. 1040nr efile Nonelective contributions include matching contributions, discretionary contributions, and mandatory contributions from your employer. 1040nr efile You do not pay income tax on these contributions until you withdraw them from the account. 1040nr efile After-tax contributions . 1040nr efile These are contributions (that are not Roth contributions) you make with funds that you must include in income on your tax return. 1040nr efile A salary payment on which income tax has been withheld is a source of these contributions. 1040nr efile If your plan allows you to make after-tax contributions, they are not excluded from income and you cannot deduct them on your tax return. 1040nr efile A combination of any of the three contribution types listed above. 1040nr efile Self-employed minister. 1040nr efile   If you are a self-employed minister, you are considered both an employee and an employer, and you can contribute to a retirement income account for your own benefit. 1040nr efile Do I Report Contributions on My Tax Return? Generally, you do not report contributions to your 403(b) account (except Roth contributions) on your tax return. 1040nr efile Your employer will report contributions on your 2013 Form W-2. 1040nr efile Elective deferrals will be shown in box 12 and the Retirement plan box will be checked in box 13. 1040nr efile If you are a self-employed minister or chaplain, see the discussions next. 1040nr efile Self-employed ministers. 1040nr efile   If you are a self-employed minister, you must report the total contributions as a deduction on your tax return. 1040nr efile Deduct your contributions on line 28 of the 2013 Form 1040. 1040nr efile Chaplains. 1040nr efile   If you are a chaplain and your employer does not exclude contributions made to your 403(b) account from your earned income, you may be able to take a deduction for those contributions on your tax return. 1040nr efile    However, if your employer has agreed to exclude the contributions from your earned income, you will not be allowed a deduction on your tax return. 1040nr efile   If you can take a deduction, include your contributions on line 36 of the 2013 Form 1040. 1040nr efile Enter the amount of your deduction and write “403(b)” on the dotted line next to line 36. 1040nr efile How Much Can Be Contributed to My 403(b) Account? There are limits on the amount of contributions that can be made to your 403(b) account each year. 1040nr efile If contributions made to your 403(b) account are more than these contribution limits, penalties may apply. 1040nr efile Chapters 2 through 6 provide information on how to determine the amount that can be contributed to your 403(b) account. 1040nr efile Worksheets are provided in Chapter 9 to help you determine the maximum amount that can be contributed to your 403(b) account each year. 1040nr efile Chapter 7, Excess Contributions , describes how to prevent excess contributions and how to get an excess contribution corrected. 1040nr efile Prev  Up  Next   Home   More Online Publications