1040x For Dummies
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1040x For Dummies
1040x for dummies 1. 1040x for dummies Definitions You Need To Know Table of Contents Other options. 1040x for dummies Exception. 1040x for dummies Certain terms used in this publication are defined below. 1040x for dummies The same term used in another publication may have a slightly different meaning. 1040x for dummies Annual additions. 1040x for dummies 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. 1040x for dummies Annual benefits. 1040x for dummies 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. 1040x for dummies Business. 1040x for dummies A business is an activity in which a profit motive is present and economic activity is involved. 1040x for dummies Service as a newspaper carrier under age 18 or as a public official is not a business. 1040x for dummies Common-law employee. 1040x for dummies A common-law employee is any individual who, under common law, would have the status of an employee. 1040x for dummies A leased employee can also be a common-law employee. 1040x for dummies 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. 1040x for dummies For example, the employer: Provides the employee's tools, materials, and workplace, and Can fire the employee. 1040x for dummies 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. 1040x for dummies For example, common-law employees who are ministers, members of religious orders, full-time insurance salespeople, and U. 1040x for dummies S. 1040x for dummies 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. 1040x for dummies However, an individual may be a common-law employee and a self-employed person as well. 1040x for dummies 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. 1040x for dummies 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. 1040x for dummies 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. 1040x for dummies Compensation. 1040x for dummies Compensation for plan allocations is the pay a participant received from you for personal services for a year. 1040x for dummies You can generally define compensation as including all the following payments. 1040x for dummies Wages and salaries. 1040x for dummies Fees for professional services. 1040x for dummies Other amounts received (cash or noncash) for personal services actually rendered by an employee, including, but not limited to, the following items. 1040x for dummies Commissions and tips. 1040x for dummies Fringe benefits. 1040x for dummies Bonuses. 1040x for dummies For a self-employed individual, compensation means the earned income, discussed later, of that individual. 1040x for dummies Compensation generally includes amounts deferred in the following employee benefit plans. 1040x for dummies These amounts are elective deferrals. 1040x for dummies Qualified cash or deferred arrangement (section 401(k) plan). 1040x for dummies Salary reduction agreement to contribute to a tax-sheltered annuity (section 403(b) plan), a SIMPLE IRA plan, or a SARSEP. 1040x for dummies Section 457 nonqualified deferred compensation plan. 1040x for dummies Section 125 cafeteria plan. 1040x for dummies However, an employer can choose to exclude elective deferrals under the above plans from the definition of compensation. 1040x for dummies The limit on elective deferrals is discussed in chapter 2 under Salary Reduction Simplified Employee Pension (SARSEP) and in chapter 4. 1040x for dummies Other options. 1040x for dummies In figuring the compensation of a participant, you can treat any of the following amounts as the employee's compensation. 1040x for dummies The employee's wages as defined for income tax withholding purposes. 1040x for dummies The employee's wages you report in box 1 of Form W-2, Wage and Tax Statement. 1040x for dummies The employee's social security wages (including elective deferrals). 1040x for dummies Compensation generally cannot include either of the following items. 1040x for dummies Nontaxable reimbursements or other expense allowances. 1040x for dummies Deferred compensation (other than elective deferrals). 1040x for dummies SIMPLE plans. 1040x for dummies A special definition of compensation applies for SIMPLE plans. 1040x for dummies See chapter 3. 1040x for dummies Contribution. 1040x for dummies A contribution is an amount you pay into a plan for all those participating in the plan, including self-employed individuals. 1040x for dummies Limits apply to how much, under the contribution formula of the plan, can be contributed each year for a participant. 1040x for dummies Deduction. 1040x for dummies A deduction is the plan contributions you can subtract from gross income on your federal income tax return. 1040x for dummies Limits apply to the amount deductible. 1040x for dummies Earned income. 1040x for dummies Earned income is net earnings from self-employment, discussed later, from a business in which your services materially helped to produce the income. 1040x for dummies You can also have earned income from property your personal efforts helped create, such as royalties from your books or inventions. 1040x for dummies Earned income includes net earnings from selling or otherwise disposing of the property, but it does not include capital gains. 1040x for dummies It includes income from licensing the use of property other than goodwill. 1040x for dummies 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. 1040x for dummies 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. 1040x for dummies Employer. 1040x for dummies An employer is generally any person for whom an individual performs or did perform any service, of whatever nature, as an employee. 1040x for dummies A sole proprietor is treated as his or her own employer for retirement plan purposes. 1040x for dummies However, a partner is not an employer for retirement plan purposes. 1040x for dummies Instead, the partnership is treated as the employer of each partner. 1040x for dummies Highly compensated employee. 1040x for dummies 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. 1040x for dummies Leased employee. 1040x for dummies 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. 1040x for dummies Provides services to you under an agreement between you and a leasing organization. 1040x for dummies Has performed services for you (or for you and related persons) substantially full time for at least 1 year. 1040x for dummies Performs services under your primary direction or control. 1040x for dummies Exception. 1040x for dummies A leased employee is not treated as your employee if all the following conditions are met. 1040x for dummies Leased employees are not more than 20% of your non-highly compensated work force. 1040x for dummies The employee is covered under the leasing organization's qualified pension plan. 1040x for dummies The leasing organization's plan is a money purchase pension plan that has all the following provisions. 1040x for dummies Immediate participation. 1040x for dummies (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. 1040x for dummies ) Full and immediate vesting. 1040x for dummies A nonintegrated employer contribution rate of at least 10% of compensation for each participant. 1040x for dummies 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. 1040x for dummies Net earnings from self-employment. 1040x for dummies 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. 1040x for dummies 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. 1040x for dummies 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. 1040x for dummies For the deduction limits, earned income is net earnings for personal services actually rendered to the business. 1040x for dummies 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. 1040x for dummies Net earnings include a partner's distributive share of partnership income or loss (other than separately stated items, such as capital gains and losses). 1040x for dummies It does not include income passed through to shareholders of S corporations. 1040x for dummies Guaranteed payments to limited partners are net earnings from self-employment if they are paid for services to or for the partnership. 1040x for dummies Distributions of other income or loss to limited partners are not net earnings from self-employment. 1040x for dummies 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. 1040x for dummies Qualified plan. 1040x for dummies A qualified plan is a retirement plan that offers a tax-favored way to save for retirement. 1040x for dummies You can deduct contributions made to the plan for your employees. 1040x for dummies Earnings on these contributions are generally tax free until distributed at retirement. 1040x for dummies Profit-sharing, money purchase, and defined benefit plans are qualified plans. 1040x for dummies A 401(k) plan is also a qualified plan. 1040x for dummies Participant. 1040x for dummies A participant is an eligible employee who is covered by your retirement plan. 1040x for dummies See the discussions of the different types of plans for the definition of an employee eligible to participate in each type of plan. 1040x for dummies Partner. 1040x for dummies A partner is an individual who shares ownership of an unincorporated trade or business with one or more persons. 1040x for dummies For retirement plans, a partner is treated as an employee of the partnership. 1040x for dummies Self-employed individual. 1040x for dummies An individual in business for himself or herself, and whose business is not incorporated, is self-employed. 1040x for dummies Sole proprietors and partners are self-employed. 1040x for dummies Self-employment can include part-time work. 1040x for dummies Not everyone who has net earnings from self-employment for social security tax purposes is self-employed for qualified plan purposes. 1040x for dummies See Common-law employee and Net earnings from self-employment , earlier. 1040x for dummies In addition, certain fishermen may be considered self-employed for setting up a qualified plan. 1040x for dummies See Publication 595, Capital Construction Fund for Commercial Fishermen, for the special rules used to determine whether fishermen are self-employed. 1040x for dummies Sole proprietor. 1040x for dummies 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. 1040x for dummies For retirement plans, a sole proprietor is treated as both an employer and an employee. 1040x for dummies Prev Up Next Home More Online Publications
IRS Outlines Filing and Payment Options for Taxpayers Affected by Hurricane Irene, Tropical Storm Lee and Texas Wildfires
Oct. 4, 2011
WASHINGTON –– The Internal Revenue Service today reminded taxpayers affected by Hurricane Irene, Tropical Storm Irene, Tropical Storm Lee and the Texas wildfires that they have until Oct. 31 to meet certain tax filing and payment obligations and announced that e-File and Free File would remain available to accept their returns.
E-file, which will close for all other taxpayers following the Oct. 17 extension filing deadline, will be open through the end of October to any taxpayer who lives or has a business in areas granted tax relief because of Hurricane Irene, Tropical Storm Irene, the Texas wildfires or Tropical Storm Lee in New York and Pennsylvania.
Special Instructions for e-Filers
The IRS encouraged any taxpayer who wants to include a payment with the tax return to e-File by Oct. 20.
Because of year-end programming changes, IRS e-File will not accept returns that include payments after Oct 20. E-file returns that include a payment after that date will be rejected, but the IRS offers other options for these taxpayers to still e-file but pay separately by using:
• EFTPS (The Electronic Federal Tax Payment System)
• credit or debit card
• check or money order
These guidelines apply to e-File and Free File returns only. Payments accompanying paper returns are not affected.
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Page Last Reviewed or Updated: 21-Mar-2014
The 1040x For Dummies
1040x for dummies Publication 536 - Introductory Material Table of Contents Reminders IntroductionOrdering forms and publications. 1040x for dummies Tax questions. 1040x for dummies Useful Items - You may want to see: Reminders Future developments. 1040x for dummies For the latest developments related to Publication 536, such as legislation enacted after we release it, go to www. 1040x for dummies irs. 1040x for dummies gov/pub536. 1040x for dummies Photographs of missing children. 1040x for dummies The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. 1040x for dummies Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. 1040x for dummies 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. 1040x for dummies Introduction If your deductions for the year are more than your income for the year, you may have a net operating loss (NOL). 1040x for dummies An NOL year is the year in which an NOL occurs. 1040x for dummies You can use an NOL by deducting it from your income in another year or years. 1040x for dummies What this publication covers. 1040x for dummies This publication discusses NOLs for individuals, estates, and trusts. 1040x for dummies It covers: How to figure an NOL, When to use an NOL, How to claim an NOL deduction, and How to figure an NOL carryover. 1040x for dummies To have an NOL, your loss must generally be caused by deductions from your: Trade or business, Work as an employee, Casualty and theft losses, Moving expenses, or Rental property. 1040x for dummies A loss from operating a business is the most common reason for an NOL. 1040x for dummies Partnerships and S corporations generally cannot use an NOL. 1040x for dummies However, partners or shareholders can use their separate shares of the partnership's or S corporation's business income and business deductions to figure their individual NOLs. 1040x for dummies Keeping records. 1040x for dummies You should keep records for any tax year that generates an NOL for 3 years after you have used the carryback/carryforward or 3 years after the carryforward expires. 1040x for dummies You should attach all required documents to the Form 1045 or Form 1040X. 1040x for dummies For details, see the instructions for Form 1045 or Form 1040X. 1040x for dummies What is not covered in this publication? The following topics are not covered in this publication. 1040x for dummies Bankruptcies. 1040x for dummies See Publication 908, Bankruptcy Tax Guide. 1040x for dummies NOLs of corporations. 1040x for dummies See Publication 542, Corporations. 1040x for dummies Section references. 1040x for dummies Section references are to the Internal Revenue Code unless otherwise noted. 1040x for dummies Comments and suggestions. 1040x for dummies We welcome your comments about this publication and your suggestions for future editions. 1040x for dummies You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. 1040x for dummies NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. 1040x for dummies Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. 1040x for dummies You can send your comments from www. 1040x for dummies irs. 1040x for dummies gov/formspubs/. 1040x for dummies Click on “More Information. 1040x for dummies ” and then on “Comment on Tax Forms and Publications. 1040x for dummies ” 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. 1040x for dummies Ordering forms and publications. 1040x for dummies Visit www. 1040x for dummies irs. 1040x for dummies 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. 1040x for dummies Internal Revenue Service 1201 N. 1040x for dummies Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. 1040x for dummies If you have a tax question, check the information available on IRS. 1040x for dummies gov or call 1-800-829-1040. 1040x for dummies We cannot answer tax questions sent to either of the above addresses. 1040x for dummies Useful Items - You may want to see: Form (and Instructions) 1040X Amended U. 1040x for dummies S. 1040x for dummies Individual Income Tax Return 1045 Application for Tentative Refund See How To Get Tax Help near the end of this publication for information about getting these forms. 1040x for dummies Prev Up Next Home More Online Publications