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2010 1040ez Tax Form

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2010 1040ez Tax Form

2010 1040ez tax form 7. 2010 1040ez tax form   Excess Contributions Table of Contents How Do I Know If I Have Excess Contributions? What Happens If I Have Excess Contributions?Excess Annual Addition Excess Elective Deferral If your actual contributions are greater than your MAC, you have an excess contribution. 2010 1040ez tax form Excess contributions can result in income tax, additional taxes, and penalties. 2010 1040ez tax form The effect of excess contributions depends on the type of excess contribution. 2010 1040ez tax form This chapter discusses excess contributions to your 403(b) account. 2010 1040ez tax form How Do I Know If I Have Excess Contributions? At the end of the year or the beginning of the next year, you should refigure your MAC based on your actual compensation and actual contributions made to your account. 2010 1040ez tax form If the actual contributions to your account are greater than your MAC, you have excess contributions. 2010 1040ez tax form If, at any time during the year, your employment status or your compensation changes, you should refigure your MAC using a revised estimate of compensation to prevent excess contributions. 2010 1040ez tax form What Happens If I Have Excess Contributions? Certain excess contributions in a 403(b) account can be corrected. 2010 1040ez tax form The effect of an excess 403(b) contribution will depend on the type of excess contribution. 2010 1040ez tax form Types of excess contributions. 2010 1040ez tax form   If, after checking your actual contributions, you determine that you have an excess, the first thing is to identify the type of excess that you have. 2010 1040ez tax form Excess contributions to a 403(b) account are categorized as either an: Excess annual addition, or Excess elective deferral. 2010 1040ez tax form Excess Annual Addition An excess annual addition is a contribution that is more than your limit on annual additions. 2010 1040ez tax form To determine your limit on annual additions, see chapter 3 (chapter 5 for ministers or church employees). 2010 1040ez tax form In the year that your contributions are more than your limit on annual additions, the excess amount will be included in your income. 2010 1040ez tax form Excise Tax If your 403(b) account invests in mutual funds, and you exceed your limit on annual additions, you may be subject to a 6% excise tax on the excess contribution. 2010 1040ez tax form The excise tax does not apply to funds in an annuity account or to excess deferrals. 2010 1040ez tax form You must pay the excise tax each year in which there are excess contributions in your account. 2010 1040ez tax form Excess contributions can be corrected by contributing less than the applicable limit in later years or by making permissible distributions. 2010 1040ez tax form See chapter 8 for a discussion on permissible distributions. 2010 1040ez tax form You cannot deduct the excise tax. 2010 1040ez tax form Reporting requirement. 2010 1040ez tax form   You must file Form 5330 if there has been an excess contribution to a custodial account and that excess has not been corrected. 2010 1040ez tax form Excess Elective Deferral An excess elective deferral is the amount that is more than your limit on elective deferrals. 2010 1040ez tax form To determine your limit on elective deferrals, see chapter 4. 2010 1040ez tax form Your employer's 403(b) plan may contain language permitting it to distribute excess deferrals. 2010 1040ez tax form If so, it may require that in order to get a distribution of excess deferrals, you either notify the plan of the amount of excess deferrals or designate a distribution as an excess deferral. 2010 1040ez tax form The plan may require that the notification or designation be in writing and may require that you certify or otherwise establish that the designated amount is an excess deferral. 2010 1040ez tax form A plan is not required to permit distribution of excess deferrals. 2010 1040ez tax form Correction of excess deferrals during year. 2010 1040ez tax form   If you have excess deferrals for a year, a corrective distribution may be made only if both of the following conditions are satisfied. 2010 1040ez tax form The plan and either you or your employer designate the distribution as an excess deferral to the extent you have excess deferrals for the year. 2010 1040ez tax form The correcting distribution is made after the date on which the excess deferral was made. 2010 1040ez tax form Correction of excess deferrals after the year. 2010 1040ez tax form   If you have excess deferrals for a year, you may receive a correcting distribution of the excess deferral no later than April 15 of the following year. 2010 1040ez tax form The plan can distribute the excess deferral (and any income allocable to the excess) no later than April 15 of the year following the year the excess deferral was made. 2010 1040ez tax form Tax treatment of excess deferrals not attributable to Roth contributions. 2010 1040ez tax form   If the excess deferral is distributed by April 15, it is included in your income in the year contributed and the earnings on the excess deferral will be taxed in the year distributed. 2010 1040ez tax form Tax treatment of excess deferrals attributable to Roth contributions. 2010 1040ez tax form   For these rules, see Regulations section 1. 2010 1040ez tax form 402(g)-1(e). 2010 1040ez tax form Prev  Up  Next   Home   More Online Publications
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Uncertain Tax Positions - Schedule UTP

Third Year of Uncertain Tax Position Reporting

The IRS is currently reviewing its third year of returns filed with Schedule UTP. Beginning with Tax Year 2010, Schedule UTP was a new schedule that certain corporations  used to report uncertain tax positions. Additionally, with Announcement 2010-76, the IRS expanded its policy of restraint in connection with its decision to require certain corporations to file Schedule UTP. Directives to LB&I personnel have been issued setting forth the IRS’s planned treatment of these UTPs by examiners and other personnel.

Submit your questions, comments, or concerns regarding Schedule UTP to the IRS. Although individual responses will not be provided, the IRS will consider submissions in efforts to improve Schedule UTP.

Information about UTP Education and Outreach Efforts:

LB&I is undertaking an education and outreach effort regarding Schedule UTP. LB&I will mail letters to inform certain taxpayers that a review of their Schedule UTP determined that one or more of the concise descriptions they provided did not meet the requirements set forth in the Schedule UTP instructions. If the taxpayer has a valid Power of Attorney on file with the IRS, the Power of Attorney will also receive a copy of this letter.

While the letter requires no action by taxpayers regarding their Schedule UTP, taxpayers are advised to ensure that on any future filings of a Schedule UTP, the concise descriptions follow the Schedule UTP Instructions. All returns filed with a Schedule UTP will continue to be subject to a review in LB&I.

Taxpayers with questions about the letter or the concise descriptions are being referred to this WEB Site.

Related Documents:

Date

Document

Document Description or Originator

 

 

Forms

Instructions

2013 Form 1120 Schedule UTP Instructions for Form 1120 Schedule UTP
2012 Form 1120 Schedule UTP Instructions for Form 1120 Schedule UTP
2011 Form 1120 Schedule UTP Instructions for Form 1120 Schedule UTP
2010 Form 1120 Schedule UTP Instructions for Form 1120 Schedule UTP
 
IRS Pronouncements:
09-24-10 Announcement 2010-76, Policy of Restraint and Uncertain Tax Positions Impact of the Policy of Restraint on Uncertain Tax Positions. 
09-24-10 Announcement 2010-75, Reporting of Uncertain Tax Positions Reporting of Uncertain Tax Positions.
04-19-10 Announcement 2010-30 Schedule UTP draft form and instructions.
03-05-10 Announcement 2010-17 Extension for comment request for Uncertain Tax Position reporting requirements.
01-26-10 Announcement 2010-9 Comment request for Uncertain Tax Position reporting requirements.
 
IRS and LB&I Guidance Memorandums:
05-31-13 Guidance for Preparing UTP Concise Descriptions Specific Guidance
11-01-11

UTP Guidance and Procedures for the Field

Cover memo by Commissioner, LB&I    
11-01-11 LB&I Schedule UTP Guidance Specific guidance
08-31-11 UTP Guidance and Procedures for the Compliance Assurance Process (CAP) Program Commissioner, LB&I memo
05-11-11

Centralized Management of LB&I Returns with UTP Schedules

Commissioner, LB&I memo
03-23-11 Uncertain Tax Positions - Modified Policy of Restraint Commissioner, LB&I memo
09-24-10 Directive for LB&I: Reporting of Uncertain Tax Positions Deputy Commissioner, Services and Enforcement
 
Public Statements and Comments by IRS Executives:
03-26-12 IRS Deputy Commissioner, Service and Enforcement Remarks before Tax Executives Institute  Remarks of Steven T. Miller, Deputy Commissioner, Service and Enforcement Internal Revenue Service Before the Tax Executives Institute, Mid Year Conference
09-24-10 IRS Commissioner Shulman Remarks before the American Bar Association, 9/24/2010   
04-12-10 Remarks of IRS Commissioner Shulman at the Tax Executives Institute Mid-Year Meeting   
01-26-10 IR-2010-13 Remarks of IRS Commissioner Doug Shulman to the New York State Bar Association Taxation Section Annual Meeting
 
Other Documents:
02-04-14 UTP Filing Statistics  
03-14-13 Frequently Asked Questions  

 

Page Last Reviewed or Updated: 26-Feb-2014

The 2010 1040ez Tax Form

2010 1040ez tax form 14. 2010 1040ez tax form   Penalties and Interest Table of Contents Penalties and interest may result from any of the following acts. 2010 1040ez tax form Failing to collect and pay over tax as the collecting agent (see Trust fund recovery penalty, later). 2010 1040ez tax form Failing to keep adequate records. 2010 1040ez tax form Failing to file returns. 2010 1040ez tax form Failing to pay taxes. 2010 1040ez tax form Filing returns late. 2010 1040ez tax form Filing false or fraudulent returns. 2010 1040ez tax form Paying taxes late. 2010 1040ez tax form Failing to make deposits. 2010 1040ez tax form Depositing taxes late. 2010 1040ez tax form Making false statements relating to tax. 2010 1040ez tax form Failing to register. 2010 1040ez tax form Misrepresenting that tax is excluded from the price of an article. 2010 1040ez tax form Failure to register. 2010 1040ez tax form   The penalty for failure to register if you are required to register, unless due to reasonable cause, is $10,000 for the initial failure, and then $1,000 each day thereafter you fail to register. 2010 1040ez tax form Claims. 2010 1040ez tax form   There are criminal penalties for false or fraudulent claims. 2010 1040ez tax form In addition, any person who files a refund claim, discussed earlier, for an excessive amount (without reasonable cause) may have to pay a penalty. 2010 1040ez tax form An excessive amount is the amount claimed that is more than the allowable amount. 2010 1040ez tax form The penalty is the greater of two times the excessive amount or $10. 2010 1040ez tax form Trust fund recovery penalty. 2010 1040ez tax form   If you provide taxable communications, air transportation services, or indoor tanning services, you have to collect excise taxes (as discussed earlier) from those persons who pay you for those services. 2010 1040ez tax form You must pay over these taxes to the U. 2010 1040ez tax form S. 2010 1040ez tax form Government. 2010 1040ez tax form   If you willfully fail to collect or pay over these taxes, or if you evade or defeat them in any way, the trust fund recovery penalty may apply. 2010 1040ez tax form Willfully means voluntarily, consciously, and intentionally. 2010 1040ez tax form The trust fund recovery penalty equals 100% of the taxes not collected or not paid over to the U. 2010 1040ez tax form S. 2010 1040ez tax form Government. 2010 1040ez tax form   The trust fund recovery penalty may be imposed on any person responsible for collecting, accounting for, and paying over these taxes. 2010 1040ez tax form If this person knows that these required actions are not taking place for whatever reason, the person is acting willfully. 2010 1040ez tax form Paying other expenses of the business instead of paying the taxes is willful behavior. 2010 1040ez tax form   A responsible person can be an officer or employee of a corporation, a partner or employee of a partnership, or any other person who had responsibility for certain aspects of the business and financial affairs of the employer (or business). 2010 1040ez tax form This may include accountants, trustees in bankruptcy, members of a board, banks, insurance companies, or sureties. 2010 1040ez tax form The responsible person could even be another corporation—in other words, anyone who has the duty and the ability to direct, account for, or pay over the money. 2010 1040ez tax form Having signature power on the business checking account could be a significant factor in determining responsibility. 2010 1040ez tax form Prev  Up  Next   Home   More Online Publications