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2011 Tax Returns

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2011 Tax Returns

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The 2011 Tax Returns

2011 tax returns 5. 2011 tax returns   Table and Worksheets for the Self-Employed Table of Contents Community property laws. 2011 tax returns 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. 2011 tax returns First, use either the rate table or rate worksheet to find your reduced contribution rate. 2011 tax returns Then complete the deduction worksheet to figure your deduction for contributions. 2011 tax returns 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. 2011 tax returns A SEP plan is treated as a profit-sharing plan. 2011 tax returns However, do not use this worksheet for SARSEPs. 2011 tax returns Rate table for self-employed. 2011 tax returns   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. 2011 tax returns Otherwise, use the rate worksheet provided below. 2011 tax returns   First, find your plan contribution rate (the contribution rate stated in your plan) in Column A of the table. 2011 tax returns Then read across to the rate under Column B. 2011 tax returns Enter the rate from Column B in step 4 of the Deduction Worksheet for Self-Employed on this page. 2011 tax returns    Example. 2011 tax returns You are a sole proprietor with no employees. 2011 tax returns If your plan's contribution rate is 10% of a participant's compensation, your rate is 0. 2011 tax returns 090909. 2011 tax returns Enter this rate in step 4 of the Deduction Worksheet for Self-Employed on this page. 2011 tax returns 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)*. 2011 tax returns For information on other income included in net profit from self-employment, see the Instructions for Schedule SE, Form 1040. 2011 tax returns       *Reduce this amount by any amount reported on Schedule SE (Form 1040), line 1b. 2011 tax returns       **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. 2011 tax returns     Step 2           Enter your deduction for self-employment tax from Form 1040, line 27             Step 3           Net earnings from self-employment. 2011 tax returns 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. 2011 tax returns         • Otherwise, skip steps 9 through 20 and enter the smaller of step 7 or step 8 on step 21. 2011 tax returns       Step 9           Enter your allowable elective deferrals (including designated Roth contributions) made to your self-employed plan during 2013. 2011 tax returns 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. 2011 tax returns         • Otherwise, skip steps 16 through 18 and go to step 19. 2011 tax returns       Step 16           Subtract step 15 from step 14     Step 17           Enter your catch-up contributions (including designated Roth contributions), if any. 2011 tax returns 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. 2011 tax returns     Step 20           Enter the amount of designated Roth contributions included on lines 9 and 17. 2011 tax returns     Step 21           Subtract step 20 from step 19. 2011 tax returns This is your maximum deductible contribution. 2011 tax returns                 Next: Enter your actual contribution, not to exceed your maximum deductible contribution, on Form 1040, line 28. 2011 tax returns   Rate worksheet for self-employed. 2011 tax returns   If your plan's contribution rate is not a whole percentage (for example, 10½%), you cannot use the Rate Table for Self-Employed. 2011 tax returns Use the following worksheet instead. 2011 tax returns Rate Worksheet for Self-Employed 1) Plan contribution rate as a decimal (for example, 10½% = 0. 2011 tax returns 105)   2) Rate in line 1 plus 1 (for example, 0. 2011 tax returns 105 + 1 = 1. 2011 tax returns 105)   3) Self-employed rate as a decimal rounded to at least 3 decimal places (line 1 ÷ line 2) (for example, 0. 2011 tax returns 105 ÷ 1. 2011 tax returns 105 = 0. 2011 tax returns 095)   Figuring your deduction. 2011 tax returns   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. 2011 tax returns Community property laws. 2011 tax returns   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. 2011 tax returns Enter on step 1 the total net profit you actually earned. 2011 tax returns 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 . 2011 tax returns 009901 2 . 2011 tax returns 019608 3 . 2011 tax returns 029126 4 . 2011 tax returns 038462 5 . 2011 tax returns 047619 6 . 2011 tax returns 056604 7 . 2011 tax returns 065421 8 . 2011 tax returns 074074 9 . 2011 tax returns 082569 10 . 2011 tax returns 090909 11 . 2011 tax returns 099099 12 . 2011 tax returns 107143 13 . 2011 tax returns 115044 14 . 2011 tax returns 122807 15 . 2011 tax returns 130435 16 . 2011 tax returns 137931 17 . 2011 tax returns 145299 18 . 2011 tax returns 152542 19 . 2011 tax returns 159664 20 . 2011 tax returns 166667 21 . 2011 tax returns 173554 22 . 2011 tax returns 180328 23 . 2011 tax returns 186992 24 . 2011 tax returns 193548 25* . 2011 tax returns 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. 2011 tax returns Example. 2011 tax returns You are a sole proprietor with no employees. 2011 tax returns The terms of your plan provide that you contribute 8½% (. 2011 tax returns 085) of your compensation to your plan. 2011 tax returns Your net profit from line 31, Schedule C (Form 1040) is $200,000. 2011 tax returns You have no elective deferrals or catch-up contributions. 2011 tax returns Your self-employment tax deduction on line 27 of Form 1040 is $9,728. 2011 tax returns See the filled-in portions of both Schedule SE (Form 1040), Self-Employment Income, and Form 1040, later. 2011 tax returns You figure your self-employed rate and maximum deduction for employer contributions you made for yourself as follows. 2011 tax returns 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)*. 2011 tax returns For information on other income included in net profit from self-employment, see the Instructions for Schedule SE, Form 1040. 2011 tax returns $200,000     *Reduce this amount by any amount reported on Schedule SE (Form 1040), line 1b. 2011 tax returns       **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. 2011 tax returns     Step 2           Enter your deduction for self-employment tax from Form 1040, line 27 9,728           Step 3           Net earnings from self-employment. 2011 tax returns 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. 2011 tax returns 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. 2011 tax returns         • Otherwise, skip steps 9 through 20 and enter the smaller of step 7 or step 8 on step 21. 2011 tax returns       Step 9           Enter your allowable elective deferrals (including designated Roth contributions) made to your self-employed plan during 2013. 2011 tax returns 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. 2011 tax returns         • Otherwise, skip steps 16 through 18 and go to step 19. 2011 tax returns       Step 16           Subtract step 15 from step 14     Step 17           Enter your catch-up contributions (including designated Roth contributions), if any. 2011 tax returns 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. 2011 tax returns     Step 20           Enter the amount of designated Roth contributions included on lines 9 and 17     Step 21           Subtract step 20 from step 19. 2011 tax returns 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. 2011 tax returns   See the filled-in Deduction Worksheet for Self-Employed on this page. 2011 tax returns Rate Worksheet for Self-Employed 1) Plan contribution rate as a decimal (for example, 10½% = 0. 2011 tax returns 105) 0. 2011 tax returns 085 2) Rate in line 1 plus 1 (for example, 0. 2011 tax returns 105 + 1 = 1. 2011 tax returns 105) 1. 2011 tax returns 085 3) Self-employed rate as a decimal rounded to at least 3 decimal places (line 1 ÷ line 2) (for example, 0. 2011 tax returns 105 ÷ 1. 2011 tax returns 105 = 0. 2011 tax returns 095) 0. 2011 tax returns 078 This image is too large to be displayed in the current screen. 2011 tax returns Please click the link to view the image. 2011 tax returns Portion of Form 1040 and Portion of Schedule SE Prev  Up  Next   Home   More Online Publications