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2012 Form 1040

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2012 Form 1040

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Recent Developments for Tax Forms, Instructions, and Publications

Note to Users of Form 1042 --27-MAR-2014
 

Correction to Instructions for Form 706-NA --07-MAR-2014
 

Retiring Form 5300 (Schedule Q), Elective Determination Requests, and the Instructions -- 28-FEB-2014
 

Correction to 2013 Instructions for Form 1041 and Schedules A, B, G, J, and K-1 -- 20-FEB-2014
 

Clarification for Form 8879, IRS e-file Signature Authorization --13-FEB-2014
 

Update to Fax Numbers for Filing Form 2848 --13-FEB-2014
 

Reminder for Employers: No Federal Income Tax Withholding on Disability Payments for Injuries Incurred as a Direct Result of a Terrorist Attack Directed Against the United States -- 04-FEB-2014
 

The Form 706-D and the Instructions for Form 706-D are Retired. The Information will not be included in another product. -- 03-FEB-2014
 

The Publication 5500 Filing Reminder is Obsolete -- 03-FEB-2014
 

Change: Schedule D-1 (Form 1041) Will No Longer be Revised or Used, Beginning with Tax Year 2013 -- 24-JAN-2014
 

Correction to 2013 Instructions for Schedule H (Form 990) -- 23-JAN-2014
 

Important Information Regarding Additional Medicare Tax -- 23-JAN-2014
 

Personal Exemption Update for Qualified Disability Trusts Subject to Phaseout for 2013 Form 1041-ES, Estimated Income Tax for Estates and Trusts -- 13-JAN-2014
 

Final Release of 2013 Original Issue Discount (OID) Tables -- 10-JAN-2014
 

Corrections to the 2013 Instructions for Form 1116, Foreign Tax Credit (Individual, Estate, or Trust)--10 JAN 2014
 

Correction to 2013 Schedule K-1 (Form 1041), Beneficiary’s Share of Income, Deductions, Credits, etc. -- 8-JAN-2014
 

Corrections to Publication 1212 (Rev. December 2013), Guide to Original Issue Discount (OID) Instruments, Examples 5 and 6 -- 08-JAN-2014
 

Correction to 2013 Instructions for Form 709 United States Gift (and Generation-Skipping Transfer) Tax Return -- 07-JAN-14
 

Correction to 2013 Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return -- 07-JAN-2014
 

Update to the Instructions for Form 9465, Installment Agreement Request (Rev. December 2013) -- 06-JAN-2014
 

Correction to 2013 Instructions for Form 709 United States Gift (and Generation-Skipping Transfer) Tax Return -- 31-DEC-2013
 

Correction to 2013 Schedule I (Form 1041), Alternative Minimum Tax - Estates and Trusts -- 22-DEC-2013
 

Update for Filers of Form 8958, Allocation of Tax Amounts Between Certain Individuals in Community Property States -- 16-DEC-2013
 

Update to Publication 555, Community Property -- 13-DEC-2013
 

Correction to Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return -- 03-DEC-2013
 

Corrections to 2013 Instructions for Form 706 United States Estate (and Generation-Skipping Transfer) Tax Return (Nov-12-2013) -- 25-NOV-2013
 

Change to the 2014 Specific Instructions for Form 1099-C, Box 2. Amount of Debt Discharged -- 07-NOV-13


Change to the 2013 Instructions for Form 1099-R for reporting certain distributions from nonqualified plans -- 06-NOV-13
 

Correction to 2013 Instructions for Schedule R (Form 990) -- 06-NOV-13
 

Form 5884-B, New Hire Retention Credit, is identified as a historical form and cannot be used with a current year federal tax return -- 5-NOV-2013
 

Additional Instructions for 2012 Form 8949, Sales and Other Dispositions of Capital Assets -- 27-AUG-2013
 

Update to 2012 Instructions for Form 990-T -- 12-AUG-2013
 

Update to 2012 Instructions for Form 990-EZ -- 12-AUG-2013
 

Changes to the 2013 Form 1096, Box 5 Reporting Instructions for Form 1099-B -- 09-AUG-2013
 

Change to Filing Address for Form SS-8, Determination of Worker Status for Purposes of Federal Employment Taxes and Income Tax Withholding -- 22-MAY-2013
 

Clarification for Form 1024, Application for Recognition of Exemption Under Section 501(a) (Rev. September 1998) -- 02-MAY-2013
 

Page Last Reviewed or Updated: 31-Mar-2014

The 2012 Form 1040

2012 form 1040 4. 2012 form 1040   Limit on Elective Deferrals Table of Contents Excess elective deferrals. 2012 form 1040 General Limit 15-Year RuleYears of Service Figuring the Limit on Elective DeferralsExample The second and final component of MAC is the limit on elective deferrals. 2012 form 1040 This is a limit on the amount of contributions that can be made to your account through a salary reduction agreement. 2012 form 1040 A salary reduction agreement is an agreement between you and your employer that allows for a portion of your compensation to be directly invested in a 403(b) account on your behalf. 2012 form 1040 You can enter into more than one salary reduction agreement during a year. 2012 form 1040 More than one 403(b) account. 2012 form 1040 If, for any year, elective deferrals are contributed to more than one 403(b) account for you (whether or not with the same employer), you must combine all the elective deferrals to determine whether the total is more than the limit for that year. 2012 form 1040 403(b) plan and another retirement plan. 2012 form 1040 If, during the year, contributions in the form of elective deferrals are made to other retirement plans on your behalf, you must combine all of the elective deferrals to determine if they are more than your limit on elective deferrals. 2012 form 1040 The limit on elective deferrals applies to amounts contributed to: 401(k) plans, to the extent excluded from income, Roth contribution programs, Section 501(c)(18) plans, to the extent excluded from income, Savings incentive match plan for employees (SIMPLE plans), Simplified employee pension (SEP) plans, and All 403(b) plans. 2012 form 1040 Roth contribution program. 2012 form 1040   Your 403(b) plan may allow you to designate all or a portion of your elective deferrals as Roth contributions. 2012 form 1040 Elective deferrals designated as Roth contributions must be maintained in a separate Roth account and are not excludable from your gross income. 2012 form 1040   The maximum amount of contributions allowed under a Roth contribution program is your limit on elective deferrals, less your elective deferrals not designated as Roth contributions. 2012 form 1040 For more information on the Roth contribution program, see Publication 560, Retirement Plans for Small Business. 2012 form 1040 Excess elective deferrals. 2012 form 1040   If the amount contributed is more than the allowable limit, you must include the excess that is not a Roth contribution in your gross income for the year contributed. 2012 form 1040 General Limit Under the general limit on elective deferrals, the most that can be contributed to your 403(b) account through a salary reduction agreement is $17,500 for 2013 and 2014. 2012 form 1040 This limit applies without regard to community property laws. 2012 form 1040 15-Year Rule If you have at least 15 years of service with an educational organization (such as a public or private school), hospital, home health service agency, health and welfare service agency, church, or convention or association of churches (or associated organization), the limit on elective deferrals to your 403(b) account is increased by the least of: $3,000, $15,000, reduced by the sum of: The additional pre-tax elective deferrals made in prior years because of this rule, plus The aggregate amount of designated Roth contributions permitted for prior years because of this rule, or $5,000 times the number of your years of service for the organization, minus the total elective deferrals made by your employer on your behalf for earlier years. 2012 form 1040 If you qualify for the 15-year rule, your elective deferrals under this limit can be as high as $20,500 for 2013 and 2014. 2012 form 1040 To determine whether you have 15 years of service with your employer, see Years of Service , next. 2012 form 1040 Years of Service To determine if you are eligible for the increased limit on elective deferrals, you will first need to figure your years of service. 2012 form 1040 How you figure your years of service depends on whether you were a full-time or a part-time employee, whether you worked for the full year or only part of the year, and whether you have worked for your employer for an entire year. 2012 form 1040 You must figure years of service for each year during which you worked for the employer who is maintaining your 403(b) account. 2012 form 1040 If more than one employer maintains a 403(b) account for you in the same year, you must figure years of service separately for each employer. 2012 form 1040 Definition Your years of service are the total number of years you have worked as a full time employee for the employer maintaining your 403(b) account as of the end of the year. 2012 form 1040 Figuring Your Years of Service Take the following rules into account when figuring your years of service. 2012 form 1040 Status of employer. 2012 form 1040   Your years of service include only periods during which your employer was a qualified employer. 2012 form 1040 Your plan administrator can tell you whether or not your employer was qualified during all your periods of service. 2012 form 1040 Service with one employer. 2012 form 1040   Generally, you cannot count service for any employer other than the one who maintains your 403(b) account. 2012 form 1040 Church employee. 2012 form 1040   If you are a church employee, treat all of your years of service with related church organizations as years of service with the same employer. 2012 form 1040 For more information about church employees, see chapter 5. 2012 form 1040 Self-employed ministers. 2012 form 1040   If you are a self-employed minister, your years of service include full and part years in which you have been treated as employed by a tax-exempt organization that is a qualified employer. 2012 form 1040 Total years of service. 2012 form 1040   When figuring prior years of service, figure each year individually and then add the individual years of service to determine your total years of service. 2012 form 1040 Example. 2012 form 1040 The annual work period for full-time teachers employed by ABC Public Schools is September through December and February through May. 2012 form 1040 Marsha began working with ABC schools in September 2009. 2012 form 1040 She has always worked full-time for each annual work period. 2012 form 1040 At the end of 2013, Marsha had 4. 2012 form 1040 5 years of service with ABC Public Schools, as shown in Table 4-1. 2012 form 1040 Table 4-1. 2012 form 1040 Marsha's Years of Service Note. 2012 form 1040 This table shows how Marsha figures her years of service, as explained in the previous example. 2012 form 1040 Year Period Worked Portion of Work Period Years of Service 2009 Sept. 2012 form 1040 –Dec. 2012 form 1040 . 2012 form 1040 5 year . 2012 form 1040 5 year 2010 Feb. 2012 form 1040 –May . 2012 form 1040 5 year 1 year Sept. 2012 form 1040 –Dec. 2012 form 1040 . 2012 form 1040 5 year 2011 Feb. 2012 form 1040 –May . 2012 form 1040 5 year 1 year Sept. 2012 form 1040 –Dec. 2012 form 1040 . 2012 form 1040 5 year 2012 Feb. 2012 form 1040 –May . 2012 form 1040 5 year 1 year Sept. 2012 form 1040 –Dec. 2012 form 1040 . 2012 form 1040 5 year 2013 Feb. 2012 form 1040 –May . 2012 form 1040 5 year 1 year Sept. 2012 form 1040 –Dec. 2012 form 1040 . 2012 form 1040 5 year Total years of service 4. 2012 form 1040 5 years Full-time or part-time. 2012 form 1040   To figure your years of service, you must analyze each year individually and determine whether you worked full-time for the full year or something other than full-time. 2012 form 1040 When determining whether you worked full-time or something other than full-time, use your employer's annual work period as the standard. 2012 form 1040 Employer's annual work period. 2012 form 1040   Your employer's annual work period is the usual amount of time an individual working full-time in a specific position is required to work. 2012 form 1040 Generally, this period of time is expressed in days, weeks, months, or semesters, and can span 2 calendar years. 2012 form 1040 Note. 2012 form 1040 You cannot accumulate more than 1 year of service in a 12-month period. 2012 form 1040 Example. 2012 form 1040 All full-time teachers at ABC Public Schools are required to work both the September through December semester and the February through May semester. 2012 form 1040 Therefore, the annual work period for full-time teachers employed by ABC Public Schools is September through December and February through May. 2012 form 1040 Teachers at ABC Public Schools who work both semesters in the same calendar year are considered working a full year of service in that calendar year. 2012 form 1040 Full-Time Employee for the Full Year Count each full year during which you were employed full-time as 1 year of service. 2012 form 1040 In determining whether you were employed full-time, compare the amount of work you were required to perform with the amount of work normally required of others who held the same position with the same employer and who generally received most of their pay from the position. 2012 form 1040 How to compare. 2012 form 1040   You can use any method that reasonably and accurately reflects the amount of work required. 2012 form 1040 For example, if you are a teacher, you can use the number of hours of classroom instruction as a measure of the amount of work required. 2012 form 1040   In determining whether positions with the same employer are the same, consider all of the facts and circumstances concerning the positions, including the work performed, the methods by which pay is determined, and the descriptions (or titles) of the positions. 2012 form 1040 Example. 2012 form 1040 An assistant professor employed in the English department of a university will be considered a full-time employee if the amount of work that he or she is required to perform is the same as the amount of work normally required of assistant professors of English at that university who get most of their pay from that position. 2012 form 1040   If no one else works for your employer in the same position, compare your work with the work normally required of others who held the same position with similar employers or similar positions with your employer. 2012 form 1040 Full year of service. 2012 form 1040   A full year of service for a particular position means the usual annual work period of anyone employed full-time in that general type of work at that place of employment. 2012 form 1040 Example. 2012 form 1040 If a doctor works for a hospital 12 months of a year except for a 1-month vacation, the doctor will be considered as employed for a full year if the other doctors at that hospital also work 11 months of the year with a 1-month vacation. 2012 form 1040 Similarly, if the usual annual work period at a university consists of the fall and spring semesters, an instructor at that university who teaches these semesters will be considered as working a full year. 2012 form 1040 Other Than Full-Time for the Full Year If, during any year, you were employed full-time for only part of your employer's annual work period, part-time for the entire annual work period, or part-time for only part of the work period, your year of service for that year is a fraction of your employer's annual work period. 2012 form 1040 Full-time for part of the year. 2012 form 1040   If, during a year, you were employed full-time for only part of your employer's annual work period, figure the fraction for that year as follows: The numerator (top number) is the number of weeks, months, or semesters you were a full-time employee. 2012 form 1040 The denominator (bottom number) is the number of weeks, months, or semesters considered the normal annual work period for the position. 2012 form 1040 Example. 2012 form 1040 Jason was employed as a full-time instructor by a local college for the 4 months of the 2013 spring semester (February 2013 through May 2013). 2012 form 1040 The annual work period for the college is 8 months (February through May and July through October). 2012 form 1040 Given these facts, Jason was employed full-time for part of the annual work period and provided ½ of a year of service. 2012 form 1040 Jason's years of service computation for 2013 is as follows: Number of months Jason worked = 4 = 1 Number of months in annual work period 8 2 Part-time for the full year. 2012 form 1040   If, during a year, you were employed part-time for the employer's entire annual work period, you figure the fraction for that year as follows: The numerator (top number) is the number of hours or days you worked. 2012 form 1040 The denominator (bottom number) is the number of hours or days normally required of someone holding the same position who works full-time. 2012 form 1040 Example. 2012 form 1040 Vance teaches one course at a local medical school. 2012 form 1040 He teaches 3 hours per week for two semesters. 2012 form 1040 Other faculty members at the same school teach 9 hours per week for two semesters. 2012 form 1040 The annual work period of the medical school is two semesters. 2012 form 1040 An instructor teaching 9 hours a week for two semesters is considered a full-time employee. 2012 form 1040 Given these facts, Vance has worked part-time for a full annual work period. 2012 form 1040 Vance has completed 1/3 of a year of service, figured as shown below. 2012 form 1040 Number of hours per week Vance worked = 3 = 1 Number of hours per week considered full-time 9 3 Part-time for part of the year. 2012 form 1040   If, during any year, you were employed part-time for only part of your employer's annual work period, you figure your fraction for that year by multiplying two fractions. 2012 form 1040   Figure the first fraction as though you had worked full-time for part of the annual work period. 2012 form 1040 The fraction is as follows: The numerator (top number) is the number of weeks, months, or semesters you were a full-time employee. 2012 form 1040 The denominator (bottom number) is the number of weeks, months, or semesters considered the normal annual work period for the position. 2012 form 1040   Figure the second fraction as though you had worked part-time for the entire annual work period. 2012 form 1040 The fraction is as follows: The numerator (top number) is the number of hours or days you worked. 2012 form 1040 The denominator (bottom number) is the number of hours or days normally required of someone holding the same position who works full-time. 2012 form 1040   Once you have figured these two fractions, multiply them together to determine the fraction representing your partial year of service for the year. 2012 form 1040 Example. 2012 form 1040 Maria, an attorney, teaches a course for one semester at a law school. 2012 form 1040 She teaches 3 hours per week. 2012 form 1040 The annual work period for teachers at the school is two semesters. 2012 form 1040 All full-time instructors at the school are required to teach 12 hours per week. 2012 form 1040 Based on these facts, Maria is employed part-time for part of the annual work period. 2012 form 1040 Her year of service for this year is determined by multiplying two fractions. 2012 form 1040 Her computation is as follows: Maria's first fraction Number of semesters Maria worked = 1 Number of semesters in annual work period 2 Maria's second fraction Number of hours Maria worked per week = 3 = 1 Number of hours per week considered full-time 12 4 Maria would multiply these fractions to obtain the fractional year of service: 1 x 1 = 1         2 4 8         Figuring the Limit on Elective Deferrals You can use Part II of Worksheet 1 in chapter 9 to figure the limit on elective deferrals. 2012 form 1040 Example Floyd has figured his limit on annual additions. 2012 form 1040 The only other component needed before he can determine his MAC for 2014 is his limit on elective deferrals. 2012 form 1040 Figuring Floyd's limit on elective deferrals. 2012 form 1040   Floyd has been employed with his current employer for less than 15 years. 2012 form 1040 He is not eligible for the special 15-year increase. 2012 form 1040 Therefore, his limit on elective deferrals for 2014 is $17,500 as shown in Table 4-2. 2012 form 1040 Floyd's employer will not make any nonelective contributions to his 403(b) account and Floyd will not make any after-tax contributions. 2012 form 1040 Additionally, Floyd's employer does not offer a Roth contribution program. 2012 form 1040 Figuring Floyd's MAC Floyd has determined that his limit on annual additions for 2014 is $52,000 and his limit on elective deferrals is $17,500. 2012 form 1040 Because elective deferrals are the only contributions made to Floyd's account, the maximum amount that can be contributed to a 403(b) account on Floyd's behalf in 2014 is $17,500, the lesser of both limits. 2012 form 1040 Table 4-2. 2012 form 1040 Worksheet 1. 2012 form 1040 Maximum Amount Contributable (MAC) Note. 2012 form 1040 Use this worksheet to figure your MAC. 2012 form 1040 Part I. 2012 form 1040 Limit on Annual Additions     1. 2012 form 1040 Enter your includible compensation for your most recent year of service 1. 2012 form 1040 $70,475 2. 2012 form 1040 Maximum: For 2013 enter $51,000 For 2014 enter $52,000 2. 2012 form 1040 52,000 3. 2012 form 1040 Enter the lesser of line 1 or line 2. 2012 form 1040 This is your limit on annual additions 3. 2012 form 1040 52,000   Caution: If you had only nonelective contributions, skip Part II and enter the amount from line 3 on line 18. 2012 form 1040     Part II. 2012 form 1040 Limit on Elective Deferrals     4. 2012 form 1040 Maximum contribution: For 2013, enter $17,500 For 2014, enter $17,500 4. 2012 form 1040 17,500   Note. 2012 form 1040 If you have at least 15 years of service with a qualifying organization, complete lines 5 through 17. 2012 form 1040 If not, enter zero (-0-) on line 16 and go to line 17. 2012 form 1040     5. 2012 form 1040 Amount per year of service 5. 2012 form 1040 5,000 6. 2012 form 1040 Enter your years of service 6. 2012 form 1040   7. 2012 form 1040 Multiply line 5 by line 6 7. 2012 form 1040   8. 2012 form 1040 Enter the total of all elective deferrals made for you by the qualifying organization for prior years 8. 2012 form 1040   9. 2012 form 1040 Subtract line 8 from line 7. 2012 form 1040 If zero or less, enter zero (-0-) 9. 2012 form 1040   10. 2012 form 1040 Maximum increase in limit for long service 10. 2012 form 1040 15,000 11. 2012 form 1040 Enter the total of additional pre-tax elective deferrals made in prior years under the 15-year rule 11. 2012 form 1040   12. 2012 form 1040 Enter the aggregate amount of all designated Roth contributions permitted for prior years under the 15-year rule 12. 2012 form 1040   13. 2012 form 1040 Add lines 11 and 12 13. 2012 form 1040   14. 2012 form 1040 Subtract line 13 from line 10 14. 2012 form 1040   15. 2012 form 1040 Maximum additional contributions 15. 2012 form 1040 3,000 16. 2012 form 1040 Enter the least of lines 9, 14, or 15. 2012 form 1040 This is your increase in the limit for long service 16. 2012 form 1040 -0- 17. 2012 form 1040 Add lines 4 and 16. 2012 form 1040 This is your limit on elective deferrals 17. 2012 form 1040 17,500   Part III. 2012 form 1040 Maximum Amount Contributable     18. 2012 form 1040 If you had only nonelective contributions, enter the amount from line 3. 2012 form 1040 This is your MAC. 2012 form 1040    If you had only elective deferrals, enter the lesser of lines 3 or 17. 2012 form 1040 This is your MAC. 2012 form 1040    If you had both elective deferrals and nonelective contributions, enter the amount from line 3. 2012 form 1040 This is your MAC. 2012 form 1040 (Use the amount on line 17 to determine if you have excess elective deferrals as explained in chapter 7. 2012 form 1040 ) 18. 2012 form 1040 $17,500 Prev  Up  Next   Home   More 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