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Buy turbotax 2011 7. Buy turbotax 2011   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. Buy turbotax 2011 Excess contributions can result in income tax, additional taxes, and penalties. Buy turbotax 2011 The effect of excess contributions depends on the type of excess contribution. Buy turbotax 2011 This chapter discusses excess contributions to your 403(b) account. Buy turbotax 2011 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. Buy turbotax 2011 If the actual contributions to your account are greater than your MAC, you have excess contributions. Buy turbotax 2011 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. Buy turbotax 2011 What Happens If I Have Excess Contributions? Certain excess contributions in a 403(b) account can be corrected. Buy turbotax 2011 The effect of an excess 403(b) contribution will depend on the type of excess contribution. Buy turbotax 2011 Types of excess contributions. Buy turbotax 2011   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. Buy turbotax 2011 Excess contributions to a 403(b) account are categorized as either an: Excess annual addition, or Excess elective deferral. Buy turbotax 2011 Excess Annual Addition An excess annual addition is a contribution that is more than your limit on annual additions. Buy turbotax 2011 To determine your limit on annual additions, see chapter 3 (chapter 5 for ministers or church employees). Buy turbotax 2011 In the year that your contributions are more than your limit on annual additions, the excess amount will be included in your income. Buy turbotax 2011 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. Buy turbotax 2011 The excise tax does not apply to funds in an annuity account or to excess deferrals. Buy turbotax 2011 You must pay the excise tax each year in which there are excess contributions in your account. Buy turbotax 2011 Excess contributions can be corrected by contributing less than the applicable limit in later years or by making permissible distributions. Buy turbotax 2011 See chapter 8 for a discussion on permissible distributions. Buy turbotax 2011 You cannot deduct the excise tax. Buy turbotax 2011 Reporting requirement. Buy turbotax 2011   You must file Form 5330 if there has been an excess contribution to a custodial account and that excess has not been corrected. Buy turbotax 2011 Excess Elective Deferral An excess elective deferral is the amount that is more than your limit on elective deferrals. Buy turbotax 2011 To determine your limit on elective deferrals, see chapter 4. Buy turbotax 2011 Your employer's 403(b) plan may contain language permitting it to distribute excess deferrals. Buy turbotax 2011 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. Buy turbotax 2011 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. Buy turbotax 2011 A plan is not required to permit distribution of excess deferrals. Buy turbotax 2011 Correction of excess deferrals during year. Buy turbotax 2011   If you have excess deferrals for a year, a corrective distribution may be made only if both of the following conditions are satisfied. Buy turbotax 2011 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. Buy turbotax 2011 The correcting distribution is made after the date on which the excess deferral was made. Buy turbotax 2011 Correction of excess deferrals after the year. Buy turbotax 2011   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. Buy turbotax 2011 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. Buy turbotax 2011 Tax treatment of excess deferrals not attributable to Roth contributions. Buy turbotax 2011   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. Buy turbotax 2011 Tax treatment of excess deferrals attributable to Roth contributions. Buy turbotax 2011   For these rules, see Regulations section 1. Buy turbotax 2011 402(g)-1(e). Buy turbotax 2011 Prev  Up  Next   Home   More Online Publications
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Understanding your CP12R Notice

We made changes to the computation of the Rebate Recovery Credit on your return.

Printable samples of this notice (PDF)

Tax publications you may find useful

How to get help

Calling the 1-800 number listed on the top right corner of your notice is the fastest way to get your questions answered.

You can also authorize someone (such as an accountant) to contact the IRS on your behalf using this Power of Attorney and Declaration of Representative (Form 2848).

Or you may qualify for help from a Low Income Taxpayer Clinic.
 


What you need to do

  • Review the notice, and compare our changes to the information on your tax return.
  • If you agree with the changes we made, do nothing; you should receive a refund check in 4-6 weeks, as long as you don't owe other tax or debts we're required to collect.
  • If you don't agree, call 1-800-829-8374 to review your account or contact us by mail. Include any correspondence or documentation.

You may want to...


Answers to Common Questions

Why did I receive this notice?
We issue Notice CP12R when we correct one or more mistakes on your tax return, and

  • The overpayment is different from the one you expected, or
  • You have an overpayment when you thought you owed money or had an even balance, or
  • We computed your Recovery Rebate Credit for you on your tax return.

How can I find out what caused my tax return to change?
Please contact us at the toll free number listed on the top right corner of your notice for specific information concerning your tax return.

What should I do if I disagree with the changes you made?
If you disagree, contact us at the toll free number listed on the top right corner of your notice.

What is the Rebate Recovery Credit?
The Recovery Rebate Credit is a special one-time benefit that most people received in 2008 in the form of an Economic Stimulus Payment. Learn more about the Recovery Rebate Credit.


Tips for next year

Consider filing your taxes electronically. Filing online can help you avoid mistakes and find credits and deductions that you may qualify for. In many cases you can file for free. Learn more about e-file.

Page Last Reviewed or Updated: 19-Feb-2014

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Buy turbotax 2011 15. Buy turbotax 2011   Examination and Appeal Procedures If your excise tax return is examined and you disagree with the findings, you can get information about audit and appeal procedures from Publication 556, Examination of Returns, Appeal Rights, and Claims for Refund. Buy turbotax 2011 An unagreed case involving an excise tax covered in this publication differs from other tax cases in that you can only contest it in court after payment of the tax by filing suit for a refund in the United States District Court or the United States Court of Federal Claims. Buy turbotax 2011 Prev  Up  Next   Home   More Online Publications