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Can I File 2011 Taxes With Turbotax

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Can I File 2011 Taxes With Turbotax

Can i file 2011 taxes with turbotax Index A Advance EIC tables, instructions, Advance Payment Methods for the Earned Income Credit (EIC) Aliens, nonresident, Withholding Income Taxes on the Wages of Nonresident Alien Employees Alternative methods of withholding, Alternative Methods for Figuring Withholding C Combined income tax, employee social security tax, and employee Medicare tax withholding tables, Combined Income Tax, Employee Social Security Tax, and Employee Medicare Tax Withholding Tables F Formula tables for percentage method withholding (for automated payroll systems), Formula Tables for Percentage Method Withholding (for Automated Payroll Systems) I Introduction, Introduction N Nonresident alien employees, Withholding Income Taxes on the Wages of Nonresident Alien Employees Notice to employers, Notice to Employers Q Qualified transportation benefits Commuter highway vehicle transportation, Increased Exclusion Amount for Combined Commuter Highway Vehicle Transportation and Transit Passes Transit passes, Increased Exclusion Amount for Combined Commuter Highway Vehicle Transportation and Transit Passes W Wage bracket percentage method tables (for automated payroll systems), Wage Bracket Percentage Method Tables (for Automated Payroll Systems) Withholding income taxes on wages Nonresident alien employees, Withholding Income Taxes on the Wages of Nonresident Alien Employees Withholding: Alternative methods, Alternative Methods for Figuring Withholding Percentage method, Percentage Method Wage bracket method, Wage Bracket Method Prev  Up     Home   More Online Publications
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The Can I File 2011 Taxes With Turbotax

Can i file 2011 taxes with turbotax 2. Can i file 2011 taxes with turbotax   Simplified Employee Pensions (SEPs) Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: Setting Up a SEPWhen not to use Form 5305-SEP. Can i file 2011 taxes with turbotax How Much Can I Contribute?Contribution Limits Deducting ContributionsDeduction Limit for Contributions for Participants Deduction Limit for Self-Employed Individuals Carryover of Excess SEP Contributions When To Deduct Contributions Where To Deduct Contributions Salary Reduction Simplified Employee Pensions (SARSEPs)SARSEP ADP test. Can i file 2011 taxes with turbotax Deferral percentage. Can i file 2011 taxes with turbotax Employee compensation. Can i file 2011 taxes with turbotax Compensation of self-employed individuals. Can i file 2011 taxes with turbotax Choice not to treat deferrals as compensation. Can i file 2011 taxes with turbotax Limit on Elective Deferrals Tax Treatment of Deferrals Distributions (Withdrawals) Additional TaxesEffects on employee. Can i file 2011 taxes with turbotax Reporting and Disclosure Requirements Topics - This chapter discusses: Setting up a SEP How much can I contribute Deducting contributions Salary reduction simplified employee pensions (SARSEPs) Distributions (withdrawals) Additional taxes Reporting and disclosure requirements Useful Items - You may want to see: Publication 590 Individual Retirement Arrangements (IRAs) 3998 Choosing A Retirement Solution for Your Small Business 4285 SEP Checklist 4286 SARSEP Checklist 4333 SEP Retirement Plans for Small Businesses 4336 SARSEP for Small Businesses 4407 SARSEP—Key Issues and Assistance Forms (and Instructions) W-2 Wage and Tax Statement 1040 U. Can i file 2011 taxes with turbotax S. Can i file 2011 taxes with turbotax Individual Income Tax Return 5305-SEP Simplified Employee Pension—Individual Retirement Accounts Contribution Agreement 5305A-SEP Salary Reduction Simplified Employee Pension—Individual Retirement Accounts Contribution Agreement 8880 Credit for Qualified Retirement Savings Contributions 8881 Credit for Small Employer Pension Plan Startup Costs A SEP is a written plan that allows you to make contributions toward your own retirement and your employees' retirement without getting involved in a more complex qualified plan. Can i file 2011 taxes with turbotax Under a SEP, you make contributions to a traditional individual retirement arrangement (called a SEP-IRA) set up by or for each eligible employee. Can i file 2011 taxes with turbotax A SEP-IRA is owned and controlled by the employee, and you make contributions to the financial institution where the SEP-IRA is maintained. Can i file 2011 taxes with turbotax SEP-IRAs are set up for, at a minimum, each eligible employee (defined below). Can i file 2011 taxes with turbotax A SEP-IRA may have to be set up for a leased employee (defined in chapter 1), but does not need to be set up for excludable employees (defined later). Can i file 2011 taxes with turbotax Eligible employee. Can i file 2011 taxes with turbotax   An eligible employee is an individual who meets all the following requirements. Can i file 2011 taxes with turbotax Has reached age 21. Can i file 2011 taxes with turbotax Has worked for you in at least 3 of the last 5 years. Can i file 2011 taxes with turbotax Has received at least $550 in compensation from you in 2013. Can i file 2011 taxes with turbotax This amount remains the same in 2014. Can i file 2011 taxes with turbotax    You can use less restrictive participation requirements than those listed, but not more restrictive ones. Can i file 2011 taxes with turbotax Excludable employees. Can i file 2011 taxes with turbotax   The following employees can be excluded from coverage under a SEP. Can i file 2011 taxes with turbotax Employees covered by a union agreement and whose retirement benefits were bargained for in good faith by the employees' union and you. Can i file 2011 taxes with turbotax Nonresident alien employees who have received no U. Can i file 2011 taxes with turbotax S. Can i file 2011 taxes with turbotax source wages, salaries, or other personal services compensation from you. Can i file 2011 taxes with turbotax For more information about nonresident aliens, see Publication 519, U. Can i file 2011 taxes with turbotax S. Can i file 2011 taxes with turbotax Tax Guide for Aliens. Can i file 2011 taxes with turbotax Setting Up a SEP There are three basic steps in setting up a SEP. Can i file 2011 taxes with turbotax You must execute a formal written agreement to provide benefits to all eligible employees. Can i file 2011 taxes with turbotax You must give each eligible employee certain information about the SEP. Can i file 2011 taxes with turbotax A SEP-IRA must be set up by or for each eligible employee. Can i file 2011 taxes with turbotax Many financial institutions will help you set up a SEP. Can i file 2011 taxes with turbotax Formal written agreement. Can i file 2011 taxes with turbotax   You must execute a formal written agreement to provide benefits to all eligible employees under a SEP. Can i file 2011 taxes with turbotax You can satisfy the written agreement requirement by adopting an IRS model SEP using Form 5305-SEP. Can i file 2011 taxes with turbotax However, see When not to use Form 5305-SEP, below. Can i file 2011 taxes with turbotax   If you adopt an IRS model SEP using Form 5305-SEP, no prior IRS approval or determination letter is required. Can i file 2011 taxes with turbotax Keep the original form. Can i file 2011 taxes with turbotax Do not file it with the IRS. Can i file 2011 taxes with turbotax Also, using Form 5305-SEP will usually relieve you from filing annual retirement plan information returns with the IRS and the Department of Labor. Can i file 2011 taxes with turbotax See the Form 5305-SEP instructions for details. Can i file 2011 taxes with turbotax If you choose not to use Form 5305-SEP, you should seek professional advice in adopting a SEP. Can i file 2011 taxes with turbotax When not to use Form 5305-SEP. Can i file 2011 taxes with turbotax   You cannot use Form 5305-SEP if any of the following apply. Can i file 2011 taxes with turbotax You currently maintain any other qualified retirement plan other than another SEP. Can i file 2011 taxes with turbotax You have any eligible employees for whom IRAs have not been set up. Can i file 2011 taxes with turbotax You use the services of leased employees, who are not your common-law employees (as described in chapter 1). Can i file 2011 taxes with turbotax You are a member of any of the following unless all eligible employees of all the members of these groups, trades, or businesses participate under the SEP. Can i file 2011 taxes with turbotax An affiliated service group described in section 414(m). Can i file 2011 taxes with turbotax A controlled group of corporations described in section 414(b). Can i file 2011 taxes with turbotax Trades or businesses under common control described in section 414(c). Can i file 2011 taxes with turbotax You do not pay the cost of the SEP contributions. Can i file 2011 taxes with turbotax Information you must give to employees. Can i file 2011 taxes with turbotax   You must give each eligible employee a copy of Form 5305-SEP, its instructions, and the other information listed in the Form 5305-SEP instructions. Can i file 2011 taxes with turbotax An IRS model SEP is not considered adopted until you give each employee this information. Can i file 2011 taxes with turbotax Setting up the employee's SEP-IRA. Can i file 2011 taxes with turbotax   A SEP-IRA must be set up by or for each eligible employee. Can i file 2011 taxes with turbotax SEP-IRAs can be set up with banks, insurance companies, or other qualified financial institutions. Can i file 2011 taxes with turbotax You send SEP contributions to the financial institution where the SEP-IRA is maintained. Can i file 2011 taxes with turbotax Deadline for setting up a SEP. Can i file 2011 taxes with turbotax   You can set up a SEP for any year as late as the due date (including extensions) of your income tax return for that year. Can i file 2011 taxes with turbotax Credit for startup costs. Can i file 2011 taxes with turbotax   You may be able to claim a tax credit for part of the ordinary and necessary costs of starting a SEP that first became effective in 2013. Can i file 2011 taxes with turbotax For more information, see Credit for startup costs under Reminders, earlier. Can i file 2011 taxes with turbotax How Much Can I Contribute? The SEP rules permit you to contribute a limited amount of money each year to each employee's SEP-IRA. Can i file 2011 taxes with turbotax If you are self-employed, you can contribute to your own SEP-IRA. Can i file 2011 taxes with turbotax Contributions must be in the form of money (cash, check, or money order). Can i file 2011 taxes with turbotax You cannot contribute property. Can i file 2011 taxes with turbotax However, participants may be able to transfer or roll over certain property from one retirement plan to another. Can i file 2011 taxes with turbotax See Publication 590 for more information about rollovers. Can i file 2011 taxes with turbotax You do not have to make contributions every year. Can i file 2011 taxes with turbotax But if you make contributions, they must be based on a written allocation formula and must not discriminate in favor of highly compensated employees (defined in chapter 1). Can i file 2011 taxes with turbotax When you contribute, you must contribute to the SEP-IRAs of all participants who actually performed personal services during the year for which the contributions are made, including employees who die or terminate employment before the contributions are made. Can i file 2011 taxes with turbotax Contributions are deductible within limits, as discussed later, and generally are not taxable to the plan participants. Can i file 2011 taxes with turbotax A SEP-IRA cannot be a Roth IRA. Can i file 2011 taxes with turbotax Employer contributions to a SEP-IRA will not affect the amount an individual can contribute to a Roth or traditional IRA. Can i file 2011 taxes with turbotax Unlike regular contributions to a traditional IRA, contributions under a SEP can be made to participants over age 70½. Can i file 2011 taxes with turbotax If you are self-employed, you can also make contributions under the SEP for yourself even if you are over 70½. Can i file 2011 taxes with turbotax Participants age 70½ or over must take required minimum distributions. Can i file 2011 taxes with turbotax Time limit for making contributions. Can i file 2011 taxes with turbotax   To deduct contributions for a year, you must make the contributions by the due date (including extensions) of your tax return for the year. Can i file 2011 taxes with turbotax Contribution Limits Contributions you make for 2013 to a common-law employee's SEP-IRA cannot exceed the lesser of 25% of the employee's compensation or $51,000. Can i file 2011 taxes with turbotax Compensation generally does not include your contributions to the SEP. Can i file 2011 taxes with turbotax The SEP plan document will specify how the employer contribution is determined and how it will be allocated to participants. Can i file 2011 taxes with turbotax Example. Can i file 2011 taxes with turbotax Your employee, Mary Plant, earned $21,000 for 2013. Can i file 2011 taxes with turbotax The maximum contribution you can make to her SEP-IRA is $5,250 (25% x $21,000). Can i file 2011 taxes with turbotax Contributions for yourself. Can i file 2011 taxes with turbotax   The annual limits on your contributions to a common-law employee's SEP-IRA also apply to contributions you make to your own SEP-IRA. Can i file 2011 taxes with turbotax However, special rules apply when figuring your maximum deductible contribution. Can i file 2011 taxes with turbotax See Deduction Limit for Self-Employed Individuals , later. Can i file 2011 taxes with turbotax Annual compensation limit. Can i file 2011 taxes with turbotax   You cannot consider the part of an employee's compensation over $255,000 when figuring your contribution limit for that employee. Can i file 2011 taxes with turbotax However, $51,000 is the maximum contribution for an eligible employee. Can i file 2011 taxes with turbotax These limits are $260,000 and $52,000, respectively, in 2014. Can i file 2011 taxes with turbotax Example. Can i file 2011 taxes with turbotax Your employee, Susan Green, earned $210,000 for 2013. Can i file 2011 taxes with turbotax Because of the maximum contribution limit for 2013, you can only contribute $51,000 to her SEP-IRA. Can i file 2011 taxes with turbotax More than one plan. Can i file 2011 taxes with turbotax   If you contribute to a defined contribution plan (defined in chapter 4), annual additions to an account are limited to the lesser of $51,000 or 100% of the participant's compensation. Can i file 2011 taxes with turbotax When you figure this limit, you must add your contributions to all defined contribution plans maintained by you. Can i file 2011 taxes with turbotax Because a SEP is considered a defined contribution plan for this limit, your contributions to a SEP must be added to your contributions to other defined contribution plans you maintain. Can i file 2011 taxes with turbotax Tax treatment of excess contributions. Can i file 2011 taxes with turbotax   Excess contributions are your contributions to an employee's SEP-IRA (or to your own SEP-IRA) for 2013 that exceed the lesser of the following amounts. Can i file 2011 taxes with turbotax 25% of the employee's compensation (or, for you, 20% of your net earnings from self-employment). Can i file 2011 taxes with turbotax $51,000. Can i file 2011 taxes with turbotax Excess contributions are included in the employee's income for the year and are treated as contributions by the employee to his or her SEP-IRA. Can i file 2011 taxes with turbotax For more information on employee tax treatment of excess contributions, see chapter 1 in Publication 590. Can i file 2011 taxes with turbotax Reporting on Form W-2. Can i file 2011 taxes with turbotax   Do not include SEP contributions on your employee's Form W-2 unless contributions were made under a salary reduction arrangement (discussed later). Can i file 2011 taxes with turbotax Deducting Contributions Generally, you can deduct the contributions you make each year to each employee's SEP-IRA. Can i file 2011 taxes with turbotax If you are self-employed, you can deduct the contributions you make each year to your own SEP-IRA. Can i file 2011 taxes with turbotax Deduction Limit for Contributions for Participants The most you can deduct for your contributions to you or your employee's SEP-IRA is the lesser of the following amounts. Can i file 2011 taxes with turbotax Your contributions (including any excess contributions carryover). Can i file 2011 taxes with turbotax 25% of the compensation (limited to $255,000 per participant) paid to the participants during 2013 from the business that has the plan, not to exceed $51,000 per participant. Can i file 2011 taxes with turbotax In 2014, the amounts in (2) above are $260,000 and $52,000, respectively. Can i file 2011 taxes with turbotax Deduction Limit for Self-Employed Individuals If you contribute to your own SEP-IRA, you must make a special computation to figure your maximum deduction for these contributions. Can i file 2011 taxes with turbotax When figuring the deduction for contributions made to your own SEP-IRA, compensation is your net earnings from self-employment (defined in chapter 1), which takes into account both the following deductions. Can i file 2011 taxes with turbotax The deduction for the deductible part of your self-employment tax. Can i file 2011 taxes with turbotax The deduction for contributions to your own SEP-IRA. Can i file 2011 taxes with turbotax The deduction for contributions to your own SEP-IRA and your net earnings depend on each other. Can i file 2011 taxes with turbotax For this reason, you determine the deduction for contributions to your own SEP-IRA indirectly by reducing the contribution rate called for in your plan. Can i file 2011 taxes with turbotax To do this, use the Rate Table for Self-Employed or the Rate Worksheet for Self-Employed, whichever is appropriate for your plan's contribution rate, in chapter 5. Can i file 2011 taxes with turbotax Then figure your maximum deduction by using the Deduction Worksheet for Self-Employed in chapter 5. Can i file 2011 taxes with turbotax Carryover of Excess SEP Contributions If you made SEP contributions that are more than the deduction limit (nondeductible contributions), you can carry over and deduct the difference in later years. Can i file 2011 taxes with turbotax However, the carryover, when combined with the contribution for the later year, is subject to the deduction limit for that year. Can i file 2011 taxes with turbotax If you also contributed to a defined benefit plan or defined contribution plan, see Carryover of Excess Contributions under Employer Deduction in chapter 4 for the carryover limit. Can i file 2011 taxes with turbotax Excise tax. Can i file 2011 taxes with turbotax   If you made nondeductible (excess) contributions to a SEP, you may be subject to a 10% excise tax. Can i file 2011 taxes with turbotax For information about the excise tax, see Excise Tax for Nondeductible (Excess) Contributions under Employer Deduction in chapter 4. Can i file 2011 taxes with turbotax When To Deduct Contributions When you can deduct contributions made for a year depends on the tax year on which the SEP is maintained. Can i file 2011 taxes with turbotax If the SEP is maintained on a calendar year basis, you deduct the yearly contributions on your tax return for the year within which the calendar year ends. Can i file 2011 taxes with turbotax If you file your tax return and maintain the SEP using a fiscal year or short tax year, you deduct contributions made for a year on your tax return for that year. Can i file 2011 taxes with turbotax Example. Can i file 2011 taxes with turbotax You are a fiscal year taxpayer whose tax year ends June 30. Can i file 2011 taxes with turbotax You maintain a SEP on a calendar year basis. Can i file 2011 taxes with turbotax You deduct SEP contributions made for calendar year 2013 on your tax return for your tax year ending June 30, 2014. Can i file 2011 taxes with turbotax Where To Deduct Contributions Deduct the contributions you make for your common-law employees on your tax return. Can i file 2011 taxes with turbotax For example, sole proprietors deduct them on Schedule C (Form 1040) or Schedule F (Form 1040), Profit or Loss From Farming; partnerships deduct them on Form 1065, U. Can i file 2011 taxes with turbotax S. Can i file 2011 taxes with turbotax Return of Partnership Income; and corporations deduct them on Form 1120, U. Can i file 2011 taxes with turbotax S. Can i file 2011 taxes with turbotax Corporation Income Tax Return, or Form 1120S, U. Can i file 2011 taxes with turbotax S. Can i file 2011 taxes with turbotax Income Tax Return for an S Corporation. Can i file 2011 taxes with turbotax Sole proprietors and partners deduct contributions for themselves on line 28 of Form 1040. Can i file 2011 taxes with turbotax (If you are a partner, contributions for yourself are shown on the Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc. Can i file 2011 taxes with turbotax , you receive from the partnership. Can i file 2011 taxes with turbotax ) Remember that sole proprietors and partners can't deduct as a business expense contributions made to a SEP for themselves, only those made for their common-law employees. Can i file 2011 taxes with turbotax Salary Reduction Simplified Employee Pensions (SARSEPs) A SARSEP is a SEP set up before 1997 that includes a salary reduction arrangement. Can i file 2011 taxes with turbotax (See the Caution, next. Can i file 2011 taxes with turbotax ) Under a SARSEP, your employees can choose to have you contribute part of their pay to their SEP-IRAs rather than receive it in cash. Can i file 2011 taxes with turbotax This contribution is called an “elective deferral” because employees choose (elect) to set aside the money, and they defer the tax on the money until it is distributed to them. Can i file 2011 taxes with turbotax You are not allowed to set up a SARSEP after 1996. Can i file 2011 taxes with turbotax However, participants (including employees hired after 1996) in a SARSEP set up before 1997 can continue to have you contribute part of their pay to the plan. Can i file 2011 taxes with turbotax If you are interested in setting up a retirement plan that includes a salary reduction arrangement, see chapter 3. Can i file 2011 taxes with turbotax Who can have a SARSEP?   A SARSEP set up before 1997 is available to you and your eligible employees only if all the following requirements are met. Can i file 2011 taxes with turbotax At least 50% of your employees eligible to participate choose to make elective deferrals. Can i file 2011 taxes with turbotax You have 25 or fewer employees who were eligible to participate in the SEP at any time during the preceding year. Can i file 2011 taxes with turbotax The elective deferrals of your highly compensated employees meet the SARSEP ADP test. Can i file 2011 taxes with turbotax SARSEP ADP test. Can i file 2011 taxes with turbotax   Under the SARSEP ADP test, the amount deferred each year by each eligible highly compensated employee as a percentage of pay (the deferral percentage) cannot be more than 125% of the average deferral percentage (ADP) of all non-highly compensated employees eligible to participate. Can i file 2011 taxes with turbotax A highly compensated employee is defined in chapter 1. Can i file 2011 taxes with turbotax Deferral percentage. Can i file 2011 taxes with turbotax   The deferral percentage for an employee for a year is figured as follows. Can i file 2011 taxes with turbotax   The elective employer contributions (excluding certain catch-up contributions)  paid to the SEP for the employee for the year     The employee's compensation (limited to $255,000 in 2013)   The instructions for Form 5305A-SEP have a worksheet you can use to determine whether the elective deferrals of your highly compensated employees meet the SARSEP ADP test. Can i file 2011 taxes with turbotax Employee compensation. Can i file 2011 taxes with turbotax   For figuring the deferral percentage, compensation is generally the amount you pay to the employee for the year. Can i file 2011 taxes with turbotax Compensation includes the elective deferral and other amounts deferred in certain employee benefit plans. Can i file 2011 taxes with turbotax See Compensation in chapter 1. Can i file 2011 taxes with turbotax Elective deferrals under the SARSEP are included in figuring your employees' deferral percentage even though they are not included in the income of your employees for income tax purposes. Can i file 2011 taxes with turbotax Compensation of self-employed individuals. Can i file 2011 taxes with turbotax   If you are self-employed, compensation is your net earnings from self-employment as defined in chapter 1. Can i file 2011 taxes with turbotax   Compensation does not include tax-free items (or deductions related to them) other than foreign earned income and housing cost amounts. Can i file 2011 taxes with turbotax Choice not to treat deferrals as compensation. Can i file 2011 taxes with turbotax   You can choose not to treat elective deferrals (and other amounts deferred in certain employee benefit plans) for a year as compensation under your SARSEP. Can i file 2011 taxes with turbotax Limit on Elective Deferrals The most a participant can choose to defer for calendar year 2013 is the lesser of the following amounts. Can i file 2011 taxes with turbotax 25% of the participant's compensation (limited to $255,000 of the participant's compensation). Can i file 2011 taxes with turbotax $17,500. Can i file 2011 taxes with turbotax The $17,500 limit applies to the total elective deferrals the employee makes for the year to a SEP and any of the following. Can i file 2011 taxes with turbotax Cash or deferred arrangement (section 401(k) plan). Can i file 2011 taxes with turbotax Salary reduction arrangement under a tax-sheltered annuity plan (section 403(b) plan). Can i file 2011 taxes with turbotax SIMPLE IRA plan. Can i file 2011 taxes with turbotax In 2014, the $255,000 limit increases to $260,000 and the $17,500 limit remains at $17,500. Can i file 2011 taxes with turbotax Catch-up contributions. Can i file 2011 taxes with turbotax   A SARSEP can permit participants who are age 50 or over at the end of the calendar year to also make catch-up contributions. Can i file 2011 taxes with turbotax The catch-up contribution limit for 2013 is $5,500 and remains at $5,500 for 2014. Can i file 2011 taxes with turbotax Elective deferrals are not treated as catch-up contributions for 2013 until they exceed the elective deferral limit (the lesser of 25% of compensation or $17,500), the SARSEP ADP test limit discussed earlier, or the plan limit (if any). Can i file 2011 taxes with turbotax However, the catch-up contribution a participant can make for a year cannot exceed the lesser of the following amounts. Can i file 2011 taxes with turbotax The catch-up contribution limit. Can i file 2011 taxes with turbotax The excess of the participant's compensation over the elective deferrals that are not catch-up contributions. Can i file 2011 taxes with turbotax   Catch-up contributions are not subject to the elective deferral limit (the lesser of 25% of compensation or $17,500 in 2013 and in 2014). Can i file 2011 taxes with turbotax Overall limit on SEP contributions. Can i file 2011 taxes with turbotax   If you also make nonelective contributions to a SEP-IRA, the total of the nonelective and elective contributions to that SEP-IRA cannot exceed the lesser of 25% of the employee's compensation or $51,000 for 2013 ($52,000 for 2014). Can i file 2011 taxes with turbotax The same rule applies to contributions you make to your own SEP-IRA. Can i file 2011 taxes with turbotax See Contribution Limits , earlier. Can i file 2011 taxes with turbotax Figuring the elective deferral. Can i file 2011 taxes with turbotax   For figuring the 25% limit on elective deferrals, compensation does not include SEP contributions, including elective deferrals or other amounts deferred in certain employee benefit plans. Can i file 2011 taxes with turbotax Tax Treatment of Deferrals Elective deferrals that are not more than the limits discussed earlier under Limit on Elective Deferrals are excluded from your employees' wages subject to federal income tax in the year of deferral. Can i file 2011 taxes with turbotax However, these deferrals are included in wages for social security, Medicare, and federal unemployment (FUTA) tax. Can i file 2011 taxes with turbotax Excess deferrals. Can i file 2011 taxes with turbotax   For 2013, excess deferrals are the elective deferrals for the year that are more than the $17,500 limit discussed earlier. Can i file 2011 taxes with turbotax For a participant who is eligible to make catch-up contributions, excess deferrals are the elective deferrals that are more than $23,000. Can i file 2011 taxes with turbotax The treatment of excess deferrals made under a SARSEP is similar to the treatment of excess deferrals made under a qualified plan. Can i file 2011 taxes with turbotax See Treatment of Excess Deferrals under Elective Deferrals (401(k) Plans) in chapter 4. Can i file 2011 taxes with turbotax Excess SEP contributions. Can i file 2011 taxes with turbotax   Excess SEP contributions are elective deferrals of highly compensated employees that are more than the amount permitted under the SARSEP ADP test. Can i file 2011 taxes with turbotax You must notify your highly compensated employees within 2½ months after the end of the plan year of their excess SEP contributions. Can i file 2011 taxes with turbotax If you do not notify them within this time period, you must pay a 10% tax on the excess. Can i file 2011 taxes with turbotax For an explanation of the notification requirements, see Rev. Can i file 2011 taxes with turbotax Proc. Can i file 2011 taxes with turbotax 91-44, 1991-2 C. Can i file 2011 taxes with turbotax B. Can i file 2011 taxes with turbotax 733. Can i file 2011 taxes with turbotax If you adopted a SARSEP using Form 5305A-SEP, the notification requirements are explained in the instructions for that form. Can i file 2011 taxes with turbotax Reporting on Form W-2. Can i file 2011 taxes with turbotax   Do not include elective deferrals in the “Wages, tips, other compensation” box of Form W-2. Can i file 2011 taxes with turbotax You must, however, include them in the “Social security wages” and “Medicare wages and tips” boxes. Can i file 2011 taxes with turbotax You must also include them in box 12. Can i file 2011 taxes with turbotax Mark the “Retirement plan” checkbox in box 13. Can i file 2011 taxes with turbotax For more information, see the Form W-2 instructions. Can i file 2011 taxes with turbotax Distributions (Withdrawals) As an employer, you cannot prohibit distributions from a SEP-IRA. Can i file 2011 taxes with turbotax Also, you cannot make your contributions on the condition that any part of them must be kept in the account after you have made your contributions to the employee's accounts. Can i file 2011 taxes with turbotax Distributions are subject to IRA rules. Can i file 2011 taxes with turbotax Generally, you or your employee must begin to receive distributions from a SEP-IRA by April 1 of the first year after the calendar year in which you or your employee reaches age 70½. Can i file 2011 taxes with turbotax For more information about IRA rules, including the tax treatment of distributions, rollovers, required distributions, and income tax withholding, see Publication 590. Can i file 2011 taxes with turbotax Additional Taxes The tax advantages of using SEP-IRAs for retirement savings can be offset by additional taxes that may be imposed for all the following actions. Can i file 2011 taxes with turbotax Making excess contributions. Can i file 2011 taxes with turbotax Making early withdrawals. Can i file 2011 taxes with turbotax Not making required withdrawals. Can i file 2011 taxes with turbotax For information about these taxes, see chapter 1 in Publication 590. Can i file 2011 taxes with turbotax Also, a SEP-IRA may be disqualified, or an excise tax may apply, if the account is involved in a prohibited transaction, discussed next. Can i file 2011 taxes with turbotax Prohibited transaction. Can i file 2011 taxes with turbotax   If an employee improperly uses his or her SEP-IRA, such as by borrowing money from it, the employee has engaged in a prohibited transaction. Can i file 2011 taxes with turbotax In that case, the SEP-IRA will no longer qualify as an IRA. Can i file 2011 taxes with turbotax For a list of prohibited transactions, see Prohibited Transactions in chapter 4. Can i file 2011 taxes with turbotax Effects on employee. Can i file 2011 taxes with turbotax   If a SEP-IRA is disqualified because of a prohibited transaction, the assets in the account will be treated as having been distributed to the employee on the first day of the year in which the transaction occurred. Can i file 2011 taxes with turbotax The employee must include in income the fair market value of the assets (on the first day of the year) that is more than any cost basis in the account. Can i file 2011 taxes with turbotax Also, the employee may have to pay the additional tax for making early withdrawals. Can i file 2011 taxes with turbotax Reporting and Disclosure Requirements If you set up a SEP using Form 5305-SEP, you must give your eligible employees certain information about the SEP when you set it up. Can i file 2011 taxes with turbotax See Setting Up a SEP , earlier. Can i file 2011 taxes with turbotax Also, you must give your eligible employees a statement each year showing any contributions to their SEP-IRAs. Can i file 2011 taxes with turbotax You must also give them notice of any excess contributions. Can i file 2011 taxes with turbotax For details about other information you must give them, see the instructions for Form 5305-SEP or Form 5305A-SEP (for a salary reduction SEP). Can i file 2011 taxes with turbotax Even if you did not use Form 5305-SEP or Form 5305A-SEP to set up your SEP, you must give your employees information similar to that described above. Can i file 2011 taxes with turbotax For more information, see the instructions for either Form 5305-SEP or Form 5305A-SEP. Can i file 2011 taxes with turbotax Prev  Up  Next   Home   More Online Publications