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Etax Index C Change in classification Disregarded entity to corporation, Subsequent Elections Disregarded entity to partnership, Change in default classification. Etax , Subsequent Elections Partnership to corporation, Subsequent Elections Partnership to disregarded entity, Change in default classification. Etax , Subsequent Elections Recognition of gain or loss, Change in default classification. Etax , Change in default classification. Etax , Subsequent Elections Classification as a corporation, LLCs Classified as Corporations Classification as a Disregarded Entity, LLCs Classified as Disregarded Entities Classification as a Partnership, LLCs Classified as Partnerships Classification Election, LLCs Classified as Corporations Classification of an LLC Default classification, Classification of an LLC Elected classification, Classification of an LLC Comments on publication, Comments and suggestions. Etax E Employer identification number (see Taxpayer identification number) Employment tax, Employment tax and certain excise taxes. Etax Excise taxes, Employment tax and certain excise taxes. Etax I Information, How to get more, How To Get More Information S Self-employment tax, Self-employment tax rule for disregarded entity LLCs. Etax Small Business Administration, Small Business Administration Social security number (see Taxpayer identification number) Subchapter S election, LLCs Classified as Corporations Suggestions for publication, Comments and suggestions. Etax T Tax help (see Information, How to get more) Taxpayer Advocate, Contacting your Taxpayer Advocate. Etax Taxpayer identification number, Taxpayer identification number. Etax Prev Up Home More Online Publications
Letter 484C Frequently Asked Questions
What is the letter telling me?
The letter requests you complete a Financial Statement so we can determine your ability to pay.
What do I have to do?
Complete the financial statement and provide all of the substantiation requested. Return to us as soon as possible.
How much time do I have?
The requested information must be received by us by the due date contained in the letter. It is best to return to us as soon as possible.
What happens if I don't take any action?
Failure to provide this information may result in enforced collection action which could result in a levy on your wages or bank account or a lien on your personal property.
Who should I contact?
The letter contains a toll free telephone number for you to call. The person who answers the phone will assist you.
What if I don't agree or have already taken corrective action?
If you not agree with this request, call us immediately at the telephone number provided in the letter. We will do our best to help you. If you have already taken corrective action and it has been more than 45 days, call us at the telephone number provided.
Page Last Reviewed or Updated: 30-Jan-2014
Etax 7. Etax 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. Etax Excess contributions can result in income tax, additional taxes, and penalties. Etax The effect of excess contributions depends on the type of excess contribution. Etax This chapter discusses excess contributions to your 403(b) account. Etax 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. Etax If the actual contributions to your account are greater than your MAC, you have excess contributions. Etax 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. Etax What Happens If I Have Excess Contributions? Certain excess contributions in a 403(b) account can be corrected. Etax The effect of an excess 403(b) contribution will depend on the type of excess contribution. Etax Types of excess contributions. Etax 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. Etax Excess contributions to a 403(b) account are categorized as either an: Excess annual addition, or Excess elective deferral. Etax Excess Annual Addition An excess annual addition is a contribution that is more than your limit on annual additions. Etax To determine your limit on annual additions, see chapter 3 (chapter 5 for ministers or church employees). Etax In the year that your contributions are more than your limit on annual additions, the excess amount will be included in your income. Etax 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. Etax The excise tax does not apply to funds in an annuity account or to excess deferrals. Etax You must pay the excise tax each year in which there are excess contributions in your account. Etax Excess contributions can be corrected by contributing less than the applicable limit in later years or by making permissible distributions. Etax See chapter 8 for a discussion on permissible distributions. Etax You cannot deduct the excise tax. Etax Reporting requirement. Etax You must file Form 5330 if there has been an excess contribution to a custodial account and that excess has not been corrected. Etax Excess Elective Deferral An excess elective deferral is the amount that is more than your limit on elective deferrals. Etax To determine your limit on elective deferrals, see chapter 4. Etax Your employer's 403(b) plan may contain language permitting it to distribute excess deferrals. Etax 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. Etax 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. Etax A plan is not required to permit distribution of excess deferrals. Etax Correction of excess deferrals during year. Etax If you have excess deferrals for a year, a corrective distribution may be made only if both of the following conditions are satisfied. Etax 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. Etax The correcting distribution is made after the date on which the excess deferral was made. Etax Correction of excess deferrals after the year. Etax 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. Etax 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. Etax Tax treatment of excess deferrals not attributable to Roth contributions. Etax 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. Etax Tax treatment of excess deferrals attributable to Roth contributions. Etax For these rules, see Regulations section 1. Etax 402(g)-1(e). Etax Prev Up Next Home More Online Publications