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Ez File Taxes

Ez file taxes 11. Ez file taxes   Employer-Provided Educational Assistance Table of Contents Introduction Working condition fringe benefit. Ez file taxes Introduction If you receive educational assistance benefits from your employer under an educational assistance program, you can exclude up to $5,250 of those benefits each year. Ez file taxes This means your employer should not include those benefits with your wages, tips, and other compensation shown in box 1 of your Form W-2. Ez file taxes This also means that you do not have to include the benefits on your income tax return. Ez file taxes You cannot use any of the tax-free education expenses paid for by your employer as the basis for any other deduction or credit, including the American opportunity credit and lifetime learning credit. Ez file taxes Educational assistance program. Ez file taxes   To qualify as an educational assistance program, the plan must be written and must meet certain other requirements. Ez file taxes Your employer can tell you whether there is a qualified program where you work. Ez file taxes Educational assistance benefits. Ez file taxes   Tax-free educational assistance benefits include payments for tuition, fees and similar expenses, books, supplies, and equipment. Ez file taxes Education generally includes any form of instruction or training that improves or develops your capabilities. Ez file taxes The payments do not have to be for work-related courses or courses that are part of a degree program. Ez file taxes   Educational assistance benefits do not include payments for the following items. Ez file taxes Meals, lodging, or transportation. Ez file taxes Tools or supplies (other than textbooks) that you can keep after completing the course of instruction. Ez file taxes Courses involving sports, games, or hobbies unless they: Have a reasonable relationship to the business of your employer, or Are required as part of a degree program. Ez file taxes Benefits over $5,250. Ez file taxes   If your employer pays more than $5,250 in educational assistance benefits for you during the year, you must generally pay tax on the amount over $5,250. Ez file taxes Your employer should include in your wages (Form W-2, box 1) the amount that you must include in income. Ez file taxes Working condition fringe benefit. Ez file taxes    However, if the benefits over $5,250 also qualify as a working condition fringe benefit, your employer does not have to include them in your wages. Ez file taxes A working condition fringe benefit is a benefit which, had you paid for it, you could deduct as an employee business expense. Ez file taxes For more information on working condition fringe benefits, see Working Condition Benefits in chapter 2 of Publication 15-B, Employer's Tax Guide to Fringe Benefits. Ez file taxes Prev  Up  Next   Home   More Online Publications
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The Ez File Taxes

Ez file taxes 10. Ez file taxes   Retirement Savings Contributions Credit (Saver's Credit) Table of Contents Full-time student. Ez file taxes Adjusted gross income. Ez file taxes Distributions received by spouse. Ez file taxes Testing period. Ez file taxes If you or your employer make eligible contributions (defined later) to a retirement plan, you may be able to take a credit of up to $1,000 (up to $2,000 if filing jointly). Ez file taxes This credit could reduce the federal income tax you pay dollar for dollar. Ez file taxes Can you claim the credit?   If you or your employer make eligible contributions to a retirement plan, you can claim the credit if all of the following apply. Ez file taxes You are not under age 18. Ez file taxes You are not a full-time student (explained next). Ez file taxes No one else, such as your parent(s), claims an exemption for you on their tax return. Ez file taxes Your adjusted gross income (defined later) is not more than: $59,000 for 2013 ($60,000 for 2014) if your filing status is married filing jointly, $44,250 for 2013 ($45,000 for 2014) if your filing status is head of household (with qualifying person), or $29,500 for 2013 ($30,000 for 2014) if your filing status is single, married filing separately, or qualifying widow(er) with dependent child. Ez file taxes Full-time student. Ez file taxes   You are a full-time student if, during some part of each of 5 calendar months (not necessarily consecutive) during the calendar year, you are either: A full-time student at a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or A student taking a full-time, on-farm training course given by either a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or a state, county, or local government. Ez file taxes You are a full-time student if you are enrolled for the number of hours or courses the school considers to be full-time. Ez file taxes Adjusted gross income. Ez file taxes   This is generally the amount on line 38 of your 2013 Form 1040 or line 22 of your 2013 Form 1040A. Ez file taxes However, you must add to that amount any exclusion or deduction claimed for the year for: Foreign earned income, Foreign housing costs, Income for bona fide residents of American Samoa, and Income from Puerto Rico. Ez file taxes Eligible contributions. Ez file taxes   These include: Contributions to a traditional or Roth IRA, Elective deferrals, including amounts designated as after-tax Roth contributions, to: A 401(k) plan (including a SIMPLE 401(k)), A section 403(b) annuity, An eligible deferred compensation plan of a state or local government (a governmental 457 plan), A SIMPLE IRA plan, or A salary reduction SEP, and Contributions to a section 501(c)(18) plan. Ez file taxes They also include voluntary after-tax employee contributions to a tax-qualified retirement plan or a section 403(b) annuity. Ez file taxes For purposes of the credit, an employee contribution will be voluntary as long as it is not required as a condition of employment. Ez file taxes Reducing eligible contributions. Ez file taxes   Reduce your eligible contributions (but not below zero) by the total distributions you received during the testing period (defined later) from any IRA, plan, or annuity included earlier under Eligible contributions. Ez file taxes Also reduce your eligible contributions by any distribution from a Roth IRA that is not rolled over, even if the distribution is not taxable. Ez file taxes      Do not reduce your eligible contributions by any of the following: The portion of any distribution which is not includible in income because it is a trustee-to-trustee transfer or a rollover distribution. Ez file taxes Any distribution that is a return of a contribution to an IRA (including a Roth IRA) made during the year for which you claim the credit if: The distribution is made before the due date (including extensions) of your tax return for that year, You do not take a deduction for the contribution, and The distribution includes any income attributable to the contribution. Ez file taxes Loans from a qualified employer plan treated as a distribution. Ez file taxes Distributions of excess contributions or deferrals (and income attributable to excess contributions and deferrals). Ez file taxes Distributions of dividends paid on stock held by an employee stock ownership plan under section 404(k). Ez file taxes Distributions from an eligible retirement plan that are converted or rolled over to a Roth IRA. Ez file taxes Distributions from a military retirement plan. Ez file taxes Distributions received by spouse. Ez file taxes   Any distributions your spouse receives are treated as received by you if you file a joint return with your spouse both for the year of the distribution and for the year for which you claim the credit. Ez file taxes Testing period. Ez file taxes   The testing period consists of: The year in which you claim the credit, The 2 years before the year in which you claim the credit, and The period after the end of the year in which you claim the credit and before the due date of the return (including extensions) for filing your return for the year in which you claimed the credit. Ez file taxes Example. Ez file taxes You and your spouse filed joint returns in 2011 and 2012, and plan to do so in 2013 and 2014. Ez file taxes You received a taxable distribution from a qualified plan in 2011 and a taxable distribution from an eligible section 457(b) deferred compensation plan in 2012. Ez file taxes Your spouse received taxable distributions from a Roth IRA in 2013 and tax-free distributions from a Roth IRA in 2014 before April 15. Ez file taxes You made eligible contributions to an IRA in 2013 and you otherwise qualify for this credit. Ez file taxes You must reduce the amount of your qualifying contributions in 2013 by the total of the distributions you and your spouse received in 2011, 2012, 2013, and 2014. Ez file taxes Maximum eligible contributions. Ez file taxes   After your contributions are reduced, the maximum annual contribution on which you can base the credit is $2,000 per person. Ez file taxes Effect on other credits. Ez file taxes   The amount of this credit will not change the amount of your refundable tax credits. Ez file taxes A refundable tax credit, such as the earned income credit or the additional child tax credit, is an amount that you would receive as a refund even if you did not otherwise owe any taxes. Ez file taxes Maximum credit. Ez file taxes   This is a nonrefundable credit. Ez file taxes The amount of the credit in any year cannot be more than the amount of tax that you would otherwise pay (not counting any refundable credits or the adoption credit) in any year. Ez file taxes If your tax liability is reduced to zero because of other nonrefundable credits, such as the education credits, then you will not be entitled to this credit. Ez file taxes How to figure and report the credit. Ez file taxes   The amount of the credit you can get is based on the contributions you make and your credit rate. Ez file taxes The credit rate can be as low as 10% or as high as 50%. Ez file taxes Your credit rate depends on your income and your filing status. Ez file taxes See Form 8880, Credit for Qualified Retirement Savings Contributions, to determine your credit rate. Ez file taxes   The maximum contribution taken into account is $2,000 per person. Ez file taxes On a joint return, up to $2,000 is taken into account for each spouse. Ez file taxes   Figure the credit on Form 8880. Ez file taxes Report the credit on line 50 of your Form 1040 or line 32 of your Form 1040A, and attach Form 8880 to your return. Ez file taxes Prev  Up  Next   Home   More Online Publications