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File Taxes From 2012

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File Taxes From 2012

File taxes from 2012 Part Four -   Adjustments to Income The three chapters in this part discuss some of the adjustments to income that you can deduct in figuring your adjusted gross income. File taxes from 2012 These chapters cover: Contributions you make to traditional individual retirement arrangements (IRAs) — chapter 17, Alimony you pay — chapter 18, and Student loan interest you pay — chapter 19. File taxes from 2012 Other adjustments to income are discussed elsewhere. File taxes from 2012 See Table V below. File taxes from 2012 Table V. File taxes from 2012 Other Adjustments to Income  Use this table to find information about other adjustments to income not covered in this part of the publication. File taxes from 2012 IF you are looking for more information about the deduction for. File taxes from 2012 . File taxes from 2012 . File taxes from 2012 THEN see. File taxes from 2012 . File taxes from 2012 . File taxes from 2012 Certain business expenses of reservists, performing artists, and fee-basis officials Chapter 26. File taxes from 2012 Contributions to a health savings account Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans. File taxes from 2012 Moving expenses Publication 521, Moving Expenses. File taxes from 2012 Part of your self-employment tax Chapter 22. File taxes from 2012 Self-employed health insurance Chapter 21. File taxes from 2012 Payments to self-employed SEP, SIMPLE, and qualified plans Publication 560, Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans). File taxes from 2012 Penalty on the early withdrawal of savings Chapter 7. File taxes from 2012 Contributions to an Archer MSA Publication 969. File taxes from 2012 Reforestation amortization or expense Chapters 7 and 8 of Publication 535, Business Expenses. File taxes from 2012 Contributions to Internal Revenue Code section 501(c)(18)(D) pension plans Publication 525, Taxable and Nontaxable Income. File taxes from 2012 Expenses from the rental of personal property Chapter 12. File taxes from 2012 Certain required repayments of supplemental unemployment benefits (sub-pay) Chapter 12. File taxes from 2012 Foreign housing costs Chapter 4 of Publication 54, Tax Guide for U. File taxes from 2012 S. File taxes from 2012 Citizens and Resident Aliens Abroad. File taxes from 2012 Jury duty pay given to your employer Chapter 12. File taxes from 2012 Contributions by certain chaplains to Internal Revenue Code section 403(b) plans Publication 517, Social Security and Other Information for Members of the Clergy and Religious Workers. File taxes from 2012 Attorney fees and certain costs for actions involving certain unlawful discrimination claims or awards to whistleblowers Publication 525. File taxes from 2012 Domestic production activities deduction Form 8903, Domestic Production Activities Deduction. File taxes from 2012 Table of Contents 17. File taxes from 2012   Individual Retirement Arrangements (IRAs)What's New Reminders Introduction Useful Items - You may want to see: Traditional IRAsWho Can Open a Traditional IRA? When and How Can a Traditional IRA Be Opened? How Much Can Be Contributed? When Can Contributions Be Made? How Much Can You Deduct? Nondeductible Contributions Inherited IRAs Can You Move Retirement Plan Assets? When Can You Withdraw or Use IRA Assets? When Must You Withdraw IRA Assets? (Required Minimum Distributions) Are Distributions Taxable? What Acts Result in Penalties or Additional Taxes? Roth IRAsWhat Is a Roth IRA? When Can a Roth IRA Be Opened? Can You Contribute to a Roth IRA? Can You Move Amounts Into a Roth IRA? Are Distributions Taxable? 18. File taxes from 2012   AlimonyIntroductionSpouse or former spouse. File taxes from 2012 Divorce or separation instrument. File taxes from 2012 Useful Items - You may want to see: General RulesMortgage payments. File taxes from 2012 Taxes and insurance. File taxes from 2012 Other payments to a third party. File taxes from 2012 Instruments Executed After 1984Payments to a third party. File taxes from 2012 Exception. File taxes from 2012 Substitute payments. File taxes from 2012 Specifically designated as child support. File taxes from 2012 Contingency relating to your child. File taxes from 2012 Clearly associated with a contingency. File taxes from 2012 How To Deduct Alimony Paid How To Report Alimony Received Recapture Rule 19. File taxes from 2012   Education- Related AdjustmentsIntroduction Useful Items - You may want to see: Student Loan Interest DeductionStudent Loan Interest Defined Can You Claim the Deduction How Much Can You Deduct How Do You Figure the Deduction Tuition and Fees DeductionCan You Claim the Deduction What Expenses Qualify Who Is an Eligible Student Who Can Claim a Dependent's Expenses How Much Can You Deduct Educator Expenses Prev  Up  Next   Home   More Online Publications
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File taxes from 2012 3. File taxes from 2012   Savings Incentive Match Plans for Employees (SIMPLE) Table of Contents Introduction What Is a SIMPLE Plan?Eligible Employees How Are Contributions Made? How Much Can Be Contributed on Your Behalf?Matching contributions less than 3%. File taxes from 2012 Traditional IRA mistakenly moved to SIMPLE IRA. File taxes from 2012 When Can You Withdraw or Use Assets?Are Distributions Taxable? Introduction This chapter is for employees who need information about savings incentive match plans for employees (SIMPLE plans). File taxes from 2012 It explains what a SIMPLE plan is, contributions to a SIMPLE plan, and distributions from a SIMPLE plan. File taxes from 2012 Under a SIMPLE plan, SIMPLE retirement accounts for participating employees can be set up either as: Part of a 401(k) plan, or A plan using IRAs (SIMPLE IRA). File taxes from 2012 This chapter only discusses the SIMPLE plan rules that relate to SIMPLE IRAs. File taxes from 2012 See chapter 3 of Publication 560 for information on any special rules for SIMPLE plans that do not use IRAs. File taxes from 2012 If your employer maintains a SIMPLE plan, you must be notified, in writing, that you can choose the financial institution that will serve as trustee for your SIMPLE IRA and that you can roll over or transfer your SIMPLE IRA to another financial institution. File taxes from 2012 See Rollovers and Transfers Exception, later under When Can You Withdraw or Use Assets. File taxes from 2012 What Is a SIMPLE Plan? A SIMPLE plan is a tax-favored retirement plan that certain small employers (including self-employed individuals) can set up for the benefit of their employees. File taxes from 2012 See chapter 3 of Publication 560 for information on the requirements employers must satisfy to set up a SIMPLE plan. File taxes from 2012 A SIMPLE plan is a written agreement (salary reduction agreement) between you and your employer that allows you, if you are an eligible employee (including a self-employed individual), to choose to: Reduce your compensation (salary) by a certain percentage each pay period, and Have your employer contribute the salary reductions to a SIMPLE IRA on your behalf. File taxes from 2012 These contributions are called salary reduction contributions. File taxes from 2012 All contributions under a SIMPLE IRA plan must be made to SIMPLE IRAs, not to any other type of IRA. File taxes from 2012 The SIMPLE IRA can be an individual retirement account or an individual retirement annuity, described in chapter 1. File taxes from 2012 Contributions are made on behalf of eligible employees. File taxes from 2012 (See Eligible Employees below. File taxes from 2012 ) Contributions are also subject to various limits. File taxes from 2012 (See How Much Can Be Contributed on Your Behalf , later. File taxes from 2012 ) In addition to salary reduction contributions, your employer must make either matching contributions or nonelective contributions. File taxes from 2012 See How Are Contributions Made , later. File taxes from 2012 You may be able to claim a credit for contributions to your SIMPLE plan. File taxes from 2012 For more information, see chapter 4. File taxes from 2012 Eligible Employees You must be allowed to participate in your employer's SIMPLE plan if you: Received at least $5,000 in compensation from your employer during any 2 years prior to the current year, and Are reasonably expected to receive at least $5,000 in compensation during the calendar year for which contributions are made. File taxes from 2012 Self-employed individual. File taxes from 2012   For SIMPLE plan purposes, the term employee includes a self-employed individual who received earned income. File taxes from 2012 Excludable employees. File taxes from 2012   Your employer can exclude the following employees from participating in the SIMPLE plan. File taxes from 2012 Employees whose retirement benefits are covered by a collective bargaining agreement (union contract). File taxes from 2012 Employees who are nonresident aliens and received no earned income from sources within the United States. File taxes from 2012 Employees who would not have been eligible employees if an acquisition, disposition, or similar transaction had not occurred during the year. File taxes from 2012 Compensation. File taxes from 2012   For purposes of the SIMPLE plan rules, your compensation for a year generally includes the following amounts. File taxes from 2012 Wages, tips, and other pay from your employer that is subject to income tax withholding. File taxes from 2012 Deferred amounts elected under any 401(k) plans, 403(b) plans, government (section 457) plans, SEP plans, and SIMPLE plans. File taxes from 2012 Self-employed individual compensation. File taxes from 2012   For purposes of the SIMPLE plan rules, if you are self-employed, your compensation for a year is your net earnings from self-employment (Schedule SE (Form 1040), Section A, line 4, or Section B, line 6) before subtracting any contributions made to a SIMPLE IRA on your behalf. File taxes from 2012   For these purposes, net earnings from self-employment include services performed while claiming exemption from self-employment tax as a member of a group conscientiously opposed to social security benefits. File taxes from 2012 How Are Contributions Made? Contributions under a salary reduction agreement are called salary reduction contributions. File taxes from 2012 They are made on your behalf by your employer. File taxes from 2012 Your employer must also make either matching contributions or nonelective contributions. File taxes from 2012 Salary reduction contributions. File taxes from 2012   During the 60-day period before the beginning of any year, and during the 60-day period before you are eligible, you can choose salary reduction contributions expressed either as a percentage of compensation, or as a specific dollar amount (if your employer offers this choice). File taxes from 2012 You can choose to cancel the election at any time during the year. File taxes from 2012   Salary reduction contributions are also referred to as “elective deferrals. File taxes from 2012 ”   Your employer cannot place restrictions on the contributions amount (such as by limiting the contributions percentage), except to comply with the salary reduction contributions limit, discussed under How Much Can Be Contributed on Your Behalf, later. File taxes from 2012 Matching contributions. File taxes from 2012   Unless your employer chooses to make nonelective contributions, your employer must make contributions equal to the salary reduction contributions you choose (elect), but only up to certain limits. File taxes from 2012 See How Much Can Be Contributed on Your Behalf below. File taxes from 2012 These contributions are in addition to the salary reduction contributions and must be made to the SIMPLE IRAs of all eligible employees (defined earlier) who chose salary reductions. File taxes from 2012 These contributions are referred to as matching contributions. File taxes from 2012   Matching contributions on behalf of a self-employed individual are not treated as salary reduction contributions. File taxes from 2012 Nonelective contributions. File taxes from 2012   Instead of making matching contributions, your employer may be able to choose to make nonelective contributions on behalf of all eligible employees. File taxes from 2012 These nonelective contributions must be made on behalf of each eligible employee who has at least $5,000 of compensation from your employer, whether or not the employee chose salary reductions. File taxes from 2012   One of the requirements your employer must satisfy is notifying the employees that the election was made. File taxes from 2012 For other requirements that your employer must satisfy, see chapter 3 of Publication 560. File taxes from 2012 How Much Can Be Contributed on Your Behalf? The limits on contributions to a SIMPLE IRA vary with the type of contribution that is made. File taxes from 2012 Salary reduction contributions limit. File taxes from 2012   Salary reduction contributions (employee-chosen contributions or elective deferrals) that your employer can make on your behalf under a SIMPLE plan are limited to $12,000 for 2013. File taxes from 2012 The limitation remains at $12,000 for 2014. File taxes from 2012 If you are a participant in any other employer plans during 2013 and you have elective salary reductions or deferred compensation under those plans, the salary reduction contributions under the SIMPLE plan also are included in the annual limit of $17,500 for 2013 on exclusions of salary reductions and other elective deferrals. File taxes from 2012 You, not your employer, are responsible for monitoring compliance with these limits. File taxes from 2012 Additional elective deferrals can be contributed to your SIMPLE plan if: You reached age 50 by the end of 2013, and No other elective deferrals can be made for you to the plan for the year because of limits or restrictions, such as the regular annual limit. File taxes from 2012 The most that can be contributed in additional elective deferrals to your SIMPLE plan is the lesser of the following two amounts. File taxes from 2012 $2,500 for 2013, or Your compensation for the year reduced by your other elective deferrals for the year. File taxes from 2012 The additional deferrals are not subject to any other contribution limit and are not taken into account in applying other contribution limits. File taxes from 2012 The additional deferrals are not subject to the nondiscrimination rules as long as all eligible participants are allowed to make them. File taxes from 2012 Matching employer contributions limit. File taxes from 2012   Generally, your employer must make matching contributions to your SIMPLE IRA in an amount equal to your salary reduction contributions. File taxes from 2012 These matching contributions cannot be more than 3% of your compensation for the calendar year. File taxes from 2012 See Matching contributions less than 3% below. File taxes from 2012 Example 1. File taxes from 2012 In 2013, Joshua was a participant in his employer's SIMPLE plan. File taxes from 2012 His compensation, before SIMPLE plan contributions, was $41,600 ($800 per week). File taxes from 2012 Instead of taking it all in cash, Joshua elected to have 12. File taxes from 2012 5% of his weekly pay ($100) contributed to his SIMPLE IRA. File taxes from 2012 For the full year, Joshua's salary reduction contributions were $5,200, which is less than the $12,000 limit on these contributions. File taxes from 2012 Under the plan, Joshua's employer was required to make matching contributions to Joshua's SIMPLE IRA. File taxes from 2012 Because his employer's matching contributions must equal Joshua's salary reductions, but cannot be more than 3% of his compensation (before salary reductions) for the year, his employer's matching contribution was limited to $1,248 (3% of $41,600). File taxes from 2012 Example 2. File taxes from 2012 Assume the same facts as in Example 1 , except that Joshua's compensation for the year was $408,163 and he chose to have 2. File taxes from 2012 94% of his weekly pay contributed to his SIMPLE IRA. File taxes from 2012 In this example, Joshua's salary reduction contributions for the year (2. File taxes from 2012 94% × $408,163) were equal to the 2013 limit for salary reduction contributions ($12,000). File taxes from 2012 Because 3% of Joshua's compensation ($12,245) is more than the amount his employer was required to match ($12,000), his employer's matching contributions were limited to $12,000. File taxes from 2012 In this example, total contributions made on Joshua's behalf for the year were $24,000 ($12,000 (Joshua's contributions) + $12,000 (matching contributions)), the maximum contributions permitted under a SIMPLE IRA for 2013. File taxes from 2012 Matching contributions less than 3%. File taxes from 2012   Your employer can reduce the 3% limit on matching contributions for a calendar year, but only if: The limit is not reduced below 1%, The limit is not reduced for more than 2 years out of the 5-year period that ends with (and includes) the year for which the election is effective, and Employees are notified of the reduced limit within a reasonable period of time before the 60-day election period during which they can enter into salary reduction agreements. File taxes from 2012   For purposes of applying the rule in item (2) in determining whether the limit was reduced below 3% for the year, any year before the first year in which your employer (or a former employer) maintains a SIMPLE IRA plan will be treated as a year for which the limit was 3%. File taxes from 2012 If your employer chooses to make nonelective contributions for a year, that year also will be treated as a year for which the limit was 3%. File taxes from 2012 Nonelective employer contributions limit. File taxes from 2012   If your employer chooses to make nonelective contributions, instead of matching contributions, to each eligible employee's SIMPLE IRA, contributions must be 2% of your compensation for the entire year. File taxes from 2012 For 2013, only $255,000 of your compensation can be taken into account to figure the contribution limit. File taxes from 2012   Your employer can substitute the 2% nonelective contribution for the matching contribution for a year if both of the following requirements are met. File taxes from 2012 Eligible employees are notified that a 2% nonelective contribution will be made instead of a matching contribution. File taxes from 2012 This notice is provided within a reasonable period during which employees can enter into salary reduction agreements. File taxes from 2012 Example 3. File taxes from 2012 Assume the same facts as in Example 2 , except that Joshua's employer chose to make nonelective contributions instead of matching contributions. File taxes from 2012 Because his employer's nonelective contributions are limited to 2% of up to $255,000 of Joshua's compensation, his employer's contribution to Joshua's SIMPLE IRA was limited to $5,100. File taxes from 2012 In this example, total contributions made on Joshua's behalf for the year were $17,100 (Joshua's salary reductions of $12,000 plus his employer's contribution of $5,100). File taxes from 2012 Traditional IRA mistakenly moved to SIMPLE IRA. File taxes from 2012   If you mistakenly roll over or transfer an amount from a traditional IRA to a SIMPLE IRA, you can later recharacterize the amount as a contribution to another traditional IRA. File taxes from 2012 For more information, see Recharacterizations in chapter 1. File taxes from 2012 Recharacterizing employer contributions. File taxes from 2012   You cannot recharacterize employer contributions (including elective deferrals) under a SEP or SIMPLE plan as contributions to another IRA. File taxes from 2012 SEPs are discussed in chapter 2 of Publication 560. File taxes from 2012 SIMPLE plans are discussed in this chapter. File taxes from 2012 Converting from a SIMPLE IRA. File taxes from 2012   Generally, you can convert an amount in your SIMPLE IRA to a Roth IRA under the same rules explained in chapter 1 under Converting From Any Traditional IRA Into a Roth IRA . File taxes from 2012    However, you cannot convert any amount distributed from the SIMPLE IRA during the 2-year period beginning on the date you first participated in any SIMPLE IRA plan maintained by your employer. File taxes from 2012 When Can You Withdraw or Use Assets? Generally, the same distribution (withdrawal) rules that apply to traditional IRAs apply to SIMPLE IRAs. File taxes from 2012 These rules are discussed in chapter 1. File taxes from 2012 Your employer cannot restrict you from taking distributions from a SIMPLE IRA. File taxes from 2012 Are Distributions Taxable? Generally, distributions from a SIMPLE IRA are fully taxable as ordinary income. File taxes from 2012 If the distribution is an early distribution (discussed in chapter 1), it may be subject to the additional tax on early distributions. File taxes from 2012 See Additional Tax on Early Distributions, later. File taxes from 2012 Rollovers and Transfers Exception Generally, rollovers and trustee-to-trustee transfers are not taxable distributions. File taxes from 2012 Two-year rule. File taxes from 2012   To qualify as a tax-free rollover (or a tax-free trustee-to-trustee transfer), a rollover distribution (or a transfer) made from a SIMPLE IRA during the 2-year period beginning on the date on which you first participated in your employer's SIMPLE plan must be contributed (or transferred) to another SIMPLE IRA. File taxes from 2012 The 2-year period begins on the first day on which contributions made by your employer are deposited in your SIMPLE IRA. File taxes from 2012   After the 2-year period, amounts in a SIMPLE IRA can be rolled over or transferred tax free to an IRA other than a SIMPLE IRA, or to a qualified plan, a tax-sheltered annuity plan (section 403(b) plan), or deferred compensation plan of a state or local government (section 457 plan). File taxes from 2012 Additional Tax on Early Distributions The additional tax on early distributions (discussed in chapter 1) applies to SIMPLE IRAs. File taxes from 2012 If a distribution is an early distribution and occurs during the 2-year period following the date on which you first participated in your employer's SIMPLE plan, the additional tax on early distributions is increased from 10% to 25%. File taxes from 2012 If a rollover distribution (or transfer) from a SIMPLE IRA does not satisfy the 2-year rule, and is otherwise an early distribution, the additional tax imposed because of the early distribution is increased from 10% to 25% of the amount distributed. File taxes from 2012 Prev  Up  Next   Home   More Online Publications