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Forms For 2012 Income Tax

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Forms For 2012 Income Tax

Forms for 2012 income tax 4. Forms for 2012 income tax   Retirement Savings Contributions Credit (Saver's Credit) Table of Contents What's New Introduction Full-time student. Forms for 2012 income tax Adjusted gross income. Forms for 2012 income tax Distributions received by spouse. Forms for 2012 income tax Testing period. Forms for 2012 income tax What's New Modified AGI limit for retirement savings contributions credit increased. Forms for 2012 income tax  For 2013, you may be able to claim the retirement savings contributions credit if your modified AGI is not more than: $59,000 if your filing status is married filing jointly, $44,250 if your filing status is head of household, or $29,500 if your filing status is single, married filing separately, or qualifying widow(er). Forms for 2012 income tax Introduction You may be able to take a tax credit if you make eligible contributions (defined later) to a qualified retirement plan, an eligible deferred compensation plan, or an individual retirement arrangement (IRA). Forms for 2012 income tax You may be able to take a credit of up to $1,000 (up to $2,000 if filing jointly). Forms for 2012 income tax This credit could reduce the federal income tax you pay dollar for dollar. Forms for 2012 income tax    Can you claim the credit?   If you make eligible contributions to a qualified retirement plan, an eligible deferred compensation plan, or an IRA, you can claim the credit if all of the following apply. Forms for 2012 income tax You were born before January 2, 1996. Forms for 2012 income tax You are not a full-time student (explained next). Forms for 2012 income tax No one else, such as your parent(s), claims an exemption for you on their tax return. Forms for 2012 income tax Your adjusted gross income (defined below) is not more than: $59,000 if your filing status is married filing jointly, $44,250 if your filing status is head of household, or $29,500 if your filing status is single, married filing separately, or qualifying widow(er). Forms for 2012 income tax Full-time student. Forms for 2012 income tax   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. Forms for 2012 income tax You are a full-time student if you are enrolled for the number of hours or courses the school considers to be full time. Forms for 2012 income tax Adjusted gross income. Forms for 2012 income tax   This is generally the amount on line 38 of your 2013 Form 1040; line 22 of your 2013 Form 1040A; or line 37 of your 2013 Form 1040NR. Forms for 2012 income tax 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. Forms for 2012 income tax Eligible contributions. Forms for 2012 income tax   These include: Contributions to a traditional or Roth IRA, Salary reduction contributions (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. Forms for 2012 income tax They also include voluntary after-tax employee contributions to a tax-qualified retirement plan or section 403(b) annuity. Forms for 2012 income tax For purposes of the credit, an employee contribution will be voluntary as long as it is not required as a condition of employment. Forms for 2012 income tax Reducing eligible contributions. Forms for 2012 income tax   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 above under Eligible contributions. Forms for 2012 income tax Also reduce your eligible contributions by any distribution from a Roth IRA that is not rolled over, even if the distribution is not taxable. Forms for 2012 income tax   Do not reduce your eligible contributions by any of the following. Forms for 2012 income tax The portion of any distribution which is not includible in income because it is a trustee-to-trustee transfer or a rollover distribution. Forms for 2012 income tax Distributions that are taxable as the result of an in-plan rollover to your designated Roth account. Forms for 2012 income tax 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. Forms for 2012 income tax Loans from a qualified employer plan treated as a distribution. Forms for 2012 income tax Distributions of excess contributions or deferrals (and income attributable to excess contributions and deferrals). Forms for 2012 income tax Distributions of dividends paid on stock held by an employee stock ownership plan under section 404(k). Forms for 2012 income tax Distributions from an eligible retirement plan that are converted or rolled over to a Roth IRA. Forms for 2012 income tax Distributions from a military retirement plan. Forms for 2012 income tax Distributions from an inherited IRA by a nonspousal beneficiary. Forms for 2012 income tax Distributions received by spouse. Forms for 2012 income tax   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. Forms for 2012 income tax Testing period. Forms for 2012 income tax   The testing period consists of the year for which you claim the credit, the period after the end of that year and before the due date (including extensions) for filing your return for that year, and the 2 tax years before that year. Forms for 2012 income tax Example. Forms for 2012 income tax You and your spouse filed joint returns in 2011 and 2012, and plan to do so in 2013 and 2014. Forms for 2012 income tax You received a taxable distribution from a qualified plan in 2011 and a taxable distribution from an eligible deferred compensation plan in 2012. Forms for 2012 income tax Your spouse received taxable distributions from a Roth IRA in 2013 and tax-free distributions from a Roth IRA in 2014 before April 15. Forms for 2012 income tax You made eligible contributions to an IRA in 2013 and you otherwise qualify for this credit. Forms for 2012 income tax You must reduce the amount of your qualifying contributions in 2013 by the total of the distributions you received in 2011, 2012, 2013, and 2014. Forms for 2012 income tax Maximum eligible contributions. Forms for 2012 income tax   After your contributions are reduced, the maximum annual contribution on which you can base the credit is $2,000 per person. Forms for 2012 income tax Effect on other credits. Forms for 2012 income tax   The amount of this credit will not change the amount of your refundable tax credits. Forms for 2012 income tax A refundable tax credit, such as the earned income credit or the refundable amount of your child tax credit, is an amount that you would receive as a refund even if you did not otherwise owe any taxes. Forms for 2012 income tax Maximum credit. Forms for 2012 income tax   This is a nonrefundable credit. Forms for 2012 income tax 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) in any year. Forms for 2012 income tax If your tax liability is reduced to zero because of other nonrefundable credits, such as the credit for child and dependent care expenses, then you will not be entitled to this credit. Forms for 2012 income tax How to figure and report the credit. Forms for 2012 income tax   The amount of the credit you can get is based on the contributions you make and your credit rate. Forms for 2012 income tax Your credit rate can be as low as 10% or as high as 50%. Forms for 2012 income tax Your credit rate depends on your income and your filing status. Forms for 2012 income tax See Form 8880 to determine your credit rate. Forms for 2012 income tax   The maximum contribution taken into account is $2,000 per person. Forms for 2012 income tax On a joint return, up to $2,000 is taken into account for each spouse. Forms for 2012 income tax   Figure the credit on Form 8880. Forms for 2012 income tax Report the credit on line 50 of your Form 1040; line 32 of your Form 1040A; or line 47 of your Form 1040NR and attach Form 8880 to your return. Forms for 2012 income tax Prev  Up  Next   Home   More Online Publications
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Affordable Care Act Tax Provisions for Employers

The Affordable Care Act, or health care law, contains benefits and responsibilities for employers. The size and structure of your workforce – small, large, or part of a group – helps determine what applies to you. However, if you have no employees, the following information does not apply to you.

 Small Employers
 
Large Employers
 
Small employers, generally those with fewer than 50 full-time employees, may be eligible for credits and other benefits.
 
  > More…
 
A large employer has 50 or more full-time employees or equivalents.
 
  > More…

 

How do I know if I am a small or large employer? Why does it matter?

An employer’s size is determined by the number of its employees. Employer benefits, opportunities and requirements are dependent upon the employer’s size and the applicable rules. Generally, an employer with 50 or more full-time employees or equivalents will be considered a large employer.

Employers with:

  • Fewer than 25 full-time equivalent employees may be eligible for a Small Business Health Care Tax Credit to help cover the cost of providing coverage.
  • Generally 50 or fewer employees may be eligible to buy coverage through the Small Business Health Options Program (SHOP). Learn more at HealthCare.gov
  • 50 or more full-time equivalent employees will need to file an annual return reporting whether and what health insurance they offered employees. In addition, they are subject to the Employer Shared Responsibility provisions.

Certain affiliated employers with common ownership or part of a controlled group must aggregate their employees to determine their workforce size. Proposed regulations (pdf) and FAQs provide more information about determining the size of your workforce.

Page Last Reviewed or Updated: 28-Jan-2014

The Forms For 2012 Income Tax

Forms for 2012 income tax 5. Forms for 2012 income tax   Student Loan Cancellations and Repayment Assistance Table of Contents Introduction Student Loan CancellationQualifying Loans Student Loan Repayment Assistance Introduction Generally, if you are responsible for making loan payments, and the loan is canceled (forgiven), you must include the amount that was forgiven in your gross income for tax purposes. Forms for 2012 income tax However, if you fulfill certain requirements, two types of student loan assistance may be tax free. Forms for 2012 income tax The types of assistance discussed in this chapter are: Student loan cancellation, and Student loan repayment assistance. Forms for 2012 income tax Student Loan Cancellation If your student loan is canceled, you may not have to include any amount in income. Forms for 2012 income tax This section describes the requirements for tax-free treatment of canceled student loans. Forms for 2012 income tax Qualifying Loans To qualify for tax-free treatment, for the cancellation of your loan, your loan must have been made by a qualified lender to assist you in attending an eligible educational institution and contain a provision that all or part of the debt will be canceled if you work: For a certain period of time, In certain professions, and For any of a broad class of employers. Forms for 2012 income tax The cancellation of your loan will not qualify for tax-free treatment if it is cancelled because of services you performed for the educational institution that made the loan or other organization that provided the funds. Forms for 2012 income tax See Exception, later. Forms for 2012 income tax Eligible educational institution. Forms for 2012 income tax   This is an educational institution that maintains a regular faculty and curriculum and normally has a regularly enrolled body of students in attendance at the place where it carries on its educational activities. Forms for 2012 income tax Qualified lenders. Forms for 2012 income tax   These include the following. Forms for 2012 income tax The United States, or an instrumentality thereof. Forms for 2012 income tax A state, territory, or possession of the United States, or the District of Columbia, or any political subdivision thereof. Forms for 2012 income tax A public benefit corporation that is tax-exempt under section 501(c)(3); and that has assumed control of a state, county, or municipal hospital; and whose employees are considered public employees under state law. Forms for 2012 income tax An eligible educational institution, if the loan is made: As part of an agreement with an entity described in (1), (2), (3) under which the funds to make the loan were provided to the educational institution, or Under a program of the educational institution that is designed to encourage its students to serve in occupations with unmet needs or in areas with unmet needs where the services provided by the students (or former students) are for or under the direction of a governmental unit or a tax-exempt section 501(c)(3) organization. Forms for 2012 income tax   Occupations with unmet needs include medicine, nursing, teaching, and law. Forms for 2012 income tax Section 501(c)(3) organization. Forms for 2012 income tax   This is any corporation, community chest, fund, or foundation organized and operated exclusively for one or more of the following purposes. Forms for 2012 income tax Charitable. Forms for 2012 income tax Religious. Forms for 2012 income tax Educational. Forms for 2012 income tax Scientific. Forms for 2012 income tax Literary. Forms for 2012 income tax Testing for public safety. Forms for 2012 income tax Fostering national or international amateur sports competition (but only if none of its activities involve providing athletic facilities or equipment). Forms for 2012 income tax The prevention of cruelty to children or animals. Forms for 2012 income tax Exception. Forms for 2012 income tax   The cancellation of your loan does not qualify as tax-free student loan cancellation if your student loan was made by an educational institution and is canceled because of services you performed for the educational institution or other organization that provided the funds. Forms for 2012 income tax Refinanced Loan If you refinanced a student loan with another loan from an eligible educational institution or a tax-exempt organization, that loan may also be considered as made by a qualified lender. Forms for 2012 income tax The refinanced loan is considered made by a qualified lender if it is made under a program of the refinancing organization that is designed to encourage students to serve in occupations with unmet needs or in areas with unmet needs where the services required of the students are for or under the direction of a governmental unit or a tax-exempt section 501(c)(3) organization. Forms for 2012 income tax Student Loan Repayment Assistance Student loan repayments made to you are tax free if you received them for any of the following: The National Health Service Corps (NHSC) Loan Repayment Program (NHSC Loan Repayment Program). Forms for 2012 income tax A state education loan repayment program eligible for funds under the Public Health Service Act. Forms for 2012 income tax Any other state loan repayment or loan forgiveness program that is intended to provide for the increased availability of health services in under served or health professional shortage areas (as determined by such state). Forms for 2012 income tax You cannot deduct the interest you paid on a student loan to the extent payments were made through your participation in the above programs. Forms for 2012 income tax Prev  Up  Next   Home   More Online Publications