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Freetaxusa 2012

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Freetaxusa 2012

Freetaxusa 2012 9. Freetaxusa 2012   Worksheets Table of Contents When Should I Figure MAC?Checking the Previous Year's Contributions Available Worksheets Chapter 2 introduced you to the term maximum amount contributable (MAC). Freetaxusa 2012 Generally, your MAC is the lesser of your: Limit on annual additions (chapter 3), or Limit on elective deferrals (chapter 4). Freetaxusa 2012 The worksheets in this chapter can help you figure the cost of incidental life insurance, your includible compensation, your limit on annual additions, your limit on elective deferrals, your limit on catch-up contributions, and your MAC. Freetaxusa 2012 After completing the worksheets, you should maintain them with your 403(b) records for that year. Freetaxusa 2012 Do not attach them to your tax return. Freetaxusa 2012 At the end of the year or the beginning of the next year, you should compare your estimated compensation figures with your actual figures. Freetaxusa 2012 If your compensation is the same as, or more than, the projected amounts and the calculations are correct, then you should simply file these worksheets with your other tax records for the year. Freetaxusa 2012 If your compensation was lower than your estimated figures, you will need to check the amount contributed during the year to determine if contributions are more than your MAC. Freetaxusa 2012 When Should I Figure MAC? At the beginning of each year, you should figure your MAC using a conservative estimate of your compensation. Freetaxusa 2012 Should your income change during the year, you should refigure your MAC based on a revised conservative estimate. Freetaxusa 2012 By doing this, you will be able to determine if contributions to your 403(b) account should be increased or decreased for the year. Freetaxusa 2012 Checking the Previous Year's Contributions At the beginning of the following year, you should refigure your MAC based on your actual earned income. Freetaxusa 2012 At the end of the current year or the beginning of the next year, you should check your contributions to be sure you did not exceed your MAC. Freetaxusa 2012 This means refiguring your limit based on your actual compensation figures for the year. Freetaxusa 2012 This will allow you to determine if the amount contributed is more than the allowable amounts, and possibly avoid additional taxes. Freetaxusa 2012 Available Worksheets The following worksheets have been provided to help you figure your MAC. Freetaxusa 2012 Worksheet A. Freetaxusa 2012 Cost of Incidental Life Insurance. Freetaxusa 2012 Worksheet B. Freetaxusa 2012 Includible Compensation for Your Most Recent Year of Service Worksheet C. Freetaxusa 2012 Limit on Catch-Up Contributions. Freetaxusa 2012 ??? Worksheet 1. Freetaxusa 2012 Maximum Amount Contributable (MAC). Freetaxusa 2012 Worksheet A. Freetaxusa 2012 Cost of Incidental Life Insurance Note. Freetaxusa 2012 Use this worksheet to figure the cost of incidental life insurance included in your annuity contract. Freetaxusa 2012 This amount will be used to figure includible compensation for your most recent year of service. Freetaxusa 2012 1. Freetaxusa 2012 Enter the value of the contract (amount payable upon your death) 1. Freetaxusa 2012   2. Freetaxusa 2012 Enter the cash value in the contract at the end of the year 2. Freetaxusa 2012   3. Freetaxusa 2012 Subtract line 2 from line 1. Freetaxusa 2012 This is the value of your current life insurance protection 3. Freetaxusa 2012   4. Freetaxusa 2012 Enter your age on your birthday nearest the beginning of the policy year 4. Freetaxusa 2012   5. Freetaxusa 2012 Enter the 1-year term premium for $1,000 of life insurance based on your age. Freetaxusa 2012 (From Figure 3-1) 5. Freetaxusa 2012   6. Freetaxusa 2012 Divide line 3 by $1,000 6. Freetaxusa 2012   7. Freetaxusa 2012 Multiply line 6 by line 5. Freetaxusa 2012 This is the cost of your incidental life insurance 7. Freetaxusa 2012   Worksheet B. Freetaxusa 2012 Includible Compensation for Your Most Recent Year of Service1 Note. Freetaxusa 2012 Use this worksheet to figure includible compensation for your most recent year of service. Freetaxusa 2012 1. Freetaxusa 2012 Enter your includible wages from the employer maintaining your 403(b) account for your most recent year of service 1. Freetaxusa 2012   2. Freetaxusa 2012 Enter elective deferrals excluded from your gross income for your most recent year of service2 2. Freetaxusa 2012   3. Freetaxusa 2012 Enter amounts contributed or deferred by your employer under a cafeteria plan for your most recent year of service 3. Freetaxusa 2012   4. Freetaxusa 2012 Enter amounts contributed or deferred by your employer according to your election to your 457 account (a nonqualified plan of a state or local government or of a tax-exempt organization) for your most recent year of service 4. Freetaxusa 2012   5. Freetaxusa 2012 Enter pre-tax contributions (employer's contributions made on your behalf according to your election) to a qualified transportation fringe benefit plan for your most recent year of service 5. Freetaxusa 2012   6. Freetaxusa 2012 Enter your foreign earned income exclusion for your most recent year of service 6. Freetaxusa 2012   7. Freetaxusa 2012 Add lines 1, 2, 3, 4, 5, and 6 7. Freetaxusa 2012   8. Freetaxusa 2012 Enter the cost of incidental life insurance that is part of your annuity contract for your most recent year of service 8. Freetaxusa 2012   9. Freetaxusa 2012 Enter compensation that was both: Earned during your most recent year of service, and Earned while your employer was not qualified to maintain a 403(b) plan 9. Freetaxusa 2012   10. Freetaxusa 2012 Add lines 8 and 9 10. Freetaxusa 2012   11. Freetaxusa 2012 Subtract line 10 from line 7. Freetaxusa 2012 This is your includible compensation for your most recent year of service 11. Freetaxusa 2012   1Use estimated amounts if figuring includible compensation before the end of the year. Freetaxusa 2012  2Elective deferrals made to a designated Roth account are not excluded from your gross income and should not be included on this line. Freetaxusa 2012 Worksheet C. Freetaxusa 2012 Limit on Catch-Up Contributions Note. Freetaxusa 2012 If you will be age 50 or older by the end of the year, use this worksheet to figure your limit on catch-up contributions. Freetaxusa 2012 1. Freetaxusa 2012 Maximum catch-up contributions 1. Freetaxusa 2012 $5,500 2. Freetaxusa 2012 Enter your includible compensation for your most recent year of service 2. Freetaxusa 2012   3. Freetaxusa 2012 Enter your elective deferrals 3. Freetaxusa 2012   4. Freetaxusa 2012 Subtract line 3 from line 2 4. Freetaxusa 2012   5. Freetaxusa 2012 Enter the lesser of line 1 or line 4. Freetaxusa 2012 This is your limit on catch-up contributions 5. Freetaxusa 2012   Worksheet 1. Freetaxusa 2012 Maximum Amount Contributable (MAC) Note. Freetaxusa 2012 Use this worksheet to figure your MAC. Freetaxusa 2012 Part I. Freetaxusa 2012 Limit on Annual Additions     1. Freetaxusa 2012 Enter your includible compensation for your most recent year of service 1. Freetaxusa 2012   2. Freetaxusa 2012 Maximum1: For 2013, enter $51,000 For 2014, enter $52,000 2. Freetaxusa 2012   3. Freetaxusa 2012 Enter the lesser of line 1 or line 2. Freetaxusa 2012 This is your limit on annual additions 3. Freetaxusa 2012     Caution: If you had only nonelective contributions, skip Part II and enter the amount from line 3 on line 18. Freetaxusa 2012     Part II. Freetaxusa 2012 Limit on Elective Deferrals     4. Freetaxusa 2012 Maximum contribution: For 2013, enter $17,500 For 2014, enter $17,500 4. Freetaxusa 2012     Note. Freetaxusa 2012 If you have at least 15 years of service with a qualifying organization, complete lines 5 through 17. Freetaxusa 2012 If not, enter zero (-0-) on line 16 and go to line 17. Freetaxusa 2012     5. Freetaxusa 2012 Amount per year of service 5. Freetaxusa 2012 $ 5,000 6. Freetaxusa 2012 Enter your years of service 6. Freetaxusa 2012   7. Freetaxusa 2012 Multiply line 5 by line 6 7. Freetaxusa 2012   8. Freetaxusa 2012 Enter the total of all elective deferrals made for you by the qualifying organization for prior years 8. Freetaxusa 2012   9. Freetaxusa 2012 Subtract line 8 from line 7. Freetaxusa 2012 If zero or less, enter zero (-0-) 9. Freetaxusa 2012   10. Freetaxusa 2012 Maximum increase in limit for long service 10. Freetaxusa 2012 $15,000 11. Freetaxusa 2012 Enter the total of additional pre-tax elective deferrals made in prior years under the 15-year rule 11. Freetaxusa 2012   12. Freetaxusa 2012 Enter the aggregate amount of all designated Roth contributions permitted for prior years under the 15-year rule 12. Freetaxusa 2012   13. Freetaxusa 2012 Add line 11 and line 12 13. Freetaxusa 2012   14. Freetaxusa 2012 Subtract line 13 from line 10 14. Freetaxusa 2012   15. Freetaxusa 2012 Maximum additional contributions 15. Freetaxusa 2012 $ 3,000 16. Freetaxusa 2012 Enter the least of lines 9, 14, or 15. Freetaxusa 2012 This is your increase in the limit for long service 16. Freetaxusa 2012   17. Freetaxusa 2012 Add lines 4 and 16. Freetaxusa 2012 This is your limit on elective deferrals 17. Freetaxusa 2012     Part III. Freetaxusa 2012 Maximum Amount Contributable     18. Freetaxusa 2012 If you had only nonelective contributions, enter the amount from line 3. Freetaxusa 2012 This is your MAC. Freetaxusa 2012    If you had only elective deferrals, enter the lesser of lines 3 or 17. Freetaxusa 2012 This is your MAC. Freetaxusa 2012    If you had both elective deferrals and nonelective contributions, enter the amount from line 3. Freetaxusa 2012 This is your MAC. Freetaxusa 2012 (Use the amount on line 17 to determine if you have excess elective deferrals as explained in chapter 7. Freetaxusa 2012 ) 18. Freetaxusa 2012   1If you participate in a 403(b) plan and a qualified plan, you must combine contributions made to your 403(b) account with contributions to a qualified plan and simplified employee pension plans of all corporations, partnerships, and sole proprietorships in which you have more than 50% control. Freetaxusa 2012 You must also combine the contributions made to all 403(b) accounts on your behalf by your employer. Freetaxusa 2012 Prev  Up  Next   Home   More Online Publications
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The Freetaxusa 2012

Freetaxusa 2012 3. Freetaxusa 2012   Credit for Withholding and Estimated Tax for 2013 Table of Contents Introduction Topics - This chapter discusses: WithholdingForm W-2 Form W-2G The 1099 Series Form Not Correct Form Received After Filing Separate Returns Fiscal Years (FY) Estimated TaxSeparate Returns Divorced Taxpayers Excess Social Security or Railroad Retirement Tax WithholdingJoint returns. Freetaxusa 2012 Worksheet for Nonrailroad Employees Worksheets for Railroad Employees Introduction When you file your 2013 income tax return, take credit for all the income tax and excess social security or railroad retirement tax withheld from your salary, wages, pensions, etc. Freetaxusa 2012 Also take credit for the estimated tax you paid for 2013. Freetaxusa 2012 These credits are subtracted from your total tax. Freetaxusa 2012 Because these credits are refundable, you should file a return and claim these credits, even if you do not owe tax. Freetaxusa 2012 If the total of your withholding and your estimated tax payments for any payment period is less than the amount you needed to pay by the due date for that period, you may be charged a penalty, even if the total of these credits is more than your tax for the year. Freetaxusa 2012 Topics - This chapter discusses: How to take credit for withholding, How to take credit for estimated taxes you paid, and How to take credit for excess social security, Medicare, or railroad retirement tax withholding. Freetaxusa 2012 Withholding If you had income tax withheld during 2013, you generally should be sent a statement by January 31, 2014, showing your income and the tax withheld. Freetaxusa 2012 Depending on the source of your income, you will receive: Form W-2, Wage and Tax Statement, Form W-2G, Certain Gambling Winnings, or A form in the 1099 series. Freetaxusa 2012 Form W-2 Your employer is required to provide or send Form W-2 to you no later than January 31, 2014. Freetaxusa 2012 You should receive a separate Form W-2 from each employer you worked for. Freetaxusa 2012 If you stopped working before the end of 2013, your employer could have given you your Form W-2 at any time after you stopped working. Freetaxusa 2012 However, your employer must provide or send it to you by January 31, 2014. Freetaxusa 2012 If you ask for the form, your employer must send it to you within 30 days after receiving your written request or within 30 days after your final wage payment, whichever is later. Freetaxusa 2012 If you have not received your Form W-2 by January 31, contact your employer or payer to request a copy. Freetaxusa 2012 If you still do not get the form by February 15, the IRS can help you by requesting the form from your employer. Freetaxusa 2012 The phone number for the IRS is listed in chapter 5. Freetaxusa 2012 You will be asked for the following information. Freetaxusa 2012 Your name, address, city and state, zip code, and social security number. Freetaxusa 2012 Your employer's name, address, city, state, zip code, and the employer's identification number (if known). Freetaxusa 2012 An estimate of the wages you earned, the federal income tax withheld, and the period you worked for that employer. Freetaxusa 2012 The estimate should be based on year-to-date information from your final pay stub or leave-and-earnings statement, if possible. Freetaxusa 2012 Form W-2 shows your total pay and other compensation and the income tax, social security tax, and Medicare tax that was withheld during the year. Freetaxusa 2012 Total the federal income tax withheld (shown in box 2 of all Forms W-2 received) and enter that amount on the appropriate line of your tax return. Freetaxusa 2012 In addition, Form W-2 is used to report any taxable sick pay you received and any income tax withheld from your sick pay. Freetaxusa 2012 Your sick pay may be combined with other wages in one Form W-2 or you may receive a separate Form W-2 for sick pay. Freetaxusa 2012 If you file a paper tax return, attach Copy B of Form W-2 to your return. Freetaxusa 2012 Form W-2G If you had gambling winnings in 2013, the payer may have withheld income tax. Freetaxusa 2012 If tax was withheld, the payer will give you a Form W-2G showing the amount you won and the amount of tax withheld. Freetaxusa 2012 Report the amounts you won on line 21 of Form 1040. Freetaxusa 2012 Take credit for the tax withheld on line 62 of Form 1040. Freetaxusa 2012 If you had gambling winnings, you must use Form 1040; you cannot use Form 1040A or Form 1040EZ. Freetaxusa 2012 Gambling losses can be deducted on Schedule A (Form 1040) as a miscellaneous itemized deduction. Freetaxusa 2012 However, you cannot deduct more than the gambling winnings you report on Form 1040. Freetaxusa 2012 File Form W-2G with your income tax return only if it shows any federal income tax withheld in box 2. Freetaxusa 2012 The 1099 Series Most forms in the 1099 series are not filed with your return. Freetaxusa 2012 In general, these forms should be furnished to you by January 31, 2014. Freetaxusa 2012 Unless instructed to file any of these forms with your return, keep them for your records. Freetaxusa 2012 There are several different forms in this series, including: Form 1099-B, Proceeds From Broker and Barter Exchange Transactions; Form 1099-C, Cancellation of Debt; Form 1099-DIV, Dividends and Distributions; Form 1099-G, Certain Government Payments; Form 1099-INT, Interest Income; Form 1099-K, Payment Card and Third-Party Network Transactions; Form 1099-MISC, Miscellaneous Income; Form 1099-OID, Original Issue Discount; Form 1099-PATR, Taxable Distributions Received From Cooperatives; Form 1099-Q, Payments From Qualified Education Programs (Under Sections 529 and 530); Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Freetaxusa 2012 ; Form SSA-1099, Social Security Benefit Statement; and Form RRB-1099, Payments by the Railroad Retirement Board. Freetaxusa 2012 If you received the types of income reported on some forms in the 1099 series, you may not be able to use Form 1040A or Form 1040EZ. Freetaxusa 2012 See the instructions to these forms for details. Freetaxusa 2012 Reporting your withholding. Freetaxusa 2012   Report on your tax return all federal income tax withholding shown on your Form 1099, Form SSA-1099, and/or Form RRB-1099. Freetaxusa 2012 Include the amount withheld in the total on line 62 of Form 1040, line 36 of Form 1040A, or line 7 of Form 1040EZ. Freetaxusa 2012 Form 1099-R. Freetaxusa 2012   Attach Form 1099-R to your paper return if federal income tax withholding is shown in box 4. Freetaxusa 2012 Do not attach any other Form 1099. Freetaxusa 2012 Form Not Correct If you receive a form with incorrect information, you should ask the payer for a corrected form. Freetaxusa 2012 Call the telephone number or write to the address given for the payer on the form. Freetaxusa 2012 The corrected Form W-2G or Form 1099 you receive will have an “X” in the “CORRECTED” box at the top of the form. Freetaxusa 2012 A special form, Form W-2c, Corrected Wage and Tax Statement, is used to correct a Form W-2. Freetaxusa 2012 In certain situations, you will receive two forms in place of the original incorrect form. Freetaxusa 2012 This will happen when your taxpayer identification number is wrong or missing, your name and address are wrong, or you received the wrong type of form (for example, a Form 1099-DIV instead of a Form 1099-INT). Freetaxusa 2012 One new form you receive will be the same incorrect form or have the same incorrect information, but all money amounts will be zero. Freetaxusa 2012 This form will have an “X” in the “CORRECTED” box at the top of the form. Freetaxusa 2012 The second new form should have all the correct information, prepared as though it is the original (the “CORRECTED” box will not be checked). Freetaxusa 2012 Form Received After Filing If you file your return and you later receive a form for income that you did not include on your return, report the income and take credit for any income tax withheld by filing Form 1040X, Amended U. Freetaxusa 2012 S. Freetaxusa 2012 Individual Income Tax Return. Freetaxusa 2012 Separate Returns If you are married but file a separate return, you can take credit only for the tax withheld from your own income. Freetaxusa 2012 Do not include any amount withheld from your spouse's income. Freetaxusa 2012 However, different rules may apply if you live in a community property state. Freetaxusa 2012 Community property states. Freetaxusa 2012   The following are community property states. Freetaxusa 2012 Arizona. Freetaxusa 2012 California. Freetaxusa 2012 Idaho. Freetaxusa 2012 Louisiana. Freetaxusa 2012 Nevada. Freetaxusa 2012 New Mexico. Freetaxusa 2012 Texas. Freetaxusa 2012 Washington. Freetaxusa 2012 Wisconsin. Freetaxusa 2012 Generally, if you live in a community property state and file a separate return, you and your spouse each must report half of all community income in addition to your own separate income. Freetaxusa 2012 If you are required to report half of all community income, you are entitled to take credit for half of all taxes withheld on the community income. Freetaxusa 2012 If you were divorced during the year, each of you generally must report half the community income and can take credit for half the withholding on that community income for the period before the divorce. Freetaxusa 2012   For more information on these rules, and some exceptions, see Publication 555, Community Property. Freetaxusa 2012 Fiscal Years (FY) If you file your tax return on the basis of a fiscal year (a 12-month period ending on the last day of any month except December), you must follow special rules, described below, to determine your credit for federal income tax withholding. Freetaxusa 2012 Fiscal year withholding. Freetaxusa 2012    You can claim credit on your tax return only for the tax withheld during the calendar year (CY) ending within your fiscal year. Freetaxusa 2012 You cannot claim credit for any of the tax withheld during the calendar year beginning in your fiscal year. Freetaxusa 2012 You will be able to claim credit for that withholding on your return for your next fiscal year. Freetaxusa 2012   The Form W-2 or 1099 you receive for the calendar year that ends during your fiscal year will show the tax withheld and the income you received during that calendar year. Freetaxusa 2012   Although you take credit for all the withheld tax shown on the form, report only the part of the income shown on the form that you received during your fiscal year. Freetaxusa 2012 Add to that the income you received during the rest of your fiscal year. Freetaxusa 2012 Example. Freetaxusa 2012 Miles Hanson files his return for a fiscal year ending June 30, 2013. Freetaxusa 2012 In January 2013, he received a Form W-2 that showed that his wages for 2012 were $31,200 and that his income tax withheld was $3,380. Freetaxusa 2012 His records show that he had received $15,000 of the wages by June 30, 2012, and $16,200 from July 1 through December 31, 2012. Freetaxusa 2012 See Table 3-1 . Freetaxusa 2012 On his return for the fiscal year ending June 30, 2013, Miles will report the $16,200 he was paid in July through December of 2012, plus the $18,850 he was paid during the rest of the fiscal year, January 1, 2013, through June 30, 2013. Freetaxusa 2012 However, he takes credit for all $3,380 that was withheld during 2012. Freetaxusa 2012 On his return for the fiscal year ending June 30, 2012, he reported the $15,000 he was paid in January through June 2012, but took no credit for the tax withheld during that time. Freetaxusa 2012 On his return for the fiscal year ending June 30, 2014, he will take the credit for any tax withheld during 2013 but not for any tax withheld during 2014. Freetaxusa 2012 Table 3-1. Freetaxusa 2012 Example for Fiscal Year Ending June 30, 2013—Miles Hanson Date Form W-2 Miles' records Tax return for FY ending 6/30/20121 Tax return for FY ending 6/30/2013 Wages With- holding Wages With- holding Wages With- holding Wages With- holding CY 20122 $31,200 $3,380             1/1/2012 –  6/30/2012     $15,000 $1,600 $15,000       7/1/2012 –  12/31/2012     $16,200 $1,780     $16,200 $3,380 CY 2013 $37,700 $4,316 3             1/1/2013 –  6/30/2013     $18,850 $2,158     $18,850   7/1/2013 –  12/31/2013     $18,850 4 $2,158         1Miles' tax return for FY ending 6/30/2012 also included his wages for 7/1–12/31/2011 and the withholding shown on his 2011 Form W-2. Freetaxusa 2012  2Calendar year (January 1 – December 31). Freetaxusa 2012   3Withholding shown on 2013 Form W-2 ($4,316) will be included in Miles' tax return for FY ending 6/30/2014, the fiscal year in which calendar year 2013 ends. Freetaxusa 2012   4Wages for 7/1–12/31/2013 ($18,850) will be included in Miles' tax return for FY ending 6/30/2014, the fiscal year in which the wages were received. Freetaxusa 2012 Backup withholding. Freetaxusa 2012   If income tax has been withheld under the backup withholding rule, take credit for it on your tax return for the fiscal year in which you received the income. Freetaxusa 2012 Example. Freetaxusa 2012 Emily Smith's records show that she received income in November 2013 and February 2014 from which there was backup withholding ($100 and $50, respectively). Freetaxusa 2012 Emily takes credit for the entire $150 of backup withholding on her tax return for the fiscal year ending September 30, 2014. Freetaxusa 2012 Estimated Tax Take credit for all your estimated tax payments for 2013 on line 63 of Form 1040 or line 37 of Form 1040A. Freetaxusa 2012 Include any overpayment from 2012 that you had credited to your 2013 estimated tax. Freetaxusa 2012 You must use Form 1040 or Form 1040A if you paid estimated tax. Freetaxusa 2012 You cannot file Form 1040EZ. Freetaxusa 2012 If you were a beneficiary of an estate or trust, you should receive a Schedule K-1 (Form 1041), Beneficiary's Share of Income, Deductions, Credits, etc. Freetaxusa 2012 , from the fiduciary. Freetaxusa 2012 If you have estimated taxes credited to you from the estate or trust (from Schedule K-1 (Form 1041)), you must report the estimated taxes on Schedule E (Form 1040). Freetaxusa 2012 On the dotted line next to the entry space for line 37 of Schedule E (Form 1040), enter “ES payment claimed” and the amount. Freetaxusa 2012 However, do not include this amount in the total on line 37. Freetaxusa 2012 Instead, enter the amount on Form 1040, line 63. Freetaxusa 2012 This estimated tax payment for 2013 is treated as being made by you on January 15, 2014. Freetaxusa 2012 Name changed. Freetaxusa 2012   If you changed your name, and you made estimated tax payments using your former name, attach a statement to the front of your paper tax return indicating: When you made the payments, The amount of each payment, Your name when you made the payments, and The social security number under which you made the payments. Freetaxusa 2012  The statement should cover payments you made jointly with your spouse as well as any you made separately. Freetaxusa 2012   Be sure to report the change to your local Social Security Administration office before filing your 2014 tax return. Freetaxusa 2012 This prevents delays in processing your return and issuing refunds. Freetaxusa 2012 It also safeguards your future social security benefits. Freetaxusa 2012 For more information, call the Social Security Administration at 1-800-772-1213. Freetaxusa 2012 Separate Returns If you and your spouse made separate estimated tax payments for 2013 and you file separate returns, you can take credit only for your own payments. Freetaxusa 2012 If you made joint estimated tax payments, you must decide how to divide the payments between your returns. Freetaxusa 2012 One of you can claim all of the estimated tax paid and the other none, or you can divide it in any other way you agree on. Freetaxusa 2012 If you cannot agree, you must divide the payments in proportion to each spouse's individual tax as shown on your separate returns for 2013. Freetaxusa 2012 Example. Freetaxusa 2012 James and Evelyn Brown made joint estimated tax payments for 2013 totaling $3,000. Freetaxusa 2012 They file separate 2013 Forms 1040. Freetaxusa 2012 James' tax is $4,000 and Evelyn's is $1,000. Freetaxusa 2012 If they do not agree on how to divide the $3,000, they must divide it proportionately between their returns. Freetaxusa 2012 Because James' tax ($4,000) is 80% of the total tax ($5,000), his share of the estimated tax is $2,400 (80% of $3,000). Freetaxusa 2012 The balance, $600 (20% of $3,000), is Evelyn's share. Freetaxusa 2012 Divorced Taxpayers If you made joint estimated tax payments for 2013 and you were divorced during the year, either you or your former spouse can claim all of the joint payments, or you each can claim part of them. Freetaxusa 2012 If you cannot agree on how to divide the payments, you must divide them in proportion to each spouse's individual tax as shown on your separate returns for 2013. Freetaxusa 2012 See Example earlier under Separate Returns. Freetaxusa 2012 If you claim any of the joint payments on your tax return, enter your former spouse's social security number (SSN) in the space provided at the top of page 1 of Form 1040 or Form 1040A. Freetaxusa 2012 If you divorced and remarried in 2013, enter your present spouse's SSN in that space. Freetaxusa 2012 Enter your former spouse's SSN, followed by “DIV,” under Payments to the left of Form 1040, line 63, or in the blank space to the left of Form 1040A, line 37. Freetaxusa 2012 Excess Social Security or Railroad Retirement Tax Withholding Most employers must withhold social security tax from your wages. Freetaxusa 2012 In some cases, however, the federal government and state and local governments do not have to withhold social security tax from their employees' wages. Freetaxusa 2012 If you work for a railroad employer, that employer must withhold tier 1 railroad retirement (RRTA) tax and tier 2 RRTA tax. Freetaxusa 2012 Two or more employers. Freetaxusa 2012   If you worked for two or more employers in 2013, too much social security tax or tier 1 RRTA tax may have been withheld from your pay. Freetaxusa 2012 You may be able to claim the excess as a credit against your income tax when you file your return. Freetaxusa 2012 Table 3-2 shows the maximum amount that should have been withheld for any of these taxes for 2013. Freetaxusa 2012 Figure the excess withholding on the appropriate worksheet. Freetaxusa 2012    Table 3-2. Freetaxusa 2012 Maximum Social Security and RRTA Withholding for 2013 Type of tax Maximum wages subject to tax Tax rate Maximum tax to be withheld Social security $113,700 6. Freetaxusa 2012 2% $7,049. Freetaxusa 2012 40 Tier 1 RRTA $113,700 6. Freetaxusa 2012 2% $7,049. Freetaxusa 2012 40 Tier 2 RRTA $84,300 4. Freetaxusa 2012 4% $3,709. Freetaxusa 2012 20 Joint returns. Freetaxusa 2012   If you are filing a joint return, you and your spouse must figure any excess social security or tier 1 RRTA separately. Freetaxusa 2012 Note. Freetaxusa 2012 All wages are subject to Medicare tax withholding. Freetaxusa 2012 Employer's error. Freetaxusa 2012   If you had only one employer and he or she withheld too much social security, Medicare, or tier 1 RRTA tax, ask the employer to refund the excess amount to you. Freetaxusa 2012 If the employer refuses to refund the overcollection, ask for a statement indicating the amount of the overcollection to support your claim. Freetaxusa 2012 File a claim for refund using Form 843, Claim for Refund and Request for Abatement. Freetaxusa 2012 Worksheet for Nonrailroad Employees If you did not work for a railroad during 2013, figure the excess social security withholding on Worksheet 3-1. Freetaxusa 2012 Note. Freetaxusa 2012 If you worked for both a railroad employer and a nonrailroad employer, use Worksheet 3-2, to figure excess social security and tier 1 RRTA tax. Freetaxusa 2012 Where to claim credit for excess social security withholding. Freetaxusa 2012   If you file Form 1040, enter the excess on line 69. Freetaxusa 2012   If you file Form 1040A, include the excess in the total on line 41. Freetaxusa 2012 Write “Excess SST” and show the amount of the credit in the space to the left of the line. Freetaxusa 2012   You cannot claim excess social security tax withholding on Form 1040EZ. Freetaxusa 2012 Worksheets for Railroad Employees If you worked for a railroad during 2013, figure your excess withholding on Worksheet 3-2 and 3-3, as appropriate. Freetaxusa 2012 Where to claim credit for excess tier 1 RRTA withholding. Freetaxusa 2012   If you file Form 1040, enter the excess on line 69. Freetaxusa 2012   If you file Form 1040A, include the excess in the total on line 41. Freetaxusa 2012 Write “Excess SST” and show the amount of the credit in the space to the left of the line. Freetaxusa 2012   You cannot claim excess tier 1 RRTA withholding on Form 1040EZ. Freetaxusa 2012 How to claim refund of excess tier 2 RRTA. Freetaxusa 2012   To claim a refund of tier 2 tax, use Form 843. Freetaxusa 2012 Be sure to attach a copy of all of your Forms W-2. Freetaxusa 2012   See Worksheet 3-3 and the Instructions for Form 843, for more details. Freetaxusa 2012 Worksheet 3-1. Freetaxusa 2012 Excess Social Security—Nonrailroad Employees 1. Freetaxusa 2012 Add all social security tax withheld (but not more than  $7,049. Freetaxusa 2012 40 for each employer). Freetaxusa 2012 This tax should be shown  in box 4 of your Forms W-2. Freetaxusa 2012 Enter the total here 1. Freetaxusa 2012   2. Freetaxusa 2012 Enter any uncollected social security tax on tips or group-term life insurance on Form 1040, line 60, identified by “UT” 2. Freetaxusa 2012   3. Freetaxusa 2012 Add lines 1 and 2. Freetaxusa 2012 If $7,049. Freetaxusa 2012 40 or less, stop here. Freetaxusa 2012 You cannot claim the credit 3. Freetaxusa 2012   4. Freetaxusa 2012 Social security limit 4. Freetaxusa 2012 $7,049. Freetaxusa 2012 40 5. Freetaxusa 2012 Excess. Freetaxusa 2012 Subtract line 4 from line 3 5. Freetaxusa 2012   Worksheet 3-2. Freetaxusa 2012 Excess Social Security and Tier 1 RRTA—Railroad Employees 1. Freetaxusa 2012 Add all social security and tier 1 RRTA tax withheld (but not more than $7,049. Freetaxusa 2012 40 for each employer). Freetaxusa 2012 Social security tax should be shown in box 4 and tier 1 RRTA should be shown  in box 14 of your Forms W-2. Freetaxusa 2012 Enter the total here 1. Freetaxusa 2012   2. Freetaxusa 2012 Enter any uncollected social security and tier 1 RRTA tax on tips or group-term life insurance on Form 1040, line 60, identified by “UT” 2. Freetaxusa 2012   3. Freetaxusa 2012 Add lines 1 and 2. Freetaxusa 2012 If $7,049. Freetaxusa 2012 40 or less, stop here. Freetaxusa 2012 You cannot claim the credit 3. Freetaxusa 2012   4. Freetaxusa 2012 Social security and tier 1 RRTA tax limit 4. Freetaxusa 2012 $7,049. Freetaxusa 2012 40 5. Freetaxusa 2012 Excess. Freetaxusa 2012 Subtract line 4 from line 3 5. Freetaxusa 2012   Worksheet 3-3. Freetaxusa 2012 Excess Tier 2 RRTA—Railroad Employees 1. Freetaxusa 2012 Add all tier 2 RRTA tax withheld (but not more than $3,709. Freetaxusa 2012 20 for each employer). Freetaxusa 2012 Box 14 of your Forms W-2 should show tier 2 RRTA tax. Freetaxusa 2012 Enter the total here 1. Freetaxusa 2012   2. Freetaxusa 2012 Enter any uncollected tier 2 RRTA tax on tips or group-term life insurance on Form 1040, line 60, identified by “UT” 2. Freetaxusa 2012   3. Freetaxusa 2012 Add lines 1 and 2. Freetaxusa 2012 If $3,709. Freetaxusa 2012 20 or less, stop here. Freetaxusa 2012 You cannot claim the credit. Freetaxusa 2012 3. Freetaxusa 2012   4. Freetaxusa 2012 Tier 2 RRTA tax limit 4. Freetaxusa 2012 $3,709. Freetaxusa 2012 20 5. Freetaxusa 2012 Excess. Freetaxusa 2012 Subtract line 4 from line 3. Freetaxusa 2012 5. Freetaxusa 2012   Prev  Up  Next   Home   More Online Publications