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How To File An Amended Return

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How To File An Amended Return

How to file an amended return IRAs and Other Retirement Plans Table of Contents 2002 ChangesSimplified Employee Pensions (SEPs) 403(b) Plans Later ChangeDeemed IRAs 2002 Changes Simplified Employee Pensions (SEPs) Contribution limit increased. How to file an amended return   For plan years beginning after December 31, 2001, the annual limit on the amount of employer contributions to a SEP increases to the lesser of the following amounts. How to file an amended return 25% of an eligible employee's compensation. How to file an amended return $40,000 (subject to cost-of-living adjustments after 2002). How to file an amended return Deduction limit. How to file an amended return   For years beginning after 2001, the following changes apply to the SEP deduction limit. How to file an amended return Elective deferrals (SARSEPs). How to file an amended return   Elective deferrals under a SARSEP are not subject to the deduction limit that applies to employer contributions. How to file an amended return Also, elective deferrals are not taken into account when figuring the amount you can deduct for employer contributions that are not elective deferrals. How to file an amended return Definition of compensation. How to file an amended return    Compensation for figuring the deduction for employer contributions includes elective deferrals under a SARSEP. How to file an amended return More information. How to file an amended return   For more information about SEPs, see Publication 560, Retirement Plans for Small Business. How to file an amended return 403(b) Plans Figuring catch-up contributions. How to file an amended return   When figuring allowable catch-up contributions, combine all contributions made by your employer on your behalf to the following plans. How to file an amended return Qualified retirement plans. How to file an amended return 403(b) plans. How to file an amended return Simplified employee pensions (SEP). How to file an amended return SIMPLE plans. How to file an amended return   The total amount of the catch-up contributions to all plans maintained by your employer cannot exceed the annual limit. How to file an amended return For 2002, the limit is $1,000. How to file an amended return Rollovers to and from 403(b) plans. How to file an amended return   If a distribution includes both pre-tax contributions and after-tax contributions, the portion of the distribution that is rolled over is treated as consisting first of pre-tax amounts (contributions and earnings that would be includible in income if no rollover occurred). How to file an amended return This means that if you roll over an amount that is at least as much as the pre-tax portion of the distribution, you do not have to include any of the distribution in income. How to file an amended return Years of service for church employees and ministers. How to file an amended return   If you are a minister or church employee, treat all of your years of service as an employee of a church or a convention or association of churches as years of service with one employer. How to file an amended return Prior law required church employees and ministers to figure years of service separately for each employer. How to file an amended return   As a minister or church employee, all contributions made to 403(b) plans on your behalf, as an employee of a church or a convention or association of churches, are considered made by one employer. How to file an amended return Foreign missionaries. How to file an amended return   If you are a foreign missionary, contributions to your 403(b) account will not be treated as exceeding the limit on annual additions if the contributions are not more than the greater of: $3,000, or Your includible compensation. How to file an amended return More information. How to file an amended return   For more information about 403(b) plans, see Publication 571, Tax-Sheltered Annuity Plans (403(b) Plans). How to file an amended return Later Change Deemed IRAs For plan years beginning after 2002, a qualified employer plan can provide for voluntary employee contributions to a separate account or annuity that is deemed to be an IRA. How to file an amended return For this purpose, a qualified employer plan includes a deferred compensation plan (section 457(b) plan) maintained by a state, a political subdivision of a state, or an agency or instrumentality of a state or political subdivision of a state. How to file an amended return The term qualified employer plan also includes: A qualified pension, profit-sharing, or stock bonus plan (section 401(a) plan), A qualified employee annuity plan (section 403(a) plan), and A tax-sheltered annuity plan (section 403(b) plan). How to file an amended return More information about IRAs can be found in Publication 590, Individual Retirement Arrangements (IRAs). How to file an amended return Prev  Up  Next   Home   More Online Publications
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IRS Offers New Streamlined Option to Certain 501(c)(4) Groups Caught in Application Backlog

FS-2013-8, June 2013

Following a review of internal procedures to reduce the backlog of tax-exempt applications, the IRS is offering certain organizations that have applied for 501(c)(4) status a faster, optional method to gain tax-exempt status.

The IRS will start mailing about 80 letters this week offering the expedited option to groups that have had their applications pending for more than 120 days and involve possible political campaign intervention or issue advocacy. This effort is part of an internal review of IRS operations, processes and practices at the IRS announced today.

“The IRS is committed to improving our tax-exempt review process,” said IRS Principal Deputy Commissioner Danny Werfel. “This new streamlined option gives certain groups that have waited far too long a quick and clear path to get their status resolved.”

This “safe-harbor” option will provide certain groups an approved determination letter granting them 501(c)(4) status within two weeks if they certify they devote 60 percent or more of both their spending and time on activities that promote social welfare as defined by Section 501(c)(4). At the same time, they must certify that political campaign intervention involves less than 40 percent of both their spending and time. These thresholds apply for past, current and future years of operation. Solely for the purpose of determining eligibility for the expedited procedure, an organization must count, among other things, any public communication identifying a candidate that occurred within 60 days prior to a general election or 30 days prior to a primary as political campaign intervention.

 “The IRS will treat these groups fairly and review applications promptly, a step that will immediately reduce the backlog of these cases,” Werfel said. “At the same time, the IRS will work to ensure 501(c)(4) groups follow the law set by Congress. As part of our efforts, the IRS will continue to look for ways to improve its processes going forward.”

The IRS also emphasized that any eligible organizations that do not choose the expedited option will be treated fairly and expeditiously through the regular review process.

Full details of the expedited process and specific instructions for the groups qualifying for the option can be found in IRS Letter 5228.

Related Item: New Review Process and Expedited Self-Certification Option

 

Page Last Reviewed or Updated: 19-Dec-2013

The How To File An Amended Return

How to file an amended return 3. How to file an amended return   Abandonments Table of Contents You abandon property when you voluntarily and permanently give up possession and use of the property with the intention of ending your ownership but without passing it on to anyone else. How to file an amended return Whether an abandonment has occurred is determined in light of all the facts and circumstances. How to file an amended return You must both show an intention to abandon the property and affirmatively act to abandon the property. How to file an amended return A voluntary conveyance of the property in lieu of foreclosure is not an abandonment and is treated as the exchange of property to satisfy a debt. How to file an amended return For more information, see Sales and Exchanges in Publication 544. How to file an amended return The tax consequences of abandonment of property that secures a debt depend on whether you were personally liable for the debt (recourse debt) or were not personally liable for the debt (nonrecourse debt). How to file an amended return See Publication 544 if you abandoned property that did not secure debt. How to file an amended return This publication only discusses the tax consequences of abandoning property that secured a debt. How to file an amended return Abandonment of property securing recourse debt. How to file an amended return    In most cases, if you abandon property that secures debt for which you are personally liable (recourse debt), you do not have gain or loss until the later foreclosure is completed. How to file an amended return For details on figuring gain or loss on the foreclosure, see chapter 2. How to file an amended return Example 1—abandonment of personal-use property securing recourse debt. How to file an amended return In 2009, Anne purchased a home for $200,000. How to file an amended return She borrowed the entire purchase price, for which she was personally liable, and gave the bank a mortgage on the home. How to file an amended return In 2013, Anne lost her job and was unable to continue making her mortgage loan payments. How to file an amended return Because her mortgage loan balance was $185,000 and the FMV of her home was only $150,000, Anne decided to abandon her home by permanently moving out on August 1, 2013. How to file an amended return Because Anne was personally liable for the debt and the bank did not complete a foreclosure of the property in 2013, Anne has neither gain nor loss in tax year 2013 from abandoning the home. How to file an amended return If the bank sells the house at a foreclosure sale in 2014, Anne will have to figure her gain or nondeductible loss for tax year 2014 as discussed earlier in chapter 2. How to file an amended return Example 2—abandonment of business or investment property securing recourse debt. How to file an amended return In 2009, Sue purchased business property for $200,000. How to file an amended return She borrowed the entire purchase price, for which she was personally liable, and gave the lender a security interest in the property. How to file an amended return In 2013, Sue was unable to continue making her loan payments. How to file an amended return Because her loan balance was $185,000 and the FMV of the property was only $150,000, Sue abandoned the property on August 1, 2013. How to file an amended return Because Sue was personally liable for the debt and the lender did not complete a foreclosure of the property in 2013, Sue has neither gain nor loss in tax year 2013 from abandoning the property. How to file an amended return If the lender sells the property at a foreclosure sale in 2014, Sue will have to figure her gain or deductible loss for tax year 2014 as discussed earlier in chapter 2. How to file an amended return Abandonment of property securing nonrecourse debt. How to file an amended return    If you abandon property that secures debt for which you are not personally liable (nonrecourse debt), the abandonment is treated as a sale or exchange. How to file an amended return   The amount you realize on the abandonment of property that secured nonrecourse debt is the amount of the nonrecourse debt. How to file an amended return If the amount you realize is more than your adjusted basis, then you have a gain. How to file an amended return If your adjusted basis is more than the amount you realize, then you have a loss. How to file an amended return For more information on how to figure gain and loss, see Gain or Loss from Sales or Exchanges in Publication 544. How to file an amended return   Loss from abandonment of business or investment property is deductible as a loss. How to file an amended return The character of the loss depends on the character of the property. How to file an amended return The amount of deductible capital loss may be limited. How to file an amended return For more information, see Treatment of Capital Losses in Publication 544. How to file an amended return You cannot deduct any loss from abandonment of your home or other property held for personal use. How to file an amended return Example 1—abandonment of personal-use property securing nonrecourse debt. How to file an amended return In 2009, Timothy purchased a home for $200,000. How to file an amended return He borrowed the entire purchase price, for which he was not personally liable, and gave the bank a mortgage on the home. How to file an amended return In 2013, Timothy lost his job and was unable to continue making his mortgage loan payments. How to file an amended return Because his mortgage loan balance was $185,000 and the FMV of his home was only $150,000, Timothy decided to abandon his home by permanently moving out on August 1, 2013. How to file an amended return Because Timothy was not personally liable for the debt, the abandonment is treated as a sale or exchange of the home in tax year 2013. How to file an amended return Timothy's amount realized is $185,000 and his adjusted basis in the home is $200,000. How to file an amended return Timothy has a $15,000 nondeductible loss in tax year 2013. How to file an amended return (Had Timothy’s adjusted basis been less than the amount realized, Timothy would have had a gain that he would have to include in gross income. How to file an amended return ) The bank sells the house at a foreclosure sale in 2014. How to file an amended return Timothy has neither gain nor loss from the foreclosure sale. How to file an amended return Because he was not personally liable for the debt, he also has no cancellation of debt income. How to file an amended return Example 2—abandonment of business or investment property securing nonrecourse debt. How to file an amended return In 2009, Robert purchased business property for $200,000. How to file an amended return He borrowed the entire purchase price, for which he was not personally liable, and gave the lender a security interest in the property. How to file an amended return In 2013, Robert was unable to continue making his loan payments. How to file an amended return Because his loan balance was $185,000 and the FMV of the property was only $150,000, Robert decided to abandon the property on August 1, 2013. How to file an amended return Because Robert was not personally liable for the debt, the abandonment is treated as a sale or exchange of the property in tax year 2013. How to file an amended return Robert's amount realized is $185,000 and his adjusted basis in the property is $180,000 (as a result of $20,000 of depreciation deductions on the property). How to file an amended return Robert has a $5,000 gain in tax year 2013. How to file an amended return (Had Robert’s adjusted basis been greater than the amount realized, he would have had a deductible loss. How to file an amended return ) The lender sells the property at a foreclosure sale in 2014. How to file an amended return Robert has neither gain nor loss from the foreclosure sale. How to file an amended return Because he was not personally liable for the debt, he also has no cancellation of debt income. How to file an amended return Canceled debt. How to file an amended return    If the abandoned property secures a debt for which you are personally liable and the debt is canceled, you will realize ordinary income equal to the canceled debt. How to file an amended return This income is separate from any amount realized from abandonment of the property. How to file an amended return You must report this income on your return unless one of the exceptions or exclusions described in chapter 1 applies. How to file an amended return See chapter 1 for more details. How to file an amended return Forms 1099-A and 1099-C. How to file an amended return    In most cases, if you abandon real property (such as a home), intangible property, or tangible personal property held (wholly or partly) for use in a trade or business or for investment, that secures a loan and the lender knows the property has been abandoned, the lender should send you Form 1099-A showing information you need to figure your gain or loss from the abandonment. How to file an amended return Also, if your debt is canceled and the lender must file Form 1099-C, the lender can include the information about the abandonment on that form instead of on Form 1099-A. How to file an amended return The lender must file Form 1099-C and send you a copy if the amount of debt canceled is $600 or more and the lender is a financial institution, credit union, federal government agency, or any organization that has a significant trade or business of lending money. How to file an amended return For abandonments of property and debt cancellations occurring in 2013, these forms should be sent to you by January 31, 2014. How to file an amended return Prev  Up  Next   Home   More Online Publications