Income Tax Amendment
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Income Tax Amendment
Income tax amendment Publication 526 - Additional Material Prev Up Next Home More Online Publications
Understanding Your CP53B Notice
We tried to direct deposit your refund, but the financial institution couldn’t process it. We are researching your account, but it will take 8 to 10 weeks to complete our review and verify this refund.
What you need to do
- You don’t need to do anything at this time.
You may want to
- Call us at the toll-free number on the notice if you don’t receive your refund check or a follow-up letter within 10 weeks
- Monitor your financial accounts
If you notice any suspicious or unusual activity, you should:
- Notify your financial institutions
- Contact the fraud department of one of the three major credit bureaus
- Report any fraudulent activity to your local police or sheriff's department
- File a complaint with the Federal Trade Commission
- Submit a Form 14039, Identity Theft Affidavit
Answers to Common Questions
Q. What should I do if I didn’t file a return?
A. Submit a Form 14039, Identity Theft Affidavit, to the IRS address in the Form 14039 instructions.
Q. Can I direct part of my refund into my tax professional’s checking or savings account to pay my tax preparation fee?
A. No. You can direct your refund to any of your checking or savings accounts. You can’t direct your refund to someone else’s account (except for your spouse’s account when you have a joint refund).
Q. Why will it take up to 10 weeks to receive my refund?
A. We must research your account to determine if you are entitled to the refund. We try to balance customer service and tax compliance when we review tax returns. Refund timeframes are also affected by:
- An open audit
- A balance due on a related account (such as a different tax year)
Q. Will calling the IRS give me additional information or speed my refund?
A. No, calling us won’t speed up your refund. You don’t need to call us unless we send you a letter that asks you to contact us. Our telephone assistors won’t be able to provide any additional information.
Tips for next year
If you request a direct deposit refund, be sure the account you specify is in your name (or your spouse’s if you have a joint refund).
If you changed your name as a result of a recent marriage or divorce, be sure the name on your tax return matches the name registered with the Social Security Administration.
Never direct your refund to an account that belongs to a relative, friend, or tax return preparer.
Page Last Reviewed or Updated: 21-Jan-2014
Printable samples of this notice (PDF)
Tax publications you may find useful
How to get help
- Call the 1-800 number listed on the top right corner of your notice.
- Authorize someone (e.g., accountant) to contact the IRS on your behalf using Form 2848.
- See if you qualify for help from a Low Income Taxpayer Clinic.
The Income Tax Amendment
Income tax amendment 4. Income tax amendment Retirement Savings Contributions Credit (Saver's Credit) Table of Contents What's New Introduction Full-time student. Income tax amendment Adjusted gross income. Income tax amendment Distributions received by spouse. Income tax amendment Testing period. Income tax amendment What's New Modified AGI limit for retirement savings contributions credit increased. Income tax amendment 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). Income tax amendment 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). Income tax amendment You may be able to take a credit of up to $1,000 (up to $2,000 if filing jointly). Income tax amendment This credit could reduce the federal income tax you pay dollar for dollar. Income tax amendment 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. Income tax amendment You were born before January 2, 1996. Income tax amendment You are not a full-time student (explained next). Income tax amendment No one else, such as your parent(s), claims an exemption for you on their tax return. Income tax amendment 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). Income tax amendment Full-time student. Income tax amendment 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. Income tax amendment You are a full-time student if you are enrolled for the number of hours or courses the school considers to be full time. Income tax amendment Adjusted gross income. Income tax amendment 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. Income tax amendment 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. Income tax amendment Eligible contributions. Income tax amendment 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. Income tax amendment They also include voluntary after-tax employee contributions to a tax-qualified retirement plan or section 403(b) annuity. Income tax amendment For purposes of the credit, an employee contribution will be voluntary as long as it is not required as a condition of employment. Income tax amendment Reducing eligible contributions. Income tax amendment 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. Income tax amendment Also reduce your eligible contributions by any distribution from a Roth IRA that is not rolled over, even if the distribution is not taxable. Income tax amendment Do not reduce your eligible contributions by any of the following. Income tax amendment The portion of any distribution which is not includible in income because it is a trustee-to-trustee transfer or a rollover distribution. Income tax amendment Distributions that are taxable as the result of an in-plan rollover to your designated Roth account. Income tax amendment 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. Income tax amendment Loans from a qualified employer plan treated as a distribution. Income tax amendment Distributions of excess contributions or deferrals (and income attributable to excess contributions and deferrals). Income tax amendment Distributions of dividends paid on stock held by an employee stock ownership plan under section 404(k). Income tax amendment Distributions from an eligible retirement plan that are converted or rolled over to a Roth IRA. Income tax amendment Distributions from a military retirement plan. Income tax amendment Distributions from an inherited IRA by a nonspousal beneficiary. Income tax amendment Distributions received by spouse. Income tax amendment 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. Income tax amendment Testing period. Income tax amendment 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. Income tax amendment Example. Income tax amendment You and your spouse filed joint returns in 2011 and 2012, and plan to do so in 2013 and 2014. Income tax amendment You received a taxable distribution from a qualified plan in 2011 and a taxable distribution from an eligible deferred compensation plan in 2012. Income tax amendment Your spouse received taxable distributions from a Roth IRA in 2013 and tax-free distributions from a Roth IRA in 2014 before April 15. Income tax amendment You made eligible contributions to an IRA in 2013 and you otherwise qualify for this credit. Income tax amendment 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. Income tax amendment Maximum eligible contributions. Income tax amendment After your contributions are reduced, the maximum annual contribution on which you can base the credit is $2,000 per person. Income tax amendment Effect on other credits. Income tax amendment The amount of this credit will not change the amount of your refundable tax credits. Income tax amendment 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. Income tax amendment Maximum credit. Income tax amendment This is a nonrefundable credit. Income tax amendment 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. Income tax amendment 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. Income tax amendment How to figure and report the credit. Income tax amendment The amount of the credit you can get is based on the contributions you make and your credit rate. Income tax amendment Your credit rate can be as low as 10% or as high as 50%. Income tax amendment Your credit rate depends on your income and your filing status. Income tax amendment See Form 8880 to determine your credit rate. Income tax amendment The maximum contribution taken into account is $2,000 per person. Income tax amendment On a joint return, up to $2,000 is taken into account for each spouse. Income tax amendment Figure the credit on Form 8880. Income tax amendment 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. Income tax amendment Prev Up Next Home More Online Publications