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Instructions For 1040x

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Instructions For 1040x

Instructions for 1040x 10. Instructions for 1040x   Retirement Plans, Pensions, and Annuities Table of Contents What's New Reminder IntroductionThe General Rule. Instructions for 1040x Individual retirement arrangements (IRAs). Instructions for 1040x Civil service retirement benefits. Instructions for 1040x Useful Items - You may want to see: General InformationIn-plan rollovers to designated Roth accounts. Instructions for 1040x How To Report Cost (Investment in the Contract) Taxation of Periodic PaymentsExclusion limited to cost. Instructions for 1040x Exclusion not limited to cost. Instructions for 1040x Simplified Method Taxation of Nonperiodic PaymentsLump-Sum Distributions RolloversIn-plan rollovers to designated Roth accounts. Instructions for 1040x Special Additional TaxesTax on Early Distributions Tax on Excess Accumulation Survivors and Beneficiaries What's New For purposes of the Net Investment Income Tax (NIIT), net investment income does not include distributions from a qualified retirement plan (for example, 401(a), 403(a), 403(b), 408, 408A, or 457(b) plans). Instructions for 1040x However, these distributions are taken into account when determining the modified adjusted gross income threshold. Instructions for 1040x Distributions from a nonqualified retirement plan are included in net investment income. Instructions for 1040x See Form 8960, Net Investment Income Tax - Individuals, Estates, and Trusts, and its instructions for more information. Instructions for 1040x Reminder Starting in 2013, the American Taxpayer Relief Act of 2012 expanded the rules for in-plan Roth rollovers to include more taxpayers. Instructions for 1040x For more information, see Designated Roth accounts discussed later. Instructions for 1040x Introduction This chapter discusses the tax treatment of distributions you receive from: An employee pension or annuity from a qualified plan, A disability retirement, and A purchased commercial annuity. Instructions for 1040x What is not covered in this chapter. Instructions for 1040x   The following topics are not discussed in this chapter. Instructions for 1040x The General Rule. Instructions for 1040x   This is the method generally used to determine the tax treatment of pension and annuity income from nonqualified plans (including commercial annuities). Instructions for 1040x For a qualified plan, you generally cannot use the General Rule unless your annuity starting date is before November 19, 1996. Instructions for 1040x For more information about the General Rule, see Publication 939, General Rule for Pensions and Annuities. Instructions for 1040x Individual retirement arrangements (IRAs). Instructions for 1040x   Information on the tax treatment of amounts you receive from an IRA is in chapter 17. Instructions for 1040x Civil service retirement benefits. Instructions for 1040x    If you are retired from the federal government (regular, phased, or disability retirement), see Publication 721, Tax Guide to U. Instructions for 1040x S. Instructions for 1040x Civil Service Retirement Benefits. Instructions for 1040x Publication 721 also covers the information that you need if you are the survivor or beneficiary of a federal employee or retiree who died. Instructions for 1040x Useful Items - You may want to see: Publication 575 Pension and Annuity Income 721 Tax Guide to U. Instructions for 1040x S. Instructions for 1040x Civil Service Retirement Benefits 939 General Rule for Pensions and Annuities Form (and Instructions) W-4P Withholding Certificate for Pension or Annuity Payments 1099-R Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Instructions for 1040x 4972 Tax on Lump-Sum Distributions 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts General Information Designated Roth accounts. Instructions for 1040x   A designated Roth account is a separate account created under a qualified Roth contribution program to which participants may elect to have part or all of their elective deferrals to a 401(k), 403(b), or 457(b) plan designated as Roth contributions. Instructions for 1040x Elective deferrals that are designated as Roth contributions are included in your income. Instructions for 1040x However, qualified distributions are not included in your income. Instructions for 1040x See Publication 575 for more information. Instructions for 1040x In-plan rollovers to designated Roth accounts. Instructions for 1040x   If you are a participant in a 401(k), 403(b), or 457(b) plan, your plan may permit you to roll over amounts in those plans to a designated Roth account within the same plan. Instructions for 1040x The rollover of any untaxed amounts must be included in income. Instructions for 1040x See Publication 575 for more information. Instructions for 1040x More than one program. Instructions for 1040x   If you receive benefits from more than one program under a single trust or plan of your employer, such as a pension plan and a profit-sharing plan, you may have to figure the taxable part of each pension or annuity contract separately. Instructions for 1040x Your former employer or the plan administrator should be able to tell you if you have more than one pension or annuity contract. Instructions for 1040x Section 457 deferred compensation plans. Instructions for 1040x    If you work for a state or local government or for a tax-exempt organization, you may be able to participate in a section 457 deferred compensation plan. Instructions for 1040x If your plan is an eligible plan, you are not taxed currently on pay that is deferred under the plan or on any earnings from the plan's investment of the deferred pay. Instructions for 1040x You are generally taxed on amounts deferred in an eligible state or local government plan only when they are distributed from the plan. Instructions for 1040x You are taxed on amounts deferred in an eligible tax-exempt organization plan when they are distributed or otherwise made available to you. Instructions for 1040x   Your 457(b) plan may have a designated Roth account option. Instructions for 1040x If so, you may be able to roll over amounts to the designated Roth account or make contributions. Instructions for 1040x Elective deferrals to a designated Roth account are included in your income. Instructions for 1040x Qualified distributions from a designated Roth account are not subject to tax. Instructions for 1040x   This chapter covers the tax treatment of benefits under eligible section 457 plans, but it does not cover the treatment of deferrals. Instructions for 1040x For information on deferrals under section 457 plans, see Retirement Plan Contributions under Employee Compensation in Publication 525, Taxable and Nontaxable Income. Instructions for 1040x   For general information on these deferred compensation plans, see Section 457 Deferred Compensation Plans in Publication 575. Instructions for 1040x Disability pensions. Instructions for 1040x   If you retired on disability, you generally must include in income any disability pension you receive under a plan that is paid for by your employer. Instructions for 1040x You must report your taxable disability payments as wages on line 7 of Form 1040 or Form 1040A until you reach minimum retirement age. Instructions for 1040x Minimum retirement age generally is the age at which you can first receive a pension or annuity if you are not disabled. Instructions for 1040x    You may be entitled to a tax credit if you were permanently and totally disabled when you retired. Instructions for 1040x For information on the credit for the elderly or the disabled, see chapter 33. Instructions for 1040x   Beginning on the day after you reach minimum retirement age, payments you receive are taxable as a pension or annuity. Instructions for 1040x Report the payments on Form 1040, lines 16a and 16b, or on Form 1040A, lines 12a and 12b. Instructions for 1040x    Disability payments for injuries incurred as a direct result of a terrorist attack directed against the United States (or its allies) are not included in income. Instructions for 1040x For more information about payments to survivors of terrorist attacks, see Publication 3920, Tax Relief for Victims of Terrorist Attacks. Instructions for 1040x   For more information on how to report disability pensions, including military and certain government disability pensions, see chapter 5. Instructions for 1040x Retired public safety officers. Instructions for 1040x   An eligible retired public safety officer can elect to exclude from income distributions of up to $3,000 made directly from a government retirement plan to the provider of accident, health, or long-term disability insurance. Instructions for 1040x See Insurance Premiums for Retired Public Safety Officers in Publication 575 for more information. Instructions for 1040x Railroad retirement benefits. Instructions for 1040x   Part of any railroad retirement benefits you receive is treated for tax purposes as social security benefits, and part is treated as an employee pension. Instructions for 1040x For information about railroad retirement benefits treated as social security benefits, see Publication 915, Social Security and Equivalent Railroad Retirement Benefits. Instructions for 1040x For information about railroad retirement benefits treated as an employee pension, see Railroad Retirement Benefits in Publication 575. Instructions for 1040x Withholding and estimated tax. Instructions for 1040x   The payer of your pension, profit-sharing, stock bonus, annuity, or deferred compensation plan will withhold income tax on the taxable parts of amounts paid to you. Instructions for 1040x You can tell the payer how much to withhold, or not to withhold, by filing Form W-4P. Instructions for 1040x If you choose not to have tax withheld, or you do not have enough tax withheld, you may have to pay estimated tax. Instructions for 1040x   If you receive an eligible rollover distribution, you cannot choose not to have tax withheld. Instructions for 1040x Generally, 20% will be withheld, but no tax will be withheld on a direct rollover of an eligible rollover distribution. Instructions for 1040x See Direct rollover option under Rollovers, later. Instructions for 1040x   For more information, see Pensions and Annuities under Tax Withholding for 2014 in chapter 4. Instructions for 1040x Qualified plans for self-employed individuals. Instructions for 1040x   Qualified plans set up by self-employed individuals are sometimes called Keogh or H. Instructions for 1040x R. Instructions for 1040x 10 plans. Instructions for 1040x Qualified plans can be set up by sole proprietors, partnerships (but not a partner), and corporations. Instructions for 1040x They can cover self-employed persons, such as the sole proprietor or partners, as well as regular (common-law) employees. Instructions for 1040x    Distributions from a qualified plan are usually fully taxable because most recipients have no cost basis. Instructions for 1040x If you have an investment (cost) in the plan, however, your pension or annuity payments from a qualified plan are taxed under the Simplified Method. Instructions for 1040x For more information about qualified plans, see Publication 560, Retirement Plans for Small Business. Instructions for 1040x Purchased annuities. Instructions for 1040x   If you receive pension or annuity payments from a privately purchased annuity contract from a commercial organization, such as an insurance company, you generally must use the General Rule to figure the tax-free part of each annuity payment. Instructions for 1040x For more information about the General Rule, get Publication 939. Instructions for 1040x Also, see Variable Annuities in Publication 575 for the special provisions that apply to these annuity contracts. Instructions for 1040x Loans. Instructions for 1040x   If you borrow money from your retirement plan, you must treat the loan as a nonperiodic distribution from the plan unless certain exceptions apply. Instructions for 1040x This treatment also applies to any loan under a contract purchased under your retirement plan, and to the value of any part of your interest in the plan or contract that you pledge or assign. Instructions for 1040x This means that you must include in income all or part of the amount borrowed. Instructions for 1040x Even if you do not have to treat the loan as a nonperiodic distribution, you may not be able to deduct the interest on the loan in some situations. Instructions for 1040x For details, see Loans Treated as Distributions in Publication 575. Instructions for 1040x For information on the deductibility of interest, see chapter 23. Instructions for 1040x Tax-free exchange. Instructions for 1040x   No gain or loss is recognized on an exchange of an annuity contract for another annuity contract if the insured or annuitant remains the same. Instructions for 1040x However, if an annuity contract is exchanged for a life insurance or endowment contract, any gain due to interest accumulated on the contract is ordinary income. Instructions for 1040x See Transfers of Annuity Contracts in Publication 575 for more information about exchanges of annuity contracts. Instructions for 1040x How To Report If you file Form 1040, report your total annuity on line 16a and the taxable part on line 16b. Instructions for 1040x If your pension or annuity is fully taxable, enter it on line 16b; do not make an entry on line 16a. Instructions for 1040x If you file Form 1040A, report your total annuity on line 12a and the taxable part on line 12b. Instructions for 1040x If your pension or annuity is fully taxable, enter it on line 12b; do not make an entry on line 12a. Instructions for 1040x More than one annuity. Instructions for 1040x   If you receive more than one annuity and at least one of them is not fully taxable, enter the total amount received from all annuities on Form 1040, line 16a, or Form 1040A, line 12a, and enter the taxable part on Form 1040, line 16b, or Form 1040A, line 12b. Instructions for 1040x If all the annuities you receive are fully taxable, enter the total of all of them on Form 1040, line 16b, or Form 1040A, line 12b. Instructions for 1040x Joint return. Instructions for 1040x   If you file a joint return and you and your spouse each receive one or more pensions or annuities, report the total of the pensions and annuities on Form 1040, line 16a, or Form 1040A, line 12a, and report the taxable part on Form 1040, line 16b, or Form 1040A, line 12b. Instructions for 1040x Cost (Investment in the Contract) Before you can figure how much, if any, of a distribution from your pension or annuity plan is taxable, you must determine your cost (your investment in the contract) in the pension or annuity. Instructions for 1040x Your total cost in the plan includes the total premiums, contributions, or other amounts you paid. Instructions for 1040x This includes the amounts your employer contributed that were taxable to you when paid. Instructions for 1040x Cost does not include any amounts you deducted or were excluded from your income. Instructions for 1040x From this total cost, subtract any refunds of premiums, rebates, dividends, unrepaid loans that were not included in your income, or other tax-free amounts that you received by the later of the annuity starting date or the date on which you received your first payment. Instructions for 1040x Your annuity starting date is the later of the first day of the first period for which you received a payment or the date the plan's obligations became fixed. Instructions for 1040x Designated Roth accounts. Instructions for 1040x   Your cost in these accounts is your designated Roth contributions that were included in your income as wages subject to applicable withholding requirements. Instructions for 1040x Your cost will also include any in-plan Roth rollovers you included in income. Instructions for 1040x Foreign employment contributions. Instructions for 1040x   If you worked in a foreign country and contributions were made to your retirement plan, special rules apply in determining your cost. Instructions for 1040x See Foreign employment contributions under Cost (Investment in the Contract) in Publication 575. Instructions for 1040x Taxation of Periodic Payments Fully taxable payments. Instructions for 1040x   Generally, if you did not pay any part of the cost of your employee pension or annuity and your employer did not withhold part of the cost from your pay while you worked, the amounts you receive each year are fully taxable. Instructions for 1040x You must report them on your income tax return. Instructions for 1040x Partly taxable payments. Instructions for 1040x   If you paid part of the cost of your pension or annuity, you are not taxed on the part of the pension or annuity you receive that represents a return of your cost. Instructions for 1040x The rest of the amount you receive is generally taxable. Instructions for 1040x You figure the tax-free part of the payment using either the Simplified Method or the General Rule. Instructions for 1040x Your annuity starting date and whether or not your plan is qualified determine which method you must or may use. Instructions for 1040x   If your annuity starting date is after November 18, 1996, and your payments are from a qualified plan, you must use the Simplified Method. Instructions for 1040x Generally, you must use the General Rule if your annuity is paid under a nonqualified plan, and you cannot use this method if your annuity is paid under a qualified plan. Instructions for 1040x   If you had more than one partly taxable pension or annuity, figure the tax-free part and the taxable part of each separately. Instructions for 1040x   If your annuity is paid under a qualified plan and your annuity starting date is after July 1, 1986, and before November 19, 1996, you could have chosen to use either the General Rule or the Simplified Method. Instructions for 1040x Exclusion limit. Instructions for 1040x   Your annuity starting date determines the total amount of annuity payments that you can exclude from your taxable income over the years. Instructions for 1040x Once your annuity starting date is determined, it does not change. Instructions for 1040x If you calculate the taxable portion of your annuity payments using the simplified method worksheet, the annuity starting date determines the recovery period for your cost. Instructions for 1040x That recovery period begins on your annuity starting date and is not affected by the date you first complete the worksheet. Instructions for 1040x Exclusion limited to cost. Instructions for 1040x   If your annuity starting date is after 1986, the total amount of annuity income that you can exclude over the years as a recovery of the cost cannot exceed your total cost. Instructions for 1040x Any unrecovered cost at your (or the last annuitant's) death is allowed as a miscellaneous itemized deduction on the final return of the decedent. Instructions for 1040x This deduction is not subject to the 2%-of-adjusted-gross-income limit. Instructions for 1040x Exclusion not limited to cost. Instructions for 1040x   If your annuity starting date is before 1987, you can continue to take your monthly exclusion for as long as you receive your annuity. Instructions for 1040x If you chose a joint and survivor annuity, your survivor can continue to take the survivor's exclusion figured as of the annuity starting date. Instructions for 1040x The total exclusion may be more than your cost. Instructions for 1040x Simplified Method Under the Simplified Method, you figure the tax-free part of each annuity payment by dividing your cost by the total number of anticipated monthly payments. Instructions for 1040x For an annuity that is payable for the lives of the annuitants, this number is based on the annuitants' ages on the annuity starting date and is determined from a table. Instructions for 1040x For any other annuity, this number is the number of monthly annuity payments under the contract. Instructions for 1040x Who must use the Simplified Method. Instructions for 1040x   You must use the Simplified Method if your annuity starting date is after November 18, 1996, and you both: Receive pension or annuity payments from a qualified employee plan, qualified employee annuity, or a tax-sheltered annuity (403(b)) plan, and On your annuity starting date, you were either under age 75, or entitled to less than 5 years of guaranteed payments. Instructions for 1040x Guaranteed payments. Instructions for 1040x   Your annuity contract provides guaranteed payments if a minimum number of payments or a minimum amount (for example, the amount of your investment) is payable even if you and any survivor annuitant do not live to receive the minimum. Instructions for 1040x If the minimum amount is less than the total amount of the payments you are to receive, barring death, during the first 5 years after payments begin (figured by ignoring any payment increases), you are entitled to less than 5 years of guaranteed payments. Instructions for 1040x How to use the Simplified Method. Instructions for 1040x    Complete the Simplified Method Worksheet in Publication 575 to figure your taxable annuity for 2013. Instructions for 1040x Single-life annuity. Instructions for 1040x    If your annuity is payable for your life alone, use Table 1 at the bottom of the worksheet to determine the total number of expected monthly payments. Instructions for 1040x Enter on line 3 the number shown for your age at the annuity starting date. Instructions for 1040x Multiple-lives annuity. Instructions for 1040x   If your annuity is payable for the lives of more than one annuitant, use Table 2 at the bottom of the worksheet to determine the total number of expected monthly payments. Instructions for 1040x Enter on line 3 the number shown for the combined ages of you and the youngest survivor annuitant at the annuity starting date. Instructions for 1040x   However, if your annuity starting date is before 1998, do not use Table 2 and do not combine the annuitants' ages. Instructions for 1040x Instead you must use Table 1 and enter on line 3 the number shown for the primary annuitant's age on the annuity starting date. Instructions for 1040x    Be sure to keep a copy of the completed worksheet; it will help you figure your taxable annuity next year. Instructions for 1040x Example. Instructions for 1040x Bill Smith, age 65, began receiving retirement benefits in 2013, under a joint and survivor annuity. Instructions for 1040x Bill's annuity starting date is January 1, 2013. Instructions for 1040x The benefits are to be paid for the joint lives of Bill and his wife Kathy, age 65. Instructions for 1040x Bill had contributed $31,000 to a qualified plan and had received no distributions before the annuity starting date. Instructions for 1040x Bill is to receive a retirement benefit of $1,200 a month, and Kathy is to receive a monthly survivor benefit of $600 upon Bill's death. Instructions for 1040x Bill must use the Simplified Method to figure his taxable annuity because his payments are from a qualified plan and he is under age 75. Instructions for 1040x Because his annuity is payable over the lives of more than one annuitant, he uses his and Kathy's combined ages and Table 2 at the bottom of the worksheet in completing line 3 of the worksheet. Instructions for 1040x His completed worksheet is shown in Worksheet 10-A. Instructions for 1040x Bill's tax-free monthly amount is $100 ($31,000 ÷ 310) as shown on line 4 of the worksheet. Instructions for 1040x Upon Bill's death, if Bill has not recovered the full $31,000 investment, Kathy will also exclude $100 from her $600 monthly payment. Instructions for 1040x The full amount of any annuity payments received after 310 payments are paid must be included in gross income. Instructions for 1040x If Bill and Kathy die before 310 payments are made, a miscellaneous itemized deduction will be allowed for the unrecovered cost on the final income tax return of the last to die. Instructions for 1040x This deduction is not subject to the 2%-of-adjusted- gross-income limit. Instructions for 1040x Worksheet 10-A. Instructions for 1040x Simplified Method Worksheet for Bill Smith 1. Instructions for 1040x Enter the total pension or annuity payments received this year. Instructions for 1040x Also, add this amount to the total for Form 1040, line 16a, or Form 1040A, line 12a 1. Instructions for 1040x 14,400 2. Instructions for 1040x Enter your cost in the plan (contract) at the annuity starting date plus any death benefit exclusion*. Instructions for 1040x See Cost (Investment in the Contract) , earlier 2. Instructions for 1040x 31,000       Note: If your annuity starting date was before this year and you completed this worksheet last year, skip line 3 and enter the amount from line 4 of last year's worksheet on line 4 below (even if the amount of your pension or annuity has changed). Instructions for 1040x Otherwise, go to line 3. Instructions for 1040x         3. Instructions for 1040x Enter the appropriate number from Table 1 below. Instructions for 1040x But if your annuity starting date was after 1997 and the payments are for your life and that of your beneficiary, enter the appropriate number from Table 2 below 3. Instructions for 1040x 310     4. Instructions for 1040x Divide line 2 by the number on line 3 4. Instructions for 1040x 100     5. Instructions for 1040x Multiply line 4 by the number of months for which this year's payments were made. Instructions for 1040x If your annuity starting date was before 1987, enter this amount on line 8 below and skip lines 6, 7, 10, and 11. Instructions for 1040x Otherwise, go to line 6 5. Instructions for 1040x 1,200     6. Instructions for 1040x Enter any amounts previously recovered tax free in years after 1986. Instructions for 1040x This is the amount shown on line 10 of your worksheet for last year 6. Instructions for 1040x -0-     7. Instructions for 1040x Subtract line 6 from line 2 7. Instructions for 1040x 31,000     8. Instructions for 1040x Enter the smaller of line 5 or line 7 8. Instructions for 1040x 1,200 9. Instructions for 1040x Taxable amount for year. Instructions for 1040x Subtract line 8 from line 1. Instructions for 1040x Enter the result, but not less than zero. Instructions for 1040x Also, add this amount to the total for Form 1040, line 16b, or Form 1040A, line 12b 9. Instructions for 1040x 13,200   Note: If your Form 1099-R shows a larger taxable amount, use the amount figured on this line instead. Instructions for 1040x If you are a retired public safety officer, see Insurance Premiums for Retired Public Safety Officers in Publication 575 before entering an amount on your tax return. Instructions for 1040x     10. Instructions for 1040x Was your annuity starting date before 1987? □ Yes. Instructions for 1040x STOP. Instructions for 1040x Do not complete the rest of this worksheet. Instructions for 1040x  ☑ No. Instructions for 1040x Add lines 6 and 8. Instructions for 1040x This is the amount you have recovered tax free through 2013. Instructions for 1040x You will need this number if you need to fill out this worksheet next year 10. Instructions for 1040x 1,200 11. Instructions for 1040x Balance of cost to be recovered. Instructions for 1040x Subtract line 10 from line 2. Instructions for 1040x If zero, you will not have to complete this worksheet next year. Instructions for 1040x The payments you receive next year will generally be fully taxable 11. Instructions for 1040x 29,800 TABLE 1 FOR LINE 3 ABOVE   AND your annuity starting date was— IF the age at annuity starting date was. Instructions for 1040x . Instructions for 1040x . Instructions for 1040x before November 19, 1996, enter on line 3. Instructions for 1040x . Instructions for 1040x . Instructions for 1040x after November 18, 1996, enter on line 3. Instructions for 1040x . Instructions for 1040x . Instructions for 1040x 55 or under 300 360 56–60 260 310 61–65 240 260 66–70 170 210 71 or older 120 160 TABLE 2 FOR LINE 3 ABOVE IF the combined ages at annuity starting date were. Instructions for 1040x . Instructions for 1040x . Instructions for 1040x   THEN enter on line 3. Instructions for 1040x . Instructions for 1040x . Instructions for 1040x 110 or under   410 111–120   360 121–130   310 131–140   260 141 or older   210 * A death benefit exclusion (up to $5,000) applied to certain benefits received by employees who died before August 21, 1996. Instructions for 1040x Who must use the General Rule. Instructions for 1040x   You must use the General Rule if you receive pension or annuity payments from: A nonqualified plan (such as a private annuity, a purchased commercial annuity, or a nonqualified employee plan), or A qualified plan if you are age 75 or older on your annuity starting date and your annuity payments are guaranteed for at least 5 years. Instructions for 1040x Annuity starting before November 19, 1996. Instructions for 1040x   If your annuity starting date is after July 1, 1986, and before November 19, 1996, you had to use the General Rule for either circumstance just described. Instructions for 1040x You also had to use it for any fixed-period annuity. Instructions for 1040x If you did not have to use the General Rule, you could have chosen to use it. Instructions for 1040x If your annuity starting date is before July 2, 1986, you had to use the General Rule unless you could use the Three-Year Rule. Instructions for 1040x   If you had to use the General Rule (or chose to use it), you must continue to use it each year that you recover your cost. Instructions for 1040x Who cannot use the General Rule. Instructions for 1040x   You cannot use the General Rule if you receive your pension or annuity from a qualified plan and none of the circumstances described in the preceding discussions apply to you. Instructions for 1040x See Who must use the Simplified Method , earlier. Instructions for 1040x More information. Instructions for 1040x   For complete information on using the General Rule, including the actuarial tables you need, see Publication 939. Instructions for 1040x Taxation of Nonperiodic Payments Nonperiodic distributions are also known as amounts not received as an annuity. Instructions for 1040x They include all payments other than periodic payments and corrective distributions. Instructions for 1040x Examples of nonperiodic payments are cash withdrawals, distributions of current earnings, certain loans, and the value of annuity contracts transferred without full and adequate consideration. Instructions for 1040x Corrective distributions of excess plan contributions. Instructions for 1040x   Generally, if the contributions made for you during the year to certain retirement plans exceed certain limits, the excess is taxable to you. Instructions for 1040x To correct an excess, your plan may distribute it to you (along with any income earned on the excess). Instructions for 1040x For information on plan contribution limits and how to report corrective distributions of excess contributions, see Retirement Plan Contributions under Employee Compensation in Publication 525. Instructions for 1040x Figuring the taxable amount of nonperiodic payments. Instructions for 1040x   How you figure the taxable amount of a nonperiodic distribution depends on whether it is made before the annuity starting date, or on or after the annuity starting date. Instructions for 1040x If it is made before the annuity starting date, its tax treatment also depends on whether it is made under a qualified or nonqualified plan. Instructions for 1040x If it is made under a nonqualified plan, its tax treatment depends on whether it fully discharges the contract, is received under certain life insurance or endowment contracts, or is allocable to an investment you made before August 14, 1982. Instructions for 1040x Annuity starting date. Instructions for 1040x   The annuity starting date is either the first day of the first period for which you receive an annuity payment under the contract or the date on which the obligation under the contract becomes fixed, whichever is later. Instructions for 1040x Distribution on or after annuity starting date. Instructions for 1040x   If you receive a nonperiodic payment from your annuity contract on or after the annuity starting date, you generally must include all of the payment in gross income. Instructions for 1040x Distribution before annuity starting date. Instructions for 1040x   If you receive a nonperiodic distribution before the annuity starting date from a qualified retirement plan, you generally can allocate only part of it to the cost of the contract. Instructions for 1040x You exclude from your gross income the part that you allocate to the cost. Instructions for 1040x You include the remainder in your gross income. Instructions for 1040x   If you receive a nonperiodic distribution before the annuity starting date from a plan other than a qualified retirement plan (nonqualified plan), it is allocated first to earnings (the taxable part) and then to the cost of the contract (the tax-free part). Instructions for 1040x This allocation rule applies, for example, to a commercial annuity contract you bought directly from the issuer. Instructions for 1040x    Distributions from nonqualified plans are subject to the net investment income tax. Instructions for 1040x See the Instructions for Form 8960. Instructions for 1040x   For more information, see Figuring the Taxable Amount under Taxation of Nonperiodic Payments in Publication 575. Instructions for 1040x Lump-Sum Distributions This section on lump-sum distributions only applies if the plan participant was born before January 2, 1936. Instructions for 1040x If the plan participant was born after January 1, 1936, the taxable amount of this nonperiodic payment is reported as discussed earlier. Instructions for 1040x A lump-sum distribution is the distribution or payment in one tax year of a plan participant's entire balance from all of the employer's qualified plans of one kind (for example, pension, profit-sharing, or stock bonus plans). Instructions for 1040x A distribution from a nonqualified plan (such as a privately purchased commercial annuity or a section 457 deferred compensation plan of a state or local government or tax-exempt organization) cannot qualify as a lump-sum distribution. Instructions for 1040x The participant's entire balance from a plan does not include certain forfeited amounts. Instructions for 1040x It also does not include any deductible voluntary employee contributions allowed by the plan after 1981 and before 1987. Instructions for 1040x For more information about distributions that do not qualify as lump-sum distributions, see Distributions that do not qualify under Lump-Sum Distributions in Publication 575. Instructions for 1040x If you receive a lump-sum distribution from a qualified employee plan or qualified employee annuity and the plan participant was born before January 2, 1936, you may be able to elect optional methods of figuring the tax on the distribution. Instructions for 1040x The part from active participation in the plan before 1974 may qualify as capital gain subject to a 20% tax rate. Instructions for 1040x The part from participation after 1973 (and any part from participation before 1974 that you do not report as capital gain) is ordinary income. Instructions for 1040x You may be able to use the 10-year tax option, discussed later, to figure tax on the ordinary income part. Instructions for 1040x Use Form 4972 to figure the separate tax on a lump-sum distribution using the optional methods. Instructions for 1040x The tax figured on Form 4972 is added to the regular tax figured on your other income. Instructions for 1040x This may result in a smaller tax than you would pay by including the taxable amount of the distribution as ordinary income in figuring your regular tax. Instructions for 1040x How to treat the distribution. Instructions for 1040x   If you receive a lump-sum distribution, you may have the following options for how you treat the taxable part. Instructions for 1040x Report the part of the distribution from participation before 1974 as a capital gain (if you qualify) and the part from participation after 1973 as ordinary income. Instructions for 1040x Report the part of the distribution from participation before 1974 as a capital gain (if you qualify) and use the 10-year tax option to figure the tax on the part from participation after 1973 (if you qualify). Instructions for 1040x Use the 10-year tax option to figure the tax on the total taxable amount (if you qualify). Instructions for 1040x Roll over all or part of the distribution. Instructions for 1040x See Rollovers , later. Instructions for 1040x No tax is currently due on the part rolled over. Instructions for 1040x Report any part not rolled over as ordinary income. Instructions for 1040x Report the entire taxable part of the distribution as ordinary income on your tax return. Instructions for 1040x   The first three options are explained in the following discussions. Instructions for 1040x Electing optional lump-sum treatment. Instructions for 1040x   You can choose to use the 10-year tax option or capital gain treatment only once after 1986 for any plan participant. Instructions for 1040x If you make this choice, you cannot use either of these optional treatments for any future distributions for the participant. Instructions for 1040x Taxable and tax-free parts of the distribution. Instructions for 1040x    The taxable part of a lump-sum distribution is the employer's contributions and income earned on your account. Instructions for 1040x You may recover your cost in the lump sum and any net unrealized appreciation (NUA) in employer securities tax free. Instructions for 1040x Cost. Instructions for 1040x   In general, your cost is the total of: The plan participant's nondeductible contributions to the plan, The plan participant's taxable costs of any life insurance contract distributed, Any employer contributions that were taxable to the plan participant, and Repayments of any loans that were taxable to the plan participant. Instructions for 1040x You must reduce this cost by amounts previously distributed tax free. Instructions for 1040x Net unrealized appreciation (NUA). Instructions for 1040x   The NUA in employer securities (box 6 of Form 1099-R) received as part of a lump-sum distribution is generally tax free until you sell or exchange the securities. Instructions for 1040x (For more information, see Distributions of employer securities under Taxation of Nonperiodic Payments in Publication 575. Instructions for 1040x ) Capital Gain Treatment Capital gain treatment applies only to the taxable part of a lump-sum distribution resulting from participation in the plan before 1974. Instructions for 1040x The amount treated as capital gain is taxed at a 20% rate. Instructions for 1040x You can elect this treatment only once for any plan participant, and only if the plan participant was born before January 2, 1936. Instructions for 1040x Complete Part II of Form 4972 to choose the 20% capital gain election. Instructions for 1040x For more information, see Capital Gain Treatment under Lump-Sum Distributions in Publication 575. Instructions for 1040x 10-Year Tax Option The 10-year tax option is a special formula used to figure a separate tax on the ordinary income part of a lump-sum distribution. Instructions for 1040x You pay the tax only once, for the year in which you receive the distribution, not over the next 10 years. Instructions for 1040x You can elect this treatment only once for any plan participant, and only if the plan participant was born before January 2, 1936. Instructions for 1040x The ordinary income part of the distribution is the amount shown in box 2a of the Form 1099-R given to you by the payer, minus the amount, if any, shown in box 3. Instructions for 1040x You also can treat the capital gain part of the distribution (box 3 of Form 1099-R) as ordinary income for the 10-year tax option if you do not choose capital gain treatment for that part. Instructions for 1040x Complete Part III of Form 4972 to choose the 10-year tax option. Instructions for 1040x You must use the special Tax Rate Schedule shown in the instructions for Part III to figure the tax. Instructions for 1040x Publication 575 illustrates how to complete Form 4972 to figure the separate tax. Instructions for 1040x Rollovers If you withdraw cash or other assets from a qualified retirement plan in an eligible rollover distribution, you can defer tax on the distribution by rolling it over to another qualified retirement plan or a traditional IRA. Instructions for 1040x For this purpose, the following plans are qualified retirement plans. Instructions for 1040x A qualified employee plan. Instructions for 1040x A qualified employee annuity. Instructions for 1040x A tax-sheltered annuity plan (403(b) plan). Instructions for 1040x An eligible state or local government section 457 deferred compensation plan. Instructions for 1040x Eligible rollover distributions. Instructions for 1040x   Generally, an eligible rollover distribution is any distribution of all or any part of the balance to your credit in a qualified retirement plan. Instructions for 1040x For information about exceptions to eligible rollover distributions, see Publication 575. Instructions for 1040x Rollover of nontaxable amounts. Instructions for 1040x   You may be able to roll over the nontaxable part of a distribution (such as your after-tax contributions) made to another qualified retirement plan that is a qualified employee plan or a 403(b) plan, or to a traditional or Roth IRA. Instructions for 1040x The transfer must be made either through a direct rollover to a qualified plan or 403(b) plan that separately accounts for the taxable and nontaxable parts of the rollover or through a rollover to a traditional or Roth IRA. Instructions for 1040x   If you roll over only part of a distribution that includes both taxable and nontaxable amounts, the amount you roll over is treated as coming first from the taxable part of the distribution. Instructions for 1040x   Any after-tax contributions that you roll over into your traditional IRA become part of your basis (cost) in your IRAs. Instructions for 1040x To recover your basis when you take distributions from your IRA, you must complete Form 8606 for the year of the distribution. Instructions for 1040x For more information, see the Form 8606 instructions. Instructions for 1040x Direct rollover option. Instructions for 1040x   You can choose to have any part or all of an eligible rollover distribution paid directly to another qualified retirement plan that accepts rollover distributions or to a traditional or Roth IRA. Instructions for 1040x If you choose the direct rollover option, or have an automatic rollover, no tax will be withheld from any part of the distribution that is directly paid to the trustee of the other plan. Instructions for 1040x Payment to you option. Instructions for 1040x   If an eligible rollover distribution is paid to you, 20% generally will be withheld for income tax. Instructions for 1040x However, the full amount is treated as distributed to you even though you actually receive only 80%. Instructions for 1040x You generally must include in income any part (including the part withheld) that you do not roll over within 60 days to another qualified retirement plan or to a traditional or Roth IRA. Instructions for 1040x (See Pensions and Annuities under Tax Withholding for 2014 in chapter 4. Instructions for 1040x )    If you decide to roll over an amount equal to the distribution before withholding, your contribution to the new plan or IRA must include other money (for example, from savings or amounts borrowed) to replace the amount withheld. Instructions for 1040x Time for making rollover. Instructions for 1040x   You generally must complete the rollover of an eligible rollover distribution paid to you by the 60th day following the day on which you receive the distribution from your employer's plan. Instructions for 1040x (If an amount distributed to you becomes a frozen deposit in a financial institution during the 60-day period after you receive it, the rollover period is extended for the period during which the distribution is in a frozen deposit in a financial institution. Instructions for 1040x )   The IRS may waive the 60-day requirement where the failure to do so would be against equity or good conscience, such as in the event of a casualty, disaster, or other event beyond your reasonable control. Instructions for 1040x   The administrator of a qualified plan must give you a written explanation of your distribution options within a reasonable period of time before making an eligible rollover distribution. Instructions for 1040x Qualified domestic relations order (QDRO). Instructions for 1040x   You may be able to roll over tax free all or part of a distribution from a qualified retirement plan that you receive under a QDRO. Instructions for 1040x If you receive the distribution as an employee's spouse or former spouse (not as a nonspousal beneficiary), the rollover rules apply to you as if you were the employee. Instructions for 1040x You can roll over the distribution from the plan into a traditional IRA or to another eligible retirement plan. Instructions for 1040x See Rollovers in Publication 575 for more information on benefits received under a QDRO. Instructions for 1040x Rollover by surviving spouse. Instructions for 1040x   You may be able to roll over tax free all or part of a distribution from a qualified retirement plan you receive as the surviving spouse of a deceased employee. Instructions for 1040x The rollover rules apply to you as if you were the employee. Instructions for 1040x You can roll over a distribution into a qualified retirement plan or a traditional or Roth IRA. Instructions for 1040x For a rollover to a Roth IRA, see Rollovers to Roth IRAs , later. Instructions for 1040x    A distribution paid to a beneficiary other than the employee's surviving spouse is generally not an eligible rollover distribution. Instructions for 1040x However, see Rollovers by nonspouse beneficiary next. Instructions for 1040x Rollovers by nonspouse beneficiary. Instructions for 1040x   If you are a designated beneficiary (other than a surviving spouse) of a deceased employee, you may be able to roll over tax free all or a portion of a distribution you receive from an eligible retirement plan of the employee. Instructions for 1040x The distribution must be a direct trustee-to-trustee transfer to your traditional or Roth IRA that was set up to receive the distribution. Instructions for 1040x The transfer will be treated as an eligible rollover distribution and the receiving plan will be treated as an inherited IRA. Instructions for 1040x For information on inherited IRAs, see What if You Inherit an IRA? in chapter 1 of Publication 590, Individual Retirement Arrangements (IRAs). Instructions for 1040x Retirement bonds. Instructions for 1040x   If you redeem retirement bonds purchased under a qualified bond purchase plan, you can roll over the proceeds that exceed your basis tax free into an IRA (as discussed in Publication 590) or a qualified employer plan. Instructions for 1040x Designated Roth accounts. Instructions for 1040x   You can roll over an eligible rollover distribution from a designated Roth account into another designated Roth account or a Roth IRA. Instructions for 1040x If you want to roll over the part of the distribution that is not included in income, you must make a direct rollover of the entire distribution or you can roll over the entire amount (or any portion) to a Roth IRA. Instructions for 1040x For more information on rollovers from designated Roth accounts, see Rollovers in Publication 575. Instructions for 1040x In-plan rollovers to designated Roth accounts. Instructions for 1040x   If you are a plan participant in a 401(k), 403(b), or 457(b) plan, your plan may permit you to roll over amounts in those plans to a designated Roth account within the same plan. Instructions for 1040x The rollover of any untaxed amounts must be included in income. Instructions for 1040x See Designated Roth accounts under Rollovers in Publication 575 for more information. Instructions for 1040x Rollovers to Roth IRAs. Instructions for 1040x   You can roll over distributions directly from a qualified retirement plan (other than a designated Roth account) to a Roth IRA. Instructions for 1040x   You must include in your gross income distributions from a qualified retirement plan (other than a designated Roth account) that you would have had to include in income if you had not rolled them over into a Roth IRA. Instructions for 1040x You do not include in gross income any part of a distribution from a qualified retirement plan that is a return of contributions to the plan that were taxable to you when paid. Instructions for 1040x In addition, the 10% tax on early distributions does not apply. Instructions for 1040x More information. Instructions for 1040x   For more information on the rules for rolling over distributions, see Rollovers in Publication 575. Instructions for 1040x Special Additional Taxes To discourage the use of pension funds for purposes other than normal retirement, the law imposes additional taxes on early distributions of those funds and on failures to withdraw the funds timely. Instructions for 1040x Ordinarily, you will not be subject to these taxes if you roll over all early distributions you receive, as explained earlier, and begin drawing out the funds at a normal retirement age, in reasonable amounts over your life expectancy. Instructions for 1040x These special additional taxes are the taxes on: Early distributions, and Excess accumulation (not receiving minimum distributions). Instructions for 1040x These taxes are discussed in the following sections. Instructions for 1040x If you must pay either of these taxes, report them on Form 5329. Instructions for 1040x However, you do not have to file Form 5329 if you owe only the tax on early distributions and your Form 1099-R correctly shows a “1” in box 7. Instructions for 1040x Instead, enter 10% of the taxable part of the distribution on Form 1040, line 58 and write “No” under the heading “Other Taxes” to the left of line 58. Instructions for 1040x Even if you do not owe any of these taxes, you may have to complete Form 5329 and attach it to your Form 1040. Instructions for 1040x This applies if you meet an exception to the tax on early distributions but box 7 of your Form 1099-R does not indicate an exception. Instructions for 1040x Tax on Early Distributions Most distributions (both periodic and nonperiodic) from qualified retirement plans and nonqualified annuity contracts made to you before you reach age 59½ are subject to an additional tax of 10%. Instructions for 1040x This tax applies to the part of the distribution that you must include in gross income. Instructions for 1040x For this purpose, a qualified retirement plan is: A qualified employee plan, A qualified employee annuity plan, A tax-sheltered annuity plan, or An eligible state or local government section 457 deferred compensation plan (to the extent that any distribution is attributable to amounts the plan received in a direct transfer or rollover from one of the other plans listed here or an IRA). Instructions for 1040x 5% rate on certain early distributions from deferred annuity contracts. Instructions for 1040x   If an early withdrawal from a deferred annuity is otherwise subject to the 10% additional tax, a 5% rate may apply instead. Instructions for 1040x A 5% rate applies to distributions under a written election providing a specific schedule for the distribution of your interest in the contract if, as of March 1, 1986, you had begun receiving payments under the election. Instructions for 1040x On line 4 of Form 5329, multiply the line 3 amount by 5% instead of 10%. Instructions for 1040x Attach an explanation to your return. Instructions for 1040x Distributions from Roth IRAs allocable to a rollover from an eligible retirement plan within the 5-year period. Instructions for 1040x   If, within the 5-year period starting with the first day of your tax year in which you rolled over an amount from an eligible retirement plan to a Roth IRA, you take a distribution from the Roth IRA, you may have to pay the additional 10% tax on early distributions. Instructions for 1040x You generally must pay the 10% additional tax on any amount attributable to the part of the rollover that you had to include in income. Instructions for 1040x The additional tax is figured on Form 5329. Instructions for 1040x For more information, see Form 5329 and its instructions. Instructions for 1040x For information on qualified distributions from Roth IRAs, see Additional Tax on Early Distributions in chapter 2 of Publication 590. Instructions for 1040x Distributions from designated Roth accounts allocable to in-plan Roth rollovers within the 5-year period. Instructions for 1040x   If, within the 5-year period starting with the first day of your tax year in which you rolled over an amount from a 401(k), 403(b), or 457(b) plan to a designated Roth account, you take a distribution from the designated Roth account, you may have to pay the additional 10% tax on early distributions. Instructions for 1040x You generally must pay the 10% additional tax on any amount attributable to the part of the in-plan rollover that you had to include in income. Instructions for 1040x The additional tax is figured on Form 5329. Instructions for 1040x For more information, see Form 5329 and its instructions. Instructions for 1040x For information on qualified distributions from designated Roth accounts, see Designated Roth accounts under Taxation of Periodic Payments in Publication 575. Instructions for 1040x Exceptions to tax. Instructions for 1040x    Certain early distributions are excepted from the early distribution tax. Instructions for 1040x If the payer knows that an exception applies to your early distribution, distribution code “2,” “3,” or “4” should be shown in box 7 of your Form 1099-R and you do not have to report the distribution on Form 5329. Instructions for 1040x If an exception applies but distribution code “1” (early distribution, no known exception) is shown in box 7, you must file Form 5329. Instructions for 1040x Enter the taxable amount of the distribution shown in box 2a of your Form 1099-R on line 1 of Form 5329. Instructions for 1040x On line 2, enter the amount that can be excluded and the exception number shown in the Form 5329 instructions. Instructions for 1040x    If distribution code “1” is incorrectly shown on your Form 1099-R for a distribution received when you were age 59½ or older, include that distribution on Form 5329. Instructions for 1040x Enter exception number “12” on line 2. Instructions for 1040x General exceptions. Instructions for 1040x   The tax does not apply to distributions that are: Made as part of a series of substantially equal periodic payments (made at least annually) for your life (or life expectancy) or the joint lives (or joint life expectancies) of you and your designated beneficiary (if from a qualified retirement plan, the payments must begin after your separation from service), Made because you are totally and permanently disabled, or Made on or after the death of the plan participant or contract holder. Instructions for 1040x Additional exceptions for qualified retirement plans. Instructions for 1040x   The tax does not apply to distributions that are: From a qualified retirement plan (other than an IRA) after your separation from service in or after the year you reached age 55 (age 50 for qualified public safety employees), From a qualified retirement plan (other than an IRA) to an alternate payee under a qualified domestic relations order, From a qualified retirement plan to the extent you have deductible medical expenses that exceed 10% (or 7. Instructions for 1040x 5% if you or your spouse are age 65 or older) of your adjusted gross income, whether or not you itemize your deductions for the year, From an employer plan under a written election that provides a specific schedule for distribution of your entire interest if, as of March 1, 1986, you had separated from service and had begun receiving payments under the election, From an employee stock ownership plan for dividends on employer securities held by the plan, From a qualified retirement plan due to an IRS levy of the plan, From elective deferral accounts under 401(k) or 403(b) plans or similar arrangements that are qualified reservist distributions, or Phased retirement annuity payments made to federal employees. Instructions for 1040x See Pub. Instructions for 1040x 721 for more information on the phased retirement program. Instructions for 1040x Qualified public safety employees. Instructions for 1040x   If you are a qualified public safety employee, distributions made from a governmental defined benefit pension plan are not subject to the additional tax on early distributions. Instructions for 1040x You are a qualified public safety employee if you provide police protection, firefighting services, or emergency medical services for a state or municipality, and you separated from service in or after the year you attained age 50. Instructions for 1040x Qualified reservist distributions. Instructions for 1040x   A qualified reservist distribution is not subject to the additional tax on early distributions. Instructions for 1040x A qualified reservist distribution is a distribution (a) from elective deferrals under a section 401(k) or 403(b) plan, or a similar arrangement, (b) to an individual ordered or called to active duty (because he or she is a member of a reserve component) for a period of more than 179 days or for an indefinite period, and (c) made during the period beginning on the date of the order or call and ending at the close of the active duty period. Instructions for 1040x You must have been ordered or called to active duty after September 11, 2001. Instructions for 1040x For more information, see Qualified reservist distributions under Special Additional Taxes in Publication 575. Instructions for 1040x Additional exceptions for nonqualified annuity contracts. Instructions for 1040x   The tax does not apply to distributions from: A deferred annuity contract to the extent allocable to investment in the contract before August 14, 1982, A deferred annuity contract under a qualified personal injury settlement, A deferred annuity contract purchased by your employer upon termination of a qualified employee plan or qualified employee annuity plan and held by your employer until your separation from service, or An immediate annuity contract (a single premium contract providing substantially equal annuity payments that start within 1 year from the date of purchase and are paid at least annually). Instructions for 1040x Tax on Excess Accumulation To make sure that most of your retirement benefits are paid to you during your lifetime, rather than to your beneficiaries after your death, the payments that you receive from qualified retirement plans must begin no later than your required beginning date (defined later). Instructions for 1040x The payments each year cannot be less than the required minimum distribution. Instructions for 1040x Required distributions not made. Instructions for 1040x   If the actual distributions to you in any year are less than the minimum required distribution for that year, you are subject to an additional tax. Instructions for 1040x The tax equals 50% of the part of the required minimum distribution that was not distributed. Instructions for 1040x   For this purpose, a qualified retirement plan includes: A qualified employee plan, A qualified employee annuity plan, An eligible section 457 deferred compensation plan, or A tax-sheltered annuity plan (403(b) plan)(for benefits accruing after 1986). Instructions for 1040x Waiver. Instructions for 1040x   The tax may be waived if you establish that the shortfall in distributions was due to reasonable error and that reasonable steps are being taken to remedy the shortfall. Instructions for 1040x See the Instructions for Form 5329 for the procedure to follow if you believe you qualify for a waiver of this tax. Instructions for 1040x State insurer delinquency proceedings. Instructions for 1040x   You might not receive the minimum distribution because assets are invested in a contract issued by an insurance company in state insurer delinquency proceedings. Instructions for 1040x If your payments are reduced below the minimum due to these proceedings, you should contact your plan administrator. Instructions for 1040x Under certain conditions, you will not have to pay the 50% excise tax. Instructions for 1040x Required beginning date. Instructions for 1040x   Unless the rule for 5% owners applies, you generally must begin to receive distributions from your qualified retirement plan by April 1 of the year that follows the later of: The calendar year in which you reach age 70½, or The calendar year in which you retire from employment with the employer maintaining the plan. Instructions for 1040x However, your plan may require you to begin to receive distributions by April 1 of the year that follows the year in which you reach age 70½, even if you have not retired. Instructions for 1040x   If you reached age 70½ in 2013, you may be required to receive your first distribution by April 1, 2014. Instructions for 1040x Your required distribution then must be made for 2014 by December 31, 2014. Instructions for 1040x 5% owners. Instructions for 1040x   If you are a 5% owner, you must begin to receive distributions by April 1 of the year that follows the calendar year in which you reach age 70½. Instructions for 1040x   You are a 5% owner if, for the plan year ending in the calendar year in which you reach age 70½, you own (or are considered to own under section 318 of the Internal Revenue Code) more than 5% of the outstanding stock (or more than 5% of the total voting power of all stock) of the employer, or more than 5% of the capital or profits interest in the employer. Instructions for 1040x Age 70½. Instructions for 1040x   You reach age 70½ on the date that is 6 calendar months after the date of your 70th birthday. Instructions for 1040x   For example, if you are retired and your 70th birthday was on June 30, 2013, you were age 70½ on December 30, 2013. Instructions for 1040x If your 70th birthday was on July 1, 2013, you reached age 70½ on January 1, 2014. Instructions for 1040x Required distributions. Instructions for 1040x   By the required beginning date, as explained earlier, you must either: Receive your entire interest in the plan (for a tax-sheltered annuity, your entire benefit accruing after 1986), or Begin receiving periodic distributions in annual amounts calculated to distribute your entire interest (for a tax-sheltered annuity, your entire benefit accruing after 1986) over your life or life expectancy or over the joint lives or joint life expectancies of you and a designated beneficiary (or over a shorter period). Instructions for 1040x Additional information. Instructions for 1040x   For more information on this rule, see Tax on Excess Accumulation in Publication 575. Instructions for 1040x Form 5329. Instructions for 1040x   You must file Form 5329 if you owe tax because you did not receive a minimum required distribution from your qualified retirement plan. Instructions for 1040x Survivors and Beneficiaries Generally, a survivor or beneficiary reports pension or annuity income in the same way the plan participant would have. Instructions for 1040x However, some special rules apply. Instructions for 1040x See Publication 575 for more information. Instructions for 1040x Survivors of employees. Instructions for 1040x   If you are entitled to receive a survivor annuity on the death of an employee who died, you can exclude part of each annuity payment as a tax-free recovery of the employee's investment in the contract. Instructions for 1040x You must figure the taxable and tax-free parts of your annuity payments using the method that applies as if you were the employee. Instructions for 1040x Survivors of retirees. Instructions for 1040x   If you receive benefits as a survivor under a joint and survivor annuity, include those benefits in income in the same way the retiree would have included them in income. Instructions for 1040x If you receive a survivor annuity because of the death of a retiree who had reported the annuity under the Three-Year Rule and recovered all of the cost tax free, your survivor payments are fully taxable. Instructions for 1040x    If the retiree was reporting the annuity payments under the General Rule, you must apply the same exclusion percentage to your initial survivor annuity payment called for in the contract. Instructions for 1040x The resulting tax-free amount will then remain fixed. Instructions for 1040x Any increases in the survivor annuity are fully taxable. Instructions for 1040x    If the retiree was reporting the annuity payments under the Simplified Method, the part of each payment that is tax free is the same as the tax-free amount figured by the retiree at the annuity starting date. Instructions for 1040x This amount remains fixed even if the annuity payments are increased or decreased. Instructions for 1040x See Simplified Method , earlier. Instructions for 1040x   In any case, if the annuity starting date is after 1986, the total exclusion over the years cannot be more than the cost. Instructions for 1040x Estate tax deduction. Instructions for 1040x   If your annuity was a joint and survivor annuity that was included in the decedent's estate, an estate tax may have been paid on it. Instructions for 1040x You can deduct the part of the total estate tax that was based on the annuity. Instructions for 1040x The deceased annuitant must have died after the annuity starting date. Instructions for 1040x (For details, see section 1. Instructions for 1040x 691(d)-1 of the regulations. Instructions for 1040x ) Deduct it in equal amounts over your remaining life expectancy. Instructions for 1040x   If the decedent died before the annuity starting date of a deferred annuity contract and you receive a death benefit under that contract, the amount you receive (either in a lump sum or as periodic payments) in excess of the decedent's cost is included in your gross income as income in respect of a decedent for which you may be able to claim an estate tax deduction. Instructions for 1040x   You can take the estate tax deduction as an itemized deduction on Schedule A, Form 1040. Instructions for 1040x This deduction is not subject to the 2%-of-adjusted-gross-income limit on miscellaneous deductions. Instructions for 1040x See Publication 559, Survivors, Executors, and Administrators, for more information on the estate tax deduction. Instructions for 1040x Prev  Up  Next   Home   More Online Publications
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Contact My Local Office in Florida

Face-to-face Tax Help

IRS Taxpayer Assistance Centers (TACs) are your source for personal tax help when you believe your tax issue can only be handled face-to-face. No appointment is necessary.

Keep in mind, many questions can be resolved online without waiting in line. Through IRS.gov you can:
• Set up a payment plan.
• Get a transcript of your tax return.
• Make a payment.
• Check on your refund.
• Find answers to many of your tax questions.

We are now referring all requests for tax return preparation services to other available resources. You can take advantage of free tax preparation through Free File, Free File Fillable Forms or through a volunteer site in your community. To find the nearest volunteer site location or to get more information about Free File, go to the top of the page and enter “Free Tax Help” in the Search box.

If you have a tax account issues and feel that it requires talking with someone face-to-face, visit your local TAC.

Caution:  Many of our offices are located in Federal Office Buildings. These buildings may not allow visitors to bring in cell phones with camera capabilities.

Multilingual assistance is available in every office. Hours of operation are subject to change.

Before visiting your local office click on "Services Provided" in the chart below to see what services are available. Services are limited and not all services are available at every TAC office and may vary from site to site. You can get these services on a walk-in basis.

City Street Address Days/Hours of Service Telephone*
Daytona Beach/
Holly Hill
149 S. Ridgewood Ave
Daytona Beach, FL 32114

Monday-Friday - 8:30 a.m.-4:30 p.m.
(Closed for lunch 12:00 noon - 1:00 p.m.)

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**

 

Services Provided

(386) 254-7360
Fort Myers 4210 Metro Parkway
Ft Myers, FL 33916

Monday-Friday - 8:30 a.m.-4:30 p.m.

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**

 

Services Provided

(239) 938-7601
Gainesville 104 N. Main St.
Gainesville, FL 32601

Monday-Friday - 8:30 a.m.-4:30 p.m.
(Closed for lunch 12:00 noon - 1:00 p.m.)

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**


Services Provided

(352) 395-6197
Jacksonville 400 West Bay St.
Jacksonville, FL 32202

Monday-Friday - 8:30 a.m.-4:30 p.m.

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**

 

Services Provided

(904) 665-1040
Lakeland 2133 Harden Blvd
Lakeland, FL 33803

Monday-Friday - 8:30 a.m.-4:30 p.m.
(Closed for lunch 12:00 noon - 1:00 p.m.)

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**

 

Services Provided

(863) 904-3399
Maitland/Orlando 850 Trafalgar Ct.
Maitland, FL 32751

Monday-Friday - 8:30 a.m.-4:30 p.m.

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**

 

Services Provided

(407) 660-5830
Melbourne 431 N. Wickham Road
Melbourne, FL 32935

Monday-Friday - 8:30 a.m.-4:30 p.m.
(Closed for lunch 12:00 noon - 1:00 p.m.)

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**

 

Services Provided

(321) 253-7700
 
Miami 51 S.W. First Ave.
Miami, FL 33130

Monday-Friday - 8:30 a.m.-4:30 p.m.

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**

 

Services Provided

(305) 982-5077
Ocala 3300 SW 34th Ave
Ocala, FL. 34474

Monday-Friday - 8:30 a.m.-4:30 p.m.
 

Services Provided

(352) 401-0010 
Panama City  651-F West 14th St.
Panama City, FL 32401 

Monday-Friday - 8:30 a.m.-4:30 p.m.
(Closed for lunch 12:00 noon - 1:00 p.m.) 

 

Services Provided

(850)481-4016
 
Pensacola  7180 9th Ave North
Pensacola, FL. 32504 

Monday-Friday - 8:30 a.m.-4:30 p.m.
 

Services Provided

(850) 435-8468
 
Plantation/
Fort Lauderdale 
7850 S.W. 6th Court
Plantation, FL 33324 

Monday-Friday - 8:30 a.m.-4:30 p.m.


Services Provided

(954) 423-7300 
Port St. Lucie  7410 South US Hwy. 1
Port St. Lucie, FL 34952 

Monday-Friday - 8:30 a.m.-4:30 p.m.

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**

 

Services Provided

(772) 340-5606 
Saint Petersburg  9450 Koger Blvd.
Saint Petersburg, FL 33702 

Monday-Friday - 8:30 a.m.-4:30 p.m.  

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**
 

Services Provided

(727) 568-2459 
Sarasota 5971 Cattle Ridge Blvd.
Sarasota, FL 34232

Monday-Friday - 8:30 a.m.-4:30 p.m. 

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**


Services Provided

(941) 378-6448
Tallahassee   1211 Governor's Square Blvd.
Tallahassee, FL 32301

Monday-Friday - 8:30 a.m.-4:30 p.m.
(Closed for lunch 12:00 noon - 1:00 p.m.) 

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**


Services Provided

(850) 942-8995 
Tampa 3848 W. Columbus Dr. 
Tampa, FL 33607

Monday-Friday - 8:30 a.m.-4:30 p.m. 

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**
 

Services Provided

(813) 348-1831
West Palm Beach  1700 Palm Beach Lakes Blvd.
West Palm Beach, FL 33401 

Monday-Friday - 8:30 a.m.-4:30 p.m.

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**
 

Services Provided

(561) 616-2002 

* Note: The phone numbers in the chart above are not toll-free for all locations. When you call, you will reach a recorded business message with information about office hours, locations and services provided in that office. If face-to-face assistance is not a priority for you, you may also get help with IRS letters or resolve tax account issues by phone, toll free at 1-800-829-1040 (individuals) or 1-800-829-4933 (businesses).

For information on where to file your tax return please see Where to File Addresses.

The Taxpayer Advocate Service: Within Florida call:

 Jacksonville  (904) 665-1000
 Plantation  (954) 423-7677

 Call 1-877-777-4778 elsewhere, or see  Publication 1546, The Taxpayer Advocate Service of the IRS. For further information, see Tax Topic 104.

Partnerships

IRS and organizations all over the country are partnering to assist taxpayers. Through these partnerships, organizations are also achieving their own goals. These mutually beneficial partnerships are strengthening outreach efforts and bringing education and assistance to millions.

For more information about these programs for individuals and families, contact the Stakeholder Partnerships, Education and Communication Office at:

Internal Revenue Service
400 West Bay Street, Stop 1200
Jacksonville, FL 32202

Internal Revenue Service
7850 SW 6th Court, Stop 6030
Plantation, FL 33324

Internal Revenue Service
9450 Koger Blvd, Room 101
St. Petersburg, FL 33702

For more information about these programs for businesses, your local Stakeholder Liaison office establishes relationships with organizations representing small business and self-employed taxpayers. They provide information about the policies, practices and procedures the IRS uses to ensure compliance with the tax laws. To establish a relationship with us, use this list to find a contact in your state:

Stakeholder Liaison (SL) Phone Numbers for Organizations Representing Small Businesses and Self-employed Taxpayers.

Page Last Reviewed or Updated: 28-Mar-2014

The Instructions For 1040x

Instructions for 1040x Index A Adjusted gross income (AGI) Income limits for, Income Limits Age Age 65, Age 65. Instructions for 1040x Mandatory retirement age, Payments that are not disability income. Instructions for 1040x Assistance (see Tax help) C Citizenship requirement, U. Instructions for 1040x S. Instructions for 1040x Citizen or Resident Alien Credit figured by IRS, Credit Figured for You Credit figured for you, Credit Figured for You D Disability benefits Nontaxable by law, Step 2. Instructions for 1040x Total Certain Nontaxable Pensions and Benefits Disability income, Disability income. Instructions for 1040x Disability, permanent and total disability, Qualified Individual, Permanent and total disability. Instructions for 1040x E Eligibility for credit, Are You Eligible for the Credit? Employer's accident or health plans or pension plans Disability income from, Disability income. Instructions for 1040x Excess adjusted gross income, Step 3. Instructions for 1040x Determine Excess Adjusted Gross Income F Figuring the credit yourself, Figuring the Credit Yourself Determine excess AGI, Step 3. Instructions for 1040x Determine Excess Adjusted Gross Income Determine initial amount, Step 1. Instructions for 1040x Determine Initial Amount Determine the credit, Step 5. Instructions for 1040x Determine Your Credit Determine the total of steps 2 and 3, Step 4. Instructions for 1040x Determine the Total of Steps 2 and 3 Total certain nontaxable pensions and benefits, Step 2. Instructions for 1040x Total Certain Nontaxable Pensions and Benefits Foreign military service Pension, annuity, or disability benefit from, Step 2. Instructions for 1040x Total Certain Nontaxable Pensions and Benefits Foreign Service Pension, annuity, or disability benefit from, Step 2. Instructions for 1040x Total Certain Nontaxable Pensions and Benefits Form RRB-1099 Payments by Railroad Retirement Board, Step 2. Instructions for 1040x Total Certain Nontaxable Pensions and Benefits Form SSA-1099 Social security benefit statement, Step 2. Instructions for 1040x Total Certain Nontaxable Pensions and Benefits Free tax services, Free help with your tax return. Instructions for 1040x H Head of household, Head of household. Instructions for 1040x Help (see Tax help) I Income limits, Income Limits Initial amounts for persons under age 65, Initial amounts for persons under age 65. Instructions for 1040x J Joint returns, Married Persons L Limit on credit, Limit on credit. Instructions for 1040x Lump-sum payments Accrued annual leave, Payments that are not disability income. Instructions for 1040x Death benefits paid to surviving spouse or child, Step 2. Instructions for 1040x Total Certain Nontaxable Pensions and Benefits M Mandatory retirement age, Payments that are not disability income. Instructions for 1040x Married taxpayers, Married Persons Mentally incompetent persons Sheltered employment for, Sheltered employment. Instructions for 1040x Missing children Photographs of, Reminders N National Oceanic and Atmospheric Administration Pension, annuity, or disability benefit from, Step 2. Instructions for 1040x Total Certain Nontaxable Pensions and Benefits Nonresident aliens, Exceptions. Instructions for 1040x Nontaxable payments, Step 2. Instructions for 1040x Total Certain Nontaxable Pensions and Benefits O Out of work, Substantial gainful activity. Instructions for 1040x P Pension or annuity payments Nontaxable by law, Step 2. Instructions for 1040x Total Certain Nontaxable Pensions and Benefits Permanent and total disability, Qualified Individual, Permanent and total disability. Instructions for 1040x Physician certification, Permanent and total disability. Instructions for 1040x , Physician's statement. Instructions for 1040x Public Health Service Pension, annuity, or disability benefit from, Step 2. Instructions for 1040x Total Certain Nontaxable Pensions and Benefits Publications (see Tax help) Q Qualified individual, Qualified Individual Age 65 or older, Qualified Individual Under age 65 and retired on permanent and total disability, Qualified Individual, Under Age 65 R Residence requirement, U. Instructions for 1040x S. Instructions for 1040x Citizen or Resident Alien S Schedule R, Credit Figured for You, Figuring the Credit Yourself, , Examples Sheltered employment, Sheltered employment. Instructions for 1040x Social security payments, Step 2. Instructions for 1040x Total Certain Nontaxable Pensions and Benefits Substantial gainful activity, Substantial gainful activity. Instructions for 1040x T Tables and figures Figure A, Qualified individual determination, Substantial gainful activity. Instructions for 1040x Table 1, Income limits, Substantial gainful activity. Instructions for 1040x , Table 1. Instructions for 1040x Income Limits Table 2, Initial amounts, Table 2. Instructions for 1040x Initial Amounts Tax help, How To Get Tax Help TTY/TDD information, How To Get Tax Help U U. Instructions for 1040x S. Instructions for 1040x citizens and resident aliens, U. Instructions for 1040x S. Instructions for 1040x Citizen or Resident Alien V VA Form 21-0172 Certification of permanent and total disability, Veterans. Instructions for 1040x Veterans Certification by VA of permanent and total disability, Veterans. Instructions for 1040x Exclusion of nontaxable pension or annuity payment or disability benefits, Step 2. Instructions for 1040x Total Certain Nontaxable Pensions and Benefits Prev  Up     Home   More Online Publications