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Irs 4. Irs   Limit on Elective Deferrals Table of Contents Excess elective deferrals. Irs General Limit 15-Year RuleYears of Service Figuring the Limit on Elective DeferralsExample The second and final component of MAC is the limit on elective deferrals. Irs This is a limit on the amount of contributions that can be made to your account through a salary reduction agreement. Irs A salary reduction agreement is an agreement between you and your employer that allows for a portion of your compensation to be directly invested in a 403(b) account on your behalf. Irs You can enter into more than one salary reduction agreement during a year. Irs More than one 403(b) account. Irs If, for any year, elective deferrals are contributed to more than one 403(b) account for you (whether or not with the same employer), you must combine all the elective deferrals to determine whether the total is more than the limit for that year. Irs 403(b) plan and another retirement plan. Irs If, during the year, contributions in the form of elective deferrals are made to other retirement plans on your behalf, you must combine all of the elective deferrals to determine if they are more than your limit on elective deferrals. Irs The limit on elective deferrals applies to amounts contributed to: 401(k) plans, to the extent excluded from income, Roth contribution programs, Section 501(c)(18) plans, to the extent excluded from income, Savings incentive match plan for employees (SIMPLE plans), Simplified employee pension (SEP) plans, and All 403(b) plans. Irs Roth contribution program. Irs   Your 403(b) plan may allow you to designate all or a portion of your elective deferrals as Roth contributions. Irs Elective deferrals designated as Roth contributions must be maintained in a separate Roth account and are not excludable from your gross income. Irs   The maximum amount of contributions allowed under a Roth contribution program is your limit on elective deferrals, less your elective deferrals not designated as Roth contributions. Irs For more information on the Roth contribution program, see Publication 560, Retirement Plans for Small Business. Irs Excess elective deferrals. Irs   If the amount contributed is more than the allowable limit, you must include the excess that is not a Roth contribution in your gross income for the year contributed. Irs General Limit Under the general limit on elective deferrals, the most that can be contributed to your 403(b) account through a salary reduction agreement is $17,500 for 2013 and 2014. Irs This limit applies without regard to community property laws. Irs 15-Year Rule If you have at least 15 years of service with an educational organization (such as a public or private school), hospital, home health service agency, health and welfare service agency, church, or convention or association of churches (or associated organization), the limit on elective deferrals to your 403(b) account is increased by the least of: $3,000, $15,000, reduced by the sum of: The additional pre-tax elective deferrals made in prior years because of this rule, plus The aggregate amount of designated Roth contributions permitted for prior years because of this rule, or $5,000 times the number of your years of service for the organization, minus the total elective deferrals made by your employer on your behalf for earlier years. Irs If you qualify for the 15-year rule, your elective deferrals under this limit can be as high as $20,500 for 2013 and 2014. Irs To determine whether you have 15 years of service with your employer, see Years of Service , next. Irs Years of Service To determine if you are eligible for the increased limit on elective deferrals, you will first need to figure your years of service. Irs How you figure your years of service depends on whether you were a full-time or a part-time employee, whether you worked for the full year or only part of the year, and whether you have worked for your employer for an entire year. Irs You must figure years of service for each year during which you worked for the employer who is maintaining your 403(b) account. Irs If more than one employer maintains a 403(b) account for you in the same year, you must figure years of service separately for each employer. Irs Definition Your years of service are the total number of years you have worked as a full time employee for the employer maintaining your 403(b) account as of the end of the year. Irs Figuring Your Years of Service Take the following rules into account when figuring your years of service. Irs Status of employer. Irs   Your years of service include only periods during which your employer was a qualified employer. Irs Your plan administrator can tell you whether or not your employer was qualified during all your periods of service. Irs Service with one employer. Irs   Generally, you cannot count service for any employer other than the one who maintains your 403(b) account. Irs Church employee. Irs   If you are a church employee, treat all of your years of service with related church organizations as years of service with the same employer. Irs For more information about church employees, see chapter 5. Irs Self-employed ministers. Irs   If you are a self-employed minister, your years of service include full and part years in which you have been treated as employed by a tax-exempt organization that is a qualified employer. Irs Total years of service. Irs   When figuring prior years of service, figure each year individually and then add the individual years of service to determine your total years of service. Irs Example. Irs The annual work period for full-time teachers employed by ABC Public Schools is September through December and February through May. Irs Marsha began working with ABC schools in September 2009. Irs She has always worked full-time for each annual work period. Irs At the end of 2013, Marsha had 4. Irs 5 years of service with ABC Public Schools, as shown in Table 4-1. Irs Table 4-1. Irs Marsha's Years of Service Note. Irs This table shows how Marsha figures her years of service, as explained in the previous example. Irs Year Period Worked Portion of Work Period Years of Service 2009 Sept. Irs –Dec. Irs . Irs 5 year . Irs 5 year 2010 Feb. Irs –May . Irs 5 year 1 year Sept. Irs –Dec. Irs . Irs 5 year 2011 Feb. Irs –May . Irs 5 year 1 year Sept. Irs –Dec. Irs . Irs 5 year 2012 Feb. Irs –May . Irs 5 year 1 year Sept. Irs –Dec. Irs . Irs 5 year 2013 Feb. Irs –May . Irs 5 year 1 year Sept. Irs –Dec. Irs . Irs 5 year Total years of service 4. Irs 5 years Full-time or part-time. Irs   To figure your years of service, you must analyze each year individually and determine whether you worked full-time for the full year or something other than full-time. Irs When determining whether you worked full-time or something other than full-time, use your employer's annual work period as the standard. Irs Employer's annual work period. Irs   Your employer's annual work period is the usual amount of time an individual working full-time in a specific position is required to work. Irs Generally, this period of time is expressed in days, weeks, months, or semesters, and can span 2 calendar years. Irs Note. Irs You cannot accumulate more than 1 year of service in a 12-month period. Irs Example. Irs All full-time teachers at ABC Public Schools are required to work both the September through December semester and the February through May semester. Irs Therefore, the annual work period for full-time teachers employed by ABC Public Schools is September through December and February through May. Irs Teachers at ABC Public Schools who work both semesters in the same calendar year are considered working a full year of service in that calendar year. Irs Full-Time Employee for the Full Year Count each full year during which you were employed full-time as 1 year of service. Irs In determining whether you were employed full-time, compare the amount of work you were required to perform with the amount of work normally required of others who held the same position with the same employer and who generally received most of their pay from the position. Irs How to compare. Irs   You can use any method that reasonably and accurately reflects the amount of work required. Irs For example, if you are a teacher, you can use the number of hours of classroom instruction as a measure of the amount of work required. Irs   In determining whether positions with the same employer are the same, consider all of the facts and circumstances concerning the positions, including the work performed, the methods by which pay is determined, and the descriptions (or titles) of the positions. Irs Example. Irs An assistant professor employed in the English department of a university will be considered a full-time employee if the amount of work that he or she is required to perform is the same as the amount of work normally required of assistant professors of English at that university who get most of their pay from that position. Irs   If no one else works for your employer in the same position, compare your work with the work normally required of others who held the same position with similar employers or similar positions with your employer. Irs Full year of service. Irs   A full year of service for a particular position means the usual annual work period of anyone employed full-time in that general type of work at that place of employment. Irs Example. Irs If a doctor works for a hospital 12 months of a year except for a 1-month vacation, the doctor will be considered as employed for a full year if the other doctors at that hospital also work 11 months of the year with a 1-month vacation. Irs Similarly, if the usual annual work period at a university consists of the fall and spring semesters, an instructor at that university who teaches these semesters will be considered as working a full year. Irs Other Than Full-Time for the Full Year If, during any year, you were employed full-time for only part of your employer's annual work period, part-time for the entire annual work period, or part-time for only part of the work period, your year of service for that year is a fraction of your employer's annual work period. Irs Full-time for part of the year. Irs   If, during a year, you were employed full-time for only part of your employer's annual work period, figure the fraction for that year as follows: The numerator (top number) is the number of weeks, months, or semesters you were a full-time employee. Irs The denominator (bottom number) is the number of weeks, months, or semesters considered the normal annual work period for the position. Irs Example. Irs Jason was employed as a full-time instructor by a local college for the 4 months of the 2013 spring semester (February 2013 through May 2013). Irs The annual work period for the college is 8 months (February through May and July through October). Irs Given these facts, Jason was employed full-time for part of the annual work period and provided ½ of a year of service. Irs Jason's years of service computation for 2013 is as follows: Number of months Jason worked = 4 = 1 Number of months in annual work period 8 2 Part-time for the full year. Irs   If, during a year, you were employed part-time for the employer's entire annual work period, you figure the fraction for that year as follows: The numerator (top number) is the number of hours or days you worked. Irs The denominator (bottom number) is the number of hours or days normally required of someone holding the same position who works full-time. Irs Example. Irs Vance teaches one course at a local medical school. Irs He teaches 3 hours per week for two semesters. Irs Other faculty members at the same school teach 9 hours per week for two semesters. Irs The annual work period of the medical school is two semesters. Irs An instructor teaching 9 hours a week for two semesters is considered a full-time employee. Irs Given these facts, Vance has worked part-time for a full annual work period. Irs Vance has completed 1/3 of a year of service, figured as shown below. Irs Number of hours per week Vance worked = 3 = 1 Number of hours per week considered full-time 9 3 Part-time for part of the year. Irs   If, during any year, you were employed part-time for only part of your employer's annual work period, you figure your fraction for that year by multiplying two fractions. Irs   Figure the first fraction as though you had worked full-time for part of the annual work period. Irs The fraction is as follows: The numerator (top number) is the number of weeks, months, or semesters you were a full-time employee. Irs The denominator (bottom number) is the number of weeks, months, or semesters considered the normal annual work period for the position. Irs   Figure the second fraction as though you had worked part-time for the entire annual work period. Irs The fraction is as follows: The numerator (top number) is the number of hours or days you worked. Irs The denominator (bottom number) is the number of hours or days normally required of someone holding the same position who works full-time. Irs   Once you have figured these two fractions, multiply them together to determine the fraction representing your partial year of service for the year. Irs Example. Irs Maria, an attorney, teaches a course for one semester at a law school. Irs She teaches 3 hours per week. Irs The annual work period for teachers at the school is two semesters. Irs All full-time instructors at the school are required to teach 12 hours per week. Irs Based on these facts, Maria is employed part-time for part of the annual work period. Irs Her year of service for this year is determined by multiplying two fractions. Irs Her computation is as follows: Maria's first fraction Number of semesters Maria worked = 1 Number of semesters in annual work period 2 Maria's second fraction Number of hours Maria worked per week = 3 = 1 Number of hours per week considered full-time 12 4 Maria would multiply these fractions to obtain the fractional year of service: 1 x 1 = 1         2 4 8         Figuring the Limit on Elective Deferrals You can use Part II of Worksheet 1 in chapter 9 to figure the limit on elective deferrals. Irs Example Floyd has figured his limit on annual additions. Irs The only other component needed before he can determine his MAC for 2014 is his limit on elective deferrals. Irs Figuring Floyd's limit on elective deferrals. Irs   Floyd has been employed with his current employer for less than 15 years. Irs He is not eligible for the special 15-year increase. Irs Therefore, his limit on elective deferrals for 2014 is $17,500 as shown in Table 4-2. Irs Floyd's employer will not make any nonelective contributions to his 403(b) account and Floyd will not make any after-tax contributions. Irs Additionally, Floyd's employer does not offer a Roth contribution program. Irs Figuring Floyd's MAC Floyd has determined that his limit on annual additions for 2014 is $52,000 and his limit on elective deferrals is $17,500. Irs Because elective deferrals are the only contributions made to Floyd's account, the maximum amount that can be contributed to a 403(b) account on Floyd's behalf in 2014 is $17,500, the lesser of both limits. Irs Table 4-2. Irs Worksheet 1. Irs Maximum Amount Contributable (MAC) Note. Irs Use this worksheet to figure your MAC. Irs Part I. Irs Limit on Annual Additions     1. Irs Enter your includible compensation for your most recent year of service 1. Irs $70,475 2. Irs Maximum: For 2013 enter $51,000 For 2014 enter $52,000 2. Irs 52,000 3. Irs Enter the lesser of line 1 or line 2. Irs This is your limit on annual additions 3. Irs 52,000   Caution: If you had only nonelective contributions, skip Part II and enter the amount from line 3 on line 18. Irs     Part II. Irs Limit on Elective Deferrals     4. Irs Maximum contribution: For 2013, enter $17,500 For 2014, enter $17,500 4. Irs 17,500   Note. Irs If you have at least 15 years of service with a qualifying organization, complete lines 5 through 17. Irs If not, enter zero (-0-) on line 16 and go to line 17. Irs     5. Irs Amount per year of service 5. Irs 5,000 6. Irs Enter your years of service 6. Irs   7. Irs Multiply line 5 by line 6 7. Irs   8. Irs Enter the total of all elective deferrals made for you by the qualifying organization for prior years 8. Irs   9. Irs Subtract line 8 from line 7. Irs If zero or less, enter zero (-0-) 9. Irs   10. Irs Maximum increase in limit for long service 10. Irs 15,000 11. Irs Enter the total of additional pre-tax elective deferrals made in prior years under the 15-year rule 11. Irs   12. Irs Enter the aggregate amount of all designated Roth contributions permitted for prior years under the 15-year rule 12. Irs   13. Irs Add lines 11 and 12 13. Irs   14. Irs Subtract line 13 from line 10 14. Irs   15. Irs Maximum additional contributions 15. Irs 3,000 16. Irs Enter the least of lines 9, 14, or 15. Irs This is your increase in the limit for long service 16. Irs -0- 17. Irs Add lines 4 and 16. Irs This is your limit on elective deferrals 17. Irs 17,500   Part III. Irs Maximum Amount Contributable     18. Irs If you had only nonelective contributions, enter the amount from line 3. Irs This is your MAC. Irs    If you had only elective deferrals, enter the lesser of lines 3 or 17. Irs This is your MAC. Irs    If you had both elective deferrals and nonelective contributions, enter the amount from line 3. Irs This is your MAC. Irs (Use the amount on line 17 to determine if you have excess elective deferrals as explained in chapter 7. Irs ) 18. Irs $17,500 Prev  Up  Next   Home   More Online Publications
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Irs 14. Irs   Penalties and Interest Table of Contents Penalties and interest may result from any of the following acts. Irs Failing to collect and pay over tax as the collecting agent (see Trust fund recovery penalty, later). Irs Failing to keep adequate records. Irs Failing to file returns. Irs Failing to pay taxes. Irs Filing returns late. Irs Filing false or fraudulent returns. Irs Paying taxes late. Irs Failing to make deposits. Irs Depositing taxes late. Irs Making false statements relating to tax. Irs Failing to register. Irs Misrepresenting that tax is excluded from the price of an article. Irs Failure to register. Irs   The penalty for failure to register if you are required to register, unless due to reasonable cause, is $10,000 for the initial failure, and then $1,000 each day thereafter you fail to register. Irs Claims. Irs   There are criminal penalties for false or fraudulent claims. Irs In addition, any person who files a refund claim, discussed earlier, for an excessive amount (without reasonable cause) may have to pay a penalty. Irs An excessive amount is the amount claimed that is more than the allowable amount. Irs The penalty is the greater of two times the excessive amount or $10. Irs Trust fund recovery penalty. Irs   If you provide taxable communications, air transportation services, or indoor tanning services, you have to collect excise taxes (as discussed earlier) from those persons who pay you for those services. Irs You must pay over these taxes to the U. Irs S. Irs Government. Irs   If you willfully fail to collect or pay over these taxes, or if you evade or defeat them in any way, the trust fund recovery penalty may apply. Irs Willfully means voluntarily, consciously, and intentionally. Irs The trust fund recovery penalty equals 100% of the taxes not collected or not paid over to the U. Irs S. Irs Government. Irs   The trust fund recovery penalty may be imposed on any person responsible for collecting, accounting for, and paying over these taxes. Irs If this person knows that these required actions are not taking place for whatever reason, the person is acting willfully. Irs Paying other expenses of the business instead of paying the taxes is willful behavior. Irs   A responsible person can be an officer or employee of a corporation, a partner or employee of a partnership, or any other person who had responsibility for certain aspects of the business and financial affairs of the employer (or business). Irs This may include accountants, trustees in bankruptcy, members of a board, banks, insurance companies, or sureties. Irs The responsible person could even be another corporation—in other words, anyone who has the duty and the ability to direct, account for, or pay over the money. Irs Having signature power on the business checking account could be a significant factor in determining responsibility. Irs Prev  Up  Next   Home   More Online Publications