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Tax deadline 3. Tax deadline   Limit on Annual Additions Table of Contents Ministers and church employees. Tax deadline Includible Compensation for Your Most Recent Year of ServiceMost Recent Year of Service Includible Compensation The first component of MAC is the limit on annual additions. Tax deadline This is a limit on the total contributions (elective deferrals, nonelective contributions, and after-tax contributions) that can be made to your 403(b) account. Tax deadline The limit on annual additions generally is the lesser of: $51,000 for 2013 and $52,000 for 2014, or 100% of your includible compensation for your most recent year of service. Tax deadline More than one 403(b) account. Tax deadline If you contributed to more than one 403(b) account, you must combine the contributions made to all 403(b) accounts on your behalf by your employer. Tax deadline Ministers and church employees. Tax deadline   If you are a minister or a church employee, you may be able to increase your limit on annual additions or use different rules when figuring your limit on annual additions. Tax deadline For more information, see chapter 5. Tax deadline Participation in a qualified plan. Tax deadline If you participated in a 403(b) plan and a qualified plan, you must combine contributions made to your 403(b) account with contributions to a qualified plan and simplified employee pensions of all corporations, partnerships, and sole proprietorships in which you have more than 50% control. Tax deadline You can use Part I of Worksheet 1 in chapter 9 to figure your limit on annual additions. Tax deadline Includible Compensation for Your Most Recent Year of Service Definition. Tax deadline   Generally, includible compensation for your most recent year of service is the amount of taxable wages and benefits you received from the employer that maintained a 403(b) account for your benefit during your most recent year of service. Tax deadline When figuring your includible compensation for your most recent year of service, keep in mind that your most recent year of service may not be the same as your employer's most recent annual work period. Tax deadline This can happen if your tax year is not the same as your employer's annual work period. Tax deadline When figuring includible compensation for your most recent year of service, do not mix compensation or service of one employer with compensation or service of another employer. Tax deadline Most Recent Year of Service Your most recent year of service is your last full year of service, ending on the last day of your tax year that you worked for the employer that maintained a 403(b) account on your behalf. Tax deadline Tax year different from employer's annual work period. Tax deadline   If your tax year is not the same as your employer's annual work period, your most recent year of service is made up of parts of at least two of your employer's annual work periods. Tax deadline Example. Tax deadline A professor who reports her income on a calendar-year basis is employed on a full-time basis by a university that operates on an academic year (October through May). Tax deadline To figure her includible compensation for 2013, the professor's most recent year of service is her service from January through May 2013 and from October through December 2013. Tax deadline Figuring Your Most Recent Year of Service To figure your most recent year of service, begin by determining what is a full year of service for your position. Tax deadline A full year of service is equal to full-time employment for your employer's annual work period. Tax deadline After identifying a full year of service, begin counting the service you have provided for your employer starting with the service provided in the current year. Tax deadline Part-time or employed only part of the year. Tax deadline   If you are a part-time or a full-time employee who is employed for only part of the year, your most recent year of service is your service this year and your service for as many previous years as is necessary to total 1 full year of service. Tax deadline To determine your most recent year of service, add the following periods of service: Your service during the year for which you are figuring the limit on annual additions, and Your service during your preceding tax years until the total service equals 1 year of service or you have figured all of your service with the employer. Tax deadline Example. Tax deadline You were employed on a full-time basis from July through December 2011 (1/2 year of service), July through December 2012 (1/2 year of service), and October through December 2013 (1/4 year of service). Tax deadline Your most recent year of service for computing your limit on annual additions for 2013 is the total of your service during 2013 (1/4 year of service), your service during 2012 (1/2 year of service), and your service during the months October through December 2011 (1/4 year of service). Tax deadline Not yet employed for 1 year. Tax deadline   If, at the close of the year, you have not yet worked for your employer for 1 year (including time you worked for the same employer in all earlier years), use the period of time you have worked for the employer as your most recent year of service. Tax deadline Includible Compensation After identifying your most recent year of service, the next step is to identify the includible compensation associated with that full year of service. Tax deadline Includible compensation is not the same as income included on your tax return. Tax deadline Compensation is a combination of income and benefits received in exchange for services provided to your employer. Tax deadline Generally, includible compensation is the amount of income and benefits: Received from the employer who maintains your 403(b) account, and Must be included in your income. Tax deadline Includible compensation includes the following amounts. Tax deadline Elective deferrals (employer's contributions made on your behalf under a salary reduction agreement). Tax deadline Amounts contributed or deferred by your employer under a section 125 cafeteria plan. Tax deadline Amounts contributed or deferred, at the election of the employee, under an eligible section 457 nonqualified deferred compensation plan (state or local government or tax-exempt organization plan). Tax deadline  Note. Tax deadline For information about treating elective deferrals under section 457 plans as Roth contributions, see Publication 575. Tax deadline Wages, salaries, and fees for personal services earned with the employer maintaining your 403(b) account. Tax deadline Income otherwise excluded under the foreign earned income exclusion. Tax deadline Pre-tax contributions (employer's contributions made on your behalf according to your election) to a qualified transportation fringe benefit plan. Tax deadline Includible compensation does not include the following items. Tax deadline Your employer's contributions to your 403(b) account. Tax deadline Compensation earned while your employer was not an eligible employer. Tax deadline Your employer's contributions to a qualified plan that: Are on your behalf, and Are excludable from income. Tax deadline The cost of incidental life insurance. Tax deadline See Cost of Incidental Life Insurance, later. Tax deadline If you are a church employee or a foreign missionary, figure includible compensation using the rules explained in chapter 5. Tax deadline Contributions after retirement. Tax deadline   Nonelective contributions may be made for an employee for up to 5 years after retirement. Tax deadline These contributions would be based on includible compensation for the last year of service before retirement. Tax deadline Cost of Incidental Life Insurance Includible compensation does not include the cost of incidental life insurance. Tax deadline If all of your 403(b) accounts invest only in mutual funds, then you have no incidental life insurance. Tax deadline If you have an annuity contract, a portion of the cost of that contract may be for incidental life insurance. Tax deadline If so, the cost of the insurance is taxable to you in the year contributed and is considered part of your basis when distributed. Tax deadline Your employer will include the cost of your insurance as taxable wages in box 1 of Form W-2. Tax deadline Not all annuity contracts include life insurance. Tax deadline Contact your plan administrator to determine if your contract includes incidental life insurance. Tax deadline If it does, you will need to figure the cost of life insurance each year the policy is in effect. Tax deadline Figuring the cost of incidental life insurance. Tax deadline If you have determined that part of the cost of your annuity contract is for an incidental life insurance premium, you will need to determine the amount of the premium and subtract it from your includible compensation. Tax deadline To determine the amount of the life insurance premiums, you will need to know the following information. Tax deadline The value of your life insurance contract, which is the amount payable upon your death. Tax deadline The cash value of your life insurance contract at the end of the tax year. Tax deadline Your age on your birthday nearest the beginning of the policy year. Tax deadline Your current life insurance protection under an ordinary retirement income life insurance policy, which is the amount payable upon your death minus the cash value of the contract at the end of the year. Tax deadline You can use Worksheet A, in chapter 9, to determine the cost of your incidental life insurance. Tax deadline Example. Tax deadline Your new contract provides that your beneficiary will receive $10,000 if you should die before retirement. Tax deadline Your cash value in the contract at the end of the first year is zero. Tax deadline Your current life insurance protection for the first year is $10,000 ($10,000 − 0). Tax deadline The cash value in the contract at the end of year two is $1,000, and the current life insurance protection for the second year is $9,000 ($10,000 – $1,000). Tax deadline The 1-year cost of the protection can be calculated by using Figure 3-1, Table of One-Year Term Premiums for $1,000 Life Insurance Protection . Tax deadline The premium rate is determined based on your age on your birthday nearest the beginning of the policy year. Tax deadline Figure 3-1. Tax deadline Table of One-Year Term Premiums for $1,000 Life Insurance Protection Age Cost   Age Cost   Age Cost 0 $0. Tax deadline 70   35 $0. Tax deadline 99   70 $20. Tax deadline 62 1 0. Tax deadline 41   36 1. Tax deadline 01   71 22. Tax deadline 72 2 0. Tax deadline 27   37 1. Tax deadline 04   72 25. Tax deadline 07 3 0. Tax deadline 19   38 1. Tax deadline 06   73 27. Tax deadline 57 4 0. Tax deadline 13   39 1. Tax deadline 07   74 30. Tax deadline 18 5 0. Tax deadline 13   40 1. Tax deadline 10   75 33. Tax deadline 05 6 0. Tax deadline 14   41 1. Tax deadline 13   76 36. Tax deadline 33 7 0. Tax deadline 15   42 1. Tax deadline 20   77 40. Tax deadline 17 8 0. Tax deadline 16   43 1. Tax deadline 29   78 44. Tax deadline 33 9 0. Tax deadline 16   44 1. Tax deadline 40   79 49. Tax deadline 23 10 0. Tax deadline 16   45 1. Tax deadline 53   80 54. Tax deadline 56 11 0. Tax deadline 19   46 1. Tax deadline 67   81 60. Tax deadline 51 12 0. Tax deadline 24   47 1. Tax deadline 83   82 66. Tax deadline 74 13 0. Tax deadline 28   48 1. Tax deadline 98   83 73. Tax deadline 07 14 0. Tax deadline 33   49 2. Tax deadline 13   84 80. Tax deadline 35 15 0. Tax deadline 38   50 2. Tax deadline 30   85 88. Tax deadline 76 16 0. Tax deadline 52   51 2. Tax deadline 52   86 99. Tax deadline 16 17 0. Tax deadline 57   52 2. Tax deadline 81   87 110. Tax deadline 40 18 0. Tax deadline 59   53 3. Tax deadline 20   88 121. Tax deadline 85 19 0. Tax deadline 61   54 3. Tax deadline 65   89 133. Tax deadline 40 20 0. Tax deadline 62   55 4. Tax deadline 15   90 144. Tax deadline 30 21 0. Tax deadline 62   56 4. Tax deadline 68   91 155. Tax deadline 80 22 0. Tax deadline 64   57 5. Tax deadline 20   92 168. Tax deadline 75 23 0. Tax deadline 66   58 5. Tax deadline 66   93 186. Tax deadline 44 24 0. Tax deadline 68   59 6. Tax deadline 06   94 206. Tax deadline 70 25 0. Tax deadline 71   60 6. Tax deadline 51   95 228. Tax deadline 35 26 0. Tax deadline 73   61 7. Tax deadline 11   96 250. Tax deadline 01 27 0. Tax deadline 76   62 7. Tax deadline 96   97 265. Tax deadline 09 28 0. Tax deadline 80   63 9. Tax deadline 08   98 270. Tax deadline 11 29 0. Tax deadline 83   64 10. Tax deadline 41   99 281. Tax deadline 05 30 0. Tax deadline 87   65 11. Tax deadline 90       31 0. Tax deadline 90   66 13. Tax deadline 51       32 0. Tax deadline 93   67 15. Tax deadline 20       33 0. Tax deadline 96   68 16. Tax deadline 92       34 0. Tax deadline 98   69 18. Tax deadline 70                       If the current published premium rates per $1,000 of insurance protection charged by an insurer for individual 1-year term life insurance premiums available to all standard risks are lower than those in the preceding table, you can use the lower rates for figuring the cost of insurance in connection with individual policies issued by the same insurer. Tax deadline Example 1. Tax deadline Lynne Green, age 44, and her employer enter into a 403(b) plan that will provide her with a $500 a month annuity upon retirement at age 65. Tax deadline The agreement also provides that if she should die before retirement, her beneficiary will receive the greater of $20,000 or the cash surrender value in the life insurance contract. Tax deadline Using the facts presented we can determine the cost of Lynne's life insurance protection as shown in Table 3-1. Tax deadline Lynne's employer has included $28 for the cost of the life insurance protection in her current year's income. Tax deadline When figuring her includible compensation for this year, Lynne will subtract $28. Tax deadline Table 3-1. Tax deadline Worksheet A. Tax deadline Cost of Incidental Life Insurance Note. Tax deadline Use this worksheet to figure the cost of incidental life insurance included in your annuity contract. Tax deadline This amount will be used to figure includible compensation for your most recent year of service. Tax deadline 1. Tax deadline Enter the value of the contract (amount payable upon your death) 1. Tax deadline $20,000. Tax deadline 00 2. Tax deadline Enter the cash value in the contract at the end of the year 2. Tax deadline 0. Tax deadline 00 3. Tax deadline Subtract line 2 from line 1. Tax deadline This is the value of your current life insurance protection 3. Tax deadline $20,000. Tax deadline 00 4. Tax deadline Enter your age on your birthday nearest the beginning of the policy year 4. Tax deadline 44 5. Tax deadline Enter the 1-year term premium for $1,000 of life insurance based on your age. Tax deadline (From Figure 3-1) 5. Tax deadline $1. Tax deadline 40 6. Tax deadline Divide line 3 by $1,000 6. Tax deadline 20 7. Tax deadline Multiply line 6 by line 5. Tax deadline This is the cost of your incidental life insurance 7. Tax deadline $28. Tax deadline 00 Example 2. Tax deadline Lynne's cash value in the contract at the end of the second year is $1,000. Tax deadline In year two, the cost of Lynne's life insurance is calculated as shown in Table 3-2. Tax deadline In year two, Lynne's employer will include $29. Tax deadline 07 in her current year's income. Tax deadline Lynne will subtract this amount when figuring her includible compensation. Tax deadline Table 3-2. Tax deadline Worksheet A. Tax deadline Cost of Incidental Life Insurance Note. Tax deadline Use this worksheet to figure the cost of incidental life insurance included in your annuity contract. Tax deadline This amount will be used to figure includible compensation for your most recent year of service. Tax deadline 1. Tax deadline Enter the value of the contract (amount payable upon your death) 1. Tax deadline $20,000. Tax deadline 00 2. Tax deadline Enter the cash value in the contract at the end of the year 2. Tax deadline $1,000. Tax deadline 00 3. Tax deadline Subtract line 2 from line 1. Tax deadline This is the value of your current life insurance protection 3. Tax deadline $19,000. Tax deadline 00 4. Tax deadline Enter your age on your birthday nearest the beginning of the policy year 4. Tax deadline 45 5. Tax deadline Enter the 1-year term premium for $1,000 of life insurance based on your age. Tax deadline (From Figure 3-1) 5. Tax deadline $1. Tax deadline 53 6. Tax deadline Divide line 3 by $1,000 6. Tax deadline 19 7. Tax deadline Multiply line 6 by line 5. Tax deadline This is the cost of your incidental life insurance 7. Tax deadline $29. Tax deadline 07 Figuring Includible Compensation for Your Most Recent Year of Service You can use Worksheet B in chapter 9 to determine your includible compensation for your most recent year of service. Tax deadline Example. Tax deadline Floyd has been periodically working full-time for a local hospital since September 2011. Tax deadline He needs to figure his limit on annual additions for 2014. Tax deadline The hospital's normal annual work period for employees in Floyd's general type of work runs from January to December. Tax deadline During the periods that Floyd was employed with the hospital, the hospital has always been eligible to provide a 403(b) plan to employees. Tax deadline Additionally, the hospital has never provided the employees with a 457 deferred compensation plan, a transportation fringe benefit plan, or a cafeteria plan. Tax deadline Floyd has never worked abroad and there is no life insurance provided under the plan. Tax deadline Table 3-3 shows the service Floyd provided to his employer, his compensation for the periods worked, his elective deferrals, and his taxable wages. Tax deadline Table 3-3. Tax deadline Floyd's Compensation Note. Tax deadline This table shows information Floyd will use to figure includible compensation for his most recent year of service. Tax deadline   Year Years of Service Taxable Wages Elective Deferrals 2014 6/12 of  a year $42,000 $2,000 2013 4/12 of  a year $16,000 $1,650 2012 4/12 of  a year $16,000 $1,650 Before Floyd can figure his limit on annual additions, he must figure includible compensation for his most recent year of service. Tax deadline Because Floyd is not planning to work the entire 2014 year, his most recent year of service will include the time he is planning to work in 2014 plus time he worked in the preceding 3 years until the time he worked for the hospital totals 1 year. Tax deadline If the total time he worked is less than 1 year, Floyd will treat it as if it were 1 year. Tax deadline He figures his most recent year of service shown in the following list. Tax deadline Time he will work in 2014 is 6/12 of a year. Tax deadline Time worked in 2013 is 4/12 of a year. Tax deadline All of this time will be used to determine Floyd's most recent year of service. Tax deadline Time worked in 2012 is 4/12 of a year. Tax deadline Floyd only needs 2 months of the 4 months he worked in 2012 to have enough time to total 1 full year. Tax deadline Because he needs only one-half of the actual time he worked, Floyd will use only one-half of his income earned during that period to calculate wages that will be used in figuring his includible compensation. Tax deadline Using the information provided in Table 3-3, wages for Floyd's most recent year of service are $66,000 ($42,000 + $16,000 + $8,000). Tax deadline His includible compensation for his most recent year of service is figured as shown in Table 3-4. Tax deadline After figuring his includible compensation, Floyd determines his limit on annual additions for 2014 to be $52,000, the lesser of his includible compensation, $70,475 (Table 3-4), and the maximum amount of $52,000. Tax deadline Table 3-4. Tax deadline Worksheet B. Tax deadline Includible Compensation for Your Most Recent Year of Service1 Note. Tax deadline Use this worksheet to figure includible compensation for your most recent year of service. Tax deadline 1. Tax deadline Enter your includible wages from the employer maintaining your 403(b) account for your most recent year of service 1. Tax deadline $66,000 2. Tax deadline Enter elective deferrals excluded from your gross income for your most recent year of service2 2. Tax deadline 4,4753 3. Tax deadline Enter amounts contributed or deferred by your employer under a cafeteria plan for your most recent year of service 3. Tax deadline -0- 4. Tax deadline Enter amounts contributed or deferred by your employer according to your election to your 457 account (a nonqualified plan of a state or local government, or of a tax-exempt organization) for your most recent year of service 4. Tax deadline -0- 5. Tax deadline Enter pre-tax contributions (employer's contributions made on your behalf according to your election) to a qualified transportation fringe benefit plan for your most recent year of service 5. Tax deadline -0- 6. Tax deadline Enter your foreign earned income exclusion for your most recent year of service 6. Tax deadline -0- 7. Tax deadline Add lines 1, 2, 3, 4, 5, and 6 7. Tax deadline 70,475 8. Tax deadline Enter the cost of incidental life insurance that is part of your annuity contract for your most recent year of service 8. Tax deadline -0- 9. Tax deadline Enter compensation that was both: Earned during your most recent year of service, and Earned while your employer was not qualified to maintain a 403(b) plan 9. Tax deadline -0- 10. Tax deadline Add lines 8 and 9 10. Tax deadline -0- 11. Tax deadline Subtract line 10 from line 7. Tax deadline This is your includible compensation for your most recent year of service 11. Tax deadline 70,475 1Use estimated amounts if figuring includible compensation before the end of the year. Tax deadline 2Elective deferrals made to a designated Roth account are not excluded from your gross income and should not be included on this line. Tax deadline  3$4,475 ($2,000 + $1,650 + $825). Tax deadline Prev  Up  Next   Home   More Online Publications
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Tax deadline Index A Assistance (see Tax help) C Carryback period, When To Use an NOL Carryback, waiving, Waiving the Carryback Period Carryforward period, When To Use an NOL Carryover from 2012 to 2013 Estates and trusts, Estates and trusts. Tax deadline Worksheet instructions, Worksheet Instructions Claiming an NOL deduction, How To Claim an NOL Deduction D Deducting a carryback, Deducting a Carryback Deducting a carryforward, Deducting a Carryforward Domestic production activities deduction, Domestic production activities deduction (line 23). Tax deadline , Modified taxable income. Tax deadline E Eligible loss, Eligible loss. Tax deadline F Farming business, Farming business. Tax deadline Farming loss, Farming loss. Tax deadline Figuring an NOL Capital losses, Adjustments for capital losses (lines 19–22). Tax deadline Carryover, How To Figure an NOL Carryover Form 1045, Schedule A, Form 1045, Schedule A. Tax deadline NOL deduction, NOLs from other years (line 24). Tax deadline Nonbusiness deductions, Nonbusiness deductions (line 6). Tax deadline Nonbusiness income, Nonbusiness income (line 7). Tax deadline Filing status, change in, Change in Filing Status Form 1045, Schedule A, Form 1045, Schedule A. Tax deadline Form 1045, Schedule B, Form 1045, Schedule B. Tax deadline Forms and schedules Form 1040X, Form 1040X. Tax deadline Form 1045, Form 1045. Tax deadline Form 1045, Schedule A, Form 1045, Schedule A. Tax deadline Form 1045, Schedule B, Form 1045, Schedule B. Tax deadline Free tax services, Free help with your tax return. Tax deadline Future developments, Reminders H Help (see Tax help) How to carry an NOL back or forward, How To Carry an NOL Back or Forward How to figure an NOL, How To Figure an NOL I Illustrated forms and schedules Form 1045, Illustrated Form 1045 Form 1045, Schedule A, Illustrated Form 1045, Schedule A Form 1045, Schedule B, Form 1045, Schedule B. Tax deadline M Marital status, change in, Change in Marital Status Missing children, photographs of, Reminders Modified taxable income, Modified taxable income. Tax deadline N NOL resulting in no taxable income, NOL resulting in no taxable income. Tax deadline NOL year, Introduction, NOL year. Tax deadline P Publications (see Tax help) Q Qualified disaster loss, Qualified disaster loss. Tax deadline Qualified small business, Qualified small business. Tax deadline R Refiguring tax, Refiguring your tax. Tax deadline S Specified liability loss, Specified liability loss. Tax deadline Steps in figuring NOL, NOL Steps T Tax help, How To Get Tax Help W Waiving the 10-year carryback, Waiving the 10-year carryback. Tax deadline Waiving the 5-year carryback, Waiving the 5-year carryback. Tax deadline Waiving the carryback period, Waiving the Carryback Period When to use an NOL, When To Use an NOL Worksheet (Continued), Carryover from 2012 to 2013, Prev  Up     Home   More Online Publications