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Taxact2010 7. Taxact2010 Excess Contributions Table of Contents How Do I Know If I Have Excess Contributions? What Happens If I Have Excess Contributions?Excess Annual Addition Excess Elective Deferral If your actual contributions are greater than your MAC, you have an excess contribution. Taxact2010 Excess contributions can result in income tax, additional taxes, and penalties. Taxact2010 The effect of excess contributions depends on the type of excess contribution. Taxact2010 This chapter discusses excess contributions to your 403(b) account. Taxact2010 How Do I Know If I Have Excess Contributions? At the end of the year or the beginning of the next year, you should refigure your MAC based on your actual compensation and actual contributions made to your account. Taxact2010 If the actual contributions to your account are greater than your MAC, you have excess contributions. Taxact2010 If, at any time during the year, your employment status or your compensation changes, you should refigure your MAC using a revised estimate of compensation to prevent excess contributions. Taxact2010 What Happens If I Have Excess Contributions? Certain excess contributions in a 403(b) account can be corrected. Taxact2010 The effect of an excess 403(b) contribution will depend on the type of excess contribution. Taxact2010 Types of excess contributions. Taxact2010 If, after checking your actual contributions, you determine that you have an excess, the first thing is to identify the type of excess that you have. Taxact2010 Excess contributions to a 403(b) account are categorized as either an: Excess annual addition, or Excess elective deferral. Taxact2010 Excess Annual Addition An excess annual addition is a contribution that is more than your limit on annual additions. Taxact2010 To determine your limit on annual additions, see chapter 3 (chapter 5 for ministers or church employees). Taxact2010 In the year that your contributions are more than your limit on annual additions, the excess amount will be included in your income. Taxact2010 Excise Tax If your 403(b) account invests in mutual funds, and you exceed your limit on annual additions, you may be subject to a 6% excise tax on the excess contribution. Taxact2010 The excise tax does not apply to funds in an annuity account or to excess deferrals. Taxact2010 You must pay the excise tax each year in which there are excess contributions in your account. Taxact2010 Excess contributions can be corrected by contributing less than the applicable limit in later years or by making permissible distributions. Taxact2010 See chapter 8 for a discussion on permissible distributions. Taxact2010 You cannot deduct the excise tax. Taxact2010 Reporting requirement. Taxact2010 You must file Form 5330 if there has been an excess contribution to a custodial account and that excess has not been corrected. Taxact2010 Excess Elective Deferral An excess elective deferral is the amount that is more than your limit on elective deferrals. Taxact2010 To determine your limit on elective deferrals, see chapter 4. Taxact2010 Your employer's 403(b) plan may contain language permitting it to distribute excess deferrals. Taxact2010 If so, it may require that in order to get a distribution of excess deferrals, you either notify the plan of the amount of excess deferrals or designate a distribution as an excess deferral. Taxact2010 The plan may require that the notification or designation be in writing and may require that you certify or otherwise establish that the designated amount is an excess deferral. Taxact2010 A plan is not required to permit distribution of excess deferrals. Taxact2010 Correction of excess deferrals during year. Taxact2010 If you have excess deferrals for a year, a corrective distribution may be made only if both of the following conditions are satisfied. Taxact2010 The plan and either you or your employer designate the distribution as an excess deferral to the extent you have excess deferrals for the year. Taxact2010 The correcting distribution is made after the date on which the excess deferral was made. Taxact2010 Correction of excess deferrals after the year. Taxact2010 If you have excess deferrals for a year, you may receive a correcting distribution of the excess deferral no later than April 15 of the following year. Taxact2010 The plan can distribute the excess deferral (and any income allocable to the excess) no later than April 15 of the year following the year the excess deferral was made. Taxact2010 Tax treatment of excess deferrals not attributable to Roth contributions. Taxact2010 If the excess deferral is distributed by April 15, it is included in your income in the year contributed and the earnings on the excess deferral will be taxed in the year distributed. Taxact2010 Tax treatment of excess deferrals attributable to Roth contributions. Taxact2010 For these rules, see Regulations section 1. Taxact2010 402(g)-1(e). Taxact2010 Prev Up Next Home More Online Publications
Tax Relief for Victims of April Storms and Floods in Montana
Updated 8/24/2011 to include Blaine, Broadwater, Carter, Chouteau, Fallon, Flathead, Golden Valley, Madison, Park, Phillips, Pondera, Powell, Rosebud, Toole, and Wibaux counties and the Fort Peck Reservation.
COIDMTWY-2011-24, July 28, 2011
DENVER— Victims of severe storms and flooding beginning on April 3, 2011 in parts of Montana may qualify for tax relief from the Internal Revenue Service.
The President has declared Big Horn, Blaine, Broadwater, Carbon, Carter, Cascade, Chouteau, Custer, Fallon, Fergus, Flathead, Garfield, Golden Valley, Hill, Jefferson, Judith Basin, Lewis and Clark, Madison, Musselshell, Park, Petroleum, Phillips, Pondera, Powell, Rosebud, Sweet Grass, Toole, Valley, Wibaux, and Yellowstone Counties and the Blackfeet Indian Reservation, Crow Indian Reservation, Fort Belknap Reservation, and Fort Peck Reservation a federal disaster area. Individuals who reside or have a business in these localities may qualify for tax relief.
As a result, the IRS postponed until June 30, 2011, certain deadlines for taxpayers who live or have a business in the disaster area. This includes the April 18 deadline for filing 2010 individual income tax returns, making income tax payments and making 2010 contributions to an individual retirement account (IRA). It also includes the April 18 and June 15 deadlines for making estimated tax payments.
In addition, the IRS is waiving the failure-to-deposit penalties for employment and excise tax deposits due on or after April 3 and on or before April 18, 2011, as long as the deposits were made by April 18, 2011.
If an affected taxpayer receives a penalty notice from the IRS, the taxpayer should call the telephone number on the notice to have the IRS abate any interest and any late filing or late payment penalties that would otherwise apply. Penalties or interest will be abated only for taxpayers who have an original or extended filing, payment or deposit due date, including an extended filing or payment due date, that falls within the postponement period.
The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area must call the IRS disaster hotline at 1-866-562-5227 to request this tax relief.
Covered Disaster Area
The areas listed above constitute a covered disaster area for purposes of Treas. Reg. § 301.7508A-1(d)(2) and are entitled to the relief detailed below.
Taxpayers considered to be affected taxpayers eligible for the postponement of time to file returns, pay taxes and perform other time-sensitive acts are those taxpayers listed in Treas. Reg. § 301.7508A-1(d)(1), and include individuals who live, and businesses whose principal place of business is located, in the covered disaster area. Taxpayers not in the covered disaster area, but whose records necessary to meet a deadline listed in Treas. Reg. § 301.7508A-1(c) are in the covered disaster area, are also entitled to relief. In addition, all relief workers affiliated with a recognized government or philanthropic organization assisting in the relief activities in the covered disaster area and any individual visiting the covered disaster area who was killed or injured as a result of the disaster are entitled to relief.
Grant of Relief
Under section 7508A, the IRS gives affected taxpayers until June 30, 2011 to file most tax returns (including individual, corporate, and estate and trust income tax returns; partnership returns, S corporation returns, and trust returns; estate, gift, and generation-skipping transfer tax returns; and employment and certain excise tax returns), or to make tax payments, including estimated tax payments, that have either an original or extended due date occurring on or after April 3 and on or before June 30.
The IRS also gives affected taxpayers until June 30 to perform other time-sensitive actions described in Treas. Reg. § 301.7508A-1(c)(1) and Rev. Proc. 2007-56, 2007-34 I.R.B. 388 (August 20, 2007), that are due to be performed on or after April 3 and on or before June 30.
This relief also includes the filing of Form 5500 series returns, in the manner described in section 8 of Rev. Proc. 2007-56. The relief described in section 17 of Rev. Proc. 2007-56, pertaining to like-kind exchanges of property, also applies to certain taxpayers who are not otherwise affected taxpayers and may include acts required to be performed before or after the period above.
The postponement of time to file and pay does not apply to information returns in the W-2, 1098, 1099 series, or to Forms 1042-S or 8027. Penalties for failure to timely file information returns can be waived under existing procedures for reasonable cause. Likewise, the postponement does not apply to employment and excise tax deposits. The IRS, however, will abate penalties for failure to make timely employment and excise tax deposits due on or after April 3 and on or before April 18, provided the taxpayer made these deposits by April 18.
Affected taxpayers in a federally declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year. Claiming the loss on an original or amended return for last year will get the taxpayer an earlier refund, but waiting to claim the loss on this year’s return could result in a greater tax saving, depending on other income factors.
Individuals may deduct personal property losses that are not covered by insurance or other reimbursements. For details, see Form 4684 and its instructions.
Affected taxpayers claiming the disaster loss on last year’s return should put the Disaster Designation, "Montana/Severe Storms and Flooding," at the top of the form so that the IRS can expedite the processing of the refund.
The IRS will waive the usual fees and expedite requests for copies of previously filed tax returns for affected taxpayers. Taxpayers should put the assigned Disaster Designation in red ink at the top of Form 4506, Request for Copy of Tax Return, or Form 4506-T, Request for Transcript of Tax Return, as appropriate, and submit it to the IRS.
Affected taxpayers who are contacted by the IRS on a collection or examination matter should explain how the disaster impacts them so that the IRS can provide appropriate consideration to their case.
Taxpayers may download forms and publications from the official IRS website, irs.gov, or order them by calling 1-800-TAX-FORM (1-800-829-3676). The IRS toll-free number for general tax questions is 1-800-829-1040.
Disaster Assistance and Emergency Relief for Individuals and Businesses
Recent IRS Disaster Relief Announcements
Page Last Reviewed or Updated: 25-Apr-2013
Taxact2010 Index A Accrual foreign taxes, adjustments, You may have to post a bond. Taxact2010 Accrual method of accounting, Accrual method of accounting. Taxact2010 Allocation Carryback/carryover between spouses, Allocations Between Spouses Foreign losses, Foreign Losses Foreign taxes, Allocation of Foreign Taxes U. Taxact2010 S. Taxact2010 losses, U. Taxact2010 S. Taxact2010 Losses Alternative minimum tax, Reminders Amended return, Claim for Refund American Samoa, resident of, Possession Exclusion Assistance (see Tax help) B Bankruptcy, effect of, Effect of bankruptcy or insolvency. Taxact2010 Beneficiary, Partner or S corporation shareholder. Taxact2010 Bond, income tax, You may have to post a bond. Taxact2010 Boycotting countries, Taxes From International Boycott Operations C Capital gains and losses, Capital Gains and Losses Carryback and carryover, Carrybacks and carryovers. Taxact2010 Allocations between spouses, Allocations Between Spouses Claim for refund, Time Limit on Tax Assessment Joint return, Married Couples Joint return–deduction year, Joint Return Filed in a Deduction Year Taxes all credited or deducted, Claim for Refund Time limit on tax assessment, Time Limit on Tax Assessment Choice to take credit or deduction Changing your choice, Making or Changing Your Choice Choice applied to all qualified foreign taxes, Choice Applies to All Qualified Foreign Taxes Claim for refund, Claim for Refund Classes of gross income, Classes of gross income. Taxact2010 Compensation for labor or personal services, Determining the Source of Compensation for Labor or Personal Services Geographical basis, Geographical basis. Taxact2010 Comprehensive example, Comprehensive Example — Filled-In Form 1116 Controlled foreign corporation shareholder, Controlled foreign corporation shareholder. Taxact2010 , Income from controlled foreign corporations. Taxact2010 Covered asset acquisition, Covered Asset Acquisition Credit How to claim, How To Claim the Credit How to figure, How To Figure the Credit Limit on, Limit on the Credit Credit for taxes paid or accrued, Credit for Taxes Paid or Accrued D Deduction for foreign taxes that are not income taxes, Foreign taxes that are not income taxes. Taxact2010 Distributions Lump-sum, Lump-Sum Distribution Dividends Taxes on, Taxes Imposed on Certain Dividends Dual-capacity taxpayers, Dual-capacity taxpayers. Taxact2010 E Economic benefits, Specific economic benefit. Taxact2010 Examples Comprehensive, Comprehensive Example — Filled-In Form 1116 Simple, Simple Example — Filled-In Form 1116 Excess limit, Carryback and Carryover Exchange rates, Foreign Currency and Exchange Rates Excluded income Foreign earned, Foreign Earned Income and Housing Exclusions Taxes on, Taxes on Excluded Income Exemption from foreign tax credit limit, Exemption from foreign tax credit limit. Taxact2010 Export financing interest, Export financing interest. Taxact2010 Extraterritorial income, Extraterritorial Income Exclusion F Financial services income, Financial services income. Taxact2010 Foreign corporation–U. Taxact2010 S. Taxact2010 shareholders, filing requirements, Taxes of U. Taxact2010 S. Taxact2010 Persons Controlling Foreign Corporations and Partnerships Foreign country, Foreign country. Taxact2010 Foreign currency and exchange rates, Foreign Currency and Exchange Rates Foreign income, translating, Translating foreign currency into U. Taxact2010 S. Taxact2010 dollars. Taxact2010 Foreign losses Allocation of, Foreign Losses Recapture of, Recapture of Prior Year Overall Foreign Loss Accounts Foreign mineral income, taxes on, Taxes on Foreign Mineral Income Foreign oil and gas extraction income, taxes on, Taxes on Combined Foreign Oil and Gas Income Foreign partnerships–U. Taxact2010 S. Taxact2010 partners, filing requirement, Taxes of U. Taxact2010 S. Taxact2010 Persons Controlling Foreign Corporations and Partnerships Foreign tax refund, Foreign tax refund. Taxact2010 , Foreign tax refund. Taxact2010 Foreign tax(es) Allocation to income categories, Allocation of Foreign Taxes For which you cannot take a credit, Foreign Taxes for Which You Cannot Take a Credit Imposed on foreign refund, Foreign tax imposed on foreign refund. Taxact2010 Qualifying for credit, What Foreign Taxes Qualify for the Credit? Redetermination, Foreign Tax Redetermination Refund, Foreign tax imposed on foreign refund. Taxact2010 Form 1040X, Claim for Refund 1116, Form 1116, Simple Example — Filled-In Form 1116, Comprehensive Example — Filled-In Form 1116 5471, Taxes of U. Taxact2010 S. Taxact2010 Persons Controlling Foreign Corporations and Partnerships 5713, Form 5713 required. Taxact2010 8833, Report required. Taxact2010 8865, Taxes of U. Taxact2010 S. Taxact2010 Persons Controlling Foreign Corporations and Partnerships 8873, Extraterritorial Income Exclusion Free tax services, Free help with your tax return. Taxact2010 Functional currency, Translating foreign currency into U. Taxact2010 S. Taxact2010 dollars. Taxact2010 G General category income, separate limit, General Category Income H Help (see Tax help) High-taxed income, High-taxed income. Taxact2010 I Income from sources in U. Taxact2010 S. Taxact2010 possessions, Determining the source of income from U. Taxact2010 S. Taxact2010 possessions. Taxact2010 Income re-sourced by treaty, separate limit, Certain Income Re-Sourced By Treaty Income tax, Income Tax Income tax bond, You may have to post a bond. Taxact2010 Interest, Penalties and interest. Taxact2010 Interest expense, apportioning, Interest expense. Taxact2010 International boycott, Taxes From International Boycott Operations Itemized deduction, Taxes for Which You Can Only Take an Itemized Deduction J Joint return Carryback and carryover, Married Couples Credit based on foreign tax of both spouses, Joint return. Taxact2010 Filed in a deduction year, Joint Return Filed in a Deduction Year L Levy, Income Tax Limit on credit, Limit on the Credit Losses, foreign, Foreign Losses Allocation of, Foreign Losses Recapture of, Recapture of Prior Year Overall Foreign Loss Accounts Losses, U. Taxact2010 S. Taxact2010 , U. Taxact2010 S. Taxact2010 Losses Allocation of, U. Taxact2010 S. Taxact2010 Losses Lump-sum distributions, Lump-Sum Distribution M Making or changing your choice, Making or Changing Your Choice Married couples Carryback and carryover, Married Couples Joint return, Joint return. Taxact2010 Mineral income, foreign,, Taxes on Foreign Mineral Income Mutual fund distributions, Mutual fund shareholder. Taxact2010 , Passive income. Taxact2010 Mutual fund shareholder, Mutual fund shareholder. Taxact2010 N Nonresident aliens, Nonresident Aliens Notice to the IRS of change in tax, Notice to the Internal Revenue Service (IRS) of Redetermination O Overall foreign loss, Overall foreign loss. Taxact2010 P Partner, Partner or S corporation shareholder. Taxact2010 , Partnership distributive share. Taxact2010 , Foreign Taxes From a Partnership or an S Corporation Passive category income, Passive Category Income Penalties, Failure-to-notify penalty. Taxact2010 , Penalties and interest. Taxact2010 Failure to file Form 5471, 8865, Penalty for not filing Form 5471 or Form 8865. Taxact2010 Failure to file Form 5713, Penalty for failure to file. Taxact2010 Failure to notify, foreign tax change, Failure-to-notify penalty. Taxact2010 Failure to report treaty information, Report required. Taxact2010 Pension, employment, and disability fund payments, Pension, unemployment, and disability fund payments. Taxact2010 Personal property, sales or exchanges of, Determining the Source of Income From the Sales or Exchanges of Certain Personal Property Possession exclusion, Possession Exclusion Publications (see Tax help) Purchase or sale of oil or gas, taxes in connection with, Taxes in Connection With the Purchase or Sale of Oil or Gas Q Qualified business unit, Translating foreign currency into U. Taxact2010 S. Taxact2010 dollars. Taxact2010 Qualified dividends, Capital Gains and Losses R Rate of exchange, Rate of exchange for foreign taxes paid. Taxact2010 Recapture of foreign losses, Recapture of Prior Year Overall Foreign Loss Accounts Records to keep, Records To Keep Redetermination of foreign tax, Foreign Tax Redetermination Refund claims, time limit, Time Limit on Refund Claims Refund, foreign tax, Foreign tax refund. Taxact2010 Reporting requirements (international boycott), Reporting requirements. Taxact2010 Resident aliens, Resident Aliens S S corporation shareholder, Partner or S corporation shareholder. Taxact2010 , Foreign Taxes From a Partnership or an S Corporation Sanctioned countries, Taxes Imposed By Sanctioned Countries (Section 901(j) Income) Section 901(j) income, Section 901(j) Income Section 901(j) sanctioned income, Taxes Imposed By Sanctioned Countries (Section 901(j) Income) Separate limit income, Separate Limit Income General category income, General Category Income Income re-sourced by treaty, Certain Income Re-Sourced By Treaty Lump-sum distribution, Lump-Sum Distribution Passive category income, Passive Category Income Section 901(j) income, Section 901(j) Income Shareholder, Mutual fund shareholder. Taxact2010 Simple example, Simple Example — Filled-In Form 1116 Soak-up taxes, Soak-up taxes. Taxact2010 Social security taxes, Pension, unemployment, and disability fund payments. Taxact2010 Source of compensation for labor or personal services Alternative basis, Alternative basis. Taxact2010 Multi-year compensation, Multi-year compensation. Taxact2010 Time basis, Time basis. Taxact2010 Transportation income, Transportation Income State income taxes, State income taxes. Taxact2010 Subsidy, Subsidy received. Taxact2010 T Tax help, How To Get Tax Help Tax treaties, Tax Treaties Taxable income from sources outside the U. Taxact2010 S. Taxact2010 , determination of, Determining Taxable Income From Sources Outside the United States Taxes Excluded income, Foreign Earned Income and Housing Exclusions In lieu of income taxes, Taxes in Lieu of Income Taxes On dividends, Taxes Imposed on Certain Dividends Paid or accrued, Credit for Taxes Paid or Accrued Withheld on income or gain, Taxes Withheld on Income or Gain (Other Than Dividends) Taxes related to a foreign tax credit splitting event, Taxes Related to a Foreign Tax Credit Splitting Event Time limit Refund claims, Time Limit on Refund Claims Tax assessment, Time Limit on Tax Assessment Translating foreign currency, Translating foreign currency into U. Taxact2010 S. Taxact2010 dollars. Taxact2010 U U. Taxact2010 S. Taxact2010 citizens, U. Taxact2010 S. Taxact2010 Citizens U. Taxact2010 S. Taxact2010 losses Allocation of, U. Taxact2010 S. Taxact2010 Losses U. Taxact2010 S. Taxact2010 possessions, U. Taxact2010 S. Taxact2010 possessions. Taxact2010 Unused foreign tax credits, carryback or carryover, Carrybacks and carryovers. Taxact2010 , Carryback and Carryover W Wages, Wages completely excluded. Taxact2010 When refunds can be claimed, Time Limit on Refund Claims When tax can be assessed, Time Limit on Tax Assessment Who can take the credit, Who Can Take the Credit? Why choose the credit, Why Choose the Credit? Prev Up Home More Online Publications