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Volunteer Income Tax Assistance Program

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Volunteer Income Tax Assistance Program

Volunteer income tax assistance program Publication 537 - Additional Material Prev  Up  Next   Home   More Online Publications
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The Volunteer Income Tax Assistance Program

Volunteer income tax assistance program 5. Volunteer income tax assistance program   Table and Worksheets for the Self-Employed Table of Contents Community property laws. Volunteer income tax assistance program As discussed in chapters 2 and 4, if you are self-employed, you must use the rate table or rate worksheet and deduction worksheet to figure your deduction for contributions you made for yourself to a SEP-IRA or qualified plan. Volunteer income tax assistance program First, use either the rate table or rate worksheet to find your reduced contribution rate. Volunteer income tax assistance program Then complete the deduction worksheet to figure your deduction for contributions. Volunteer income tax assistance program The table and the worksheets in chapter 5 apply only to self-employed individuals who have only one defined contribution plan, such as a profit-sharing plan. Volunteer income tax assistance program A SEP plan is treated as a profit-sharing plan. Volunteer income tax assistance program However, do not use this worksheet for SARSEPs. Volunteer income tax assistance program Rate table for self-employed. Volunteer income tax assistance program   If your plan's contribution rate is a whole percentage (for example, 12% rather than 12½%), you can use the table on the next page to find your reduced contribution rate. Volunteer income tax assistance program Otherwise, use the rate worksheet provided below. Volunteer income tax assistance program   First, find your plan contribution rate (the contribution rate stated in your plan) in Column A of the table. Volunteer income tax assistance program Then read across to the rate under Column B. Volunteer income tax assistance program Enter the rate from Column B in step 4 of the Deduction Worksheet for Self-Employed on this page. Volunteer income tax assistance program    Example. Volunteer income tax assistance program You are a sole proprietor with no employees. Volunteer income tax assistance program If your plan's contribution rate is 10% of a participant's compensation, your rate is 0. Volunteer income tax assistance program 090909. Volunteer income tax assistance program Enter this rate in step 4 of the Deduction Worksheet for Self-Employed on this page. Volunteer income tax assistance program Deduction Worksheet for Self-Employed   Step 1           Enter your net profit from line 31, Schedule C (Form 1040); line 3, Schedule C-EZ (Form 1040); line 34, Schedule F (Form 1040)*; or box 14, code A**, Schedule K-1 (Form 1065)*. Volunteer income tax assistance program For information on other income included in net profit from self-employment, see the Instructions for Schedule SE, Form 1040. Volunteer income tax assistance program       *Reduce this amount by any amount reported on Schedule SE (Form 1040), line 1b. Volunteer income tax assistance program       **General partners should reduce this amount by the same additional expenses subtracted from box 14, code A to determine the amount on line 1 or 2 of Schedule SE. Volunteer income tax assistance program     Step 2           Enter your deduction for self-employment tax from Form 1040, line 27             Step 3           Net earnings from self-employment. Volunteer income tax assistance program Subtract step 2 from step 1     Step 4           Enter your rate from the Rate Table for Self-Employed or Rate Worksheet for Self-Employed     Step 5           Multiply step 3 by step 4     Step 6           Multiply $255,000 by your plan contribution rate (not the reduced rate)     Step 7           Enter the smaller of step 5 or step 6     Step 8           Contribution dollar limit $51,000     • If you made any elective deferrals to your self-employed plan, go to step 9. Volunteer income tax assistance program         • Otherwise, skip steps 9 through 20 and enter the smaller of step 7 or step 8 on step 21. Volunteer income tax assistance program       Step 9           Enter your allowable elective deferrals (including designated Roth contributions) made to your self-employed plan during 2013. Volunteer income tax assistance program Do not enter more than $17,500     Step 10           Subtract step 9 from step 8     Step 11           Subtract step 9 from step 3       Step 12           Enter one-half of step 11     Step 13           Enter the smallest of step 7, 10, or 12     Step 14           Subtract step 13 from step 3     Step 15           Enter the smaller of step 9 or step 14       • If you made catch-up contributions, go to step 16. Volunteer income tax assistance program         • Otherwise, skip steps 16 through 18 and go to step 19. Volunteer income tax assistance program       Step 16           Subtract step 15 from step 14     Step 17           Enter your catch-up contributions (including designated Roth contributions), if any. Volunteer income tax assistance program Do not enter more than $5,500     Step 18           Enter the smaller of step 16 or step 17     Step 19           Add steps 13, 15, and 18. Volunteer income tax assistance program     Step 20           Enter the amount of designated Roth contributions included on lines 9 and 17. Volunteer income tax assistance program     Step 21           Subtract step 20 from step 19. Volunteer income tax assistance program This is your maximum deductible contribution. Volunteer income tax assistance program                 Next: Enter your actual contribution, not to exceed your maximum deductible contribution, on Form 1040, line 28. Volunteer income tax assistance program   Rate worksheet for self-employed. Volunteer income tax assistance program   If your plan's contribution rate is not a whole percentage (for example, 10½%), you cannot use the Rate Table for Self-Employed. Volunteer income tax assistance program Use the following worksheet instead. Volunteer income tax assistance program Rate Worksheet for Self-Employed 1) Plan contribution rate as a decimal (for example, 10½% = 0. Volunteer income tax assistance program 105)   2) Rate in line 1 plus 1 (for example, 0. Volunteer income tax assistance program 105 + 1 = 1. Volunteer income tax assistance program 105)   3) Self-employed rate as a decimal rounded to at least 3 decimal places (line 1 ÷ line 2) (for example, 0. Volunteer income tax assistance program 105 ÷ 1. Volunteer income tax assistance program 105 = 0. Volunteer income tax assistance program 095)   Figuring your deduction. Volunteer income tax assistance program   Now that you have your self-employed rate from either the rate table or rate worksheet, you can figure your maximum deduction for contributions for yourself by completing the Deduction Worksheet for Self-Employed. Volunteer income tax assistance program Community property laws. Volunteer income tax assistance program   If you reside in a community property state and you are married and filing a separate return, disregard community property laws for step 1 of the Deduction Worksheet for Self-Employed. Volunteer income tax assistance program Enter on step 1 the total net profit you actually earned. Volunteer income tax assistance program Rate Table for Self-Employed Column A  If the plan contri- bution rate is: (shown as %) Column B  Your rate is: (shown as decimal) 1 . Volunteer income tax assistance program 009901 2 . Volunteer income tax assistance program 019608 3 . Volunteer income tax assistance program 029126 4 . Volunteer income tax assistance program 038462 5 . Volunteer income tax assistance program 047619 6 . Volunteer income tax assistance program 056604 7 . Volunteer income tax assistance program 065421 8 . Volunteer income tax assistance program 074074 9 . Volunteer income tax assistance program 082569 10 . Volunteer income tax assistance program 090909 11 . Volunteer income tax assistance program 099099 12 . Volunteer income tax assistance program 107143 13 . Volunteer income tax assistance program 115044 14 . Volunteer income tax assistance program 122807 15 . Volunteer income tax assistance program 130435 16 . Volunteer income tax assistance program 137931 17 . Volunteer income tax assistance program 145299 18 . Volunteer income tax assistance program 152542 19 . Volunteer income tax assistance program 159664 20 . Volunteer income tax assistance program 166667 21 . Volunteer income tax assistance program 173554 22 . Volunteer income tax assistance program 180328 23 . Volunteer income tax assistance program 186992 24 . Volunteer income tax assistance program 193548 25* . Volunteer income tax assistance program 200000* *The deduction for annual employer contributions (other than elective deferrals) to a SEP plan, a profit-sharing plan, or a money purchase plan cannot be more than 20% of your net earnings (figured without deducting contributions for yourself) from the business that has the plan. Volunteer income tax assistance program Example. Volunteer income tax assistance program You are a sole proprietor with no employees. Volunteer income tax assistance program The terms of your plan provide that you contribute 8½% (. Volunteer income tax assistance program 085) of your compensation to your plan. Volunteer income tax assistance program Your net profit from line 31, Schedule C (Form 1040) is $200,000. Volunteer income tax assistance program You have no elective deferrals or catch-up contributions. Volunteer income tax assistance program Your self-employment tax deduction on line 27 of Form 1040 is $9,728. Volunteer income tax assistance program See the filled-in portions of both Schedule SE (Form 1040), Self-Employment Income, and Form 1040, later. Volunteer income tax assistance program You figure your self-employed rate and maximum deduction for employer contributions you made for yourself as follows. Volunteer income tax assistance program Deduction Worksheet for Self-Employed   Step 1           Enter your net profit from line 31, Schedule C (Form 1040); line 3, Schedule C-EZ (Form 1040); line 34, Schedule F (Form 1040)*; or box 14, code A**, Schedule K-1 (Form 1065)*. Volunteer income tax assistance program For information on other income included in net profit from self-employment, see the Instructions for Schedule SE, Form 1040. Volunteer income tax assistance program $200,000     *Reduce this amount by any amount reported on Schedule SE (Form 1040), line 1b. Volunteer income tax assistance program       **General partners should reduce this amount by the same additional expenses subtracted from box 14, code A to determine the amount on line 1 or 2 of Schedule SE. Volunteer income tax assistance program     Step 2           Enter your deduction for self-employment tax from Form 1040, line 27 9,728           Step 3           Net earnings from self-employment. Volunteer income tax assistance program Subtract step 2 from step 1 190,272   Step 4           Enter your rate from the Rate Table for Self-Employed or Rate Worksheet for Self-Employed 0. Volunteer income tax assistance program 078   Step 5           Multiply step 3 by step 4 14,841   Step 6           Multiply $255,000 by your plan contribution rate (not the reduced rate) 21,675   Step 7           Enter the smaller of step 5 or step 6 14,841   Step 8           Contribution dollar limit $51,000     • If you made any elective deferrals to your self-employed plan, go to step 9. Volunteer income tax assistance program         • Otherwise, skip steps 9 through 20 and enter the smaller of step 7 or step 8 on step 21. Volunteer income tax assistance program       Step 9           Enter your allowable elective deferrals (including designated Roth contributions) made to your self-employed plan during 2013. Volunteer income tax assistance program Do not enter more than $17,500 N/A   Step 10           Subtract step 9 from step 8     Step 11           Subtract step 9 from step 3       Step 12           Enter one-half of step 11     Step 13           Enter the smallest of step 7, 10, or 12     Step 14           Subtract step 13 from step 3     Step 15           Enter the smaller of step 9 or step 14       • If you made catch-up contributions, go to step 16. Volunteer income tax assistance program         • Otherwise, skip steps 16 through 18 and go to step 19. Volunteer income tax assistance program       Step 16           Subtract step 15 from step 14     Step 17           Enter your catch-up contributions (including designated Roth contributions), if any. Volunteer income tax assistance program Do not enter more than $5,500     Step 18           Enter the smaller of step 16 or step 17     Step 19           Add steps 13, 15, and 18. Volunteer income tax assistance program     Step 20           Enter the amount of designated Roth contributions included on lines 9 and 17     Step 21           Subtract step 20 from step 19. Volunteer income tax assistance program This is your maximum deductible contribution $14,841                 Next: Enter your actual contribution, not to exceed your maximum deductible contribution, on Form 1040, line 28. Volunteer income tax assistance program   See the filled-in Deduction Worksheet for Self-Employed on this page. Volunteer income tax assistance program Rate Worksheet for Self-Employed 1) Plan contribution rate as a decimal (for example, 10½% = 0. Volunteer income tax assistance program 105) 0. Volunteer income tax assistance program 085 2) Rate in line 1 plus 1 (for example, 0. Volunteer income tax assistance program 105 + 1 = 1. Volunteer income tax assistance program 105) 1. Volunteer income tax assistance program 085 3) Self-employed rate as a decimal rounded to at least 3 decimal places (line 1 ÷ line 2) (for example, 0. Volunteer income tax assistance program 105 ÷ 1. Volunteer income tax assistance program 105 = 0. Volunteer income tax assistance program 095) 0. Volunteer income tax assistance program 078 This image is too large to be displayed in the current screen. Volunteer income tax assistance program Please click the link to view the image. Volunteer income tax assistance program Portion of Form 1040 and Portion of Schedule SE Prev  Up  Next   Home   More Online Publications