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Www handrblock com 1. Www handrblock com   403(b) Plan Basics Table of Contents What Is a 403(b) Plan? What Are the Benefits of Contributing to a 403(b) Plan?Excluded. Www handrblock com Deducted. Www handrblock com Who Can Participate in a 403(b) Plan?Ministers. Www handrblock com Who Can Set Up a 403(b) Account? How Can Contributions Be Made to My 403(b) Account? Do I Report Contributions on My Tax Return? How Much Can Be Contributed to My 403(b) Account? This chapter introduces you to 403(b) plans and accounts. Www handrblock com Specifically, the chapter answers the following questions. Www handrblock com What is a 403(b) plan? What are the benefits of contributing to a 403(b) plan? Who can participate in a 403(b) plan? Who can set up a 403(b) account? How can contributions be made to my 403(b) account? Do I report contributions on my tax return? How much can be contributed to my 403(b) account? What Is a 403(b) Plan? A 403(b) plan, also known as a tax-sheltered annuity (TSA) plan, is a retirement plan for certain employees of public schools, employees of certain tax-exempt organizations, and certain ministers. Www handrblock com Individual accounts in a 403(b) plan can be any of the following types. Www handrblock com An annuity contract, which is a contract provided through an insurance company, A custodial account, which is an account invested in mutual funds, or A retirement income account set up for church employees. Www handrblock com Generally, retirement income accounts can invest in either annuities or mutual funds. Www handrblock com We use the term “403(b) account” to refer to any one of these funding arrangements throughout this publication, unless otherwise specified. Www handrblock com What Are the Benefits of Contributing to a 403(b) Plan?  There are three benefits to contributing to a 403(b) plan. Www handrblock com The first benefit is that you do not pay income tax on allowable contributions until you begin making withdrawals from the plan, usually after you retire. Www handrblock com Allowable contributions to a 403(b) plan are either excluded or deducted from your income. Www handrblock com However, if your contributions are made to a Roth contribution program, this benefit does not apply. Www handrblock com Instead, you pay income tax on the contributions to the plan but distributions from the plan (if certain requirements are met) are tax free. Www handrblock com Note. Www handrblock com Generally, employees must pay social security and Medicare tax on their contributions to a 403(b) plan, including those made under a salary reduction agreement. Www handrblock com See chapter 4, Limit on Elective Deferrals , for more information. Www handrblock com The second benefit is that earnings and gains on amounts in your 403(b) account are not taxed until you withdraw them. Www handrblock com Earnings and gains on amounts in a Roth contribution program are not taxed if your withdrawals are qualified distributions. Www handrblock com Otherwise, they are taxed when you withdraw them. Www handrblock com The third benefit is that you may be eligible to take a credit for elective deferrals contributed to your 403(b) account. Www handrblock com See chapter 10, Retirement Savings Contributions Credit (Saver's Credit) . Www handrblock com Excluded. Www handrblock com   If an amount is excluded from your income, it is not included in your total wages on your Form W-2. Www handrblock com This means that you do not report the excluded amount on your tax return. Www handrblock com Deducted. Www handrblock com   If an amount is deducted from your income, it is included with your other wages on your Form W-2. Www handrblock com You report this amount on your tax return, but you are allowed to subtract it when figuring the amount of income on which you must pay tax. Www handrblock com Who Can Participate in a 403(b) Plan? Any eligible employee can participate in a 403(b) plan. Www handrblock com Eligible employees. Www handrblock com   The following employees are eligible to participate in a 403(b) plan. Www handrblock com Employees of tax-exempt organizations established under section 501(c)(3). Www handrblock com These organizations are usually referred to as section 501(c)(3) organizations or simply 501(c)(3) organizations. Www handrblock com Employees of public school systems who are involved in the day-to-day operations of a school. Www handrblock com Employees of cooperative hospital service organizations. Www handrblock com Civilian faculty and staff of the Uniformed Services University of the Health Sciences. Www handrblock com Employees of public school systems organized by Indian tribal governments. Www handrblock com Certain ministers (explained next). Www handrblock com Ministers. Www handrblock com   The following ministers are eligible employees for whom a 403(b) account can be established. Www handrblock com Ministers employed by section 501(c)(3) organizations. Www handrblock com Self-employed ministers. Www handrblock com A self-employed minister is treated as employed by a tax-exempt organization that is a qualified employer. Www handrblock com Ministers (chaplains) who meet both of the following requirements. Www handrblock com They are employed by organizations that are not section 501(c)(3) organizations. Www handrblock com They function as ministers in their day-to-day professional responsibilities with their employers. Www handrblock com   Throughout this publication, the term chaplain will be used to mean ministers described in the third category in the list above. Www handrblock com Example. Www handrblock com A minister employed as a chaplain by a state-run prison and a chaplain in the United States Armed Forces are eligible employees because their employers are not section 501(c)(3) organizations and they are employed as ministers. Www handrblock com Who Can Set Up a 403(b) Account? You cannot set up your own 403(b) account. Www handrblock com Only employers can set up 403(b) accounts. Www handrblock com A self-employed minister cannot set up a 403(b) account for his or her benefit. Www handrblock com If you are a self-employed minister, only the organization (denomination) with which you are associated can set up an account for your benefit. Www handrblock com How Can Contributions Be Made to My 403(b) Account? Generally, only your employer can make contributions to your 403(b) account. Www handrblock com However, some plans will allow you to make after-tax contributions (defined below). Www handrblock com The following types of contributions can be made to 403(b) accounts. Www handrblock com Elective deferrals . Www handrblock com These are contributions made under a salary reduction agreement. Www handrblock com This agreement allows your employer to withhold money from your paycheck to be contributed directly into a 403(b) account for your benefit. Www handrblock com Except for Roth contributions, you do not pay income tax on these contributions until you withdraw them from the account. Www handrblock com If your contributions are Roth contributions, you pay taxes on your contributions but any qualified distributions from your Roth account are tax free. Www handrblock com Nonelective contributions . Www handrblock com These are employer contributions that are not made under a salary reduction agreement. Www handrblock com Nonelective contributions include matching contributions, discretionary contributions, and mandatory contributions from your employer. Www handrblock com You do not pay income tax on these contributions until you withdraw them from the account. Www handrblock com After-tax contributions . Www handrblock com These are contributions (that are not Roth contributions) you make with funds that you must include in income on your tax return. Www handrblock com A salary payment on which income tax has been withheld is a source of these contributions. Www handrblock com If your plan allows you to make after-tax contributions, they are not excluded from income and you cannot deduct them on your tax return. Www handrblock com A combination of any of the three contribution types listed above. Www handrblock com Self-employed minister. Www handrblock com   If you are a self-employed minister, you are considered both an employee and an employer, and you can contribute to a retirement income account for your own benefit. Www handrblock com Do I Report Contributions on My Tax Return? Generally, you do not report contributions to your 403(b) account (except Roth contributions) on your tax return. Www handrblock com Your employer will report contributions on your 2013 Form W-2. Www handrblock com Elective deferrals will be shown in box 12 and the Retirement plan box will be checked in box 13. Www handrblock com If you are a self-employed minister or chaplain, see the discussions next. Www handrblock com Self-employed ministers. Www handrblock com   If you are a self-employed minister, you must report the total contributions as a deduction on your tax return. Www handrblock com Deduct your contributions on line 28 of the 2013 Form 1040. Www handrblock com Chaplains. Www handrblock com   If you are a chaplain and your employer does not exclude contributions made to your 403(b) account from your earned income, you may be able to take a deduction for those contributions on your tax return. Www handrblock com    However, if your employer has agreed to exclude the contributions from your earned income, you will not be allowed a deduction on your tax return. Www handrblock com   If you can take a deduction, include your contributions on line 36 of the 2013 Form 1040. Www handrblock com Enter the amount of your deduction and write “403(b)” on the dotted line next to line 36. Www handrblock com How Much Can Be Contributed to My 403(b) Account? There are limits on the amount of contributions that can be made to your 403(b) account each year. Www handrblock com If contributions made to your 403(b) account are more than these contribution limits, penalties may apply. Www handrblock com Chapters 2 through 6 provide information on how to determine the amount that can be contributed to your 403(b) account. Www handrblock com Worksheets are provided in Chapter 9 to help you determine the maximum amount that can be contributed to your 403(b) account each year. Www handrblock com Chapter 7, Excess Contributions , describes how to prevent excess contributions and how to get an excess contribution corrected. Www handrblock com Prev  Up  Next   Home   More Online Publications
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Consumer Protection Offices

City, county, regional, and state consumer offices offer a variety of important services. They might mediate complaints, conduct investigations, prosecute offenders of consumer laws, license and regulate professional service providers, provide educational materials and advocate for consumer rights. To save time, call before sending a written complaint. Ask if the office handles the type of complaint you have and if complaint forms are provided.

State Consumer Protection Offices

Office of Kansas Attorney

Website: Office of Kansas Attorney

Address: Office of Kansas Attorney
Consumer Protection Division
120 S.W. 10th St., Suite 430
Topeka, KS 66612-1597

Phone Number: 785-296-3751

Toll-free: 1-800-432-2310 (KS)

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County Consumer Protection Offices

Douglas County District Attorney's Office

Website: Douglas County District Attorney's Office

Address: Douglas County District Attorney's Office
Consumer Protection Division
111 E. 11th St.
Lawrence, KS 66044

Phone Number: 785-330-2849 (Consumer Hotline) 785-841-0211 (Main)

Johnson County District Attorney's Office

Website: Johnson County District Attorney's Office

Address: Johnson County District Attorney's Office
Consumer Protection Division
Consumer Fraud Unit

PO Box 728
Olathe, KS 66051

Phone Number: 913-715-3003 (Consumer Hotline)

Sedgwick County District Attorney's Office

Website: Sedgwick County District Attorney's Office

Address: Sedgwick County District Attorney's Office
Consumer Division
1900 E. Morris St.
Wichita, KS 67211

Phone Number: 316-660-3600

Toll-free: 1-800-432-6878 (KS)

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Banking Authorities

The officials listed in this section regulate and supervise state-chartered banks. Many of them handle or refer problems and complaints about other types of financial institutions as well. Some also answer general questions about banking and consumer credit. If you are dealing with a federally chartered bank, check Federal Agencies.

Office of the State Bank Commissioner

Website: Office of the State Bank Commissioner

Address: Office of the State Bank Commissioner
700 S.W. Jackson St., Suite 300
Topeka, KS 66603

Phone Number: 785-296-2266

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Insurance Regulators

Each state has its own laws and regulations for each type of insurance. The officials listed in this section enforce these laws. Many of these offices can also provide you with information to help you make informed insurance buying decisions.

Insurance Department

Website: Insurance Department

Address: Insurance Department
Consumer Assistance Division
420 S.W. 9th St.
Topeka, KS 66612

Phone Number: 785-296-7829

Toll-free: 1-800-432-2484

TTY: 1-877-235-3151

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Securities Administrators

Each state has its own laws and regulations for securities brokers and securities - including stocks, mutual funds, commodities, real estate, etc. The officials and agencies listed in this section enforce these laws and regulations. Many of these offices can also provide information to help you make informed investment decisions.

Office of the Securities Commissioner

Website: Office of the Securities Commissioner

Address: Office of the Securities Commissioner
109 S.W. 9th St.
Suite 600
Topeka, KS 66612-1215

Phone Number: 785-296-3307

Toll-free: 1-800-232-9580 (KS)

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Utility Commissions

State Utility Commissions regulate services and rates for gas, electricity and telephones within your state. In some states, the utility commissions regulate other services such as water, transportation, and the moving of household goods. Many utility commissions handle consumer complaints. Sometimes, if a number of complaints are received about the same utility matter, they will conduct investigations.

Corporation Commission

Website: Corporation Commission

Address: Corporation Commission
Office of Public Affairs and Consumer Protection
1500 S.W. Arrowhead Rd.
Topeka, KS 66604-4027

Phone Number: 785-271-3140

Toll-free: 1-800-662-0027 (KS)

TTY: 1-800-766-3777

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