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1040 Ez Tax Form

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1040 Ez Tax Form

1040 ez tax form 4. 1040 ez tax form   Qualified Plans Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: Kinds of PlansDefined Contribution Plan Defined Benefit Plan Qualification RulesEarly retirement. 1040 ez tax form Loan secured by benefits. 1040 ez tax form Waiver of survivor benefits. 1040 ez tax form Waiver of 30-day waiting period before annuity starting date. 1040 ez tax form Involuntary cash-out of benefits not more than dollar limit. 1040 ez tax form Exception for certain loans. 1040 ez tax form Exception for QDRO. 1040 ez tax form SIMPLE and safe harbor 401(k) plan exception. 1040 ez tax form Setting Up a Qualified PlanAdopting a Written Plan Investing Plan Assets Minimum Funding RequirementDue dates. 1040 ez tax form Installment percentage. 1040 ez tax form Extended period for making contributions. 1040 ez tax form ContributionsEmployer Contributions Employee Contributions When Contributions Are Considered Made Employer DeductionDeduction Limits Deduction Limit for Self-Employed Individuals Where To Deduct Contributions Carryover of Excess Contributions Excise Tax for Nondeductible (Excess) Contributions Elective Deferrals (401(k) Plans)Limit on Elective Deferrals Automatic Enrollment Treatment of Excess Deferrals Qualified Roth Contribution ProgramElective Deferrals Qualified Distributions Reporting Requirements DistributionsRequired Distributions Distributions From 401(k) Plans Tax Treatment of Distributions Tax on Early Distributions Tax on Excess Benefits Excise Tax on Reversion of Plan Assets Notification of Significant Benefit Accrual Reduction Prohibited TransactionsTax on Prohibited Transactions Reporting RequirementsOne-participant plan. 1040 ez tax form Caution: Form 5500-EZ not required. 1040 ez tax form Form 5500. 1040 ez tax form Electronic filing of Forms 5500 and 5500-SF. 1040 ez tax form Topics - This chapter discusses: Kinds of plans Qualification rules Setting up a qualified plan Minimum funding requirement Contributions Employer deduction Elective deferrals (401(k) plans) Qualified Roth contribution program Distributions Prohibited transactions Reporting requirements Useful Items - You may want to see: Publications 575 Pension and Annuity Income 590 Individual Retirement Arrangements (IRAs) 3066 Have you had your Check-up this year? for Retirement Plans 3998 Choosing A Retirement Solution for Your Small Business 4222 401(k) Plans for Small Businesses 4530 Designated Roth Accounts under a 401(k), 403(b), or governmental 457(b) plans 4531 401(k) Plan Checklist 4674 Automatic Enrollment 401(k) Plans for Small Businesses 4806 Profit Sharing Plans for Small Businesses Forms (and Instructions) www. 1040 ez tax form dol. 1040 ez tax form gov/ebsa/pdf/2013-5500. 1040 ez tax form pdf www. 1040 ez tax form dol. 1040 ez tax form gov/ebsa/pdf/2013-5500-SF. 1040 ez tax form pdf W-2 Wage and Tax Statement Schedule K-1 (Form 1065) Partner's Share of Income, Deductions, Credits, etc. 1040 ez tax form 1099-R Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. 1040 ez tax form 1040 U. 1040 ez tax form S. 1040 ez tax form Individual Income Tax Return Schedule C (Form 1040) Profit or Loss From Business Schedule F (Form 1040) Profit or Loss From Farming 5300 Application for Determination for Employee Benefit Plan 5310 Application for Determination for Terminating Plan 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts 5330 Return of Excise Taxes Related to Employee Benefit Plans 5500 Annual Return/Report of Employee Benefit Plan. 1040 ez tax form For copies of this form, go to: 5500-EZ Annual Return of One-Participant (Owners and Their Spouses) Retirement Plan 5500-SF Short Form Annual Return/Report of Small Employee Benefit Plan. 1040 ez tax form For copies of this form, go to: 8717 User Fee for Employee Plan Determination Letter Request 8880 Credit for Qualified Retirement Savings Contributions 8881 Credit for Small Employer Pension Plan Startup Costs 8955-SSA Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits These qualified retirement plans set up by self-employed individuals are sometimes called Keogh or H. 1040 ez tax form R. 1040 ez tax form 10 plans. 1040 ez tax form A sole proprietor or a partnership can set up one of these plans. 1040 ez tax form A common-law employee or a partner cannot set up one of these plans. 1040 ez tax form The plans described here can also be set up and maintained by employers that are corporations. 1040 ez tax form All the rules discussed here apply to corporations except where specifically limited to the self-employed. 1040 ez tax form The plan must be for the exclusive benefit of employees or their beneficiaries. 1040 ez tax form These qualified plans can include coverage for a self-employed individual. 1040 ez tax form As an employer, you can usually deduct, subject to limits, contributions you make to a qualified plan, including those made for your own retirement. 1040 ez tax form The contributions (and earnings and gains on them) are generally tax free until distributed by the plan. 1040 ez tax form Kinds of Plans There are two basic kinds of qualified plans—defined contribution plans and defined benefit plans—and different rules apply to each. 1040 ez tax form You can have more than one qualified plan, but your contributions to all the plans must not total more than the overall limits discussed under Contributions and Employer Deduction, later. 1040 ez tax form Defined Contribution Plan A defined contribution plan provides an individual account for each participant in the plan. 1040 ez tax form It provides benefits to a participant largely based on the amount contributed to that participant's account. 1040 ez tax form Benefits are also affected by any income, expenses, gains, losses, and forfeitures of other accounts that may be allocated to an account. 1040 ez tax form A defined contribution plan can be either a profit-sharing plan or a money purchase pension plan. 1040 ez tax form Profit-sharing plan. 1040 ez tax form   Although it is called a “profit-sharing plan,” you do not actually have to make a business profit for the year in order to make a contribution (except for yourself if you are self-employed as discussed under Self-employed Individual, later). 1040 ez tax form A profit-sharing plan can be set up to allow for discretionary employer contributions, meaning the amount contributed each year to the plan is not fixed. 1040 ez tax form An employer may even make no contribution to the plan for a given year. 1040 ez tax form   The plan must provide a definite formula for allocating the contribution among the participants and for distributing the accumulated funds to the employees after they reach a certain age, after a fixed number of years, or upon certain other occurrences. 1040 ez tax form   In general, you can be more flexible in making contributions to a profit-sharing plan than to a money purchase pension plan (discussed next) or a defined benefit plan (discussed later). 1040 ez tax form Money purchase pension plan. 1040 ez tax form   Contributions to a money purchase pension plan are fixed and are not based on your business profits. 1040 ez tax form For example, if the plan requires that contributions be 10% of the participants' compensation without regard to whether you have profits (or the self-employed person has earned income), the plan is a money purchase pension plan. 1040 ez tax form This applies even though the compensation of a self-employed individual as a participant is based on earned income derived from business profits. 1040 ez tax form Defined Benefit Plan A defined benefit plan is any plan that is not a defined contribution plan. 1040 ez tax form Contributions to a defined benefit plan are based on what is needed to provide definitely determinable benefits to plan participants. 1040 ez tax form Actuarial assumptions and computations are required to figure these contributions. 1040 ez tax form Generally, you will need continuing professional help to have a defined benefit plan. 1040 ez tax form Qualification Rules To qualify for the tax benefits available to qualified plans, a plan must meet certain requirements (qualification rules) of the tax law. 1040 ez tax form Generally, unless you write your own plan, the financial institution that provided your plan will take the continuing responsibility for meeting qualification rules that are later changed. 1040 ez tax form The following is a brief overview of important qualification rules that generally have not yet been discussed. 1040 ez tax form It is not intended to be all-inclusive. 1040 ez tax form See Setting Up a Qualified Plan , later. 1040 ez tax form Generally, the following qualification rules also apply to a SIMPLE 401(k) retirement plan. 1040 ez tax form A SIMPLE 401(k) plan is, however, not subject to the top-heavy plan rules and nondiscrimination rules if the plan satisfies the provisions discussed in chapter 3 under SIMPLE 401(k) Plan. 1040 ez tax form Plan assets must not be diverted. 1040 ez tax form   Your plan must make it impossible for its assets to be used for, or diverted to, purposes other than the benefit of employees and their beneficiaries. 1040 ez tax form As a general rule, the assets cannot be diverted to the employer. 1040 ez tax form Minimum coverage requirement must be met. 1040 ez tax form   To be a qualified plan, a defined benefit plan must benefit at least the lesser of the following. 1040 ez tax form 50 employees, or The greater of: 40% of all employees, or Two employees. 1040 ez tax form If there is only one employee, the plan must benefit that employee. 1040 ez tax form Contributions or benefits must not discriminate. 1040 ez tax form   Under the plan, contributions or benefits to be provided must not discriminate in favor of highly compensated employees. 1040 ez tax form Contributions and benefits must not be more than certain limits. 1040 ez tax form   Your plan must not provide for contributions or benefits that are more than certain limits. 1040 ez tax form The limits apply to the annual contributions and other additions to the account of a participant in a defined contribution plan and to the annual benefit payable to a participant in a defined benefit plan. 1040 ez tax form These limits are discussed later in this chapter under Contributions. 1040 ez tax form Minimum vesting standard must be met. 1040 ez tax form   Your plan must satisfy certain requirements regarding when benefits vest. 1040 ez tax form A benefit is vested (you have a fixed right to it) when it becomes nonforfeitable. 1040 ez tax form A benefit is nonforfeitable if it cannot be lost upon the happening, or failure to happen, of any event. 1040 ez tax form Special rules apply to forfeited benefit amounts. 1040 ez tax form In defined contribution plans, forfeitures can be allocated to the accounts of remaining participants in a nondiscriminatory way, or they can be used to reduce your contributions. 1040 ez tax form   Forfeitures under a defined benefit plan cannot be used to increase the benefits any employee would otherwise receive under the plan. 1040 ez tax form Forfeitures must be used instead to reduce employer contributions. 1040 ez tax form Participation. 1040 ez tax form   In general, an employee must be allowed to participate in your plan if he or she meets both the following requirements. 1040 ez tax form Has reached age 21. 1040 ez tax form Has at least 1 year of service (2 years if the plan is not a 401(k) plan and provides that after not more than 2 years of service the employee has a nonforfeitable right to all his or her accrued benefit). 1040 ez tax form A plan cannot exclude an employee because he or she has reached a specified age. 1040 ez tax form Leased employee. 1040 ez tax form   A leased employee, defined in chapter 1, who performs services for you (recipient of the services) is treated as your employee for certain plan qualification rules. 1040 ez tax form These rules include those in all the following areas. 1040 ez tax form Nondiscrimination in coverage, contributions, and benefits. 1040 ez tax form Minimum age and service requirements. 1040 ez tax form Vesting. 1040 ez tax form Limits on contributions and benefits. 1040 ez tax form Top-heavy plan requirements. 1040 ez tax form Contributions or benefits provided by the leasing organization for services performed for you are treated as provided by you. 1040 ez tax form Benefit payment must begin when required. 1040 ez tax form   Your plan must provide that, unless the participant chooses otherwise, the payment of benefits to the participant must begin within 60 days after the close of the latest of the following periods. 1040 ez tax form The plan year in which the participant reaches the earlier of age 65 or the normal retirement age specified in the plan. 1040 ez tax form The plan year in which the 10th anniversary of the year in which the participant began participating in the plan occurs. 1040 ez tax form The plan year in which the participant separates from service. 1040 ez tax form Early retirement. 1040 ez tax form   Your plan can provide for payment of retirement benefits before the normal retirement age. 1040 ez tax form If your plan offers an early retirement benefit, a participant who separates from service before satisfying the early retirement age requirement is entitled to that benefit if he or she meets both the following requirements. 1040 ez tax form Satisfies the service requirement for the early retirement benefit. 1040 ez tax form Separates from service with a nonforfeitable right to an accrued benefit. 1040 ez tax form The benefit, which may be actuarially reduced, is payable when the early retirement age requirement is met. 1040 ez tax form Required minimum distributions. 1040 ez tax form   Special rules require minimum annual distributions from qualified plans, generally beginning after age  70½. 1040 ez tax form See Required Distributions , under Distributions, later. 1040 ez tax form Survivor benefits. 1040 ez tax form   Defined benefit and money purchase pension plans must provide automatic survivor benefits in both the following forms. 1040 ez tax form A qualified joint and survivor annuity for a vested participant who does not die before the annuity starting date. 1040 ez tax form A qualified pre-retirement survivor annuity for a vested participant who dies before the annuity starting date and who has a surviving spouse. 1040 ez tax form   The automatic survivor benefit also applies to any participant under a profit-sharing plan unless all the following conditions are met. 1040 ez tax form The participant does not choose benefits in the form of a life annuity. 1040 ez tax form The plan pays the full vested account balance to the participant's surviving spouse (or other beneficiary if the surviving spouse consents or if there is no surviving spouse) if the participant dies. 1040 ez tax form The plan is not a direct or indirect transferee of a plan that must provide automatic survivor benefits. 1040 ez tax form Loan secured by benefits. 1040 ez tax form   If automatic survivor benefits are required for a spouse under a plan, he or she must consent to a loan that uses as security the accrued benefits in the plan. 1040 ez tax form Waiver of survivor benefits. 1040 ez tax form   Each plan participant may be permitted to waive the joint and survivor annuity or the pre-retirement survivor annuity (or both), but only if the participant has the written consent of the spouse. 1040 ez tax form The plan also must allow the participant to withdraw the waiver. 1040 ez tax form The spouse's consent must be witnessed by a plan representative or notary public. 1040 ez tax form Waiver of 30-day waiting period before annuity starting date. 1040 ez tax form    A plan may permit a participant to waive (with spousal consent) the 30-day minimum waiting period after a written explanation of the terms and conditions of a joint and survivor annuity is provided to each participant. 1040 ez tax form   The waiver is allowed only if the distribution begins more than 7 days after the written explanation is provided. 1040 ez tax form Involuntary cash-out of benefits not more than dollar limit. 1040 ez tax form   A plan may provide for the immediate distribution of the participant's benefit under the plan if the present value of the benefit is not greater than $5,000. 1040 ez tax form   However, the distribution cannot be made after the annuity starting date unless the participant and the spouse or surviving spouse of a participant who died (if automatic survivor benefits are required for a spouse under the plan) consents in writing to the distribution. 1040 ez tax form If the present value is greater than $5,000, the plan must have the written consent of the participant and the spouse or surviving spouse (if automatic survivor benefits are required for a spouse under the plan) for any immediate distribution of the benefit. 1040 ez tax form   Benefits attributable to rollover contributions and earnings on them can be ignored in determining the present value of these benefits. 1040 ez tax form   A plan must provide for the automatic rollover of any cash-out distribution of more than $1,000 to an individual retirement account or annuity, unless the participant chooses otherwise. 1040 ez tax form A section 402(f) notice must be sent prior to an involuntary cash-out of an eligible rollover distribution. 1040 ez tax form See Section 402(f) Notice under Distributions, later, for more details. 1040 ez tax form Consolidation, merger, or transfer of assets or liabilities. 1040 ez tax form   Your plan must provide that, in the case of any merger or consolidation with, or transfer of assets or liabilities to, any other plan, each participant would (if the plan then terminated) receive a benefit equal to or more than the benefit he or she would have been entitled to just before the merger, etc. 1040 ez tax form (if the plan had then terminated). 1040 ez tax form Benefits must not be assigned or alienated. 1040 ez tax form   Your plan must provide that a participant's or beneficiary's benefits under the plan cannot be taken away by any legal or equitable proceeding except as provided below or pursuant to certain judgements or settlements against the participant for violations of plan rules. 1040 ez tax form Exception for certain loans. 1040 ez tax form   A loan from the plan (not from a third party) to a participant or beneficiary is not treated as an assignment or alienation if the loan is secured by the participant's accrued nonforfeitable benefit and is exempt from the tax on prohibited transactions under section 4975(d)(1) or would be exempt if the participant were a disqualified person. 1040 ez tax form A disqualified person is defined later in this chapter under Prohibited Transactions. 1040 ez tax form Exception for QDRO. 1040 ez tax form   Compliance with a QDRO (qualified domestic relations order) does not result in a prohibited assignment or alienation of benefits. 1040 ez tax form   Payments to an alternate payee under a QDRO before the participant attains age 59½ are not subject to the 10% additional tax that would otherwise apply under certain circumstances. 1040 ez tax form Benefits distributed to an alternate payee under a QDRO can be rolled over tax free to an individual retirement account or to an individual retirement annuity. 1040 ez tax form No benefit reduction for social security increases. 1040 ez tax form   Your plan must not permit a benefit reduction for a post-separation increase in the social security benefit level or wage base for any participant or beneficiary who is receiving benefits under your plan, or who is separated from service and has nonforfeitable rights to benefits. 1040 ez tax form This rule also applies to plans supplementing the benefits provided by other federal or state laws. 1040 ez tax form Elective deferrals must be limited. 1040 ez tax form   If your plan provides for elective deferrals, it must limit those deferrals to the amount in effect for that particular year. 1040 ez tax form See Limit on Elective Deferrals later in this chapter. 1040 ez tax form Top-heavy plan requirements. 1040 ez tax form   A top-heavy plan is one that mainly favors partners, sole proprietors, and other key employees. 1040 ez tax form   A plan is top-heavy for a plan year if, for the preceding plan year, the total value of accrued benefits or account balances of key employees is more than 60% of the total value of accrued benefits or account balances of all employees. 1040 ez tax form Additional requirements apply to a top-heavy plan primarily to provide minimum benefits or contributions for non-key employees covered by the plan. 1040 ez tax form   Most qualified plans, whether or not top-heavy, must contain provisions that meet the top-heavy requirements and will take effect in plan years in which the plans are top-heavy. 1040 ez tax form These qualification requirements for top-heavy plans are explained in section 416 and its regulations. 1040 ez tax form SIMPLE and safe harbor 401(k) plan exception. 1040 ez tax form   The top-heavy plan requirements do not apply to SIMPLE 401(k) plans, discussed earlier in chapter 3, or to safe harbor 401(k) plans that consist solely of safe harbor contributions, discussed later in this chapter. 1040 ez tax form QACAs (discussed later) also are not subject to top-heavy requirements. 1040 ez tax form Setting Up a Qualified Plan There are two basic steps in setting up a qualified plan. 1040 ez tax form First you adopt a written plan. 1040 ez tax form Then you invest the plan assets. 1040 ez tax form You, the employer, are responsible for setting up and maintaining the plan. 1040 ez tax form If you are self-employed, it is not necessary to have employees besides yourself to sponsor and set up a qualified plan. 1040 ez tax form If you have employees, see Participation, under Qualification Rules, earlier. 1040 ez tax form Set-up deadline. 1040 ez tax form   To take a deduction for contributions for a tax year, your plan must be set up (adopted) by the last day of that year (December 31 for calendar-year employers). 1040 ez tax form Credit for startup costs. 1040 ez tax form   You may be able to claim a tax credit for part of the ordinary and necessary costs of starting a qualified plan that first became effective in 2013. 1040 ez tax form For more information, see Credit for startup costs under Reminders, earlier. 1040 ez tax form Adopting a Written Plan You must adopt a written plan. 1040 ez tax form The plan can be an IRS-approved master or prototype plan offered by a sponsoring organization. 1040 ez tax form Or it can be an individually designed plan. 1040 ez tax form Written plan requirement. 1040 ez tax form   To qualify, the plan you set up must be in writing and must be communicated to your employees. 1040 ez tax form The plan's provisions must be stated in the plan. 1040 ez tax form It is not sufficient for the plan to merely refer to a requirement of the Internal Revenue Code. 1040 ez tax form Master or prototype plans. 1040 ez tax form   Most qualified plans follow a standard form of plan (a master or prototype plan) approved by the IRS. 1040 ez tax form Master and prototype plans are plans made available by plan providers for adoption by employers (including self-employed individuals). 1040 ez tax form Under a master plan, a single trust or custodial account is established, as part of the plan, for the joint use of all adopting employers. 1040 ez tax form Under a prototype plan, a separate trust or custodial account is established for each employer. 1040 ez tax form Plan providers. 1040 ez tax form   The following organizations generally can provide IRS-approved master or prototype plans. 1040 ez tax form Banks (including some savings and loan associations and federally insured credit unions). 1040 ez tax form Trade or professional organizations. 1040 ez tax form Insurance companies. 1040 ez tax form Mutual funds. 1040 ez tax form Individually designed plan. 1040 ez tax form   If you prefer, you can set up an individually designed plan to meet specific needs. 1040 ez tax form Although advance IRS approval is not required, you can apply for approval by paying a fee and requesting a determination letter. 1040 ez tax form You may need professional help for this. 1040 ez tax form See Rev. 1040 ez tax form Proc. 1040 ez tax form 2014-6, 2014-1 I. 1040 ez tax form R. 1040 ez tax form B. 1040 ez tax form 198, available at www. 1040 ez tax form irs. 1040 ez tax form gov/irb/2014-1_IRB/ar10. 1040 ez tax form html, as annually updated, that may help you decide whether to apply for approval. 1040 ez tax form Internal Revenue Bulletins are available on the IRS website at IRS. 1040 ez tax form gov They are also available at most IRS offices and at certain libraries. 1040 ez tax form User fee. 1040 ez tax form   The fee mentioned earlier for requesting a determination letter does not apply to employers who have 100 or fewer employees who received at least $5,000 of compensation from the employer for the preceding year. 1040 ez tax form At least one of them must be a non-highly compensated employee participating in the plan. 1040 ez tax form The fee does not apply to requests made by the later of the following dates. 1040 ez tax form The end of the 5th plan year the plan is in effect. 1040 ez tax form The end of any remedial amendment period for the plan that begins within the first 5 plan years. 1040 ez tax form The request cannot be made by the sponsor of a prototype or similar plan the sponsor intends to market to participating employers. 1040 ez tax form   For more information about whether the user fee applies, see Rev. 1040 ez tax form Proc. 1040 ez tax form 2014-8, 2014-1 I. 1040 ez tax form R. 1040 ez tax form B. 1040 ez tax form 242, available at www. 1040 ez tax form irs. 1040 ez tax form gov/irb/2014-1_IRB/ar12. 1040 ez tax form html, as may be annually updated; Notice 2003-49, 2003-32 I. 1040 ez tax form R. 1040 ez tax form B. 1040 ez tax form 294, available at www. 1040 ez tax form irs. 1040 ez tax form gov/irb/2003-32_IRB/ar13. 1040 ez tax form html; and Notice 2011-86, 2011-45 I. 1040 ez tax form R. 1040 ez tax form B. 1040 ez tax form 698, available at www. 1040 ez tax form irs. 1040 ez tax form gov/irb/2011-45_IRB/ar11. 1040 ez tax form html. 1040 ez tax form Investing Plan Assets In setting up a qualified plan, you arrange how the plan's funds will be used to build its assets. 1040 ez tax form You can establish a trust or custodial account to invest the funds. 1040 ez tax form You, the trust, or the custodial account can buy an annuity contract from an insurance company. 1040 ez tax form Life insurance can be included only if it is incidental to the retirement benefits. 1040 ez tax form You set up a trust by a legal instrument (written document). 1040 ez tax form You may need professional help to do this. 1040 ez tax form You can set up a custodial account with a bank, savings and loan association, credit union, or other person who can act as the plan trustee. 1040 ez tax form You do not need a trust or custodial account, although you can have one, to invest the plan's funds in annuity contracts or face-amount certificates. 1040 ez tax form If anyone other than a trustee holds them, however, the contracts or certificates must state they are not transferable. 1040 ez tax form Other plan requirements. 1040 ez tax form   For information on other important plan requirements, see Qualification Rules , earlier in this chapter. 1040 ez tax form Minimum Funding Requirement In general, if your plan is a money purchase pension plan or a defined benefit plan, you must actually pay enough into the plan to satisfy the minimum funding standard for each year. 1040 ez tax form Determining the amount needed to satisfy the minimum funding standard for a defined benefit plan is complicated, and you should seek professional help in order to meet these contribution requirements. 1040 ez tax form For information on this funding requirement, see section 412 and its regulations. 1040 ez tax form Quarterly installments of required contributions. 1040 ez tax form   If your plan is a defined benefit plan subject to the minimum funding requirements, you generally must make quarterly installment payments of the required contributions. 1040 ez tax form If you do not pay the full installments timely, you may have to pay interest on any underpayment for the period of the underpayment. 1040 ez tax form Due dates. 1040 ez tax form   The due dates for the installments are 15 days after the end of each quarter. 1040 ez tax form For a calendar-year plan, the installments are due April 15, July 15, October 15, and January 15 (of the following year). 1040 ez tax form Installment percentage. 1040 ez tax form   Each quarterly installment must be 25% of the required annual payment. 1040 ez tax form Extended period for making contributions. 1040 ez tax form   Additional contributions required to satisfy the minimum funding requirement for a plan year will be considered timely if made by 8½ months after the end of that year. 1040 ez tax form Contributions A qualified plan is generally funded by your contributions. 1040 ez tax form However, employees participating in the plan may be permitted to make contributions, and you may be permitted to make contributions on your own behalf. 1040 ez tax form See Employee Contributions and Elective Deferrals later. 1040 ez tax form Contributions deadline. 1040 ez tax form   You can make deductible contributions for a tax year up to the due date of your return (plus extensions) for that year. 1040 ez tax form Self-employed individual. 1040 ez tax form   You can make contributions on behalf of yourself only if you have net earnings (compensation) from self-employment in the trade or business for which the plan was set up. 1040 ez tax form Your net earnings must be from your personal services, not from your investments. 1040 ez tax form If you have a net loss from self-employment, you cannot make contributions for yourself for the year, even if you can contribute for common-law employees based on their compensation. 1040 ez tax form Employer Contributions There are certain limits on the contributions and other annual additions you can make each year for plan participants. 1040 ez tax form There are also limits on the amount you can deduct. 1040 ez tax form See Deduction Limits , later. 1040 ez tax form Limits on Contributions and Benefits Your plan must provide that contributions or benefits cannot exceed certain limits. 1040 ez tax form The limits differ depending on whether your plan is a defined contribution plan or a defined benefit plan. 1040 ez tax form Defined benefit plan. 1040 ez tax form   For 2013, the annual benefit for a participant under a defined benefit plan cannot exceed the lesser of the following amounts. 1040 ez tax form 100% of the participant's average compensation for his or her highest 3 consecutive calendar years. 1040 ez tax form $205,000 ($210,000 for 2014). 1040 ez tax form Defined contribution plan. 1040 ez tax form   For 2013, a defined contribution plan's annual contributions and other additions (excluding earnings) to the account of a participant cannot exceed the lesser of the following amounts. 1040 ez tax form 100% of the participant's compensation. 1040 ez tax form $51,000 ($52,000 for 2014). 1040 ez tax form   Catch-up contributions (discussed later under Limit on Elective Deferrals) are not subject to the above limit. 1040 ez tax form Employee Contributions Participants may be permitted to make nondeductible contributions to a plan in addition to your contributions. 1040 ez tax form Even though these employee contributions are not deductible, the earnings on them are tax free until distributed in later years. 1040 ez tax form Also, these contributions must satisfy the actual contribution percentage (ACP) test of section 401(m)(2), a nondiscrimination test that applies to employee contributions and matching contributions. 1040 ez tax form See Regulations sections 1. 1040 ez tax form 401(k)-2 and 1. 1040 ez tax form 401(m)-2 for further guidance relating to the nondiscrimination rules under sections 401(k) and 401(m). 1040 ez tax form When Contributions Are Considered Made You generally apply your plan contributions to the year in which you make them. 1040 ez tax form But you can apply them to the previous year if all the following requirements are met. 1040 ez tax form You make them by the due date of your tax return for the previous year (plus extensions). 1040 ez tax form The plan was established by the end of the previous year. 1040 ez tax form The plan treats the contributions as though it had received them on the last day of the previous year. 1040 ez tax form You do either of the following. 1040 ez tax form You specify in writing to the plan administrator or trustee that the contributions apply to the previous year. 1040 ez tax form You deduct the contributions on your tax return for the previous year. 1040 ez tax form A partnership shows contributions for partners on Form 1065. 1040 ez tax form Employer's promissory note. 1040 ez tax form   Your promissory note made out to the plan is not a payment that qualifies for the deduction. 1040 ez tax form Also, issuing this note is a prohibited transaction subject to tax. 1040 ez tax form See Prohibited Transactions , later. 1040 ez tax form Employer Deduction You can usually deduct, subject to limits, contributions you make to a qualified plan, including those made for your own retirement. 1040 ez tax form The contributions (and earnings and gains on them) are generally tax free until distributed by the plan. 1040 ez tax form Deduction Limits The deduction limit for your contributions to a qualified plan depends on the kind of plan you have. 1040 ez tax form Defined contribution plans. 1040 ez tax form   The deduction for contributions to a defined contribution plan (profit-sharing plan or money purchase pension plan) cannot be more than 25% of the compensation paid (or accrued) during the year to your eligible employees participating in the plan. 1040 ez tax form If you are self-employed, you must reduce this limit in figuring the deduction for contributions you make for your own account. 1040 ez tax form See Deduction Limit for Self-Employed Individuals , later. 1040 ez tax form   When figuring the deduction limit, the following rules apply. 1040 ez tax form Elective deferrals (discussed later) are not subject to the limit. 1040 ez tax form Compensation includes elective deferrals. 1040 ez tax form The maximum compensation that can be taken into account for each employee in 2013 is $255,000 ($260,000 for 2014). 1040 ez tax form Defined benefit plans. 1040 ez tax form   The deduction for contributions to a defined benefit plan is based on actuarial assumptions and computations. 1040 ez tax form Consequently, an actuary must figure your deduction limit. 1040 ez tax form    In figuring the deduction for contributions, you cannot take into account any contributions or benefits that are more than the limits discussed earlier under Limits on Contributions and Benefits, earlier. 1040 ez tax form Table 4–1. 1040 ez tax form Carryover of Excess Contributions Illustrated—Profit-Sharing Plan (000's omitted) Year Participants' compensation Participants' share of required contribution (10% of annual profit) Deductible  limit for current year (25% of compensation) Contribution Excess contribution carryover used1 Total  deduction including carryovers Excess contribution carryover available at end of year 2010 $1,000 $100 $250 $100 $ 0 $100 $ 0 2011 400 165 100 165 0 100 65 2012 500 100 125 100 25 125 40 2013 600 100 150 100 40 140 0  1There were no carryovers from years before 2010. 1040 ez tax form Deduction Limit for Self-Employed Individuals If you make contributions for yourself, you need to make a special computation to figure your maximum deduction for these contributions. 1040 ez tax form Compensation is your net earnings from self-employment, defined in chapter 1. 1040 ez tax form This definition takes into account both the following items. 1040 ez tax form The deduction for the deductible part of your self-employment tax. 1040 ez tax form The deduction for contributions on your behalf to the plan. 1040 ez tax form The deduction for your own contributions and your net earnings depend on each other. 1040 ez tax form For this reason, you determine the deduction for your own contributions indirectly by reducing the contribution rate called for in your plan. 1040 ez tax form To do this, use either the Rate Table for Self-Employed or the Rate Worksheet for Self-Employed in chapter 5. 1040 ez tax form Then figure your maximum deduction by using the Deduction Worksheet for Self-Employed in chapter 5. 1040 ez tax form Where To Deduct Contributions Deduct the contributions you make for your common-law employees on your tax return. 1040 ez tax form For example, sole proprietors deduct them on Schedule C (Form 1040) or Schedule F (Form 1040); partnerships deduct them on Form 1065; and corporations deduct them on Form 1120, or Form 1120S. 1040 ez tax form Sole proprietors and partners deduct contributions for themselves on line 28 of Form 1040. 1040 ez tax form (If you are a partner, contributions for yourself are shown on the Schedule K-1 (Form 1065) you get from the partnership. 1040 ez tax form ) Carryover of Excess Contributions If you contribute more to the plans than you can deduct for the year, you can carry over and deduct the difference in later years, combined with your contributions for those years. 1040 ez tax form Your combined deduction in a later year is limited to 25% of the participating employees' compensation for that year. 1040 ez tax form For purposes of this limit, a SEP is treated as a profit-sharing (defined contribution) plan. 1040 ez tax form However, this percentage limit must be reduced to figure your maximum deduction for contributions you make for yourself. 1040 ez tax form See Deduction Limit for Self-Employed Individuals, earlier. 1040 ez tax form The amount you carry over and deduct may be subject to the excise tax discussed next. 1040 ez tax form Table 4-1, earlier, illustrates the carryover of excess contributions to a profit-sharing plan. 1040 ez tax form Excise Tax for Nondeductible (Excess) Contributions If you contribute more than your deduction limit to a retirement plan, you have made nondeductible contributions and you may be liable for an excise tax. 1040 ez tax form In general, a 10% excise tax applies to nondeductible contributions made to qualified pension and profit-sharing plans and to SEPs. 1040 ez tax form Special rule for self-employed individuals. 1040 ez tax form   The 10% excise tax does not apply to any contribution made to meet the minimum funding requirements in a money purchase pension plan or a defined benefit plan. 1040 ez tax form Even if that contribution is more than your earned income from the trade or business for which the plan is set up, the difference is not subject to this excise tax. 1040 ez tax form See Minimum Funding Requirement , earlier. 1040 ez tax form Reporting the tax. 1040 ez tax form   You must report the tax on your nondeductible contributions on Form 5330. 1040 ez tax form Form 5330 includes a computation of the tax. 1040 ez tax form See the separate instructions for completing the form. 1040 ez tax form Elective Deferrals (401(k) Plans) Your qualified plan can include a cash or deferred arrangement under which participants can choose to have you contribute part of their before-tax compensation to the plan rather than receive the compensation in cash. 1040 ez tax form A plan with this type of arrangement is popularly known as a “401(k) plan. 1040 ez tax form ” (As a self-employed individual participating in the plan, you can contribute part of your before-tax net earnings from the business. 1040 ez tax form ) This contribution is called an “elective deferral” because participants choose (elect) to defer receipt of the money. 1040 ez tax form In general, a qualified plan can include a cash or deferred arrangement only if the qualified plan is one of the following plans. 1040 ez tax form A profit-sharing plan. 1040 ez tax form A money purchase pension plan in existence on June 27, 1974, that included a salary reduction arrangement on that date. 1040 ez tax form Partnership. 1040 ez tax form   A partnership can have a 401(k) plan. 1040 ez tax form Restriction on conditions of participation. 1040 ez tax form   The plan cannot require, as a condition of participation, that an employee complete more than 1 year of service. 1040 ez tax form Matching contributions. 1040 ez tax form   If your plan permits, you can make matching contributions for an employee who makes an elective deferral to your 401(k) plan. 1040 ez tax form For example, the plan might provide that you will contribute 50 cents for each dollar your participating employees choose to defer under your 401(k) plan. 1040 ez tax form Matching contributions are generally subject to the ACP test discussed earlier under Employee Contributions. 1040 ez tax form Nonelective contributions. 1040 ez tax form   You can also make contributions (other than matching contributions) for your participating employees without giving them the choice to take cash instead. 1040 ez tax form These are called nonelective contributions. 1040 ez tax form Employee compensation limit. 1040 ez tax form   No more than $255,000 of the employee's compensation can be taken into account when figuring contributions other than elective deferrals in 2013. 1040 ez tax form This limit is $260,000 in 2014. 1040 ez tax form SIMPLE 401(k) plan. 1040 ez tax form   If you had 100 or fewer employees who earned $5,000 or more in compensation during the preceding year, you may be able to set up a SIMPLE 401(k) plan. 1040 ez tax form A SIMPLE 401(k) plan is not subject to the nondiscrimination and top-heavy plan requirements discussed earlier under Qualification Rules. 1040 ez tax form For details about SIMPLE 401(k) plans, see SIMPLE 401(k) Plan in chapter 3. 1040 ez tax form Distributions. 1040 ez tax form   Certain rules apply to distributions from 401(k) plans. 1040 ez tax form See Distributions From 401(k) Plans , later. 1040 ez tax form Limit on Elective Deferrals There is a limit on the amount an employee can defer each year under these plans. 1040 ez tax form This limit applies without regard to community property laws. 1040 ez tax form Your plan must provide that your employees cannot defer more than the limit that applies for a particular year. 1040 ez tax form For 2013 and 2014, the basic limit on elective deferrals is $17,500. 1040 ez tax form This limit applies to all salary reduction contributions and elective deferrals. 1040 ez tax form If, in conjunction with other plans, the deferral limit is exceeded, the difference is included in the employee's gross income. 1040 ez tax form Catch-up contributions. 1040 ez tax form   A 401(k) plan can permit participants who are age 50 or over at the end of the calendar year to also make catch-up contributions. 1040 ez tax form The catch-up contribution limit for 2013 and 2014 is $5,500. 1040 ez tax form Elective deferrals are not treated as catch-up contributions for 2013 until they exceed the $17,500 limit, the actual deferral percentage (ADP) test limit of section 401(k)(3), or the plan limit (if any). 1040 ez tax form However, the catch-up contribution a participant can make for a year cannot exceed the lesser of the following amounts. 1040 ez tax form The catch-up contribution limit. 1040 ez tax form The excess of the participant's compensation over the elective deferrals that are not catch-up contributions. 1040 ez tax form Treatment of contributions. 1040 ez tax form   Your contributions to your own 401(k) plan are generally deductible by you for the year they are contributed to the plan. 1040 ez tax form Matching or nonelective contributions made to the plan are also deductible by you in the year of contribution. 1040 ez tax form Your employees' elective deferrals other than designated Roth contributions are tax free until distributed from the plan. 1040 ez tax form Elective deferrals are included in wages for social security, Medicare, and federal unemployment (FUTA) tax. 1040 ez tax form Forfeiture. 1040 ez tax form   Employees have a nonforfeitable right at all times to their accrued benefit attributable to elective deferrals. 1040 ez tax form Reporting on Form W-2. 1040 ez tax form   Do not include elective deferrals in the “Wages, tips, other compensation” box of Form W-2. 1040 ez tax form You must, however, include them in the “Social security wages” and “Medicare wages and tips” boxes. 1040 ez tax form You must also include them in box 12. 1040 ez tax form Mark the “Retirement plan” checkbox in box 13. 1040 ez tax form For more information, see the Form W-2 instructions. 1040 ez tax form Automatic Enrollment Your 401(k) plan can have an automatic enrollment feature. 1040 ez tax form Under this feature, you can automatically reduce an employee's pay by a fixed percentage and contribute that amount to the 401(k) plan on his or her behalf unless the employee affirmatively chooses not to have his or her pay reduced or chooses to have it reduced by a different percentage. 1040 ez tax form These contributions are elective deferrals. 1040 ez tax form An automatic enrollment feature will encourage employees' saving for retirement and will help your plan pass nondiscrimination testing (if applicable). 1040 ez tax form For more information, see Publication 4674, Automatic Enrollment 401(k) Plans for Small Businesses. 1040 ez tax form Eligible automatic contribution arrangement. 1040 ez tax form   Under an eligible automatic contribution arrangement (EACA), a participant is treated as having elected to have the employer make contributions in an amount equal to a uniform percentage of compensation. 1040 ez tax form This automatic election will remain in place until the participant specifically elects not to have such deferral percentage made (or elects a different percentage). 1040 ez tax form There is no required deferral percentage. 1040 ez tax form Withdrawals. 1040 ez tax form   Under an EACA, you may allow participants to withdraw their automatic contributions to the plan if certain conditions are met. 1040 ez tax form The participant must elect the withdrawal no later than 90 days after the date of the first elective contributions under the EACA. 1040 ez tax form The participant must withdraw the entire amount of EACA default contributions, including any earnings thereon. 1040 ez tax form   If the plan allows withdrawals under the EACA, the amount of the withdrawal other than the amount of any designated Roth contributions must be included in the employee's gross income for the tax year in which the distribution is made. 1040 ez tax form The additional 10% tax on early distributions will not apply to the distribution. 1040 ez tax form Notice requirement. 1040 ez tax form   Under an EACA, employees must be given written notice of the terms of the EACA within a reasonable period of time before each plan year. 1040 ez tax form The notice must be written in a manner calculated to be understood by the average employee and be sufficiently accurate and comprehensive in order to apprise the employee of his or her rights and obligations under the EACA. 1040 ez tax form The notice must include an explanation of the employee's right to elect not to have elective contributions made on his or her behalf, or to elect a different percentage, and the employee must be given a reasonable period of time after receipt of the notice before the first elective contribution is made. 1040 ez tax form The notice also must explain how contributions will be invested in the absence of an investment election by the employee. 1040 ez tax form Qualified automatic contribution arrangement. 1040 ez tax form    A qualified automatic contribution arrangement (QACA) is a type of safe harbor plan. 1040 ez tax form It contains an automatic enrollment feature, and mandatory employer contributions are required. 1040 ez tax form If your plan includes a QACA, it will not be subject to the ADP test (discussed later) nor the top-heavy requirements (discussed earlier). 1040 ez tax form Additionally, your plan will not be subject to the actual contribution percentage (ACP) test if certain additional requirements are met. 1040 ez tax form Under a QACA, each employee who is eligible to participate in the plan will be treated as having elected to make elective deferral contributions equal to a certain default percentage of compensation. 1040 ez tax form In order to not have default elective deferrals made, an employee must make an affirmative election specifying a deferral percentage (including zero, if desired). 1040 ez tax form If an employee does not make an affirmative election, the default deferral percentage must meet the following conditions. 1040 ez tax form It must be applied uniformly. 1040 ez tax form It must not exceed 10%. 1040 ez tax form It must be at least 3% in the first plan year it applies to an employee and through the end of the following year. 1040 ez tax form It must increase to at least 4% in the following plan year. 1040 ez tax form It must increase to at least 5% in the following plan year. 1040 ez tax form It must increase to at least 6% in subsequent plan years. 1040 ez tax form Matching or nonelective contributions. 1040 ez tax form   Under the terms of the QACA, you must make either matching or nonelective contributions according to the following terms. 1040 ez tax form Matching contributions. 1040 ez tax form You must make matching contributions on behalf of each non-highly compensated employee in the following amounts. 1040 ez tax form An amount equal to 100% of elective deferrals, up to 1% of compensation. 1040 ez tax form An amount equal to 50% of elective deferrals, from 1% up to 6% of compensation. 1040 ez tax form Other formulas may be used as long as they are at least as favorable to non-highly compensated employees. 1040 ez tax form The rate of matching contributions for highly compensated employees, including yourself, must not exceed the rates for non-highly compensated employees. 1040 ez tax form Nonelective contributions. 1040 ez tax form You must make nonelective contributions on behalf of every non-highly compensated employee eligible to participate in the plan, regardless of whether they elected to participate, in an amount equal to at least 3% of their compensation. 1040 ez tax form Vesting requirements. 1040 ez tax form   All accrued benefits attributed to matching or nonelective contributions under the QACA must be 100% vested for all employees who complete 2 years of service. 1040 ez tax form These contributions are subject to special withdrawal restrictions, discussed later. 1040 ez tax form Notice requirements. 1040 ez tax form   Each employee eligible to participate in the QACA must receive written notice of their rights and obligations under the QACA, within a reasonable period before each plan year. 1040 ez tax form The notice must be written in a manner calculated to be understood by the average employee, and it must be accurate and comprehensive. 1040 ez tax form The notice must explain their right to elect not to have elective contributions made on their behalf, or to have contributions made at a different percentage than the default percentage. 1040 ez tax form Additionally, the notice must explain how contributions will be invested in the absence of any investment election by the employee. 1040 ez tax form The employee must have a reasonable period of time after receiving the notice to make such contribution and investment elections prior to the first contributions under the QACA. 1040 ez tax form Treatment of Excess Deferrals If the total of an employee's deferrals is more than the limit for 2013, the employee can have the difference (called an excess deferral) paid out of any of the plans that permit these distributions. 1040 ez tax form He or she must notify the plan by April 15, 2014 (or an earlier date specified in the plan), of the amount to be paid from each plan. 1040 ez tax form The plan must then pay the employee that amount, plus earnings on the amount through the end of 2013, by April 15, 2014. 1040 ez tax form Excess withdrawn by April 15. 1040 ez tax form   If the employee takes out the excess deferral by April 15, 2014, it is not reported again by including it in the employee's gross income for 2014. 1040 ez tax form However, any income earned in 2013 on the excess deferral taken out is taxable in the tax year in which it is taken out. 1040 ez tax form The distribution is not subject to the additional 10% tax on early distributions. 1040 ez tax form   If the employee takes out part of the excess deferral and the income on it, the distribution is treated as made proportionately from the excess deferral and the income. 1040 ez tax form   Even if the employee takes out the excess deferral by April 15, the amount will be considered for purposes of nondiscrimination testing requirements of the plan, unless the distributed amount is for a non-highly compensated employee who participates in only one employer's 401(k) plan or plans. 1040 ez tax form Excess not withdrawn by April 15. 1040 ez tax form   If the employee does not take out the excess deferral by April 15, 2014, the excess, though taxable in 2013, is not included in the employee's cost basis in figuring the taxable amount of any eventual distributions under the plan. 1040 ez tax form In effect, an excess deferral left in the plan is taxed twice, once when contributed and again when distributed. 1040 ez tax form Also, if the employee's excess deferral is allowed to stay in the plan and the employee participates in no other employer's plan, the plan can be disqualified. 1040 ez tax form Reporting corrective distributions on Form 1099-R. 1040 ez tax form   Report corrective distributions of excess deferrals (including any earnings) on Form 1099-R. 1040 ez tax form For specific information about reporting corrective distributions, see the Instructions for Forms 1099-R and 5498. 1040 ez tax form Tax on excess contributions of highly compensated employees. 1040 ez tax form   The law provides tests to detect discrimination in a plan. 1040 ez tax form If tests, such as the actual deferral percentage test (ADP test) (see section 401(k)(3)) and the actual contribution percentage test (ACP test) (see section 401(m)(2)), show that contributions for highly compensated employees are more than the test limits for these contributions, the employer may have to pay a 10% excise tax. 1040 ez tax form Report the tax on Form 5330. 1040 ez tax form The ADP test does not apply to a safe harbor 401(k) plan (discussed next) nor to a QACA. 1040 ez tax form Also, the ACP test does not apply to these plans if certain additional requirements are met. 1040 ez tax form   The tax for the year is 10% of the excess contributions for the plan year ending in your tax year. 1040 ez tax form Excess contributions are elective deferrals, employee contributions, or employer matching or nonelective contributions that are more than the amount permitted under the ADP test or the ACP test. 1040 ez tax form   See Regulations sections 1. 1040 ez tax form 401(k)-2 and 1. 1040 ez tax form 401(m)-2 for further guidance relating to the nondiscrimination rules under sections 401(k) and 401(m). 1040 ez tax form    If the plan fails the ADP or ACP testing, and the failure is not corrected by the end of the next plan year, the plan can be disqualified. 1040 ez tax form Safe harbor 401(k) plan. 1040 ez tax form If you meet the requirements for a safe harbor 401(k) plan, you do not have to satisfy the ADP test, nor the ACP test, if certain additional requirements are met. 1040 ez tax form For your plan to be a safe harbor plan, you must meet the following conditions. 1040 ez tax form Matching or nonelective contributions. 1040 ez tax form You must make matching or nonelective contributions according to one of the following formulas. 1040 ez tax form Matching contributions. 1040 ez tax form You must make matching contributions according to the following rules. 1040 ez tax form You must contribute an amount equal to 100% of each non-highly compensated employee's elective deferrals, up to 3% of compensation. 1040 ez tax form You must contribute an amount equal to 50% of each non-highly compensated employee's elective deferrals, from 3% up to 5% of compensation. 1040 ez tax form The rate of matching contributions for highly compensated employees, including yourself, must not exceed the rates for non-highly compensated employees. 1040 ez tax form Nonelective contributions. 1040 ez tax form You must make nonelective contributions, without regard to whether the employee made elective deferrals, on behalf of all non-highly compensated employees eligible to participate in the plan, equal to at least 3% of the employee's compensation. 1040 ez tax form These mandatory matching and nonelective contributions must be immediately 100% vested and are subject to special withdrawal restrictions. 1040 ez tax form Notice requirement. 1040 ez tax form You must give eligible employees written notice of their rights and obligations with regard to contributions under the plan, within a reasonable period before the plan year. 1040 ez tax form The other requirements for a 401(k) plan, including withdrawal and vesting rules, must also be met for your plan to qualify as a safe harbor 401(k) plan. 1040 ez tax form Qualified Roth Contribution Program Under this program an eligible employee can designate all or a portion of his or her elective deferrals as after-tax Roth contributions. 1040 ez tax form Elective deferrals designated as Roth contributions must be maintained in a separate Roth account. 1040 ez tax form However, unlike other elective deferrals, designated Roth contributions are not excluded from employees' gross income, but qualified distributions from a Roth account are excluded from employees' gross income. 1040 ez tax form Elective Deferrals Under a qualified Roth contribution program, the amount of elective deferrals that an employee may designate as a Roth contribution is limited to the maximum amount of elective deferrals excludable from gross income for the year (for 2013 and 2014, $17,500 if under age 50 and $23,000 if age 50 or over) less the total amount of the employee's elective deferrals not designated as Roth contributions. 1040 ez tax form Designated Roth deferrals are treated the same as pre-tax elective deferrals for most purposes, including: The annual individual elective deferral limit (total of all designated Roth contributions and traditional, pre-tax elective deferrals) of $17,500 for 2013 and 2014, with an additional $5,500 if age 50 or over for 2013 and 2014, Determining the maximum employee and employer annual contributions of the lesser of 100% of compensation or $51,000 for 2013 ($52,000 for 2014), Nondiscrimination testing, Required distributions, and Elective deferrals not taken into account for purposes of deduction limits. 1040 ez tax form Qualified Distributions A qualified distribution is a distribution that is made after the employee's nonexclusion period and: On or after the employee attains age   59½, On account of the employee's being disabled, or On or after the employee's death. 1040 ez tax form An employee's nonexclusion period for a plan is the 5-tax-year period beginning with the earlier of the following tax years. 1040 ez tax form The first tax year in which the employee made a contribution to his or her Roth account in the plan, or If a rollover contribution was made to the employee's designated Roth account from a designated Roth account previously established for the employee under another plan, then the first tax year the employee made a designated Roth contribution to the previously established account. 1040 ez tax form Rollover. 1040 ez tax form   Beginning September 28, 2010, a rollover from another account can be made to a designated Roth account in the same plan. 1040 ez tax form For additional information on these in-plan Roth rollovers, see Notice 2010-84, 2010-51 I. 1040 ez tax form R. 1040 ez tax form B. 1040 ez tax form 872, available at www. 1040 ez tax form irs. 1040 ez tax form gov/irb/2010-51_IRB/ar11. 1040 ez tax form html, and Notice 2013-74. 1040 ez tax form A distribution from a designated Roth account can only be rolled over to another designated Roth account or a Roth IRA. 1040 ez tax form Rollover amounts do not apply toward the annual deferral limit. 1040 ez tax form Reporting Requirements You must report a contribution to a Roth account on Form W-2 and a distribution from a Roth account on Form 1099-R. 1040 ez tax form See the Form W-2 and 1099-R instructions for detailed information. 1040 ez tax form Distributions Amounts paid to plan participants from a qualified plan are called distributions. 1040 ez tax form Distributions may be nonperiodic, such as lump-sum distributions, or periodic, such as annuity payments. 1040 ez tax form Also, certain loans may be treated as distributions. 1040 ez tax form See Loans Treated as Distributions in Publication 575. 1040 ez tax form Required Distributions A qualified plan must provide that each participant will either: Receive his or her entire interest (benefits) in the plan by the required beginning date (defined later), or Begin receiving regular periodic distributions by the required beginning date in annual amounts calculated to distribute the participant's entire interest (benefits) over his or her life expectancy or over the joint life expectancy of the participant and the designated beneficiary (or over a shorter period). 1040 ez tax form These distribution rules apply individually to each qualified plan. 1040 ez tax form You cannot satisfy the requirement for one plan by taking a distribution from another. 1040 ez tax form The plan must provide that these rules override any inconsistent distribution options previously offered. 1040 ez tax form Minimum distribution. 1040 ez tax form   If the account balance of a qualified plan participant is to be distributed (other than as an annuity), the plan administrator must figure the minimum amount required to be distributed each distribution calendar year. 1040 ez tax form This minimum is figured by dividing the account balance by the applicable life expectancy. 1040 ez tax form The plan administrator can use the life expectancy tables in Appendix C of Publication 590 for this purpose. 1040 ez tax form For more information on figuring the minimum distribution, see Tax on Excess Accumulation in Publication 575. 1040 ez tax form Required beginning date. 1040 ez tax form   Generally, each participant must receive his or her entire benefits in the plan or begin to receive periodic distributions of benefits from the plan by the required beginning date. 1040 ez tax form   A participant must begin to receive distributions from his or her qualified retirement plan by April 1 of the first year after the later of the following years. 1040 ez tax form Calendar year in which he or she reaches age 70½. 1040 ez tax form Calendar year in which he or she retires from employment with the employer maintaining the plan. 1040 ez tax form However, the plan may require the participant to begin receiving distributions by April 1 of the year after the participant reaches age 70½ even if the participant has not retired. 1040 ez tax form   If the participant is a 5% owner of the employer maintaining the plan, the participant must begin receiving distributions by April 1 of the first year after the calendar year in which the participant reached age 70½. 1040 ez tax form For more information, see Tax on Excess Accumulation in Publication 575. 1040 ez tax form Distributions after the starting year. 1040 ez tax form   The distribution required to be made by April 1 is treated as a distribution for the starting year. 1040 ez tax form (The starting year is the year in which the participant meets (1) or (2) above, whichever applies. 1040 ez tax form ) After the starting year, the participant must receive the required distribution for each year by December 31 of that year. 1040 ez tax form If no distribution is made in the starting year, required distributions for 2 years must be made in the next year (one by April 1 and one by December 31). 1040 ez tax form Distributions after participant's death. 1040 ez tax form   See Publication 575 for the special rules covering distributions made after the death of a participant. 1040 ez tax form Distributions From 401(k) Plans Generally, distributions cannot be made until one of the following occurs. 1040 ez tax form The employee retires, dies, becomes disabled, or otherwise severs employment. 1040 ez tax form The plan ends and no other defined contribution plan is established or continued. 1040 ez tax form In the case of a 401(k) plan that is part of a profit-sharing plan, the employee reaches age 59½ or suffers financial hardship. 1040 ez tax form For the rules on hardship distributions, including the limits on them, see Regulations section 1. 1040 ez tax form 401(k)-1(d). 1040 ez tax form The employee becomes eligible for a qualified reservist distribution (defined next). 1040 ez tax form Certain distributions listed above may be subject to the tax on early distributions discussed later. 1040 ez tax form Qualified reservist distributions. 1040 ez tax form   A qualified reservist distribution is a distribution from an IRA or an elective deferral account made after September 11, 2001, to a military reservist or a member of the National Guard who has been called to active duty for at least 180 days or for an indefinite period. 1040 ez tax form All or part of a qualified reservist distribution can be recontributed to an IRA. 1040 ez tax form The additional 10% tax on early distributions does not apply to a qualified reservist distribution. 1040 ez tax form Tax Treatment of Distributions Distributions from a qualified plan minus a prorated part of any cost basis are subject to income tax in the year they are distributed. 1040 ez tax form Since most recipients have no cost basis, a distribution is generally fully taxable. 1040 ez tax form An exception is a distribution that is properly rolled over as discussed under Rollover, next. 1040 ez tax form The tax treatment of distributions depends on whether they are made periodically over several years or life (periodic distributions) or are nonperiodic distributions. 1040 ez tax form See Taxation of Periodic Payments and Taxation of Nonperiodic Payments in Publication 575 for a detailed description of how distributions are taxed, including the 10-year tax option or capital gain treatment of a lump-sum distribution. 1040 ez tax form Note. 1040 ez tax form A recipient of a distribution from a designated Roth account will have a cost basis since designated Roth contributions are made on an after-tax basis. 1040 ez tax form Also, a distribution from a designated Roth account is entirely tax-free if certain conditions are met. 1040 ez tax form See Qualified distributions under Qualified Roth Contribution Program, earlier. 1040 ez tax form Rollover. 1040 ez tax form   The recipient of an eligible rollover distribution from a qualified plan can defer the tax on it by rolling it over into a traditional IRA or another eligible retirement plan. 1040 ez tax form However, it may be subject to withholding as discussed under Withholding requirement, later. 1040 ez tax form A rollover can also be made to a Roth IRA, in which case, any previously untaxed amounts are includible in gross income unless the rollover is from a designated Roth account. 1040 ez tax form Eligible rollover distribution. 1040 ez tax form   This is a distribution of all or any part of an employee's balance in a qualified retirement plan that is not any of the following. 1040 ez tax form A required minimum distribution. 1040 ez tax form See Required Distributions , earlier. 1040 ez tax form Any of a series of substantially equal payments made at least once a year over any of the following periods. 1040 ez tax form The employee's life or life expectancy. 1040 ez tax form The joint lives or life expectancies of the employee and beneficiary. 1040 ez tax form A period of 10 years or longer. 1040 ez tax form A hardship distribution. 1040 ez tax form The portion of a distribution that represents the return of an employee's nondeductible contributions to the plan. 1040 ez tax form See Employee Contributions , earlier, and Rollover of nontaxable amounts, next. 1040 ez tax form Loans treated as distributions. 1040 ez tax form Dividends on employer securities. 1040 ez tax form The cost of any life insurance coverage provided under a qualified retirement plan. 1040 ez tax form Similar items designated by the IRS in published guidance. 1040 ez tax form See, for example, the Instructions for Forms 1099-R and 5498. 1040 ez tax form Rollover of nontaxable amounts. 1040 ez tax form   You may be able to roll over the nontaxable part of a distribution to another qualified retirement plan or a section 403(b) plan, or to an IRA. 1040 ez tax form If the rollover is to a qualified retirement plan or a section 403(b) plan that separately accounts for the taxable and nontaxable parts of the rollover, the transfer must be made through a direct (trustee-to-trustee) rollover. 1040 ez tax form If the rollover is to an IRA, the transfer can be made by any rollover method. 1040 ez tax form Note. 1040 ez tax form A distribution from a designated Roth account can be rolled over to another designated Roth account or to a Roth IRA. 1040 ez tax form If the rollover is to a Roth IRA, it can be rolled over by any rollover method, but if the rollover is to another designated Roth account, it must be rolled over directly (trustee-to-trustee). 1040 ez tax form More information. 1040 ez tax form   For more information about rollovers, see Rollovers in Pubs. 1040 ez tax form 575 and 590. 1040 ez tax form Withholding requirement. 1040 ez tax form   If, during a year, a qualified plan pays to a participant one or more eligible rollover distributions (defined earlier) that are reasonably expected to total $200 or more, the payor must withhold 20% of the taxable portion of each distribution for federal income tax. 1040 ez tax form Exceptions. 1040 ez tax form   If, instead of having the distribution paid to him or her, the participant chooses to have the plan pay it directly to an IRA or another eligible retirement plan (a direct rollover), no withholding is required. 1040 ez tax form   If the distribution is not an eligible rollover distribution, defined earlier, the 20% withholding requirement does not apply. 1040 ez tax form Other withholding rules apply to distributions that are not eligible rollover distributions, such as long-term periodic distributions and required distributions (periodic or nonperiodic). 1040 ez tax form However, the participant can choose not to have tax withheld from these distributions. 1040 ez tax form If the participant does not make this choice, the following withholding rules apply. 1040 ez tax form For periodic distributions, withholding is based on their treatment as wages. 1040 ez tax form For nonperiodic distributions, 10% of the taxable part is withheld. 1040 ez tax form Estimated tax payments. 1040 ez tax form   If no income tax is withheld or not enough tax is withheld, the recipient of a distribution may have to make estimated tax payments. 1040 ez tax form For more information, see Withholding Tax and Estimated Tax in Publication 575. 1040 ez tax form Section 402(f) Notice. 1040 ez tax form   If a distribution is an eligible rollover distribution, as defined earlier, you must provide a written notice to the recipient that explains the following rules regarding such distributions. 1040 ez tax form That the distribution may be directly transferred to an eligible retirement plan and information about which distributions are eligible for this direct transfer. 1040 ez tax form That tax will be withheld from the distribution if it is not directly transferred to an eligible retirement plan. 1040 ez tax form That the distribution will not be subject to tax if transferred to an eligible retirement plan within 60 days after the date the recipient receives the distribution. 1040 ez tax form Certain other rules that may be applicable. 1040 ez tax form   Notice 2009-68, 2009-39 I. 1040 ez tax form R. 1040 ez tax form B. 1040 ez tax form 423, available at www. 1040 ez tax form irs. 1040 ez tax form gov/irb/2009-39_IRB/ar14. 1040 ez tax form html, contains two updated safe harbor section 402(f) notices that plan administrators may provide recipients of eligible rollover distributions. 1040 ez tax form If the plan allows in-plan Roth rollovers, the 402(f) notice must be amended to reflect this. 1040 ez tax form Notice 2010-84 contains guidance on how to modify a 402(f) notice for in-plan Roth rollovers. 1040 ez tax form Timing of notice. 1040 ez tax form   The notice generally must be provided no less than 30 days and no more than 180 days before the date of a distribution. 1040 ez tax form Method of notice. 1040 ez tax form   The written notice must be provided individually to each distributee of an eligible rollover distribution. 1040 ez tax form Posting of the notice is not sufficient. 1040 ez tax form However, the written requirement may be satisfied through the use of electronic media if certain additional conditions are met. 1040 ez tax form See Regulations section 1. 1040 ez tax form 401(a)-21. 1040 ez tax form Tax on failure to give notice. 1040 ez tax form   Failure to give a 402(f) notice will result in a tax of $100 for each failure, with a total not exceeding $50,000 per calendar year. 1040 ez tax form The tax will not be imposed if it is shown that such failure is due to reasonable cause and not to willful neglect. 1040 ez tax form Tax on Early Distributions If a distribution is made to an employee under the plan before he or she reaches age 59½, the employee may have to pay a 10% additional tax on the distribution. 1040 ez tax form This tax applies to the amount received that the employee must include in income. 1040 ez tax form Exceptions. 1040 ez tax form   The 10% tax will not apply if distributions before age 59½ are made in any of the following circumstances. 1040 ez tax form Made to a beneficiary (or to the estate of the employee) on or after the death of the employee. 1040 ez tax form Made due to the employee having a qualifying disability. 1040 ez tax form Made as part of a series of substantially equal periodic payments beginning after separation from service and made at least annually for the life or life expectancy of the employee or the joint lives or life expectancies of the employee and his or her designated beneficiary. 1040 ez tax form (The payments under this exception, except in the case of death or disability, must continue for at least 5 years or until the employee reaches age 59½, whichever is the longer period. 1040 ez tax form ) Made to an employee after separation from service if the separation occurred during o
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Your Civil Rights Are Protected

The Internal Revenue Service will not tolerate discrimination against anyone because of race, color, national origin (including limited English proficiency), reprisal, disability, age or sex (in education programs or activities) by its employees or anyone who volunteers or works with taxpayers at one of these community partners:

  • Low Income Tax Clinics (LITC)
  • Volunteer Income Tax Assistance (VITA) and
  • Tax Counseling for the Elderly (TCE) sites

Other bases that apply in education or training programs or activities conducted by the IRS include religion, sexual orientation and status as a parent.

Accommodations

Persons with disabilities and/or limited English proficiency should be able to participate in or benefit from programs and services that IRS supports. Site Coordinators or Managers at the above sites are required to:

  • Provide a reasonable accommodation when a person with a disability makes a request.
  • Take steps to make sure Non-English speaking people have access to their programs or activities.
  • Language assistance services may include oral and written translation.

For Frequently Asked Questions about reasonable accommodation, please click here.

How to File a Complaint

If you believe you’ve been discriminated against, send a written complaint to:

Operations Director, Civil Rights Division
Department of the Treasury - Internal Revenue Service
Room 2413
1111 Constitution Avenue, NW
Washington, DC  20224

For questions about your civil rights, contact us at the above address or contact us by email.

Page Last Reviewed or Updated: 14-Mar-2014

The 1040 Ez Tax Form

1040 ez tax form Index A Acquisition indebtedness, Average acquisition indebtedness. 1040 ez tax form Annuity obligations, Annuity obligation. 1040 ez tax form By gift or bequest of mortgaged property, Exception for property acquired by gift, bequest, or devise. 1040 ez tax form Change in property use, Change in use of property. 1040 ez tax form Continued debt, Continued debt. 1040 ez tax form Debt modifying existing, Modifying existing debt. 1040 ez tax form Federal financing, Certain federal financing. 1040 ez tax form For performing exempt purpose, Debt incurred in performing exempt purpose. 1040 ez tax form Obligation to return collateral, Securities loans. 1040 ez tax form Property subject to mortgage or lien, Property acquired subject to mortgage or lien. 1040 ez tax form Real property, Real property debts of qualified organizations. 1040 ez tax form Advertising income, Exploitation of Exempt Activity—Advertising Sales Agricultural organization dues, Dues of Agricultural Organizations and Business Leagues Assistance (see Tax help) B Business league dues, Dues of Agricultural Organizations and Business Leagues C Churches, Churches. 1040 ez tax form Contributions deduction, Charitable contributions deduction. 1040 ez tax form Convention or trade show activity, Convention or trade show activity. 1040 ez tax form D Debt-financed property, Income From Debt-Financed Property Acquired in liquidation, Basis for debt-financed property acquired in corporate liquidation. 1040 ez tax form Dues, agricultural organizations and business leagues, Dues of Agricultural Organizations and Business Leagues E Exchange or rental of member lists, Exchange or rental of member lists. 1040 ez tax form Excluded trade or business activities, Excluded Trade or Business Activities Exclusions, Volunteer workforce. 1040 ez tax form Sponsorship, Qualified sponsorship activities. 1040 ez tax form Exempt function income, Exempt function income. 1040 ez tax form Exploitation of exempt activity Advertising income, Exploitation of Exempt Activity—Advertising Sales Exploitation of exempt functions, Exploitation of exempt functions. 1040 ez tax form F Form 990-T, Returns and Filing Requirements Free tax services, How to Get Tax Help H Help (see Tax help) I Income from research, Income from research. 1040 ez tax form L Limits, Limits. 1040 ez tax form M More information (see Tax help) N Net operating loss deduction, Modifications Nonrecognition of gain, Nonrecognition of gain. 1040 ez tax form P Publications (see Tax help) R Rents, Rents. 1040 ez tax form Return, Returns and Filing Requirements Royalties, Royalties. 1040 ez tax form S Specific deduction, Specific deduction. 1040 ez tax form T Tax, Organizations Subject to the Tax Alternative minimum, Alternative minimum tax. 1040 ez tax form Colleges and universities, Colleges and universities. 1040 ez tax form Deposits, Federal Tax Deposits Must be Made by Electronic Funds Transfer Estimated, Payment of Tax Organizations affected, Organizations Subject to the Tax Payment, Public Inspection Requirements of Section 501(c)(3) Organizations. 1040 ez tax form Rates, The Tax and Filing Requirements Return, Returns and Filing Requirements Title-holding corporations, Title-holding corporations. 1040 ez tax form U. 1040 ez tax form S. 1040 ez tax form instrumentalities, U. 1040 ez tax form S. 1040 ez tax form instrumentalities. 1040 ez tax form Tax help, How to Get Tax Help Taxpayer Advocate, Contacting your Taxpayer Advocate. 1040 ez tax form Title-holding corporations, Title-holding corporations. 1040 ez tax form TTY/TDD information, How to Get Tax Help U Unrelated business Hospital laboratory, Nonpatient laboratory testing. 1040 ez tax form Unrelated business income, Unrelated Business Taxable Income, Income Advertising income, Exploitation of Exempt Activity—Advertising Sales Certain trusts, Special Rules for Social Clubs, VEBAs, SUBs, and GLSOs Controlled organizations, Income From Controlled Organizations Debt-financed property, Income From Debt-Financed Property Deductions, Deductions Employees beneficiary associations, Special Rules for Social Clubs, VEBAs, SUBs, and GLSOs Exclusions, Exclusions Foreign organizations, Special Rules for Foreign Organizations Income from gambling activities, Legal definition. 1040 ez tax form Income from lending securities, Income from lending securities. 1040 ez tax form Modifications, Modifications Partnership income or loss, Partnership Income or Loss Products of exempt functions, Selling of products of exempt functions. 1040 ez tax form S corporation income, S Corporation Income or Loss S corporation income or loss, S Corporation Income or Loss Social clubs, Special Rules for Social Clubs, VEBAs, SUBs, and GLSOs Veterans organizations, Special Rules for Veterans' Organizations Unrelated debt-financed income, Certain federal financing. 1040 ez tax form Average acquisition indebtedness, Average acquisition indebtedness. 1040 ez tax form Average adjusted basis, Average adjusted basis. 1040 ez tax form Computation, Computation of Debt-Financed Income Debt/basis percentage, Computation of debt/basis percentage. 1040 ez tax form Deductions, Deductions for Debt-Financed Property Gains from dispositions, Gain or loss from sale or other disposition of property. 1040 ez tax form Indeterminate property price, Indeterminate price. 1040 ez tax form Unrelated trade or business, Unrelated Trade or Business Artists facilities, Artists' facilities. 1040 ez tax form Book publishing, Book publishing. 1040 ez tax form Broadcasting rights, Broadcasting rights. 1040 ez tax form Business league's parking and bus services, Business league's parking and bus services. 1040 ez tax form Convenience of members, Convenience of members. 1040 ez tax form Convention or trade show, Convention or trade show activity. 1040 ez tax form Directory of members, Directory of members. 1040 ez tax form Distribution of low cost articles, Distribution of low cost articles. 1040 ez tax form Dual use facilities, etc. 1040 ez tax form , Dual use of assets or facilities. 1040 ez tax form Employees association sales, Employee association sales. 1040 ez tax form Exclusions, Excluded Trade or Business Activities Exploitation of exempt functions, Exploitation of exempt functions. 1040 ez tax form Gambling activities other than bingo, Gambling activities other than bingo. 1040 ez tax form Halfway house, Halfway house workshop. 1040 ez tax form Health club program, Health club program. 1040 ez tax form Hearing aid sales, Sales of hearing aids. 1040 ez tax form Hospital facilities, Hospital facilities. 1040 ez tax form Hospital services, Hospital services. 1040 ez tax form Insurance programs, Insurance programs. 1040 ez tax form Magazine publishing, Magazine publishing. 1040 ez tax form Member lists rentals, etc. 1040 ez tax form , Exchange or rental of member lists. 1040 ez tax form Membership list sales, Membership list sales. 1040 ez tax form Miniature golf course, Miniature golf course. 1040 ez tax form Museum eating facilities, Museum eating facilities. 1040 ez tax form Museum greeting card sales, Museum greeting card sales. 1040 ez tax form Pet boarding and grooming services, Pet boarding and grooming services. 1040 ez tax form Pole rentals, Pole rentals. 1040 ez tax form Public entertainment activity, Public entertainment activity. 1040 ez tax form Publishing legal notices, Publishing legal notices. 1040 ez tax form Regularly conducted, Regularly conducted. 1040 ez tax form Sales commissions, Sales commissions. 1040 ez tax form Sales of advertising space, Sales of advertising space. 1040 ez tax form School facilities, School facilities. 1040 ez tax form School handicraft shop, School handicraft shop. 1040 ez tax form Selling donated merchandise, Selling donated merchandise. 1040 ez tax form Selling endorsements, Selling endorsements. 1040 ez tax form Sponsoring entertainment events, Sponsoring entertainment events. 1040 ez tax form Substantially related, Not substantially related. 1040 ez tax form Trade or business defined, Trade or business. 1040 ez tax form Travel tour programs, Travel tour programs. 1040 ez tax form Volunteer workforce, Volunteer workforce. 1040 ez tax form Yearbook advertising, Yearbook advertising. 1040 ez tax form Youth residence, Youth residence. 1040 ez tax form Unstated trade or business Bingo games, Bingo games. 1040 ez tax form V Volunteer fire company, Excluded Trade or Business Activities W When to file, When to file. 1040 ez tax form Prev  Up     Home   More Online Publications