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1040a Publication 550 - Introductory Material Table of Contents Future Developments What's New Reminders IntroductionOrdering forms and publications. 1040a Tax questions. 1040a Future Developments For the latest information about developments related to Publication 550, such as legislation enacted after it was published, go to www. 1040a irs. 1040a gov/pub550. 1040a What's New Net investment income tax (NIIT). 1040a Beginning in 2013, you may be subject to the NIIT. 1040a The NIIT applies at a rate of 3. 1040a 8% to certain net investment income of individuals, estates, and trusts that have income above statutory threshold amounts. 1040a See Net investment income tax (NIIT) , later. 1040a Maximum capital gain rates. 1040a For 2013, the maximum capital gain rates are 0%, 15%, 20%, 25%, and 28%. 1040a See Capital Gain Tax Rates , later, for more information. 1040a Gift tax exclusion amount increased. 1040a For calendar year 2013, the first $14,000 of gifts to any person (other than gifts of future interests in property) are not included in the total amount of taxable gifts. 1040a See Property Received as a Gift , later. 1040a Reminders Mutual fund distributions. 1040a Publication 564, Mutual Fund Distributions, has been incorporated into this publication. 1040a Foreign source income. 1040a If you are a U. 1040a S. 1040a citizen with investment income from sources outside the United States (foreign income), you must report that income on your tax return unless it is exempt by U. 1040a S. 1040a law. 1040a This is true whether you reside inside or outside the United States and whether or not you receive a Form 1099 from the foreign payer. 1040a Employee stock options. 1040a If you received an option to buy or sell stock or other property as payment for your services, see Publication 525, Taxable and Nontaxable Income, for the special tax rules that apply. 1040a Photographs of missing children. 1040a The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. 1040a Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. 1040a You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. 1040a Introduction This publication provides information on the tax treatment of investment income and expenses. 1040a It includes information on the tax treatment of investment income and expenses for individual shareholders of mutual funds or other regulated investment companies, such as money market funds. 1040a It explains what investment income is taxable and what investment expenses are deductible. 1040a It explains when and how to show these items on your tax return. 1040a It also explains how to determine and report gains and losses on the disposition of investment property and provides information on property trades and tax shelters. 1040a The glossary at the end of this publication defines many of the terms used. 1040a Investment income. 1040a This generally includes interest, dividends, capital gains, and other types of distributions including mutual fund distributions. 1040a Investment expenses. 1040a These include interest paid or incurred to acquire investment property and expenses to manage or collect income from investment property. 1040a Qualified retirement plans and IRAs. 1040a The rules in this publication do not apply to mutual fund shares held in individual retirement arrangements (IRAs), section 401(k) plans, and other qualified retirement plans. 1040a The value of the mutual fund shares and earnings allocated to you are included in your retirement plan assets and stay tax free generally until the plan distributes them to you. 1040a The tax rules that apply to retirement plan distributions are explained in the following publications. 1040a Publication 560, Retirement Plans for Small Business. 1040a Publication 571, Tax-Sheltered Annuity Plans. 1040a Publication 575, Pension and Annuity Income. 1040a Publication 590, Individual Retirement Arrangements (IRAs). 1040a Publication 721, Tax Guide to U. 1040a S. 1040a Civil Service Retirement Benefits. 1040a Comments and suggestions. 1040a We welcome your comments about this publication and your suggestions for future editions. 1040a You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. 1040a NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. 1040a Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. 1040a You can send your comments from www. 1040a irs. 1040a gov/formspubs/. 1040a Click on “More Information” and then on “Comment on Tax Forms and Publications. 1040a ” Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. 1040a Ordering forms and publications. 1040a Visit www. 1040a irs. 1040a gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. 1040a Internal Revenue Service 1201 N. 1040a Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. 1040a If you have a tax question, check the information available on IRS. 1040a gov or call 1-800-829-1040. 1040a We cannot answer tax questions sent to either of the above addresses. 1040a Prev Up Next Home More Online Publications
Understanding your CP21I Notice
We made changes to your tax return for the tax year specified on the notice for Individual
Retirement Arrangement (IRA) taxes. You owe money on your taxes as a result
of these changes.
What you need to do
- Read your notice carefully ― it will explain why you owe money on your taxes.
- Pay the amount owed by the date on the notice's payment coupon.
- Make payment arrangements if you can't pay the full amount you owe.
- Contact us if you disagree with the change(s) we made.
- Correct the copy of your tax return that you kept for your records.
You may want to...
Answers to Common Questions
What should I do if I disagree with the changes you made?
If you disagree, contact us at the toll-free number listed on the top right corner of your notice.
What happens if I can't pay the full amount I owe?
You can arrange to make a payment plan with us if you can't pay the full amount you owe.
Am I charged interest on the money I owe?
If you don't full pay the amount you owe by the date on the payment coupon, interest will accrue on the unpaid balance after that date.
Will I receive a penalty if I can't pay the full amount?
Yes, you'll receive a late payment penalty. You can contact us at the number listed on your notice if you’re unable to pay the full amount shown in your specific notice because of circumstances beyond your control. Contact us by the due date of your payment and, depending on your situation, we may be able to remove the penalty.
Can I set up a payment plan?
Yes. Call the toll-free number listed on the top right corner of your notice to discuss payment options or check out more information on payment options and how to make a payment arrangement.
There are other options, such as paying by credit card. Note: There may be a fee to pay by credit card.
What if I need to make another correction to my account?
You'll need to file Form 1040X, Amended U.S. Individual Income Tax Return.
What if I have tried to get answers and after contacting IRS several times have not been successful?
Call Taxpayer Advocate at 1-877-777-4778 or for TTY/TDD 1-800-829-4059.
Tips for next year
Consider filing your taxes electronically. Filing online can help you avoid mistakes and find credits and deductions that you may qualify for. In many cases you can file for free. Learn more about e-file.
Page Last Reviewed or Updated: 26-Feb-2014
1040a 7. 1040a Excess Contributions Table of Contents How Do I Know If I Have Excess Contributions? What Happens If I Have Excess Contributions?Excess Annual Addition Excess Elective Deferral If your actual contributions are greater than your MAC, you have an excess contribution. 1040a Excess contributions can result in income tax, additional taxes, and penalties. 1040a The effect of excess contributions depends on the type of excess contribution. 1040a This chapter discusses excess contributions to your 403(b) account. 1040a How Do I Know If I Have Excess Contributions? At the end of the year or the beginning of the next year, you should refigure your MAC based on your actual compensation and actual contributions made to your account. 1040a If the actual contributions to your account are greater than your MAC, you have excess contributions. 1040a If, at any time during the year, your employment status or your compensation changes, you should refigure your MAC using a revised estimate of compensation to prevent excess contributions. 1040a What Happens If I Have Excess Contributions? Certain excess contributions in a 403(b) account can be corrected. 1040a The effect of an excess 403(b) contribution will depend on the type of excess contribution. 1040a Types of excess contributions. 1040a If, after checking your actual contributions, you determine that you have an excess, the first thing is to identify the type of excess that you have. 1040a Excess contributions to a 403(b) account are categorized as either an: Excess annual addition, or Excess elective deferral. 1040a Excess Annual Addition An excess annual addition is a contribution that is more than your limit on annual additions. 1040a To determine your limit on annual additions, see chapter 3 (chapter 5 for ministers or church employees). 1040a In the year that your contributions are more than your limit on annual additions, the excess amount will be included in your income. 1040a Excise Tax If your 403(b) account invests in mutual funds, and you exceed your limit on annual additions, you may be subject to a 6% excise tax on the excess contribution. 1040a The excise tax does not apply to funds in an annuity account or to excess deferrals. 1040a You must pay the excise tax each year in which there are excess contributions in your account. 1040a Excess contributions can be corrected by contributing less than the applicable limit in later years or by making permissible distributions. 1040a See chapter 8 for a discussion on permissible distributions. 1040a You cannot deduct the excise tax. 1040a Reporting requirement. 1040a You must file Form 5330 if there has been an excess contribution to a custodial account and that excess has not been corrected. 1040a Excess Elective Deferral An excess elective deferral is the amount that is more than your limit on elective deferrals. 1040a To determine your limit on elective deferrals, see chapter 4. 1040a Your employer's 403(b) plan may contain language permitting it to distribute excess deferrals. 1040a If so, it may require that in order to get a distribution of excess deferrals, you either notify the plan of the amount of excess deferrals or designate a distribution as an excess deferral. 1040a The plan may require that the notification or designation be in writing and may require that you certify or otherwise establish that the designated amount is an excess deferral. 1040a A plan is not required to permit distribution of excess deferrals. 1040a Correction of excess deferrals during year. 1040a If you have excess deferrals for a year, a corrective distribution may be made only if both of the following conditions are satisfied. 1040a The plan and either you or your employer designate the distribution as an excess deferral to the extent you have excess deferrals for the year. 1040a The correcting distribution is made after the date on which the excess deferral was made. 1040a Correction of excess deferrals after the year. 1040a If you have excess deferrals for a year, you may receive a correcting distribution of the excess deferral no later than April 15 of the following year. 1040a The plan can distribute the excess deferral (and any income allocable to the excess) no later than April 15 of the year following the year the excess deferral was made. 1040a Tax treatment of excess deferrals not attributable to Roth contributions. 1040a If the excess deferral is distributed by April 15, it is included in your income in the year contributed and the earnings on the excess deferral will be taxed in the year distributed. 1040a Tax treatment of excess deferrals attributable to Roth contributions. 1040a For these rules, see Regulations section 1. 1040a 402(g)-1(e). 1040a Prev Up Next Home More Online Publications