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1040x Forms To Print

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1040x Forms To Print

1040x forms to print 16. 1040x forms to print   How To Get Tax Help Table of Contents Go online, use a smart phone, call or walk in to an office near you. 1040x forms to print Whether it's help with a tax issue, preparing your tax return or picking up a free publication or form, get the help you need the way you want it. 1040x forms to print Free help with your tax return. 1040x forms to print   Free help in preparing your return is available nationwide from IRS-certified volunteers. 1040x forms to print The Volunteer Income Tax Assistance (VITA) program is designed to help low-to-moderate income, elderly, persons with disabilities, and limited English proficient taxpayers. 1040x forms to print The Tax Counseling for the Elderly (TCE) program is designed to assist taxpayers age 60 and older with their tax returns. 1040x forms to print Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. 1040x forms to print Some VITA and TCE sites provide taxpayers the opportunity to prepare their return with the assistance of an IRS-certified volunteer. 1040x forms to print To find the nearest VITA or TCE site, visit IRS. 1040x forms to print gov or call 1-800-906-9887. 1040x forms to print   As part of the TCE program, AARP offers the Tax-Aide counseling program. 1040x forms to print To find the nearest AARP Tax-Aide site, visit AARP's website at www. 1040x forms to print aarp. 1040x forms to print org/money/taxaide or call 1-888-227-7669. 1040x forms to print   For more information on these programs, go to IRS. 1040x forms to print gov and enter “VITA” in the search box. 1040x forms to print Internet. 1040x forms to print IRS. 1040x forms to print gov and IRS2Go are ready when you are — every day, every night, 24 hours a day, 7 days a week. 1040x forms to print Apply for an Employer Identification Number (EIN). 1040x forms to print Go to IRS. 1040x forms to print gov and enter Apply for an EIN in the search box. 1040x forms to print Request an Electronic Filing PIN by going to IRS. 1040x forms to print gov and entering Electronic Filing PIN in the search box. 1040x forms to print Check the status of your 2013 refund with Where's My Refund? Go to IRS. 1040x forms to print gov or the IRS2Go app, and click on Where's My Refund? You'll get a personalized refund date as soon as the IRS processes your tax return and approves your refund. 1040x forms to print If you e-file, your refund status is usually available within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. 1040x forms to print Checking the status of your amended return. 1040x forms to print Go to IRS. 1040x forms to print gov and enter Where's My Amended Return in the search box. 1040x forms to print Download forms, instructions, and publications, including some accessible versions. 1040x forms to print Order free transcripts of your tax returns or tax account using the Order a Transcript tool on IRS. 1040x forms to print gov or IRS2Go. 1040x forms to print Tax return and tax account transcripts are generally available for the current year and past three years. 1040x forms to print Figure your income tax withholding with the IRS Withholding Calculator on IRS. 1040x forms to print gov. 1040x forms to print Use it if you've had too much or too little withheld, your personal situation has changed, you're starting a new job or you just want to see if you're having the right amount withheld. 1040x forms to print Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. 1040x forms to print gov. 1040x forms to print Locate the nearest Taxpayer Assistance Center using the Office Locator tool on IRS. 1040x forms to print gov or IRS2Go. 1040x forms to print Stop by most business days for face-to-face tax help, no appointment necessary — just walk in. 1040x forms to print An employee can explain IRS letters, request adjustments to your tax account or help you set up a payment plan. 1040x forms to print Before you visit, check the Office Locator for the address, phone number, hours of operation and the services provided. 1040x forms to print If you have an ongoing tax account problem or a special need, such as a disability, you can request an appointment. 1040x forms to print Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. 1040x forms to print Locate the nearest volunteer help site with the VITA Locator Tool on IRS. 1040x forms to print gov. 1040x forms to print Low-to-moderate income, elderly, persons with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. 1040x forms to print The Tax Counseling for the Elderly (TCE) program helps taxpayers 60 and older with their tax returns. 1040x forms to print Most VITA and TCE sites offer free electronic filing and some provide IRS-certified volunteers who can help prepare your tax return. 1040x forms to print AARP offers the Tax-Aide counseling program as part of the TCE program. 1040x forms to print Visit AARP's website to find the nearest Tax-Aide location. 1040x forms to print Research your tax questions. 1040x forms to print Search publications and instructions by topic or keyword. 1040x forms to print Read the Internal Revenue Code, regulations, or other official guidance. 1040x forms to print Read Internal Revenue Bulletins. 1040x forms to print Sign up to receive local and national tax news by email. 1040x forms to print Phone. 1040x forms to print You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. 1040x forms to print Download the free IRS2Go mobile app from the iTunes app store or from Google Play. 1040x forms to print Use it to watch the IRS YouTube channel, get IRS news as soon as it's released to the public, order transcripts of your tax returns or tax account, check your refund status, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. 1040x forms to print Call to locate the nearest volunteer help site, 1-800-906-9887. 1040x forms to print Low-to-moderate income, elderly, persons with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. 1040x forms to print The Tax Counseling for the Elderly (TCE) program helps taxpayers 60 and older with their tax returns. 1040x forms to print Most VITA and TCE sites offer free electronic filing. 1040x forms to print Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. 1040x forms to print Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. 1040x forms to print Call to check the status of your 2013 refund, 1-800-829-1954 or 1-800-829-4477. 1040x forms to print The automated Where's My Refund? information is available 24 hours a day, 7 days a week. 1040x forms to print If you e-file, your refund status is usually available within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. 1040x forms to print Before you call, have your 2013 tax return handy so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. 1040x forms to print Where's My Refund? can give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. 1040x forms to print Where's My Refund? includes information for the most recent return filed in the current year and does not include information about amended returns. 1040x forms to print Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. 1040x forms to print Call to order forms, instructions and publications, 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions and publications, and prior-year forms and instructions (limited to 5 years). 1040x forms to print You should receive your order within 10 business days. 1040x forms to print Call to order transcripts of your tax returns or tax account, 1-800-908-9946. 1040x forms to print Follow the prompts to provide your Social Security Number or Individual Taxpayer Identification Number, date of birth, street address and ZIP code. 1040x forms to print Call for TeleTax topics, 1-800-829-4477, to listen to pre-recorded messages covering various tax topics. 1040x forms to print Call to ask tax questions, 1-800-829-1040. 1040x forms to print Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. 1040x forms to print The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. 1040x forms to print These individuals can also contact the IRS through relay services such as the Federal Relay Service available at www. 1040x forms to print gsa. 1040x forms to print gov/fedrelay. 1040x forms to print Walk-in. 1040x forms to print You can find a selection of forms, publications and services — in-person, face-to-face. 1040x forms to print Products. 1040x forms to print You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. 1040x forms to print Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. 1040x forms to print Services. 1040x forms to print You can walk in to your local TAC most business days for personal, face-to-face tax help. 1040x forms to print An employee can explain IRS letters, request adjustments to your tax account, or help you set up a payment plan. 1040x forms to print If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you are more comfortable talking with someone in person, visit your local TAC where you can talk with an IRS representative face-to-face. 1040x forms to print No appointment is necessary—just walk in. 1040x forms to print Before visiting, check www. 1040x forms to print irs. 1040x forms to print gov/localcontacts for hours of operation and services provided. 1040x forms to print Mail. 1040x forms to print You can send your order for forms, instructions, and publications to the address below. 1040x forms to print You should receive a response within 10 business days after your request is received. 1040x forms to print  Internal Revenue Service 1201 N. 1040x forms to print Mitsubishi Motorway Bloomington, IL 61705-6613 The Taxpayer Advocate Service Is Here to Help You. 1040x forms to print   The Taxpayer Advocate Service (TAS) is your voice at the IRS. 1040x forms to print Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. 1040x forms to print What can TAS do for you?   We can offer you free help with IRS problems that you can't resolve on your own. 1040x forms to print We know this process can be confusing, but the worst thing you can do is nothing at all! TAS can help if you can't resolve your tax problem and: Your problem is causing financial difficulties for you, your family, or your business. 1040x forms to print You face (or your business is facing) an immediate threat of adverse action. 1040x forms to print You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. 1040x forms to print   If you qualify for our help, you'll be assigned to one advocate who'll be with you at every turn and will do everything possible to resolve your problem. 1040x forms to print Here's why we can help: TAS is an independent organization within the IRS. 1040x forms to print Our advocates know how to work with the IRS. 1040x forms to print Our services are free and tailored to meet your needs. 1040x forms to print We have offices in every state, the District of Columbia, and Puerto Rico. 1040x forms to print How can you reach us?   If you think TAS can help you, call your local advocate, whose number is in your local directory and at www. 1040x forms to print irs. 1040x forms to print gov/advocate, or call us toll-free at 1-877-777-4778. 1040x forms to print How else does TAS help taxpayers?   TAS also works to resolve large-scale, systemic problems that affect many taxpayers. 1040x forms to print If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System at www. 1040x forms to print irs. 1040x forms to print gov/sams. 1040x forms to print Low Income Taxpayer Clinics. 1040x forms to print   Low Income Taxpayer Clinics (LITCs) serve individuals whose income is below a certain level and need to resolve tax problems such as audits, appeals, and tax collection disputes. 1040x forms to print Some clinics can provide information about taxpayer rights and responsibilities in different languages for individuals who speak English as a second language. 1040x forms to print Visit www. 1040x forms to print TaxpayerAdvocate. 1040x forms to print irs. 1040x forms to print gov or see IRS Publication 4134, Low Income Taxpayer Clinic List. 1040x forms to print Prev  Up  Next   Home   More Online Publications
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The 1040x Forms To Print

1040x forms to print 3. 1040x forms to print   SIMPLE Plans Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: SIMPLE IRA PlanWho Can Set Up a SIMPLE IRA Plan? Who Can Participate in a SIMPLE IRA Plan? How To Set Up a SIMPLE IRA Plan Notification Requirement Contribution Limits When To Deduct Contributions Where To Deduct Contributions Tax Treatment of Contributions Distributions (Withdrawals) More Information on SIMPLE IRA Plans SIMPLE 401(k) Plan Topics - This chapter discusses: SIMPLE IRA plan SIMPLE 401(k) plan Useful Items - You may want to see: Publications 590 Individual Retirement Arrangements (IRAs) 3998 Choosing A Retirement Solution for Your Small Business 4284 SIMPLE IRA Plan Checklist 4334 SIMPLE IRA Plans for Small Businesses Forms (and Instructions) W-2 Wage and Tax Statement 5304-SIMPLE Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)–Not for Use With a Designated Financial Institution 5305-SIMPLE Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)–for Use With a Designated Financial Institution 8880 Credit for Qualified Retirement Savings Contributions 8881 Credit for Small Employer Pension Plan Startup Costs A savings incentive match plan for employees (SIMPLE plan) is a written arrangement that provides you and your employees with a simplified way to make contributions to provide retirement income. 1040x forms to print Under a SIMPLE plan, employees can choose to make salary reduction contributions to the plan rather than receiving these amounts as part of their regular pay. 1040x forms to print In addition, you will contribute matching or nonelective contributions. 1040x forms to print SIMPLE plans can only be maintained on a calendar-year basis. 1040x forms to print A SIMPLE plan can be set up in either of the following ways. 1040x forms to print Using SIMPLE IRAs (SIMPLE IRA plan). 1040x forms to print As part of a 401(k) plan (SIMPLE 401(k) plan). 1040x forms to print Many financial institutions will help you set up a SIMPLE plan. 1040x forms to print SIMPLE IRA Plan A SIMPLE IRA plan is a retirement plan that uses SIMPLE IRAs for each eligible employee. 1040x forms to print Under a SIMPLE IRA plan, a SIMPLE IRA must be set up for each eligible employee. 1040x forms to print For the definition of an eligible employee, see Who Can Participate in a SIMPLE IRA Plan , later. 1040x forms to print Who Can Set Up a SIMPLE IRA Plan? You can set up a SIMPLE IRA plan if you meet both the following requirements. 1040x forms to print You meet the employee limit. 1040x forms to print You do not maintain another qualified plan unless the other plan is for collective bargaining employees. 1040x forms to print Employee limit. 1040x forms to print   You can set up a SIMPLE IRA plan only if you had 100 or fewer employees who received $5,000 or more in compensation from you for the preceding year. 1040x forms to print Under this rule, you must take into account all employees employed at any time during the calendar year regardless of whether they are eligible to participate. 1040x forms to print Employees include self-employed individuals who received earned income and leased employees (defined in chapter 1). 1040x forms to print   Once you set up a SIMPLE IRA plan, you must continue to meet the 100-employee limit each year you maintain the plan. 1040x forms to print Grace period for employers who cease to meet the 100-employee limit. 1040x forms to print   If you maintain the SIMPLE IRA plan for at least 1 year and you cease to meet the 100-employee limit in a later year, you will be treated as meeting it for the 2 calendar years immediately following the calendar year for which you last met it. 1040x forms to print   A different rule applies if you do not meet the 100-employee limit because of an acquisition, disposition, or similar transaction. 1040x forms to print Under this rule, the SIMPLE IRA plan will be treated as meeting the 100-employee limit for the year of the transaction and the 2 following years if both the following conditions are satisfied. 1040x forms to print Coverage under the plan has not significantly changed during the grace period. 1040x forms to print The SIMPLE IRA plan would have continued to qualify after the transaction if you had remained a separate employer. 1040x forms to print    The grace period for acquisitions, dispositions, and similar transactions also applies if, because of these types of transactions, you do not meet the rules explained under Other qualified plan or Who Can Participate in a SIMPLE IRA Plan, below. 1040x forms to print Other qualified plan. 1040x forms to print   The SIMPLE IRA plan generally must be the only retirement plan to which you make contributions, or to which benefits accrue, for service in any year beginning with the year the SIMPLE IRA plan becomes effective. 1040x forms to print Exception. 1040x forms to print   If you maintain a qualified plan for collective bargaining employees, you are permitted to maintain a SIMPLE IRA plan for other employees. 1040x forms to print Who Can Participate in a SIMPLE IRA Plan? Eligible employee. 1040x forms to print   Any employee who received at least $5,000 in compensation during any 2 years preceding the current calendar year and is reasonably expected to receive at least $5,000 during the current calendar year is eligible to participate. 1040x forms to print The term “employee” includes a self-employed individual who received earned income. 1040x forms to print   You can use less restrictive eligibility requirements (but not more restrictive ones) by eliminating or reducing the prior year compensation requirements, the current year compensation requirements, or both. 1040x forms to print For example, you can allow participation for employees who received at least $3,000 in compensation during any preceding calendar year. 1040x forms to print However, you cannot impose any other conditions for participating in a SIMPLE IRA plan. 1040x forms to print Excludable employees. 1040x forms to print   The following employees do not need to be covered under a SIMPLE IRA plan. 1040x forms to print Employees who are covered by a union agreement and whose retirement benefits were bargained for in good faith by the employees' union and you. 1040x forms to print Nonresident alien employees who have received no U. 1040x forms to print S. 1040x forms to print source wages, salaries, or other personal services compensation from you. 1040x forms to print Compensation. 1040x forms to print   Compensation for employees is the total wages, tips, and other compensation from the employer subject to federal income tax withholding and the amounts paid for domestic service in a private home, local college club, or local chapter of a college fraternity or sorority. 1040x forms to print Compensation also includes the employee's salary reduction contributions made under this plan and, if applicable, elective deferrals under a section 401(k) plan, a SARSEP, or a section 403(b) annuity contract and compensation deferred under a section 457 plan required to be reported by the employer on Form W-2. 1040x forms to print If you are self-employed, compensation is your net earnings from self-employment (line 4 of Short Schedule SE or line 6 of Long Schedule SE (Form 1040)) before subtracting any contributions made to the SIMPLE IRA plan for yourself. 1040x forms to print How To Set Up a SIMPLE IRA Plan You can use Form 5304-SIMPLE or Form 5305-SIMPLE to set up a SIMPLE IRA plan. 1040x forms to print Each form is a model savings incentive match plan for employees (SIMPLE) plan document. 1040x forms to print Which form you use depends on whether you select a financial institution or your employees select the institution that will receive the contributions. 1040x forms to print Use Form 5304-SIMPLE if you allow each plan participant to select the financial institution for receiving his or her SIMPLE IRA plan contributions. 1040x forms to print Use Form 5305-SIMPLE if you require that all contributions under the SIMPLE IRA plan be deposited initially at a designated financial institution. 1040x forms to print The SIMPLE IRA plan is adopted when you have completed all appropriate boxes and blanks on the form and you (and the designated financial institution, if any) have signed it. 1040x forms to print Keep the original form. 1040x forms to print Do not file it with the IRS. 1040x forms to print Other uses of the forms. 1040x forms to print   If you set up a SIMPLE IRA plan using Form 5304-SIMPLE or Form 5305-SIMPLE, you can use the form to satisfy other requirements, including the following. 1040x forms to print Meeting employer notification requirements for the SIMPLE IRA plan. 1040x forms to print Form 5304-SIMPLE and Form 5305-SIMPLE contain a Model Notification to Eligible Employees that provides the necessary information to the employee. 1040x forms to print Maintaining the SIMPLE IRA plan records and proving you set up a SIMPLE IRA plan for employees. 1040x forms to print Deadline for setting up a SIMPLE IRA plan. 1040x forms to print   You can set up a SIMPLE IRA plan effective on any date from January 1 through October 1 of a year, provided you did not previously maintain a SIMPLE IRA plan. 1040x forms to print This requirement does not apply if you are a new employer that comes into existence after October 1 of the year the SIMPLE IRA plan is set up and you set up a SIMPLE IRA plan as soon as administratively feasible after your business comes into existence. 1040x forms to print If you previously maintained a SIMPLE IRA plan, you can set up a SIMPLE IRA plan effective only on January 1 of a year. 1040x forms to print A SIMPLE IRA plan cannot have an effective date that is before the date you actually adopt the plan. 1040x forms to print Setting up a SIMPLE IRA. 1040x forms to print   SIMPLE IRAs are the individual retirement accounts or annuities into which the contributions are deposited. 1040x forms to print A SIMPLE IRA must be set up for each eligible employee. 1040x forms to print Forms 5305-S, SIMPLE Individual Retirement Trust Account, and 5305-SA, SIMPLE Individual Retirement Custodial Account, are model trust and custodial account documents the participant and the trustee (or custodian) can use for this purpose. 1040x forms to print   A SIMPLE IRA cannot be a Roth IRA. 1040x forms to print Contributions to a SIMPLE IRA will not affect the amount an individual can contribute to a Roth or traditional IRA. 1040x forms to print Deadline for setting up a SIMPLE IRA. 1040x forms to print   A SIMPLE IRA must be set up for an employee before the first date by which a contribution is required to be deposited into the employee's IRA. 1040x forms to print See Time limits for contributing funds , later, under Contribution Limits. 1040x forms to print Credit for startup costs. 1040x forms to print   You may be able to claim a tax credit for part of the ordinary and necessary costs of starting a SIMPLE IRA plan that first became effective in 2013. 1040x forms to print For more information, see Credit for startup costs under Reminders, earlier. 1040x forms to print Notification Requirement If you adopt a SIMPLE IRA plan, you must notify each employee of the following information before the beginning of the election period. 1040x forms to print The employee's opportunity to make or change a salary reduction choice under a SIMPLE IRA plan. 1040x forms to print Your decision to make either matching contributions or nonelective contributions (discussed later). 1040x forms to print A summary description provided by the financial institution. 1040x forms to print Written notice that his or her balance can be transferred without cost or penalty if they use a designated financial institution. 1040x forms to print Election period. 1040x forms to print   The election period is generally the 60-day period immediately preceding January 1 of a calendar year (November 2 to December 31 of the preceding calendar year). 1040x forms to print However, the dates of this period are modified if you set up a SIMPLE IRA plan in mid-year (for example, on July 1) or if the 60-day period falls before the first day an employee becomes eligible to participate in the SIMPLE IRA plan. 1040x forms to print   A SIMPLE IRA plan can provide longer periods for permitting employees to enter into salary reduction agreements or to modify prior agreements. 1040x forms to print For example, a SIMPLE IRA plan can provide a 90-day election period instead of the 60-day period. 1040x forms to print Similarly, in addition to the 60-day period, a SIMPLE IRA plan can provide quarterly election periods during the 30 days before each calendar quarter, other than the first quarter of each year. 1040x forms to print Contribution Limits Contributions are made up of salary reduction contributions and employer contributions. 1040x forms to print You, as the employer, must make either matching contributions or nonelective contributions, defined later. 1040x forms to print No other contributions can be made to the SIMPLE IRA plan. 1040x forms to print These contributions, which you can deduct, must be made timely. 1040x forms to print See Time limits for contributing funds , later. 1040x forms to print Salary reduction contributions. 1040x forms to print   The amount the employee chooses to have you contribute to a SIMPLE IRA on his or her behalf cannot be more than $12,000 for 2013 and 2014. 1040x forms to print These contributions must be expressed as a percentage of the employee's compensation unless you permit the employee to express them as a specific dollar amount. 1040x forms to print You cannot place restrictions on the contribution amount (such as limiting the contribution percentage), except to comply with the $12,000 limit. 1040x forms to print   If you or an employee participates in any other qualified plan during the year and you or your employee have salary reduction contributions (elective deferrals) under those plans, the salary reduction contributions under a SIMPLE IRA plan also count toward the overall annual limit ($17,500 for 2013 and 2014) on exclusion of salary reduction contributions and other elective deferrals. 1040x forms to print Catch-up contributions. 1040x forms to print   A SIMPLE IRA plan can permit participants who are age 50 or over at the end of the calendar year to also make catch-up contributions. 1040x forms to print The catch-up contribution limit for 2013 and 2014 for SIMPLE IRA plans is $2,500. 1040x forms to print Salary reduction contributions are not treated as catch-up contributions for 2013 or 2014 until they exceed $12,000. 1040x forms to print However, the catch-up contribution a participant can make for a year cannot exceed the lesser of the following amounts. 1040x forms to print The catch-up contribution limit. 1040x forms to print The excess of the participant's compensation over the salary reduction contributions that are not catch-up contributions. 1040x forms to print Employer matching contributions. 1040x forms to print   You are generally required to match each employee's salary reduction contributions on a dollar-for-dollar basis up to 3% of the employee's compensation. 1040x forms to print This requirement does not apply if you make nonelective contributions as discussed later. 1040x forms to print Example. 1040x forms to print In 2013, your employee, John Rose, earned $25,000 and chose to defer 5% of his salary. 1040x forms to print Your net earnings from self-employment are $40,000, and you choose to contribute 10% of your earnings to your SIMPLE IRA. 1040x forms to print You make 3% matching contributions. 1040x forms to print The total contribution you make for John is $2,000, figured as follows. 1040x forms to print Salary reduction contributions ($25,000 × . 1040x forms to print 05) $1,250 Employer matching contribution ($25,000 × . 1040x forms to print 03) 750 Total contributions $2,000     The total contribution you make for yourself is $5,200, figured as follows. 1040x forms to print Salary reduction contributions ($40,000 × . 1040x forms to print 10) $4,000 Employer matching contribution ($40,000 × . 1040x forms to print 03) 1,200 Total contributions $5,200 Lower percentage. 1040x forms to print   If you choose a matching contribution less than 3%, the percentage must be at least 1%. 1040x forms to print You must notify the employees of the lower match within a reasonable period of time before the 60-day election period (discussed earlier) for the calendar year. 1040x forms to print You cannot choose a percentage less than 3% for more than 2 years during the 5-year period that ends with (and includes) the year for which the choice is effective. 1040x forms to print Nonelective contributions. 1040x forms to print   Instead of matching contributions, you can choose to make nonelective contributions of 2% of compensation on behalf of each eligible employee who has at least $5,000 (or some lower amount you select) of compensation from you for the year. 1040x forms to print If you make this choice, you must make nonelective contributions whether or not the employee chooses to make salary reduction contributions. 1040x forms to print Only $255,000 of the employee's compensation can be taken into account to figure the contribution limit in 2013 ($260,000 in 2014). 1040x forms to print   If you choose this 2% contribution formula, you must notify the employees within a reasonable period of time before the 60-day election period (discussed earlier) for the calendar year. 1040x forms to print Example 1. 1040x forms to print In 2013, your employee, Jane Wood, earned $36,000 and chose to have you contribute 10% of her salary. 1040x forms to print Your net earnings from self-employment are $50,000, and you choose to contribute 10% of your earnings to your SIMPLE IRA. 1040x forms to print You make a 2% nonelective contribution. 1040x forms to print Both of you are under age 50. 1040x forms to print The total contribution you make for Jane is $4,320, figured as follows. 1040x forms to print Salary reduction contributions ($36,000 × . 1040x forms to print 10) $3,600 2% nonelective contributions ($36,000 × . 1040x forms to print 02) 720 Total contributions $4,320     The total contribution you make for yourself is $6,000, figured as follows. 1040x forms to print Salary reduction contributions ($50,000 × . 1040x forms to print 10) $5,000 2% nonelective contributions ($50,000 × . 1040x forms to print 02) 1,000 Total contributions $6,000 Example 2. 1040x forms to print Using the same facts as in Example 1, above, the maximum contribution you make for Jane or for yourself if you each earned $75,000 is $13,500, figured as follows. 1040x forms to print Salary reduction contributions (maximum amount allowed) $12,000 2% nonelective contributions ($75,000 × . 1040x forms to print 02) 1,500 Total contributions $13,500 Time limits for contributing funds. 1040x forms to print   You must make the salary reduction contributions to the SIMPLE IRA within 30 days after the end of the month in which the amounts would otherwise have been payable to the employee in cash. 1040x forms to print You must make matching contributions or nonelective contributions by the due date (including extensions) for filing your federal income tax return for the year. 1040x forms to print Certain plans subject to Department of Labor rules may have an earlier due date for salary reduction contributions. 1040x forms to print When To Deduct Contributions You can deduct SIMPLE IRA contributions in the tax year within which the calendar year for which contributions were made ends. 1040x forms to print You can deduct contributions for a particular tax year if they are made for that tax year and are made by the due date (including extensions) of your federal income tax return for that year. 1040x forms to print Example 1. 1040x forms to print Your tax year is the fiscal year ending June 30. 1040x forms to print Contributions under a SIMPLE IRA plan for the calendar year 2013 (including contributions made in 2013 before July 1, 2013) are deductible in the tax year ending June 30, 2014. 1040x forms to print Example 2. 1040x forms to print You are a sole proprietor whose tax year is the calendar year. 1040x forms to print Contributions under a SIMPLE IRA plan for the calendar year 2013 (including contributions made in 2014 by April 15, 2014) are deductible in the 2013 tax year. 1040x forms to print Where To Deduct Contributions Deduct the contributions you make for your common-law employees on your tax return. 1040x forms to print 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. 1040x forms to print Sole proprietors and partners deduct contributions for themselves on line 28 of Form 1040. 1040x forms to print (If you are a partner, contributions for yourself are shown on the Schedule K-1 (Form 1065) you receive from the partnership. 1040x forms to print ) Tax Treatment of Contributions You can deduct your contributions and your employees can exclude these contributions from their gross income. 1040x forms to print SIMPLE IRA plan contributions are not subject to federal income tax withholding. 1040x forms to print However, salary reduction contributions are subject to social security, Medicare, and federal unemployment (FUTA) taxes. 1040x forms to print Matching and nonelective contributions are not subject to these taxes. 1040x forms to print Reporting on Form W-2. 1040x forms to print   Do not include SIMPLE IRA plan contributions in the “Wages, tips, other compensation” box of Form W-2. 1040x forms to print You must, however, include them in the “Social security wages” and “Medicare wages and tips” boxes. 1040x forms to print You must also include them in box 12. 1040x forms to print Mark the “Retirement plan” checkbox in box 13. 1040x forms to print For more information, see the Form W-2 instructions. 1040x forms to print Distributions (Withdrawals) Distributions from a SIMPLE IRA are subject to IRA rules and generally are includible in income for the year received. 1040x forms to print Tax-free rollovers can be made from one SIMPLE IRA into another SIMPLE IRA. 1040x forms to print However, a rollover from a SIMPLE IRA to a non-SIMPLE IRA can be made tax free only after a 2-year participation in the SIMPLE IRA plan. 1040x forms to print Generally, you or your employee must begin to receive distributions from a SIMPLE IRA by April 1 of the first year after the calendar year in which you or your employee reaches age 70½. 1040x forms to print Early withdrawals generally are subject to a 10% additional tax. 1040x forms to print However, the additional tax is increased to 25% if funds are withdrawn within 2 years of beginning participation. 1040x forms to print More information. 1040x forms to print   See Publication 590 for information about IRA rules, including those on the tax treatment of distributions, rollovers, required distributions, and income tax withholding. 1040x forms to print More Information on SIMPLE IRA Plans If you need help to set up or maintain a SIMPLE IRA plan, go to the IRS website and search SIMPLE IRA Plan. 1040x forms to print SIMPLE 401(k) Plan You can adopt a SIMPLE plan as part of a 401(k) plan if you meet the 100-employee limit as discussed earlier under SIMPLE IRA Plan. 1040x forms to print A SIMPLE 401(k) plan is a qualified retirement plan and generally must satisfy the rules discussed under Qualification Rules in chapter 4, including the required distribution rules. 1040x forms to print However, a SIMPLE 401(k) plan is not subject to the nondiscrimination and top-heavy rules discussed in chapter 4 if the plan meets the conditions listed below. 1040x forms to print Under the plan, an employee can choose to have you make salary reduction contributions for the year to a trust in an amount expressed as a percentage of the employee's compensation, but not more than $12,000 for 2013 and 2014. 1040x forms to print If permitted under the plan, an employee who is age 50 or over can also make a catch-up contribution of up to $2,500 for 2013 and 2014. 1040x forms to print See Catch-up contributions , earlier under Contribution Limits. 1040x forms to print You must make either: Matching contributions up to 3% of compensation for the year, or Nonelective contributions of 2% of compensation on behalf of each eligible employee who has at least $5,000 of compensation from you for the year. 1040x forms to print No other contributions can be made to the trust. 1040x forms to print No contributions are made, and no benefits accrue, for services during the year under any other qualified retirement plan sponsored by you on behalf of any employee eligible to participate in the SIMPLE 401(k) plan. 1040x forms to print The employee's rights to any contributions are nonforfeitable. 1040x forms to print No more than $255,000 of the employee's compensation can be taken into account in figuring matching contributions and nonelective contributions in 2013 ($260,000 in 2014). 1040x forms to print Compensation is defined earlier in this chapter. 1040x forms to print Employee notification. 1040x forms to print   The notification requirement that applies to SIMPLE IRA plans also applies to SIMPLE 401(k) plans. 1040x forms to print See Notification Requirement in this chapter. 1040x forms to print Credit for startup costs. 1040x forms to print   You may be able to claim a tax credit for part of the ordinary and necessary costs of starting a SIMPLE 401(k) plan that first became effective in 2013. 1040x forms to print For more information, see Credit for startup costs under Reminders, earlier. 1040x forms to print Note on Forms. 1040x forms to print   Please note that Forms 5304-SIMPLE and 5305-SIMPLE can not be used to establish a SIMPLE 401(k) plan. 1040x forms to print To set up a SIMPLE 401(k) plan, see Adopting a Written Plan in chapter 4. 1040x forms to print Prev  Up  Next   Home   More Online Publications