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2010 1040 Form
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2010 1040 Form
2010 1040 form 8. 2010 1040 form Distributions and Rollovers Table of Contents DistributionsMinimum Required Distributions No Special 10-Year Tax Option Transfer of Interest in 403(b) ContractAfter-tax contributions. 2010 1040 form Permissive service credit. 2010 1040 form Tax-Free RolloversHardship exception to rollover rules. 2010 1040 form Eligible retirement plans. 2010 1040 form Nonqualifying distributions. 2010 1040 form Second rollover. 2010 1040 form Gift Tax Distributions Permissible distributions. 2010 1040 form Generally, a distribution cannot be made from a 403(b) account until the employee: Reaches age 59½, Has a severance from employment, Dies, Becomes disabled, In the case of elective deferrals, encounters financial hardship, or Has a qualified reservist distribution. 2010 1040 form In most cases, the payments you receive or that are made available to you under your 403(b) account are taxable in full as ordinary income. 2010 1040 form In general, the same tax rules apply to distributions from 403(b) plans that apply to distributions from other retirement plans. 2010 1040 form These rules are explained in Publication 575. 2010 1040 form Publication 575 also discusses the additional tax on early distributions from retirement plans. 2010 1040 form Retired public safety officers. 2010 1040 form If you are an eligible retired public safety officer, distributions of up to $3,000, made directly from your 403(b) plan to pay accident, health, or long-term care insurance, are not included in your taxable income. 2010 1040 form The premiums can be for you, your spouse, or your dependents. 2010 1040 form A public safety officer is a law enforcement officer, fire fighter, chaplain, or member of a rescue squad or ambulance crew. 2010 1040 form For additional information, see Publication 575. 2010 1040 form Distribution for active reservist. 2010 1040 form The 10% penalty for early withdrawals will not apply to a qualified reservist distribution attributable to elective deferrals from a 403(b) plan. 2010 1040 form A qualified reservist distribution is a distribution that is made: To an individual who is a reservist or national guardsman and who was ordered or called to active duty for a period in excess of 179 days or for an indefinite period; and During the period beginning on the date of the order or call to duty and ending at the close of the active duty period. 2010 1040 form Minimum Required Distributions You must receive all, or at least a certain minimum, of your interest accruing after 1986 in the 403(b) plan by April 1 of the calendar year following the later of the calendar year in which you become age 70½, or the calendar year in which you retire. 2010 1040 form Check with your employer, plan administrator, or provider to find out whether this rule also applies to pre-1987 accruals. 2010 1040 form If not, a minimum amount of these accruals must begin to be distributed by the later of the end of the calendar year in which you reach age 75 or April 1 of the calendar year following retirement. 2010 1040 form For each year thereafter, the minimum distribution must be made by the last day of the year. 2010 1040 form If you do not receive the required minimum distribution, you are subject to a nondeductible 50% excise tax on the difference between the required minimum distribution and the amount actually distributed. 2010 1040 form No Special 10-Year Tax Option A distribution from a 403(b) plan does not qualify as a lump-sum distribution. 2010 1040 form This means you cannot use the special 10-year tax option to calculate the taxable portion of a 403(b) distribution. 2010 1040 form For more information, see Publication 575. 2010 1040 form Transfer of Interest in 403(b) Contract Contract exchanges. 2010 1040 form If you transfer all or part of your interest from a 403(b) contract to another 403(b) contract (held in the same plan), the transfer is tax free, and is referred to as a contract exchange. 2010 1040 form This was previously known as a 90-24 transfer. 2010 1040 form A contract exchange is similar to a 90-24 transfer with one major difference. 2010 1040 form Previously, you were able to accomplish the transfer without your employer’s involvement. 2010 1040 form After September 24, 2007, all such transfers are accomplished through a contract exchange requiring your employer’s involvement. 2010 1040 form In addition, the plan must provide for the exchange and the transferred interest must be subject to the same or stricter distribution restrictions. 2010 1040 form Finally, your accumulated benefit after the exchange must be equal to what it was before the exchange. 2010 1040 form Transfers that do not satisfy this rule are plan distributions and are generally taxable as ordinary income. 2010 1040 form Plan-to-plan transfers. 2010 1040 form You may also transfer part or all of your interest from a 403(b) plan to another 403(b) plan if you are an employee of (or were formerly employed by) the employer of the plan to which you would like to transfer. 2010 1040 form Both the initial plan and the receiving plan must provide for transfers. 2010 1040 form Your accumulated benefit after the transfer must be at least equal to what it was before the transfer. 2010 1040 form The new plan’s restrictions on distributions must be the same or stricter than those of the original plan. 2010 1040 form Tax-free transfers for certain cash distributions. 2010 1040 form A tax-free transfer may also apply to a cash distribution of your 403(b) account from an insurance company that is subject to a rehabilitation, conservatorship, insolvency, or similar state proceeding. 2010 1040 form To receive tax-free treatment, you must do all of the following: Withdraw all the cash to which you are entitled in full settlement of your contract rights or, if less, the maximum permitted by the state. 2010 1040 form Reinvest the cash distribution in a single policy or contract issued by another insurance company or in a single custodial account subject to the same or stricter distribution restrictions as the original contract not later than 60 days after you receive the cash distribution. 2010 1040 form Assign all future distribution rights to the new contract or account for investment in that contract or account if you received an amount that is less than what you are entitled to because of state restrictions. 2010 1040 form In addition to the preceding requirements, you must provide the new insurer with a written statement containing all of the following information: The gross amount of cash distributed under the old contract. 2010 1040 form The amount of cash reinvested in the new contract. 2010 1040 form Your investment in the old contract on the date you receive your first cash distribution. 2010 1040 form Also, you must attach the following items to your timely filed income tax return in the year you receive the first distribution of cash. 2010 1040 form A copy of the statement you gave the new insurer. 2010 1040 form A statement that includes: The words ELECTION UNDER REV. 2010 1040 form PROC. 2010 1040 form 92-44, The name of the company that issued the new contract, and The new policy number. 2010 1040 form Direct trustee-to-trustee transfer. 2010 1040 form If you make a direct trustee-to-trustee transfer, from your governmental 403(b) account to a defined benefit governmental plan, it may not be includible in gross income. 2010 1040 form The transfer amount is not includible in gross income if it is made to: Purchase permissive service credits, or Repay contributions and earnings that were previously refunded under a forfeiture of service credit under the plan, or under another plan maintained by a state or local government employer within the same state. 2010 1040 form After-tax contributions. 2010 1040 form For distributions beginning after December 31, 2006, after-tax contributions can be rolled over between a 403(b) plan and a defined benefit plan, IRA, or a defined contribution plan. 2010 1040 form If the rollover is to or from a 403(b) plan, it must occur through a direct trustee-to-trustee transfer. 2010 1040 form Permissive service credit. 2010 1040 form A permissive service credit is credit for a period of service recognized by a defined benefit governmental plan only if you voluntarily contribute to the plan an amount that does not exceed the amount necessary to fund the benefit attributable to the period of service and the amount contributed is in addition to the regular employee contribution, if any, under the plan. 2010 1040 form A permissive service credit may also include service credit for up to 5 years where there is no performance of service, or service credited to provide an increased benefit for service credit which a participant is receiving under the plan. 2010 1040 form Check with your plan administrator as to the type and extent of service that may be purchased by this transfer. 2010 1040 form Tax-Free Rollovers You can generally roll over tax free all or any part of a distribution from a 403(b) plan to a traditional IRA or a non-Roth eligible retirement plan, except for any nonqualifying distributions, described later. 2010 1040 form You may also roll over any part of a distribution from a 403(b) plan by converting it through a direct rollover, described below, to a Roth IRA. 2010 1040 form Conversion amounts are generally includible in your taxable income in the year of the distribution from your 403(b) account. 2010 1040 form See Publication 590 for more information about conversion into a Roth IRA. 2010 1040 form Note. 2010 1040 form A participant is required to roll over distribution amounts received within 60 days in order for the amount to be treated as nontaxable. 2010 1040 form Distribution amounts that are rolled over within the 60 days are not subject to the 10% early distribution penalty. 2010 1040 form Rollovers to and from 403(b) plans. 2010 1040 form You can generally roll over tax free all or any part of a distribution from an eligible retirement plan to a 403(b) plan. 2010 1040 form Beginning January 1, 2008, distributions from tax-qualified retirement plans and tax-sheltered annuities can be converted by making a direct rollover into a Roth IRA subject to the restrictions that currently apply to rollovers from a traditional IRA into a Roth IRA. 2010 1040 form Converted amounts are generally includible in your taxable income in the year of the distribution from your 403(b) account. 2010 1040 form See Publication 590 for more information on conversion into a Roth IRA. 2010 1040 form If a distribution includes both pre-tax contributions and after-tax contributions, the portion of the distribution that is rolled over is treated as consisting first of pre-tax amounts (contributions and earnings that would be includible in income if no rollover occurred). 2010 1040 form This means that if you roll over an amount that is at least as much as the pre-tax portion of the distribution, you do not have to include any of the distribution in income. 2010 1040 form For more information on rollovers and eligible retirement plans, see Publication 575. 2010 1040 form If you roll over money or other property from a 403(b) plan to an eligible retirement plan, see Publication 575 for information about possible effects on later distributions from the eligible retirement plan. 2010 1040 form Hardship exception to rollover rules. 2010 1040 form The IRS may waive the 60-day rollover period if the failure to waive such requirement would be against equity or good conscience, including cases of casualty, disaster, or other events beyond the reasonable control of an individual. 2010 1040 form To obtain a hardship exception, you must apply to the IRS for a waiver of the 60-day rollover requirement. 2010 1040 form You apply for the waiver by following the general instructions used in requesting a letter ruling. 2010 1040 form These instructions are stated in Revenue Procedure 2013-4, 2013-1 I. 2010 1040 form R. 2010 1040 form B. 2010 1040 form 126 available at www. 2010 1040 form irs. 2010 1040 form gov/irb/2013-01_IRB/ar09. 2010 1040 form html, or see the latest annual update. 2010 1040 form You must also pay a user fee with the application. 2010 1040 form The user fee for a rollover that is less than $50,000 is $500. 2010 1040 form For rollovers that are $50,000 or more, see Revenue Procedure 2013-8, 2013-1 I. 2010 1040 form R. 2010 1040 form B. 2010 1040 form 237 available at www. 2010 1040 form irs. 2010 1040 form gov/irb/2013-01_IRB/ar13. 2010 1040 form html, or see the latest annual update. 2010 1040 form In determining whether to grant a waiver, the IRS will consider all relevant facts and circumstances, including: Whether errors were made by the financial institution; Whether you were unable to complete the rollover due to death, disability, hospitalization, incarceration, restrictions imposed by a foreign country, or postal error; Whether you used the amount distributed (for example, in the case of payment by check, whether you cashed the check); and How much time has passed since the date of distribution. 2010 1040 form For additional information on rollovers, see Publication 590. 2010 1040 form Eligible retirement plans. 2010 1040 form The following are considered eligible retirement plans. 2010 1040 form Individual retirement arrangements. 2010 1040 form Roth IRA. 2010 1040 form 403(b) plans. 2010 1040 form Government eligible 457 plans. 2010 1040 form Qualified retirement plans. 2010 1040 form If the distribution is from a designated Roth account, then the only eligible retirement plan is another designated Roth account or a Roth IRA. 2010 1040 form Nonqualifying distributions. 2010 1040 form You cannot roll over tax free: Minimum required distributions (generally required to begin at age 70½), Substantially equal payments over your life or life expectancy, Substantially equal payments over the joint lives or life expectancies of your beneficiary and you, Substantially equal payments for a period of 10 years or more, Hardship distributions, or Corrective distributions of excess contributions or excess deferrals, and any income allocable to the excess, or excess annual additions and any allocable gains. 2010 1040 form Rollover of nontaxable amounts. 2010 1040 form You may be able to roll over the nontaxable part of a distribution (such as your after-tax contributions) made to another eligible retirement plan, traditional IRA, or Roth IRA. 2010 1040 form The transfer must be made either through a direct rollover to an eligible plan that separately accounts for the taxable and nontaxable parts of the rollover or through a rollover to a traditional IRA or Roth IRA. 2010 1040 form If you roll over only part of a distribution that includes both taxable and nontaxable amounts, the amount you roll over is treated as coming first from the taxable part of the distribution. 2010 1040 form Direct rollovers of 403(b) plan distributions. 2010 1040 form You have the option of having your 403(b) plan make the rollover directly to a traditional IRA, Roth IRA, or new plan. 2010 1040 form Before you receive a distribution, your plan will give you information on this. 2010 1040 form It is generally to your advantage to choose this option because your plan will not withhold tax on the distribution if you choose it. 2010 1040 form Distribution received by you. 2010 1040 form If you receive a distribution that qualifies to be rolled over, you can roll over all or any part of the distribution. 2010 1040 form Generally, you will receive only 80% of the distribution because 20% must be withheld. 2010 1040 form If you roll over only the 80% you receive, you must pay tax on the 20% you did not roll over. 2010 1040 form You can replace the 20% that was withheld with other money within the 60-day period to make a 100% rollover. 2010 1040 form Voluntary deductible contributions. 2010 1040 form For tax years 1982 through 1986, employees could make deductible contributions to a 403(b) plan under the individual retirement arrangement (IRA) rules instead of deducting contributions to a traditional IRA. 2010 1040 form If you made voluntary deductible contributions to a 403(b) plan under these traditional IRA rules, the distribution of all or part of the accumulated deductible contributions may be rolled over if it otherwise qualifies as a distribution you can roll over. 2010 1040 form Accumulated deductible contributions are the deductible contributions: Plus Income allocable to the contributions, Gain allocable to the contributions, and Minus Expenses and losses allocable to the contributions, and Distributions from the contributions, income, or gain. 2010 1040 form Excess employer contributions. 2010 1040 form The portion of a distribution from a 403(b) plan transferred to a traditional IRA that was previously included in income as excess employer contributions (discussed earlier) is not an eligible rollover distribution. 2010 1040 form Its transfer does not affect the rollover treatment of the eligible portion of the transferred amounts. 2010 1040 form However, the ineligible portion is subject to the traditional IRA contribution limits and may create an excess IRA contribution subject to a 6% excise tax (see chapter 1 of Publication 590). 2010 1040 form Qualified domestic relations order. 2010 1040 form You may be able to roll over tax free all or any part of an eligible rollover distribution from a 403(b) plan that you receive under a qualified domestic relations order (QDRO). 2010 1040 form If you receive the interest in the 403(b) plan as an employee's spouse or former spouse under a QDRO, all of the rollover rules apply to you as if you were the employee. 2010 1040 form You can roll over your interest in the plan to a traditional IRA or another 403(b) plan. 2010 1040 form For more information on the treatment of an interest received under a QDRO, see Publication 575. 2010 1040 form Spouses of deceased employees. 2010 1040 form If you are the spouse of a deceased employee, you can roll over the qualifying distribution attributable to the employee. 2010 1040 form You can make the rollover to any eligible retirement plan. 2010 1040 form After you roll money and other property over from a 403(b) plan to an eligible retirement plan, and you take a distribution from that plan, you will not be eligible to receive the capital gain treatment or the special averaging treatment for the distribution. 2010 1040 form Second rollover. 2010 1040 form If you roll over a qualifying distribution to a traditional IRA, you can, if certain conditions are satisfied, later roll the distribution into another 403(b) plan. 2010 1040 form For more information, see IRA as a holding account (conduit IRA) for rollovers to other eligible plans in chapter 1 of Publication 590. 2010 1040 form Nonspouse beneficiary. 2010 1040 form A nonspouse beneficiary may make a direct rollover of a distribution from a 403(b) plan of a deceased participant if the rollover is a direct transfer to an inherited IRA established to receive the distribution. 2010 1040 form If the rollover is a direct trustee-to-trustee transfer to an IRA established to receive the distribution: The transfer will be treated as an eligible rollover distribution. 2010 1040 form The IRA will be considered an inherited account. 2010 1040 form The required minimum distribution rules that apply in instances where the participant dies before the entire interest is distributed will apply to the transferred IRA. 2010 1040 form For more information on IRAs, see Publication 590. 2010 1040 form Frozen deposits. 2010 1040 form The 60-day period usually allowed for completing a rollover is extended for any time that the amount distributed is a frozen deposit in a financial institution. 2010 1040 form The 60-day period cannot end earlier than 10 days after the deposit ceases to be a frozen deposit. 2010 1040 form A frozen deposit is any deposit that on any day during the 60-day period cannot be withdrawn because: The financial institution is bankrupt or insolvent, or The state where the institution is located has placed limits on withdrawals because one or more banks in the state are (or are about to be) bankrupt or insolvent. 2010 1040 form Gift Tax If, by choosing or not choosing an election, or option, you provide an annuity for your beneficiary at or after your death, you may have made a taxable gift equal to the value of the annuity. 2010 1040 form Joint and survivor annuity. 2010 1040 form If the gift is an interest in a joint and survivor annuity where only you and your spouse have the right to receive payments, the gift will generally be treated as qualifying for the unlimited marital deduction. 2010 1040 form More information. 2010 1040 form For information on the gift tax, see Publication 559, Survivors, Executors, and Administrators. 2010 1040 form Prev Up 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Understanding your CP178 Notice
Your tax return filing requirements may have changed: You may no longer owe excise tax.
What you need to do
If you no longer owe excise tax, file a final Quarterly Excise Tax Return (Form 720) by:
- Writing "Not liable" at the top of next quarter’s Form 720, and
- Checking the box that says, "Final return," located on Page 1 of the form in the upper left corner.
- If you owe excise tax in the future, we’ll automatically send you Form 720 after we receive a return from you reporting tax.
You may want to...
Answers to Common Questions
How do I know if my business remains liable for excise taxes?
Your business is liable for excise tax if it involves goods, services, or activities identified on Form 720.
If I no longer owe excise taxes where to I mail my final Form 720?
File a final Form 720 if you no longer owe excise taxes because you’re either going out of business or you will not owe excise taxes in future quarters. Check the final return box above Part I of Form 720 and mail to IRS, Cincinnati, OH 45999-0009.
I don’t handle excise taxes for my corporation. How can I request that the IRS send all future notices directly to our accountant?
Complete a Form 8822, Change of Address, and send it to the address shown on the form.
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.
Understanding your notice
Reading your notice
Your notice may look different from the sample because the information contained in your notice is tailored to your situation.
Notice CP178, Page 1
Page Last Reviewed or Updated: 28-Mar-2014
The 2010 1040 Form
2010 1040 form 16. 2010 1040 form Rulings Program The IRS has a program for assisting taxpayers who have technical problems with tax laws and regulations. 2010 1040 form The IRS will answer inquiries from individuals and organizations about the tax effect of their acts or transactions. 2010 1040 form The National Office of the IRS issues rulings on those matters. 2010 1040 form A ruling is a written statement to a taxpayer that interprets and applies tax laws to the taxpayer's specific set of facts. 2010 1040 form There are also determination letters issued by IRS directors and information letters issued by IRS directors or the National Office. 2010 1040 form There is a fee for most types of determination letters and rulings. 2010 1040 form For complete information on the rulings program, see the first Internal Revenue Bulletin published each year. 2010 1040 form Prev Up Next Home More Online Publications