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2010 efile 5. 2010 efile Student Loan Cancellations and Repayment Assistance Table of Contents Introduction Student Loan CancellationQualifying Loans Student Loan Repayment Assistance Introduction Generally, if you are responsible for making loan payments, and the loan is canceled (forgiven), you must include the amount that was forgiven in your gross income for tax purposes. 2010 efile However, if you fulfill certain requirements, two types of student loan assistance may be tax free. 2010 efile The types of assistance discussed in this chapter are: Student loan cancellation, and Student loan repayment assistance. 2010 efile Student Loan Cancellation If your student loan is canceled, you may not have to include any amount in income. 2010 efile This section describes the requirements for tax-free treatment of canceled student loans. 2010 efile Qualifying Loans To qualify for tax-free treatment, for the cancellation of your loan, your loan must have been made by a qualified lender to assist you in attending an eligible educational institution and contain a provision that all or part of the debt will be canceled if you work: For a certain period of time, In certain professions, and For any of a broad class of employers. 2010 efile The cancellation of your loan will not qualify for tax-free treatment if it is cancelled because of services you performed for the educational institution that made the loan or other organization that provided the funds. 2010 efile See Exception, later. 2010 efile Eligible educational institution. 2010 efile This is an educational institution that maintains a regular faculty and curriculum and normally has a regularly enrolled body of students in attendance at the place where it carries on its educational activities. 2010 efile Qualified lenders. 2010 efile These include the following. 2010 efile The United States, or an instrumentality thereof. 2010 efile A state, territory, or possession of the United States, or the District of Columbia, or any political subdivision thereof. 2010 efile A public benefit corporation that is tax-exempt under section 501(c)(3); and that has assumed control of a state, county, or municipal hospital; and whose employees are considered public employees under state law. 2010 efile An eligible educational institution, if the loan is made: As part of an agreement with an entity described in (1), (2), (3) under which the funds to make the loan were provided to the educational institution, or Under a program of the educational institution that is designed to encourage its students to serve in occupations with unmet needs or in areas with unmet needs where the services provided by the students (or former students) are for or under the direction of a governmental unit or a tax-exempt section 501(c)(3) organization. 2010 efile Occupations with unmet needs include medicine, nursing, teaching, and law. 2010 efile Section 501(c)(3) organization. 2010 efile This is any corporation, community chest, fund, or foundation organized and operated exclusively for one or more of the following purposes. 2010 efile Charitable. 2010 efile Religious. 2010 efile Educational. 2010 efile Scientific. 2010 efile Literary. 2010 efile Testing for public safety. 2010 efile Fostering national or international amateur sports competition (but only if none of its activities involve providing athletic facilities or equipment). 2010 efile The prevention of cruelty to children or animals. 2010 efile Exception. 2010 efile The cancellation of your loan does not qualify as tax-free student loan cancellation if your student loan was made by an educational institution and is canceled because of services you performed for the educational institution or other organization that provided the funds. 2010 efile Refinanced Loan If you refinanced a student loan with another loan from an eligible educational institution or a tax-exempt organization, that loan may also be considered as made by a qualified lender. 2010 efile The refinanced loan is considered made by a qualified lender if it is made under a program of the refinancing organization that is designed to encourage students to serve in occupations with unmet needs or in areas with unmet needs where the services required of the students are for or under the direction of a governmental unit or a tax-exempt section 501(c)(3) organization. 2010 efile Student Loan Repayment Assistance Student loan repayments made to you are tax free if you received them for any of the following: The National Health Service Corps (NHSC) Loan Repayment Program (NHSC Loan Repayment Program). 2010 efile A state education loan repayment program eligible for funds under the Public Health Service Act. 2010 efile Any other state loan repayment or loan forgiveness program that is intended to provide for the increased availability of health services in under served or health professional shortage areas (as determined by such state). 2010 efile You cannot deduct the interest you paid on a student loan to the extent payments were made through your participation in the above programs. 2010 efile Prev Up Next Home More Online Publications
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The 2010 Efile
2010 efile 1. 2010 efile 403(b) Plan Basics Table of Contents What Is a 403(b) Plan? What Are the Benefits of Contributing to a 403(b) Plan?Excluded. 2010 efile Deducted. 2010 efile Who Can Participate in a 403(b) Plan?Ministers. 2010 efile Who Can Set Up a 403(b) Account? How Can Contributions Be Made to My 403(b) Account? Do I Report Contributions on My Tax Return? How Much Can Be Contributed to My 403(b) Account? This chapter introduces you to 403(b) plans and accounts. 2010 efile Specifically, the chapter answers the following questions. 2010 efile What is a 403(b) plan? What are the benefits of contributing to a 403(b) plan? Who can participate in a 403(b) plan? Who can set up a 403(b) account? How can contributions be made to my 403(b) account? Do I report contributions on my tax return? How much can be contributed to my 403(b) account? What Is a 403(b) Plan? A 403(b) plan, also known as a tax-sheltered annuity (TSA) plan, is a retirement plan for certain employees of public schools, employees of certain tax-exempt organizations, and certain ministers. 2010 efile Individual accounts in a 403(b) plan can be any of the following types. 2010 efile An annuity contract, which is a contract provided through an insurance company, A custodial account, which is an account invested in mutual funds, or A retirement income account set up for church employees. 2010 efile Generally, retirement income accounts can invest in either annuities or mutual funds. 2010 efile We use the term “403(b) account” to refer to any one of these funding arrangements throughout this publication, unless otherwise specified. 2010 efile What Are the Benefits of Contributing to a 403(b) Plan? There are three benefits to contributing to a 403(b) plan. 2010 efile The first benefit is that you do not pay income tax on allowable contributions until you begin making withdrawals from the plan, usually after you retire. 2010 efile Allowable contributions to a 403(b) plan are either excluded or deducted from your income. 2010 efile However, if your contributions are made to a Roth contribution program, this benefit does not apply. 2010 efile Instead, you pay income tax on the contributions to the plan but distributions from the plan (if certain requirements are met) are tax free. 2010 efile Note. 2010 efile Generally, employees must pay social security and Medicare tax on their contributions to a 403(b) plan, including those made under a salary reduction agreement. 2010 efile See chapter 4, Limit on Elective Deferrals , for more information. 2010 efile The second benefit is that earnings and gains on amounts in your 403(b) account are not taxed until you withdraw them. 2010 efile Earnings and gains on amounts in a Roth contribution program are not taxed if your withdrawals are qualified distributions. 2010 efile Otherwise, they are taxed when you withdraw them. 2010 efile The third benefit is that you may be eligible to take a credit for elective deferrals contributed to your 403(b) account. 2010 efile See chapter 10, Retirement Savings Contributions Credit (Saver's Credit) . 2010 efile Excluded. 2010 efile If an amount is excluded from your income, it is not included in your total wages on your Form W-2. 2010 efile This means that you do not report the excluded amount on your tax return. 2010 efile Deducted. 2010 efile If an amount is deducted from your income, it is included with your other wages on your Form W-2. 2010 efile You report this amount on your tax return, but you are allowed to subtract it when figuring the amount of income on which you must pay tax. 2010 efile Who Can Participate in a 403(b) Plan? Any eligible employee can participate in a 403(b) plan. 2010 efile Eligible employees. 2010 efile The following employees are eligible to participate in a 403(b) plan. 2010 efile Employees of tax-exempt organizations established under section 501(c)(3). 2010 efile These organizations are usually referred to as section 501(c)(3) organizations or simply 501(c)(3) organizations. 2010 efile Employees of public school systems who are involved in the day-to-day operations of a school. 2010 efile Employees of cooperative hospital service organizations. 2010 efile Civilian faculty and staff of the Uniformed Services University of the Health Sciences. 2010 efile Employees of public school systems organized by Indian tribal governments. 2010 efile Certain ministers (explained next). 2010 efile Ministers. 2010 efile The following ministers are eligible employees for whom a 403(b) account can be established. 2010 efile Ministers employed by section 501(c)(3) organizations. 2010 efile Self-employed ministers. 2010 efile A self-employed minister is treated as employed by a tax-exempt organization that is a qualified employer. 2010 efile Ministers (chaplains) who meet both of the following requirements. 2010 efile They are employed by organizations that are not section 501(c)(3) organizations. 2010 efile They function as ministers in their day-to-day professional responsibilities with their employers. 2010 efile Throughout this publication, the term chaplain will be used to mean ministers described in the third category in the list above. 2010 efile Example. 2010 efile A minister employed as a chaplain by a state-run prison and a chaplain in the United States Armed Forces are eligible employees because their employers are not section 501(c)(3) organizations and they are employed as ministers. 2010 efile Who Can Set Up a 403(b) Account? You cannot set up your own 403(b) account. 2010 efile Only employers can set up 403(b) accounts. 2010 efile A self-employed minister cannot set up a 403(b) account for his or her benefit. 2010 efile If you are a self-employed minister, only the organization (denomination) with which you are associated can set up an account for your benefit. 2010 efile How Can Contributions Be Made to My 403(b) Account? Generally, only your employer can make contributions to your 403(b) account. 2010 efile However, some plans will allow you to make after-tax contributions (defined below). 2010 efile The following types of contributions can be made to 403(b) accounts. 2010 efile Elective deferrals . 2010 efile These are contributions made under a salary reduction agreement. 2010 efile This agreement allows your employer to withhold money from your paycheck to be contributed directly into a 403(b) account for your benefit. 2010 efile Except for Roth contributions, you do not pay income tax on these contributions until you withdraw them from the account. 2010 efile If your contributions are Roth contributions, you pay taxes on your contributions but any qualified distributions from your Roth account are tax free. 2010 efile Nonelective contributions . 2010 efile These are employer contributions that are not made under a salary reduction agreement. 2010 efile Nonelective contributions include matching contributions, discretionary contributions, and mandatory contributions from your employer. 2010 efile You do not pay income tax on these contributions until you withdraw them from the account. 2010 efile After-tax contributions . 2010 efile These are contributions (that are not Roth contributions) you make with funds that you must include in income on your tax return. 2010 efile A salary payment on which income tax has been withheld is a source of these contributions. 2010 efile If your plan allows you to make after-tax contributions, they are not excluded from income and you cannot deduct them on your tax return. 2010 efile A combination of any of the three contribution types listed above. 2010 efile Self-employed minister. 2010 efile If you are a self-employed minister, you are considered both an employee and an employer, and you can contribute to a retirement income account for your own benefit. 2010 efile Do I Report Contributions on My Tax Return? Generally, you do not report contributions to your 403(b) account (except Roth contributions) on your tax return. 2010 efile Your employer will report contributions on your 2013 Form W-2. 2010 efile Elective deferrals will be shown in box 12 and the Retirement plan box will be checked in box 13. 2010 efile If you are a self-employed minister or chaplain, see the discussions next. 2010 efile Self-employed ministers. 2010 efile If you are a self-employed minister, you must report the total contributions as a deduction on your tax return. 2010 efile Deduct your contributions on line 28 of the 2013 Form 1040. 2010 efile Chaplains. 2010 efile If you are a chaplain and your employer does not exclude contributions made to your 403(b) account from your earned income, you may be able to take a deduction for those contributions on your tax return. 2010 efile However, if your employer has agreed to exclude the contributions from your earned income, you will not be allowed a deduction on your tax return. 2010 efile If you can take a deduction, include your contributions on line 36 of the 2013 Form 1040. 2010 efile Enter the amount of your deduction and write “403(b)” on the dotted line next to line 36. 2010 efile How Much Can Be Contributed to My 403(b) Account? There are limits on the amount of contributions that can be made to your 403(b) account each year. 2010 efile If contributions made to your 403(b) account are more than these contribution limits, penalties may apply. 2010 efile Chapters 2 through 6 provide information on how to determine the amount that can be contributed to your 403(b) account. 2010 efile Worksheets are provided in Chapter 9 to help you determine the maximum amount that can be contributed to your 403(b) account each year. 2010 efile Chapter 7, Excess Contributions , describes how to prevent excess contributions and how to get an excess contribution corrected. 2010 efile Prev Up Next Home More Online Publications