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2011 Online Tax Return

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2011 Online Tax Return

2011 online tax return Publicación 4492(SP) - Introductory Material Tabla de contenidos Introducción Artículos de interés - A usted quizá le interese ver: Introducción En esta publicación se explican las disposiciones principales de la Katrina Emergency Tax Relief Act of 2005 (Ley de Alivio Tributario para Desastres Causados por el Huracán Katrina del 2005) y la Gulf Opportunity Zone Act of 2005 (Ley de la Zona de Oportunidad del Golfo del 2005). 2011 online tax return Artículos de interés - A usted quizá le interese ver: Publicación 526 Charitable Contributions (Contribuciones Caritativas), en inglés 536 Net Operating Losses (NOLs) for Individuals, Estates, and Trusts (Pérdidas Netas de Operación (NOL) para Personas Físicas, Caudales Hereditarios y Fideicomisos), en inglés 547(SP) Hechos Fortuitos, Desastres y Robos, en español 946 How to Depreciate Property (Cómo Depreciar los Bienes), en inglés Formas (e instrucciones) 4506Request for Copy of Tax Return (Solicitud de una Copia de la Declaración de Impuestos), en inglés 4506-TRequest for Transcript of Tax Return (Solicitud de un Apógrafo de la Declaración de Impuestos), en inglés 4684Casualties and Thefts (Hechos Fortuitos y Robos), en inglés 5884Work Opportunity Credit (Crédito por Oportunidad de Trabajo), en inglés 5884-ACredits for Employers Affected by Hurricane Katrina, Rita, or Wilma (Créditos para Patronos o Empleadores Afectados por el Huracán Katrina, Rita o Wilma), en inglés 8863Education Credits (Hope and Lifetime Learning Credits) (Créditos por Enseñanza Superior (Crédito Hope y Crédito Perpetuo (Vitalicio) por Aprendizaje)), en inglés 8914Exemption Amount for Taxpayers Housing Individuals Displaced by Hurricane Katrina (Cantidad de la Exención para Contribuyentes dando Alojamiento a Personas Desplazadas por el Huracán Katrina), en inglés 8915Qualified Hurricane Retirement Plan Distributions and Repayments (Distribuciones y Devoluciones (Reintegros) de Pagos Calificados de Planes de Jubilación a Causa de un Huracán), en inglés Anterior  Subir  Siguiente   Inicio   More Online Publications
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The 2011 Online Tax Return

2011 online tax return 1. 2011 online tax return   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. 2011 online tax return Deducted. 2011 online tax return Who Can Participate in a 403(b) Plan?Ministers. 2011 online tax return 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. 2011 online tax return Specifically, the chapter answers the following questions. 2011 online tax return 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. 2011 online tax return Individual accounts in a 403(b) plan can be any of the following types. 2011 online tax return 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. 2011 online tax return Generally, retirement income accounts can invest in either annuities or mutual funds. 2011 online tax return We use the term “403(b) account” to refer to any one of these funding arrangements throughout this publication, unless otherwise specified. 2011 online tax return What Are the Benefits of Contributing to a 403(b) Plan?  There are three benefits to contributing to a 403(b) plan. 2011 online tax return 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. 2011 online tax return Allowable contributions to a 403(b) plan are either excluded or deducted from your income. 2011 online tax return However, if your contributions are made to a Roth contribution program, this benefit does not apply. 2011 online tax return Instead, you pay income tax on the contributions to the plan but distributions from the plan (if certain requirements are met) are tax free. 2011 online tax return Note. 2011 online tax return 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. 2011 online tax return See chapter 4, Limit on Elective Deferrals , for more information. 2011 online tax return The second benefit is that earnings and gains on amounts in your 403(b) account are not taxed until you withdraw them. 2011 online tax return Earnings and gains on amounts in a Roth contribution program are not taxed if your withdrawals are qualified distributions. 2011 online tax return Otherwise, they are taxed when you withdraw them. 2011 online tax return The third benefit is that you may be eligible to take a credit for elective deferrals contributed to your 403(b) account. 2011 online tax return See chapter 10, Retirement Savings Contributions Credit (Saver's Credit) . 2011 online tax return Excluded. 2011 online tax return   If an amount is excluded from your income, it is not included in your total wages on your Form W-2. 2011 online tax return This means that you do not report the excluded amount on your tax return. 2011 online tax return Deducted. 2011 online tax return   If an amount is deducted from your income, it is included with your other wages on your Form W-2. 2011 online tax return 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. 2011 online tax return Who Can Participate in a 403(b) Plan? Any eligible employee can participate in a 403(b) plan. 2011 online tax return Eligible employees. 2011 online tax return   The following employees are eligible to participate in a 403(b) plan. 2011 online tax return Employees of tax-exempt organizations established under section 501(c)(3). 2011 online tax return These organizations are usually referred to as section 501(c)(3) organizations or simply 501(c)(3) organizations. 2011 online tax return Employees of public school systems who are involved in the day-to-day operations of a school. 2011 online tax return Employees of cooperative hospital service organizations. 2011 online tax return Civilian faculty and staff of the Uniformed Services University of the Health Sciences. 2011 online tax return Employees of public school systems organized by Indian tribal governments. 2011 online tax return Certain ministers (explained next). 2011 online tax return Ministers. 2011 online tax return   The following ministers are eligible employees for whom a 403(b) account can be established. 2011 online tax return Ministers employed by section 501(c)(3) organizations. 2011 online tax return Self-employed ministers. 2011 online tax return A self-employed minister is treated as employed by a tax-exempt organization that is a qualified employer. 2011 online tax return Ministers (chaplains) who meet both of the following requirements. 2011 online tax return They are employed by organizations that are not section 501(c)(3) organizations. 2011 online tax return They function as ministers in their day-to-day professional responsibilities with their employers. 2011 online tax return   Throughout this publication, the term chaplain will be used to mean ministers described in the third category in the list above. 2011 online tax return Example. 2011 online tax return 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. 2011 online tax return Who Can Set Up a 403(b) Account? You cannot set up your own 403(b) account. 2011 online tax return Only employers can set up 403(b) accounts. 2011 online tax return A self-employed minister cannot set up a 403(b) account for his or her benefit. 2011 online tax return If you are a self-employed minister, only the organization (denomination) with which you are associated can set up an account for your benefit. 2011 online tax return How Can Contributions Be Made to My 403(b) Account? Generally, only your employer can make contributions to your 403(b) account. 2011 online tax return However, some plans will allow you to make after-tax contributions (defined below). 2011 online tax return The following types of contributions can be made to 403(b) accounts. 2011 online tax return Elective deferrals . 2011 online tax return These are contributions made under a salary reduction agreement. 2011 online tax return This agreement allows your employer to withhold money from your paycheck to be contributed directly into a 403(b) account for your benefit. 2011 online tax return Except for Roth contributions, you do not pay income tax on these contributions until you withdraw them from the account. 2011 online tax return If your contributions are Roth contributions, you pay taxes on your contributions but any qualified distributions from your Roth account are tax free. 2011 online tax return Nonelective contributions . 2011 online tax return These are employer contributions that are not made under a salary reduction agreement. 2011 online tax return Nonelective contributions include matching contributions, discretionary contributions, and mandatory contributions from your employer. 2011 online tax return You do not pay income tax on these contributions until you withdraw them from the account. 2011 online tax return After-tax contributions . 2011 online tax return These are contributions (that are not Roth contributions) you make with funds that you must include in income on your tax return. 2011 online tax return A salary payment on which income tax has been withheld is a source of these contributions. 2011 online tax return 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. 2011 online tax return A combination of any of the three contribution types listed above. 2011 online tax return Self-employed minister. 2011 online tax return   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. 2011 online tax return 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. 2011 online tax return Your employer will report contributions on your 2013 Form W-2. 2011 online tax return Elective deferrals will be shown in box 12 and the Retirement plan box will be checked in box 13. 2011 online tax return If you are a self-employed minister or chaplain, see the discussions next. 2011 online tax return Self-employed ministers. 2011 online tax return   If you are a self-employed minister, you must report the total contributions as a deduction on your tax return. 2011 online tax return Deduct your contributions on line 28 of the 2013 Form 1040. 2011 online tax return Chaplains. 2011 online tax return   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. 2011 online tax return    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. 2011 online tax return   If you can take a deduction, include your contributions on line 36 of the 2013 Form 1040. 2011 online tax return Enter the amount of your deduction and write “403(b)” on the dotted line next to line 36. 2011 online tax return 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. 2011 online tax return If contributions made to your 403(b) account are more than these contribution limits, penalties may apply. 2011 online tax return Chapters 2 through 6 provide information on how to determine the amount that can be contributed to your 403(b) account. 2011 online tax return Worksheets are provided in Chapter 9 to help you determine the maximum amount that can be contributed to your 403(b) account each year. 2011 online tax return Chapter 7, Excess Contributions , describes how to prevent excess contributions and how to get an excess contribution corrected. 2011 online tax return Prev  Up  Next   Home   More Online Publications