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2011 Taxact

When Can I Amend My 2011 Tax ReturnHr BlockSenior Tax RebateAmended Tax Return FormTaxact.com1040 Ez 2010Us Irs Tax Forms2012 Income Tax Booklet2012 1040aFill Out 1040xState ReturnsWhere Can I File Just My State Taxes1040ez FormsIrs Ez Form 2012Do College Students Have To File Taxes2013 Federal Tax Forms 1040ezHow To Fill Out Form 1040xFile Free Federal And State Taxes OnlineIrs ProblemsTurbo Tax Amended ReturnWww Myfreetaxes Com Cnm2How To Amend 2008 Tax ReturnFree Income Tax Filing For SeniorsFree Income Tax Filing For College StudentsBack Tax DebtForm48682011 Tax ReturnFillable Form 1040ezFree Tax 2012Where To File Your State Taxes For Free2013 Form 1040xIrs Tax Forms For 2010Amend 2009 TaxesE File 2009 TaxesTax Software2012 Amended Tax ReturnForma 1040Tax Planning Us 1040xTax Forms 2011State Tax Forms Need Fill

2011 Taxact

2011 taxact Index A Abandonments, Abandonments Annuities, Insurance Policies and Annuities Asset classification Capital, Capital Assets Noncapital, Noncapital Assets Assistance (see Tax help) Assumption of liabilities, Assumption of liabilities. 2011 taxact , Liabilities. 2011 taxact B Basis Adjusted, Adjusted basis. 2011 taxact Original, Basis. 2011 taxact Bonds, U. 2011 taxact S. 2011 taxact Treasury, U. 2011 taxact S. 2011 taxact Treasury Notes or Bonds Business, sold, Sale of a Business C Canceled Debt, Cancellation of debt. 2011 taxact Lease, Cancellation of a lease. 2011 taxact Real property sale, Canceling a sale of real property. 2011 taxact Capital assets defined, Capital Assets Capital gains and losses Figuring, Long and Short Term Holding period, Holding period. 2011 taxact Long term, Long and Short Term Short term, Long and Short Term Treatment of capital losses, Treatment of Capital Losses Casualties, Section 1231 transactions. 2011 taxact Charitable organization Bargain sale to, Bargain sales to charity. 2011 taxact , Bargain sale to charity. 2011 taxact Gift to, Gift to charitable organization. 2011 taxact Classes of assets, Classes of assets. 2011 taxact Coal, Coal and Iron Ore Coins, Precious Metals and Stones, Stamps, and Coins Comments, Comments and suggestions. 2011 taxact Commodities derivative financial instruments, Commodities derivative financial instrument. 2011 taxact Condemnations, Condemnations, Section 1231 transactions. 2011 taxact Conversion transactions, Conversion Transactions Copyrights, Copyright. 2011 taxact , Copyrights. 2011 taxact Covenant not to compete, Covenant not to compete. 2011 taxact D Debt cancellation, Cancellation of debt. 2011 taxact , Cancellation of debt. 2011 taxact Deferred exchange, Deferred Exchange Depreciable property Real, Depreciable real property. 2011 taxact Records, Depreciation Recapture Section 1245, Section 1245 property defined. 2011 taxact , Like-Kind Exchanges and Involuntary Conversions Section 1250, Section 1250 property defined. 2011 taxact Depreciation recapture Personal property, Section 1245 Property Real property, Section 1250 property defined. 2011 taxact E Easement, Easement. 2011 taxact Exchanges Deferred, Deferred Exchange Involuntary, Involuntary Conversions Like-kind, Like-Kind Exchanges, Like-Kind Exchanges and Involuntary Conversions Nontaxable, Nontaxable Exchanges Related persons, Related persons. 2011 taxact U. 2011 taxact S. 2011 taxact Treasury notes or bonds, U. 2011 taxact S. 2011 taxact Treasury Notes or Bonds F Fair market value, Fair market value. 2011 taxact Foreclosure, Foreclosures and Repossessions Form 1040 (Sch. 2011 taxact D), Schedule D and Form 8949 1099-A, Forms 1099-A and 1099-C. 2011 taxact , Forms 1099-A and 1099-C. 2011 taxact 1099-B, Form 1099-B. 2011 taxact 1099-C, Forms 1099-A and 1099-C. 2011 taxact , Forms 1099-A and 1099-C. 2011 taxact 1099-S, Form 1099-S. 2011 taxact 4797, Business property. 2011 taxact , Reporting the exchange. 2011 taxact , Form 4797 8594, Reporting requirement. 2011 taxact 8824, Reporting the exchange. 2011 taxact 8949, Forms to file. 2011 taxact , Personal-use property. 2011 taxact , Reporting the exchange. 2011 taxact , More information. 2011 taxact , Timber, Introduction, Form 1099-B. 2011 taxact , Personal-use property. 2011 taxact , Mark-to-market election. 2011 taxact Franchise, Franchise, Trademark, or Trade Name Free tax services, Free help with your tax return. 2011 taxact G Gains and losses Bargain sale, Bargain Sale Business property, Ordinary or Capital Gain or Loss for Business Property Defined, Gain or Loss From Sales and Exchanges Form 4797, Form 4797 Ordinary or capital, Ordinary or Capital Gain or Loss Property changed to business or rental use, Property Changed to Business or Rental Use Property used partly for rental, Property Used Partly for Business or Rental Reporting, Reporting Gains and Losses Gifts of property, Gifts, Gift. 2011 taxact Gold, Precious Metals and Stones, Stamps, and Coins H Hedging transactions, Hedging transaction. 2011 taxact Help (see Tax help) Holding period, Holding period. 2011 taxact Housing, low income, Low-income housing. 2011 taxact , Low-Income Housing With Two or More Elements I Indirect ownership of stock, Ownership of stock or partnership interests. 2011 taxact Information returns, Information Returns Inherited property, Inherited property. 2011 taxact Installment sales, Installment Sales, Installment sale. 2011 taxact Insurance policies, Insurance Policies and Annuities Intangible property, Dispositions of Intangible Property Involuntary conversion Defined, Involuntary Conversions Depreciable property, Like-Kind Exchanges and Involuntary Conversions Iron ore, Coal and Iron Ore L Land Release of restriction, Release of restriction on land. 2011 taxact Subdivision, Subdivision of Land Lease, cancellation of, Cancellation of a lease. 2011 taxact Liabilities, assumption, Liabilities. 2011 taxact Like-kind exchanges Deferred, Deferred Exchange Liabilities, assumed, Assumption of liabilities. 2011 taxact Like-class property, Like-Kind Property Like-kind property, Like-Kind Property Multiple parties, Multiple-party transactions. 2011 taxact Multiple property, Multiple Property Exchanges Partnership interests, Partnership Interests Qualifying property, Qualifying Property Related persons, Like-Kind Exchanges Between Related Persons Low-income housing, Low-income housing. 2011 taxact M Multiple property exchanges, Multiple Property Exchanges N Noncapital assets defined, Noncapital Assets Nontaxable exchanges Like-kind, Like-Kind Exchanges Other nontaxable exchanges, Other Nontaxable Exchanges Partially, Partially Nontaxable Exchanges Property exchanged for stock, Property Exchanged for Stock Notes, U. 2011 taxact S. 2011 taxact Treasury, U. 2011 taxact S. 2011 taxact Treasury Notes or Bonds O Ordinary or capital gain, Ordinary or Capital Gain or Loss P Partially nontaxable exchanges, Partially Nontaxable Exchanges Partnership Controlled, Controlled partnership transaction. 2011 taxact Related persons, Related persons. 2011 taxact , Controlled entity. 2011 taxact Sale or exchange of interest, Partnership Interests, Partnership interests. 2011 taxact , Partnership interests. 2011 taxact Patents, Patents Personal property Depreciable, Like-Kind Exchanges and Involuntary Conversions Gains and losses, Personal-use property. 2011 taxact Transfer at death, Transfers at Death Precious metals and stones, Precious Metals and Stones, Stamps, and Coins Property used partly for business or rental, Property Used Partly for Business or Rental, Part business or rental. 2011 taxact Publications (see Tax help) Publicly traded securities, rollover of gain from, Rollover of Gain From Publicly Traded Securities R Real property Depreciable, Depreciable real property. 2011 taxact Transfer at death, Transfers at Death Related persons, Sales and Exchanges Between Related Persons Condemned property replacement, bought from, Buying replacement property from a related person. 2011 taxact Gain on sale of property, Sales and Exchanges Between Related Persons Like-kind exchanges between, Like-Kind Exchanges Between Related Persons List, Related persons. 2011 taxact Loss on sale of property, Nondeductible Loss Patent transferred to, Related persons. 2011 taxact Replacement property, Replacement property. 2011 taxact , Replacement property to be produced. 2011 taxact Repossession, Foreclosures and Repossessions, Repossession. 2011 taxact Residual method, sale of business, Residual method. 2011 taxact Rollover of gain, Rollover of Gain From Publicly Traded Securities S Sale of a business, Sale of a Business Sales Bargain, charitable organization, Bargain sales to charity. 2011 taxact , Bargain sale to charity. 2011 taxact Installment, Installment Sales, Installment sale. 2011 taxact Property changed to business or rental use, Property Changed to Business or Rental Use Related persons, Sales and Exchanges Between Related Persons, Related persons. 2011 taxact Section 1231 gains and losses, Section 1231 Gains and Losses Section 1245 property Defined, Section 1245 Property Gain, ordinary income, Gain Treated as Ordinary Income Multiple asset accounts, Multiple asset accounts. 2011 taxact Section 1250 property Additional depreciation, Additional Depreciation Defined, Section 1250 property defined. 2011 taxact Foreclosure, Foreclosure. 2011 taxact Gain, ordinary income, Gain Treated as Ordinary Income Nonresidential, Nonresidential real property. 2011 taxact Residential, Residential rental property. 2011 taxact Section 197 intangibles, Section 197 Intangibles Severance damages, Severance damages. 2011 taxact Silver, Precious Metals and Stones, Stamps, and Coins Small business stock, Gains on Sales of Qualified Small Business Stock Specialized small business investment company (SSBIC), rollover of gain into, Rollover of Gain From Publicly Traded Securities Stamps, Precious Metals and Stones, Stamps, and Coins Stock Capital asset, Capital Assets Controlling interest, corporation, Controlling interest in a corporation. 2011 taxact Indirect ownership, Ownership of stock or partnership interests. 2011 taxact Property exchanged for, Property Exchanged for Stock Publicly traded securities, Rollover of Gain From Publicly Traded Securities Small business, Gains on Sales of Qualified Small Business Stock Suggestions, Comments and suggestions. 2011 taxact T Tax help, How To Get Tax Help Tax rates, capital gain, Capital Gains Tax Rates Thefts, Section 1231 transactions. 2011 taxact Timber, Timber, Section 1231 transactions. 2011 taxact Trade name, Franchise, Trademark, or Trade Name Trademark, Franchise, Trademark, or Trade Name Transfers to spouse, Transfers to Spouse U U. 2011 taxact S. 2011 taxact Treasury bonds, U. 2011 taxact S. 2011 taxact Treasury Notes or Bonds Unharvested crops, Section 1231 transactions. 2011 taxact Prev  Up     Home   More Online 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Contact Your Local Taxpayer Advocate

The Taxpayer Advocate Service is your voice at the IRS. Our job is to ensure that every taxpayer is treated fairly, and that you know and understand your rights. We offer free help to guide you through the often-confusing process of resolving tax problems that you haven’t been able to solve on your own. Remember, the worst thing you can do is nothing at all.

TAS can help if you can’t resolve your problem with the IRS and:

  • Your problem is causing financial difficulties for you, your family, or your business.
  • You face (or your business is facing) an immediate threat of adverse action.
  • You’ve tried repeatedly to contact the IRS but no one has responded to you, or the IRS hasn’t responded by the date promised.

If you qualify for our help, we’ll do everything we can to get your problem resolved. You'll be assigned to one advocate who will be with you at every turn. Although TAS is independent within the IRS, our advocates know how to work with the IRS to get your problems resolved.

As a taxpayer, you have rights that the IRS must abide by in its dealings with you. Our tax toolkit can help you understand these rights.
 


Here’s how to reach your local Taxpayer Advocate Service office:

There’s also a list of offices in Publication 1546 ( English, Spanish), Taxpayer Advocate Service–Your Voice at the IRS
 

Virtual Tax Help

Need help but don’t have a Taxpayer Advocate Service office near you?  We have a new option!  TAS now offers help through video conferencing.  

How does this work?

You can go to a location in one of the cities listed below and use high-definition two-way video conferencing to get face-to-face help from a taxpayer advocate in another city.  Similar to talking to a case advocate in person, this allows you to discuss your tax matters in a private setting.

Available cities:

Toll-Free Assistance
You can also call this toll-free number to find out if TAS can help you: 1-877-777-4778 or TTY/TTD: 1-800-829-4059. 

You can file Form 911, Request for Taxpayer Advocate Service Assistance, with the Taxpayer Advocate Service, or ask an IRS employee to complete the form on your behalf. Fax or mail the form to your Local Taxpayer Advocate.

 

 

Page Last Reviewed or Updated: 14-Mar-2014

The 2011 Taxact

2011 taxact 4. 2011 taxact   Limit on Elective Deferrals Table of Contents Excess elective deferrals. 2011 taxact General Limit 15-Year RuleYears of Service Figuring the Limit on Elective DeferralsExample The second and final component of MAC is the limit on elective deferrals. 2011 taxact This is a limit on the amount of contributions that can be made to your account through a salary reduction agreement. 2011 taxact A salary reduction agreement is an agreement between you and your employer that allows for a portion of your compensation to be directly invested in a 403(b) account on your behalf. 2011 taxact You can enter into more than one salary reduction agreement during a year. 2011 taxact More than one 403(b) account. 2011 taxact If, for any year, elective deferrals are contributed to more than one 403(b) account for you (whether or not with the same employer), you must combine all the elective deferrals to determine whether the total is more than the limit for that year. 2011 taxact 403(b) plan and another retirement plan. 2011 taxact If, during the year, contributions in the form of elective deferrals are made to other retirement plans on your behalf, you must combine all of the elective deferrals to determine if they are more than your limit on elective deferrals. 2011 taxact The limit on elective deferrals applies to amounts contributed to: 401(k) plans, to the extent excluded from income, Roth contribution programs, Section 501(c)(18) plans, to the extent excluded from income, Savings incentive match plan for employees (SIMPLE plans), Simplified employee pension (SEP) plans, and All 403(b) plans. 2011 taxact Roth contribution program. 2011 taxact   Your 403(b) plan may allow you to designate all or a portion of your elective deferrals as Roth contributions. 2011 taxact Elective deferrals designated as Roth contributions must be maintained in a separate Roth account and are not excludable from your gross income. 2011 taxact   The maximum amount of contributions allowed under a Roth contribution program is your limit on elective deferrals, less your elective deferrals not designated as Roth contributions. 2011 taxact For more information on the Roth contribution program, see Publication 560, Retirement Plans for Small Business. 2011 taxact Excess elective deferrals. 2011 taxact   If the amount contributed is more than the allowable limit, you must include the excess that is not a Roth contribution in your gross income for the year contributed. 2011 taxact General Limit Under the general limit on elective deferrals, the most that can be contributed to your 403(b) account through a salary reduction agreement is $17,500 for 2013 and 2014. 2011 taxact This limit applies without regard to community property laws. 2011 taxact 15-Year Rule If you have at least 15 years of service with an educational organization (such as a public or private school), hospital, home health service agency, health and welfare service agency, church, or convention or association of churches (or associated organization), the limit on elective deferrals to your 403(b) account is increased by the least of: $3,000, $15,000, reduced by the sum of: The additional pre-tax elective deferrals made in prior years because of this rule, plus The aggregate amount of designated Roth contributions permitted for prior years because of this rule, or $5,000 times the number of your years of service for the organization, minus the total elective deferrals made by your employer on your behalf for earlier years. 2011 taxact If you qualify for the 15-year rule, your elective deferrals under this limit can be as high as $20,500 for 2013 and 2014. 2011 taxact To determine whether you have 15 years of service with your employer, see Years of Service , next. 2011 taxact Years of Service To determine if you are eligible for the increased limit on elective deferrals, you will first need to figure your years of service. 2011 taxact How you figure your years of service depends on whether you were a full-time or a part-time employee, whether you worked for the full year or only part of the year, and whether you have worked for your employer for an entire year. 2011 taxact You must figure years of service for each year during which you worked for the employer who is maintaining your 403(b) account. 2011 taxact If more than one employer maintains a 403(b) account for you in the same year, you must figure years of service separately for each employer. 2011 taxact Definition Your years of service are the total number of years you have worked as a full time employee for the employer maintaining your 403(b) account as of the end of the year. 2011 taxact Figuring Your Years of Service Take the following rules into account when figuring your years of service. 2011 taxact Status of employer. 2011 taxact   Your years of service include only periods during which your employer was a qualified employer. 2011 taxact Your plan administrator can tell you whether or not your employer was qualified during all your periods of service. 2011 taxact Service with one employer. 2011 taxact   Generally, you cannot count service for any employer other than the one who maintains your 403(b) account. 2011 taxact Church employee. 2011 taxact   If you are a church employee, treat all of your years of service with related church organizations as years of service with the same employer. 2011 taxact For more information about church employees, see chapter 5. 2011 taxact Self-employed ministers. 2011 taxact   If you are a self-employed minister, your years of service include full and part years in which you have been treated as employed by a tax-exempt organization that is a qualified employer. 2011 taxact Total years of service. 2011 taxact   When figuring prior years of service, figure each year individually and then add the individual years of service to determine your total years of service. 2011 taxact Example. 2011 taxact The annual work period for full-time teachers employed by ABC Public Schools is September through December and February through May. 2011 taxact Marsha began working with ABC schools in September 2009. 2011 taxact She has always worked full-time for each annual work period. 2011 taxact At the end of 2013, Marsha had 4. 2011 taxact 5 years of service with ABC Public Schools, as shown in Table 4-1. 2011 taxact Table 4-1. 2011 taxact Marsha's Years of Service Note. 2011 taxact This table shows how Marsha figures her years of service, as explained in the previous example. 2011 taxact Year Period Worked Portion of Work Period Years of Service 2009 Sept. 2011 taxact –Dec. 2011 taxact . 2011 taxact 5 year . 2011 taxact 5 year 2010 Feb. 2011 taxact –May . 2011 taxact 5 year 1 year Sept. 2011 taxact –Dec. 2011 taxact . 2011 taxact 5 year 2011 Feb. 2011 taxact –May . 2011 taxact 5 year 1 year Sept. 2011 taxact –Dec. 2011 taxact . 2011 taxact 5 year 2012 Feb. 2011 taxact –May . 2011 taxact 5 year 1 year Sept. 2011 taxact –Dec. 2011 taxact . 2011 taxact 5 year 2013 Feb. 2011 taxact –May . 2011 taxact 5 year 1 year Sept. 2011 taxact –Dec. 2011 taxact . 2011 taxact 5 year Total years of service 4. 2011 taxact 5 years Full-time or part-time. 2011 taxact   To figure your years of service, you must analyze each year individually and determine whether you worked full-time for the full year or something other than full-time. 2011 taxact When determining whether you worked full-time or something other than full-time, use your employer's annual work period as the standard. 2011 taxact Employer's annual work period. 2011 taxact   Your employer's annual work period is the usual amount of time an individual working full-time in a specific position is required to work. 2011 taxact Generally, this period of time is expressed in days, weeks, months, or semesters, and can span 2 calendar years. 2011 taxact Note. 2011 taxact You cannot accumulate more than 1 year of service in a 12-month period. 2011 taxact Example. 2011 taxact All full-time teachers at ABC Public Schools are required to work both the September through December semester and the February through May semester. 2011 taxact Therefore, the annual work period for full-time teachers employed by ABC Public Schools is September through December and February through May. 2011 taxact Teachers at ABC Public Schools who work both semesters in the same calendar year are considered working a full year of service in that calendar year. 2011 taxact Full-Time Employee for the Full Year Count each full year during which you were employed full-time as 1 year of service. 2011 taxact In determining whether you were employed full-time, compare the amount of work you were required to perform with the amount of work normally required of others who held the same position with the same employer and who generally received most of their pay from the position. 2011 taxact How to compare. 2011 taxact   You can use any method that reasonably and accurately reflects the amount of work required. 2011 taxact For example, if you are a teacher, you can use the number of hours of classroom instruction as a measure of the amount of work required. 2011 taxact   In determining whether positions with the same employer are the same, consider all of the facts and circumstances concerning the positions, including the work performed, the methods by which pay is determined, and the descriptions (or titles) of the positions. 2011 taxact Example. 2011 taxact An assistant professor employed in the English department of a university will be considered a full-time employee if the amount of work that he or she is required to perform is the same as the amount of work normally required of assistant professors of English at that university who get most of their pay from that position. 2011 taxact   If no one else works for your employer in the same position, compare your work with the work normally required of others who held the same position with similar employers or similar positions with your employer. 2011 taxact Full year of service. 2011 taxact   A full year of service for a particular position means the usual annual work period of anyone employed full-time in that general type of work at that place of employment. 2011 taxact Example. 2011 taxact If a doctor works for a hospital 12 months of a year except for a 1-month vacation, the doctor will be considered as employed for a full year if the other doctors at that hospital also work 11 months of the year with a 1-month vacation. 2011 taxact Similarly, if the usual annual work period at a university consists of the fall and spring semesters, an instructor at that university who teaches these semesters will be considered as working a full year. 2011 taxact Other Than Full-Time for the Full Year If, during any year, you were employed full-time for only part of your employer's annual work period, part-time for the entire annual work period, or part-time for only part of the work period, your year of service for that year is a fraction of your employer's annual work period. 2011 taxact Full-time for part of the year. 2011 taxact   If, during a year, you were employed full-time for only part of your employer's annual work period, figure the fraction for that year as follows: The numerator (top number) is the number of weeks, months, or semesters you were a full-time employee. 2011 taxact The denominator (bottom number) is the number of weeks, months, or semesters considered the normal annual work period for the position. 2011 taxact Example. 2011 taxact Jason was employed as a full-time instructor by a local college for the 4 months of the 2013 spring semester (February 2013 through May 2013). 2011 taxact The annual work period for the college is 8 months (February through May and July through October). 2011 taxact Given these facts, Jason was employed full-time for part of the annual work period and provided ½ of a year of service. 2011 taxact Jason's years of service computation for 2013 is as follows: Number of months Jason worked = 4 = 1 Number of months in annual work period 8 2 Part-time for the full year. 2011 taxact   If, during a year, you were employed part-time for the employer's entire annual work period, you figure the fraction for that year as follows: The numerator (top number) is the number of hours or days you worked. 2011 taxact The denominator (bottom number) is the number of hours or days normally required of someone holding the same position who works full-time. 2011 taxact Example. 2011 taxact Vance teaches one course at a local medical school. 2011 taxact He teaches 3 hours per week for two semesters. 2011 taxact Other faculty members at the same school teach 9 hours per week for two semesters. 2011 taxact The annual work period of the medical school is two semesters. 2011 taxact An instructor teaching 9 hours a week for two semesters is considered a full-time employee. 2011 taxact Given these facts, Vance has worked part-time for a full annual work period. 2011 taxact Vance has completed 1/3 of a year of service, figured as shown below. 2011 taxact Number of hours per week Vance worked = 3 = 1 Number of hours per week considered full-time 9 3 Part-time for part of the year. 2011 taxact   If, during any year, you were employed part-time for only part of your employer's annual work period, you figure your fraction for that year by multiplying two fractions. 2011 taxact   Figure the first fraction as though you had worked full-time for part of the annual work period. 2011 taxact The fraction is as follows: The numerator (top number) is the number of weeks, months, or semesters you were a full-time employee. 2011 taxact The denominator (bottom number) is the number of weeks, months, or semesters considered the normal annual work period for the position. 2011 taxact   Figure the second fraction as though you had worked part-time for the entire annual work period. 2011 taxact The fraction is as follows: The numerator (top number) is the number of hours or days you worked. 2011 taxact The denominator (bottom number) is the number of hours or days normally required of someone holding the same position who works full-time. 2011 taxact   Once you have figured these two fractions, multiply them together to determine the fraction representing your partial year of service for the year. 2011 taxact Example. 2011 taxact Maria, an attorney, teaches a course for one semester at a law school. 2011 taxact She teaches 3 hours per week. 2011 taxact The annual work period for teachers at the school is two semesters. 2011 taxact All full-time instructors at the school are required to teach 12 hours per week. 2011 taxact Based on these facts, Maria is employed part-time for part of the annual work period. 2011 taxact Her year of service for this year is determined by multiplying two fractions. 2011 taxact Her computation is as follows: Maria's first fraction Number of semesters Maria worked = 1 Number of semesters in annual work period 2 Maria's second fraction Number of hours Maria worked per week = 3 = 1 Number of hours per week considered full-time 12 4 Maria would multiply these fractions to obtain the fractional year of service: 1 x 1 = 1         2 4 8         Figuring the Limit on Elective Deferrals You can use Part II of Worksheet 1 in chapter 9 to figure the limit on elective deferrals. 2011 taxact Example Floyd has figured his limit on annual additions. 2011 taxact The only other component needed before he can determine his MAC for 2014 is his limit on elective deferrals. 2011 taxact Figuring Floyd's limit on elective deferrals. 2011 taxact   Floyd has been employed with his current employer for less than 15 years. 2011 taxact He is not eligible for the special 15-year increase. 2011 taxact Therefore, his limit on elective deferrals for 2014 is $17,500 as shown in Table 4-2. 2011 taxact Floyd's employer will not make any nonelective contributions to his 403(b) account and Floyd will not make any after-tax contributions. 2011 taxact Additionally, Floyd's employer does not offer a Roth contribution program. 2011 taxact Figuring Floyd's MAC Floyd has determined that his limit on annual additions for 2014 is $52,000 and his limit on elective deferrals is $17,500. 2011 taxact Because elective deferrals are the only contributions made to Floyd's account, the maximum amount that can be contributed to a 403(b) account on Floyd's behalf in 2014 is $17,500, the lesser of both limits. 2011 taxact Table 4-2. 2011 taxact Worksheet 1. 2011 taxact Maximum Amount Contributable (MAC) Note. 2011 taxact Use this worksheet to figure your MAC. 2011 taxact Part I. 2011 taxact Limit on Annual Additions     1. 2011 taxact Enter your includible compensation for your most recent year of service 1. 2011 taxact $70,475 2. 2011 taxact Maximum: For 2013 enter $51,000 For 2014 enter $52,000 2. 2011 taxact 52,000 3. 2011 taxact Enter the lesser of line 1 or line 2. 2011 taxact This is your limit on annual additions 3. 2011 taxact 52,000   Caution: If you had only nonelective contributions, skip Part II and enter the amount from line 3 on line 18. 2011 taxact     Part II. 2011 taxact Limit on Elective Deferrals     4. 2011 taxact Maximum contribution: For 2013, enter $17,500 For 2014, enter $17,500 4. 2011 taxact 17,500   Note. 2011 taxact If you have at least 15 years of service with a qualifying organization, complete lines 5 through 17. 2011 taxact If not, enter zero (-0-) on line 16 and go to line 17. 2011 taxact     5. 2011 taxact Amount per year of service 5. 2011 taxact 5,000 6. 2011 taxact Enter your years of service 6. 2011 taxact   7. 2011 taxact Multiply line 5 by line 6 7. 2011 taxact   8. 2011 taxact Enter the total of all elective deferrals made for you by the qualifying organization for prior years 8. 2011 taxact   9. 2011 taxact Subtract line 8 from line 7. 2011 taxact If zero or less, enter zero (-0-) 9. 2011 taxact   10. 2011 taxact Maximum increase in limit for long service 10. 2011 taxact 15,000 11. 2011 taxact Enter the total of additional pre-tax elective deferrals made in prior years under the 15-year rule 11. 2011 taxact   12. 2011 taxact Enter the aggregate amount of all designated Roth contributions permitted for prior years under the 15-year rule 12. 2011 taxact   13. 2011 taxact Add lines 11 and 12 13. 2011 taxact   14. 2011 taxact Subtract line 13 from line 10 14. 2011 taxact   15. 2011 taxact Maximum additional contributions 15. 2011 taxact 3,000 16. 2011 taxact Enter the least of lines 9, 14, or 15. 2011 taxact This is your increase in the limit for long service 16. 2011 taxact -0- 17. 2011 taxact Add lines 4 and 16. 2011 taxact This is your limit on elective deferrals 17. 2011 taxact 17,500   Part III. 2011 taxact Maximum Amount Contributable     18. 2011 taxact If you had only nonelective contributions, enter the amount from line 3. 2011 taxact This is your MAC. 2011 taxact    If you had only elective deferrals, enter the lesser of lines 3 or 17. 2011 taxact This is your MAC. 2011 taxact    If you had both elective deferrals and nonelective contributions, enter the amount from line 3. 2011 taxact This is your MAC. 2011 taxact (Use the amount on line 17 to determine if you have excess elective deferrals as explained in chapter 7. 2011 taxact ) 18. 2011 taxact $17,500 Prev  Up  Next   Home   More Online Publications