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2012 Pdf Tax Forms 1040

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2012 Pdf Tax Forms 1040

2012 pdf tax forms 1040 Publication 969 - Additional Material Prev  Up  Next   Home   More Online Publications
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The 2012 Pdf Tax Forms 1040

2012 pdf tax forms 1040 1. 2012 pdf tax forms 1040   Definitions You Need To Know Table of Contents Other options. 2012 pdf tax forms 1040 Exception. 2012 pdf tax forms 1040 Certain terms used in this publication are defined below. 2012 pdf tax forms 1040 The same term used in another publication may have a slightly different meaning. 2012 pdf tax forms 1040 Annual additions. 2012 pdf tax forms 1040   Annual additions are the total of all your contributions in a year, employee contributions (not including rollovers), and forfeitures allocated to a participant's account. 2012 pdf tax forms 1040 Annual benefits. 2012 pdf tax forms 1040   Annual benefits are the benefits to be paid yearly in the form of a straight life annuity (with no extra benefits) under a plan to which employees do not contribute and under which no rollover contributions are made. 2012 pdf tax forms 1040 Business. 2012 pdf tax forms 1040   A business is an activity in which a profit motive is present and economic activity is involved. 2012 pdf tax forms 1040 Service as a newspaper carrier under age 18 or as a public official is not a business. 2012 pdf tax forms 1040 Common-law employee. 2012 pdf tax forms 1040   A common-law employee is any individual who, under common law, would have the status of an employee. 2012 pdf tax forms 1040 A leased employee can also be a common-law employee. 2012 pdf tax forms 1040   A common-law employee is a person who performs services for an employer who has the right to control and direct the results of the work and the way in which it is done. 2012 pdf tax forms 1040 For example, the employer: Provides the employee's tools, materials, and workplace, and Can fire the employee. 2012 pdf tax forms 1040   Common-law employees are not self-employed and cannot set up retirement plans for income from their work, even if that income is self-employment income for social security tax purposes. 2012 pdf tax forms 1040 For example, common-law employees who are ministers, members of religious orders, full-time insurance salespeople, and U. 2012 pdf tax forms 1040 S. 2012 pdf tax forms 1040 citizens employed in the United States by foreign governments cannot set up retirement plans for their earnings from those employments, even though their earnings are treated as self-employment income. 2012 pdf tax forms 1040   However, an individual may be a common-law employee and a self-employed person as well. 2012 pdf tax forms 1040 For example, an attorney can be a corporate common-law employee during regular working hours and also practice law in the evening as a self-employed person. 2012 pdf tax forms 1040 In another example, a minister employed by a congregation for a salary is a common-law employee even though the salary is treated as self-employment income for social security tax purposes. 2012 pdf tax forms 1040 However, fees reported on Schedule C (Form 1040), Profit or Loss From Business, for performing marriages, baptisms, and other personal services are self-employment earnings for qualified plan purposes. 2012 pdf tax forms 1040 Compensation. 2012 pdf tax forms 1040   Compensation for plan allocations is the pay a participant received from you for personal services for a year. 2012 pdf tax forms 1040 You can generally define compensation as including all the following payments. 2012 pdf tax forms 1040 Wages and salaries. 2012 pdf tax forms 1040 Fees for professional services. 2012 pdf tax forms 1040 Other amounts received (cash or noncash) for personal services actually rendered by an employee, including, but not limited to, the following items. 2012 pdf tax forms 1040 Commissions and tips. 2012 pdf tax forms 1040 Fringe benefits. 2012 pdf tax forms 1040 Bonuses. 2012 pdf tax forms 1040   For a self-employed individual, compensation means the earned income, discussed later, of that individual. 2012 pdf tax forms 1040   Compensation generally includes amounts deferred in the following employee benefit plans. 2012 pdf tax forms 1040 These amounts are elective deferrals. 2012 pdf tax forms 1040 Qualified cash or deferred arrangement (section 401(k) plan). 2012 pdf tax forms 1040 Salary reduction agreement to contribute to a tax-sheltered annuity (section 403(b) plan), a SIMPLE IRA plan, or a SARSEP. 2012 pdf tax forms 1040 Section 457 nonqualified deferred compensation plan. 2012 pdf tax forms 1040 Section 125 cafeteria plan. 2012 pdf tax forms 1040   However, an employer can choose to exclude elective deferrals under the above plans from the definition of compensation. 2012 pdf tax forms 1040 The limit on elective deferrals is discussed in chapter 2 under Salary Reduction Simplified Employee Pension (SARSEP) and in chapter 4. 2012 pdf tax forms 1040 Other options. 2012 pdf tax forms 1040   In figuring the compensation of a participant, you can treat any of the following amounts as the employee's compensation. 2012 pdf tax forms 1040 The employee's wages as defined for income tax withholding purposes. 2012 pdf tax forms 1040 The employee's wages you report in box 1 of Form W-2, Wage and Tax Statement. 2012 pdf tax forms 1040 The employee's social security wages (including elective deferrals). 2012 pdf tax forms 1040   Compensation generally cannot include either of the following items. 2012 pdf tax forms 1040 Nontaxable reimbursements or other expense allowances. 2012 pdf tax forms 1040 Deferred compensation (other than elective deferrals). 2012 pdf tax forms 1040 SIMPLE plans. 2012 pdf tax forms 1040   A special definition of compensation applies for SIMPLE plans. 2012 pdf tax forms 1040 See chapter 3. 2012 pdf tax forms 1040 Contribution. 2012 pdf tax forms 1040   A contribution is an amount you pay into a plan for all those participating in the plan, including self-employed individuals. 2012 pdf tax forms 1040 Limits apply to how much, under the contribution formula of the plan, can be contributed each year for a participant. 2012 pdf tax forms 1040 Deduction. 2012 pdf tax forms 1040   A deduction is the plan contributions you can subtract from gross income on your federal income tax return. 2012 pdf tax forms 1040 Limits apply to the amount deductible. 2012 pdf tax forms 1040 Earned income. 2012 pdf tax forms 1040   Earned income is net earnings from self-employment, discussed later, from a business in which your services materially helped to produce the income. 2012 pdf tax forms 1040   You can also have earned income from property your personal efforts helped create, such as royalties from your books or inventions. 2012 pdf tax forms 1040 Earned income includes net earnings from selling or otherwise disposing of the property, but it does not include capital gains. 2012 pdf tax forms 1040 It includes income from licensing the use of property other than goodwill. 2012 pdf tax forms 1040   Earned income includes amounts received for services by self-employed members of recognized religious sects opposed to social security benefits who are exempt from self-employment tax. 2012 pdf tax forms 1040   If you have more than one business, but only one has a retirement plan, only the earned income from that business is considered for that plan. 2012 pdf tax forms 1040 Employer. 2012 pdf tax forms 1040   An employer is generally any person for whom an individual performs or did perform any service, of whatever nature, as an employee. 2012 pdf tax forms 1040 A sole proprietor is treated as his or her own employer for retirement plan purposes. 2012 pdf tax forms 1040 However, a partner is not an employer for retirement plan purposes. 2012 pdf tax forms 1040 Instead, the partnership is treated as the employer of each partner. 2012 pdf tax forms 1040 Highly compensated employee. 2012 pdf tax forms 1040   A highly compensated employee is an individual who: Owned more than 5% of the interest in your business at any time during the year or the preceding year, regardless of how much compensation that person earned or received, or For the preceding year, received compensation from you of more than $115,000 (if the preceding year is 2012, 2013, or 2014) and, if you so choose, was in the top 20% of employees when ranked by compensation. 2012 pdf tax forms 1040 Leased employee. 2012 pdf tax forms 1040   A leased employee who is not your common-law employee must generally be treated as your employee for retirement plan purposes if he or she does all the following. 2012 pdf tax forms 1040 Provides services to you under an agreement between you and a leasing organization. 2012 pdf tax forms 1040 Has performed services for you (or for you and related persons) substantially full time for at least 1 year. 2012 pdf tax forms 1040 Performs services under your primary direction or control. 2012 pdf tax forms 1040 Exception. 2012 pdf tax forms 1040   A leased employee is not treated as your employee if all the following conditions are met. 2012 pdf tax forms 1040 Leased employees are not more than 20% of your non-highly compensated work force. 2012 pdf tax forms 1040 The employee is covered under the leasing organization's qualified pension plan. 2012 pdf tax forms 1040 The leasing organization's plan is a money purchase pension plan that has all the following provisions. 2012 pdf tax forms 1040 Immediate participation. 2012 pdf tax forms 1040 (This requirement does not apply to any individual whose compensation from the leasing organization in each plan year during the 4-year period ending with the plan year is less than $1,000. 2012 pdf tax forms 1040 ) Full and immediate vesting. 2012 pdf tax forms 1040 A nonintegrated employer contribution rate of at least 10% of compensation for each participant. 2012 pdf tax forms 1040 However, if the leased employee is your common-law employee, that employee will be your employee for all purposes, regardless of any pension plan of the leasing organization. 2012 pdf tax forms 1040 Net earnings from self-employment. 2012 pdf tax forms 1040   For SEP and qualified plans, net earnings from self-employment is your gross income from your trade or business (provided your personal services are a material income-producing factor) minus allowable business deductions. 2012 pdf tax forms 1040 Allowable deductions include contributions to SEP and qualified plans for common-law employees and the deduction allowed for the deductible part of your self-employment tax. 2012 pdf tax forms 1040   Net earnings from self-employment does not include items excluded from gross income (or their related deductions) other than foreign earned income and foreign housing cost amounts. 2012 pdf tax forms 1040   For the deduction limits, earned income is net earnings for personal services actually rendered to the business. 2012 pdf tax forms 1040 You take into account the income tax deduction for the deductible part of self-employment tax and the deduction for contributions to the plan made on your behalf when figuring net earnings. 2012 pdf tax forms 1040   Net earnings include a partner's distributive share of partnership income or loss (other than separately stated items, such as capital gains and losses). 2012 pdf tax forms 1040 It does not include income passed through to shareholders of S corporations. 2012 pdf tax forms 1040 Guaranteed payments to limited partners are net earnings from self-employment if they are paid for services to or for the partnership. 2012 pdf tax forms 1040 Distributions of other income or loss to limited partners are not net earnings from self-employment. 2012 pdf tax forms 1040   For SIMPLE plans, net earnings from self-employment is the amount on line 4 of Short Schedule SE or line 6 of Long Schedule SE (Form 1040), Self-Employment Tax, before subtracting any contributions made to the SIMPLE plan for yourself. 2012 pdf tax forms 1040 Qualified plan. 2012 pdf tax forms 1040   A qualified plan is a retirement plan that offers a tax-favored way to save for retirement. 2012 pdf tax forms 1040 You can deduct contributions made to the plan for your employees. 2012 pdf tax forms 1040 Earnings on these contributions are generally tax free until distributed at retirement. 2012 pdf tax forms 1040 Profit-sharing, money purchase, and defined benefit plans are qualified plans. 2012 pdf tax forms 1040 A 401(k) plan is also a qualified plan. 2012 pdf tax forms 1040 Participant. 2012 pdf tax forms 1040   A participant is an eligible employee who is covered by your retirement plan. 2012 pdf tax forms 1040 See the discussions of the different types of plans for the definition of an employee eligible to participate in each type of plan. 2012 pdf tax forms 1040 Partner. 2012 pdf tax forms 1040   A partner is an individual who shares ownership of an unincorporated trade or business with one or more persons. 2012 pdf tax forms 1040 For retirement plans, a partner is treated as an employee of the partnership. 2012 pdf tax forms 1040 Self-employed individual. 2012 pdf tax forms 1040   An individual in business for himself or herself, and whose business is not incorporated, is self-employed. 2012 pdf tax forms 1040 Sole proprietors and partners are self-employed. 2012 pdf tax forms 1040 Self-employment can include part-time work. 2012 pdf tax forms 1040   Not everyone who has net earnings from self-employment for social security tax purposes is self-employed for qualified plan purposes. 2012 pdf tax forms 1040 See Common-law employee and Net earnings from self-employment , earlier. 2012 pdf tax forms 1040   In addition, certain fishermen may be considered self-employed for setting up a qualified plan. 2012 pdf tax forms 1040 See Publication 595, Capital Construction Fund for Commercial Fishermen, for the special rules used to determine whether fishermen are self-employed. 2012 pdf tax forms 1040 Sole proprietor. 2012 pdf tax forms 1040   A sole proprietor is an individual who owns an unincorporated business by himself or herself, including a single member limited liability company that is treated as a disregarded entity for tax purposes. 2012 pdf tax forms 1040 For retirement plans, a sole proprietor is treated as both an employer and an employee. 2012 pdf tax forms 1040 Prev  Up  Next   Home   More Online Publications