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2013 Federal Tax Forms 1040ez

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2013 Federal Tax Forms 1040ez

2013 federal tax forms 1040ez Publication 939 - Main Content Table of Contents General Information Taxation of Periodic PaymentsInvestment in the Contract Expected Return Computation Under the General Rule How To Use Actuarial TablesUnisex Annuity Tables Special Elections Worksheets for Determining Taxable Annuity Actuarial Tables Requesting a Ruling on Taxation of Annuity How To Get Tax HelpLow Income Taxpayer Clinics General Information Some of the terms used in this publication are defined in the following paragraphs. 2013 federal tax forms 1040ez A pension is generally a series of payments made to you after you retire from work. 2013 federal tax forms 1040ez Pension payments are made regularly and are for past services with an employer. 2013 federal tax forms 1040ez An annuity is a series of payments under a contract. 2013 federal tax forms 1040ez You can buy the contract alone or you can buy it with the help of your employer. 2013 federal tax forms 1040ez Annuity payments are made regularly for more than one full year. 2013 federal tax forms 1040ez Note. 2013 federal tax forms 1040ez Distributions from pensions and annuities follow the same rules as outlined in this publication unless otherwise noted. 2013 federal tax forms 1040ez Types of pensions and annuities. 2013 federal tax forms 1040ez   Particular types of pensions and annuities include: Fixed period annuities. 2013 federal tax forms 1040ez You receive definite amounts at regular intervals for a definite length of time. 2013 federal tax forms 1040ez Annuities for a single life. 2013 federal tax forms 1040ez You receive definite amounts at regular intervals for life. 2013 federal tax forms 1040ez The payments end at death. 2013 federal tax forms 1040ez Joint and survivor annuities. 2013 federal tax forms 1040ez The first annuitant receives a definite amount at regular intervals for life. 2013 federal tax forms 1040ez After he or she dies, a second annuitant receives a definite amount at regular intervals for life. 2013 federal tax forms 1040ez The amount paid to the second annuitant may or may not differ from the amount paid to the first annuitant. 2013 federal tax forms 1040ez Variable annuities. 2013 federal tax forms 1040ez You receive payments that may vary in amount for a definite length of time or for life. 2013 federal tax forms 1040ez The amounts you receive may depend upon such variables as profits earned by the pension or annuity funds or cost-of-living indexes. 2013 federal tax forms 1040ez Disability pensions. 2013 federal tax forms 1040ez You are under minimum retirement age and receive payments because you retired on disability. 2013 federal tax forms 1040ez If, at the time of your retirement, you were permanently and totally disabled, you may be eligible for the credit for the elderly or the disabled discussed in Publication 524. 2013 federal tax forms 1040ez If your annuity starting date is after November 18, 1996, the General Rule cannot be used for the following qualified plans. 2013 federal tax forms 1040ez A qualified employee plan is an employer's stock bonus, pension, or profit-sharing plan that is for the exclusive benefit of employees or their beneficiaries. 2013 federal tax forms 1040ez This plan must meet Internal Revenue Code requirements. 2013 federal tax forms 1040ez It qualifies for special tax benefits, including tax deferral for employer contributions and rollover distributions. 2013 federal tax forms 1040ez However, you must use the General Rule if you were 75 or over and the annuity payments are guaranteed for more than 5 years. 2013 federal tax forms 1040ez A qualified employee annuity is a retirement annuity purchased by an employer for an employee under a plan that meets Internal Revenue Code requirements. 2013 federal tax forms 1040ez A tax-sheltered annuity is a special annuity plan or contract purchased for an employee of a public school or tax-exempt organization. 2013 federal tax forms 1040ez   The General Rule is used to figure the tax treatment of various types of pensions and annuities, including nonqualified employee plans. 2013 federal tax forms 1040ez A nonqualified employee plan is an employer's plan that does not meet Internal Revenue Code requirements. 2013 federal tax forms 1040ez It does not qualify for most of the tax benefits of a qualified plan. 2013 federal tax forms 1040ez Annuity worksheets. 2013 federal tax forms 1040ez   The worksheets found near the end of the text of this publication may be useful to you in figuring the taxable part of your annuity. 2013 federal tax forms 1040ez Request for a ruling. 2013 federal tax forms 1040ez   If you are unable to determine the income tax treatment of your pension or annuity, you may ask the Internal Revenue Service to figure the taxable part of your annuity payments. 2013 federal tax forms 1040ez This is treated as a request for a ruling. 2013 federal tax forms 1040ez See Requesting a Ruling on Taxation of Annuity near the end of this publication. 2013 federal tax forms 1040ez Withholding tax and estimated tax. 2013 federal tax forms 1040ez   Your pension or annuity is subject to federal income tax withholding unless you choose not to have tax withheld. 2013 federal tax forms 1040ez If you choose not to have tax withheld from your pension or annuity, or if you do not have enough income tax withheld, you may have to make estimated tax payments. 2013 federal tax forms 1040ez Taxation of Periodic Payments This section explains how the periodic payments you receive under a pension or annuity plan are taxed under the General Rule. 2013 federal tax forms 1040ez Periodic payments are amounts paid at regular intervals (such as weekly, monthly, or yearly) for a period of time greater than one year (such as for 15 years or for life). 2013 federal tax forms 1040ez These payments are also known as amounts received as an annuity. 2013 federal tax forms 1040ez If you receive an amount from your plan that is a nonperiodic payment (amount not received as an annuity), see Taxation of Nonperiodic Payments in Publication 575. 2013 federal tax forms 1040ez In general, you can recover your net cost of the pension or annuity tax free over the period you are to receive the payments. 2013 federal tax forms 1040ez The amount of each payment that is more than the part that represents your net cost is taxable. 2013 federal tax forms 1040ez Under the General Rule, the part of each annuity payment that represents your net cost is in the same proportion that your investment in the contract is to your expected return. 2013 federal tax forms 1040ez These terms are explained in the following discussions. 2013 federal tax forms 1040ez Investment in the Contract In figuring how much of your pension or annuity is taxable under the General Rule, you must figure your investment in the contract. 2013 federal tax forms 1040ez First, find your net cost of the contract as of the annuity starting date (defined later). 2013 federal tax forms 1040ez To find this amount, you must first figure the total premiums, contributions, or other amounts paid. 2013 federal tax forms 1040ez This includes the amounts your employer contributed if you were required to include these amounts in income. 2013 federal tax forms 1040ez It also includes amounts you actually contributed (except amounts for health and accident benefits and deductible voluntary employee contributions). 2013 federal tax forms 1040ez From this total cost you subtract: Any refunded premiums, rebates, dividends, or unrepaid loans (any of which were not included in your income) that you received by the later of the annuity starting date or the date on which you received your first payment. 2013 federal tax forms 1040ez Any additional premiums paid for double indemnity or disability benefits. 2013 federal tax forms 1040ez Any other tax-free amounts you received under the contract or plan before the later of the dates in (1). 2013 federal tax forms 1040ez The annuity starting date   is the later of the first day of the first period for which you receive payment under the contract or the date on which the obligation under the contract becomes fixed. 2013 federal tax forms 1040ez Example. 2013 federal tax forms 1040ez On January 1 you completed all your payments required under an annuity contract providing for monthly payments starting on August 1, for the period beginning July 1. 2013 federal tax forms 1040ez The annuity starting date is July 1. 2013 federal tax forms 1040ez This is the date you use in figuring your investment in the contract and your expected return (discussed later). 2013 federal tax forms 1040ez Adjustments If any of the following items apply, adjust (add or subtract) your total cost to find your net cost. 2013 federal tax forms 1040ez Foreign employment. 2013 federal tax forms 1040ez   If you worked abroad, your cost may include contributions by your employer to the retirement plan, but only if those contributions would be excludible from your gross income had they been paid directly to you as compensation. 2013 federal tax forms 1040ez The contributions that apply are: Contributions before 1963 by your employer, Contributions after 1962 by your employer if the contributions would be excludible from your gross income (without regard to the foreign earned income exclusion) had they been paid directly to you, or Contributions after 1996 by your employer on your behalf if you performed the services of a foreign missionary (a duly ordained, commissioned, or licensed minister of a church or a lay person) if the contributions would be excludible from your gross income had they been paid directly to you. 2013 federal tax forms 1040ez Foreign employment contributions while a nonresident alien. 2013 federal tax forms 1040ez   In determining your cost, special rules apply if you are a U. 2013 federal tax forms 1040ez S. 2013 federal tax forms 1040ez citizen or resident alien who received distributions from a plan to which contributions were made while you were a nonresident alien. 2013 federal tax forms 1040ez Your contributions and your employer's contributions are not included in your cost if the contributions: Were made based on compensation which was for services performed outside the United States which you were a nonresident alien, and Were not subject to income tax under the laws of the United States or any foreign country, but only if the contribution would have been subject to income tax if they had been paid as cash compensation when the services were performed. 2013 federal tax forms 1040ez Death benefit exclusion. 2013 federal tax forms 1040ez   If you are the beneficiary of a deceased employee (or former employee), who died before August 21, 1996, you may qualify for a death benefit exclusion of up to $5,000. 2013 federal tax forms 1040ez The beneficiary of a deceased employee who died after August 20, 1996, will not qualify for the death benefit exclusion. 2013 federal tax forms 1040ez How to adjust your total cost. 2013 federal tax forms 1040ez   If you are eligible, treat the amount of any allowable death benefit exclusion as additional cost paid by the employee. 2013 federal tax forms 1040ez Add it to the cost or unrecovered cost of the annuity at the annuity starting date. 2013 federal tax forms 1040ez See Example 3 under Computation Under General Rule for an illustration of the adjustment to the cost of the contract. 2013 federal tax forms 1040ez Net cost. 2013 federal tax forms 1040ez   Your total cost plus certain adjustments and minus other amounts already recovered before the annuity starting date is your net cost. 2013 federal tax forms 1040ez This is the unrecovered investment in the contract as of the annuity starting date. 2013 federal tax forms 1040ez If your annuity starting date is after 1986, this is the maximum amount that you may recover tax free under the contract. 2013 federal tax forms 1040ez Refund feature. 2013 federal tax forms 1040ez   Adjustment for the value of the refund feature is only applicable when you report your pension or annuity under the General Rule. 2013 federal tax forms 1040ez Your annuity contract has a refund feature if: The expected return ( discussed later) of an annuity depends entirely or partly on the life of one or more individuals, The contract provides that payments will be made to a beneficiary or the estate of an annuitant on or after the death of the annuitant if a stated amount or a stated number of payments has not been paid to the annuitant or annuitants before death, and The payments are a refund of the amount you paid for the annuity contract. 2013 federal tax forms 1040ez   If your annuity has a refund feature, you must reduce your net cost of the contract by the value of the refund feature (figured using Table III or VII at the end of this publication, also see How To Use Actuarial Tables , later) to find the investment in the contract. 2013 federal tax forms 1040ez Zero value of refund feature. 2013 federal tax forms 1040ez   For a joint and survivor annuity, the value of the refund feature is zero if: Both annuitants are age 74 or younger, The payments are guaranteed for less than 2½ years, and The survivor's annuity is at least 50% of the first annuitant's annuity. 2013 federal tax forms 1040ez   For a single-life annuity without survivor benefit, the value of the refund feature is zero if: The payments are guaranteed for less than 2½ years, and The annuitant is: Age 57 or younger (if using the new (unisex) annuity tables), Age 42 or younger (if male and using the old annuity tables), or Age 47 or younger (if female and using the old annuity tables). 2013 federal tax forms 1040ez   If you do not meet these requirements, you will have to figure the value of the refund feature, as explained in the following discussion. 2013 federal tax forms 1040ez Examples. 2013 federal tax forms 1040ez The first example shows how to figure the value of the refund feature when there is only one beneficiary. 2013 federal tax forms 1040ez Example 2 shows how to figure the value of the refund feature when the contract provides, in addition to a whole life annuity, one or more temporary life annuities for the lives of children. 2013 federal tax forms 1040ez In both examples, the taxpayer elects to use Tables V through VIII. 2013 federal tax forms 1040ez If you need the value of the refund feature for a joint and survivor annuity, write to the Internal Revenue Service as explained under Requesting a Ruling on Taxation of Annuity near the end of this publication. 2013 federal tax forms 1040ez Example 1. 2013 federal tax forms 1040ez At age 65, Barbara bought for $21,053 an annuity with a refund feature. 2013 federal tax forms 1040ez She will get $100 a month for life. 2013 federal tax forms 1040ez Barbara's contract provides that if she does not live long enough to recover the full $21,053, similar payments will be made to her surviving beneficiary until a total of $21,053 has been paid under the contract. 2013 federal tax forms 1040ez In this case, the contract cost and the total guaranteed return are the same ($21,053). 2013 federal tax forms 1040ez Barbara's investment in the contract is figured as follows: Net cost $21,053 Amount to be received annually $1,200   Number of years for which payment is guaranteed ($21,053 divided by $1,200) 17. 2013 federal tax forms 1040ez 54   Rounded to nearest whole number of years 18   Percentage from Actuarial Table VII for age 65 with 18 years of guaranteed payments 15%   Value of the refund feature (rounded to the nearest dollar)—15% of $21,053 3,158 Investment in the contract, adjusted for value of refund feature $17,895       If the total guaranteed return were less than the $21,053 net cost of the contract, Barbara would apply the appropriate percentage from the tables to the lesser amount. 2013 federal tax forms 1040ez For example, if the contract guaranteed the $100 monthly payments for 17 years to Barbara's estate or beneficiary if she were to die before receiving all the payments for that period, the total guaranteed return would be $20,400 ($100 × 12 × 17 years). 2013 federal tax forms 1040ez In this case, the value of the refund feature would be $2,856 (14% of $20,400) and Barbara's investment in the contract would be $18,197 ($21,053 minus $2,856) instead of $17,895. 2013 federal tax forms 1040ez Example 2. 2013 federal tax forms 1040ez John died while still employed. 2013 federal tax forms 1040ez His widow, Eleanor, age 48, receives $171 a month for the rest of her life. 2013 federal tax forms 1040ez John's son, Elmer, age 9, receives $50 a month until he reaches age 18. 2013 federal tax forms 1040ez John's contributions to the retirement fund totaled $7,559. 2013 federal tax forms 1040ez 45, with interest on those contributions of $1,602. 2013 federal tax forms 1040ez 53. 2013 federal tax forms 1040ez The guarantee or total refund feature of the contract is $9,161. 2013 federal tax forms 1040ez 98 ($7,559. 2013 federal tax forms 1040ez 45 plus $1,602. 2013 federal tax forms 1040ez 53). 2013 federal tax forms 1040ez The adjustment in the investment in the contract is figured as follows: A) Expected return:*       1) Widow's expected return:         Annual annuity ($171 × 12) $2,052       Multiplied by factor from Table V         (nearest age 48) 34. 2013 federal tax forms 1040ez 9 $71,614. 2013 federal tax forms 1040ez 80   2) Child's expected return:         Annual annuity ($50 × 12) $600       Multiplied by factor from         Table VIII (nearest age 9         for term of 9 years) 9. 2013 federal tax forms 1040ez 0 5,400. 2013 federal tax forms 1040ez 00   3) Total expected return   $77,014. 2013 federal tax forms 1040ez 80 B) Adjustment for refund feature:       1) Contributions (net cost) $7,559. 2013 federal tax forms 1040ez 45   2) Guaranteed amount (contributions of $7,559. 2013 federal tax forms 1040ez 45 plus interest of $1,602. 2013 federal tax forms 1040ez 53) $9,161. 2013 federal tax forms 1040ez 98   3) Minus: Expected return under child's (temporary life) annuity (A(2)) 5,400. 2013 federal tax forms 1040ez 00   4) Net guaranteed amount $3,761. 2013 federal tax forms 1040ez 98   5) Multiple from Table VII (nearest age 48 for 2 years duration (recovery of $3,761. 2013 federal tax forms 1040ez 98 at $171 a month to nearest whole year)) 0%   6) Adjustment required for value of refund feature rounded to the nearest whole dollar  (0% × $3,761. 2013 federal tax forms 1040ez 98, the smaller of B(3) or B(6)) 0 *Expected return is the total amount you and other eligible annuitants can expect to receive under the contract. 2013 federal tax forms 1040ez See the discussion of expected return, later in this publication. 2013 federal tax forms 1040ez Free IRS help. 2013 federal tax forms 1040ez   If you need to request assistance to figure the value of the refund feature, see Requesting a Ruling on Taxation of Annuity near the end of this publication. 2013 federal tax forms 1040ez Expected Return Your expected return is the total amount you and other eligible annuitants can expect to receive under the contract. 2013 federal tax forms 1040ez The following discussions explain how to figure the expected return with each type of annuity. 2013 federal tax forms 1040ez A person's age, for purposes of figuring the expected return, is the age at the birthday nearest to the annuity starting date. 2013 federal tax forms 1040ez Fixed period annuity. 2013 federal tax forms 1040ez   If you will get annuity payments for a fixed number of years, without regard to your life expectancy, you must figure your expected return based on that fixed number of years. 2013 federal tax forms 1040ez It is the total amount you will get beginning at the annuity starting date. 2013 federal tax forms 1040ez You will receive specific periodic payments for a definite period of time, such as a fixed number of months (but not less than 13). 2013 federal tax forms 1040ez To figure your expected return, multiply the fixed number of months for which payments are to be made by the amount of the payment specified for each period. 2013 federal tax forms 1040ez Single life annuity. 2013 federal tax forms 1040ez   If you are to get annuity payments for the rest of your life, find your expected return as follows. 2013 federal tax forms 1040ez You must multiply the amount of the annual payment by a multiple based on your life expectancy as of the annuity starting date. 2013 federal tax forms 1040ez These multiples are set out in actuarial Tables I and V near the end of this publication (see How To Use Actuarial Tables , later). 2013 federal tax forms 1040ez   You may need to adjust these multiples if the payments are made quarterly, semiannually, or annually. 2013 federal tax forms 1040ez See Adjustments to Tables I, II, V, VI, and VIA following Table I. 2013 federal tax forms 1040ez Example. 2013 federal tax forms 1040ez Henry bought an annuity contract that will give him an annuity of $500 a month for his life. 2013 federal tax forms 1040ez If at the annuity starting date Henry's nearest birthday is 66, the expected return is figured as follows: Annual payment ($500 × 12 months) $6,000 Multiple shown in Table V, age 66 × 19. 2013 federal tax forms 1040ez 2 Expected return $115,200 If the payments were to be made to Henry quarterly and the first payment was made one full month after the annuity starting date, Henry would adjust the 19. 2013 federal tax forms 1040ez 2 multiple by +. 2013 federal tax forms 1040ez 1. 2013 federal tax forms 1040ez His expected return would then be $115,800 ($6,000 × 19. 2013 federal tax forms 1040ez 3). 2013 federal tax forms 1040ez Annuity for shorter of life or specified period. 2013 federal tax forms 1040ez   With this type of annuity, you are to get annuity payments either for the rest of your life or until the end of a specified period, whichever period is shorter. 2013 federal tax forms 1040ez To figure your expected return, multiply the amount of your annual payment by a multiple in Table IV or VIII for temporary life annuities. 2013 federal tax forms 1040ez Find the proper multiple based on your sex (if using Table IV), your age at the annuity starting date, and the nearest whole number of years in the specified period. 2013 federal tax forms 1040ez Example. 2013 federal tax forms 1040ez Harriet purchased an annuity this year that will pay her $200 each month for five years or until she dies, whichever period is shorter. 2013 federal tax forms 1040ez She was age 65 at her birthday nearest the annuity starting date. 2013 federal tax forms 1040ez She figures the expected return as follows: Annual payment ($200 × 12 months) $2,400 Multiple shown in Table VIII, age 65, 5-year term × 4. 2013 federal tax forms 1040ez 9 Expected return $11,760 She uses Table VIII (not Table IV) because all her contributions were made after June 30, 1986. 2013 federal tax forms 1040ez See Special Elections, later. 2013 federal tax forms 1040ez Joint and survivor annuities. 2013 federal tax forms 1040ez   If you have an annuity that pays you a periodic income for life and after your death provides an identical lifetime periodic income to your spouse (or some other person), you figure the expected return based on your combined life expectancies. 2013 federal tax forms 1040ez To figure the expected return, multiply the annual payment by a multiple in Table II or VI based on your joint life expectancies. 2013 federal tax forms 1040ez If your payments are made quarterly, semiannually, or annually, you may need to adjust these multiples. 2013 federal tax forms 1040ez See Adjustments to Tables I, II, V, VI, and VIA following Table I near the end of this publication. 2013 federal tax forms 1040ez Example. 2013 federal tax forms 1040ez John bought a joint and survivor annuity providing payments of $500 a month for his life, and, after his death, $500 a month for the remainder of his wife's life. 2013 federal tax forms 1040ez At John's annuity starting date, his age at his nearest birthday is 70 and his wife's at her nearest birthday is 67. 2013 federal tax forms 1040ez The expected return is figured as follows: Annual payment ($500 × 12 months) $6,000 Multiple shown in Table VI, ages 67 and 70 × 22. 2013 federal tax forms 1040ez 0 Expected return $132,000 Different payments to survivor. 2013 federal tax forms 1040ez   If your contract provides that payments to a survivor annuitant will be different from the amount you receive, you must use a computation which accounts for both the joint lives of the annuitants and the life of the survivor. 2013 federal tax forms 1040ez Example 1. 2013 federal tax forms 1040ez Gerald bought a contract providing for payments to him of $500 a month for life and, after his death, payments to his wife, Mary, of $350 a month for life. 2013 federal tax forms 1040ez If, at the annuity starting date, Gerald's nearest birthday is 70 and Mary's is 67, the expected return under the contract is figured as follows: Combined multiple for Gerald and Mary, ages 70 and 67 (from Table VI)   22. 2013 federal tax forms 1040ez 0 Multiple for Gerald, age 70 (from Table V)   16. 2013 federal tax forms 1040ez 0 Difference: Multiple applicable to Mary   6. 2013 federal tax forms 1040ez 0 Gerald's annual payment ($500 × 12) $6,000   Gerald's multiple 16. 2013 federal tax forms 1040ez 0   Gerald's expected return   $96,000 Mary's annual payment ($350 × 12) $4,200   Mary's multiple 6. 2013 federal tax forms 1040ez 0   Mary's expected return   25,200 Total expected return under the contract   $121,200 Example 2. 2013 federal tax forms 1040ez Your husband died while still employed. 2013 federal tax forms 1040ez Under the terms of his employer's retirement plan, you are entitled to get an immediate annuity of $400 a month for the rest of your life or until you remarry. 2013 federal tax forms 1040ez Your daughters, Marie and Jean, are each entitled to immediate temporary life annuities of $150 a month until they reach age 18. 2013 federal tax forms 1040ez You were 50 years old at the annuity starting date. 2013 federal tax forms 1040ez Marie was 16 and Jean was 14. 2013 federal tax forms 1040ez Using the multiples shown in Tables V and VIII at the end of this publication, the total expected return on the annuity starting date is $169,680, figured as follows: Widow, age 50 (multiple from Table V—33. 2013 federal tax forms 1040ez 1 × $4,800 annual payment) $158,880 Marie, age 16 for 2 years duration (multiple from Table VIII—2. 2013 federal tax forms 1040ez 0 × $1,800 annual payment) 3,600 Jean, age 14 for 4 years duration (multiple from Table VIII—4. 2013 federal tax forms 1040ez 0 × $1,800 annual payment) 7,200 Total expected return $169,680 No computation of expected return is made based on your husband's age at the date of death because he died before the annuity starting date. 2013 federal tax forms 1040ez Computation Under the General Rule Note. 2013 federal tax forms 1040ez Variable annuities use a different computation for determining the exclusion amounts. 2013 federal tax forms 1040ez See Variable annuities later. 2013 federal tax forms 1040ez Under the General Rule, you figure the taxable part of your annuity by using the following steps: Step 1. 2013 federal tax forms 1040ez   Figure the amount of your investment in the contract, including any adjustments for the refund feature and the death benefit exclusion, if applicable. 2013 federal tax forms 1040ez See Death benefit exclusion , earlier. 2013 federal tax forms 1040ez Step 2. 2013 federal tax forms 1040ez   Figure your expected return. 2013 federal tax forms 1040ez Step 3. 2013 federal tax forms 1040ez   Divide Step 1 by Step 2 and round to three decimal places. 2013 federal tax forms 1040ez This will give you the exclusion percentage. 2013 federal tax forms 1040ez Step 4. 2013 federal tax forms 1040ez   Multiply the exclusion percentage by the first regular periodic payment. 2013 federal tax forms 1040ez The result is the tax-free part of each pension or annuity payment. 2013 federal tax forms 1040ez   The tax-free part remains the same even if the total payment increases due to variation in the annuity amount such as cost of living increases, or you outlive the life expectancy factor used. 2013 federal tax forms 1040ez However, if your annuity starting date is after 1986, the total amount of annuity income that is tax free over the years cannot exceed your net cost. 2013 federal tax forms 1040ez   Each annuitant applies the same exclusion percentage to his or her initial payment called for in the contract. 2013 federal tax forms 1040ez Step 5. 2013 federal tax forms 1040ez   Multiply the tax-free part of each payment (step 4) by the number of payments received during the year. 2013 federal tax forms 1040ez This will give you the tax-free part of the total payment for the year. 2013 federal tax forms 1040ez    In the first year of your annuity, your first payment or part of your first payment may be for a fraction of the payment period. 2013 federal tax forms 1040ez This fractional amount is multiplied by your exclusion percentage to get the tax-free part. 2013 federal tax forms 1040ez Step 6. 2013 federal tax forms 1040ez   Subtract the tax-free part from the total payment you received. 2013 federal tax forms 1040ez The rest is the taxable part of your pension or annuity. 2013 federal tax forms 1040ez Example 1. 2013 federal tax forms 1040ez You purchased an annuity with an investment in the contract of $10,800. 2013 federal tax forms 1040ez Under its terms, the annuity will pay you $100 a month for life. 2013 federal tax forms 1040ez The multiple for your age (age 65) is 20. 2013 federal tax forms 1040ez 0 as shown in Table V. 2013 federal tax forms 1040ez Your expected return is $24,000 (20 × 12 × $100). 2013 federal tax forms 1040ez Your cost of $10,800, divided by your expected return of $24,000, equals 45. 2013 federal tax forms 1040ez 0%. 2013 federal tax forms 1040ez This is the percentage you will not have to include in income. 2013 federal tax forms 1040ez Each year, until your net cost is recovered, $540 (45% of $1,200) will be tax free and you will include $660 ($1,200 − $540) in your income. 2013 federal tax forms 1040ez If you had received only six payments of $100 ($600) during the year, your exclusion would have been $270 (45% of $100 × 6 payments). 2013 federal tax forms 1040ez Example 2. 2013 federal tax forms 1040ez Gerald bought a joint and survivor annuity. 2013 federal tax forms 1040ez Gerald's investment in the contract is $62,712 and the expected return is $121,200. 2013 federal tax forms 1040ez The exclusion percentage is 51. 2013 federal tax forms 1040ez 7% ($62,712 ÷ $121,200). 2013 federal tax forms 1040ez Gerald will receive $500 a month ($6,000 a year). 2013 federal tax forms 1040ez Each year, until his net cost is recovered, $3,102 (51. 2013 federal tax forms 1040ez 7% of his total payments received of $6,000) will be tax free and $2,898 ($6,000 − $3,102) will be included in his income. 2013 federal tax forms 1040ez If Gerald dies, his wife will receive $350 a month ($4,200 a year). 2013 federal tax forms 1040ez If Gerald had not recovered all of his net cost before his death, his wife will use the same exclusion percentage (51. 2013 federal tax forms 1040ez 7%). 2013 federal tax forms 1040ez Each year, until the entire net cost is recovered, his wife will receive $2,171. 2013 federal tax forms 1040ez 40 (51. 2013 federal tax forms 1040ez 7% of her payments received of $4,200) tax free. 2013 federal tax forms 1040ez She will include $2,028. 2013 federal tax forms 1040ez 60 ($4,200 − $2,171. 2013 federal tax forms 1040ez 40) in her income tax return. 2013 federal tax forms 1040ez Example 3. 2013 federal tax forms 1040ez Using the same facts as Example 2 under Different payments to survivor, you are to receive an annual annuity of $4,800 until you die or remarry. 2013 federal tax forms 1040ez Your two daughters each receive annual annuities of $1,800 until they reach age 18. 2013 federal tax forms 1040ez Your husband contributed $25,576 to the plan. 2013 federal tax forms 1040ez You are eligible for the $5,000 death benefit exclusion because your husband died before August 21, 1996. 2013 federal tax forms 1040ez Adjusted Investment in the Contract Contributions $25,576 Plus: Death benefit exclusion 5,000 Adjusted investment in the contract $30,576 The total expected return, as previously figured (in Example 2 under Different payments to survivor), is $169,680. 2013 federal tax forms 1040ez The exclusion percentage of 18. 2013 federal tax forms 1040ez 0% ($30,576 ÷ $169,680) applies to the annuity payments you and each of your daughters receive. 2013 federal tax forms 1040ez Each full year $864 (18. 2013 federal tax forms 1040ez 0% × $4,800) will be tax free to you, and you must include $3,936 in your income tax return. 2013 federal tax forms 1040ez Each year, until age 18, $324 (18. 2013 federal tax forms 1040ez 0% × $1,800) of each of your daughters' payments will be tax free and each must include the balance, $1,476, as income on her own income tax return. 2013 federal tax forms 1040ez Part-year payments. 2013 federal tax forms 1040ez   If you receive payments for only part of a year, apply the exclusion percentage to the first regular periodic payment, and multiply the result by the number of payments received during the year. 2013 federal tax forms 1040ez   If you receive amounts during the year that represent 12 payments, one for each month in that year, and an amount that represents payments for months in a prior year, apply the exclusion percentage to the first regular periodic payment, and multiply the result by the number of payments the amounts received represent. 2013 federal tax forms 1040ez For instance, if you received amounts during the year that represent the 12 payments for that year plus an amount that represents three payments for a prior year, multiply that amount by the 15 (12 + 3) payments received that the year. 2013 federal tax forms 1040ez   If you received a fractional payment, follow Step 5, discussed earlier. 2013 federal tax forms 1040ez This gives you the tax-free part of your total payment. 2013 federal tax forms 1040ez Example. 2013 federal tax forms 1040ez On September 28, Mary bought an annuity contract for $22,050 that will give her $125 a month for life, beginning October 30. 2013 federal tax forms 1040ez The applicable multiple from Table V is 23. 2013 federal tax forms 1040ez 3 (age 61). 2013 federal tax forms 1040ez Her expected return is $34,950 ($125 × 12 × 23. 2013 federal tax forms 1040ez 3). 2013 federal tax forms 1040ez Mary's investment in the contract of $22,050, divided by her expected return of $34,950, equals 63. 2013 federal tax forms 1040ez 1%. 2013 federal tax forms 1040ez Each payment received will consist of 63. 2013 federal tax forms 1040ez 1% return of cost and 36. 2013 federal tax forms 1040ez 9% taxable income, until her net cost of the contract is fully recovered. 2013 federal tax forms 1040ez During the first year, Mary received three payments of $125, or $375, of which $236. 2013 federal tax forms 1040ez 63 (63. 2013 federal tax forms 1040ez 1% × $375) is a return of cost. 2013 federal tax forms 1040ez The remaining $138. 2013 federal tax forms 1040ez 37 is included in income. 2013 federal tax forms 1040ez Increase in annuity payments. 2013 federal tax forms 1040ez   The tax-free amount remains the same as the amount figured at the annuity starting date, even if the payment increases. 2013 federal tax forms 1040ez All increases in the installment payments are fully taxable. 2013 federal tax forms 1040ez   However, if your annuity payments are scheduled to increase at a definite date in the future you must figure the expected return for that annuity using the method described in section 1. 2013 federal tax forms 1040ez 72-5(a)(5) of the regulations. 2013 federal tax forms 1040ez Example. 2013 federal tax forms 1040ez Joe's wife died while she was still employed and, as her beneficiary, he began receiving an annuity of $147 per month. 2013 federal tax forms 1040ez In figuring the taxable part, Joe elects to use Tables V through VIII. 2013 federal tax forms 1040ez The cost of the contract was $7,938, consisting of the sum of his wife's net contributions, adjusted for any refund feature. 2013 federal tax forms 1040ez His expected return as of the annuity starting date is $35,280 (age 65, multiple of 20. 2013 federal tax forms 1040ez 0 × $1,764 annual payment). 2013 federal tax forms 1040ez The exclusion percentage is $7,938 ÷ $35,280, or 22. 2013 federal tax forms 1040ez 5%. 2013 federal tax forms 1040ez During the year he received 11 monthly payments of $147, or $1,617. 2013 federal tax forms 1040ez Of this amount, 22. 2013 federal tax forms 1040ez 5% × $147 × 11 ($363. 2013 federal tax forms 1040ez 83) is tax free as a return of cost and the balance of $1,253. 2013 federal tax forms 1040ez 17 is taxable. 2013 federal tax forms 1040ez Later, because of a cost-of-living increase, his annuity payment was increased to $166 per month, or $1,992 a year (12 × $166). 2013 federal tax forms 1040ez The tax-free part is still only 22. 2013 federal tax forms 1040ez 5% of the annuity payments as of the annuity starting date (22. 2013 federal tax forms 1040ez 5% × $147 × 12 = $396. 2013 federal tax forms 1040ez 90 for a full year). 2013 federal tax forms 1040ez The increase of $228 ($1,992 − $1,764 (12 × $147)) is fully taxable. 2013 federal tax forms 1040ez Variable annuities. 2013 federal tax forms 1040ez   For variable annuity payments, figure the amount of each payment that is tax free by dividing your investment in the contract (adjusted for any refund feature) by the total number of periodic payments you expect to get under the contract. 2013 federal tax forms 1040ez   If the annuity is for a definite period, you determine the total number of payments by multiplying the number of payments to be made each year by the number of years you will receive payments. 2013 federal tax forms 1040ez If the annuity is for life, you determine the total number of payments by using a multiple from the appropriate actuarial table. 2013 federal tax forms 1040ez Example. 2013 federal tax forms 1040ez Frank purchased a variable annuity at age 65. 2013 federal tax forms 1040ez The total cost of the contract was $12,000. 2013 federal tax forms 1040ez The annuity starting date is January 1 of the year of purchase. 2013 federal tax forms 1040ez His annuity will be paid, starting July 1, in variable annual installments for his life. 2013 federal tax forms 1040ez The tax-free amount of each payment, until he has recovered his cost of his contract, is: Investment in the contract $12,000 Number of expected annual payments (multiple for age 65 from Table V) 20 Tax-free amount of each payment ($12,000 ÷ 20) $600 If Frank's first payment is $920, he includes only $320 ($920 − $600) in his gross income. 2013 federal tax forms 1040ez   If the tax-free amount for a year is more than the payments you receive in that year, you may choose, when you receive the next payment, to refigure the tax-free part. 2013 federal tax forms 1040ez Divide the amount of the periodic tax-free part that is more than the payment you received by the remaining number of payments you expect. 2013 federal tax forms 1040ez The result is added to the previously figured periodic tax-free part. 2013 federal tax forms 1040ez The sum is the amount of each future payment that will be tax free. 2013 federal tax forms 1040ez Example. 2013 federal tax forms 1040ez Using the facts of the previous example about Frank, assume that after Frank's $920 payment, he received $500 in the following year, and $1,200 in the year after that. 2013 federal tax forms 1040ez Frank does not pay tax on the $500 (second year) payment because $600 of each annual pension payment is tax free. 2013 federal tax forms 1040ez Since the $500 payment is less than the $600 annual tax-free amount, he may choose to refigure his tax-free part when he receives his $1,200 (third year) payment, as follows: Amount tax free in second year $600. 2013 federal tax forms 1040ez 00 Amount received in second year 500. 2013 federal tax forms 1040ez 00 Difference $100. 2013 federal tax forms 1040ez 00 Number of remaining payments after the first 2 payments (age 67, from Table V) 18. 2013 federal tax forms 1040ez 4 Amount to be added to previously determined annual tax-free part ($100 ÷ 18. 2013 federal tax forms 1040ez 4) $5. 2013 federal tax forms 1040ez 43 Revised annual tax-free part for third and later years ($600 + $5. 2013 federal tax forms 1040ez 43) $605. 2013 federal tax forms 1040ez 43 Amount taxable in third year ($1,200 − $605. 2013 federal tax forms 1040ez 43) $594. 2013 federal tax forms 1040ez 57 If you choose to refigure your tax-free amount,   you must file a statement with your income tax return stating that you are refiguring the tax-free amount in accordance with the rules of section 1. 2013 federal tax forms 1040ez 72–4(d)(3) of the Income Tax Regulations. 2013 federal tax forms 1040ez The statement must also show the following information: The annuity starting date and your age on that date. 2013 federal tax forms 1040ez The first day of the first period for which you received an annuity payment in the current year. 2013 federal tax forms 1040ez Your investment in the contract as originally figured. 2013 federal tax forms 1040ez The total of all amounts received tax free under the annuity from the annuity starting date through the first day of the first period for which you received an annuity payment in the current tax year. 2013 federal tax forms 1040ez Exclusion Limits Your annuity starting date determines the total amount of annuity income that you can exclude from income over the years. 2013 federal tax forms 1040ez Exclusion limited to net cost. 2013 federal tax forms 1040ez   If your annuity starting date is after 1986, the total amount of annuity income that you can exclude over the years as a return of your cost cannot exceed your net cost (figured without any reduction for a refund feature). 2013 federal tax forms 1040ez This is the unrecovered investment in the contract as of the annuity starting date. 2013 federal tax forms 1040ez   If your annuity starting date is after July 1, 1986, any unrecovered net cost at your (or last annuitant's) death is allowed as a miscellaneous itemized deduction on the final return of the decedent. 2013 federal tax forms 1040ez This deduction is not subject to the 2%-of-adjusted-gross-income limit. 2013 federal tax forms 1040ez Example 1. 2013 federal tax forms 1040ez Your annuity starting date is after 1986. 2013 federal tax forms 1040ez Your total cost is $12,500, and your net cost is $10,000, taking into account certain adjustments. 2013 federal tax forms 1040ez There is no refund feature. 2013 federal tax forms 1040ez Your monthly annuity payment is $833. 2013 federal tax forms 1040ez 33. 2013 federal tax forms 1040ez Your exclusion ratio is 12% and you exclude $100 a month. 2013 federal tax forms 1040ez Your exclusion ends after 100 months, when you have excluded your net cost of $10,000. 2013 federal tax forms 1040ez Thereafter, your annuity payments are fully taxable. 2013 federal tax forms 1040ez Example 2. 2013 federal tax forms 1040ez The facts are the same as in Example 1, except that there is a refund feature, and you die after 5 years with no surviving annuitant. 2013 federal tax forms 1040ez The adjustment for the refund feature is $1,000, so the investment in the contract is $9,000. 2013 federal tax forms 1040ez The exclusion ratio is 10. 2013 federal tax forms 1040ez 8%, and your monthly exclusion is $90. 2013 federal tax forms 1040ez After 5 years (60 months), you have recovered tax free only $5,400 ($90 x 60). 2013 federal tax forms 1040ez An itemized deduction for the unrecovered net cost of $4,600 ($10,000 net cost minus $5,400) may be taken on your final income tax return. 2013 federal tax forms 1040ez Your unrecovered investment is determined without regard to the refund feature adjustment, discussed earlier, under Adjustments. 2013 federal tax forms 1040ez Exclusion not limited to net cost. 2013 federal tax forms 1040ez   If your annuity starting date was before 1987, you could continue to take your monthly exclusion for as long as you receive your annuity. 2013 federal tax forms 1040ez If you choose a joint and survivor annuity, your survivor continues to take the survivor's exclusion figured as of the annuity starting date. 2013 federal tax forms 1040ez The total exclusion may be more than your investment in the contract. 2013 federal tax forms 1040ez How To Use Actuarial Tables In figuring, under the General Rule, the taxable part of your annuity payments that you are to get for the rest of your life (rather than for a fixed number of years), you must use one or more of the actuarial tables in this publication. 2013 federal tax forms 1040ez Unisex Annuity Tables Effective July 1, 1986, the Internal Revenue Service adopted new annuity Tables V through VIII, in which your sex is not considered when determining the applicable factor. 2013 federal tax forms 1040ez These tables correspond to the old Tables I through IV. 2013 federal tax forms 1040ez In general, Tables V through VIII must be used if you made contributions to the retirement plan after June 30, 1986. 2013 federal tax forms 1040ez If you made no contributions to the plan after June 30, 1986, generally you must use only Tables I through IV. 2013 federal tax forms 1040ez However, if you received an annuity payment after June 30, 1986, you may elect to use Tables V through VIII (see Annuity received after June 30, 1986, later). 2013 federal tax forms 1040ez Special Elections Although you generally must use Tables V through VIII if you made contributions to the retirement plan after June 30, 1986, and Tables I through IV if you made no contributions after June 30, 1986, you can make the following special elections to select which tables to use. 2013 federal tax forms 1040ez Contributions made both before July 1986 and after June 1986. 2013 federal tax forms 1040ez   If you made contributions to the retirement plan both before July 1986 and after June 1986, you may elect to use Tables I through IV for the pre-July 1986 cost of the contract, and Tables V through VIII for the post-June 1986 cost. 2013 federal tax forms 1040ez (See the examples below. 2013 federal tax forms 1040ez )    Making the election. 2013 federal tax forms 1040ez Attach this statement to your income tax return for the first year in which you receive an annuity:    “I elect to apply the provisions of paragraph (d) of section 1. 2013 federal tax forms 1040ez 72–6 of the Income Tax Regulations. 2013 federal tax forms 1040ez ”   The statement must also include your name, address, social security number, and the amount of the pre-July 1986 investment in the contract. 2013 federal tax forms 1040ez   If your investment in the contract includes post-June 1986 contributions to the plan, and you do not make the election to use Tables I through IV and Tables V through VIII, then you can only use Tables V through VIII in figuring the taxable part of your annuity. 2013 federal tax forms 1040ez You must also use Tables V through VIII if you are unable or do not wish to determine the portions of your contributions which were made before July 1, 1986, and after June 30, 1986. 2013 federal tax forms 1040ez    Advantages of election. 2013 federal tax forms 1040ez In general, a lesser amount of each annual annuity payment is taxable if you separately figure your exclusion ratio for pre-July 1986 and post-June 1986 contributions. 2013 federal tax forms 1040ez    If you intend to make this election, save your records that substantiate your pre-July 1986 and post-June 1986 contributions. 2013 federal tax forms 1040ez If the death benefit exclusion applies (see discussion, earlier), you do not have to apportion it between the pre-July 1986 and the post-June 1986 investment in the contract. 2013 federal tax forms 1040ez   The following examples illustrate the separate computations required if you elect to use Tables I through IV for your pre-July 1986 investment in the contract and Tables V through VIII for your post-June 1986 investment in the contract. 2013 federal tax forms 1040ez Example 1. 2013 federal tax forms 1040ez Bill, who is single, contributed $42,000 to the retirement plan and will receive an annual annuity of $24,000 for life. 2013 federal tax forms 1040ez Payment of the $42,000 contribution is guaranteed under a refund feature. 2013 federal tax forms 1040ez Bill is 55 years old as of the annuity starting date. 2013 federal tax forms 1040ez For figuring the taxable part of Bill's annuity, he chose to make separate computations for his pre-July 1986 investment in the contract of $41,300, and for his post-June 1986 investment in the contract of $700. 2013 federal tax forms 1040ez       Pre- July 1986   Post- June 1986 A. 2013 federal tax forms 1040ez Adjustment for refund feature         1) Net cost $41,300   $700   2) Annual annuity—$24,000  ($41,300/$42,000 × $24,000) $23,600       ($700/$42,000 × $24,000)     $400   3) Guarantee under contract $41,300   $700   4) No. 2013 federal tax forms 1040ez of years payments  guaranteed (rounded), A(3) ÷ A(2) 2   2   5) Applicable percentage from  Tables III and VII 1%   0%   6) Adjustment for value of refund  feature, A(5) × smaller of A(1)  or A(3) $413   $0 B. 2013 federal tax forms 1040ez Investment in the contract         1) Net cost $41,300   $700   2) Minus: Amount in A(6) 413   0   3) Investment in the contract $40,887   $700 C. 2013 federal tax forms 1040ez Expected return         1) Annual annuity receivable $24,000   $24,000   2) Multiples from Tables I and V 21. 2013 federal tax forms 1040ez 7   28. 2013 federal tax forms 1040ez 6   3) Expected return, C(1) × C(2) $520,800   $686,400 D. 2013 federal tax forms 1040ez Tax-free part of annuity         1) Exclusion ratio as decimal,  B(3) ÷ C(3) . 2013 federal tax forms 1040ez 079   . 2013 federal tax forms 1040ez 001   2) Tax-free part, C(1) × D(1) $1,896   $24 The tax-free part of Bill's total annuity is $1,920 ($1,896 plus $24). 2013 federal tax forms 1040ez The taxable part of his annuity is $22,080 ($24,000 minus $1,920). 2013 federal tax forms 1040ez If the annuity starting date is after 1986, the exclusion over the years cannot exceed the net cost (figured without any reduction for a refund feature). 2013 federal tax forms 1040ez Example 2. 2013 federal tax forms 1040ez Al is age 62 at his nearest birthday to the annuity starting date. 2013 federal tax forms 1040ez Al's wife is age 60 at her nearest birthday to the annuity starting date. 2013 federal tax forms 1040ez The joint and survivor annuity pays $1,000 per month to Al for life, and $500 per month to Al's surviving wife after his death. 2013 federal tax forms 1040ez The pre-July 1986 investment in the contract is $53,100 and the post-June 1986 investment in the contract is $7,000. 2013 federal tax forms 1040ez Al makes the election described in Example 1 . 2013 federal tax forms 1040ez For purposes of this example, assume the refund feature adjustment is zero. 2013 federal tax forms 1040ez If an adjustment is required, IRS will figure the amount. 2013 federal tax forms 1040ez See Requesting a Ruling on Taxation of Annuity near the end of this publication. 2013 federal tax forms 1040ez       Pre-  July 1986   Post-  June 1986 A. 2013 federal tax forms 1040ez Adjustment for refund feature         1) Net cost $53,100   $7,000   2) Annual annuity—$12,000  ($53,100/$60,100 × $12,000) $10,602       ($7,000/$60,100 × $12,000)     $1,398   3) Guaranteed under the contract $53,100   $7,000   4) Number of years guaranteed,  rounded, A(3) ÷ A(2) 5   5   5) Applicable percentages 0%   0%   6) Refund feature adjustment, A(5) × smaller of A(1) or A(3) 0   0 B. 2013 federal tax forms 1040ez Investment in the contract         1) Net cost $53,100   $7,000   2) Refund feature adjustment 0   0   3) Investment in the contract adjusted for refund feature $53,100   $7,000 C. 2013 federal tax forms 1040ez Expected return         1) Multiple for both annuitants from Tables II and VI 25. 2013 federal tax forms 1040ez 4   28. 2013 federal tax forms 1040ez 8   2) Multiple for first annuitant from Tables I and V 16. 2013 federal tax forms 1040ez 9   22. 2013 federal tax forms 1040ez 5   3) Multiple applicable to surviving annuitant, subtract C(2) from C(1) 8. 2013 federal tax forms 1040ez 5   6. 2013 federal tax forms 1040ez 3   4) Annual annuity to surviving annuitant $6,000   $6,000   5) Portion of expected return for surviving annuitant, C(4) × C(3) $51,000   $37,800   6) Annual annuity to first annuitant $12,000   $12,000   7) Plus: Portion of expected return for first annuitant, C(6) × C(2) $202,800   $270,000   8) Expected return for both annuitants, C(5) + C(7) $253,800   $307,800 D. 2013 federal tax forms 1040ez Tax-free part of annuity         1) Exclusion ratio as a decimal, B(3) ÷ C(8) . 2013 federal tax forms 1040ez 209   . 2013 federal tax forms 1040ez 023   2) Retiree's tax-free part of annuity, C(6) × D(1) $2,508   $276   3) Survivor's tax-free part of annuity, C(4) × D(1) $1,254   $138 The tax-free part of Al's total annuity is $2,784 ($2,508 + $276). 2013 federal tax forms 1040ez The taxable part of his annuity is $9,216 ($12,000 − $2,784). 2013 federal tax forms 1040ez The exclusion over the years cannot exceed the net cost of the contract (figured without any reduction for a refund feature) if the annuity starting date is after 1986. 2013 federal tax forms 1040ez After Al's death, his widow will apply the same exclusion percentages (20. 2013 federal tax forms 1040ez 9% and 2. 2013 federal tax forms 1040ez 3%) to her annual annuity of $6,000 to figure the tax-free part of her annuity. 2013 federal tax forms 1040ez Annuity received after June 30, 1986. 2013 federal tax forms 1040ez   If you receive an annuity payment after June 30, 1986, (regardless of your annuity starting date), you may elect to treat the entire cost of the contract as post-June 1986 cost (even if you made no post-June 1986 contributions to the plan) and use Tables V through VIII. 2013 federal tax forms 1040ez Once made, you cannot revoke the election, which will apply to all payments during the year and in any later year. 2013 federal tax forms 1040ez    Make the election by attaching the following statement to your income tax return. 2013 federal tax forms 1040ez    “I elect, under section 1. 2013 federal tax forms 1040ez 72–9 of the Income Tax Regulations, to treat my entire cost of the contract as a post-June 1986 cost of the plan. 2013 federal tax forms 1040ez ”   The statement must also include your name, address, and social security number. 2013 federal tax forms 1040ez   You should also indicate you are making this election if you are unable or do not wish to determine the parts of your contributions which were made before July 1, 1986, and after June 30, 1986. 2013 federal tax forms 1040ez Disqualifying form of payment or settlement. 2013 federal tax forms 1040ez   If your annuity starting date is after June 30, 1986, and the contract provides for a disqualifying form of payment or settlement, such as an option to receive a lump sum in full discharge of the obligation under the contract, the entire investment in the contract is treated as post-June 1986 investment in the contract. 2013 federal tax forms 1040ez See regulations section 1. 2013 federal tax forms 1040ez 72–6(d)(3) for additional examples of disqualifying forms of payment or settlement. 2013 federal tax forms 1040ez You can find the Income Tax Regulations in many libraries and at Internal Revenue Service Offices. 2013 federal tax forms 1040ez Worksheets for Determining Taxable Annuity Worksheets I and II. 2013 federal tax forms 1040ez   Worksheets I and II follow for determining your taxable annuity under Regulations Section 1. 2013 federal tax forms 1040ez 72–6(d)(6) Election. 2013 federal tax forms 1040ez Worksheet I For Determining Taxable Annuity Under Regulations Section 1. 2013 federal tax forms 1040ez 72-6(d)(6) Election For Single Annuitant With No Survivor Annuity               Pre-July 1986   Post-June 1986 A. 2013 federal tax forms 1040ez   Refund Feature Adjustment             1)   Net cost (total cost less returned premiums, dividends, etc. 2013 federal tax forms 1040ez )             2)   Annual annuity allocation:                   Portion of net cost in A(1) x annual annuity                   Net cost             3)   Guaranteed under the contract             4)   Number of years guaranteed, rounded to whole years:                   A(3) divided by A(2)             5)   Applicable percentages* from Tables III and VII                   *If your annuity meets the three conditions listed in Zero value of refund feature in Investment in the Contract, earlier, both percentages are 0. 2013 federal tax forms 1040ez If not, the IRS will calculate the refund feature percentage. 2013 federal tax forms 1040ez             6)   Refund feature adjustment:                   A(5) times lesser of A(1) or A(3)                             B. 2013 federal tax forms 1040ez   Investment in the Contract             1)   Net cost:                   A(1)             2)   Refund feature adjustment:                   A(6)             3)   Investment in the contract adjusted for refund feature:                   B(1) minus B(2)                             C. 2013 federal tax forms 1040ez   Expected Return             1)   Annual Annuity:                   12 times monthly annuity**             2)   Expected return multiples from Tables I and V             3)     Expected return:                   C(1) times C(2)                             D. 2013 federal tax forms 1040ez   Tax-Free Part of Annuity             1)     Exclusion ratio, as a decimal rounded to 3 places:                   B(3) divided by C(3)             2)     Tax-free part of annuity:                   C(1) times D(1)             **If the annuity is not paid monthly, figure the amount to enter by using the total number of periodic payments for the year times the amount of the periodic payment. 2013 federal tax forms 1040ez     Worksheet II For Determining Taxable Annuity Under Regulations Section 1. 2013 federal tax forms 1040ez 72-6(d)(6) Election For Joint and Survivor Annuity               Pre-July 1986   Post-June 1986 A. 2013 federal tax forms 1040ez   Refund Feature Adjustment             1)   Net cost (total cost less returned premiums, dividends, etc. 2013 federal tax forms 1040ez )             2)   Annual annuity allocation:                   Portion of net cost in A(1) x annual annuity                   Net cost             3)   Guaranteed under the contract             4)     Number of years guaranteed, rounded to whole years:                   A(3) divided by A(2)             5)   Applicable percentages*                   *If your annuity meets the three conditions listed in Zero value of refund feature in Investment in the Contract, earlier, both percentages are 0. 2013 federal tax forms 1040ez If not, the IRS will calculate the refund feature percentage. 2013 federal tax forms 1040ez             6)   Refund feature adjustment:                   A(5) times lesser of A(1) or A(3)                             B. 2013 federal tax forms 1040ez   Investment in the Contract             1)   Net cost:                   A(1)             2)   Refund feature adjustment:                   A(6)             3)   Investment in the contract adjusted for refund future:                   B(1) minus B(2)                             C. 2013 federal tax forms 1040ez   Expected Return             1)   Multiples for both annuitants, Tables II and VI             2)   Multiple for retiree. 2013 federal tax forms 1040ez Tables I and VI             3)   Multiple for survivor:                   C(1) minus C(2)             4)   Annual annuity to survivor:                   12 times potential monthly rate for survivor**             5)   Expected return for survivor:                   C(3) times C(4)             6)   Annual annuity to retiree:                   12 times monthly rate for retiree**             7)   Expected return for retiree:                   C(2) times C(6)             8)   Total expected return:                   C(5) plus C(7)                             D. 2013 federal tax forms 1040ez   Tax-Free Part of Annuity             1)   Exclusion ratio, as a decimal rounded to 3 places:                   B(3) divided by C(8)             2)   Retiree's tax-free part of annuity:                   C(6) times D(1)             3)   Survivor's tax-free part of annuity, if surviving after death of retiree:                   C(4) times D(1)             **If the annuity is not paid monthly, figure the amount to enter by using the total number of periodic payments for the year times the amount of the periodic payment. 2013 federal tax forms 1040ez   Actuarial Tables Please click here for the text description of the image. 2013 federal tax forms 1040ez Actuarial Tables Please click here for the text description of the image. 2013 federal tax forms 1040ez Actuarial Tables Please click here for the text description of the image. 2013 federal tax forms 1040ez Actuarial tables Please click here for the text description of the image. 2013 federal tax forms 1040ez Actuarial tables Please click here for the text description of the image. 2013 federal tax forms 1040ez Actuarial tables Please 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tax forms 1040ez Actuarial tables Requesting a Ruling on Taxation of Annuity If you are a retiree, or the survivor of an employee or retiree, you may ask the Internal Revenue Service to help you determine the taxation of your annuity. 2013 federal tax forms 1040ez If you make this request, you are asking for a ruling. 2013 federal tax forms 1040ez User fee. 2013 federal tax forms 1040ez   Under the law in effect at the time this publication went to print, the IRS must charge a user fee for all ruling requests. 2013 federal tax forms 1040ez You should call the IRS for the proper fee. 2013 federal tax forms 1040ez A request solely for the value of the refund feature is not treated as a ruling request and requires no fee. 2013 federal tax forms 1040ez Send your request to:     Internal Revenue Service  Attention: EP Letter Rulings P. 2013 federal tax forms 1040ez O. 2013 federal tax forms 1040ez Box 27063 McPherson Station Washington, DC 20038 The user fee is allowed as a miscellaneous itemized deduction, subject to the 2%-of-adjusted-gross-income limit. 2013 federal tax forms 1040ez When to make the request. 2013 federal tax forms 1040ez   Please note that requests sent between February 1 and April 15 may experience some delay. 2013 federal tax forms 1040ez We process requests in the order received, and we will reply to your request as soon as we can process it. 2013 federal tax forms 1040ez If you do not receive your ruling by the required filing date, you may use Form 4868, Application for Automatic Extension of Time To File U. 2013 federal tax forms 1040ez S. 2013 federal tax forms 1040ez Individual Income Tax Return, to get an extension of time to file. 2013 federal tax forms 1040ez Information you must furnish. 2013 federal tax forms 1040ez   You must furnish the information listed below so the IRS can comply with your request. 2013 federal tax forms 1040ez Failure to furnish the information will result in a delay in processing your request. 2013 federal tax forms 1040ez Please send only copies of the following documents, as the IRS retains all material sent for its records: A letter explaining the question(s) you wish to have resolved or the information you need from the ruling. 2013 federal tax forms 1040ez Copies of any documents showing distributions, annuity rates, and annuity options available to you. 2013 federal tax forms 1040ez A copy of any Form 1099–R you received since your annuity began. 2013 federal tax forms 1040ez A statement indicating whether you have filed your return for the year for which you are making the request. 2013 federal tax forms 1040ez If you have requested an extension of time to file that return, please indicate the extension date. 2013 federal tax forms 1040ez Your daytime phone number. 2013 federal tax forms 1040ez Your current mailing address. 2013 federal tax forms 1040ez A power of attorney if someone other than you, an attorney, a certified public accountant, or an enrolled agent is signing this request. 2013 federal tax forms 1040ez Form 2848, Power of Attorney and Declaration of Representative, may be used for this purpose. 2013 federal tax forms 1040ez A completed Tax Information Sheet (or facsimile) shown on the next page. 2013 federal tax forms 1040ez Sign and date the Disclosure and Perjury Statement (or facsimile) at the end of the tax information sheet. 2013 federal tax forms 1040ez This statement must be signed by the retiree or the survivor annuitant. 2013 federal tax forms 1040ez It cannot be signed by a representative. 2013 federal tax forms 1040ez Tax Information Sheet Please click here for the text description of the image. 2013 federal tax forms 1040ez Tax Information Sheet Please click here for the text description of the image. 2013 federal tax forms 1040ez Tax Information Sheet (continued) How To Get Tax Help Whether it's help with a tax issue, preparing your tax return or a need for a free publication or form, get the help you need the way you want it: online, use a smart phone, call or walk in to an IRS office or volunteer site near you. 2013 federal tax forms 1040ez Free help with your tax return. 2013 federal tax forms 1040ez   You can get free help preparing your return nationwide from IRS-certified volunteers. 2013 federal tax forms 1040ez The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. 2013 federal tax forms 1040ez The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. 2013 federal tax forms 1040ez Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. 2013 federal tax forms 1040ez In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. 2013 federal tax forms 1040ez To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. 2013 federal tax forms 1040ez gov, download the IRS2Go app, or call 1-800-906-9887. 2013 federal tax forms 1040ez   As part of the TCE program, AARP offers the Tax-Aide counseling program. 2013 federal tax forms 1040ez To find the nearest AARP Tax-Aide site, visit AARP's website at www. 2013 federal tax forms 1040ez aarp. 2013 federal tax forms 1040ez org/money/taxaide or call 1-888-227-7669. 2013 federal tax forms 1040ez For more information on these programs, go to IRS. 2013 federal tax forms 1040ez gov and enter “VITA” in the search box. 2013 federal tax forms 1040ez Internet. 2013 federal tax forms 1040ez    IRS. 2013 federal tax forms 1040ez gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. 2013 federal tax forms 1040ez Download the free IRS2Go app from the iTunes app store or from Google Play. 2013 federal tax forms 1040ez Use it to check your refund status, order transcripts of your tax returns or tax account, watch the IRS YouTube channel, get IRS news as soon as it's released to the public, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. 2013 federal tax forms 1040ez Check the status of your 2013 refund with the Where's My Refund? application on IRS. 2013 federal tax forms 1040ez gov or download the IRS2Go app and select the Refund Status option. 2013 federal tax forms 1040ez The IRS issues more than 9 out of 10 refunds in less than 21 days. 2013 federal tax forms 1040ez Using these applications, you can start checking on the status of your return within 24 hours after we receive your e-filed return or 4 weeks after you mail a paper return. 2013 federal tax forms 1040ez You will also be given a personalized refund date as soon as the IRS processes your tax return and approves your refund. 2013 federal tax forms 1040ez The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. 2013 federal tax forms 1040ez Use the Interactive Tax Assistant (ITA) to research your tax questions. 2013 federal tax forms 1040ez No need to wait on the phone or stand in line. 2013 federal tax forms 1040ez The ITA is available 24 hours a day, 7 days a week, and provides you with a variety of tax information related to general filing topics, deductions, credits, and income. 2013 federal tax forms 1040ez When you reach the response screen, you can print the entire interview and the final response for your records. 2013 federal tax forms 1040ez New subject areas are added on a regular basis. 2013 federal tax forms 1040ez  Answers not provided through ITA may be found in Tax Trails, one of the Tax Topics on IRS. 2013 federal tax forms 1040ez gov which contain general individual and business tax information or by searching the IRS Tax Map, which includes an international subject index. 2013 federal tax forms 1040ez You can use the IRS Tax Map, to search publications and instructions by topic or keyword. 2013 federal tax forms 1040ez The IRS Tax Map integrates forms and publications into one research tool and provides single-point access to tax law information by subject. 2013 federal tax forms 1040ez When the user searches the IRS Tax Map, they will be provided with links to related content in existing IRS publications, forms and instructions, questions and answers, and Tax Topics. 2013 federal tax forms 1040ez Coming this filing season, you can immediately view and print for free all 5 types of individual federal tax transcripts (tax returns, tax account, record of account, wage and income statement, and certification of non-filing) using Get Transcript. 2013 federal tax forms 1040ez You can also ask the IRS to mail a return or an account transcript to you. 2013 federal tax forms 1040ez Only the mail option is available by choosing the Tax Records option on the IRS2Go app by selecting Mail Transcript on IRS. 2013 federal tax forms 1040ez gov or by calling 1-800-908-9946. 2013 federal tax forms 1040ez Tax return and tax account transcripts are generally available for the current year and the past three years. 2013 federal tax forms 1040ez Determine if you are eligible for the EITC and estimate the amount of the credit with the Earned Income Tax Credit (EITC) Assistant. 2013 federal tax forms 1040ez Visit Understanding Your IRS Notice or Letter to get answers to questions about a notice or letter you received from the IRS. 2013 federal tax forms 1040ez If you received the First Time Homebuyer Credit, you can use the First Time Homebuyer Credit Account Look-up tool for information on your repayments and account balance. 2013 federal tax forms 1040ez Check the status of your amended return using Where's My Amended Return? Go to IRS. 2013 federal tax forms 1040ez gov and enter Where's My Amended Return? in the search box. 2013 federal tax forms 1040ez You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. 2013 federal tax forms 1040ez It can take up to 3 weeks from the date you mailed it to show up in our system. 2013 federal tax forms 1040ez Make a payment using one of several safe and convenient electronic payment options available on IRS. 2013 federal tax forms 1040ez gov. 2013 federal tax forms 1040ez Select the Payment tab on the front page of IRS. 2013 federal tax forms 1040ez gov for more information. 2013 federal tax forms 1040ez Determine if you are eligible and apply for an online payment agreement, if you owe more tax than you can pay today. 2013 federal tax forms 1040ez Figure your income tax withholding with the IRS Withholding Calculator on IRS. 2013 federal tax forms 1040ez gov. 2013 federal tax forms 1040ez Use it if you've had too much or too little withheld, your personal situation has changed, you're starting a new job or you just want to see if you're having the right amount withheld. 2013 federal tax forms 1040ez Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. 2013 federal tax forms 1040ez gov. 2013 federal tax forms 1040ez Request an Electronic Filing PIN by going to IRS. 2013 federal tax forms 1040ez gov and entering Electronic Filing PIN in the search box. 2013 federal tax forms 1040ez Download forms, instructions and publications, including accessible versions for people with disabilities. 2013 federal tax forms 1040ez Locate the nearest Taxpayer Assistance Center (TAC) using the Office Locator tool on IRS. 2013 federal tax forms 1040ez gov, or choose the Contact Us option on the IRS2Go app and search Local Offices. 2013 federal tax forms 1040ez An employee can answer questions about your tax account or help you set up a payment plan. 2013 federal tax forms 1040ez Before you visit, check the Office Locator on IRS. 2013 federal tax forms 1040ez gov, or Local Offices under Contact Us on IRS2Go to confirm the address, phone number, days and hours of operation, and the services provided. 2013 federal tax forms 1040ez If you have a special need, such as a disability, you can request an appointment. 2013 federal tax forms 1040ez Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. 2013 federal tax forms 1040ez Apply for an Employer Identification Number (EIN). 2013 federal tax forms 1040ez Go to IRS. 2013 federal tax forms 1040ez gov and enter Apply for an EIN in the search box. 2013 federal tax forms 1040ez Read the Internal Revenue Code, regulations, or other official guidance. 2013 federal tax forms 1040ez Read Internal Revenue Bulletins. 2013 federal tax forms 1040ez Sign up to receive local and national tax news and more by email. 2013 federal tax forms 1040ez Just click on “subscriptions” above the search box on IRS. 2013 federal tax forms 1040ez gov and choose from a variety of options. 2013 federal tax forms 1040ez    Phone. 2013 federal tax forms 1040ez You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. 2013 federal tax forms 1040ez Download the free IRS2Go app from the iTunes app store or from Google Play. 2013 federal tax forms 1040ez Call to locate the nearest volunteer help site, 1-800-906-9887 or you can use the VITA Locator Tool on IRS. 2013 federal tax forms 1040ez gov, or download the IRS2Go app. 2013 federal tax forms 1040ez Low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. 2013 federal tax forms 1040ez The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. 2013 federal tax forms 1040ez Mos
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The 2013 Federal Tax Forms 1040ez

2013 federal tax forms 1040ez 3. 2013 federal tax forms 1040ez   Limit on Annual Additions Table of Contents Ministers and church employees. 2013 federal tax forms 1040ez Includible Compensation for Your Most Recent Year of ServiceMost Recent Year of Service Includible Compensation The first component of MAC is the limit on annual additions. 2013 federal tax forms 1040ez This is a limit on the total contributions (elective deferrals, nonelective contributions, and after-tax contributions) that can be made to your 403(b) account. 2013 federal tax forms 1040ez The limit on annual additions generally is the lesser of: $51,000 for 2013 and $52,000 for 2014, or 100% of your includible compensation for your most recent year of service. 2013 federal tax forms 1040ez More than one 403(b) account. 2013 federal tax forms 1040ez If you contributed to more than one 403(b) account, you must combine the contributions made to all 403(b) accounts on your behalf by your employer. 2013 federal tax forms 1040ez Ministers and church employees. 2013 federal tax forms 1040ez   If you are a minister or a church employee, you may be able to increase your limit on annual additions or use different rules when figuring your limit on annual additions. 2013 federal tax forms 1040ez For more information, see chapter 5. 2013 federal tax forms 1040ez Participation in a qualified plan. 2013 federal tax forms 1040ez If you participated in a 403(b) plan and a qualified plan, you must combine contributions made to your 403(b) account with contributions to a qualified plan and simplified employee pensions of all corporations, partnerships, and sole proprietorships in which you have more than 50% control. 2013 federal tax forms 1040ez You can use Part I of Worksheet 1 in chapter 9 to figure your limit on annual additions. 2013 federal tax forms 1040ez Includible Compensation for Your Most Recent Year of Service Definition. 2013 federal tax forms 1040ez   Generally, includible compensation for your most recent year of service is the amount of taxable wages and benefits you received from the employer that maintained a 403(b) account for your benefit during your most recent year of service. 2013 federal tax forms 1040ez When figuring your includible compensation for your most recent year of service, keep in mind that your most recent year of service may not be the same as your employer's most recent annual work period. 2013 federal tax forms 1040ez This can happen if your tax year is not the same as your employer's annual work period. 2013 federal tax forms 1040ez When figuring includible compensation for your most recent year of service, do not mix compensation or service of one employer with compensation or service of another employer. 2013 federal tax forms 1040ez Most Recent Year of Service Your most recent year of service is your last full year of service, ending on the last day of your tax year that you worked for the employer that maintained a 403(b) account on your behalf. 2013 federal tax forms 1040ez Tax year different from employer's annual work period. 2013 federal tax forms 1040ez   If your tax year is not the same as your employer's annual work period, your most recent year of service is made up of parts of at least two of your employer's annual work periods. 2013 federal tax forms 1040ez Example. 2013 federal tax forms 1040ez A professor who reports her income on a calendar-year basis is employed on a full-time basis by a university that operates on an academic year (October through May). 2013 federal tax forms 1040ez To figure her includible compensation for 2013, the professor's most recent year of service is her service from January through May 2013 and from October through December 2013. 2013 federal tax forms 1040ez Figuring Your Most Recent Year of Service To figure your most recent year of service, begin by determining what is a full year of service for your position. 2013 federal tax forms 1040ez A full year of service is equal to full-time employment for your employer's annual work period. 2013 federal tax forms 1040ez After identifying a full year of service, begin counting the service you have provided for your employer starting with the service provided in the current year. 2013 federal tax forms 1040ez Part-time or employed only part of the year. 2013 federal tax forms 1040ez   If you are a part-time or a full-time employee who is employed for only part of the year, your most recent year of service is your service this year and your service for as many previous years as is necessary to total 1 full year of service. 2013 federal tax forms 1040ez To determine your most recent year of service, add the following periods of service: Your service during the year for which you are figuring the limit on annual additions, and Your service during your preceding tax years until the total service equals 1 year of service or you have figured all of your service with the employer. 2013 federal tax forms 1040ez Example. 2013 federal tax forms 1040ez You were employed on a full-time basis from July through December 2011 (1/2 year of service), July through December 2012 (1/2 year of service), and October through December 2013 (1/4 year of service). 2013 federal tax forms 1040ez Your most recent year of service for computing your limit on annual additions for 2013 is the total of your service during 2013 (1/4 year of service), your service during 2012 (1/2 year of service), and your service during the months October through December 2011 (1/4 year of service). 2013 federal tax forms 1040ez Not yet employed for 1 year. 2013 federal tax forms 1040ez   If, at the close of the year, you have not yet worked for your employer for 1 year (including time you worked for the same employer in all earlier years), use the period of time you have worked for the employer as your most recent year of service. 2013 federal tax forms 1040ez Includible Compensation After identifying your most recent year of service, the next step is to identify the includible compensation associated with that full year of service. 2013 federal tax forms 1040ez Includible compensation is not the same as income included on your tax return. 2013 federal tax forms 1040ez Compensation is a combination of income and benefits received in exchange for services provided to your employer. 2013 federal tax forms 1040ez Generally, includible compensation is the amount of income and benefits: Received from the employer who maintains your 403(b) account, and Must be included in your income. 2013 federal tax forms 1040ez Includible compensation includes the following amounts. 2013 federal tax forms 1040ez Elective deferrals (employer's contributions made on your behalf under a salary reduction agreement). 2013 federal tax forms 1040ez Amounts contributed or deferred by your employer under a section 125 cafeteria plan. 2013 federal tax forms 1040ez Amounts contributed or deferred, at the election of the employee, under an eligible section 457 nonqualified deferred compensation plan (state or local government or tax-exempt organization plan). 2013 federal tax forms 1040ez  Note. 2013 federal tax forms 1040ez For information about treating elective deferrals under section 457 plans as Roth contributions, see Publication 575. 2013 federal tax forms 1040ez Wages, salaries, and fees for personal services earned with the employer maintaining your 403(b) account. 2013 federal tax forms 1040ez Income otherwise excluded under the foreign earned income exclusion. 2013 federal tax forms 1040ez Pre-tax contributions (employer's contributions made on your behalf according to your election) to a qualified transportation fringe benefit plan. 2013 federal tax forms 1040ez Includible compensation does not include the following items. 2013 federal tax forms 1040ez Your employer's contributions to your 403(b) account. 2013 federal tax forms 1040ez Compensation earned while your employer was not an eligible employer. 2013 federal tax forms 1040ez Your employer's contributions to a qualified plan that: Are on your behalf, and Are excludable from income. 2013 federal tax forms 1040ez The cost of incidental life insurance. 2013 federal tax forms 1040ez See Cost of Incidental Life Insurance, later. 2013 federal tax forms 1040ez If you are a church employee or a foreign missionary, figure includible compensation using the rules explained in chapter 5. 2013 federal tax forms 1040ez Contributions after retirement. 2013 federal tax forms 1040ez   Nonelective contributions may be made for an employee for up to 5 years after retirement. 2013 federal tax forms 1040ez These contributions would be based on includible compensation for the last year of service before retirement. 2013 federal tax forms 1040ez Cost of Incidental Life Insurance Includible compensation does not include the cost of incidental life insurance. 2013 federal tax forms 1040ez If all of your 403(b) accounts invest only in mutual funds, then you have no incidental life insurance. 2013 federal tax forms 1040ez If you have an annuity contract, a portion of the cost of that contract may be for incidental life insurance. 2013 federal tax forms 1040ez If so, the cost of the insurance is taxable to you in the year contributed and is considered part of your basis when distributed. 2013 federal tax forms 1040ez Your employer will include the cost of your insurance as taxable wages in box 1 of Form W-2. 2013 federal tax forms 1040ez Not all annuity contracts include life insurance. 2013 federal tax forms 1040ez Contact your plan administrator to determine if your contract includes incidental life insurance. 2013 federal tax forms 1040ez If it does, you will need to figure the cost of life insurance each year the policy is in effect. 2013 federal tax forms 1040ez Figuring the cost of incidental life insurance. 2013 federal tax forms 1040ez If you have determined that part of the cost of your annuity contract is for an incidental life insurance premium, you will need to determine the amount of the premium and subtract it from your includible compensation. 2013 federal tax forms 1040ez To determine the amount of the life insurance premiums, you will need to know the following information. 2013 federal tax forms 1040ez The value of your life insurance contract, which is the amount payable upon your death. 2013 federal tax forms 1040ez The cash value of your life insurance contract at the end of the tax year. 2013 federal tax forms 1040ez Your age on your birthday nearest the beginning of the policy year. 2013 federal tax forms 1040ez Your current life insurance protection under an ordinary retirement income life insurance policy, which is the amount payable upon your death minus the cash value of the contract at the end of the year. 2013 federal tax forms 1040ez You can use Worksheet A, in chapter 9, to determine the cost of your incidental life insurance. 2013 federal tax forms 1040ez Example. 2013 federal tax forms 1040ez Your new contract provides that your beneficiary will receive $10,000 if you should die before retirement. 2013 federal tax forms 1040ez Your cash value in the contract at the end of the first year is zero. 2013 federal tax forms 1040ez Your current life insurance protection for the first year is $10,000 ($10,000 − 0). 2013 federal tax forms 1040ez The cash value in the contract at the end of year two is $1,000, and the current life insurance protection for the second year is $9,000 ($10,000 – $1,000). 2013 federal tax forms 1040ez The 1-year cost of the protection can be calculated by using Figure 3-1, Table of One-Year Term Premiums for $1,000 Life Insurance Protection . 2013 federal tax forms 1040ez The premium rate is determined based on your age on your birthday nearest the beginning of the policy year. 2013 federal tax forms 1040ez Figure 3-1. 2013 federal tax forms 1040ez Table of One-Year Term Premiums for $1,000 Life Insurance Protection Age Cost   Age Cost   Age Cost 0 $0. 2013 federal tax forms 1040ez 70   35 $0. 2013 federal tax forms 1040ez 99   70 $20. 2013 federal tax forms 1040ez 62 1 0. 2013 federal tax forms 1040ez 41   36 1. 2013 federal tax forms 1040ez 01   71 22. 2013 federal tax forms 1040ez 72 2 0. 2013 federal tax forms 1040ez 27   37 1. 2013 federal tax forms 1040ez 04   72 25. 2013 federal tax forms 1040ez 07 3 0. 2013 federal tax forms 1040ez 19   38 1. 2013 federal tax forms 1040ez 06   73 27. 2013 federal tax forms 1040ez 57 4 0. 2013 federal tax forms 1040ez 13   39 1. 2013 federal tax forms 1040ez 07   74 30. 2013 federal tax forms 1040ez 18 5 0. 2013 federal tax forms 1040ez 13   40 1. 2013 federal tax forms 1040ez 10   75 33. 2013 federal tax forms 1040ez 05 6 0. 2013 federal tax forms 1040ez 14   41 1. 2013 federal tax forms 1040ez 13   76 36. 2013 federal tax forms 1040ez 33 7 0. 2013 federal tax forms 1040ez 15   42 1. 2013 federal tax forms 1040ez 20   77 40. 2013 federal tax forms 1040ez 17 8 0. 2013 federal tax forms 1040ez 16   43 1. 2013 federal tax forms 1040ez 29   78 44. 2013 federal tax forms 1040ez 33 9 0. 2013 federal tax forms 1040ez 16   44 1. 2013 federal tax forms 1040ez 40   79 49. 2013 federal tax forms 1040ez 23 10 0. 2013 federal tax forms 1040ez 16   45 1. 2013 federal tax forms 1040ez 53   80 54. 2013 federal tax forms 1040ez 56 11 0. 2013 federal tax forms 1040ez 19   46 1. 2013 federal tax forms 1040ez 67   81 60. 2013 federal tax forms 1040ez 51 12 0. 2013 federal tax forms 1040ez 24   47 1. 2013 federal tax forms 1040ez 83   82 66. 2013 federal tax forms 1040ez 74 13 0. 2013 federal tax forms 1040ez 28   48 1. 2013 federal tax forms 1040ez 98   83 73. 2013 federal tax forms 1040ez 07 14 0. 2013 federal tax forms 1040ez 33   49 2. 2013 federal tax forms 1040ez 13   84 80. 2013 federal tax forms 1040ez 35 15 0. 2013 federal tax forms 1040ez 38   50 2. 2013 federal tax forms 1040ez 30   85 88. 2013 federal tax forms 1040ez 76 16 0. 2013 federal tax forms 1040ez 52   51 2. 2013 federal tax forms 1040ez 52   86 99. 2013 federal tax forms 1040ez 16 17 0. 2013 federal tax forms 1040ez 57   52 2. 2013 federal tax forms 1040ez 81   87 110. 2013 federal tax forms 1040ez 40 18 0. 2013 federal tax forms 1040ez 59   53 3. 2013 federal tax forms 1040ez 20   88 121. 2013 federal tax forms 1040ez 85 19 0. 2013 federal tax forms 1040ez 61   54 3. 2013 federal tax forms 1040ez 65   89 133. 2013 federal tax forms 1040ez 40 20 0. 2013 federal tax forms 1040ez 62   55 4. 2013 federal tax forms 1040ez 15   90 144. 2013 federal tax forms 1040ez 30 21 0. 2013 federal tax forms 1040ez 62   56 4. 2013 federal tax forms 1040ez 68   91 155. 2013 federal tax forms 1040ez 80 22 0. 2013 federal tax forms 1040ez 64   57 5. 2013 federal tax forms 1040ez 20   92 168. 2013 federal tax forms 1040ez 75 23 0. 2013 federal tax forms 1040ez 66   58 5. 2013 federal tax forms 1040ez 66   93 186. 2013 federal tax forms 1040ez 44 24 0. 2013 federal tax forms 1040ez 68   59 6. 2013 federal tax forms 1040ez 06   94 206. 2013 federal tax forms 1040ez 70 25 0. 2013 federal tax forms 1040ez 71   60 6. 2013 federal tax forms 1040ez 51   95 228. 2013 federal tax forms 1040ez 35 26 0. 2013 federal tax forms 1040ez 73   61 7. 2013 federal tax forms 1040ez 11   96 250. 2013 federal tax forms 1040ez 01 27 0. 2013 federal tax forms 1040ez 76   62 7. 2013 federal tax forms 1040ez 96   97 265. 2013 federal tax forms 1040ez 09 28 0. 2013 federal tax forms 1040ez 80   63 9. 2013 federal tax forms 1040ez 08   98 270. 2013 federal tax forms 1040ez 11 29 0. 2013 federal tax forms 1040ez 83   64 10. 2013 federal tax forms 1040ez 41   99 281. 2013 federal tax forms 1040ez 05 30 0. 2013 federal tax forms 1040ez 87   65 11. 2013 federal tax forms 1040ez 90       31 0. 2013 federal tax forms 1040ez 90   66 13. 2013 federal tax forms 1040ez 51       32 0. 2013 federal tax forms 1040ez 93   67 15. 2013 federal tax forms 1040ez 20       33 0. 2013 federal tax forms 1040ez 96   68 16. 2013 federal tax forms 1040ez 92       34 0. 2013 federal tax forms 1040ez 98   69 18. 2013 federal tax forms 1040ez 70                       If the current published premium rates per $1,000 of insurance protection charged by an insurer for individual 1-year term life insurance premiums available to all standard risks are lower than those in the preceding table, you can use the lower rates for figuring the cost of insurance in connection with individual policies issued by the same insurer. 2013 federal tax forms 1040ez Example 1. 2013 federal tax forms 1040ez Lynne Green, age 44, and her employer enter into a 403(b) plan that will provide her with a $500 a month annuity upon retirement at age 65. 2013 federal tax forms 1040ez The agreement also provides that if she should die before retirement, her beneficiary will receive the greater of $20,000 or the cash surrender value in the life insurance contract. 2013 federal tax forms 1040ez Using the facts presented we can determine the cost of Lynne's life insurance protection as shown in Table 3-1. 2013 federal tax forms 1040ez Lynne's employer has included $28 for the cost of the life insurance protection in her current year's income. 2013 federal tax forms 1040ez When figuring her includible compensation for this year, Lynne will subtract $28. 2013 federal tax forms 1040ez Table 3-1. 2013 federal tax forms 1040ez Worksheet A. 2013 federal tax forms 1040ez Cost of Incidental Life Insurance Note. 2013 federal tax forms 1040ez Use this worksheet to figure the cost of incidental life insurance included in your annuity contract. 2013 federal tax forms 1040ez This amount will be used to figure includible compensation for your most recent year of service. 2013 federal tax forms 1040ez 1. 2013 federal tax forms 1040ez Enter the value of the contract (amount payable upon your death) 1. 2013 federal tax forms 1040ez $20,000. 2013 federal tax forms 1040ez 00 2. 2013 federal tax forms 1040ez Enter the cash value in the contract at the end of the year 2. 2013 federal tax forms 1040ez 0. 2013 federal tax forms 1040ez 00 3. 2013 federal tax forms 1040ez Subtract line 2 from line 1. 2013 federal tax forms 1040ez This is the value of your current life insurance protection 3. 2013 federal tax forms 1040ez $20,000. 2013 federal tax forms 1040ez 00 4. 2013 federal tax forms 1040ez Enter your age on your birthday nearest the beginning of the policy year 4. 2013 federal tax forms 1040ez 44 5. 2013 federal tax forms 1040ez Enter the 1-year term premium for $1,000 of life insurance based on your age. 2013 federal tax forms 1040ez (From Figure 3-1) 5. 2013 federal tax forms 1040ez $1. 2013 federal tax forms 1040ez 40 6. 2013 federal tax forms 1040ez Divide line 3 by $1,000 6. 2013 federal tax forms 1040ez 20 7. 2013 federal tax forms 1040ez Multiply line 6 by line 5. 2013 federal tax forms 1040ez This is the cost of your incidental life insurance 7. 2013 federal tax forms 1040ez $28. 2013 federal tax forms 1040ez 00 Example 2. 2013 federal tax forms 1040ez Lynne's cash value in the contract at the end of the second year is $1,000. 2013 federal tax forms 1040ez In year two, the cost of Lynne's life insurance is calculated as shown in Table 3-2. 2013 federal tax forms 1040ez In year two, Lynne's employer will include $29. 2013 federal tax forms 1040ez 07 in her current year's income. 2013 federal tax forms 1040ez Lynne will subtract this amount when figuring her includible compensation. 2013 federal tax forms 1040ez Table 3-2. 2013 federal tax forms 1040ez Worksheet A. 2013 federal tax forms 1040ez Cost of Incidental Life Insurance Note. 2013 federal tax forms 1040ez Use this worksheet to figure the cost of incidental life insurance included in your annuity contract. 2013 federal tax forms 1040ez This amount will be used to figure includible compensation for your most recent year of service. 2013 federal tax forms 1040ez 1. 2013 federal tax forms 1040ez Enter the value of the contract (amount payable upon your death) 1. 2013 federal tax forms 1040ez $20,000. 2013 federal tax forms 1040ez 00 2. 2013 federal tax forms 1040ez Enter the cash value in the contract at the end of the year 2. 2013 federal tax forms 1040ez $1,000. 2013 federal tax forms 1040ez 00 3. 2013 federal tax forms 1040ez Subtract line 2 from line 1. 2013 federal tax forms 1040ez This is the value of your current life insurance protection 3. 2013 federal tax forms 1040ez $19,000. 2013 federal tax forms 1040ez 00 4. 2013 federal tax forms 1040ez Enter your age on your birthday nearest the beginning of the policy year 4. 2013 federal tax forms 1040ez 45 5. 2013 federal tax forms 1040ez Enter the 1-year term premium for $1,000 of life insurance based on your age. 2013 federal tax forms 1040ez (From Figure 3-1) 5. 2013 federal tax forms 1040ez $1. 2013 federal tax forms 1040ez 53 6. 2013 federal tax forms 1040ez Divide line 3 by $1,000 6. 2013 federal tax forms 1040ez 19 7. 2013 federal tax forms 1040ez Multiply line 6 by line 5. 2013 federal tax forms 1040ez This is the cost of your incidental life insurance 7. 2013 federal tax forms 1040ez $29. 2013 federal tax forms 1040ez 07 Figuring Includible Compensation for Your Most Recent Year of Service You can use Worksheet B in chapter 9 to determine your includible compensation for your most recent year of service. 2013 federal tax forms 1040ez Example. 2013 federal tax forms 1040ez Floyd has been periodically working full-time for a local hospital since September 2011. 2013 federal tax forms 1040ez He needs to figure his limit on annual additions for 2014. 2013 federal tax forms 1040ez The hospital's normal annual work period for employees in Floyd's general type of work runs from January to December. 2013 federal tax forms 1040ez During the periods that Floyd was employed with the hospital, the hospital has always been eligible to provide a 403(b) plan to employees. 2013 federal tax forms 1040ez Additionally, the hospital has never provided the employees with a 457 deferred compensation plan, a transportation fringe benefit plan, or a cafeteria plan. 2013 federal tax forms 1040ez Floyd has never worked abroad and there is no life insurance provided under the plan. 2013 federal tax forms 1040ez Table 3-3 shows the service Floyd provided to his employer, his compensation for the periods worked, his elective deferrals, and his taxable wages. 2013 federal tax forms 1040ez Table 3-3. 2013 federal tax forms 1040ez Floyd's Compensation Note. 2013 federal tax forms 1040ez This table shows information Floyd will use to figure includible compensation for his most recent year of service. 2013 federal tax forms 1040ez   Year Years of Service Taxable Wages Elective Deferrals 2014 6/12 of  a year $42,000 $2,000 2013 4/12 of  a year $16,000 $1,650 2012 4/12 of  a year $16,000 $1,650 Before Floyd can figure his limit on annual additions, he must figure includible compensation for his most recent year of service. 2013 federal tax forms 1040ez Because Floyd is not planning to work the entire 2014 year, his most recent year of service will include the time he is planning to work in 2014 plus time he worked in the preceding 3 years until the time he worked for the hospital totals 1 year. 2013 federal tax forms 1040ez If the total time he worked is less than 1 year, Floyd will treat it as if it were 1 year. 2013 federal tax forms 1040ez He figures his most recent year of service shown in the following list. 2013 federal tax forms 1040ez Time he will work in 2014 is 6/12 of a year. 2013 federal tax forms 1040ez Time worked in 2013 is 4/12 of a year. 2013 federal tax forms 1040ez All of this time will be used to determine Floyd's most recent year of service. 2013 federal tax forms 1040ez Time worked in 2012 is 4/12 of a year. 2013 federal tax forms 1040ez Floyd only needs 2 months of the 4 months he worked in 2012 to have enough time to total 1 full year. 2013 federal tax forms 1040ez Because he needs only one-half of the actual time he worked, Floyd will use only one-half of his income earned during that period to calculate wages that will be used in figuring his includible compensation. 2013 federal tax forms 1040ez Using the information provided in Table 3-3, wages for Floyd's most recent year of service are $66,000 ($42,000 + $16,000 + $8,000). 2013 federal tax forms 1040ez His includible compensation for his most recent year of service is figured as shown in Table 3-4. 2013 federal tax forms 1040ez After figuring his includible compensation, Floyd determines his limit on annual additions for 2014 to be $52,000, the lesser of his includible compensation, $70,475 (Table 3-4), and the maximum amount of $52,000. 2013 federal tax forms 1040ez Table 3-4. 2013 federal tax forms 1040ez Worksheet B. 2013 federal tax forms 1040ez Includible Compensation for Your Most Recent Year of Service1 Note. 2013 federal tax forms 1040ez Use this worksheet to figure includible compensation for your most recent year of service. 2013 federal tax forms 1040ez 1. 2013 federal tax forms 1040ez Enter your includible wages from the employer maintaining your 403(b) account for your most recent year of service 1. 2013 federal tax forms 1040ez $66,000 2. 2013 federal tax forms 1040ez Enter elective deferrals excluded from your gross income for your most recent year of service2 2. 2013 federal tax forms 1040ez 4,4753 3. 2013 federal tax forms 1040ez Enter amounts contributed or deferred by your employer under a cafeteria plan for your most recent year of service 3. 2013 federal tax forms 1040ez -0- 4. 2013 federal tax forms 1040ez Enter amounts contributed or deferred by your employer according to your election to your 457 account (a nonqualified plan of a state or local government, or of a tax-exempt organization) for your most recent year of service 4. 2013 federal tax forms 1040ez -0- 5. 2013 federal tax forms 1040ez Enter pre-tax contributions (employer's contributions made on your behalf according to your election) to a qualified transportation fringe benefit plan for your most recent year of service 5. 2013 federal tax forms 1040ez -0- 6. 2013 federal tax forms 1040ez Enter your foreign earned income exclusion for your most recent year of service 6. 2013 federal tax forms 1040ez -0- 7. 2013 federal tax forms 1040ez Add lines 1, 2, 3, 4, 5, and 6 7. 2013 federal tax forms 1040ez 70,475 8. 2013 federal tax forms 1040ez Enter the cost of incidental life insurance that is part of your annuity contract for your most recent year of service 8. 2013 federal tax forms 1040ez -0- 9. 2013 federal tax forms 1040ez Enter compensation that was both: Earned during your most recent year of service, and Earned while your employer was not qualified to maintain a 403(b) plan 9. 2013 federal tax forms 1040ez -0- 10. 2013 federal tax forms 1040ez Add lines 8 and 9 10. 2013 federal tax forms 1040ez -0- 11. 2013 federal tax forms 1040ez Subtract line 10 from line 7. 2013 federal tax forms 1040ez This is your includible compensation for your most recent year of service 11. 2013 federal tax forms 1040ez 70,475 1Use estimated amounts if figuring includible compensation before the end of the year. 2013 federal tax forms 1040ez 2Elective deferrals made to a designated Roth account are not excluded from your gross income and should not be included on this line. 2013 federal tax forms 1040ez  3$4,475 ($2,000 + $1,650 + $825). 2013 federal tax forms 1040ez Prev  Up  Next   Home   More Online Publications