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Amended Tax Return 2012

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Amended Tax Return 2012

Amended tax return 2012 2. Amended tax return 2012   Simplified Employee Pensions (SEPs) Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: Setting Up a SEPWhen not to use Form 5305-SEP. Amended tax return 2012 How Much Can I Contribute?Contribution Limits Deducting ContributionsDeduction Limit for Contributions for Participants Deduction Limit for Self-Employed Individuals Carryover of Excess SEP Contributions When To Deduct Contributions Where To Deduct Contributions Salary Reduction Simplified Employee Pensions (SARSEPs)SARSEP ADP test. Amended tax return 2012 Deferral percentage. Amended tax return 2012 Employee compensation. Amended tax return 2012 Compensation of self-employed individuals. Amended tax return 2012 Choice not to treat deferrals as compensation. Amended tax return 2012 Limit on Elective Deferrals Tax Treatment of Deferrals Distributions (Withdrawals) Additional TaxesEffects on employee. Amended tax return 2012 Reporting and Disclosure Requirements Topics - This chapter discusses: Setting up a SEP How much can I contribute Deducting contributions Salary reduction simplified employee pensions (SARSEPs) Distributions (withdrawals) Additional taxes Reporting and disclosure requirements Useful Items - You may want to see: Publication 590 Individual Retirement Arrangements (IRAs) 3998 Choosing A Retirement Solution for Your Small Business 4285 SEP Checklist 4286 SARSEP Checklist 4333 SEP Retirement Plans for Small Businesses 4336 SARSEP for Small Businesses 4407 SARSEP—Key Issues and Assistance Forms (and Instructions) W-2 Wage and Tax Statement 1040 U. Amended tax return 2012 S. Amended tax return 2012 Individual Income Tax Return 5305-SEP Simplified Employee Pension—Individual Retirement Accounts Contribution Agreement 5305A-SEP Salary Reduction Simplified Employee Pension—Individual Retirement Accounts Contribution Agreement 8880 Credit for Qualified Retirement Savings Contributions 8881 Credit for Small Employer Pension Plan Startup Costs A SEP is a written plan that allows you to make contributions toward your own retirement and your employees' retirement without getting involved in a more complex qualified plan. Amended tax return 2012 Under a SEP, you make contributions to a traditional individual retirement arrangement (called a SEP-IRA) set up by or for each eligible employee. Amended tax return 2012 A SEP-IRA is owned and controlled by the employee, and you make contributions to the financial institution where the SEP-IRA is maintained. Amended tax return 2012 SEP-IRAs are set up for, at a minimum, each eligible employee (defined below). Amended tax return 2012 A SEP-IRA may have to be set up for a leased employee (defined in chapter 1), but does not need to be set up for excludable employees (defined later). Amended tax return 2012 Eligible employee. Amended tax return 2012   An eligible employee is an individual who meets all the following requirements. Amended tax return 2012 Has reached age 21. Amended tax return 2012 Has worked for you in at least 3 of the last 5 years. Amended tax return 2012 Has received at least $550 in compensation from you in 2013. Amended tax return 2012 This amount remains the same in 2014. Amended tax return 2012    You can use less restrictive participation requirements than those listed, but not more restrictive ones. Amended tax return 2012 Excludable employees. Amended tax return 2012   The following employees can be excluded from coverage under a SEP. Amended tax return 2012 Employees covered by a union agreement and whose retirement benefits were bargained for in good faith by the employees' union and you. Amended tax return 2012 Nonresident alien employees who have received no U. Amended tax return 2012 S. Amended tax return 2012 source wages, salaries, or other personal services compensation from you. Amended tax return 2012 For more information about nonresident aliens, see Publication 519, U. Amended tax return 2012 S. Amended tax return 2012 Tax Guide for Aliens. Amended tax return 2012 Setting Up a SEP There are three basic steps in setting up a SEP. Amended tax return 2012 You must execute a formal written agreement to provide benefits to all eligible employees. Amended tax return 2012 You must give each eligible employee certain information about the SEP. Amended tax return 2012 A SEP-IRA must be set up by or for each eligible employee. Amended tax return 2012 Many financial institutions will help you set up a SEP. Amended tax return 2012 Formal written agreement. Amended tax return 2012   You must execute a formal written agreement to provide benefits to all eligible employees under a SEP. Amended tax return 2012 You can satisfy the written agreement requirement by adopting an IRS model SEP using Form 5305-SEP. Amended tax return 2012 However, see When not to use Form 5305-SEP, below. Amended tax return 2012   If you adopt an IRS model SEP using Form 5305-SEP, no prior IRS approval or determination letter is required. Amended tax return 2012 Keep the original form. Amended tax return 2012 Do not file it with the IRS. Amended tax return 2012 Also, using Form 5305-SEP will usually relieve you from filing annual retirement plan information returns with the IRS and the Department of Labor. Amended tax return 2012 See the Form 5305-SEP instructions for details. Amended tax return 2012 If you choose not to use Form 5305-SEP, you should seek professional advice in adopting a SEP. Amended tax return 2012 When not to use Form 5305-SEP. Amended tax return 2012   You cannot use Form 5305-SEP if any of the following apply. Amended tax return 2012 You currently maintain any other qualified retirement plan other than another SEP. Amended tax return 2012 You have any eligible employees for whom IRAs have not been set up. Amended tax return 2012 You use the services of leased employees, who are not your common-law employees (as described in chapter 1). Amended tax return 2012 You are a member of any of the following unless all eligible employees of all the members of these groups, trades, or businesses participate under the SEP. Amended tax return 2012 An affiliated service group described in section 414(m). Amended tax return 2012 A controlled group of corporations described in section 414(b). Amended tax return 2012 Trades or businesses under common control described in section 414(c). Amended tax return 2012 You do not pay the cost of the SEP contributions. Amended tax return 2012 Information you must give to employees. Amended tax return 2012   You must give each eligible employee a copy of Form 5305-SEP, its instructions, and the other information listed in the Form 5305-SEP instructions. Amended tax return 2012 An IRS model SEP is not considered adopted until you give each employee this information. Amended tax return 2012 Setting up the employee's SEP-IRA. Amended tax return 2012   A SEP-IRA must be set up by or for each eligible employee. Amended tax return 2012 SEP-IRAs can be set up with banks, insurance companies, or other qualified financial institutions. Amended tax return 2012 You send SEP contributions to the financial institution where the SEP-IRA is maintained. Amended tax return 2012 Deadline for setting up a SEP. Amended tax return 2012   You can set up a SEP for any year as late as the due date (including extensions) of your income tax return for that year. Amended tax return 2012 Credit for startup costs. Amended tax return 2012   You may be able to claim a tax credit for part of the ordinary and necessary costs of starting a SEP that first became effective in 2013. Amended tax return 2012 For more information, see Credit for startup costs under Reminders, earlier. Amended tax return 2012 How Much Can I Contribute? The SEP rules permit you to contribute a limited amount of money each year to each employee's SEP-IRA. Amended tax return 2012 If you are self-employed, you can contribute to your own SEP-IRA. Amended tax return 2012 Contributions must be in the form of money (cash, check, or money order). Amended tax return 2012 You cannot contribute property. Amended tax return 2012 However, participants may be able to transfer or roll over certain property from one retirement plan to another. Amended tax return 2012 See Publication 590 for more information about rollovers. Amended tax return 2012 You do not have to make contributions every year. Amended tax return 2012 But if you make contributions, they must be based on a written allocation formula and must not discriminate in favor of highly compensated employees (defined in chapter 1). Amended tax return 2012 When you contribute, you must contribute to the SEP-IRAs of all participants who actually performed personal services during the year for which the contributions are made, including employees who die or terminate employment before the contributions are made. Amended tax return 2012 Contributions are deductible within limits, as discussed later, and generally are not taxable to the plan participants. Amended tax return 2012 A SEP-IRA cannot be a Roth IRA. Amended tax return 2012 Employer contributions to a SEP-IRA will not affect the amount an individual can contribute to a Roth or traditional IRA. Amended tax return 2012 Unlike regular contributions to a traditional IRA, contributions under a SEP can be made to participants over age 70½. Amended tax return 2012 If you are self-employed, you can also make contributions under the SEP for yourself even if you are over 70½. Amended tax return 2012 Participants age 70½ or over must take required minimum distributions. Amended tax return 2012 Time limit for making contributions. Amended tax return 2012   To deduct contributions for a year, you must make the contributions by the due date (including extensions) of your tax return for the year. Amended tax return 2012 Contribution Limits Contributions you make for 2013 to a common-law employee's SEP-IRA cannot exceed the lesser of 25% of the employee's compensation or $51,000. Amended tax return 2012 Compensation generally does not include your contributions to the SEP. Amended tax return 2012 The SEP plan document will specify how the employer contribution is determined and how it will be allocated to participants. Amended tax return 2012 Example. Amended tax return 2012 Your employee, Mary Plant, earned $21,000 for 2013. Amended tax return 2012 The maximum contribution you can make to her SEP-IRA is $5,250 (25% x $21,000). Amended tax return 2012 Contributions for yourself. Amended tax return 2012   The annual limits on your contributions to a common-law employee's SEP-IRA also apply to contributions you make to your own SEP-IRA. Amended tax return 2012 However, special rules apply when figuring your maximum deductible contribution. Amended tax return 2012 See Deduction Limit for Self-Employed Individuals , later. Amended tax return 2012 Annual compensation limit. Amended tax return 2012   You cannot consider the part of an employee's compensation over $255,000 when figuring your contribution limit for that employee. Amended tax return 2012 However, $51,000 is the maximum contribution for an eligible employee. Amended tax return 2012 These limits are $260,000 and $52,000, respectively, in 2014. Amended tax return 2012 Example. Amended tax return 2012 Your employee, Susan Green, earned $210,000 for 2013. Amended tax return 2012 Because of the maximum contribution limit for 2013, you can only contribute $51,000 to her SEP-IRA. Amended tax return 2012 More than one plan. Amended tax return 2012   If you contribute to a defined contribution plan (defined in chapter 4), annual additions to an account are limited to the lesser of $51,000 or 100% of the participant's compensation. Amended tax return 2012 When you figure this limit, you must add your contributions to all defined contribution plans maintained by you. Amended tax return 2012 Because a SEP is considered a defined contribution plan for this limit, your contributions to a SEP must be added to your contributions to other defined contribution plans you maintain. Amended tax return 2012 Tax treatment of excess contributions. Amended tax return 2012   Excess contributions are your contributions to an employee's SEP-IRA (or to your own SEP-IRA) for 2013 that exceed the lesser of the following amounts. Amended tax return 2012 25% of the employee's compensation (or, for you, 20% of your net earnings from self-employment). Amended tax return 2012 $51,000. Amended tax return 2012 Excess contributions are included in the employee's income for the year and are treated as contributions by the employee to his or her SEP-IRA. Amended tax return 2012 For more information on employee tax treatment of excess contributions, see chapter 1 in Publication 590. Amended tax return 2012 Reporting on Form W-2. Amended tax return 2012   Do not include SEP contributions on your employee's Form W-2 unless contributions were made under a salary reduction arrangement (discussed later). Amended tax return 2012 Deducting Contributions Generally, you can deduct the contributions you make each year to each employee's SEP-IRA. Amended tax return 2012 If you are self-employed, you can deduct the contributions you make each year to your own SEP-IRA. Amended tax return 2012 Deduction Limit for Contributions for Participants The most you can deduct for your contributions to you or your employee's SEP-IRA is the lesser of the following amounts. Amended tax return 2012 Your contributions (including any excess contributions carryover). Amended tax return 2012 25% of the compensation (limited to $255,000 per participant) paid to the participants during 2013 from the business that has the plan, not to exceed $51,000 per participant. Amended tax return 2012 In 2014, the amounts in (2) above are $260,000 and $52,000, respectively. Amended tax return 2012 Deduction Limit for Self-Employed Individuals If you contribute to your own SEP-IRA, you must make a special computation to figure your maximum deduction for these contributions. Amended tax return 2012 When figuring the deduction for contributions made to your own SEP-IRA, compensation is your net earnings from self-employment (defined in chapter 1), which takes into account both the following deductions. Amended tax return 2012 The deduction for the deductible part of your self-employment tax. Amended tax return 2012 The deduction for contributions to your own SEP-IRA. Amended tax return 2012 The deduction for contributions to your own SEP-IRA and your net earnings depend on each other. Amended tax return 2012 For this reason, you determine the deduction for contributions to your own SEP-IRA indirectly by reducing the contribution rate called for in your plan. Amended tax return 2012 To do this, use the Rate Table for Self-Employed or the Rate Worksheet for Self-Employed, whichever is appropriate for your plan's contribution rate, in chapter 5. Amended tax return 2012 Then figure your maximum deduction by using the Deduction Worksheet for Self-Employed in chapter 5. Amended tax return 2012 Carryover of Excess SEP Contributions If you made SEP contributions that are more than the deduction limit (nondeductible contributions), you can carry over and deduct the difference in later years. Amended tax return 2012 However, the carryover, when combined with the contribution for the later year, is subject to the deduction limit for that year. Amended tax return 2012 If you also contributed to a defined benefit plan or defined contribution plan, see Carryover of Excess Contributions under Employer Deduction in chapter 4 for the carryover limit. Amended tax return 2012 Excise tax. Amended tax return 2012   If you made nondeductible (excess) contributions to a SEP, you may be subject to a 10% excise tax. Amended tax return 2012 For information about the excise tax, see Excise Tax for Nondeductible (Excess) Contributions under Employer Deduction in chapter 4. Amended tax return 2012 When To Deduct Contributions When you can deduct contributions made for a year depends on the tax year on which the SEP is maintained. Amended tax return 2012 If the SEP is maintained on a calendar year basis, you deduct the yearly contributions on your tax return for the year within which the calendar year ends. Amended tax return 2012 If you file your tax return and maintain the SEP using a fiscal year or short tax year, you deduct contributions made for a year on your tax return for that year. Amended tax return 2012 Example. Amended tax return 2012 You are a fiscal year taxpayer whose tax year ends June 30. Amended tax return 2012 You maintain a SEP on a calendar year basis. Amended tax return 2012 You deduct SEP contributions made for calendar year 2013 on your tax return for your tax year ending June 30, 2014. Amended tax return 2012 Where To Deduct Contributions Deduct the contributions you make for your common-law employees on your tax return. Amended tax return 2012 For example, sole proprietors deduct them on Schedule C (Form 1040) or Schedule F (Form 1040), Profit or Loss From Farming; partnerships deduct them on Form 1065, U. Amended tax return 2012 S. Amended tax return 2012 Return of Partnership Income; and corporations deduct them on Form 1120, U. Amended tax return 2012 S. Amended tax return 2012 Corporation Income Tax Return, or Form 1120S, U. Amended tax return 2012 S. Amended tax return 2012 Income Tax Return for an S Corporation. Amended tax return 2012 Sole proprietors and partners deduct contributions for themselves on line 28 of Form 1040. Amended tax return 2012 (If you are a partner, contributions for yourself are shown on the Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc. Amended tax return 2012 , you receive from the partnership. Amended tax return 2012 ) Remember that sole proprietors and partners can't deduct as a business expense contributions made to a SEP for themselves, only those made for their common-law employees. Amended tax return 2012 Salary Reduction Simplified Employee Pensions (SARSEPs) A SARSEP is a SEP set up before 1997 that includes a salary reduction arrangement. Amended tax return 2012 (See the Caution, next. Amended tax return 2012 ) Under a SARSEP, your employees can choose to have you contribute part of their pay to their SEP-IRAs rather than receive it in cash. Amended tax return 2012 This contribution is called an “elective deferral” because employees choose (elect) to set aside the money, and they defer the tax on the money until it is distributed to them. Amended tax return 2012 You are not allowed to set up a SARSEP after 1996. Amended tax return 2012 However, participants (including employees hired after 1996) in a SARSEP set up before 1997 can continue to have you contribute part of their pay to the plan. Amended tax return 2012 If you are interested in setting up a retirement plan that includes a salary reduction arrangement, see chapter 3. Amended tax return 2012 Who can have a SARSEP?   A SARSEP set up before 1997 is available to you and your eligible employees only if all the following requirements are met. Amended tax return 2012 At least 50% of your employees eligible to participate choose to make elective deferrals. Amended tax return 2012 You have 25 or fewer employees who were eligible to participate in the SEP at any time during the preceding year. Amended tax return 2012 The elective deferrals of your highly compensated employees meet the SARSEP ADP test. Amended tax return 2012 SARSEP ADP test. Amended tax return 2012   Under the SARSEP ADP test, the amount deferred each year by each eligible highly compensated employee as a percentage of pay (the deferral percentage) cannot be more than 125% of the average deferral percentage (ADP) of all non-highly compensated employees eligible to participate. Amended tax return 2012 A highly compensated employee is defined in chapter 1. Amended tax return 2012 Deferral percentage. Amended tax return 2012   The deferral percentage for an employee for a year is figured as follows. Amended tax return 2012   The elective employer contributions (excluding certain catch-up contributions)  paid to the SEP for the employee for the year     The employee's compensation (limited to $255,000 in 2013)   The instructions for Form 5305A-SEP have a worksheet you can use to determine whether the elective deferrals of your highly compensated employees meet the SARSEP ADP test. Amended tax return 2012 Employee compensation. Amended tax return 2012   For figuring the deferral percentage, compensation is generally the amount you pay to the employee for the year. Amended tax return 2012 Compensation includes the elective deferral and other amounts deferred in certain employee benefit plans. Amended tax return 2012 See Compensation in chapter 1. Amended tax return 2012 Elective deferrals under the SARSEP are included in figuring your employees' deferral percentage even though they are not included in the income of your employees for income tax purposes. Amended tax return 2012 Compensation of self-employed individuals. Amended tax return 2012   If you are self-employed, compensation is your net earnings from self-employment as defined in chapter 1. Amended tax return 2012   Compensation does not include tax-free items (or deductions related to them) other than foreign earned income and housing cost amounts. Amended tax return 2012 Choice not to treat deferrals as compensation. Amended tax return 2012   You can choose not to treat elective deferrals (and other amounts deferred in certain employee benefit plans) for a year as compensation under your SARSEP. Amended tax return 2012 Limit on Elective Deferrals The most a participant can choose to defer for calendar year 2013 is the lesser of the following amounts. Amended tax return 2012 25% of the participant's compensation (limited to $255,000 of the participant's compensation). Amended tax return 2012 $17,500. Amended tax return 2012 The $17,500 limit applies to the total elective deferrals the employee makes for the year to a SEP and any of the following. Amended tax return 2012 Cash or deferred arrangement (section 401(k) plan). Amended tax return 2012 Salary reduction arrangement under a tax-sheltered annuity plan (section 403(b) plan). Amended tax return 2012 SIMPLE IRA plan. Amended tax return 2012 In 2014, the $255,000 limit increases to $260,000 and the $17,500 limit remains at $17,500. Amended tax return 2012 Catch-up contributions. Amended tax return 2012   A SARSEP can permit participants who are age 50 or over at the end of the calendar year to also make catch-up contributions. Amended tax return 2012 The catch-up contribution limit for 2013 is $5,500 and remains at $5,500 for 2014. Amended tax return 2012 Elective deferrals are not treated as catch-up contributions for 2013 until they exceed the elective deferral limit (the lesser of 25% of compensation or $17,500), the SARSEP ADP test limit discussed earlier, or the plan limit (if any). Amended tax return 2012 However, the catch-up contribution a participant can make for a year cannot exceed the lesser of the following amounts. Amended tax return 2012 The catch-up contribution limit. Amended tax return 2012 The excess of the participant's compensation over the elective deferrals that are not catch-up contributions. Amended tax return 2012   Catch-up contributions are not subject to the elective deferral limit (the lesser of 25% of compensation or $17,500 in 2013 and in 2014). Amended tax return 2012 Overall limit on SEP contributions. Amended tax return 2012   If you also make nonelective contributions to a SEP-IRA, the total of the nonelective and elective contributions to that SEP-IRA cannot exceed the lesser of 25% of the employee's compensation or $51,000 for 2013 ($52,000 for 2014). Amended tax return 2012 The same rule applies to contributions you make to your own SEP-IRA. Amended tax return 2012 See Contribution Limits , earlier. Amended tax return 2012 Figuring the elective deferral. Amended tax return 2012   For figuring the 25% limit on elective deferrals, compensation does not include SEP contributions, including elective deferrals or other amounts deferred in certain employee benefit plans. Amended tax return 2012 Tax Treatment of Deferrals Elective deferrals that are not more than the limits discussed earlier under Limit on Elective Deferrals are excluded from your employees' wages subject to federal income tax in the year of deferral. Amended tax return 2012 However, these deferrals are included in wages for social security, Medicare, and federal unemployment (FUTA) tax. Amended tax return 2012 Excess deferrals. Amended tax return 2012   For 2013, excess deferrals are the elective deferrals for the year that are more than the $17,500 limit discussed earlier. Amended tax return 2012 For a participant who is eligible to make catch-up contributions, excess deferrals are the elective deferrals that are more than $23,000. Amended tax return 2012 The treatment of excess deferrals made under a SARSEP is similar to the treatment of excess deferrals made under a qualified plan. Amended tax return 2012 See Treatment of Excess Deferrals under Elective Deferrals (401(k) Plans) in chapter 4. Amended tax return 2012 Excess SEP contributions. Amended tax return 2012   Excess SEP contributions are elective deferrals of highly compensated employees that are more than the amount permitted under the SARSEP ADP test. Amended tax return 2012 You must notify your highly compensated employees within 2½ months after the end of the plan year of their excess SEP contributions. Amended tax return 2012 If you do not notify them within this time period, you must pay a 10% tax on the excess. Amended tax return 2012 For an explanation of the notification requirements, see Rev. Amended tax return 2012 Proc. Amended tax return 2012 91-44, 1991-2 C. Amended tax return 2012 B. Amended tax return 2012 733. Amended tax return 2012 If you adopted a SARSEP using Form 5305A-SEP, the notification requirements are explained in the instructions for that form. Amended tax return 2012 Reporting on Form W-2. Amended tax return 2012   Do not include elective deferrals in the “Wages, tips, other compensation” box of Form W-2. Amended tax return 2012 You must, however, include them in the “Social security wages” and “Medicare wages and tips” boxes. Amended tax return 2012 You must also include them in box 12. Amended tax return 2012 Mark the “Retirement plan” checkbox in box 13. Amended tax return 2012 For more information, see the Form W-2 instructions. Amended tax return 2012 Distributions (Withdrawals) As an employer, you cannot prohibit distributions from a SEP-IRA. Amended tax return 2012 Also, you cannot make your contributions on the condition that any part of them must be kept in the account after you have made your contributions to the employee's accounts. Amended tax return 2012 Distributions are subject to IRA rules. Amended tax return 2012 Generally, you or your employee must begin to receive distributions from a SEP-IRA by April 1 of the first year after the calendar year in which you or your employee reaches age 70½. Amended tax return 2012 For more information about IRA rules, including the tax treatment of distributions, rollovers, required distributions, and income tax withholding, see Publication 590. Amended tax return 2012 Additional Taxes The tax advantages of using SEP-IRAs for retirement savings can be offset by additional taxes that may be imposed for all the following actions. Amended tax return 2012 Making excess contributions. Amended tax return 2012 Making early withdrawals. Amended tax return 2012 Not making required withdrawals. Amended tax return 2012 For information about these taxes, see chapter 1 in Publication 590. Amended tax return 2012 Also, a SEP-IRA may be disqualified, or an excise tax may apply, if the account is involved in a prohibited transaction, discussed next. Amended tax return 2012 Prohibited transaction. Amended tax return 2012   If an employee improperly uses his or her SEP-IRA, such as by borrowing money from it, the employee has engaged in a prohibited transaction. Amended tax return 2012 In that case, the SEP-IRA will no longer qualify as an IRA. Amended tax return 2012 For a list of prohibited transactions, see Prohibited Transactions in chapter 4. Amended tax return 2012 Effects on employee. Amended tax return 2012   If a SEP-IRA is disqualified because of a prohibited transaction, the assets in the account will be treated as having been distributed to the employee on the first day of the year in which the transaction occurred. Amended tax return 2012 The employee must include in income the fair market value of the assets (on the first day of the year) that is more than any cost basis in the account. Amended tax return 2012 Also, the employee may have to pay the additional tax for making early withdrawals. Amended tax return 2012 Reporting and Disclosure Requirements If you set up a SEP using Form 5305-SEP, you must give your eligible employees certain information about the SEP when you set it up. Amended tax return 2012 See Setting Up a SEP , earlier. Amended tax return 2012 Also, you must give your eligible employees a statement each year showing any contributions to their SEP-IRAs. Amended tax return 2012 You must also give them notice of any excess contributions. Amended tax return 2012 For details about other information you must give them, see the instructions for Form 5305-SEP or Form 5305A-SEP (for a salary reduction SEP). Amended tax return 2012 Even if you did not use Form 5305-SEP or Form 5305A-SEP to set up your SEP, you must give your employees information similar to that described above. Amended tax return 2012 For more information, see the instructions for either Form 5305-SEP or Form 5305A-SEP. Amended tax return 2012 Prev  Up  Next   Home   More Online Publications
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The Amended Tax Return 2012

Amended tax return 2012 Index A Additional Medicare Tax, What's New for 2013, What's New, Employment Taxes, Additional Medicare Tax. Amended tax return 2012 Advertising, Advertising expenses. Amended tax return 2012 Amortization Anti-abuse rule, Anti-abuse rule. Amended tax return 2012 Anti-churning rules, Anti-Churning Rules Atmospheric pollution control facilities, Pollution Control Facilities Corporate organization costs, Costs of Organizing a Corporation Dispositions of section 197 intangibles, Disposition of Section 197 Intangibles Experimental costs, Research and Experimental Costs Geological and geophysical costs, Geological and Geophysical Costs How to deduct, How To Deduct Amortization Incorrect amount deducted, Incorrect Amount of Amortization Deducted Partnership organization costs, Costs of Organizing a Partnership Pollution control facilities, Pollution Control Facilities Reforestation costs, Reforestation Costs Reforestation expenses, Reforestation Costs Related person, Related person. Amended tax return 2012 Research costs, Research and Experimental Costs Section 197 intangibles defined, Section 197 Intangibles Defined Start-up costs, Business Start-Up Costs Starting a businesscosts, Starting a Business Anticipated liabilities, Anticipated liabilities. Amended tax return 2012 Assessments, local, Taxes for local benefits. Amended tax return 2012 Assistance (see Tax help) At-risk limits, At-risk limits. Amended tax return 2012 Attorney fees, Legal and professional fees. Amended tax return 2012 Awards, Achievement awards. Amended tax return 2012 , Length-of-service award. Amended tax return 2012 , Safety achievement award. Amended tax return 2012 B Bad debts Defined, Definition of Business Bad Debt How to treat, How To Claim a Business Bad Debt Recovery, Recovery of a Bad Debt Types of, Types of Business Bad Debts When worthless, When a Debt Becomes Worthless Bonuses Employee, Bonuses Royalties, Bonuses and advanced royalties. Amended tax return 2012 Bribes, Bribes and kickbacks. Amended tax return 2012 Business Assets, Business Assets Books and records, Business books and records, etc. Amended tax return 2012 Meal expenses, Meals and Entertainment Use of car, Business use of your car. Amended tax return 2012 , Car and truck expenses. Amended tax return 2012 Use of home, Business use of your home. Amended tax return 2012 C Campaign contribution, Political contributions. Amended tax return 2012 Capital expenses, Capital Expenses, Capital versus Deductible Expenses Capitalization of interest, Capitalization of Interest Car allowance, Car allowance. Amended tax return 2012 Car and truck expenses, Car and truck expenses. Amended tax return 2012 Carrying charges, Carrying Charges Charitable contributions, Charitable contributions. Amended tax return 2012 Circulation costs, newspapers and periodicals, Circulation Costs Club dues, Club dues and membership fees. Amended tax return 2012 Comments on publication, Comments and suggestions. Amended tax return 2012 Commitment fees, Commitment fees or standby charges. Amended tax return 2012 Computer software, Computer software. Amended tax return 2012 Constant-yield method, OID, Constant-yield method. Amended tax return 2012 Contested liability, Contested liability. Amended tax return 2012 Contributions Charitable, Charitable contributions. Amended tax return 2012 Political, Political contributions. Amended tax return 2012 Copyrights, Patents, copyrights, etc. Amended tax return 2012 Cost depletion, Cost Depletion Cost of getting lease, Cost of Getting a Lease, Getting a Lease Cost of goods sold, Cost of Goods Sold Cost recovery, Cost recovery. Amended tax return 2012 Covenant not to compete, Covenant not to compete. Amended tax return 2012 Credit card convenience fees, Credit card convenience fees. Amended tax return 2012 D De minimis OID, De minimis OID. Amended tax return 2012 Debt-financed distributions, Debt-financed distribution. Amended tax return 2012 Definitions Business bad debt, Definition of Business Bad Debt Necessary expense, What Can I Deduct? Ordinary expense, What Can I Deduct? Section 197 intangibles, Section 197 Intangibles Defined Demolition expenses, Demolition expenses or losses. Amended tax return 2012 Depletion Mineral property, Mineral Property Oil and gas wells, Oil and Gas Wells Percentage table, Mines and other natural deposits. Amended tax return 2012 Timber, Timber Who can claim, Who Can Claim Depletion? Depreciation (see Cost recovery) Development costs, miners, Development Costs Disabled, improvements for, Barrier Removal Costs Drilling and development costs, Intangible Drilling Costs Dues, membership, Club dues and membership fees. Amended tax return 2012 E Economic interest, Who Can Claim Depletion? Economic performance, Economic performance. Amended tax return 2012 Education expenses, Education Expenses, Education expenses. Amended tax return 2012 Elderly, improvements for, Barrier Removal Costs Employee benefit programs, Employee benefit programs. Amended tax return 2012 Employment taxes, Employment Taxes Entertainment, Reimbursement of Travel, Meals, and Entertainment Excise taxes, Excise taxes. Amended tax return 2012 Experimentation costs, Research and Experimental Costs, Research and Experimental Costs Exploration costs, Exploration Costs F Fees Commitment, Commitment fees or standby charges. Amended tax return 2012 Legal and professional, Legal and professional fees. Amended tax return 2012 Regulatory, Licenses and regulatory fees. Amended tax return 2012 Tax return preparation, Tax preparation fees. Amended tax return 2012 Fines, Penalties and fines. Amended tax return 2012 Forgone, Forgone interest. Amended tax return 2012 Forgone interest, Forgone interest. Amended tax return 2012 Form 3115, Form 3115. Amended tax return 2012 , Changing Your Accounting Method 4562, How To Deduct Amortization 5213, Using the presumption later. Amended tax return 2012 8826, Disabled access credit. Amended tax return 2012 8885, Health coverage tax credit. Amended tax return 2012 T, Form T. Amended tax return 2012 Franchise, Franchise, trademark, or trade name. Amended tax return 2012 , Franchise, trademark, trade name. Amended tax return 2012 Franchise taxes, Franchise taxes. Amended tax return 2012 Free tax services, Free help with your tax return. Amended tax return 2012 Fringe benefits, Fringe Benefits Fuel taxes, Fuel taxes. Amended tax return 2012 G Gas wells, Natural Gas Wells Geological and geophysical costs Development, oil and gas, Geological and Geophysical Costs Exploration, oil and gas, Geological and Geophysical Costs Geothermal wells, Intangible Drilling Costs, Mines and Geothermal Deposits Gifts, nominal value, Gifts of nominal value. Amended tax return 2012 Going into business, Going Into Business, Starting a Business Goodwill, Goodwill. Amended tax return 2012 Gross income, not-for-profit activity, Gross Income H Health insurance, deduction for self-employed, Self-Employed Health Insurance Deduction Heating equipment, Heating equipment. Amended tax return 2012 Help (see Tax help) Home, business use of, Business use of your home. Amended tax return 2012 I Impairment-related expenses, Impairment-related expenses. Amended tax return 2012 Improvements, Improvements By lessee, Improvements by Lessee For disabled and elderly, Barrier Removal Costs Income taxes, Income Taxes Incorrect amount of amortization deducted, Incorrect Amount of Amortization Deducted Insurance Capitalized premiums, Capitalized Premiums Deductible premiums, Deductible Premiums Nondeductible premiums, Nondeductible Premiums Self-employed individuals, Self-Employed Health Insurance Deduction Intangible drilling costs, Intangible Drilling Costs Intangibles, amortization, Section 197 Intangibles Interest, Forgone interest. Amended tax return 2012 Allocation of, Allocation of Interest Below-market, Below-Market Loans Business expense for, Interest Capitalized, Capitalized interest. Amended tax return 2012 , Capitalization of Interest Carrying charge, Carrying Charges Deductible, Interest You Can Deduct Life insurance policies, Interest on loans with respect to life insurance policies. Amended tax return 2012 Not deductible, Interest You Cannot Deduct Refunds of, Refunds of interest. Amended tax return 2012 When to deduct, When To Deduct Interest Internet-related expenses, Internet-related expenses. Amended tax return 2012 Interview expenses, Interview expense allowances. Amended tax return 2012 K Key person, Who is a key person? Kickbacks, Bribes and kickbacks. Amended tax return 2012 L Leases Canceling, Canceling a lease. Amended tax return 2012 Cost of getting, Cost of Getting a Lease, Getting a Lease Improvements by lessee, Improvements by Lessee Leveraged, Leveraged leases. Amended tax return 2012 Mineral, Bonuses and advanced royalties. Amended tax return 2012 Oil and gas, Bonuses and advanced royalties. Amended tax return 2012 Sales distinguished, Lease or purchase. Amended tax return 2012 Taxes on, Taxes on Leased Property Legal and professional fees, Legal and professional fees. Amended tax return 2012 Licenses, Government-granted license, permit, etc. Amended tax return 2012 , Licenses and regulatory fees. Amended tax return 2012 Life insurance coverage, Life insurance coverage. Amended tax return 2012 Limit on deductions, Not-for-Profit Activities Line of credit, Line of credit (continuous borrowings). Amended tax return 2012 Loans Below-market interestrate, Below-Market Loans Discounted, Discounted loan. Amended tax return 2012 Loans or Advances, Loans or Advances Lobbying expenses, Lobbying expenses. Amended tax return 2012 Long-term care insurance, Qualified long-term care insurance. Amended tax return 2012 Losses, Limits on losses. Amended tax return 2012 , Not-for-Profit Activities At-risk limits, At-risk limits. Amended tax return 2012 Net operating, Net operating loss. Amended tax return 2012 Passive activities, Passive activities. Amended tax return 2012 M Machinery parts, Machinery parts. Amended tax return 2012 Meals, Reimbursement of Travel, Meals, and Entertainment Meals and entertainment, Meals and Entertainment Meals and lodging, Meals and lodging. Amended tax return 2012 Methods of accounting, When Can I Deduct an Expense? Mining Depletion, Mines and Geothermal Deposits Development costs, Development Costs Exploration costs, Exploration Costs Mortgage, Mortgage. Amended tax return 2012 , Expenses paid to obtain a mortgage. Amended tax return 2012 Moving expenses, machinery, Moving machinery. Amended tax return 2012 N Natural gas, Natural Gas Wells Nonqualifying intangibles, Assets That Are Not Section 197 Intangibles Not-for-profit activities, Not-for-Profit Activities Not-for-profit activity, gross income, Gross Income O Office in home, Business use of your home. Amended tax return 2012 Oil and gas wells Depletion, Oil and Gas Wells Drilling costs, Intangible Drilling Costs Partnerships, Partnerships and S Corporations S corporations, Partnerships and S Corporations Optional safe harbor method, Optional safe harbor method. Amended tax return 2012 Optional write-off method Circulation costs, Optional Write-off of Certain Tax Preferences Experimental costs, Optional Write-off of Certain Tax Preferences Intangible drilling and development costs, Optional Write-off of Certain Tax Preferences Mining exploration and development costs, Optional Write-off of Certain Tax Preferences Research costs, Optional Write-off of Certain Tax Preferences Organization costs Corporate, Costs of Organizing a Corporation Partnership, Costs of Organizing a Partnership Organizational costs, Business Start-Up and Organizational Costs Original issue discount, Original issue discount (OID). Amended tax return 2012 Outplacement services, Outplacement services. Amended tax return 2012 P Passive activities, Passive activities. Amended tax return 2012 Payments in kind, Payments in kind. Amended tax return 2012 Penalties, Prepayment penalty. Amended tax return 2012 Deductible, Penalties and fines. Amended tax return 2012 Nondeductible, Penalties and fines. Amended tax return 2012 Prepayment, Prepayment penalty. Amended tax return 2012 Per diem and car allowances, Per Diem and Car Allowances Percentage depletion, Percentage Depletion Personal property tax, Personal property tax. Amended tax return 2012 Political contributions, Political contributions. Amended tax return 2012 Pollution control facilities, Pollution Control Facilities Prepaid expense, Prepayment. Amended tax return 2012 Extends useful life, Prepayment. Amended tax return 2012 Interest, Prepaid interest. Amended tax return 2012 , Prepaid interest. Amended tax return 2012 Rent, Rent paid in advance. Amended tax return 2012 Prepayment penalty, Prepayment penalty. Amended tax return 2012 Presumption of profit, Not-for-Profit Activities Publications (see Tax help) R Real estate taxes, Real Estate Taxes Recapture Exploration expenses, Recapture of exploration expenses. Amended tax return 2012 Timber property, Recapture. Amended tax return 2012 Recordkeeping, Partnerships and S Corporations Recovery of amount deducted, Recovery of amount deducted (tax benefit rule). Amended tax return 2012 Refiners who cannot claim percentage depletion, Refiners who cannot claim percentage depletion. Amended tax return 2012 Reforestation costs, Reforestation Costs, Reforestation Costs Regulatory fees, Licenses and regulatory fees. Amended tax return 2012 Reimbursements, Reimbursements Business expenses, Reimbursements for Business Expenses Mileage, Per Diem and Car Allowances Nonaccountable plan, Nonaccountable Plans Per diem , Per Diem and Car Allowances Related persons Anti-churning rules, Related person. Amended tax return 2012 Coal or iron ore, Disposal to related person. Amended tax return 2012 Payments to, Related person. Amended tax return 2012 , Related person. Amended tax return 2012 Refiners, Related person. Amended tax return 2012 Unreasonable rent, Unreasonable rent. Amended tax return 2012 Removal, Retired Asset Removal Costs, Barrier Removal Costs Rent expense, capitalizing, Capitalizing Rent Expenses Repairs, Repairs. Amended tax return 2012 Repayments (claim of right), Repayments. Amended tax return 2012 Research costs, Research and Experimental Costs, Research and Experimental Costs Retiree drug subsidy, What's New for 2013, What's New S Sales taxes, Sales tax. Amended tax return 2012 Section 179 expense deduction (see Cost recovery) Self-employed health insurance deduction, Self-Employed Health Insurance Deduction Self-employment tax, Self-employment tax. Amended tax return 2012 Self-insurance, reserve for, Nondeductible Premiums Sick pay, Sick and Vacation Pay Standard meal allowance, Standard meal allowance. Amended tax return 2012 Standard mileage rate, Car allowance. Amended tax return 2012 (see Business use of your car) Standby charges, Commitment fees or standby charges. Amended tax return 2012 Start-up costs, Business Start-Up and Organizational Costs, Business Start-Up Costs Subscriptions, Subscriptions. Amended tax return 2012 Suggestions for publication, Comments and suggestions. Amended tax return 2012 Supplies and materials, Supplies and materials. Amended tax return 2012 T Tax help, How To Get Tax Help Tax preparation fees, Tax preparation fees. Amended tax return 2012 Taxes, Taxes on Leased Property Carrying charge, Carrying Charges Employment, Employment Taxes Excise, Excise taxes. Amended tax return 2012 Franchise, Franchise taxes. Amended tax return 2012 Fuel, Fuel taxes. Amended tax return 2012 Income, Income Taxes Leased property, Taxes on Leased Property Personal property, Personal property tax. Amended tax return 2012 Real estate, Real Estate Taxes Sales, Sales tax. Amended tax return 2012 Unemployment fund, Unemployment fund taxes. Amended tax return 2012 Telephone, Telephone. Amended tax return 2012 Timber, Reforestation Costs, Timber Tools, Tools. Amended tax return 2012 Trademark, trade name, Franchise, trademark, or trade name. Amended tax return 2012 , Franchise, trademark, trade name. Amended tax return 2012 Travel, Reimbursement of Travel, Meals, and Entertainment TTY/TDD information, How To Get Tax Help U Unemployment fund taxes, Unemployment fund taxes. Amended tax return 2012 Unpaid expenses, related person, Related person. Amended tax return 2012 Utilities, Utilities. Amended tax return 2012 V Vacation pay, Sick and Vacation Pay W Wages Property, Property Tests for deducting pay, Tests for Deducting Pay Welfare benefit funds, Welfare benefit funds. Amended tax return 2012 Prev  Up     Home   More Online Publications