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Easy Tax Forms

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Easy Tax Forms

Easy tax forms Publication 595 - Main Contents Table of Contents Capital Construction FundCCF Accounts Types of Accounts You Must Maintain Within a CCF Tax Treatment of CCF Deposits Tax Treatment of CCF Earnings Tax Treatment of CCF Withdrawals More Information How To Get Tax Help Capital Construction Fund The following sections discuss CCF accounts and the types of bookkeeping accounts you must maintain when you invest in a CCF account. Easy tax forms They also discuss the income tax treatment of CCF deposits, earnings, and withdrawals. Easy tax forms CCF Accounts This section explains who can open a CCF account and how to use the account to defer income tax. Easy tax forms Opening a CCF account. Easy tax forms   If you are a U. Easy tax forms S. Easy tax forms citizen and you own or lease one or more eligible vessels (defined later), you can open a CCF account. Easy tax forms However, before you open your CCF account, you must enter into an agreement with the Secretary of Commerce through the NMFS. Easy tax forms This agreement will establish the following. Easy tax forms Agreement vessels. Easy tax forms Eligible vessels named in the agreement that will be the basis for the deferral of income tax. Easy tax forms Planned use of withdrawals. Easy tax forms Use of CCF funds to acquire, build, or rebuild a vessel. Easy tax forms CCF depository. Easy tax forms Where your CCF funds will be held. Easy tax forms    You can request an application kit or get additional information from NMFS at the following address. Easy tax forms NOAA/NMFS, Financial Services Division, F/MB5 Capital Construction Fund Program 1315 East-West Highway Silver Spring, MD 20910-3282    You can obtain information on the Capital Construction Fund Program at the following website: www. Easy tax forms nmfs. Easy tax forms noaa. Easy tax forms gov/mb/financial_services/ccf. Easy tax forms htm. Easy tax forms    You can call NMFS to request an application kit or get additional information at (301) 713-2393 (ext. Easy tax forms 204). Easy tax forms Their fax number is (301) 713-1939. Easy tax forms Eligible vessels. Easy tax forms   There are two types of vessels that may be considered eligible, those weighing 5 tons or more and those weighing less than 5 tons. Easy tax forms For each type, certain requirements must be met. Easy tax forms Vessel weighing 5 tons or more. Easy tax forms   To be considered eligible, the vessel must meet all the following requirements. Easy tax forms Be built or rebuilt in the United States. Easy tax forms Be documented under the laws of the United States. Easy tax forms Be used commercially in the fisheries of the United States. Easy tax forms Be operated in the foreign or domestic commerce of the United States. Easy tax forms Vessel weighing less than 5 tons. Easy tax forms   A small vessel, weighing at least 2 net tons but less than 5 net tons, must meet all the following requirements to be considered eligible. Easy tax forms Be built or rebuilt in the United States. Easy tax forms Be owned by a U. Easy tax forms S. Easy tax forms citizen. Easy tax forms Have a home port in the United States. Easy tax forms Be used commercially in the fisheries of the United States. Easy tax forms Deferring tax on CCF deposits and earnings. Easy tax forms   You can use a CCF account to defer income tax by taking the following actions. Easy tax forms Making deposits to your CCF account from taxable income. Easy tax forms Excluding from income deposits assigned to certain accounts (discussed later). Easy tax forms Making withdrawals from your CCF account when you acquire, build, or rebuild fishing vessels. Easy tax forms Reducing the basis of fishing vessels you acquire, build, or rebuild to recapture amounts previously excluded from tax. Easy tax forms    Reporting requirements. Easy tax forms Beginning with the tax year in which you establish your agreement, you must report annual deposit and withdrawal activity to the NMFS on NOAA Form 34-82. Easy tax forms This form is due within 30 days after you file your federal income tax return even if no deposits or withdrawals are made. Easy tax forms For more information, contact the NMFS at the address or phone number given earlier. Easy tax forms Types of Accounts You Must Maintain Within a CCF This section discusses the three types of bookkeeping accounts you must maintain when you invest in a CCF account. Easy tax forms Your total CCF deposits and earnings for any given year are limited to the amount attributed to these three accounts for that year. Easy tax forms Capital account. Easy tax forms   The capital account consists primarily of amounts attributable to the following items. Easy tax forms Allowable depreciation deductions for agreement vessels. Easy tax forms Any nontaxable return of capital from either (a) or (b), below. Easy tax forms The sale or other disposition of agreement vessels. Easy tax forms Insurance or indemnity proceeds attributable to agreement vessels. Easy tax forms Any tax-exempt interest earned on state or local bonds in your CCF account. Easy tax forms Capital gain account. Easy tax forms   The capital gain account consists of amounts attributable to the following items reduced by any capital losses from assets held in your CCF account for more than 6 months. Easy tax forms Any capital gain from either of the following sources. Easy tax forms The sale or other disposition of agreement vessels held for more than 6 months. Easy tax forms Insurance or indemnity proceeds attributable to agreement vessels held for more than 6 months. Easy tax forms Any capital gain from assets held in your CCF account for more than 6 months. Easy tax forms Ordinary income account. Easy tax forms   The ordinary income account consists of amounts attributable to the following items. Easy tax forms Any earnings (without regard to the carryback of any net operating or net capital loss) from the operation of agreement vessels in the fisheries of the United States or in the foreign or domestic commerce of the United States. Easy tax forms Any capital gain from the following sources reduced by any capital losses from assets held in your CCF account for 6 months or less. Easy tax forms The sale or other disposition of agreement vessels held for 6 months or less. Easy tax forms Insurance or indemnity proceeds attributable to agreement vessels held for 6 months or less. Easy tax forms Any capital gain from assets held in your CCF account for 6 months or less. Easy tax forms Any ordinary income (such as depreciation recapture) from either of the following sources. Easy tax forms The sale or other disposition of agreement vessels. Easy tax forms Insurance or indemnity proceeds attributable to agreement vessels. Easy tax forms Any interest (not including tax-exempt interest from state and local bonds), most dividends, and other ordinary income earned on the assets in your CCF account. Easy tax forms Tax Treatment of CCF Deposits This section explains the tax treatment of income used as the basis for CCF deposits. Easy tax forms Capital gains. Easy tax forms   Do not report any transaction that produces a capital gain if you deposit the net proceeds into your CCF account. Easy tax forms This treatment applies to either of the following transactions. Easy tax forms The sale or other disposition of an agreement vessel. Easy tax forms The receipt of insurance or indemnity proceeds attributable to an agreement vessel. Easy tax forms Depreciation recapture. Easy tax forms   Do not report any transaction that produces depreciation recapture if you deposit the net proceeds into your CCF account. Easy tax forms This treatment applies to either of the following transactions. Easy tax forms The sale or other disposition of an agreement vessel. Easy tax forms The receipt of insurance or indemnity proceeds attributable to an agreement vessel. Easy tax forms Earnings from operations. Easy tax forms   Report earnings from the operation of agreement vessels on your Schedule C or C-EZ (Form 1040) even if you deposit part of these earnings into your CCF account. Easy tax forms You subtract any part of the earnings you deposited into your CCF account from the amount you would otherwise enter as taxable income on Form 1040, line 43 (for 2005). Easy tax forms Next to line 43, write “CCF” and the amount of the deposits. Easy tax forms Do not deduct these CCF deposits on Schedule C or C-EZ (Form 1040). Easy tax forms If you deposit earnings from operations into your CCF account and you must complete other forms such as Form 6251, Alternative Minimum Tax (Individuals), or a worksheet for Schedule D (Form 1040), you will need to make an extra computation. Easy tax forms When the other form instructs you to use the amount from Form 1040, line 41 (for 2005), do not use that amount. Easy tax forms Instead, add Form 1040, lines 42 and 43 (for 2005), and use that amount. Easy tax forms Self-employment tax. Easy tax forms   You must use your net profit or loss from your fishing business to figure your self-employment tax. Easy tax forms Do not reduce your net profit or loss by any earnings from operations you deposit into your CCF account. Easy tax forms    Partnerships and S corporations. Easy tax forms The deduction for partnership earnings from operations deposited into a CCF account is separately stated on Schedule K (Form 1065), line 13d, and allocated to the partners on Schedule K-1 (Form 1065), box 13 (for 2005). Easy tax forms   The deduction for S corporation earnings deposited into a CCF account is separately stated on Schedule K (Form 1120S), line 12d, and allocated to the shareholders on Schedule K-1 (Form 1120S), box 12 (for 2005). Easy tax forms Tax Treatment of CCF Earnings This section explains the tax treatment of the earnings from the assets in your CCF account when the earnings are redeposited or left in your account. Easy tax forms However, if you choose to withdraw the earnings in the year earned, you must generally pay income tax on them. Easy tax forms Capital gains. Easy tax forms   Do not report any capital gains from the sale of capital assets held in your CCF account. Easy tax forms This includes capital gain distributions reported to you on Form 1099-DIV or a substitute statement. Easy tax forms However, you should attach a statement to your tax return to list the payers and the amounts and to identify the capital gains as “CCF account earnings. Easy tax forms ” Interest and dividends. Easy tax forms   Do not report any ordinary income (such as interest and dividends) you earn on the assets in your CCF account. Easy tax forms However, you should attach a statement to your return to list the payers and the amounts and to identify them as “CCF account earnings. Easy tax forms ”   If you are required to file Schedule B (Form 1040), you can add these earnings to the list of payers and amounts on line 1 or line 5 and identify them as “CCF earnings. Easy tax forms ” Then, subtract the same amounts from the list and identify them as “CCF deposits. Easy tax forms ” Tax-exempt interest. Easy tax forms   Do not report tax-exempt interest from state or local bonds you held in your CCF account. Easy tax forms You are not required to report this interest on Form 1040, line 8b. Easy tax forms Tax Treatment of CCF Withdrawals This section discusses the tax treatment of amounts you withdraw from your CCF account during the year. Easy tax forms Qualified Withdrawals A qualified withdrawal from a CCF account is one that is approved by NMFS for either of the following uses. Easy tax forms Acquiring, building, or rebuilding qualified vessels (defined next). Easy tax forms Making principal payments on the mortgage of a qualified vessel. Easy tax forms NMFS will not approve amounts withdrawn to purchase nets not continuously attached to the vessel, such as seine nets, gill set-nets, and gill drift-nets. Easy tax forms NMFS will approve amounts withdrawn to purchase trawl nets. Easy tax forms Qualified vessel. Easy tax forms   This is any vessel that meets all of the following requirements. Easy tax forms The vessel was built or rebuilt in the United States. Easy tax forms The vessel is documented under the laws of the United States. Easy tax forms The person maintaining the CCF account agrees with the Secretary of Commerce that the vessel will be operated in United States foreign trade, Great Lakes trade, noncontiguous domestic trade, or the fisheries of the United States. Easy tax forms How to determine the source of qualified withdrawals. Easy tax forms   When you make a qualified withdrawal, the amount is treated as being withdrawn in the following order from the accounts listed below. Easy tax forms The capital account. Easy tax forms The capital gain account. Easy tax forms The ordinary income account. Easy tax forms Excluding qualified withdrawals from tax. Easy tax forms   Do not report on your income tax return any qualified withdrawals from your CCF account. Easy tax forms Reduce the depreciable basis of fishing vessels you acquire, build, or rebuild when you make a qualified withdrawal from either the capital gain or the ordinary income account. Easy tax forms Nonqualified Withdrawals A nonqualified withdrawal from a CCF account is generally any withdrawal that is not a qualified withdrawal. Easy tax forms Qualified withdrawals are defined under Qualified Withdrawals, earlier. Easy tax forms Examples. Easy tax forms   Examples of nonqualified withdrawals include the following amounts from either the ordinary income account or the capital gain account. Easy tax forms Amounts remaining in a CCF account upon termination of your agreement with NMFS. Easy tax forms Amounts you withdraw and use to make principal payments on the mortgage of a vessel if the basis of that vessel and the bases of other vessels you own have already been reduced to zero. Easy tax forms Amounts determined by the IRS to cause your CCF account balance to exceed the amount appropriate to meet your planned use of withdrawals. Easy tax forms You will generally be given 3 years to revise your plans to cover this excess balance. Easy tax forms Amounts you leave in your account for more than 25 years. Easy tax forms There is a graduated schedule under which the percentage applied to determine the amount of the nonqualified withdrawal increases from 20% in the 26th year to 100% in the 30th year. Easy tax forms How to determine the source of nonqualified withdrawals. Easy tax forms    When you make a nonqualified withdrawal from your CCF account, the amount is treated as being withdrawn in the following order from the accounts listed below. Easy tax forms The ordinary income account. Easy tax forms The capital gain account. Easy tax forms The capital account. Easy tax forms Paying tax on nonqualified withdrawals. Easy tax forms   In general, nonqualified withdrawals are taxed separately from your other gross income and at the highest marginal tax rate in effect for the year of withdrawal. Easy tax forms However, nonqualified withdrawals treated as made from the capital gain account are taxed at a rate that cannot exceed 15% for individuals and 34% for corporations. Easy tax forms    Partnerships and S corporations. Easy tax forms Taxable nonqualified partnership withdrawals are separately stated on Schedule K (Form 1065), line 20c, and allocated to the partners on Schedule K-1 (Form 1065), box 20 (for 2005). Easy tax forms Taxable nonqualified withdrawals by an S corporation are separately stated on Schedule K (Form 1120S), line 17d, and allocated to the shareholders on Schedule K-1 (Form 1120S), box 17. Easy tax forms Interest. Easy tax forms   You must pay interest on the additional tax due to nonqualified withdrawals that are treated as made from either the ordinary income or the capital gain account. Easy tax forms The interest period begins on the last date for paying tax for the year for which you deposited the amount you withdrew from your CCF account. Easy tax forms The period ends on the last date for paying tax for the year in which you make the nonqualified withdrawal. Easy tax forms The interest rate on the nonqualified withdrawal is simple interest. Easy tax forms The rate is subject to change annually and is published in the Federal Register. Easy tax forms    You also can call NMFS at (301) 713-2393 (ext. Easy tax forms 204) to get the current interest rate. Easy tax forms Interest deduction. Easy tax forms   You can deduct the interest you pay on a nonqualified withdrawal as a trade or business expense. Easy tax forms Reporting the additional tax and interest. Easy tax forms   Attach a statement to your income tax return showing your computation of the tax and the interest on a nonqualified withdrawal. Easy tax forms Include the tax and interest on Form 1040, line 63 (for 2005). Easy tax forms To the left of line 63, write in the amount of tax and interest and “CCF. Easy tax forms ” Tax benefit rule. Easy tax forms   If any portion of your nonqualified withdrawal is properly attributable to contributions (not earnings on the contributions) you made to the CCF account that did not reduce your tax liability for any tax year prior to the withdrawal year, the following tax treatment applies. Easy tax forms The part that did not reduce your tax liability for any year prior to the withdrawal year is not taxed. Easy tax forms That part is allowed as a net operating loss deduction. Easy tax forms More Information This section briefly discussed the CCF program. Easy tax forms For more detailed information, see the following legislative authorities. Easy tax forms Section 607 of the Merchant Marine Act of 1936, as amended (46 U. Easy tax forms S. Easy tax forms C. Easy tax forms 1177). Easy tax forms Chapter 2, Part 259 of title 50 of the Code of Federal Regulations (50 C. Easy tax forms F. Easy tax forms R. Easy tax forms , Part 259). Easy tax forms Subchapter A, Part 3 of title 26 of the Code of Federal Regulations (26 C. Easy tax forms F. Easy tax forms R. Easy tax forms , Part 3). Easy tax forms Section 7518 of the Internal Revenue Code (IRC 7518). Easy tax forms The application kit you can obtain from NMFS at the address or phone number given earlier may contain copies of some of these sources of additional information. Easy tax forms Also, see their web page at www. Easy tax forms nmfs. Easy tax forms noaa. Easy tax forms gov/mb/financial_services/ccf. Easy tax forms htm. Easy tax forms How To Get Tax Help You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. Easy tax forms By selecting the method that is best for you, you will have quick and easy access to tax help. Easy tax forms Contacting your Taxpayer Advocate. Easy tax forms   If you have attempted to deal with an IRS problem unsuccessfully, you should contact your Taxpayer Advocate. Easy tax forms   The Taxpayer Advocate independently represents your interests and concerns within the IRS by protecting your rights and resolving problems that have not been fixed through normal channels. Easy tax forms While Taxpayer Advocates cannot change the tax law or make a technical tax decision, they can clear up problems that resulted from previous contacts and ensure that your case is given a complete and impartial review. Easy tax forms   To contact your Taxpayer Advocate: Call the Taxpayer Advocate toll free at 1-877-777-4778, Call, write, or fax the Taxpayer Advocate office in your area, Call 1-800-829-4059 if you are a TTY/TDD user, or Visit www. Easy tax forms irs. Easy tax forms gov/advocate. Easy tax forms   For more information, see Publication 1546, How To Get Help With Unresolved Tax Problems (now available in Chinese, Korean, Russian, and Vietnamese, in addition to English and Spanish). Easy tax forms Free tax services. Easy tax forms   To find out what services are available, get Publication 910, IRS Guide to Free Tax Services. Easy tax forms It contains a list of free tax publications and an index of tax topics. Easy tax forms It also describes other free tax information services, including tax education and assistance programs and a list of TeleTax topics. Easy tax forms Internet. Easy tax forms You can access the IRS website 24 hours a day, 7 days a week, at www. Easy tax forms irs. Easy tax forms gov to: E-file your return. Easy tax forms Find out about commercial tax preparation and e-file services available free to eligible taxpayers. Easy tax forms Check the status of your refund. Easy tax forms Click on Where's My Refund. Easy tax forms Be sure to wait at least 6 weeks from the date you filed your return (3 weeks if you filed electronically). Easy tax forms Have your tax return available because you will need to know your social security number, your filing status, and the exact whole dollar amount of your refund. Easy tax forms Download forms, instructions, and publications. Easy tax forms Order IRS products online. Easy tax forms Research your tax questions online. Easy tax forms Search publications online by topic or keyword. Easy tax forms View Internal Revenue Bulletins (IRBs) published in the last few years. Easy tax forms Figure your withholding allowances using our Form W-4 calculator. Easy tax forms Sign up to receive local and national tax news by email. Easy tax forms Get information on starting and operating a small business. Easy tax forms Phone. Easy tax forms Many services are available by phone. Easy tax forms Ordering forms, instructions, and publications. Easy tax forms Call 1-800-829-3676 to order current-year forms, instructions, and publications and prior-year forms and instructions. Easy tax forms You should receive your order within 10 days. Easy tax forms Asking tax questions. Easy tax forms Call the IRS with your tax questions at 1-800-829-1040. Easy tax forms Solving problems. Easy tax forms You can get face-to-face help solving tax problems every business day in IRS Taxpayer Assistance Centers. Easy tax forms An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. Easy tax forms Call your local Taxpayer Assistance Center for an appointment. Easy tax forms To find the number, go to www. Easy tax forms irs. Easy tax forms gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Easy tax forms TTY/TDD equipment. Easy tax forms If you have access to TTY/TDD equipment, call 1-800-829-4059 to ask tax questions or to order forms and publications. Easy tax forms TeleTax topics. Easy tax forms Call 1-800-829-4477 and press 2 to listen to pre-recorded messages covering various tax topics. Easy tax forms Refund information. Easy tax forms If you would like to check the status of your refund, call 1-800-829-4477 and press 1 for automated refund information and follow the recorded instructions or call 1-800-829-1954. Easy tax forms Be sure to wait at least 6 weeks from the date you filed your return (3 weeks if you filed electronically). Easy tax forms Have your tax return available because you will need to know your social security number, your filing status, and the exact whole dollar amount of your refund. Easy tax forms Evaluating the quality of our telephone services. Easy tax forms To ensure that IRS representatives give accurate, courteous, and professional answers, we use several methods to evaluate the quality of our telephone services. Easy tax forms One method is for a second IRS representative to sometimes listen in on or record telephone calls. Easy tax forms Another is to ask some callers to complete a short survey at the end of the call. Easy tax forms Walk-in. Easy tax forms Many products and services are available on a walk-in basis. Easy tax forms Products. Easy tax forms You can walk in to many post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Easy tax forms Some IRS offices, libraries, grocery stores, copy centers, city and county government offices, credit unions, and office supply stores have a collection of products available to print from a CD-ROM or photocopy from reproducible proofs. Easy tax forms Also, some IRS offices and libraries have the Internal Revenue Code, regulations, Internal Revenue Bulletins, and Cumulative Bulletins available for research purposes. Easy tax forms Services. Easy tax forms You can walk in to your local Taxpayer Assistance Center every business day for personal, face-to-face tax help. Easy tax forms An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. Easy tax forms If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you're more comfortable talking with someone in person, visit your local Taxpayer Assistance Center where you can spread out your records and talk with an IRS representative face-to-face. Easy tax forms No appointment is necessary, but if you prefer, you can call your local Center and leave a message requesting an appointment to resolve a tax account issue. Easy tax forms A representative will call you back within 2 business days to schedule an in-person appointment at your convenience. Easy tax forms To find the number, go to www. Easy tax forms irs. Easy tax forms gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Easy tax forms Mail. Easy tax forms You can send your order for forms, instructions, and publications to the address below and receive a response within 10 business days after your request is received. Easy tax forms National Distribution Center P. Easy tax forms O. Easy tax forms Box 8903 Bloomington, IL 61702-8903 CD-ROM for tax products. Easy tax forms You can order Publication 1796, IRS Tax Products on CD-ROM, and obtain: A CD that is released twice so you have the latest products. Easy tax forms The first release ships in late December and the final release ships in late February. Easy tax forms Current-year forms, instructions, and publications. Easy tax forms Prior-year forms, instructions, and publications. Easy tax forms Tax Map: an electronic research tool and finding aid. Easy tax forms Tax law frequently asked questions (FAQs). Easy tax forms Tax Topics from the IRS telephone response system. Easy tax forms Fill-in, print, and save features for most tax forms. Easy tax forms Internal Revenue Bulletins. Easy tax forms Toll-free and email technical support. Easy tax forms Buy the CD-ROM from National Technical Information Service (NTIS) at www. Easy tax forms irs. Easy tax forms gov/cdorders for $25 (no handling fee) or call 1-877-233-6767 toll free to buy the CD-ROM for $25 (plus a $5 handling fee). Easy tax forms CD-ROM for small businesses. Easy tax forms Publication 3207, Small Business Resource Guide CD-ROM, has a new look and enhanced navigation features. Easy tax forms This CD includes: Helpful information, such as how to prepare a business plan, find financing for your business, and much more. Easy tax forms All the business tax forms, instructions, and publications needed to successfully manage a business. Easy tax forms Tax law changes. Easy tax forms IRS Tax Map to help you find forms, instructions, and publications by searching on a keyword or topic. Easy tax forms Web links to various government agencies, business associations, and IRS organizations. Easy tax forms “Rate the Product” survey—your opportunity to suggest changes for future editions. Easy tax forms An updated version of this CD is available each year in early April. Easy tax forms You can get a free copy by calling 1-800-829-3676 or by visiting www. Easy tax forms irs. Easy tax forms gov/smallbiz. Easy tax forms Prev  Up  Next   Home   More Online Publications
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Easy tax forms 9. Easy tax forms   Worksheets Table of Contents When Should I Figure MAC?Checking the Previous Year's Contributions Available Worksheets Chapter 2 introduced you to the term maximum amount contributable (MAC). Easy tax forms Generally, your MAC is the lesser of your: Limit on annual additions (chapter 3), or Limit on elective deferrals (chapter 4). Easy tax forms The worksheets in this chapter can help you figure the cost of incidental life insurance, your includible compensation, your limit on annual additions, your limit on elective deferrals, your limit on catch-up contributions, and your MAC. Easy tax forms After completing the worksheets, you should maintain them with your 403(b) records for that year. Easy tax forms Do not attach them to your tax return. Easy tax forms At the end of the year or the beginning of the next year, you should compare your estimated compensation figures with your actual figures. Easy tax forms If your compensation is the same as, or more than, the projected amounts and the calculations are correct, then you should simply file these worksheets with your other tax records for the year. Easy tax forms If your compensation was lower than your estimated figures, you will need to check the amount contributed during the year to determine if contributions are more than your MAC. Easy tax forms When Should I Figure MAC? At the beginning of each year, you should figure your MAC using a conservative estimate of your compensation. Easy tax forms Should your income change during the year, you should refigure your MAC based on a revised conservative estimate. Easy tax forms By doing this, you will be able to determine if contributions to your 403(b) account should be increased or decreased for the year. Easy tax forms Checking the Previous Year's Contributions At the beginning of the following year, you should refigure your MAC based on your actual earned income. Easy tax forms At the end of the current year or the beginning of the next year, you should check your contributions to be sure you did not exceed your MAC. Easy tax forms This means refiguring your limit based on your actual compensation figures for the year. Easy tax forms This will allow you to determine if the amount contributed is more than the allowable amounts, and possibly avoid additional taxes. Easy tax forms Available Worksheets The following worksheets have been provided to help you figure your MAC. Easy tax forms Worksheet A. Easy tax forms Cost of Incidental Life Insurance. Easy tax forms Worksheet B. Easy tax forms Includible Compensation for Your Most Recent Year of Service Worksheet C. Easy tax forms Limit on Catch-Up Contributions. Easy tax forms ??? Worksheet 1. Easy tax forms Maximum Amount Contributable (MAC). Easy tax forms Worksheet A. Easy tax forms Cost of Incidental Life Insurance Note. Easy tax forms Use this worksheet to figure the cost of incidental life insurance included in your annuity contract. Easy tax forms This amount will be used to figure includible compensation for your most recent year of service. Easy tax forms 1. Easy tax forms Enter the value of the contract (amount payable upon your death) 1. Easy tax forms   2. Easy tax forms Enter the cash value in the contract at the end of the year 2. Easy tax forms   3. Easy tax forms Subtract line 2 from line 1. Easy tax forms This is the value of your current life insurance protection 3. Easy tax forms   4. Easy tax forms Enter your age on your birthday nearest the beginning of the policy year 4. Easy tax forms   5. Easy tax forms Enter the 1-year term premium for $1,000 of life insurance based on your age. Easy tax forms (From Figure 3-1) 5. Easy tax forms   6. Easy tax forms Divide line 3 by $1,000 6. Easy tax forms   7. Easy tax forms Multiply line 6 by line 5. Easy tax forms This is the cost of your incidental life insurance 7. Easy tax forms   Worksheet B. Easy tax forms Includible Compensation for Your Most Recent Year of Service1 Note. Easy tax forms Use this worksheet to figure includible compensation for your most recent year of service. Easy tax forms 1. Easy tax forms Enter your includible wages from the employer maintaining your 403(b) account for your most recent year of service 1. Easy tax forms   2. Easy tax forms Enter elective deferrals excluded from your gross income for your most recent year of service2 2. Easy tax forms   3. Easy tax forms Enter amounts contributed or deferred by your employer under a cafeteria plan for your most recent year of service 3. Easy tax forms   4. Easy tax forms 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. Easy tax forms   5. Easy tax forms 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. Easy tax forms   6. Easy tax forms Enter your foreign earned income exclusion for your most recent year of service 6. Easy tax forms   7. Easy tax forms Add lines 1, 2, 3, 4, 5, and 6 7. Easy tax forms   8. Easy tax forms Enter the cost of incidental life insurance that is part of your annuity contract for your most recent year of service 8. Easy tax forms   9. Easy tax forms 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. Easy tax forms   10. Easy tax forms Add lines 8 and 9 10. Easy tax forms   11. Easy tax forms Subtract line 10 from line 7. Easy tax forms This is your includible compensation for your most recent year of service 11. Easy tax forms   1Use estimated amounts if figuring includible compensation before the end of the year. Easy tax forms  2Elective deferrals made to a designated Roth account are not excluded from your gross income and should not be included on this line. Easy tax forms Worksheet C. Easy tax forms Limit on Catch-Up Contributions Note. Easy tax forms If you will be age 50 or older by the end of the year, use this worksheet to figure your limit on catch-up contributions. Easy tax forms 1. Easy tax forms Maximum catch-up contributions 1. Easy tax forms $5,500 2. Easy tax forms Enter your includible compensation for your most recent year of service 2. Easy tax forms   3. Easy tax forms Enter your elective deferrals 3. Easy tax forms   4. Easy tax forms Subtract line 3 from line 2 4. Easy tax forms   5. Easy tax forms Enter the lesser of line 1 or line 4. Easy tax forms This is your limit on catch-up contributions 5. Easy tax forms   Worksheet 1. Easy tax forms Maximum Amount Contributable (MAC) Note. Easy tax forms Use this worksheet to figure your MAC. Easy tax forms Part I. Easy tax forms Limit on Annual Additions     1. Easy tax forms Enter your includible compensation for your most recent year of service 1. Easy tax forms   2. Easy tax forms Maximum1: For 2013, enter $51,000 For 2014, enter $52,000 2. Easy tax forms   3. Easy tax forms Enter the lesser of line 1 or line 2. Easy tax forms This is your limit on annual additions 3. Easy tax forms     Caution: If you had only nonelective contributions, skip Part II and enter the amount from line 3 on line 18. Easy tax forms     Part II. Easy tax forms Limit on Elective Deferrals     4. Easy tax forms Maximum contribution: For 2013, enter $17,500 For 2014, enter $17,500 4. Easy tax forms     Note. Easy tax forms If you have at least 15 years of service with a qualifying organization, complete lines 5 through 17. Easy tax forms If not, enter zero (-0-) on line 16 and go to line 17. Easy tax forms     5. Easy tax forms Amount per year of service 5. Easy tax forms $ 5,000 6. Easy tax forms Enter your years of service 6. Easy tax forms   7. Easy tax forms Multiply line 5 by line 6 7. Easy tax forms   8. Easy tax forms Enter the total of all elective deferrals made for you by the qualifying organization for prior years 8. Easy tax forms   9. Easy tax forms Subtract line 8 from line 7. Easy tax forms If zero or less, enter zero (-0-) 9. Easy tax forms   10. Easy tax forms Maximum increase in limit for long service 10. Easy tax forms $15,000 11. Easy tax forms Enter the total of additional pre-tax elective deferrals made in prior years under the 15-year rule 11. Easy tax forms   12. Easy tax forms Enter the aggregate amount of all designated Roth contributions permitted for prior years under the 15-year rule 12. Easy tax forms   13. Easy tax forms Add line 11 and line 12 13. Easy tax forms   14. Easy tax forms Subtract line 13 from line 10 14. Easy tax forms   15. Easy tax forms Maximum additional contributions 15. Easy tax forms $ 3,000 16. Easy tax forms Enter the least of lines 9, 14, or 15. Easy tax forms This is your increase in the limit for long service 16. Easy tax forms   17. Easy tax forms Add lines 4 and 16. Easy tax forms This is your limit on elective deferrals 17. Easy tax forms     Part III. Easy tax forms Maximum Amount Contributable     18. Easy tax forms If you had only nonelective contributions, enter the amount from line 3. Easy tax forms This is your MAC. Easy tax forms    If you had only elective deferrals, enter the lesser of lines 3 or 17. Easy tax forms This is your MAC. Easy tax forms    If you had both elective deferrals and nonelective contributions, enter the amount from line 3. Easy tax forms This is your MAC. Easy tax forms (Use the amount on line 17 to determine if you have excess elective deferrals as explained in chapter 7. Easy tax forms ) 18. Easy tax forms   1If you participate 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 pension plans of all corporations, partnerships, and sole proprietorships in which you have more than 50% control. Easy tax forms You must also combine the contributions made to all 403(b) accounts on your behalf by your employer. Easy tax forms Prev  Up  Next   Home   More Online Publications