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Efile 2009 Taxes

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Efile 2009 Taxes

Efile 2009 taxes Publication 547(SP) - Introductory Material Table of Contents Qué Hay de Nuevo Recordatorios IntroductionCómo pedir formularios y publicaciones. Efile 2009 taxes Preguntas sobre los impuestos. Efile 2009 taxes Useful Items - You may want to see: Qué Hay de Nuevo Nueva Sección C en el Formulario 4684 para esquemas de inversión de tipo Ponzi (Ponzi-type schemes). Efile 2009 taxes  La Sección C del Formulario 4684 (disponible en inglés) es nueva para el año 2013. Efile 2009 taxes Usted debe completar la Seción C si está reclamando una deducción de pérdida por robo debido a un esquema de inversión de tipo Ponzi (Ponzi-type scheme) y estará usando el Procedimiento Tributario (Revenue Procedure) 2009-20, según modificado por el Procedimiento Tributario (Revenue Procedure) 2011-58. Efile 2009 taxes La Sección C del Formulario 4864 reemplaza el Anexo A del Procedimiento Tributario (Revenue Procedure) 2009-20. Efile 2009 taxes No necesita completar el Anexo A. Efile 2009 taxes Para más información, vea Pérdidas provenientes de esquemas de inversión de tipo Ponzi (Ponzi-type schemes) , más adelante. Efile 2009 taxes Recordatorios Acontecimientos futuros. Efile 2009 taxes  Si desea obtener la información más reciente sobre los acontecimientos relacionados con la Publicación 547(SP), tal como legislación promulgada después que ésta fue impresa, acceda a www. Efile 2009 taxes irs. Efile 2009 taxes gov/Spanish/About-Publication-547(SP). Efile 2009 taxes Fotografías de niños desaparecidos. Efile 2009 taxes  El Servicio de Impuestos Internos (IRS, por sus siglas en inglés) se enorgullece en colaborar con el Centro Nacional de Niños Desaparecidos y Explotados (National Center for Missing and Exploited Children). Efile 2009 taxes En esta publicación, pueden aparecer fotografías de niños desaparecidos que han sido seleccionadas por el Centro. Efile 2009 taxes Estas fotografías aparecen en páginas que de otra manera estarían en blanco. Efile 2009 taxes Usted puede ayudar a que estos niños regresen a sus hogares si identifica alguno de ellos y llama gratis al 1-800-THE-LOST (1-800-843-5678). Efile 2009 taxes Introduction Esta publicación explica el trato tributario de casos de hechos fortuitos, robos y pérdidas de depósitos monetarios. Efile 2009 taxes Un hecho fortuito ocurre cuando su propiedad resulta dañada por causa de algún desastre, como por ejemplo, una tormenta, un incendio, un accidente automovilístico u otro suceso de esta índole. Efile 2009 taxes Un robo ocurre cuando alguien hurta sus bienes. Efile 2009 taxes La pérdida de depósitos monetarios ocurre cuando su institución bancaria se declara insolvente o en quiebra (bancarrota). Efile 2009 taxes Esta publicación aborda los siguientes temas: Definiciones de hecho fortuito, robo y pérdida de depósitos monetarios. Efile 2009 taxes Cómo calcular el monto de su pérdida o ganancia. Efile 2009 taxes Cómo se tratan tributariamente seguros y otros reembolsos que reciba. Efile 2009 taxes Límites de la deducción. Efile 2009 taxes Cómo y cuándo declarar un caso de hecho fortuito o robo. Efile 2009 taxes Reglas especiales para pérdidas en zonas de desastre. Efile 2009 taxes Formularios que tiene que presentar. Efile 2009 taxes   Normalmente, si es víctima de un hecho fortuito o robo, tiene que presentar el Formulario 4684 (disponible sólo en inglés). Efile 2009 taxes Asimismo, es posible que tenga que presentar uno o más de los siguientes formularios (todos en inglés): Anexo A (Formulario 1040). Efile 2009 taxes Formulario 1040NR, Anexo A (para extranjeros no residentes). Efile 2009 taxes Anexo D. Efile 2009 taxes Formulario 4797. Efile 2009 taxes Para información adicional sobre qué formulario utilizar, vea más adelante la sección sobre Cómo Declarar Pérdidas y Ganancias . Efile 2009 taxes Expropiaciones forzosas. Efile 2009 taxes   Para obtener información sobre expropiaciones forzosas de propiedades, vea el tema Involuntary Conversions (Conversiones involuntarias) en el capítulo 1 de la Publicación 544, Sales and Other Dispositions of Assets (Ventas y otras enajenaciones de activos), en inglés. Efile 2009 taxes Registros para el cálculo de pérdidas por hecho fortuito y robo. Efile 2009 taxes   La Publicación 584SP, Registro de Pérdidas por Hechos Fortuitos (Imprevistos), Desastres y Robos (Propiedad de uso Personal) está a su disposición para ayudarle a hacer una lista de artículos de sus bienes de uso personal que hayan sido robados o dañados y calcular su pérdida. Efile 2009 taxes En dicha publicación se incluyen tablas para ayudarle a calcular el monto de las pérdidas de su vivienda, artículos de la misma y vehículos motorizados. Efile 2009 taxes   La Publicación 584-B, Business Casualty, Disaster, and Theft Loss Workbook (Registro de pérdidas por hechos fortuitos, desastres y robos de propiedad de uso comercial), en inglés puede ayudarle a hacer una lista de artículos que hayan sido robados o dañados en su empresa o bienes de generación de ingresos, y calcular su pérdida. Efile 2009 taxes Comentarios y sugerencias. Efile 2009 taxes   Agradecemos sus comentarios y sugerencias sobre esta publicación para ediciones futuras. Efile 2009 taxes   Puede escribirnos a la siguiente dirección: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Efile 2009 taxes NW, IR-6526 Washington, DC 20224   Contestamos gran parte de correspondencia por teléfono. Efile 2009 taxes Por lo tanto, nos sería útil si en su correspondencia incluye el número telefónico con su código de área donde podemos ubicarlo durante el día. Efile 2009 taxes   Puede enviarnos comentarios a través de www. Efile 2009 taxes irs. Efile 2009 taxes gov/formspubs, pulsando sobre “ Comment on Tax Forms and Publications ” (Comentarios sobre formularios y publicaciones tributarios) bajo el título “ Information about ” (Información sobre), en inglés. Efile 2009 taxes   Aunque no podemos contestar cada uno de los comentarios, agradecemos su opinión y tendremos en cuenta sus comentarios cuando revisemos nuestros productos. Efile 2009 taxes Cómo pedir formularios y publicaciones. Efile 2009 taxes   Visite el sitio web del IRS www. Efile 2009 taxes irs. Efile 2009 taxes gov/espanol y pulse sobre el enlace “Formularios y Publicaciones” para descargar formularios y publicaciones. Efile 2009 taxes Llame al 1-800-829-3676 o escriba a la dirección que aparece a continuación y recibirá respuesta a los 10 días de que el IRS reciba su solicitud: Internal Revenue Service 1201 N. Efile 2009 taxes Mitsubishi Motorway Bloomington, IL 61705-6613 Preguntas sobre los impuestos. Efile 2009 taxes   Si tiene alguna pregunta acerca de sus impuestos, consulte la información disponible en IRS. Efile 2009 taxes gov/espanol o llame al número 1-800-829-1040. Efile 2009 taxes No podemos contestar preguntas sobre impuestos enviadas a las direcciones anteriores. Efile 2009 taxes Useful Items - You may want to see: Publicación 523 Selling Your Home (Venta de su vivienda), en inglés 525 Taxable and Nontaxable Income (Ingresos tributables y no tributables), en inglés 550 Investment Income and Expenses (Ingresos y gastos de inversiones), en inglés 551 Basis of Assets (Base de activos), en inglés 584SP Registro de Pérdidas por Hechos Fortuitos (Imprevistos), Desastres y Robos (Propiedad de Uso Personal) 584-B Business Casualty, Disaster, and Theft Loss Workbook (Registro de pérdidas por hechos fortuitos, desastres y robos comerciales), en inglés  Formulario (e Instrucciones) Anexo A (Formulario 1040) Itemized Deductions (Deducciones detalladas), en inglés Anexo A (Formulario 1040NR) Itemized Deductions (for nonresident aliens) (Deducciones detalladas (para extranjeros no residentes)), en inglés Anexo D (Formulario 1040) Capital Gains and Losses (Pérdidas y ganancias de capital), en inglés 4684 Casualties and Thefts (Hechos fortuitos y robos), en inglés 4797 Sales of Business Property (Ventas de bienes comerciales), en inglés  Para más información sobre cómo obtener publicaciones y formularios, vea la sección Cómo Obtener Ayuda con los Impuestos al final de esta publicación. 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Phone Forums - Retirement Plans

Free phone forums featuring IRS employees discussing retirement plan topics.

Upcoming Phone Forums

Check back for upcoming phone forums.


Continuing Education (CE) Credits

  • Enrolled Agents and Enrolled Retirement Plan Agents may earn CE credit for attending the entire phone forum. The forum is also intended to meet the CE requirements for Enrolled Actuaries, but the final decision rests with the Joint Board for the Enrollment of Actuaries. Other professional groups should consult with their licensing agencies regarding CE credit.
  • Participants must register individually and use their own assigned User ID to receive CE credit.
  • Each participant must use an individual phone line to establish attendance and the length of time attending the forum.
  • A Certificate of Completion will be emailed to the participants who meet the attendance requirement about a week after the forum.
  • Interested in other opportunities to earn free CE credits?

If you have question(s), please contact us at ep.phoneforum@irs.gov.



Recently Held Phone Forums

An Overview of the 2013 Cumulative List of Changes in Plan Qualification- March 13, 2014 - Discussed the list of changes plan sponsors and practitioners must make to a plan before submitting determination letter applications beginning February 1, 2014 (Notice 2013-84). 
Handouts: An Overview of the 2013 Cumulative List of Changes in Plan Qualification presentation and Notice 2013-84

Upcoming Employee Plans Guidance Phone Forum - February 26, 2014 (scheduled previously for October 29, 2013) - Reviewed retirement benefit items on the 2013-2014 Priority Guidance Plan released on August 9 and other projects in EP Technical Guidance.
Handout: Employee Plans Technical Guidance

Ethical Standards of Employee Benefits Practice – What to Ask and Say to Clients, and What to Tell the IRS - January 29, 2014 (rebroadcast February 6, 2014) - Discussed an employee benefits practitioner’s ethical standards of conduct under Circular 230 for communications with clients and the IRS. 
Handout: Ethical Standards for Employee Benefits Practitioners

The Employee Plans Team Audit Program - November 21, 2013 -(transcript) - Discussed EPTA, our large case audit program. 
Handout: The Employee Plans Team Audit Program Presentation

How to prepare for an IRS Employee Plans Audit - August 29, 2013 - Two Sessions - Discussed latest information about the Employee Plans Examinations process.
Handout: Tools to Prepare for an Audit presentation

The Importance of Good Internal Controls - August 8, 2013 - (transcript) - Discussed how effective internal controls are essential to preventing costly mistakes that could jeopardize a retirement plan’s tax-favored status.
Handout: The Importance of Good Internal Controls presentation

EPCRS: Correcting 401(k) Plan Mistakes – Two Sessions - July 25, 2013 - (transcript) - Discussed correcting common 401(k) plan mistakes under EPCRS Revenue Procedure 2013-12, and how to find, fix and avoid them.
Handout: EPCRS: Correcting 401(k) Plan Mistakes presentation

What You Need to Know about the 403(b) Pre-Approved Plan Program - June 25, 2013 - (audio) - Discussed the upcoming 403(b) Pre-Approved Plan Program outlined in Revenue Procedure 2013-22.
Handout: 403(b) Pre-Approved Plan Program Presentation

403(b) Corrections and Examination Trends - May 23, 2013 - (audio) Discussed Revenue Procedure 2013-12 including guidance on correcting 403(b) plan failures and updates to the Employee Plans Compliance Resolution System.
Handout: 403(b) Plan Correction Issues Presentation

What You Need to Know About the IRS Final 401(k) Questionnaire Report and Next Steps - May 13, 2013 - Discussed significant findings and next steps (including outreach, guidance and compliance projects) and a new self-audit tool to help 401(k) plan sponsors avoid costly mistakes. 
Handout: Final 401(k) Questionnaire Report Presentation (Updated)

Defined Benefit Plan Update - April 23, 2013 - (transcript) - Discussed recent developments affecting defined benefit plans.
Handout: Defined Benefit Plan Update Presentation

International Issues Involving Retirement Plans in U.S. Territories  - March 21, 2013 - Discussed audit results and recurring issues of retirement plans in U.S. Territories, and Employee Plans’ 2013 fiscal year strategies and operating priorities.
Handout: International Issues Involving Retirement Plans in U.S. Territories Presentation

Overview of the 2012 Cumulative List of Plan Qualification Changes - February 28, 2013 - (audio) - Discussed the list of plan changes to by plan sponsors and practitioners submitting determination letter applications during the period beginning February 1, 2013 (Notice 2012-76).
Handout: Overview of the 2012 Cumulative List of Plan Qualification Changes Presentation

Employee Plans Compliance Resolution System Changes - February 21, 2013 - Session #1 & 2 - (audio) - Discussed Revenue Procedure 2013-12 and the various changes to the IRS correction programs.
Handout: EPCRS Changes Presentation

Ethical Standards for and Accountability of Practitioners Offering Tax Advice Relating to Employee Benefit Plans - February 13, 2013 (audio) - Discussed professional standards of conduct applicable to, and the accountability of, individuals that provide tax advice relating to employee benefit plans.  
Handout: Ethical Standards Presentation

Retirement plans can make loans, hardship distributions to Sandy victims - December 11, 2012 (audio)- Discussed Announcement 2012-44 and the options available to employees their families and plan sponsors.
Handout: Hurricane Sandy Relief Presentation

MAP-21: Changes to Segment Rates - September 27, 2012 - (audio) - Discussed the Moving Ahead for Progress in the 21st Century Act (MAP-21) and recently released related guidance.
Handout: MAP-21 Presentation

EPCRS: Correction of 401(k) Plan Mistakes (September 7, 2012) - (audio) - How to correct common mistakes in 401(k) plans.
Handouts: Correction Methods for 401(k) Failures Presentation

Lifetime Annuity Guidance (August 28, 2012) (Audio and Transcript) - Guidance designed to encourage lifetime annuity options for retirees. The presentation included Revenue Ruling 2012-3, Revenue Ruling 2012-4, and proposed regulations under sections 401(a)(9) and 417(e)(3) of the Code.
Handout: Lifetime Annuity Guidance Presentation

Operating Under the Written Plan Requirements and Common Issues Identified in 403(b) Plans (June 12, 2012) (transcript)- Frequent questions pertaining to the 403(b) written plan requirements and how the IRS is approaching the written plan requirement under audit.
Handouts: Operating Under the Written Plan Requirements and Common Issues Identified in 403(b) Plans Presentation

Governmental Plan Proposed Guidance (May 15, 2012) (transcript) - Proposed drafts of the general guidance on possible standards for determining if a retirement plan is a governmental plan under IRC section 414(d).

Indian Tribal Government Retirement Plans (April 24, 2012) - Possible standards for determining whether a plan of an Indian Tribal Government is a governmental plan within the meaning of section 414(d) of the Code.

EP Determination Letter Program Update (March 30, 2012) (transcript) - Important changes to the Employee Plans determination letter program.
Handout: EP Determination Letter Program Update Presentation

401(k) Questionnaire Interim Report IRS Phone Forum (March 6, 2012) (transcript) - 401(k) Questionnaire Interim Report, its next steps, and current issues.
Handout: 401(k) Questionnaire Interim Report Presentation

Funding-Based Benefit Restrictions - (February 23, 2012) (transcript)- funding-based benefit restrictions under IRC section 436.
Handout: Funding-Based Benefit Restrictions Presentation

Self Correction Program (SCP) and Closing Agreement Program (CAP) (November 30, 2011) (transcript) - current EPCRS issues, procedures and CAP sanctions
Handout: SCP and CAP Presentation

Determination Letter Issues Regarding Employee Stock Ownership Plans (October 28, 2011) (transcript) - technical issues affecting ESOPs and recurring issues noted in ESOP determination letter submissions
Handout: Determination Letter Issues Regarding Employee Stock Ownership Plans Presentation

Current Developments and Issues from the office of Employee Plans Rulings and Agreements (September 21, 2011) (transcript) - technical guidance hot topics and voluntary compliance applications
Handout: Current Developments and Issues Presentation

Participant Loans (September 12, 2011) (transcript) - treatment of loans as distributions, taxability and IRC §4975
Handout: Participants Loans Presentation
Helpful Links: The Fix Is In: Common Plan Mistakes - Participant Loans in 401(k) Plans; The Fix Is In: Common Plan Mistakes - Plan Loan Failures and Deemed Distributions;  Retirement Plans FAQs regarding Loans

EPCRS: Plan Correction Issues (August 25, 2011)  (transcript) - recurring issues found in EPCRS and tips to avoid common mistakes
Handout: EPCRS: Plan Correction Issues Presentation

Ethics for Employee Plans Practitioners (July 29, 2011) (transcript)- ethical standards of practice before the IRS applicable to employee benefits practitioners
Handout: Ethics for Employee Plans Practitioners Presentation

Funding Standards and Relief for Single and Multiemployer Plans (April 28, 2011) (transcript) - funding standards applicable to single and multiemployer pension plans
Handout: Funding Standards Presentation

Form 5330 - Completion and Processing Tidbits (March 24, 2011) (transcript) - proper completion and processing of the Form 5330, along with ways to avoid common mistakes
Handouts:

EP Technical Guidance (March 4, 2011) (transcript) - recent published guidance and updates on current IRS initiatives
Handout: EP Technical Guidance Presentation

In-Plan Roth Rollover Phone Forum (December 20, 2010) (Transcript) - recent guidance on in-plan Roth rollovers for 401(k) and 403(b) plans
Handout: In-Plan Roth Rollover Phone Forum Presentation

Hybrid Plans (November 23, 2010) (Transcript) - new hybrid plan regulations
Handouts:

Page Last Reviewed or Updated: 14-Mar-2014

The Efile 2009 Taxes

Efile 2009 taxes 3. Efile 2009 taxes   Savings Incentive Match Plans for Employees (SIMPLE) Table of Contents Introduction What Is a SIMPLE Plan?Eligible Employees How Are Contributions Made? How Much Can Be Contributed on Your Behalf?Matching contributions less than 3%. Efile 2009 taxes Traditional IRA mistakenly moved to SIMPLE IRA. Efile 2009 taxes When Can You Withdraw or Use Assets?Are Distributions Taxable? Introduction This chapter is for employees who need information about savings incentive match plans for employees (SIMPLE plans). Efile 2009 taxes It explains what a SIMPLE plan is, contributions to a SIMPLE plan, and distributions from a SIMPLE plan. Efile 2009 taxes Under a SIMPLE plan, SIMPLE retirement accounts for participating employees can be set up either as: Part of a 401(k) plan, or A plan using IRAs (SIMPLE IRA). Efile 2009 taxes This chapter only discusses the SIMPLE plan rules that relate to SIMPLE IRAs. Efile 2009 taxes See chapter 3 of Publication 560 for information on any special rules for SIMPLE plans that do not use IRAs. Efile 2009 taxes If your employer maintains a SIMPLE plan, you must be notified, in writing, that you can choose the financial institution that will serve as trustee for your SIMPLE IRA and that you can roll over or transfer your SIMPLE IRA to another financial institution. Efile 2009 taxes See Rollovers and Transfers Exception, later under When Can You Withdraw or Use Assets. Efile 2009 taxes What Is a SIMPLE Plan? A SIMPLE plan is a tax-favored retirement plan that certain small employers (including self-employed individuals) can set up for the benefit of their employees. Efile 2009 taxes See chapter 3 of Publication 560 for information on the requirements employers must satisfy to set up a SIMPLE plan. Efile 2009 taxes A SIMPLE plan is a written agreement (salary reduction agreement) between you and your employer that allows you, if you are an eligible employee (including a self-employed individual), to choose to: Reduce your compensation (salary) by a certain percentage each pay period, and Have your employer contribute the salary reductions to a SIMPLE IRA on your behalf. Efile 2009 taxes These contributions are called salary reduction contributions. Efile 2009 taxes All contributions under a SIMPLE IRA plan must be made to SIMPLE IRAs, not to any other type of IRA. Efile 2009 taxes The SIMPLE IRA can be an individual retirement account or an individual retirement annuity, described in chapter 1. Efile 2009 taxes Contributions are made on behalf of eligible employees. Efile 2009 taxes (See Eligible Employees below. Efile 2009 taxes ) Contributions are also subject to various limits. Efile 2009 taxes (See How Much Can Be Contributed on Your Behalf , later. Efile 2009 taxes ) In addition to salary reduction contributions, your employer must make either matching contributions or nonelective contributions. Efile 2009 taxes See How Are Contributions Made , later. Efile 2009 taxes You may be able to claim a credit for contributions to your SIMPLE plan. Efile 2009 taxes For more information, see chapter 4. Efile 2009 taxes Eligible Employees You must be allowed to participate in your employer's SIMPLE plan if you: Received at least $5,000 in compensation from your employer during any 2 years prior to the current year, and Are reasonably expected to receive at least $5,000 in compensation during the calendar year for which contributions are made. Efile 2009 taxes Self-employed individual. Efile 2009 taxes   For SIMPLE plan purposes, the term employee includes a self-employed individual who received earned income. Efile 2009 taxes Excludable employees. Efile 2009 taxes   Your employer can exclude the following employees from participating in the SIMPLE plan. Efile 2009 taxes Employees whose retirement benefits are covered by a collective bargaining agreement (union contract). Efile 2009 taxes Employees who are nonresident aliens and received no earned income from sources within the United States. Efile 2009 taxes Employees who would not have been eligible employees if an acquisition, disposition, or similar transaction had not occurred during the year. Efile 2009 taxes Compensation. Efile 2009 taxes   For purposes of the SIMPLE plan rules, your compensation for a year generally includes the following amounts. Efile 2009 taxes Wages, tips, and other pay from your employer that is subject to income tax withholding. Efile 2009 taxes Deferred amounts elected under any 401(k) plans, 403(b) plans, government (section 457) plans, SEP plans, and SIMPLE plans. Efile 2009 taxes Self-employed individual compensation. Efile 2009 taxes   For purposes of the SIMPLE plan rules, if you are self-employed, your compensation for a year is your net earnings from self-employment (Schedule SE (Form 1040), Section A, line 4, or Section B, line 6) before subtracting any contributions made to a SIMPLE IRA on your behalf. Efile 2009 taxes   For these purposes, net earnings from self-employment include services performed while claiming exemption from self-employment tax as a member of a group conscientiously opposed to social security benefits. Efile 2009 taxes How Are Contributions Made? Contributions under a salary reduction agreement are called salary reduction contributions. Efile 2009 taxes They are made on your behalf by your employer. Efile 2009 taxes Your employer must also make either matching contributions or nonelective contributions. Efile 2009 taxes Salary reduction contributions. Efile 2009 taxes   During the 60-day period before the beginning of any year, and during the 60-day period before you are eligible, you can choose salary reduction contributions expressed either as a percentage of compensation, or as a specific dollar amount (if your employer offers this choice). Efile 2009 taxes You can choose to cancel the election at any time during the year. Efile 2009 taxes   Salary reduction contributions are also referred to as “elective deferrals. Efile 2009 taxes ”   Your employer cannot place restrictions on the contributions amount (such as by limiting the contributions percentage), except to comply with the salary reduction contributions limit, discussed under How Much Can Be Contributed on Your Behalf, later. Efile 2009 taxes Matching contributions. Efile 2009 taxes   Unless your employer chooses to make nonelective contributions, your employer must make contributions equal to the salary reduction contributions you choose (elect), but only up to certain limits. Efile 2009 taxes See How Much Can Be Contributed on Your Behalf below. Efile 2009 taxes These contributions are in addition to the salary reduction contributions and must be made to the SIMPLE IRAs of all eligible employees (defined earlier) who chose salary reductions. Efile 2009 taxes These contributions are referred to as matching contributions. Efile 2009 taxes   Matching contributions on behalf of a self-employed individual are not treated as salary reduction contributions. Efile 2009 taxes Nonelective contributions. Efile 2009 taxes   Instead of making matching contributions, your employer may be able to choose to make nonelective contributions on behalf of all eligible employees. Efile 2009 taxes These nonelective contributions must be made on behalf of each eligible employee who has at least $5,000 of compensation from your employer, whether or not the employee chose salary reductions. Efile 2009 taxes   One of the requirements your employer must satisfy is notifying the employees that the election was made. Efile 2009 taxes For other requirements that your employer must satisfy, see chapter 3 of Publication 560. Efile 2009 taxes How Much Can Be Contributed on Your Behalf? The limits on contributions to a SIMPLE IRA vary with the type of contribution that is made. Efile 2009 taxes Salary reduction contributions limit. Efile 2009 taxes   Salary reduction contributions (employee-chosen contributions or elective deferrals) that your employer can make on your behalf under a SIMPLE plan are limited to $12,000 for 2013. Efile 2009 taxes The limitation remains at $12,000 for 2014. Efile 2009 taxes If you are a participant in any other employer plans during 2013 and you have elective salary reductions or deferred compensation under those plans, the salary reduction contributions under the SIMPLE plan also are included in the annual limit of $17,500 for 2013 on exclusions of salary reductions and other elective deferrals. Efile 2009 taxes You, not your employer, are responsible for monitoring compliance with these limits. Efile 2009 taxes Additional elective deferrals can be contributed to your SIMPLE plan if: You reached age 50 by the end of 2013, and No other elective deferrals can be made for you to the plan for the year because of limits or restrictions, such as the regular annual limit. Efile 2009 taxes The most that can be contributed in additional elective deferrals to your SIMPLE plan is the lesser of the following two amounts. Efile 2009 taxes $2,500 for 2013, or Your compensation for the year reduced by your other elective deferrals for the year. Efile 2009 taxes The additional deferrals are not subject to any other contribution limit and are not taken into account in applying other contribution limits. Efile 2009 taxes The additional deferrals are not subject to the nondiscrimination rules as long as all eligible participants are allowed to make them. Efile 2009 taxes Matching employer contributions limit. Efile 2009 taxes   Generally, your employer must make matching contributions to your SIMPLE IRA in an amount equal to your salary reduction contributions. Efile 2009 taxes These matching contributions cannot be more than 3% of your compensation for the calendar year. Efile 2009 taxes See Matching contributions less than 3% below. Efile 2009 taxes Example 1. Efile 2009 taxes In 2013, Joshua was a participant in his employer's SIMPLE plan. Efile 2009 taxes His compensation, before SIMPLE plan contributions, was $41,600 ($800 per week). Efile 2009 taxes Instead of taking it all in cash, Joshua elected to have 12. Efile 2009 taxes 5% of his weekly pay ($100) contributed to his SIMPLE IRA. Efile 2009 taxes For the full year, Joshua's salary reduction contributions were $5,200, which is less than the $12,000 limit on these contributions. Efile 2009 taxes Under the plan, Joshua's employer was required to make matching contributions to Joshua's SIMPLE IRA. Efile 2009 taxes Because his employer's matching contributions must equal Joshua's salary reductions, but cannot be more than 3% of his compensation (before salary reductions) for the year, his employer's matching contribution was limited to $1,248 (3% of $41,600). Efile 2009 taxes Example 2. Efile 2009 taxes Assume the same facts as in Example 1 , except that Joshua's compensation for the year was $408,163 and he chose to have 2. Efile 2009 taxes 94% of his weekly pay contributed to his SIMPLE IRA. Efile 2009 taxes In this example, Joshua's salary reduction contributions for the year (2. Efile 2009 taxes 94% × $408,163) were equal to the 2013 limit for salary reduction contributions ($12,000). Efile 2009 taxes Because 3% of Joshua's compensation ($12,245) is more than the amount his employer was required to match ($12,000), his employer's matching contributions were limited to $12,000. Efile 2009 taxes In this example, total contributions made on Joshua's behalf for the year were $24,000 ($12,000 (Joshua's contributions) + $12,000 (matching contributions)), the maximum contributions permitted under a SIMPLE IRA for 2013. Efile 2009 taxes Matching contributions less than 3%. Efile 2009 taxes   Your employer can reduce the 3% limit on matching contributions for a calendar year, but only if: The limit is not reduced below 1%, The limit is not reduced for more than 2 years out of the 5-year period that ends with (and includes) the year for which the election is effective, and Employees are notified of the reduced limit within a reasonable period of time before the 60-day election period during which they can enter into salary reduction agreements. Efile 2009 taxes   For purposes of applying the rule in item (2) in determining whether the limit was reduced below 3% for the year, any year before the first year in which your employer (or a former employer) maintains a SIMPLE IRA plan will be treated as a year for which the limit was 3%. Efile 2009 taxes If your employer chooses to make nonelective contributions for a year, that year also will be treated as a year for which the limit was 3%. Efile 2009 taxes Nonelective employer contributions limit. Efile 2009 taxes   If your employer chooses to make nonelective contributions, instead of matching contributions, to each eligible employee's SIMPLE IRA, contributions must be 2% of your compensation for the entire year. Efile 2009 taxes For 2013, only $255,000 of your compensation can be taken into account to figure the contribution limit. Efile 2009 taxes   Your employer can substitute the 2% nonelective contribution for the matching contribution for a year if both of the following requirements are met. Efile 2009 taxes Eligible employees are notified that a 2% nonelective contribution will be made instead of a matching contribution. Efile 2009 taxes This notice is provided within a reasonable period during which employees can enter into salary reduction agreements. Efile 2009 taxes Example 3. Efile 2009 taxes Assume the same facts as in Example 2 , except that Joshua's employer chose to make nonelective contributions instead of matching contributions. Efile 2009 taxes Because his employer's nonelective contributions are limited to 2% of up to $255,000 of Joshua's compensation, his employer's contribution to Joshua's SIMPLE IRA was limited to $5,100. Efile 2009 taxes In this example, total contributions made on Joshua's behalf for the year were $17,100 (Joshua's salary reductions of $12,000 plus his employer's contribution of $5,100). Efile 2009 taxes Traditional IRA mistakenly moved to SIMPLE IRA. Efile 2009 taxes   If you mistakenly roll over or transfer an amount from a traditional IRA to a SIMPLE IRA, you can later recharacterize the amount as a contribution to another traditional IRA. Efile 2009 taxes For more information, see Recharacterizations in chapter 1. Efile 2009 taxes Recharacterizing employer contributions. Efile 2009 taxes   You cannot recharacterize employer contributions (including elective deferrals) under a SEP or SIMPLE plan as contributions to another IRA. Efile 2009 taxes SEPs are discussed in chapter 2 of Publication 560. Efile 2009 taxes SIMPLE plans are discussed in this chapter. Efile 2009 taxes Converting from a SIMPLE IRA. Efile 2009 taxes   Generally, you can convert an amount in your SIMPLE IRA to a Roth IRA under the same rules explained in chapter 1 under Converting From Any Traditional IRA Into a Roth IRA . Efile 2009 taxes    However, you cannot convert any amount distributed from the SIMPLE IRA during the 2-year period beginning on the date you first participated in any SIMPLE IRA plan maintained by your employer. Efile 2009 taxes When Can You Withdraw or Use Assets? Generally, the same distribution (withdrawal) rules that apply to traditional IRAs apply to SIMPLE IRAs. Efile 2009 taxes These rules are discussed in chapter 1. Efile 2009 taxes Your employer cannot restrict you from taking distributions from a SIMPLE IRA. Efile 2009 taxes Are Distributions Taxable? Generally, distributions from a SIMPLE IRA are fully taxable as ordinary income. Efile 2009 taxes If the distribution is an early distribution (discussed in chapter 1), it may be subject to the additional tax on early distributions. Efile 2009 taxes See Additional Tax on Early Distributions, later. Efile 2009 taxes Rollovers and Transfers Exception Generally, rollovers and trustee-to-trustee transfers are not taxable distributions. Efile 2009 taxes Two-year rule. Efile 2009 taxes   To qualify as a tax-free rollover (or a tax-free trustee-to-trustee transfer), a rollover distribution (or a transfer) made from a SIMPLE IRA during the 2-year period beginning on the date on which you first participated in your employer's SIMPLE plan must be contributed (or transferred) to another SIMPLE IRA. Efile 2009 taxes The 2-year period begins on the first day on which contributions made by your employer are deposited in your SIMPLE IRA. Efile 2009 taxes   After the 2-year period, amounts in a SIMPLE IRA can be rolled over or transferred tax free to an IRA other than a SIMPLE IRA, or to a qualified plan, a tax-sheltered annuity plan (section 403(b) plan), or deferred compensation plan of a state or local government (section 457 plan). Efile 2009 taxes Additional Tax on Early Distributions The additional tax on early distributions (discussed in chapter 1) applies to SIMPLE IRAs. Efile 2009 taxes If a distribution is an early distribution and occurs during the 2-year period following the date on which you first participated in your employer's SIMPLE plan, the additional tax on early distributions is increased from 10% to 25%. Efile 2009 taxes If a rollover distribution (or transfer) from a SIMPLE IRA does not satisfy the 2-year rule, and is otherwise an early distribution, the additional tax imposed because of the early distribution is increased from 10% to 25% of the amount distributed. 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