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File An Amended Tax Return For 2011

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File An Amended Tax Return For 2011

File an amended tax return for 2011 12. File an amended tax return for 2011   How To Get Tax Help Table of Contents Low Income Taxpayer Clinics Whether it's help with a tax issue, preparing your tax return or a need for a free publication or form, get the help you need the way you want it: online, use a smart phone, call or walk in to an IRS office or volunteer site near you. File an amended tax return for 2011 Free help with your tax return. File an amended tax return for 2011   You can get free help preparing your return nationwide from IRS-certified volunteers. File an amended tax return for 2011 The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. File an amended tax return for 2011 The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. File an amended tax return for 2011 Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. File an amended tax return for 2011 In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. File an amended tax return for 2011 To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. File an amended tax return for 2011 gov, download the IRS2Go app, or call 1-800-906-9887. File an amended tax return for 2011   As part of the TCE program, AARP offers the Tax-Aide counseling program. File an amended tax return for 2011 To find the nearest AARP Tax-Aide site, visit AARP's website at www. File an amended tax return for 2011 aarp. File an amended tax return for 2011 org/money/taxaide or call 1-888-227-7669. File an amended tax return for 2011 For more information on these programs, go to IRS. File an amended tax return for 2011 gov and enter “VITA” in the search box. File an amended tax return for 2011 Internet. File an amended tax return for 2011    IRS. File an amended tax return for 2011 gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. File an amended tax return for 2011 Download the free IRS2Go app from the iTunes app store or from Google Play. File an amended tax return for 2011 Use it to check your refund status, order transcripts of your tax returns or tax account, watch the IRS YouTube channel, get IRS news as soon as it's released to the public, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. File an amended tax return for 2011 Check the status of your 2013 refund with the Where's My Refund? application on IRS. File an amended tax return for 2011 gov or download the IRS2Go app and select the Refund Status option. File an amended tax return for 2011 The IRS issues more than 9 out of 10 refunds in less than 21 days. File an amended tax return for 2011 Using these applications, you can start checking on the status of your return within 24 hours after we receive your e-filed return or 4 weeks after you mail a paper return. File an amended tax return for 2011 You will also be given a personalized refund date as soon as the IRS processes your tax return and approves your refund. File an amended tax return for 2011 The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. File an amended tax return for 2011 Use the Interactive Tax Assistant (ITA) to research your tax questions. File an amended tax return for 2011 No need to wait on the phone or stand in line. File an amended tax return for 2011 The ITA is available 24 hours a day, 7 days a week, and provides you with a variety of tax information related to general filing topics, deductions, credits, and income. File an amended tax return for 2011 When you reach the response screen, you can print the entire interview and the final response for your records. File an amended tax return for 2011 New subject areas are added on a regular basis. File an amended tax return for 2011  Answers not provided through ITA may be found in Tax Trails, one of the Tax Topics on IRS. File an amended tax return for 2011 gov which contain general individual and business tax information or by searching the IRS Tax Map, which includes an international subject index. File an amended tax return for 2011 You can use the IRS Tax Map, to search publications and instructions by topic or keyword. File an amended tax return for 2011 The IRS Tax Map integrates forms and publications into one research tool and provides single-point access to tax law information by subject. File an amended tax return for 2011 When the user searches the IRS Tax Map, they will be provided with links to related content in existing IRS publications, forms and instructions, questions and answers, and Tax Topics. File an amended tax return for 2011 Coming this filing season, you can immediately view and print for free all 5 types of individual federal tax transcripts (tax returns, tax account, record of account, wage and income statement, and certification of non-filing) using Get Transcript. File an amended tax return for 2011 You can also ask the IRS to mail a return or an account transcript to you. File an amended tax return for 2011 Only the mail option is available by choosing the Tax Records option on the IRS2Go app by selecting Mail Transcript on IRS. File an amended tax return for 2011 gov or by calling 1-800-908-9946. File an amended tax return for 2011 Tax return and tax account transcripts are generally available for the current year and the past three years. File an amended tax return for 2011 Determine if you are eligible for the EITC and estimate the amount of the credit with the Earned Income Tax Credit (EITC) Assistant. File an amended tax return for 2011 Visit Understanding Your IRS Notice or Letter to get answers to questions about a notice or letter you received from the IRS. File an amended tax return for 2011 If you received the First Time Homebuyer Credit, you can use the First Time Homebuyer Credit Account Look-up tool for information on your repayments and account balance. File an amended tax return for 2011 Check the status of your amended return using Where's My Amended Return? Go to IRS. File an amended tax return for 2011 gov and enter Where's My Amended Return? in the search box. File an amended tax return for 2011 You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. File an amended tax return for 2011 It can take up to 3 weeks from the date you mailed it to show up in our system. File an amended tax return for 2011 Make a payment using one of several safe and convenient electronic payment options available on IRS. File an amended tax return for 2011 gov. File an amended tax return for 2011 Select the Payment tab on the front page of IRS. File an amended tax return for 2011 gov for more information. File an amended tax return for 2011 Determine if you are eligible and apply for an online payment agreement, if you owe more tax than you can pay today. File an amended tax return for 2011 Figure your income tax withholding with the IRS Withholding Calculator on IRS. File an amended tax return for 2011 gov. File an amended tax return for 2011 Use it if you've had too much or too little withheld, your personal situation has changed, you're starting a new job or you just want to see if you're having the right amount withheld. File an amended tax return for 2011 Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. File an amended tax return for 2011 gov. File an amended tax return for 2011 Request an Electronic Filing PIN by going to IRS. File an amended tax return for 2011 gov and entering Electronic Filing PIN in the search box. File an amended tax return for 2011 Download forms, instructions and publications, including accessible versions for people with disabilities. File an amended tax return for 2011 Locate the nearest Taxpayer Assistance Center (TAC) using the Office Locator tool on IRS. File an amended tax return for 2011 gov, or choose the Contact Us option on the IRS2Go app and search Local Offices. File an amended tax return for 2011 An employee can answer questions about your tax account or help you set up a payment plan. File an amended tax return for 2011 Before you visit, check the Office Locator on IRS. File an amended tax return for 2011 gov, or Local Offices under Contact Us on IRS2Go to confirm the address, phone number, days and hours of operation, and the services provided. File an amended tax return for 2011 If you have a special need, such as a disability, you can request an appointment. File an amended tax return for 2011 Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. File an amended tax return for 2011 Apply for an Employer Identification Number (EIN). File an amended tax return for 2011 Go to IRS. File an amended tax return for 2011 gov and enter Apply for an EIN in the search box. File an amended tax return for 2011 Read the Internal Revenue Code, regulations, or other official guidance. File an amended tax return for 2011 Read Internal Revenue Bulletins. File an amended tax return for 2011 Sign up to receive local and national tax news and more by email. File an amended tax return for 2011 Just click on “subscriptions” above the search box on IRS. File an amended tax return for 2011 gov and choose from a variety of options. File an amended tax return for 2011 Phone. File an amended tax return for 2011    You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. File an amended tax return for 2011 Download the free IRS2Go app from the iTunes app store or from Google Play. File an amended tax return for 2011 Call to locate the nearest volunteer help site, 1-800-906-9887 or you can use the VITA Locator Tool on IRS. File an amended tax return for 2011 gov, or download the IRS2Go app. File an amended tax return for 2011 Low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. File an amended tax return for 2011 The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. File an amended tax return for 2011 Most VITA and TCE sites offer free electronic filing. File an amended tax return for 2011 Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. File an amended tax return for 2011 Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. File an amended tax return for 2011 Call the automated Where's My Refund? information hotline to check the status of your 2013 refund 24 hours a day, 7 days a week at 1-800-829-1954. File an amended tax return for 2011 If you e-file, you can start checking on the status of your return within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. File an amended tax return for 2011 The IRS issues more than 9 out of 10 refunds in less than 21 days. File an amended tax return for 2011 Where's My Refund? will give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. File an amended tax return for 2011 Before you call this automated hotline, have your 2013 tax return handy so you can enter your social security number, your filing status, and the exact whole dollar amount of your refund. File an amended tax return for 2011 The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. File an amended tax return for 2011 Note, the above information is for our automated hotline. File an amended tax return for 2011 Our live phone and walk-in assistors can research the status of your refund only if it's been 21 days or more since you filed electronically or more than 6 weeks since you mailed your paper return. File an amended tax return for 2011 Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. File an amended tax return for 2011 You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. File an amended tax return for 2011 It can take up to 3 weeks from the date you mailed it to show up in our system. File an amended tax return for 2011 Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, publications, and prior-year forms and instructions (limited to 5 years). File an amended tax return for 2011 You should receive your order within 10 business days. File an amended tax return for 2011 Call TeleTax, 1-800-829-4477, to listen to pre-recorded messages covering general and business tax information. File an amended tax return for 2011 If, between January and April 15, you still have questions about the Form 1040, 1040A, or 1040EZ (like filing requirements, dependents, credits, Schedule D, pensions and IRAs or self-employment taxes), call 1-800-829-1040. File an amended tax return for 2011 Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. File an amended tax return for 2011 The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. File an amended tax return for 2011 These individuals can also contact the IRS through relay services such as the Federal Relay Service. File an amended tax return for 2011 Walk-in. File an amended tax return for 2011   You can find a selection of forms, publications and services — in-person. File an amended tax return for 2011 Products. File an amended tax return for 2011 You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. File an amended tax return for 2011 Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. File an amended tax return for 2011 Services. File an amended tax return for 2011 You can walk in to your local TAC for face-to-face tax help. File an amended tax return for 2011 An employee can answer questions about your tax account or help you set up a payment plan. File an amended tax return for 2011 Before visiting, use the Office Locator tool on IRS. File an amended tax return for 2011 gov, or choose the Contact Us option on the IRS2Go app and search Local Offices for days and hours of operation, and services provided. File an amended tax return for 2011   Please contact the office for times when assistance will be available. File an amended tax return for 2011 Mail. File an amended tax return for 2011   You can send your order for forms, instructions, and publications to the address below. File an amended tax return for 2011 You should receive a response within 10 business days after your request is received. File an amended tax return for 2011 Internal Revenue Service 1201 N. File an amended tax return for 2011 Mitsubishi Motorway Bloomington, IL 61705-6613   Taxpayer Advocate Service. File an amended tax return for 2011   The Taxpayer Advocate Service Is here to help you. File an amended tax return for 2011 The Taxpayer Advocate Service (TAS) is your voice at the IRS. File an amended tax return for 2011 Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. File an amended tax return for 2011   What can TAS do for you? We can offer you free help with IRS problems that you can't resolve on your own. File an amended tax return for 2011 We know this process can be confusing, but the worst thing you can do is nothing at all! TAS can help if you can't resolve your tax problem and: Your problem is causing financial difficulties for you, your family, or your business. File an amended tax return for 2011 You face (or your business is facing) an immediate threat of adverse action. File an amended tax return for 2011 You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. File an amended tax return for 2011   If you qualify for our help, you'll be assigned to one advocate who'll be with you at every turn and will do everything possible to resolve your problem. File an amended tax return for 2011 Here's why we can help: TAS is an independent organization within the IRS. File an amended tax return for 2011 Our advocates know how to work with the IRS. File an amended tax return for 2011 Our services are free and tailored to meet your needs. File an amended tax return for 2011 We have offices in every state, the District of Columbia, and Puerto Rico. File an amended tax return for 2011   How can you reach us? If you think TAS can help you, call your local advocate, whose number is in your local directory and at Taxpayer Advocate, or call us toll-free at 1-877-777-4778. File an amended tax return for 2011  TAS also works to resolve large-scale, systemic problems that affect many taxpayers. File an amended tax return for 2011 If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System. File an amended tax return for 2011 Low Income Taxpayer Clinics Low Income Taxpayer Clinics (LITCs) serve individuals whose income is below a certain level and need to resolve tax problems such as audits, appeals and tax collection disputes. File an amended tax return for 2011 Some clinics can provide information about taxpayer rights and responsibilities in different languages for individuals who speak English as a second language. File an amended tax return for 2011 Visit Taxpayer Advocate or see IRS Publication 4134, Low Income Taxpayer Clinic List. File an amended tax return for 2011 Prev  Up  Next   Home   More Online Publications
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The File An Amended Tax Return For 2011

File an amended tax return for 2011 2. File an amended tax return for 2011   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. File an amended tax return for 2011 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. File an amended tax return for 2011 Deferral percentage. File an amended tax return for 2011 Employee compensation. File an amended tax return for 2011 Compensation of self-employed individuals. File an amended tax return for 2011 Choice not to treat deferrals as compensation. File an amended tax return for 2011 Limit on Elective Deferrals Tax Treatment of Deferrals Distributions (Withdrawals) Additional TaxesEffects on employee. File an amended tax return for 2011 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. File an amended tax return for 2011 S. File an amended tax return for 2011 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. File an amended tax return for 2011 Under a SEP, you make contributions to a traditional individual retirement arrangement (called a SEP-IRA) set up by or for each eligible employee. File an amended tax return for 2011 A SEP-IRA is owned and controlled by the employee, and you make contributions to the financial institution where the SEP-IRA is maintained. File an amended tax return for 2011 SEP-IRAs are set up for, at a minimum, each eligible employee (defined below). File an amended tax return for 2011 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). File an amended tax return for 2011 Eligible employee. File an amended tax return for 2011   An eligible employee is an individual who meets all the following requirements. File an amended tax return for 2011 Has reached age 21. File an amended tax return for 2011 Has worked for you in at least 3 of the last 5 years. File an amended tax return for 2011 Has received at least $550 in compensation from you in 2013. File an amended tax return for 2011 This amount remains the same in 2014. File an amended tax return for 2011    You can use less restrictive participation requirements than those listed, but not more restrictive ones. File an amended tax return for 2011 Excludable employees. File an amended tax return for 2011   The following employees can be excluded from coverage under a SEP. File an amended tax return for 2011 Employees covered by a union agreement and whose retirement benefits were bargained for in good faith by the employees' union and you. File an amended tax return for 2011 Nonresident alien employees who have received no U. File an amended tax return for 2011 S. File an amended tax return for 2011 source wages, salaries, or other personal services compensation from you. File an amended tax return for 2011 For more information about nonresident aliens, see Publication 519, U. File an amended tax return for 2011 S. File an amended tax return for 2011 Tax Guide for Aliens. File an amended tax return for 2011 Setting Up a SEP There are three basic steps in setting up a SEP. File an amended tax return for 2011 You must execute a formal written agreement to provide benefits to all eligible employees. File an amended tax return for 2011 You must give each eligible employee certain information about the SEP. File an amended tax return for 2011 A SEP-IRA must be set up by or for each eligible employee. File an amended tax return for 2011 Many financial institutions will help you set up a SEP. File an amended tax return for 2011 Formal written agreement. File an amended tax return for 2011   You must execute a formal written agreement to provide benefits to all eligible employees under a SEP. File an amended tax return for 2011 You can satisfy the written agreement requirement by adopting an IRS model SEP using Form 5305-SEP. File an amended tax return for 2011 However, see When not to use Form 5305-SEP, below. File an amended tax return for 2011   If you adopt an IRS model SEP using Form 5305-SEP, no prior IRS approval or determination letter is required. File an amended tax return for 2011 Keep the original form. File an amended tax return for 2011 Do not file it with the IRS. File an amended tax return for 2011 Also, using Form 5305-SEP will usually relieve you from filing annual retirement plan information returns with the IRS and the Department of Labor. File an amended tax return for 2011 See the Form 5305-SEP instructions for details. File an amended tax return for 2011 If you choose not to use Form 5305-SEP, you should seek professional advice in adopting a SEP. File an amended tax return for 2011 When not to use Form 5305-SEP. File an amended tax return for 2011   You cannot use Form 5305-SEP if any of the following apply. File an amended tax return for 2011 You currently maintain any other qualified retirement plan other than another SEP. File an amended tax return for 2011 You have any eligible employees for whom IRAs have not been set up. File an amended tax return for 2011 You use the services of leased employees, who are not your common-law employees (as described in chapter 1). File an amended tax return for 2011 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. File an amended tax return for 2011 An affiliated service group described in section 414(m). File an amended tax return for 2011 A controlled group of corporations described in section 414(b). File an amended tax return for 2011 Trades or businesses under common control described in section 414(c). File an amended tax return for 2011 You do not pay the cost of the SEP contributions. File an amended tax return for 2011 Information you must give to employees. File an amended tax return for 2011   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. File an amended tax return for 2011 An IRS model SEP is not considered adopted until you give each employee this information. File an amended tax return for 2011 Setting up the employee's SEP-IRA. File an amended tax return for 2011   A SEP-IRA must be set up by or for each eligible employee. File an amended tax return for 2011 SEP-IRAs can be set up with banks, insurance companies, or other qualified financial institutions. File an amended tax return for 2011 You send SEP contributions to the financial institution where the SEP-IRA is maintained. File an amended tax return for 2011 Deadline for setting up a SEP. File an amended tax return for 2011   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. File an amended tax return for 2011 Credit for startup costs. File an amended tax return for 2011   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. File an amended tax return for 2011 For more information, see Credit for startup costs under Reminders, earlier. File an amended tax return for 2011 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. File an amended tax return for 2011 If you are self-employed, you can contribute to your own SEP-IRA. File an amended tax return for 2011 Contributions must be in the form of money (cash, check, or money order). File an amended tax return for 2011 You cannot contribute property. File an amended tax return for 2011 However, participants may be able to transfer or roll over certain property from one retirement plan to another. File an amended tax return for 2011 See Publication 590 for more information about rollovers. File an amended tax return for 2011 You do not have to make contributions every year. File an amended tax return for 2011 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). File an amended tax return for 2011 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. File an amended tax return for 2011 Contributions are deductible within limits, as discussed later, and generally are not taxable to the plan participants. File an amended tax return for 2011 A SEP-IRA cannot be a Roth IRA. File an amended tax return for 2011 Employer contributions to a SEP-IRA will not affect the amount an individual can contribute to a Roth or traditional IRA. File an amended tax return for 2011 Unlike regular contributions to a traditional IRA, contributions under a SEP can be made to participants over age 70½. File an amended tax return for 2011 If you are self-employed, you can also make contributions under the SEP for yourself even if you are over 70½. File an amended tax return for 2011 Participants age 70½ or over must take required minimum distributions. File an amended tax return for 2011 Time limit for making contributions. File an amended tax return for 2011   To deduct contributions for a year, you must make the contributions by the due date (including extensions) of your tax return for the year. File an amended tax return for 2011 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. File an amended tax return for 2011 Compensation generally does not include your contributions to the SEP. File an amended tax return for 2011 The SEP plan document will specify how the employer contribution is determined and how it will be allocated to participants. File an amended tax return for 2011 Example. File an amended tax return for 2011 Your employee, Mary Plant, earned $21,000 for 2013. File an amended tax return for 2011 The maximum contribution you can make to her SEP-IRA is $5,250 (25% x $21,000). File an amended tax return for 2011 Contributions for yourself. File an amended tax return for 2011   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. File an amended tax return for 2011 However, special rules apply when figuring your maximum deductible contribution. File an amended tax return for 2011 See Deduction Limit for Self-Employed Individuals , later. File an amended tax return for 2011 Annual compensation limit. File an amended tax return for 2011   You cannot consider the part of an employee's compensation over $255,000 when figuring your contribution limit for that employee. File an amended tax return for 2011 However, $51,000 is the maximum contribution for an eligible employee. File an amended tax return for 2011 These limits are $260,000 and $52,000, respectively, in 2014. File an amended tax return for 2011 Example. File an amended tax return for 2011 Your employee, Susan Green, earned $210,000 for 2013. File an amended tax return for 2011 Because of the maximum contribution limit for 2013, you can only contribute $51,000 to her SEP-IRA. File an amended tax return for 2011 More than one plan. File an amended tax return for 2011   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. File an amended tax return for 2011 When you figure this limit, you must add your contributions to all defined contribution plans maintained by you. File an amended tax return for 2011 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. File an amended tax return for 2011 Tax treatment of excess contributions. File an amended tax return for 2011   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. File an amended tax return for 2011 25% of the employee's compensation (or, for you, 20% of your net earnings from self-employment). File an amended tax return for 2011 $51,000. File an amended tax return for 2011 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. File an amended tax return for 2011 For more information on employee tax treatment of excess contributions, see chapter 1 in Publication 590. File an amended tax return for 2011 Reporting on Form W-2. File an amended tax return for 2011   Do not include SEP contributions on your employee's Form W-2 unless contributions were made under a salary reduction arrangement (discussed later). File an amended tax return for 2011 Deducting Contributions Generally, you can deduct the contributions you make each year to each employee's SEP-IRA. File an amended tax return for 2011 If you are self-employed, you can deduct the contributions you make each year to your own SEP-IRA. File an amended tax return for 2011 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. File an amended tax return for 2011 Your contributions (including any excess contributions carryover). File an amended tax return for 2011 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. File an amended tax return for 2011 In 2014, the amounts in (2) above are $260,000 and $52,000, respectively. File an amended tax return for 2011 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. File an amended tax return for 2011 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. File an amended tax return for 2011 The deduction for the deductible part of your self-employment tax. File an amended tax return for 2011 The deduction for contributions to your own SEP-IRA. File an amended tax return for 2011 The deduction for contributions to your own SEP-IRA and your net earnings depend on each other. File an amended tax return for 2011 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. File an amended tax return for 2011 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. File an amended tax return for 2011 Then figure your maximum deduction by using the Deduction Worksheet for Self-Employed in chapter 5. File an amended tax return for 2011 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. File an amended tax return for 2011 However, the carryover, when combined with the contribution for the later year, is subject to the deduction limit for that year. File an amended tax return for 2011 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. File an amended tax return for 2011 Excise tax. File an amended tax return for 2011   If you made nondeductible (excess) contributions to a SEP, you may be subject to a 10% excise tax. File an amended tax return for 2011 For information about the excise tax, see Excise Tax for Nondeductible (Excess) Contributions under Employer Deduction in chapter 4. File an amended tax return for 2011 When To Deduct Contributions When you can deduct contributions made for a year depends on the tax year on which the SEP is maintained. File an amended tax return for 2011 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. File an amended tax return for 2011 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. File an amended tax return for 2011 Example. File an amended tax return for 2011 You are a fiscal year taxpayer whose tax year ends June 30. File an amended tax return for 2011 You maintain a SEP on a calendar year basis. File an amended tax return for 2011 You deduct SEP contributions made for calendar year 2013 on your tax return for your tax year ending June 30, 2014. File an amended tax return for 2011 Where To Deduct Contributions Deduct the contributions you make for your common-law employees on your tax return. File an amended tax return for 2011 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. File an amended tax return for 2011 S. File an amended tax return for 2011 Return of Partnership Income; and corporations deduct them on Form 1120, U. File an amended tax return for 2011 S. File an amended tax return for 2011 Corporation Income Tax Return, or Form 1120S, U. File an amended tax return for 2011 S. File an amended tax return for 2011 Income Tax Return for an S Corporation. File an amended tax return for 2011 Sole proprietors and partners deduct contributions for themselves on line 28 of Form 1040. File an amended tax return for 2011 (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. File an amended tax return for 2011 , you receive from the partnership. File an amended tax return for 2011 ) 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. File an amended tax return for 2011 Salary Reduction Simplified Employee Pensions (SARSEPs) A SARSEP is a SEP set up before 1997 that includes a salary reduction arrangement. File an amended tax return for 2011 (See the Caution, next. File an amended tax return for 2011 ) 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. File an amended tax return for 2011 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. File an amended tax return for 2011 You are not allowed to set up a SARSEP after 1996. File an amended tax return for 2011 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. File an amended tax return for 2011 If you are interested in setting up a retirement plan that includes a salary reduction arrangement, see chapter 3. File an amended tax return for 2011 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. File an amended tax return for 2011 At least 50% of your employees eligible to participate choose to make elective deferrals. File an amended tax return for 2011 You have 25 or fewer employees who were eligible to participate in the SEP at any time during the preceding year. File an amended tax return for 2011 The elective deferrals of your highly compensated employees meet the SARSEP ADP test. File an amended tax return for 2011 SARSEP ADP test. File an amended tax return for 2011   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. File an amended tax return for 2011 A highly compensated employee is defined in chapter 1. File an amended tax return for 2011 Deferral percentage. File an amended tax return for 2011   The deferral percentage for an employee for a year is figured as follows. File an amended tax return for 2011   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. File an amended tax return for 2011 Employee compensation. File an amended tax return for 2011   For figuring the deferral percentage, compensation is generally the amount you pay to the employee for the year. File an amended tax return for 2011 Compensation includes the elective deferral and other amounts deferred in certain employee benefit plans. File an amended tax return for 2011 See Compensation in chapter 1. File an amended tax return for 2011 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. File an amended tax return for 2011 Compensation of self-employed individuals. File an amended tax return for 2011   If you are self-employed, compensation is your net earnings from self-employment as defined in chapter 1. File an amended tax return for 2011   Compensation does not include tax-free items (or deductions related to them) other than foreign earned income and housing cost amounts. File an amended tax return for 2011 Choice not to treat deferrals as compensation. File an amended tax return for 2011   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. File an amended tax return for 2011 Limit on Elective Deferrals The most a participant can choose to defer for calendar year 2013 is the lesser of the following amounts. File an amended tax return for 2011 25% of the participant's compensation (limited to $255,000 of the participant's compensation). File an amended tax return for 2011 $17,500. File an amended tax return for 2011 The $17,500 limit applies to the total elective deferrals the employee makes for the year to a SEP and any of the following. File an amended tax return for 2011 Cash or deferred arrangement (section 401(k) plan). File an amended tax return for 2011 Salary reduction arrangement under a tax-sheltered annuity plan (section 403(b) plan). File an amended tax return for 2011 SIMPLE IRA plan. File an amended tax return for 2011 In 2014, the $255,000 limit increases to $260,000 and the $17,500 limit remains at $17,500. File an amended tax return for 2011 Catch-up contributions. File an amended tax return for 2011   A SARSEP can permit participants who are age 50 or over at the end of the calendar year to also make catch-up contributions. File an amended tax return for 2011 The catch-up contribution limit for 2013 is $5,500 and remains at $5,500 for 2014. File an amended tax return for 2011 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). File an amended tax return for 2011 However, the catch-up contribution a participant can make for a year cannot exceed the lesser of the following amounts. File an amended tax return for 2011 The catch-up contribution limit. File an amended tax return for 2011 The excess of the participant's compensation over the elective deferrals that are not catch-up contributions. File an amended tax return for 2011   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). File an amended tax return for 2011 Overall limit on SEP contributions. File an amended tax return for 2011   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). File an amended tax return for 2011 The same rule applies to contributions you make to your own SEP-IRA. File an amended tax return for 2011 See Contribution Limits , earlier. File an amended tax return for 2011 Figuring the elective deferral. File an amended tax return for 2011   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. File an amended tax return for 2011 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. File an amended tax return for 2011 However, these deferrals are included in wages for social security, Medicare, and federal unemployment (FUTA) tax. File an amended tax return for 2011 Excess deferrals. File an amended tax return for 2011   For 2013, excess deferrals are the elective deferrals for the year that are more than the $17,500 limit discussed earlier. File an amended tax return for 2011 For a participant who is eligible to make catch-up contributions, excess deferrals are the elective deferrals that are more than $23,000. File an amended tax return for 2011 The treatment of excess deferrals made under a SARSEP is similar to the treatment of excess deferrals made under a qualified plan. File an amended tax return for 2011 See Treatment of Excess Deferrals under Elective Deferrals (401(k) Plans) in chapter 4. File an amended tax return for 2011 Excess SEP contributions. File an amended tax return for 2011   Excess SEP contributions are elective deferrals of highly compensated employees that are more than the amount permitted under the SARSEP ADP test. File an amended tax return for 2011 You must notify your highly compensated employees within 2½ months after the end of the plan year of their excess SEP contributions. File an amended tax return for 2011 If you do not notify them within this time period, you must pay a 10% tax on the excess. File an amended tax return for 2011 For an explanation of the notification requirements, see Rev. File an amended tax return for 2011 Proc. File an amended tax return for 2011 91-44, 1991-2 C. File an amended tax return for 2011 B. File an amended tax return for 2011 733. File an amended tax return for 2011 If you adopted a SARSEP using Form 5305A-SEP, the notification requirements are explained in the instructions for that form. File an amended tax return for 2011 Reporting on Form W-2. File an amended tax return for 2011   Do not include elective deferrals in the “Wages, tips, other compensation” box of Form W-2. File an amended tax return for 2011 You must, however, include them in the “Social security wages” and “Medicare wages and tips” boxes. File an amended tax return for 2011 You must also include them in box 12. File an amended tax return for 2011 Mark the “Retirement plan” checkbox in box 13. File an amended tax return for 2011 For more information, see the Form W-2 instructions. File an amended tax return for 2011 Distributions (Withdrawals) As an employer, you cannot prohibit distributions from a SEP-IRA. File an amended tax return for 2011 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. File an amended tax return for 2011 Distributions are subject to IRA rules. File an amended tax return for 2011 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. File an amended tax return for 2011 For more information about IRA rules, including the tax treatment of distributions, rollovers, required distributions, and income tax withholding, see Publication 590. File an amended tax return for 2011 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. File an amended tax return for 2011 Making excess contributions. File an amended tax return for 2011 Making early withdrawals. File an amended tax return for 2011 Not making required withdrawals. File an amended tax return for 2011 For information about these taxes, see chapter 1 in Publication 590. File an amended tax return for 2011 Also, a SEP-IRA may be disqualified, or an excise tax may apply, if the account is involved in a prohibited transaction, discussed next. File an amended tax return for 2011 Prohibited transaction. File an amended tax return for 2011   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. File an amended tax return for 2011 In that case, the SEP-IRA will no longer qualify as an IRA. File an amended tax return for 2011 For a list of prohibited transactions, see Prohibited Transactions in chapter 4. File an amended tax return for 2011 Effects on employee. File an amended tax return for 2011   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. File an amended tax return for 2011 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. File an amended tax return for 2011 Also, the employee may have to pay the additional tax for making early withdrawals. File an amended tax return for 2011 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. File an amended tax return for 2011 See Setting Up a SEP , earlier. File an amended tax return for 2011 Also, you must give your eligible employees a statement each year showing any contributions to their SEP-IRAs. File an amended tax return for 2011 You must also give them notice of any excess contributions. File an amended tax return for 2011 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). File an amended tax return for 2011 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. File an amended tax return for 2011 For more information, see the instructions for either Form 5305-SEP or Form 5305A-SEP. File an amended tax return for 2011 Prev  Up  Next   Home   More Online Publications