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Filing An Amended Tax Return For 2013

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Filing An Amended Tax Return For 2013

Filing an amended tax return for 2013 3. Filing an amended tax return for 2013   SIMPLE Plans Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: SIMPLE IRA PlanWho Can Set Up a SIMPLE IRA Plan? Who Can Participate in a SIMPLE IRA Plan? How To Set Up a SIMPLE IRA Plan Notification Requirement Contribution Limits When To Deduct Contributions Where To Deduct Contributions Tax Treatment of Contributions Distributions (Withdrawals) More Information on SIMPLE IRA Plans SIMPLE 401(k) Plan Topics - This chapter discusses: SIMPLE IRA plan SIMPLE 401(k) plan Useful Items - You may want to see: Publications 590 Individual Retirement Arrangements (IRAs) 3998 Choosing A Retirement Solution for Your Small Business 4284 SIMPLE IRA Plan Checklist 4334 SIMPLE IRA Plans for Small Businesses Forms (and Instructions) W-2 Wage and Tax Statement 5304-SIMPLE Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)–Not for Use With a Designated Financial Institution 5305-SIMPLE Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)–for Use With a Designated Financial Institution 8880 Credit for Qualified Retirement Savings Contributions 8881 Credit for Small Employer Pension Plan Startup Costs A savings incentive match plan for employees (SIMPLE plan) is a written arrangement that provides you and your employees with a simplified way to make contributions to provide retirement income. Filing an amended tax return for 2013 Under a SIMPLE plan, employees can choose to make salary reduction contributions to the plan rather than receiving these amounts as part of their regular pay. Filing an amended tax return for 2013 In addition, you will contribute matching or nonelective contributions. Filing an amended tax return for 2013 SIMPLE plans can only be maintained on a calendar-year basis. Filing an amended tax return for 2013 A SIMPLE plan can be set up in either of the following ways. Filing an amended tax return for 2013 Using SIMPLE IRAs (SIMPLE IRA plan). Filing an amended tax return for 2013 As part of a 401(k) plan (SIMPLE 401(k) plan). Filing an amended tax return for 2013 Many financial institutions will help you set up a SIMPLE plan. Filing an amended tax return for 2013 SIMPLE IRA Plan A SIMPLE IRA plan is a retirement plan that uses SIMPLE IRAs for each eligible employee. Filing an amended tax return for 2013 Under a SIMPLE IRA plan, a SIMPLE IRA must be set up for each eligible employee. Filing an amended tax return for 2013 For the definition of an eligible employee, see Who Can Participate in a SIMPLE IRA Plan , later. Filing an amended tax return for 2013 Who Can Set Up a SIMPLE IRA Plan? You can set up a SIMPLE IRA plan if you meet both the following requirements. Filing an amended tax return for 2013 You meet the employee limit. Filing an amended tax return for 2013 You do not maintain another qualified plan unless the other plan is for collective bargaining employees. Filing an amended tax return for 2013 Employee limit. Filing an amended tax return for 2013   You can set up a SIMPLE IRA plan only if you had 100 or fewer employees who received $5,000 or more in compensation from you for the preceding year. Filing an amended tax return for 2013 Under this rule, you must take into account all employees employed at any time during the calendar year regardless of whether they are eligible to participate. Filing an amended tax return for 2013 Employees include self-employed individuals who received earned income and leased employees (defined in chapter 1). Filing an amended tax return for 2013   Once you set up a SIMPLE IRA plan, you must continue to meet the 100-employee limit each year you maintain the plan. Filing an amended tax return for 2013 Grace period for employers who cease to meet the 100-employee limit. Filing an amended tax return for 2013   If you maintain the SIMPLE IRA plan for at least 1 year and you cease to meet the 100-employee limit in a later year, you will be treated as meeting it for the 2 calendar years immediately following the calendar year for which you last met it. Filing an amended tax return for 2013   A different rule applies if you do not meet the 100-employee limit because of an acquisition, disposition, or similar transaction. Filing an amended tax return for 2013 Under this rule, the SIMPLE IRA plan will be treated as meeting the 100-employee limit for the year of the transaction and the 2 following years if both the following conditions are satisfied. Filing an amended tax return for 2013 Coverage under the plan has not significantly changed during the grace period. Filing an amended tax return for 2013 The SIMPLE IRA plan would have continued to qualify after the transaction if you had remained a separate employer. Filing an amended tax return for 2013    The grace period for acquisitions, dispositions, and similar transactions also applies if, because of these types of transactions, you do not meet the rules explained under Other qualified plan or Who Can Participate in a SIMPLE IRA Plan, below. Filing an amended tax return for 2013 Other qualified plan. Filing an amended tax return for 2013   The SIMPLE IRA plan generally must be the only retirement plan to which you make contributions, or to which benefits accrue, for service in any year beginning with the year the SIMPLE IRA plan becomes effective. Filing an amended tax return for 2013 Exception. Filing an amended tax return for 2013   If you maintain a qualified plan for collective bargaining employees, you are permitted to maintain a SIMPLE IRA plan for other employees. Filing an amended tax return for 2013 Who Can Participate in a SIMPLE IRA Plan? Eligible employee. Filing an amended tax return for 2013   Any employee who received at least $5,000 in compensation during any 2 years preceding the current calendar year and is reasonably expected to receive at least $5,000 during the current calendar year is eligible to participate. Filing an amended tax return for 2013 The term “employee” includes a self-employed individual who received earned income. Filing an amended tax return for 2013   You can use less restrictive eligibility requirements (but not more restrictive ones) by eliminating or reducing the prior year compensation requirements, the current year compensation requirements, or both. Filing an amended tax return for 2013 For example, you can allow participation for employees who received at least $3,000 in compensation during any preceding calendar year. Filing an amended tax return for 2013 However, you cannot impose any other conditions for participating in a SIMPLE IRA plan. Filing an amended tax return for 2013 Excludable employees. Filing an amended tax return for 2013   The following employees do not need to be covered under a SIMPLE IRA plan. Filing an amended tax return for 2013 Employees who are covered by a union agreement and whose retirement benefits were bargained for in good faith by the employees' union and you. Filing an amended tax return for 2013 Nonresident alien employees who have received no U. Filing an amended tax return for 2013 S. Filing an amended tax return for 2013 source wages, salaries, or other personal services compensation from you. Filing an amended tax return for 2013 Compensation. Filing an amended tax return for 2013   Compensation for employees is the total wages, tips, and other compensation from the employer subject to federal income tax withholding and the amounts paid for domestic service in a private home, local college club, or local chapter of a college fraternity or sorority. Filing an amended tax return for 2013 Compensation also includes the employee's salary reduction contributions made under this plan and, if applicable, elective deferrals under a section 401(k) plan, a SARSEP, or a section 403(b) annuity contract and compensation deferred under a section 457 plan required to be reported by the employer on Form W-2. Filing an amended tax return for 2013 If you are self-employed, compensation is your net earnings from self-employment (line 4 of Short Schedule SE or line 6 of Long Schedule SE (Form 1040)) before subtracting any contributions made to the SIMPLE IRA plan for yourself. Filing an amended tax return for 2013 How To Set Up a SIMPLE IRA Plan You can use Form 5304-SIMPLE or Form 5305-SIMPLE to set up a SIMPLE IRA plan. Filing an amended tax return for 2013 Each form is a model savings incentive match plan for employees (SIMPLE) plan document. Filing an amended tax return for 2013 Which form you use depends on whether you select a financial institution or your employees select the institution that will receive the contributions. Filing an amended tax return for 2013 Use Form 5304-SIMPLE if you allow each plan participant to select the financial institution for receiving his or her SIMPLE IRA plan contributions. Filing an amended tax return for 2013 Use Form 5305-SIMPLE if you require that all contributions under the SIMPLE IRA plan be deposited initially at a designated financial institution. Filing an amended tax return for 2013 The SIMPLE IRA plan is adopted when you have completed all appropriate boxes and blanks on the form and you (and the designated financial institution, if any) have signed it. Filing an amended tax return for 2013 Keep the original form. Filing an amended tax return for 2013 Do not file it with the IRS. Filing an amended tax return for 2013 Other uses of the forms. Filing an amended tax return for 2013   If you set up a SIMPLE IRA plan using Form 5304-SIMPLE or Form 5305-SIMPLE, you can use the form to satisfy other requirements, including the following. Filing an amended tax return for 2013 Meeting employer notification requirements for the SIMPLE IRA plan. Filing an amended tax return for 2013 Form 5304-SIMPLE and Form 5305-SIMPLE contain a Model Notification to Eligible Employees that provides the necessary information to the employee. Filing an amended tax return for 2013 Maintaining the SIMPLE IRA plan records and proving you set up a SIMPLE IRA plan for employees. Filing an amended tax return for 2013 Deadline for setting up a SIMPLE IRA plan. Filing an amended tax return for 2013   You can set up a SIMPLE IRA plan effective on any date from January 1 through October 1 of a year, provided you did not previously maintain a SIMPLE IRA plan. Filing an amended tax return for 2013 This requirement does not apply if you are a new employer that comes into existence after October 1 of the year the SIMPLE IRA plan is set up and you set up a SIMPLE IRA plan as soon as administratively feasible after your business comes into existence. Filing an amended tax return for 2013 If you previously maintained a SIMPLE IRA plan, you can set up a SIMPLE IRA plan effective only on January 1 of a year. Filing an amended tax return for 2013 A SIMPLE IRA plan cannot have an effective date that is before the date you actually adopt the plan. Filing an amended tax return for 2013 Setting up a SIMPLE IRA. Filing an amended tax return for 2013   SIMPLE IRAs are the individual retirement accounts or annuities into which the contributions are deposited. Filing an amended tax return for 2013 A SIMPLE IRA must be set up for each eligible employee. Filing an amended tax return for 2013 Forms 5305-S, SIMPLE Individual Retirement Trust Account, and 5305-SA, SIMPLE Individual Retirement Custodial Account, are model trust and custodial account documents the participant and the trustee (or custodian) can use for this purpose. Filing an amended tax return for 2013   A SIMPLE IRA cannot be a Roth IRA. Filing an amended tax return for 2013 Contributions to a SIMPLE IRA will not affect the amount an individual can contribute to a Roth or traditional IRA. Filing an amended tax return for 2013 Deadline for setting up a SIMPLE IRA. Filing an amended tax return for 2013   A SIMPLE IRA must be set up for an employee before the first date by which a contribution is required to be deposited into the employee's IRA. Filing an amended tax return for 2013 See Time limits for contributing funds , later, under Contribution Limits. Filing an amended tax return for 2013 Credit for startup costs. Filing an amended tax return for 2013   You may be able to claim a tax credit for part of the ordinary and necessary costs of starting a SIMPLE IRA plan that first became effective in 2013. Filing an amended tax return for 2013 For more information, see Credit for startup costs under Reminders, earlier. Filing an amended tax return for 2013 Notification Requirement If you adopt a SIMPLE IRA plan, you must notify each employee of the following information before the beginning of the election period. Filing an amended tax return for 2013 The employee's opportunity to make or change a salary reduction choice under a SIMPLE IRA plan. Filing an amended tax return for 2013 Your decision to make either matching contributions or nonelective contributions (discussed later). Filing an amended tax return for 2013 A summary description provided by the financial institution. Filing an amended tax return for 2013 Written notice that his or her balance can be transferred without cost or penalty if they use a designated financial institution. Filing an amended tax return for 2013 Election period. Filing an amended tax return for 2013   The election period is generally the 60-day period immediately preceding January 1 of a calendar year (November 2 to December 31 of the preceding calendar year). Filing an amended tax return for 2013 However, the dates of this period are modified if you set up a SIMPLE IRA plan in mid-year (for example, on July 1) or if the 60-day period falls before the first day an employee becomes eligible to participate in the SIMPLE IRA plan. Filing an amended tax return for 2013   A SIMPLE IRA plan can provide longer periods for permitting employees to enter into salary reduction agreements or to modify prior agreements. Filing an amended tax return for 2013 For example, a SIMPLE IRA plan can provide a 90-day election period instead of the 60-day period. Filing an amended tax return for 2013 Similarly, in addition to the 60-day period, a SIMPLE IRA plan can provide quarterly election periods during the 30 days before each calendar quarter, other than the first quarter of each year. Filing an amended tax return for 2013 Contribution Limits Contributions are made up of salary reduction contributions and employer contributions. Filing an amended tax return for 2013 You, as the employer, must make either matching contributions or nonelective contributions, defined later. Filing an amended tax return for 2013 No other contributions can be made to the SIMPLE IRA plan. Filing an amended tax return for 2013 These contributions, which you can deduct, must be made timely. Filing an amended tax return for 2013 See Time limits for contributing funds , later. Filing an amended tax return for 2013 Salary reduction contributions. Filing an amended tax return for 2013   The amount the employee chooses to have you contribute to a SIMPLE IRA on his or her behalf cannot be more than $12,000 for 2013 and 2014. Filing an amended tax return for 2013 These contributions must be expressed as a percentage of the employee's compensation unless you permit the employee to express them as a specific dollar amount. Filing an amended tax return for 2013 You cannot place restrictions on the contribution amount (such as limiting the contribution percentage), except to comply with the $12,000 limit. Filing an amended tax return for 2013   If you or an employee participates in any other qualified plan during the year and you or your employee have salary reduction contributions (elective deferrals) under those plans, the salary reduction contributions under a SIMPLE IRA plan also count toward the overall annual limit ($17,500 for 2013 and 2014) on exclusion of salary reduction contributions and other elective deferrals. Filing an amended tax return for 2013 Catch-up contributions. Filing an amended tax return for 2013   A SIMPLE IRA plan can permit participants who are age 50 or over at the end of the calendar year to also make catch-up contributions. Filing an amended tax return for 2013 The catch-up contribution limit for 2013 and 2014 for SIMPLE IRA plans is $2,500. Filing an amended tax return for 2013 Salary reduction contributions are not treated as catch-up contributions for 2013 or 2014 until they exceed $12,000. Filing an amended tax return for 2013 However, the catch-up contribution a participant can make for a year cannot exceed the lesser of the following amounts. Filing an amended tax return for 2013 The catch-up contribution limit. Filing an amended tax return for 2013 The excess of the participant's compensation over the salary reduction contributions that are not catch-up contributions. Filing an amended tax return for 2013 Employer matching contributions. Filing an amended tax return for 2013   You are generally required to match each employee's salary reduction contributions on a dollar-for-dollar basis up to 3% of the employee's compensation. Filing an amended tax return for 2013 This requirement does not apply if you make nonelective contributions as discussed later. Filing an amended tax return for 2013 Example. Filing an amended tax return for 2013 In 2013, your employee, John Rose, earned $25,000 and chose to defer 5% of his salary. Filing an amended tax return for 2013 Your net earnings from self-employment are $40,000, and you choose to contribute 10% of your earnings to your SIMPLE IRA. Filing an amended tax return for 2013 You make 3% matching contributions. Filing an amended tax return for 2013 The total contribution you make for John is $2,000, figured as follows. Filing an amended tax return for 2013 Salary reduction contributions ($25,000 × . Filing an amended tax return for 2013 05) $1,250 Employer matching contribution ($25,000 × . Filing an amended tax return for 2013 03) 750 Total contributions $2,000     The total contribution you make for yourself is $5,200, figured as follows. Filing an amended tax return for 2013 Salary reduction contributions ($40,000 × . Filing an amended tax return for 2013 10) $4,000 Employer matching contribution ($40,000 × . Filing an amended tax return for 2013 03) 1,200 Total contributions $5,200 Lower percentage. Filing an amended tax return for 2013   If you choose a matching contribution less than 3%, the percentage must be at least 1%. Filing an amended tax return for 2013 You must notify the employees of the lower match within a reasonable period of time before the 60-day election period (discussed earlier) for the calendar year. Filing an amended tax return for 2013 You cannot choose a percentage less than 3% for more than 2 years during the 5-year period that ends with (and includes) the year for which the choice is effective. Filing an amended tax return for 2013 Nonelective contributions. Filing an amended tax return for 2013   Instead of matching contributions, you can choose to make nonelective contributions of 2% of compensation on behalf of each eligible employee who has at least $5,000 (or some lower amount you select) of compensation from you for the year. Filing an amended tax return for 2013 If you make this choice, you must make nonelective contributions whether or not the employee chooses to make salary reduction contributions. Filing an amended tax return for 2013 Only $255,000 of the employee's compensation can be taken into account to figure the contribution limit in 2013 ($260,000 in 2014). Filing an amended tax return for 2013   If you choose this 2% contribution formula, you must notify the employees within a reasonable period of time before the 60-day election period (discussed earlier) for the calendar year. Filing an amended tax return for 2013 Example 1. Filing an amended tax return for 2013 In 2013, your employee, Jane Wood, earned $36,000 and chose to have you contribute 10% of her salary. Filing an amended tax return for 2013 Your net earnings from self-employment are $50,000, and you choose to contribute 10% of your earnings to your SIMPLE IRA. Filing an amended tax return for 2013 You make a 2% nonelective contribution. Filing an amended tax return for 2013 Both of you are under age 50. Filing an amended tax return for 2013 The total contribution you make for Jane is $4,320, figured as follows. Filing an amended tax return for 2013 Salary reduction contributions ($36,000 × . Filing an amended tax return for 2013 10) $3,600 2% nonelective contributions ($36,000 × . Filing an amended tax return for 2013 02) 720 Total contributions $4,320     The total contribution you make for yourself is $6,000, figured as follows. Filing an amended tax return for 2013 Salary reduction contributions ($50,000 × . Filing an amended tax return for 2013 10) $5,000 2% nonelective contributions ($50,000 × . Filing an amended tax return for 2013 02) 1,000 Total contributions $6,000 Example 2. Filing an amended tax return for 2013 Using the same facts as in Example 1, above, the maximum contribution you make for Jane or for yourself if you each earned $75,000 is $13,500, figured as follows. Filing an amended tax return for 2013 Salary reduction contributions (maximum amount allowed) $12,000 2% nonelective contributions ($75,000 × . Filing an amended tax return for 2013 02) 1,500 Total contributions $13,500 Time limits for contributing funds. Filing an amended tax return for 2013   You must make the salary reduction contributions to the SIMPLE IRA within 30 days after the end of the month in which the amounts would otherwise have been payable to the employee in cash. Filing an amended tax return for 2013 You must make matching contributions or nonelective contributions by the due date (including extensions) for filing your federal income tax return for the year. Filing an amended tax return for 2013 Certain plans subject to Department of Labor rules may have an earlier due date for salary reduction contributions. Filing an amended tax return for 2013 When To Deduct Contributions You can deduct SIMPLE IRA contributions in the tax year within which the calendar year for which contributions were made ends. Filing an amended tax return for 2013 You can deduct contributions for a particular tax year if they are made for that tax year and are made by the due date (including extensions) of your federal income tax return for that year. Filing an amended tax return for 2013 Example 1. Filing an amended tax return for 2013 Your tax year is the fiscal year ending June 30. Filing an amended tax return for 2013 Contributions under a SIMPLE IRA plan for the calendar year 2013 (including contributions made in 2013 before July 1, 2013) are deductible in the tax year ending June 30, 2014. Filing an amended tax return for 2013 Example 2. Filing an amended tax return for 2013 You are a sole proprietor whose tax year is the calendar year. Filing an amended tax return for 2013 Contributions under a SIMPLE IRA plan for the calendar year 2013 (including contributions made in 2014 by April 15, 2014) are deductible in the 2013 tax year. Filing an amended tax return for 2013 Where To Deduct Contributions Deduct the contributions you make for your common-law employees on your tax return. Filing an amended tax return for 2013 For example, sole proprietors deduct them on Schedule C (Form 1040) or Schedule F (Form 1040); partnerships deduct them on Form 1065; and corporations deduct them on Form 1120 or Form 1120S. Filing an amended tax return for 2013 Sole proprietors and partners deduct contributions for themselves on line 28 of Form 1040. Filing an amended tax return for 2013 (If you are a partner, contributions for yourself are shown on the Schedule K-1 (Form 1065) you receive from the partnership. Filing an amended tax return for 2013 ) Tax Treatment of Contributions You can deduct your contributions and your employees can exclude these contributions from their gross income. Filing an amended tax return for 2013 SIMPLE IRA plan contributions are not subject to federal income tax withholding. Filing an amended tax return for 2013 However, salary reduction contributions are subject to social security, Medicare, and federal unemployment (FUTA) taxes. Filing an amended tax return for 2013 Matching and nonelective contributions are not subject to these taxes. Filing an amended tax return for 2013 Reporting on Form W-2. Filing an amended tax return for 2013   Do not include SIMPLE IRA plan contributions in the “Wages, tips, other compensation” box of Form W-2. Filing an amended tax return for 2013 You must, however, include them in the “Social security wages” and “Medicare wages and tips” boxes. Filing an amended tax return for 2013 You must also include them in box 12. Filing an amended tax return for 2013 Mark the “Retirement plan” checkbox in box 13. Filing an amended tax return for 2013 For more information, see the Form W-2 instructions. Filing an amended tax return for 2013 Distributions (Withdrawals) Distributions from a SIMPLE IRA are subject to IRA rules and generally are includible in income for the year received. Filing an amended tax return for 2013 Tax-free rollovers can be made from one SIMPLE IRA into another SIMPLE IRA. Filing an amended tax return for 2013 However, a rollover from a SIMPLE IRA to a non-SIMPLE IRA can be made tax free only after a 2-year participation in the SIMPLE IRA plan. Filing an amended tax return for 2013 Generally, you or your employee must begin to receive distributions from a SIMPLE IRA by April 1 of the first year after the calendar year in which you or your employee reaches age 70½. Filing an amended tax return for 2013 Early withdrawals generally are subject to a 10% additional tax. Filing an amended tax return for 2013 However, the additional tax is increased to 25% if funds are withdrawn within 2 years of beginning participation. Filing an amended tax return for 2013 More information. Filing an amended tax return for 2013   See Publication 590 for information about IRA rules, including those on the tax treatment of distributions, rollovers, required distributions, and income tax withholding. Filing an amended tax return for 2013 More Information on SIMPLE IRA Plans If you need help to set up or maintain a SIMPLE IRA plan, go to the IRS website and search SIMPLE IRA Plan. Filing an amended tax return for 2013 SIMPLE 401(k) Plan You can adopt a SIMPLE plan as part of a 401(k) plan if you meet the 100-employee limit as discussed earlier under SIMPLE IRA Plan. Filing an amended tax return for 2013 A SIMPLE 401(k) plan is a qualified retirement plan and generally must satisfy the rules discussed under Qualification Rules in chapter 4, including the required distribution rules. Filing an amended tax return for 2013 However, a SIMPLE 401(k) plan is not subject to the nondiscrimination and top-heavy rules discussed in chapter 4 if the plan meets the conditions listed below. Filing an amended tax return for 2013 Under the plan, an employee can choose to have you make salary reduction contributions for the year to a trust in an amount expressed as a percentage of the employee's compensation, but not more than $12,000 for 2013 and 2014. Filing an amended tax return for 2013 If permitted under the plan, an employee who is age 50 or over can also make a catch-up contribution of up to $2,500 for 2013 and 2014. Filing an amended tax return for 2013 See Catch-up contributions , earlier under Contribution Limits. Filing an amended tax return for 2013 You must make either: Matching contributions up to 3% of compensation for the year, or Nonelective contributions of 2% of compensation on behalf of each eligible employee who has at least $5,000 of compensation from you for the year. Filing an amended tax return for 2013 No other contributions can be made to the trust. Filing an amended tax return for 2013 No contributions are made, and no benefits accrue, for services during the year under any other qualified retirement plan sponsored by you on behalf of any employee eligible to participate in the SIMPLE 401(k) plan. Filing an amended tax return for 2013 The employee's rights to any contributions are nonforfeitable. Filing an amended tax return for 2013 No more than $255,000 of the employee's compensation can be taken into account in figuring matching contributions and nonelective contributions in 2013 ($260,000 in 2014). Filing an amended tax return for 2013 Compensation is defined earlier in this chapter. Filing an amended tax return for 2013 Employee notification. Filing an amended tax return for 2013   The notification requirement that applies to SIMPLE IRA plans also applies to SIMPLE 401(k) plans. Filing an amended tax return for 2013 See Notification Requirement in this chapter. Filing an amended tax return for 2013 Credit for startup costs. Filing an amended tax return for 2013   You may be able to claim a tax credit for part of the ordinary and necessary costs of starting a SIMPLE 401(k) plan that first became effective in 2013. Filing an amended tax return for 2013 For more information, see Credit for startup costs under Reminders, earlier. Filing an amended tax return for 2013 Note on Forms. Filing an amended tax return for 2013   Please note that Forms 5304-SIMPLE and 5305-SIMPLE can not be used to establish a SIMPLE 401(k) plan. Filing an amended tax return for 2013 To set up a SIMPLE 401(k) plan, see Adopting a Written Plan in chapter 4. Filing an amended tax return for 2013 Prev  Up  Next   Home   More Online Publications
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Understanding your 2801C Letter

You received this letter because we determined that you’re not entitled to claim exempt status or more than a specified number of withholding allowances. Generally, your employer bases the amount of withholding for federal income tax on your Form W-4, Employee's Withholding Allowance Certificate. However, we can review whether you are entitled to claim exempt status or a certain number of withholding allowances.

What you need to do

  • You can ask us to change our decision. Please call us at the number shown below within 30 days from the date of the letter. We will consider your explanation of why you believe you are entitled to a different withholding rate or number of withholding allowances (or exempt status)
  • When you call, have the following information available. If you file jointly, you must have the same information available for your spouse
    • Form W-4 and worksheets. (You must complete the "Two Earners Multiple Jobs Worksheet" on the back of the Form W-4, if you have more than one job or your spouse works.)
    • Most current pay stubs for all jobs
    • Number of withholding allowances you (and your spouse) are claiming on your Form(s) W-4.
    • The social security number and date of birth for any dependent you are entitled to claim
    • A copy of the current tax return due, including all schedules, forms, and attachments

  • If you prefer you can write us at the address below and ask for a redetermination. You must send the information listed above to support your claim that you’re entitled to a different withholding rate (marital status) or number of withholding allowances (or exempt status)

You may want to…

  • Search keyword “withholding compliance” for more information on income tax withholding
  • Download the following materials:
    • Form W-4, Employee’s Withholding Allowance Certificate
    • Publication 505, Tax Withholding and Estimated Tax
  • Use the IRS Withholding Calculator to figure your correct amount of federal income tax withholding. The calculator is particularly helpful if you've had too much or too little withheld in the past, your situation has changed, or you’re starting a new job.

Answers to Common Questions

What happens if the IRS determines that I do not have adequate withholding?
We can tell your employer to withhold federal income tax at an increased rate. We do this by issuing a “lock-in letter.” At that point, your employer must disregard any Form W-4 that decreases the amount of your withholding. You’ll receive a copy of the lock-in letter, and we’ll give you some time before the lock-in rate is effective to submit a new Form W-4. This form must include a statement that explains why you believe you’re entitled to a different withholding rate or number of withholding allowances. You should send your Form W-4 and supporting documents to the IRS address as shown on this webpage. Once we issue a lock-in letter, you won’t be able to decrease your withholding unless we approve it.

What if I don’t want to submit a Form W-4 to my employer?
Your employer must withhold income tax from your wages as if you’re single with zero allowances.

How to get help

  • Call toll free 1-855-839-2235 weekdays between 8:00 a.m. and 8:00 p.m.
  • Send a fax to 1-855-202-8300
  • Write to:

    Internal Revenue Service
    Compliance Services
    Withholding Compliance Unit
    P.O. Box 9047, Stop 837
    Andover, MA 01810-0
Page Last Reviewed or Updated: 26-Sep-2013

The Filing An Amended Tax Return For 2013

Filing an amended tax return for 2013 9. Filing an amended tax return for 2013   Figuring Net Profit or Loss Table of Contents Introduction Net Operating Losses (NOLs) Not-for-Profit Activities Introduction After figuring your business income and expenses, you are ready to figure the net profit or net loss from your business. Filing an amended tax return for 2013 You do this by subtracting business expenses from business income. Filing an amended tax return for 2013 If your expenses are less than your income, the difference is net profit and becomes part of your income on page 1 of Form 1040. Filing an amended tax return for 2013 If your expenses are more than your income, the difference is a net loss. Filing an amended tax return for 2013 You usually can deduct it from gross income on page 1 of Form 1040. Filing an amended tax return for 2013 But in some situations your loss is limited. Filing an amended tax return for 2013 This chapter briefly explains two of those situations. Filing an amended tax return for 2013 Other situations that may limit your loss are explained in the Instructions for Schedule C, line G and line 32. Filing an amended tax return for 2013 If you have more than one business, you must figure your net profit or loss for each business on a separate Schedule C. Filing an amended tax return for 2013 Net Operating Losses (NOLs) If your deductions for the year are more than your income for the year (line 41 of your Form 1040 is a negative number), you may have a net operating loss (NOL). Filing an amended tax return for 2013 You can use an NOL by deducting it from your income in another year or years. Filing an amended tax return for 2013 Examples of typical losses that may produce an NOL include, but are not limited to, losses incurred from the following. Filing an amended tax return for 2013 Your trade or business. Filing an amended tax return for 2013 Your work as an employee (unreimbursed employee business expenses). Filing an amended tax return for 2013 A casualty or theft. Filing an amended tax return for 2013 Moving expenses. Filing an amended tax return for 2013 Rental property. Filing an amended tax return for 2013 A loss from operating a business is the most common reason for an NOL. Filing an amended tax return for 2013 For details about NOLs, see Publication 536, Net Operating Losses (NOLs) for Individuals, Estates, and Trusts. Filing an amended tax return for 2013 It explains how to figure an NOL, when to use it, how to claim an NOL deduction, and how to figure an NOL carryover. Filing an amended tax return for 2013 Not-for-Profit Activities If you do not carry on your business to make a profit, there is a limit on the deductions you can take. Filing an amended tax return for 2013 You cannot use a loss from the activity to offset other income. Filing an amended tax return for 2013 Activities you do as a hobby, or mainly for sport or recreation, come under this limit. Filing an amended tax return for 2013 For details about not-for-profit activities, see chapter 1 in Publication 535, Business Expenses. Filing an amended tax return for 2013 That chapter explains how to determine whether your activity is carried on to make a profit and how to figure the amount of loss you can deduct. Filing an amended tax return for 2013 Prev  Up  Next   Home   More Online Publications