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Form 1040x Example

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Form 1040x Example

Form 1040x example 1. Form 1040x example   Organizations Subject to the Tax Table of Contents The tax on unrelated business income applies to most organizations exempt from tax under section 501(a). Form 1040x example These organizations include charitable, religious, scientific, and other organizations described in section 501(c), as well as employees' trusts forming part of pension, profit-sharing, and stock bonus plans described in section 401(a). Form 1040x example In addition, the following are subject to the tax on unrelated business income. Form 1040x example Individual retirement arrangements (IRAs), including traditional IRAs, Roth IRAs, Coverdell IRAs, simplified employee pensions (SEP-IRAs), and savings incentive match plans for employees (SIMPLE IRAs). Form 1040x example State and municipal colleges and universities. Form 1040x example Qualified state tuition programs. Form 1040x example Medical savings accounts (MSAs) described in section 220(d). Form 1040x example Coverdell savings accounts described in section 530. Form 1040x example U. Form 1040x example S. Form 1040x example instrumentalities. Form 1040x example   A corporation that is a U. Form 1040x example S. Form 1040x example instrumentality described in section 501(c)(1) is not subject to the tax on unrelated business income if the corporation is organized under an Act of Congress and, under the Act, is exempt from federal income taxes. Form 1040x example Colleges and universities. Form 1040x example   Colleges and universities that are agencies or instrumentalities of any government or any political subdivision of a government, or that are owned or operated by a government or political subdivision of a government, are subject to the tax on unrelated business income. Form 1040x example As used here, the word government includes any foreign government (to the extent not contrary to a treaty) and all domestic governments (the United States and any of its possessions, any state, and the District of Columbia). Form 1040x example   The tax is on the unrelated business income of both the universities and colleges themselves and on their wholly owned tax exempt subsidiary organizations. Form 1040x example It is immaterial whether the business is conducted by the university or by a separately incorporated wholly owned subsidiary. Form 1040x example If the business activity is unrelated, the income in both instances will be subject to the tax. Form 1040x example If the primary purpose of a wholly owned subsidiary is to operate or conduct any unrelated trade or business (other than holding title to property and collecting income from it), the subsidiary is not an exempt organization, and this rule does not apply. Form 1040x example Title-holding corporations. Form 1040x example   When an exempt title-holding corporation, described in section 501(c)(2), pays any of its net income to an organization that itself is exempt from tax under section 501(a) (or would pay such an amount except that the expenses of collecting its income exceed the amount collected) and files a consolidated return with that organization, the title-holding corporation is treated, for unrelated business income tax purposes, as organized and operated for the same purposes as the exempt payee organization. Form 1040x example   Thus, a title-holding corporation whose source of income is related to the exempt purposes of the payee organization is not subject to the unrelated business income tax if the holding corporation and the payee organization file a consolidated return. Form 1040x example However, if the source of the income is not so related, the title-holding corporation is subject to unrelated business income tax. Form 1040x example Example. Form 1040x example X, a title-holding corporation, is required to distribute its net income to A, an exempt organization. Form 1040x example During the tax year, X realizes net income of $900,000 from source M, which is related to A's exempt function. Form 1040x example X also receives $100,000 from source N, which is not related to A's exempt function. Form 1040x example X and A file a consolidated return for the tax year. Form 1040x example X has unrelated business income of $100,000. Form 1040x example Prev  Up  Next   Home   More Online Publications
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Understanding Your CP30 Notice

We charged you a penalty for not pre-paying enough of your tax either by having taxes withheld from your income, or by making timely estimated tax payments.


What you need to do

  • Review the amounts being withheld from your wages, pensions and annuities, and other sources of income. If the amount withheld is not sufficient, adjust it by filing new withholding certificates (Form W-4, W-4P, W-4S, or W-4V) with your employer(s) or other payer(s).
  • Make timely estimated tax payments, if necessary, to ensure that you pre-pay a sufficient amount of tax through a combination of withholding and estimated tax payments. See Who Must Pay the Underpayment Penalty in the Form 2210 instructions for the amounts required to be paid.

You may want to...

  • Complete Form 2210, Underpayment of Estimated Tax by Individuals, Estates, and Trusts, if most of the tax withheld from your income was withheld early in the year. Electing to report withholding when it was actually withheld, instead of spreading it equally through the year, may reduce or eliminate the penalty.
  • Complete Form 2210, Schedule AI, Annualized Income Installment Method, if you did not receive your income evenly through the year, and you received more than half of your income during the third and fourth quarters of the year. Annualizing your income may reduce or eliminate the penalty we charged.
  • Request removal of the penalty if you retired in the past two years either because you were 62 or older, or because you became disabled, and you had reasonable cause for the underpayment, or for the late payment of your estimated tax. (See Waiver of Penalty in Form 2210 instructions.)
  • Request removal of the penalty if the underpayment, or the late payment of your estimated tax, was due to a casualty, disaster, or other unusual circumstance that makes assessment of the penalty unfair. (See Waiver of Penalty in Form 2210 instructions.)
  • Request removal of the penalty if the underpayment, or the late payment of your estimated tax, was due to specific written advice from an IRS agent given in response to a specific written request. You must provide copies of both the written request, and the written advice given in response.

Answers to Common Questions

How do I know if enough is being withheld from my income?
The IRS Withholding Calculator can help you determine if enough tax is being withheld. Publication 919, How Do I Adjust My Tax Withholding, is another good resource.

How much am I required to pre-pay in order to avoid a penalty?
You are generally required to pre-pay at least 90% of your tax either by having the tax withheld from your income, or by making timely estimated tax payments. A penalty will also not be charged if you pre-pay a "safe harbor" amount equal to 100% of the previous year's tax. However, special rules exist for certain taxpayers:

  • Qualifying farmers and fishermen are required to pre-pay only 2/3 (66.67%) of their tax, or the safe harbor amount, whichever is less. You are a qualifying farmer/fisherman if at least 2/3 of your gross income in either the current or previous year is or was derived from farming or fishing. See Farmers and Fishermen in Publication 505 for more information.
  • The safe harbor amount for high income taxpayers is 110% of the previous year's tax. You are a high income taxpayer if your previous year's adjusted gross income was $150,000 or more ($75,000 or more if you were married, filing a separate return).

You also will not be charged a penalty if your total tax due, after withholding, is less than $1,000, or if you had no tax liability for the previous year.

If I have to make estimated tax payments, when are they due?
Estimated tax payments are generally due on April 15, June 15, and September 15 of the tax year, and on January 15 of the next year.

For filers with a taxable year that ends in a month other than December, the payments are due on the 15th day of the 4th, 6th, and 9th month of the taxable year, and on the 15th day of the first month of the following taxable year.

Page Last Reviewed or Updated: 03-Mar-2014

How to get help

  • Call the 1-800 number listed on the top right corner of your notice.
  • Authorize someone (e.g., accountant) to contact the IRS on your behalf using Form 2848.
  • See if you qualify for help from a Low Income Taxpayer Clinic.
     

The Form 1040x Example

Form 1040x example 4. Form 1040x example   Limit on Elective Deferrals Table of Contents Excess elective deferrals. Form 1040x example General Limit 15-Year RuleYears of Service Figuring the Limit on Elective DeferralsExample The second and final component of MAC is the limit on elective deferrals. Form 1040x example This is a limit on the amount of contributions that can be made to your account through a salary reduction agreement. Form 1040x example A salary reduction agreement is an agreement between you and your employer that allows for a portion of your compensation to be directly invested in a 403(b) account on your behalf. Form 1040x example You can enter into more than one salary reduction agreement during a year. Form 1040x example More than one 403(b) account. Form 1040x example If, for any year, elective deferrals are contributed to more than one 403(b) account for you (whether or not with the same employer), you must combine all the elective deferrals to determine whether the total is more than the limit for that year. Form 1040x example 403(b) plan and another retirement plan. Form 1040x example If, during the year, contributions in the form of elective deferrals are made to other retirement plans on your behalf, you must combine all of the elective deferrals to determine if they are more than your limit on elective deferrals. Form 1040x example The limit on elective deferrals applies to amounts contributed to: 401(k) plans, to the extent excluded from income, Roth contribution programs, Section 501(c)(18) plans, to the extent excluded from income, Savings incentive match plan for employees (SIMPLE plans), Simplified employee pension (SEP) plans, and All 403(b) plans. Form 1040x example Roth contribution program. Form 1040x example   Your 403(b) plan may allow you to designate all or a portion of your elective deferrals as Roth contributions. Form 1040x example Elective deferrals designated as Roth contributions must be maintained in a separate Roth account and are not excludable from your gross income. Form 1040x example   The maximum amount of contributions allowed under a Roth contribution program is your limit on elective deferrals, less your elective deferrals not designated as Roth contributions. Form 1040x example For more information on the Roth contribution program, see Publication 560, Retirement Plans for Small Business. Form 1040x example Excess elective deferrals. Form 1040x example   If the amount contributed is more than the allowable limit, you must include the excess that is not a Roth contribution in your gross income for the year contributed. Form 1040x example General Limit Under the general limit on elective deferrals, the most that can be contributed to your 403(b) account through a salary reduction agreement is $17,500 for 2013 and 2014. Form 1040x example This limit applies without regard to community property laws. Form 1040x example 15-Year Rule If you have at least 15 years of service with an educational organization (such as a public or private school), hospital, home health service agency, health and welfare service agency, church, or convention or association of churches (or associated organization), the limit on elective deferrals to your 403(b) account is increased by the least of: $3,000, $15,000, reduced by the sum of: The additional pre-tax elective deferrals made in prior years because of this rule, plus The aggregate amount of designated Roth contributions permitted for prior years because of this rule, or $5,000 times the number of your years of service for the organization, minus the total elective deferrals made by your employer on your behalf for earlier years. Form 1040x example If you qualify for the 15-year rule, your elective deferrals under this limit can be as high as $20,500 for 2013 and 2014. Form 1040x example To determine whether you have 15 years of service with your employer, see Years of Service , next. Form 1040x example Years of Service To determine if you are eligible for the increased limit on elective deferrals, you will first need to figure your years of service. Form 1040x example How you figure your years of service depends on whether you were a full-time or a part-time employee, whether you worked for the full year or only part of the year, and whether you have worked for your employer for an entire year. Form 1040x example You must figure years of service for each year during which you worked for the employer who is maintaining your 403(b) account. Form 1040x example If more than one employer maintains a 403(b) account for you in the same year, you must figure years of service separately for each employer. Form 1040x example Definition Your years of service are the total number of years you have worked as a full time employee for the employer maintaining your 403(b) account as of the end of the year. Form 1040x example Figuring Your Years of Service Take the following rules into account when figuring your years of service. Form 1040x example Status of employer. Form 1040x example   Your years of service include only periods during which your employer was a qualified employer. Form 1040x example Your plan administrator can tell you whether or not your employer was qualified during all your periods of service. Form 1040x example Service with one employer. Form 1040x example   Generally, you cannot count service for any employer other than the one who maintains your 403(b) account. Form 1040x example Church employee. Form 1040x example   If you are a church employee, treat all of your years of service with related church organizations as years of service with the same employer. Form 1040x example For more information about church employees, see chapter 5. Form 1040x example Self-employed ministers. Form 1040x example   If you are a self-employed minister, your years of service include full and part years in which you have been treated as employed by a tax-exempt organization that is a qualified employer. Form 1040x example Total years of service. Form 1040x example   When figuring prior years of service, figure each year individually and then add the individual years of service to determine your total years of service. Form 1040x example Example. Form 1040x example The annual work period for full-time teachers employed by ABC Public Schools is September through December and February through May. Form 1040x example Marsha began working with ABC schools in September 2009. Form 1040x example She has always worked full-time for each annual work period. Form 1040x example At the end of 2013, Marsha had 4. Form 1040x example 5 years of service with ABC Public Schools, as shown in Table 4-1. Form 1040x example Table 4-1. Form 1040x example Marsha's Years of Service Note. Form 1040x example This table shows how Marsha figures her years of service, as explained in the previous example. Form 1040x example Year Period Worked Portion of Work Period Years of Service 2009 Sept. Form 1040x example –Dec. Form 1040x example . Form 1040x example 5 year . Form 1040x example 5 year 2010 Feb. Form 1040x example –May . Form 1040x example 5 year 1 year Sept. Form 1040x example –Dec. Form 1040x example . Form 1040x example 5 year 2011 Feb. Form 1040x example –May . Form 1040x example 5 year 1 year Sept. Form 1040x example –Dec. Form 1040x example . Form 1040x example 5 year 2012 Feb. Form 1040x example –May . Form 1040x example 5 year 1 year Sept. Form 1040x example –Dec. Form 1040x example . Form 1040x example 5 year 2013 Feb. Form 1040x example –May . Form 1040x example 5 year 1 year Sept. Form 1040x example –Dec. Form 1040x example . Form 1040x example 5 year Total years of service 4. Form 1040x example 5 years Full-time or part-time. Form 1040x example   To figure your years of service, you must analyze each year individually and determine whether you worked full-time for the full year or something other than full-time. Form 1040x example When determining whether you worked full-time or something other than full-time, use your employer's annual work period as the standard. Form 1040x example Employer's annual work period. Form 1040x example   Your employer's annual work period is the usual amount of time an individual working full-time in a specific position is required to work. Form 1040x example Generally, this period of time is expressed in days, weeks, months, or semesters, and can span 2 calendar years. Form 1040x example Note. Form 1040x example You cannot accumulate more than 1 year of service in a 12-month period. Form 1040x example Example. Form 1040x example All full-time teachers at ABC Public Schools are required to work both the September through December semester and the February through May semester. Form 1040x example Therefore, the annual work period for full-time teachers employed by ABC Public Schools is September through December and February through May. Form 1040x example Teachers at ABC Public Schools who work both semesters in the same calendar year are considered working a full year of service in that calendar year. Form 1040x example Full-Time Employee for the Full Year Count each full year during which you were employed full-time as 1 year of service. Form 1040x example In determining whether you were employed full-time, compare the amount of work you were required to perform with the amount of work normally required of others who held the same position with the same employer and who generally received most of their pay from the position. Form 1040x example How to compare. Form 1040x example   You can use any method that reasonably and accurately reflects the amount of work required. Form 1040x example For example, if you are a teacher, you can use the number of hours of classroom instruction as a measure of the amount of work required. Form 1040x example   In determining whether positions with the same employer are the same, consider all of the facts and circumstances concerning the positions, including the work performed, the methods by which pay is determined, and the descriptions (or titles) of the positions. Form 1040x example Example. Form 1040x example An assistant professor employed in the English department of a university will be considered a full-time employee if the amount of work that he or she is required to perform is the same as the amount of work normally required of assistant professors of English at that university who get most of their pay from that position. Form 1040x example   If no one else works for your employer in the same position, compare your work with the work normally required of others who held the same position with similar employers or similar positions with your employer. Form 1040x example Full year of service. Form 1040x example   A full year of service for a particular position means the usual annual work period of anyone employed full-time in that general type of work at that place of employment. Form 1040x example Example. Form 1040x example If a doctor works for a hospital 12 months of a year except for a 1-month vacation, the doctor will be considered as employed for a full year if the other doctors at that hospital also work 11 months of the year with a 1-month vacation. Form 1040x example Similarly, if the usual annual work period at a university consists of the fall and spring semesters, an instructor at that university who teaches these semesters will be considered as working a full year. Form 1040x example Other Than Full-Time for the Full Year If, during any year, you were employed full-time for only part of your employer's annual work period, part-time for the entire annual work period, or part-time for only part of the work period, your year of service for that year is a fraction of your employer's annual work period. Form 1040x example Full-time for part of the year. Form 1040x example   If, during a year, you were employed full-time for only part of your employer's annual work period, figure the fraction for that year as follows: The numerator (top number) is the number of weeks, months, or semesters you were a full-time employee. Form 1040x example The denominator (bottom number) is the number of weeks, months, or semesters considered the normal annual work period for the position. Form 1040x example Example. Form 1040x example Jason was employed as a full-time instructor by a local college for the 4 months of the 2013 spring semester (February 2013 through May 2013). Form 1040x example The annual work period for the college is 8 months (February through May and July through October). Form 1040x example Given these facts, Jason was employed full-time for part of the annual work period and provided ½ of a year of service. Form 1040x example Jason's years of service computation for 2013 is as follows: Number of months Jason worked = 4 = 1 Number of months in annual work period 8 2 Part-time for the full year. Form 1040x example   If, during a year, you were employed part-time for the employer's entire annual work period, you figure the fraction for that year as follows: The numerator (top number) is the number of hours or days you worked. Form 1040x example The denominator (bottom number) is the number of hours or days normally required of someone holding the same position who works full-time. Form 1040x example Example. Form 1040x example Vance teaches one course at a local medical school. Form 1040x example He teaches 3 hours per week for two semesters. Form 1040x example Other faculty members at the same school teach 9 hours per week for two semesters. Form 1040x example The annual work period of the medical school is two semesters. Form 1040x example An instructor teaching 9 hours a week for two semesters is considered a full-time employee. Form 1040x example Given these facts, Vance has worked part-time for a full annual work period. Form 1040x example Vance has completed 1/3 of a year of service, figured as shown below. Form 1040x example Number of hours per week Vance worked = 3 = 1 Number of hours per week considered full-time 9 3 Part-time for part of the year. Form 1040x example   If, during any year, you were employed part-time for only part of your employer's annual work period, you figure your fraction for that year by multiplying two fractions. Form 1040x example   Figure the first fraction as though you had worked full-time for part of the annual work period. Form 1040x example The fraction is as follows: The numerator (top number) is the number of weeks, months, or semesters you were a full-time employee. Form 1040x example The denominator (bottom number) is the number of weeks, months, or semesters considered the normal annual work period for the position. Form 1040x example   Figure the second fraction as though you had worked part-time for the entire annual work period. Form 1040x example The fraction is as follows: The numerator (top number) is the number of hours or days you worked. Form 1040x example The denominator (bottom number) is the number of hours or days normally required of someone holding the same position who works full-time. Form 1040x example   Once you have figured these two fractions, multiply them together to determine the fraction representing your partial year of service for the year. Form 1040x example Example. Form 1040x example Maria, an attorney, teaches a course for one semester at a law school. Form 1040x example She teaches 3 hours per week. Form 1040x example The annual work period for teachers at the school is two semesters. Form 1040x example All full-time instructors at the school are required to teach 12 hours per week. Form 1040x example Based on these facts, Maria is employed part-time for part of the annual work period. Form 1040x example Her year of service for this year is determined by multiplying two fractions. Form 1040x example Her computation is as follows: Maria's first fraction Number of semesters Maria worked = 1 Number of semesters in annual work period 2 Maria's second fraction Number of hours Maria worked per week = 3 = 1 Number of hours per week considered full-time 12 4 Maria would multiply these fractions to obtain the fractional year of service: 1 x 1 = 1         2 4 8         Figuring the Limit on Elective Deferrals You can use Part II of Worksheet 1 in chapter 9 to figure the limit on elective deferrals. Form 1040x example Example Floyd has figured his limit on annual additions. Form 1040x example The only other component needed before he can determine his MAC for 2014 is his limit on elective deferrals. Form 1040x example Figuring Floyd's limit on elective deferrals. Form 1040x example   Floyd has been employed with his current employer for less than 15 years. Form 1040x example He is not eligible for the special 15-year increase. Form 1040x example Therefore, his limit on elective deferrals for 2014 is $17,500 as shown in Table 4-2. Form 1040x example Floyd's employer will not make any nonelective contributions to his 403(b) account and Floyd will not make any after-tax contributions. Form 1040x example Additionally, Floyd's employer does not offer a Roth contribution program. Form 1040x example Figuring Floyd's MAC Floyd has determined that his limit on annual additions for 2014 is $52,000 and his limit on elective deferrals is $17,500. Form 1040x example Because elective deferrals are the only contributions made to Floyd's account, the maximum amount that can be contributed to a 403(b) account on Floyd's behalf in 2014 is $17,500, the lesser of both limits. Form 1040x example Table 4-2. Form 1040x example Worksheet 1. Form 1040x example Maximum Amount Contributable (MAC) Note. Form 1040x example Use this worksheet to figure your MAC. Form 1040x example Part I. Form 1040x example Limit on Annual Additions     1. Form 1040x example Enter your includible compensation for your most recent year of service 1. Form 1040x example $70,475 2. Form 1040x example Maximum: For 2013 enter $51,000 For 2014 enter $52,000 2. Form 1040x example 52,000 3. Form 1040x example Enter the lesser of line 1 or line 2. Form 1040x example This is your limit on annual additions 3. Form 1040x example 52,000   Caution: If you had only nonelective contributions, skip Part II and enter the amount from line 3 on line 18. Form 1040x example     Part II. Form 1040x example Limit on Elective Deferrals     4. Form 1040x example Maximum contribution: For 2013, enter $17,500 For 2014, enter $17,500 4. Form 1040x example 17,500   Note. Form 1040x example If you have at least 15 years of service with a qualifying organization, complete lines 5 through 17. Form 1040x example If not, enter zero (-0-) on line 16 and go to line 17. Form 1040x example     5. Form 1040x example Amount per year of service 5. Form 1040x example 5,000 6. Form 1040x example Enter your years of service 6. Form 1040x example   7. Form 1040x example Multiply line 5 by line 6 7. Form 1040x example   8. Form 1040x example Enter the total of all elective deferrals made for you by the qualifying organization for prior years 8. Form 1040x example   9. Form 1040x example Subtract line 8 from line 7. Form 1040x example If zero or less, enter zero (-0-) 9. Form 1040x example   10. Form 1040x example Maximum increase in limit for long service 10. Form 1040x example 15,000 11. Form 1040x example Enter the total of additional pre-tax elective deferrals made in prior years under the 15-year rule 11. Form 1040x example   12. Form 1040x example Enter the aggregate amount of all designated Roth contributions permitted for prior years under the 15-year rule 12. Form 1040x example   13. Form 1040x example Add lines 11 and 12 13. Form 1040x example   14. Form 1040x example Subtract line 13 from line 10 14. Form 1040x example   15. Form 1040x example Maximum additional contributions 15. Form 1040x example 3,000 16. Form 1040x example Enter the least of lines 9, 14, or 15. Form 1040x example This is your increase in the limit for long service 16. Form 1040x example -0- 17. Form 1040x example Add lines 4 and 16. Form 1040x example This is your limit on elective deferrals 17. Form 1040x example 17,500   Part III. Form 1040x example Maximum Amount Contributable     18. Form 1040x example If you had only nonelective contributions, enter the amount from line 3. Form 1040x example This is your MAC. Form 1040x example    If you had only elective deferrals, enter the lesser of lines 3 or 17. Form 1040x example This is your MAC. Form 1040x example    If you had both elective deferrals and nonelective contributions, enter the amount from line 3. Form 1040x example This is your MAC. Form 1040x example (Use the amount on line 17 to determine if you have excess elective deferrals as explained in chapter 7. Form 1040x example ) 18. Form 1040x example $17,500 Prev  Up  Next   Home   More Online Publications