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Free Taxes 2012

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Free Taxes 2012

Free taxes 2012 9. Free taxes 2012   Worksheets Table of Contents When Should I Figure MAC?Checking the Previous Year's Contributions Available Worksheets Chapter 2 introduced you to the term maximum amount contributable (MAC). Free taxes 2012 Generally, your MAC is the lesser of your: Limit on annual additions (chapter 3), or Limit on elective deferrals (chapter 4). Free taxes 2012 The worksheets in this chapter can help you figure the cost of incidental life insurance, your includible compensation, your limit on annual additions, your limit on elective deferrals, your limit on catch-up contributions, and your MAC. Free taxes 2012 After completing the worksheets, you should maintain them with your 403(b) records for that year. Free taxes 2012 Do not attach them to your tax return. Free taxes 2012 At the end of the year or the beginning of the next year, you should compare your estimated compensation figures with your actual figures. Free taxes 2012 If your compensation is the same as, or more than, the projected amounts and the calculations are correct, then you should simply file these worksheets with your other tax records for the year. Free taxes 2012 If your compensation was lower than your estimated figures, you will need to check the amount contributed during the year to determine if contributions are more than your MAC. Free taxes 2012 When Should I Figure MAC? At the beginning of each year, you should figure your MAC using a conservative estimate of your compensation. Free taxes 2012 Should your income change during the year, you should refigure your MAC based on a revised conservative estimate. Free taxes 2012 By doing this, you will be able to determine if contributions to your 403(b) account should be increased or decreased for the year. Free taxes 2012 Checking the Previous Year's Contributions At the beginning of the following year, you should refigure your MAC based on your actual earned income. Free taxes 2012 At the end of the current year or the beginning of the next year, you should check your contributions to be sure you did not exceed your MAC. Free taxes 2012 This means refiguring your limit based on your actual compensation figures for the year. Free taxes 2012 This will allow you to determine if the amount contributed is more than the allowable amounts, and possibly avoid additional taxes. Free taxes 2012 Available Worksheets The following worksheets have been provided to help you figure your MAC. Free taxes 2012 Worksheet A. Free taxes 2012 Cost of Incidental Life Insurance. Free taxes 2012 Worksheet B. Free taxes 2012 Includible Compensation for Your Most Recent Year of Service Worksheet C. Free taxes 2012 Limit on Catch-Up Contributions. Free taxes 2012 ??? Worksheet 1. Free taxes 2012 Maximum Amount Contributable (MAC). Free taxes 2012 Worksheet A. Free taxes 2012 Cost of Incidental Life Insurance Note. Free taxes 2012 Use this worksheet to figure the cost of incidental life insurance included in your annuity contract. Free taxes 2012 This amount will be used to figure includible compensation for your most recent year of service. Free taxes 2012 1. Free taxes 2012 Enter the value of the contract (amount payable upon your death) 1. Free taxes 2012   2. Free taxes 2012 Enter the cash value in the contract at the end of the year 2. Free taxes 2012   3. Free taxes 2012 Subtract line 2 from line 1. Free taxes 2012 This is the value of your current life insurance protection 3. Free taxes 2012   4. Free taxes 2012 Enter your age on your birthday nearest the beginning of the policy year 4. Free taxes 2012   5. Free taxes 2012 Enter the 1-year term premium for $1,000 of life insurance based on your age. Free taxes 2012 (From Figure 3-1) 5. Free taxes 2012   6. Free taxes 2012 Divide line 3 by $1,000 6. Free taxes 2012   7. Free taxes 2012 Multiply line 6 by line 5. Free taxes 2012 This is the cost of your incidental life insurance 7. Free taxes 2012   Worksheet B. Free taxes 2012 Includible Compensation for Your Most Recent Year of Service1 Note. Free taxes 2012 Use this worksheet to figure includible compensation for your most recent year of service. Free taxes 2012 1. Free taxes 2012 Enter your includible wages from the employer maintaining your 403(b) account for your most recent year of service 1. Free taxes 2012   2. Free taxes 2012 Enter elective deferrals excluded from your gross income for your most recent year of service2 2. Free taxes 2012   3. Free taxes 2012 Enter amounts contributed or deferred by your employer under a cafeteria plan for your most recent year of service 3. Free taxes 2012   4. Free taxes 2012 Enter amounts contributed or deferred by your employer according to your election to your 457 account (a nonqualified plan of a state or local government or of a tax-exempt organization) for your most recent year of service 4. Free taxes 2012   5. Free taxes 2012 Enter pre-tax contributions (employer's contributions made on your behalf according to your election) to a qualified transportation fringe benefit plan for your most recent year of service 5. Free taxes 2012   6. Free taxes 2012 Enter your foreign earned income exclusion for your most recent year of service 6. Free taxes 2012   7. Free taxes 2012 Add lines 1, 2, 3, 4, 5, and 6 7. Free taxes 2012   8. Free taxes 2012 Enter the cost of incidental life insurance that is part of your annuity contract for your most recent year of service 8. Free taxes 2012   9. Free taxes 2012 Enter compensation that was both: Earned during your most recent year of service, and Earned while your employer was not qualified to maintain a 403(b) plan 9. Free taxes 2012   10. Free taxes 2012 Add lines 8 and 9 10. Free taxes 2012   11. Free taxes 2012 Subtract line 10 from line 7. Free taxes 2012 This is your includible compensation for your most recent year of service 11. Free taxes 2012   1Use estimated amounts if figuring includible compensation before the end of the year. Free taxes 2012  2Elective deferrals made to a designated Roth account are not excluded from your gross income and should not be included on this line. Free taxes 2012 Worksheet C. Free taxes 2012 Limit on Catch-Up Contributions Note. Free taxes 2012 If you will be age 50 or older by the end of the year, use this worksheet to figure your limit on catch-up contributions. Free taxes 2012 1. Free taxes 2012 Maximum catch-up contributions 1. Free taxes 2012 $5,500 2. Free taxes 2012 Enter your includible compensation for your most recent year of service 2. Free taxes 2012   3. Free taxes 2012 Enter your elective deferrals 3. Free taxes 2012   4. Free taxes 2012 Subtract line 3 from line 2 4. Free taxes 2012   5. Free taxes 2012 Enter the lesser of line 1 or line 4. Free taxes 2012 This is your limit on catch-up contributions 5. Free taxes 2012   Worksheet 1. Free taxes 2012 Maximum Amount Contributable (MAC) Note. Free taxes 2012 Use this worksheet to figure your MAC. Free taxes 2012 Part I. Free taxes 2012 Limit on Annual Additions     1. Free taxes 2012 Enter your includible compensation for your most recent year of service 1. Free taxes 2012   2. Free taxes 2012 Maximum1: For 2013, enter $51,000 For 2014, enter $52,000 2. Free taxes 2012   3. Free taxes 2012 Enter the lesser of line 1 or line 2. Free taxes 2012 This is your limit on annual additions 3. Free taxes 2012     Caution: If you had only nonelective contributions, skip Part II and enter the amount from line 3 on line 18. Free taxes 2012     Part II. Free taxes 2012 Limit on Elective Deferrals     4. Free taxes 2012 Maximum contribution: For 2013, enter $17,500 For 2014, enter $17,500 4. Free taxes 2012     Note. Free taxes 2012 If you have at least 15 years of service with a qualifying organization, complete lines 5 through 17. Free taxes 2012 If not, enter zero (-0-) on line 16 and go to line 17. Free taxes 2012     5. Free taxes 2012 Amount per year of service 5. Free taxes 2012 $ 5,000 6. Free taxes 2012 Enter your years of service 6. Free taxes 2012   7. Free taxes 2012 Multiply line 5 by line 6 7. Free taxes 2012   8. Free taxes 2012 Enter the total of all elective deferrals made for you by the qualifying organization for prior years 8. Free taxes 2012   9. Free taxes 2012 Subtract line 8 from line 7. Free taxes 2012 If zero or less, enter zero (-0-) 9. Free taxes 2012   10. Free taxes 2012 Maximum increase in limit for long service 10. Free taxes 2012 $15,000 11. Free taxes 2012 Enter the total of additional pre-tax elective deferrals made in prior years under the 15-year rule 11. Free taxes 2012   12. Free taxes 2012 Enter the aggregate amount of all designated Roth contributions permitted for prior years under the 15-year rule 12. Free taxes 2012   13. Free taxes 2012 Add line 11 and line 12 13. Free taxes 2012   14. Free taxes 2012 Subtract line 13 from line 10 14. Free taxes 2012   15. Free taxes 2012 Maximum additional contributions 15. Free taxes 2012 $ 3,000 16. Free taxes 2012 Enter the least of lines 9, 14, or 15. Free taxes 2012 This is your increase in the limit for long service 16. Free taxes 2012   17. Free taxes 2012 Add lines 4 and 16. Free taxes 2012 This is your limit on elective deferrals 17. Free taxes 2012     Part III. Free taxes 2012 Maximum Amount Contributable     18. Free taxes 2012 If you had only nonelective contributions, enter the amount from line 3. Free taxes 2012 This is your MAC. Free taxes 2012    If you had only elective deferrals, enter the lesser of lines 3 or 17. Free taxes 2012 This is your MAC. Free taxes 2012    If you had both elective deferrals and nonelective contributions, enter the amount from line 3. Free taxes 2012 This is your MAC. Free taxes 2012 (Use the amount on line 17 to determine if you have excess elective deferrals as explained in chapter 7. Free taxes 2012 ) 18. Free taxes 2012   1If you participate in a 403(b) plan and a qualified plan, you must combine contributions made to your 403(b) account with contributions to a qualified plan and simplified employee pension plans of all corporations, partnerships, and sole proprietorships in which you have more than 50% control. Free taxes 2012 You must also combine the contributions made to all 403(b) accounts on your behalf by your employer. Free taxes 2012 Prev  Up  Next   Home   More Online Publications
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The Free Taxes 2012

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