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How Can I File 2012 Taxes Online

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How Can I File 2012 Taxes Online

How can i file 2012 taxes online Publication 555 - Main Content Table of Contents Domicile Community or Separate Property and Income Identifying Income, Deductions, and CreditsIncome Exemptions Deductions Credits, Taxes, and Payments Community Property Laws DisregardedRequesting relief. How can i file 2012 taxes online Equitable relief. How can i file 2012 taxes online Earned income. How can i file 2012 taxes online Trade or business income. How can i file 2012 taxes online Partnership income or loss. How can i file 2012 taxes online Separate property income. How can i file 2012 taxes online Social security benefits. How can i file 2012 taxes online Other income. How can i file 2012 taxes online End of the Community Preparing a Federal Income Tax ReturnJoint Return Versus Separate Returns Separate Return Preparation How To Get Tax HelpLow Income Taxpayer Clinics Domicile Whether you have community property and community income depends on the state where you are domiciled. How can i file 2012 taxes online If you and your spouse (or your registered domestic partner) have different domiciles, check the laws of each to see whether you have community property or community income. How can i file 2012 taxes online You have only one domicile even if you have more than one home. How can i file 2012 taxes online Your domicile is a permanent legal home that you intend to use for an indefinite or unlimited period, and to which, when absent, you intend to return. How can i file 2012 taxes online The question of your domicile is mainly a matter of your intention as indicated by your actions. How can i file 2012 taxes online You must be able to show that you intend a given place or state to be your permanent home. How can i file 2012 taxes online If you move into or out of a community property state during the year, you may or may not have community income. How can i file 2012 taxes online Factors considered in determining domicile include: Where you pay state income tax, Where you vote, Location of property you own, Your citizenship, Length of residence, and Business and social ties to the community. How can i file 2012 taxes online Amount of time spent. How can i file 2012 taxes online    The amount of time spent in one place does not always explain the difference between home and domicile. How can i file 2012 taxes online A temporary home or residence may continue for months or years while a domicile may be established the first moment you occupy the property. How can i file 2012 taxes online Your intent is the determining factor in proving where you have your domicile. How can i file 2012 taxes online    Note. How can i file 2012 taxes online When this publication refers to where you live, it means your domicile. How can i file 2012 taxes online Community or Separate Property and Income If you file a federal tax return separately from your spouse, you must report half of all community income and all of your separate income. How can i file 2012 taxes online Likewise, a registered domestic partner must report half of all community income and all of his or her separate income on his or her federal tax return. How can i file 2012 taxes online You each must attach your Form 8958 to your Form 1040 showing how you figured the amount you are reporting on your return. How can i file 2012 taxes online Generally, the laws of the state in which you are domiciled govern whether you have community property and community income or separate property and separate income for federal tax purposes. How can i file 2012 taxes online The following is a summary of the general rules. How can i file 2012 taxes online These rules are also shown in Table 1. How can i file 2012 taxes online Community property. How can i file 2012 taxes online    Generally, community property is property: That you, your spouse (or your registered domestic partner), or both acquire during your marriage (or registered domestic partnership) while you and your spouse (or your registered domestic partner) are domiciled in a community property state. How can i file 2012 taxes online That you and your spouse (or your registered domestic partner) agreed to convert from separate to community property. How can i file 2012 taxes online That cannot be identified as separate property. How can i file 2012 taxes online Community income. How can i file 2012 taxes online    Generally, community income is income from: Community property. How can i file 2012 taxes online Salaries, wages, and other pay received for the services performed by you, your spouse (or your registered domestic partner), or both during your marriage (or registered domestic partnership) while domiciled in a community property state. How can i file 2012 taxes online Real estate that is treated as community property under the laws of the state where the property is located. How can i file 2012 taxes online Note Separate property. How can i file 2012 taxes online    Generally, separate property is: Property that you or your spouse (or your registered domestic partner) owned separately before your marriage (or registered domestic partnership). How can i file 2012 taxes online Money earned while domiciled in a noncommunity property state. How can i file 2012 taxes online Property that you or your spouse (or your registered domestic partner) received separately as a gift or inheritance during your marriage (or registered domestic partnership). How can i file 2012 taxes online Property that you or your spouse (or your registered domestic partner) bought with separate funds, or acquired in exchange for separate property, during your marriage (or registered domestic partnership). How can i file 2012 taxes online Property that you and your spouse (or your registered domestic partner) converted from community property to separate property through an agreement valid under state law. How can i file 2012 taxes online The part of property bought with separate funds, if part was bought with community funds and part with separate funds. How can i file 2012 taxes online Separate income. How can i file 2012 taxes online    Generally, income from separate property is the separate income of the spouse (or the registered domestic partner) who owns the property. How can i file 2012 taxes online    In Idaho, Louisiana, Texas, and Wisconsin, income from most separate property is community income. How can i file 2012 taxes online Table 1. How can i file 2012 taxes online General Rules — Property and Income: Community or Separate? Community property is property: That you, your spouse (or your registered domestic partner), or both acquire during your marriage (or registered domestic partnership) while you and your spouse (or your registered domestic partner) are domiciled in a community property state. How can i file 2012 taxes online (Includes the part of property bought with community property funds if part was bought with community funds and part with separate funds. How can i file 2012 taxes online ) That you and your spouse (or your registered domestic partner) agreed to convert from separate to community property. How can i file 2012 taxes online That cannot be identified as separate property. How can i file 2012 taxes online Separate property is: Property that you or your spouse (or your registered domestic partner) owned separately before your marriage (or registered domestic partnership). How can i file 2012 taxes online Money earned while domiciled in a noncommunity property state. How can i file 2012 taxes online Property either of you received as a gift or inherited separately during your marriage (or registered domestic partnership). How can i file 2012 taxes online Property bought with separate funds, or exchanged for separate property, during your marriage (or registered domestic partnership). How can i file 2012 taxes online Property that you and your spouse (or your registered domestic partner) agreed to convert from community to separate property through an agreement valid under state law. How can i file 2012 taxes online The part of property bought with separate funds, if part was bought with community funds and part with separate funds. How can i file 2012 taxes online Community income 1,2,3 is income from: Community property. How can i file 2012 taxes online Salaries, wages, or pay for services of you, your spouse (or your registered domestic partner), or both during your marriage (or registered domestic partnership) while domiciled in a community property state. How can i file 2012 taxes online Real estate that is treated as community property under the laws of the state where the property is located. How can i file 2012 taxes online Separate income 1,2 is income from: Separate property which belongs to the spouse (or registered domestic partner) who owns the property. How can i file 2012 taxes online 1In Idaho, Louisiana, Texas, and Wisconsin, income from most separate property is community income. How can i file 2012 taxes online 2Check your state law if you are separated but do not meet the conditions discussed in Spouses living apart all year , later. How can i file 2012 taxes online In some states, the income you earn after you are separated and before a divorce decree is issued continues to be community income. How can i file 2012 taxes online In other states, it is separate income. How can i file 2012 taxes online 3Under special rules, income that can otherwise be characterized as community income may not be treated as community income for federal income tax purposes in certain situations. How can i file 2012 taxes online See Community Property Laws Disregarded , later. How can i file 2012 taxes online Identifying Income, Deductions, and Credits If you file separate returns, you and your spouse (or your registered domestic partner) each must attach your Form 8958 to your Form 1040 to identify your community and separate income, deductions, credits, and other return amounts according to the laws of your state. How can i file 2012 taxes online Under special rules, income that can otherwise be characterized as community income may not be treated as community income for federal income tax purposes in certain situations. How can i file 2012 taxes online See Community Property Laws Disregarded, later. How can i file 2012 taxes online Check your state law if you are separated but do not meet the conditions discussed in Spouses living apart all year, later. How can i file 2012 taxes online In some states, the income you earn after you are separated and before a divorce decree is issued continues to be community income. How can i file 2012 taxes online In other states, it is separate income. How can i file 2012 taxes online Income The following is a discussion of the general effect of community property laws on the federal income tax treatment of certain items of income. How can i file 2012 taxes online Wages, earnings, and profits. How can i file 2012 taxes online    A spouse's (or your registered domestic partner's) wages, earnings, and net profits from a sole proprietorship are community income and must be evenly split. How can i file 2012 taxes online Dividends, interest, and rents. How can i file 2012 taxes online    Dividends, interest, and rents from community property are community income and must be evenly split. How can i file 2012 taxes online Dividends, interest, and rents from separate property are characterized in accordance with the discussion under Income from separate property , later. How can i file 2012 taxes online Example. How can i file 2012 taxes online If you and your spouse (or your registered domestic partner) buy a bond that is considered community property under your state laws, half the bond interest belongs to you and half belongs to your spouse. How can i file 2012 taxes online You each must show the bond interest and the split of that interest on your Form 8958, and report half the interest on your Form 1040. How can i file 2012 taxes online Attach your Form 8958 to your Form 1040. How can i file 2012 taxes online Alimony received. How can i file 2012 taxes online    Alimony or separate maintenance payments made prior to divorce are taxable to the payee spouse only to the extent they exceed 50% (his or her share) of the reportable community income. How can i file 2012 taxes online This is so because the payee spouse is already required to report half of the community income. How can i file 2012 taxes online See also Alimony paid , later. How can i file 2012 taxes online Gains and losses. How can i file 2012 taxes online    Gains and losses are classified as separate or community depending on how the property is held. How can i file 2012 taxes online For example, a loss on separate property, such as stock held separately, is a separate loss. How can i file 2012 taxes online On the other hand, a loss on community property, such as a casualty loss to your home held as community property, is a community loss. How can i file 2012 taxes online See Publication 544, Sales and Other Dispositions of Assets, for information on gains and losses. How can i file 2012 taxes online See Publication 547, Casualties, Disasters, and Thefts, for information on losses due to a casualty or theft. How can i file 2012 taxes online Withdrawals from individual retirement arrangements (IRAs) and Coverdell Education Savings Accounts (ESAs). How can i file 2012 taxes online    There are several kinds of individual retirement arrangements (IRAs). How can i file 2012 taxes online They are traditional IRAs (including SEP-IRAs), SIMPLE IRAs, and Roth IRAs. How can i file 2012 taxes online IRAs and ESAs by law are deemed to be separate property. How can i file 2012 taxes online Therefore, taxable IRA and ESA distributions are separate property, even if the funds in the account would otherwise be community property. How can i file 2012 taxes online These distributions are wholly taxable to the spouse (or registered domestic partner) whose name is on the account. How can i file 2012 taxes online That spouse (or registered domestic partner) is also liable for any penalties and additional taxes on the distributions. How can i file 2012 taxes online Pensions. How can i file 2012 taxes online    Generally, distributions from pensions will be characterized as community or separate income depending on the respective periods of participation in the pension while married (or during the registered domestic partnership) and domiciled in a community property state or in a noncommunity property state during the total period of participation in the pension. How can i file 2012 taxes online See the example under Civil service retirement , later. How can i file 2012 taxes online These rules may vary between states. How can i file 2012 taxes online Check your state law. How can i file 2012 taxes online Lump-sum distributions. How can i file 2012 taxes online    If you were born before January 2, 1936, and receive a lump-sum distribution from a qualified retirement plan, you may be able to choose an optional method of figuring the tax on the distribution. How can i file 2012 taxes online For the 10-year tax option, you must disregard community property laws. How can i file 2012 taxes online For more information, see Publication 575, Pension and Annuity Income, and Form 4972, Tax on Lump-Sum Distributions. How can i file 2012 taxes online Civil service retirement. How can i file 2012 taxes online    For income tax purposes, community property laws apply to annuities payable under the Civil Service Retirement Act (CSRS) or Federal Employee Retirement System (FERS). How can i file 2012 taxes online   Whether a civil service annuity is separate or community income depends on your marital status (or your status as a registered domestic partner) and domicile of the employee when the services were performed for which the annuity is paid. How can i file 2012 taxes online Even if you now live in a noncommunity property state and you receive a civil service annuity, it may be community income if it is based on services you performed while married (or during the registered domestic partnership) and domiciled in a community property state. How can i file 2012 taxes online   If a civil service annuity is a mixture of community income and separate income, it must be divided between the two kinds of income. How can i file 2012 taxes online The division is based on the employee's domicile and marital status (or registered domestic partnership) in community and noncommunity property states during his or her periods of service. How can i file 2012 taxes online Example. How can i file 2012 taxes online Henry Wright retired this year after 30 years of civil service. How can i file 2012 taxes online He and his wife were domiciled in a community property state during the past 15 years. How can i file 2012 taxes online Since half the service was performed while the Wrights were married and domiciled in a community property state, half the civil service retirement pay is considered to be community income. How can i file 2012 taxes online If Mr. How can i file 2012 taxes online Wright receives $1,000 a month in retirement pay, $500 is considered community income—half ($250) is his income and half ($250) is his wife's. How can i file 2012 taxes online Military retirement pay. How can i file 2012 taxes online    State community property laws apply to military retirement pay. How can i file 2012 taxes online Generally, the pay is either separate or community income based on the marital status and domicile of the couple while the member of the Armed Forces was in active military service. How can i file 2012 taxes online For example, military retirement pay for services performed during marriage and domicile in a community property state is community income. How can i file 2012 taxes online   Active military pay earned while married and domiciled in a community property state is also community income. How can i file 2012 taxes online This income is considered to be received half by the member of the Armed Forces and half by the spouse. How can i file 2012 taxes online Partnership income. How can i file 2012 taxes online    If an interest is held in a partnership, and income from the partnership is attributable to the efforts of either spouse (or registered domestic partner), the partnership income is community property. How can i file 2012 taxes online If it is merely a passive investment in a separate property partnership, the partnership income will be characterized in accordance with the discussion under Income from separate property , later. How can i file 2012 taxes online Tax-exempt income. How can i file 2012 taxes online    For spouses, community income exempt from federal tax generally keeps its exempt status for both spouses. How can i file 2012 taxes online For example, under certain circumstances, income earned outside the United States is tax exempt. How can i file 2012 taxes online If you earned income and met the conditions that made it exempt, the income is also exempt for your spouse even though he or she may not have met the conditions. How can i file 2012 taxes online Registered domestic partners should consult the particular exclusion provision to see if the exempt status applies to both. How can i file 2012 taxes online Income from separate property. How can i file 2012 taxes online    In some states, income from separate property is separate income. How can i file 2012 taxes online These states include Arizona, California, Nevada, New Mexico, and Washington. How can i file 2012 taxes online Other states characterize income from separate property as community income. How can i file 2012 taxes online These states include Idaho, Louisiana, Texas, and Wisconsin. How can i file 2012 taxes online Exemptions When you file separate returns, you must claim your own exemption amount for that year. How can i file 2012 taxes online (See your tax return instructions. How can i file 2012 taxes online ) You cannot divide the amount allowed as an exemption for a dependent between you and your spouse (or your registered domestic partner). How can i file 2012 taxes online When community funds provide support for more than one person, each of whom otherwise qualifies as a dependent, you and your spouse (or your registered domestic partner) may divide the number of dependency exemptions as explained in the following example. How can i file 2012 taxes online Example. How can i file 2012 taxes online Ron and Diane White have three dependent children and live in Nevada. How can i file 2012 taxes online If Ron and Diane file separately, only Ron can claim his own exemption, and only Diane can claim her own exemption. How can i file 2012 taxes online Ron and Diane can agree that one of them will claim the exemption for one, two, or all of their children and the other will claim any remaining exemptions. How can i file 2012 taxes online They cannot each claim half of the total exemption amount for their three children. How can i file 2012 taxes online Deductions If you file separate returns, your deductions generally depend on whether the expenses involve community or separate income. How can i file 2012 taxes online Business and investment expenses. How can i file 2012 taxes online    If you file separate returns, expenses incurred to earn or produce community business or investment income are generally divided equally between you and your spouse (or your registered domestic partner). How can i file 2012 taxes online Each of you is entitled to deduct one-half of the expenses on your separate returns. How can i file 2012 taxes online Expenses incurred by a spouse (or registered domestic partner) to produce separate business or investment income is deductible by the spouse (or the registered domestic partner) who earns the corresponding separate business or investment income. How can i file 2012 taxes online    Other limits may also apply to business and investment expenses. How can i file 2012 taxes online For more information, see Publication 535, Business Expenses, and Publication 550, Investment Income and Expenses. How can i file 2012 taxes online Alimony paid. How can i file 2012 taxes online    Payments that may otherwise qualify as alimony are not deductible by the payer if they are the recipient spouse's part of community income. How can i file 2012 taxes online They are deductible as alimony only to the extent they are more than that spouse's part of community income. How can i file 2012 taxes online Example. How can i file 2012 taxes online You live in a community property state. How can i file 2012 taxes online You are separated but the special rules explained later under Spouses living apart all year do not apply. How can i file 2012 taxes online Under a written agreement, you pay your spouse $12,000 of your $20,000 total yearly community income. How can i file 2012 taxes online Your spouse receives no other community income. How can i file 2012 taxes online Under your state law, earnings of a spouse living separately and apart from the other spouse continue as community property. How can i file 2012 taxes online On your separate returns, each of you must report $10,000 of the total community income. How can i file 2012 taxes online In addition, your spouse must report $2,000 as alimony received. How can i file 2012 taxes online You can deduct $2,000 as alimony paid. How can i file 2012 taxes online IRA deduction. How can i file 2012 taxes online    Deductions for IRA contributions cannot be split between spouses (or registered domestic partners). How can i file 2012 taxes online The deduction for each spouse (or each registered domestic partner) is figured separately and without regard to community property laws. How can i file 2012 taxes online Personal expenses. How can i file 2012 taxes online   Expenses that are paid out of separate funds, such as medical expenses, are deductible by the spouse who pays them. How can i file 2012 taxes online If these expenses are paid from community funds, divide the deduction equally between you and your spouse. How can i file 2012 taxes online Credits, Taxes, and Payments The following is a discussion of the general effect of community property laws on the treatment of certain credits, taxes, and payments on your separate return. How can i file 2012 taxes online Child tax credit. How can i file 2012 taxes online    You may be entitled to a child tax credit for each of your qualifying children. How can i file 2012 taxes online You must provide the name and identification number (usually the social security number) of each qualifying child on your return. How can i file 2012 taxes online See your tax return instructions for the maximum amount of the credit you can claim for each qualifying child. How can i file 2012 taxes online Limit on credit. How can i file 2012 taxes online    The credit is limited if your modified adjusted gross income (modified AGI) is above a certain amount. How can i file 2012 taxes online The amount at which the limitation (phaseout) begins depends on your filing status. How can i file 2012 taxes online Generally, your credit is limited to your tax liability unless you have three or more qualifying children. How can i file 2012 taxes online See your tax return instructions for more information. How can i file 2012 taxes online Self-employment tax. How can i file 2012 taxes online    For the effect of community property laws on the income tax treatment of income from a sole proprietorship and partnerships, see Wages, earnings, and profits and Partnership income , earlier. How can i file 2012 taxes online The following rules only apply to persons married for federal tax purposes. How can i file 2012 taxes online Registered domestic partners report community income for self-employment tax purposes the same way they do for income tax purposes. How can i file 2012 taxes online Sole proprietorship. How can i file 2012 taxes online    With regard to net income from a trade or business (other than a partnership) that is community income, self-employment tax is imposed on the spouse carrying on the trade or business. How can i file 2012 taxes online Partnerships. How can i file 2012 taxes online    All of the distributive share of a married partner's income or loss from a partnership trade or business is attributable to the partner for computing any self-employment tax, even if a portion of the partner's distributive share of income or loss is community income or loss that is otherwise attributable to the partner's spouse for income tax purposes. How can i file 2012 taxes online If both spouses are partners, any self-employment tax is allocated based on their distributive shares. How can i file 2012 taxes online Federal income tax withheld. How can i file 2012 taxes online    Report the credit for federal income tax withheld on community wages in the same manner as your wages. How can i file 2012 taxes online If you and your spouse file separate returns on which each of you reports half the community wages, each of you is entitled to credit for half the income tax withheld on those wages. How can i file 2012 taxes online Likewise, each registered domestic partner is entitled to credit for half the income tax withheld on those wages. How can i file 2012 taxes online Estimated tax payments. How can i file 2012 taxes online    In determining whether you must pay estimated tax, apply the estimated tax rules to your estimated income. How can i file 2012 taxes online These rules are explained in Publication 505. How can i file 2012 taxes online   If you think you may owe estimated tax and want to pay the tax separately (registered domestic partners must pay the tax separately), determine whether you must pay it by taking into account: Half the community income and deductions, All of your separate income and deductions, and Your own exemption and any exemptions for dependents that you may claim. How can i file 2012 taxes online   Whether you and your spouse pay estimated tax jointly or separately will not affect your choice of filing joint or separate income tax returns. How can i file 2012 taxes online   If you and your spouse paid estimated tax jointly but file separate income tax returns, either of you can claim all of the estimated tax paid, or you may divide it between you in any way that you agree upon. How can i file 2012 taxes online   If you cannot agree on how to divide it, the estimated tax you can claim equals the total estimated tax paid times the tax shown on your separate return, divided by the total of the tax shown on your return and your spouse's return. How can i file 2012 taxes online   If you paid your estimated taxes separately, you get credit for only the estimated taxes you paid. How can i file 2012 taxes online Earned income credit. How can i file 2012 taxes online    You may be entitled to an earned income credit (EIC). How can i file 2012 taxes online You cannot claim this credit if your filing status is married filing separately. How can i file 2012 taxes online   If you are married, but qualify to file as head of household under rules for married taxpayers living apart (see Publication 501, Exemptions, Standard Deduction, and Filing Information), and live in a state that has community property laws, your earned income for the EIC does not include any amount earned by your spouse that is treated as belonging to you under community property laws. How can i file 2012 taxes online That amount is not earned income for the EIC, even though you must include it in your gross income on your income tax return. How can i file 2012 taxes online Your earned income includes the entire amount you earned, even if part of it is treated as belonging to your spouse under your state's community property laws. How can i file 2012 taxes online The same rule applies to registered domestic partners. How can i file 2012 taxes online    This rule does not apply when determining your adjusted gross income (AGI) for the EIC. How can i file 2012 taxes online Your AGI includes that part of both your and your spouse's (or your registered domestic partner's) wages that you are required to include in gross income shown on your tax return. How can i file 2012 taxes online   For more information about the EIC, see Publication 596, Earned Income Credit (EIC). How can i file 2012 taxes online Overpayments. How can i file 2012 taxes online    The amount of an overpayment on a joint return is allocated under the community property laws of the state in which you are domiciled. How can i file 2012 taxes online If, under the laws of your state, community property is subject to premarital or other separate debts of either spouse, the full joint overpayment may be used to offset the obligation. How can i file 2012 taxes online If, under the laws of your state, community property is not subject to premarital or other separate debts of either spouse, only the portion of the joint overpayment allocated to the spouse liable for the obligation can be used to offset that liability. How can i file 2012 taxes online The portion allocated to the other spouse can be refunded. How can i file 2012 taxes online Community Property Laws Disregarded The following discussions are situations where special rules apply to community property and community income for spouses. How can i file 2012 taxes online These rules do not apply to registered domestic partners. How can i file 2012 taxes online Certain community income not treated as community income by one spouse. How can i file 2012 taxes online    Community property laws may not apply to an item of community income that you received but did not treat as community income. How can i file 2012 taxes online You are responsible for reporting all of that income item if: You treat the item as if only you are entitled to the income, and You do not notify your spouse of the nature and amount of the income by the due date for filing the return (including extensions). How can i file 2012 taxes online Relief from liability arising from community property law. How can i file 2012 taxes online    You are not responsible for the tax relating to an item of community income if all the following conditions are met. How can i file 2012 taxes online You did not file a joint return for the tax year. How can i file 2012 taxes online You did not include an item of community income in gross income. How can i file 2012 taxes online The item of community income you did not include is one of the following: Wages, salaries, and other compensation your spouse (or former spouse) received for services he or she performed as an employee. How can i file 2012 taxes online Income your spouse (or former spouse) derived from a trade or business he or she operated as a sole proprietor. How can i file 2012 taxes online Your spouse's (or former spouse's) distributive share of partnership income. How can i file 2012 taxes online Income from your spouse's (or former spouse's) separate property (other than income described in (a), (b), or (c)). How can i file 2012 taxes online Use the appropriate community property law to determine what is separate property. How can i file 2012 taxes online Any other income that belongs to your spouse (or former spouse) under community property law. How can i file 2012 taxes online You establish that you did not know of, and had no reason to know of, that community income. How can i file 2012 taxes online Under all facts and circumstances, it would not be fair to include the item of community income in your gross income. How can i file 2012 taxes online Requesting relief. How can i file 2012 taxes online    For information on how and when to request relief from liabilities arising from community property laws, see Community Property Laws in Publication 971, Innocent Spouse Relief. How can i file 2012 taxes online Equitable relief. How can i file 2012 taxes online    If you do not qualify for the relief discussed earlier under Relief from liability arising from community property law and are now liable for an underpaid or understated tax you believe should be paid only by your spouse (or former spouse), you may request equitable relief. How can i file 2012 taxes online To request equitable relief, you must file Form 8857, Request for Innocent Spouse Relief. How can i file 2012 taxes online Also see Publication 971. How can i file 2012 taxes online Spousal agreements. How can i file 2012 taxes online    In some states a married couple may enter into an agreement that affects the status of property or income as community or separate property. How can i file 2012 taxes online Check your state law to determine how it affects you. How can i file 2012 taxes online Nonresident alien spouse. How can i file 2012 taxes online    If you are a U. How can i file 2012 taxes online S. How can i file 2012 taxes online citizen or resident alien and you choose to treat your nonresident alien spouse as a U. How can i file 2012 taxes online S. How can i file 2012 taxes online resident for tax purposes and you are domiciled in a community property state or country, use the community property rules. How can i file 2012 taxes online You must file a joint return for the year you make the choice. How can i file 2012 taxes online You can file separate returns in later years. How can i file 2012 taxes online For details on making this choice, see Publication 519, U. How can i file 2012 taxes online S. How can i file 2012 taxes online Tax Guide for Aliens. How can i file 2012 taxes online   If you are a U. How can i file 2012 taxes online S. How can i file 2012 taxes online citizen or resident alien and do not choose to treat your nonresident alien spouse as a U. How can i file 2012 taxes online S. How can i file 2012 taxes online resident for tax purposes, treat your community income as explained next under Spouses living apart all year. How can i file 2012 taxes online However, you do not have to meet the four conditions discussed there. How can i file 2012 taxes online Spouses living apart all year. How can i file 2012 taxes online    If you are married at any time during the calendar year, special rules apply for reporting certain community income. How can i file 2012 taxes online You must meet all the following conditions for these special rules to apply. How can i file 2012 taxes online You and your spouse lived apart all year. How can i file 2012 taxes online You and your spouse did not file a joint return for a tax year beginning or ending in the calendar year. How can i file 2012 taxes online You and/or your spouse had earned income for the calendar year that is community income. How can i file 2012 taxes online You and your spouse have not transferred, directly or indirectly, any of the earned income in condition (3) above between yourselves before the end of the year. How can i file 2012 taxes online Do not take into account transfers satisfying child support obligations or transfers of very small amounts or value. How can i file 2012 taxes online If all these conditions are met, you and your spouse must report your community income as discussed next. How can i file 2012 taxes online See also Certain community income not treated as community income by one spouse , earlier. How can i file 2012 taxes online Earned income. How can i file 2012 taxes online    Treat earned income that is not trade or business or partnership income as the income of the spouse who performed the services to earn the income. How can i file 2012 taxes online Earned income is wages, salaries, professional fees, and other pay for personal services. How can i file 2012 taxes online   Earned income does not include amounts paid by a corporation that are a distribution of earnings and profits rather than a reasonable allowance for personal services rendered. How can i file 2012 taxes online Trade or business income. How can i file 2012 taxes online    Treat income and related deductions from a trade or business that is not a partnership as those of the spouse carrying on the trade or business. How can i file 2012 taxes online Partnership income or loss. How can i file 2012 taxes online    Treat income or loss from a trade or business carried on by a partnership as the income or loss of the spouse who is the partner. How can i file 2012 taxes online Separate property income. How can i file 2012 taxes online    Treat income from the separate property of one spouse as the income of that spouse. How can i file 2012 taxes online Social security benefits. How can i file 2012 taxes online    Treat social security and equivalent railroad retirement benefits as the income of the spouse who receives the benefits. How can i file 2012 taxes online Other income. How can i file 2012 taxes online    Treat all other community income, such as dividends, interest, rents, royalties, or gains, as provided under your state's community property law. How can i file 2012 taxes online Example. How can i file 2012 taxes online George and Sharon were married throughout the year but did not live together at any time during the year. How can i file 2012 taxes online Both domiciles were in a community property state. How can i file 2012 taxes online They did not file a joint return or transfer any of their earned income between themselves. How can i file 2012 taxes online During the year their incomes were as follows:   George Sharon Wages $20,000 $22,000 Consulting business 5,000   Partnership   10,000 Dividends from separate property 1,000 2,000 Interest from community property 500 500 Total $26,500 $34,500 Under the community property law of their state, all the income is considered community income. How can i file 2012 taxes online (Some states treat income from separate property as separate income—check your state law. How can i file 2012 taxes online ) Sharon did not take part in George's consulting business. How can i file 2012 taxes online Ordinarily, on their separate returns they would each report $30,500, half the total community income of $61,000 ($26,500 + $34,500). How can i file 2012 taxes online But because they meet the four conditions listed earlier under Spouses living apart all year , they must disregard community property law in reporting all their income (except the interest income) from community property. How can i file 2012 taxes online They each report on their returns only their own earnings and other income, and their share of the interest income from community property. How can i file 2012 taxes online George reports $26,500 and Sharon reports $34,500. How can i file 2012 taxes online Other separated spouses. How can i file 2012 taxes online    If you and your spouse are separated but do not meet the four conditions discussed earlier under Spouses living apart all year , you must treat your income according to the laws of your state. How can i file 2012 taxes online In some states, income earned after separation but before a decree of divorce continues to be community income. How can i file 2012 taxes online In other states, it is separate income. How can i file 2012 taxes online End of the Community The marital community may end in several ways. How can i file 2012 taxes online When the marital community ends, the community assets (money and property) are divided between the spouses. How can i file 2012 taxes online Similarly, a registered domestic partnership may end in several ways and the community assets must be divided between the registered domestic partners. How can i file 2012 taxes online Death of spouse. How can i file 2012 taxes online    If you own community property and your spouse dies, the total fair market value (FMV) of the community property, including the part that belongs to you, generally becomes the basis of the entire property. How can i file 2012 taxes online For this rule to apply, at least half the value of the community property interest must be includible in your spouse's gross estate, whether or not the estate must file a return (this rule does not apply to registered domestic partners). How can i file 2012 taxes online Example. How can i file 2012 taxes online Bob and Ann owned community property that had a basis of $80,000. How can i file 2012 taxes online When Bob died, his and Ann's community property had an FMV of $100,000. How can i file 2012 taxes online One-half of the FMV of their community interest was includible in Bob's estate. How can i file 2012 taxes online The basis of Ann's half of the property is $50,000 after Bob died (half of the $100,000 FMV). How can i file 2012 taxes online The basis of the other half to Bob's heirs is also $50,000. How can i file 2012 taxes online   For more information about the basis of assets, see Publication 551, Basis of Assets. How can i file 2012 taxes online    The above basis rule does not apply if your spouse died in 2010 and the spouse's executor elected out of the estate tax, in which case section 1022 will apply. How can i file 2012 taxes online See Publication 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010, for additional information. How can i file 2012 taxes online Divorce or separation. How can i file 2012 taxes online    If spouses divorce or separate, the (equal or unequal) division of community property in connection with the divorce or property settlement does not result in a gain or loss. How can i file 2012 taxes online For registered domestic partners, an unequal division of community property in a property settlement may result in a gain or loss. How can i file 2012 taxes online For information on the tax consequences of the division of property under a property settlement or divorce decree, see Publication 504. How can i file 2012 taxes online   Each spouse (or each registered domestic partner) is taxed on half the community income for the part of the year before the community ends. How can i file 2012 taxes online However, see Spouses living apart all year , earlier. How can i file 2012 taxes online Any income received after the community ends is separate income. How can i file 2012 taxes online This separate income is taxable only to the spouse (or the registered domestic partner) to whom it belongs. How can i file 2012 taxes online   An absolute decree of divorce or annulment ends the marital community in all community property states. How can i file 2012 taxes online A decree of annulment, even though it holds that no valid marriage ever existed, usually does not nullify community property rights arising during the “marriage. How can i file 2012 taxes online ” However, you should check your state law for exceptions. How can i file 2012 taxes online   A decree of legal separation or of separate maintenance may or may not end the marital community. How can i file 2012 taxes online The court issuing the decree may terminate the marital community and divide the property between the spouses. How can i file 2012 taxes online   A separation agreement may divide the community property between you and your spouse. How can i file 2012 taxes online It may provide that this property, along with future earnings and property acquired, will be separate property. How can i file 2012 taxes online This agreement may end the community. How can i file 2012 taxes online   In some states, the marital community ends when the spouses permanently separate, even if there is no formal agreement. How can i file 2012 taxes online Check your state law. How can i file 2012 taxes online   If you are a registered domestic partner, you should check your state law to determine when the community ends. How can i file 2012 taxes online Preparing a Federal Income Tax Return The following discussion does not apply to spouses who meet the conditions under Spouses living apart all year , discussed earlier. How can i file 2012 taxes online Those spouses must report their community income as explained in that discussion. How can i file 2012 taxes online Joint Return Versus Separate Returns Ordinarily, filing a joint return will give you a greater tax advantage than filing a separate return. How can i file 2012 taxes online But in some cases, your combined income tax on separate returns may be less than it would be on a joint return. How can i file 2012 taxes online This discussion concerning joint versus separate returns does not apply to registered domestic partners. How can i file 2012 taxes online The following rules apply if your filing status is married filing separately. How can i file 2012 taxes online You should itemize deductions if your spouse itemizes deductions, because you cannot claim the standard deduction. How can i file 2012 taxes online You cannot take the credit for child and dependent care expenses in most instances. How can i file 2012 taxes online You cannot take the earned income credit. How can i file 2012 taxes online You cannot exclude any interest income from qualified U. How can i file 2012 taxes online S. How can i file 2012 taxes online savings bonds that you used for higher education expenses. How can i file 2012 taxes online You cannot take the credit for the elderly or the disabled unless you lived apart from your spouse all year. How can i file 2012 taxes online You may have to include in income more of any social security benefits (including any equivalent railroad retirement benefits) you received during the year than you would on a joint return. How can i file 2012 taxes online You cannot deduct interest paid on a qualified student loan. How can i file 2012 taxes online You cannot take the education credits. How can i file 2012 taxes online You may have a smaller child tax credit than you would on a joint return. How can i file 2012 taxes online You cannot take the exclusion or credit for adoption expenses in most instances. How can i file 2012 taxes online Figure your tax both on a joint return and on separate returns under the community property laws of your state. How can i file 2012 taxes online You can then compare the tax figured under both methods and use the one that results in less tax. How can i file 2012 taxes online Separate Return Preparation If you file separate returns, you and your spouse must each report half of your combined community income and deductions in addition to your separate income and deductions. How can i file 2012 taxes online Each of you must complete and attach Form 8958 to your Form 1040 showing how you figured the amount you are reporting on your return. How can i file 2012 taxes online On the appropriate lines of your separate Form 1040, list only your share of the income and deductions on the appropriate lines of your separate tax returns (wages, interest, dividends, etc. How can i file 2012 taxes online ). How can i file 2012 taxes online The same reporting rule applies to registered domestic partners. How can i file 2012 taxes online For a discussion of the effect of community property laws on certain items of income, deductions, credits, and other return amounts, see Identifying Income, Deductions, and Credits , earlier. How can i file 2012 taxes online Attach your Form 8958 to your separate return showing how you figured the income, deductions, and federal income tax withheld that each of you reported. How can i file 2012 taxes online Form 8958 is used for married spouses in community property states who choose to file married filing separately. How can i file 2012 taxes online Form 8958 is also used for registered domestic partners who are domiciled in Nevada, Washington, or California. How can i file 2012 taxes online A registered domestic partner in Nevada, Washington, or California must follow state community property laws and report half the combined community income of the individual and his or her registered domestic partner. How can i file 2012 taxes online Extension of time to file. How can i file 2012 taxes online    An extension of time for filing your separate return does not extend the time for filing your spouse's (or your registered domestic partner's) separate return. How can i file 2012 taxes online If you and your spouse file a joint return, you cannot file separate returns after the due date for filing either separate return has passed. How can i file 2012 taxes online How To Get Tax Help 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. How can i file 2012 taxes online Free help with your tax return. How can i file 2012 taxes online    You can get free help preparing your return nationwide from IRS-certified volunteers. How can i file 2012 taxes online The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. How can i file 2012 taxes online The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. How can i file 2012 taxes online 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. How can i file 2012 taxes online In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. How can i file 2012 taxes online To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. How can i file 2012 taxes online gov, download the IRS2Go app, or call 1-800-906-9887. How can i file 2012 taxes online   As part of the TCE program, AARP offers the Tax-Aide counseling program. How can i file 2012 taxes online To find the nearest AARP Tax-Aide site, visit AARP's website at www. How can i file 2012 taxes online aarp. How can i file 2012 taxes online org/money/taxaide or call 1-888-227-7669. How can i file 2012 taxes online For more information on these programs, go to IRS. How can i file 2012 taxes online gov and enter “VITA” in the search box. How can i file 2012 taxes online Internet. How can i file 2012 taxes online    IRS. How can i file 2012 taxes online gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. How can i file 2012 taxes online Download the free IRS2Go app from the iTunes app store or from Google Play. How can i file 2012 taxes online 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. How can i file 2012 taxes online Check the status of your 2013 refund with the Where's My Refund? application on IRS. How can i file 2012 taxes online gov or download the IRS2Go app and select the Refund Status option. How can i file 2012 taxes online The IRS issues more than 9 out of 10 refunds in less than 21 days. How can i file 2012 taxes online 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. How can i file 2012 taxes online You will also be given a personalized refund date as soon as the IRS processes your tax return and approves your refund. How can i file 2012 taxes online The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. How can i file 2012 taxes online Use the Interactive Tax Assistant (ITA) to research your tax questions. How can i file 2012 taxes online No need to wait on the phone or stand in line. How can i file 2012 taxes online 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. How can i file 2012 taxes online When you reach the response screen, you can print the entire interview and the final response for your records. How can i file 2012 taxes online New subject areas are added on a regular basis. How can i file 2012 taxes online  Answers not provided through ITA may be found in Tax Trails, one of the Tax Topics on IRS. How can i file 2012 taxes online gov which contain general individual and business tax information or by searching the IRS Tax Map, which includes an international subject index. How can i file 2012 taxes online You can use the IRS Tax Map, to search publications and instructions by topic or keyword. How can i file 2012 taxes online The IRS Tax Map integrates forms and publications into one research tool and provides single-point access to tax law information by subject. How can i file 2012 taxes online 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. How can i file 2012 taxes online 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. How can i file 2012 taxes online You can also ask the IRS to mail a return or an account transcript to you. How can i file 2012 taxes online Only the mail option is available by choosing the Tax Records option on the IRS2Go app by selecting Mail Transcript on IRS. How can i file 2012 taxes online gov or by calling 1-800-908-9946. How can i file 2012 taxes online Tax return and tax account transcripts are generally available for the current year and the past three years. How can i file 2012 taxes online Determine if you are eligible for the EITC and estimate the amount of the credit with the Earned Income Tax Credit (EITC) Assistant. How can i file 2012 taxes online Visit Understanding Your IRS Notice or Letter to get answers to questions about a notice or letter you received from the IRS. How can i file 2012 taxes online 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. How can i file 2012 taxes online Check the status of your amended return using Where's My Amended Return? Go to IRS. How can i file 2012 taxes online gov and enter Where's My Amended Return? in the search box. How can i file 2012 taxes online You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. How can i file 2012 taxes online It can take up to 3 weeks from the date you mailed it to show up in our system. How can i file 2012 taxes online Make a payment using one of several safe and convenient electronic payment options available on IRS. How can i file 2012 taxes online gov. How can i file 2012 taxes online Select the Payment tab on the front page of IRS. How can i file 2012 taxes online gov for more information. How can i file 2012 taxes online Determine if you are eligible and apply for an online payment agreement, if you owe more tax than you can pay today. How can i file 2012 taxes online Figure your income tax withholding with the IRS Withholding Calculator on IRS. How can i file 2012 taxes online gov. How can i file 2012 taxes online 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. How can i file 2012 taxes online Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. How can i file 2012 taxes online gov. How can i file 2012 taxes online Request an Electronic Filing PIN by going to IRS. How can i file 2012 taxes online gov and entering Electronic Filing PIN in the search box. How can i file 2012 taxes online Download forms, instructions and publications, including accessible versions for people with disabilities. How can i file 2012 taxes online Locate the nearest Taxpayer Assistance Center (TAC) using the Office Locator tool on IRS. How can i file 2012 taxes online gov, or choose the Contact Us option on the IRS2Go app and search Local Offices. How can i file 2012 taxes online An employee can answer questions about your tax account or help you set up a payment plan. How can i file 2012 taxes online Before you visit, check the Office Locator on IRS. How can i file 2012 taxes online gov, or Local Offices under Contact Us on IRS2Go to confirm the address, phone number, days and hours of operation, and the services provided. How can i file 2012 taxes online If you have a special need, such as a disability, you can request an appointment. How can i file 2012 taxes online Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. How can i file 2012 taxes online Apply for an Employer Identification Number (EIN). How can i file 2012 taxes online Go to IRS. How can i file 2012 taxes online gov and enter Apply for an EIN in the search box. How can i file 2012 taxes online Read the Internal Revenue Code, regulations, or other official guidance. How can i file 2012 taxes online Read Internal Revenue Bulletins. How can i file 2012 taxes online Sign up to receive local and national tax news and more by email. How can i file 2012 taxes online Just click on “subscriptions” above the search box on IRS. How can i file 2012 taxes online gov and choose from a variety of options. How can i file 2012 taxes online    Phone. How can i file 2012 taxes online You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. How can i file 2012 taxes online Download the free IRS2Go app from the iTunes app store or from Google Play. How can i file 2012 taxes online Call to locate the nearest volunteer help site, 1-800-906-9887 or you can use the VITA Locator Tool on IRS. How can i file 2012 taxes online gov, or download the IRS2Go app. How can i file 2012 taxes online 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. How can i file 2012 taxes online The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. How can i file 2012 taxes online Most VITA and TCE sites offer free electronic filing. How can i file 2012 taxes online Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. How can i file 2012 taxes online Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. How can i file 2012 taxes online 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. How can i file 2012 taxes online 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. How can i file 2012 taxes online The IRS issues more than 9 out of 10 refunds in less than 21 days. How can i file 2012 taxes online Where's My Refund? will give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. How can i file 2012 taxes online 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. How can i file 2012 taxes online The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. How can i file 2012 taxes online Note, the above information is for our automated hotline. How can i file 2012 taxes online 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. How can i file 2012 taxes online Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. How can i file 2012 taxes online You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. How can i file 2012 taxes online It can take up to 3 weeks from the date you mailed it to show up in our system. How can i file 2012 taxes online 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). How can i file 2012 taxes online You should receive your order within 10 business days. How can i file 2012 taxes online Call TeleTax, 1-800-829-4477, to listen to pre-recorded messages covering general and business tax information. How can i file 2012 taxes online 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. How can i file 2012 taxes online Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. How can i file 2012 taxes online The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. How can i file 2012 taxes online These individuals can also contact the IRS through relay services such as the Federal Relay Service. How can i file 2012 taxes online    Walk-in. How can i file 2012 taxes online You can find a selection of forms, publications and services — in-person. How can i file 2012 taxes online Products. How can i file 2012 taxes online You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. How can i file 2012 taxes online Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. How can i file 2012 taxes online Services. How can i file 2012 taxes online You can walk in to your local TAC for face-to-face tax help. How can i file 2012 taxes online An employee can answer questions about your tax account or help you set up a payment plan. How can i file 2012 taxes online Before visiting, use the Office Locator tool on IRS. How can i file 2012 taxes online gov, or choose the Contact Us option on the IRS2Go app and search Local Offices for days and hours of operation, and services provided. How can i file 2012 taxes online    Mail. How can i file 2012 taxes online You can send your order for forms, instructions, and publications to the address below. How can i file 2012 taxes online You should receive a response within 10 business days after your request is received. How can i file 2012 taxes online Internal Revenue Service 1201 N. How can i file 2012 taxes online Mitsubishi Motorway Bloomington, IL 61705-6613   The Taxpayer Advocate Service Is Here to Help You. How can i file 2012 taxes online The Taxpayer Advocate Service (TAS) is your voice at the IRS. How can i file 2012 taxes online Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. How can i file 2012 taxes online   What can TAS do for you? We can offer you free help with IRS problems that you can't resolve on your own. How can i file 2012 taxes online 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. How can i file 2012 taxes online You face (or your business is facing) an immediate threat of adverse action. How can i file 2012 taxes online You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. How can i file 2012 taxes online   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. How can i file 2012 taxes online Here's why we can help: TAS is an independent organization within the IRS. How can i file 2012 taxes online Our advocates know how to work with the IRS. How can i file 2012 taxes online Our services are free and tailored to meet your needs. How can i file 2012 taxes online We have offices in every state, the District of Columbia, and Puerto Rico. How can i file 2012 taxes online   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 www. How can i file 2012 taxes online irs. How can i file 2012 taxes online gov/advocate, or call us toll-free at 1-877-777-4778. How can i file 2012 taxes online   How else does TAS help taxpayers?  TAS also works to resolve large-scale, systemic problems that affect many taxpayers. How can i file 2012 taxes online If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System at www. How can i file 2012 taxes online irs. How can i file 2012 taxes online gov/sams. How can i file 2012 taxes online 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. How can i file 2012 taxes online Some clinics can provide information about taxpayer rights and responsibilities in different languages for individuals who speak English as a second language. How can i file 2012 taxes online Visit www. How can i file 2012 taxes online irs. How can i file 2012 taxes online gov/litc or see IRS Publication 4134, Low Income Taxpayer Clinic List. How can i file 2012 taxes online Prev  Up  Next   Home   More Online Publications
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How can i file 2012 taxes online 4. How can i file 2012 taxes online   Qualified Plans Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: Kinds of PlansDefined Contribution Plan Defined Benefit Plan Qualification RulesEarly retirement. How can i file 2012 taxes online Loan secured by benefits. How can i file 2012 taxes online Waiver of survivor benefits. How can i file 2012 taxes online Waiver of 30-day waiting period before annuity starting date. How can i file 2012 taxes online Involuntary cash-out of benefits not more than dollar limit. How can i file 2012 taxes online Exception for certain loans. How can i file 2012 taxes online Exception for QDRO. How can i file 2012 taxes online SIMPLE and safe harbor 401(k) plan exception. How can i file 2012 taxes online Setting Up a Qualified PlanAdopting a Written Plan Investing Plan Assets Minimum Funding RequirementDue dates. How can i file 2012 taxes online Installment percentage. How can i file 2012 taxes online Extended period for making contributions. How can i file 2012 taxes online ContributionsEmployer Contributions Employee Contributions When Contributions Are Considered Made Employer DeductionDeduction Limits Deduction Limit for Self-Employed Individuals Where To Deduct Contributions Carryover of Excess Contributions Excise Tax for Nondeductible (Excess) Contributions Elective Deferrals (401(k) Plans)Limit on Elective Deferrals Automatic Enrollment Treatment of Excess Deferrals Qualified Roth Contribution ProgramElective Deferrals Qualified Distributions Reporting Requirements DistributionsRequired Distributions Distributions From 401(k) Plans Tax Treatment of Distributions Tax on Early Distributions Tax on Excess Benefits Excise Tax on Reversion of Plan Assets Notification of Significant Benefit Accrual Reduction Prohibited TransactionsTax on Prohibited Transactions Reporting RequirementsOne-participant plan. How can i file 2012 taxes online Caution: Form 5500-EZ not required. How can i file 2012 taxes online Form 5500. How can i file 2012 taxes online Electronic filing of Forms 5500 and 5500-SF. How can i file 2012 taxes online Topics - This chapter discusses: Kinds of plans Qualification rules Setting up a qualified plan Minimum funding requirement Contributions Employer deduction Elective deferrals (401(k) plans) Qualified Roth contribution program Distributions Prohibited transactions Reporting requirements Useful Items - You may want to see: Publications 575 Pension and Annuity Income 590 Individual Retirement Arrangements (IRAs) 3066 Have you had your Check-up this year? for Retirement Plans 3998 Choosing A Retirement Solution for Your Small Business 4222 401(k) Plans for Small Businesses 4530 Designated Roth Accounts under a 401(k), 403(b), or governmental 457(b) plans 4531 401(k) Plan Checklist 4674 Automatic Enrollment 401(k) Plans for Small Businesses 4806 Profit Sharing Plans for Small Businesses Forms (and Instructions) www. How can i file 2012 taxes online dol. How can i file 2012 taxes online gov/ebsa/pdf/2013-5500. How can i file 2012 taxes online pdf www. How can i file 2012 taxes online dol. How can i file 2012 taxes online gov/ebsa/pdf/2013-5500-SF. How can i file 2012 taxes online pdf W-2 Wage and Tax Statement Schedule K-1 (Form 1065) Partner's Share of Income, Deductions, Credits, etc. How can i file 2012 taxes online 1099-R Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. How can i file 2012 taxes online 1040 U. How can i file 2012 taxes online S. How can i file 2012 taxes online Individual Income Tax Return Schedule C (Form 1040) Profit or Loss From Business Schedule F (Form 1040) Profit or Loss From Farming 5300 Application for Determination for Employee Benefit Plan 5310 Application for Determination for Terminating Plan 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts 5330 Return of Excise Taxes Related to Employee Benefit Plans 5500 Annual Return/Report of Employee Benefit Plan. How can i file 2012 taxes online For copies of this form, go to: 5500-EZ Annual Return of One-Participant (Owners and Their Spouses) Retirement Plan 5500-SF Short Form Annual Return/Report of Small Employee Benefit Plan. How can i file 2012 taxes online For copies of this form, go to: 8717 User Fee for Employee Plan Determination Letter Request 8880 Credit for Qualified Retirement Savings Contributions 8881 Credit for Small Employer Pension Plan Startup Costs 8955-SSA Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits These qualified retirement plans set up by self-employed individuals are sometimes called Keogh or H. How can i file 2012 taxes online R. How can i file 2012 taxes online 10 plans. How can i file 2012 taxes online A sole proprietor or a partnership can set up one of these plans. How can i file 2012 taxes online A common-law employee or a partner cannot set up one of these plans. How can i file 2012 taxes online The plans described here can also be set up and maintained by employers that are corporations. How can i file 2012 taxes online All the rules discussed here apply to corporations except where specifically limited to the self-employed. How can i file 2012 taxes online The plan must be for the exclusive benefit of employees or their beneficiaries. How can i file 2012 taxes online These qualified plans can include coverage for a self-employed individual. How can i file 2012 taxes online As an employer, you can usually deduct, subject to limits, contributions you make to a qualified plan, including those made for your own retirement. How can i file 2012 taxes online The contributions (and earnings and gains on them) are generally tax free until distributed by the plan. How can i file 2012 taxes online Kinds of Plans There are two basic kinds of qualified plans—defined contribution plans and defined benefit plans—and different rules apply to each. How can i file 2012 taxes online You can have more than one qualified plan, but your contributions to all the plans must not total more than the overall limits discussed under Contributions and Employer Deduction, later. How can i file 2012 taxes online Defined Contribution Plan A defined contribution plan provides an individual account for each participant in the plan. How can i file 2012 taxes online It provides benefits to a participant largely based on the amount contributed to that participant's account. How can i file 2012 taxes online Benefits are also affected by any income, expenses, gains, losses, and forfeitures of other accounts that may be allocated to an account. How can i file 2012 taxes online A defined contribution plan can be either a profit-sharing plan or a money purchase pension plan. How can i file 2012 taxes online Profit-sharing plan. How can i file 2012 taxes online   Although it is called a “profit-sharing plan,” you do not actually have to make a business profit for the year in order to make a contribution (except for yourself if you are self-employed as discussed under Self-employed Individual, later). How can i file 2012 taxes online A profit-sharing plan can be set up to allow for discretionary employer contributions, meaning the amount contributed each year to the plan is not fixed. How can i file 2012 taxes online An employer may even make no contribution to the plan for a given year. How can i file 2012 taxes online   The plan must provide a definite formula for allocating the contribution among the participants and for distributing the accumulated funds to the employees after they reach a certain age, after a fixed number of years, or upon certain other occurrences. How can i file 2012 taxes online   In general, you can be more flexible in making contributions to a profit-sharing plan than to a money purchase pension plan (discussed next) or a defined benefit plan (discussed later). How can i file 2012 taxes online Money purchase pension plan. How can i file 2012 taxes online   Contributions to a money purchase pension plan are fixed and are not based on your business profits. How can i file 2012 taxes online For example, if the plan requires that contributions be 10% of the participants' compensation without regard to whether you have profits (or the self-employed person has earned income), the plan is a money purchase pension plan. How can i file 2012 taxes online This applies even though the compensation of a self-employed individual as a participant is based on earned income derived from business profits. How can i file 2012 taxes online Defined Benefit Plan A defined benefit plan is any plan that is not a defined contribution plan. How can i file 2012 taxes online Contributions to a defined benefit plan are based on what is needed to provide definitely determinable benefits to plan participants. How can i file 2012 taxes online Actuarial assumptions and computations are required to figure these contributions. How can i file 2012 taxes online Generally, you will need continuing professional help to have a defined benefit plan. How can i file 2012 taxes online Qualification Rules To qualify for the tax benefits available to qualified plans, a plan must meet certain requirements (qualification rules) of the tax law. How can i file 2012 taxes online Generally, unless you write your own plan, the financial institution that provided your plan will take the continuing responsibility for meeting qualification rules that are later changed. How can i file 2012 taxes online The following is a brief overview of important qualification rules that generally have not yet been discussed. How can i file 2012 taxes online It is not intended to be all-inclusive. How can i file 2012 taxes online See Setting Up a Qualified Plan , later. How can i file 2012 taxes online Generally, the following qualification rules also apply to a SIMPLE 401(k) retirement plan. How can i file 2012 taxes online A SIMPLE 401(k) plan is, however, not subject to the top-heavy plan rules and nondiscrimination rules if the plan satisfies the provisions discussed in chapter 3 under SIMPLE 401(k) Plan. How can i file 2012 taxes online Plan assets must not be diverted. How can i file 2012 taxes online   Your plan must make it impossible for its assets to be used for, or diverted to, purposes other than the benefit of employees and their beneficiaries. How can i file 2012 taxes online As a general rule, the assets cannot be diverted to the employer. How can i file 2012 taxes online Minimum coverage requirement must be met. How can i file 2012 taxes online   To be a qualified plan, a defined benefit plan must benefit at least the lesser of the following. How can i file 2012 taxes online 50 employees, or The greater of: 40% of all employees, or Two employees. How can i file 2012 taxes online If there is only one employee, the plan must benefit that employee. How can i file 2012 taxes online Contributions or benefits must not discriminate. How can i file 2012 taxes online   Under the plan, contributions or benefits to be provided must not discriminate in favor of highly compensated employees. How can i file 2012 taxes online Contributions and benefits must not be more than certain limits. How can i file 2012 taxes online   Your plan must not provide for contributions or benefits that are more than certain limits. How can i file 2012 taxes online The limits apply to the annual contributions and other additions to the account of a participant in a defined contribution plan and to the annual benefit payable to a participant in a defined benefit plan. How can i file 2012 taxes online These limits are discussed later in this chapter under Contributions. How can i file 2012 taxes online Minimum vesting standard must be met. How can i file 2012 taxes online   Your plan must satisfy certain requirements regarding when benefits vest. How can i file 2012 taxes online A benefit is vested (you have a fixed right to it) when it becomes nonforfeitable. How can i file 2012 taxes online A benefit is nonforfeitable if it cannot be lost upon the happening, or failure to happen, of any event. How can i file 2012 taxes online Special rules apply to forfeited benefit amounts. How can i file 2012 taxes online In defined contribution plans, forfeitures can be allocated to the accounts of remaining participants in a nondiscriminatory way, or they can be used to reduce your contributions. How can i file 2012 taxes online   Forfeitures under a defined benefit plan cannot be used to increase the benefits any employee would otherwise receive under the plan. How can i file 2012 taxes online Forfeitures must be used instead to reduce employer contributions. How can i file 2012 taxes online Participation. How can i file 2012 taxes online   In general, an employee must be allowed to participate in your plan if he or she meets both the following requirements. How can i file 2012 taxes online Has reached age 21. How can i file 2012 taxes online Has at least 1 year of service (2 years if the plan is not a 401(k) plan and provides that after not more than 2 years of service the employee has a nonforfeitable right to all his or her accrued benefit). How can i file 2012 taxes online A plan cannot exclude an employee because he or she has reached a specified age. How can i file 2012 taxes online Leased employee. How can i file 2012 taxes online   A leased employee, defined in chapter 1, who performs services for you (recipient of the services) is treated as your employee for certain plan qualification rules. How can i file 2012 taxes online These rules include those in all the following areas. How can i file 2012 taxes online Nondiscrimination in coverage, contributions, and benefits. How can i file 2012 taxes online Minimum age and service requirements. How can i file 2012 taxes online Vesting. How can i file 2012 taxes online Limits on contributions and benefits. How can i file 2012 taxes online Top-heavy plan requirements. How can i file 2012 taxes online Contributions or benefits provided by the leasing organization for services performed for you are treated as provided by you. How can i file 2012 taxes online Benefit payment must begin when required. How can i file 2012 taxes online   Your plan must provide that, unless the participant chooses otherwise, the payment of benefits to the participant must begin within 60 days after the close of the latest of the following periods. How can i file 2012 taxes online The plan year in which the participant reaches the earlier of age 65 or the normal retirement age specified in the plan. How can i file 2012 taxes online The plan year in which the 10th anniversary of the year in which the participant began participating in the plan occurs. How can i file 2012 taxes online The plan year in which the participant separates from service. How can i file 2012 taxes online Early retirement. How can i file 2012 taxes online   Your plan can provide for payment of retirement benefits before the normal retirement age. How can i file 2012 taxes online If your plan offers an early retirement benefit, a participant who separates from service before satisfying the early retirement age requirement is entitled to that benefit if he or she meets both the following requirements. How can i file 2012 taxes online Satisfies the service requirement for the early retirement benefit. How can i file 2012 taxes online Separates from service with a nonforfeitable right to an accrued benefit. How can i file 2012 taxes online The benefit, which may be actuarially reduced, is payable when the early retirement age requirement is met. How can i file 2012 taxes online Required minimum distributions. How can i file 2012 taxes online   Special rules require minimum annual distributions from qualified plans, generally beginning after age  70½. How can i file 2012 taxes online See Required Distributions , under Distributions, later. How can i file 2012 taxes online Survivor benefits. How can i file 2012 taxes online   Defined benefit and money purchase pension plans must provide automatic survivor benefits in both the following forms. How can i file 2012 taxes online A qualified joint and survivor annuity for a vested participant who does not die before the annuity starting date. How can i file 2012 taxes online A qualified pre-retirement survivor annuity for a vested participant who dies before the annuity starting date and who has a surviving spouse. How can i file 2012 taxes online   The automatic survivor benefit also applies to any participant under a profit-sharing plan unless all the following conditions are met. How can i file 2012 taxes online The participant does not choose benefits in the form of a life annuity. How can i file 2012 taxes online The plan pays the full vested account balance to the participant's surviving spouse (or other beneficiary if the surviving spouse consents or if there is no surviving spouse) if the participant dies. How can i file 2012 taxes online The plan is not a direct or indirect transferee of a plan that must provide automatic survivor benefits. How can i file 2012 taxes online Loan secured by benefits. How can i file 2012 taxes online   If automatic survivor benefits are required for a spouse under a plan, he or she must consent to a loan that uses as security the accrued benefits in the plan. How can i file 2012 taxes online Waiver of survivor benefits. How can i file 2012 taxes online   Each plan participant may be permitted to waive the joint and survivor annuity or the pre-retirement survivor annuity (or both), but only if the participant has the written consent of the spouse. How can i file 2012 taxes online The plan also must allow the participant to withdraw the waiver. How can i file 2012 taxes online The spouse's consent must be witnessed by a plan representative or notary public. How can i file 2012 taxes online Waiver of 30-day waiting period before annuity starting date. How can i file 2012 taxes online    A plan may permit a participant to waive (with spousal consent) the 30-day minimum waiting period after a written explanation of the terms and conditions of a joint and survivor annuity is provided to each participant. How can i file 2012 taxes online   The waiver is allowed only if the distribution begins more than 7 days after the written explanation is provided. How can i file 2012 taxes online Involuntary cash-out of benefits not more than dollar limit. How can i file 2012 taxes online   A plan may provide for the immediate distribution of the participant's benefit under the plan if the present value of the benefit is not greater than $5,000. How can i file 2012 taxes online   However, the distribution cannot be made after the annuity starting date unless the participant and the spouse or surviving spouse of a participant who died (if automatic survivor benefits are required for a spouse under the plan) consents in writing to the distribution. How can i file 2012 taxes online If the present value is greater than $5,000, the plan must have the written consent of the participant and the spouse or surviving spouse (if automatic survivor benefits are required for a spouse under the plan) for any immediate distribution of the benefit. How can i file 2012 taxes online   Benefits attributable to rollover contributions and earnings on them can be ignored in determining the present value of these benefits. How can i file 2012 taxes online   A plan must provide for the automatic rollover of any cash-out distribution of more than $1,000 to an individual retirement account or annuity, unless the participant chooses otherwise. How can i file 2012 taxes online A section 402(f) notice must be sent prior to an involuntary cash-out of an eligible rollover distribution. How can i file 2012 taxes online See Section 402(f) Notice under Distributions, later, for more details. How can i file 2012 taxes online Consolidation, merger, or transfer of assets or liabilities. How can i file 2012 taxes online   Your plan must provide that, in the case of any merger or consolidation with, or transfer of assets or liabilities to, any other plan, each participant would (if the plan then terminated) receive a benefit equal to or more than the benefit he or she would have been entitled to just before the merger, etc. How can i file 2012 taxes online (if the plan had then terminated). How can i file 2012 taxes online Benefits must not be assigned or alienated. How can i file 2012 taxes online   Your plan must provide that a participant's or beneficiary's benefits under the plan cannot be taken away by any legal or equitable proceeding except as provided below or pursuant to certain judgements or settlements against the participant for violations of plan rules. How can i file 2012 taxes online Exception for certain loans. How can i file 2012 taxes online   A loan from the plan (not from a third party) to a participant or beneficiary is not treated as an assignment or alienation if the loan is secured by the participant's accrued nonforfeitable benefit and is exempt from the tax on prohibited transactions under section 4975(d)(1) or would be exempt if the participant were a disqualified person. How can i file 2012 taxes online A disqualified person is defined later in this chapter under Prohibited Transactions. How can i file 2012 taxes online Exception for QDRO. How can i file 2012 taxes online   Compliance with a QDRO (qualified domestic relations order) does not result in a prohibited assignment or alienation of benefits. How can i file 2012 taxes online   Payments to an alternate payee under a QDRO before the participant attains age 59½ are not subject to the 10% additional tax that would otherwise apply under certain circumstances. How can i file 2012 taxes online Benefits distributed to an alternate payee under a QDRO can be rolled over tax free to an individual retirement account or to an individual retirement annuity. How can i file 2012 taxes online No benefit reduction for social security increases. How can i file 2012 taxes online   Your plan must not permit a benefit reduction for a post-separation increase in the social security benefit level or wage base for any participant or beneficiary who is receiving benefits under your plan, or who is separated from service and has nonforfeitable rights to benefits. How can i file 2012 taxes online This rule also applies to plans supplementing the benefits provided by other federal or state laws. How can i file 2012 taxes online Elective deferrals must be limited. How can i file 2012 taxes online   If your plan provides for elective deferrals, it must limit those deferrals to the amount in effect for that particular year. How can i file 2012 taxes online See Limit on Elective Deferrals later in this chapter. How can i file 2012 taxes online Top-heavy plan requirements. How can i file 2012 taxes online   A top-heavy plan is one that mainly favors partners, sole proprietors, and other key employees. How can i file 2012 taxes online   A plan is top-heavy for a plan year if, for the preceding plan year, the total value of accrued benefits or account balances of key employees is more than 60% of the total value of accrued benefits or account balances of all employees. How can i file 2012 taxes online Additional requirements apply to a top-heavy plan primarily to provide minimum benefits or contributions for non-key employees covered by the plan. How can i file 2012 taxes online   Most qualified plans, whether or not top-heavy, must contain provisions that meet the top-heavy requirements and will take effect in plan years in which the plans are top-heavy. How can i file 2012 taxes online These qualification requirements for top-heavy plans are explained in section 416 and its regulations. How can i file 2012 taxes online SIMPLE and safe harbor 401(k) plan exception. How can i file 2012 taxes online   The top-heavy plan requirements do not apply to SIMPLE 401(k) plans, discussed earlier in chapter 3, or to safe harbor 401(k) plans that consist solely of safe harbor contributions, discussed later in this chapter. How can i file 2012 taxes online QACAs (discussed later) also are not subject to top-heavy requirements. How can i file 2012 taxes online Setting Up a Qualified Plan There are two basic steps in setting up a qualified plan. How can i file 2012 taxes online First you adopt a written plan. How can i file 2012 taxes online Then you invest the plan assets. How can i file 2012 taxes online You, the employer, are responsible for setting up and maintaining the plan. How can i file 2012 taxes online If you are self-employed, it is not necessary to have employees besides yourself to sponsor and set up a qualified plan. How can i file 2012 taxes online If you have employees, see Participation, under Qualification Rules, earlier. How can i file 2012 taxes online Set-up deadline. How can i file 2012 taxes online   To take a deduction for contributions for a tax year, your plan must be set up (adopted) by the last day of that year (December 31 for calendar-year employers). How can i file 2012 taxes online Credit for startup costs. How can i file 2012 taxes online   You may be able to claim a tax credit for part of the ordinary and necessary costs of starting a qualified plan that first became effective in 2013. How can i file 2012 taxes online For more information, see Credit for startup costs under Reminders, earlier. How can i file 2012 taxes online Adopting a Written Plan You must adopt a written plan. How can i file 2012 taxes online The plan can be an IRS-approved master or prototype plan offered by a sponsoring organization. How can i file 2012 taxes online Or it can be an individually designed plan. How can i file 2012 taxes online Written plan requirement. How can i file 2012 taxes online   To qualify, the plan you set up must be in writing and must be communicated to your employees. How can i file 2012 taxes online The plan's provisions must be stated in the plan. How can i file 2012 taxes online It is not sufficient for the plan to merely refer to a requirement of the Internal Revenue Code. How can i file 2012 taxes online Master or prototype plans. How can i file 2012 taxes online   Most qualified plans follow a standard form of plan (a master or prototype plan) approved by the IRS. How can i file 2012 taxes online Master and prototype plans are plans made available by plan providers for adoption by employers (including self-employed individuals). How can i file 2012 taxes online Under a master plan, a single trust or custodial account is established, as part of the plan, for the joint use of all adopting employers. How can i file 2012 taxes online Under a prototype plan, a separate trust or custodial account is established for each employer. How can i file 2012 taxes online Plan providers. How can i file 2012 taxes online   The following organizations generally can provide IRS-approved master or prototype plans. How can i file 2012 taxes online Banks (including some savings and loan associations and federally insured credit unions). How can i file 2012 taxes online Trade or professional organizations. How can i file 2012 taxes online Insurance companies. How can i file 2012 taxes online Mutual funds. How can i file 2012 taxes online Individually designed plan. How can i file 2012 taxes online   If you prefer, you can set up an individually designed plan to meet specific needs. How can i file 2012 taxes online Although advance IRS approval is not required, you can apply for approval by paying a fee and requesting a determination letter. How can i file 2012 taxes online You may need professional help for this. How can i file 2012 taxes online See Rev. How can i file 2012 taxes online Proc. How can i file 2012 taxes online 2014-6, 2014-1 I. How can i file 2012 taxes online R. How can i file 2012 taxes online B. How can i file 2012 taxes online 198, available at www. How can i file 2012 taxes online irs. How can i file 2012 taxes online gov/irb/2014-1_IRB/ar10. How can i file 2012 taxes online html, as annually updated, that may help you decide whether to apply for approval. How can i file 2012 taxes online Internal Revenue Bulletins are available on the IRS website at IRS. How can i file 2012 taxes online gov They are also available at most IRS offices and at certain libraries. How can i file 2012 taxes online User fee. How can i file 2012 taxes online   The fee mentioned earlier for requesting a determination letter does not apply to employers who have 100 or fewer employees who received at least $5,000 of compensation from the employer for the preceding year. How can i file 2012 taxes online At least one of them must be a non-highly compensated employee participating in the plan. How can i file 2012 taxes online The fee does not apply to requests made by the later of the following dates. How can i file 2012 taxes online The end of the 5th plan year the plan is in effect. How can i file 2012 taxes online The end of any remedial amendment period for the plan that begins within the first 5 plan years. How can i file 2012 taxes online The request cannot be made by the sponsor of a prototype or similar plan the sponsor intends to market to participating employers. How can i file 2012 taxes online   For more information about whether the user fee applies, see Rev. How can i file 2012 taxes online Proc. How can i file 2012 taxes online 2014-8, 2014-1 I. How can i file 2012 taxes online R. How can i file 2012 taxes online B. How can i file 2012 taxes online 242, available at www. How can i file 2012 taxes online irs. How can i file 2012 taxes online gov/irb/2014-1_IRB/ar12. How can i file 2012 taxes online html, as may be annually updated; Notice 2003-49, 2003-32 I. How can i file 2012 taxes online R. How can i file 2012 taxes online B. How can i file 2012 taxes online 294, available at www. How can i file 2012 taxes online irs. How can i file 2012 taxes online gov/irb/2003-32_IRB/ar13. How can i file 2012 taxes online html; and Notice 2011-86, 2011-45 I. How can i file 2012 taxes online R. How can i file 2012 taxes online B. How can i file 2012 taxes online 698, available at www. How can i file 2012 taxes online irs. How can i file 2012 taxes online gov/irb/2011-45_IRB/ar11. How can i file 2012 taxes online html. How can i file 2012 taxes online Investing Plan Assets In setting up a qualified plan, you arrange how the plan's funds will be used to build its assets. How can i file 2012 taxes online You can establish a trust or custodial account to invest the funds. How can i file 2012 taxes online You, the trust, or the custodial account can buy an annuity contract from an insurance company. How can i file 2012 taxes online Life insurance can be included only if it is incidental to the retirement benefits. How can i file 2012 taxes online You set up a trust by a legal instrument (written document). How can i file 2012 taxes online You may need professional help to do this. How can i file 2012 taxes online You can set up a custodial account with a bank, savings and loan association, credit union, or other person who can act as the plan trustee. How can i file 2012 taxes online You do not need a trust or custodial account, although you can have one, to invest the plan's funds in annuity contracts or face-amount certificates. How can i file 2012 taxes online If anyone other than a trustee holds them, however, the contracts or certificates must state they are not transferable. How can i file 2012 taxes online Other plan requirements. How can i file 2012 taxes online   For information on other important plan requirements, see Qualification Rules , earlier in this chapter. How can i file 2012 taxes online Minimum Funding Requirement In general, if your plan is a money purchase pension plan or a defined benefit plan, you must actually pay enough into the plan to satisfy the minimum funding standard for each year. How can i file 2012 taxes online Determining the amount needed to satisfy the minimum funding standard for a defined benefit plan is complicated, and you should seek professional help in order to meet these contribution requirements. How can i file 2012 taxes online For information on this funding requirement, see section 412 and its regulations. How can i file 2012 taxes online Quarterly installments of required contributions. How can i file 2012 taxes online   If your plan is a defined benefit plan subject to the minimum funding requirements, you generally must make quarterly installment payments of the required contributions. How can i file 2012 taxes online If you do not pay the full installments timely, you may have to pay interest on any underpayment for the period of the underpayment. How can i file 2012 taxes online Due dates. How can i file 2012 taxes online   The due dates for the installments are 15 days after the end of each quarter. How can i file 2012 taxes online For a calendar-year plan, the installments are due April 15, July 15, October 15, and January 15 (of the following year). How can i file 2012 taxes online Installment percentage. How can i file 2012 taxes online   Each quarterly installment must be 25% of the required annual payment. How can i file 2012 taxes online Extended period for making contributions. How can i file 2012 taxes online   Additional contributions required to satisfy the minimum funding requirement for a plan year will be considered timely if made by 8½ months after the end of that year. How can i file 2012 taxes online Contributions A qualified plan is generally funded by your contributions. How can i file 2012 taxes online However, employees participating in the plan may be permitted to make contributions, and you may be permitted to make contributions on your own behalf. How can i file 2012 taxes online See Employee Contributions and Elective Deferrals later. How can i file 2012 taxes online Contributions deadline. How can i file 2012 taxes online   You can make deductible contributions for a tax year up to the due date of your return (plus extensions) for that year. How can i file 2012 taxes online Self-employed individual. How can i file 2012 taxes online   You can make contributions on behalf of yourself only if you have net earnings (compensation) from self-employment in the trade or business for which the plan was set up. How can i file 2012 taxes online Your net earnings must be from your personal services, not from your investments. How can i file 2012 taxes online If you have a net loss from self-employment, you cannot make contributions for yourself for the year, even if you can contribute for common-law employees based on their compensation. How can i file 2012 taxes online Employer Contributions There are certain limits on the contributions and other annual additions you can make each year for plan participants. How can i file 2012 taxes online There are also limits on the amount you can deduct. How can i file 2012 taxes online See Deduction Limits , later. How can i file 2012 taxes online Limits on Contributions and Benefits Your plan must provide that contributions or benefits cannot exceed certain limits. How can i file 2012 taxes online The limits differ depending on whether your plan is a defined contribution plan or a defined benefit plan. How can i file 2012 taxes online Defined benefit plan. How can i file 2012 taxes online   For 2013, the annual benefit for a participant under a defined benefit plan cannot exceed the lesser of the following amounts. How can i file 2012 taxes online 100% of the participant's average compensation for his or her highest 3 consecutive calendar years. How can i file 2012 taxes online $205,000 ($210,000 for 2014). How can i file 2012 taxes online Defined contribution plan. How can i file 2012 taxes online   For 2013, a defined contribution plan's annual contributions and other additions (excluding earnings) to the account of a participant cannot exceed the lesser of the following amounts. How can i file 2012 taxes online 100% of the participant's compensation. How can i file 2012 taxes online $51,000 ($52,000 for 2014). How can i file 2012 taxes online   Catch-up contributions (discussed later under Limit on Elective Deferrals) are not subject to the above limit. How can i file 2012 taxes online Employee Contributions Participants may be permitted to make nondeductible contributions to a plan in addition to your contributions. How can i file 2012 taxes online Even though these employee contributions are not deductible, the earnings on them are tax free until distributed in later years. How can i file 2012 taxes online Also, these contributions must satisfy the actual contribution percentage (ACP) test of section 401(m)(2), a nondiscrimination test that applies to employee contributions and matching contributions. How can i file 2012 taxes online See Regulations sections 1. How can i file 2012 taxes online 401(k)-2 and 1. How can i file 2012 taxes online 401(m)-2 for further guidance relating to the nondiscrimination rules under sections 401(k) and 401(m). How can i file 2012 taxes online When Contributions Are Considered Made You generally apply your plan contributions to the year in which you make them. How can i file 2012 taxes online But you can apply them to the previous year if all the following requirements are met. How can i file 2012 taxes online You make them by the due date of your tax return for the previous year (plus extensions). How can i file 2012 taxes online The plan was established by the end of the previous year. How can i file 2012 taxes online The plan treats the contributions as though it had received them on the last day of the previous year. How can i file 2012 taxes online You do either of the following. How can i file 2012 taxes online You specify in writing to the plan administrator or trustee that the contributions apply to the previous year. How can i file 2012 taxes online You deduct the contributions on your tax return for the previous year. How can i file 2012 taxes online A partnership shows contributions for partners on Form 1065. How can i file 2012 taxes online Employer's promissory note. How can i file 2012 taxes online   Your promissory note made out to the plan is not a payment that qualifies for the deduction. How can i file 2012 taxes online Also, issuing this note is a prohibited transaction subject to tax. How can i file 2012 taxes online See Prohibited Transactions , later. How can i file 2012 taxes online Employer Deduction You can usually deduct, subject to limits, contributions you make to a qualified plan, including those made for your own retirement. How can i file 2012 taxes online The contributions (and earnings and gains on them) are generally tax free until distributed by the plan. How can i file 2012 taxes online Deduction Limits The deduction limit for your contributions to a qualified plan depends on the kind of plan you have. How can i file 2012 taxes online Defined contribution plans. How can i file 2012 taxes online   The deduction for contributions to a defined contribution plan (profit-sharing plan or money purchase pension plan) cannot be more than 25% of the compensation paid (or accrued) during the year to your eligible employees participating in the plan. How can i file 2012 taxes online If you are self-employed, you must reduce this limit in figuring the deduction for contributions you make for your own account. How can i file 2012 taxes online See Deduction Limit for Self-Employed Individuals , later. How can i file 2012 taxes online   When figuring the deduction limit, the following rules apply. How can i file 2012 taxes online Elective deferrals (discussed later) are not subject to the limit. How can i file 2012 taxes online Compensation includes elective deferrals. How can i file 2012 taxes online The maximum compensation that can be taken into account for each employee in 2013 is $255,000 ($260,000 for 2014). How can i file 2012 taxes online Defined benefit plans. How can i file 2012 taxes online   The deduction for contributions to a defined benefit plan is based on actuarial assumptions and computations. How can i file 2012 taxes online Consequently, an actuary must figure your deduction limit. How can i file 2012 taxes online    In figuring the deduction for contributions, you cannot take into account any contributions or benefits that are more than the limits discussed earlier under Limits on Contributions and Benefits, earlier. How can i file 2012 taxes online Table 4–1. How can i file 2012 taxes online Carryover of Excess Contributions Illustrated—Profit-Sharing Plan (000's omitted) Year Participants' compensation Participants' share of required contribution (10% of annual profit) Deductible  limit for current year (25% of compensation) Contribution Excess contribution carryover used1 Total  deduction including carryovers Excess contribution carryover available at end of year 2010 $1,000 $100 $250 $100 $ 0 $100 $ 0 2011 400 165 100 165 0 100 65 2012 500 100 125 100 25 125 40 2013 600 100 150 100 40 140 0  1There were no carryovers from years before 2010. How can i file 2012 taxes online Deduction Limit for Self-Employed Individuals If you make contributions for yourself, you need to make a special computation to figure your maximum deduction for these contributions. How can i file 2012 taxes online Compensation is your net earnings from self-employment, defined in chapter 1. How can i file 2012 taxes online This definition takes into account both the following items. How can i file 2012 taxes online The deduction for the deductible part of your self-employment tax. How can i file 2012 taxes online The deduction for contributions on your behalf to the plan. How can i file 2012 taxes online The deduction for your own contributions and your net earnings depend on each other. How can i file 2012 taxes online For this reason, you determine the deduction for your own contributions indirectly by reducing the contribution rate called for in your plan. How can i file 2012 taxes online To do this, use either the Rate Table for Self-Employed or the Rate Worksheet for Self-Employed in chapter 5. How can i file 2012 taxes online Then figure your maximum deduction by using the Deduction Worksheet for Self-Employed in chapter 5. How can i file 2012 taxes online Where To Deduct Contributions Deduct the contributions you make for your common-law employees on your tax return. How can i file 2012 taxes online 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. How can i file 2012 taxes online Sole proprietors and partners deduct contributions for themselves on line 28 of Form 1040. How can i file 2012 taxes online (If you are a partner, contributions for yourself are shown on the Schedule K-1 (Form 1065) you get from the partnership. How can i file 2012 taxes online ) Carryover of Excess Contributions If you contribute more to the plans than you can deduct for the year, you can carry over and deduct the difference in later years, combined with your contributions for those years. How can i file 2012 taxes online Your combined deduction in a later year is limited to 25% of the participating employees' compensation for that year. How can i file 2012 taxes online For purposes of this limit, a SEP is treated as a profit-sharing (defined contribution) plan. How can i file 2012 taxes online However, this percentage limit must be reduced to figure your maximum deduction for contributions you make for yourself. How can i file 2012 taxes online See Deduction Limit for Self-Employed Individuals, earlier. How can i file 2012 taxes online The amount you carry over and deduct may be subject to the excise tax discussed next. How can i file 2012 taxes online Table 4-1, earlier, illustrates the carryover of excess contributions to a profit-sharing plan. How can i file 2012 taxes online Excise Tax for Nondeductible (Excess) Contributions If you contribute more than your deduction limit to a retirement plan, you have made nondeductible contributions and you may be liable for an excise tax. How can i file 2012 taxes online In general, a 10% excise tax applies to nondeductible contributions made to qualified pension and profit-sharing plans and to SEPs. How can i file 2012 taxes online Special rule for self-employed individuals. How can i file 2012 taxes online   The 10% excise tax does not apply to any contribution made to meet the minimum funding requirements in a money purchase pension plan or a defined benefit plan. How can i file 2012 taxes online Even if that contribution is more than your earned income from the trade or business for which the plan is set up, the difference is not subject to this excise tax. How can i file 2012 taxes online See Minimum Funding Requirement , earlier. How can i file 2012 taxes online Reporting the tax. How can i file 2012 taxes online   You must report the tax on your nondeductible contributions on Form 5330. How can i file 2012 taxes online Form 5330 includes a computation of the tax. How can i file 2012 taxes online See the separate instructions for completing the form. How can i file 2012 taxes online Elective Deferrals (401(k) Plans) Your qualified plan can include a cash or deferred arrangement under which participants can choose to have you contribute part of their before-tax compensation to the plan rather than receive the compensation in cash. How can i file 2012 taxes online A plan with this type of arrangement is popularly known as a “401(k) plan. How can i file 2012 taxes online ” (As a self-employed individual participating in the plan, you can contribute part of your before-tax net earnings from the business. How can i file 2012 taxes online ) This contribution is called an “elective deferral” because participants choose (elect) to defer receipt of the money. How can i file 2012 taxes online In general, a qualified plan can include a cash or deferred arrangement only if the qualified plan is one of the following plans. How can i file 2012 taxes online A profit-sharing plan. How can i file 2012 taxes online A money purchase pension plan in existence on June 27, 1974, that included a salary reduction arrangement on that date. How can i file 2012 taxes online Partnership. How can i file 2012 taxes online   A partnership can have a 401(k) plan. How can i file 2012 taxes online Restriction on conditions of participation. How can i file 2012 taxes online   The plan cannot require, as a condition of participation, that an employee complete more than 1 year of service. How can i file 2012 taxes online Matching contributions. How can i file 2012 taxes online   If your plan permits, you can make matching contributions for an employee who makes an elective deferral to your 401(k) plan. How can i file 2012 taxes online For example, the plan might provide that you will contribute 50 cents for each dollar your participating employees choose to defer under your 401(k) plan. How can i file 2012 taxes online Matching contributions are generally subject to the ACP test discussed earlier under Employee Contributions. How can i file 2012 taxes online Nonelective contributions. How can i file 2012 taxes online   You can also make contributions (other than matching contributions) for your participating employees without giving them the choice to take cash instead. How can i file 2012 taxes online These are called nonelective contributions. How can i file 2012 taxes online Employee compensation limit. How can i file 2012 taxes online   No more than $255,000 of the employee's compensation can be taken into account when figuring contributions other than elective deferrals in 2013. How can i file 2012 taxes online This limit is $260,000 in 2014. How can i file 2012 taxes online SIMPLE 401(k) plan. How can i file 2012 taxes online   If you had 100 or fewer employees who earned $5,000 or more in compensation during the preceding year, you may be able to set up a SIMPLE 401(k) plan. How can i file 2012 taxes online A SIMPLE 401(k) plan is not subject to the nondiscrimination and top-heavy plan requirements discussed earlier under Qualification Rules. How can i file 2012 taxes online For details about SIMPLE 401(k) plans, see SIMPLE 401(k) Plan in chapter 3. How can i file 2012 taxes online Distributions. How can i file 2012 taxes online   Certain rules apply to distributions from 401(k) plans. How can i file 2012 taxes online See Distributions From 401(k) Plans , later. How can i file 2012 taxes online Limit on Elective Deferrals There is a limit on the amount an employee can defer each year under these plans. How can i file 2012 taxes online This limit applies without regard to community property laws. How can i file 2012 taxes online Your plan must provide that your employees cannot defer more than the limit that applies for a particular year. How can i file 2012 taxes online For 2013 and 2014, the basic limit on elective deferrals is $17,500. How can i file 2012 taxes online This limit applies to all salary reduction contributions and elective deferrals. How can i file 2012 taxes online If, in conjunction with other plans, the deferral limit is exceeded, the difference is included in the employee's gross income. How can i file 2012 taxes online Catch-up contributions. How can i file 2012 taxes online   A 401(k) plan can permit participants who are age 50 or over at the end of the calendar year to also make catch-up contributions. How can i file 2012 taxes online The catch-up contribution limit for 2013 and 2014 is $5,500. How can i file 2012 taxes online Elective deferrals are not treated as catch-up contributions for 2013 until they exceed the $17,500 limit, the actual deferral percentage (ADP) test limit of section 401(k)(3), or the plan limit (if any). How can i file 2012 taxes online However, the catch-up contribution a participant can make for a year cannot exceed the lesser of the following amounts. How can i file 2012 taxes online The catch-up contribution limit. How can i file 2012 taxes online The excess of the participant's compensation over the elective deferrals that are not catch-up contributions. How can i file 2012 taxes online Treatment of contributions. How can i file 2012 taxes online   Your contributions to your own 401(k) plan are generally deductible by you for the year they are contributed to the plan. How can i file 2012 taxes online Matching or nonelective contributions made to the plan are also deductible by you in the year of contribution. How can i file 2012 taxes online Your employees' elective deferrals other than designated Roth contributions are tax free until distributed from the plan. How can i file 2012 taxes online Elective deferrals are included in wages for social security, Medicare, and federal unemployment (FUTA) tax. How can i file 2012 taxes online Forfeiture. How can i file 2012 taxes online   Employees have a nonforfeitable right at all times to their accrued benefit attributable to elective deferrals. How can i file 2012 taxes online Reporting on Form W-2. How can i file 2012 taxes online   Do not include elective deferrals in the “Wages, tips, other compensation” box of Form W-2. How can i file 2012 taxes online You must, however, include them in the “Social security wages” and “Medicare wages and tips” boxes. How can i file 2012 taxes online You must also include them in box 12. How can i file 2012 taxes online Mark the “Retirement plan” checkbox in box 13. How can i file 2012 taxes online For more information, see the Form W-2 instructions. How can i file 2012 taxes online Automatic Enrollment Your 401(k) plan can have an automatic enrollment feature. How can i file 2012 taxes online Under this feature, you can automatically reduce an employee's pay by a fixed percentage and contribute that amount to the 401(k) plan on his or her behalf unless the employee affirmatively chooses not to have his or her pay reduced or chooses to have it reduced by a different percentage. How can i file 2012 taxes online These contributions are elective deferrals. How can i file 2012 taxes online An automatic enrollment feature will encourage employees' saving for retirement and will help your plan pass nondiscrimination testing (if applicable). How can i file 2012 taxes online For more information, see Publication 4674, Automatic Enrollment 401(k) Plans for Small Businesses. How can i file 2012 taxes online Eligible automatic contribution arrangement. How can i file 2012 taxes online   Under an eligible automatic contribution arrangement (EACA), a participant is treated as having elected to have the employer make contributions in an amount equal to a uniform percentage of compensation. How can i file 2012 taxes online This automatic election will remain in place until the participant specifically elects not to have such deferral percentage made (or elects a different percentage). How can i file 2012 taxes online There is no required deferral percentage. How can i file 2012 taxes online Withdrawals. How can i file 2012 taxes online   Under an EACA, you may allow participants to withdraw their automatic contributions to the plan if certain conditions are met. How can i file 2012 taxes online The participant must elect the withdrawal no later than 90 days after the date of the first elective contributions under the EACA. How can i file 2012 taxes online The participant must withdraw the entire amount of EACA default contributions, including any earnings thereon. How can i file 2012 taxes online   If the plan allows withdrawals under the EACA, the amount of the withdrawal other than the amount of any designated Roth contributions must be included in the employee's gross income for the tax year in which the distribution is made. How can i file 2012 taxes online The additional 10% tax on early distributions will not apply to the distribution. How can i file 2012 taxes online Notice requirement. How can i file 2012 taxes online   Under an EACA, employees must be given written notice of the terms of the EACA within a reasonable period of time before each plan year. How can i file 2012 taxes online The notice must be written in a manner calculated to be understood by the average employee and be sufficiently accurate and comprehensive in order to apprise the employee of his or her rights and obligations under the EACA. How can i file 2012 taxes online The notice must include an explanation of the employee's right to elect not to have elective contributions made on his or her behalf, or to elect a different percentage, and the employee must be given a reasonable period of time after receipt of the notice before the first elective contribution is made. How can i file 2012 taxes online The notice also must explain how contributions will be invested in the absence of an investment election by the employee. How can i file 2012 taxes online Qualified automatic contribution arrangement. How can i file 2012 taxes online    A qualified automatic contribution arrangement (QACA) is a type of safe harbor plan. How can i file 2012 taxes online It contains an automatic enrollment feature, and mandatory employer contributions are required. How can i file 2012 taxes online If your plan includes a QACA, it will not be subject to the ADP test (discussed later) nor the top-heavy requirements (discussed earlier). How can i file 2012 taxes online Additionally, your plan will not be subject to the actual contribution percentage (ACP) test if certain additional requirements are met. How can i file 2012 taxes online Under a QACA, each employee who is eligible to participate in the plan will be treated as having elected to make elective deferral contributions equal to a certain default percentage of compensation. How can i file 2012 taxes online In order to not have default elective deferrals made, an employee must make an affirmative election specifying a deferral percentage (including zero, if desired). How can i file 2012 taxes online If an employee does not make an affirmative election, the default deferral percentage must meet the following conditions. How can i file 2012 taxes online It must be applied uniformly. How can i file 2012 taxes online It must not exceed 10%. How can i file 2012 taxes online It must be at least 3% in the first plan year it applies to an employee and through the end of the following year. How can i file 2012 taxes online It must increase to at least 4% in the following plan year. How can i file 2012 taxes online It must increase to at least 5% in the following plan year. How can i file 2012 taxes online It must increase to at least 6% in subsequent plan years. How can i file 2012 taxes online Matching or nonelective contributions. How can i file 2012 taxes online   Under the terms of the QACA, you must make either matching or nonelective contributions according to the following terms. How can i file 2012 taxes online Matching contributions. How can i file 2012 taxes online You must make matching contributions on behalf of each non-highly compensated employee in the following amounts. How can i file 2012 taxes online An amount equal to 100% of elective deferrals, up to 1% of compensation. How can i file 2012 taxes online An amount equal to 50% of elective deferrals, from 1% up to 6% of compensation. How can i file 2012 taxes online Other formulas may be used as long as they are at least as favorable to non-highly compensated employees. How can i file 2012 taxes online The rate of matching contributions for highly compensated employees, including yourself, must not exceed the rates for non-highly compensated employees. How can i file 2012 taxes online Nonelective contributions. How can i file 2012 taxes online You must make nonelective contributions on behalf of every non-highly compensated employee eligible to participate in the plan, regardless of whether they elected to participate, in an amount equal to at least 3% of their compensation. How can i file 2012 taxes online Vesting requirements. How can i file 2012 taxes online   All accrued benefits attributed to matching or nonelective contributions under the QACA must be 100% vested for all employees who complete 2 years of service. How can i file 2012 taxes online These contributions are subject to special withdrawal restrictions, discussed later. How can i file 2012 taxes online Notice requirements. How can i file 2012 taxes online   Each employee eligible to participate in the QACA must receive written notice of their rights and obligations under the QACA, within a reasonable period before each plan year. How can i file 2012 taxes online The notice must be written in a manner calculated to be understood by the average employee, and it must be accurate and comprehensive. How can i file 2012 taxes online The notice must explain their right to elect not to have elective contributions made on their behalf, or to have contributions made at a different percentage than the default percentage. How can i file 2012 taxes online Additionally, the notice must explain how contributions will be invested in the absence of any investment election by the employee. How can i file 2012 taxes online The employee must have a reasonable period of time after receiving the notice to make such contribution and investment elections prior to the first contributions under the QACA. How can i file 2012 taxes online Treatment of Excess Deferrals If the total of an employee's deferrals is more than the limit for 2013, the employee can have the difference (called an excess deferral) paid out of any of the plans that permit these distributions. How can i file 2012 taxes online He or she must notify the plan by April 15, 2014 (or an earlier date specified in the plan), of the amount to be paid from each plan. How can i file 2012 taxes online The plan must then pay the employee that amount, plus earnings on the amount through the end of 2013, by April 15, 2014. How can i file 2012 taxes online Excess withdrawn by April 15. How can i file 2012 taxes online   If the employee takes out the excess deferral by April 15, 2014, it is not reported again by including it in the employee's gross income for 2014. How can i file 2012 taxes online However, any income earned in 2013 on the excess deferral taken out is taxable in the tax year in which it is taken out. How can i file 2012 taxes online The distribution is not subject to the additional 10% tax on early distributions. How can i file 2012 taxes online   If the employee takes out part of the excess deferral and the income on it, the distribution is treated as made proportionately from the excess deferral and the income. How can i file 2012 taxes online   Even if the employee takes out the excess deferral by April 15, the amount will be considered for purposes of nondiscrimination testing requirements of the plan, unless the distributed amount is for a non-highly compensated employee who participates in only one employer's 401(k) plan or plans. How can i file 2012 taxes online Excess not withdrawn by April 15. How can i file 2012 taxes online   If the employee does not take out the excess deferral by April 15, 2014, the excess, though taxable in 2013, is not included in the employee's cost basis in figuring the taxable amount of any eventual distributions under the plan. How can i file 2012 taxes online In effect, an excess deferral left in the plan is taxed twice, once when contributed and again when distributed. How can i file 2012 taxes online Also, if the employee's excess deferral is allowed to stay in the plan and the employee participates in no other employer's plan, the plan can be disqualified. How can i file 2012 taxes online Reporting corrective distributions on Form 1099-R. How can i file 2012 taxes online   Report corrective distributions of excess deferrals (including any earnings) on Form 1099-R. How can i file 2012 taxes online For specific information about reporting corrective distributions, see the Instructions for Forms 1099-R and 5498. How can i file 2012 taxes online Tax on excess contributions of highly compensated employees. How can i file 2012 taxes online   The law provides tests to detect discrimination in a plan. How can i file 2012 taxes online If tests, such as the actual deferral percentage test (ADP test) (see section 401(k)(3)) and the actual contribution percentage test (ACP test) (see section 401(m)(2)), show that contributions for highly compensated employees are more than the test limits for these contributions, the employer may have to pay a 10% excise tax. How can i file 2012 taxes online Report the tax on Form 5330. How can i file 2012 taxes online The ADP test does not apply to a safe harbor 401(k) plan (discussed next) nor to a QACA. How can i file 2012 taxes online Also, the ACP test does not apply to these plans if certain additional requirements are met. How can i file 2012 taxes online   The tax for the year is 10% of the excess contributions for the plan year ending in your tax year. How can i file 2012 taxes online Excess contributions are elective deferrals, employee contributions, or employer matching or nonelective contributions that are more than the amount permitted under the ADP test or the ACP test. How can i file 2012 taxes online   See Regulations sections 1. How can i file 2012 taxes online 401(k)-2 and 1. How can i file 2012 taxes online 401(m)-2 for further guidance relating to the nondiscrimination rules under sections 401(k) and 401(m). How can i file 2012 taxes online    If the plan fails the ADP or ACP testing, and the failure is not corrected by the end of the next plan year, the plan can be disqualified. How can i file 2012 taxes online Safe harbor 401(k) plan. How can i file 2012 taxes online If you meet the requirements for a safe harbor 401(k) plan, you do not have to satisfy the ADP test, nor the ACP test, if certain additional requirements are met. How can i file 2012 taxes online For your plan to be a safe harbor plan, you must meet the following conditions. How can i file 2012 taxes online Matching or nonelective contributions. How can i file 2012 taxes online You must make matching or nonelective contributions according to one of the following formulas. How can i file 2012 taxes online Matching contributions. How can i file 2012 taxes online You must make matching contributions according to the following rules. How can i file 2012 taxes online You must contribute an amount equal to 100% of each non-highly compensated employee's elective deferrals, up to 3% of compensation. How can i file 2012 taxes online You must contribute an amount equal to 50% of each non-highly compensated employee's elective deferrals, from 3% up to 5% of compensation. How can i file 2012 taxes online The rate of matching contributions for highly compensated employees, including yourself, must not exceed the rates for non-highly compensated employees. How can i file 2012 taxes online Nonelective contributions. How can i file 2012 taxes online You must make nonelective contributions, without regard to whether the employee made elective deferrals, on behalf of all non-highly compensated employees eligible to participate in the plan, equal to at least 3% of the employee's compensation. How can i file 2012 taxes online These mandatory matching and nonelective contributions must be immediately 100% vested and are subject to special withdrawal restrictions. How can i file 2012 taxes online Notice requirement. How can i file 2012 taxes online You must give eligible employees written notice of their rights and obligations with regard to contributions under the plan, within a reasonable period before the plan year. How can i file 2012 taxes online The other requirements for a 401(k) plan, including withdrawal and vesting rules, must also be met for your plan to qualify as a safe harbor 401(k) plan. How can i file 2012 taxes online Qualified Roth Contribution Program Under this program an eligible employee can designate all or a portion of his or her elective deferrals as after-tax Roth contributions. How can i file 2012 taxes online Elective deferrals designated as Roth contributions must be maintained in a separate Roth account. How can i file 2012 taxes online However, unlike other elective deferrals, designated Roth contributions are not excluded from employees' gross income, but qualified distributions from a Roth account are excluded from employees' gross income. How can i file 2012 taxes online Elective Deferrals Under a qualified Roth contribution program, the amount of elective deferrals that an employee may designate as a Roth contribution is limited to the maximum amount of elective deferrals excludable from gross income for the year (for 2013 and 2014, $17,500 if under age 50 and $23,000 if age 50 or over) less the total amount of the employee's elective deferrals not designated as Roth contributions. How can i file 2012 taxes online Designated Roth deferrals are treated the same as pre-tax elective deferrals for most purposes, including: The annual individual elective deferral limit (total of all designated Roth contributions and traditional, pre-tax elective deferrals) of $17,500 for 2013 and 2014, with an additional $5,500 if age 50 or over for 2013 and 2014, Determining the maximum employee and employer annual contributions of the lesser of 100% of compensation or $51,000 for 2013 ($52,000 for 2014), Nondiscrimination testing, Required distributions, and Elective deferrals not taken into account for purposes of deduction limits. How can i file 2012 taxes online Qualified Distributions A qualified distribution is a distribution that is made after the employee's nonexclusion period and: On or after the employee attains age   59½, On account of the employee's being disabled, or On or after the employee's death. How can i file 2012 taxes online An employee's nonexclusion period for a plan is the 5-tax-year period beginning with the earlier of the following tax years. How can i file 2012 taxes online The first tax year in which the employee made a contribution to his or her Roth account in the plan, or If a rollover contribution was made to the employee's designated Roth account from a designated Roth account previously established for the employee under another plan, then the first tax year the employee made a designated Roth contribution to the previously established account. How can i file 2012 taxes online Rollover. How can i file 2012 taxes online   Beginning September 28, 2010, a rollover from another account can be made to a designated Roth account in the same plan. How can i file 2012 taxes online For additional information on these in-plan Roth rollovers, see Notice 2010-84, 2010-51 I. How can i file 2012 taxes online R. How can i file 2012 taxes online B. How can i file 2012 taxes online 872, available at www. How can i file 2012 taxes online irs. How can i file 2012 taxes online gov/irb/2010-51_IRB/ar11. How can i file 2012 taxes online html, and Notice 2013-74. How can i file 2012 taxes online A distribution from a designated Roth account can only be rolled over to another designated Roth account or a Roth IRA. How can i file 2012 taxes online Rollover amounts do not apply toward the annual deferral limit. How can i file 2012 taxes online Reporting Requirements You must report a contribution to a Roth account on Form W-2 and a distribution from a Roth account on Form 1099-R. How can i file 2012 taxes online See the Form W-2 and 1099-R instructions for detailed information. How can i file 2012 taxes online Distributions Amounts paid to plan participants from a qualified plan are called distributions. How can i file 2012 taxes online Distributions may be nonperiodic, such as lump-sum distributions, or periodic, such as annuity payments. How can i file 2012 taxes online Also, certain loans may be treated as distributions. How can i file 2012 taxes online See Loans Treated as Distributions in Publication 575. How can i file 2012 taxes online Required Distributions A qualified plan must provide that each participant will either: Receive his or her entire interest (benefits) in the plan by the required beginning date (defined later), or Begin receiving regular periodic distributions by the required beginning date in annual amounts calculated to distribute the participant's entire interest (benefits) over his or her life expectancy or over the joint life expectancy of the participant and the designated beneficiary (or over a shorter period). How can i file 2012 taxes online These distribution rules apply individually to each qualified plan. How can i file 2012 taxes online You cannot satisfy the requirement for one plan by taking a distribution from another. How can i file 2012 taxes online The plan must provide that these rules override any inconsistent distribution options previously offered. How can i file 2012 taxes online Minimum distribution. How can i file 2012 taxes online   If the account balance of a qualified plan participant is to be distributed (other than as an annuity), the plan administrator must figure the minimum amount required to be distributed each distribution calendar year. How can i file 2012 taxes online This minimum is figured by dividing the account balance by the applicable life expectancy. How can i file 2012 taxes online The plan administrator can use the life expectancy tables in Appendix C of Publication 590 for this purpose. How can i file 2012 taxes online For more information on figuring the minimum distribution, see Tax on Excess Accumulation in Publication 575. How can i file 2012 taxes online Required beginning date. How can i file 2012 taxes online   Generally, each participant must receive his or her entire benefits in the plan or begin to receive periodic distributions of benefits from the plan by the required beginning date. How can i file 2012 taxes online   A participant must begin to receive distributions from his or her qualified retirement plan by April 1 of the first year after the later of the following years. How can i file 2012 taxes online Calendar year in which he or she reaches age 70½. How can i file 2012 taxes online Calendar year in which he or she retires from employment with the employer maintaining the plan. How can i file 2012 taxes online However, the plan may require the participant to begin receiving distributions by April 1 of the year after the participant reaches age 70½ even if the participant has not retired. How can i file 2012 taxes online   If the participant is a 5% owner of the employer maintaining the plan, the participant must begin receiving distributions by April 1 of the first year after the calendar year in which the participant reached age 70½. How can i file 2012 taxes online For more information, see Tax on Excess Accumulation in Publication 575. How can i file 2012 taxes online Distributions after the starting year. How can i file 2012 taxes online   The distribution required to be made by April 1 is treated as a distribution for the starting year. How can i file 2012 taxes online (The starting year is the year in which the participant meets (1) or (2) above, whichever applies. How can i file 2012 taxes online ) After the starting year, the participant must receive the required distribution for each year by December 31 of that year. How can i file 2012 taxes online If no distribution is made in the starting year, required distributions for 2 years must be made in the next year (one by April 1 and one by December 31). How can i file 2012 taxes online Distributions after participant's death. How can i file 2012 taxes online   See Publication 575 for the special rules covering distributions made after the death of a participant. How can i file 2012 taxes online Distributions From 401(k) Plans Generally, distributions cannot be made until one of the following occurs. How can i file 2012 taxes online The employee retires, dies, becomes disabled, or otherwise severs employment. How can i file 2012 taxes online The plan ends and no other defined contribution plan is established or continued. How can i file 2012 taxes online In the case of a 401(k) plan that is part of a profit-sharing plan, the employee reaches age 59½ or suffers financial hardship. How can i file 2012 taxes online For the rules on hardship distributions, including the limits on them, see Regulations section 1. How can i file 2012 taxes online 401(k)-1(d). How can i file 2012 taxes online The employee becomes eligible for a qualified reservist distribution (defined next). How can i file 2012 taxes online Certain distributions listed above may be subject to the tax on early distributions discussed later. How can i file 2012 taxes online Qualified reservist distributions. How can i file 2012 taxes online   A qualified reservist distribution is a distribution from an IRA or an elective deferral account made after September 11, 2001, to a military reservist or a member of the National Guard who has been called to active duty for at least 180 days or for an indefinite period. How can i file 2012 taxes online All or part of a qualified reservist distribution can be recontributed to an IRA. How can i file 2012 taxes online The additional 10% tax on early distributions does not apply to a qualified reservist distribution. How can i file 2012 taxes online Tax Treatment of Distributions Distributions from a qualified plan minus a prorated part of any cost basis are subject to income tax in the year they are distributed. How can i file 2012 taxes online Since most recipients have no cost basis, a distribution is generally fully taxable. How can i file 2012 taxes online An exception is a distribution that is properly rolled over as discussed under Rollover, next. How can i file 2012 taxes online The tax treatment of distributions depends on whether they are made periodically over several years or life (periodic distributions) or are nonperiodic distributions. How can i file 2012 taxes online See Taxation of Periodic Payments and Taxation of Nonperiodic Payments in Publication 575 for a detailed description of how distributions are taxed, including the 10-year tax option or capital gain treatment of a lump-sum distribution. How can i file 2012 taxes online Note. How can i file 2012 taxes online A recipient of a distribution from a designated Roth account will have a cost basis since designated Roth contributions are made on an after-tax basis. How can i file 2012 taxes online Also, a distribution from a designated Roth account is entirely tax-free if certain conditions are met. How can i file 2012 taxes online See Qualified distributions under Qualified Roth Contribution Program, earlier. How can i file 2012 taxes online Rollover. How can i file 2012 taxes online   The recipient of an eligible rollover distribution from a qualified plan can defer the tax on it by rolling it over into a traditional IRA or another eligible retirement plan. How can i file 2012 taxes online However, it may be subject to withholding as discussed under Withholding requirement, later. How can i file 2012 taxes online A rollover can also be made to a Roth IRA, in which case, any previously untaxed amounts are includible in gross income unless the rollover is from a designated Roth account. How can i file 2012 taxes online Eligible rollover distribution. How can i file 2012 taxes online   This is a distribution of all or any part of an employee's balance in a qualified retirement plan that is not any of the following. How can i file 2012 taxes online A required minimum distribution. How can i file 2012 taxes online See Required Distributions , earlier. How can i file 2012 taxes online Any of a series of substantially equal payments made at least once a year over any of the following periods. How can i file 2012 taxes online The employee's life or life expectancy. How can i file 2012 taxes online The joint lives or life expectancies of the employee and beneficiary. How can i file 2012 taxes online A period of 10 years or longer. How can i file 2012 taxes online A hardship distribution. How can i file 2012 taxes online The portion of a distribution that represents the return of an employee's nondeductible contributions to the plan. How can i file 2012 taxes online See Employee Contributions , earlier, and Rollover of nontaxable amounts, next. How can i file 2012 taxes online Loans treated as distributions. How can i file 2012 taxes online Dividends on employer securities. How can i file 2012 taxes online The cost of any life insurance coverage provided under a qualified retirement plan. How can i file 2012 taxes online Similar items designated by the IRS in published guidance. How can i file 2012 taxes online See, for example, the Instructions for Forms 1099-R and 5498. How can i file 2012 taxes online Rollover of nontaxable amounts. How can i file 2012 taxes online   You may be able to roll over the nontaxable part of a distribution to another qualified retirement plan or a section 403(b) plan, or to an IRA. How can i file 2012 taxes online If the rollover is to a qualified retirement plan or a section 403(b) plan that separately accounts for the taxable and nontaxable parts of the rollover, the transfer must be made through a direct (trustee-to-trustee) rollover. How can i file 2012 taxes online If the rollover is to an IRA, the transfer can be made by any rollover method. How can i file 2012 taxes online Note. How can i file 2012 taxes online A distribution from a designated Roth account can be rolled over to another designated Roth account or to a Roth IRA. How can i file 2012 taxes online If the rollover is to a Roth IRA, it can be rolled over by any rollover method, but if the rollover is to another designated Roth account, it must be rolled over directly (trustee-to-trustee). How can i file 2012 taxes online More information. How can i file 2012 taxes online   For more information about rollovers, see Rollovers in Pubs. How can i file 2012 taxes online 575 and 590. How can i file 2012 taxes online Withholding requirement. How can i file 2012 taxes online   If, during a year, a qualified plan pays to a participant one or more eligible rollover distributions (defined earlier) that are reasonably expected to total $200 or more, the payor must withhold 20% of the taxable portion of each distribution for federal income tax. How can i file 2012 taxes online Exceptions. How can i file 2012 taxes online   If, instead of having the distribution paid to him or her, the participant chooses to have the plan pay it directly to an IRA or another eligible retirement plan (a direct rollover), no withholding is required. How can i file 2012 taxes online   If the distribution is not an eligible rollover distribution, defined earlier, the 20% withholding requirement does not apply. How can i file 2012 taxes online Other withholding rules apply to distributions that are not eligible rollover distributions, such as long-term periodic distributions and required distributions (periodic or nonperiodic). How can i file 2012 taxes online However, the participant can choose not to have tax withheld from these distributions. How can i file 2012 taxes online If the participant does not make this choice, the following withholding rules apply. How can i file 2012 taxes online For periodic distributions, withholding is based on their treatment as wages. How can i file 2012 taxes online For nonperiodic distributions, 10% of the taxable part is withheld. How can i file 2012 taxes online Estimated tax payments. How can i file 2012 taxes online   If no income tax is withheld or not enough tax is withheld, the recipient of a distribution may have to make estimated tax payments. How can i file 2012 taxes online For more information, see Withholding Tax and Estimated Tax in Publication 575. How can i file 2012 taxes online Section 402(f) Notice. How can i file 2012 taxes online   If a distribution is an eligible rollover distribution, as defined earlier, you must provide a written notice to the recipient that explains the following rules regarding such distributions. How can i file 2012 taxes online That the distribution may be directly transferred to an eligible retirement plan and information about which distributions are eligible for this direct transfer. How can i file 2012 taxes online That tax will be withheld from the distribution if it is not directly transferred to an eligible retirement plan. How can i file 2012 taxes online That the distribution will not be subject to tax if transferred to an eligible retirement plan within 60 days after the date the recipient receives the distribution. How can i file 2012 taxes online Certain other rules that may be applicable. How can i file 2012 taxes online   Notice 2009-68, 2009-39 I. How can i file 2012 taxes online R. How can i file 2012 taxes online B. How can i file 2012 taxes online 423, available at www. How can i file 2012 taxes online irs. How can i file 2012 taxes online gov/irb/2009-39_IRB/ar14. How can i file 2012 taxes online html, contains two updated safe harbor section 402(f) notices that plan administrators may provide recipients of eligible rollover distributions. How can i file 2012 taxes online If the plan allows in-plan Roth rollovers, the 402(f) notice must be amended to reflect this. How can i file 2012 taxes online Notice 2010-84 contains guidance on how to modify a 402(f) notice for in-plan Roth rollovers. How can i file 2012 taxes online Timing of notice. How can i file 2012 taxes online   The notice generally must be provided no less than 30 days and no more than 180 days before the date of a distribution. How can i file 2012 taxes online Method of notice. How can i file 2012 taxes online   The written notice must be provided individually to each distributee of an eligible rollover distribution. How can i file 2012 taxes online Posting of the notice is not sufficient. How can i file 2012 taxes online However, the written requirement may be satisfied through the use of electronic media if certain additional conditions are met. How can i file 2012 taxes online See Regulations section 1. How can i file 2012 taxes online 401(a)-21. How can i file 2012 taxes online Tax on failure to give notice. How can i file 2012 taxes online   Failure to give a 402(f) notice will result in a tax of $100 for each failure, with a total not exceeding $50,000 per calendar year. How can i file 2012 taxes online The tax will not be imposed if it is shown that such failure is due to reasonable cause and not to willful neglect. How can i file 2012 taxes online Tax on Early Distributions If a distribution is made to an employee under the plan before he or she reaches age 59½, the employee may have to pay a 10% additional tax on the distribution. How can i file 2012 taxes online This tax applies to the amount received that the employee must include in income. How can i file 2012 taxes online Exceptions. How can i file 2012 taxes online   The 10% tax will not apply if distributions before age 59½ are made in any of the following circumstances. How can i file 2012 taxes online Made to a beneficiary (or to the estate of the employee) on or after the death of the employee. How can i file 2012 taxes online Made due to the employee having a qualifying disability. How can i file 2012 taxes online Made as part of a series of substantially equal periodic payments beginning after separation from service and made at least annually for the life or life expectancy of the employee or the joint lives or life expectancies of the employee and his or her designated beneficiary. How can i file 2012 taxes online (The payments under this exception, except in the case of death or disability, must continue for at least 5 years or until the employee reaches age 59½, whichever is the longer period. How can i file 2012 taxes online ) Made to an employee after separation from service if the separation occurred during o