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How Do I Get 2012 Tax Forms

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How Do I Get 2012 Tax Forms

How do i get 2012 tax forms 5. How do i get 2012 tax forms   How To Get Tax Help Table of Contents Low Income Taxpayer Clinics Whether it's help with a tax issue, preparing your tax return or a need for a free publication or form, get the help you need the way you want it: online, use a smart phone, call or walk in to an IRS office or volunteer site near you. How do i get 2012 tax forms Free help with your tax return. How do i get 2012 tax forms   You can get free help preparing your return nationwide from IRS-certified volunteers. How do i get 2012 tax forms The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. How do i get 2012 tax forms The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. How do i get 2012 tax forms 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 do i get 2012 tax forms In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. How do i get 2012 tax forms To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. How do i get 2012 tax forms gov, download the IRS2Go app, or call 1-800-906-9887. How do i get 2012 tax forms   As part of the TCE program, AARP offers the Tax-Aide counseling program. How do i get 2012 tax forms To find the nearest AARP Tax-Aide site, visit AARP's website at www. How do i get 2012 tax forms aarp. How do i get 2012 tax forms org/money/taxaide or call 1-888-227-7669. How do i get 2012 tax forms For more information on these programs, go to IRS. How do i get 2012 tax forms gov and enter “VITA” in the search box. How do i get 2012 tax forms Internet. How do i get 2012 tax forms    IRS. How do i get 2012 tax forms gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. How do i get 2012 tax forms Download the free IRS2Go app from the iTunes app store or from Google Play. How do i get 2012 tax forms 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 do i get 2012 tax forms Check the status of your 2013 refund with the Where's My Refund? application on IRS. How do i get 2012 tax forms gov or download the IRS2Go app and select the Refund Status option. How do i get 2012 tax forms The IRS issues more than 9 out of 10 refunds in less than 21 days. How do i get 2012 tax forms 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 do i get 2012 tax forms You will also be given a personalized refund date as soon as the IRS processes your tax return and approves your refund. How do i get 2012 tax forms The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. How do i get 2012 tax forms Use the Interactive Tax Assistant (ITA) to research your tax questions. How do i get 2012 tax forms No need to wait on the phone or stand in line. How do i get 2012 tax forms 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 do i get 2012 tax forms When you reach the response screen, you can print the entire interview and the final response for your records. How do i get 2012 tax forms New subject areas are added on a regular basis. How do i get 2012 tax forms  Answers not provided through ITA may be found in Tax Trails, one of the Tax Topics on IRS. How do i get 2012 tax forms gov which contain general individual and business tax information or by searching the IRS Tax Map, which includes an international subject index. How do i get 2012 tax forms You can use the IRS Tax Map, to search publications and instructions by topic or keyword. How do i get 2012 tax forms The IRS Tax Map integrates forms and publications into one research tool and provides single-point access to tax law information by subject. How do i get 2012 tax forms 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 do i get 2012 tax forms 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 do i get 2012 tax forms You can also ask the IRS to mail a return or an account transcript to you. How do i get 2012 tax forms Only the mail option is available by choosing the Tax Records option on the IRS2Go app by selecting Mail Transcript on IRS. How do i get 2012 tax forms gov or by calling 1-800-908-9946. How do i get 2012 tax forms Tax return and tax account transcripts are generally available for the current year and the past three years. How do i get 2012 tax forms Determine if you are eligible for the EITC and estimate the amount of the credit with the Earned Income Tax Credit (EITC) Assistant. How do i get 2012 tax forms Visit Understanding Your IRS Notice or Letter to get answers to questions about a notice or letter you received from the IRS. How do i get 2012 tax forms 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 do i get 2012 tax forms Check the status of your amended return using Where's My Amended Return? Go to IRS. How do i get 2012 tax forms gov and enter Where's My Amended Return? in the search box. How do i get 2012 tax forms You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. How do i get 2012 tax forms It can take up to 3 weeks from the date you mailed it to show up in our system. How do i get 2012 tax forms Make a payment using one of several safe and convenient electronic payment options available on IRS. How do i get 2012 tax forms gov. How do i get 2012 tax forms Select the Payment tab on the front page of IRS. How do i get 2012 tax forms gov for more information. How do i get 2012 tax forms Determine if you are eligible and apply for an online payment agreement, if you owe more tax than you can pay today. How do i get 2012 tax forms Figure your income tax withholding with the IRS Withholding Calculator on IRS. How do i get 2012 tax forms gov. How do i get 2012 tax forms 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 do i get 2012 tax forms Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. How do i get 2012 tax forms gov. How do i get 2012 tax forms Request an Electronic Filing PIN by going to IRS. How do i get 2012 tax forms gov and entering Electronic Filing PIN in the search box. How do i get 2012 tax forms Download forms, instructions and publications, including accessible versions for people with disabilities. How do i get 2012 tax forms Locate the nearest Taxpayer Assistance Center (TAC) using the Office Locator tool on IRS. How do i get 2012 tax forms gov, or choose the Contact Us option on the IRS2Go app and search Local Offices. How do i get 2012 tax forms An employee can answer questions about your tax account or help you set up a payment plan. How do i get 2012 tax forms Before you visit, check the Office Locator on IRS. How do i get 2012 tax forms 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 do i get 2012 tax forms If you have a special need, such as a disability, you can request an appointment. How do i get 2012 tax forms Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. How do i get 2012 tax forms Apply for an Employer Identification Number (EIN). How do i get 2012 tax forms Go to IRS. How do i get 2012 tax forms gov and enter Apply for an EIN in the search box. How do i get 2012 tax forms Read the Internal Revenue Code, regulations, or other official guidance. How do i get 2012 tax forms Read Internal Revenue Bulletins. How do i get 2012 tax forms Sign up to receive local and national tax news and more by email. How do i get 2012 tax forms Just click on “subscriptions” above the search box on IRS. How do i get 2012 tax forms gov and choose from a variety of options. How do i get 2012 tax forms Phone. How do i get 2012 tax forms    You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. How do i get 2012 tax forms Download the free IRS2Go app from the iTunes app store or from Google Play. How do i get 2012 tax forms Call to locate the nearest volunteer help site, 1-800-906-9887 or you can use the VITA Locator Tool on IRS. How do i get 2012 tax forms gov, or download the IRS2Go app. How do i get 2012 tax forms 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 do i get 2012 tax forms The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. How do i get 2012 tax forms Most VITA and TCE sites offer free electronic filing. How do i get 2012 tax forms Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. How do i get 2012 tax forms Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. How do i get 2012 tax forms 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 do i get 2012 tax forms 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 do i get 2012 tax forms The IRS issues more than 9 out of 10 refunds in less than 21 days. How do i get 2012 tax forms 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 do i get 2012 tax forms 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 do i get 2012 tax forms The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. How do i get 2012 tax forms Note, the above information is for our automated hotline. How do i get 2012 tax forms 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 do i get 2012 tax forms Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. How do i get 2012 tax forms You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. How do i get 2012 tax forms It can take up to 3 weeks from the date you mailed it to show up in our system. How do i get 2012 tax forms 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 do i get 2012 tax forms You should receive your order within 10 business days. How do i get 2012 tax forms Call TeleTax, 1-800-829-4477, to listen to pre-recorded messages covering general and business tax information. How do i get 2012 tax forms 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 do i get 2012 tax forms Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. How do i get 2012 tax forms The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. How do i get 2012 tax forms These individuals can also contact the IRS through relay services such as the Federal Relay Service. How do i get 2012 tax forms Walk-in. How do i get 2012 tax forms   You can find a selection of forms, publications and services — in-person. How do i get 2012 tax forms Products. How do i get 2012 tax forms You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. How do i get 2012 tax forms Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. How do i get 2012 tax forms Services. How do i get 2012 tax forms You can walk in to your local TAC for face-to-face tax help. How do i get 2012 tax forms An employee can answer questions about your tax account or help you set up a payment plan. How do i get 2012 tax forms Before visiting, use the Office Locator tool on IRS. How do i get 2012 tax forms 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 do i get 2012 tax forms Mail. How do i get 2012 tax forms   You can send your order for forms, instructions, and publications to the address below. How do i get 2012 tax forms You should receive a response within 10 business days after your request is received. How do i get 2012 tax forms Internal Revenue Service 1201 N. How do i get 2012 tax forms Mitsubishi Motorway Bloomington, IL 61705-6613    The Taxpayer Advocate Service Is Here to Help You. How do i get 2012 tax forms The Taxpayer Advocate Service (TAS) is your voice at the IRS. How do i get 2012 tax forms Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. How do i get 2012 tax forms   What can TAS do for you? We can offer you free help with IRS problems that you can't resolve on your own. How do i get 2012 tax forms 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 do i get 2012 tax forms You face (or your business is facing) an immediate threat of adverse action. How do i get 2012 tax forms You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. How do i get 2012 tax forms   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 do i get 2012 tax forms Here's why we can help: TAS is an independent organization within the IRS. How do i get 2012 tax forms Our advocates know how to work with the IRS. How do i get 2012 tax forms Our services are free and tailored to meet your needs. How do i get 2012 tax forms We have offices in every state, the District of Columbia, and Puerto Rico. How do i get 2012 tax forms   How can you reach us? If you think TAS can help you, call your local advocate, whose number is in your local directory and at Taxpayer Advocate, or call us toll-free at 1-877-777-4778. How do i get 2012 tax forms   How else does TAS help taxpayers?  TAS also works to resolve large-scale, systemic problems that affect many taxpayers. How do i get 2012 tax forms If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System. How do i get 2012 tax forms 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 do i get 2012 tax forms Some clinics can provide information about taxpayer rights and responsibilities in different languages for individuals who speak English as a second language. How do i get 2012 tax forms Visit Taxpayer Advocate or see IRS Publication 4134, Low Income Taxpayer Clinic List. 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The How Do I Get 2012 Tax Forms

How do i get 2012 tax forms 2. How do i get 2012 tax forms   Simplified Employee Pensions (SEPs) Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: Setting Up a SEPWhen not to use Form 5305-SEP. How do i get 2012 tax forms How Much Can I Contribute?Contribution Limits Deducting ContributionsDeduction Limit for Contributions for Participants Deduction Limit for Self-Employed Individuals Carryover of Excess SEP Contributions When To Deduct Contributions Where To Deduct Contributions Salary Reduction Simplified Employee Pensions (SARSEPs)SARSEP ADP test. How do i get 2012 tax forms Deferral percentage. How do i get 2012 tax forms Employee compensation. How do i get 2012 tax forms Compensation of self-employed individuals. How do i get 2012 tax forms Choice not to treat deferrals as compensation. How do i get 2012 tax forms Limit on Elective Deferrals Tax Treatment of Deferrals Distributions (Withdrawals) Additional TaxesEffects on employee. How do i get 2012 tax forms Reporting and Disclosure Requirements Topics - This chapter discusses: Setting up a SEP How much can I contribute Deducting contributions Salary reduction simplified employee pensions (SARSEPs) Distributions (withdrawals) Additional taxes Reporting and disclosure requirements Useful Items - You may want to see: Publication 590 Individual Retirement Arrangements (IRAs) 3998 Choosing A Retirement Solution for Your Small Business 4285 SEP Checklist 4286 SARSEP Checklist 4333 SEP Retirement Plans for Small Businesses 4336 SARSEP for Small Businesses 4407 SARSEP—Key Issues and Assistance Forms (and Instructions) W-2 Wage and Tax Statement 1040 U. How do i get 2012 tax forms S. How do i get 2012 tax forms Individual Income Tax Return 5305-SEP Simplified Employee Pension—Individual Retirement Accounts Contribution Agreement 5305A-SEP Salary Reduction Simplified Employee Pension—Individual Retirement Accounts Contribution Agreement 8880 Credit for Qualified Retirement Savings Contributions 8881 Credit for Small Employer Pension Plan Startup Costs A SEP is a written plan that allows you to make contributions toward your own retirement and your employees' retirement without getting involved in a more complex qualified plan. How do i get 2012 tax forms Under a SEP, you make contributions to a traditional individual retirement arrangement (called a SEP-IRA) set up by or for each eligible employee. How do i get 2012 tax forms A SEP-IRA is owned and controlled by the employee, and you make contributions to the financial institution where the SEP-IRA is maintained. How do i get 2012 tax forms SEP-IRAs are set up for, at a minimum, each eligible employee (defined below). How do i get 2012 tax forms A SEP-IRA may have to be set up for a leased employee (defined in chapter 1), but does not need to be set up for excludable employees (defined later). How do i get 2012 tax forms Eligible employee. How do i get 2012 tax forms   An eligible employee is an individual who meets all the following requirements. How do i get 2012 tax forms Has reached age 21. How do i get 2012 tax forms Has worked for you in at least 3 of the last 5 years. How do i get 2012 tax forms Has received at least $550 in compensation from you in 2013. How do i get 2012 tax forms This amount remains the same in 2014. How do i get 2012 tax forms    You can use less restrictive participation requirements than those listed, but not more restrictive ones. How do i get 2012 tax forms Excludable employees. How do i get 2012 tax forms   The following employees can be excluded from coverage under a SEP. How do i get 2012 tax forms Employees covered by a union agreement and whose retirement benefits were bargained for in good faith by the employees' union and you. How do i get 2012 tax forms Nonresident alien employees who have received no U. How do i get 2012 tax forms S. How do i get 2012 tax forms source wages, salaries, or other personal services compensation from you. How do i get 2012 tax forms For more information about nonresident aliens, see Publication 519, U. How do i get 2012 tax forms S. How do i get 2012 tax forms Tax Guide for Aliens. How do i get 2012 tax forms Setting Up a SEP There are three basic steps in setting up a SEP. How do i get 2012 tax forms You must execute a formal written agreement to provide benefits to all eligible employees. How do i get 2012 tax forms You must give each eligible employee certain information about the SEP. How do i get 2012 tax forms A SEP-IRA must be set up by or for each eligible employee. How do i get 2012 tax forms Many financial institutions will help you set up a SEP. How do i get 2012 tax forms Formal written agreement. How do i get 2012 tax forms   You must execute a formal written agreement to provide benefits to all eligible employees under a SEP. How do i get 2012 tax forms You can satisfy the written agreement requirement by adopting an IRS model SEP using Form 5305-SEP. How do i get 2012 tax forms However, see When not to use Form 5305-SEP, below. How do i get 2012 tax forms   If you adopt an IRS model SEP using Form 5305-SEP, no prior IRS approval or determination letter is required. How do i get 2012 tax forms Keep the original form. How do i get 2012 tax forms Do not file it with the IRS. How do i get 2012 tax forms Also, using Form 5305-SEP will usually relieve you from filing annual retirement plan information returns with the IRS and the Department of Labor. How do i get 2012 tax forms See the Form 5305-SEP instructions for details. How do i get 2012 tax forms If you choose not to use Form 5305-SEP, you should seek professional advice in adopting a SEP. How do i get 2012 tax forms When not to use Form 5305-SEP. How do i get 2012 tax forms   You cannot use Form 5305-SEP if any of the following apply. How do i get 2012 tax forms You currently maintain any other qualified retirement plan other than another SEP. How do i get 2012 tax forms You have any eligible employees for whom IRAs have not been set up. How do i get 2012 tax forms You use the services of leased employees, who are not your common-law employees (as described in chapter 1). How do i get 2012 tax forms You are a member of any of the following unless all eligible employees of all the members of these groups, trades, or businesses participate under the SEP. How do i get 2012 tax forms An affiliated service group described in section 414(m). How do i get 2012 tax forms A controlled group of corporations described in section 414(b). How do i get 2012 tax forms Trades or businesses under common control described in section 414(c). How do i get 2012 tax forms You do not pay the cost of the SEP contributions. How do i get 2012 tax forms Information you must give to employees. How do i get 2012 tax forms   You must give each eligible employee a copy of Form 5305-SEP, its instructions, and the other information listed in the Form 5305-SEP instructions. How do i get 2012 tax forms An IRS model SEP is not considered adopted until you give each employee this information. How do i get 2012 tax forms Setting up the employee's SEP-IRA. How do i get 2012 tax forms   A SEP-IRA must be set up by or for each eligible employee. How do i get 2012 tax forms SEP-IRAs can be set up with banks, insurance companies, or other qualified financial institutions. How do i get 2012 tax forms You send SEP contributions to the financial institution where the SEP-IRA is maintained. How do i get 2012 tax forms Deadline for setting up a SEP. How do i get 2012 tax forms   You can set up a SEP for any year as late as the due date (including extensions) of your income tax return for that year. How do i get 2012 tax forms Credit for startup costs. How do i get 2012 tax forms   You may be able to claim a tax credit for part of the ordinary and necessary costs of starting a SEP that first became effective in 2013. How do i get 2012 tax forms For more information, see Credit for startup costs under Reminders, earlier. How do i get 2012 tax forms How Much Can I Contribute? The SEP rules permit you to contribute a limited amount of money each year to each employee's SEP-IRA. How do i get 2012 tax forms If you are self-employed, you can contribute to your own SEP-IRA. How do i get 2012 tax forms Contributions must be in the form of money (cash, check, or money order). How do i get 2012 tax forms You cannot contribute property. How do i get 2012 tax forms However, participants may be able to transfer or roll over certain property from one retirement plan to another. How do i get 2012 tax forms See Publication 590 for more information about rollovers. How do i get 2012 tax forms You do not have to make contributions every year. How do i get 2012 tax forms But if you make contributions, they must be based on a written allocation formula and must not discriminate in favor of highly compensated employees (defined in chapter 1). How do i get 2012 tax forms When you contribute, you must contribute to the SEP-IRAs of all participants who actually performed personal services during the year for which the contributions are made, including employees who die or terminate employment before the contributions are made. How do i get 2012 tax forms Contributions are deductible within limits, as discussed later, and generally are not taxable to the plan participants. How do i get 2012 tax forms A SEP-IRA cannot be a Roth IRA. How do i get 2012 tax forms Employer contributions to a SEP-IRA will not affect the amount an individual can contribute to a Roth or traditional IRA. How do i get 2012 tax forms Unlike regular contributions to a traditional IRA, contributions under a SEP can be made to participants over age 70½. How do i get 2012 tax forms If you are self-employed, you can also make contributions under the SEP for yourself even if you are over 70½. How do i get 2012 tax forms Participants age 70½ or over must take required minimum distributions. How do i get 2012 tax forms Time limit for making contributions. How do i get 2012 tax forms   To deduct contributions for a year, you must make the contributions by the due date (including extensions) of your tax return for the year. How do i get 2012 tax forms Contribution Limits Contributions you make for 2013 to a common-law employee's SEP-IRA cannot exceed the lesser of 25% of the employee's compensation or $51,000. How do i get 2012 tax forms Compensation generally does not include your contributions to the SEP. How do i get 2012 tax forms The SEP plan document will specify how the employer contribution is determined and how it will be allocated to participants. How do i get 2012 tax forms Example. How do i get 2012 tax forms Your employee, Mary Plant, earned $21,000 for 2013. How do i get 2012 tax forms The maximum contribution you can make to her SEP-IRA is $5,250 (25% x $21,000). How do i get 2012 tax forms Contributions for yourself. How do i get 2012 tax forms   The annual limits on your contributions to a common-law employee's SEP-IRA also apply to contributions you make to your own SEP-IRA. How do i get 2012 tax forms However, special rules apply when figuring your maximum deductible contribution. How do i get 2012 tax forms See Deduction Limit for Self-Employed Individuals , later. How do i get 2012 tax forms Annual compensation limit. How do i get 2012 tax forms   You cannot consider the part of an employee's compensation over $255,000 when figuring your contribution limit for that employee. How do i get 2012 tax forms However, $51,000 is the maximum contribution for an eligible employee. How do i get 2012 tax forms These limits are $260,000 and $52,000, respectively, in 2014. How do i get 2012 tax forms Example. How do i get 2012 tax forms Your employee, Susan Green, earned $210,000 for 2013. How do i get 2012 tax forms Because of the maximum contribution limit for 2013, you can only contribute $51,000 to her SEP-IRA. How do i get 2012 tax forms More than one plan. How do i get 2012 tax forms   If you contribute to a defined contribution plan (defined in chapter 4), annual additions to an account are limited to the lesser of $51,000 or 100% of the participant's compensation. How do i get 2012 tax forms When you figure this limit, you must add your contributions to all defined contribution plans maintained by you. How do i get 2012 tax forms Because a SEP is considered a defined contribution plan for this limit, your contributions to a SEP must be added to your contributions to other defined contribution plans you maintain. How do i get 2012 tax forms Tax treatment of excess contributions. How do i get 2012 tax forms   Excess contributions are your contributions to an employee's SEP-IRA (or to your own SEP-IRA) for 2013 that exceed the lesser of the following amounts. How do i get 2012 tax forms 25% of the employee's compensation (or, for you, 20% of your net earnings from self-employment). How do i get 2012 tax forms $51,000. How do i get 2012 tax forms Excess contributions are included in the employee's income for the year and are treated as contributions by the employee to his or her SEP-IRA. How do i get 2012 tax forms For more information on employee tax treatment of excess contributions, see chapter 1 in Publication 590. How do i get 2012 tax forms Reporting on Form W-2. How do i get 2012 tax forms   Do not include SEP contributions on your employee's Form W-2 unless contributions were made under a salary reduction arrangement (discussed later). How do i get 2012 tax forms Deducting Contributions Generally, you can deduct the contributions you make each year to each employee's SEP-IRA. How do i get 2012 tax forms If you are self-employed, you can deduct the contributions you make each year to your own SEP-IRA. How do i get 2012 tax forms Deduction Limit for Contributions for Participants The most you can deduct for your contributions to you or your employee's SEP-IRA is the lesser of the following amounts. How do i get 2012 tax forms Your contributions (including any excess contributions carryover). How do i get 2012 tax forms 25% of the compensation (limited to $255,000 per participant) paid to the participants during 2013 from the business that has the plan, not to exceed $51,000 per participant. How do i get 2012 tax forms In 2014, the amounts in (2) above are $260,000 and $52,000, respectively. How do i get 2012 tax forms Deduction Limit for Self-Employed Individuals If you contribute to your own SEP-IRA, you must make a special computation to figure your maximum deduction for these contributions. How do i get 2012 tax forms When figuring the deduction for contributions made to your own SEP-IRA, compensation is your net earnings from self-employment (defined in chapter 1), which takes into account both the following deductions. How do i get 2012 tax forms The deduction for the deductible part of your self-employment tax. How do i get 2012 tax forms The deduction for contributions to your own SEP-IRA. How do i get 2012 tax forms The deduction for contributions to your own SEP-IRA and your net earnings depend on each other. How do i get 2012 tax forms For this reason, you determine the deduction for contributions to your own SEP-IRA indirectly by reducing the contribution rate called for in your plan. How do i get 2012 tax forms To do this, use the Rate Table for Self-Employed or the Rate Worksheet for Self-Employed, whichever is appropriate for your plan's contribution rate, in chapter 5. How do i get 2012 tax forms Then figure your maximum deduction by using the Deduction Worksheet for Self-Employed in chapter 5. How do i get 2012 tax forms Carryover of Excess SEP Contributions If you made SEP contributions that are more than the deduction limit (nondeductible contributions), you can carry over and deduct the difference in later years. How do i get 2012 tax forms However, the carryover, when combined with the contribution for the later year, is subject to the deduction limit for that year. How do i get 2012 tax forms If you also contributed to a defined benefit plan or defined contribution plan, see Carryover of Excess Contributions under Employer Deduction in chapter 4 for the carryover limit. How do i get 2012 tax forms Excise tax. How do i get 2012 tax forms   If you made nondeductible (excess) contributions to a SEP, you may be subject to a 10% excise tax. How do i get 2012 tax forms For information about the excise tax, see Excise Tax for Nondeductible (Excess) Contributions under Employer Deduction in chapter 4. How do i get 2012 tax forms When To Deduct Contributions When you can deduct contributions made for a year depends on the tax year on which the SEP is maintained. How do i get 2012 tax forms If the SEP is maintained on a calendar year basis, you deduct the yearly contributions on your tax return for the year within which the calendar year ends. How do i get 2012 tax forms If you file your tax return and maintain the SEP using a fiscal year or short tax year, you deduct contributions made for a year on your tax return for that year. How do i get 2012 tax forms Example. How do i get 2012 tax forms You are a fiscal year taxpayer whose tax year ends June 30. How do i get 2012 tax forms You maintain a SEP on a calendar year basis. How do i get 2012 tax forms You deduct SEP contributions made for calendar year 2013 on your tax return for your tax year ending June 30, 2014. How do i get 2012 tax forms Where To Deduct Contributions Deduct the contributions you make for your common-law employees on your tax return. How do i get 2012 tax forms For example, sole proprietors deduct them on Schedule C (Form 1040) or Schedule F (Form 1040), Profit or Loss From Farming; partnerships deduct them on Form 1065, U. How do i get 2012 tax forms S. How do i get 2012 tax forms Return of Partnership Income; and corporations deduct them on Form 1120, U. How do i get 2012 tax forms S. How do i get 2012 tax forms Corporation Income Tax Return, or Form 1120S, U. How do i get 2012 tax forms S. How do i get 2012 tax forms Income Tax Return for an S Corporation. How do i get 2012 tax forms Sole proprietors and partners deduct contributions for themselves on line 28 of Form 1040. How do i get 2012 tax forms (If you are a partner, contributions for yourself are shown on the Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc. How do i get 2012 tax forms , you receive from the partnership. How do i get 2012 tax forms ) Remember that sole proprietors and partners can't deduct as a business expense contributions made to a SEP for themselves, only those made for their common-law employees. How do i get 2012 tax forms Salary Reduction Simplified Employee Pensions (SARSEPs) A SARSEP is a SEP set up before 1997 that includes a salary reduction arrangement. How do i get 2012 tax forms (See the Caution, next. How do i get 2012 tax forms ) Under a SARSEP, your employees can choose to have you contribute part of their pay to their SEP-IRAs rather than receive it in cash. How do i get 2012 tax forms This contribution is called an “elective deferral” because employees choose (elect) to set aside the money, and they defer the tax on the money until it is distributed to them. How do i get 2012 tax forms You are not allowed to set up a SARSEP after 1996. How do i get 2012 tax forms However, participants (including employees hired after 1996) in a SARSEP set up before 1997 can continue to have you contribute part of their pay to the plan. How do i get 2012 tax forms If you are interested in setting up a retirement plan that includes a salary reduction arrangement, see chapter 3. How do i get 2012 tax forms Who can have a SARSEP?   A SARSEP set up before 1997 is available to you and your eligible employees only if all the following requirements are met. How do i get 2012 tax forms At least 50% of your employees eligible to participate choose to make elective deferrals. How do i get 2012 tax forms You have 25 or fewer employees who were eligible to participate in the SEP at any time during the preceding year. How do i get 2012 tax forms The elective deferrals of your highly compensated employees meet the SARSEP ADP test. How do i get 2012 tax forms SARSEP ADP test. How do i get 2012 tax forms   Under the SARSEP ADP test, the amount deferred each year by each eligible highly compensated employee as a percentage of pay (the deferral percentage) cannot be more than 125% of the average deferral percentage (ADP) of all non-highly compensated employees eligible to participate. How do i get 2012 tax forms A highly compensated employee is defined in chapter 1. How do i get 2012 tax forms Deferral percentage. How do i get 2012 tax forms   The deferral percentage for an employee for a year is figured as follows. How do i get 2012 tax forms   The elective employer contributions (excluding certain catch-up contributions)  paid to the SEP for the employee for the year     The employee's compensation (limited to $255,000 in 2013)   The instructions for Form 5305A-SEP have a worksheet you can use to determine whether the elective deferrals of your highly compensated employees meet the SARSEP ADP test. How do i get 2012 tax forms Employee compensation. How do i get 2012 tax forms   For figuring the deferral percentage, compensation is generally the amount you pay to the employee for the year. How do i get 2012 tax forms Compensation includes the elective deferral and other amounts deferred in certain employee benefit plans. How do i get 2012 tax forms See Compensation in chapter 1. How do i get 2012 tax forms Elective deferrals under the SARSEP are included in figuring your employees' deferral percentage even though they are not included in the income of your employees for income tax purposes. How do i get 2012 tax forms Compensation of self-employed individuals. How do i get 2012 tax forms   If you are self-employed, compensation is your net earnings from self-employment as defined in chapter 1. How do i get 2012 tax forms   Compensation does not include tax-free items (or deductions related to them) other than foreign earned income and housing cost amounts. How do i get 2012 tax forms Choice not to treat deferrals as compensation. How do i get 2012 tax forms   You can choose not to treat elective deferrals (and other amounts deferred in certain employee benefit plans) for a year as compensation under your SARSEP. How do i get 2012 tax forms Limit on Elective Deferrals The most a participant can choose to defer for calendar year 2013 is the lesser of the following amounts. How do i get 2012 tax forms 25% of the participant's compensation (limited to $255,000 of the participant's compensation). How do i get 2012 tax forms $17,500. How do i get 2012 tax forms The $17,500 limit applies to the total elective deferrals the employee makes for the year to a SEP and any of the following. How do i get 2012 tax forms Cash or deferred arrangement (section 401(k) plan). How do i get 2012 tax forms Salary reduction arrangement under a tax-sheltered annuity plan (section 403(b) plan). How do i get 2012 tax forms SIMPLE IRA plan. How do i get 2012 tax forms In 2014, the $255,000 limit increases to $260,000 and the $17,500 limit remains at $17,500. How do i get 2012 tax forms Catch-up contributions. How do i get 2012 tax forms   A SARSEP can permit participants who are age 50 or over at the end of the calendar year to also make catch-up contributions. How do i get 2012 tax forms The catch-up contribution limit for 2013 is $5,500 and remains at $5,500 for 2014. How do i get 2012 tax forms Elective deferrals are not treated as catch-up contributions for 2013 until they exceed the elective deferral limit (the lesser of 25% of compensation or $17,500), the SARSEP ADP test limit discussed earlier, or the plan limit (if any). How do i get 2012 tax forms However, the catch-up contribution a participant can make for a year cannot exceed the lesser of the following amounts. How do i get 2012 tax forms The catch-up contribution limit. How do i get 2012 tax forms The excess of the participant's compensation over the elective deferrals that are not catch-up contributions. How do i get 2012 tax forms   Catch-up contributions are not subject to the elective deferral limit (the lesser of 25% of compensation or $17,500 in 2013 and in 2014). How do i get 2012 tax forms Overall limit on SEP contributions. How do i get 2012 tax forms   If you also make nonelective contributions to a SEP-IRA, the total of the nonelective and elective contributions to that SEP-IRA cannot exceed the lesser of 25% of the employee's compensation or $51,000 for 2013 ($52,000 for 2014). How do i get 2012 tax forms The same rule applies to contributions you make to your own SEP-IRA. How do i get 2012 tax forms See Contribution Limits , earlier. How do i get 2012 tax forms Figuring the elective deferral. How do i get 2012 tax forms   For figuring the 25% limit on elective deferrals, compensation does not include SEP contributions, including elective deferrals or other amounts deferred in certain employee benefit plans. How do i get 2012 tax forms Tax Treatment of Deferrals Elective deferrals that are not more than the limits discussed earlier under Limit on Elective Deferrals are excluded from your employees' wages subject to federal income tax in the year of deferral. How do i get 2012 tax forms However, these deferrals are included in wages for social security, Medicare, and federal unemployment (FUTA) tax. How do i get 2012 tax forms Excess deferrals. How do i get 2012 tax forms   For 2013, excess deferrals are the elective deferrals for the year that are more than the $17,500 limit discussed earlier. How do i get 2012 tax forms For a participant who is eligible to make catch-up contributions, excess deferrals are the elective deferrals that are more than $23,000. How do i get 2012 tax forms The treatment of excess deferrals made under a SARSEP is similar to the treatment of excess deferrals made under a qualified plan. How do i get 2012 tax forms See Treatment of Excess Deferrals under Elective Deferrals (401(k) Plans) in chapter 4. How do i get 2012 tax forms Excess SEP contributions. How do i get 2012 tax forms   Excess SEP contributions are elective deferrals of highly compensated employees that are more than the amount permitted under the SARSEP ADP test. How do i get 2012 tax forms You must notify your highly compensated employees within 2½ months after the end of the plan year of their excess SEP contributions. How do i get 2012 tax forms If you do not notify them within this time period, you must pay a 10% tax on the excess. How do i get 2012 tax forms For an explanation of the notification requirements, see Rev. How do i get 2012 tax forms Proc. How do i get 2012 tax forms 91-44, 1991-2 C. How do i get 2012 tax forms B. How do i get 2012 tax forms 733. How do i get 2012 tax forms If you adopted a SARSEP using Form 5305A-SEP, the notification requirements are explained in the instructions for that form. How do i get 2012 tax forms Reporting on Form W-2. How do i get 2012 tax forms   Do not include elective deferrals in the “Wages, tips, other compensation” box of Form W-2. How do i get 2012 tax forms You must, however, include them in the “Social security wages” and “Medicare wages and tips” boxes. How do i get 2012 tax forms You must also include them in box 12. How do i get 2012 tax forms Mark the “Retirement plan” checkbox in box 13. How do i get 2012 tax forms For more information, see the Form W-2 instructions. How do i get 2012 tax forms Distributions (Withdrawals) As an employer, you cannot prohibit distributions from a SEP-IRA. How do i get 2012 tax forms Also, you cannot make your contributions on the condition that any part of them must be kept in the account after you have made your contributions to the employee's accounts. How do i get 2012 tax forms Distributions are subject to IRA rules. How do i get 2012 tax forms Generally, you or your employee must begin to receive distributions from a SEP-IRA by April 1 of the first year after the calendar year in which you or your employee reaches age 70½. How do i get 2012 tax forms For more information about IRA rules, including the tax treatment of distributions, rollovers, required distributions, and income tax withholding, see Publication 590. How do i get 2012 tax forms Additional Taxes The tax advantages of using SEP-IRAs for retirement savings can be offset by additional taxes that may be imposed for all the following actions. How do i get 2012 tax forms Making excess contributions. How do i get 2012 tax forms Making early withdrawals. How do i get 2012 tax forms Not making required withdrawals. How do i get 2012 tax forms For information about these taxes, see chapter 1 in Publication 590. How do i get 2012 tax forms Also, a SEP-IRA may be disqualified, or an excise tax may apply, if the account is involved in a prohibited transaction, discussed next. How do i get 2012 tax forms Prohibited transaction. How do i get 2012 tax forms   If an employee improperly uses his or her SEP-IRA, such as by borrowing money from it, the employee has engaged in a prohibited transaction. How do i get 2012 tax forms In that case, the SEP-IRA will no longer qualify as an IRA. How do i get 2012 tax forms For a list of prohibited transactions, see Prohibited Transactions in chapter 4. How do i get 2012 tax forms Effects on employee. How do i get 2012 tax forms   If a SEP-IRA is disqualified because of a prohibited transaction, the assets in the account will be treated as having been distributed to the employee on the first day of the year in which the transaction occurred. How do i get 2012 tax forms The employee must include in income the fair market value of the assets (on the first day of the year) that is more than any cost basis in the account. How do i get 2012 tax forms Also, the employee may have to pay the additional tax for making early withdrawals. How do i get 2012 tax forms Reporting and Disclosure Requirements If you set up a SEP using Form 5305-SEP, you must give your eligible employees certain information about the SEP when you set it up. How do i get 2012 tax forms See Setting Up a SEP , earlier. How do i get 2012 tax forms Also, you must give your eligible employees a statement each year showing any contributions to their SEP-IRAs. How do i get 2012 tax forms You must also give them notice of any excess contributions. How do i get 2012 tax forms For details about other information you must give them, see the instructions for Form 5305-SEP or Form 5305A-SEP (for a salary reduction SEP). How do i get 2012 tax forms Even if you did not use Form 5305-SEP or Form 5305A-SEP to set up your SEP, you must give your employees information similar to that described above. How do i get 2012 tax forms For more information, see the instructions for either Form 5305-SEP or Form 5305A-SEP. How do i get 2012 tax forms Prev  Up  Next   Home   More Online Publications