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How To File A 2011 Tax Return Late

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How To File A 2011 Tax Return Late

How to file a 2011 tax return late 1. How to file a 2011 tax return late   Importance of Records Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Benefits of Recordkeeping Kinds of Records To Keep How Long To Keep Records Introduction A farmer, like other taxpayers, must keep records to prepare an accurate income tax return and determine the correct amount of tax. How to file a 2011 tax return late This chapter explains the benefits of keeping records, what kinds of records you must keep, and how long you must keep them for federal tax purposes. How to file a 2011 tax return late Tax records are not the only type of records you need to keep for your farming business. How to file a 2011 tax return late You should also keep records that measure your farm's financial performance. How to file a 2011 tax return late This publication only discusses tax records. How to file a 2011 tax return late The Farm Financial Standards Council has produced a publication that provides a detailed explanation of the recommendations of the Council for financial reporting and analysis. How to file a 2011 tax return late For information on recordkeeping, you can purchase and download Financial Guidelines for Agricultural Producers at www. How to file a 2011 tax return late ffsc. How to file a 2011 tax return late org. How to file a 2011 tax return late For more information, contact Countryside Marketing, Inc. How to file a 2011 tax return late in the following manner. How to file a 2011 tax return late Call 262-253-6902. How to file a 2011 tax return late Send a fax to 262-253-6903. How to file a 2011 tax return late Write to: Farm Financial Standards Council N78 W14573 Appleton Ave. How to file a 2011 tax return late , #287 Menomonee Falls, WI 53051. How to file a 2011 tax return late Topics - This chapter discusses: Benefits of recordkeeping Kinds of records to keep How long to keep records Useful Items - You may want to see: Publication 51 (Circular A), Agricultural Employer's Tax Guide 463 Travel, Entertainment, Gift, and Car Expenses See chapter 16 for information about getting publications. How to file a 2011 tax return late Benefits of Recordkeeping Everyone in business, including farmers, must keep appropriate records. How to file a 2011 tax return late Recordkeeping will help you do the following. How to file a 2011 tax return late Monitor the progress of your farming business. How to file a 2011 tax return late   You need records to monitor the progress of your farming business. How to file a 2011 tax return late Records can show whether your business is improving, which items are selling, or what changes you need to make. How to file a 2011 tax return late Records can help you make better decisions that may increase the likelihood of business success. How to file a 2011 tax return late Prepare your financial statements. How to file a 2011 tax return late   You need records to prepare accurate financial statements. How to file a 2011 tax return late These include income (profit and loss) statements and balance sheets. How to file a 2011 tax return late These statements can help you in dealing with your bank or creditors and help you to manage your farm business. How to file a 2011 tax return late Identify source of receipts. How to file a 2011 tax return late   You will receive money or property from many sources. How to file a 2011 tax return late Your records can identify the source of your receipts. How to file a 2011 tax return late You need this information to separate farm from nonfarm receipts and taxable from nontaxable income. How to file a 2011 tax return late Keep track of deductible expenses. How to file a 2011 tax return late   You may forget expenses when you prepare your tax return unless you record them when they occur. How to file a 2011 tax return late Prepare your tax returns. How to file a 2011 tax return late   You need records to prepare your tax return. How to file a 2011 tax return late For example, your records must support the income, expenses, and credits you report. How to file a 2011 tax return late Generally, these are the same records you use to monitor your farming business and prepare your financial statements. How to file a 2011 tax return late Support items reported on tax returns. How to file a 2011 tax return late   You must keep your business records available at all times for inspection by the IRS. How to file a 2011 tax return late If the IRS examines any of your tax returns, you may be asked to explain the items reported. How to file a 2011 tax return late A complete set of records will speed up the examination. How to file a 2011 tax return late Kinds of Records To Keep Except in a few cases, the law does not require any specific kind of records. How to file a 2011 tax return late You can choose any recordkeeping system suited to your farming business that clearly shows, for example, your income and expenses. How to file a 2011 tax return late You should set up your recordkeeping system using an accounting method that clearly shows your income for your tax year. How to file a 2011 tax return late See  chapter 2. How to file a 2011 tax return late If you are in more than one business, you should keep a complete and separate set of records for each business. How to file a 2011 tax return late A corporation should keep minutes of board of directors' meetings. How to file a 2011 tax return late Your recordkeeping system should include a summary of your business transactions. How to file a 2011 tax return late This summary is ordinarily made in accounting journals and ledgers. How to file a 2011 tax return late For example, they must show your gross income, as well as your deductions and credits. How to file a 2011 tax return late In addition, you must keep supporting documents. How to file a 2011 tax return late Purchases, sales, payroll, and other transactions you have in your business generate supporting documents such as invoices and receipts. How to file a 2011 tax return late These documents contain the information you need to record in your journals and ledgers. How to file a 2011 tax return late It is important to keep these documents because they support the entries in your journals and ledgers and on your tax return. How to file a 2011 tax return late Keep them in an orderly fashion and in a safe place. How to file a 2011 tax return late For instance, organize them by year and type of income or expense. How to file a 2011 tax return late Electronic records. How to file a 2011 tax return late   All requirements that apply to hard copy books and records also apply to electronic storage systems that maintain tax books and records. How to file a 2011 tax return late When you replace hard copy books and records, you must maintain the electronic storage systems for as long as they are material to the administration of tax law. How to file a 2011 tax return late An electronic storage system is any system for preparing or keeping your records either by electronic imaging or by transfer to an electronic storage media. How to file a 2011 tax return late The electronic storage system must index, store, preserve, retrieve and reproduce the electronically stored books and records in legible format. How to file a 2011 tax return late All electronic storage systems must provide a complete and accurate record of your data that is accessible to the IRS. How to file a 2011 tax return late Electronic storage systems are also subject to the same controls and retention guidelines as those imposed on your original hard copy books and records. How to file a 2011 tax return late The original hard copy books and records may be destroyed provided that the electronic storage system has been tested to establish that the hard copy books and records are being reproduced in compliance with IRS requirements for an electronic storage system and procedures are established to ensure continued compliance with all applicable rules and regulations. How to file a 2011 tax return late You still have the responsibility of retaining any other books and records that are required to be retained. How to file a 2011 tax return late The IRS may test your electronic storage system, including the equipment used, indexing methodology, software and retrieval capabilities. How to file a 2011 tax return late This test is not considered an examination and the results must be shared with you. How to file a 2011 tax return late If your electronic storage system meets the requirements mentioned earlier, you will be in compliance. How to file a 2011 tax return late If not, you may be subject to penalties for non-compliance, unless you continue to maintain your original hard copybooks and records in a manner that allows you and the IRS to determine your correct tax. How to file a 2011 tax return late For details on electronic storage system requirements, see Rev. How to file a 2011 tax return late Proc. How to file a 2011 tax return late 97-22. How to file a 2011 tax return late You can find Rev. How to file a 2011 tax return late Proc. How to file a 2011 tax return late 97-22 on page 9 of Internal Revenue Bulletin 1997-13 at  www. How to file a 2011 tax return late irs. How to file a 2011 tax return late gov/pub/irs-irbs/irb97-13. How to file a 2011 tax return late pdf. How to file a 2011 tax return late Travel, transportation, entertainment, and gift expenses. How to file a 2011 tax return late   Specific recordkeeping rules apply to these expenses. How to file a 2011 tax return late For more information, see Publication 463. How to file a 2011 tax return late Employment taxes. How to file a 2011 tax return late   There are specific employment tax records you must keep. How to file a 2011 tax return late For a list, see Publication 51 (Circular A). How to file a 2011 tax return late Excise taxes. How to file a 2011 tax return late   See How To Claim a Credit or Refund in chapter 14 for the specific records you must keep to verify your claim for credit or refund of excise taxes on certain fuels. How to file a 2011 tax return late Assets. How to file a 2011 tax return late   Assets are the property, such as machinery and equipment, you own and use in your business. How to file a 2011 tax return late You must keep records to verify certain information about your business assets. How to file a 2011 tax return late You need records to figure your annual depreciation deduction and the gain or (loss) when you sell the assets. How to file a 2011 tax return late Your records should show all the following. How to file a 2011 tax return late When and how you acquired the asset. How to file a 2011 tax return late Purchase price. How to file a 2011 tax return late Cost of any improvements. How to file a 2011 tax return late Section 179 deduction taken. How to file a 2011 tax return late Deductions taken for depreciation. How to file a 2011 tax return late Deductions taken for casualty losses, such as losses resulting from fires or storms. How to file a 2011 tax return late How you used the asset. How to file a 2011 tax return late When and how you disposed of the asset. How to file a 2011 tax return late Selling price. How to file a 2011 tax return late Expenses of sale. How to file a 2011 tax return late   The following are examples of records that may show this information. How to file a 2011 tax return late Purchase and sales invoices. How to file a 2011 tax return late Real estate closing statements. How to file a 2011 tax return late Canceled checks. How to file a 2011 tax return late Bank statements. How to file a 2011 tax return late Financial account statements as proof of payment. How to file a 2011 tax return late   If you do not have a canceled check, you may be able to prove payment with certain financial account statements prepared by financial institutions. How to file a 2011 tax return late These include account statements prepared for the financial institution by a third party. How to file a 2011 tax return late These account statements must be legible. How to file a 2011 tax return late The following table lists acceptable account statements. How to file a 2011 tax return late IF payment is by. How to file a 2011 tax return late . How to file a 2011 tax return late . How to file a 2011 tax return late THEN the statement must show the. How to file a 2011 tax return late . How to file a 2011 tax return late . How to file a 2011 tax return late Check Check number. How to file a 2011 tax return late Amount. How to file a 2011 tax return late Payee's name. How to file a 2011 tax return late Date the check amount was posted to the account by the financial institution. How to file a 2011 tax return late Electronic funds  transfer Amount transferred. How to file a 2011 tax return late Payee's name. How to file a 2011 tax return late Date the transfer was posted to the account by the financial institution. How to file a 2011 tax return late Credit card Amount charged. How to file a 2011 tax return late Payee's name. How to file a 2011 tax return late Transaction date. How to file a 2011 tax return late    Proof of payment of an amount, by itself, does not establish you are entitled to a tax deduction. How to file a 2011 tax return late You should also keep other documents, such as credit card sales slips and invoices, to show that you also incurred the cost. How to file a 2011 tax return late Tax returns. How to file a 2011 tax return late   Keep copies of your filed tax returns. How to file a 2011 tax return late They help in preparing future tax returns and making computations if you file an amended return. How to file a 2011 tax return late Keep copies of your information returns such as Form 1099, Schedule K-1, and Form W-2. How to file a 2011 tax return late How Long To Keep Records You must keep your records as long as they may be needed for the administration of any provision of the Internal Revenue Code. How to file a 2011 tax return late Keep records that support an item of income or a deduction appearing on a return until the period of limitations for the return runs out. How to file a 2011 tax return late A period of limitations is the period of time after which no legal action can be brought. How to file a 2011 tax return late Generally, that means you must keep your records for at least 3 years from when your tax return was due or filed or within 2 years of the date the tax was paid, whichever is later. How to file a 2011 tax return late However, certain records must be kept for a longer period of time, as discussed below. How to file a 2011 tax return late Employment taxes. How to file a 2011 tax return late   If you have employees, you must keep all employment tax records for at least 4 years after the date the tax becomes due or is paid, whichever is later. How to file a 2011 tax return late Assets. How to file a 2011 tax return late   Keep records relating to property until the period of limitations expires for the year in which you dispose of the property in a taxable disposition. How to file a 2011 tax return late You must keep these records to figure any depreciation, amortization, or depletion deduction and to figure your basis for computing gain or (loss) when you sell or otherwise dispose of the property. How to file a 2011 tax return late   You may need to keep records relating to the basis of property longer than the period of limitation. How to file a 2011 tax return late Keep those records as long as they are important in figuring the basis of the original or replacement property. How to file a 2011 tax return late Generally, this means as long as you own the property and, after you dispose of it, for the period of limitations that applies to you. How to file a 2011 tax return late For example, if you received property in a nontaxable exchange, you must keep the records for the old property, as well as for the new property, until the period of limitations expires for the year in which you dispose of the new property in a taxable disposition. How to file a 2011 tax return late For more information on basis, see chapter 6. How to file a 2011 tax return late Records for nontax purposes. How to file a 2011 tax return late   When your records are no longer needed for tax purposes, do not discard them until you check to see if you have to keep them longer for other purposes. How to file a 2011 tax return late For example, your insurance company or creditors may require you to keep them longer than the IRS does. How to file a 2011 tax return late Prev  Up  Next   Home   More Online Publications
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The How To File A 2011 Tax Return Late

How to file a 2011 tax return late Publication 721 - Main Content Table of Contents Part I General InformationRefund of Contributions Tax Withholding and Estimated Tax Filing Requirements Part II Rules for RetireesAnnuity starting date. How to file a 2011 tax return late Gross monthly rate. How to file a 2011 tax return late Your cost. How to file a 2011 tax return late Choosing a survivor annuity after retirement. How to file a 2011 tax return late Canceling a survivor annuity after retirement. How to file a 2011 tax return late Annuity starting date after 1986. How to file a 2011 tax return late Annuity starting date before 1987. How to file a 2011 tax return late Simplified Method General Rule Three-Year Rule Alternative Annuity Option Federal Gift Tax Retirement During the Past Year Reemployment After Retirement Nonresident Aliens Thrift Savings Plan Rollover Rules Distributions Used To Pay Insurance Premiums for Public Safety Officers How To Report Benefits Part III Rules for Disability Retirement and Credit for the Elderly or the DisabledDisability Annuity Other Benefits Credit for the Elderly or the Disabled Part IV Rules for Survivors of Federal EmployeesFERS Death Benefit CSRS or FERS Survivor Annuity Lump-Sum CSRS or FERS Payment Thrift Savings Plan Federal Estate Tax Part V Rules for Survivors of Federal RetireesCSRS or FERS Survivor Annuity Lump-Sum CSRS or FERS Payment Voluntary Contributions Thrift Savings Plan Federal Estate Tax Income Tax Deduction for Estate Tax Paid How To Get Tax HelpLow Income Taxpayer Clinics Part I General Information This part of the publication contains information that can apply to most recipients of civil service retirement benefits. How to file a 2011 tax return late Refund of Contributions If you leave federal government service or transfer to a job not under the CSRS or FERS and you are not eligible for an immediate annuity, you can choose to receive a refund of the money in your CSRS or FERS retirement account. How to file a 2011 tax return late The refund will include both regular and voluntary contributions you made to the fund, plus any interest payable. How to file a 2011 tax return late If the refund includes only your contributions, none of the refund is taxable. How to file a 2011 tax return late If it includes any interest, the interest is taxable unless you roll it over directly into another qualified plan or a traditional individual retirement arrangement (IRA). How to file a 2011 tax return late If you do not have the Office of Personnel Management (OPM) transfer the interest to an IRA or other plan in a direct rollover, tax will be withheld at a 20% rate. How to file a 2011 tax return late See Rollover Rules in Part II for information on how to make a rollover. How to file a 2011 tax return late Interest is not paid on contributions to the CSRS for service after 1956 unless your service was for more than 1 year but not more than 5 years. How to file a 2011 tax return late Therefore, many employees who withdraw their contributions under the CSRS do not get interest and do not owe any tax on their refund. How to file a 2011 tax return late If you do not roll over interest included in your refund, it may qualify as a lump-sum distribution eligible for capital gain treatment or the 10-year tax option. How to file a 2011 tax return late If you separate from service before the calendar year in which you reach age 55, it may be subject to an additional 10% tax on early distributions. How to file a 2011 tax return late For more information, see Lump-Sum Distributions and Tax on Early Distributions in Publication 575. How to file a 2011 tax return late A lump-sum distribution is eligible for capital gain treatment or the 10-year tax option only if the plan participant was born before January 2, 1936. How to file a 2011 tax return late Tax Withholding and Estimated Tax The CSRS or FERS annuity you receive is subject to federal income tax withholding, unless you choose not to have tax withheld. How to file a 2011 tax return late OPM will tell you how to make the choice. How to file a 2011 tax return late The choice for no withholding remains in effect until you change it. How to file a 2011 tax return late These withholding rules also apply to a disability annuity, whether received before or after minimum retirement age. How to file a 2011 tax return late If you choose not to have tax withheld, or if you do not have enough tax withheld, you may have to make estimated tax payments. How to file a 2011 tax return late You may owe a penalty if the total of your withheld tax and estimated tax does not cover most of the tax shown on your return. How to file a 2011 tax return late Generally, you will owe the penalty for 2014 if the additional tax you must pay with your return is $1,000 or more and more than 10% of the tax to be shown on your 2014 return. How to file a 2011 tax return late For more information, including exceptions to the penalty, see chapter 4 of Publication 505, Tax Withholding and Estimated Tax. How to file a 2011 tax return late Form CSA 1099R. How to file a 2011 tax return late   Form CSA 1099R is mailed to you by OPM each year. How to file a 2011 tax return late It will show any tax you had withheld. How to file a 2011 tax return late File a copy of Form CSA 1099R with your tax return if any federal income tax was withheld. How to file a 2011 tax return late    You also can view and download your Form CSA 1099R by visiting the OPM website at  www. How to file a 2011 tax return late servicesonline. How to file a 2011 tax return late opm. How to file a 2011 tax return late gov. How to file a 2011 tax return late To log in, you will need your retirement CSA claim number and your personal identification number. How to file a 2011 tax return late Choosing no withholding on payments outside the United States. How to file a 2011 tax return late   The choice for no withholding generally cannot be made for annuity payments to be delivered outside the United States and its possessions. How to file a 2011 tax return late   To choose no withholding if you are a U. How to file a 2011 tax return late S. How to file a 2011 tax return late citizen or resident alien, you must provide OPM with your home address in the United States or its possessions. How to file a 2011 tax return late Otherwise, OPM has to withhold tax. How to file a 2011 tax return late For example, OPM must withhold if you provide a U. How to file a 2011 tax return late S. How to file a 2011 tax return late address for a nominee, trustee, or agent (such as a bank) to whom the benefits are to be delivered, but you do not provide your own U. How to file a 2011 tax return late S. How to file a 2011 tax return late home address. How to file a 2011 tax return late   If you do not provide a home address in the United States or its possessions, you can choose not to have tax withheld only if you certify to OPM that you are not a U. How to file a 2011 tax return late S. How to file a 2011 tax return late citizen, a U. How to file a 2011 tax return late S. How to file a 2011 tax return late resident alien, or someone who left the United States to avoid tax. How to file a 2011 tax return late But if you so certify, you may be subject to the 30% flat rate withholding that applies to nonresident aliens. How to file a 2011 tax return late For details, see Publication 519, U. How to file a 2011 tax return late S. How to file a 2011 tax return late Tax Guide for Aliens. How to file a 2011 tax return late Withholding certificate. How to file a 2011 tax return late   If you give OPM a Form W-4P-A, Election of Federal Income Tax Withholding, you can choose not to have tax withheld or you can choose to have tax withheld. How to file a 2011 tax return late The amount of tax withheld depends on your marital status, the number of withholding allowances, and any additional amount you designate to be withheld. How to file a 2011 tax return late If you do not make either of these choices, OPM must withhold as if you were married with three withholding allowances. How to file a 2011 tax return late To change the amount of tax withholding or to stop withholding, call OPM's Retirement Information Office at 1-888-767-6738 (customers within the local Washington, D. How to file a 2011 tax return late C. How to file a 2011 tax return late calling area must call 202-606-0500). How to file a 2011 tax return late No special form is needed. How to file a 2011 tax return late You will need your retirement CSA or CSF claim number, your social security number, and your personal identification number (PIN) when you call. How to file a 2011 tax return late If you have TTY/TDD equipment, call 1-855–887–4957. How to file a 2011 tax return late If you need a PIN, call OPM's Retirement Information Office. How to file a 2011 tax return late You also can change the amount of withholding or stop withholding online by visiting the OPM website at www. How to file a 2011 tax return late servicesonline. How to file a 2011 tax return late opm. How to file a 2011 tax return late gov. How to file a 2011 tax return late You will need your retirement CSA or CSF claim number and your PIN. How to file a 2011 tax return late Withholding from certain lump-sum payments. How to file a 2011 tax return late   If you leave the federal government before becoming eligible to retire and you apply for a refund of your CSRS or FERS contributions, or you die without leaving a survivor eligible for an annuity, you or your beneficiary will receive a distribution of your contributions to the retirement plan plus any interest payable. How to file a 2011 tax return late Tax will be withheld at a 20% rate on the interest distributed. How to file a 2011 tax return late However, tax will not be withheld if you have OPM transfer (roll over) the interest directly to your traditional IRA or other qualified plan. How to file a 2011 tax return late If you have OPM transfer (roll over) the interest directly to a Roth IRA, the entire amount will be taxed in the current year. How to file a 2011 tax return late Because no income tax will be withheld at the time of the transfer, you may want to increase your withholding or pay estimated taxes. How to file a 2011 tax return late See Rollover Rules in Part II. How to file a 2011 tax return late If you receive only your contributions, no tax will be withheld. How to file a 2011 tax return late Withholding from Thrift Savings Plan payments. How to file a 2011 tax return late   Generally, a distribution that you receive from the TSP is subject to federal income tax withholding. How to file a 2011 tax return late The amount withheld is: 20% if the distribution is an eligible rollover distribution, 10% if it is a nonperiodic distribution other than an eligible rollover distribution, or An amount determined as if you were married with three withholding allowances, unless you submit a withholding certificate (Form W-4P), if it is a periodic distribution. How to file a 2011 tax return late  However, you usually can choose not to have tax withheld from TSP payments other than eligible rollover distributions. How to file a 2011 tax return late By January 31 after the end of the year in which you receive a distribution, the TSP will issue Form 1099-R showing the total distributions you received in the prior year and the amount of tax withheld. How to file a 2011 tax return late   For a detailed discussion of withholding on distributions from the TSP, see Important Tax Information About Payments From Your TSP Account, available from your agency personnel office or from the TSP. How to file a 2011 tax return late The above document is also available in the “Forms & Publications” section of the TSP website at www. How to file a 2011 tax return late tsp. How to file a 2011 tax return late gov. How to file a 2011 tax return late Estimated tax. How to file a 2011 tax return late   Generally, you must make estimated tax payments for 2014 if you expect to owe at least $1,000 in tax for 2014 (after subtracting your withholding and credits) and you expect your withholding and your credits to be less than the smaller of: 90% of the tax to be shown on your income tax return for 2014, or 100% of the tax shown on your 2013 income tax return (110% of that amount if the adjusted gross income shown on the return was more than $150,000 ($75,000 if your filing status for 2014 will be married filing separately)). How to file a 2011 tax return late The return must cover all 12 months. How to file a 2011 tax return late   You do not have to pay estimated tax for 2014 if you were a U. How to file a 2011 tax return late S. How to file a 2011 tax return late citizen or resident alien for all of 2013 and you had no tax liability for the full 12-month 2013 tax year. How to file a 2011 tax return late   Publication 505 contains information that you can use to help you figure your estimated tax payments. How to file a 2011 tax return late Filing Requirements If your gross income, including the taxable part of your annuity, is less than a certain amount, you generally do not have to file a federal income tax return for that year. How to file a 2011 tax return late The gross income filing requirements for the tax year are in the instructions to Form 1040, 1040A, or 1040EZ. How to file a 2011 tax return late Children. How to file a 2011 tax return late   If you are the surviving spouse of a federal employee or retiree and your monthly annuity check includes a survivor annuity for one or more children, each child's annuity counts as his or her own income (not yours) for federal income tax purposes. How to file a 2011 tax return late   If your child can be claimed as a dependent, treat the taxable part of his or her annuity as unearned income when applying the filing requirements for dependents. How to file a 2011 tax return late Form CSF 1099R. How to file a 2011 tax return late   Form CSF 1099R will be mailed to you by January 31 after the end of each tax year. How to file a 2011 tax return late It will show the total amount of the annuity you received in the past year. How to file a 2011 tax return late It also should show, separately, the survivor annuity for a child or children. How to file a 2011 tax return late Only the part that is each individual's survivor annuity should be shown on that individual's Form 1040 or 1040A. How to file a 2011 tax return late   If your Form CSF 1099R does not show separately the amount paid to you for a child or children, attach a statement to your return, along with a copy of Form CSF 1099R, explaining why the amount shown on the tax return differs from the amount shown on Form CSF 1099R. How to file a 2011 tax return late    You also can view and download your Form CSF 1099R by visiting the OPM website at  www. How to file a 2011 tax return late servicesonline. How to file a 2011 tax return late opm. How to file a 2011 tax return late gov. How to file a 2011 tax return late To log in you will need your retirement CSF claim number and personal identification number. How to file a 2011 tax return late    You may request a Summary of Payments, showing the amounts paid to you for your child(ren), from OPM by calling OPM's Retirement Information Office at 1-888-767-6738 (customers within the local Washington, D. How to file a 2011 tax return late C. How to file a 2011 tax return late calling area must call 202-606-0500). How to file a 2011 tax return late You will need your CSF claim number and your social security number when you call. How to file a 2011 tax return late Taxable part of annuity. How to file a 2011 tax return late   To find the taxable part of a retiree's annuity when applying the filing requirements, see the discussion in Part II, Rules for Retirees , or Part III, Rules for Disability Retirement and Credit for the Elderly or the Disabled , whichever applies. How to file a 2011 tax return late To find the taxable part of each survivor annuity when applying the filing requirements, see the discussion in Part IV, Rules for Survivors of Federal Employees , or Part V, Rules for Survivors of Federal Retirees , whichever applies. How to file a 2011 tax return late Part II Rules for Retirees This part of the publication is for retirees who retired on nondisability retirement. How to file a 2011 tax return late If you retired on disability before you reached your minimum retirement age, see Part III, Rules for Disability Retirement and Credit for the Elderly or the Disabled. How to file a 2011 tax return late However, on the day after you reach your minimum retirement age, use the rules in this section to report your disability retirement and begin recovering your cost. How to file a 2011 tax return late Annuity statement. How to file a 2011 tax return late   The statement you received from OPM when your CSRS or FERS annuity was approved shows the commencing date (the annuity starting date), the gross monthly rate of your annuity benefit, and your total contributions to the retirement plan (your cost). How to file a 2011 tax return late You will use this information to figure the tax-free recovery of your cost. How to file a 2011 tax return late Annuity starting date. How to file a 2011 tax return late   If you retire from federal government service on a regular annuity, your annuity starting date is the commencing date on your annuity statement from OPM. How to file a 2011 tax return late If something delays payment of your annuity, such as a late application for retirement, it does not affect the date your annuity begins to accrue or your annuity starting date. How to file a 2011 tax return late Gross monthly rate. How to file a 2011 tax return late   This is the amount you were to get after any adjustment for electing a survivor's annuity or for electing the lump-sum payment under the alternative annuity option (if either applied) but before any deduction for income tax withholding, insurance premiums, etc. How to file a 2011 tax return late Your cost. How to file a 2011 tax return late   Your monthly annuity payment contains an amount on which you have previously paid income tax. How to file a 2011 tax return late This amount represents part of your contributions to the retirement plan. How to file a 2011 tax return late Even though you did not receive the money that was contributed to the plan, it was included in your gross income for federal income tax purposes in the years it was taken out of your pay. How to file a 2011 tax return late   The cost of your annuity is the total of your contributions to the retirement plan, as shown on your annuity statement from OPM. How to file a 2011 tax return late If you elected the alternative annuity option, it includes any deemed deposits and any deemed redeposits that were added to your lump-sum credit. How to file a 2011 tax return late (See Lump-sum credit under Alternative Annuity Option, later. How to file a 2011 tax return late )   If you repaid contributions that you had withdrawn from the retirement plan earlier, or if you paid into the plan to receive full credit for service not subject to retirement deductions, the entire repayment, including any interest, is a part of your cost. How to file a 2011 tax return late You cannot claim an interest deduction for any interest payments. How to file a 2011 tax return late You cannot treat these payments as voluntary contributions; they are considered regular employee contributions. How to file a 2011 tax return late Recovering your cost tax free. How to file a 2011 tax return late   How you figure the tax-free recovery of the cost of your CSRS or FERS annuity depends on your annuity starting date. How to file a 2011 tax return late If your annuity starting date is before July 2, 1986, either the Three-Year Rule or the General Rule (both discussed later) applies to your annuity. How to file a 2011 tax return late If your annuity starting date is after July 1, 1986, and before November 19, 1996, you could have chosen to use either the General Rule or the Simplified Method (discussed later). How to file a 2011 tax return late If your annuity starting date is after November 18, 1996, you must use the Simplified Method. How to file a 2011 tax return late   Under both the General Rule and the Simplified Method, each of your monthly annuity payments is made up of two parts: the tax-free part that is a return of your cost, and the taxable part that is the amount of each payment that is more than the part that represents your cost (unless such payment is used for purposes discussed under Distributions Used To Pay Insurance Premiums for Public Safety Officers , later). How to file a 2011 tax return late The tax-free part is a fixed dollar amount. How to file a 2011 tax return late It remains the same, even if your annuity is increased. How to file a 2011 tax return late Generally, this rule applies as long as you receive your annuity. How to file a 2011 tax return late However, see Exclusion limit , later. How to file a 2011 tax return late Choosing a survivor annuity after retirement. How to file a 2011 tax return late    If you retired without a survivor annuity and report your annuity under the Simplified Method, do not change your tax-free monthly amount even if you later choose a survivor annuity. How to file a 2011 tax return late   If you retired without a survivor annuity and report your annuity under the General Rule, you must figure the tax-free part of your annuity using a new exclusion percentage if you later choose a survivor annuity and take reduced annuity payments. How to file a 2011 tax return late To figure the new exclusion percentage, reduce your cost by the amount you previously recovered tax free. How to file a 2011 tax return late Figure the expected return as of the date the reduced annuity begins. How to file a 2011 tax return late For details on the General Rule, see Publication 939. How to file a 2011 tax return late Canceling a survivor annuity after retirement. How to file a 2011 tax return late   If you retired with a survivor annuity payable to your spouse upon your death and you notify OPM that your marriage has ended, your annuity might be increased to remove the reduction for a survivor benefit. How to file a 2011 tax return late The increased annuity does not change the cost recovery you figured at the annuity starting date. How to file a 2011 tax return late The tax-free part of each annuity payment remains the same. How to file a 2011 tax return late    For more information about choosing or canceling a survivor annuity after retirement, contact OPM's Retirement Information Office at 1-888-767-6738 (customers within the local Washington, D. How to file a 2011 tax return late C. How to file a 2011 tax return late calling area must call 202-606-0500). How to file a 2011 tax return late Exclusion limit. How to file a 2011 tax return late   Your annuity starting date determines the total amount of annuity payments that you can exclude from income over the years. How to file a 2011 tax return late Annuity starting date after 1986. How to file a 2011 tax return late   If your annuity starting date is after 1986, the total amount of annuity income that you (or the survivor annuitant) can exclude over the years as a return of your cost cannot exceed your total cost. How to file a 2011 tax return late Annuity payments you or your survivors receive after the total cost in the plan has been recovered are generally fully taxable. How to file a 2011 tax return late Example. How to file a 2011 tax return late Your annuity starting date is after 1986 and you exclude $100 a month under the Simplified Method. How to file a 2011 tax return late If your cost is $12,000, the exclusion ends after 10 years (120 months). How to file a 2011 tax return late Thereafter, your entire annuity is generally fully taxable. How to file a 2011 tax return late Annuity starting date before 1987. How to file a 2011 tax return late   If your annuity starting date is before 1987, you can continue to take your monthly exclusion figured under the General Rule or Simplified Method for as long as you receive your annuity. How to file a 2011 tax return late If you chose a joint and survivor annuity, your survivor can continue to take that same exclusion. How to file a 2011 tax return late The total exclusion may be more than your cost. How to file a 2011 tax return late Deduction of unrecovered cost. How to file a 2011 tax return late   If your annuity starting date is after July 1, 1986, and the cost of your annuity has not been fully recovered at your (or the survivor annuitant's) death, a deduction is allowed for the unrecovered cost. How to file a 2011 tax return late The deduction is claimed on your (or your survivor's) final tax return as a miscellaneous itemized deduction (not subject to the 2%-of-adjusted-gross-income limit). How to file a 2011 tax return late If your annuity starting date is before July 2, 1986, no tax benefit is allowed for any unrecovered cost at death. How to file a 2011 tax return late Simplified Method If your annuity starting date is after November 18, 1996, you must use the Simplified Method to figure the tax-free part of your CSRS or FERS annuity. How to file a 2011 tax return late (OPM has figured the taxable amount of your annuity shown on your Form CSA 1099R using the Simplified Method. How to file a 2011 tax return late ) You could have chosen to use either the Simplified Method or the General Rule if your annuity starting date is after July 1, 1986, but before November 19, 1996. How to file a 2011 tax return late The Simplified Method does not apply if your annuity starting date is before July 2, 1986. How to file a 2011 tax return late Under the Simplified Method, you figure the tax-free part of each full monthly payment by dividing your cost by a number of months based on your age. How to file a 2011 tax return late This number will differ depending on whether your annuity starting date is before November 19, 1996, or after November 18, 1996. How to file a 2011 tax return late If your annuity starting date is after 1997 and your annuity includes a survivor benefit for your spouse, this number is based on your combined ages. How to file a 2011 tax return late Worksheet A. How to file a 2011 tax return late   Use Worksheet A. How to file a 2011 tax return late Simplified Method (near the end of this publication), to figure your taxable annuity. How to file a 2011 tax return late Be sure to keep the completed worksheet. How to file a 2011 tax return late It will help you figure your taxable amounts for later years. How to file a 2011 tax return late Instead of Worksheet A, you generally can use the Simplified Method Worksheet in the instructions for Form 1040, Form 1040A, or Form 1040NR to figure your taxable annuity. How to file a 2011 tax return late However, you must use Worksheet A and Worksheet B in this publication if you chose the alternative annuity option, discussed later. How to file a 2011 tax return late Line 2. How to file a 2011 tax return late   See Your cost , earlier, for an explanation of your cost in the plan. How to file a 2011 tax return late If your annuity starting date is after November 18, 1996, and you chose the alternative annuity option (explained later), you must reduce your cost by the tax-free part of the lump-sum payment you received. How to file a 2011 tax return late Line 3. How to file a 2011 tax return late   The number you enter on line 3 is the appropriate number from Table 1 or 2 representing approximate life expectancies in months. How to file a 2011 tax return late If your annuity starting date is after 1997, use: Table 1 for an annuity without a survivor benefit, or Table 2 for an annuity with a survivor benefit. How to file a 2011 tax return late If your annuity starting date is before 1998, use Table 1. How to file a 2011 tax return late Line 6. How to file a 2011 tax return late   If you received contributions tax free before 2013, the amount previously recovered tax free that you must enter on line 6 is the total amount from line 10 of last year's worksheet. How to file a 2011 tax return late If your annuity starting date is before November 19, 1996, and you chose the alternative annuity option, this amount includes the tax-free part of the lump-sum payment you received. How to file a 2011 tax return late Example. How to file a 2011 tax return late Bill Smith retired from the Federal Government on March 31, 2013, under an annuity that will provide a survivor benefit for his wife, Kathy. How to file a 2011 tax return late His annuity starting date is April 1, 2013, the annuity is paid in arrears, and he received his first monthly annuity payment on May 1, 2013. How to file a 2011 tax return late He must use the Simplified Method to figure the tax-free part of his annuity benefits. How to file a 2011 tax return late Bill's monthly annuity benefit is $1,000. How to file a 2011 tax return late He had contributed $31,000 to his retirement plan and had received no distributions before his annuity starting date. How to file a 2011 tax return late At his annuity starting date, he was 65 and Kathy was 57. How to file a 2011 tax return late Bill's completed Worksheet A is shown later. How to file a 2011 tax return late To complete line 3, he used Table 2 at the bottom of the worksheet and found that 310 is the number in the second column opposite the age range that includes 122 (his and Kathy's combined ages). How to file a 2011 tax return late Bill keeps a copy of the completed worksheet for his records. How to file a 2011 tax return late It will help him (and Kathy, if she survives him) figure the taxable amount of the annuity in later years. How to file a 2011 tax return late Bill's tax-free monthly amount is $100. How to file a 2011 tax return late (See line 4 of the worksheet. How to file a 2011 tax return late ) If he lives to collect more than 310 monthly payments, he will generally have to include in his gross income the full amount of any annuity payments received after 310 payments have been made. How to file a 2011 tax return late If Bill does not live to collect 310 monthly payments and his wife begins to receive monthly payments, she also will exclude $100 from each monthly payment until 310 payments (Bill's and hers) have been collected. How to file a 2011 tax return late If she dies before 310 payments have been made, a miscellaneous itemized deduction (not subject to the 2%-of-adjusted- gross-income limit) will be allowed for the unrecovered cost on her final income tax return. How to file a 2011 tax return late General Rule If your annuity starting date is after November 18, 1996, you cannot use the General Rule to figure the tax-free part of your CSRS or FERS annuity. How to file a 2011 tax return late If your annuity starting date is after July 1, 1986, but before November 19, 1996, you could have chosen to use either the General Rule or the Simplified Method. How to file a 2011 tax return late If your annuity starting date is before July 2, 1986, you could have chosen to use the General Rule only if you could not use the Three-Year Rule. How to file a 2011 tax return late Under the General Rule, you figure the tax-free part of each full monthly payment by multiplying the initial gross monthly rate of your annuity by an exclusion percentage. How to file a 2011 tax return late Figuring this percentage is complex and requires the use of actuarial tables. How to file a 2011 tax return late For these tables and other information about using the General Rule, see Publication 939. How to file a 2011 tax return late Three-Year Rule If your annuity starting date was before July 2, 1986, you probably had to report your annuity using the Three-Year Rule. How to file a 2011 tax return late Under this rule, you excluded all the annuity payments from income until you fully recovered your cost. How to file a 2011 tax return late After your cost was recovered, all payments became fully taxable. How to file a 2011 tax return late You cannot use another rule to again exclude amounts from income. How to file a 2011 tax return late The Three-Year Rule was repealed for retirees whose annuity starting date is after July 1, 1986. How to file a 2011 tax return late Worksheet A. How to file a 2011 tax return late Simplified Method for Bill Smith See the instructions in Part II of this publication under Simplified Method. How to file a 2011 tax return late 1. How to file a 2011 tax return late Enter the total pension or annuity payments received this year. How to file a 2011 tax return late Also, add this amount to the total for Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a 1. How to file a 2011 tax return late $ 8,000 2. How to file a 2011 tax return late Enter your cost in the plan at the annuity starting date, plus any death benefit exclusion*. How to file a 2011 tax return late See Your cost in Part II, Rules for Retirees, earlier 2. How to file a 2011 tax return late 31,000 Note: If your annuity starting date was before this year and you completed this worksheet last year, skip line 3 and enter the amount from line 4 of last year's worksheet on line 4 below (even if the amount of your pension or annuity has changed). How to file a 2011 tax return late Otherwise, go to line 3. How to file a 2011 tax return late   3. How to file a 2011 tax return late Enter the appropriate number from Table 1 below. How to file a 2011 tax return late But if your annuity starting date was after 1997 and the payments are for your life and that of your beneficiary, enter the appropriate number from Table 2 below. How to file a 2011 tax return late 3. How to file a 2011 tax return late 310 4. How to file a 2011 tax return late Divide line 2 by the number on line 3 4. How to file a 2011 tax return late 100 5. How to file a 2011 tax return late Multiply line 4 by the number of months for which this year's payments were made. How to file a 2011 tax return late If your annuity starting date was before 1987, enter this amount on line 8 below and skip lines 6, 7, 10, and 11. How to file a 2011 tax return late Otherwise, go to line 6 5. How to file a 2011 tax return late 800 6. How to file a 2011 tax return late Enter any amounts previously recovered tax free in years after 1986. How to file a 2011 tax return late This is the amount shown on line 10 of your worksheet for last year 6. How to file a 2011 tax return late 0 7. How to file a 2011 tax return late Subtract line 6 from line 2 7. How to file a 2011 tax return late 31,000 8. How to file a 2011 tax return late Enter the smaller of line 5 or line 7 8. How to file a 2011 tax return late 800 9. How to file a 2011 tax return late Taxable amount for year. How to file a 2011 tax return late Subtract line 8 from line 1. How to file a 2011 tax return late Enter the result, but not less than zero. How to file a 2011 tax return late Also, add this amount to the total for Form 1040, line 16b, or Form 1040A, line 12b. How to file a 2011 tax return late If you are a nonresident alien, also enter this amount on line 1 of Worksheet C. How to file a 2011 tax return late If your Form CSA 1099R or Form CSF 1099R shows a larger amount, use the amount figured on this line instead. How to file a 2011 tax return late If you are a retired public safety officer, see Distributions Used To Pay Insurance Premiums for Public Safety Officers in Part II before entering an amount on your tax return or Worksheet C, line 1 9. How to file a 2011 tax return late $7,200 10. How to file a 2011 tax return late Was your annuity starting date before 1987?   Yes. How to file a 2011 tax return late Do not complete the rest of this worksheet. How to file a 2011 tax return late    No. How to file a 2011 tax return late Add lines 6 and 8. How to file a 2011 tax return late This is the amount you have recovered tax free through 2013. How to file a 2011 tax return late You will need this number if you need to fill out this worksheet next year 10. How to file a 2011 tax return late 800 11. How to file a 2011 tax return late Balance of cost to be recovered. How to file a 2011 tax return late Subtract line 10 from line 2. How to file a 2011 tax return late If zero, you will not have to complete this worksheet next year. How to file a 2011 tax return late The payments you receive next year will generally be fully taxable 11. How to file a 2011 tax return late $30,200 Table 1 for Line 3 Above    IF your age on your  annuity starting date was   AND your annuity starting date was—     before November 19, 1996,  THEN enter on line 3 after November 18, 1996,  THEN enter on line 3   55 or under 300 360   56–60 260 310   61–65 240 260   66–70 170 210   71 or over 120 160  Table 2 for Line 3 Above    IF the annuitants' combined ages on your annuity starting date were   THEN enter on line 3         110 or under   410         111–120   360         121–130   310         131–140   260         141 or over   210       * A death benefit exclusion of up to $5,000 applied to certain benefits received by survivors of employees who died before August 21, 1996. How to file a 2011 tax return late Alternative Annuity Option If you are eligible, you may choose an alternative form of annuity. How to file a 2011 tax return late If you make this choice, you will receive a lump-sum payment equal to your contributions to the plan and a reduced monthly annuity. How to file a 2011 tax return late You are eligible to make this choice if you meet all of the following requirements. How to file a 2011 tax return late You are retiring, but not on disability. How to file a 2011 tax return late You have a life-threatening illness or other critical medical condition. How to file a 2011 tax return late You do not have a former spouse entitled to court ordered benefits based on your service. How to file a 2011 tax return late If you are not eligible or do not choose this alternative annuity, you can skip the following discussion and go to Federal Gift Tax , later. How to file a 2011 tax return late Lump-Sum Payment The lump-sum payment you receive under the alternative annuity option generally has a tax-free part and a taxable part. How to file a 2011 tax return late The tax-free part represents part of your cost. How to file a 2011 tax return late The taxable part represents part of the earnings on your annuity contract. How to file a 2011 tax return late Your lump-sum credit (discussed later) may include a deemed deposit or redeposit that is treated as being included in your lump-sum payment even though you do not actually receive such amounts. How to file a 2011 tax return late Deemed deposits and redeposits, which are described later under Lump-sum credit , are taxable to you in the year of retirement. How to file a 2011 tax return late Your taxable amount may therefore be more than the lump-sum payment you receive. How to file a 2011 tax return late You must include the taxable part of the lump-sum payment in your income for the year you receive the payment unless you roll it over into another qualified plan or an IRA. How to file a 2011 tax return late If you do not have OPM transfer the taxable amount to an IRA or other plan in a direct rollover, tax will be withheld at a 20% rate. How to file a 2011 tax return late See Rollover Rules , later, for information on how to make a rollover. How to file a 2011 tax return late OPM can make a direct rollover only up to the amount of the lump-sum payment. How to file a 2011 tax return late Therefore, to defer tax on the full taxable amount if it is more than the payment, you must add funds from another source. How to file a 2011 tax return late The taxable part of the lump-sum payment does not qualify as a lump-sum distribution eligible for capital gain treatment or the 10-year tax option. How to file a 2011 tax return late It also may be subject to an additional 10% tax on early distributions if you separate from service before the calendar year in which you reach age 55, even if you reach age 55 in the year you receive the lump-sum payment. How to file a 2011 tax return late For more information, see Lump-Sum Distributions and Tax on Early Distributions in Publication 575. How to file a 2011 tax return late Worksheet B. How to file a 2011 tax return late   Use Worksheet B. How to file a 2011 tax return late Lump-Sum Payment (near the end of this publication), to figure the taxable part of your lump-sum payment. How to file a 2011 tax return late Be sure to keep the completed worksheet for your records. How to file a 2011 tax return late   To complete the worksheet, you will need to know the amount of your lump-sum credit and the present value of your annuity contract. How to file a 2011 tax return late Lump-sum credit. How to file a 2011 tax return late   Generally, this is the same amount as the lump-sum payment you receive (the total of your contributions to the retirement system). How to file a 2011 tax return late However, for purposes of the alternative annuity option, your lump-sum credit also may include deemed deposits and redeposits that OPM advanced to your retirement account so that you are given credit for the service they represent. How to file a 2011 tax return late Deemed deposits (including interest) are for federal employment during which no retirement contributions were taken out of your pay. How to file a 2011 tax return late Deemed redeposits (including interest) are for any refunds of retirement contributions that you received and did not repay. How to file a 2011 tax return late You are treated as if you had received a lump-sum payment equal to the amount of your lump-sum credit and then had made a repayment to OPM of the advanced amounts. How to file a 2011 tax return late Present value of your annuity contract. How to file a 2011 tax return late   The present value of your annuity contract is figured using actuarial tables provided by the IRS. How to file a 2011 tax return late If you are receiving a lump-sum payment under the Alternative Annuity Option, you can write to the address below to find out the present value of your annuity contract. How to file a 2011 tax return late Internal Revenue Service Attn: Actuarial Group 2 TE/GE SE:T:EP:RA:T:A2 NCA-629 1111 Constitution Ave. How to file a 2011 tax return late , NW Washington, DC 20224-0002 Example. How to file a 2011 tax return late David Brown retired from the federal government in 2013, one month after his 55th birthday. How to file a 2011 tax return late He had contributed $31,000 to his retirement plan and chose to receive a lump-sum payment of that amount under the alternative annuity option. How to file a 2011 tax return late The present value of his annuity contract was $155,000. How to file a 2011 tax return late The tax-free part and the taxable part of the lump-sum payment are figured using Worksheet B, as shown below. How to file a 2011 tax return late The taxable part ($24,800) is also his net cost in the plan, which is used to figure the taxable part of his reduced annuity payments. How to file a 2011 tax return late See Reduced Annuity , later. How to file a 2011 tax return late Worksheet B. How to file a 2011 tax return late Lump-Sum Payment for David Brown See the instructions in Part II of this publication under Alternative Annuity Option . How to file a 2011 tax return late  1. How to file a 2011 tax return late Enter your lump-sum credit (your cost in the plan at the annuity starting date) 1. How to file a 2011 tax return late $ 31,000 2. How to file a 2011 tax return late Enter the present value of your annuity contract 2. How to file a 2011 tax return late 155,000 3. How to file a 2011 tax return late Divide line 1 by line 2 3. How to file a 2011 tax return late . How to file a 2011 tax return late 20 4. How to file a 2011 tax return late Tax-free amount. How to file a 2011 tax return late Multiply line 1 by line 3. How to file a 2011 tax return late (Caution: Do not include this amount on line 6 of Worksheet A in this publication. How to file a 2011 tax return late ) 4. How to file a 2011 tax return late $6,200 5. How to file a 2011 tax return late Taxable amount (net cost in the plan). How to file a 2011 tax return late Subtract line 4 from line 1. How to file a 2011 tax return late Include this amount in the total on Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b. How to file a 2011 tax return late Also, enter this amount on line 2 of Worksheet A in this publication. How to file a 2011 tax return late 5. How to file a 2011 tax return late $24,800   Lump-sum payment in installments. How to file a 2011 tax return late   If you choose the alternative annuity option, you usually will receive the lump-sum payment in two equal installments. How to file a 2011 tax return late You will receive the first installment after you make the choice upon retirement. How to file a 2011 tax return late The second installment will be paid to you, with interest, in the next calendar year. How to file a 2011 tax return late (Exceptions to the installment rule are provided for cases of critical medical need. How to file a 2011 tax return late )   Even though the lump-sum payment is made in installments, the overall tax treatment (explained at the beginning of this discussion) is the same as if the whole payment were paid at once. How to file a 2011 tax return late If the payment has a tax-free part, you must treat the taxable part as received first. How to file a 2011 tax return late How to report. How to file a 2011 tax return late   Add any actual or deemed payment of your lump-sum credit (defined earlier) to the total for Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a. How to file a 2011 tax return late Add the taxable part to the total for Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b, unless you roll over the taxable part to your traditional IRA or a qualified retirement plan. How to file a 2011 tax return late    If you receive the lump-sum payment in two installments, include any interest paid with the second installment on line 8a of either Form 1040 or Form 1040A, or on line 9a of Form 1040NR. How to file a 2011 tax return late Reduced Annuity If you have chosen to receive a lump-sum payment under the alternative annuity option, you also will receive reduced monthly annuity payments. How to file a 2011 tax return late These annuity payments each will have a tax-free and a taxable part. How to file a 2011 tax return late To figure the tax-free part of each annuity payment, you must use the Simplified Method (Worksheet A). How to file a 2011 tax return late For instructions on how to complete the worksheet, see Worksheet A under Simplified Method, earlier. How to file a 2011 tax return late To complete Worksheet A, line 2, you must reduce your cost in the plan by the tax-free part of the lump-sum payment you received. How to file a 2011 tax return late Enter as your net cost on line 2 the amount from Worksheet B, line 5. How to file a 2011 tax return late Do not include the tax-free part of the lump-sum payment with other amounts recovered tax free (Worksheet A, line 6) when limiting your total exclusion to your total cost. How to file a 2011 tax return late Example. How to file a 2011 tax return late The facts are the same as in the example for David Brown in the preceding discussion. How to file a 2011 tax return late In addition, David received 10 annuity payments in 2013 of $1,200 each. How to file a 2011 tax return late Using Worksheet A, he figures the taxable part of his annuity payments. How to file a 2011 tax return late He completes line 2 by reducing his $31,000 cost by the $6,200 tax-free part of his lump-sum payment. How to file a 2011 tax return late His entry on line 2 is his $24,800 net cost in the plan (the amount from Worksheet B, line 5). How to file a 2011 tax return late He does not include the tax-free part of his lump-sum payment on Worksheet A, line 6. How to file a 2011 tax return late David's filled-in Worksheet A is shown on the next page. How to file a 2011 tax return late Worksheet A. How to file a 2011 tax return late Simplified Method for David Brown See the instructions in Part II of this publication under Simplified Method . How to file a 2011 tax return late 1. How to file a 2011 tax return late Enter the total pension or annuity payments received this year. How to file a 2011 tax return late Also, add this amount to the total for Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a 1. How to file a 2011 tax return late $ 12,000 2. How to file a 2011 tax return late Enter your cost in the plan at the annuity starting date, plus any death benefit exclusion*. How to file a 2011 tax return late See Your cost in Part II, Rules for Retirees, earlier 2. How to file a 2011 tax return late 24,800 Note: If your annuity starting date was before this year and you completed this worksheet last year, skip line 3 and enter the amount from line 4 of last year's worksheet on line 4 below (even if the amount of your pension or annuity has changed). How to file a 2011 tax return late Otherwise, go to line 3. How to file a 2011 tax return late   3. How to file a 2011 tax return late Enter the appropriate number from Table 1 below. How to file a 2011 tax return late But if your annuity starting date was after 1997 and the payments are for your life and that of your beneficiary, enter the appropriate number from Table 2 below. How to file a 2011 tax return late 3. How to file a 2011 tax return late 360 4. How to file a 2011 tax return late Divide line 2 by the number on line 3 4. How to file a 2011 tax return late 68. How to file a 2011 tax return late 89 5. How to file a 2011 tax return late Multiply line 4 by the number of months for which this year's payments were made. How to file a 2011 tax return late If your annuity starting date was before 1987, enter this amount on line 8 below and skip lines 6, 7, 10, and 11. How to file a 2011 tax return late Otherwise, go to line 6 5. How to file a 2011 tax return late 688. How to file a 2011 tax return late 90 6. How to file a 2011 tax return late Enter any amounts previously recovered tax free in years after 1986. How to file a 2011 tax return late This is the amount shown on line 10 of your worksheet for last year 6. How to file a 2011 tax return late 0 7. How to file a 2011 tax return late Subtract line 6 from line 2 7. How to file a 2011 tax return late 24,800 8. How to file a 2011 tax return late Enter the smaller of line 5 or line 7 8. How to file a 2011 tax return late 688. How to file a 2011 tax return late 90 9. How to file a 2011 tax return late Taxable amount for year. How to file a 2011 tax return late Subtract line 8 from line 1. How to file a 2011 tax return late Enter the result, but not less than zero. How to file a 2011 tax return late Also, add this amount to the total for Form 1040, line 16b, or Form 1040A, line 12b. How to file a 2011 tax return late If you are a nonresident alien, also enter this amount on line 1 of Worksheet C. How to file a 2011 tax return late If your Form CSA 1099R or Form CSF 1099R shows a larger amount, use the amount figured on this line instead. How to file a 2011 tax return late If you are a retired public safety officer, see Distributions Used To Pay Insurance Premiums for Public Safety Officers in Part II before entering an amount on your tax return or Worksheet C, line 1 9. How to file a 2011 tax return late $11,311. How to file a 2011 tax return late 10 10. How to file a 2011 tax return late Was your annuity starting date before 1987?   Yes. How to file a 2011 tax return late Do not complete the rest of this worksheet. How to file a 2011 tax return late    No. How to file a 2011 tax return late Add lines 6 and 8. How to file a 2011 tax return late This is the amount you have recovered tax free through 2013. How to file a 2011 tax return late You will need this number if you need to fill out this worksheet next year 10. How to file a 2011 tax return late 688. How to file a 2011 tax return late 90 11. How to file a 2011 tax return late Balance of cost to be recovered. How to file a 2011 tax return late Subtract line 10 from line 2. How to file a 2011 tax return late If zero, you will not have to complete this worksheet next year. How to file a 2011 tax return late The payments you receive next year will generally be fully taxable 11. How to file a 2011 tax return late $24,111. How to file a 2011 tax return late 10 Table 1 for Line 3 Above    IF your age on your annuity starting date was   AND your annuity starting date was—     before November 19, 1996,  THEN enter on line 3 after November 18, 1996,  THEN enter on line 3   55 or under 300 360   56–60 260 310   61–65 240 260   66–70 170 210   71 or over 120 160  Table 2 for Line 3 Above    IF the annuitants' combined ages on your annuity starting date were   THEN enter on line 3         110 or under   410         111–120   360         121–130   310         131–140   260         141 or over   210       * A death benefit exclusion of up to $5,000 applied to certain benefits received by survivors of employees who died before August 21, 1996. How to file a 2011 tax return late Reemployment after choosing the alternative annuity option. How to file a 2011 tax return late If you chose this option when you retired and then you were reemployed by the Federal Government before retiring again, your Form CSA 1099R may show only the amount of your contributions to your retirement plan during your reemployment. How to file a 2011 tax return late If the amount on the form does not include all your contributions, disregard it and use your total contributions to figure the taxable part of your annuity payments. How to file a 2011 tax return late Annuity starting date before November 19, 1996. How to file a 2011 tax return late   If your annuity starting date is before November 19, 1996, and you chose the alternative annuity option, the taxable and tax-free parts of your lump-sum payment and your annuity payments are figured using different rules. How to file a 2011 tax return late Under those rules, you do not reduce your cost in the plan (Worksheet A, line 2) by the tax-free part of the lump-sum payment. How to file a 2011 tax return late However, you must include that tax-free amount with other amounts previously recovered tax free (Worksheet A, line 6) when limiting your total exclusion to your total cost. How to file a 2011 tax return late Federal Gift Tax If, through the exercise or nonexercise of an election or option, you provide an annuity for your beneficiary at or after your death, you have made a gift. How to file a 2011 tax return late The gift may be taxable for gift tax purposes. How to file a 2011 tax return late The value of the gift is equal to the value of the annuity. How to file a 2011 tax return late Joint and survivor annuity. How to file a 2011 tax return late   If the gift is an interest in a joint and survivor annuity where only you and your spouse can receive payments before the death of the last spouse to die, the gift generally will qualify for the unlimited marital deduction. How to file a 2011 tax return late This will eliminate any gift tax liability with regard to that gift. How to file a 2011 tax return late   If you provide survivor annuity benefits for someone other than your current spouse, such as your former spouse, the unlimited marital deduction will not apply. How to file a 2011 tax return late This may result in a taxable gift. How to file a 2011 tax return late More information. How to file a 2011 tax return late   For information about the gift tax, see Publication 950, Introduction to Estate and Gift Taxes, and Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, and its instructions. How to file a 2011 tax return late Retirement During the Past Year If you have recently retired, the following discussions covering annual leave, voluntary contributions, and community property may apply to you. How to file a 2011 tax return late Annual leave. How to file a 2011 tax return late   A payment for accrued annual leave received on retirement is a salary payment. How to file a 2011 tax return late It is taxable as wages in the tax year you receive it. How to file a 2011 tax return late Voluntary contributions. How to file a 2011 tax return late   Voluntary contributions to the retirement fund are those made in addition to the regular contributions that were deducted from your salary. How to file a 2011 tax return late They also include the regular contributions withheld from your salary after you have the years of service necessary for the maximum annuity allowed by law. How to file a 2011 tax return late Voluntary contributions are not the same as employee contributions to the Thrift Savings Plan. How to file a 2011 tax return late See Thrift Savings Plan , later. How to file a 2011 tax return late Additional annuity benefit. How to file a 2011 tax return late   If you choose to receive an additional annuity benefit from your voluntary contributions, it is treated separately from the annuity benefit that comes from the regular contributions deducted from your salary. How to file a 2011 tax return late This separate treatment applies for figuring the amounts to be excluded from, and included in, gross income. How to file a 2011 tax return late It does not matter that you receive only one monthly check covering both benefits. How to file a 2011 tax return late Each year you will receive a Form CSA 1099R that will show how much of your total annuity received in the past year was from each type of benefit. How to file a 2011 tax return late   Figure the taxable and tax-free parts of your additional monthly benefits from voluntary contributions using the rules that apply to regular CSRS and FERS annuities, as explained earlier. How to file a 2011 tax return late Refund of voluntary contributions. How to file a 2011 tax return late   If you choose to receive a refund of your voluntary contributions plus accrued interest, the interest is taxable to you in the tax year it is distributed unless you roll it over to a traditional IRA or another qualified retirement plan. How to file a 2011 tax return late If you do not have OPM transfer the interest to a traditional IRA or other qualified retirement plan in a direct rollover, tax will be withheld at a 20% rate. How to file a 2011 tax return late See Rollover Rules , later. How to file a 2011 tax return late The interest does not qualify as a lump-sum distribution eligible for capital gain treatment or the 10-year tax option. How to file a 2011 tax return late It also may be subject to an additional 10% tax on early distributions if you separate from service before the calendar year in which you reach age 55. How to file a 2011 tax return late For more information, see Lump-Sum Distributions and Tax on Early Distributions in Publication 575. How to file a 2011 tax return late Community property laws. How to file a 2011 tax return late   State community property laws apply to your annuity. How to file a 2011 tax return late These laws will affect your income tax only if you file a return separately from your spouse. How to file a 2011 tax return late   Generally, the determination of whether your annuity is separate income (taxable to you) or community income (taxable to both you and your spouse) is based on your marital status and domicile when you were working. How to file a 2011 tax return late Regardless of whether you are now living in a community property state or a noncommunity property state, your current annuity may be community income if it is based on services you performed while married and domiciled in a community property state. How to file a 2011 tax return late   At any time, you have only one domicile even though you may have more than one home. How to file a 2011 tax return late Your domicile is your fixed and permanent legal home that you intend to use for an indefinite or unlimited period, and to which, when absent, you intend to return. How to file a 2011 tax return late The question of your domicile is mainly a matter of your intentions as indicated by your actions. How to file a 2011 tax return late   If your annuity is a mixture of community income and separate income, you must divide it between the two kinds of income. How to file a 2011 tax return late The division is based on your periods of service and domicile in community and noncommunity property states while you were married. How to file a 2011 tax return late   For more information, see Publication 555, Community Property. How to file a 2011 tax return late Reemployment After Retirement If you retired from federal service and are later rehired by the Federal Government as an employee, you can continue to receive your annuity during reemployment. How to file a 2011 tax return late The employing agency usually will pay you the difference between your salary for your period of reemployment and your annuity. How to file a 2011 tax return late This amount is taxable as wages. How to file a 2011 tax return late Your annuity will continue to be taxed just as it was before. How to file a 2011 tax return late If you are still recovering your cost, you continue to do so. How to file a 2011 tax return late If you have recovered your cost, the annuity you receive while you are reemployed generally is fully taxable. How to file a 2011 tax return late Nonresident Aliens The following special rules apply to nonresident alien federal employees performing services outside the United States and to nonresident alien retirees and beneficiaries. How to file a 2011 tax return late A nonresident alien is an individual who is not a citizen or a resident alien of the United States. How to file a 2011 tax return late Special rule for figuring your total contributions. How to file a 2011 tax return late   Your contributions to the retirement plan (your cost) also include the government's contributions to the plan to a certain extent. How to file a 2011 tax return late You include government contributions that would not have been taxable to you at the time they were contributed if they had been paid directly to you. How to file a 2011 tax return late For example, government contributions would not have been taxable to you if, at the time made, your services were performed outside the United States. How to file a 2011 tax return late Thus, your cost is increased by these government contributions and the benefits that you, or your beneficiary, must include in income are reduced. How to file a 2011 tax return late   This method of figuring your total contributions does not apply to any contributions the government made on your behalf after you became a citizen or a resident alien of the United States. How to file a 2011 tax return late Limit on taxable amount. How to file a 2011 tax return late   There is a limit on the taxable amount of payments received from the CSRS, the FERS, or the TSP by a nonresident alien retiree or nonresident alien beneficiary. How to file a 2011 tax return late Figure this limited taxable amount by multiplying the otherwise taxable amount by a fraction. How to file a 2011 tax return late The numerator of the fraction is the retiree's total U. How to file a 2011 tax return late S. How to file a 2011 tax return late Government basic pay, other than tax-exempt pay for services performed outside the United States. How to file a 2011 tax return late The denominator is the retiree's total U. How to file a 2011 tax return late S. How to file a 2011 tax return late Government basic pay for all services. How to file a 2011 tax return late    Basic pay includes regular pay plus any standby differential. How to file a 2011 tax return late It does not include bonuses, overtime pay, certain retroactive pay, uniform or other allowances, or lump-sum leave payments. How to file a 2011 tax return late   To figure the limited taxable amount of your CSRS or FERS annuity or your TSP distributions, use Worksheet C. How to file a 2011 tax return late (For an annuity, first complete Worksheet A in this publication. How to file a 2011 tax return late ) Worksheet C. How to file a 2011 tax return late Limited Taxable Amount for Nonresident Alien 1. How to file a 2011 tax return late Enter the otherwise taxable amount of the CSRS or FERS annuity (from line 9 of Worksheet A or from Forms CSA 1099R or CSF 1099R) or TSP distributions (from Form 1099R) 1. How to file a 2011 tax return late   2. How to file a 2011 tax return late Enter the total U. How to file a 2011 tax return late S. How to file a 2011 tax return late Government basic pay other than tax-exempt pay for services performed outside the United States 2. How to file a 2011 tax return late   3. How to file a 2011 tax return late Enter the total U. How to file a 2011 tax return late S. How to file a 2011 tax return late Government basic pay for all services 3. How to file a 2011 tax return late   4. How to file a 2011 tax return late Divide line 2 by line 3 4. How to file a 2011 tax return late   5. How to file a 2011 tax return late Limited taxable amount. How to file a 2011 tax return late Multiply line 1 by line 4. How to file a 2011 tax return late Enter this amount on Form 1040NR, line 17b 5. How to file a 2011 tax return late   Example 1. How to file a 2011 tax return late You are a nonresident alien who performed all services for the U. How to file a 2011 tax return late S. How to file a 2011 tax return late Government abroad as a nonresident alien. How to file a 2011 tax return late You retired and began to receive a monthly annuity of $200. How to file a 2011 tax return late Your total basic pay for all services for the U. How to file a 2011 tax return late S. How to file a 2011 tax return late Government was $100,000. How to file a 2011 tax return late All of your basic pay was tax exempt because it was not U. How to file a 2011 tax return late S. How to file a 2011 tax return late source income. How to file a 2011 tax return late The taxable amount of your annuity using Worksheet A in this publication is $720. How to file a 2011 tax return late You are a nonresident alien, so you figure the limited taxable amount of your annuity using Worksheet C as follows. How to file a 2011 tax return late Worksheet C. How to file a 2011 tax return late Limited Taxable Amount for Nonresident Alien — Example 1 1. How to file a 2011 tax return late Enter the otherwise taxable amount of the CSRS or FERS annuity (from line 9 of Worksheet A or from Forms CSA 1099R or CSF 1099R) or TSP distributions (from Form 1099R) 1. How to file a 2011 tax return late $ 720 2. How to file a 2011 tax return late Enter the total U. How to file a 2011 tax return late S. How to file a 2011 tax return late Government basic pay other than tax-exempt pay for services performed outside the United States 2. How to file a 2011 tax return late 0 3. How to file a 2011 tax return late Enter the total U. How to file a 2011 tax return late S. How to file a 2011 tax return late Government basic pay for all services 3. How to file a 2011 tax return late 100,000 4. How to file a 2011 tax return late Divide line 2 by line 3 4. How to file a 2011 tax return late 0 5. How to file a 2011 tax return late Limited taxable amount. How to file a 2011 tax return late Multiply line 1 by line 4. How to file a 2011 tax return late Enter this amount on Form 1040NR, line 17b 5. How to file a 2011 tax return late 0 Example 2. How to file a 2011 tax return late You are a nonresident alien who performed services for the U. How to file a 2011 tax return late S. How to file a 2011 tax return late Government as a nonresident alien both within the United States and abroad. How to file a 2011 tax return late You retired and began to receive a monthly annuity of $240. How to file a 2011 tax return late Your total basic pay for your services for the U. How to file a 2011 tax return late S. How to file a 2011 tax return late Government was $120,000; $40,000 was for work done in the United States and $80,000 was for your work done in a foreign country. How to file a 2011 tax return late The part of your total basic pay for your work done in a foreign country was tax exempt because it was not U. How to file a 2011 tax return late S. How to file a 2011 tax return late source income. How to file a 2011 tax return late The taxable amount of your annuity figured using Worksheet A in this publication is $1,980. How to file a 2011 tax return late You are a nonresident alien, so you figure the limited taxable amount of your annuity using Worksheet C as follows. How to file a 2011 tax return late Worksheet C. How to file a 2011 tax return late Limited Taxable Amount for Nonresident Alien — Example 2 1. How to file a 2011 tax return late Enter the otherwise taxable amount of the CSRS or FERS annuity (from line 9 of Worksheet A or from Forms CSA 1099R or CSF 1099R) or TSP distributions (from Form 1099R) 1. How to file a 2011 tax return late $ 1,980 2. How to file a 2011 tax return late Enter the total U. How to file a 2011 tax return late S. How to file a 2011 tax return late Government basic pay other than tax-exempt pay for services performed outside the United States 2. How to file a 2011 tax return late 40,000 3. How to file a 2011 tax return late Enter the total U. How to file a 2011 tax return late S. How to file a 2011 tax return late Government basic pay for all services 3. How to file a 2011 tax return late 120,000 4. How to file a 2011 tax return late Divide line 2 by line 3 4. How to file a 2011 tax return late . How to file a 2011 tax return late 333 5. How to file a 2011 tax return late Limited taxable amount. How to file a 2011 tax return late Multiply line 1 by line 4. How to file a 2011 tax return late Enter this amount on Form 1040NR, line 17b 5. How to file a 2011 tax return late 659 Thrift Savings Plan Generally, all of the money in your TSP account is taxed as ordinary income when you receive it. How to file a 2011 tax return late (However, see Roth TSP balance and Uniformed services TSP accounts, next. How to file a 2011 tax return late ) This is because neither the contributions to your traditional TSP balance nor its earnings have been included previously in your taxable income. How to file a 2011 tax return late The way that you withdraw your account balance determines when you must pay the tax. How to file a 2011 tax return late Roth TSP balance. How to file a 2011 tax return late   The TSP also offers a Roth TSP option, which allows you to make after-tax contributions into your TSP account. How to file a 2011 tax return late This means Roth TSP contributions are included in your income. How to file a 2011 tax return late The contribution limits are the same as the traditional TSP. How to file a 2011 tax return late You can elect to have part or all of your TSP contributions designated as a Roth TSP. How to file a 2011 tax return late Agency contributions will be part of your traditional TSP balance. How to file a 2011 tax return late Also, you cannot roll over any portion of your traditional TSP into your Roth TSP. How to file a 2011 tax return late   Qualified distributions from your Roth TSP are not included in income. How to file a 2011 tax return late This applies to both your cost in the account and income earned on that account. How to file a 2011 tax return late A qualified distribution is generally a distribution that is: Made after a 5-tax-year period of participation, and Made on or after the date you reach age 59½, made to a beneficiary or your estate on or after your death, or attributable to your being disabled. How to file a 2011 tax return late   For more information, go to the TSP website, www. How to file a 2011 tax return late tsp. How to file a 2011 tax return late gov, or the TSP Service Office. How to file a 2011 tax return late See Publication 575, Pension and Annuity Income, for more information about designated Roth accounts. How to file a 2011 tax return late Uniformed services TSP accounts. How to file a 2011 tax return late   If you have a uniformed services TSP account that includes contributions from combat zone pay, the distributions attributable to those contributions are tax exempt. How to file a 2011 tax return late However, any earnings on those contributions to a traditional TSP balance are subject to tax when they are distributed. How to file a 2011 tax return late See Roth TSP balance discussed previously to get more information about Roth contributions. How to file a 2011 tax return late The statement you receive from the TSP will separately state the total amount of your distribution and the amount of your taxable distribution for the year. How to file a 2011 tax return late You can get more information from the TSP website, www. How to file a 2011 tax return late tsp. How to file a 2011 tax return late gov, or the TSP Service Office. How to file a 2011 tax return late Direct rollover by the TSP. How to file a 2011 tax return late   If you ask the TSP to transfer any part of the money in your account, from traditional contributions and its earnings, to a traditional IRA or other qualified retirement plan, the tax on that part is deferred until you receive payments from the traditional IRA or other plan. How to file a 2011 tax return late However, see the following Note for a discussion on direct rollovers by the TSP of Roth contributions and its earnings. How to file a 2011 tax return late Also, see Rollover Rules , later. How to file a 2011 tax return late Direct rollover by the TSP to a Roth IRA. How to file a 2011 tax return late   If you ask the TSP to transfer any part of the money in your account, from traditional contributions and its earnings, to a Roth IRA, the amount transferred will be taxed in the current year. How to file a 2011 tax return late However, see the following Note for a discussion on direct rollovers by the TSP of Roth contributions and its earnings. How to file a 2011 tax return late Also, see Rollovers to Roth IRAs for more information, later. How to file a 2011 tax return late Note. How to file a 2011 tax return late A direct rollover of your Roth contributions and its earnings (if certain conditions are met, see Roth TSP balance , earlier) in your TSP account to a Roth 401(k), Roth 403(b), Roth 457(b), or Roth IRA are not subject to tax when they are transferred or when you receive payments from those accounts at a later date. How to file a 2011 tax return late This is because you already paid tax on those contributions. How to file a 2011 tax return late You cannot rollover Roth contributions and its earnings in your TSP account to a traditional IRA. How to file a 2011 tax return late TSP annuity. How to file a 2011 tax return late   If you ask the TSP to buy an annuity with the money in your account, from traditional contributions and its earnings, the annuity payments are taxed when you receive them. How to file a 2011 tax return late The payments are not subject to the additional 10% tax on early distributions, even if you are under age 55 when they begin. How to file a 2011 tax return late However, there is no tax on the annuity payments if the annuity is purchased using the money in your account from Roth contributions and its earnings if certain conditions are met. How to file a 2011 tax return late See Roth TSP balance , earlier. How to file a 2011 tax return late This is because you already paid tax on those contributions. How to file a 2011 tax return late Cash withdrawals. How to file a 2011 tax return late   If you withdraw any of the money in your TSP account, from traditional contributions and its earnings, it is generally taxed as ordinary income when you receive it unless you roll it over into a traditional IRA or other qualified plan. How to file a 2011 tax return late (See Rollover Rules , later. How to file a 2011 tax return late ) If you receive your entire TSP account balance in a single tax year, you may be able to use the 10-year tax option to figure your tax. How to file a 2011 tax return late See Lump-Sum Distributions in Publication 575 for details. How to file a 2011 tax return late However, there is no tax if you withdraw money in your TSP account from Roth contributions and its earnings if certain conditions are met. How to file a 2011 tax return late See Roth TSP balance , earlier. How to file a 2011 tax return late    To qualify for the 10-year tax option, the plan participant must have been born before January 2, 1936. How to file a 2011 tax return late   If you receive a single payment or you choose to receive your account balance in monthly payments over a period of less than 10 years, the TSP generally must withhold 20% for federal income tax. How to file a 2011 tax return late If you choose to receive your account balance in monthly payments over a period of 10 or more years or a period based on your life expectancy, the payments are subject to withholding as if you are married with three withholding allowances, unless you submit a withholding certificate. How to file a 2011 tax return late See also Withholding from Thrift Savings Plan payments earlier under Tax Withholding and Estimated Tax in Part I. How to file a 2011 tax return late However, there is no withholding requirement for amounts withdrawn from your TSP account that is from Roth contributions and its earnings, if certain conditions are met. How to file a 2011 tax return late See Roth TSP balance , earlier, for a discussion of those conditions. How to file a 2011 tax return late Tax on early distributions. How to file a 2011 tax return late   Any money paid to you from your TSP account before you reach age 59½ may be subject to an additional 10% tax on early distributions. How to file a 2011 tax return late However, this additional tax does not apply in certain situations, including any of the following. How to file a 2011 tax return late You receive the distribution and separate from government service during or after the calendar year in which you reach age 55. How to file a 2011 tax return late You choose to receive your account balance in monthly payments based on your life expectancy. How to file a 2011 tax return late You are totally and permanently disabled. How to file a 2011 tax return late You receive amounts from your Roth contributions since that represents a return of your cost (after-tax money). How to file a 2011 tax return late The earnings may be subject to the 10% tax depending on whether you met certain conditions. How to file a 2011 tax return late See Roth TSP balance , earlier. How to file a 2011 tax return late   For more information, see Tax on Early Distributions in Publication 575. How to file a 2011 tax return late Outstanding loan. How to file a 2011 tax return late   If the TSP declares a distribution from your account because money you borrowed has not been repaid when you separate from government service, your account is reduced and the amount of the distribution (your unpaid loan balance and any unpaid interest), from traditional contributions and its earnings, is taxed in the year declared. How to file a 2011 tax return late The distribution also may be subject to the additional 10% tax on early distributions. How to file a 2011 tax return late However, the tax will be deferred if you make a rollover contribution to a traditional IRA or other qualified plan equal to the declared distribution amount. How to file a 2011 tax return late See Rollover Rules , later. How to file a 2011 tax return late   If you withdraw any money from your TSP account in that same year, the TSP must withhold income tax of 20% of the total of the declared distribution and the amount withdrawn. How to file a 2011 tax return late However, no withholding is required for portions of the distribution that is from Roth contributions and its earnings, if certain conditions are met. How to file a 2011 tax return late See Roth TSP balance , earlier. How to file a 2011 tax return late More information. How to file a 2011 tax return late   For more information about the TSP, see Summary of the Thrift Savings Plan, distributed to all federal employees. How to file a 2011 tax return late Also, see Important Tax Information About Payments From Your TSP Account and Special Tax Withholding Rules for Thrift Savings Plan Payments to Nonresident Aliens, which are available from your agency personnel office or from the TSP by calling 1-TSP-YOU-FIRST (1-877-968-3778) and for participants who are deaf, hard of hearing, or have a speech disability, call 1-TSP-THRIFT5 (1-877-847-4385). How to file a 2011 tax return late    The above documents are also available on the TSP website at www. How to file a 2011 tax return late tsp. How to file a 2011 tax return late gov. How to file a 2011 tax return late Select “Forms & Publications. How to file a 2011 tax return late ” Rollover Rules Generally, a rollover is a tax-free withdrawal of cash or other assets from one qualified retirement plan or traditional IRA and its reinvestment in another qualified retirement plan or traditional IRA. How to file a 2011 tax return late You do not include the amount rolled over in your income, and you cannot take a deduction for it. How to file a 2011 tax return late The amount rolled over is taxed later as the new program pays that amount to you. How to file a 2011 tax return late If you roll over amounts into a traditional IRA, later distributions of these amounts from the traditional IRA do not qualify for the capital gain or the 10-year tax option. How to file a 2011 tax return late However, capital gain treatment or the 10-year tax option will be restored if the traditional IRA contains only amounts rolled over from a qualified plan and these amounts are rolled over from the traditional IRA into a qualified retirement plan. How to file a 2011 tax return late To qualify for the capital gain treatment or 10-year tax option, the plan participant must have been born before January 2, 1936. How to file a 2011 tax return late You can also roll over a distribution from a qualified retirement plan into a Roth IRA. How to file a 2011 tax return late Although the transfer of a distribution into a Roth IRA is considered a rollover for Roth IRA purposes, it is not a tax-free transfer unless you are rolling over amounts from Roth contributions and its earnings. How to file a 2011 tax return late See Rollovers to Roth IRAs , later, for more information. How to file a 2011 tax return late Qualified retirement plan. How to file a 2011 tax return late   For this purpose, a qualified retirement plan generally is: A qualified employee plan, A qualified employee annuity, A tax-sheltered annuity plan (403(b) plan), or An eligible state or local government section 457 deferred compensation plan. How to file a 2011 tax return late The CSRS, FERS, and TSP are considered qualified retirement plans. How to file a 2011 tax return late Distributions eligible for rollover treatment. How to file a 2011 tax return late   If you receive a refund of your CSRS or FERS contributions when you leave government service, you can roll over any interest you receive on the contributions. How to file a 2011 tax return late You cannot roll over any part of your CSRS or FERS annuity payments. How to file a 2011 tax return late   You can roll over a distribution of any part of your TSP account balance except: A distribution of your account balance that you choose to receive in monthly payments over: Your life expectancy, The joint life expectancies of you and your beneficiary, or A period of 10 years or more, A required minimum distribution generally beginning at age 70½, A declared distribution because of an unrepaid loan, if you have not separated from government service (see Outstanding loan under Thrift Savings Plan, earlier), or A hardship distribution. How to file a 2011 tax return late   In addition, a distribution to your beneficiary generally is not treated as an eligible rollover distribution. How to file a 2011 tax return late However, see Qualified domestic relations order (QDRO) and Rollovers by surviving spouse , and Rollovers by nonspouse beneficiary , later. How to file a 2011 tax return late Direct rollover option. How to file a 2011 tax return late   You can choose to have the OPM or TSP transfer any part of an eligible rollover distribution directly to another qualified retirement plan that accepts rollover distributions or to a traditional IRA or Roth IRA. How to file a 2011 tax return late   There is an automatic rollover requirement for mandatory distributions. How to file a 2011 tax return late A mandatory distribution is a distribution made without your consent and before you reach age 62 or normal retirement age, whichever is later. How to file a 2011 tax return late The automatic rollover requirement applies if the distribution is more than $1,000 and is an eligible rollover distribution. How to file a 2011 tax return late You can choose to have the distribution paid directly to you or rolled over directly to your traditional or Roth IRA or another qualified retirement plan. How to file a 2011 tax return late If you do not make this choice, OPM will automatically roll over the distribution into an IRA of a designated trustee or issuer. How to file a 2011 tax return late No tax withheld. How to file a 2011 tax return late   If you choose the direct rollover option or have an automatic rollover, no tax will be withheld from any part of the distribution that is directly paid to the trustee of the other plan. How to file a 2011 tax return late However, if the rollover is to a Roth IRA, you may want to choose to have tax withheld since any amount rolled over is generally included in income. How to file a 2011 tax return late Any part of the eligible rollover distribution paid to you is subject to withholding at a 20% rate. How to file a 2011 tax return late Direct roll over amounts from Roth contributions and its earnings do not have tax withheld because you already paid tax on those amounts. How to file a 2011 tax return late Payment to you option. How to file a 2011 tax return late   If an eligible rollover distribution is paid to you, the OPM or TSP must withhold 20% for income tax even if you plan to roll over the distribution to another qualified retirement plan, traditional or Roth IRA. How to file a 2011 tax return late However, the full amount is treated as distributed to you even though you actually receive only 80%. How to file a 2011 tax return late You generally must include in income any part (including the part withheld) that you do not roll over within 60 days to another qualified retirement plan or to a traditional IRA. How to file a 2011 tax return late Rollovers to Roth IRAs are generally included in income. How to file a 2011 tax return late Eligible rollover distributions that are from Roth contributions do not have tax withheld because you already paid tax on those amounts. How to file a 2011 tax return late If you leave government service before the calendar year in which you reach age 55 and are under age 59½ when a distribution is paid to you, you may have to pay an additional 10% tax on any part, including any tax withheld, that you do not roll over. How to file a 2011 tax return late However, distributions from Roth contributions will not be subject to the 10% additional tax because it is a return of your cost (after-tax money). How to file a 2011 tax return late Earnings from those contributions may be subject to the 10% additional tax if certain conditions are not met. How to file a 2011 tax return late See Roth TSP balance , earlier. How to file a 2011 tax return late Also, see Tax on Early Distributions in Publication 575. How to file a 2011 tax return late Exception to withholding. How to file a 2011 tax return late   Withholding from an eligible rollover distribution paid to you is not required if the distributions for your tax year total less than $200. How to file a 2011 tax return late Partial rollovers. How to file a 2011 tax return late   A lump-sum distribution may qualify for capital gain treatment or the 10-year tax option if the plan participant was born before January 2, 1936. How to file a 2011 tax return late See Lump-Sum Distributions in Publication 575. How to file a 2011 tax return late However, if you roll over any part of the distribution, the part you keep does not qualify for this special tax treatment. How to file a 2011 tax return late Rolling over more than amount received. How to file a 2011 tax return late   If you want to roll over more of an eligible rollover distribution than the amount you received after income tax was withheld, you will have to add funds from some other source (such as your savings or borrowed amounts). How to file a 2011 tax return late Example. How to file a 2011 tax return late You left government service at age 53. How to file a 2011 tax return late On February 1, 2013, you receive an eligible rollover distribution of $10,000 from you