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How To File Taxes As A College Student

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How To File Taxes As A College Student

How to file taxes as a college student Publication 957 - Main Content Table of Contents 1. How to file taxes as a college student What is Back Pay?Reporting Back Pay Back Pay Under a Statute Nonstatutory Back Pay Format for Report to the SSA Questions 2. How to file taxes as a college student Special Wage PaymentsReporting Special Wage Payments Reporting Nonstatutory (Nonqualified) Stock Options as Special Wage Payments Nonqualified Deferred Compensation and Section 457 Plans Additional Reporting Examples for Nonqualified Deferred Compensation (NQDC) PlansSpecial rule for box 11 of Form W-2 (distributions and deferral in the same year). How to file taxes as a college student 1. How to file taxes as a college student What is Back Pay? Back pay is pay received in a tax year(s) for actual or deemed employment in an earlier tax year(s). How to file taxes as a college student For social security coverage and benefit purposes, all back pay, whether or not under a statute, is wages if it is payment for covered employment. How to file taxes as a college student Damages for personal injury, interest, penalties, and legal fees included with back pay awards are not wages. How to file taxes as a college student Report all back pay. How to file taxes as a college student However, the tax year(s) for which back pay is credited as wages for social security purposes is different if it is awarded under a statute. How to file taxes as a college student See Back Pay Under a Statute , later, for more information. How to file taxes as a college student Reporting Back Pay The Internal Revenue Service (IRS) and the SSA consider back pay awards to be wages. How to file taxes as a college student However, for income tax purposes, the IRS treats all back pay as wages in the year paid. How to file taxes as a college student Employers should use Form W-2, Wage and Tax Statement, or electronic wage reports to report back pay as wages in the year they actually pay the employee. How to file taxes as a college student The SSA no longer accepts reports on tapes, cartridges, and diskettes. How to file taxes as a college student Example. How to file taxes as a college student In 2012, Terry Morris earned wages of $50,000. How to file taxes as a college student In the same year, she received $100,000 in settlement of a back pay case against her employer that covered the periods January 2007 through December 2011. How to file taxes as a college student Her employer properly reflected social security wages of $110,100 and Medicare wages of $150,000 on her 2012 Form W-2. How to file taxes as a college student However, if an employer did not include back pay wages on a previously filed Form W-2, magnetic media, or electronically filed wage report, the employer should prepare a wage correction report, Form W-2c, Corrected Wage and Tax Statement, or electronically filed report, to add the back pay award to the wages previously reported. How to file taxes as a college student Example. How to file taxes as a college student If, in the above example, Terry Morris' employer had prepared her 2012 Form W-2 reporting social security and Medicare wages of only $50,000 each, the employer would have to correct that report. How to file taxes as a college student A Form W-2c correcting the 2012 Form W-2 would show previously reported social security and Medicare wages of $50,000 and the correct amount of $110,100 for social security wages and $150,000 for Medicare wages. How to file taxes as a college student SSA treatment of back pay under a statute. How to file taxes as a college student   Under the law, the SSA credits back pay awarded under a statute to an individual's earnings record in the period(s) the wages should have been paid. How to file taxes as a college student This is important because wages not credited to the proper year may result in lower social security benefits or failure to meet the requirements for benefits. How to file taxes as a college student   However, back pay under statute payments will remain posted to the employee's social security earnings record in the year reported on Form W-2 (or Form W-2c) unless the employer or employee notifies the SSA (in a separate, special report) of the back pay under a statute payment. How to file taxes as a college student Then, the SSA can allocate the statutory back pay to the appropriate periods. How to file taxes as a college student   If a back pay award is not made under a statute, the SSA credits back pay as wages in the year paid. How to file taxes as a college student    If employers do notify the SSA of this payment, they should prepare a special report (with the information noted below) and send it to: Social Security Administration Attn: CPS Back Pay Staff 7-B-15 SWT 1500 Woodlawn Drive Baltimore, MD 21241-0001 Be sure to send this special report to the above address because the SSA handles it separately from other reports. How to file taxes as a college student    If you paid the back pay award in the same tax year to which it applies, report the wages on that year's Form W-2. How to file taxes as a college student No further action is necessary. How to file taxes as a college student Example. How to file taxes as a college student In 2012, Judy Wilson received a salary of $30,000 and a back pay under statute award of $2,000 for the period January through June 2012. How to file taxes as a college student Her employer properly reported wages of $32,000 for social security and Medicare on her 2012 Form W-2. How to file taxes as a college student No further action is necessary. How to file taxes as a college student Information the SSA needs to properly credit back pay under a statute (special report). How to file taxes as a college student   After you complete the special report, you or the employee should send it to the SSA when or after you submit the Form W-2 (on paper or electronically) to the SSA for the year you pay the statutory back pay to the employee. How to file taxes as a college student There is no statute of limitations on the filing of the special report to enable the SSA to allocate the wages. How to file taxes as a college student The special report must include the following information. How to file taxes as a college student The employer's name, address, and employer identification number (EIN). How to file taxes as a college student A signed statement citing the federal or state statute under which the payment was made. How to file taxes as a college student If the statute is not identified, the SSA will assume the payment was not under a statute and will not allocate to earlier period(s). How to file taxes as a college student The name and telephone number of a person to contact. How to file taxes as a college student The SSA may have additional questions concerning the back pay case or the individual employee's information. How to file taxes as a college student A list of employees receiving the payment and the following information for each employee: The tax year you paid and reported the back pay. How to file taxes as a college student The employee's social security number (SSN). How to file taxes as a college student The employee's name (as shown on his or her social security card). How to file taxes as a college student The amount of the back pay award excluding any amounts specifically designated otherwise, for example, damages for personal injury, interest, penalties, and legal fees. How to file taxes as a college student The period(s) the back pay award covers (beginning and ending dates—month and year). How to file taxes as a college student The other wages paid subject to social security and/or Medicare taxes and reported in the same year as the back pay award (if none, show zero)*. How to file taxes as a college student Do not include the back pay award shown in that wage report. How to file taxes as a college student If you originally submitted the report under an establishment number, show that number and the amount of money that is to remain under that establishment number. How to file taxes as a college student The amount to allocate to each reporting period*. How to file taxes as a college student This includes any amount you want allocated (if applicable) to the tax year of the award payment. How to file taxes as a college student If you do not give the SSA specific amounts to allocate, the SSA does the allocation by dividing the back pay award by the number of months or years covered by the award. How to file taxes as a college student *Note. How to file taxes as a college student   For periods before January 1, 1978 (before January 1, 1981, for state and local government employers covered by a Section 218 agreement), show the wage amounts for each calendar quarter ending March 31, June 30, September 30, and December 31. How to file taxes as a college student For all tax years, show and identify the social security and/or Medicare Qualified Government Employment (MQGE) wages (where applicable) separately. How to file taxes as a college student MQGE is applicable to federal employees beginning in 1983, and for certain state and local government employees beginning in 1986. How to file taxes as a college student For tax years 1991 and later, list the social security and Medicare wages separately. How to file taxes as a college student If you originally reported the individual's wages under an establishment or payroll record unit number, show the amount of wages to remain in the award year for that number and furnish that number to the SSA along with the EIN. How to file taxes as a college student Back Pay Under a Statute Back pay awarded under a statute is a payment by an employer following an award, determination, or agreement approved or sanctioned by a court or government agency responsible for enforcing a federal or state statute that protects an employee's right to employment or wages. How to file taxes as a college student Examples of pertinent statutes include: Age Discrimination in Employment Act, Americans with Disabilities Act, Equal Pay Act, Fair Labor Standards Act, National Labor Relations Act, State minimum wage laws, and State statutes that protect rights to employment and wages. How to file taxes as a college student Payments based on laws that have a similar effect to those listed above also may qualify as payments made under a statute. How to file taxes as a college student Back pay awards, under some of the statutes listed above, may be compensation for personal injury and not pay for employment. How to file taxes as a college student Such awards are not wages for social security coverage purposes. How to file taxes as a college student If a court-approved or sanctioned settlement agreement states that the agreement is not an admission of discrimination, liability, or act of wrongdoing, the statement does not change the nature of a back pay award. How to file taxes as a college student The payments made in such a settlement may still be back pay and wages under the rules discussed here. How to file taxes as a college student Nonstatutory Back Pay A payment for back wages negotiated between an employer and employee without an award, determination, or agreement approved or sanctioned by a court or government agency, the payment is not made under a statute. How to file taxes as a college student Delayed wage payments and retroactive pay increases resulting from union negotiation or payments under local ordinances or regulations are back pay and are wages. How to file taxes as a college student However, they are not payments made under a statute. How to file taxes as a college student If you are uncertain whether the back pay award was under a qualified statute, you may need to contact your personnel department or legal counsel or the attorney who filed the suit. How to file taxes as a college student Format for Report to the SSA Use the format shown in Table 1, later, to send the SSA the information needed to properly credit back pay under a statute. How to file taxes as a college student In a cover letter, include: Name and address of the employer, Statute under which you paid the back pay, Name and telephone number of the employer contact, and Signature of the reporting official. How to file taxes as a college student Under certain circumstances, back pay may be a special wage payment and excluded from wages counted under the social security earnings test. How to file taxes as a college student If you pay back pay to an employee age 61 or older, report it to the SSA in accordance with this section. How to file taxes as a college student Read Special Wage Payments, later, for additional reporting instructions. How to file taxes as a college student Questions If you have questions concerning back pay under a statute, call the SSA at 1-800-772-6270. How to file taxes as a college student Exception. How to file taxes as a college student   If you are a state or local government employer who was covered by an agreement under Section 218 of the Social Security Act before January 1, 1987, and you paid a back pay award before January 1, 1987, which you did not report to the SSA, contact your state Social Security Administrator's office. How to file taxes as a college student Table 1. How to file taxes as a college student Format for Report (Under Covering Letter) to Request SSA to Allocate Back Pay Under Statute Wages Employer's EIN: xx-xxxxxxx Tax Year in Which Award Payment Was Paid: 2012 (1) SSN and Employee Name (2)1 Award Amount and Period(s) (3)2,3 Other Soc. How to file taxes as a college student Sec. How to file taxes as a college student /Med. How to file taxes as a college student Wages Paid In Award Year (4)3 Allocation     Soc. How to file taxes as a college student Sec. How to file taxes as a college student Med. How to file taxes as a college student /MQGE Year Soc. How to file taxes as a college student Sec. How to file taxes as a college student Med. How to file taxes as a college student /MQGE xxx-xx-xxxx HELEN T. How to file taxes as a college student SMITH $100,000 1/2009 - 12/2012 $40,000 $40,000 2009 2010 2011 2012 $20,000 25,000 27,000 28,000 $20,000 25,000 27,000 28,000 xxx-xx-xxxx SAM W. How to file taxes as a college student EVANS 30,000 7/89-12/91 -0- -0- 1989 1990 1991   6,000 12,000 12,000 xxx-xx-xxxx ROLAND S. How to file taxes as a college student ADAMS 15,000 7/80-12/81 -0- -0- 9/80 12/80 1981 3,500 3,500 8,000   1Exclude amounts specifically designated as damages, penalties, etc. How to file taxes as a college student  2Exclude the amount of back pay, if any, included in that amount. How to file taxes as a college student  3For periods before January 1, 1978 (and for state and local government (Section 218) employers before January 1, 1981), show the wage amounts by calendar quarters. How to file taxes as a college student The social security and/or Medicare Qualified Government Employment (MQGE) wages (where applicable) must be shown separately FOR ALL YEARS. How to file taxes as a college student (Wages subject ONLY to MQGE would be shown in the Medicare/MQGE column; no wages would be shown in the Soc. How to file taxes as a college student Sec. How to file taxes as a college student column. How to file taxes as a college student ) For tax years 1991 and later, the social security and Medicare wages must be listed separately. How to file taxes as a college student Explanation of examples. How to file taxes as a college student Helen T. How to file taxes as a college student Smith–The back pay award, excluding interest, was $100,000 for the periods 1/2009-12/2012. How to file taxes as a college student In 2012, this employee was also paid $40,000 in other wages. How to file taxes as a college student (Her Form W-2 for 2012 reported $110,100 for social security and $140,000 for Medicare. How to file taxes as a college student The SSA allocation will result in adjusted posted wages of $68,000 for social security and $68,000 for Medicare for 2012. How to file taxes as a college student ) Sam W. How to file taxes as a college student Evans–The back pay award was $30,000 for the periods 7/89-12/91. How to file taxes as a college student This employee was hired in 1989 and was subject to MQGE only. How to file taxes as a college student He was no longer employed by this governmental employer in 2012. How to file taxes as a college student (His Form W-2 for 2012 reported $30,000 for social security and $30,000 for Medicare. How to file taxes as a college student After the SSA allocation, he will not have any net posted wages for 2012. How to file taxes as a college student ) Roland S. How to file taxes as a college student Adams–The back pay award was $15,000 for the periods 7/80-12/81. How to file taxes as a college student He was no longer employed by this state and local government (Section 218) employer in 2012. How to file taxes as a college student (His Form W-2 for 2012 reported $15,000 for social security and $15,000 for Medicare; after the SSA allocation, he will not have any net posted wages for 2012. How to file taxes as a college student ) If the state Social Security Administrator's office needs more information, they can contact the SSA at the following address:   Social Security Administration Office of Income Security Programs Office of Earnings and Program Integrity Policy 6401 Security Boulevard 2506 OPS Baltimore, MD 21235 2. How to file taxes as a college student Special Wage Payments A special wage payment (SWP) is an amount paid by an employer to an employee (or former employee) for services performed in a prior year. How to file taxes as a college student Employers should report to the SSA special wage payments made to employees and former employees who are recipients of social security retirement benefits. How to file taxes as a college student Special wage payments made to a retired employee receiving social security or to an employee who continues to work while receiving social security benefits may reduce the benefits the individual receives if not reported to the SSA. How to file taxes as a college student Special wage payments may include (but are not limited to): Accumulated sick and vacation pay, Back pay, Bonuses, Deferred compensation, Payments because of retirement, Sales commissions, Severance pay, and Stock options. How to file taxes as a college student Note. How to file taxes as a college student Payments made after retirement that are part of the normal payroll cycle should not be routinely reported as special wage payments. How to file taxes as a college student Earnings Test. How to file taxes as a college student   Benefits paid to a social security beneficiary under full retirement age may be reduced if the beneficiary continues to work. How to file taxes as a college student The SSA uses the information in boxes 1, 3, and 5 of Form W-2 to determine the beneficiary's current year earnings. How to file taxes as a college student Special wage payments, which are for services performed in a prior year, will increase the current year earnings on Form W-2, which also may result in a reduction in the beneficiary's benefits. How to file taxes as a college student If a benefit is reduced because of a special wage payment, the beneficiary must get documentation from the employer before the SSA can restore the deducted portion. How to file taxes as a college student Therefore, employer reports of special wage payments help prevent incorrect benefit reductions. How to file taxes as a college student Reporting Special Wage Payments Employers must report special wage payments for income tax purposes and social security and Medicare taxes in the year received. How to file taxes as a college student Report income, social security, and/or Medicare taxes for special wage payments on Form W-2. How to file taxes as a college student See Nonqualified Deferred Compensation and Section 457 Plans, later, for reporting nonqualified deferred compensation plan deferrals and payments on Form W-2. How to file taxes as a college student In addition, report to the SSA special wage payments made during the reporting year to retired employees and employees who continue to work while receiving social security benefits. How to file taxes as a college student Submit reports after the close of the tax year. How to file taxes as a college student To avoid delays in processing, submit reports in time to reach the SSA by April 1. How to file taxes as a college student Use one of the following reporting methods. How to file taxes as a college student Electronic reporting. How to file taxes as a college student   Special wage payment files can be sent electronically by logging onto Business Services Online (BSO) via the socialsecurity. How to file taxes as a college student gov website. How to file taxes as a college student BSO enables organizations and authorized individuals to conduct business with and submit confidential information to the Social Security Administration. How to file taxes as a college student You must register to use this website. How to file taxes as a college student The web address is www. How to file taxes as a college student socialsecurity. How to file taxes as a college student gov/bso/bsowelcome. How to file taxes as a college student htm. How to file taxes as a college student   Use the specifications and record layout shown in  Table 2, later. How to file taxes as a college student Only one file at a time may be submitted. How to file taxes as a college student If your file is large (>10MB), or you have a slow internet connection, the transmission will be faster if the file is zipped. How to file taxes as a college student A zipped file contains a file that has been compressed to reduce its file size. How to file taxes as a college student WinZip and PKZIP are examples of acceptable compression packages. How to file taxes as a college student   Electronic submissions not meeting the specifications in Table 2 will be rejected. How to file taxes as a college student Paper listing. How to file taxes as a college student   A paper listing can be used to report special wage payments to several employees. How to file taxes as a college student Use the format shown in Table 3, later. How to file taxes as a college student Submit paper listings to the local SSA office nearest your place of business. How to file taxes as a college student Visit www. How to file taxes as a college student socialsecurity. How to file taxes as a college student gov/locator to find a Social Security office near you. How to file taxes as a college student Form SSA-131. How to file taxes as a college student   Use Form SSA-131 to report special wage payments made to an employee. How to file taxes as a college student Also use this form to report nonqualified deferred compensation and section 457 plan deferrals and payments that could not be reported in box 11 of Form W-2. How to file taxes as a college student    This image is too large to be displayed in the current screen. How to file taxes as a college student Please click the link to view the image. How to file taxes as a college student Publication 957 Reporting Back Pay to the Social Security Administration Instructions for Form SSA–131   EMPLOYER INSTRUCTIONS FOR COMPLETING SPECIAL WAGE PAYMENT FORM 1. How to file taxes as a college student Provide the EIN that was used or will be used to report the employee's wages on the Form W-2. How to file taxes as a college student 2. How to file taxes as a college student Enter the date the employee retired. How to file taxes as a college student Enter “Not Retired” if the employee has not retired. How to file taxes as a college student 3. How to file taxes as a college student Enter the date that the employee last performed services; was not expected to return to work; and was not subject to recall to render additional services. How to file taxes as a college student This date should be the same as or earlier than the date in item “2”. How to file taxes as a college student Enter “Not Retired” if the employee has not retired. How to file taxes as a college student 4. How to file taxes as a college student Enter the wages that were paid to the employee in the tax year that were for services that were performed in years prior to the tax year or that were paid on account of retirement. How to file taxes as a college student  Examples (not all inclusive) of payments to be included: Payments in lieu of vacation that were earned in a year prior to the tax year. How to file taxes as a college student Accumulated sick payments which were paid in a lump sum based on “retirement” as the sole condition of payment. How to file taxes as a college student Accumulated sick payments paid at or after the date in item 3, which were earned in a year prior to the tax year. How to file taxes as a college student Payments “on account of retirement”–dismissal, severance or termination pay paid because of retirement. How to file taxes as a college student Bonuses which are paid pursuant to a prior contract, agreement or promise causing the employee to expect such payments regularly; or announced to induce the employee to work more steadily, rapidly or efficiently or to remain with the employer. How to file taxes as a college student Stock Options. How to file taxes as a college student   Do not include in item “4” payments: For annual, sick, holiday, or vacation pay if used (absence from work) prior to the date of retirement (earlier of items “2” or “3”). How to file taxes as a college student That were reported or will be reported under “Nonqualified Plans” on the Form W-2. How to file taxes as a college student That were deducted from the employee's wages and paid to a deferred compensation plan (e. How to file taxes as a college student g. How to file taxes as a college student , 401k). How to file taxes as a college student Employees health and dental plan benefits (non-covered/non-taxable for Social Security Wages). How to file taxes as a college student Bonuses earned and paid in the tax year. How to file taxes as a college student 5. How to file taxes as a college student Check whether payments listed in item 4 will be made for years after the tax year. How to file taxes as a college student If yes, please show the amounts and years in which these will be paid, if known. How to file taxes as a college student 6. How to file taxes as a college student Nonqualified deferred compensation and section 457 plans only. How to file taxes as a college student If you were unable to report nonqualified deferred compensation or section 457 plan payments and deferrals (contributions) on Form W-2 because both payments and deferrals occurred during the year, show the amount of wages earned by the employee during the tax year. How to file taxes as a college student Generally, the wages earned will be the compensation reported in block 1 of Form W-2 less payments from a nonqualified deferred compensation (or 457) plan, but including any amounts deferred under the plan during the tax year (See IRS Publication 957). How to file taxes as a college student Paperwork/Privacy Act Notice: This report is authorized by regulation 20 CFR 404. How to file taxes as a college student 702. How to file taxes as a college student The information that you provide will be used in making a determination regarding the amount of Social Security benefits payable to the above named individual. How to file taxes as a college student While your response is voluntary, if you do not respond we may not be able to make a correct determination regarding the amount of Social Security benefits payable to the above named individual for the year in question. How to file taxes as a college student We may also use the information you give us when we match records by computer. How to file taxes as a college student Matching programs compare our records with those of other Federal, State, or local government agencies. How to file taxes as a college student Many agencies may use matching programs to find or prove that a person qualifies for benefits paid by the Federal Government. How to file taxes as a college student The law allows us to do this even if you do not agree to it. How to file taxes as a college student Explanations about these and other reasons why information you provide us may be used or given out are available in Social Security Offices. How to file taxes as a college student If you want to learn more about this, contact any Social Security Office. How to file taxes as a college student The Paperwork Reduction Act: This information collection meets the clearance requirements of 44 U. How to file taxes as a college student S. How to file taxes as a college student C. How to file taxes as a college student §3507, as amended by Section 2 of the Paperwork Reduction Act of 1995. How to file taxes as a college student You are not required to answer these questions unless we display a valid Office of Management and Budget control number. How to file taxes as a college student We estimate that it will take you about 20 minutes to read the instructions, gather the necessary facts, and answer the questions. How to file taxes as a college student Form SSA-131 (8-2001) EF (06-2002)   Submit Form SSA-131 to the SSA office nearest your place of business. How to file taxes as a college student Or, the employee can submit it to the SSA office handling the claim. How to file taxes as a college student You or the employee must submit this form before the SSA can exclude the special wage payments for purposes of the earnings test. How to file taxes as a college student If reporting on more than one employee, complete a separate Form SSA-131 for each employee or use the paper listing format (except for reporting nonqualified and section 457 plan deferrals and payments) in Table 3. How to file taxes as a college student Do not report payments from nonqualified deferred compensation or section 457 plans that were reported in box 11 of Form W-2. How to file taxes as a college student Use Form SSA-131 if deferrals to and payments from nonqualified or section 457 plans occurred during the tax year. How to file taxes as a college student Reporting Nonstatutory (Nonqualified) Stock Options as Special Wage Payments A nonstatutory (nonqualified) option to purchase stock which is exercised in a year after the year in which the option was earned is a special wage payment. How to file taxes as a college student It should not count for the social security earnings test. How to file taxes as a college student Nonstatutory (nonqualified) options exercised as special wage payments by retired employees or employees who continue to work while receiving social security benefits should be reported by employers using the above reporting methods. How to file taxes as a college student Nonqualified Deferred Compensation and Section 457 Plans A nonqualified deferred compensation plan is a plan or arrangement established and maintained by an employer for one or more of its employees that provides for the deferral of compensation, but does not meet the requirements for a tax-qualified deferred compensation plan. How to file taxes as a college student For social security and Medicare purposes, deferred compensation plans for employees of state and local governments (section 457 plans) are treated the same as nonqualified plans. How to file taxes as a college student Nonqualified and section 457 plans are reported differently than other special wage payments. How to file taxes as a college student See Reporting Amounts Deferred to Nonqualified and Section 457 Plans below for specific instructions. How to file taxes as a college student Reporting Amounts Deferred to Nonqualified and Section 457 Plans Generally, when the related services are performed, nonqualified deferred compensation is subject to social security and Medicare tax when deferred. How to file taxes as a college student However, if nonqualified and section 457 plans contain provisions that delay the employee's right to receive payments from the plan, a period of substantial risk of forfeiture exists. How to file taxes as a college student The plans' deferrals, or contributions, are not subject to social security and Medicare taxes until the period of substantial risk of forfeiture ends. How to file taxes as a college student No risk of forfeiture. How to file taxes as a college student   If there is no risk of forfeiture, report wage amounts deferred to a nonqualified deferred compensation or section 457 plan in box 3 (up to the wage base maximum) and/or box 5 of Form W-2. How to file taxes as a college student Example. How to file taxes as a college student Company X's nonqualified deferred compensation plan allows the deferral of up to $20,000 of employee salaries each year. How to file taxes as a college student The plan has no risk of forfeiture. How to file taxes as a college student In 2012, Employee A defers $20,000 to the plan from a total salary of $200,000. How to file taxes as a college student Form W-2 Completion Amount Box 1 $200,000 Box 3* 110,100 Box 5 200,000 *Wage base maximum for tax year 2012 Risk of forfeiture lapses before retirement. How to file taxes as a college student   If the substantial risk of forfeiture lapses before the employee retires, report all past contributions to the plan (or the value of the plan), including accumulated earned interest, in box 3 (up to the wage base maximum) and/or box 5 of Form W-2. How to file taxes as a college student The accumulated deferrals are reported along with any other social security and Medicare wages earned during the year. How to file taxes as a college student   Report in box 11 of Form W-2 the amount of deferrals, including any accumulated interest, that became taxable for social security and Medicare taxes during the year (but were for prior year services) because the deferred amounts were no longer subject to a substantial risk of forfeiture. How to file taxes as a college student If the employee continues working, future deferrals are social security and Medicare wages when they are earned. How to file taxes as a college student    Do not include in box 11 deferrals that are included in boxes 3 and/or 5 and that are for current year services. How to file taxes as a college student Risk of forfeiture lapses at retirement. How to file taxes as a college student   When an employee's right to a payment is contingent upon working until retirement, report all past contributions to the plan (or the value of the plan), including accumulated earned interest, as social security and/or Medicare wages in the year of retirement. How to file taxes as a college student Add the amount to other wages paid in that year, and enter in box 3 (up to the wage base maximum) and/or box 5 of Form W-2. How to file taxes as a college student   Report in box 11 of Form W-2 the amount of deferrals, including any accumulated interest, that became taxable for social security and Medicare taxes during the year (but were for prior year services) because the deferred amounts were no longer subject to a substantial risk of forfeiture. How to file taxes as a college student    Do not include in box 11 deferrals that are included in boxes 3 and/or 5 and that are for current year services. How to file taxes as a college student Example—risk of forfeiture. How to file taxes as a college student At the end of the risk-of-forfeiture period for Company Y's nonqualified deferred compensation plan, Employee B's accumulated deferrals, plus interest earned by the plan, are $120,000, not including B's $20,000 deferral for this year. How to file taxes as a college student B's wages, including this year's deferred amount, are $80,000. How to file taxes as a college student Form W-2 Completion Amount Box 1 $60,000 Box 3* 110,100 Box 5 200,000 Box 11 120,000 *Wage base maximum for tax year 2012 Reporting Payments From Nonqualified and Nongovernmental Section 457 Plans When an employee or former employee retires and begins receiving payments (distributions) from a nonqualified or nongovernmental section 457 plan, report the payments in boxes 1 and 11 of Form W-2. How to file taxes as a college student Report payments (distributions) from a governmental section 457 plan on Form 1099-R, Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. How to file taxes as a college student Example. How to file taxes as a college student Employee D retired from the XYZ company and began receiving social security benefits. How to file taxes as a college student XYZ paid D a $12,000 bonus upon retirement for sales made in a prior year, and D received $25,000 in payments from XYZ's nonqualified deferred compensation plan. How to file taxes as a college student In addition, D agreed to continue performing services for XYZ, but on a part-time basis for wages of $15,000 per year. How to file taxes as a college student D made no deferrals to the nonqualified plan this year. How to file taxes as a college student Form W-2 Completion Amount Box 1 $52,000 Box 3 27,000 Box 5 27,000 Box 11 25,000 Report the $12,000 bonus to the SSA using electronic reporting, a paper listing, or Form SSA-131. How to file taxes as a college student For more information, see Reporting Special Wage Payments , earlier. How to file taxes as a college student Reporting Payments and Deferrals in the Same Year Do not complete box 11 when payments (distributions) are made from a nonqualified plan and deferrals are reported in boxes 3 and/or 5 of Form W-2 (including current year deferrals). How to file taxes as a college student Report to the SSA on Form SSA-131 the total amount the employee earned during the tax year. How to file taxes as a college student Normally, the amount earned is the amount reported in box 1 of Form W-2 less payments from a nonqualified or section 457 plan, but including any amounts deferred under the plan during the tax year. How to file taxes as a college student See Form SSA-131 and its instructions, earlier. How to file taxes as a college student Example. How to file taxes as a college student Employee K retired this year from Company XYZ and began receiving social security benefits. How to file taxes as a college student During the year he earned wages of $50,000 and deferred $35,000 of the wages into the company's nonqualified deferred compensation plan. How to file taxes as a college student K also received $75,000 in payments from the company's nonqualified plan. How to file taxes as a college student Form W-2 Completion Amount Special Wage Payment $75,000 Wages 50,000 Minus: deferral 35,000 Total reported in Box 1 $90,000     Wages including deferral reported in  Boxes 3 and 5 $50,000     Leave Box 11 blank. How to file taxes as a college student File Form SSA-131 -0-     Form SSA-131 Completion Amount from Box 1 of Form W-2 $90,000 Minus: payments from a nonqualified plan 75,000 Plus: amounts deferred into the plan during the year 35,000 Total wages earned for purposes of Form SSA-131 (item 6) $50,000 Additional Reporting Examples for Nonqualified Deferred Compensation (NQDC) Plans It is not necessary to show amounts deferred during the year under an NQDC plan subject to section 409A. How to file taxes as a college student If you report section 409A deferrals, show the amount in box 12 of Form W-2 using code Y. How to file taxes as a college student For more information, see Notice 2008-115, 2008-52 I. How to file taxes as a college student R. How to file taxes as a college student B. How to file taxes as a college student 1367, available at www. How to file taxes as a college student irs. How to file taxes as a college student gov/irb/2008-52_IRB/ar10. How to file taxes as a college student html. How to file taxes as a college student Special reporting rules apply when an NQDC plan is not compliant with section 409A (when there has been a “plan failure”). How to file taxes as a college student Income included under section 409A from an NQDC plan is reported in box 1 and box 12 of Form W-2 using code Z. How to file taxes as a college student See Notice 2008-115. How to file taxes as a college student The following examples use small dollar amounts for illustrative purposes. How to file taxes as a college student However, the amount reported in box 3 of Form W-2 is always limited by the social security earnings wage base (for example, $110,100 for 2012). How to file taxes as a college student The term “vested” in the following examples means that the amount deferred is not subject to a substantial risk of forfeiture. How to file taxes as a college student Conversely, the term “not vested” means that the amount deferred is subject to a substantial risk of forfeiture. How to file taxes as a college student The examples assume that the NQDC plan is in compliance with section 409A, and that amounts deferred under the plan are not includible in gross income as they are deferred. How to file taxes as a college student For purposes of the examples, it is assumed that the regular pay of the employee is remuneration for employment and wages for employment tax purposes except to the extent the deferral of a portion of the regular pay results in a reduction in wages. How to file taxes as a college student Example 1: Deferral that is immediately vested (no substantial risk of forfeiture) with no distributions and no vesting of prior-year deferrals. How to file taxes as a college student For the year, the employee’s regular pay was $200, and the employee deferred $20 of the pay into her employer’s NQDC plan. How to file taxes as a college student The deferral of $20 was vested upon deferral and there was an employer match of $10 under the plan, which was also vested. How to file taxes as a college student Regular pay = $200; Deferral, vested = $20; Employer match, vested = $10. How to file taxes as a college student Form W-2 Completion Amount Box 1 ($200 Regular pay minus $20 vested deferral) $180 Box 3 ($200 Regular pay plus $10 Employer match, vested) 210 Box 5 ($200 Regular pay plus $10 Employer match, vested) 210 Box 11 -0- Example 2: Deferral with delayed vesting (substantial risk of forfeiture) of employee and employer portions (no distributions and no vesting of prior-year deferrals). How to file taxes as a college student For the year, the employee’s regular pay was $200, and the employee deferred $20 of the pay into the employer’s nonqualified deferred compensation plan. How to file taxes as a college student The deferral of $20 was not vested upon deferral, and there was an employer match of $10 under the plan, which was also not vested. How to file taxes as a college student Regular pay = $200; Deferral, not vested = $20; Employer match, not vested = $10. How to file taxes as a college student Form W-2 Completion Amount Box 1 ($200 Regular pay minus $20 Deferral, not vested) $180 Box 3 ($200 Regular pay minus $20 Deferral, not vested) 180 Box 5 ($200 Regular pay minus $20 Deferral, not vested) 180 Box 11 -0- Example 3: Deferral that is immediately vested with prior-year deferrals and investment earnings on the prior-year deferrals that are now vesting (no distributions). How to file taxes as a college student For the year, the employee’s regular pay was $200, and the employee deferred $20 of the pay into the employer’s nonqualified deferred compensation plan. How to file taxes as a college student The deferral of $20 was vested upon deferral. How to file taxes as a college student During the year, $100 of prior-year deferrals and $15 of investment earnings on the $100 of prior-year deferrals became vested. How to file taxes as a college student Regular pay = $200; Deferral, vested = $20; Vesting of prior-year deferrals = $100; Vesting of investment earnings on $100 of prior-year deferral = $15. How to file taxes as a college student Form W-2 Completion Amount Box 1 ($200 Regular pay minus $20 Deferral, vested) $180 Box 3 ($200 Regular pay plus $100 vested prior-year deferral plus $15 earnings on deferral) 315 Box 5 ($200 Regular pay plus $100 vested prior-year deferral plus $15 vested investment earnings on prior year deferral) 315 Box 11 ($100 vested prior-year deferral plus $15 earnings) 115 Example 4: No deferrals but there are distributions (no vesting of prior-year deferrals). How to file taxes as a college student For the year, the employee’s regular pay was $100, and the employee deferred no pay into the employer’s NQDC plan. How to file taxes as a college student There was no vesting of prior-year deferrals under the plan. How to file taxes as a college student During the year, there were total distributions of $50 from the plan to the employee. How to file taxes as a college student Regular pay = $100; Distribution = $50. How to file taxes as a college student Form W-2 Completion Amount Box 1 ($100 Regular pay plus $50 Distribution) $150 Box 3 ($100 Regular pay ) 100 Box 5 ($100 Regular pay) 100 Box 11 ($50 Distribution) 50 Special rule for box 11 of Form W-2 (distributions and deferral in the same year). How to file taxes as a college student   If, in the same year, there are NQDC distributions and there are deferrals that are reportable in boxes 3 and/or 5 (current or prior-year deferrals) of Form W-2, do not complete box 11. How to file taxes as a college student Instead, report on Form SSA-131 the total amount the employee earned during the year. How to file taxes as a college student * Submit the SSA-131 to the nearest SSA office or give it to the employee. How to file taxes as a college student   *Generally, the amount earned by the employee during the tax year for purposes of item 6 of Form SSA-131 is the amount reported in box 1 of Form W-2 plus current-year deferrals that are vested (employee and employer portions) less distributions. How to file taxes as a college student Do not consider prior-year deferrals that are vesting in the current year. How to file taxes as a college student If there was a plan failure, the box 1 amount in this calculation should be as if there were no plan failure. How to file taxes as a college student Example 5: Deferral that is immediately vested and there are distributions (no vesting of prior-year deferrals). How to file taxes as a college student For the year, the employee’s regular pay was $200, and the employee deferred $20 of the pay into the employer’s NQDC plan. How to file taxes as a college student There was also an employer match of $10. How to file taxes as a college student The deferral and employer match were vested upon deferral. How to file taxes as a college student There was no vesting of prior-year deferrals under the plan. How to file taxes as a college student During the year, there were total distributions of $50 from the plan to the employee. How to file taxes as a college student Regular pay = $200; Deferral, vested = $20; Employer match, vested = $10; Distribution = $50. How to file taxes as a college student Form W-2 Completion Amount Box 1 ($50 Special Wage Payment (Distribution) plus $200 Regular pay minus $20 Deferral, vested) $230 Boxes 3 and 5 ($200 Regular pay plus $10 vested employer match) 210 Leave Box 11 blank. How to file taxes as a college student File Form SSA-131 -0-     Form SSA-131 Completion Item 6 - amount of wages earned by the employee during the tax year ($230 from Box 1 of Form W-2 minus $50 Distribution plus $30 vested current year employee deferral and employer match) $210 Example 6: Deferral with delayed vesting and there are distributions (no vesting of prior-year deferrals). How to file taxes as a college student For the year, the employee’s regular pay was $200, and the employee deferred $20 of the pay into the employer’s NQDC plan. How to file taxes as a college student The deferral was not vested upon deferral. How to file taxes as a college student There was no vesting of prior-year deferrals under the plan. How to file taxes as a college student During the year, there were total distributions of $50 from the plan to the employee. How to file taxes as a college student Regular pay = $200; Deferral, not vested = $20; Distribution = $50. How to file taxes as a college student Form W-2 Completion Amount Box 1 ($50 Special Wage Payment (Distribution) plus $200 Regular pay minus $20 Deferral, not vested) $230 Boxes 3 and 5 ($200 Regular pay minus $20 deferral that is not vested) 180 Box 11 ($50 Distribution). How to file taxes as a college student 50 Example 7: Deferral that is immediately vested and there are distributions (also vesting of prior-year deferrals and earnings on those prior-year deferrals). How to file taxes as a college student For the year, the employee’s regular pay was $200, and the employee deferred $20 of the pay into the employer’s NQDC plan. How to file taxes as a college student The deferral was vested upon deferral. How to file taxes as a college student There was vesting of $100 of prior-year deferrals and $15 of earnings on the $100 prior-year deferral under the plan. How to file taxes as a college student During the year, there were total distributions of $50 from the plan to the employee. How to file taxes as a college student Regular pay = $200; Deferral, vested = $20; Distribution = $50; Vesting of prior-year deferrals ($100) and earnings on those prior-year deferrals ($15) = $115. How to file taxes as a college student Form W-2 Completion Amount Box 1 ($50 Special Wage Payment (Distribution) plus $200 Regular pay minus $20 vested deferral $230 Boxes 3 and 5 ($200 Regular pay Plus $115 vested prior deferral (with vested earnings on the deferral)) 315 Leave Box 11 blank. How to file taxes as a college student File Form SSA-131 -0-     Form SSA-131 Completion Item 6, amount of wages earned by the employee during the tax year ($230 from Box 1 of Form W-2 minus $50 Distribution plus $20 vested current year deferral) $200 Example 8: Deferral with delayed vesting and there are distributions (vesting of prior-year deferrals, including employer matches, and earnings on those deferrals). How to file taxes as a college student For the year, the employee’s regular pay was $200, and the employee deferred $20 of the pay into the employer’s NQDC plan. How to file taxes as a college student The deferral was not vested upon deferral. How to file taxes as a college student There was also vesting of prior-year deferrals and employer matches and earnings on these amounts under the plan ($115). How to file taxes as a college student During the year, there were total distributions of $50 from the plan to the employee. How to file taxes as a college student Regular pay = $200; Deferral, not vested = $20; Distribution = $50; Vesting of prior-year deferrals and employer match = $100 plus earnings on that $100 of $15. How to file taxes as a college student Form W-2 Completion Amount Box 1 ($50 Special Wage Payment (Distribution) plus $200 regular pay minus $20 Deferral, not vested) $230 Boxes 3 and 5 ($200 Regular pay plus $115 vested prior-year deferral and prior year employer match and earning on the prior year amounts minus $20 deferral that is not vested) 295 Leave Box 11 blank. How to file taxes as a college student File Form SSA-131 -0-     Form SSA-131 Completion Item 6 ($230 Amount from Box 1 of Form W-2 minus $50 Distribution) $180 Table 2. How to file taxes as a college student Specifications for Electronic Reporting of Special Wage Payments Record Position  Field Size   Description Start End 1 3 3 Record Type—must include only the capital letters “SWP” 4 12 9 SSN—must be numeric and may not be all zeros 13 27 15 Last Name—all capitals and no punctuation; may have blanks on right only 28 38 11 First Name—all capitals and no punctuation; may have blanks on right only 39 39 1 Middle Initial—must be either a capital letter or blank 40 48 9 EIN—must be numeric and may not be all zeros 49 59 11 Payment—must be numeric; may not be all zeros; last two digits on right are assumed to be cents; no period or dollar sign 60 63 4 Payment Year—must be only a four-digit year 64 66 3 SSA Office Code—must be numeric and may be all zeros 67 67 1 Payment Type Code—must be the capital letter “T” 68 117 50 Filler  The record format is a fixed length of 117. How to file taxes as a college student  The file format is ASCII. How to file taxes as a college student  Submit only one file at a time. How to file taxes as a college student   Table 3. How to file taxes as a college student Sample—Paper Listing for Reporting Special Wage Payments to Several Employees Report of Special Wage PaymentsTax Year: Page of A. How to file taxes as a college student Employer Name: EIN:   Address: Contact Name:     Phone: ( )   . How to file taxes as a college student 1) B. How to file taxes as a college student Employee Name: (Last) (First) (MI)   C. How to file taxes as a college student SSN: D. How to file taxes as a college student SWP:$ E. How to file taxes as a college student Type: Other: 2) B. How to file taxes as a college student Employee Name: (Last) (First) (MI)   C. How to file taxes as a college student SSN: D. How to file taxes as a college student SWP:$ E. How to file taxes as a college student Type: Other: 3) B. How to file taxes as a college student Employee Name: (Last) (First) (MI)   C. How to file taxes as a college student SSN: D. How to file taxes as a college student SWP:$ E. How to file taxes as a college student Type: Other: 4) B. How to file taxes as a college student Employee Name: (Last) (First) (MI)   C. How to file taxes as a college student SSN: D. How to file taxes as a college student SWP:$ E. How to file taxes as a college student Type: Other: 5) B. How to file taxes as a college student Employee Name: (Last) (First) (MI)   C. How to file taxes as a college student SSN: D. How to file taxes as a college student SWP:$ E. How to file taxes as a college student Type: Other:     INSTRUCTIONS:   Enter tax year and page number. How to file taxes as a college student   A. How to file taxes as a college student Employer name, employer identification number (EIN), address, the name of a contact person, and a phone number where the contact person can be reached during normal business hours. How to file taxes as a college student   B. How to file taxes as a college student Employee's name. How to file taxes as a college student   C. How to file taxes as a college student Employee's social security number (SSN). How to file taxes as a college student   D. How to file taxes as a college student Total amount of special wage payments made to the employee. How to file taxes as a college student   E. How to file taxes as a college student Type of special wage payment from the following list: (1) Vacation Pay, (2) Sick Pay, (3) Severance Pay,  (4) Bonus, (5) Deferred Compensation, (6) Stock Options, and (7) Other—Please explain. How to file taxes as a college student   Do not use a paper listing for nonqualified deferred compensation and section 457 plan deferrals and payments that could not be reported in block 11 of Form W-2. How to file taxes as a college student (Get Form SSA-131. How to file taxes as a college student )                 Prev  Up  Next   Home   More Online Publications
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The How To File Taxes As A College Student

How to file taxes as a college student 6. How to file taxes as a college student   Catch-Up Contributions Table of Contents The most that can be contributed to your 403(b) account is the lesser of your limit on annual additions or your limit on elective deferrals. How to file taxes as a college student If you will be age 50 or older by the end of the year, you may also be able to make additional catch-up contributions. How to file taxes as a college student These additional contributions cannot be made with after-tax employee contributions. How to file taxes as a college student You are eligible to make catch-up contributions if: You will have reached age 50 by the end of the year, and The maximum amount of elective deferrals that can be made to your 403(b) account have been made for the plan year. How to file taxes as a college student The maximum amount of catch-up contributions is the lesser of: $5,500 for 2013 and unchanged for 2014, or The excess of your compensation for the year, over the elective deferrals that are not catch-up contributions. How to file taxes as a college student Figuring catch-up contributions. How to file taxes as a college student   When figuring allowable catch-up contributions, combine all catch-up contributions made by your employer on your behalf to the following plans. How to file taxes as a college student Qualified retirement plans. How to file taxes as a college student (To determine if your plan is a qualified plan, ask your plan administrator. How to file taxes as a college student ) 403(b) plans. How to file taxes as a college student Simplified employee pension (SEP) plans. How to file taxes as a college student SIMPLE plans. How to file taxes as a college student   The total amount of the catch-up contributions on your behalf to all plans maintained by your employer cannot be more than the annual limit. How to file taxes as a college student For 2013 the limit is $5,500, unchanged for 2014. How to file taxes as a college student    If you are eligible for both the 15-year rule increase in elective deferrals and the age 50 catch-up, allocate amounts first under the 15-year rule and next as an age 50 catch-up. How to file taxes as a college student    Catch-up contributions do not affect your MAC. How to file taxes as a college student Therefore, the maximum amount that you are allowed to have contributed to your 403(b) account is your MAC plus your allowable catch-up contribution. How to file taxes as a college student You can use Worksheet C in chapter 9 to figure your limit on catch-up contributions. How to file taxes as a college student Prev  Up  Next   Home   More Online Publications