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Irs Extension Form 2012

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Irs Extension Form 2012

Irs extension form 2012 Index A Addition to property, Additions and Improvements Adjusted basis, Adjusted Basis Alternative Depreciation System (ADS) Recovery periods, Recovery Periods Under ADS Required use, Required use of ADS. Irs extension form 2012 Amended return, Filing an Amended Return Apartment Cooperative, Cooperative apartments. Irs extension form 2012 Rental, Which Property Class Applies Under GDS? Automobile (see Passenger automobile) B Basis Adjustments, Basis adjustment for depreciation allowed or allowable. Irs extension form 2012 , Adjustment of partner's basis in partnership. Irs extension form 2012 , Basis adjustment due to recapture of clean-fuel vehicle deduction or credit. Irs extension form 2012 , Basis adjustment due to casualty loss. Irs extension form 2012 Basis for depreciation, What Is the Basis for Depreciation? Casualty loss, Basis adjustment due to casualty loss. Irs extension form 2012 Change in use, Property changed from personal use. Irs extension form 2012 Cost, Cost as Basis Depreciable basis, Depreciable basis. Irs extension form 2012 Other than cost, Other Basis Recapture of clean-fuel vehicle deduction or credit, Basis adjustment due to recapture of clean-fuel vehicle deduction or credit. Irs extension form 2012 Term interest, Basis adjustments. Irs extension form 2012 Unadjusted, Figuring the Unadjusted Basis of Your Property Business use of property, partial, Partial business or investment use. Irs extension form 2012 Business-use limit, recapture of Section 179 deduction, When Must You Recapture the Deduction? Business-use requirement, listed property, What Is the Business-Use Requirement? C Car (see Passenger automobile) Carryover of section 179 deduction, Carryover of disallowed deduction. Irs extension form 2012 Casualty loss, effect of, Basis adjustment due to casualty loss. Irs extension form 2012 Changing accounting method, Changing Your Accounting Method Communication equipment (see Listed property) Commuting, Commuting use. Irs extension form 2012 Computer (see Listed property) Computer software, Computer software. Irs extension form 2012 , Off-the-shelf computer software. Irs extension form 2012 Containers, Containers. Irs extension form 2012 Conventions, Which Convention Applies? Cooperative apartment, Cooperative apartments. Irs extension form 2012 Copyright, Patents and copyrights. Irs extension form 2012 (see also Section 197 intangibles) Correcting depreciation deductions, How Do You Correct Depreciation Deductions? Cost basis, Cost as Basis D Declining balance Method, Declining Balance Method Rates, Declining balance rate. Irs extension form 2012 Deduction limit Automobile, Do the Passenger Automobile Limits Apply? Section 179, How Much Can You Deduct? Depreciation Deduction Employee, Can Employees Claim a Deduction? Listed property, Can Employees Claim a Deduction? Determinable useful life, Property Having a Determinable Useful Life Excepted property, Excepted Property Incorrect amount deducted, How Do You Correct Depreciation Deductions? Methods, Which Depreciation Method Applies? Property lasting more than one year, Property Lasting More Than One Year Property owned, Property You Own Property used in business, Property Used in Your Business or Income-Producing Activity Recapture, Revoking an election. Irs extension form 2012 , Recapture of Excess Depreciation Depreciation allowable, Basis adjustment for depreciation allowed or allowable. Irs extension form 2012 Depreciation allowed, Basis adjustment for depreciation allowed or allowable. Irs extension form 2012 Depreciation deduction Listed property, What Is the Business-Use Requirement? Determinable useful life, Property Having a Determinable Useful Life Disposition Before recovery period ends, Sale or Other Disposition Before the Recovery Period Ends General asset account property, Disposing of GAA Property Section 179 deduction, When Must You Recapture the Deduction? E Election ADS, Electing ADS. Irs extension form 2012 , Election of ADS. Irs extension form 2012 Declining balance (150% DB) method, 150% election. Irs extension form 2012 Exclusion from MACRS, Election To Exclude Property From MACRS General asset account, Electing To Use a GAA Not to claim special depreciation allowance, How Can You Elect Not To Claim an Allowance? Section 179 deduction, How Do You Elect the Deduction? Straight line method, Straight line election. Irs extension form 2012 Electric vehicle, Electric Vehicles Employee Depreciation deduction, Can Employees Claim a Deduction? How to claim depreciation, Employee. Irs extension form 2012 Employee deduction, listed property, Can Employees Claim a Deduction? Energy property, Energy property. Irs extension form 2012 Exchange of MACRS property, Property Acquired in a Like-kind Exchange or Involuntary Conversion F Farm Property, Depreciation Methods for Farm Property Figuring MACRS Using percentage tables, How Is the Depreciation Deduction Figured? Without using percentage tables, Figuring the Deduction Without Using the Tables Films, Films, video tapes, and recordings. Irs extension form 2012 Free tax services, Free help with your tax return. Irs extension form 2012 G General asset account Abusive transaction, Abusive transactions. Irs extension form 2012 Disposing of property, Disposing of GAA Property Grouping property in, Grouping Property Nonrecognition transaction, Nonrecognition transactions. Irs extension form 2012 General Depreciation System (GDS), recovery periods, Recovery Periods Under GDS Gift (see Basis, other than cost) H Help (see Tax help) I Idle property, Idle Property Improvements, How Do You Treat Repairs and Improvements?, Additions and Improvements Income forecast method, Income Forecast Method Incorrect depreciation deductions, How Do You Correct Depreciation Deductions? Indian reservation Defined, Indian reservation. Irs extension form 2012 Qualified infrastructure property, Qualified infrastructure property. Irs extension form 2012 Qualified property, Qualified property. Irs extension form 2012 Recovery periods for qualified property, Indian Reservation Property Related person, Related person. Irs extension form 2012 Inheritance (see Basis, other than cost) Intangible property Depreciation method, Intangible Property, Income Forecast Method Income forecast method, Income Forecast Method Straight line method, Intangible Property Inventory, Inventory. Irs extension form 2012 Investment use of property, partial, Partial business or investment use. Irs extension form 2012 Involuntary conversion of MACRS property, Property Acquired in a Like-kind Exchange or Involuntary Conversion L Land Not depreciable, Land Preparation costs, Land Leased property, Leased property. Irs extension form 2012 Leasehold improvement property, defined, Qualified leasehold improvement property. Irs extension form 2012 , Qualified leasehold improvement property. Irs extension form 2012 Life tenant, Life tenant. Irs extension form 2012 (see also Term interests) Limit on deduction Automobile, Do the Passenger Automobile Limits Apply? Section 179, How Much Can You Deduct? Listed property 5% owner, 5% owner. Irs extension form 2012 Computer, Computers and Related Peripheral Equipment Condition of employment, Condition of employment. Irs extension form 2012 Defined, What Is Listed Property? Employee deduction, Can Employees Claim a Deduction? Employer convenience, Employer's convenience. Irs extension form 2012 Improvements to, Improvements to listed property. Irs extension form 2012 Leased, Lessee's Inclusion Amount Passenger automobile, Passenger Automobiles Qualified business use, Qualified Business Use Recordkeeping, Adequate Records Related person, Related persons. Irs extension form 2012 Reporting on Form 4562, How Is Listed Property Information Reported? Lodging, Property used for lodging. Irs extension form 2012 M Maximum deduction Electric vehicles, Electric Vehicles Passenger automobiles, Maximum Depreciation Deduction Trucks, Trucks and Vans Vans, Trucks and Vans Mobile home (see Residential rental property) Modified ACRS (MACRS) Addition or improvement, Additions and Improvements Alternative Depreciation System (ADS), Which Depreciation System (GDS or ADS) Applies? Conventions, Which Convention Applies? Declining balance method, Declining Balance Method Depreciation methods, Which Depreciation Method Applies? Farm property, Depreciation Methods for Farm Property Figuring, short tax year, Property Placed in Service in a Short Tax Year General Depreciation System (GDS), Which Depreciation System (GDS or ADS) Applies? Percentage tables, Using the MACRS Percentage Tables Property classes, Which Property Class Applies Under GDS? Recovery periods, Which Recovery Period Applies? Short tax year, Figuring the Deduction for a Short Tax Year Straight line method, Straight Line Method N Nonresidential real property, Which Property Class Applies Under GDS? Nontaxable transfer of MACRS property, Property Acquired in a Nontaxable Transfer O Office in the home, Office in the home. Irs extension form 2012 , Office in the home. Irs extension form 2012 Ownership, incidents of, Incidents of ownership. Irs extension form 2012 P Partial business use, Partial business use. Irs extension form 2012 Passenger automobile Defined, Passenger Automobiles Electric vehicles, Electric Vehicles Limit on, Do the Passenger Automobile Limits Apply? Maximum depreciation deduction, Maximum Depreciation Deduction Trucks, Trucks and Vans Vans, Trucks and Vans Patent, Patents and copyrights. Irs extension form 2012 (see also Section 197 intangibles) Personal property, Personal property. Irs extension form 2012 Phonographic equipment (see Listed property) Photographic equipment (see Listed property) Placed in service Before 1987, Property You Placed in Service Before 1987 Date, What Is the Placed in Service Date? Rule, Placed in Service Property Classes, Which Property Class Applies Under GDS? Depreciable, What Property Can Be Depreciated? Idle, Idle Property Improvements, How Do You Treat Repairs and Improvements? Leased, Leased property. Irs extension form 2012 , Leased property. Irs extension form 2012 Listed, What Is Listed Property? Personal, Personal property. Irs extension form 2012 Real, Real property. Irs extension form 2012 Retired from service, Retired From Service Tangible personal, Tangible personal property. Irs extension form 2012 Term interest, Certain term interests in property. Irs extension form 2012 Q Qualified leasehold improvement property, defined, Qualified leasehold improvement property. Irs extension form 2012 , Qualified leasehold improvement property. Irs extension form 2012 Qualified property, special depreciation allowance, What Is Qualified Property? R Real property, Real property. Irs extension form 2012 Recapture Clean-fuel vehicle deduction or credit, Basis adjustment due to recapture of clean-fuel vehicle deduction or credit. Irs extension form 2012 General asset account, abusive transaction, Abusive transactions. Irs extension form 2012 Listed property, Recapture of Excess Depreciation MACRS depreciation, Revoking an election. Irs extension form 2012 Section 179 deduction, When Must You Recapture the Deduction? Special depreciation allowance, When Must You Recapture an Allowance? Recordkeeping Listed property, Adequate Records Section 179, How Do You Elect the Deduction? Recovery periods ADS, Recovery Periods Under ADS GDS, Recovery Periods Under GDS Related persons, Related persons. Irs extension form 2012 , Related persons. Irs extension form 2012 , Related persons. Irs extension form 2012 , Related persons. Irs extension form 2012 , Related person. Irs extension form 2012 , Related persons. Irs extension form 2012 Rent-to-own property, defined, Qualified rent-to-own property. Irs extension form 2012 Rental home (see Residential rental property) Rented property, improvements, Improvements to rented property. Irs extension form 2012 Repairs, How Do You Treat Repairs and Improvements? Residential rental property, Which Property Class Applies Under GDS? Retail motor fuels outlet, Retail motor fuels outlet. Irs extension form 2012 Revoking ADS election, Electing ADS. Irs extension form 2012 General asset account election, Revoking an election. Irs extension form 2012 Section 179 election, Revoking an election. Irs extension form 2012 S Sale of property, Sale or Other Disposition Before the Recovery Period Ends Section 179 deduction Business use required, Partial business use. Irs extension form 2012 Carryover, Carryover of disallowed deduction. Irs extension form 2012 Dispositions, When Must You Recapture the Deduction? Electing, How Do You Elect the Deduction? Limits Business (taxable) income, Business Income Limit Business-use, recapture, When Must You Recapture the Deduction? Dollar, Dollar Limits Enterprise zone business, Enterprise Zone Businesses Partial business use, Partial business use. Irs extension form 2012 Married filing separate returns, Married Individuals Partnership rules, Partnerships and Partners Property Eligible, Eligible Property Excepted, Excepted Property Purchase required, Property Acquired by Purchase Recapture, When Must You Recapture the Deduction? Recordkeeping, How Do You Elect the Deduction? S corporation rules, S Corporations Settlement fees, Settlement costs. Irs extension form 2012 Short tax year Figuring depreciation, Property Placed in Service in a Short Tax Year Figuring placed-in-service date, Using the Applicable Convention in a Short Tax Year Software, computer, Computer software. Irs extension form 2012 , Off-the-shelf computer software. Irs extension form 2012 Sound recording, Films, video tapes, and recordings. Irs extension form 2012 Special depreciation allowance Election not to claim, How Can You Elect Not To Claim an Allowance? Qualified property, What Is Qualified Property? Recapture, When Must You Recapture an Allowance? Stock, constructive ownership of, Constructive ownership of stock or partnership interest. Irs extension form 2012 Straight line method, Intangible Property, Straight Line Method Created intangibles, Certain created intangibles. Irs extension form 2012 T Tangible personal property, Tangible personal property. Irs extension form 2012 Term interest, Certain term interests in property. Irs extension form 2012 Trade-in of property, Trade-in of other property. Irs extension form 2012 Trucks, Trucks and Vans U Unadjusted basis, Figuring the Unadjusted Basis of Your Property Useful life, Property Having a Determinable Useful Life V Vans, Trucks and Vans Video tape, Films, video tapes, and recordings. Irs extension form 2012 Video-recording equipment (see Listed property) W When to use ADS, Which Depreciation System (GDS or ADS) Applies? Worksheet Leased listed property, Inclusion amount worksheet. Irs extension form 2012 MACRS, MACRS Worksheet Prev  Up     Home   More Online Publications
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Letter 3127C Frequently Asked Questions (FAQs)

What is the letter telling me?

This letter is confirming your oral or written request to make a change to your current Installment Agreement. The change can be payment amount, payment date or adding an additional liability to the agreement. The letter explains the necessary fees charged for this service.

What do I have to do?

Follow the instructions in the letter and make the change on the date provided.

How much time do I have?

The letter tells you when the change takes place.

What happens if I don't take any action?

You must continue to make your installment payments as the letter directs.

Who should I contact?

If you have any questions you may call the toll free number provided in the letter. The person who answers will assist you.

What if I don't agree or have already taken corrective action?

If you don't agree with the installment terms, you should contact us immediately. If you have already taken corrective action, you should receive a monthly reminder notice.

Page Last Reviewed or Updated: 03-Feb-2014

The Irs Extension Form 2012

Irs extension form 2012 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. Irs extension form 2012 Gross monthly rate. Irs extension form 2012 Your cost. Irs extension form 2012 Choosing a survivor annuity after retirement. Irs extension form 2012 Canceling a survivor annuity after retirement. Irs extension form 2012 Annuity starting date after 1986. Irs extension form 2012 Annuity starting date before 1987. Irs extension form 2012 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. Irs extension form 2012 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. Irs extension form 2012 The refund will include both regular and voluntary contributions you made to the fund, plus any interest payable. Irs extension form 2012 If the refund includes only your contributions, none of the refund is taxable. Irs extension form 2012 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). Irs extension form 2012 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. Irs extension form 2012 See Rollover Rules in Part II for information on how to make a rollover. Irs extension form 2012 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. Irs extension form 2012 Therefore, many employees who withdraw their contributions under the CSRS do not get interest and do not owe any tax on their refund. Irs extension form 2012 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. Irs extension form 2012 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. Irs extension form 2012 For more information, see Lump-Sum Distributions and Tax on Early Distributions in Publication 575. Irs extension form 2012 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. Irs extension form 2012 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. Irs extension form 2012 OPM will tell you how to make the choice. Irs extension form 2012 The choice for no withholding remains in effect until you change it. Irs extension form 2012 These withholding rules also apply to a disability annuity, whether received before or after minimum retirement age. Irs extension form 2012 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. Irs extension form 2012 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. Irs extension form 2012 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. Irs extension form 2012 For more information, including exceptions to the penalty, see chapter 4 of Publication 505, Tax Withholding and Estimated Tax. Irs extension form 2012 Form CSA 1099R. Irs extension form 2012   Form CSA 1099R is mailed to you by OPM each year. Irs extension form 2012 It will show any tax you had withheld. Irs extension form 2012 File a copy of Form CSA 1099R with your tax return if any federal income tax was withheld. Irs extension form 2012    You also can view and download your Form CSA 1099R by visiting the OPM website at  www. Irs extension form 2012 servicesonline. Irs extension form 2012 opm. Irs extension form 2012 gov. Irs extension form 2012 To log in, you will need your retirement CSA claim number and your personal identification number. Irs extension form 2012 Choosing no withholding on payments outside the United States. Irs extension form 2012   The choice for no withholding generally cannot be made for annuity payments to be delivered outside the United States and its possessions. Irs extension form 2012   To choose no withholding if you are a U. Irs extension form 2012 S. Irs extension form 2012 citizen or resident alien, you must provide OPM with your home address in the United States or its possessions. Irs extension form 2012 Otherwise, OPM has to withhold tax. Irs extension form 2012 For example, OPM must withhold if you provide a U. Irs extension form 2012 S. Irs extension form 2012 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. Irs extension form 2012 S. Irs extension form 2012 home address. Irs extension form 2012   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. Irs extension form 2012 S. Irs extension form 2012 citizen, a U. Irs extension form 2012 S. Irs extension form 2012 resident alien, or someone who left the United States to avoid tax. Irs extension form 2012 But if you so certify, you may be subject to the 30% flat rate withholding that applies to nonresident aliens. Irs extension form 2012 For details, see Publication 519, U. Irs extension form 2012 S. Irs extension form 2012 Tax Guide for Aliens. Irs extension form 2012 Withholding certificate. Irs extension form 2012   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. Irs extension form 2012 The amount of tax withheld depends on your marital status, the number of withholding allowances, and any additional amount you designate to be withheld. Irs extension form 2012 If you do not make either of these choices, OPM must withhold as if you were married with three withholding allowances. Irs extension form 2012 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. Irs extension form 2012 C. Irs extension form 2012 calling area must call 202-606-0500). Irs extension form 2012 No special form is needed. Irs extension form 2012 You will need your retirement CSA or CSF claim number, your social security number, and your personal identification number (PIN) when you call. Irs extension form 2012 If you have TTY/TDD equipment, call 1-855–887–4957. Irs extension form 2012 If you need a PIN, call OPM's Retirement Information Office. Irs extension form 2012 You also can change the amount of withholding or stop withholding online by visiting the OPM website at www. Irs extension form 2012 servicesonline. Irs extension form 2012 opm. Irs extension form 2012 gov. Irs extension form 2012 You will need your retirement CSA or CSF claim number and your PIN. Irs extension form 2012 Withholding from certain lump-sum payments. Irs extension form 2012   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. Irs extension form 2012 Tax will be withheld at a 20% rate on the interest distributed. Irs extension form 2012 However, tax will not be withheld if you have OPM transfer (roll over) the interest directly to your traditional IRA or other qualified plan. Irs extension form 2012 If you have OPM transfer (roll over) the interest directly to a Roth IRA, the entire amount will be taxed in the current year. Irs extension form 2012 Because no income tax will be withheld at the time of the transfer, you may want to increase your withholding or pay estimated taxes. Irs extension form 2012 See Rollover Rules in Part II. Irs extension form 2012 If you receive only your contributions, no tax will be withheld. Irs extension form 2012 Withholding from Thrift Savings Plan payments. Irs extension form 2012   Generally, a distribution that you receive from the TSP is subject to federal income tax withholding. Irs extension form 2012 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. Irs extension form 2012  However, you usually can choose not to have tax withheld from TSP payments other than eligible rollover distributions. Irs extension form 2012 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. Irs extension form 2012   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. Irs extension form 2012 The above document is also available in the “Forms & Publications” section of the TSP website at www. Irs extension form 2012 tsp. Irs extension form 2012 gov. Irs extension form 2012 Estimated tax. Irs extension form 2012   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)). Irs extension form 2012 The return must cover all 12 months. Irs extension form 2012   You do not have to pay estimated tax for 2014 if you were a U. Irs extension form 2012 S. Irs extension form 2012 citizen or resident alien for all of 2013 and you had no tax liability for the full 12-month 2013 tax year. Irs extension form 2012   Publication 505 contains information that you can use to help you figure your estimated tax payments. Irs extension form 2012 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. Irs extension form 2012 The gross income filing requirements for the tax year are in the instructions to Form 1040, 1040A, or 1040EZ. Irs extension form 2012 Children. Irs extension form 2012   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. Irs extension form 2012   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. Irs extension form 2012 Form CSF 1099R. Irs extension form 2012   Form CSF 1099R will be mailed to you by January 31 after the end of each tax year. Irs extension form 2012 It will show the total amount of the annuity you received in the past year. Irs extension form 2012 It also should show, separately, the survivor annuity for a child or children. Irs extension form 2012 Only the part that is each individual's survivor annuity should be shown on that individual's Form 1040 or 1040A. Irs extension form 2012   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. Irs extension form 2012    You also can view and download your Form CSF 1099R by visiting the OPM website at  www. Irs extension form 2012 servicesonline. Irs extension form 2012 opm. Irs extension form 2012 gov. Irs extension form 2012 To log in you will need your retirement CSF claim number and personal identification number. Irs extension form 2012    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. Irs extension form 2012 C. Irs extension form 2012 calling area must call 202-606-0500). Irs extension form 2012 You will need your CSF claim number and your social security number when you call. Irs extension form 2012 Taxable part of annuity. Irs extension form 2012   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. Irs extension form 2012 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. Irs extension form 2012 Part II Rules for Retirees This part of the publication is for retirees who retired on nondisability retirement. Irs extension form 2012 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. Irs extension form 2012 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. Irs extension form 2012 Annuity statement. Irs extension form 2012   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). Irs extension form 2012 You will use this information to figure the tax-free recovery of your cost. Irs extension form 2012 Annuity starting date. Irs extension form 2012   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. Irs extension form 2012 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. Irs extension form 2012 Gross monthly rate. Irs extension form 2012   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. Irs extension form 2012 Your cost. Irs extension form 2012   Your monthly annuity payment contains an amount on which you have previously paid income tax. Irs extension form 2012 This amount represents part of your contributions to the retirement plan. Irs extension form 2012 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. Irs extension form 2012   The cost of your annuity is the total of your contributions to the retirement plan, as shown on your annuity statement from OPM. Irs extension form 2012 If you elected the alternative annuity option, it includes any deemed deposits and any deemed redeposits that were added to your lump-sum credit. Irs extension form 2012 (See Lump-sum credit under Alternative Annuity Option, later. Irs extension form 2012 )   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. Irs extension form 2012 You cannot claim an interest deduction for any interest payments. Irs extension form 2012 You cannot treat these payments as voluntary contributions; they are considered regular employee contributions. Irs extension form 2012 Recovering your cost tax free. Irs extension form 2012   How you figure the tax-free recovery of the cost of your CSRS or FERS annuity depends on your annuity starting date. Irs extension form 2012 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. Irs extension form 2012 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). Irs extension form 2012 If your annuity starting date is after November 18, 1996, you must use the Simplified Method. Irs extension form 2012   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). Irs extension form 2012 The tax-free part is a fixed dollar amount. Irs extension form 2012 It remains the same, even if your annuity is increased. Irs extension form 2012 Generally, this rule applies as long as you receive your annuity. Irs extension form 2012 However, see Exclusion limit , later. Irs extension form 2012 Choosing a survivor annuity after retirement. Irs extension form 2012    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. Irs extension form 2012   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. Irs extension form 2012 To figure the new exclusion percentage, reduce your cost by the amount you previously recovered tax free. Irs extension form 2012 Figure the expected return as of the date the reduced annuity begins. Irs extension form 2012 For details on the General Rule, see Publication 939. Irs extension form 2012 Canceling a survivor annuity after retirement. Irs extension form 2012   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. Irs extension form 2012 The increased annuity does not change the cost recovery you figured at the annuity starting date. Irs extension form 2012 The tax-free part of each annuity payment remains the same. Irs extension form 2012    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. Irs extension form 2012 C. Irs extension form 2012 calling area must call 202-606-0500). Irs extension form 2012 Exclusion limit. Irs extension form 2012   Your annuity starting date determines the total amount of annuity payments that you can exclude from income over the years. Irs extension form 2012 Annuity starting date after 1986. Irs extension form 2012   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. Irs extension form 2012 Annuity payments you or your survivors receive after the total cost in the plan has been recovered are generally fully taxable. Irs extension form 2012 Example. Irs extension form 2012 Your annuity starting date is after 1986 and you exclude $100 a month under the Simplified Method. Irs extension form 2012 If your cost is $12,000, the exclusion ends after 10 years (120 months). Irs extension form 2012 Thereafter, your entire annuity is generally fully taxable. Irs extension form 2012 Annuity starting date before 1987. Irs extension form 2012   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. Irs extension form 2012 If you chose a joint and survivor annuity, your survivor can continue to take that same exclusion. Irs extension form 2012 The total exclusion may be more than your cost. Irs extension form 2012 Deduction of unrecovered cost. Irs extension form 2012   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. Irs extension form 2012 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). Irs extension form 2012 If your annuity starting date is before July 2, 1986, no tax benefit is allowed for any unrecovered cost at death. Irs extension form 2012 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. Irs extension form 2012 (OPM has figured the taxable amount of your annuity shown on your Form CSA 1099R using the Simplified Method. Irs extension form 2012 ) 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. Irs extension form 2012 The Simplified Method does not apply if your annuity starting date is before July 2, 1986. Irs extension form 2012 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. Irs extension form 2012 This number will differ depending on whether your annuity starting date is before November 19, 1996, or after November 18, 1996. Irs extension form 2012 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. Irs extension form 2012 Worksheet A. Irs extension form 2012   Use Worksheet A. Irs extension form 2012 Simplified Method (near the end of this publication), to figure your taxable annuity. Irs extension form 2012 Be sure to keep the completed worksheet. Irs extension form 2012 It will help you figure your taxable amounts for later years. Irs extension form 2012 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. Irs extension form 2012 However, you must use Worksheet A and Worksheet B in this publication if you chose the alternative annuity option, discussed later. Irs extension form 2012 Line 2. Irs extension form 2012   See Your cost , earlier, for an explanation of your cost in the plan. Irs extension form 2012 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. Irs extension form 2012 Line 3. Irs extension form 2012   The number you enter on line 3 is the appropriate number from Table 1 or 2 representing approximate life expectancies in months. Irs extension form 2012 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. Irs extension form 2012 If your annuity starting date is before 1998, use Table 1. Irs extension form 2012 Line 6. Irs extension form 2012   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. Irs extension form 2012 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. Irs extension form 2012 Example. Irs extension form 2012 Bill Smith retired from the Federal Government on March 31, 2013, under an annuity that will provide a survivor benefit for his wife, Kathy. Irs extension form 2012 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. Irs extension form 2012 He must use the Simplified Method to figure the tax-free part of his annuity benefits. Irs extension form 2012 Bill's monthly annuity benefit is $1,000. Irs extension form 2012 He had contributed $31,000 to his retirement plan and had received no distributions before his annuity starting date. Irs extension form 2012 At his annuity starting date, he was 65 and Kathy was 57. Irs extension form 2012 Bill's completed Worksheet A is shown later. Irs extension form 2012 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). Irs extension form 2012 Bill keeps a copy of the completed worksheet for his records. Irs extension form 2012 It will help him (and Kathy, if she survives him) figure the taxable amount of the annuity in later years. Irs extension form 2012 Bill's tax-free monthly amount is $100. Irs extension form 2012 (See line 4 of the worksheet. Irs extension form 2012 ) 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. Irs extension form 2012 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. Irs extension form 2012 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. Irs extension form 2012 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. Irs extension form 2012 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. Irs extension form 2012 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. Irs extension form 2012 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. Irs extension form 2012 Figuring this percentage is complex and requires the use of actuarial tables. Irs extension form 2012 For these tables and other information about using the General Rule, see Publication 939. Irs extension form 2012 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. Irs extension form 2012 Under this rule, you excluded all the annuity payments from income until you fully recovered your cost. Irs extension form 2012 After your cost was recovered, all payments became fully taxable. Irs extension form 2012 You cannot use another rule to again exclude amounts from income. Irs extension form 2012 The Three-Year Rule was repealed for retirees whose annuity starting date is after July 1, 1986. Irs extension form 2012 Worksheet A. Irs extension form 2012 Simplified Method for Bill Smith See the instructions in Part II of this publication under Simplified Method. Irs extension form 2012 1. Irs extension form 2012 Enter the total pension or annuity payments received this year. Irs extension form 2012 Also, add this amount to the total for Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a 1. Irs extension form 2012 $ 8,000 2. Irs extension form 2012 Enter your cost in the plan at the annuity starting date, plus any death benefit exclusion*. Irs extension form 2012 See Your cost in Part II, Rules for Retirees, earlier 2. Irs extension form 2012 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). Irs extension form 2012 Otherwise, go to line 3. Irs extension form 2012   3. Irs extension form 2012 Enter the appropriate number from Table 1 below. Irs extension form 2012 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. Irs extension form 2012 3. Irs extension form 2012 310 4. Irs extension form 2012 Divide line 2 by the number on line 3 4. Irs extension form 2012 100 5. Irs extension form 2012 Multiply line 4 by the number of months for which this year's payments were made. Irs extension form 2012 If your annuity starting date was before 1987, enter this amount on line 8 below and skip lines 6, 7, 10, and 11. Irs extension form 2012 Otherwise, go to line 6 5. Irs extension form 2012 800 6. Irs extension form 2012 Enter any amounts previously recovered tax free in years after 1986. Irs extension form 2012 This is the amount shown on line 10 of your worksheet for last year 6. Irs extension form 2012 0 7. Irs extension form 2012 Subtract line 6 from line 2 7. Irs extension form 2012 31,000 8. Irs extension form 2012 Enter the smaller of line 5 or line 7 8. Irs extension form 2012 800 9. Irs extension form 2012 Taxable amount for year. Irs extension form 2012 Subtract line 8 from line 1. Irs extension form 2012 Enter the result, but not less than zero. Irs extension form 2012 Also, add this amount to the total for Form 1040, line 16b, or Form 1040A, line 12b. Irs extension form 2012 If you are a nonresident alien, also enter this amount on line 1 of Worksheet C. Irs extension form 2012 If your Form CSA 1099R or Form CSF 1099R shows a larger amount, use the amount figured on this line instead. Irs extension form 2012 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. Irs extension form 2012 $7,200 10. Irs extension form 2012 Was your annuity starting date before 1987?   Yes. Irs extension form 2012 Do not complete the rest of this worksheet. Irs extension form 2012    No. Irs extension form 2012 Add lines 6 and 8. Irs extension form 2012 This is the amount you have recovered tax free through 2013. Irs extension form 2012 You will need this number if you need to fill out this worksheet next year 10. Irs extension form 2012 800 11. Irs extension form 2012 Balance of cost to be recovered. Irs extension form 2012 Subtract line 10 from line 2. Irs extension form 2012 If zero, you will not have to complete this worksheet next year. Irs extension form 2012 The payments you receive next year will generally be fully taxable 11. Irs extension form 2012 $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. Irs extension form 2012 Alternative Annuity Option If you are eligible, you may choose an alternative form of annuity. Irs extension form 2012 If you make this choice, you will receive a lump-sum payment equal to your contributions to the plan and a reduced monthly annuity. Irs extension form 2012 You are eligible to make this choice if you meet all of the following requirements. Irs extension form 2012 You are retiring, but not on disability. Irs extension form 2012 You have a life-threatening illness or other critical medical condition. Irs extension form 2012 You do not have a former spouse entitled to court ordered benefits based on your service. Irs extension form 2012 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. Irs extension form 2012 Lump-Sum Payment The lump-sum payment you receive under the alternative annuity option generally has a tax-free part and a taxable part. Irs extension form 2012 The tax-free part represents part of your cost. Irs extension form 2012 The taxable part represents part of the earnings on your annuity contract. Irs extension form 2012 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. Irs extension form 2012 Deemed deposits and redeposits, which are described later under Lump-sum credit , are taxable to you in the year of retirement. Irs extension form 2012 Your taxable amount may therefore be more than the lump-sum payment you receive. Irs extension form 2012 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. Irs extension form 2012 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. Irs extension form 2012 See Rollover Rules , later, for information on how to make a rollover. Irs extension form 2012 OPM can make a direct rollover only up to the amount of the lump-sum payment. Irs extension form 2012 Therefore, to defer tax on the full taxable amount if it is more than the payment, you must add funds from another source. Irs extension form 2012 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. Irs extension form 2012 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. Irs extension form 2012 For more information, see Lump-Sum Distributions and Tax on Early Distributions in Publication 575. Irs extension form 2012 Worksheet B. Irs extension form 2012   Use Worksheet B. Irs extension form 2012 Lump-Sum Payment (near the end of this publication), to figure the taxable part of your lump-sum payment. Irs extension form 2012 Be sure to keep the completed worksheet for your records. Irs extension form 2012   To complete the worksheet, you will need to know the amount of your lump-sum credit and the present value of your annuity contract. Irs extension form 2012 Lump-sum credit. Irs extension form 2012   Generally, this is the same amount as the lump-sum payment you receive (the total of your contributions to the retirement system). Irs extension form 2012 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. Irs extension form 2012 Deemed deposits (including interest) are for federal employment during which no retirement contributions were taken out of your pay. Irs extension form 2012 Deemed redeposits (including interest) are for any refunds of retirement contributions that you received and did not repay. Irs extension form 2012 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. Irs extension form 2012 Present value of your annuity contract. Irs extension form 2012   The present value of your annuity contract is figured using actuarial tables provided by the IRS. Irs extension form 2012 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. Irs extension form 2012 Internal Revenue Service Attn: Actuarial Group 2 TE/GE SE:T:EP:RA:T:A2 NCA-629 1111 Constitution Ave. Irs extension form 2012 , NW Washington, DC 20224-0002 Example. Irs extension form 2012 David Brown retired from the federal government in 2013, one month after his 55th birthday. Irs extension form 2012 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. Irs extension form 2012 The present value of his annuity contract was $155,000. Irs extension form 2012 The tax-free part and the taxable part of the lump-sum payment are figured using Worksheet B, as shown below. Irs extension form 2012 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. Irs extension form 2012 See Reduced Annuity , later. Irs extension form 2012 Worksheet B. Irs extension form 2012 Lump-Sum Payment for David Brown See the instructions in Part II of this publication under Alternative Annuity Option . Irs extension form 2012  1. Irs extension form 2012 Enter your lump-sum credit (your cost in the plan at the annuity starting date) 1. Irs extension form 2012 $ 31,000 2. Irs extension form 2012 Enter the present value of your annuity contract 2. Irs extension form 2012 155,000 3. Irs extension form 2012 Divide line 1 by line 2 3. Irs extension form 2012 . Irs extension form 2012 20 4. Irs extension form 2012 Tax-free amount. Irs extension form 2012 Multiply line 1 by line 3. Irs extension form 2012 (Caution: Do not include this amount on line 6 of Worksheet A in this publication. Irs extension form 2012 ) 4. Irs extension form 2012 $6,200 5. Irs extension form 2012 Taxable amount (net cost in the plan). Irs extension form 2012 Subtract line 4 from line 1. Irs extension form 2012 Include this amount in the total on Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b. Irs extension form 2012 Also, enter this amount on line 2 of Worksheet A in this publication. Irs extension form 2012 5. Irs extension form 2012 $24,800   Lump-sum payment in installments. Irs extension form 2012   If you choose the alternative annuity option, you usually will receive the lump-sum payment in two equal installments. Irs extension form 2012 You will receive the first installment after you make the choice upon retirement. Irs extension form 2012 The second installment will be paid to you, with interest, in the next calendar year. Irs extension form 2012 (Exceptions to the installment rule are provided for cases of critical medical need. Irs extension form 2012 )   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. Irs extension form 2012 If the payment has a tax-free part, you must treat the taxable part as received first. Irs extension form 2012 How to report. Irs extension form 2012   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. Irs extension form 2012 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. Irs extension form 2012    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. Irs extension form 2012 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. Irs extension form 2012 These annuity payments each will have a tax-free and a taxable part. Irs extension form 2012 To figure the tax-free part of each annuity payment, you must use the Simplified Method (Worksheet A). Irs extension form 2012 For instructions on how to complete the worksheet, see Worksheet A under Simplified Method, earlier. Irs extension form 2012 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. Irs extension form 2012 Enter as your net cost on line 2 the amount from Worksheet B, line 5. Irs extension form 2012 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. Irs extension form 2012 Example. Irs extension form 2012 The facts are the same as in the example for David Brown in the preceding discussion. Irs extension form 2012 In addition, David received 10 annuity payments in 2013 of $1,200 each. Irs extension form 2012 Using Worksheet A, he figures the taxable part of his annuity payments. Irs extension form 2012 He completes line 2 by reducing his $31,000 cost by the $6,200 tax-free part of his lump-sum payment. Irs extension form 2012 His entry on line 2 is his $24,800 net cost in the plan (the amount from Worksheet B, line 5). Irs extension form 2012 He does not include the tax-free part of his lump-sum payment on Worksheet A, line 6. Irs extension form 2012 David's filled-in Worksheet A is shown on the next page. Irs extension form 2012 Worksheet A. Irs extension form 2012 Simplified Method for David Brown See the instructions in Part II of this publication under Simplified Method . Irs extension form 2012 1. Irs extension form 2012 Enter the total pension or annuity payments received this year. Irs extension form 2012 Also, add this amount to the total for Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a 1. Irs extension form 2012 $ 12,000 2. Irs extension form 2012 Enter your cost in the plan at the annuity starting date, plus any death benefit exclusion*. Irs extension form 2012 See Your cost in Part II, Rules for Retirees, earlier 2. Irs extension form 2012 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). Irs extension form 2012 Otherwise, go to line 3. Irs extension form 2012   3. Irs extension form 2012 Enter the appropriate number from Table 1 below. Irs extension form 2012 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. Irs extension form 2012 3. Irs extension form 2012 360 4. Irs extension form 2012 Divide line 2 by the number on line 3 4. Irs extension form 2012 68. Irs extension form 2012 89 5. Irs extension form 2012 Multiply line 4 by the number of months for which this year's payments were made. Irs extension form 2012 If your annuity starting date was before 1987, enter this amount on line 8 below and skip lines 6, 7, 10, and 11. Irs extension form 2012 Otherwise, go to line 6 5. Irs extension form 2012 688. Irs extension form 2012 90 6. Irs extension form 2012 Enter any amounts previously recovered tax free in years after 1986. Irs extension form 2012 This is the amount shown on line 10 of your worksheet for last year 6. Irs extension form 2012 0 7. Irs extension form 2012 Subtract line 6 from line 2 7. Irs extension form 2012 24,800 8. Irs extension form 2012 Enter the smaller of line 5 or line 7 8. Irs extension form 2012 688. Irs extension form 2012 90 9. Irs extension form 2012 Taxable amount for year. Irs extension form 2012 Subtract line 8 from line 1. Irs extension form 2012 Enter the result, but not less than zero. Irs extension form 2012 Also, add this amount to the total for Form 1040, line 16b, or Form 1040A, line 12b. Irs extension form 2012 If you are a nonresident alien, also enter this amount on line 1 of Worksheet C. Irs extension form 2012 If your Form CSA 1099R or Form CSF 1099R shows a larger amount, use the amount figured on this line instead. Irs extension form 2012 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. Irs extension form 2012 $11,311. Irs extension form 2012 10 10. Irs extension form 2012 Was your annuity starting date before 1987?   Yes. Irs extension form 2012 Do not complete the rest of this worksheet. Irs extension form 2012    No. Irs extension form 2012 Add lines 6 and 8. Irs extension form 2012 This is the amount you have recovered tax free through 2013. Irs extension form 2012 You will need this number if you need to fill out this worksheet next year 10. Irs extension form 2012 688. Irs extension form 2012 90 11. Irs extension form 2012 Balance of cost to be recovered. Irs extension form 2012 Subtract line 10 from line 2. Irs extension form 2012 If zero, you will not have to complete this worksheet next year. Irs extension form 2012 The payments you receive next year will generally be fully taxable 11. Irs extension form 2012 $24,111. Irs extension form 2012 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. Irs extension form 2012 Reemployment after choosing the alternative annuity option. Irs extension form 2012 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. Irs extension form 2012 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. Irs extension form 2012 Annuity starting date before November 19, 1996. Irs extension form 2012   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. Irs extension form 2012 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. Irs extension form 2012 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. Irs extension form 2012 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. Irs extension form 2012 The gift may be taxable for gift tax purposes. Irs extension form 2012 The value of the gift is equal to the value of the annuity. Irs extension form 2012 Joint and survivor annuity. Irs extension form 2012   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. Irs extension form 2012 This will eliminate any gift tax liability with regard to that gift. Irs extension form 2012   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. Irs extension form 2012 This may result in a taxable gift. Irs extension form 2012 More information. Irs extension form 2012   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. Irs extension form 2012 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. Irs extension form 2012 Annual leave. Irs extension form 2012   A payment for accrued annual leave received on retirement is a salary payment. Irs extension form 2012 It is taxable as wages in the tax year you receive it. Irs extension form 2012 Voluntary contributions. Irs extension form 2012   Voluntary contributions to the retirement fund are those made in addition to the regular contributions that were deducted from your salary. Irs extension form 2012 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. Irs extension form 2012 Voluntary contributions are not the same as employee contributions to the Thrift Savings Plan. Irs extension form 2012 See Thrift Savings Plan , later. Irs extension form 2012 Additional annuity benefit. Irs extension form 2012   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. Irs extension form 2012 This separate treatment applies for figuring the amounts to be excluded from, and included in, gross income. Irs extension form 2012 It does not matter that you receive only one monthly check covering both benefits. Irs extension form 2012 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. Irs extension form 2012   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. Irs extension form 2012 Refund of voluntary contributions. Irs extension form 2012   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. Irs extension form 2012 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. Irs extension form 2012 See Rollover Rules , later. Irs extension form 2012 The interest does not qualify as a lump-sum distribution eligible for capital gain treatment or the 10-year tax option. Irs extension form 2012 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. Irs extension form 2012 For more information, see Lump-Sum Distributions and Tax on Early Distributions in Publication 575. Irs extension form 2012 Community property laws. Irs extension form 2012   State community property laws apply to your annuity. Irs extension form 2012 These laws will affect your income tax only if you file a return separately from your spouse. Irs extension form 2012   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. Irs extension form 2012 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. Irs extension form 2012   At any time, you have only one domicile even though you may have more than one home. Irs extension form 2012 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. Irs extension form 2012 The question of your domicile is mainly a matter of your intentions as indicated by your actions. Irs extension form 2012   If your annuity is a mixture of community income and separate income, you must divide it between the two kinds of income. Irs extension form 2012 The division is based on your periods of service and domicile in community and noncommunity property states while you were married. Irs extension form 2012   For more information, see Publication 555, Community Property. Irs extension form 2012 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. Irs extension form 2012 The employing agency usually will pay you the difference between your salary for your period of reemployment and your annuity. Irs extension form 2012 This amount is taxable as wages. Irs extension form 2012 Your annuity will continue to be taxed just as it was before. Irs extension form 2012 If you are still recovering your cost, you continue to do so. Irs extension form 2012 If you have recovered your cost, the annuity you receive while you are reemployed generally is fully taxable. Irs extension form 2012 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. Irs extension form 2012 A nonresident alien is an individual who is not a citizen or a resident alien of the United States. Irs extension form 2012 Special rule for figuring your total contributions. Irs extension form 2012   Your contributions to the retirement plan (your cost) also include the government's contributions to the plan to a certain extent. Irs extension form 2012 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. Irs extension form 2012 For example, government contributions would not have been taxable to you if, at the time made, your services were performed outside the United States. Irs extension form 2012 Thus, your cost is increased by these government contributions and the benefits that you, or your beneficiary, must include in income are reduced. Irs extension form 2012   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. Irs extension form 2012 Limit on taxable amount. Irs extension form 2012   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. Irs extension form 2012 Figure this limited taxable amount by multiplying the otherwise taxable amount by a fraction. Irs extension form 2012 The numerator of the fraction is the retiree's total U. Irs extension form 2012 S. Irs extension form 2012 Government basic pay, other than tax-exempt pay for services performed outside the United States. Irs extension form 2012 The denominator is the retiree's total U. Irs extension form 2012 S. Irs extension form 2012 Government basic pay for all services. Irs extension form 2012    Basic pay includes regular pay plus any standby differential. Irs extension form 2012 It does not include bonuses, overtime pay, certain retroactive pay, uniform or other allowances, or lump-sum leave payments. Irs extension form 2012   To figure the limited taxable amount of your CSRS or FERS annuity or your TSP distributions, use Worksheet C. Irs extension form 2012 (For an annuity, first complete Worksheet A in this publication. Irs extension form 2012 ) Worksheet C. Irs extension form 2012 Limited Taxable Amount for Nonresident Alien 1. Irs extension form 2012 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. Irs extension form 2012   2. Irs extension form 2012 Enter the total U. Irs extension form 2012 S. Irs extension form 2012 Government basic pay other than tax-exempt pay for services performed outside the United States 2. Irs extension form 2012   3. Irs extension form 2012 Enter the total U. Irs extension form 2012 S. Irs extension form 2012 Government basic pay for all services 3. Irs extension form 2012   4. Irs extension form 2012 Divide line 2 by line 3 4. Irs extension form 2012   5. Irs extension form 2012 Limited taxable amount. Irs extension form 2012 Multiply line 1 by line 4. Irs extension form 2012 Enter this amount on Form 1040NR, line 17b 5. Irs extension form 2012   Example 1. Irs extension form 2012 You are a nonresident alien who performed all services for the U. Irs extension form 2012 S. Irs extension form 2012 Government abroad as a nonresident alien. Irs extension form 2012 You retired and began to receive a monthly annuity of $200. Irs extension form 2012 Your total basic pay for all services for the U. Irs extension form 2012 S. Irs extension form 2012 Government was $100,000. Irs extension form 2012 All of your basic pay was tax exempt because it was not U. Irs extension form 2012 S. Irs extension form 2012 source income. Irs extension form 2012 The taxable amount of your annuity using Worksheet A in this publication is $720. Irs extension form 2012 You are a nonresident alien, so you figure the limited taxable amount of your annuity using Worksheet C as follows. Irs extension form 2012 Worksheet C. Irs extension form 2012 Limited Taxable Amount for Nonresident Alien — Example 1 1. Irs extension form 2012 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. Irs extension form 2012 $ 720 2. Irs extension form 2012 Enter the total U. Irs extension form 2012 S. Irs extension form 2012 Government basic pay other than tax-exempt pay for services performed outside the United States 2. Irs extension form 2012 0 3. Irs extension form 2012 Enter the total U. Irs extension form 2012 S. Irs extension form 2012 Government basic pay for all services 3. Irs extension form 2012 100,000 4. Irs extension form 2012 Divide line 2 by line 3 4. Irs extension form 2012 0 5. Irs extension form 2012 Limited taxable amount. Irs extension form 2012 Multiply line 1 by line 4. Irs extension form 2012 Enter this amount on Form 1040NR, line 17b 5. Irs extension form 2012 0 Example 2. Irs extension form 2012 You are a nonresident alien who performed services for the U. Irs extension form 2012 S. Irs extension form 2012 Government as a nonresident alien both within the United States and abroad. Irs extension form 2012 You retired and began to receive a monthly annuity of $240. Irs extension form 2012 Your total basic pay for your services for the U. Irs extension form 2012 S. Irs extension form 2012 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. Irs extension form 2012 The part of your total basic pay for your work done in a foreign country was tax exempt because it was not U. Irs extension form 2012 S. Irs extension form 2012 source income. Irs extension form 2012 The taxable amount of your annuity figured using Worksheet A in this publication is $1,980. Irs extension form 2012 You are a nonresident alien, so you figure the limited taxable amount of your annuity using Worksheet C as follows. Irs extension form 2012 Worksheet C. Irs extension form 2012 Limited Taxable Amount for Nonresident Alien — Example 2 1. Irs extension form 2012 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. Irs extension form 2012 $ 1,980 2. Irs extension form 2012 Enter the total U. Irs extension form 2012 S. Irs extension form 2012 Government basic pay other than tax-exempt pay for services performed outside the United States 2. Irs extension form 2012 40,000 3. Irs extension form 2012 Enter the total U. Irs extension form 2012 S. Irs extension form 2012 Government basic pay for all services 3. Irs extension form 2012 120,000 4. Irs extension form 2012 Divide line 2 by line 3 4. Irs extension form 2012 . Irs extension form 2012 333 5. Irs extension form 2012 Limited taxable amount. Irs extension form 2012 Multiply line 1 by line 4. Irs extension form 2012 Enter this amount on Form 1040NR, line 17b 5. Irs extension form 2012 659 Thrift Savings Plan Generally, all of the money in your TSP account is taxed as ordinary income when you receive it. Irs extension form 2012 (However, see Roth TSP balance and Uniformed services TSP accounts, next. Irs extension form 2012 ) This is because neither the contributions to your traditional TSP balance nor its earnings have been included previously in your taxable income. Irs extension form 2012 The way that you withdraw your account balance determines when you must pay the tax. Irs extension form 2012 Roth TSP balance. Irs extension form 2012   The TSP also offers a Roth TSP option, which allows you to make after-tax contributions into your TSP account. Irs extension form 2012 This means Roth TSP contributions are included in your income. Irs extension form 2012 The contribution limits are the same as the traditional TSP. Irs extension form 2012 You can elect to have part or all of your TSP contributions designated as a Roth TSP. Irs extension form 2012 Agency contributions will be part of your traditional TSP balance. Irs extension form 2012 Also, you cannot roll over any portion of your traditional TSP into your Roth TSP. Irs extension form 2012   Qualified distributions from your Roth TSP are not included in income. Irs extension form 2012 This applies to both your cost in the account and income earned on that account. Irs extension form 2012 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. Irs extension form 2012   For more information, go to the TSP website, www. Irs extension form 2012 tsp. Irs extension form 2012 gov, or the TSP Service Office. Irs extension form 2012 See Publication 575, Pension and Annuity Income, for more information about designated Roth accounts. Irs extension form 2012 Uniformed services TSP accounts. Irs extension form 2012   If you have a uniformed services TSP account that includes contributions from combat zone pay, the distributions attributable to those contributions are tax exempt. Irs extension form 2012 However, any earnings on those contributions to a traditional TSP balance are subject to tax when they are distributed. Irs extension form 2012 See Roth TSP balance discussed previously to get more information about Roth contributions. Irs extension form 2012 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. Irs extension form 2012 You can get more information from the TSP website, www. Irs extension form 2012 tsp. Irs extension form 2012 gov, or the TSP Service Office. Irs extension form 2012 Direct rollover by the TSP. Irs extension form 2012   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. Irs extension form 2012 However, see the following Note for a discussion on direct rollovers by the TSP of Roth contributions and its earnings. Irs extension form 2012 Also, see Rollover Rules , later. Irs extension form 2012 Direct rollover by the TSP to a Roth IRA. Irs extension form 2012   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. Irs extension form 2012 However, see the following Note for a discussion on direct rollovers by the TSP of Roth contributions and its earnings. Irs extension form 2012 Also, see Rollovers to Roth IRAs for more information, later. Irs extension form 2012 Note. Irs extension form 2012 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. Irs extension form 2012 This is because you already paid tax on those contributions. Irs extension form 2012 You cannot rollover Roth contributions and its earnings in your TSP account to a traditional IRA. Irs extension form 2012 TSP annuity. Irs extension form 2012   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. Irs extension form 2012 The payments are not subject to the additional 10% tax on early distributions, even if you are under age 55 when they begin. Irs extension form 2012 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. Irs extension form 2012 See Roth TSP balance , earlier. Irs extension form 2012 This is because you already paid tax on those contributions. Irs extension form 2012 Cash withdrawals. Irs extension form 2012   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. Irs extension form 2012 (See Rollover Rules , later. Irs extension form 2012 ) 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. Irs extension form 2012 See Lump-Sum Distributions in Publication 575 for details. Irs extension form 2012 However, there is no tax if you withdraw money in your TSP account from Roth contributions and its earnings if certain conditions are met. Irs extension form 2012 See Roth TSP balance , earlier. Irs extension form 2012    To qualify for the 10-year tax option, the plan participant must have been born before January 2, 1936. Irs extension form 2012   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. Irs extension form 2012 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. Irs extension form 2012 See also Withholding from Thrift Savings Plan payments earlier under Tax Withholding and Estimated Tax in Part I. Irs extension form 2012 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. Irs extension form 2012 See Roth TSP balance , earlier, for a discussion of those conditions. Irs extension form 2012 Tax on early distributions. Irs extension form 2012   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. Irs extension form 2012 However, this additional tax does not apply in certain situations, including any of the following. Irs extension form 2012 You receive the distribution and separate from government service during or after the calendar year in which you reach age 55. Irs extension form 2012 You choose to receive your account balance in monthly payments based on your life expectancy. Irs extension form 2012 You are totally and permanently disabled. Irs extension form 2012 You receive amounts from your Roth contributions since that represents a return of your cost (after-tax money). Irs extension form 2012 The earnings may be subject to the 10% tax depending on whether you met certain conditions. Irs extension form 2012 See Roth TSP balance , earlier. Irs extension form 2012   For more information, see Tax on Early Distributions in Publication 575. Irs extension form 2012 Outstanding loan. Irs extension form 2012   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. Irs extension form 2012 The distribution also may be subject to the additional 10% tax on early distributions. Irs extension form 2012 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. Irs extension form 2012 See Rollover Rules , later. Irs extension form 2012   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. Irs extension form 2012 However, no withholding is required for portions of the distribution that is from Roth contributions and its earnings, if certain conditions are met. Irs extension form 2012 See Roth TSP balance , earlier. Irs extension form 2012 More information. Irs extension form 2012   For more information about the TSP, see Summary of the Thrift Savings Plan, distributed to all federal employees. Irs extension form 2012 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). Irs extension form 2012    The above documents are also available on the TSP website at www. Irs extension form 2012 tsp. Irs extension form 2012 gov. Irs extension form 2012 Select “Forms & Publications. Irs extension form 2012 ” 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. Irs extension form 2012 You do not include the amount rolled over in your income, and you cannot take a deduction for it. Irs extension form 2012 The amount rolled over is taxed later as the new program pays that amount to you. Irs extension form 2012 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. Irs extension form 2012 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. Irs extension form 2012 To qualify for the capital gain treatment or 10-year tax option, the plan participant must have been born before January 2, 1936. Irs extension form 2012 You can also roll over a distribution from a qualified retirement plan into a Roth IRA. Irs extension form 2012 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. Irs extension form 2012 See Rollovers to Roth IRAs , later, for more information. Irs extension form 2012 Qualified retirement plan. Irs extension form 2012   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. Irs extension form 2012 The CSRS, FERS, and TSP are considered qualified retirement plans. Irs extension form 2012 Distributions eligible for rollover treatment. Irs extension form 2012   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. Irs extension form 2012 You cannot roll over any part of your CSRS or FERS annuity payments. Irs extension form 2012   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. Irs extension form 2012   In addition, a distribution to your beneficiary generally is not treated as an eligible rollover distribution. Irs extension form 2012 However, see Qualified domestic relations order (QDRO) and Rollovers by surviving spouse , and Rollovers by nonspouse beneficiary , later. Irs extension form 2012 Direct rollover option. Irs extension form 2012   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. Irs extension form 2012   There is an automatic rollover requirement for mandatory distributions. Irs extension form 2012 A mandatory distribution is a distribution made without your consent and before you reach age 62 or normal retirement age, whichever is later. Irs extension form 2012 The automatic rollover requirement applies if the distribution is more than $1,000 and is an eligible rollover distribution. Irs extension form 2012 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. Irs extension form 2012 If you do not make this choice, OPM will automatically roll over the distribution into an IRA of a designated trustee or issuer. Irs extension form 2012 No tax withheld. Irs extension form 2012   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. Irs extension form 2012 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. Irs extension form 2012 Any part of the eligible rollover distribution paid to you is subject to withholding at a 20% rate. Irs extension form 2012 Direct roll over amounts from Roth contributions and its earnings do not have tax withheld because you already paid tax on those amounts. Irs extension form 2012 Payment to you option. Irs extension form 2012   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. Irs extension form 2012 However, the full amount is treated as distributed to you even though you actually receive only 80%. Irs extension form 2012 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. Irs extension form 2012 Rollovers to Roth IRAs are generally included in income. Irs extension form 2012 Eligible rollover distributions that are from Roth contributions do not have tax withheld because you already paid tax on those amounts. Irs extension form 2012 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. Irs extension form 2012 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). Irs extension form 2012 Earnings from those contributions may be subject to the 10% additional tax if certain conditions are not met. Irs extension form 2012 See Roth TSP balance , earlier. Irs extension form 2012 Also, see Tax on Early Distributions in Publication 575. Irs extension form 2012 Exception to withholding. Irs extension form 2012   Withholding from an eligible rollover distribution paid to you is not required if the distributions for your tax year total less than $200. Irs extension form 2012 Partial rollovers. Irs extension form 2012   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. Irs extension form 2012 See Lump-Sum Distributions in Publication 575. Irs extension form 2012 However, if you roll over any part of the distribution, the part you keep does not qualify for this special tax treatment. Irs extension form 2012 Rolling over more than amount received. Irs extension form 2012   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). Irs extension form 2012 Example. Irs extension form 2012 You left government service at age 53. Irs extension form 2012 On February 1, 2013, you receive an eligible rollover distribution of $10,000 from you