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Irs Form 1040 2012
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Irs Form 1040 2012
Irs form 1040 2012 4. Irs form 1040 2012 Retirement Savings Contributions Credit (Saver's Credit) Table of Contents What's New Introduction Full-time student. Irs form 1040 2012 Adjusted gross income. Irs form 1040 2012 Distributions received by spouse. Irs form 1040 2012 Testing period. Irs form 1040 2012 What's New Modified AGI limit for retirement savings contributions credit increased. Irs form 1040 2012 For 2013, you may be able to claim the retirement savings contributions credit if your modified AGI is not more than: $59,000 if your filing status is married filing jointly, $44,250 if your filing status is head of household, or $29,500 if your filing status is single, married filing separately, or qualifying widow(er). Irs form 1040 2012 Introduction You may be able to take a tax credit if you make eligible contributions (defined later) to a qualified retirement plan, an eligible deferred compensation plan, or an individual retirement arrangement (IRA). Irs form 1040 2012 You may be able to take a credit of up to $1,000 (up to $2,000 if filing jointly). Irs form 1040 2012 This credit could reduce the federal income tax you pay dollar for dollar. Irs form 1040 2012 Can you claim the credit? If you make eligible contributions to a qualified retirement plan, an eligible deferred compensation plan, or an IRA, you can claim the credit if all of the following apply. Irs form 1040 2012 You were born before January 2, 1996. Irs form 1040 2012 You are not a full-time student (explained next). Irs form 1040 2012 No one else, such as your parent(s), claims an exemption for you on their tax return. Irs form 1040 2012 Your adjusted gross income (defined below) is not more than: $59,000 if your filing status is married filing jointly, $44,250 if your filing status is head of household, or $29,500 if your filing status is single, married filing separately, or qualifying widow(er). Irs form 1040 2012 Full-time student. Irs form 1040 2012 You are a full-time student if, during some part of each of 5 calendar months (not necessarily consecutive) during the calendar year, you are either: A full-time student at a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or A student taking a full-time, on-farm training course given by either a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or a state, county, or local government. Irs form 1040 2012 You are a full-time student if you are enrolled for the number of hours or courses the school considers to be full time. Irs form 1040 2012 Adjusted gross income. Irs form 1040 2012 This is generally the amount on line 38 of your 2013 Form 1040; line 22 of your 2013 Form 1040A; or line 37 of your 2013 Form 1040NR. Irs form 1040 2012 However, you must add to that amount any exclusion or deduction claimed for the year for: Foreign earned income, Foreign housing costs, Income for bona fide residents of American Samoa, and Income from Puerto Rico. Irs form 1040 2012 Eligible contributions. Irs form 1040 2012 These include: Contributions to a traditional or Roth IRA, Salary reduction contributions (elective deferrals, including amounts designated as after-tax Roth contributions) to: A 401(k) plan (including a SIMPLE 401(k)), A section 403(b) annuity, An eligible deferred compensation plan of a state or local government (a governmental 457 plan), A SIMPLE IRA plan, or A salary reduction SEP, and Contributions to a section 501(c)(18) plan. Irs form 1040 2012 They also include voluntary after-tax employee contributions to a tax-qualified retirement plan or section 403(b) annuity. Irs form 1040 2012 For purposes of the credit, an employee contribution will be voluntary as long as it is not required as a condition of employment. Irs form 1040 2012 Reducing eligible contributions. Irs form 1040 2012 Reduce your eligible contributions (but not below zero) by the total distributions you received during the testing period (defined later) from any IRA, plan, or annuity included above under Eligible contributions. Irs form 1040 2012 Also reduce your eligible contributions by any distribution from a Roth IRA that is not rolled over, even if the distribution is not taxable. Irs form 1040 2012 Do not reduce your eligible contributions by any of the following. Irs form 1040 2012 The portion of any distribution which is not includible in income because it is a trustee-to-trustee transfer or a rollover distribution. Irs form 1040 2012 Distributions that are taxable as the result of an in-plan rollover to your designated Roth account. Irs form 1040 2012 Any distribution that is a return of a contribution to an IRA (including a Roth IRA) made during the year for which you claim the credit if: The distribution is made before the due date (including extensions) of your tax return for that year, You do not take a deduction for the contribution, and The distribution includes any income attributable to the contribution. Irs form 1040 2012 Loans from a qualified employer plan treated as a distribution. Irs form 1040 2012 Distributions of excess contributions or deferrals (and income attributable to excess contributions and deferrals). Irs form 1040 2012 Distributions of dividends paid on stock held by an employee stock ownership plan under section 404(k). Irs form 1040 2012 Distributions from an eligible retirement plan that are converted or rolled over to a Roth IRA. Irs form 1040 2012 Distributions from a military retirement plan. Irs form 1040 2012 Distributions from an inherited IRA by a nonspousal beneficiary. Irs form 1040 2012 Distributions received by spouse. Irs form 1040 2012 Any distributions your spouse receives are treated as received by you if you file a joint return with your spouse both for the year of the distribution and for the year for which you claim the credit. Irs form 1040 2012 Testing period. Irs form 1040 2012 The testing period consists of the year for which you claim the credit, the period after the end of that year and before the due date (including extensions) for filing your return for that year, and the 2 tax years before that year. Irs form 1040 2012 Example. Irs form 1040 2012 You and your spouse filed joint returns in 2011 and 2012, and plan to do so in 2013 and 2014. Irs form 1040 2012 You received a taxable distribution from a qualified plan in 2011 and a taxable distribution from an eligible deferred compensation plan in 2012. Irs form 1040 2012 Your spouse received taxable distributions from a Roth IRA in 2013 and tax-free distributions from a Roth IRA in 2014 before April 15. Irs form 1040 2012 You made eligible contributions to an IRA in 2013 and you otherwise qualify for this credit. Irs form 1040 2012 You must reduce the amount of your qualifying contributions in 2013 by the total of the distributions you received in 2011, 2012, 2013, and 2014. Irs form 1040 2012 Maximum eligible contributions. Irs form 1040 2012 After your contributions are reduced, the maximum annual contribution on which you can base the credit is $2,000 per person. Irs form 1040 2012 Effect on other credits. Irs form 1040 2012 The amount of this credit will not change the amount of your refundable tax credits. Irs form 1040 2012 A refundable tax credit, such as the earned income credit or the refundable amount of your child tax credit, is an amount that you would receive as a refund even if you did not otherwise owe any taxes. Irs form 1040 2012 Maximum credit. Irs form 1040 2012 This is a nonrefundable credit. Irs form 1040 2012 The amount of the credit in any year cannot be more than the amount of tax that you would otherwise pay (not counting any refundable credits) in any year. Irs form 1040 2012 If your tax liability is reduced to zero because of other nonrefundable credits, such as the credit for child and dependent care expenses, then you will not be entitled to this credit. Irs form 1040 2012 How to figure and report the credit. Irs form 1040 2012 The amount of the credit you can get is based on the contributions you make and your credit rate. Irs form 1040 2012 Your credit rate can be as low as 10% or as high as 50%. Irs form 1040 2012 Your credit rate depends on your income and your filing status. Irs form 1040 2012 See Form 8880 to determine your credit rate. Irs form 1040 2012 The maximum contribution taken into account is $2,000 per person. Irs form 1040 2012 On a joint return, up to $2,000 is taken into account for each spouse. Irs form 1040 2012 Figure the credit on Form 8880. Irs form 1040 2012 Report the credit on line 50 of your Form 1040; line 32 of your Form 1040A; or line 47 of your Form 1040NR and attach Form 8880 to your return. Irs form 1040 2012 Prev Up Next Home More Online Publications
Taxpayer Advocacy Panel (TAP)
The Taxpayer Advocacy Panel, a Federal Advisory Committee to the Internal Revenue Service (IRS), helps to identify tax issues of importance to taxpayers and to provide a taxpayer perspective to the IRS on key programs, products, and services. It also serves as a focus group that makes recommendations to the IRS and the National Taxpayer Advocate.
TAP is a group of 75 citizen volunteers who listen to taxpayers, identify taxpayers’ issues, and make suggestions for improving IRS service and customer satisfaction. The Panel is demographically and geographically diverse with taxpayers from all walks of life representing each state, the District of Columbia and Puerto Rico. In 2015, the TAP will also have at least one member living abroad to represent international taxpayers.
TAP members conduct outreach to solicit suggestions or ideas from citizens, and serve on project committees working with IRS program owners on topics important to taxpayers and the IRS. The members participate in meetings and focus groups and develop and submit recommendations to improve the IRS.
Help Us Improve the IRS:
Have a suggestion for improving the IRS and don't know whom to contact? We would like to hear from you. If you have a suggestion to improve the IRS, Speak Up! Contact TAP at our website or at 1-888-912-1227 (toll-free number).
Page Last Reviewed or Updated: 10-Mar-2014
The Irs Form 1040 2012
Irs form 1040 2012 Publication 584-B - Introductory Material Table of Contents What's New Introduction What's New The IRS has created a page on IRS. Irs form 1040 2012 gov for information about Publication 584-B, at www. Irs form 1040 2012 irs. Irs form 1040 2012 gov/pub584b. Irs form 1040 2012 Information about any future developments affecting Publication 584-B (such as legislation enacted after we released it) will be posted on that page. Irs form 1040 2012 Introduction This workbook is designed to help you figure your loss on business and income-producing property in the event of a disaster, casualty, or theft. Irs form 1040 2012 It contains schedules to help you figure the loss to your office furniture and fixtures, information systems, motor vehicles, office supplies, buildings, and equipment. Irs form 1040 2012 These schedules, however, are for your information only. Irs form 1040 2012 You must complete Form 4684, Casualties and Thefts, to report your loss. Irs form 1040 2012 Prev Up Next Home More Online Publications