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Irs State Tax Forms

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Irs State Tax Forms

Irs state tax forms 10. Irs state tax forms   Education Savings Bond Program Table of Contents Introduction Who Can Cash In Bonds Tax FreeAdjusted qualified education expenses. Irs state tax forms Eligible educational institution. Irs state tax forms Dependent for whom you claim an exemption. Irs state tax forms MAGI when using Form 1040A. Irs state tax forms MAGI when using Form 1040. Irs state tax forms Figuring the Tax-Free AmountEffect of the Amount of Your Income on the Amount of Your Exclusion Claiming the Exclusion Introduction Generally, you must pay tax on the interest earned on U. Irs state tax forms S. Irs state tax forms savings bonds. Irs state tax forms If you do not include the interest in income in the years it is earned, you must include it in your income in the year in which you cash in the bonds. Irs state tax forms However, when you cash in certain savings bonds under an education savings bond program, you may be able to exclude the interest from income. Irs state tax forms Who Can Cash In Bonds Tax Free You may be able to cash in qualified U. Irs state tax forms S. Irs state tax forms savings bonds without having to include in your income some or all of the interest earned on the bonds if you meet the following conditions. Irs state tax forms You pay qualified education expenses for yourself, your spouse, or a dependent for whom you claim an exemption on your return. Irs state tax forms Your modified adjusted gross income (MAGI) is less than the amount specified for your filing status. Irs state tax forms Your filing status is not married filing separately. Irs state tax forms Qualified U. Irs state tax forms S. Irs state tax forms savings bonds. Irs state tax forms   A qualified U. Irs state tax forms S. Irs state tax forms savings bond is a series EE bond issued after 1989 or a series I bond. Irs state tax forms The bond must be issued either in your name (as the sole owner) or in the name of both you and your spouse (as co-owners). Irs state tax forms   The owner must be at least 24 years old before the bond's issue date. Irs state tax forms The issue date is printed on the front of the savings bond. Irs state tax forms    The issue date is not necessarily the date of purchase—it will be the first day of the month in which the bond is purchased (or posted, if bought electronically). Irs state tax forms Qualified education expenses. Irs state tax forms   These include the following items you pay for either yourself, your spouse, or a dependent for whom you claim an exemption. Irs state tax forms Tuition and fees required to enroll at or attend an eligible educational institution. Irs state tax forms Qualified education expenses do not include expenses for room and board or for courses involving sports, games, or hobbies that are not part of a degree or certificate granting program. Irs state tax forms Contributions to a qualified tuition program (QTP) (see How Much Can You Contribute in chapter 8, Qualified Tuition Program). Irs state tax forms Contributions to a Coverdell education savings account (ESA) (see Contributions in chapter 7, Coverdell Education Savings Account). Irs state tax forms Adjusted qualified education expenses. Irs state tax forms   You must reduce your qualified education expenses by all of the following tax-free benefits. Irs state tax forms Tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions). Irs state tax forms Expenses used to figure the tax-free portion of distributions from a Coverdell ESA (see Qualified Education Expenses in chapter 7, Coverdell Education Savings Account). Irs state tax forms Expenses used to figure the tax-free portion of distributions from a QTP (see Qualified education expenses in chapter 8, Qualified Tuition Program). Irs state tax forms Any tax-free payments (other than gifts or inheritances) received as educational assistance, such as: Veterans' educational assistance benefits (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Qualified tuition reductions (see Qualified Tuition Reduction in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), or Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ). Irs state tax forms Any expenses used in figuring the American opportunity and lifetime learning credits. Irs state tax forms See What Expenses Qualify in chapter 2, American Opportunity Credit, and What Expenses Qualify in chapter 3, Lifetime Learning Credit, for more information. Irs state tax forms Eligible educational institution. Irs state tax forms   An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. Irs state tax forms S. Irs state tax forms Department of Education. Irs state tax forms It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Irs state tax forms The educational institution should be able to tell you if it is an eligible educational institution. Irs state tax forms   Certain educational institutions located outside the United States also participate in the U. Irs state tax forms S. Irs state tax forms Department of Education's Federal Student Aid (FSA) programs. Irs state tax forms Dependent for whom you claim an exemption. Irs state tax forms   You claim an exemption for a person if you list his or her name and other required information on Form 1040 (or Form 1040A), line 6c. Irs state tax forms Modified adjusted gross income (MAGI). Irs state tax forms   For most taxpayers, MAGI is adjusted gross income (AGI) as figured on their federal income tax return without taking into account this interest exclusion. Irs state tax forms However, as discussed below, there may be other modifications. Irs state tax forms MAGI when using Form 1040A. Irs state tax forms   If you file Form 1040A, your MAGI is the AGI on line 22 of that form figured without taking into account any savings bond interest exclusion and modified by adding back any amount on line 18 (student loan interest deduction) and line 19 (tuition and fees deduction). Irs state tax forms MAGI when using Form 1040. Irs state tax forms   If you file Form 1040, your MAGI is the AGI on line 38 of that form figured without taking into account any savings bond interest exclusion and modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion, Foreign housing deduction, Exclusion of income by bona fide residents of American Samoa, Exclusion of income by bona fide residents of Puerto Rico, Exclusion for adoption benefits received under an employer's adoption assistance program, Deduction for student loan interest, Deduction for tuition and fees, and Deduction for domestic production activities. Irs state tax forms    Use the worksheet in the instructions for line 9 of Form 8815 to figure your MAGI. Irs state tax forms If you claim any of the exclusion or deduction items (1)–(6) listed above, add the amount of the exclusion or deduction to the amount on line 5 of the worksheet. Irs state tax forms Do not add in the deduction for (7) student loan interest, and (8) tuition and fees, or (9) domestic production activities because line 4 of the worksheet already includes these amounts. Irs state tax forms Enter the total on Form 8815, line 9, as your modified adjusted gross income (MAGI). Irs state tax forms    Because the deduction for interest expenses attributable to royalties and other investments is limited to your net investment income, you cannot figure the deduction until you have figured this interest exclusion. Irs state tax forms Therefore, if you had interest expenses attributable to royalties and deductible on Schedule E (Form 1040), Supplemental Income and Loss, you must make a special computation of your deductible interest without regard to this exclusion to figure the net royalty income included in your MAGI. Irs state tax forms See Royalties included in MAGI under Education Savings Bond Program in Publication 550, chapter 1. Irs state tax forms Figuring the Tax-Free Amount If the total you receive when you cash in the bonds is not more than the adjusted qualified education expenses for the year, all of the interest on the bonds may be tax free. Irs state tax forms However, if the total you receive when you cash in the bonds is more than the adjusted expenses, only part of the interest may be tax free. Irs state tax forms To determine the tax-free amount, multiply the interest part of the proceeds by a fraction. Irs state tax forms The numerator (top part) of the fraction is the adjusted qualified education expenses (AQEE) you paid during the year. Irs state tax forms The denominator (bottom part) of the fraction is the total proceeds you received during the year. Irs state tax forms Example. Irs state tax forms In February 2013, Mark and Joan Washington, a married couple, cashed a qualified series EE U. Irs state tax forms S. Irs state tax forms savings bond. Irs state tax forms They received proceeds of $9,000, representing principal of $6,000 and interest of $3,000. Irs state tax forms In 2013, they paid $7,650 of their daughter's college tuition. Irs state tax forms They are not claiming an American opportunity or lifetime learning credit for those expenses, and their daughter does not have any tax-free educational assistance. Irs state tax forms Their MAGI for 2013 was $80,000. Irs state tax forms   $3,000 interest × $7,650 AQEE  $9,000 proceeds = $2,550 tax-free interest   They can exclude $2,550 of interest in 2013. Irs state tax forms They must pay tax on the remaining $450 ($3,000 − $2,550) interest. Irs state tax forms Effect of the Amount of Your Income on the Amount of Your Exclusion The amount of your interest exclusion is gradually reduced (phased out) based on your MAGI and filing status. Irs state tax forms Claiming the Exclusion Use Form 8815 to figure your education savings bond interest exclusion. Irs state tax forms Enter your exclusion on line 3 of Schedule B (Form 1040A or 1040), Interest and Ordinary Dividends. Irs state tax forms Attach Form 8815 to your tax return. Irs state tax forms Prev  Up  Next   Home   More Online Publications
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Tax Relief for Victims of Tropical Storm Maria in Puerto Rico

SP-FL-2011-15, Oct. 19, 2011

MIAMI — Victims of Tropical Storm Maria that began on Sept. 8, 2011 in parts of Puerto Rico may qualify for tax relief from the Internal Revenue Service.

The President has declared the following municipalities a federal disaster area: Juana Díaz, Naguabo and Yabucoa. Individuals who reside or have a business in these municipalities may qualify for tax relief.

The declaration permits the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after Sept. 8, and on or before Nov. 7, have been postponed to Nov. 7, 2011. This includes previously obtained extensions to file 2010 returns and the estimated tax payment for the third quarter, normally due Sept. 15.  

In addition, the IRS is waiving the failure-to-deposit penalties for employment and excise tax deposits due on or after Sept. 8, and on or before Sept. 23, as long as the deposits are made by Sept. 23, 2011.

If an affected taxpayer receives a penalty notice from the IRS, the taxpayer should call the telephone number on the notice to have the IRS abate any interest and any late filing or late payment penalties that would otherwise apply. Penalties or interest will be abated only for taxpayers who have an original or extended filing, payment or deposit due date, including an extended filing or payment due date, that falls within the postponement period.

The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area must call the IRS disaster hotline at 1-866-562-5227 to request this tax relief.

Covered Disaster Area

The municipalities listed above constitute a covered disaster area for purposes of Treas. Reg. § 301.7508A-1(d)(2) and are entitled to the relief detailed below.

Affected Taxpayers

Taxpayers considered to be affected taxpayers eligible for the postponement of time to file returns, pay taxes and perform other time-sensitive acts are those taxpayers listed in Treas. Reg. § 301.7508A-1(d)(1), and include individuals who live, and businesses whose principal place of business is located, in the covered disaster area. Taxpayers not in the covered disaster area, but whose records necessary to meet a deadline listed in Treas. Reg. § 301.7508A-1(c) are in the covered disaster area, are also entitled to relief. In addition, all relief workers affiliated with a recognized government or philanthropic organization assisting in the relief activities in the covered disaster area and any individual visiting the covered disaster area who was killed or injured as a result of the disaster are entitled to relief.

Grant of Relief

Under section 7508A, the IRS gives affected taxpayers until Nov. 7 to file most tax returns (including individual, corporate, and estate and trust income tax returns; partnership returns, S corporation returns, and trust returns; estate, gift, and generation-skipping transfer tax returns; and employment and certain excise tax returns), or to make tax payments, including estimated tax payments, that have either an original or extended due date occurring on or after Sept. 8 and on or before Nov. 7.

The IRS also gives affected taxpayers until Nov. 7 to perform other time-sensitive actions described in Treas. Reg. § 301.7508A-1(c)(1) and Rev. Proc. 2007-56, 2007-34 I.R.B. 388 (Aug. 20, 2007), that are due to be performed on or after Sept. 8 and on or before Nov. 7.

This relief also includes the filing of Form 5500 series returns, in the manner described in section 8 of Rev. Proc. 2007-56. The relief described in section 17 of Rev. Proc. 2007-56, pertaining to like-kind exchanges of property, also applies to certain taxpayers who are not otherwise affected taxpayers and may include acts required to be performed before or after the period above.

The postponement of time to file and pay does not apply to information returns in the W-2, 1098, 1099 series, or to Forms 1042-S or 8027. Penalties for failure to timely file information returns can be waived under existing procedures for reasonable cause. Likewise, the postponement does not apply to employment and excise tax deposits. The IRS, however, will abate penalties for failure to make timely employment and excise tax deposits due on or after Sept. 8 and on or before Sept. 23 provided the taxpayer makes these deposits by Sept. 23.

Casualty Losses

Affected taxpayers in a federally declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year. Claiming the loss on an original or amended return for last year will get the taxpayer an earlier refund, but waiting to claim the loss on this year’s return could result in a greater tax saving, depending on other income factors.

Individuals may deduct personal property losses that are not covered by insurance or other reimbursements. For details, see Form 4684 and its instructions.

Affected taxpayers claiming the disaster loss on last year’s return should put the Disaster Designation “Puerto Rico/Tropical Storm Maria” at the top of the form so that the IRS can expedite the processing of the refund.

Other Relief

The IRS will waive the usual fees and expedite requests for copies of previously filed tax returns for affected taxpayers. Taxpayers should put the assigned Disaster Designation in red ink at the top of Form 4506, Request for Copy of Tax Return, or Form 4506-T, Request for Transcript of Tax Return, as appropriate, and submit it to the IRS.

Affected taxpayers who are contacted by the IRS on a collection or examination matter should explain how the disaster impacts them so that the IRS can provide appropriate consideration to their case.

Taxpayers may download forms and publications from the official IRS website, irs.gov, or order them by calling 1-800-TAX-FORM (1-800-829-3676). The IRS toll-free number for general tax questions is 1-800-829-1040.

Related Information

Page Last Reviewed or Updated: 18-Mar-2014

The Irs State Tax Forms

Irs state tax forms 4. Irs state tax forms   Limit on Elective Deferrals Table of Contents Excess elective deferrals. Irs state tax forms General Limit 15-Year RuleYears of Service Figuring the Limit on Elective DeferralsExample The second and final component of MAC is the limit on elective deferrals. Irs state tax forms This is a limit on the amount of contributions that can be made to your account through a salary reduction agreement. Irs state tax forms A salary reduction agreement is an agreement between you and your employer that allows for a portion of your compensation to be directly invested in a 403(b) account on your behalf. Irs state tax forms You can enter into more than one salary reduction agreement during a year. Irs state tax forms More than one 403(b) account. Irs state tax forms If, for any year, elective deferrals are contributed to more than one 403(b) account for you (whether or not with the same employer), you must combine all the elective deferrals to determine whether the total is more than the limit for that year. Irs state tax forms 403(b) plan and another retirement plan. Irs state tax forms If, during the year, contributions in the form of elective deferrals are made to other retirement plans on your behalf, you must combine all of the elective deferrals to determine if they are more than your limit on elective deferrals. Irs state tax forms The limit on elective deferrals applies to amounts contributed to: 401(k) plans, to the extent excluded from income, Roth contribution programs, Section 501(c)(18) plans, to the extent excluded from income, Savings incentive match plan for employees (SIMPLE plans), Simplified employee pension (SEP) plans, and All 403(b) plans. Irs state tax forms Roth contribution program. Irs state tax forms   Your 403(b) plan may allow you to designate all or a portion of your elective deferrals as Roth contributions. Irs state tax forms Elective deferrals designated as Roth contributions must be maintained in a separate Roth account and are not excludable from your gross income. Irs state tax forms   The maximum amount of contributions allowed under a Roth contribution program is your limit on elective deferrals, less your elective deferrals not designated as Roth contributions. Irs state tax forms For more information on the Roth contribution program, see Publication 560, Retirement Plans for Small Business. Irs state tax forms Excess elective deferrals. Irs state tax forms   If the amount contributed is more than the allowable limit, you must include the excess that is not a Roth contribution in your gross income for the year contributed. Irs state tax forms General Limit Under the general limit on elective deferrals, the most that can be contributed to your 403(b) account through a salary reduction agreement is $17,500 for 2013 and 2014. Irs state tax forms This limit applies without regard to community property laws. Irs state tax forms 15-Year Rule If you have at least 15 years of service with an educational organization (such as a public or private school), hospital, home health service agency, health and welfare service agency, church, or convention or association of churches (or associated organization), the limit on elective deferrals to your 403(b) account is increased by the least of: $3,000, $15,000, reduced by the sum of: The additional pre-tax elective deferrals made in prior years because of this rule, plus The aggregate amount of designated Roth contributions permitted for prior years because of this rule, or $5,000 times the number of your years of service for the organization, minus the total elective deferrals made by your employer on your behalf for earlier years. Irs state tax forms If you qualify for the 15-year rule, your elective deferrals under this limit can be as high as $20,500 for 2013 and 2014. Irs state tax forms To determine whether you have 15 years of service with your employer, see Years of Service , next. Irs state tax forms Years of Service To determine if you are eligible for the increased limit on elective deferrals, you will first need to figure your years of service. Irs state tax forms How you figure your years of service depends on whether you were a full-time or a part-time employee, whether you worked for the full year or only part of the year, and whether you have worked for your employer for an entire year. Irs state tax forms You must figure years of service for each year during which you worked for the employer who is maintaining your 403(b) account. Irs state tax forms If more than one employer maintains a 403(b) account for you in the same year, you must figure years of service separately for each employer. Irs state tax forms Definition Your years of service are the total number of years you have worked as a full time employee for the employer maintaining your 403(b) account as of the end of the year. Irs state tax forms Figuring Your Years of Service Take the following rules into account when figuring your years of service. Irs state tax forms Status of employer. Irs state tax forms   Your years of service include only periods during which your employer was a qualified employer. Irs state tax forms Your plan administrator can tell you whether or not your employer was qualified during all your periods of service. Irs state tax forms Service with one employer. Irs state tax forms   Generally, you cannot count service for any employer other than the one who maintains your 403(b) account. Irs state tax forms Church employee. Irs state tax forms   If you are a church employee, treat all of your years of service with related church organizations as years of service with the same employer. Irs state tax forms For more information about church employees, see chapter 5. Irs state tax forms Self-employed ministers. Irs state tax forms   If you are a self-employed minister, your years of service include full and part years in which you have been treated as employed by a tax-exempt organization that is a qualified employer. Irs state tax forms Total years of service. Irs state tax forms   When figuring prior years of service, figure each year individually and then add the individual years of service to determine your total years of service. Irs state tax forms Example. Irs state tax forms The annual work period for full-time teachers employed by ABC Public Schools is September through December and February through May. Irs state tax forms Marsha began working with ABC schools in September 2009. Irs state tax forms She has always worked full-time for each annual work period. Irs state tax forms At the end of 2013, Marsha had 4. Irs state tax forms 5 years of service with ABC Public Schools, as shown in Table 4-1. Irs state tax forms Table 4-1. Irs state tax forms Marsha's Years of Service Note. Irs state tax forms This table shows how Marsha figures her years of service, as explained in the previous example. Irs state tax forms Year Period Worked Portion of Work Period Years of Service 2009 Sept. Irs state tax forms –Dec. Irs state tax forms . Irs state tax forms 5 year . Irs state tax forms 5 year 2010 Feb. Irs state tax forms –May . Irs state tax forms 5 year 1 year Sept. Irs state tax forms –Dec. Irs state tax forms . Irs state tax forms 5 year 2011 Feb. Irs state tax forms –May . Irs state tax forms 5 year 1 year Sept. Irs state tax forms –Dec. Irs state tax forms . Irs state tax forms 5 year 2012 Feb. Irs state tax forms –May . Irs state tax forms 5 year 1 year Sept. Irs state tax forms –Dec. Irs state tax forms . Irs state tax forms 5 year 2013 Feb. Irs state tax forms –May . Irs state tax forms 5 year 1 year Sept. Irs state tax forms –Dec. Irs state tax forms . Irs state tax forms 5 year Total years of service 4. Irs state tax forms 5 years Full-time or part-time. Irs state tax forms   To figure your years of service, you must analyze each year individually and determine whether you worked full-time for the full year or something other than full-time. Irs state tax forms When determining whether you worked full-time or something other than full-time, use your employer's annual work period as the standard. Irs state tax forms Employer's annual work period. Irs state tax forms   Your employer's annual work period is the usual amount of time an individual working full-time in a specific position is required to work. Irs state tax forms Generally, this period of time is expressed in days, weeks, months, or semesters, and can span 2 calendar years. Irs state tax forms Note. Irs state tax forms You cannot accumulate more than 1 year of service in a 12-month period. Irs state tax forms Example. Irs state tax forms All full-time teachers at ABC Public Schools are required to work both the September through December semester and the February through May semester. Irs state tax forms Therefore, the annual work period for full-time teachers employed by ABC Public Schools is September through December and February through May. Irs state tax forms Teachers at ABC Public Schools who work both semesters in the same calendar year are considered working a full year of service in that calendar year. Irs state tax forms Full-Time Employee for the Full Year Count each full year during which you were employed full-time as 1 year of service. Irs state tax forms In determining whether you were employed full-time, compare the amount of work you were required to perform with the amount of work normally required of others who held the same position with the same employer and who generally received most of their pay from the position. Irs state tax forms How to compare. Irs state tax forms   You can use any method that reasonably and accurately reflects the amount of work required. Irs state tax forms For example, if you are a teacher, you can use the number of hours of classroom instruction as a measure of the amount of work required. Irs state tax forms   In determining whether positions with the same employer are the same, consider all of the facts and circumstances concerning the positions, including the work performed, the methods by which pay is determined, and the descriptions (or titles) of the positions. Irs state tax forms Example. Irs state tax forms An assistant professor employed in the English department of a university will be considered a full-time employee if the amount of work that he or she is required to perform is the same as the amount of work normally required of assistant professors of English at that university who get most of their pay from that position. Irs state tax forms   If no one else works for your employer in the same position, compare your work with the work normally required of others who held the same position with similar employers or similar positions with your employer. Irs state tax forms Full year of service. Irs state tax forms   A full year of service for a particular position means the usual annual work period of anyone employed full-time in that general type of work at that place of employment. Irs state tax forms Example. Irs state tax forms If a doctor works for a hospital 12 months of a year except for a 1-month vacation, the doctor will be considered as employed for a full year if the other doctors at that hospital also work 11 months of the year with a 1-month vacation. Irs state tax forms Similarly, if the usual annual work period at a university consists of the fall and spring semesters, an instructor at that university who teaches these semesters will be considered as working a full year. Irs state tax forms Other Than Full-Time for the Full Year If, during any year, you were employed full-time for only part of your employer's annual work period, part-time for the entire annual work period, or part-time for only part of the work period, your year of service for that year is a fraction of your employer's annual work period. Irs state tax forms Full-time for part of the year. Irs state tax forms   If, during a year, you were employed full-time for only part of your employer's annual work period, figure the fraction for that year as follows: The numerator (top number) is the number of weeks, months, or semesters you were a full-time employee. Irs state tax forms The denominator (bottom number) is the number of weeks, months, or semesters considered the normal annual work period for the position. Irs state tax forms Example. Irs state tax forms Jason was employed as a full-time instructor by a local college for the 4 months of the 2013 spring semester (February 2013 through May 2013). Irs state tax forms The annual work period for the college is 8 months (February through May and July through October). Irs state tax forms Given these facts, Jason was employed full-time for part of the annual work period and provided ½ of a year of service. Irs state tax forms Jason's years of service computation for 2013 is as follows: Number of months Jason worked = 4 = 1 Number of months in annual work period 8 2 Part-time for the full year. Irs state tax forms   If, during a year, you were employed part-time for the employer's entire annual work period, you figure the fraction for that year as follows: The numerator (top number) is the number of hours or days you worked. Irs state tax forms The denominator (bottom number) is the number of hours or days normally required of someone holding the same position who works full-time. Irs state tax forms Example. Irs state tax forms Vance teaches one course at a local medical school. Irs state tax forms He teaches 3 hours per week for two semesters. Irs state tax forms Other faculty members at the same school teach 9 hours per week for two semesters. Irs state tax forms The annual work period of the medical school is two semesters. Irs state tax forms An instructor teaching 9 hours a week for two semesters is considered a full-time employee. Irs state tax forms Given these facts, Vance has worked part-time for a full annual work period. Irs state tax forms Vance has completed 1/3 of a year of service, figured as shown below. Irs state tax forms Number of hours per week Vance worked = 3 = 1 Number of hours per week considered full-time 9 3 Part-time for part of the year. Irs state tax forms   If, during any year, you were employed part-time for only part of your employer's annual work period, you figure your fraction for that year by multiplying two fractions. Irs state tax forms   Figure the first fraction as though you had worked full-time for part of the annual work period. Irs state tax forms The fraction is as follows: The numerator (top number) is the number of weeks, months, or semesters you were a full-time employee. Irs state tax forms The denominator (bottom number) is the number of weeks, months, or semesters considered the normal annual work period for the position. Irs state tax forms   Figure the second fraction as though you had worked part-time for the entire annual work period. Irs state tax forms The fraction is as follows: The numerator (top number) is the number of hours or days you worked. Irs state tax forms The denominator (bottom number) is the number of hours or days normally required of someone holding the same position who works full-time. Irs state tax forms   Once you have figured these two fractions, multiply them together to determine the fraction representing your partial year of service for the year. Irs state tax forms Example. Irs state tax forms Maria, an attorney, teaches a course for one semester at a law school. Irs state tax forms She teaches 3 hours per week. Irs state tax forms The annual work period for teachers at the school is two semesters. Irs state tax forms All full-time instructors at the school are required to teach 12 hours per week. Irs state tax forms Based on these facts, Maria is employed part-time for part of the annual work period. Irs state tax forms Her year of service for this year is determined by multiplying two fractions. Irs state tax forms Her computation is as follows: Maria's first fraction Number of semesters Maria worked = 1 Number of semesters in annual work period 2 Maria's second fraction Number of hours Maria worked per week = 3 = 1 Number of hours per week considered full-time 12 4 Maria would multiply these fractions to obtain the fractional year of service: 1 x 1 = 1         2 4 8         Figuring the Limit on Elective Deferrals You can use Part II of Worksheet 1 in chapter 9 to figure the limit on elective deferrals. Irs state tax forms Example Floyd has figured his limit on annual additions. Irs state tax forms The only other component needed before he can determine his MAC for 2014 is his limit on elective deferrals. Irs state tax forms Figuring Floyd's limit on elective deferrals. Irs state tax forms   Floyd has been employed with his current employer for less than 15 years. Irs state tax forms He is not eligible for the special 15-year increase. Irs state tax forms Therefore, his limit on elective deferrals for 2014 is $17,500 as shown in Table 4-2. Irs state tax forms Floyd's employer will not make any nonelective contributions to his 403(b) account and Floyd will not make any after-tax contributions. Irs state tax forms Additionally, Floyd's employer does not offer a Roth contribution program. Irs state tax forms Figuring Floyd's MAC Floyd has determined that his limit on annual additions for 2014 is $52,000 and his limit on elective deferrals is $17,500. Irs state tax forms Because elective deferrals are the only contributions made to Floyd's account, the maximum amount that can be contributed to a 403(b) account on Floyd's behalf in 2014 is $17,500, the lesser of both limits. Irs state tax forms Table 4-2. Irs state tax forms Worksheet 1. Irs state tax forms Maximum Amount Contributable (MAC) Note. Irs state tax forms Use this worksheet to figure your MAC. Irs state tax forms Part I. Irs state tax forms Limit on Annual Additions     1. Irs state tax forms Enter your includible compensation for your most recent year of service 1. Irs state tax forms $70,475 2. Irs state tax forms Maximum: For 2013 enter $51,000 For 2014 enter $52,000 2. Irs state tax forms 52,000 3. Irs state tax forms Enter the lesser of line 1 or line 2. Irs state tax forms This is your limit on annual additions 3. Irs state tax forms 52,000   Caution: If you had only nonelective contributions, skip Part II and enter the amount from line 3 on line 18. Irs state tax forms     Part II. Irs state tax forms Limit on Elective Deferrals     4. Irs state tax forms Maximum contribution: For 2013, enter $17,500 For 2014, enter $17,500 4. Irs state tax forms 17,500   Note. Irs state tax forms If you have at least 15 years of service with a qualifying organization, complete lines 5 through 17. Irs state tax forms If not, enter zero (-0-) on line 16 and go to line 17. Irs state tax forms     5. Irs state tax forms Amount per year of service 5. Irs state tax forms 5,000 6. Irs state tax forms Enter your years of service 6. Irs state tax forms   7. Irs state tax forms Multiply line 5 by line 6 7. Irs state tax forms   8. Irs state tax forms Enter the total of all elective deferrals made for you by the qualifying organization for prior years 8. Irs state tax forms   9. Irs state tax forms Subtract line 8 from line 7. Irs state tax forms If zero or less, enter zero (-0-) 9. Irs state tax forms   10. Irs state tax forms Maximum increase in limit for long service 10. Irs state tax forms 15,000 11. Irs state tax forms Enter the total of additional pre-tax elective deferrals made in prior years under the 15-year rule 11. Irs state tax forms   12. Irs state tax forms Enter the aggregate amount of all designated Roth contributions permitted for prior years under the 15-year rule 12. Irs state tax forms   13. Irs state tax forms Add lines 11 and 12 13. Irs state tax forms   14. Irs state tax forms Subtract line 13 from line 10 14. Irs state tax forms   15. Irs state tax forms Maximum additional contributions 15. Irs state tax forms 3,000 16. Irs state tax forms Enter the least of lines 9, 14, or 15. Irs state tax forms This is your increase in the limit for long service 16. Irs state tax forms -0- 17. Irs state tax forms Add lines 4 and 16. Irs state tax forms This is your limit on elective deferrals 17. Irs state tax forms 17,500   Part III. Irs state tax forms Maximum Amount Contributable     18. Irs state tax forms If you had only nonelective contributions, enter the amount from line 3. Irs state tax forms This is your MAC. Irs state tax forms    If you had only elective deferrals, enter the lesser of lines 3 or 17. Irs state tax forms This is your MAC. Irs state tax forms    If you had both elective deferrals and nonelective contributions, enter the amount from line 3. Irs state tax forms This is your MAC. Irs state tax forms (Use the amount on line 17 to determine if you have excess elective deferrals as explained in chapter 7. Irs state tax forms ) 18. Irs state tax forms $17,500 Prev  Up  Next   Home   More Online Publications