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Irstax 2. Irstax Maximum Amount Contributable (MAC) Table of Contents Components of Your MAC How Do I Figure My MAC?Elective deferrals only. Irstax Nonelective contributions only. Irstax Elective deferrals and nonelective contributions. Irstax When Should I Figure My MAC? Throughout this publication, the limit on the amount that can be contributed to your 403(b) account for any year is referred to as your maximum amount contributable (MAC). Irstax This chapter: Introduces the components of your MAC, Tells you how to figure your MAC, and Tells you when to figure your MAC. Irstax Components of Your MAC Generally, before you can determine your MAC, you must first figure the components of your MAC. Irstax The components of your MAC are: The limit on annual additions (chapter 3), and The limit on elective deferrals (chapter 4). Irstax How Do I Figure My MAC? Generally, contributions to your 403(b) account are limited to the lesser of: The limit on annual additions, or The limit on elective deferrals. Irstax Depending upon the type of contributions made to your 403(b) account, only one of the limits may apply to you. Irstax Which limit applies. Irstax Whether you must apply one or both of the limits depends on the type of contributions made to your 403(b) account during the year. Irstax Elective deferrals only. Irstax If the only contributions made to your 403(b) account during the year were elective deferrals made under a salary reduction agreement, you will need to figure both of the limits. Irstax Your MAC is the lesser of the two limits. Irstax Nonelective contributions only. Irstax If the only contributions made to your 403(b) account during the year were nonelective contributions (employer contributions not made under a salary reduction agreement), you will only need to figure the limit on annual additions. Irstax Your MAC is the limit on annual additions. Irstax Elective deferrals and nonelective contributions. Irstax If the contributions made to your 403(b) account were a combination of both elective deferrals made under a salary reduction agreement and nonelective contributions (employer contributions not made under a salary reduction agreement), you will need to figure both limits. Irstax Your MAC is the limit on the annual additions. Irstax You need to figure the limit on elective deferrals to determine if you have excess elective deferrals, which are explained in chapter 7. Irstax Worksheets. Irstax Worksheets are available in chapter 9 to help you figure your MAC. Irstax When Should I Figure My MAC? At the beginning of 2014, you should refigure your 2013 MAC based on your actual compensation for 2013. Irstax This will allow you to determine if the amount that has been contributed to your 403(b) account for 2013 has exceeded the allowable limits. Irstax In some cases, this will allow you to avoid penalties and additional taxes. Irstax See chapter 7. Irstax Generally, you should figure your MAC for the current year at the beginning of each tax year using a conservative estimate of your compensation. Irstax If your compensation changes during the year, you should refigure your MAC based on a revised conservative estimate. Irstax By doing this, you will be able to determine if contributions to your 403(b) account can be increased or should be decreased for the year. Irstax Prev Up Next Home More Online Publications
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Irstax Publication 535 - Introductory Material Table of Contents IntroductionOrdering forms and publications. Irstax Tax questions. Irstax Future Developments What's New for 2013 What's New for 2014 Reminders Introduction This publication discusses common business expenses and explains what is and is not deductible. Irstax The general rules for deducting business expenses are discussed in the opening chapter. Irstax The chapters that follow cover specific expenses and list other publications and forms you may need. Irstax Comments and suggestions. Irstax We welcome your comments about this publication and your suggestions for future editions. Irstax You can send your comments to: Internal Revenue Service Tax Forms and Publications SE:W:CAR:MP:TFP 1111 Constitution Ave. Irstax NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. Irstax Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Irstax You can send us comments from www. Irstax irs. Irstax gov/formspubs/. Irstax Click on “More Information” and then on “Give us feedback. Irstax ” Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax publications. Irstax Ordering forms and publications. Irstax Visit www. Irstax irs. Irstax gov/formspubs/ to download forms and publications, call 1-800-829-3676, or write to the address below and receive a response within 10 days after your request is received. Irstax Internal Revenue Service 1201 N. Irstax Mitsubishi Motorway Bloomington, IL 61705-6613 We cannot answer tax questions sent to either the “Comments and suggestions” or “Ordering forms and publications” address. Irstax Tax questions. Irstax If you have a tax-related question, please go to Help With Tax Questions on IRS. Irstax gov. Irstax If you've looked around our site and still didn't find the answer to your general tax question, please call our toll-free tax assistance line at 1-800-829-1040 for individual tax questions or 1-800-829-4933 for business tax questions. Irstax Future Developments For the latest information about developments related to Publication 535, such as legislation enacted after it was published, go to www. Irstax irs. Irstax gov/pub535. Irstax What's New for 2013 The following items highlight some changes in the tax law for 2013. Irstax Optional safe harbor method to determine the business use of a home deduction. Irstax Beginning in 2013, you can use the optional safe harbor method to determine the deduction for the business use of your home. Irstax For more information, see chapter 1. Irstax Standard mileage rate. Irstax Beginning in 2013, the standard mileage rate for the cost of operating your car, van, pickup, or panel truck for each mile of business use is 56. Irstax 5 cents per mile. Irstax For more information, see chapter 11. Irstax Additional Medicare Tax. Irstax Beginning in 2013, a 0. Irstax 9% Additional Medicare Tax applies to Medicare wages, railroad retirement (RRTA) compensation, and self-employment income that are more than: $125,000 if married filing separately, $250,000 if married filing jointly, or $200,000 if single, head of household, or qualifying widow(er) with dependent child. Irstax Medicare wages and self-employment income are combined to determine if your income exceeds the threshold. Irstax RRTA compensation should be separately compared to the threshold. Irstax For more information, see chapter 5 or visit www. Irstax irs. Irstax gov and enter the following words in the search box: Additional Medicare Tax. Irstax Retiree drug subsidy. Irstax Beginning in 2013, sponsors of certain qualified retiree prescription drug plans must account for the subsidy received by reducing the amount of qualified retiree prescription drug plans expense by the subsidy received (taking into account the taxpayer's accounting method). Irstax For more information, visit www. Irstax irs. Irstax gov and enter the following words in the search box: Retiree drug subsidy. Irstax What's New for 2014 The following item highlights a change in the tax law for 2014. Irstax Standard mileage rate. Irstax Beginning in 2014, the standard mileage rate for the cost of operating your car, van, pickup, or panel truck for each mile of business use is 56 cents per mile. Irstax Film and television productions costs. Irstax The election to expense film and television production costs does not apply to productions that begin in 2014. Irstax For more information, see chapter 7. Irstax Reminders The following reminders and other items may help you file your tax return. Irstax IRS e-file (Electronic Filing) You can file your tax returns electronically using an IRS e-file option. Irstax The benefits of IRS e-file include faster refunds, increased accuracy, and acknowledgment of IRS receipt of your return. Irstax You can use one of the following IRS e-file options. Irstax Use an authorized IRS e-file provider. Irstax Use a personal computer. Irstax Visit a Volunteer Income Tax Assistance (VITA) or Tax Counseling for the Elderly (TCE) site. Irstax For details on these fast filing methods, see your income tax package. Irstax Form 1099 MISC. Irstax File Form 1099-MISC, Miscellaneous Income, for each person to whom you have paid during the year in the course of your trade or business at least $600 in rents, services (including parts and materials), prizes and awards, other income payments, medical and health care payments, and crop insurance proceeds. Irstax See the Instructions for Form 1099-MISC for more information and additional reporting requirements. Irstax Photographs of missing children. Irstax The Internal Revenue Service is a proud partner with the National Center for Missing & Exploited Children. Irstax Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Irstax You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) (24-hours a day, 7 days a week) if you recognize a child. Irstax Prev Up Next Home More Online Publications