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Late Tax Filing

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Late Tax Filing

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

Late tax filing 8. Late tax filing   Qualified Tuition Program (QTP) Table of Contents Introduction What Is a Qualified Tuition ProgramDesignated beneficiary. Late tax filing Half-time student. Late tax filing How Much Can You Contribute Are Distributions TaxableFiguring the Taxable Portion of a Distribution Additional Tax on Taxable Distributions Rollovers and Other TransfersRollovers Changing the Designated Beneficiary Introduction Qualified tuition programs (QTPs) are also called “529 plans. Late tax filing ” States may establish and maintain programs that allow you to either prepay or contribute to an account for paying a student's qualified education expenses at a postsecondary institution. Late tax filing Eligible educational institutions may establish and maintain programs that allow you to prepay a student's qualified education expenses. Late tax filing If you prepay tuition, the student (designated beneficiary) will be entitled to a waiver or a payment of qualified education expenses. Late tax filing You cannot deduct either payments or contributions to a QTP. Late tax filing For information on a specific QTP, you will need to contact the state agency or eligible educational institution that established and maintains it. Late tax filing What is the tax benefit of a QTP. Late tax filing   No tax is due on a distribution from a QTP unless the amount distributed is greater than the beneficiary's adjusted qualified education expenses. Late tax filing See Are Distributions Taxable , later, for more information. Late tax filing    Even if a QTP is used to finance a student's education, the student or the student's parents still may be eligible to claim the American opportunity credit or the lifetime learning credit. Late tax filing See Coordination With American Opportunity and Lifetime Learning Credits, later. Late tax filing What Is a Qualified Tuition Program A qualified tuition program is a program set up to allow you to either prepay, or contribute to an account established for paying, a student's qualified education expenses at an eligible educational institution. Late tax filing QTPs can be established and maintained by states (or agencies or instrumentalities of a state) and eligible educational institutions. Late tax filing The program must meet certain requirements. Late tax filing Your state government or the eligible educational institution in which you are interested can tell you whether or not they participate in a QTP. Late tax filing Qualified education expenses. Late tax filing   These are expenses related to enrollment or attendance at an Eligible educational institution (defined later). Late tax filing As shown in the following list, to be qualified, some of the expenses must be required by the institution and some must be incurred by students who are enrolled at least half-time. Late tax filing See Half-time student , later. Late tax filing The following expenses must be required for enrollment or attendance of a Designated beneficiary (defined later) at an eligible educational institution. Late tax filing Tuition and fees. Late tax filing Books, supplies, and equipment. Late tax filing Expenses for special needs services needed by a special needs beneficiary must be incurred in connection with enrollment or attendance at an eligible educational institution. Late tax filing Expenses for room and board must be incurred by students who are enrolled at least half-time. Late tax filing The expense for room and board qualifies only to the extent that it is not more than the greater of the following two amounts. Late tax filing The allowance for room and board, as determined by the eligible educational institution, that was included in the cost of attendance (for federal financial aid purposes) for a particular academic period and living arrangement of the student. Late tax filing The actual amount charged if the student is residing in housing owned or operated by the eligible educational institution. Late tax filing You will need to contact the eligible educational institution for qualified room and board costs. Late tax filing    For tax years after 2010, the purchase of computer technology or equipment is only a qualified education expense if the computer technology or equipment is required for enrollment or attendance at an eligible institution. Late tax filing Designated beneficiary. Late tax filing   The designated beneficiary is generally the student (or future student) for whom the QTP is intended to provide benefits. Late tax filing The designated beneficiary can be changed after participation in the QTP begins. Late tax filing If a state or local government or certain tax-exempt organizations purchase an interest in a QTP as part of a scholarship program, the designated beneficiary is the person who receives the interest as a scholarship. Late tax filing Half-time student. Late tax filing   A student is enrolled “at least half-time” if he or she is enrolled for at least half the full-time academic workload for the course of study the student is pursuing, as determined under the standards of the school where the student is enrolled. Late tax filing Eligible educational institution. Late tax filing   For purposes of a QTP, this is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. Late tax filing S. Late tax filing Department of Education. Late tax filing It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Late tax filing The educational institution should be able to tell you if it is an eligible educational institution. Late tax filing   Certain educational institutions located outside the United States also participate in the U. Late tax filing S. Late tax filing Department of Education's Federal Student Aid (FSA) programs. Late tax filing   How Much Can You Contribute Contributions to a QTP on behalf of any beneficiary cannot be more than the amount necessary to provide for the qualified education expenses of the beneficiary. Late tax filing There are no income restrictions on the individual contributors. Late tax filing You can contribute to both a QTP and a Coverdell ESA in the same year for the same designated beneficiary. Late tax filing   Are Distributions Taxable The part of a distribution representing the amount paid or contributed to a QTP does not have to be included in income. Late tax filing This is a return of the investment in the plan. Late tax filing The designated beneficiary generally does not have to include in income any earnings distributed from a QTP if the total distribution is less than or equal to adjusted qualified education expenses (defined under Figuring the Taxable Portion of a Distribution , later). Late tax filing Earnings and return of investment. Late tax filing    You will receive a Form 1099-Q, from each of the programs from which you received a QTP distribution in 2013. Late tax filing The amount of your gross distribution (box 1) shown on each form will be divided between your earnings (box 2) and your basis, or return of investment (box 3). Late tax filing Form 1099-Q should be sent to you by January 31, 2014. Late tax filing Figuring the Taxable Portion of a Distribution To determine if total distributions for the year are more or less than the amount of qualified education expenses, you must compare the total of all QTP distributions for the tax year to the adjusted qualified education expenses. Late tax filing Adjusted qualified education expenses. Late tax filing   This amount is the total qualified education expenses reduced by any tax-free educational assistance. Late tax filing Tax-free educational assistance includes: The tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Veterans' educational assistance (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Pell grants (see Pell Grants and Other Title IV Need-Based Education Grants in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ), and Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. Late tax filing Taxable earnings. Late tax filing   Use the following steps to figure the taxable part. Late tax filing Multiply the total distributed earnings shown in box 2 of Form 1099-Q by a fraction. Late tax filing The numerator is the adjusted qualified education expenses paid during the year and the denominator is the total amount distributed during the year. Late tax filing Subtract the amount figured in (1) from the total distributed earnings. Late tax filing The result is the amount the beneficiary must include in income. Late tax filing Report it on Form 1040 or Form 1040NR, line 21. Late tax filing Example 1. Late tax filing In 2007, Sara Clarke's parents opened a savings account for her with a QTP maintained by their state government. Late tax filing Over the years they contributed $18,000 to the account. Late tax filing The total balance in the account was $27,000 on the date the distribution was made. Late tax filing In the summer of 2013, Sara enrolled in college and had $8,300 of qualified education expenses for the rest of the year. Late tax filing She paid her college expenses from the following sources. Late tax filing   Gift from parents $1,600     Partial tuition scholarship (tax-free) 3,100     QTP distribution 5,300           Before Sara can determine the taxable part of her QTP distribution, she must reduce her total qualified education expenses by any tax-free educational assistance. Late tax filing   Total qualified education expenses $8,300     Minus: Tax-free educational assistance −3,100     Equals: Adjusted qualified  education expenses (AQEE) $5,200   Since the remaining expenses ($5,200) are less than the QTP distribution, part of the earnings will be taxable. Late tax filing Sara's Form 1099-Q shows that $950 of the QTP distribution is earnings. Late tax filing Sara figures the taxable part of the distributed earnings as follows. Late tax filing   1. Late tax filing $950 (earnings) × $5,200 AQEE  $5,300 distribution           =$932 (tax-free earnings)     2. Late tax filing $950 (earnings)−$932 (tax-free earnings)     =$18 (taxable earnings)  Sara must include $18 in income (Form 1040, line 21) as distributed QTP earnings not used for adjusted qualified education expenses. Late tax filing Coordination With American Opportunity and Lifetime Learning Credits An American opportunity or lifetime learning credit (education credit) can be claimed in the same year the beneficiary takes a tax-free distribution from a QTP, as long as the same expenses are not used for both benefits. Late tax filing This means that after the beneficiary reduces qualified education expenses by tax-free educational assistance, he or she must further reduce them by the expenses taken into account in determining the credit. Late tax filing Example 2. Late tax filing Assume the same facts as in Example 1 , except that Sara's parents claimed an American opportunity credit of $2,500 (based on $4,000 expenses). Late tax filing   Total qualified education expenses $8,300     Minus: Tax-free educational assistance −3,100     Minus: Expenses taken into account  in figuring American opportunity credit −4,000     Equals: Adjusted qualified  education expenses (AQEE) $1,200           The taxable part of the distribution is figured as follows. Late tax filing   1. Late tax filing $950 (earnings) × $1,200 AQEE  $5,300 distribution           =$215 (tax-free earnings)     2. Late tax filing $950 (earnings)−$215 (tax-free earnings)     =$735 (taxable earnings)       Sara must include $735 in income (Form 1040, line 21). Late tax filing This represents distributed earnings not used for adjusted qualified education expenses. Late tax filing Coordination With Coverdell ESA Distributions If a designated beneficiary receives distributions from both a QTP and a Coverdell ESA in the same year, and the total of these distributions is more than the beneficiary's adjusted qualified higher education expenses, the expenses must be allocated between the distributions. Late tax filing For purposes of this allocation, disregard any qualified elementary and secondary education expenses. Late tax filing Example 3. Late tax filing Assume the same facts as in Example 2 , except that instead of receiving a $5,300 distribution from her QTP, Sara received $4,600 from that account and $700 from her Coverdell ESA. Late tax filing In this case, Sara must allocate her $1,200 of adjusted qualified higher education expenses (AQHEE) between the two distributions. Late tax filing   $1,200 AQHEE × $700 ESA distribution  $5,300 total distribution = $158 AQHEE (ESA)     $1,200 AQHEE × $4,600 QTP distribution  $5,300 total distribution = $1,042 AQHEE (QTP)   Sara then figures the taxable portion of her Coverdell ESA distribution based on qualified higher education expenses of $158, and the taxable portion of her QTP distribution based on the other $1,042. Late tax filing Note. Late tax filing If you are required to allocate your expenses between Coverdell ESA and QTP distributions, and you have adjusted qualified elementary and secondary education expenses, see the examples in chapter 7, Coverdell Education Savings Account under Coordination With Qualified Tuition Program (QTP) Distributions . Late tax filing Coordination With Tuition and Fees Deduction. Late tax filing   A tuition and fees deduction can be claimed in the same year the beneficiary takes a tax-free distribution from a QTP, as long as the same expenses are not used for both benefits. Late tax filing Losses on QTP Investments If you have a loss on your investment in a QTP account, you may be able to take the loss on your income tax return. Late tax filing You can take the loss only when all amounts from that account have been distributed and the total distributions are less than your unrecovered basis. Late tax filing Your basis is the total amount of contributions to that QTP account. Late tax filing You claim the loss as a miscellaneous itemized deduction on Schedule A (Form 1040), line 23 (Schedule A (Form 1040NR), line 9), subject to the 2%-of-adjusted-gross-income limit. Late tax filing If you have distributions from more than one QTP account during a year, you must combine the information (amount of distribution, basis, etc. Late tax filing ) from all such accounts in order to determine your taxable earnings for the year. Late tax filing By doing this, the loss from one QTP account reduces the distributed earnings (if any) from any other QTP accounts. Late tax filing Example 1. Late tax filing In 2013, Taylor received a final distribution of $1,000 from QTP #1. Late tax filing His unrecovered basis in that account before the distribution was $3,000. Late tax filing If Taylor itemizes his deductions, he can claim the $2,000 loss on Schedule A (Form 1040). Late tax filing Example 2. Late tax filing Assume the same facts as in Example 1 , except that Taylor also had a distribution of $9,000 from QTP #2, giving him total distributions for 2013 of $10,000. Late tax filing His total basis in these distributions was $4,500 ($3,000 for QTP #1 and $1,500 for QTP #2). Late tax filing Taylor's adjusted qualified education expenses for 2013 totaled $6,000. Late tax filing In order to figure his taxable earnings, Taylor combines the two accounts and determines his taxable earnings as follows. Late tax filing   1. Late tax filing $10,000 (total distribution)−$4,500 (basis portion of distribution)     = $5,500 (earnings included in distribution)   2. Late tax filing $5,500 (earnings) x $6,000 AQEE  $10,000 distribution           =$3,300 (tax-free earnings)     3. Late tax filing $5,500 (earnings)−$3,300 (tax-free earnings)     =$2,200 (taxable earnings)                 Taylor must include $2,200 in income on Form 1040, line 21. Late tax filing Because Taylor's accounts must be combined, he cannot deduct his $2,000 loss (QTP #1) on Schedule A (Form 1040). Late tax filing Instead, the $2,000 loss reduces the total earnings that were distributed, thereby reducing his taxable earnings. Late tax filing Additional Tax on Taxable Distributions Generally, if you receive a taxable distribution, you also must pay a 10% additional tax on the amount included in income. Late tax filing Exceptions. Late tax filing   The 10% additional tax does not apply to distributions: Paid to a beneficiary (or to the estate of the designated beneficiary) on or after the death of the designated beneficiary. Late tax filing Made because the designated beneficiary is disabled. Late tax filing A person is considered to be disabled if he or she shows proof that he or she cannot do any substantial gainful activity because of his or her physical or mental condition. Late tax filing A physician must determine that his or her condition can be expected to result in death or to be of long-continued and indefinite duration. Late tax filing Included in income because the designated beneficiary received: A tax-free scholarship or fellowship (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Veterans' educational assistance (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ), or Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. Late tax filing Made on account of the attendance of the designated beneficiary at a U. Late tax filing S. Late tax filing military academy (such as the USNA at Annapolis). Late tax filing This exception applies only to the extent that the amount of the distribution does not exceed the costs of advanced education (as defined in section 2005(d)(3) of title 10 of the U. Late tax filing S. Late tax filing Code) attributable to such attendance. Late tax filing Included in income only because the qualified education expenses were taken into account in determining the American opportunity or lifetime learning credit (see Coordination With American Opportunity and Lifetime Learning Credits , earlier. Late tax filing ) Exception (3) applies only to the extent the distribution is not more than the scholarship, allowance, or payment. Late tax filing Figuring the additional tax. Late tax filing    Use Part II of Form 5329, to figure any additional tax. Late tax filing Report the amount on Form 1040, line 58, or Form 1040NR, line 56. Late tax filing Rollovers and Other Transfers Assets can be rolled over or transferred from one QTP to another. Late tax filing In addition, the designated beneficiary can be changed without transferring accounts. Late tax filing Rollovers Any amount distributed from a QTP is not taxable if it is rolled over to another QTP for the benefit of the same beneficiary or for the benefit of a member of the beneficiary's family (including the beneficiary's spouse). Late tax filing An amount is rolled over if it is paid to another QTP within 60 days after the date of the distribution. Late tax filing Do not report qualifying rollovers (those that meet the above criteria) anywhere on Form 1040 or 1040NR. Late tax filing These are not taxable distributions. Late tax filing Members of the beneficiary's family. Late tax filing   For these purposes, the beneficiary's family includes the beneficiary's spouse and the following other relatives of the beneficiary. Late tax filing Son, daughter, stepchild, foster child, adopted child, or a descendant of any of them. Late tax filing Brother, sister, stepbrother, or stepsister. Late tax filing Father or mother or ancestor of either. Late tax filing Stepfather or stepmother. Late tax filing Son or daughter of a brother or sister. Late tax filing Brother or sister of father or mother. Late tax filing Son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law, or sister-in-law. Late tax filing The spouse of any individual listed above. Late tax filing First cousin. Late tax filing Example. Late tax filing When Aaron graduated from college last year he had $5,000 left in his QTP. Late tax filing He wanted to give this money to his younger brother, who was in junior high school. Late tax filing In order to avoid paying tax on the distribution of the amount remaining in his account, Aaron contributed the same amount to his brother's QTP within 60 days of the distribution. Late tax filing If the rollover is to another QTP for the same beneficiary, only one rollover is allowed within 12 months of a previous transfer to any QTP for that designated beneficiary. Late tax filing Changing the Designated Beneficiary There are no income tax consequences if the designated beneficiary of an account is changed to a member of the beneficiary's family. Late tax filing See Members of the beneficiary's family , earlier. Late tax filing Example. Late tax filing Assume the same situation as in the last example. Late tax filing Instead of closing his QTP and paying the distribution into his brother's QTP, Aaron could have instructed the trustee of his account to simply change the name of the beneficiary on his account to that of his brother. Late tax filing Prev  Up  Next   Home   More Online Publications