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State Tax Extension

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State Tax Extension

State tax extension 9. State tax extension   Education Exception to Additional Tax on Early IRA Distributions Table of Contents Introduction Who Is Eligible Figuring the Amount Not Subject to the 10% Tax Reporting Early Distributions Introduction Generally, if you take a distribution from your IRA before you reach age 59½, you must pay a 10% additional tax on the early distribution. State tax extension This applies to any IRA you own, whether it is a traditional IRA (including a SEP-IRA), a Roth IRA, or a SIMPLE IRA. State tax extension The additional tax on an early distribution from a SIMPLE IRA may be as high as 25%. State tax extension See Publication 560, Retirement Plans for Small Business, for information on SEP-IRAs, and Publication 590, for information about all other IRAs. State tax extension However, you can take distributions from your IRAs for qualified higher education expenses without having to pay the 10% additional tax. State tax extension You may owe income tax on at least part of the amount distributed, but you may not have to pay the 10% additional tax. State tax extension Generally, if the taxable part of the distribution is less than or equal to the adjusted qualified education expenses (AQEE), none of the distribution is subject to the additional tax. State tax extension If the taxable part of the distribution is more than the AQEE, only the excess is subject to the additional tax. State tax extension Who Is Eligible You can take a distribution from your IRA before you reach age 59½ and not have to pay the 10% additional tax if, for the year of the distribution, you pay qualified education expenses for: yourself, your spouse, or your or your spouse's child, foster child, adopted child, or descendant of any of them. State tax extension Qualified education expenses. State tax extension   For purposes of the 10% additional tax, these expenses are tuition, fees, books, supplies, and equipment required for enrollment or attendance at an eligible educational institution. State tax extension They also include expenses for special needs services incurred by or for special needs students in connection with their enrollment or attendance. State tax extension   In addition, if the student is at least a half-time student, room and board are qualified education expenses. State tax extension   The expense for room and board qualifies only to the extent that it is not more than the greater of the following two amounts. State tax extension 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. State tax extension The actual amount charged if the student is residing in housing owned or operated by the eligible educational institution. State tax extension You will need to contact the eligible educational institution for qualified room and board costs. State tax extension Eligible educational institution. State tax extension   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. State tax extension S. State tax extension Department of Education. State tax extension It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. State tax extension The educational institution should be able to tell you if it is an eligible educational institution. State tax extension   Certain educational institutions located outside the United States also participate in the U. State tax extension S. State tax extension Department of Education's Federal Student Aid (FSA) programs. State tax extension Half-time student. State tax extension   A student is enrolled “at least half-time” if he or she is enrolled for at least half the full-time academic work load for the course of study the student is pursuing as determined under the standards of the school where the student is enrolled. State tax extension Figuring the Amount Not Subject to the 10% Tax To determine the amount of your distribution that is not subject to the 10% additional tax, first figure your adjusted qualified education expenses. State tax extension You do this by reducing your total qualified education expenses by any tax-free educational assistance, which includes: Expenses used to figure the tax-free portion of distributions from a Coverdell education savings account (ESA) (see Distributions in chapter 7, Coverdell Education Savings Account), The tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships 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), 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 ), and Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. State tax extension Do not reduce the qualified education expenses by amounts paid with funds the student receives as: Payment for services, such as wages, A loan, A gift, An inheritance given to either the student or the individual making the withdrawal, or A withdrawal from personal savings (including savings from a qualified tuition program (QTP)). State tax extension If your IRA distribution is equal to or less than your adjusted qualified education expenses, you are not subject to the 10% additional tax. State tax extension Example 1. State tax extension In 2013, Erin (age 32) took a year off from teaching to attend graduate school full-time. State tax extension She paid $5,800 of qualified education expenses from the following sources. State tax extension   Employer-provided educational assistance  (tax free) $5,000     Early distribution from IRA (includes $500 taxable earnings) 3,200           Before Erin can determine if she must pay the 10% additional tax on her IRA distribution, she must reduce her total qualified education expenses. State tax extension   Total qualified education expenses $5,800     Minus: Tax-free educational assistance −5,000     Equals: Adjusted qualified  education expenses (AQEE) $ 800   Because Erin's AQEE ($800) are more than the taxable portion of her IRA distribution ($500), she does not have to pay the 10% additional tax on any part of this distribution. State tax extension However, she must include the $500 taxable earnings in her gross income subject to income tax. State tax extension Example 2. State tax extension Assume the same facts as in Example 1 , except that Erin deducted some of the contributions to her IRA, so the taxable part of her early distribution is higher by $1,000. State tax extension This must be included in her income subject to income tax. State tax extension The taxable part of Erin's IRA distribution ($1,000) is larger than her $800 AQEE. State tax extension Therefore, she must pay the 10% additional tax on $200, the taxable part of her distribution ($1,000) that is more than her qualified education expenses ($800). State tax extension She does not have to pay the 10% additional tax on the remaining $800 of her taxable distribution. State tax extension Reporting Early Distributions By January 31, 2014, the payer of your IRA distribution should send you Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. State tax extension The information on this form will help you determine how much of your distribution is taxable for income tax purposes and how much is subject to the 10% additional tax. State tax extension If you received an early distribution from your IRA, you must report the taxable earnings on Form 1040, line 15b (Form 1040NR, line 16b). State tax extension Then, if you qualify for an exception for qualified higher education expenses, you must file Form 5329 to show how much, if any, of your early distribution is subject to the 10% additional tax. State tax extension See the Instructions for Form 5329, Part I, for help in completing the form and entering the results on Form 1040 or 1040NR. State tax extension There are many other situations in which Form 5329 is required. State tax extension If, during 2013, you had other distributions from IRAs or qualified retirement plans, or have made excess contributions to certain tax-favored accounts, see the instructions for line 58 (Form 1040) or line 56 (Form 1040NR) to determine if you must file Form 5329. State tax extension Prev  Up  Next   Home   More Online Publications
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Understanding Your CP232A Notice

We approved your request for an extension to file your Form 5330.


What you need to do

  • Keep this notice for your records.
  • File your required form by your new due date shown on the notice.

You may want to


Answers to Common Questions

Q. Where can I go for more information about Employee Benefit Plans?

A. For more information on Employee Benefit Plans, see Retirement Plans Community.

Q. Can I get help over the phone?

A. If you have questions and/or need help, please call 1-877-829-5500. Personal assistance is available Monday through Friday, 7:00 a.m. to 7:00 p.m. CT.

 


Tips for next year

Be sure to mail your Form 5558 on or before the due date of your return.

Page Last Reviewed or Updated: 27-Jan-2014

How to get help

  • Call the 1-800 number listed on the top right corner of your notice.
  • Authorize someone (e.g., accountant) to contact the IRS on your behalf using Form 2848.
  • See if you qualify for help from a Low Income Taxpayer Clinic.
     

The State Tax Extension

State tax extension Publication 583 - Introductory Material Table of Contents Introduction Introduction Table 1. State tax extension What New Business Owners Need To Know About Federal Taxes   (Note: This table is intended to help you, as a new business owner, learn what you need to know about your federal tax responsibilities. State tax extension To use it, ask yourself each question in the left column, then see the related discussion in the right column. State tax extension ) What Must I Know? Where To Find the Answer Which form of business will I use? See Forms of Business. State tax extension Will I need an employer identification number (EIN)? See Identification Numbers. State tax extension Do I have to start my tax year in January, or may I start it in any other month? See Tax Year. State tax extension What method can I use to account for my income and expenses? See Accounting Method. State tax extension What kinds of federal taxes will I have to pay? How should I pay my taxes? See Business Taxes. State tax extension What must I do if I have employees? See Employment Taxes. State tax extension Which forms must I file? See Table 2 and Information Returns. State tax extension Are there penalties if I do not pay my taxes or file my returns? See Penalties. State tax extension What business expenses can I deduct on my federal income tax return? See Business Expenses. State tax extension What records must I keep? How long must I keep them? See Recordkeeping. State tax extension This publication provides basic federal tax information for people who are starting a business. State tax extension It also provides information on keeping records and illustrates a recordkeeping system. State tax extension Throughout this publication we refer to other IRS publications and forms where you will find more information. State tax extension In addition, you may want to contact other government agencies, such as the Small Business Administration (SBA). State tax extension See How To Get More Information later. State tax extension Comments and suggestions. State tax extension   We welcome your comments about this publication and your suggestions for future editions. State tax extension   You can write to us at the following address: Internal Revenue Service Business Forms and Publications Branch SE:W:CAR:MP:T:B 1111 Constitution Ave. State tax extension NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. State tax extension Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. State tax extension   You can email us at taxforms@irs. State tax extension gov. State tax extension Please put “Publications Comment” on the subject line. State tax extension You can also send us comments from www. State tax extension irs. State tax extension gov/formspubs, select “Comment on Tax Forms and Publications” under “Information about. State tax extension ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. State tax extension Ordering forms and publications. State tax extension Visit www. State tax extension irs. State tax extension 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. State tax extension Internal Revenue Service 1201 N. State tax extension Mitsubishi Motorway Bloomington, IL 61705–6613 Tax questions. State tax extension   If you have a tax question, check the information available on IRS. State tax extension gov or call 1-800-829-1040. State tax extension We cannot answer tax questions sent to either of the above addresses. State tax extension Future Developments. State tax extension   The IRS has created a page on IRS. State tax extension gov for information about Publication 583 at www. State tax extension irs. State tax extension gov/pub583. State tax extension Information about any future developments affecting Publication 583 (such as legislation enacted after we release it) will be posted on that page. State tax extension Prev  Up  Next   Home   More Online Publications