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Tax Act 2012 Free Download

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Tax Act 2012 Free Download

Tax act 2012 free download 5. Tax act 2012 free download   Table and Worksheets for the Self-Employed Table of Contents Community property laws. Tax act 2012 free download As discussed in chapters 2 and 4, if you are self-employed, you must use the rate table or rate worksheet and deduction worksheet to figure your deduction for contributions you made for yourself to a SEP-IRA or qualified plan. Tax act 2012 free download First, use either the rate table or rate worksheet to find your reduced contribution rate. Tax act 2012 free download Then complete the deduction worksheet to figure your deduction for contributions. Tax act 2012 free download The table and the worksheets in chapter 5 apply only to self-employed individuals who have only one defined contribution plan, such as a profit-sharing plan. Tax act 2012 free download A SEP plan is treated as a profit-sharing plan. Tax act 2012 free download However, do not use this worksheet for SARSEPs. Tax act 2012 free download Rate table for self-employed. Tax act 2012 free download   If your plan's contribution rate is a whole percentage (for example, 12% rather than 12½%), you can use the table on the next page to find your reduced contribution rate. Tax act 2012 free download Otherwise, use the rate worksheet provided below. Tax act 2012 free download   First, find your plan contribution rate (the contribution rate stated in your plan) in Column A of the table. Tax act 2012 free download Then read across to the rate under Column B. Tax act 2012 free download Enter the rate from Column B in step 4 of the Deduction Worksheet for Self-Employed on this page. Tax act 2012 free download    Example. Tax act 2012 free download You are a sole proprietor with no employees. Tax act 2012 free download If your plan's contribution rate is 10% of a participant's compensation, your rate is 0. Tax act 2012 free download 090909. Tax act 2012 free download Enter this rate in step 4 of the Deduction Worksheet for Self-Employed on this page. Tax act 2012 free download Deduction Worksheet for Self-Employed   Step 1           Enter your net profit from line 31, Schedule C (Form 1040); line 3, Schedule C-EZ (Form 1040); line 34, Schedule F (Form 1040)*; or box 14, code A**, Schedule K-1 (Form 1065)*. Tax act 2012 free download For information on other income included in net profit from self-employment, see the Instructions for Schedule SE, Form 1040. Tax act 2012 free download       *Reduce this amount by any amount reported on Schedule SE (Form 1040), line 1b. Tax act 2012 free download       **General partners should reduce this amount by the same additional expenses subtracted from box 14, code A to determine the amount on line 1 or 2 of Schedule SE. Tax act 2012 free download     Step 2           Enter your deduction for self-employment tax from Form 1040, line 27             Step 3           Net earnings from self-employment. Tax act 2012 free download Subtract step 2 from step 1     Step 4           Enter your rate from the Rate Table for Self-Employed or Rate Worksheet for Self-Employed     Step 5           Multiply step 3 by step 4     Step 6           Multiply $255,000 by your plan contribution rate (not the reduced rate)     Step 7           Enter the smaller of step 5 or step 6     Step 8           Contribution dollar limit $51,000     • If you made any elective deferrals to your self-employed plan, go to step 9. Tax act 2012 free download         • Otherwise, skip steps 9 through 20 and enter the smaller of step 7 or step 8 on step 21. Tax act 2012 free download       Step 9           Enter your allowable elective deferrals (including designated Roth contributions) made to your self-employed plan during 2013. Tax act 2012 free download Do not enter more than $17,500     Step 10           Subtract step 9 from step 8     Step 11           Subtract step 9 from step 3       Step 12           Enter one-half of step 11     Step 13           Enter the smallest of step 7, 10, or 12     Step 14           Subtract step 13 from step 3     Step 15           Enter the smaller of step 9 or step 14       • If you made catch-up contributions, go to step 16. Tax act 2012 free download         • Otherwise, skip steps 16 through 18 and go to step 19. Tax act 2012 free download       Step 16           Subtract step 15 from step 14     Step 17           Enter your catch-up contributions (including designated Roth contributions), if any. Tax act 2012 free download Do not enter more than $5,500     Step 18           Enter the smaller of step 16 or step 17     Step 19           Add steps 13, 15, and 18. Tax act 2012 free download     Step 20           Enter the amount of designated Roth contributions included on lines 9 and 17. Tax act 2012 free download     Step 21           Subtract step 20 from step 19. Tax act 2012 free download This is your maximum deductible contribution. Tax act 2012 free download                 Next: Enter your actual contribution, not to exceed your maximum deductible contribution, on Form 1040, line 28. Tax act 2012 free download   Rate worksheet for self-employed. Tax act 2012 free download   If your plan's contribution rate is not a whole percentage (for example, 10½%), you cannot use the Rate Table for Self-Employed. Tax act 2012 free download Use the following worksheet instead. Tax act 2012 free download Rate Worksheet for Self-Employed 1) Plan contribution rate as a decimal (for example, 10½% = 0. Tax act 2012 free download 105)   2) Rate in line 1 plus 1 (for example, 0. Tax act 2012 free download 105 + 1 = 1. Tax act 2012 free download 105)   3) Self-employed rate as a decimal rounded to at least 3 decimal places (line 1 ÷ line 2) (for example, 0. Tax act 2012 free download 105 ÷ 1. Tax act 2012 free download 105 = 0. Tax act 2012 free download 095)   Figuring your deduction. Tax act 2012 free download   Now that you have your self-employed rate from either the rate table or rate worksheet, you can figure your maximum deduction for contributions for yourself by completing the Deduction Worksheet for Self-Employed. Tax act 2012 free download Community property laws. Tax act 2012 free download   If you reside in a community property state and you are married and filing a separate return, disregard community property laws for step 1 of the Deduction Worksheet for Self-Employed. Tax act 2012 free download Enter on step 1 the total net profit you actually earned. Tax act 2012 free download Rate Table for Self-Employed Column A  If the plan contri- bution rate is: (shown as %) Column B  Your rate is: (shown as decimal) 1 . Tax act 2012 free download 009901 2 . Tax act 2012 free download 019608 3 . Tax act 2012 free download 029126 4 . Tax act 2012 free download 038462 5 . Tax act 2012 free download 047619 6 . Tax act 2012 free download 056604 7 . Tax act 2012 free download 065421 8 . Tax act 2012 free download 074074 9 . Tax act 2012 free download 082569 10 . Tax act 2012 free download 090909 11 . Tax act 2012 free download 099099 12 . Tax act 2012 free download 107143 13 . Tax act 2012 free download 115044 14 . Tax act 2012 free download 122807 15 . Tax act 2012 free download 130435 16 . Tax act 2012 free download 137931 17 . Tax act 2012 free download 145299 18 . Tax act 2012 free download 152542 19 . Tax act 2012 free download 159664 20 . Tax act 2012 free download 166667 21 . Tax act 2012 free download 173554 22 . Tax act 2012 free download 180328 23 . Tax act 2012 free download 186992 24 . Tax act 2012 free download 193548 25* . Tax act 2012 free download 200000* *The deduction for annual employer contributions (other than elective deferrals) to a SEP plan, a profit-sharing plan, or a money purchase plan cannot be more than 20% of your net earnings (figured without deducting contributions for yourself) from the business that has the plan. Tax act 2012 free download Example. Tax act 2012 free download You are a sole proprietor with no employees. Tax act 2012 free download The terms of your plan provide that you contribute 8½% (. Tax act 2012 free download 085) of your compensation to your plan. Tax act 2012 free download Your net profit from line 31, Schedule C (Form 1040) is $200,000. Tax act 2012 free download You have no elective deferrals or catch-up contributions. Tax act 2012 free download Your self-employment tax deduction on line 27 of Form 1040 is $9,728. Tax act 2012 free download See the filled-in portions of both Schedule SE (Form 1040), Self-Employment Income, and Form 1040, later. Tax act 2012 free download You figure your self-employed rate and maximum deduction for employer contributions you made for yourself as follows. Tax act 2012 free download Deduction Worksheet for Self-Employed   Step 1           Enter your net profit from line 31, Schedule C (Form 1040); line 3, Schedule C-EZ (Form 1040); line 34, Schedule F (Form 1040)*; or box 14, code A**, Schedule K-1 (Form 1065)*. Tax act 2012 free download For information on other income included in net profit from self-employment, see the Instructions for Schedule SE, Form 1040. Tax act 2012 free download $200,000     *Reduce this amount by any amount reported on Schedule SE (Form 1040), line 1b. Tax act 2012 free download       **General partners should reduce this amount by the same additional expenses subtracted from box 14, code A to determine the amount on line 1 or 2 of Schedule SE. Tax act 2012 free download     Step 2           Enter your deduction for self-employment tax from Form 1040, line 27 9,728           Step 3           Net earnings from self-employment. Tax act 2012 free download Subtract step 2 from step 1 190,272   Step 4           Enter your rate from the Rate Table for Self-Employed or Rate Worksheet for Self-Employed 0. Tax act 2012 free download 078   Step 5           Multiply step 3 by step 4 14,841   Step 6           Multiply $255,000 by your plan contribution rate (not the reduced rate) 21,675   Step 7           Enter the smaller of step 5 or step 6 14,841   Step 8           Contribution dollar limit $51,000     • If you made any elective deferrals to your self-employed plan, go to step 9. Tax act 2012 free download         • Otherwise, skip steps 9 through 20 and enter the smaller of step 7 or step 8 on step 21. Tax act 2012 free download       Step 9           Enter your allowable elective deferrals (including designated Roth contributions) made to your self-employed plan during 2013. Tax act 2012 free download Do not enter more than $17,500 N/A   Step 10           Subtract step 9 from step 8     Step 11           Subtract step 9 from step 3       Step 12           Enter one-half of step 11     Step 13           Enter the smallest of step 7, 10, or 12     Step 14           Subtract step 13 from step 3     Step 15           Enter the smaller of step 9 or step 14       • If you made catch-up contributions, go to step 16. Tax act 2012 free download         • Otherwise, skip steps 16 through 18 and go to step 19. Tax act 2012 free download       Step 16           Subtract step 15 from step 14     Step 17           Enter your catch-up contributions (including designated Roth contributions), if any. Tax act 2012 free download Do not enter more than $5,500     Step 18           Enter the smaller of step 16 or step 17     Step 19           Add steps 13, 15, and 18. Tax act 2012 free download     Step 20           Enter the amount of designated Roth contributions included on lines 9 and 17     Step 21           Subtract step 20 from step 19. Tax act 2012 free download This is your maximum deductible contribution $14,841                 Next: Enter your actual contribution, not to exceed your maximum deductible contribution, on Form 1040, line 28. Tax act 2012 free download   See the filled-in Deduction Worksheet for Self-Employed on this page. Tax act 2012 free download Rate Worksheet for Self-Employed 1) Plan contribution rate as a decimal (for example, 10½% = 0. Tax act 2012 free download 105) 0. Tax act 2012 free download 085 2) Rate in line 1 plus 1 (for example, 0. Tax act 2012 free download 105 + 1 = 1. Tax act 2012 free download 105) 1. Tax act 2012 free download 085 3) Self-employed rate as a decimal rounded to at least 3 decimal places (line 1 ÷ line 2) (for example, 0. Tax act 2012 free download 105 ÷ 1. Tax act 2012 free download 105 = 0. Tax act 2012 free download 095) 0. Tax act 2012 free download 078 This image is too large to be displayed in the current screen. Tax act 2012 free download Please click the link to view the image. Tax act 2012 free download Portion of Form 1040 and Portion of Schedule SE Prev  Up  Next   Home   More Online Publications
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The Tax Act 2012 Free Download

Tax act 2012 free download 3. Tax act 2012 free download   Limit on Annual Additions Table of Contents Ministers and church employees. Tax act 2012 free download Includible Compensation for Your Most Recent Year of ServiceMost Recent Year of Service Includible Compensation The first component of MAC is the limit on annual additions. Tax act 2012 free download This is a limit on the total contributions (elective deferrals, nonelective contributions, and after-tax contributions) that can be made to your 403(b) account. Tax act 2012 free download The limit on annual additions generally is the lesser of: $51,000 for 2013 and $52,000 for 2014, or 100% of your includible compensation for your most recent year of service. Tax act 2012 free download More than one 403(b) account. Tax act 2012 free download If you contributed to more than one 403(b) account, you must combine the contributions made to all 403(b) accounts on your behalf by your employer. Tax act 2012 free download Ministers and church employees. Tax act 2012 free download   If you are a minister or a church employee, you may be able to increase your limit on annual additions or use different rules when figuring your limit on annual additions. Tax act 2012 free download For more information, see chapter 5. Tax act 2012 free download Participation in a qualified plan. Tax act 2012 free download If you participated in a 403(b) plan and a qualified plan, you must combine contributions made to your 403(b) account with contributions to a qualified plan and simplified employee pensions of all corporations, partnerships, and sole proprietorships in which you have more than 50% control. Tax act 2012 free download You can use Part I of Worksheet 1 in chapter 9 to figure your limit on annual additions. Tax act 2012 free download Includible Compensation for Your Most Recent Year of Service Definition. Tax act 2012 free download   Generally, includible compensation for your most recent year of service is the amount of taxable wages and benefits you received from the employer that maintained a 403(b) account for your benefit during your most recent year of service. Tax act 2012 free download When figuring your includible compensation for your most recent year of service, keep in mind that your most recent year of service may not be the same as your employer's most recent annual work period. Tax act 2012 free download This can happen if your tax year is not the same as your employer's annual work period. Tax act 2012 free download When figuring includible compensation for your most recent year of service, do not mix compensation or service of one employer with compensation or service of another employer. Tax act 2012 free download Most Recent Year of Service Your most recent year of service is your last full year of service, ending on the last day of your tax year that you worked for the employer that maintained a 403(b) account on your behalf. Tax act 2012 free download Tax year different from employer's annual work period. Tax act 2012 free download   If your tax year is not the same as your employer's annual work period, your most recent year of service is made up of parts of at least two of your employer's annual work periods. Tax act 2012 free download Example. Tax act 2012 free download A professor who reports her income on a calendar-year basis is employed on a full-time basis by a university that operates on an academic year (October through May). Tax act 2012 free download To figure her includible compensation for 2013, the professor's most recent year of service is her service from January through May 2013 and from October through December 2013. Tax act 2012 free download Figuring Your Most Recent Year of Service To figure your most recent year of service, begin by determining what is a full year of service for your position. Tax act 2012 free download A full year of service is equal to full-time employment for your employer's annual work period. Tax act 2012 free download After identifying a full year of service, begin counting the service you have provided for your employer starting with the service provided in the current year. Tax act 2012 free download Part-time or employed only part of the year. Tax act 2012 free download   If you are a part-time or a full-time employee who is employed for only part of the year, your most recent year of service is your service this year and your service for as many previous years as is necessary to total 1 full year of service. Tax act 2012 free download To determine your most recent year of service, add the following periods of service: Your service during the year for which you are figuring the limit on annual additions, and Your service during your preceding tax years until the total service equals 1 year of service or you have figured all of your service with the employer. Tax act 2012 free download Example. Tax act 2012 free download You were employed on a full-time basis from July through December 2011 (1/2 year of service), July through December 2012 (1/2 year of service), and October through December 2013 (1/4 year of service). Tax act 2012 free download Your most recent year of service for computing your limit on annual additions for 2013 is the total of your service during 2013 (1/4 year of service), your service during 2012 (1/2 year of service), and your service during the months October through December 2011 (1/4 year of service). Tax act 2012 free download Not yet employed for 1 year. Tax act 2012 free download   If, at the close of the year, you have not yet worked for your employer for 1 year (including time you worked for the same employer in all earlier years), use the period of time you have worked for the employer as your most recent year of service. Tax act 2012 free download Includible Compensation After identifying your most recent year of service, the next step is to identify the includible compensation associated with that full year of service. Tax act 2012 free download Includible compensation is not the same as income included on your tax return. Tax act 2012 free download Compensation is a combination of income and benefits received in exchange for services provided to your employer. Tax act 2012 free download Generally, includible compensation is the amount of income and benefits: Received from the employer who maintains your 403(b) account, and Must be included in your income. Tax act 2012 free download Includible compensation includes the following amounts. Tax act 2012 free download Elective deferrals (employer's contributions made on your behalf under a salary reduction agreement). Tax act 2012 free download Amounts contributed or deferred by your employer under a section 125 cafeteria plan. Tax act 2012 free download Amounts contributed or deferred, at the election of the employee, under an eligible section 457 nonqualified deferred compensation plan (state or local government or tax-exempt organization plan). Tax act 2012 free download  Note. Tax act 2012 free download For information about treating elective deferrals under section 457 plans as Roth contributions, see Publication 575. Tax act 2012 free download Wages, salaries, and fees for personal services earned with the employer maintaining your 403(b) account. Tax act 2012 free download Income otherwise excluded under the foreign earned income exclusion. Tax act 2012 free download Pre-tax contributions (employer's contributions made on your behalf according to your election) to a qualified transportation fringe benefit plan. Tax act 2012 free download Includible compensation does not include the following items. Tax act 2012 free download Your employer's contributions to your 403(b) account. Tax act 2012 free download Compensation earned while your employer was not an eligible employer. Tax act 2012 free download Your employer's contributions to a qualified plan that: Are on your behalf, and Are excludable from income. Tax act 2012 free download The cost of incidental life insurance. Tax act 2012 free download See Cost of Incidental Life Insurance, later. Tax act 2012 free download If you are a church employee or a foreign missionary, figure includible compensation using the rules explained in chapter 5. Tax act 2012 free download Contributions after retirement. Tax act 2012 free download   Nonelective contributions may be made for an employee for up to 5 years after retirement. Tax act 2012 free download These contributions would be based on includible compensation for the last year of service before retirement. Tax act 2012 free download Cost of Incidental Life Insurance Includible compensation does not include the cost of incidental life insurance. Tax act 2012 free download If all of your 403(b) accounts invest only in mutual funds, then you have no incidental life insurance. Tax act 2012 free download If you have an annuity contract, a portion of the cost of that contract may be for incidental life insurance. Tax act 2012 free download If so, the cost of the insurance is taxable to you in the year contributed and is considered part of your basis when distributed. Tax act 2012 free download Your employer will include the cost of your insurance as taxable wages in box 1 of Form W-2. Tax act 2012 free download Not all annuity contracts include life insurance. Tax act 2012 free download Contact your plan administrator to determine if your contract includes incidental life insurance. Tax act 2012 free download If it does, you will need to figure the cost of life insurance each year the policy is in effect. Tax act 2012 free download Figuring the cost of incidental life insurance. Tax act 2012 free download If you have determined that part of the cost of your annuity contract is for an incidental life insurance premium, you will need to determine the amount of the premium and subtract it from your includible compensation. Tax act 2012 free download To determine the amount of the life insurance premiums, you will need to know the following information. Tax act 2012 free download The value of your life insurance contract, which is the amount payable upon your death. Tax act 2012 free download The cash value of your life insurance contract at the end of the tax year. Tax act 2012 free download Your age on your birthday nearest the beginning of the policy year. Tax act 2012 free download Your current life insurance protection under an ordinary retirement income life insurance policy, which is the amount payable upon your death minus the cash value of the contract at the end of the year. Tax act 2012 free download You can use Worksheet A, in chapter 9, to determine the cost of your incidental life insurance. Tax act 2012 free download Example. Tax act 2012 free download Your new contract provides that your beneficiary will receive $10,000 if you should die before retirement. Tax act 2012 free download Your cash value in the contract at the end of the first year is zero. Tax act 2012 free download Your current life insurance protection for the first year is $10,000 ($10,000 − 0). Tax act 2012 free download The cash value in the contract at the end of year two is $1,000, and the current life insurance protection for the second year is $9,000 ($10,000 – $1,000). Tax act 2012 free download The 1-year cost of the protection can be calculated by using Figure 3-1, Table of One-Year Term Premiums for $1,000 Life Insurance Protection . Tax act 2012 free download The premium rate is determined based on your age on your birthday nearest the beginning of the policy year. Tax act 2012 free download Figure 3-1. Tax act 2012 free download Table of One-Year Term Premiums for $1,000 Life Insurance Protection Age Cost   Age Cost   Age Cost 0 $0. Tax act 2012 free download 70   35 $0. Tax act 2012 free download 99   70 $20. Tax act 2012 free download 62 1 0. Tax act 2012 free download 41   36 1. Tax act 2012 free download 01   71 22. Tax act 2012 free download 72 2 0. Tax act 2012 free download 27   37 1. Tax act 2012 free download 04   72 25. Tax act 2012 free download 07 3 0. 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Tax act 2012 free download 15   90 144. Tax act 2012 free download 30 21 0. Tax act 2012 free download 62   56 4. Tax act 2012 free download 68   91 155. Tax act 2012 free download 80 22 0. Tax act 2012 free download 64   57 5. Tax act 2012 free download 20   92 168. Tax act 2012 free download 75 23 0. Tax act 2012 free download 66   58 5. Tax act 2012 free download 66   93 186. Tax act 2012 free download 44 24 0. Tax act 2012 free download 68   59 6. Tax act 2012 free download 06   94 206. Tax act 2012 free download 70 25 0. Tax act 2012 free download 71   60 6. Tax act 2012 free download 51   95 228. Tax act 2012 free download 35 26 0. Tax act 2012 free download 73   61 7. Tax act 2012 free download 11   96 250. Tax act 2012 free download 01 27 0. Tax act 2012 free download 76   62 7. Tax act 2012 free download 96   97 265. Tax act 2012 free download 09 28 0. Tax act 2012 free download 80   63 9. Tax act 2012 free download 08   98 270. Tax act 2012 free download 11 29 0. Tax act 2012 free download 83   64 10. Tax act 2012 free download 41   99 281. Tax act 2012 free download 05 30 0. Tax act 2012 free download 87   65 11. Tax act 2012 free download 90       31 0. Tax act 2012 free download 90   66 13. Tax act 2012 free download 51       32 0. Tax act 2012 free download 93   67 15. Tax act 2012 free download 20       33 0. Tax act 2012 free download 96   68 16. Tax act 2012 free download 92       34 0. Tax act 2012 free download 98   69 18. Tax act 2012 free download 70                       If the current published premium rates per $1,000 of insurance protection charged by an insurer for individual 1-year term life insurance premiums available to all standard risks are lower than those in the preceding table, you can use the lower rates for figuring the cost of insurance in connection with individual policies issued by the same insurer. Tax act 2012 free download Example 1. Tax act 2012 free download Lynne Green, age 44, and her employer enter into a 403(b) plan that will provide her with a $500 a month annuity upon retirement at age 65. Tax act 2012 free download The agreement also provides that if she should die before retirement, her beneficiary will receive the greater of $20,000 or the cash surrender value in the life insurance contract. Tax act 2012 free download Using the facts presented we can determine the cost of Lynne's life insurance protection as shown in Table 3-1. Tax act 2012 free download Lynne's employer has included $28 for the cost of the life insurance protection in her current year's income. Tax act 2012 free download When figuring her includible compensation for this year, Lynne will subtract $28. Tax act 2012 free download Table 3-1. Tax act 2012 free download Worksheet A. Tax act 2012 free download Cost of Incidental Life Insurance Note. Tax act 2012 free download Use this worksheet to figure the cost of incidental life insurance included in your annuity contract. Tax act 2012 free download This amount will be used to figure includible compensation for your most recent year of service. Tax act 2012 free download 1. Tax act 2012 free download Enter the value of the contract (amount payable upon your death) 1. Tax act 2012 free download $20,000. Tax act 2012 free download 00 2. Tax act 2012 free download Enter the cash value in the contract at the end of the year 2. Tax act 2012 free download 0. Tax act 2012 free download 00 3. Tax act 2012 free download Subtract line 2 from line 1. Tax act 2012 free download This is the value of your current life insurance protection 3. Tax act 2012 free download $20,000. Tax act 2012 free download 00 4. Tax act 2012 free download Enter your age on your birthday nearest the beginning of the policy year 4. Tax act 2012 free download 44 5. Tax act 2012 free download Enter the 1-year term premium for $1,000 of life insurance based on your age. Tax act 2012 free download (From Figure 3-1) 5. Tax act 2012 free download $1. Tax act 2012 free download 40 6. Tax act 2012 free download Divide line 3 by $1,000 6. Tax act 2012 free download 20 7. Tax act 2012 free download Multiply line 6 by line 5. Tax act 2012 free download This is the cost of your incidental life insurance 7. Tax act 2012 free download $28. Tax act 2012 free download 00 Example 2. Tax act 2012 free download Lynne's cash value in the contract at the end of the second year is $1,000. Tax act 2012 free download In year two, the cost of Lynne's life insurance is calculated as shown in Table 3-2. Tax act 2012 free download In year two, Lynne's employer will include $29. Tax act 2012 free download 07 in her current year's income. Tax act 2012 free download Lynne will subtract this amount when figuring her includible compensation. Tax act 2012 free download Table 3-2. Tax act 2012 free download Worksheet A. Tax act 2012 free download Cost of Incidental Life Insurance Note. Tax act 2012 free download Use this worksheet to figure the cost of incidental life insurance included in your annuity contract. Tax act 2012 free download This amount will be used to figure includible compensation for your most recent year of service. Tax act 2012 free download 1. Tax act 2012 free download Enter the value of the contract (amount payable upon your death) 1. Tax act 2012 free download $20,000. Tax act 2012 free download 00 2. Tax act 2012 free download Enter the cash value in the contract at the end of the year 2. Tax act 2012 free download $1,000. Tax act 2012 free download 00 3. Tax act 2012 free download Subtract line 2 from line 1. Tax act 2012 free download This is the value of your current life insurance protection 3. Tax act 2012 free download $19,000. Tax act 2012 free download 00 4. Tax act 2012 free download Enter your age on your birthday nearest the beginning of the policy year 4. Tax act 2012 free download 45 5. Tax act 2012 free download Enter the 1-year term premium for $1,000 of life insurance based on your age. Tax act 2012 free download (From Figure 3-1) 5. Tax act 2012 free download $1. Tax act 2012 free download 53 6. Tax act 2012 free download Divide line 3 by $1,000 6. Tax act 2012 free download 19 7. Tax act 2012 free download Multiply line 6 by line 5. Tax act 2012 free download This is the cost of your incidental life insurance 7. Tax act 2012 free download $29. Tax act 2012 free download 07 Figuring Includible Compensation for Your Most Recent Year of Service You can use Worksheet B in chapter 9 to determine your includible compensation for your most recent year of service. Tax act 2012 free download Example. Tax act 2012 free download Floyd has been periodically working full-time for a local hospital since September 2011. Tax act 2012 free download He needs to figure his limit on annual additions for 2014. Tax act 2012 free download The hospital's normal annual work period for employees in Floyd's general type of work runs from January to December. Tax act 2012 free download During the periods that Floyd was employed with the hospital, the hospital has always been eligible to provide a 403(b) plan to employees. Tax act 2012 free download Additionally, the hospital has never provided the employees with a 457 deferred compensation plan, a transportation fringe benefit plan, or a cafeteria plan. Tax act 2012 free download Floyd has never worked abroad and there is no life insurance provided under the plan. Tax act 2012 free download Table 3-3 shows the service Floyd provided to his employer, his compensation for the periods worked, his elective deferrals, and his taxable wages. Tax act 2012 free download Table 3-3. Tax act 2012 free download Floyd's Compensation Note. Tax act 2012 free download This table shows information Floyd will use to figure includible compensation for his most recent year of service. Tax act 2012 free download   Year Years of Service Taxable Wages Elective Deferrals 2014 6/12 of  a year $42,000 $2,000 2013 4/12 of  a year $16,000 $1,650 2012 4/12 of  a year $16,000 $1,650 Before Floyd can figure his limit on annual additions, he must figure includible compensation for his most recent year of service. Tax act 2012 free download Because Floyd is not planning to work the entire 2014 year, his most recent year of service will include the time he is planning to work in 2014 plus time he worked in the preceding 3 years until the time he worked for the hospital totals 1 year. Tax act 2012 free download If the total time he worked is less than 1 year, Floyd will treat it as if it were 1 year. Tax act 2012 free download He figures his most recent year of service shown in the following list. Tax act 2012 free download Time he will work in 2014 is 6/12 of a year. Tax act 2012 free download Time worked in 2013 is 4/12 of a year. Tax act 2012 free download All of this time will be used to determine Floyd's most recent year of service. Tax act 2012 free download Time worked in 2012 is 4/12 of a year. Tax act 2012 free download Floyd only needs 2 months of the 4 months he worked in 2012 to have enough time to total 1 full year. Tax act 2012 free download Because he needs only one-half of the actual time he worked, Floyd will use only one-half of his income earned during that period to calculate wages that will be used in figuring his includible compensation. Tax act 2012 free download Using the information provided in Table 3-3, wages for Floyd's most recent year of service are $66,000 ($42,000 + $16,000 + $8,000). Tax act 2012 free download His includible compensation for his most recent year of service is figured as shown in Table 3-4. Tax act 2012 free download After figuring his includible compensation, Floyd determines his limit on annual additions for 2014 to be $52,000, the lesser of his includible compensation, $70,475 (Table 3-4), and the maximum amount of $52,000. Tax act 2012 free download Table 3-4. Tax act 2012 free download Worksheet B. Tax act 2012 free download Includible Compensation for Your Most Recent Year of Service1 Note. Tax act 2012 free download Use this worksheet to figure includible compensation for your most recent year of service. Tax act 2012 free download 1. Tax act 2012 free download Enter your includible wages from the employer maintaining your 403(b) account for your most recent year of service 1. Tax act 2012 free download $66,000 2. Tax act 2012 free download Enter elective deferrals excluded from your gross income for your most recent year of service2 2. Tax act 2012 free download 4,4753 3. Tax act 2012 free download Enter amounts contributed or deferred by your employer under a cafeteria plan for your most recent year of service 3. Tax act 2012 free download -0- 4. Tax act 2012 free download Enter amounts contributed or deferred by your employer according to your election to your 457 account (a nonqualified plan of a state or local government, or of a tax-exempt organization) for your most recent year of service 4. Tax act 2012 free download -0- 5. Tax act 2012 free download Enter pre-tax contributions (employer's contributions made on your behalf according to your election) to a qualified transportation fringe benefit plan for your most recent year of service 5. Tax act 2012 free download -0- 6. Tax act 2012 free download Enter your foreign earned income exclusion for your most recent year of service 6. Tax act 2012 free download -0- 7. Tax act 2012 free download Add lines 1, 2, 3, 4, 5, and 6 7. Tax act 2012 free download 70,475 8. Tax act 2012 free download Enter the cost of incidental life insurance that is part of your annuity contract for your most recent year of service 8. Tax act 2012 free download -0- 9. Tax act 2012 free download Enter compensation that was both: Earned during your most recent year of service, and Earned while your employer was not qualified to maintain a 403(b) plan 9. Tax act 2012 free download -0- 10. Tax act 2012 free download Add lines 8 and 9 10. Tax act 2012 free download -0- 11. Tax act 2012 free download Subtract line 10 from line 7. Tax act 2012 free download This is your includible compensation for your most recent year of service 11. Tax act 2012 free download 70,475 1Use estimated amounts if figuring includible compensation before the end of the year. Tax act 2012 free download 2Elective deferrals made to a designated Roth account are not excluded from your gross income and should not be included on this line. Tax act 2012 free download  3$4,475 ($2,000 + $1,650 + $825). 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