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Taxact login 4. Taxact login   Limit on Elective Deferrals Table of Contents Excess elective deferrals. Taxact login 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. Taxact login This is a limit on the amount of contributions that can be made to your account through a salary reduction agreement. Taxact login 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. Taxact login You can enter into more than one salary reduction agreement during a year. Taxact login More than one 403(b) account. Taxact login 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. Taxact login 403(b) plan and another retirement plan. Taxact login 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. Taxact login 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. Taxact login Roth contribution program. Taxact login   Your 403(b) plan may allow you to designate all or a portion of your elective deferrals as Roth contributions. Taxact login Elective deferrals designated as Roth contributions must be maintained in a separate Roth account and are not excludable from your gross income. Taxact login   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. Taxact login For more information on the Roth contribution program, see Publication 560, Retirement Plans for Small Business. Taxact login Excess elective deferrals. Taxact login   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. Taxact login 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. Taxact login This limit applies without regard to community property laws. Taxact login 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. Taxact login 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. Taxact login To determine whether you have 15 years of service with your employer, see Years of Service , next. Taxact login 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. Taxact login 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. Taxact login You must figure years of service for each year during which you worked for the employer who is maintaining your 403(b) account. Taxact login 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. Taxact login 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. Taxact login Figuring Your Years of Service Take the following rules into account when figuring your years of service. Taxact login Status of employer. Taxact login   Your years of service include only periods during which your employer was a qualified employer. Taxact login Your plan administrator can tell you whether or not your employer was qualified during all your periods of service. Taxact login Service with one employer. Taxact login   Generally, you cannot count service for any employer other than the one who maintains your 403(b) account. Taxact login Church employee. Taxact login   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. Taxact login For more information about church employees, see chapter 5. Taxact login Self-employed ministers. Taxact login   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. Taxact login Total years of service. Taxact login   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. Taxact login Example. Taxact login The annual work period for full-time teachers employed by ABC Public Schools is September through December and February through May. Taxact login Marsha began working with ABC schools in September 2009. Taxact login She has always worked full-time for each annual work period. Taxact login At the end of 2013, Marsha had 4. Taxact login 5 years of service with ABC Public Schools, as shown in Table 4-1. Taxact login Table 4-1. Taxact login Marsha's Years of Service Note. Taxact login This table shows how Marsha figures her years of service, as explained in the previous example. Taxact login Year Period Worked Portion of Work Period Years of Service 2009 Sept. Taxact login –Dec. Taxact login . Taxact login 5 year . Taxact login 5 year 2010 Feb. Taxact login –May . Taxact login 5 year 1 year Sept. Taxact login –Dec. Taxact login . Taxact login 5 year 2011 Feb. Taxact login –May . Taxact login 5 year 1 year Sept. Taxact login –Dec. Taxact login . Taxact login 5 year 2012 Feb. Taxact login –May . Taxact login 5 year 1 year Sept. Taxact login –Dec. Taxact login . Taxact login 5 year 2013 Feb. Taxact login –May . Taxact login 5 year 1 year Sept. Taxact login –Dec. Taxact login . Taxact login 5 year Total years of service 4. Taxact login 5 years Full-time or part-time. Taxact login   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. Taxact login When determining whether you worked full-time or something other than full-time, use your employer's annual work period as the standard. Taxact login Employer's annual work period. Taxact login   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. Taxact login Generally, this period of time is expressed in days, weeks, months, or semesters, and can span 2 calendar years. Taxact login Note. Taxact login You cannot accumulate more than 1 year of service in a 12-month period. Taxact login Example. Taxact login All full-time teachers at ABC Public Schools are required to work both the September through December semester and the February through May semester. Taxact login Therefore, the annual work period for full-time teachers employed by ABC Public Schools is September through December and February through May. Taxact login 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. Taxact login Full-Time Employee for the Full Year Count each full year during which you were employed full-time as 1 year of service. Taxact login 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. Taxact login How to compare. Taxact login   You can use any method that reasonably and accurately reflects the amount of work required. Taxact login 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. Taxact login   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. Taxact login Example. Taxact login 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. Taxact login   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. Taxact login Full year of service. Taxact login   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. Taxact login Example. Taxact login 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. Taxact login 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. Taxact login 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. Taxact login Full-time for part of the year. Taxact login   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. Taxact login The denominator (bottom number) is the number of weeks, months, or semesters considered the normal annual work period for the position. Taxact login Example. Taxact login 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). Taxact login The annual work period for the college is 8 months (February through May and July through October). Taxact login Given these facts, Jason was employed full-time for part of the annual work period and provided ½ of a year of service. Taxact login 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. Taxact login   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. Taxact login The denominator (bottom number) is the number of hours or days normally required of someone holding the same position who works full-time. Taxact login Example. Taxact login Vance teaches one course at a local medical school. Taxact login He teaches 3 hours per week for two semesters. Taxact login Other faculty members at the same school teach 9 hours per week for two semesters. Taxact login The annual work period of the medical school is two semesters. Taxact login An instructor teaching 9 hours a week for two semesters is considered a full-time employee. Taxact login Given these facts, Vance has worked part-time for a full annual work period. Taxact login Vance has completed 1/3 of a year of service, figured as shown below. Taxact login 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. Taxact login   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. Taxact login   Figure the first fraction as though you had worked full-time for part of the annual work period. Taxact login The fraction is as follows: The numerator (top number) is the number of weeks, months, or semesters you were a full-time employee. Taxact login The denominator (bottom number) is the number of weeks, months, or semesters considered the normal annual work period for the position. Taxact login   Figure the second fraction as though you had worked part-time for the entire annual work period. Taxact login The fraction is as follows: The numerator (top number) is the number of hours or days you worked. Taxact login The denominator (bottom number) is the number of hours or days normally required of someone holding the same position who works full-time. Taxact login   Once you have figured these two fractions, multiply them together to determine the fraction representing your partial year of service for the year. Taxact login Example. Taxact login Maria, an attorney, teaches a course for one semester at a law school. Taxact login She teaches 3 hours per week. Taxact login The annual work period for teachers at the school is two semesters. Taxact login All full-time instructors at the school are required to teach 12 hours per week. Taxact login Based on these facts, Maria is employed part-time for part of the annual work period. Taxact login Her year of service for this year is determined by multiplying two fractions. Taxact login 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. Taxact login Example Floyd has figured his limit on annual additions. Taxact login The only other component needed before he can determine his MAC for 2014 is his limit on elective deferrals. Taxact login Figuring Floyd's limit on elective deferrals. Taxact login   Floyd has been employed with his current employer for less than 15 years. Taxact login He is not eligible for the special 15-year increase. Taxact login Therefore, his limit on elective deferrals for 2014 is $17,500 as shown in Table 4-2. Taxact login Floyd's employer will not make any nonelective contributions to his 403(b) account and Floyd will not make any after-tax contributions. Taxact login Additionally, Floyd's employer does not offer a Roth contribution program. Taxact login 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. Taxact login 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. Taxact login Table 4-2. Taxact login Worksheet 1. Taxact login Maximum Amount Contributable (MAC) Note. Taxact login Use this worksheet to figure your MAC. Taxact login Part I. Taxact login Limit on Annual Additions     1. Taxact login Enter your includible compensation for your most recent year of service 1. Taxact login $70,475 2. Taxact login Maximum: For 2013 enter $51,000 For 2014 enter $52,000 2. Taxact login 52,000 3. Taxact login Enter the lesser of line 1 or line 2. Taxact login This is your limit on annual additions 3. Taxact login 52,000   Caution: If you had only nonelective contributions, skip Part II and enter the amount from line 3 on line 18. Taxact login     Part II. Taxact login Limit on Elective Deferrals     4. Taxact login Maximum contribution: For 2013, enter $17,500 For 2014, enter $17,500 4. Taxact login 17,500   Note. Taxact login If you have at least 15 years of service with a qualifying organization, complete lines 5 through 17. Taxact login If not, enter zero (-0-) on line 16 and go to line 17. Taxact login     5. Taxact login Amount per year of service 5. Taxact login 5,000 6. Taxact login Enter your years of service 6. Taxact login   7. Taxact login Multiply line 5 by line 6 7. Taxact login   8. Taxact login Enter the total of all elective deferrals made for you by the qualifying organization for prior years 8. Taxact login   9. Taxact login Subtract line 8 from line 7. Taxact login If zero or less, enter zero (-0-) 9. Taxact login   10. Taxact login Maximum increase in limit for long service 10. Taxact login 15,000 11. Taxact login Enter the total of additional pre-tax elective deferrals made in prior years under the 15-year rule 11. Taxact login   12. Taxact login Enter the aggregate amount of all designated Roth contributions permitted for prior years under the 15-year rule 12. Taxact login   13. Taxact login Add lines 11 and 12 13. Taxact login   14. Taxact login Subtract line 13 from line 10 14. Taxact login   15. Taxact login Maximum additional contributions 15. Taxact login 3,000 16. Taxact login Enter the least of lines 9, 14, or 15. Taxact login This is your increase in the limit for long service 16. Taxact login -0- 17. Taxact login Add lines 4 and 16. Taxact login This is your limit on elective deferrals 17. Taxact login 17,500   Part III. Taxact login Maximum Amount Contributable     18. Taxact login If you had only nonelective contributions, enter the amount from line 3. Taxact login This is your MAC. Taxact login    If you had only elective deferrals, enter the lesser of lines 3 or 17. Taxact login This is your MAC. Taxact login    If you had both elective deferrals and nonelective contributions, enter the amount from line 3. Taxact login This is your MAC. Taxact login (Use the amount on line 17 to determine if you have excess elective deferrals as explained in chapter 7. Taxact login ) 18. Taxact login $17,500 Prev  Up  Next   Home   More Online Publications
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  • If you have been provided a Form 8332 (or similar statement) allowing you to claim the child as a dependent, you can consider that the child lived with you for more than half of the year. Keep this in mind when answering related questions during the interview.

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The Taxact Login

Taxact login Publication 571 - Introductory Material Table of Contents Future Developments What's New for 2013 What's New for 2014 Reminder IntroductionOrdering forms and publications. Taxact login Tax questions. Taxact login Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 571 and its instructions, such as legislation enacted after they were published, go to www. Taxact login irs. Taxact login gov/pub571. Taxact login What's New for 2013 Retirement savings contributions credit. Taxact login  For 2013, the adjusted gross income limitations have increased from $57,500 to $59,000 for married filing jointly filers, from $43,125 to $44,250 for head of household filers, and from $28,750 to $29,500 for single, married filing separately, or qualifying widow(er) with dependent child filers. Taxact login See chapter 10, Retirement Savings Contributions Credit (Saver's Credit), for additional information. Taxact login Limit on elective deferrals. Taxact login  For 2013, the limit on elective deferrals has increased from $17,000 to $17,500. Taxact login Limit on annual additions. Taxact login  For 2013, the limit on annual additions has increased from $50,000 to $51,000. Taxact login What's New for 2014 Retirement savings contributions credit. Taxact login  For 2014, the adjusted gross income limitations have increased from $59,000 to $60,000 for married filing jointly filers, from $44,250 to $45,000 for head of household filers, and from $29,500 to $30,000 for single, married filing separately, or qualifying widow(er) with dependent child filers. Taxact login See chapter 10, Retirement Savings Contributions Credit (Saver's Credit), for additional information. Taxact login Limit on elective deferrals. Taxact login  For 2014, the limit on elective deferrals remains unchanged at $17,500. Taxact login Limit on annual additions. Taxact login  For 2014, the limit on annual additions has increased from $51,000 to $52,000. Taxact login Reminder Photographs of missing children. Taxact login  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Taxact login Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Taxact login You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Taxact login Introduction This publication can help you better understand the tax rules that apply to your 403(b) (tax-sheltered annuity) plan. Taxact login In this publication, you will find information to help you: Determine the maximum amount that can be contributed to your 403(b) account in 2014. Taxact login Determine the maximum amount that could have been contributed to your 403(b) account in 2013. Taxact login Identify excess contributions. Taxact login Understand the basic rules for claiming the retirement savings contributions credit. Taxact login Understand the basic rules for distributions and rollovers from 403(b) accounts. Taxact login This publication does not provide specific information on the following topics. Taxact login Distributions from 403(b) accounts. Taxact login This is covered in Publication 575, Pension and Annuity Income. Taxact login Rollovers. Taxact login This is covered in Publication 590, Individual Retirement Arrangements (IRAs). Taxact login How to use this publication. Taxact login   This publication is organized into chapters to help you find information easily. Taxact login    Chapter 1 answers questions frequently asked by 403(b) plan participants. Taxact login    Chapters 2 through 6 explain the rules and terms you need to know to figure the maximum amount that could have been contributed to your 403(b) account for 2013 and the maximum amount that can be contributed to your 403(b) account in 2014. Taxact login    Chapter 7 provides general information on the prevention and correction of excess contributions to your 403(b) account. Taxact login    Chapter 8 provides general information on distributions, transfers, and rollovers. Taxact login    Chapter 9 provides blank worksheets that you will need to accurately and actively participate in your 403(b) plan. Taxact login Filled-in samples of most of these worksheets can be found throughout this publication. Taxact login    Chapter 10 explains the rules for claiming the retirement savings contributions credit (saver's credit). Taxact login Comments and suggestions. Taxact login   We welcome your comments about this publication and your suggestions for future editions. Taxact login   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Taxact login NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Taxact login Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Taxact login   You can send your comments from www. Taxact login irs. Taxact login gov/formspubs/. Taxact login Click on “More Information” and then on “Comment on Tax Forms and Publications. Taxact login ”   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. Taxact login Ordering forms and publications. Taxact login   Visit www. Taxact login irs. Taxact login gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Taxact login  Internal Revenue Service 1201 N. Taxact login Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Taxact login   If you have a tax question, check the information available on IRS. Taxact login gov or call 1-800-829-1040. Taxact login We cannot answer tax questions sent to either of the above addresses. Taxact login Useful Items - You may want to see: Publication 517 Social Security and Other Information for Members of the Clergy and Religious Workers 575 Pension and Annuity Income 590 Individual Retirement Arrangements (IRAs) Form (and Instructions) W-2 Wage and Tax Statement 1099-R Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Taxact login 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts 5330 Return of Excise Taxes Related to Employee Benefit Plans Prev  Up  Next   Home   More Online Publications