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Turbotax Military Discount 2012

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Turbotax Military Discount 2012

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The Turbotax Military Discount 2012

Turbotax military discount 2012 3. Turbotax military discount 2012   Limit on Annual Additions Table of Contents Ministers and church employees. Turbotax military discount 2012 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. Turbotax military discount 2012 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. Turbotax military discount 2012 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. Turbotax military discount 2012 More than one 403(b) account. Turbotax military discount 2012 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. Turbotax military discount 2012 Ministers and church employees. Turbotax military discount 2012   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. Turbotax military discount 2012 For more information, see chapter 5. Turbotax military discount 2012 Participation in a qualified plan. Turbotax military discount 2012 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. Turbotax military discount 2012 You can use Part I of Worksheet 1 in chapter 9 to figure your limit on annual additions. Turbotax military discount 2012 Includible Compensation for Your Most Recent Year of Service Definition. Turbotax military discount 2012   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. Turbotax military discount 2012 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. Turbotax military discount 2012 This can happen if your tax year is not the same as your employer's annual work period. Turbotax military discount 2012 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. Turbotax military discount 2012 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. Turbotax military discount 2012 Tax year different from employer's annual work period. Turbotax military discount 2012   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. Turbotax military discount 2012 Example. Turbotax military discount 2012 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). Turbotax military discount 2012 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. Turbotax military discount 2012 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. Turbotax military discount 2012 A full year of service is equal to full-time employment for your employer's annual work period. Turbotax military discount 2012 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. Turbotax military discount 2012 Part-time or employed only part of the year. Turbotax military discount 2012   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. Turbotax military discount 2012 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. Turbotax military discount 2012 Example. Turbotax military discount 2012 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). Turbotax military discount 2012 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). Turbotax military discount 2012 Not yet employed for 1 year. Turbotax military discount 2012   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. Turbotax military discount 2012 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. Turbotax military discount 2012 Includible compensation is not the same as income included on your tax return. Turbotax military discount 2012 Compensation is a combination of income and benefits received in exchange for services provided to your employer. Turbotax military discount 2012 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. Turbotax military discount 2012 Includible compensation includes the following amounts. Turbotax military discount 2012 Elective deferrals (employer's contributions made on your behalf under a salary reduction agreement). Turbotax military discount 2012 Amounts contributed or deferred by your employer under a section 125 cafeteria plan. Turbotax military discount 2012 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). Turbotax military discount 2012  Note. Turbotax military discount 2012 For information about treating elective deferrals under section 457 plans as Roth contributions, see Publication 575. Turbotax military discount 2012 Wages, salaries, and fees for personal services earned with the employer maintaining your 403(b) account. Turbotax military discount 2012 Income otherwise excluded under the foreign earned income exclusion. Turbotax military discount 2012 Pre-tax contributions (employer's contributions made on your behalf according to your election) to a qualified transportation fringe benefit plan. Turbotax military discount 2012 Includible compensation does not include the following items. Turbotax military discount 2012 Your employer's contributions to your 403(b) account. Turbotax military discount 2012 Compensation earned while your employer was not an eligible employer. Turbotax military discount 2012 Your employer's contributions to a qualified plan that: Are on your behalf, and Are excludable from income. Turbotax military discount 2012 The cost of incidental life insurance. Turbotax military discount 2012 See Cost of Incidental Life Insurance, later. Turbotax military discount 2012 If you are a church employee or a foreign missionary, figure includible compensation using the rules explained in chapter 5. Turbotax military discount 2012 Contributions after retirement. Turbotax military discount 2012   Nonelective contributions may be made for an employee for up to 5 years after retirement. Turbotax military discount 2012 These contributions would be based on includible compensation for the last year of service before retirement. Turbotax military discount 2012 Cost of Incidental Life Insurance Includible compensation does not include the cost of incidental life insurance. Turbotax military discount 2012 If all of your 403(b) accounts invest only in mutual funds, then you have no incidental life insurance. Turbotax military discount 2012 If you have an annuity contract, a portion of the cost of that contract may be for incidental life insurance. Turbotax military discount 2012 If so, the cost of the insurance is taxable to you in the year contributed and is considered part of your basis when distributed. Turbotax military discount 2012 Your employer will include the cost of your insurance as taxable wages in box 1 of Form W-2. Turbotax military discount 2012 Not all annuity contracts include life insurance. Turbotax military discount 2012 Contact your plan administrator to determine if your contract includes incidental life insurance. Turbotax military discount 2012 If it does, you will need to figure the cost of life insurance each year the policy is in effect. Turbotax military discount 2012 Figuring the cost of incidental life insurance. Turbotax military discount 2012 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. Turbotax military discount 2012 To determine the amount of the life insurance premiums, you will need to know the following information. Turbotax military discount 2012 The value of your life insurance contract, which is the amount payable upon your death. Turbotax military discount 2012 The cash value of your life insurance contract at the end of the tax year. Turbotax military discount 2012 Your age on your birthday nearest the beginning of the policy year. Turbotax military discount 2012 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. Turbotax military discount 2012 You can use Worksheet A, in chapter 9, to determine the cost of your incidental life insurance. Turbotax military discount 2012 Example. Turbotax military discount 2012 Your new contract provides that your beneficiary will receive $10,000 if you should die before retirement. Turbotax military discount 2012 Your cash value in the contract at the end of the first year is zero. Turbotax military discount 2012 Your current life insurance protection for the first year is $10,000 ($10,000 − 0). Turbotax military discount 2012 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). Turbotax military discount 2012 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 . Turbotax military discount 2012 The premium rate is determined based on your age on your birthday nearest the beginning of the policy year. Turbotax military discount 2012 Figure 3-1. Turbotax military discount 2012 Table of One-Year Term Premiums for $1,000 Life Insurance Protection Age Cost   Age Cost   Age Cost 0 $0. Turbotax military discount 2012 70   35 $0. Turbotax military discount 2012 99   70 $20. Turbotax military discount 2012 62 1 0. Turbotax military discount 2012 41   36 1. Turbotax military discount 2012 01   71 22. Turbotax military discount 2012 72 2 0. Turbotax military discount 2012 27   37 1. Turbotax military discount 2012 04   72 25. Turbotax military discount 2012 07 3 0. Turbotax military discount 2012 19   38 1. Turbotax military discount 2012 06   73 27. Turbotax military discount 2012 57 4 0. Turbotax military discount 2012 13   39 1. Turbotax military discount 2012 07   74 30. Turbotax military discount 2012 18 5 0. Turbotax military discount 2012 13   40 1. Turbotax military discount 2012 10   75 33. Turbotax military discount 2012 05 6 0. Turbotax military discount 2012 14   41 1. Turbotax military discount 2012 13   76 36. Turbotax military discount 2012 33 7 0. Turbotax military discount 2012 15   42 1. Turbotax military discount 2012 20   77 40. Turbotax military discount 2012 17 8 0. Turbotax military discount 2012 16   43 1. Turbotax military discount 2012 29   78 44. Turbotax military discount 2012 33 9 0. Turbotax military discount 2012 16   44 1. Turbotax military discount 2012 40   79 49. Turbotax military discount 2012 23 10 0. Turbotax military discount 2012 16   45 1. Turbotax military discount 2012 53   80 54. Turbotax military discount 2012 56 11 0. Turbotax military discount 2012 19   46 1. Turbotax military discount 2012 67   81 60. Turbotax military discount 2012 51 12 0. Turbotax military discount 2012 24   47 1. Turbotax military discount 2012 83   82 66. Turbotax military discount 2012 74 13 0. Turbotax military discount 2012 28   48 1. Turbotax military discount 2012 98   83 73. Turbotax military discount 2012 07 14 0. Turbotax military discount 2012 33   49 2. Turbotax military discount 2012 13   84 80. Turbotax military discount 2012 35 15 0. Turbotax military discount 2012 38   50 2. Turbotax military discount 2012 30   85 88. Turbotax military discount 2012 76 16 0. Turbotax military discount 2012 52   51 2. Turbotax military discount 2012 52   86 99. Turbotax military discount 2012 16 17 0. Turbotax military discount 2012 57   52 2. Turbotax military discount 2012 81   87 110. Turbotax military discount 2012 40 18 0. Turbotax military discount 2012 59   53 3. Turbotax military discount 2012 20   88 121. Turbotax military discount 2012 85 19 0. Turbotax military discount 2012 61   54 3. Turbotax military discount 2012 65   89 133. Turbotax military discount 2012 40 20 0. Turbotax military discount 2012 62   55 4. Turbotax military discount 2012 15   90 144. Turbotax military discount 2012 30 21 0. Turbotax military discount 2012 62   56 4. Turbotax military discount 2012 68   91 155. Turbotax military discount 2012 80 22 0. Turbotax military discount 2012 64   57 5. Turbotax military discount 2012 20   92 168. Turbotax military discount 2012 75 23 0. Turbotax military discount 2012 66   58 5. Turbotax military discount 2012 66   93 186. Turbotax military discount 2012 44 24 0. Turbotax military discount 2012 68   59 6. Turbotax military discount 2012 06   94 206. Turbotax military discount 2012 70 25 0. Turbotax military discount 2012 71   60 6. Turbotax military discount 2012 51   95 228. Turbotax military discount 2012 35 26 0. Turbotax military discount 2012 73   61 7. Turbotax military discount 2012 11   96 250. Turbotax military discount 2012 01 27 0. Turbotax military discount 2012 76   62 7. Turbotax military discount 2012 96   97 265. Turbotax military discount 2012 09 28 0. Turbotax military discount 2012 80   63 9. Turbotax military discount 2012 08   98 270. Turbotax military discount 2012 11 29 0. Turbotax military discount 2012 83   64 10. Turbotax military discount 2012 41   99 281. Turbotax military discount 2012 05 30 0. Turbotax military discount 2012 87   65 11. Turbotax military discount 2012 90       31 0. Turbotax military discount 2012 90   66 13. Turbotax military discount 2012 51       32 0. Turbotax military discount 2012 93   67 15. Turbotax military discount 2012 20       33 0. Turbotax military discount 2012 96   68 16. Turbotax military discount 2012 92       34 0. Turbotax military discount 2012 98   69 18. Turbotax military discount 2012 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. Turbotax military discount 2012 Example 1. Turbotax military discount 2012 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. Turbotax military discount 2012 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. Turbotax military discount 2012 Using the facts presented we can determine the cost of Lynne's life insurance protection as shown in Table 3-1. Turbotax military discount 2012 Lynne's employer has included $28 for the cost of the life insurance protection in her current year's income. Turbotax military discount 2012 When figuring her includible compensation for this year, Lynne will subtract $28. Turbotax military discount 2012 Table 3-1. Turbotax military discount 2012 Worksheet A. Turbotax military discount 2012 Cost of Incidental Life Insurance Note. Turbotax military discount 2012 Use this worksheet to figure the cost of incidental life insurance included in your annuity contract. Turbotax military discount 2012 This amount will be used to figure includible compensation for your most recent year of service. Turbotax military discount 2012 1. Turbotax military discount 2012 Enter the value of the contract (amount payable upon your death) 1. Turbotax military discount 2012 $20,000. Turbotax military discount 2012 00 2. Turbotax military discount 2012 Enter the cash value in the contract at the end of the year 2. Turbotax military discount 2012 0. Turbotax military discount 2012 00 3. Turbotax military discount 2012 Subtract line 2 from line 1. Turbotax military discount 2012 This is the value of your current life insurance protection 3. Turbotax military discount 2012 $20,000. Turbotax military discount 2012 00 4. Turbotax military discount 2012 Enter your age on your birthday nearest the beginning of the policy year 4. Turbotax military discount 2012 44 5. Turbotax military discount 2012 Enter the 1-year term premium for $1,000 of life insurance based on your age. Turbotax military discount 2012 (From Figure 3-1) 5. Turbotax military discount 2012 $1. Turbotax military discount 2012 40 6. Turbotax military discount 2012 Divide line 3 by $1,000 6. Turbotax military discount 2012 20 7. Turbotax military discount 2012 Multiply line 6 by line 5. Turbotax military discount 2012 This is the cost of your incidental life insurance 7. Turbotax military discount 2012 $28. Turbotax military discount 2012 00 Example 2. Turbotax military discount 2012 Lynne's cash value in the contract at the end of the second year is $1,000. Turbotax military discount 2012 In year two, the cost of Lynne's life insurance is calculated as shown in Table 3-2. Turbotax military discount 2012 In year two, Lynne's employer will include $29. Turbotax military discount 2012 07 in her current year's income. Turbotax military discount 2012 Lynne will subtract this amount when figuring her includible compensation. Turbotax military discount 2012 Table 3-2. Turbotax military discount 2012 Worksheet A. Turbotax military discount 2012 Cost of Incidental Life Insurance Note. Turbotax military discount 2012 Use this worksheet to figure the cost of incidental life insurance included in your annuity contract. Turbotax military discount 2012 This amount will be used to figure includible compensation for your most recent year of service. Turbotax military discount 2012 1. Turbotax military discount 2012 Enter the value of the contract (amount payable upon your death) 1. Turbotax military discount 2012 $20,000. Turbotax military discount 2012 00 2. Turbotax military discount 2012 Enter the cash value in the contract at the end of the year 2. Turbotax military discount 2012 $1,000. Turbotax military discount 2012 00 3. Turbotax military discount 2012 Subtract line 2 from line 1. Turbotax military discount 2012 This is the value of your current life insurance protection 3. Turbotax military discount 2012 $19,000. Turbotax military discount 2012 00 4. Turbotax military discount 2012 Enter your age on your birthday nearest the beginning of the policy year 4. Turbotax military discount 2012 45 5. Turbotax military discount 2012 Enter the 1-year term premium for $1,000 of life insurance based on your age. Turbotax military discount 2012 (From Figure 3-1) 5. Turbotax military discount 2012 $1. Turbotax military discount 2012 53 6. Turbotax military discount 2012 Divide line 3 by $1,000 6. Turbotax military discount 2012 19 7. Turbotax military discount 2012 Multiply line 6 by line 5. Turbotax military discount 2012 This is the cost of your incidental life insurance 7. Turbotax military discount 2012 $29. Turbotax military discount 2012 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. Turbotax military discount 2012 Example. Turbotax military discount 2012 Floyd has been periodically working full-time for a local hospital since September 2011. Turbotax military discount 2012 He needs to figure his limit on annual additions for 2014. Turbotax military discount 2012 The hospital's normal annual work period for employees in Floyd's general type of work runs from January to December. Turbotax military discount 2012 During the periods that Floyd was employed with the hospital, the hospital has always been eligible to provide a 403(b) plan to employees. Turbotax military discount 2012 Additionally, the hospital has never provided the employees with a 457 deferred compensation plan, a transportation fringe benefit plan, or a cafeteria plan. Turbotax military discount 2012 Floyd has never worked abroad and there is no life insurance provided under the plan. Turbotax military discount 2012 Table 3-3 shows the service Floyd provided to his employer, his compensation for the periods worked, his elective deferrals, and his taxable wages. Turbotax military discount 2012 Table 3-3. Turbotax military discount 2012 Floyd's Compensation Note. Turbotax military discount 2012 This table shows information Floyd will use to figure includible compensation for his most recent year of service. Turbotax military discount 2012   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. Turbotax military discount 2012 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. Turbotax military discount 2012 If the total time he worked is less than 1 year, Floyd will treat it as if it were 1 year. Turbotax military discount 2012 He figures his most recent year of service shown in the following list. Turbotax military discount 2012 Time he will work in 2014 is 6/12 of a year. Turbotax military discount 2012 Time worked in 2013 is 4/12 of a year. Turbotax military discount 2012 All of this time will be used to determine Floyd's most recent year of service. Turbotax military discount 2012 Time worked in 2012 is 4/12 of a year. Turbotax military discount 2012 Floyd only needs 2 months of the 4 months he worked in 2012 to have enough time to total 1 full year. Turbotax military discount 2012 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. Turbotax military discount 2012 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). Turbotax military discount 2012 His includible compensation for his most recent year of service is figured as shown in Table 3-4. Turbotax military discount 2012 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. Turbotax military discount 2012 Table 3-4. Turbotax military discount 2012 Worksheet B. Turbotax military discount 2012 Includible Compensation for Your Most Recent Year of Service1 Note. Turbotax military discount 2012 Use this worksheet to figure includible compensation for your most recent year of service. Turbotax military discount 2012 1. Turbotax military discount 2012 Enter your includible wages from the employer maintaining your 403(b) account for your most recent year of service 1. Turbotax military discount 2012 $66,000 2. Turbotax military discount 2012 Enter elective deferrals excluded from your gross income for your most recent year of service2 2. Turbotax military discount 2012 4,4753 3. Turbotax military discount 2012 Enter amounts contributed or deferred by your employer under a cafeteria plan for your most recent year of service 3. Turbotax military discount 2012 -0- 4. Turbotax military discount 2012 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. Turbotax military discount 2012 -0- 5. Turbotax military discount 2012 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. Turbotax military discount 2012 -0- 6. Turbotax military discount 2012 Enter your foreign earned income exclusion for your most recent year of service 6. Turbotax military discount 2012 -0- 7. Turbotax military discount 2012 Add lines 1, 2, 3, 4, 5, and 6 7. Turbotax military discount 2012 70,475 8. Turbotax military discount 2012 Enter the cost of incidental life insurance that is part of your annuity contract for your most recent year of service 8. Turbotax military discount 2012 -0- 9. Turbotax military discount 2012 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. Turbotax military discount 2012 -0- 10. Turbotax military discount 2012 Add lines 8 and 9 10. Turbotax military discount 2012 -0- 11. Turbotax military discount 2012 Subtract line 10 from line 7. Turbotax military discount 2012 This is your includible compensation for your most recent year of service 11. Turbotax military discount 2012 70,475 1Use estimated amounts if figuring includible compensation before the end of the year. Turbotax military discount 2012 2Elective deferrals made to a designated Roth account are not excluded from your gross income and should not be included on this line. Turbotax military discount 2012  3$4,475 ($2,000 + $1,650 + $825). Turbotax military discount 2012 Prev  Up  Next   Home   More Online Publications