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Www myfreetaxes com 2. Www myfreetaxes com   Simplified Employee Pensions (SEPs) Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: Setting Up a SEPWhen not to use Form 5305-SEP. Www myfreetaxes com How Much Can I Contribute?Contribution Limits Deducting ContributionsDeduction Limit for Contributions for Participants Deduction Limit for Self-Employed Individuals Carryover of Excess SEP Contributions When To Deduct Contributions Where To Deduct Contributions Salary Reduction Simplified Employee Pensions (SARSEPs)SARSEP ADP test. Www myfreetaxes com Deferral percentage. Www myfreetaxes com Employee compensation. Www myfreetaxes com Compensation of self-employed individuals. Www myfreetaxes com Choice not to treat deferrals as compensation. Www myfreetaxes com Limit on Elective Deferrals Tax Treatment of Deferrals Distributions (Withdrawals) Additional TaxesEffects on employee. Www myfreetaxes com Reporting and Disclosure Requirements Topics - This chapter discusses: Setting up a SEP How much can I contribute Deducting contributions Salary reduction simplified employee pensions (SARSEPs) Distributions (withdrawals) Additional taxes Reporting and disclosure requirements Useful Items - You may want to see: Publication 590 Individual Retirement Arrangements (IRAs) 3998 Choosing A Retirement Solution for Your Small Business 4285 SEP Checklist 4286 SARSEP Checklist 4333 SEP Retirement Plans for Small Businesses 4336 SARSEP for Small Businesses 4407 SARSEP—Key Issues and Assistance Forms (and Instructions) W-2 Wage and Tax Statement 1040 U. Www myfreetaxes com S. Www myfreetaxes com Individual Income Tax Return 5305-SEP Simplified Employee Pension—Individual Retirement Accounts Contribution Agreement 5305A-SEP Salary Reduction Simplified Employee Pension—Individual Retirement Accounts Contribution Agreement 8880 Credit for Qualified Retirement Savings Contributions 8881 Credit for Small Employer Pension Plan Startup Costs A SEP is a written plan that allows you to make contributions toward your own retirement and your employees' retirement without getting involved in a more complex qualified plan. Www myfreetaxes com Under a SEP, you make contributions to a traditional individual retirement arrangement (called a SEP-IRA) set up by or for each eligible employee. Www myfreetaxes com A SEP-IRA is owned and controlled by the employee, and you make contributions to the financial institution where the SEP-IRA is maintained. Www myfreetaxes com SEP-IRAs are set up for, at a minimum, each eligible employee (defined below). Www myfreetaxes com A SEP-IRA may have to be set up for a leased employee (defined in chapter 1), but does not need to be set up for excludable employees (defined later). Www myfreetaxes com Eligible employee. Www myfreetaxes com   An eligible employee is an individual who meets all the following requirements. Www myfreetaxes com Has reached age 21. Www myfreetaxes com Has worked for you in at least 3 of the last 5 years. Www myfreetaxes com Has received at least $550 in compensation from you in 2013. Www myfreetaxes com This amount remains the same in 2014. Www myfreetaxes com    You can use less restrictive participation requirements than those listed, but not more restrictive ones. Www myfreetaxes com Excludable employees. Www myfreetaxes com   The following employees can be excluded from coverage under a SEP. Www myfreetaxes com Employees covered by a union agreement and whose retirement benefits were bargained for in good faith by the employees' union and you. Www myfreetaxes com Nonresident alien employees who have received no U. Www myfreetaxes com S. Www myfreetaxes com source wages, salaries, or other personal services compensation from you. Www myfreetaxes com For more information about nonresident aliens, see Publication 519, U. Www myfreetaxes com S. Www myfreetaxes com Tax Guide for Aliens. Www myfreetaxes com Setting Up a SEP There are three basic steps in setting up a SEP. Www myfreetaxes com You must execute a formal written agreement to provide benefits to all eligible employees. Www myfreetaxes com You must give each eligible employee certain information about the SEP. Www myfreetaxes com A SEP-IRA must be set up by or for each eligible employee. Www myfreetaxes com Many financial institutions will help you set up a SEP. Www myfreetaxes com Formal written agreement. Www myfreetaxes com   You must execute a formal written agreement to provide benefits to all eligible employees under a SEP. Www myfreetaxes com You can satisfy the written agreement requirement by adopting an IRS model SEP using Form 5305-SEP. Www myfreetaxes com However, see When not to use Form 5305-SEP, below. Www myfreetaxes com   If you adopt an IRS model SEP using Form 5305-SEP, no prior IRS approval or determination letter is required. Www myfreetaxes com Keep the original form. Www myfreetaxes com Do not file it with the IRS. Www myfreetaxes com Also, using Form 5305-SEP will usually relieve you from filing annual retirement plan information returns with the IRS and the Department of Labor. Www myfreetaxes com See the Form 5305-SEP instructions for details. Www myfreetaxes com If you choose not to use Form 5305-SEP, you should seek professional advice in adopting a SEP. Www myfreetaxes com When not to use Form 5305-SEP. Www myfreetaxes com   You cannot use Form 5305-SEP if any of the following apply. Www myfreetaxes com You currently maintain any other qualified retirement plan other than another SEP. Www myfreetaxes com You have any eligible employees for whom IRAs have not been set up. Www myfreetaxes com You use the services of leased employees, who are not your common-law employees (as described in chapter 1). Www myfreetaxes com You are a member of any of the following unless all eligible employees of all the members of these groups, trades, or businesses participate under the SEP. Www myfreetaxes com An affiliated service group described in section 414(m). Www myfreetaxes com A controlled group of corporations described in section 414(b). Www myfreetaxes com Trades or businesses under common control described in section 414(c). Www myfreetaxes com You do not pay the cost of the SEP contributions. Www myfreetaxes com Information you must give to employees. Www myfreetaxes com   You must give each eligible employee a copy of Form 5305-SEP, its instructions, and the other information listed in the Form 5305-SEP instructions. Www myfreetaxes com An IRS model SEP is not considered adopted until you give each employee this information. Www myfreetaxes com Setting up the employee's SEP-IRA. Www myfreetaxes com   A SEP-IRA must be set up by or for each eligible employee. Www myfreetaxes com SEP-IRAs can be set up with banks, insurance companies, or other qualified financial institutions. Www myfreetaxes com You send SEP contributions to the financial institution where the SEP-IRA is maintained. Www myfreetaxes com Deadline for setting up a SEP. Www myfreetaxes com   You can set up a SEP for any year as late as the due date (including extensions) of your income tax return for that year. Www myfreetaxes com Credit for startup costs. Www myfreetaxes com   You may be able to claim a tax credit for part of the ordinary and necessary costs of starting a SEP that first became effective in 2013. Www myfreetaxes com For more information, see Credit for startup costs under Reminders, earlier. Www myfreetaxes com How Much Can I Contribute? The SEP rules permit you to contribute a limited amount of money each year to each employee's SEP-IRA. Www myfreetaxes com If you are self-employed, you can contribute to your own SEP-IRA. Www myfreetaxes com Contributions must be in the form of money (cash, check, or money order). Www myfreetaxes com You cannot contribute property. Www myfreetaxes com However, participants may be able to transfer or roll over certain property from one retirement plan to another. Www myfreetaxes com See Publication 590 for more information about rollovers. Www myfreetaxes com You do not have to make contributions every year. Www myfreetaxes com But if you make contributions, they must be based on a written allocation formula and must not discriminate in favor of highly compensated employees (defined in chapter 1). Www myfreetaxes com When you contribute, you must contribute to the SEP-IRAs of all participants who actually performed personal services during the year for which the contributions are made, including employees who die or terminate employment before the contributions are made. Www myfreetaxes com Contributions are deductible within limits, as discussed later, and generally are not taxable to the plan participants. Www myfreetaxes com A SEP-IRA cannot be a Roth IRA. Www myfreetaxes com Employer contributions to a SEP-IRA will not affect the amount an individual can contribute to a Roth or traditional IRA. Www myfreetaxes com Unlike regular contributions to a traditional IRA, contributions under a SEP can be made to participants over age 70½. Www myfreetaxes com If you are self-employed, you can also make contributions under the SEP for yourself even if you are over 70½. Www myfreetaxes com Participants age 70½ or over must take required minimum distributions. Www myfreetaxes com Time limit for making contributions. Www myfreetaxes com   To deduct contributions for a year, you must make the contributions by the due date (including extensions) of your tax return for the year. Www myfreetaxes com Contribution Limits Contributions you make for 2013 to a common-law employee's SEP-IRA cannot exceed the lesser of 25% of the employee's compensation or $51,000. Www myfreetaxes com Compensation generally does not include your contributions to the SEP. Www myfreetaxes com The SEP plan document will specify how the employer contribution is determined and how it will be allocated to participants. Www myfreetaxes com Example. Www myfreetaxes com Your employee, Mary Plant, earned $21,000 for 2013. Www myfreetaxes com The maximum contribution you can make to her SEP-IRA is $5,250 (25% x $21,000). Www myfreetaxes com Contributions for yourself. Www myfreetaxes com   The annual limits on your contributions to a common-law employee's SEP-IRA also apply to contributions you make to your own SEP-IRA. Www myfreetaxes com However, special rules apply when figuring your maximum deductible contribution. Www myfreetaxes com See Deduction Limit for Self-Employed Individuals , later. Www myfreetaxes com Annual compensation limit. Www myfreetaxes com   You cannot consider the part of an employee's compensation over $255,000 when figuring your contribution limit for that employee. Www myfreetaxes com However, $51,000 is the maximum contribution for an eligible employee. Www myfreetaxes com These limits are $260,000 and $52,000, respectively, in 2014. Www myfreetaxes com Example. Www myfreetaxes com Your employee, Susan Green, earned $210,000 for 2013. Www myfreetaxes com Because of the maximum contribution limit for 2013, you can only contribute $51,000 to her SEP-IRA. Www myfreetaxes com More than one plan. Www myfreetaxes com   If you contribute to a defined contribution plan (defined in chapter 4), annual additions to an account are limited to the lesser of $51,000 or 100% of the participant's compensation. Www myfreetaxes com When you figure this limit, you must add your contributions to all defined contribution plans maintained by you. Www myfreetaxes com Because a SEP is considered a defined contribution plan for this limit, your contributions to a SEP must be added to your contributions to other defined contribution plans you maintain. Www myfreetaxes com Tax treatment of excess contributions. Www myfreetaxes com   Excess contributions are your contributions to an employee's SEP-IRA (or to your own SEP-IRA) for 2013 that exceed the lesser of the following amounts. Www myfreetaxes com 25% of the employee's compensation (or, for you, 20% of your net earnings from self-employment). Www myfreetaxes com $51,000. Www myfreetaxes com Excess contributions are included in the employee's income for the year and are treated as contributions by the employee to his or her SEP-IRA. Www myfreetaxes com For more information on employee tax treatment of excess contributions, see chapter 1 in Publication 590. Www myfreetaxes com Reporting on Form W-2. Www myfreetaxes com   Do not include SEP contributions on your employee's Form W-2 unless contributions were made under a salary reduction arrangement (discussed later). Www myfreetaxes com Deducting Contributions Generally, you can deduct the contributions you make each year to each employee's SEP-IRA. Www myfreetaxes com If you are self-employed, you can deduct the contributions you make each year to your own SEP-IRA. Www myfreetaxes com Deduction Limit for Contributions for Participants The most you can deduct for your contributions to you or your employee's SEP-IRA is the lesser of the following amounts. Www myfreetaxes com Your contributions (including any excess contributions carryover). Www myfreetaxes com 25% of the compensation (limited to $255,000 per participant) paid to the participants during 2013 from the business that has the plan, not to exceed $51,000 per participant. Www myfreetaxes com In 2014, the amounts in (2) above are $260,000 and $52,000, respectively. Www myfreetaxes com Deduction Limit for Self-Employed Individuals If you contribute to your own SEP-IRA, you must make a special computation to figure your maximum deduction for these contributions. Www myfreetaxes com When figuring the deduction for contributions made to your own SEP-IRA, compensation is your net earnings from self-employment (defined in chapter 1), which takes into account both the following deductions. Www myfreetaxes com The deduction for the deductible part of your self-employment tax. Www myfreetaxes com The deduction for contributions to your own SEP-IRA. Www myfreetaxes com The deduction for contributions to your own SEP-IRA and your net earnings depend on each other. Www myfreetaxes com For this reason, you determine the deduction for contributions to your own SEP-IRA indirectly by reducing the contribution rate called for in your plan. Www myfreetaxes com To do this, use the Rate Table for Self-Employed or the Rate Worksheet for Self-Employed, whichever is appropriate for your plan's contribution rate, in chapter 5. Www myfreetaxes com Then figure your maximum deduction by using the Deduction Worksheet for Self-Employed in chapter 5. Www myfreetaxes com Carryover of Excess SEP Contributions If you made SEP contributions that are more than the deduction limit (nondeductible contributions), you can carry over and deduct the difference in later years. Www myfreetaxes com However, the carryover, when combined with the contribution for the later year, is subject to the deduction limit for that year. Www myfreetaxes com If you also contributed to a defined benefit plan or defined contribution plan, see Carryover of Excess Contributions under Employer Deduction in chapter 4 for the carryover limit. Www myfreetaxes com Excise tax. Www myfreetaxes com   If you made nondeductible (excess) contributions to a SEP, you may be subject to a 10% excise tax. Www myfreetaxes com For information about the excise tax, see Excise Tax for Nondeductible (Excess) Contributions under Employer Deduction in chapter 4. Www myfreetaxes com When To Deduct Contributions When you can deduct contributions made for a year depends on the tax year on which the SEP is maintained. Www myfreetaxes com If the SEP is maintained on a calendar year basis, you deduct the yearly contributions on your tax return for the year within which the calendar year ends. Www myfreetaxes com If you file your tax return and maintain the SEP using a fiscal year or short tax year, you deduct contributions made for a year on your tax return for that year. Www myfreetaxes com Example. Www myfreetaxes com You are a fiscal year taxpayer whose tax year ends June 30. Www myfreetaxes com You maintain a SEP on a calendar year basis. Www myfreetaxes com You deduct SEP contributions made for calendar year 2013 on your tax return for your tax year ending June 30, 2014. Www myfreetaxes com Where To Deduct Contributions Deduct the contributions you make for your common-law employees on your tax return. Www myfreetaxes com For example, sole proprietors deduct them on Schedule C (Form 1040) or Schedule F (Form 1040), Profit or Loss From Farming; partnerships deduct them on Form 1065, U. Www myfreetaxes com S. Www myfreetaxes com Return of Partnership Income; and corporations deduct them on Form 1120, U. Www myfreetaxes com S. Www myfreetaxes com Corporation Income Tax Return, or Form 1120S, U. Www myfreetaxes com S. Www myfreetaxes com Income Tax Return for an S Corporation. Www myfreetaxes com Sole proprietors and partners deduct contributions for themselves on line 28 of Form 1040. Www myfreetaxes com (If you are a partner, contributions for yourself are shown on the Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc. Www myfreetaxes com , you receive from the partnership. Www myfreetaxes com ) Remember that sole proprietors and partners can't deduct as a business expense contributions made to a SEP for themselves, only those made for their common-law employees. Www myfreetaxes com Salary Reduction Simplified Employee Pensions (SARSEPs) A SARSEP is a SEP set up before 1997 that includes a salary reduction arrangement. Www myfreetaxes com (See the Caution, next. Www myfreetaxes com ) Under a SARSEP, your employees can choose to have you contribute part of their pay to their SEP-IRAs rather than receive it in cash. Www myfreetaxes com This contribution is called an “elective deferral” because employees choose (elect) to set aside the money, and they defer the tax on the money until it is distributed to them. Www myfreetaxes com You are not allowed to set up a SARSEP after 1996. Www myfreetaxes com However, participants (including employees hired after 1996) in a SARSEP set up before 1997 can continue to have you contribute part of their pay to the plan. Www myfreetaxes com If you are interested in setting up a retirement plan that includes a salary reduction arrangement, see chapter 3. Www myfreetaxes com Who can have a SARSEP?   A SARSEP set up before 1997 is available to you and your eligible employees only if all the following requirements are met. Www myfreetaxes com At least 50% of your employees eligible to participate choose to make elective deferrals. Www myfreetaxes com You have 25 or fewer employees who were eligible to participate in the SEP at any time during the preceding year. Www myfreetaxes com The elective deferrals of your highly compensated employees meet the SARSEP ADP test. Www myfreetaxes com SARSEP ADP test. Www myfreetaxes com   Under the SARSEP ADP test, the amount deferred each year by each eligible highly compensated employee as a percentage of pay (the deferral percentage) cannot be more than 125% of the average deferral percentage (ADP) of all non-highly compensated employees eligible to participate. Www myfreetaxes com A highly compensated employee is defined in chapter 1. Www myfreetaxes com Deferral percentage. Www myfreetaxes com   The deferral percentage for an employee for a year is figured as follows. Www myfreetaxes com   The elective employer contributions (excluding certain catch-up contributions)  paid to the SEP for the employee for the year     The employee's compensation (limited to $255,000 in 2013)   The instructions for Form 5305A-SEP have a worksheet you can use to determine whether the elective deferrals of your highly compensated employees meet the SARSEP ADP test. Www myfreetaxes com Employee compensation. Www myfreetaxes com   For figuring the deferral percentage, compensation is generally the amount you pay to the employee for the year. Www myfreetaxes com Compensation includes the elective deferral and other amounts deferred in certain employee benefit plans. Www myfreetaxes com See Compensation in chapter 1. Www myfreetaxes com Elective deferrals under the SARSEP are included in figuring your employees' deferral percentage even though they are not included in the income of your employees for income tax purposes. Www myfreetaxes com Compensation of self-employed individuals. Www myfreetaxes com   If you are self-employed, compensation is your net earnings from self-employment as defined in chapter 1. Www myfreetaxes com   Compensation does not include tax-free items (or deductions related to them) other than foreign earned income and housing cost amounts. Www myfreetaxes com Choice not to treat deferrals as compensation. Www myfreetaxes com   You can choose not to treat elective deferrals (and other amounts deferred in certain employee benefit plans) for a year as compensation under your SARSEP. Www myfreetaxes com Limit on Elective Deferrals The most a participant can choose to defer for calendar year 2013 is the lesser of the following amounts. Www myfreetaxes com 25% of the participant's compensation (limited to $255,000 of the participant's compensation). Www myfreetaxes com $17,500. Www myfreetaxes com The $17,500 limit applies to the total elective deferrals the employee makes for the year to a SEP and any of the following. Www myfreetaxes com Cash or deferred arrangement (section 401(k) plan). Www myfreetaxes com Salary reduction arrangement under a tax-sheltered annuity plan (section 403(b) plan). Www myfreetaxes com SIMPLE IRA plan. Www myfreetaxes com In 2014, the $255,000 limit increases to $260,000 and the $17,500 limit remains at $17,500. Www myfreetaxes com Catch-up contributions. Www myfreetaxes com   A SARSEP can permit participants who are age 50 or over at the end of the calendar year to also make catch-up contributions. Www myfreetaxes com The catch-up contribution limit for 2013 is $5,500 and remains at $5,500 for 2014. Www myfreetaxes com Elective deferrals are not treated as catch-up contributions for 2013 until they exceed the elective deferral limit (the lesser of 25% of compensation or $17,500), the SARSEP ADP test limit discussed earlier, or the plan limit (if any). Www myfreetaxes com However, the catch-up contribution a participant can make for a year cannot exceed the lesser of the following amounts. Www myfreetaxes com The catch-up contribution limit. Www myfreetaxes com The excess of the participant's compensation over the elective deferrals that are not catch-up contributions. Www myfreetaxes com   Catch-up contributions are not subject to the elective deferral limit (the lesser of 25% of compensation or $17,500 in 2013 and in 2014). Www myfreetaxes com Overall limit on SEP contributions. Www myfreetaxes com   If you also make nonelective contributions to a SEP-IRA, the total of the nonelective and elective contributions to that SEP-IRA cannot exceed the lesser of 25% of the employee's compensation or $51,000 for 2013 ($52,000 for 2014). Www myfreetaxes com The same rule applies to contributions you make to your own SEP-IRA. Www myfreetaxes com See Contribution Limits , earlier. Www myfreetaxes com Figuring the elective deferral. Www myfreetaxes com   For figuring the 25% limit on elective deferrals, compensation does not include SEP contributions, including elective deferrals or other amounts deferred in certain employee benefit plans. Www myfreetaxes com Tax Treatment of Deferrals Elective deferrals that are not more than the limits discussed earlier under Limit on Elective Deferrals are excluded from your employees' wages subject to federal income tax in the year of deferral. Www myfreetaxes com However, these deferrals are included in wages for social security, Medicare, and federal unemployment (FUTA) tax. Www myfreetaxes com Excess deferrals. Www myfreetaxes com   For 2013, excess deferrals are the elective deferrals for the year that are more than the $17,500 limit discussed earlier. Www myfreetaxes com For a participant who is eligible to make catch-up contributions, excess deferrals are the elective deferrals that are more than $23,000. Www myfreetaxes com The treatment of excess deferrals made under a SARSEP is similar to the treatment of excess deferrals made under a qualified plan. Www myfreetaxes com See Treatment of Excess Deferrals under Elective Deferrals (401(k) Plans) in chapter 4. Www myfreetaxes com Excess SEP contributions. Www myfreetaxes com   Excess SEP contributions are elective deferrals of highly compensated employees that are more than the amount permitted under the SARSEP ADP test. Www myfreetaxes com You must notify your highly compensated employees within 2½ months after the end of the plan year of their excess SEP contributions. Www myfreetaxes com If you do not notify them within this time period, you must pay a 10% tax on the excess. Www myfreetaxes com For an explanation of the notification requirements, see Rev. Www myfreetaxes com Proc. Www myfreetaxes com 91-44, 1991-2 C. Www myfreetaxes com B. Www myfreetaxes com 733. Www myfreetaxes com If you adopted a SARSEP using Form 5305A-SEP, the notification requirements are explained in the instructions for that form. Www myfreetaxes com Reporting on Form W-2. Www myfreetaxes com   Do not include elective deferrals in the “Wages, tips, other compensation” box of Form W-2. Www myfreetaxes com You must, however, include them in the “Social security wages” and “Medicare wages and tips” boxes. Www myfreetaxes com You must also include them in box 12. Www myfreetaxes com Mark the “Retirement plan” checkbox in box 13. Www myfreetaxes com For more information, see the Form W-2 instructions. Www myfreetaxes com Distributions (Withdrawals) As an employer, you cannot prohibit distributions from a SEP-IRA. Www myfreetaxes com Also, you cannot make your contributions on the condition that any part of them must be kept in the account after you have made your contributions to the employee's accounts. Www myfreetaxes com Distributions are subject to IRA rules. Www myfreetaxes com Generally, you or your employee must begin to receive distributions from a SEP-IRA by April 1 of the first year after the calendar year in which you or your employee reaches age 70½. Www myfreetaxes com For more information about IRA rules, including the tax treatment of distributions, rollovers, required distributions, and income tax withholding, see Publication 590. Www myfreetaxes com Additional Taxes The tax advantages of using SEP-IRAs for retirement savings can be offset by additional taxes that may be imposed for all the following actions. Www myfreetaxes com Making excess contributions. Www myfreetaxes com Making early withdrawals. Www myfreetaxes com Not making required withdrawals. Www myfreetaxes com For information about these taxes, see chapter 1 in Publication 590. Www myfreetaxes com Also, a SEP-IRA may be disqualified, or an excise tax may apply, if the account is involved in a prohibited transaction, discussed next. Www myfreetaxes com Prohibited transaction. Www myfreetaxes com   If an employee improperly uses his or her SEP-IRA, such as by borrowing money from it, the employee has engaged in a prohibited transaction. Www myfreetaxes com In that case, the SEP-IRA will no longer qualify as an IRA. Www myfreetaxes com For a list of prohibited transactions, see Prohibited Transactions in chapter 4. Www myfreetaxes com Effects on employee. Www myfreetaxes com   If a SEP-IRA is disqualified because of a prohibited transaction, the assets in the account will be treated as having been distributed to the employee on the first day of the year in which the transaction occurred. Www myfreetaxes com The employee must include in income the fair market value of the assets (on the first day of the year) that is more than any cost basis in the account. Www myfreetaxes com Also, the employee may have to pay the additional tax for making early withdrawals. Www myfreetaxes com Reporting and Disclosure Requirements If you set up a SEP using Form 5305-SEP, you must give your eligible employees certain information about the SEP when you set it up. Www myfreetaxes com See Setting Up a SEP , earlier. Www myfreetaxes com Also, you must give your eligible employees a statement each year showing any contributions to their SEP-IRAs. Www myfreetaxes com You must also give them notice of any excess contributions. Www myfreetaxes com For details about other information you must give them, see the instructions for Form 5305-SEP or Form 5305A-SEP (for a salary reduction SEP). Www myfreetaxes com Even if you did not use Form 5305-SEP or Form 5305A-SEP to set up your SEP, you must give your employees information similar to that described above. Www myfreetaxes com For more information, see the instructions for either Form 5305-SEP or Form 5305A-SEP. Www myfreetaxes com Prev  Up  Next   Home   More Online Publications
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Www myfreetaxes com Index A Accounting methods, Accounting Methods Accrual method, Accrual method. Www myfreetaxes com Change in accounting method Section 481(a) adjustment. Www myfreetaxes com , Change in accounting method. Www myfreetaxes com Mark-to-market accounting method, Mark-to-market accounting method. Www myfreetaxes com Nonaccrual experience method, Nonaccrual experience method. Www myfreetaxes com Percentage of completion method, Percentage of completion method. Www myfreetaxes com Accounting periods, Accounting Periods Accumulated earnings tax, Accumulated Earnings Tax Alternative minimum tax (AMT), Alternative Minimum Tax (AMT) At-risk limits, At-Risk Limits B Backup withholding, Backup withholding. Www myfreetaxes com Below-market loans, Below-Market Loans C Capital contributions, Capital Contributions Capital losses, Capital Losses Charitable contributions, Charitable Contributions Closely held corporation: At-risk limits, Closely held corporation. Www myfreetaxes com Closely held corporations:, Closely held corporations. Www myfreetaxes com Comments, Comments and suggestions. Www myfreetaxes com Corporate preference items, Corporate Preference Items Corporations, businesses taxed as, Businesses Taxed as Corporations Credits, Credits Credits: Foreign tax, Credits General business credit, Credits Prior year minimum tax, Credits D Distributions: Money or property. Www myfreetaxes com , Money or Property Distributions Other, Constructive Distributions Reporting, Reporting Dividends and Other Distributions Stock or stock rights, Distributions of Stock or Stock Rights To shareholders, Distributions to Shareholders Dividends-received deduction, Dividends-Received Deduction E EFTPS, Electronic Federal Tax Payment System, Electronic Federal Tax Payment System (EFTPS). Www myfreetaxes com Electronic filing, Electronic filing. Www myfreetaxes com Energy-efficient commercial building property deduction, Energy-Efficient Commercial Building Property Deduction Estimated tax, Estimated Tax Extraordinary dividends, Extraordinary Dividends F Figuring: NOL carryovers, Figuring the NOL Carryover Tax, Figuring Tax Foreign tax credit, Credits Form: 1096, Form 1099-DIV. Www myfreetaxes com 1099–DIV, Form 1099-DIV. Www myfreetaxes com 1118, Credits 1120, Which form to file. Www myfreetaxes com 1120-W, How to figure each required installment. Www myfreetaxes com 1120X, Refunds. Www myfreetaxes com , NOL carryback. Www myfreetaxes com 1138, Carryback expected. Www myfreetaxes com 1139, Refunds. Www myfreetaxes com , NOL carryback. Www myfreetaxes com 2220, Form 2220. Www myfreetaxes com 3800, Credits, Recapture Taxes 4255, Recapture Taxes 4626, Form 4626. Www myfreetaxes com 5452, Form 5452. Www myfreetaxes com 7004, Extension of time to file. Www myfreetaxes com 8611, Recapture Taxes 8827, Credits 8832, Business formed after 1996. Www myfreetaxes com 8834, Recapture Taxes 8845, Recapture Taxes 8874, Recapture Taxes 8882, Recapture Taxes 8912, Credits G Going into business, Costs of Going Into Business I Income tax returns, Income Tax Return L Loans, below-market, Below-Market Loans M Minimum tax credit, Credits N Net operating losses, Net Operating Losses Nontaxable exchange of property for stock, Property Exchanged for Stock P Paid-in capital, Paid-in capital. Www myfreetaxes com Passive activity limits, Passive Activity Limits Paying estimated tax, How to pay estimated tax. Www myfreetaxes com Penalties Other, Other penalties. Www myfreetaxes com Trust fund recovery, Trust fund recovery penalty. Www myfreetaxes com Penalties: Estimated tax, Underpayment penalty. Www myfreetaxes com Late filing of return, Late filing of return. Www myfreetaxes com Late payment of tax, Late payment of tax. Www myfreetaxes com Personal service corporation: Figuring tax, Qualified personal service corporation. Www myfreetaxes com Personal service corporations:, Personal service corporations. Www myfreetaxes com Preference items, Corporate Preference Items Q Qualified refinery property, election to expense, Election to Expense Qualified Refinery Property Qualifying shipping activities, income from, Income From Qualifying Shipping Activities R Recapture taxes: Childcare facilities and services credit , Recapture Taxes Indian employment credit, Recapture Taxes Investment credit, Recapture Taxes Low-income housing credit, Recapture Taxes New markets credit, Recapture Taxes Qualified plug-in electric and electric vehicle credit, Recapture Taxes Recordkeeping, Recordkeeping Related persons, Related Persons Retained earnings, Accumulated Earnings Tax S Suggestions, Comments and suggestions. Www myfreetaxes com T Tax help, How To Get Tax Help Tax rate schedule, Tax Rate Schedule Tax, figuring, Figuring Tax Taxpayer Advocate, Contacting your Taxpayer Advocate. Www myfreetaxes com TTY/TDD information, How To Get Tax Help Prev  Up     Home   More Online Publications