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1040ez Free File Online1040ez free file online 7. 1040ez free file online Excess Contributions Table of Contents How Do I Know If I Have Excess Contributions? What Happens If I Have Excess Contributions?Excess Annual Addition Excess Elective Deferral If your actual contributions are greater than your MAC, you have an excess contribution. 1040ez free file online Excess contributions can result in income tax, additional taxes, and penalties. 1040ez free file online The effect of excess contributions depends on the type of excess contribution. 1040ez free file online This chapter discusses excess contributions to your 403(b) account. 1040ez free file online How Do I Know If I Have Excess Contributions? At the end of the year or the beginning of the next year, you should refigure your MAC based on your actual compensation and actual contributions made to your account. 1040ez free file online If the actual contributions to your account are greater than your MAC, you have excess contributions. 1040ez free file online If, at any time during the year, your employment status or your compensation changes, you should refigure your MAC using a revised estimate of compensation to prevent excess contributions. 1040ez free file online What Happens If I Have Excess Contributions? Certain excess contributions in a 403(b) account can be corrected. 1040ez free file online The effect of an excess 403(b) contribution will depend on the type of excess contribution. 1040ez free file online Types of excess contributions. 1040ez free file online If, after checking your actual contributions, you determine that you have an excess, the first thing is to identify the type of excess that you have. 1040ez free file online Excess contributions to a 403(b) account are categorized as either an: Excess annual addition, or Excess elective deferral. 1040ez free file online Excess Annual Addition An excess annual addition is a contribution that is more than your limit on annual additions. 1040ez free file online To determine your limit on annual additions, see chapter 3 (chapter 5 for ministers or church employees). 1040ez free file online In the year that your contributions are more than your limit on annual additions, the excess amount will be included in your income. 1040ez free file online Excise Tax If your 403(b) account invests in mutual funds, and you exceed your limit on annual additions, you may be subject to a 6% excise tax on the excess contribution. 1040ez free file online The excise tax does not apply to funds in an annuity account or to excess deferrals. 1040ez free file online You must pay the excise tax each year in which there are excess contributions in your account. 1040ez free file online Excess contributions can be corrected by contributing less than the applicable limit in later years or by making permissible distributions. 1040ez free file online See chapter 8 for a discussion on permissible distributions. 1040ez free file online You cannot deduct the excise tax. 1040ez free file online Reporting requirement. 1040ez free file online You must file Form 5330 if there has been an excess contribution to a custodial account and that excess has not been corrected. 1040ez free file online Excess Elective Deferral An excess elective deferral is the amount that is more than your limit on elective deferrals. 1040ez free file online To determine your limit on elective deferrals, see chapter 4. 1040ez free file online Your employer's 403(b) plan may contain language permitting it to distribute excess deferrals. 1040ez free file online If so, it may require that in order to get a distribution of excess deferrals, you either notify the plan of the amount of excess deferrals or designate a distribution as an excess deferral. 1040ez free file online The plan may require that the notification or designation be in writing and may require that you certify or otherwise establish that the designated amount is an excess deferral. 1040ez free file online A plan is not required to permit distribution of excess deferrals. 1040ez free file online Correction of excess deferrals during year. 1040ez free file online If you have excess deferrals for a year, a corrective distribution may be made only if both of the following conditions are satisfied. 1040ez free file online The plan and either you or your employer designate the distribution as an excess deferral to the extent you have excess deferrals for the year. 1040ez free file online The correcting distribution is made after the date on which the excess deferral was made. 1040ez free file online Correction of excess deferrals after the year. 1040ez free file online If you have excess deferrals for a year, you may receive a correcting distribution of the excess deferral no later than April 15 of the following year. 1040ez free file online The plan can distribute the excess deferral (and any income allocable to the excess) no later than April 15 of the year following the year the excess deferral was made. 1040ez free file online Tax treatment of excess deferrals not attributable to Roth contributions. 1040ez free file online If the excess deferral is distributed by April 15, it is included in your income in the year contributed and the earnings on the excess deferral will be taxed in the year distributed. 1040ez free file online Tax treatment of excess deferrals attributable to Roth contributions. 1040ez free file online For these rules, see Regulations section 1. 1040ez free file online 402(g)-1(e). 1040ez free file online Prev Up Next Home More Online Publications
Internet and Social Networking Safety
The Internet gives you easy access to information, entertainment, financial offers and countless other services. The flip-side, however, is that it can leave you vulnerable to online scammers, identity thieves, and criminals. To guard against Internet fraud, follow the tips below:
Know your seller. If you don't, do some research.
- Company websites often provide information in a section called "About Us". Some online sellers participate in programs, such as BBBOnLine, that help resolve problems. Look for a logo or endorsement seal on the company website. This is an indication, but not a guarantee, of the seller's reliability.
- Check with state and/or local consumer offices.
- Another way to check online sellers is to look for other consumers' comments. Visit Bizrate, where consumers rate online stores. Some Internet auction sites post ratings of sellers based on comments by buyers. This information may give you some idea of how you'll be treated, but beware of too many glowing stories that might have ben placed by sellers themselves.
Protect your personal information. Don't provide it in response to an e-mail, a pop-up, or a website you've linked to from an e-mail or web page.
- Take your time and resist any urge to "act now" to keep your account open or take advantage of a special offer.
- Use anti-virus and anti-spyware software, as well as a firewall, and update them all regularly. Make sure your operating system and web browser are set up properly and update them regularly as well.
- Protect your passwords. Don't share your passwords with anyone. Memorize them.
- Back up important files. Copy them onto another computer or a removable hard drive such as a flash memory stick. When you spill coffee on your laptop or if your computer stops working, you'll be glad you did.
Learn who to contact if something goes wrong online. Report suspected fraud to your bank, credit card company or relevant authority.
The FTC provides tips to help secure your computer, guard against Internet fraud, and protect your personal information. Visit OnGuardOnline for more information. To keep up to date with the latest computer threats, signup for alerts from the Department of Homeland Security.
Social Networking Privacy
Social networking sites such as Facebook, Twitter, LinkedIn, craigslist, and others continue to gain popularity. These sites make it easy to re-connect, stay in touch, and even do business. But recent reports involving privacy concerns and crimes should make you more careful about the information they share. Some tips to consider to protect your privacy and safety include:
- Make your contact information private.
- Limit who can search for your profile on Internet search engines.
- Manage who can view your images; untag photos if necessary.
- Create seperate lists to manage who can see information you've posted.
- Be careful about who can see your status updates.
- Refrain from telling people where you are at any specific time.
- Be cautious about arranging meetings in person with online acquaintances.
For more information go to:
- Federal Communications Commission
- Federal Trade Commission
- Internet Keep Safe Coalition
- National Center for Missing & Exploited Children
- National Crime Prevention Council
- National Cyber Security Alliance
- Wired Safety
If you’ve ever received a “security alert” stating that malicious software was found on your computer it may have been scareware. These messages will persuade you that your computer is infected with a virus that you can only eliminate by purchasing and installing specific software. Don’t follow that advice; shut down your browser without clicking in the message. If you believe that your computer is infected, you should run a scan using a known anti-virus software. For more information about scareware and protecting your computer, visit Onguard Online.