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1040x Online Form

1040x online form 1. 1040x online form   Scholarships, Fellowships, Grants, and Tuition Reductions Table of Contents Reminder Introduction Scholarships and FellowshipsTax-Free Scholarships and Fellowships Taxable Scholarships and Fellowships Reporting Scholarships and Fellowships Other Types of Educational AssistanceFulbright Grants Pell Grants and Other Title IV Need-Based Education Grants Payment to Service Academy Cadets Veterans' Benefits Qualified Tuition Reduction Reminder Individual retirement arrangements (IRAs). 1040x online form  You can set up and make contributions to an IRA if you receive taxable compensation. 1040x online form Under this rule, a taxable scholarship or fellowship is compensation only if it is shown in box 1 of your Form W-2, Wage and Tax Statement. 1040x online form For more information about IRAs, see Publication 590. 1040x online form Introduction This chapter discusses the income tax treatment of various types of educational assistance you may receive if you are studying, teaching, or researching in the United States. 1040x online form The educational assistance can be for a primary or secondary school, a college or university, or a vocational school. 1040x online form Included are discussions of: Scholarships, Fellowships, Need-based education grants, such as a Pell Grant, and Qualified tuition reductions. 1040x online form Many types of educational assistance are tax free if they meet the requirements discussed here. 1040x online form Special rules apply to U. 1040x online form S. 1040x online form citizens and resident aliens who have received scholarships or fellowships for studying, teaching, or researching abroad. 1040x online form For information about these rules, see Publication 54, Tax Guide for U. 1040x online form S. 1040x online form Citizens and Resident Aliens Abroad. 1040x online form Scholarships and Fellowships A scholarship is generally an amount paid or allowed to, or for the benefit of, a student (whether an undergraduate or a graduate) at an educational institution to aid in the pursuit of his or her studies. 1040x online form A fellowship is generally an amount paid for the benefit of an individual to aid in the pursuit of study or research. 1040x online form Amount of scholarship or fellowship. 1040x online form   The amount of a scholarship or fellowship includes the following: The value of contributed services and accommodations. 1040x online form This includes such services and accommodations as room (lodging), board (meals), laundry service, and similar services or accommodations that are received by an individual as a part of a scholarship or fellowship. 1040x online form The amount of tuition, matriculation, and other fees that are paid or remitted to the student to aid the student in pursuing study or research. 1040x online form Any amount received in the nature of a family allowance as a part of a scholarship or fellowship. 1040x online form Tax-Free Scholarships and Fellowships A scholarship or fellowship is tax free (excludable from gross income) only if you are a candidate for a degree at an eligible educational institution. 1040x online form A scholarship or fellowship is tax free only to the extent: It does not exceed your expenses; It is not designated or earmarked for other purposes (such as room and board), and does not require (by its terms) that it cannot be used for qualified education expenses; and It does not represent payment for teaching, research, or other services required as a condition for receiving the scholarship. 1040x online form (But for exceptions, see Payment for services,later. 1040x online form Use Worksheet 1–1 to figure the amount of a scholarship or fellowship you can exclude from gross income. 1040x online form Candidate for a degree. 1040x online form   You are a candidate for a degree if you: Attend a primary or secondary school or are pursuing a degree at a college or university, or Attend an educational institution that: Provides a program that is acceptable for full credit toward a bachelor's or higher degree, or offers a program of training to prepare students for gainful employment in a recognized occupation; and Is authorized under federal or state law to provide such a program and is accredited by a nationally recognized accreditation agency. 1040x online form Eligible educational institution. 1040x online form   An eligible educational institution is one whose primary function is the presentation of formal instruction and that normally maintains a regular faculty and curriculum and normally has a regularly enrolled body of students in attendance at the place where it carries on its educational activities. 1040x online form Qualified education expenses. 1040x online form   For purposes of tax-free scholarships and fellowships, these are expenses for: Tuition and fees required to enroll at or attend an eligible educational institution, and Course-related expenses, such as fees, books, supplies, and equipment that are required for the courses at the eligible educational institution. 1040x online form These items must be required of all students in your course of instruction. 1040x online form Expenses that do not qualify. 1040x online form   Qualified education expenses do not include the cost of: Room and board, Travel, Research, Clerical help, or Equipment and other expenses that are not required for enrollment in or attendance at an eligible educational institution. 1040x online form Payment for services. 1040x online form   Generally, you cannot exclude from your gross income the part of any scholarship or fellowship that represents payment for teaching, research, or other services required as a condition for receiving the scholarship. 1040x online form This applies even if all candidates for a degree must perform the services to receive the degree. 1040x online form (See exceptions next. 1040x online form ) Exceptions. 1040x online form   You do not have to treat as payment for services the part of any scholarship or fellowship that represents payment for teaching, research, or other services if you receive the amount under: The National Health Service Corps Scholarship Program, or The Armed Forces Health Professions Scholarship and Financial Assistance Program. 1040x online form Example 1. 1040x online form You received a scholarship of $2,500. 1040x online form The scholarship was not received under either of the exceptions mentioned above. 1040x online form As a condition for receiving the scholarship, you must serve as a part-time teaching assistant. 1040x online form Of the $2,500 scholarship, $1,000 represents payment for teaching. 1040x online form The provider of your scholarship gives you a Form W-2 showing $1,000 as income. 1040x online form Your qualified education expenses were at least $1,500. 1040x online form Assuming that all other conditions are met, $1,500 of your scholarship is tax free. 1040x online form The $1,000 you received for teaching is taxable. 1040x online form Example 2. 1040x online form You are a candidate for a degree at a medical school. 1040x online form You receive a scholarship (not under either of the exceptions mentioned above) for your medical education and training. 1040x online form The terms of your scholarship require you to perform future services. 1040x online form A substantial penalty applies if you do not comply. 1040x online form The entire amount of your grant is taxable as payment for services in the year it is received. 1040x online form Athletic Scholarships An athletic scholarship is tax free only if and to the extent it meets the requirements discussed later. 1040x online form Worksheet 1-1. 1040x online form    You can use Worksheet 1-1, Taxable Scholarship and Fellowship Income , later, to figure the tax-free and taxable parts of your athletic scholarship. 1040x online form    Worksheet 1-1. 1040x online form Taxable Scholarship and Fellowship Income 1. 1040x online form Enter the total amount of any scholarship or fellowship for 2013. 1040x online form See Amount of scholarship or fellowship, earlier. 1040x online form 1. 1040x online form       If you are a degree candidate at an eligible educational institution, go to line 2. 1040x online form If you are not a degree candidate at an eligible educational institution, stop here. 1040x online form The entire amount is taxable. 1040x online form For information on how to report this amount on your tax return, see Reporting Scholarships and Fellowships , earlier, in this chapter. 1040x online form       2. 1040x online form Enter the amount from line 1 that was for teaching, research, or any other services required as a condition for receiving the scholarship. 1040x online form (Do not include amounts received for these items under the National Health Service Corps Scholarship Program or the Armed Forces Health Professions Scholarship and Financial Assistance Program. 1040x online form ) 2. 1040x online form     3. 1040x online form Subtract line 2 from line 1 3. 1040x online form     4. 1040x online form Enter the amount from line 3 that your scholarship or fellowship required you to use for other than qualified education expenses 4. 1040x online form     5. 1040x online form Subtract line 4 from line 3 5. 1040x online form     6. 1040x online form Enter the amount of your qualified education expenses 6. 1040x online form     7. 1040x online form Enter the smaller of line 5 or line 6. 1040x online form This amount is the most you can exclude from your gross income (the tax-free part of the scholarship or fellowship) 7. 1040x online form     8. 1040x online form Subtract line 7 from line 5 8. 1040x online form     9. 1040x online form Taxable part. 1040x online form Add lines 2, 4, and 8. 1040x online form See Reporting Scholarships and Fellowships , earlier, for how to report this amount on your tax return 9. 1040x online form     Taxable Scholarships and Fellowships If and to the extent your scholarship or fellowship does not meet the requirements described earlier, it is taxable and must be included in gross income. 1040x online form You can use Worksheet 1–1, Taxable Scholarship and Fellowship Income, later, to figure the tax-free and taxable parts of your scholarship or fellowship. 1040x online form Reporting Scholarships and Fellowships Whether you must report your scholarship or fellowship depends on whether you must file a return and whether any part of your scholarship or fellowship is taxable. 1040x online form If your only income is a completely tax-free scholarship or fellowship, you do not have to file a tax return and no reporting is necessary. 1040x online form If all or part of your scholarship or fellowship is taxable and you are required to file a tax return, report the taxable amount as explained below. 1040x online form You must report the taxable amount whether or not you received a Form W-2. 1040x online form If you receive an incorrect Form W-2, ask the payer for a corrected one. 1040x online form For information on whether you must file a return, see Publication 501, Exemptions, Standard Deduction, and Filing Information, or your income tax form instructions. 1040x online form How To Report How you report any taxable scholarship or fellowship income depends on which return you file. 1040x online form Form 1040EZ. 1040x online form   If you file Form 1040EZ, include the taxable amount in the total on line 1. 1040x online form If the taxable amount was not reported on Form W-2, also enter “SCH” and the taxable amount in the space to the left of line 1. 1040x online form Form 1040A. 1040x online form   If you file Form 1040A, include the taxable amount in the total on line 7. 1040x online form If the taxable amount was not reported on Form W-2, also enter “SCH” and the taxable amount in the space to the left of line 7. 1040x online form Form 1040. 1040x online form   If you file Form 1040, include the taxable amount in the total on line 7. 1040x online form If the taxable amount was not reported on Form W-2, also enter “SCH” and the taxable amount on the dotted line next to line 7. 1040x online form Schedule SE (Form 1040). 1040x online form   To determine your net earnings from self-employment, include amounts you receive under a scholarship as pay for your services that are reported to you on Form 1099-MISC, Miscellaneous Income. 1040x online form If your net earnings are $400 or more, you must pay self-employment tax. 1040x online form Use Schedule SE, Self-Employment Tax, to figure this tax. 1040x online form Form 1040NR. 1040x online form   If you file Form 1040NR, report the taxable amount on line 12. 1040x online form Generally, you must report the amount shown in box 2 of Form(s) 1042-S, Foreign Person's U. 1040x online form S. 1040x online form Source Income Subject to Withholding. 1040x online form See the Instructions for Form 1040NR for more information. 1040x online form Form 1040NR-EZ. 1040x online form   If you file Form 1040NR-EZ, report the taxable amount on line 5. 1040x online form Generally, you must report the amount shown in box 2 of Form(s) 1042-S. 1040x online form See the Instructions for Form 1040NR-EZ for more information. 1040x online form Other Types of Educational Assistance The following discussions deal with other common types of educational assistance. 1040x online form Fulbright Grants A Fulbright grant is generally treated as a scholarship or fellowship in figuring how much of the grant is tax free. 1040x online form Pell Grants and Other Title IV Need-Based Education Grants These need-based grants are treated as scholarships for purposes of determining their tax treatment. 1040x online form They are tax free to the extent used for qualified education expenses during the period for which a grant is awarded. 1040x online form Payment to Service Academy Cadets An appointment to a United States military academy is not a scholarship or fellowship. 1040x online form Payment you receive as a cadet or midshipman at an armed services academy is pay for personal services and will be reported to you in box 1 of Form W-2. 1040x online form Include this pay in your income in the year you receive it unless one of the exceptions, discussed earlier under Payment for services , applies. 1040x online form Veterans' Benefits Payments you receive for education, training, or subsistence under any law administered by the Department of Veterans Affairs (VA) are tax free. 1040x online form Do not include these payments as income on your federal tax return. 1040x online form If you qualify for one or more of the education benefits discussed in chapters 2 through 12, you may have to reduce the amount of education expenses qualifying for a specific benefit by part or all of your VA payments. 1040x online form This applies only to the part of your VA payments that is required to be used for education expenses. 1040x online form You may want to visit the Veteran's Administration website at www. 1040x online form gibill. 1040x online form va. 1040x online form gov for specific information about the various VA benefits for education. 1040x online form Example. 1040x online form You have returned to college and are receiving two education benefits under the latest GI Bill: (1) a $1,534 monthly basic housing allowance (BHA) that is directly deposited to your checking account, and (2) $3,840 paid directly to your college for tuition. 1040x online form Neither of these benefits is taxable and you do not report them on your tax return. 1040x online form You also want to claim an American opportunity credit on your return. 1040x online form You paid $5,000 in qualified education expenses (see chapter 2, American Opportunity Credit , later). 1040x online form To figure the amount of credit, you must first subtract the $3,840 from your qualified education expenses because this payment under the GI Bill was required to be used for education expenses. 1040x online form You do not subtract any amount of the BHA because it was paid to you and its use was not restricted. 1040x online form Qualified Tuition Reduction If you are allowed to study tuition free or for a reduced rate of tuition, you may not have to pay tax on this benefit. 1040x online form This is called a “tuition reduction. 1040x online form ” You do not have to include a qualified tuition reduction in your income. 1040x online form A tuition reduction is qualified only if you receive it from, and use it at, an eligible educational institution. 1040x online form You do not have to use the tuition reduction at the eligible educational institution from which you received it. 1040x online form In other words, if you work for an eligible educational institution and the institution arranges for you to take courses at another eligible educational institution without paying any tuition, you may not have to include the value of the free courses in your income. 1040x online form The rules for determining if a tuition reduction is qualified, and therefore tax free, are different if the education provided is below the graduate level or is graduate education. 1040x online form You must include in your income any tuition reduction you receive that is payment for your services. 1040x online form Eligible educational institution. 1040x online form   An eligible educational institution is one that maintains a regular faculty and curriculum and normally has a regularly enrolled body of students in attendance at the place where it carries on its educational activities. 1040x online form Officers, owners, and highly compensated employees. 1040x online form   Qualified tuition reductions apply to officers, owners, or highly compensated employees only if benefits are available to employees on a nondiscriminatory basis. 1040x online form This means that the tuition reduction benefits must be available on substantially the same basis to each member of a group of employees. 1040x online form The group must be defined under a reasonable classification set up by the employer. 1040x online form The classification must not discriminate in favor of owners, officers, or highly compensated employees. 1040x online form Payment for services. 1040x online form   Generally, you must include in income the part of any qualified tuition reduction that represents payment for teaching, research, or other services by the student required as a condition of receiving the qualified tuition reduction. 1040x online form This applies even if all candidates for a degree must perform the services to receive the degree. 1040x online form (See below for exceptions. 1040x online form ) Exceptions. 1040x online form   You do not have to include in income the part of any scholarship or fellowship that represents payment for teaching, research, or other services if you receive the amount under: The National Health Service Corps Scholarship Program, or The Armed Forces Health Professions Scholarship and Financial Assistance Program. 1040x online form Education Below the Graduate Level If you receive a tuition reduction for education below the graduate level (including primary, secondary, or high school), it is a qualified tuition reduction, and therefore tax free, only if your relationship to the educational institution providing the benefit is described below. 1040x online form You are an employee of the eligible educational institution. 1040x online form You were an employee of the eligible educational institution, but you retired or left on disability. 1040x online form You are a widow or widower of an individual who died while an employee of the eligible educational institution or who retired or left on disability. 1040x online form You are the dependent child or spouse of an individual described in (1) through (3), above. 1040x online form Child of deceased parents. 1040x online form   For purposes of the qualified tuition reduction, a child is a dependent child if the child is under age 25 and both parents have died. 1040x online form Child of divorced parents. 1040x online form   For purposes of the qualified tuition reduction, a dependent child of divorced parents is treated as the dependent of both parents. 1040x online form Graduate Education A tuition reduction you receive for graduate education is qualified, and therefore tax free, if both of the following requirements are met. 1040x online form It is provided by an eligible educational institution. 1040x online form You are a graduate student who performs teaching or research activities for the educational institution. 1040x online form You must include in income any other tuition reductions for graduate education that you receive. 1040x online form How To Report Any tuition reduction that is taxable should be included as wages in box 1 of your Form W-2. 1040x online form Report the amount from Form W-2, box 1, on line 7 (Form 1040 or Form 1040A) or line 1 (Form 1040EZ). 1040x online form Prev  Up  Next   Home   More Online Publications
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Tax Relief for Victims of Severe Storms, Tornadoes, Straight-line Winds and Flooding in Kentucky

Updated 3/13/2012 to include Grayson, Larue, Ohio, Russell and Trimble counties.
Updated 3/12/2012 to include Magoffin and Wolfe counties.
Updated 3/9/2012 to include Bath, Campbell, Carroll, Grant, Martin, Montgomery and Rowan counties.

KY-2012-08, March 7, 2012

DETROIT — Victims of the severe storms, tornadoes, straight-line winds and flooding that started on Feb. 29, 2012 in parts of Kentucky may qualify for tax relief from the Internal Revenue Service.

The President has declared Bath, Campbell, Carroll, Grant, Grayson, Johnson, Kenton, Larue, Laurel, Lawrence, Magoffin, Martin, Menifee, Montgomery, Morgan, Ohio, Pendleton, Rowan, Russell, Trimble and Wolfe counties a federal disaster area. Individuals who reside or have a business in these counties may qualify for tax relief.

The declaration permits the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after Feb. 29, and on or before May 31, have been postponed to May 31, 2012. This includes the April 17 deadline for filing 2011 individual income tax returns, making income tax payments and making 2011 contributions to an individual retirement account (IRA).  

In addition, the IRS is waiving the failure-to-deposit penalties for employment and excise tax deposits due on or after Feb. 29, and on or before March 15, as long as the deposits are made by March 15, 2012.

If an affected taxpayer receives a penalty notice from the IRS, the taxpayer should call the telephone number on the notice to have the IRS abate any interest and any late filing or late payment penalties that would otherwise apply. Penalties or interest will be abated only for taxpayers who have an original or extended filing, payment or deposit due date, including an extended filing or payment due date, that falls within the postponement period.

The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area must call the IRS disaster hotline at 1-866-562-5227 to request this tax relief.

Covered Disaster Area

The counties listed above constitute a covered disaster area for purposes of Treas. Reg. § 301.7508A-1(d)(2) and are entitled to the relief detailed below.

Affected Taxpayers

Taxpayers considered to be affected taxpayers eligible for the postponement of time to file returns, pay taxes and perform other time-sensitive acts are those taxpayers listed in Treas. Reg. § 301.7508A-1(d)(1), and include individuals who live, and businesses whose principal place of business is located, in the covered disaster area. Taxpayers not in the covered disaster area, but whose records necessary to meet a deadline listed in Treas. Reg. § 301.7508A-1(c) are in the covered disaster area, are also entitled to relief. In addition, all relief workers affiliated with a recognized government or philanthropic organization assisting in the relief activities in the covered disaster area and any individual visiting the covered disaster area who was killed or injured as a result of the disaster are entitled to relief.

Grant of Relief

Under section 7508A, the IRS gives affected taxpayers until May 31 to file most tax returns (including individual, corporate, and estate and trust income tax returns; partnership returns, S corporation returns, and trust returns; estate, gift, and generation-skipping transfer tax returns; and employment and certain excise tax returns), or to make tax payments, including estimated tax payments, that have either an original or extended due date occurring on or after Feb. 29 and on or before May 31.

The IRS also gives affected taxpayers until May 31 to perform other time-sensitive actions described in Treas. Reg. § 301.7508A-1(c)(1) and Rev. Proc. 2007-56, 2007-34 I.R.B. 388 (Aug. 20, 2007), that are due to be performed on or after Feb. 29 and on or before May 31.

This relief also includes the filing of Form 5500 series returns, in the manner described in section 8 of Rev. Proc. 2007-56. The relief described in section 17 of Rev. Proc. 2007-56, pertaining to like-kind exchanges of property, also applies to certain taxpayers who are not otherwise affected taxpayers and may include acts required to be performed before or after the period above.

The postponement of time to file and pay does not apply to information returns in the W-2, 1098, 1099 series, or to Forms 1042-S or 8027. Penalties for failure to timely file information returns can be waived under existing procedures for reasonable cause. Likewise, the postponement does not apply to employment and excise tax deposits. The IRS, however, will abate penalties for failure to make timely employment and excise tax deposits due on or after Feb. 29 and on or before March 15 provided the taxpayer makes these deposits by March 15.

Casualty Losses

Affected taxpayers in a federally declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year. Claiming the loss on an original or amended return for last year will get the taxpayer an earlier refund, but waiting to claim the loss on this year’s return could result in a greater tax saving, depending on other income factors.

Individuals may deduct personal property losses that are not covered by insurance or other reimbursements. For details, see Form 4684 and its instructions.

Affected taxpayers claiming the disaster loss on last year’s return should put the Disaster Designation “Kentucky, Severe Storms, Tornadoes, Straight-line Winds, and Flooding” at the top of the form so that the IRS can expedite the processing of the refund.

Other Relief

The IRS will waive the usual fees and expedite requests for copies of previously filed tax returns for affected taxpayers. Taxpayers should put the assigned Disaster Designation in red ink at the top of Form 4506, Request for Copy of Tax Return, or Form 4506-T, Request for Transcript of Tax Return, as appropriate, and submit it to the IRS.

Affected taxpayers who are contacted by the IRS on a collection or examination matter should explain how the disaster impacts them so that the IRS can provide appropriate consideration to their case.

Taxpayers may download forms and publications from the official IRS website, irs.gov, or order them by calling 800-TAX-FORM (800-829-3676). The IRS toll-free number for general tax questions is 800-829-1040.

Related Information

Page Last Reviewed or Updated: 30-Jan-2014

The 1040x Online Form

1040x online form 7. 1040x online form   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. 1040x online form Excess contributions can result in income tax, additional taxes, and penalties. 1040x online form The effect of excess contributions depends on the type of excess contribution. 1040x online form This chapter discusses excess contributions to your 403(b) account. 1040x online form 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. 1040x online form If the actual contributions to your account are greater than your MAC, you have excess contributions. 1040x online form 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. 1040x online form What Happens If I Have Excess Contributions? Certain excess contributions in a 403(b) account can be corrected. 1040x online form The effect of an excess 403(b) contribution will depend on the type of excess contribution. 1040x online form Types of excess contributions. 1040x online form   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. 1040x online form Excess contributions to a 403(b) account are categorized as either an: Excess annual addition, or Excess elective deferral. 1040x online form Excess Annual Addition An excess annual addition is a contribution that is more than your limit on annual additions. 1040x online form To determine your limit on annual additions, see chapter 3 (chapter 5 for ministers or church employees). 1040x online form In the year that your contributions are more than your limit on annual additions, the excess amount will be included in your income. 1040x online form 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. 1040x online form The excise tax does not apply to funds in an annuity account or to excess deferrals. 1040x online form You must pay the excise tax each year in which there are excess contributions in your account. 1040x online form Excess contributions can be corrected by contributing less than the applicable limit in later years or by making permissible distributions. 1040x online form See chapter 8 for a discussion on permissible distributions. 1040x online form You cannot deduct the excise tax. 1040x online form Reporting requirement. 1040x online form   You must file Form 5330 if there has been an excess contribution to a custodial account and that excess has not been corrected. 1040x online form Excess Elective Deferral An excess elective deferral is the amount that is more than your limit on elective deferrals. 1040x online form To determine your limit on elective deferrals, see chapter 4. 1040x online form Your employer's 403(b) plan may contain language permitting it to distribute excess deferrals. 1040x online form 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. 1040x online form 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. 1040x online form A plan is not required to permit distribution of excess deferrals. 1040x online form Correction of excess deferrals during year. 1040x online form   If you have excess deferrals for a year, a corrective distribution may be made only if both of the following conditions are satisfied. 1040x online form 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. 1040x online form The correcting distribution is made after the date on which the excess deferral was made. 1040x online form Correction of excess deferrals after the year. 1040x online form   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. 1040x online form 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. 1040x online form Tax treatment of excess deferrals not attributable to Roth contributions. 1040x online form   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. 1040x online form Tax treatment of excess deferrals attributable to Roth contributions. 1040x online form   For these rules, see Regulations section 1. 1040x online form 402(g)-1(e). 1040x online form Prev  Up  Next   Home   More Online Publications