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2012 Irs 1040a Instructions

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2012 Irs 1040a Instructions

2012 irs 1040a instructions 7. 2012 irs 1040a instructions   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. 2012 irs 1040a instructions Excess contributions can result in income tax, additional taxes, and penalties. 2012 irs 1040a instructions The effect of excess contributions depends on the type of excess contribution. 2012 irs 1040a instructions This chapter discusses excess contributions to your 403(b) account. 2012 irs 1040a instructions 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. 2012 irs 1040a instructions If the actual contributions to your account are greater than your MAC, you have excess contributions. 2012 irs 1040a instructions 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. 2012 irs 1040a instructions What Happens If I Have Excess Contributions? Certain excess contributions in a 403(b) account can be corrected. 2012 irs 1040a instructions The effect of an excess 403(b) contribution will depend on the type of excess contribution. 2012 irs 1040a instructions Types of excess contributions. 2012 irs 1040a instructions   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. 2012 irs 1040a instructions Excess contributions to a 403(b) account are categorized as either an: Excess annual addition, or Excess elective deferral. 2012 irs 1040a instructions Excess Annual Addition An excess annual addition is a contribution that is more than your limit on annual additions. 2012 irs 1040a instructions To determine your limit on annual additions, see chapter 3 (chapter 5 for ministers or church employees). 2012 irs 1040a instructions In the year that your contributions are more than your limit on annual additions, the excess amount will be included in your income. 2012 irs 1040a instructions 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. 2012 irs 1040a instructions The excise tax does not apply to funds in an annuity account or to excess deferrals. 2012 irs 1040a instructions You must pay the excise tax each year in which there are excess contributions in your account. 2012 irs 1040a instructions Excess contributions can be corrected by contributing less than the applicable limit in later years or by making permissible distributions. 2012 irs 1040a instructions See chapter 8 for a discussion on permissible distributions. 2012 irs 1040a instructions You cannot deduct the excise tax. 2012 irs 1040a instructions Reporting requirement. 2012 irs 1040a instructions   You must file Form 5330 if there has been an excess contribution to a custodial account and that excess has not been corrected. 2012 irs 1040a instructions Excess Elective Deferral An excess elective deferral is the amount that is more than your limit on elective deferrals. 2012 irs 1040a instructions To determine your limit on elective deferrals, see chapter 4. 2012 irs 1040a instructions Your employer's 403(b) plan may contain language permitting it to distribute excess deferrals. 2012 irs 1040a instructions 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. 2012 irs 1040a instructions 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. 2012 irs 1040a instructions A plan is not required to permit distribution of excess deferrals. 2012 irs 1040a instructions Correction of excess deferrals during year. 2012 irs 1040a instructions   If you have excess deferrals for a year, a corrective distribution may be made only if both of the following conditions are satisfied. 2012 irs 1040a instructions 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. 2012 irs 1040a instructions The correcting distribution is made after the date on which the excess deferral was made. 2012 irs 1040a instructions Correction of excess deferrals after the year. 2012 irs 1040a instructions   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. 2012 irs 1040a instructions 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. 2012 irs 1040a instructions Tax treatment of excess deferrals not attributable to Roth contributions. 2012 irs 1040a instructions   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. 2012 irs 1040a instructions Tax treatment of excess deferrals attributable to Roth contributions. 2012 irs 1040a instructions   For these rules, see Regulations section 1. 2012 irs 1040a instructions 402(g)-1(e). 2012 irs 1040a instructions Prev  Up  Next   Home   More Online Publications
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    The 2012 Irs 1040a Instructions

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