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2012 Tax Preparation Software

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2012 Tax Preparation Software

2012 tax preparation software 6. 2012 tax preparation software   Estimated Tax Table of Contents Who Must Make Estimated Tax Payments Estimated tax is a method used to pay tax on income that is not subject to withholding. 2012 tax preparation software This income includes self-employment income, interest, dividends, alimony, rent, gains from the sale of assets, prizes, and awards. 2012 tax preparation software Income tax generally is withheld from pensions and annuity payments you receive. 2012 tax preparation software However, if the tax withheld from your pension (or other) income is not enough, you may have to pay estimated tax. 2012 tax preparation software If you do not pay enough tax through withholding, by making estimated tax payments, or both, you may be charged a penalty. 2012 tax preparation software Who Must Make Estimated Tax Payments If you had a tax liability for 2013, you may have to pay estimated tax for 2014. 2012 tax preparation software In most cases, you must pay estimated tax for 2014 if both of the following apply. 2012 tax preparation software You expect to owe at least $1,000 in tax for 2014, after subtracting your withholding and refundable credits. 2012 tax preparation software You expect your withholding and refundable credits to be less than the smaller of: 90% of the tax to be shown on your 2014 tax return, or 100% of the tax shown on your 2013 tax return. 2012 tax preparation software The 2013 tax return must cover all 12 months. 2012 tax preparation software If all of your income will be subject to income tax withholding, you probably do not need to make estimated tax payments. 2012 tax preparation software For more information on estimated tax, see Publication 505. 2012 tax preparation software Prev  Up  Next   Home   More Online Publications
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The 2012 Tax Preparation Software

2012 tax preparation software 1. 2012 tax preparation software   403(b) Plan Basics Table of Contents What Is a 403(b) Plan? What Are the Benefits of Contributing to a 403(b) Plan?Excluded. 2012 tax preparation software Deducted. 2012 tax preparation software Who Can Participate in a 403(b) Plan?Ministers. 2012 tax preparation software Who Can Set Up a 403(b) Account? How Can Contributions Be Made to My 403(b) Account? Do I Report Contributions on My Tax Return? How Much Can Be Contributed to My 403(b) Account? This chapter introduces you to 403(b) plans and accounts. 2012 tax preparation software Specifically, the chapter answers the following questions. 2012 tax preparation software What is a 403(b) plan? What are the benefits of contributing to a 403(b) plan? Who can participate in a 403(b) plan? Who can set up a 403(b) account? How can contributions be made to my 403(b) account? Do I report contributions on my tax return? How much can be contributed to my 403(b) account? What Is a 403(b) Plan? A 403(b) plan, also known as a tax-sheltered annuity (TSA) plan, is a retirement plan for certain employees of public schools, employees of certain tax-exempt organizations, and certain ministers. 2012 tax preparation software Individual accounts in a 403(b) plan can be any of the following types. 2012 tax preparation software An annuity contract, which is a contract provided through an insurance company, A custodial account, which is an account invested in mutual funds, or A retirement income account set up for church employees. 2012 tax preparation software Generally, retirement income accounts can invest in either annuities or mutual funds. 2012 tax preparation software We use the term “403(b) account” to refer to any one of these funding arrangements throughout this publication, unless otherwise specified. 2012 tax preparation software What Are the Benefits of Contributing to a 403(b) Plan?  There are three benefits to contributing to a 403(b) plan. 2012 tax preparation software The first benefit is that you do not pay income tax on allowable contributions until you begin making withdrawals from the plan, usually after you retire. 2012 tax preparation software Allowable contributions to a 403(b) plan are either excluded or deducted from your income. 2012 tax preparation software However, if your contributions are made to a Roth contribution program, this benefit does not apply. 2012 tax preparation software Instead, you pay income tax on the contributions to the plan but distributions from the plan (if certain requirements are met) are tax free. 2012 tax preparation software Note. 2012 tax preparation software Generally, employees must pay social security and Medicare tax on their contributions to a 403(b) plan, including those made under a salary reduction agreement. 2012 tax preparation software See chapter 4, Limit on Elective Deferrals , for more information. 2012 tax preparation software The second benefit is that earnings and gains on amounts in your 403(b) account are not taxed until you withdraw them. 2012 tax preparation software Earnings and gains on amounts in a Roth contribution program are not taxed if your withdrawals are qualified distributions. 2012 tax preparation software Otherwise, they are taxed when you withdraw them. 2012 tax preparation software The third benefit is that you may be eligible to take a credit for elective deferrals contributed to your 403(b) account. 2012 tax preparation software See chapter 10, Retirement Savings Contributions Credit (Saver's Credit) . 2012 tax preparation software Excluded. 2012 tax preparation software   If an amount is excluded from your income, it is not included in your total wages on your Form W-2. 2012 tax preparation software This means that you do not report the excluded amount on your tax return. 2012 tax preparation software Deducted. 2012 tax preparation software   If an amount is deducted from your income, it is included with your other wages on your Form W-2. 2012 tax preparation software You report this amount on your tax return, but you are allowed to subtract it when figuring the amount of income on which you must pay tax. 2012 tax preparation software Who Can Participate in a 403(b) Plan? Any eligible employee can participate in a 403(b) plan. 2012 tax preparation software Eligible employees. 2012 tax preparation software   The following employees are eligible to participate in a 403(b) plan. 2012 tax preparation software Employees of tax-exempt organizations established under section 501(c)(3). 2012 tax preparation software These organizations are usually referred to as section 501(c)(3) organizations or simply 501(c)(3) organizations. 2012 tax preparation software Employees of public school systems who are involved in the day-to-day operations of a school. 2012 tax preparation software Employees of cooperative hospital service organizations. 2012 tax preparation software Civilian faculty and staff of the Uniformed Services University of the Health Sciences. 2012 tax preparation software Employees of public school systems organized by Indian tribal governments. 2012 tax preparation software Certain ministers (explained next). 2012 tax preparation software Ministers. 2012 tax preparation software   The following ministers are eligible employees for whom a 403(b) account can be established. 2012 tax preparation software Ministers employed by section 501(c)(3) organizations. 2012 tax preparation software Self-employed ministers. 2012 tax preparation software A self-employed minister is treated as employed by a tax-exempt organization that is a qualified employer. 2012 tax preparation software Ministers (chaplains) who meet both of the following requirements. 2012 tax preparation software They are employed by organizations that are not section 501(c)(3) organizations. 2012 tax preparation software They function as ministers in their day-to-day professional responsibilities with their employers. 2012 tax preparation software   Throughout this publication, the term chaplain will be used to mean ministers described in the third category in the list above. 2012 tax preparation software Example. 2012 tax preparation software A minister employed as a chaplain by a state-run prison and a chaplain in the United States Armed Forces are eligible employees because their employers are not section 501(c)(3) organizations and they are employed as ministers. 2012 tax preparation software Who Can Set Up a 403(b) Account? You cannot set up your own 403(b) account. 2012 tax preparation software Only employers can set up 403(b) accounts. 2012 tax preparation software A self-employed minister cannot set up a 403(b) account for his or her benefit. 2012 tax preparation software If you are a self-employed minister, only the organization (denomination) with which you are associated can set up an account for your benefit. 2012 tax preparation software How Can Contributions Be Made to My 403(b) Account? Generally, only your employer can make contributions to your 403(b) account. 2012 tax preparation software However, some plans will allow you to make after-tax contributions (defined below). 2012 tax preparation software The following types of contributions can be made to 403(b) accounts. 2012 tax preparation software Elective deferrals . 2012 tax preparation software These are contributions made under a salary reduction agreement. 2012 tax preparation software This agreement allows your employer to withhold money from your paycheck to be contributed directly into a 403(b) account for your benefit. 2012 tax preparation software Except for Roth contributions, you do not pay income tax on these contributions until you withdraw them from the account. 2012 tax preparation software If your contributions are Roth contributions, you pay taxes on your contributions but any qualified distributions from your Roth account are tax free. 2012 tax preparation software Nonelective contributions . 2012 tax preparation software These are employer contributions that are not made under a salary reduction agreement. 2012 tax preparation software Nonelective contributions include matching contributions, discretionary contributions, and mandatory contributions from your employer. 2012 tax preparation software You do not pay income tax on these contributions until you withdraw them from the account. 2012 tax preparation software After-tax contributions . 2012 tax preparation software These are contributions (that are not Roth contributions) you make with funds that you must include in income on your tax return. 2012 tax preparation software A salary payment on which income tax has been withheld is a source of these contributions. 2012 tax preparation software If your plan allows you to make after-tax contributions, they are not excluded from income and you cannot deduct them on your tax return. 2012 tax preparation software A combination of any of the three contribution types listed above. 2012 tax preparation software Self-employed minister. 2012 tax preparation software   If you are a self-employed minister, you are considered both an employee and an employer, and you can contribute to a retirement income account for your own benefit. 2012 tax preparation software Do I Report Contributions on My Tax Return? Generally, you do not report contributions to your 403(b) account (except Roth contributions) on your tax return. 2012 tax preparation software Your employer will report contributions on your 2013 Form W-2. 2012 tax preparation software Elective deferrals will be shown in box 12 and the Retirement plan box will be checked in box 13. 2012 tax preparation software If you are a self-employed minister or chaplain, see the discussions next. 2012 tax preparation software Self-employed ministers. 2012 tax preparation software   If you are a self-employed minister, you must report the total contributions as a deduction on your tax return. 2012 tax preparation software Deduct your contributions on line 28 of the 2013 Form 1040. 2012 tax preparation software Chaplains. 2012 tax preparation software   If you are a chaplain and your employer does not exclude contributions made to your 403(b) account from your earned income, you may be able to take a deduction for those contributions on your tax return. 2012 tax preparation software    However, if your employer has agreed to exclude the contributions from your earned income, you will not be allowed a deduction on your tax return. 2012 tax preparation software   If you can take a deduction, include your contributions on line 36 of the 2013 Form 1040. 2012 tax preparation software Enter the amount of your deduction and write “403(b)” on the dotted line next to line 36. 2012 tax preparation software How Much Can Be Contributed to My 403(b) Account? There are limits on the amount of contributions that can be made to your 403(b) account each year. 2012 tax preparation software If contributions made to your 403(b) account are more than these contribution limits, penalties may apply. 2012 tax preparation software Chapters 2 through 6 provide information on how to determine the amount that can be contributed to your 403(b) account. 2012 tax preparation software Worksheets are provided in Chapter 9 to help you determine the maximum amount that can be contributed to your 403(b) account each year. 2012 tax preparation software Chapter 7, Excess Contributions , describes how to prevent excess contributions and how to get an excess contribution corrected. 2012 tax preparation software Prev  Up  Next   Home   More Online Publications