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Amended Income Tax Return

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Amended Income Tax Return

Amended income tax return Publication 547(SP) - Additional Material Prev  Up  Next   Home   More Online Publications
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The Amended Income Tax Return

Amended income tax return 3. Amended income tax return   Limit on Annual Additions Table of Contents Ministers and church employees. Amended income tax return Includible Compensation for Your Most Recent Year of ServiceMost Recent Year of Service Includible Compensation The first component of MAC is the limit on annual additions. Amended income tax return This is a limit on the total contributions (elective deferrals, nonelective contributions, and after-tax contributions) that can be made to your 403(b) account. Amended income tax return The limit on annual additions generally is the lesser of: $51,000 for 2013 and $52,000 for 2014, or 100% of your includible compensation for your most recent year of service. Amended income tax return More than one 403(b) account. Amended income tax return If you contributed to more than one 403(b) account, you must combine the contributions made to all 403(b) accounts on your behalf by your employer. Amended income tax return Ministers and church employees. Amended income tax return   If you are a minister or a church employee, you may be able to increase your limit on annual additions or use different rules when figuring your limit on annual additions. Amended income tax return For more information, see chapter 5. Amended income tax return Participation in a qualified plan. Amended income tax return If you participated in a 403(b) plan and a qualified plan, you must combine contributions made to your 403(b) account with contributions to a qualified plan and simplified employee pensions of all corporations, partnerships, and sole proprietorships in which you have more than 50% control. Amended income tax return You can use Part I of Worksheet 1 in chapter 9 to figure your limit on annual additions. Amended income tax return Includible Compensation for Your Most Recent Year of Service Definition. Amended income tax return   Generally, includible compensation for your most recent year of service is the amount of taxable wages and benefits you received from the employer that maintained a 403(b) account for your benefit during your most recent year of service. Amended income tax return When figuring your includible compensation for your most recent year of service, keep in mind that your most recent year of service may not be the same as your employer's most recent annual work period. Amended income tax return This can happen if your tax year is not the same as your employer's annual work period. Amended income tax return When figuring includible compensation for your most recent year of service, do not mix compensation or service of one employer with compensation or service of another employer. Amended income tax return Most Recent Year of Service Your most recent year of service is your last full year of service, ending on the last day of your tax year that you worked for the employer that maintained a 403(b) account on your behalf. Amended income tax return Tax year different from employer's annual work period. Amended income tax return   If your tax year is not the same as your employer's annual work period, your most recent year of service is made up of parts of at least two of your employer's annual work periods. Amended income tax return Example. Amended income tax return A professor who reports her income on a calendar-year basis is employed on a full-time basis by a university that operates on an academic year (October through May). Amended income tax return To figure her includible compensation for 2013, the professor's most recent year of service is her service from January through May 2013 and from October through December 2013. Amended income tax return Figuring Your Most Recent Year of Service To figure your most recent year of service, begin by determining what is a full year of service for your position. Amended income tax return A full year of service is equal to full-time employment for your employer's annual work period. Amended income tax return After identifying a full year of service, begin counting the service you have provided for your employer starting with the service provided in the current year. Amended income tax return Part-time or employed only part of the year. Amended income tax return   If you are a part-time or a full-time employee who is employed for only part of the year, your most recent year of service is your service this year and your service for as many previous years as is necessary to total 1 full year of service. Amended income tax return To determine your most recent year of service, add the following periods of service: Your service during the year for which you are figuring the limit on annual additions, and Your service during your preceding tax years until the total service equals 1 year of service or you have figured all of your service with the employer. Amended income tax return Example. Amended income tax return You were employed on a full-time basis from July through December 2011 (1/2 year of service), July through December 2012 (1/2 year of service), and October through December 2013 (1/4 year of service). Amended income tax return Your most recent year of service for computing your limit on annual additions for 2013 is the total of your service during 2013 (1/4 year of service), your service during 2012 (1/2 year of service), and your service during the months October through December 2011 (1/4 year of service). Amended income tax return Not yet employed for 1 year. Amended income tax return   If, at the close of the year, you have not yet worked for your employer for 1 year (including time you worked for the same employer in all earlier years), use the period of time you have worked for the employer as your most recent year of service. Amended income tax return Includible Compensation After identifying your most recent year of service, the next step is to identify the includible compensation associated with that full year of service. Amended income tax return Includible compensation is not the same as income included on your tax return. Amended income tax return Compensation is a combination of income and benefits received in exchange for services provided to your employer. Amended income tax return Generally, includible compensation is the amount of income and benefits: Received from the employer who maintains your 403(b) account, and Must be included in your income. Amended income tax return Includible compensation includes the following amounts. Amended income tax return Elective deferrals (employer's contributions made on your behalf under a salary reduction agreement). Amended income tax return Amounts contributed or deferred by your employer under a section 125 cafeteria plan. Amended income tax return Amounts contributed or deferred, at the election of the employee, under an eligible section 457 nonqualified deferred compensation plan (state or local government or tax-exempt organization plan). Amended income tax return  Note. Amended income tax return For information about treating elective deferrals under section 457 plans as Roth contributions, see Publication 575. Amended income tax return Wages, salaries, and fees for personal services earned with the employer maintaining your 403(b) account. Amended income tax return Income otherwise excluded under the foreign earned income exclusion. Amended income tax return Pre-tax contributions (employer's contributions made on your behalf according to your election) to a qualified transportation fringe benefit plan. Amended income tax return Includible compensation does not include the following items. Amended income tax return Your employer's contributions to your 403(b) account. Amended income tax return Compensation earned while your employer was not an eligible employer. Amended income tax return Your employer's contributions to a qualified plan that: Are on your behalf, and Are excludable from income. Amended income tax return The cost of incidental life insurance. Amended income tax return See Cost of Incidental Life Insurance, later. Amended income tax return If you are a church employee or a foreign missionary, figure includible compensation using the rules explained in chapter 5. Amended income tax return Contributions after retirement. Amended income tax return   Nonelective contributions may be made for an employee for up to 5 years after retirement. Amended income tax return These contributions would be based on includible compensation for the last year of service before retirement. Amended income tax return Cost of Incidental Life Insurance Includible compensation does not include the cost of incidental life insurance. Amended income tax return If all of your 403(b) accounts invest only in mutual funds, then you have no incidental life insurance. Amended income tax return If you have an annuity contract, a portion of the cost of that contract may be for incidental life insurance. Amended income tax return If so, the cost of the insurance is taxable to you in the year contributed and is considered part of your basis when distributed. Amended income tax return Your employer will include the cost of your insurance as taxable wages in box 1 of Form W-2. Amended income tax return Not all annuity contracts include life insurance. Amended income tax return Contact your plan administrator to determine if your contract includes incidental life insurance. Amended income tax return If it does, you will need to figure the cost of life insurance each year the policy is in effect. Amended income tax return Figuring the cost of incidental life insurance. Amended income tax return If you have determined that part of the cost of your annuity contract is for an incidental life insurance premium, you will need to determine the amount of the premium and subtract it from your includible compensation. Amended income tax return To determine the amount of the life insurance premiums, you will need to know the following information. Amended income tax return The value of your life insurance contract, which is the amount payable upon your death. Amended income tax return The cash value of your life insurance contract at the end of the tax year. Amended income tax return Your age on your birthday nearest the beginning of the policy year. Amended income tax return Your current life insurance protection under an ordinary retirement income life insurance policy, which is the amount payable upon your death minus the cash value of the contract at the end of the year. Amended income tax return You can use Worksheet A, in chapter 9, to determine the cost of your incidental life insurance. Amended income tax return Example. Amended income tax return Your new contract provides that your beneficiary will receive $10,000 if you should die before retirement. Amended income tax return Your cash value in the contract at the end of the first year is zero. Amended income tax return Your current life insurance protection for the first year is $10,000 ($10,000 − 0). Amended income tax return The cash value in the contract at the end of year two is $1,000, and the current life insurance protection for the second year is $9,000 ($10,000 – $1,000). Amended income tax return The 1-year cost of the protection can be calculated by using Figure 3-1, Table of One-Year Term Premiums for $1,000 Life Insurance Protection . Amended income tax return The premium rate is determined based on your age on your birthday nearest the beginning of the policy year. Amended income tax return Figure 3-1. Amended income tax return Table of One-Year Term Premiums for $1,000 Life Insurance Protection Age Cost   Age Cost   Age Cost 0 $0. Amended income tax return 70   35 $0. Amended income tax return 99   70 $20. Amended income tax return 62 1 0. Amended income tax return 41   36 1. Amended income tax return 01   71 22. Amended income tax return 72 2 0. Amended income tax return 27   37 1. Amended income tax return 04   72 25. Amended income tax return 07 3 0. Amended income tax return 19   38 1. Amended income tax return 06   73 27. Amended income tax return 57 4 0. Amended income tax return 13   39 1. Amended income tax return 07   74 30. Amended income tax return 18 5 0. Amended income tax return 13   40 1. Amended income tax return 10   75 33. Amended income tax return 05 6 0. Amended income tax return 14   41 1. Amended income tax return 13   76 36. Amended income tax return 33 7 0. Amended income tax return 15   42 1. Amended income tax return 20   77 40. Amended income tax return 17 8 0. Amended income tax return 16   43 1. Amended income tax return 29   78 44. Amended income tax return 33 9 0. Amended income tax return 16   44 1. Amended income tax return 40   79 49. Amended income tax return 23 10 0. Amended income tax return 16   45 1. Amended income tax return 53   80 54. Amended income tax return 56 11 0. Amended income tax return 19   46 1. Amended income tax return 67   81 60. Amended income tax return 51 12 0. Amended income tax return 24   47 1. Amended income tax return 83   82 66. Amended income tax return 74 13 0. Amended income tax return 28   48 1. Amended income tax return 98   83 73. Amended income tax return 07 14 0. Amended income tax return 33   49 2. Amended income tax return 13   84 80. Amended income tax return 35 15 0. Amended income tax return 38   50 2. Amended income tax return 30   85 88. Amended income tax return 76 16 0. Amended income tax return 52   51 2. Amended income tax return 52   86 99. Amended income tax return 16 17 0. Amended income tax return 57   52 2. Amended income tax return 81   87 110. Amended income tax return 40 18 0. Amended income tax return 59   53 3. Amended income tax return 20   88 121. Amended income tax return 85 19 0. Amended income tax return 61   54 3. Amended income tax return 65   89 133. Amended income tax return 40 20 0. Amended income tax return 62   55 4. Amended income tax return 15   90 144. Amended income tax return 30 21 0. Amended income tax return 62   56 4. Amended income tax return 68   91 155. Amended income tax return 80 22 0. Amended income tax return 64   57 5. Amended income tax return 20   92 168. Amended income tax return 75 23 0. Amended income tax return 66   58 5. Amended income tax return 66   93 186. Amended income tax return 44 24 0. Amended income tax return 68   59 6. Amended income tax return 06   94 206. Amended income tax return 70 25 0. Amended income tax return 71   60 6. Amended income tax return 51   95 228. Amended income tax return 35 26 0. Amended income tax return 73   61 7. Amended income tax return 11   96 250. Amended income tax return 01 27 0. Amended income tax return 76   62 7. Amended income tax return 96   97 265. Amended income tax return 09 28 0. Amended income tax return 80   63 9. Amended income tax return 08   98 270. Amended income tax return 11 29 0. Amended income tax return 83   64 10. Amended income tax return 41   99 281. Amended income tax return 05 30 0. Amended income tax return 87   65 11. Amended income tax return 90       31 0. Amended income tax return 90   66 13. Amended income tax return 51       32 0. Amended income tax return 93   67 15. Amended income tax return 20       33 0. Amended income tax return 96   68 16. Amended income tax return 92       34 0. Amended income tax return 98   69 18. Amended income tax return 70                       If the current published premium rates per $1,000 of insurance protection charged by an insurer for individual 1-year term life insurance premiums available to all standard risks are lower than those in the preceding table, you can use the lower rates for figuring the cost of insurance in connection with individual policies issued by the same insurer. Amended income tax return Example 1. Amended income tax return Lynne Green, age 44, and her employer enter into a 403(b) plan that will provide her with a $500 a month annuity upon retirement at age 65. Amended income tax return The agreement also provides that if she should die before retirement, her beneficiary will receive the greater of $20,000 or the cash surrender value in the life insurance contract. Amended income tax return Using the facts presented we can determine the cost of Lynne's life insurance protection as shown in Table 3-1. Amended income tax return Lynne's employer has included $28 for the cost of the life insurance protection in her current year's income. Amended income tax return When figuring her includible compensation for this year, Lynne will subtract $28. Amended income tax return Table 3-1. Amended income tax return Worksheet A. Amended income tax return Cost of Incidental Life Insurance Note. Amended income tax return Use this worksheet to figure the cost of incidental life insurance included in your annuity contract. Amended income tax return This amount will be used to figure includible compensation for your most recent year of service. Amended income tax return 1. Amended income tax return Enter the value of the contract (amount payable upon your death) 1. Amended income tax return $20,000. Amended income tax return 00 2. Amended income tax return Enter the cash value in the contract at the end of the year 2. Amended income tax return 0. Amended income tax return 00 3. Amended income tax return Subtract line 2 from line 1. Amended income tax return This is the value of your current life insurance protection 3. Amended income tax return $20,000. Amended income tax return 00 4. Amended income tax return Enter your age on your birthday nearest the beginning of the policy year 4. Amended income tax return 44 5. Amended income tax return Enter the 1-year term premium for $1,000 of life insurance based on your age. Amended income tax return (From Figure 3-1) 5. Amended income tax return $1. Amended income tax return 40 6. Amended income tax return Divide line 3 by $1,000 6. Amended income tax return 20 7. Amended income tax return Multiply line 6 by line 5. Amended income tax return This is the cost of your incidental life insurance 7. Amended income tax return $28. Amended income tax return 00 Example 2. Amended income tax return Lynne's cash value in the contract at the end of the second year is $1,000. Amended income tax return In year two, the cost of Lynne's life insurance is calculated as shown in Table 3-2. Amended income tax return In year two, Lynne's employer will include $29. Amended income tax return 07 in her current year's income. Amended income tax return Lynne will subtract this amount when figuring her includible compensation. Amended income tax return Table 3-2. Amended income tax return Worksheet A. Amended income tax return Cost of Incidental Life Insurance Note. Amended income tax return Use this worksheet to figure the cost of incidental life insurance included in your annuity contract. Amended income tax return This amount will be used to figure includible compensation for your most recent year of service. Amended income tax return 1. Amended income tax return Enter the value of the contract (amount payable upon your death) 1. Amended income tax return $20,000. Amended income tax return 00 2. Amended income tax return Enter the cash value in the contract at the end of the year 2. Amended income tax return $1,000. Amended income tax return 00 3. Amended income tax return Subtract line 2 from line 1. Amended income tax return This is the value of your current life insurance protection 3. Amended income tax return $19,000. Amended income tax return 00 4. Amended income tax return Enter your age on your birthday nearest the beginning of the policy year 4. Amended income tax return 45 5. Amended income tax return Enter the 1-year term premium for $1,000 of life insurance based on your age. Amended income tax return (From Figure 3-1) 5. Amended income tax return $1. Amended income tax return 53 6. Amended income tax return Divide line 3 by $1,000 6. Amended income tax return 19 7. Amended income tax return Multiply line 6 by line 5. Amended income tax return This is the cost of your incidental life insurance 7. Amended income tax return $29. Amended income tax return 07 Figuring Includible Compensation for Your Most Recent Year of Service You can use Worksheet B in chapter 9 to determine your includible compensation for your most recent year of service. Amended income tax return Example. Amended income tax return Floyd has been periodically working full-time for a local hospital since September 2011. Amended income tax return He needs to figure his limit on annual additions for 2014. Amended income tax return The hospital's normal annual work period for employees in Floyd's general type of work runs from January to December. Amended income tax return During the periods that Floyd was employed with the hospital, the hospital has always been eligible to provide a 403(b) plan to employees. Amended income tax return Additionally, the hospital has never provided the employees with a 457 deferred compensation plan, a transportation fringe benefit plan, or a cafeteria plan. Amended income tax return Floyd has never worked abroad and there is no life insurance provided under the plan. Amended income tax return Table 3-3 shows the service Floyd provided to his employer, his compensation for the periods worked, his elective deferrals, and his taxable wages. Amended income tax return Table 3-3. Amended income tax return Floyd's Compensation Note. Amended income tax return This table shows information Floyd will use to figure includible compensation for his most recent year of service. Amended income tax return   Year Years of Service Taxable Wages Elective Deferrals 2014 6/12 of  a year $42,000 $2,000 2013 4/12 of  a year $16,000 $1,650 2012 4/12 of  a year $16,000 $1,650 Before Floyd can figure his limit on annual additions, he must figure includible compensation for his most recent year of service. Amended income tax return Because Floyd is not planning to work the entire 2014 year, his most recent year of service will include the time he is planning to work in 2014 plus time he worked in the preceding 3 years until the time he worked for the hospital totals 1 year. Amended income tax return If the total time he worked is less than 1 year, Floyd will treat it as if it were 1 year. Amended income tax return He figures his most recent year of service shown in the following list. Amended income tax return Time he will work in 2014 is 6/12 of a year. Amended income tax return Time worked in 2013 is 4/12 of a year. Amended income tax return All of this time will be used to determine Floyd's most recent year of service. Amended income tax return Time worked in 2012 is 4/12 of a year. Amended income tax return Floyd only needs 2 months of the 4 months he worked in 2012 to have enough time to total 1 full year. Amended income tax return Because he needs only one-half of the actual time he worked, Floyd will use only one-half of his income earned during that period to calculate wages that will be used in figuring his includible compensation. Amended income tax return Using the information provided in Table 3-3, wages for Floyd's most recent year of service are $66,000 ($42,000 + $16,000 + $8,000). Amended income tax return His includible compensation for his most recent year of service is figured as shown in Table 3-4. Amended income tax return After figuring his includible compensation, Floyd determines his limit on annual additions for 2014 to be $52,000, the lesser of his includible compensation, $70,475 (Table 3-4), and the maximum amount of $52,000. Amended income tax return Table 3-4. Amended income tax return Worksheet B. Amended income tax return Includible Compensation for Your Most Recent Year of Service1 Note. Amended income tax return Use this worksheet to figure includible compensation for your most recent year of service. Amended income tax return 1. Amended income tax return Enter your includible wages from the employer maintaining your 403(b) account for your most recent year of service 1. Amended income tax return $66,000 2. Amended income tax return Enter elective deferrals excluded from your gross income for your most recent year of service2 2. Amended income tax return 4,4753 3. Amended income tax return Enter amounts contributed or deferred by your employer under a cafeteria plan for your most recent year of service 3. Amended income tax return -0- 4. Amended income tax return Enter amounts contributed or deferred by your employer according to your election to your 457 account (a nonqualified plan of a state or local government, or of a tax-exempt organization) for your most recent year of service 4. Amended income tax return -0- 5. Amended income tax return Enter pre-tax contributions (employer's contributions made on your behalf according to your election) to a qualified transportation fringe benefit plan for your most recent year of service 5. Amended income tax return -0- 6. Amended income tax return Enter your foreign earned income exclusion for your most recent year of service 6. Amended income tax return -0- 7. Amended income tax return Add lines 1, 2, 3, 4, 5, and 6 7. Amended income tax return 70,475 8. Amended income tax return Enter the cost of incidental life insurance that is part of your annuity contract for your most recent year of service 8. Amended income tax return -0- 9. Amended income tax return Enter compensation that was both: Earned during your most recent year of service, and Earned while your employer was not qualified to maintain a 403(b) plan 9. Amended income tax return -0- 10. Amended income tax return Add lines 8 and 9 10. Amended income tax return -0- 11. Amended income tax return Subtract line 10 from line 7. Amended income tax return This is your includible compensation for your most recent year of service 11. Amended income tax return 70,475 1Use estimated amounts if figuring includible compensation before the end of the year. Amended income tax return 2Elective deferrals made to a designated Roth account are not excluded from your gross income and should not be included on this line. Amended income tax return  3$4,475 ($2,000 + $1,650 + $825). 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