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Amended Irs Return

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Amended Irs Return

Amended irs return 5. Amended irs return   Table and Worksheets for the Self-Employed Table of Contents Community property laws. Amended irs return As discussed in chapters 2 and 4, if you are self-employed, you must use the rate table or rate worksheet and deduction worksheet to figure your deduction for contributions you made for yourself to a SEP-IRA or qualified plan. Amended irs return First, use either the rate table or rate worksheet to find your reduced contribution rate. Amended irs return Then complete the deduction worksheet to figure your deduction for contributions. Amended irs return The table and the worksheets in chapter 5 apply only to self-employed individuals who have only one defined contribution plan, such as a profit-sharing plan. Amended irs return A SEP plan is treated as a profit-sharing plan. Amended irs return However, do not use this worksheet for SARSEPs. Amended irs return Rate table for self-employed. Amended irs return   If your plan's contribution rate is a whole percentage (for example, 12% rather than 12½%), you can use the table on the next page to find your reduced contribution rate. Amended irs return Otherwise, use the rate worksheet provided below. Amended irs return   First, find your plan contribution rate (the contribution rate stated in your plan) in Column A of the table. Amended irs return Then read across to the rate under Column B. Amended irs return Enter the rate from Column B in step 4 of the Deduction Worksheet for Self-Employed on this page. Amended irs return    Example. Amended irs return You are a sole proprietor with no employees. Amended irs return If your plan's contribution rate is 10% of a participant's compensation, your rate is 0. Amended irs return 090909. Amended irs return Enter this rate in step 4 of the Deduction Worksheet for Self-Employed on this page. Amended irs return Deduction Worksheet for Self-Employed   Step 1           Enter your net profit from line 31, Schedule C (Form 1040); line 3, Schedule C-EZ (Form 1040); line 34, Schedule F (Form 1040)*; or box 14, code A**, Schedule K-1 (Form 1065)*. Amended irs return For information on other income included in net profit from self-employment, see the Instructions for Schedule SE, Form 1040. Amended irs return       *Reduce this amount by any amount reported on Schedule SE (Form 1040), line 1b. Amended irs return       **General partners should reduce this amount by the same additional expenses subtracted from box 14, code A to determine the amount on line 1 or 2 of Schedule SE. Amended irs return     Step 2           Enter your deduction for self-employment tax from Form 1040, line 27             Step 3           Net earnings from self-employment. Amended irs return Subtract step 2 from step 1     Step 4           Enter your rate from the Rate Table for Self-Employed or Rate Worksheet for Self-Employed     Step 5           Multiply step 3 by step 4     Step 6           Multiply $255,000 by your plan contribution rate (not the reduced rate)     Step 7           Enter the smaller of step 5 or step 6     Step 8           Contribution dollar limit $51,000     • If you made any elective deferrals to your self-employed plan, go to step 9. Amended irs return         • Otherwise, skip steps 9 through 20 and enter the smaller of step 7 or step 8 on step 21. Amended irs return       Step 9           Enter your allowable elective deferrals (including designated Roth contributions) made to your self-employed plan during 2013. Amended irs return Do not enter more than $17,500     Step 10           Subtract step 9 from step 8     Step 11           Subtract step 9 from step 3       Step 12           Enter one-half of step 11     Step 13           Enter the smallest of step 7, 10, or 12     Step 14           Subtract step 13 from step 3     Step 15           Enter the smaller of step 9 or step 14       • If you made catch-up contributions, go to step 16. Amended irs return         • Otherwise, skip steps 16 through 18 and go to step 19. Amended irs return       Step 16           Subtract step 15 from step 14     Step 17           Enter your catch-up contributions (including designated Roth contributions), if any. Amended irs return Do not enter more than $5,500     Step 18           Enter the smaller of step 16 or step 17     Step 19           Add steps 13, 15, and 18. Amended irs return     Step 20           Enter the amount of designated Roth contributions included on lines 9 and 17. Amended irs return     Step 21           Subtract step 20 from step 19. Amended irs return This is your maximum deductible contribution. Amended irs return                 Next: Enter your actual contribution, not to exceed your maximum deductible contribution, on Form 1040, line 28. Amended irs return   Rate worksheet for self-employed. Amended irs return   If your plan's contribution rate is not a whole percentage (for example, 10½%), you cannot use the Rate Table for Self-Employed. Amended irs return Use the following worksheet instead. Amended irs return Rate Worksheet for Self-Employed 1) Plan contribution rate as a decimal (for example, 10½% = 0. Amended irs return 105)   2) Rate in line 1 plus 1 (for example, 0. Amended irs return 105 + 1 = 1. Amended irs return 105)   3) Self-employed rate as a decimal rounded to at least 3 decimal places (line 1 ÷ line 2) (for example, 0. Amended irs return 105 ÷ 1. Amended irs return 105 = 0. Amended irs return 095)   Figuring your deduction. Amended irs return   Now that you have your self-employed rate from either the rate table or rate worksheet, you can figure your maximum deduction for contributions for yourself by completing the Deduction Worksheet for Self-Employed. Amended irs return Community property laws. Amended irs return   If you reside in a community property state and you are married and filing a separate return, disregard community property laws for step 1 of the Deduction Worksheet for Self-Employed. Amended irs return Enter on step 1 the total net profit you actually earned. Amended irs return Rate Table for Self-Employed Column A  If the plan contri- bution rate is: (shown as %) Column B  Your rate is: (shown as decimal) 1 . Amended irs return 009901 2 . Amended irs return 019608 3 . Amended irs return 029126 4 . Amended irs return 038462 5 . Amended irs return 047619 6 . Amended irs return 056604 7 . Amended irs return 065421 8 . Amended irs return 074074 9 . Amended irs return 082569 10 . Amended irs return 090909 11 . Amended irs return 099099 12 . Amended irs return 107143 13 . Amended irs return 115044 14 . Amended irs return 122807 15 . Amended irs return 130435 16 . Amended irs return 137931 17 . Amended irs return 145299 18 . Amended irs return 152542 19 . Amended irs return 159664 20 . Amended irs return 166667 21 . Amended irs return 173554 22 . Amended irs return 180328 23 . Amended irs return 186992 24 . Amended irs return 193548 25* . Amended irs return 200000* *The deduction for annual employer contributions (other than elective deferrals) to a SEP plan, a profit-sharing plan, or a money purchase plan cannot be more than 20% of your net earnings (figured without deducting contributions for yourself) from the business that has the plan. Amended irs return Example. Amended irs return You are a sole proprietor with no employees. Amended irs return The terms of your plan provide that you contribute 8½% (. Amended irs return 085) of your compensation to your plan. Amended irs return Your net profit from line 31, Schedule C (Form 1040) is $200,000. Amended irs return You have no elective deferrals or catch-up contributions. Amended irs return Your self-employment tax deduction on line 27 of Form 1040 is $9,728. Amended irs return See the filled-in portions of both Schedule SE (Form 1040), Self-Employment Income, and Form 1040, later. Amended irs return You figure your self-employed rate and maximum deduction for employer contributions you made for yourself as follows. Amended irs return Deduction Worksheet for Self-Employed   Step 1           Enter your net profit from line 31, Schedule C (Form 1040); line 3, Schedule C-EZ (Form 1040); line 34, Schedule F (Form 1040)*; or box 14, code A**, Schedule K-1 (Form 1065)*. Amended irs return For information on other income included in net profit from self-employment, see the Instructions for Schedule SE, Form 1040. Amended irs return $200,000     *Reduce this amount by any amount reported on Schedule SE (Form 1040), line 1b. Amended irs return       **General partners should reduce this amount by the same additional expenses subtracted from box 14, code A to determine the amount on line 1 or 2 of Schedule SE. Amended irs return     Step 2           Enter your deduction for self-employment tax from Form 1040, line 27 9,728           Step 3           Net earnings from self-employment. Amended irs return Subtract step 2 from step 1 190,272   Step 4           Enter your rate from the Rate Table for Self-Employed or Rate Worksheet for Self-Employed 0. Amended irs return 078   Step 5           Multiply step 3 by step 4 14,841   Step 6           Multiply $255,000 by your plan contribution rate (not the reduced rate) 21,675   Step 7           Enter the smaller of step 5 or step 6 14,841   Step 8           Contribution dollar limit $51,000     • If you made any elective deferrals to your self-employed plan, go to step 9. Amended irs return         • Otherwise, skip steps 9 through 20 and enter the smaller of step 7 or step 8 on step 21. Amended irs return       Step 9           Enter your allowable elective deferrals (including designated Roth contributions) made to your self-employed plan during 2013. Amended irs return Do not enter more than $17,500 N/A   Step 10           Subtract step 9 from step 8     Step 11           Subtract step 9 from step 3       Step 12           Enter one-half of step 11     Step 13           Enter the smallest of step 7, 10, or 12     Step 14           Subtract step 13 from step 3     Step 15           Enter the smaller of step 9 or step 14       • If you made catch-up contributions, go to step 16. Amended irs return         • Otherwise, skip steps 16 through 18 and go to step 19. Amended irs return       Step 16           Subtract step 15 from step 14     Step 17           Enter your catch-up contributions (including designated Roth contributions), if any. Amended irs return Do not enter more than $5,500     Step 18           Enter the smaller of step 16 or step 17     Step 19           Add steps 13, 15, and 18. Amended irs return     Step 20           Enter the amount of designated Roth contributions included on lines 9 and 17     Step 21           Subtract step 20 from step 19. Amended irs return This is your maximum deductible contribution $14,841                 Next: Enter your actual contribution, not to exceed your maximum deductible contribution, on Form 1040, line 28. Amended irs return   See the filled-in Deduction Worksheet for Self-Employed on this page. Amended irs return Rate Worksheet for Self-Employed 1) Plan contribution rate as a decimal (for example, 10½% = 0. Amended irs return 105) 0. Amended irs return 085 2) Rate in line 1 plus 1 (for example, 0. Amended irs return 105 + 1 = 1. Amended irs return 105) 1. Amended irs return 085 3) Self-employed rate as a decimal rounded to at least 3 decimal places (line 1 ÷ line 2) (for example, 0. Amended irs return 105 ÷ 1. Amended irs return 105 = 0. Amended irs return 095) 0. Amended irs return 078 This image is too large to be displayed in the current screen. Amended irs return Please click the link to view the image. Amended irs return Portion of Form 1040 and Portion of Schedule SE Prev  Up  Next   Home   More Online Publications
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The Amended Irs Return

Amended irs return Publication 334 - Additional Material Prev  Up  Next   Home   More Online Publications