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Can I Amend My 2010 Tax Return

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Can I Amend My 2010 Tax Return

Can i amend my 2010 tax return 5. Can i amend my 2010 tax return   Credits Table of Contents Credit for the Elderly or the DisabledCan You Take the Credit? Figuring the Credit Child and Dependent Care Credit Earned Income Credit (EIC)Do You Qualify for the Earned Income Credit (EIC)? Figuring the EIC This chapter briefly discusses the credit for the elderly or disabled, the child and dependent care credit, and the earned income credit. Can i amend my 2010 tax return You may be able to reduce your federal income tax by claiming one or more of these credits. Can i amend my 2010 tax return Credit for the Elderly or the Disabled This section explains who qualifies for the credit for the elderly or the disabled and how to figure this credit. Can i amend my 2010 tax return For more information, see Publication 524, Credit for the Elderly or the Disabled. Can i amend my 2010 tax return You can take the credit only if you file Form 1040 or Form 1040A. Can i amend my 2010 tax return You cannot take the credit if you file Form 1040EZ or Form 1040NR. Can i amend my 2010 tax return Can You Take the Credit? You can take the credit for the elderly or the disabled if you meet both of the following requirements. Can i amend my 2010 tax return You are a qualified individual. Can i amend my 2010 tax return Your income is not more than certain limits. Can i amend my 2010 tax return  You can use Figure 5-A and Figure 5-B as guides to see if you are eligible for the credit. Can i amend my 2010 tax return   Qualified Individual You are a qualified individual for this credit if you are a U. Can i amend my 2010 tax return S. Can i amend my 2010 tax return citizen or resident alien, and either of the following applies. Can i amend my 2010 tax return You were age 65 or older at the end of 2013. Can i amend my 2010 tax return You were under age 65 at the end of 2013 and all three of the following statements are true. Can i amend my 2010 tax return You retired on permanent and total disability (explained later). Can i amend my 2010 tax return You received taxable disability income for 2013. Can i amend my 2010 tax return On January 1, 2013, you had not reached mandatory retirement age (defined later under Disability income ). Can i amend my 2010 tax return Age 65. Can i amend my 2010 tax return You are considered to be age 65 on the day before your 65th birthday. Can i amend my 2010 tax return Therefore, you are considered to be age 65 at the end of 2013 if you were born before January 2, 1949. Can i amend my 2010 tax return Figure 5-A. Can i amend my 2010 tax return Are You a Qualified Individual? This image is too large to be displayed in the current screen. Can i amend my 2010 tax return Please click the link to view the image. Can i amend my 2010 tax return Figure 5-A, Are you a qualified individual? U. Can i amend my 2010 tax return S. Can i amend my 2010 tax return citizen or resident alien. Can i amend my 2010 tax return   You must be a U. Can i amend my 2010 tax return S. Can i amend my 2010 tax return citizen or resident alien (or be treated as a resident alien) to take the credit. Can i amend my 2010 tax return Generally, you cannot take the credit if you were a nonresident alien at any time during the tax year. Can i amend my 2010 tax return Exceptions. Can i amend my 2010 tax return   You may be able to take the credit if you are a nonresident alien who is married to a U. Can i amend my 2010 tax return S. Can i amend my 2010 tax return citizen or resident alien at the end of the tax year and you and your spouse choose to treat you as a U. Can i amend my 2010 tax return S. Can i amend my 2010 tax return resident alien. Can i amend my 2010 tax return If you make that choice, both you and your spouse are taxed on your worldwide income. Can i amend my 2010 tax return   If you were a nonresident alien at the beginning of the year and a resident alien at the end of the year, and you were married to a U. Can i amend my 2010 tax return S. Can i amend my 2010 tax return citizen or resident alien at the end of the year, you may be able to choose to be treated as a U. Can i amend my 2010 tax return S. Can i amend my 2010 tax return resident alien for the entire year. Can i amend my 2010 tax return In that case, you may be allowed to take the credit. Can i amend my 2010 tax return   For information on these choices, see chapter 1 of Publication 519, U. Can i amend my 2010 tax return S. Can i amend my 2010 tax return Tax Guide for Aliens. Can i amend my 2010 tax return Married persons. Can i amend my 2010 tax return   Generally, if you are married at the end of the tax year, you and your spouse must file a joint return to take the credit. Can i amend my 2010 tax return However, if you and your spouse did not live in the same household at any time during the tax year, you can file either a joint return or separate returns and still take the credit. Can i amend my 2010 tax return Head of household. Can i amend my 2010 tax return   You can file as head of household and qualify to take the credit even if your spouse lived with you during the first 6 months of the year if you meet certain tests. Can i amend my 2010 tax return See Publication 524 and Publication 501. Can i amend my 2010 tax return Under age 65. Can i amend my 2010 tax return   If you are under age 65 at the end of 2013, you can qualify for the credit only if you are retired on permanent and total disability and have taxable disability income (discussed later under Disability income ). Can i amend my 2010 tax return You are considered to be under age 65 at the end of 2013 if you were born after January 1, 1949. Can i amend my 2010 tax return You are retired on permanent and total disability if: You were permanently and totally disabled when you retired, and You retired on disability before the end of the tax year. Can i amend my 2010 tax return   Even if you do not retire formally, you may be considered retired on disability when you have stopped working because of your disability. Can i amend my 2010 tax return If you retired on disability before 1977 and were not permanently and totally disabled at the time, you can qualify for the credit if you were permanently and totally disabled on January 1, 1976, or January 1, 1977. Can i amend my 2010 tax return Permanent and total disability. Can i amend my 2010 tax return   You are permanently and totally disabled if you cannot engage in any substantial gainful activity because of your physical or mental condition. Can i amend my 2010 tax return A physician must certify that the condition has lasted or can be expected to last continuously for 12 months or more, or that the condition can be expected to result in death. Can i amend my 2010 tax return See Physician's statement , later. Can i amend my 2010 tax return Substantial gainful activity. Can i amend my 2010 tax return   Substantial gainful activity is the performance of significant duties over a reasonable period of time while working for pay or profit, or in work generally done for pay or profit. Can i amend my 2010 tax return   Full-time work (or part-time work done at the employer's convenience) in a competitive work situation for at least the minimum wage conclusively shows that you are able to engage in substantial gainful activity. Can i amend my 2010 tax return   Substantial gainful activity is not work you do to take care of yourself or your home. Can i amend my 2010 tax return It is not unpaid work on hobbies, institutional therapy or training, school attendance, clubs, social programs, and similar activities. Can i amend my 2010 tax return However, doing this kind of work may show that you are able to engage in substantial gainful activity. Can i amend my 2010 tax return    Figure 5-B. Can i amend my 2010 tax return Income Limits IF your filing status is. Can i amend my 2010 tax return . Can i amend my 2010 tax return . Can i amend my 2010 tax return THEN even if you qualify (see Figure 5-A), you CANNOT take the credit if: Your adjusted gross income (AGI)* is equal to or more than. Can i amend my 2010 tax return . Can i amend my 2010 tax return . Can i amend my 2010 tax return OR the total of your nontaxable social security and other nontaxable pension(s), annuities, or disability income is equal to or more than. Can i amend my 2010 tax return . Can i amend my 2010 tax return . Can i amend my 2010 tax return single, head of household, or qualifying widow(er) with dependent child $17,500 $5,000 married filing jointly and only one spouse qualifies in Figure 5-A $20,000 $5,000 married filing jointly and both spouses qualify in Figure 5-A $25,000 $7,500 married filing separately and you lived apart from your spouse for all of 2013 $12,500 $3,750 *AGI is the amount on Form 1040A, line 22, or Form 1040, line 38      The fact that you have not worked for some time is not, of itself, conclusive evidence that you cannot engage in substantial gainful activity. Can i amend my 2010 tax return Physician's statement. Can i amend my 2010 tax return   If you are under age 65, you must have your physician complete a statement certifying that you were permanently and totally disabled on the date you retired. Can i amend my 2010 tax return   You do not have to file this statement with your tax return, but you must keep it for your records. Can i amend my 2010 tax return The Instructions for Schedule R (Form 1040A or 1040) include a statement your physician can complete and that you can keep for your records. Can i amend my 2010 tax return Veterans. Can i amend my 2010 tax return   If the Department of Veterans Affairs (VA) certifies that you are permanently and totally disabled, you can substitute VA Form 21-0172, Certification of Permanent and Total Disability, for the physician's statement you are required to keep. Can i amend my 2010 tax return VA Form 21-0172 must be signed by a person authorized by the VA to do so. Can i amend my 2010 tax return You can get this form from your local VA regional office. Can i amend my 2010 tax return Physician's statement obtained in earlier year. Can i amend my 2010 tax return   If you got a physician's statement in an earlier year and, due to your continued disabled condition, you were unable to engage in any substantial gainful activity during 2013, you may not need to get another physician's statement for 2013. Can i amend my 2010 tax return For a detailed explanation of the conditions you must meet, see the instructions for Schedule R (Form 1040A or 1040), Part II. Can i amend my 2010 tax return If you meet the required conditions, you must check the box on Schedule R (Form 1040A or 1040), Part II, line 2. Can i amend my 2010 tax return   If you checked Schedule R (Form 1040A or 1040), Part I, box 4, 5, or 6, print in the space above the box in Part II, line 2, the first name(s) of the spouse(s) for whom the box is checked. Can i amend my 2010 tax return Disability income. Can i amend my 2010 tax return   If you are under age 65, you must also have taxable disability income to qualify for the credit. Can i amend my 2010 tax return   Disability income must meet the following two requirements. Can i amend my 2010 tax return It must be paid under your employer's accident or health plan or pension plan. Can i amend my 2010 tax return It must be included in your income as wages (or payments in lieu of wages) for the time you are absent from work because of permanent and total disability. Can i amend my 2010 tax return Payments that are not disability income. Can i amend my 2010 tax return   Any payment you receive from a plan that does not provide for disability retirement is not disability income. Can i amend my 2010 tax return Any lump-sum payment for accrued annual leave that you receive when you retire on disability is a salary payment and is not disability income. Can i amend my 2010 tax return   For purposes of the credit for the elderly or the disabled, disability income does not include amounts you receive after you reach mandatory retirement age. Can i amend my 2010 tax return Mandatory retirement age is the age set by your employer at which you would have had to retire had you not become disabled. Can i amend my 2010 tax return Figuring the Credit You can figure the credit yourself, or the IRS will figure it for you. Can i amend my 2010 tax return Figuring the credit yourself. Can i amend my 2010 tax return   If you figure the credit yourself, fill out the front of Schedule R (Form 1040A or 1040). Can i amend my 2010 tax return Next, fill out Schedule R (Form 1040A or 1040), Part III. Can i amend my 2010 tax return Credit figured for you. Can i amend my 2010 tax return   If you can take the credit and you want the IRS to figure the credit for you, see Publication 524 or the Instructions for Schedule R (Form 1040A or 1040). Can i amend my 2010 tax return If you want the IRS to figure your tax, see chapter 30 of Publication 17, Your Federal Income Tax. Can i amend my 2010 tax return Child and Dependent Care Credit You may be able to claim this credit if you pay someone to care for your dependent who is under age 13 or for your spouse or dependent who is not able to care for himself or herself. Can i amend my 2010 tax return The credit can be up to 35% of your expenses. Can i amend my 2010 tax return To qualify, you must pay these expenses so you can work or look for work. Can i amend my 2010 tax return If you claim this credit, you must include on your return the name and taxpayer identification number (generally the social security number) of each qualifying person for whom care is provided. Can i amend my 2010 tax return If the correct information is not shown, the credit may be reduced or disallowed. Can i amend my 2010 tax return You also must show on your return the name, address, and the taxpayer identification number of the person(s) or organization(s) that provided the care. Can i amend my 2010 tax return For more information, see Publication 503, Child and Dependent Care Expenses. Can i amend my 2010 tax return Earned Income Credit (EIC) The earned income credit (EIC) is a refundable tax credit for certain people who work and have earned income under $51,567. Can i amend my 2010 tax return The EIC is available to persons with or without a qualifying child. Can i amend my 2010 tax return Credit has no effect on certain welfare benefits. Can i amend my 2010 tax return   Any refund you receive because of the EIC cannot be counted as income when determining whether you or anyone else is eligible for benefits or assistance, or how much you or anyone else can receive, under any federal program or under any state or local program financed in whole or in part with federal funds. Can i amend my 2010 tax return These programs include the following. Can i amend my 2010 tax return Medicaid and supplemental security income (SSI). Can i amend my 2010 tax return Supplemental Nutrition Assistance Program (food stamps). Can i amend my 2010 tax return Low-income housing. Can i amend my 2010 tax return Temporary Assistance for Needy Families (TANF). Can i amend my 2010 tax return  In addition, when determining eligibility, the refund cannot be counted as a resource for at least 12 months after you receive it. Can i amend my 2010 tax return Check with your local benefit coordinator to find out if your refund will affect your benefits. Can i amend my 2010 tax return Do You Qualify for the Earned Income Credit (EIC)? Use Table 5-1 as an initial guide to the rules you must meet in order to qualify for the EIC. Can i amend my 2010 tax return The specific rules you must meet depend on whether you have a qualifying child. Can i amend my 2010 tax return If you have a qualifying child, the rules in Parts A, B, and D apply to you. Can i amend my 2010 tax return If you do not have a qualifying child, the rules in Parts A, C, and D apply to you. Can i amend my 2010 tax return  If, after reading all the rules in each part that applies to you, you think you may qualify for the credit, see Publication 596, Earned Income Credit, for more details about the EIC. Can i amend my 2010 tax return You can also find information about the EIC in the instructions for Form 1040 (line 64a), Form 1040A (line 38a), or Form 1040EZ (line 8a). Can i amend my 2010 tax return The sections that follow provide additional information for some of the rules. Can i amend my 2010 tax return Adjusted gross income (AGI). Can i amend my 2010 tax return   Under Rule 1, you cannot claim the EIC unless your AGI is less than the applicable limit shown in Part A of Table 5-1. Can i amend my 2010 tax return Your AGI is the amount on line 37 (Form 1040), line 21 (Form 1040A), or line 4 (Form 1040EZ). Can i amend my 2010 tax return Table 5-1. Can i amend my 2010 tax return Earned Income Credit (EIC) in a Nutshell First, you must meet all the rules in this column. Can i amend my 2010 tax return Second, you must meet all the rules in one of these columns, whichever applies. Can i amend my 2010 tax return Third, you must meet the rule in this column. Can i amend my 2010 tax return Part A. Can i amend my 2010 tax return  Rules for Everyone Part B. Can i amend my 2010 tax return  Rules If You Have a Qualifying Child Part C. Can i amend my 2010 tax return  Rules If You Do Not Have a Qualifying Child Part D. Can i amend my 2010 tax return  Figuring and Claiming the EIC 1. Can i amend my 2010 tax return Your adjusted gross income (AGI) must be less than: •$46,227 ($51,567 for married filing jointly) if you have three or more qualifying children, •$43,038 ($48,378 for married filing jointly) if you have two qualifying children, •$37,870 ($43,210 for married filing jointly) if you have one qualifying child, or  •$14,340 ($19,680 for married filing jointly) if you do not have a qualifying child. Can i amend my 2010 tax return 2. Can i amend my 2010 tax return You must have a valid social security number. Can i amend my 2010 tax return  3. Can i amend my 2010 tax return Your filing status cannot be “Married filing separately. Can i amend my 2010 tax return ” 4. Can i amend my 2010 tax return You must be a U. Can i amend my 2010 tax return S. Can i amend my 2010 tax return citizen or resident alien all year. Can i amend my 2010 tax return  5. Can i amend my 2010 tax return You cannot file Form 2555 or Form 2555-EZ (relating to foreign earned income). Can i amend my 2010 tax return  6. Can i amend my 2010 tax return Your investment income must be $3,300 or less. Can i amend my 2010 tax return  7. Can i amend my 2010 tax return You must have earned income. Can i amend my 2010 tax return 8. Can i amend my 2010 tax return Your child must meet the relationship, age, residency, and joint return tests. Can i amend my 2010 tax return  9. Can i amend my 2010 tax return Your qualifying child cannot be used by more than one person to claim the EIC. Can i amend my 2010 tax return  10. Can i amend my 2010 tax return You generally cannot be a qualifying child of another person. Can i amend my 2010 tax return 11. Can i amend my 2010 tax return You must be at least age 25 but under age 65. Can i amend my 2010 tax return  12. Can i amend my 2010 tax return You cannot be the dependent of another person. Can i amend my 2010 tax return  13. Can i amend my 2010 tax return You generally cannot be a qualifying child of another person. Can i amend my 2010 tax return  14. Can i amend my 2010 tax return You must have lived in the United States more than half of the year. Can i amend my 2010 tax return 15. Can i amend my 2010 tax return Your earned income must be less than: •$46,227 ($51,567 for married filing jointly) if you have three or more qualifying children, •$43,038 ($48,378 for married filing jointly) if you have two qualifying children, •$37,870 ($43,210 for married filing jointly) if you have one qualifying child, or •$14,340 ($19,680 for married filing jointly) if you do not have a qualifying child. Can i amend my 2010 tax return Social security number. Can i amend my 2010 tax return   Under Rule 2, you (and your spouse if you are married filing jointly) must have a valid social security number (SSN) issued by the Social Security Administration (SSA). Can i amend my 2010 tax return Any qualifying child listed on Schedule EIC also must have a valid SSN. Can i amend my 2010 tax return (See Qualifying child , later, if you have a qualifying child. Can i amend my 2010 tax return )   If your social security card (or your spouse's if you are married filing jointly) says “Not valid for employment” and your SSN was issued so that you (or your spouse) could get a federally funded benefit, you cannot get the EIC. Can i amend my 2010 tax return An example of a federally funded benefit is Medicaid. Can i amend my 2010 tax return Investment income. Can i amend my 2010 tax return   Under Rule 6, you cannot claim the EIC unless your investment income is $3,300 or less. Can i amend my 2010 tax return If your investment income is more than $3,300, you cannot claim the credit. Can i amend my 2010 tax return For most people, investment income is the total of the following amounts. Can i amend my 2010 tax return Taxable interest (line 8a of Form 1040 or 1040A). Can i amend my 2010 tax return Tax-exempt interest (line 8b of Form 1040 or 1040A). Can i amend my 2010 tax return Dividend income (line 9a of Form 1040 or 1040A). Can i amend my 2010 tax return Capital gain net income (line 13 of Form 1040, if more than zero, or line 10 of Form 1040A). Can i amend my 2010 tax return  If you file Form 1040EZ, your investment income is the total of the amount of line 2 and the amount of any tax-exempt interest you wrote to the right of the words “Form 1040EZ” on line 2. Can i amend my 2010 tax return   For more information about investment income, see Publication 596, Earned Income Credit. Can i amend my 2010 tax return Earned income. Can i amend my 2010 tax return   Under Rule 7, you must have earned income to claim the EIC. Can i amend my 2010 tax return Under Rule 15, you cannot claim the EIC unless your earned income is less than the applicable limit shown in Table 5-1, Part D. Can i amend my 2010 tax return Earned income includes all of the following types of income. Can i amend my 2010 tax return Wages, salaries, tips, and other taxable employee pay. Can i amend my 2010 tax return Employee pay is earned income only if it is taxable. Can i amend my 2010 tax return Nontaxable employee pay, such as certain dependent care benefits and adoption benefits, is not earned income. Can i amend my 2010 tax return But there is an exception for nontaxable combat pay, which you can choose to include in earned income. Can i amend my 2010 tax return Net earnings from self-employment. Can i amend my 2010 tax return Gross income received as a statutory employee. Can i amend my 2010 tax return Gross income defined. Can i amend my 2010 tax return   Gross income means all income you received in the form of money, goods, property, and services that is not exempt from tax, including any income from sources outside the United States or from the sale of your main home (even if you can exclude part or all of it). Can i amend my 2010 tax return Do not include any social security benefits unless (a) you are married filing a separate tax return and you lived with your spouse at any time in 2013, or (b) one-half of your social security benefits plus your other gross income and any tax-exempt interest is more than $25,000 ($32,000 if married filing jointly). Can i amend my 2010 tax return If (a) or (b) applies, see the instructions for Form 1040, lines 20a and 20b to figure the taxable part of social security benefits you must include in gross income. Can i amend my 2010 tax return Self-employed persons. Can i amend my 2010 tax return   If you are self-employed and your net earnings are $400 or more, be sure to correctly fill out Schedule SE (Form 1040), Self-Employment Tax, and pay the proper amount of self-employment tax. Can i amend my 2010 tax return If you do not, you may not get all the credit to which you are entitled. Can i amend my 2010 tax return Disability benefits. Can i amend my 2010 tax return   If you retired on disability, taxable benefits you receive under your employer's disability retirement plan are considered earned income until you reach minimum retirement age. Can i amend my 2010 tax return Minimum retirement age generally is the earliest age at which you could have received a pension or annuity if you were not disabled. Can i amend my 2010 tax return Beginning on the day after you reach minimum retirement age, payments you receive are taxable as a pension and are not considered earned income. Can i amend my 2010 tax return   Payments you received from a disability insurance policy that you paid the premiums for are not earned income. Can i amend my 2010 tax return It does not matter whether you have reached minimum retirement age. Can i amend my 2010 tax return If this policy is through your employer, the amount may be shown in box 12 of your Form W-2 with code J. Can i amend my 2010 tax return Income that is not earned income. Can i amend my 2010 tax return   Examples of items that are not earned income under Rule 7 include interest and dividends, pensions and annuities, social security and railroad retirement benefits (including disability benefits — except for payments covered under Disability benefits earlier), alimony and child support, welfare benefits, workers' compensation benefits, unemployment compensation (insurance), nontaxable foster care payments, and veterans' benefits, including VA rehabilitation payments. Can i amend my 2010 tax return Do not include any of these items in your earned income. Can i amend my 2010 tax return Workfare payments. Can i amend my 2010 tax return   Nontaxable workfare payments are not earned income for the EIC. Can i amend my 2010 tax return These are cash payments certain people receive from a state or local agency that administers public assistance programs funded under the federal Temporary Assistance for Needy Families (TANF) program in return for certain work activities such as (1) work experience activities (including remodeling or repairing public housing) if sufficient private sector employment is not available, or (2) community service program activities. Can i amend my 2010 tax return Qualifying child. Can i amend my 2010 tax return   Under Rule 8, your child is a qualifying child if your child meets four tests. Can i amend my 2010 tax return The four tests are: Relationship, Age, Residency, and Joint return. Can i amend my 2010 tax return   The four tests are illustrated in Figure 5-C. Can i amend my 2010 tax return See Publication 596 for more information about each test. Can i amend my 2010 tax return Figure 5-C. Can i amend my 2010 tax return Tests for Qualifying Child A qualifying child for the EIC is a child who is your. Can i amend my 2010 tax return . Can i amend my 2010 tax return . Can i amend my 2010 tax return Son, daughter, stepchild, foster child,  or a descendant of any of them (for example, your grandchild) OR Brother, sister, half brother, half sister, stepbrother,  stepsister, or a descendant of any of them (for example, your  niece or nephew) was . Can i amend my 2010 tax return . Can i amend my 2010 tax return . Can i amend my 2010 tax return Under age 19 at the end of 2013 and younger than you (or your spouse if filing jointly) OR Under age 24 at the end of 2013, a student, and younger than you (or your spouse if filing jointly) OR Permanently and totally disabled at any time during the year, regardless of age who. Can i amend my 2010 tax return . Can i amend my 2010 tax return . Can i amend my 2010 tax return Is not filing a joint return for 2013  (or is filing a joint return for 2013 only as a claim for refund of income tax withheld or estimated tax paid) who. Can i amend my 2010 tax return . Can i amend my 2010 tax return . Can i amend my 2010 tax return Lived with you in the United States for more than half of 2013. Can i amend my 2010 tax return  If the child did not live with you for the required time, see Publication 596 for more information. Can i amend my 2010 tax return Figuring the EIC To figure the amount of your credit, you have two choices. Can i amend my 2010 tax return Have the IRS figure the EIC for you. Can i amend my 2010 tax return If you want to do this, see IRS Will Figure the EIC for You in Publication 596. Can i amend my 2010 tax return Figure the EIC yourself. Can i amend my 2010 tax return If you want to do this, see How To Figure the EIC Yourself in Publication 596. 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The Can I Amend My 2010 Tax Return

Can i amend my 2010 tax return 3. Can i amend my 2010 tax return   SIMPLE Plans Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: SIMPLE IRA PlanWho Can Set Up a SIMPLE IRA Plan? Who Can Participate in a SIMPLE IRA Plan? How To Set Up a SIMPLE IRA Plan Notification Requirement Contribution Limits When To Deduct Contributions Where To Deduct Contributions Tax Treatment of Contributions Distributions (Withdrawals) More Information on SIMPLE IRA Plans SIMPLE 401(k) Plan Topics - This chapter discusses: SIMPLE IRA plan SIMPLE 401(k) plan Useful Items - You may want to see: Publications 590 Individual Retirement Arrangements (IRAs) 3998 Choosing A Retirement Solution for Your Small Business 4284 SIMPLE IRA Plan Checklist 4334 SIMPLE IRA Plans for Small Businesses Forms (and Instructions) W-2 Wage and Tax Statement 5304-SIMPLE Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)–Not for Use With a Designated Financial Institution 5305-SIMPLE Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)–for Use With a Designated Financial Institution 8880 Credit for Qualified Retirement Savings Contributions 8881 Credit for Small Employer Pension Plan Startup Costs A savings incentive match plan for employees (SIMPLE plan) is a written arrangement that provides you and your employees with a simplified way to make contributions to provide retirement income. Can i amend my 2010 tax return Under a SIMPLE plan, employees can choose to make salary reduction contributions to the plan rather than receiving these amounts as part of their regular pay. Can i amend my 2010 tax return In addition, you will contribute matching or nonelective contributions. Can i amend my 2010 tax return SIMPLE plans can only be maintained on a calendar-year basis. Can i amend my 2010 tax return A SIMPLE plan can be set up in either of the following ways. Can i amend my 2010 tax return Using SIMPLE IRAs (SIMPLE IRA plan). Can i amend my 2010 tax return As part of a 401(k) plan (SIMPLE 401(k) plan). Can i amend my 2010 tax return Many financial institutions will help you set up a SIMPLE plan. Can i amend my 2010 tax return SIMPLE IRA Plan A SIMPLE IRA plan is a retirement plan that uses SIMPLE IRAs for each eligible employee. Can i amend my 2010 tax return Under a SIMPLE IRA plan, a SIMPLE IRA must be set up for each eligible employee. Can i amend my 2010 tax return For the definition of an eligible employee, see Who Can Participate in a SIMPLE IRA Plan , later. Can i amend my 2010 tax return Who Can Set Up a SIMPLE IRA Plan? You can set up a SIMPLE IRA plan if you meet both the following requirements. Can i amend my 2010 tax return You meet the employee limit. Can i amend my 2010 tax return You do not maintain another qualified plan unless the other plan is for collective bargaining employees. Can i amend my 2010 tax return Employee limit. Can i amend my 2010 tax return   You can set up a SIMPLE IRA plan only if you had 100 or fewer employees who received $5,000 or more in compensation from you for the preceding year. Can i amend my 2010 tax return Under this rule, you must take into account all employees employed at any time during the calendar year regardless of whether they are eligible to participate. Can i amend my 2010 tax return Employees include self-employed individuals who received earned income and leased employees (defined in chapter 1). Can i amend my 2010 tax return   Once you set up a SIMPLE IRA plan, you must continue to meet the 100-employee limit each year you maintain the plan. Can i amend my 2010 tax return Grace period for employers who cease to meet the 100-employee limit. Can i amend my 2010 tax return   If you maintain the SIMPLE IRA plan for at least 1 year and you cease to meet the 100-employee limit in a later year, you will be treated as meeting it for the 2 calendar years immediately following the calendar year for which you last met it. Can i amend my 2010 tax return   A different rule applies if you do not meet the 100-employee limit because of an acquisition, disposition, or similar transaction. Can i amend my 2010 tax return Under this rule, the SIMPLE IRA plan will be treated as meeting the 100-employee limit for the year of the transaction and the 2 following years if both the following conditions are satisfied. Can i amend my 2010 tax return Coverage under the plan has not significantly changed during the grace period. Can i amend my 2010 tax return The SIMPLE IRA plan would have continued to qualify after the transaction if you had remained a separate employer. Can i amend my 2010 tax return    The grace period for acquisitions, dispositions, and similar transactions also applies if, because of these types of transactions, you do not meet the rules explained under Other qualified plan or Who Can Participate in a SIMPLE IRA Plan, below. Can i amend my 2010 tax return Other qualified plan. Can i amend my 2010 tax return   The SIMPLE IRA plan generally must be the only retirement plan to which you make contributions, or to which benefits accrue, for service in any year beginning with the year the SIMPLE IRA plan becomes effective. Can i amend my 2010 tax return Exception. Can i amend my 2010 tax return   If you maintain a qualified plan for collective bargaining employees, you are permitted to maintain a SIMPLE IRA plan for other employees. Can i amend my 2010 tax return Who Can Participate in a SIMPLE IRA Plan? Eligible employee. Can i amend my 2010 tax return   Any employee who received at least $5,000 in compensation during any 2 years preceding the current calendar year and is reasonably expected to receive at least $5,000 during the current calendar year is eligible to participate. Can i amend my 2010 tax return The term “employee” includes a self-employed individual who received earned income. Can i amend my 2010 tax return   You can use less restrictive eligibility requirements (but not more restrictive ones) by eliminating or reducing the prior year compensation requirements, the current year compensation requirements, or both. Can i amend my 2010 tax return For example, you can allow participation for employees who received at least $3,000 in compensation during any preceding calendar year. Can i amend my 2010 tax return However, you cannot impose any other conditions for participating in a SIMPLE IRA plan. Can i amend my 2010 tax return Excludable employees. Can i amend my 2010 tax return   The following employees do not need to be covered under a SIMPLE IRA plan. Can i amend my 2010 tax return Employees who are covered by a union agreement and whose retirement benefits were bargained for in good faith by the employees' union and you. Can i amend my 2010 tax return Nonresident alien employees who have received no U. Can i amend my 2010 tax return S. Can i amend my 2010 tax return source wages, salaries, or other personal services compensation from you. Can i amend my 2010 tax return Compensation. Can i amend my 2010 tax return   Compensation for employees is the total wages, tips, and other compensation from the employer subject to federal income tax withholding and the amounts paid for domestic service in a private home, local college club, or local chapter of a college fraternity or sorority. Can i amend my 2010 tax return Compensation also includes the employee's salary reduction contributions made under this plan and, if applicable, elective deferrals under a section 401(k) plan, a SARSEP, or a section 403(b) annuity contract and compensation deferred under a section 457 plan required to be reported by the employer on Form W-2. Can i amend my 2010 tax return If you are self-employed, compensation is your net earnings from self-employment (line 4 of Short Schedule SE or line 6 of Long Schedule SE (Form 1040)) before subtracting any contributions made to the SIMPLE IRA plan for yourself. Can i amend my 2010 tax return How To Set Up a SIMPLE IRA Plan You can use Form 5304-SIMPLE or Form 5305-SIMPLE to set up a SIMPLE IRA plan. Can i amend my 2010 tax return Each form is a model savings incentive match plan for employees (SIMPLE) plan document. Can i amend my 2010 tax return Which form you use depends on whether you select a financial institution or your employees select the institution that will receive the contributions. Can i amend my 2010 tax return Use Form 5304-SIMPLE if you allow each plan participant to select the financial institution for receiving his or her SIMPLE IRA plan contributions. Can i amend my 2010 tax return Use Form 5305-SIMPLE if you require that all contributions under the SIMPLE IRA plan be deposited initially at a designated financial institution. Can i amend my 2010 tax return The SIMPLE IRA plan is adopted when you have completed all appropriate boxes and blanks on the form and you (and the designated financial institution, if any) have signed it. Can i amend my 2010 tax return Keep the original form. Can i amend my 2010 tax return Do not file it with the IRS. Can i amend my 2010 tax return Other uses of the forms. Can i amend my 2010 tax return   If you set up a SIMPLE IRA plan using Form 5304-SIMPLE or Form 5305-SIMPLE, you can use the form to satisfy other requirements, including the following. Can i amend my 2010 tax return Meeting employer notification requirements for the SIMPLE IRA plan. Can i amend my 2010 tax return Form 5304-SIMPLE and Form 5305-SIMPLE contain a Model Notification to Eligible Employees that provides the necessary information to the employee. Can i amend my 2010 tax return Maintaining the SIMPLE IRA plan records and proving you set up a SIMPLE IRA plan for employees. Can i amend my 2010 tax return Deadline for setting up a SIMPLE IRA plan. Can i amend my 2010 tax return   You can set up a SIMPLE IRA plan effective on any date from January 1 through October 1 of a year, provided you did not previously maintain a SIMPLE IRA plan. Can i amend my 2010 tax return This requirement does not apply if you are a new employer that comes into existence after October 1 of the year the SIMPLE IRA plan is set up and you set up a SIMPLE IRA plan as soon as administratively feasible after your business comes into existence. Can i amend my 2010 tax return If you previously maintained a SIMPLE IRA plan, you can set up a SIMPLE IRA plan effective only on January 1 of a year. Can i amend my 2010 tax return A SIMPLE IRA plan cannot have an effective date that is before the date you actually adopt the plan. Can i amend my 2010 tax return Setting up a SIMPLE IRA. Can i amend my 2010 tax return   SIMPLE IRAs are the individual retirement accounts or annuities into which the contributions are deposited. Can i amend my 2010 tax return A SIMPLE IRA must be set up for each eligible employee. Can i amend my 2010 tax return Forms 5305-S, SIMPLE Individual Retirement Trust Account, and 5305-SA, SIMPLE Individual Retirement Custodial Account, are model trust and custodial account documents the participant and the trustee (or custodian) can use for this purpose. Can i amend my 2010 tax return   A SIMPLE IRA cannot be a Roth IRA. Can i amend my 2010 tax return Contributions to a SIMPLE IRA will not affect the amount an individual can contribute to a Roth or traditional IRA. Can i amend my 2010 tax return Deadline for setting up a SIMPLE IRA. Can i amend my 2010 tax return   A SIMPLE IRA must be set up for an employee before the first date by which a contribution is required to be deposited into the employee's IRA. Can i amend my 2010 tax return See Time limits for contributing funds , later, under Contribution Limits. Can i amend my 2010 tax return Credit for startup costs. Can i amend my 2010 tax return   You may be able to claim a tax credit for part of the ordinary and necessary costs of starting a SIMPLE IRA plan that first became effective in 2013. Can i amend my 2010 tax return For more information, see Credit for startup costs under Reminders, earlier. Can i amend my 2010 tax return Notification Requirement If you adopt a SIMPLE IRA plan, you must notify each employee of the following information before the beginning of the election period. Can i amend my 2010 tax return The employee's opportunity to make or change a salary reduction choice under a SIMPLE IRA plan. Can i amend my 2010 tax return Your decision to make either matching contributions or nonelective contributions (discussed later). Can i amend my 2010 tax return A summary description provided by the financial institution. Can i amend my 2010 tax return Written notice that his or her balance can be transferred without cost or penalty if they use a designated financial institution. Can i amend my 2010 tax return Election period. Can i amend my 2010 tax return   The election period is generally the 60-day period immediately preceding January 1 of a calendar year (November 2 to December 31 of the preceding calendar year). Can i amend my 2010 tax return However, the dates of this period are modified if you set up a SIMPLE IRA plan in mid-year (for example, on July 1) or if the 60-day period falls before the first day an employee becomes eligible to participate in the SIMPLE IRA plan. Can i amend my 2010 tax return   A SIMPLE IRA plan can provide longer periods for permitting employees to enter into salary reduction agreements or to modify prior agreements. Can i amend my 2010 tax return For example, a SIMPLE IRA plan can provide a 90-day election period instead of the 60-day period. Can i amend my 2010 tax return Similarly, in addition to the 60-day period, a SIMPLE IRA plan can provide quarterly election periods during the 30 days before each calendar quarter, other than the first quarter of each year. Can i amend my 2010 tax return Contribution Limits Contributions are made up of salary reduction contributions and employer contributions. Can i amend my 2010 tax return You, as the employer, must make either matching contributions or nonelective contributions, defined later. Can i amend my 2010 tax return No other contributions can be made to the SIMPLE IRA plan. Can i amend my 2010 tax return These contributions, which you can deduct, must be made timely. Can i amend my 2010 tax return See Time limits for contributing funds , later. Can i amend my 2010 tax return Salary reduction contributions. Can i amend my 2010 tax return   The amount the employee chooses to have you contribute to a SIMPLE IRA on his or her behalf cannot be more than $12,000 for 2013 and 2014. Can i amend my 2010 tax return These contributions must be expressed as a percentage of the employee's compensation unless you permit the employee to express them as a specific dollar amount. Can i amend my 2010 tax return You cannot place restrictions on the contribution amount (such as limiting the contribution percentage), except to comply with the $12,000 limit. Can i amend my 2010 tax return   If you or an employee participates in any other qualified plan during the year and you or your employee have salary reduction contributions (elective deferrals) under those plans, the salary reduction contributions under a SIMPLE IRA plan also count toward the overall annual limit ($17,500 for 2013 and 2014) on exclusion of salary reduction contributions and other elective deferrals. Can i amend my 2010 tax return Catch-up contributions. Can i amend my 2010 tax return   A SIMPLE IRA plan can permit participants who are age 50 or over at the end of the calendar year to also make catch-up contributions. Can i amend my 2010 tax return The catch-up contribution limit for 2013 and 2014 for SIMPLE IRA plans is $2,500. Can i amend my 2010 tax return Salary reduction contributions are not treated as catch-up contributions for 2013 or 2014 until they exceed $12,000. Can i amend my 2010 tax return However, the catch-up contribution a participant can make for a year cannot exceed the lesser of the following amounts. Can i amend my 2010 tax return The catch-up contribution limit. Can i amend my 2010 tax return The excess of the participant's compensation over the salary reduction contributions that are not catch-up contributions. Can i amend my 2010 tax return Employer matching contributions. Can i amend my 2010 tax return   You are generally required to match each employee's salary reduction contributions on a dollar-for-dollar basis up to 3% of the employee's compensation. Can i amend my 2010 tax return This requirement does not apply if you make nonelective contributions as discussed later. Can i amend my 2010 tax return Example. Can i amend my 2010 tax return In 2013, your employee, John Rose, earned $25,000 and chose to defer 5% of his salary. Can i amend my 2010 tax return Your net earnings from self-employment are $40,000, and you choose to contribute 10% of your earnings to your SIMPLE IRA. Can i amend my 2010 tax return You make 3% matching contributions. Can i amend my 2010 tax return The total contribution you make for John is $2,000, figured as follows. Can i amend my 2010 tax return Salary reduction contributions ($25,000 × . Can i amend my 2010 tax return 05) $1,250 Employer matching contribution ($25,000 × . Can i amend my 2010 tax return 03) 750 Total contributions $2,000     The total contribution you make for yourself is $5,200, figured as follows. Can i amend my 2010 tax return Salary reduction contributions ($40,000 × . Can i amend my 2010 tax return 10) $4,000 Employer matching contribution ($40,000 × . Can i amend my 2010 tax return 03) 1,200 Total contributions $5,200 Lower percentage. Can i amend my 2010 tax return   If you choose a matching contribution less than 3%, the percentage must be at least 1%. Can i amend my 2010 tax return You must notify the employees of the lower match within a reasonable period of time before the 60-day election period (discussed earlier) for the calendar year. Can i amend my 2010 tax return You cannot choose a percentage less than 3% for more than 2 years during the 5-year period that ends with (and includes) the year for which the choice is effective. Can i amend my 2010 tax return Nonelective contributions. Can i amend my 2010 tax return   Instead of matching contributions, you can choose to make nonelective contributions of 2% of compensation on behalf of each eligible employee who has at least $5,000 (or some lower amount you select) of compensation from you for the year. Can i amend my 2010 tax return If you make this choice, you must make nonelective contributions whether or not the employee chooses to make salary reduction contributions. Can i amend my 2010 tax return Only $255,000 of the employee's compensation can be taken into account to figure the contribution limit in 2013 ($260,000 in 2014). Can i amend my 2010 tax return   If you choose this 2% contribution formula, you must notify the employees within a reasonable period of time before the 60-day election period (discussed earlier) for the calendar year. Can i amend my 2010 tax return Example 1. Can i amend my 2010 tax return In 2013, your employee, Jane Wood, earned $36,000 and chose to have you contribute 10% of her salary. Can i amend my 2010 tax return Your net earnings from self-employment are $50,000, and you choose to contribute 10% of your earnings to your SIMPLE IRA. Can i amend my 2010 tax return You make a 2% nonelective contribution. Can i amend my 2010 tax return Both of you are under age 50. Can i amend my 2010 tax return The total contribution you make for Jane is $4,320, figured as follows. Can i amend my 2010 tax return Salary reduction contributions ($36,000 × . Can i amend my 2010 tax return 10) $3,600 2% nonelective contributions ($36,000 × . Can i amend my 2010 tax return 02) 720 Total contributions $4,320     The total contribution you make for yourself is $6,000, figured as follows. Can i amend my 2010 tax return Salary reduction contributions ($50,000 × . Can i amend my 2010 tax return 10) $5,000 2% nonelective contributions ($50,000 × . Can i amend my 2010 tax return 02) 1,000 Total contributions $6,000 Example 2. Can i amend my 2010 tax return Using the same facts as in Example 1, above, the maximum contribution you make for Jane or for yourself if you each earned $75,000 is $13,500, figured as follows. Can i amend my 2010 tax return Salary reduction contributions (maximum amount allowed) $12,000 2% nonelective contributions ($75,000 × . Can i amend my 2010 tax return 02) 1,500 Total contributions $13,500 Time limits for contributing funds. Can i amend my 2010 tax return   You must make the salary reduction contributions to the SIMPLE IRA within 30 days after the end of the month in which the amounts would otherwise have been payable to the employee in cash. Can i amend my 2010 tax return You must make matching contributions or nonelective contributions by the due date (including extensions) for filing your federal income tax return for the year. Can i amend my 2010 tax return Certain plans subject to Department of Labor rules may have an earlier due date for salary reduction contributions. Can i amend my 2010 tax return When To Deduct Contributions You can deduct SIMPLE IRA contributions in the tax year within which the calendar year for which contributions were made ends. Can i amend my 2010 tax return You can deduct contributions for a particular tax year if they are made for that tax year and are made by the due date (including extensions) of your federal income tax return for that year. Can i amend my 2010 tax return Example 1. Can i amend my 2010 tax return Your tax year is the fiscal year ending June 30. Can i amend my 2010 tax return Contributions under a SIMPLE IRA plan for the calendar year 2013 (including contributions made in 2013 before July 1, 2013) are deductible in the tax year ending June 30, 2014. Can i amend my 2010 tax return Example 2. Can i amend my 2010 tax return You are a sole proprietor whose tax year is the calendar year. Can i amend my 2010 tax return Contributions under a SIMPLE IRA plan for the calendar year 2013 (including contributions made in 2014 by April 15, 2014) are deductible in the 2013 tax year. Can i amend my 2010 tax return Where To Deduct Contributions Deduct the contributions you make for your common-law employees on your tax return. Can i amend my 2010 tax return For example, sole proprietors deduct them on Schedule C (Form 1040) or Schedule F (Form 1040); partnerships deduct them on Form 1065; and corporations deduct them on Form 1120 or Form 1120S. Can i amend my 2010 tax return Sole proprietors and partners deduct contributions for themselves on line 28 of Form 1040. Can i amend my 2010 tax return (If you are a partner, contributions for yourself are shown on the Schedule K-1 (Form 1065) you receive from the partnership. Can i amend my 2010 tax return ) Tax Treatment of Contributions You can deduct your contributions and your employees can exclude these contributions from their gross income. Can i amend my 2010 tax return SIMPLE IRA plan contributions are not subject to federal income tax withholding. Can i amend my 2010 tax return However, salary reduction contributions are subject to social security, Medicare, and federal unemployment (FUTA) taxes. Can i amend my 2010 tax return Matching and nonelective contributions are not subject to these taxes. Can i amend my 2010 tax return Reporting on Form W-2. Can i amend my 2010 tax return   Do not include SIMPLE IRA plan contributions in the “Wages, tips, other compensation” box of Form W-2. Can i amend my 2010 tax return You must, however, include them in the “Social security wages” and “Medicare wages and tips” boxes. Can i amend my 2010 tax return You must also include them in box 12. Can i amend my 2010 tax return Mark the “Retirement plan” checkbox in box 13. Can i amend my 2010 tax return For more information, see the Form W-2 instructions. Can i amend my 2010 tax return Distributions (Withdrawals) Distributions from a SIMPLE IRA are subject to IRA rules and generally are includible in income for the year received. Can i amend my 2010 tax return Tax-free rollovers can be made from one SIMPLE IRA into another SIMPLE IRA. Can i amend my 2010 tax return However, a rollover from a SIMPLE IRA to a non-SIMPLE IRA can be made tax free only after a 2-year participation in the SIMPLE IRA plan. Can i amend my 2010 tax return Generally, you or your employee must begin to receive distributions from a SIMPLE IRA by April 1 of the first year after the calendar year in which you or your employee reaches age 70½. Can i amend my 2010 tax return Early withdrawals generally are subject to a 10% additional tax. Can i amend my 2010 tax return However, the additional tax is increased to 25% if funds are withdrawn within 2 years of beginning participation. Can i amend my 2010 tax return More information. Can i amend my 2010 tax return   See Publication 590 for information about IRA rules, including those on the tax treatment of distributions, rollovers, required distributions, and income tax withholding. Can i amend my 2010 tax return More Information on SIMPLE IRA Plans If you need help to set up or maintain a SIMPLE IRA plan, go to the IRS website and search SIMPLE IRA Plan. Can i amend my 2010 tax return SIMPLE 401(k) Plan You can adopt a SIMPLE plan as part of a 401(k) plan if you meet the 100-employee limit as discussed earlier under SIMPLE IRA Plan. Can i amend my 2010 tax return A SIMPLE 401(k) plan is a qualified retirement plan and generally must satisfy the rules discussed under Qualification Rules in chapter 4, including the required distribution rules. Can i amend my 2010 tax return However, a SIMPLE 401(k) plan is not subject to the nondiscrimination and top-heavy rules discussed in chapter 4 if the plan meets the conditions listed below. Can i amend my 2010 tax return Under the plan, an employee can choose to have you make salary reduction contributions for the year to a trust in an amount expressed as a percentage of the employee's compensation, but not more than $12,000 for 2013 and 2014. Can i amend my 2010 tax return If permitted under the plan, an employee who is age 50 or over can also make a catch-up contribution of up to $2,500 for 2013 and 2014. Can i amend my 2010 tax return See Catch-up contributions , earlier under Contribution Limits. Can i amend my 2010 tax return You must make either: Matching contributions up to 3% of compensation for the year, or Nonelective contributions of 2% of compensation on behalf of each eligible employee who has at least $5,000 of compensation from you for the year. Can i amend my 2010 tax return No other contributions can be made to the trust. Can i amend my 2010 tax return No contributions are made, and no benefits accrue, for services during the year under any other qualified retirement plan sponsored by you on behalf of any employee eligible to participate in the SIMPLE 401(k) plan. Can i amend my 2010 tax return The employee's rights to any contributions are nonforfeitable. Can i amend my 2010 tax return No more than $255,000 of the employee's compensation can be taken into account in figuring matching contributions and nonelective contributions in 2013 ($260,000 in 2014). Can i amend my 2010 tax return Compensation is defined earlier in this chapter. Can i amend my 2010 tax return Employee notification. Can i amend my 2010 tax return   The notification requirement that applies to SIMPLE IRA plans also applies to SIMPLE 401(k) plans. Can i amend my 2010 tax return See Notification Requirement in this chapter. Can i amend my 2010 tax return Credit for startup costs. Can i amend my 2010 tax return   You may be able to claim a tax credit for part of the ordinary and necessary costs of starting a SIMPLE 401(k) plan that first became effective in 2013. Can i amend my 2010 tax return For more information, see Credit for startup costs under Reminders, earlier. Can i amend my 2010 tax return Note on Forms. Can i amend my 2010 tax return   Please note that Forms 5304-SIMPLE and 5305-SIMPLE can not be used to establish a SIMPLE 401(k) plan. Can i amend my 2010 tax return To set up a SIMPLE 401(k) plan, see Adopting a Written Plan in chapter 4. Can i amend my 2010 tax return Prev  Up  Next   Home   More Online Publications