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Can I File 1040x Online

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Can I File 1040x Online

Can i file 1040x online 11. Can i file 1040x online   Patient-Centered Outcomes Research Fee Table of Contents The patient-centered outcomes research fee is imposed on issuers of specified health insurance policies (section 4375) and plan sponsors of applicable self-insured health plans (section 4376) for policy and plan years ending on or after October 1, 2012. Can i file 1040x online Generally, references to taxes on Form 720 include this fee. Can i file 1040x online Specified health insurance policies. Can i file 1040x online   For issuers of specified health insurance policies, the fee for a policy year ending before October 1, 2013, is $1. Can i file 1040x online 00, multiplied by the average number of lives covered under the policy for that policy year. Can i file 1040x online Generally, issuers of specified health insurance polices must use one of the following four alternative methods to determine the average number of lives covered under a policy for the policy year. Can i file 1040x online The actual count method. Can i file 1040x online For policy years that end on or after October 1, 2012, issuers using the actual count method may begin counting lives covered under a policy as of May 14, 2012, rather than the first day of the policy year, and divide by the appropriate number of days remaining in the policy year. Can i file 1040x online The snapshot method. Can i file 1040x online For policy years that end on or after October 1, 2012, but that began before May 14, 2012, issuers using the snapshot method may use counts from quarters beginning on or after May 14, 2012, to determine the average number of lives covered under the policy. Can i file 1040x online The member months method. Can i file 1040x online And, 4. Can i file 1040x online The state form method. Can i file 1040x online The member months data and the data reported on state forms are based on the calendar year. Can i file 1040x online To adjust for 2012, issuers will use a pro rata approach for calculating the average number of lives covered using the member months method or the state form method for 2012. Can i file 1040x online For example, issuers using the member months number for 2012 will divide the member months number by 12 and multiply the resulting number by one quarter to arrive at the average number of lives covered for October through December 2012. Can i file 1040x online Applicable self-insured health plans. Can i file 1040x online   For plan sponsors of applicable self-insured health plans, the fee for a plan year ending on or after October 1, 2012, and ending before October 1, 2013 is $1. Can i file 1040x online 00, multiplied by the average number of lives covered under the plan for that plan year. Can i file 1040x online Generally, plan sponsors of applicable self-insured health plans must use one of the following three alternative methods to determine the average number of lives covered under a plan for the plan year. Can i file 1040x online Actual count method. Can i file 1040x online Snapshot method. Can i file 1040x online Form 5500 method. Can i file 1040x online However, for plan years beginning before July 11, 2012, and ending on or after October 1, 2012, plan sponsors may determine the average number of lives covered under the plan for the plan year using any reasonable method. Can i file 1040x online Reporting and paying the fee. Can i file 1040x online   File Form 720 annually to report and pay the fee on the second quarter Form 720, no later than July 31 of the calendar year immediately following the last day of the policy year or plan year to which the fee applies. Can i file 1040x online If you file Form 720 only to report the fee, do not file Form 720 for the 1st, 3rd, or 4th quarters of the year. Can i file 1040x online If you file Form 720 to report quarterly excise tax liability for the 1st, 3rd, or 4th quarter of the year (for example, filers reporting the foreign insurance tax (IRS No. Can i file 1040x online 30)), do not make an entry on the line for IRS No. Can i file 1040x online 133 on those filings. Can i file 1040x online   Deposits are not required for this fee, so issuers and plan sponsors are not required to pay the fee using Electronic Federal Tax Payment System (EFTPS). Can i file 1040x online   However, if the fee is paid using EFTPS, the payment should be applied to the second quarter. Can i file 1040x online See Electronic deposit requirement under How To Make Deposits in chapter 13, later. Can i file 1040x online More information. Can i file 1040x online   For more information, including methods for calculating the average number of lives covered, see sections 4375, 4376, and 4377; also see T. Can i file 1040x online D. Can i file 1040x online 9602, which is on page 746 of I. Can i file 1040x online R. Can i file 1040x online B. Can i file 1040x online 2012-52 at www. Can i file 1040x online irs. Can i file 1040x online gov/pub/irs-irbs/irb12-52. Can i file 1040x online pdf. Can i file 1040x online Prev  Up  Next   Home   More Online Publications
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Can i file 1040x online 3. Can i file 1040x online   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 file 1040x online 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 file 1040x online In addition, you will contribute matching or nonelective contributions. Can i file 1040x online SIMPLE plans can only be maintained on a calendar-year basis. Can i file 1040x online A SIMPLE plan can be set up in either of the following ways. Can i file 1040x online Using SIMPLE IRAs (SIMPLE IRA plan). Can i file 1040x online As part of a 401(k) plan (SIMPLE 401(k) plan). Can i file 1040x online Many financial institutions will help you set up a SIMPLE plan. Can i file 1040x online SIMPLE IRA Plan A SIMPLE IRA plan is a retirement plan that uses SIMPLE IRAs for each eligible employee. Can i file 1040x online Under a SIMPLE IRA plan, a SIMPLE IRA must be set up for each eligible employee. Can i file 1040x online For the definition of an eligible employee, see Who Can Participate in a SIMPLE IRA Plan , later. Can i file 1040x online 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 file 1040x online You meet the employee limit. Can i file 1040x online You do not maintain another qualified plan unless the other plan is for collective bargaining employees. Can i file 1040x online Employee limit. Can i file 1040x online   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 file 1040x online 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 file 1040x online Employees include self-employed individuals who received earned income and leased employees (defined in chapter 1). Can i file 1040x online   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 file 1040x online Grace period for employers who cease to meet the 100-employee limit. Can i file 1040x online   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 file 1040x online   A different rule applies if you do not meet the 100-employee limit because of an acquisition, disposition, or similar transaction. Can i file 1040x online 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 file 1040x online Coverage under the plan has not significantly changed during the grace period. Can i file 1040x online The SIMPLE IRA plan would have continued to qualify after the transaction if you had remained a separate employer. Can i file 1040x online    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 file 1040x online Other qualified plan. Can i file 1040x online   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 file 1040x online Exception. Can i file 1040x online   If you maintain a qualified plan for collective bargaining employees, you are permitted to maintain a SIMPLE IRA plan for other employees. Can i file 1040x online Who Can Participate in a SIMPLE IRA Plan? Eligible employee. Can i file 1040x online   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 file 1040x online The term “employee” includes a self-employed individual who received earned income. Can i file 1040x online   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 file 1040x online For example, you can allow participation for employees who received at least $3,000 in compensation during any preceding calendar year. Can i file 1040x online However, you cannot impose any other conditions for participating in a SIMPLE IRA plan. Can i file 1040x online Excludable employees. Can i file 1040x online   The following employees do not need to be covered under a SIMPLE IRA plan. Can i file 1040x online 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 file 1040x online Nonresident alien employees who have received no U. Can i file 1040x online S. Can i file 1040x online source wages, salaries, or other personal services compensation from you. Can i file 1040x online Compensation. Can i file 1040x online   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 file 1040x online 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 file 1040x online 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 file 1040x online 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 file 1040x online Each form is a model savings incentive match plan for employees (SIMPLE) plan document. Can i file 1040x online 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 file 1040x online 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 file 1040x online 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 file 1040x online 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 file 1040x online Keep the original form. Can i file 1040x online Do not file it with the IRS. Can i file 1040x online Other uses of the forms. Can i file 1040x online   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 file 1040x online Meeting employer notification requirements for the SIMPLE IRA plan. Can i file 1040x online Form 5304-SIMPLE and Form 5305-SIMPLE contain a Model Notification to Eligible Employees that provides the necessary information to the employee. Can i file 1040x online Maintaining the SIMPLE IRA plan records and proving you set up a SIMPLE IRA plan for employees. Can i file 1040x online Deadline for setting up a SIMPLE IRA plan. Can i file 1040x online   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 file 1040x online 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 file 1040x online 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 file 1040x online A SIMPLE IRA plan cannot have an effective date that is before the date you actually adopt the plan. Can i file 1040x online Setting up a SIMPLE IRA. Can i file 1040x online   SIMPLE IRAs are the individual retirement accounts or annuities into which the contributions are deposited. Can i file 1040x online A SIMPLE IRA must be set up for each eligible employee. Can i file 1040x online 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 file 1040x online   A SIMPLE IRA cannot be a Roth IRA. Can i file 1040x online Contributions to a SIMPLE IRA will not affect the amount an individual can contribute to a Roth or traditional IRA. Can i file 1040x online Deadline for setting up a SIMPLE IRA. Can i file 1040x online   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 file 1040x online See Time limits for contributing funds , later, under Contribution Limits. Can i file 1040x online Credit for startup costs. Can i file 1040x online   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 file 1040x online For more information, see Credit for startup costs under Reminders, earlier. Can i file 1040x online 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 file 1040x online The employee's opportunity to make or change a salary reduction choice under a SIMPLE IRA plan. Can i file 1040x online Your decision to make either matching contributions or nonelective contributions (discussed later). Can i file 1040x online A summary description provided by the financial institution. Can i file 1040x online Written notice that his or her balance can be transferred without cost or penalty if they use a designated financial institution. Can i file 1040x online Election period. Can i file 1040x online   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 file 1040x online 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 file 1040x online   A SIMPLE IRA plan can provide longer periods for permitting employees to enter into salary reduction agreements or to modify prior agreements. Can i file 1040x online For example, a SIMPLE IRA plan can provide a 90-day election period instead of the 60-day period. Can i file 1040x online 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 file 1040x online Contribution Limits Contributions are made up of salary reduction contributions and employer contributions. Can i file 1040x online You, as the employer, must make either matching contributions or nonelective contributions, defined later. Can i file 1040x online No other contributions can be made to the SIMPLE IRA plan. Can i file 1040x online These contributions, which you can deduct, must be made timely. Can i file 1040x online See Time limits for contributing funds , later. Can i file 1040x online Salary reduction contributions. Can i file 1040x online   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 file 1040x online 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 file 1040x online You cannot place restrictions on the contribution amount (such as limiting the contribution percentage), except to comply with the $12,000 limit. Can i file 1040x online   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 file 1040x online Catch-up contributions. Can i file 1040x online   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 file 1040x online The catch-up contribution limit for 2013 and 2014 for SIMPLE IRA plans is $2,500. Can i file 1040x online Salary reduction contributions are not treated as catch-up contributions for 2013 or 2014 until they exceed $12,000. Can i file 1040x online However, the catch-up contribution a participant can make for a year cannot exceed the lesser of the following amounts. Can i file 1040x online The catch-up contribution limit. Can i file 1040x online The excess of the participant's compensation over the salary reduction contributions that are not catch-up contributions. Can i file 1040x online Employer matching contributions. Can i file 1040x online   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 file 1040x online This requirement does not apply if you make nonelective contributions as discussed later. Can i file 1040x online Example. Can i file 1040x online In 2013, your employee, John Rose, earned $25,000 and chose to defer 5% of his salary. Can i file 1040x online Your net earnings from self-employment are $40,000, and you choose to contribute 10% of your earnings to your SIMPLE IRA. Can i file 1040x online You make 3% matching contributions. Can i file 1040x online The total contribution you make for John is $2,000, figured as follows. Can i file 1040x online Salary reduction contributions ($25,000 × . Can i file 1040x online 05) $1,250 Employer matching contribution ($25,000 × . Can i file 1040x online 03) 750 Total contributions $2,000     The total contribution you make for yourself is $5,200, figured as follows. Can i file 1040x online Salary reduction contributions ($40,000 × . Can i file 1040x online 10) $4,000 Employer matching contribution ($40,000 × . Can i file 1040x online 03) 1,200 Total contributions $5,200 Lower percentage. Can i file 1040x online   If you choose a matching contribution less than 3%, the percentage must be at least 1%. Can i file 1040x online 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 file 1040x online 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 file 1040x online Nonelective contributions. Can i file 1040x online   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 file 1040x online If you make this choice, you must make nonelective contributions whether or not the employee chooses to make salary reduction contributions. Can i file 1040x online 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 file 1040x online   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 file 1040x online Example 1. Can i file 1040x online In 2013, your employee, Jane Wood, earned $36,000 and chose to have you contribute 10% of her salary. Can i file 1040x online Your net earnings from self-employment are $50,000, and you choose to contribute 10% of your earnings to your SIMPLE IRA. Can i file 1040x online You make a 2% nonelective contribution. Can i file 1040x online Both of you are under age 50. Can i file 1040x online The total contribution you make for Jane is $4,320, figured as follows. Can i file 1040x online Salary reduction contributions ($36,000 × . Can i file 1040x online 10) $3,600 2% nonelective contributions ($36,000 × . Can i file 1040x online 02) 720 Total contributions $4,320     The total contribution you make for yourself is $6,000, figured as follows. Can i file 1040x online Salary reduction contributions ($50,000 × . Can i file 1040x online 10) $5,000 2% nonelective contributions ($50,000 × . Can i file 1040x online 02) 1,000 Total contributions $6,000 Example 2. Can i file 1040x online 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 file 1040x online Salary reduction contributions (maximum amount allowed) $12,000 2% nonelective contributions ($75,000 × . Can i file 1040x online 02) 1,500 Total contributions $13,500 Time limits for contributing funds. Can i file 1040x online   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 file 1040x online 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 file 1040x online Certain plans subject to Department of Labor rules may have an earlier due date for salary reduction contributions. Can i file 1040x online 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 file 1040x online 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 file 1040x online Example 1. Can i file 1040x online Your tax year is the fiscal year ending June 30. Can i file 1040x online 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 file 1040x online Example 2. Can i file 1040x online You are a sole proprietor whose tax year is the calendar year. Can i file 1040x online 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 file 1040x online Where To Deduct Contributions Deduct the contributions you make for your common-law employees on your tax return. Can i file 1040x online 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 file 1040x online Sole proprietors and partners deduct contributions for themselves on line 28 of Form 1040. Can i file 1040x online (If you are a partner, contributions for yourself are shown on the Schedule K-1 (Form 1065) you receive from the partnership. Can i file 1040x online ) Tax Treatment of Contributions You can deduct your contributions and your employees can exclude these contributions from their gross income. Can i file 1040x online SIMPLE IRA plan contributions are not subject to federal income tax withholding. Can i file 1040x online However, salary reduction contributions are subject to social security, Medicare, and federal unemployment (FUTA) taxes. Can i file 1040x online Matching and nonelective contributions are not subject to these taxes. Can i file 1040x online Reporting on Form W-2. Can i file 1040x online   Do not include SIMPLE IRA plan contributions in the “Wages, tips, other compensation” box of Form W-2. Can i file 1040x online You must, however, include them in the “Social security wages” and “Medicare wages and tips” boxes. Can i file 1040x online You must also include them in box 12. Can i file 1040x online Mark the “Retirement plan” checkbox in box 13. Can i file 1040x online For more information, see the Form W-2 instructions. Can i file 1040x online Distributions (Withdrawals) Distributions from a SIMPLE IRA are subject to IRA rules and generally are includible in income for the year received. Can i file 1040x online Tax-free rollovers can be made from one SIMPLE IRA into another SIMPLE IRA. Can i file 1040x online 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 file 1040x online 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 file 1040x online Early withdrawals generally are subject to a 10% additional tax. Can i file 1040x online However, the additional tax is increased to 25% if funds are withdrawn within 2 years of beginning participation. Can i file 1040x online More information. Can i file 1040x online   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 file 1040x online 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 file 1040x online 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 file 1040x online 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 file 1040x online 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 file 1040x online 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 file 1040x online 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 file 1040x online See Catch-up contributions , earlier under Contribution Limits. Can i file 1040x online 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 file 1040x online No other contributions can be made to the trust. Can i file 1040x online 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 file 1040x online The employee's rights to any contributions are nonforfeitable. Can i file 1040x online 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 file 1040x online Compensation is defined earlier in this chapter. Can i file 1040x online Employee notification. Can i file 1040x online   The notification requirement that applies to SIMPLE IRA plans also applies to SIMPLE 401(k) plans. Can i file 1040x online See Notification Requirement in this chapter. Can i file 1040x online Credit for startup costs. Can i file 1040x online   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 file 1040x online For more information, see Credit for startup costs under Reminders, earlier. Can i file 1040x online Note on Forms. Can i file 1040x online   Please note that Forms 5304-SIMPLE and 5305-SIMPLE can not be used to establish a SIMPLE 401(k) plan. Can i file 1040x online To set up a SIMPLE 401(k) plan, see Adopting a Written Plan in chapter 4. Can i file 1040x online Prev  Up  Next   Home   More Online Publications