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Filing 2012 Taxes

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Filing 2012 Taxes

Filing 2012 taxes 7. Filing 2012 taxes   Excess Contributions Table of Contents How Do I Know If I Have Excess Contributions? What Happens If I Have Excess Contributions?Excess Annual Addition Excess Elective Deferral If your actual contributions are greater than your MAC, you have an excess contribution. Filing 2012 taxes Excess contributions can result in income tax, additional taxes, and penalties. Filing 2012 taxes The effect of excess contributions depends on the type of excess contribution. Filing 2012 taxes This chapter discusses excess contributions to your 403(b) account. Filing 2012 taxes How Do I Know If I Have Excess Contributions? At the end of the year or the beginning of the next year, you should refigure your MAC based on your actual compensation and actual contributions made to your account. Filing 2012 taxes If the actual contributions to your account are greater than your MAC, you have excess contributions. Filing 2012 taxes If, at any time during the year, your employment status or your compensation changes, you should refigure your MAC using a revised estimate of compensation to prevent excess contributions. Filing 2012 taxes What Happens If I Have Excess Contributions? Certain excess contributions in a 403(b) account can be corrected. Filing 2012 taxes The effect of an excess 403(b) contribution will depend on the type of excess contribution. Filing 2012 taxes Types of excess contributions. Filing 2012 taxes   If, after checking your actual contributions, you determine that you have an excess, the first thing is to identify the type of excess that you have. Filing 2012 taxes Excess contributions to a 403(b) account are categorized as either an: Excess annual addition, or Excess elective deferral. Filing 2012 taxes Excess Annual Addition An excess annual addition is a contribution that is more than your limit on annual additions. Filing 2012 taxes To determine your limit on annual additions, see chapter 3 (chapter 5 for ministers or church employees). Filing 2012 taxes In the year that your contributions are more than your limit on annual additions, the excess amount will be included in your income. Filing 2012 taxes Excise Tax If your 403(b) account invests in mutual funds, and you exceed your limit on annual additions, you may be subject to a 6% excise tax on the excess contribution. Filing 2012 taxes The excise tax does not apply to funds in an annuity account or to excess deferrals. Filing 2012 taxes You must pay the excise tax each year in which there are excess contributions in your account. Filing 2012 taxes Excess contributions can be corrected by contributing less than the applicable limit in later years or by making permissible distributions. Filing 2012 taxes See chapter 8 for a discussion on permissible distributions. Filing 2012 taxes You cannot deduct the excise tax. Filing 2012 taxes Reporting requirement. Filing 2012 taxes   You must file Form 5330 if there has been an excess contribution to a custodial account and that excess has not been corrected. Filing 2012 taxes Excess Elective Deferral An excess elective deferral is the amount that is more than your limit on elective deferrals. Filing 2012 taxes To determine your limit on elective deferrals, see chapter 4. Filing 2012 taxes Your employer's 403(b) plan may contain language permitting it to distribute excess deferrals. Filing 2012 taxes If so, it may require that in order to get a distribution of excess deferrals, you either notify the plan of the amount of excess deferrals or designate a distribution as an excess deferral. Filing 2012 taxes The plan may require that the notification or designation be in writing and may require that you certify or otherwise establish that the designated amount is an excess deferral. Filing 2012 taxes A plan is not required to permit distribution of excess deferrals. Filing 2012 taxes Correction of excess deferrals during year. Filing 2012 taxes   If you have excess deferrals for a year, a corrective distribution may be made only if both of the following conditions are satisfied. Filing 2012 taxes The plan and either you or your employer designate the distribution as an excess deferral to the extent you have excess deferrals for the year. Filing 2012 taxes The correcting distribution is made after the date on which the excess deferral was made. Filing 2012 taxes Correction of excess deferrals after the year. Filing 2012 taxes   If you have excess deferrals for a year, you may receive a correcting distribution of the excess deferral no later than April 15 of the following year. Filing 2012 taxes The plan can distribute the excess deferral (and any income allocable to the excess) no later than April 15 of the year following the year the excess deferral was made. Filing 2012 taxes Tax treatment of excess deferrals not attributable to Roth contributions. Filing 2012 taxes   If the excess deferral is distributed by April 15, it is included in your income in the year contributed and the earnings on the excess deferral will be taxed in the year distributed. Filing 2012 taxes Tax treatment of excess deferrals attributable to Roth contributions. Filing 2012 taxes   For these rules, see Regulations section 1. Filing 2012 taxes 402(g)-1(e). Filing 2012 taxes Prev  Up  Next   Home   More Online Publications
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The Filing 2012 Taxes

Filing 2012 taxes 10. Filing 2012 taxes   Education Savings Bond Program Table of Contents Introduction Who Can Cash In Bonds Tax FreeAdjusted qualified education expenses. Filing 2012 taxes Eligible educational institution. Filing 2012 taxes Dependent for whom you claim an exemption. Filing 2012 taxes MAGI when using Form 1040A. Filing 2012 taxes MAGI when using Form 1040. Filing 2012 taxes Figuring the Tax-Free AmountEffect of the Amount of Your Income on the Amount of Your Exclusion Claiming the Exclusion Introduction Generally, you must pay tax on the interest earned on U. Filing 2012 taxes S. Filing 2012 taxes savings bonds. Filing 2012 taxes If you do not include the interest in income in the years it is earned, you must include it in your income in the year in which you cash in the bonds. Filing 2012 taxes However, when you cash in certain savings bonds under an education savings bond program, you may be able to exclude the interest from income. Filing 2012 taxes Who Can Cash In Bonds Tax Free You may be able to cash in qualified U. Filing 2012 taxes S. Filing 2012 taxes savings bonds without having to include in your income some or all of the interest earned on the bonds if you meet the following conditions. Filing 2012 taxes You pay qualified education expenses for yourself, your spouse, or a dependent for whom you claim an exemption on your return. Filing 2012 taxes Your modified adjusted gross income (MAGI) is less than the amount specified for your filing status. Filing 2012 taxes Your filing status is not married filing separately. Filing 2012 taxes Qualified U. Filing 2012 taxes S. Filing 2012 taxes savings bonds. Filing 2012 taxes   A qualified U. Filing 2012 taxes S. Filing 2012 taxes savings bond is a series EE bond issued after 1989 or a series I bond. Filing 2012 taxes The bond must be issued either in your name (as the sole owner) or in the name of both you and your spouse (as co-owners). Filing 2012 taxes   The owner must be at least 24 years old before the bond's issue date. Filing 2012 taxes The issue date is printed on the front of the savings bond. Filing 2012 taxes    The issue date is not necessarily the date of purchase—it will be the first day of the month in which the bond is purchased (or posted, if bought electronically). Filing 2012 taxes Qualified education expenses. Filing 2012 taxes   These include the following items you pay for either yourself, your spouse, or a dependent for whom you claim an exemption. Filing 2012 taxes Tuition and fees required to enroll at or attend an eligible educational institution. Filing 2012 taxes Qualified education expenses do not include expenses for room and board or for courses involving sports, games, or hobbies that are not part of a degree or certificate granting program. Filing 2012 taxes Contributions to a qualified tuition program (QTP) (see How Much Can You Contribute in chapter 8, Qualified Tuition Program). Filing 2012 taxes Contributions to a Coverdell education savings account (ESA) (see Contributions in chapter 7, Coverdell Education Savings Account). Filing 2012 taxes Adjusted qualified education expenses. Filing 2012 taxes   You must reduce your qualified education expenses by all of the following tax-free benefits. Filing 2012 taxes Tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions). Filing 2012 taxes Expenses used to figure the tax-free portion of distributions from a Coverdell ESA (see Qualified Education Expenses in chapter 7, Coverdell Education Savings Account). Filing 2012 taxes Expenses used to figure the tax-free portion of distributions from a QTP (see Qualified education expenses in chapter 8, Qualified Tuition Program). Filing 2012 taxes Any tax-free payments (other than gifts or inheritances) received as educational assistance, such as: Veterans' educational assistance benefits (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Qualified tuition reductions (see Qualified Tuition Reduction in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), or Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ). Filing 2012 taxes Any expenses used in figuring the American opportunity and lifetime learning credits. Filing 2012 taxes See What Expenses Qualify in chapter 2, American Opportunity Credit, and What Expenses Qualify in chapter 3, Lifetime Learning Credit, for more information. Filing 2012 taxes Eligible educational institution. Filing 2012 taxes   An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. Filing 2012 taxes S. Filing 2012 taxes Department of Education. Filing 2012 taxes It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Filing 2012 taxes The educational institution should be able to tell you if it is an eligible educational institution. Filing 2012 taxes   Certain educational institutions located outside the United States also participate in the U. Filing 2012 taxes S. Filing 2012 taxes Department of Education's Federal Student Aid (FSA) programs. Filing 2012 taxes Dependent for whom you claim an exemption. Filing 2012 taxes   You claim an exemption for a person if you list his or her name and other required information on Form 1040 (or Form 1040A), line 6c. Filing 2012 taxes Modified adjusted gross income (MAGI). Filing 2012 taxes   For most taxpayers, MAGI is adjusted gross income (AGI) as figured on their federal income tax return without taking into account this interest exclusion. Filing 2012 taxes However, as discussed below, there may be other modifications. Filing 2012 taxes MAGI when using Form 1040A. Filing 2012 taxes   If you file Form 1040A, your MAGI is the AGI on line 22 of that form figured without taking into account any savings bond interest exclusion and modified by adding back any amount on line 18 (student loan interest deduction) and line 19 (tuition and fees deduction). Filing 2012 taxes MAGI when using Form 1040. Filing 2012 taxes   If you file Form 1040, your MAGI is the AGI on line 38 of that form figured without taking into account any savings bond interest exclusion and modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion, Foreign housing deduction, Exclusion of income by bona fide residents of American Samoa, Exclusion of income by bona fide residents of Puerto Rico, Exclusion for adoption benefits received under an employer's adoption assistance program, Deduction for student loan interest, Deduction for tuition and fees, and Deduction for domestic production activities. Filing 2012 taxes    Use the worksheet in the instructions for line 9 of Form 8815 to figure your MAGI. Filing 2012 taxes If you claim any of the exclusion or deduction items (1)–(6) listed above, add the amount of the exclusion or deduction to the amount on line 5 of the worksheet. Filing 2012 taxes Do not add in the deduction for (7) student loan interest, and (8) tuition and fees, or (9) domestic production activities because line 4 of the worksheet already includes these amounts. Filing 2012 taxes Enter the total on Form 8815, line 9, as your modified adjusted gross income (MAGI). Filing 2012 taxes    Because the deduction for interest expenses attributable to royalties and other investments is limited to your net investment income, you cannot figure the deduction until you have figured this interest exclusion. Filing 2012 taxes Therefore, if you had interest expenses attributable to royalties and deductible on Schedule E (Form 1040), Supplemental Income and Loss, you must make a special computation of your deductible interest without regard to this exclusion to figure the net royalty income included in your MAGI. Filing 2012 taxes See Royalties included in MAGI under Education Savings Bond Program in Publication 550, chapter 1. Filing 2012 taxes Figuring the Tax-Free Amount If the total you receive when you cash in the bonds is not more than the adjusted qualified education expenses for the year, all of the interest on the bonds may be tax free. Filing 2012 taxes However, if the total you receive when you cash in the bonds is more than the adjusted expenses, only part of the interest may be tax free. Filing 2012 taxes To determine the tax-free amount, multiply the interest part of the proceeds by a fraction. Filing 2012 taxes The numerator (top part) of the fraction is the adjusted qualified education expenses (AQEE) you paid during the year. Filing 2012 taxes The denominator (bottom part) of the fraction is the total proceeds you received during the year. Filing 2012 taxes Example. Filing 2012 taxes In February 2013, Mark and Joan Washington, a married couple, cashed a qualified series EE U. Filing 2012 taxes S. Filing 2012 taxes savings bond. Filing 2012 taxes They received proceeds of $9,000, representing principal of $6,000 and interest of $3,000. Filing 2012 taxes In 2013, they paid $7,650 of their daughter's college tuition. Filing 2012 taxes They are not claiming an American opportunity or lifetime learning credit for those expenses, and their daughter does not have any tax-free educational assistance. Filing 2012 taxes Their MAGI for 2013 was $80,000. Filing 2012 taxes   $3,000 interest × $7,650 AQEE  $9,000 proceeds = $2,550 tax-free interest   They can exclude $2,550 of interest in 2013. Filing 2012 taxes They must pay tax on the remaining $450 ($3,000 − $2,550) interest. Filing 2012 taxes Effect of the Amount of Your Income on the Amount of Your Exclusion The amount of your interest exclusion is gradually reduced (phased out) based on your MAGI and filing status. Filing 2012 taxes Claiming the Exclusion Use Form 8815 to figure your education savings bond interest exclusion. Filing 2012 taxes Enter your exclusion on line 3 of Schedule B (Form 1040A or 1040), Interest and Ordinary Dividends. Filing 2012 taxes Attach Form 8815 to your tax return. Filing 2012 taxes Prev  Up  Next   Home   More Online Publications