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Filling Out 1040xFilling out 1040x 1. Filling out 1040x Definitions You Need To Know Table of Contents Other options. Filling out 1040x Exception. Filling out 1040x Certain terms used in this publication are defined below. Filling out 1040x The same term used in another publication may have a slightly different meaning. Filling out 1040x Annual additions. Filling out 1040x Annual additions are the total of all your contributions in a year, employee contributions (not including rollovers), and forfeitures allocated to a participant's account. Filling out 1040x Annual benefits. Filling out 1040x Annual benefits are the benefits to be paid yearly in the form of a straight life annuity (with no extra benefits) under a plan to which employees do not contribute and under which no rollover contributions are made. Filling out 1040x Business. Filling out 1040x A business is an activity in which a profit motive is present and economic activity is involved. Filling out 1040x Service as a newspaper carrier under age 18 or as a public official is not a business. Filling out 1040x Common-law employee. Filling out 1040x A common-law employee is any individual who, under common law, would have the status of an employee. Filling out 1040x A leased employee can also be a common-law employee. Filling out 1040x A common-law employee is a person who performs services for an employer who has the right to control and direct the results of the work and the way in which it is done. Filling out 1040x For example, the employer: Provides the employee's tools, materials, and workplace, and Can fire the employee. Filling out 1040x Common-law employees are not self-employed and cannot set up retirement plans for income from their work, even if that income is self-employment income for social security tax purposes. Filling out 1040x For example, common-law employees who are ministers, members of religious orders, full-time insurance salespeople, and U. Filling out 1040x S. Filling out 1040x citizens employed in the United States by foreign governments cannot set up retirement plans for their earnings from those employments, even though their earnings are treated as self-employment income. Filling out 1040x However, an individual may be a common-law employee and a self-employed person as well. Filling out 1040x For example, an attorney can be a corporate common-law employee during regular working hours and also practice law in the evening as a self-employed person. Filling out 1040x In another example, a minister employed by a congregation for a salary is a common-law employee even though the salary is treated as self-employment income for social security tax purposes. Filling out 1040x However, fees reported on Schedule C (Form 1040), Profit or Loss From Business, for performing marriages, baptisms, and other personal services are self-employment earnings for qualified plan purposes. Filling out 1040x Compensation. Filling out 1040x Compensation for plan allocations is the pay a participant received from you for personal services for a year. Filling out 1040x You can generally define compensation as including all the following payments. Filling out 1040x Wages and salaries. Filling out 1040x Fees for professional services. Filling out 1040x Other amounts received (cash or noncash) for personal services actually rendered by an employee, including, but not limited to, the following items. Filling out 1040x Commissions and tips. Filling out 1040x Fringe benefits. Filling out 1040x Bonuses. Filling out 1040x For a self-employed individual, compensation means the earned income, discussed later, of that individual. Filling out 1040x Compensation generally includes amounts deferred in the following employee benefit plans. Filling out 1040x These amounts are elective deferrals. Filling out 1040x Qualified cash or deferred arrangement (section 401(k) plan). Filling out 1040x Salary reduction agreement to contribute to a tax-sheltered annuity (section 403(b) plan), a SIMPLE IRA plan, or a SARSEP. Filling out 1040x Section 457 nonqualified deferred compensation plan. Filling out 1040x Section 125 cafeteria plan. Filling out 1040x However, an employer can choose to exclude elective deferrals under the above plans from the definition of compensation. Filling out 1040x The limit on elective deferrals is discussed in chapter 2 under Salary Reduction Simplified Employee Pension (SARSEP) and in chapter 4. Filling out 1040x Other options. Filling out 1040x In figuring the compensation of a participant, you can treat any of the following amounts as the employee's compensation. Filling out 1040x The employee's wages as defined for income tax withholding purposes. Filling out 1040x The employee's wages you report in box 1 of Form W-2, Wage and Tax Statement. Filling out 1040x The employee's social security wages (including elective deferrals). Filling out 1040x Compensation generally cannot include either of the following items. Filling out 1040x Nontaxable reimbursements or other expense allowances. Filling out 1040x Deferred compensation (other than elective deferrals). Filling out 1040x SIMPLE plans. Filling out 1040x A special definition of compensation applies for SIMPLE plans. Filling out 1040x See chapter 3. Filling out 1040x Contribution. Filling out 1040x A contribution is an amount you pay into a plan for all those participating in the plan, including self-employed individuals. Filling out 1040x Limits apply to how much, under the contribution formula of the plan, can be contributed each year for a participant. Filling out 1040x Deduction. Filling out 1040x A deduction is the plan contributions you can subtract from gross income on your federal income tax return. Filling out 1040x Limits apply to the amount deductible. Filling out 1040x Earned income. Filling out 1040x Earned income is net earnings from self-employment, discussed later, from a business in which your services materially helped to produce the income. Filling out 1040x You can also have earned income from property your personal efforts helped create, such as royalties from your books or inventions. Filling out 1040x Earned income includes net earnings from selling or otherwise disposing of the property, but it does not include capital gains. Filling out 1040x It includes income from licensing the use of property other than goodwill. Filling out 1040x Earned income includes amounts received for services by self-employed members of recognized religious sects opposed to social security benefits who are exempt from self-employment tax. Filling out 1040x If you have more than one business, but only one has a retirement plan, only the earned income from that business is considered for that plan. Filling out 1040x Employer. Filling out 1040x An employer is generally any person for whom an individual performs or did perform any service, of whatever nature, as an employee. Filling out 1040x A sole proprietor is treated as his or her own employer for retirement plan purposes. Filling out 1040x However, a partner is not an employer for retirement plan purposes. Filling out 1040x Instead, the partnership is treated as the employer of each partner. Filling out 1040x Highly compensated employee. Filling out 1040x A highly compensated employee is an individual who: Owned more than 5% of the interest in your business at any time during the year or the preceding year, regardless of how much compensation that person earned or received, or For the preceding year, received compensation from you of more than $115,000 (if the preceding year is 2012, 2013, or 2014) and, if you so choose, was in the top 20% of employees when ranked by compensation. Filling out 1040x Leased employee. Filling out 1040x A leased employee who is not your common-law employee must generally be treated as your employee for retirement plan purposes if he or she does all the following. Filling out 1040x Provides services to you under an agreement between you and a leasing organization. Filling out 1040x Has performed services for you (or for you and related persons) substantially full time for at least 1 year. Filling out 1040x Performs services under your primary direction or control. Filling out 1040x Exception. Filling out 1040x A leased employee is not treated as your employee if all the following conditions are met. Filling out 1040x Leased employees are not more than 20% of your non-highly compensated work force. Filling out 1040x The employee is covered under the leasing organization's qualified pension plan. Filling out 1040x The leasing organization's plan is a money purchase pension plan that has all the following provisions. Filling out 1040x Immediate participation. Filling out 1040x (This requirement does not apply to any individual whose compensation from the leasing organization in each plan year during the 4-year period ending with the plan year is less than $1,000. Filling out 1040x ) Full and immediate vesting. Filling out 1040x A nonintegrated employer contribution rate of at least 10% of compensation for each participant. Filling out 1040x However, if the leased employee is your common-law employee, that employee will be your employee for all purposes, regardless of any pension plan of the leasing organization. Filling out 1040x Net earnings from self-employment. Filling out 1040x For SEP and qualified plans, net earnings from self-employment is your gross income from your trade or business (provided your personal services are a material income-producing factor) minus allowable business deductions. Filling out 1040x Allowable deductions include contributions to SEP and qualified plans for common-law employees and the deduction allowed for the deductible part of your self-employment tax. Filling out 1040x Net earnings from self-employment does not include items excluded from gross income (or their related deductions) other than foreign earned income and foreign housing cost amounts. Filling out 1040x For the deduction limits, earned income is net earnings for personal services actually rendered to the business. Filling out 1040x You take into account the income tax deduction for the deductible part of self-employment tax and the deduction for contributions to the plan made on your behalf when figuring net earnings. Filling out 1040x Net earnings include a partner's distributive share of partnership income or loss (other than separately stated items, such as capital gains and losses). Filling out 1040x It does not include income passed through to shareholders of S corporations. Filling out 1040x Guaranteed payments to limited partners are net earnings from self-employment if they are paid for services to or for the partnership. Filling out 1040x Distributions of other income or loss to limited partners are not net earnings from self-employment. Filling out 1040x For SIMPLE plans, net earnings from self-employment is the amount on line 4 of Short Schedule SE or line 6 of Long Schedule SE (Form 1040), Self-Employment Tax, before subtracting any contributions made to the SIMPLE plan for yourself. Filling out 1040x Qualified plan. Filling out 1040x A qualified plan is a retirement plan that offers a tax-favored way to save for retirement. Filling out 1040x You can deduct contributions made to the plan for your employees. Filling out 1040x Earnings on these contributions are generally tax free until distributed at retirement. Filling out 1040x Profit-sharing, money purchase, and defined benefit plans are qualified plans. Filling out 1040x A 401(k) plan is also a qualified plan. Filling out 1040x Participant. Filling out 1040x A participant is an eligible employee who is covered by your retirement plan. Filling out 1040x See the discussions of the different types of plans for the definition of an employee eligible to participate in each type of plan. Filling out 1040x Partner. Filling out 1040x A partner is an individual who shares ownership of an unincorporated trade or business with one or more persons. Filling out 1040x For retirement plans, a partner is treated as an employee of the partnership. Filling out 1040x Self-employed individual. Filling out 1040x An individual in business for himself or herself, and whose business is not incorporated, is self-employed. Filling out 1040x Sole proprietors and partners are self-employed. Filling out 1040x Self-employment can include part-time work. Filling out 1040x Not everyone who has net earnings from self-employment for social security tax purposes is self-employed for qualified plan purposes. Filling out 1040x See Common-law employee and Net earnings from self-employment , earlier. Filling out 1040x In addition, certain fishermen may be considered self-employed for setting up a qualified plan. Filling out 1040x See Publication 595, Capital Construction Fund for Commercial Fishermen, for the special rules used to determine whether fishermen are self-employed. Filling out 1040x Sole proprietor. Filling out 1040x A sole proprietor is an individual who owns an unincorporated business by himself or herself, including a single member limited liability company that is treated as a disregarded entity for tax purposes. Filling out 1040x For retirement plans, a sole proprietor is treated as both an employer and an employee. Filling out 1040x Prev Up Next Home More Online Publications
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