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Free taxes filing 9. Free taxes filing   Education Exception to Additional Tax on Early IRA Distributions Table of Contents Introduction Who Is Eligible Figuring the Amount Not Subject to the 10% Tax Reporting Early Distributions Introduction Generally, if you take a distribution from your IRA before you reach age 59½, you must pay a 10% additional tax on the early distribution. Free taxes filing This applies to any IRA you own, whether it is a traditional IRA (including a SEP-IRA), a Roth IRA, or a SIMPLE IRA. Free taxes filing The additional tax on an early distribution from a SIMPLE IRA may be as high as 25%. Free taxes filing See Publication 560, Retirement Plans for Small Business, for information on SEP-IRAs, and Publication 590, for information about all other IRAs. Free taxes filing However, you can take distributions from your IRAs for qualified higher education expenses without having to pay the 10% additional tax. Free taxes filing You may owe income tax on at least part of the amount distributed, but you may not have to pay the 10% additional tax. Free taxes filing Generally, if the taxable part of the distribution is less than or equal to the adjusted qualified education expenses (AQEE), none of the distribution is subject to the additional tax. Free taxes filing If the taxable part of the distribution is more than the AQEE, only the excess is subject to the additional tax. Free taxes filing Who Is Eligible You can take a distribution from your IRA before you reach age 59½ and not have to pay the 10% additional tax if, for the year of the distribution, you pay qualified education expenses for: yourself, your spouse, or your or your spouse's child, foster child, adopted child, or descendant of any of them. Free taxes filing Qualified education expenses. Free taxes filing   For purposes of the 10% additional tax, these expenses are tuition, fees, books, supplies, and equipment required for enrollment or attendance at an eligible educational institution. Free taxes filing They also include expenses for special needs services incurred by or for special needs students in connection with their enrollment or attendance. Free taxes filing   In addition, if the student is at least a half-time student, room and board are qualified education expenses. Free taxes filing   The expense for room and board qualifies only to the extent that it is not more than the greater of the following two amounts. Free taxes filing The allowance for room and board, as determined by the eligible educational institution, that was included in the cost of attendance (for federal financial aid purposes) for a particular academic period and living arrangement of the student. Free taxes filing The actual amount charged if the student is residing in housing owned or operated by the eligible educational institution. Free taxes filing You will need to contact the eligible educational institution for qualified room and board costs. Free taxes filing Eligible educational institution. Free taxes filing   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. Free taxes filing S. Free taxes filing Department of Education. Free taxes filing It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Free taxes filing The educational institution should be able to tell you if it is an eligible educational institution. Free taxes filing   Certain educational institutions located outside the United States also participate in the U. Free taxes filing S. Free taxes filing Department of Education's Federal Student Aid (FSA) programs. Free taxes filing Half-time student. Free taxes filing   A student is enrolled “at least half-time” if he or she is enrolled for at least half the full-time academic work load for the course of study the student is pursuing as determined under the standards of the school where the student is enrolled. Free taxes filing Figuring the Amount Not Subject to the 10% Tax To determine the amount of your distribution that is not subject to the 10% additional tax, first figure your adjusted qualified education expenses. Free taxes filing You do this by reducing your total qualified education expenses by any tax-free educational assistance, which includes: Expenses used to figure the tax-free portion of distributions from a Coverdell education savings account (ESA) (see Distributions in chapter 7, Coverdell Education Savings Account), The tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Pell grants (see Pell Grants and Other Title IV Need-Based Education Grants in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Veterans' educational assistance (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ), and Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. Free taxes filing Do not reduce the qualified education expenses by amounts paid with funds the student receives as: Payment for services, such as wages, A loan, A gift, An inheritance given to either the student or the individual making the withdrawal, or A withdrawal from personal savings (including savings from a qualified tuition program (QTP)). Free taxes filing If your IRA distribution is equal to or less than your adjusted qualified education expenses, you are not subject to the 10% additional tax. Free taxes filing Example 1. Free taxes filing In 2013, Erin (age 32) took a year off from teaching to attend graduate school full-time. Free taxes filing She paid $5,800 of qualified education expenses from the following sources. Free taxes filing   Employer-provided educational assistance  (tax free) $5,000     Early distribution from IRA (includes $500 taxable earnings) 3,200           Before Erin can determine if she must pay the 10% additional tax on her IRA distribution, she must reduce her total qualified education expenses. Free taxes filing   Total qualified education expenses $5,800     Minus: Tax-free educational assistance −5,000     Equals: Adjusted qualified  education expenses (AQEE) $ 800   Because Erin's AQEE ($800) are more than the taxable portion of her IRA distribution ($500), she does not have to pay the 10% additional tax on any part of this distribution. Free taxes filing However, she must include the $500 taxable earnings in her gross income subject to income tax. Free taxes filing Example 2. Free taxes filing Assume the same facts as in Example 1 , except that Erin deducted some of the contributions to her IRA, so the taxable part of her early distribution is higher by $1,000. Free taxes filing This must be included in her income subject to income tax. Free taxes filing The taxable part of Erin's IRA distribution ($1,000) is larger than her $800 AQEE. Free taxes filing Therefore, she must pay the 10% additional tax on $200, the taxable part of her distribution ($1,000) that is more than her qualified education expenses ($800). Free taxes filing She does not have to pay the 10% additional tax on the remaining $800 of her taxable distribution. Free taxes filing Reporting Early Distributions By January 31, 2014, the payer of your IRA distribution should send you Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Free taxes filing The information on this form will help you determine how much of your distribution is taxable for income tax purposes and how much is subject to the 10% additional tax. Free taxes filing If you received an early distribution from your IRA, you must report the taxable earnings on Form 1040, line 15b (Form 1040NR, line 16b). Free taxes filing Then, if you qualify for an exception for qualified higher education expenses, you must file Form 5329 to show how much, if any, of your early distribution is subject to the 10% additional tax. Free taxes filing See the Instructions for Form 5329, Part I, for help in completing the form and entering the results on Form 1040 or 1040NR. Free taxes filing There are many other situations in which Form 5329 is required. Free taxes filing If, during 2013, you had other distributions from IRAs or qualified retirement plans, or have made excess contributions to certain tax-favored accounts, see the instructions for line 58 (Form 1040) or line 56 (Form 1040NR) to determine if you must file Form 5329. Free taxes filing Prev  Up  Next   Home   More Online Publications
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Free taxes filing Publication 571 - Introductory Material Table of Contents Future Developments What's New for 2013 What's New for 2014 Reminder IntroductionOrdering forms and publications. Free taxes filing Tax questions. Free taxes filing Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 571 and its instructions, such as legislation enacted after they were published, go to www. Free taxes filing irs. Free taxes filing gov/pub571. Free taxes filing What's New for 2013 Retirement savings contributions credit. Free taxes filing  For 2013, the adjusted gross income limitations have increased from $57,500 to $59,000 for married filing jointly filers, from $43,125 to $44,250 for head of household filers, and from $28,750 to $29,500 for single, married filing separately, or qualifying widow(er) with dependent child filers. Free taxes filing See chapter 10, Retirement Savings Contributions Credit (Saver's Credit), for additional information. Free taxes filing Limit on elective deferrals. Free taxes filing  For 2013, the limit on elective deferrals has increased from $17,000 to $17,500. Free taxes filing Limit on annual additions. Free taxes filing  For 2013, the limit on annual additions has increased from $50,000 to $51,000. Free taxes filing What's New for 2014 Retirement savings contributions credit. Free taxes filing  For 2014, the adjusted gross income limitations have increased from $59,000 to $60,000 for married filing jointly filers, from $44,250 to $45,000 for head of household filers, and from $29,500 to $30,000 for single, married filing separately, or qualifying widow(er) with dependent child filers. Free taxes filing See chapter 10, Retirement Savings Contributions Credit (Saver's Credit), for additional information. Free taxes filing Limit on elective deferrals. Free taxes filing  For 2014, the limit on elective deferrals remains unchanged at $17,500. Free taxes filing Limit on annual additions. Free taxes filing  For 2014, the limit on annual additions has increased from $51,000 to $52,000. Free taxes filing Reminder Photographs of missing children. Free taxes filing  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Free taxes filing Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Free taxes filing You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Free taxes filing Introduction This publication can help you better understand the tax rules that apply to your 403(b) (tax-sheltered annuity) plan. Free taxes filing In this publication, you will find information to help you: Determine the maximum amount that can be contributed to your 403(b) account in 2014. Free taxes filing Determine the maximum amount that could have been contributed to your 403(b) account in 2013. Free taxes filing Identify excess contributions. Free taxes filing Understand the basic rules for claiming the retirement savings contributions credit. Free taxes filing Understand the basic rules for distributions and rollovers from 403(b) accounts. Free taxes filing This publication does not provide specific information on the following topics. Free taxes filing Distributions from 403(b) accounts. Free taxes filing This is covered in Publication 575, Pension and Annuity Income. Free taxes filing Rollovers. Free taxes filing This is covered in Publication 590, Individual Retirement Arrangements (IRAs). Free taxes filing How to use this publication. Free taxes filing   This publication is organized into chapters to help you find information easily. Free taxes filing    Chapter 1 answers questions frequently asked by 403(b) plan participants. Free taxes filing    Chapters 2 through 6 explain the rules and terms you need to know to figure the maximum amount that could have been contributed to your 403(b) account for 2013 and the maximum amount that can be contributed to your 403(b) account in 2014. Free taxes filing    Chapter 7 provides general information on the prevention and correction of excess contributions to your 403(b) account. Free taxes filing    Chapter 8 provides general information on distributions, transfers, and rollovers. Free taxes filing    Chapter 9 provides blank worksheets that you will need to accurately and actively participate in your 403(b) plan. Free taxes filing Filled-in samples of most of these worksheets can be found throughout this publication. Free taxes filing    Chapter 10 explains the rules for claiming the retirement savings contributions credit (saver's credit). Free taxes filing Comments and suggestions. Free taxes filing   We welcome your comments about this publication and your suggestions for future editions. Free taxes filing   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Free taxes filing NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Free taxes filing Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Free taxes filing   You can send your comments from www. Free taxes filing irs. Free taxes filing gov/formspubs/. Free taxes filing Click on “More Information” and then on “Comment on Tax Forms and Publications. Free taxes filing ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Free taxes filing Ordering forms and publications. Free taxes filing   Visit www. Free taxes filing irs. Free taxes filing gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Free taxes filing  Internal Revenue Service 1201 N. Free taxes filing Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Free taxes filing   If you have a tax question, check the information available on IRS. Free taxes filing gov or call 1-800-829-1040. Free taxes filing We cannot answer tax questions sent to either of the above addresses. Free taxes filing Useful Items - You may want to see: Publication 517 Social Security and Other Information for Members of the Clergy and Religious Workers 575 Pension and Annuity Income 590 Individual Retirement Arrangements (IRAs) Form (and Instructions) W-2 Wage and Tax Statement 1099-R Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Free taxes filing 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts 5330 Return of Excise Taxes Related to Employee Benefit Plans Prev  Up  Next   Home   More Online Publications