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Freetaxes com 7. Freetaxes com   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. Freetaxes com Excess contributions can result in income tax, additional taxes, and penalties. Freetaxes com The effect of excess contributions depends on the type of excess contribution. Freetaxes com This chapter discusses excess contributions to your 403(b) account. Freetaxes com 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. Freetaxes com If the actual contributions to your account are greater than your MAC, you have excess contributions. Freetaxes com 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. Freetaxes com What Happens If I Have Excess Contributions? Certain excess contributions in a 403(b) account can be corrected. Freetaxes com The effect of an excess 403(b) contribution will depend on the type of excess contribution. Freetaxes com Types of excess contributions. Freetaxes com   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. Freetaxes com Excess contributions to a 403(b) account are categorized as either an: Excess annual addition, or Excess elective deferral. Freetaxes com Excess Annual Addition An excess annual addition is a contribution that is more than your limit on annual additions. Freetaxes com To determine your limit on annual additions, see chapter 3 (chapter 5 for ministers or church employees). Freetaxes com In the year that your contributions are more than your limit on annual additions, the excess amount will be included in your income. Freetaxes com 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. Freetaxes com The excise tax does not apply to funds in an annuity account or to excess deferrals. Freetaxes com You must pay the excise tax each year in which there are excess contributions in your account. Freetaxes com Excess contributions can be corrected by contributing less than the applicable limit in later years or by making permissible distributions. Freetaxes com See chapter 8 for a discussion on permissible distributions. Freetaxes com You cannot deduct the excise tax. Freetaxes com Reporting requirement. Freetaxes com   You must file Form 5330 if there has been an excess contribution to a custodial account and that excess has not been corrected. Freetaxes com Excess Elective Deferral An excess elective deferral is the amount that is more than your limit on elective deferrals. Freetaxes com To determine your limit on elective deferrals, see chapter 4. Freetaxes com Your employer's 403(b) plan may contain language permitting it to distribute excess deferrals. Freetaxes com 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. Freetaxes com 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. Freetaxes com A plan is not required to permit distribution of excess deferrals. Freetaxes com Correction of excess deferrals during year. Freetaxes com   If you have excess deferrals for a year, a corrective distribution may be made only if both of the following conditions are satisfied. Freetaxes com 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. Freetaxes com The correcting distribution is made after the date on which the excess deferral was made. Freetaxes com Correction of excess deferrals after the year. Freetaxes com   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. Freetaxes com 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. Freetaxes com Tax treatment of excess deferrals not attributable to Roth contributions. Freetaxes com   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. Freetaxes com Tax treatment of excess deferrals attributable to Roth contributions. Freetaxes com   For these rules, see Regulations section 1. Freetaxes com 402(g)-1(e). Freetaxes com Prev  Up  Next   Home   More Online Publications
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IRS - Taxpayer Compliance Research

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Taxpayer Compliance Research

This section contains research papers, publications, and other documents dealing with taxpayer compliance. You can learn about the tax gap, specific compliance analysis issues, and studies of the causes of compliance behavior. Below are links to the topics within this section, as well as some examples of what you can find within each topic.

Tax Gap

The tax gap is the difference between true tax liability for a given tax year and the amount that is paid on time. It is comprised of the nonfiling gap, the underreporting gap, and the underpayment gap.

This section contains:

  • IRS reports and presentations on the size of the tax gap for various tax years
  • Related charts and tables
  • Reports on reducing the tax gap
Compliance Analysis

This section contains a wide variety of papers related to taxpayer compliance, including:

  • Overviews of National Research Program (NRP) data
  • Analyses of NRP data
  • Estimates of noncompliance other than the tax gap
Understanding Taxpayer Compliance Behavior

While the tax gap reflects the extent of taxpayer noncompliance, it is also important to understand why taxpayers are compliant or noncompliant. This section contains papers that seek to provide insights into taxpayer behavior through:

  • Econometric analyses
  • Lab experiments
  • Field or natural experiments
  • Other modeling

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Page Last Reviewed or Updated: 21-Mar-2013

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Freetaxes com Index A Asistencia, Cómo Obtener Ayuda con los Impuestos Ayuda, Cómo Obtener Ayuda con los Impuestos Ayuda tributaria, Cómo Obtener Ayuda con los Impuestos B Base ajustada Hoja de Trabajo 1 para calcular, Instrucciones para la Hoja de Trabajo A. Freetaxes com H Hojas de Trabajo Base ajustada (Hoja de Trabajo 1), Instrucciones para la Hoja de Trabajo A. Freetaxes com I Información de usuarios de equipo TTY/TDD, Cómo Obtener Ayuda con los Impuestos M Más información, Cómo Obtener Ayuda con los Impuestos P Publicaciones, Cómo Obtener Ayuda con los Impuestos S Servicios Tributario Gratuito, Cómo Obtener Ayuda con los Impuestos V Vea la ayuda tributaria, Cómo Obtener Ayuda con los Impuestos Prev  Up     Home   More Online Publications