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How To File Your 2012 Tax Return

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How To File Your 2012 Tax Return

How to file your 2012 tax return 3. How to file your 2012 tax return   Limit on Annual Additions Table of Contents Ministers and church employees. How to file your 2012 tax return Includible Compensation for Your Most Recent Year of ServiceMost Recent Year of Service Includible Compensation The first component of MAC is the limit on annual additions. How to file your 2012 tax return This is a limit on the total contributions (elective deferrals, nonelective contributions, and after-tax contributions) that can be made to your 403(b) account. How to file your 2012 tax return The limit on annual additions generally is the lesser of: $51,000 for 2013 and $52,000 for 2014, or 100% of your includible compensation for your most recent year of service. How to file your 2012 tax return More than one 403(b) account. How to file your 2012 tax return If you contributed to more than one 403(b) account, you must combine the contributions made to all 403(b) accounts on your behalf by your employer. How to file your 2012 tax return Ministers and church employees. How to file your 2012 tax return   If you are a minister or a church employee, you may be able to increase your limit on annual additions or use different rules when figuring your limit on annual additions. How to file your 2012 tax return For more information, see chapter 5. How to file your 2012 tax return Participation in a qualified plan. How to file your 2012 tax return If you participated in a 403(b) plan and a qualified plan, you must combine contributions made to your 403(b) account with contributions to a qualified plan and simplified employee pensions of all corporations, partnerships, and sole proprietorships in which you have more than 50% control. How to file your 2012 tax return You can use Part I of Worksheet 1 in chapter 9 to figure your limit on annual additions. How to file your 2012 tax return Includible Compensation for Your Most Recent Year of Service Definition. How to file your 2012 tax return   Generally, includible compensation for your most recent year of service is the amount of taxable wages and benefits you received from the employer that maintained a 403(b) account for your benefit during your most recent year of service. How to file your 2012 tax return When figuring your includible compensation for your most recent year of service, keep in mind that your most recent year of service may not be the same as your employer's most recent annual work period. How to file your 2012 tax return This can happen if your tax year is not the same as your employer's annual work period. How to file your 2012 tax return When figuring includible compensation for your most recent year of service, do not mix compensation or service of one employer with compensation or service of another employer. How to file your 2012 tax return Most Recent Year of Service Your most recent year of service is your last full year of service, ending on the last day of your tax year that you worked for the employer that maintained a 403(b) account on your behalf. How to file your 2012 tax return Tax year different from employer's annual work period. How to file your 2012 tax return   If your tax year is not the same as your employer's annual work period, your most recent year of service is made up of parts of at least two of your employer's annual work periods. How to file your 2012 tax return Example. How to file your 2012 tax return A professor who reports her income on a calendar-year basis is employed on a full-time basis by a university that operates on an academic year (October through May). How to file your 2012 tax return To figure her includible compensation for 2013, the professor's most recent year of service is her service from January through May 2013 and from October through December 2013. How to file your 2012 tax return Figuring Your Most Recent Year of Service To figure your most recent year of service, begin by determining what is a full year of service for your position. How to file your 2012 tax return A full year of service is equal to full-time employment for your employer's annual work period. How to file your 2012 tax return After identifying a full year of service, begin counting the service you have provided for your employer starting with the service provided in the current year. How to file your 2012 tax return Part-time or employed only part of the year. How to file your 2012 tax return   If you are a part-time or a full-time employee who is employed for only part of the year, your most recent year of service is your service this year and your service for as many previous years as is necessary to total 1 full year of service. How to file your 2012 tax return To determine your most recent year of service, add the following periods of service: Your service during the year for which you are figuring the limit on annual additions, and Your service during your preceding tax years until the total service equals 1 year of service or you have figured all of your service with the employer. How to file your 2012 tax return Example. How to file your 2012 tax return You were employed on a full-time basis from July through December 2011 (1/2 year of service), July through December 2012 (1/2 year of service), and October through December 2013 (1/4 year of service). How to file your 2012 tax return Your most recent year of service for computing your limit on annual additions for 2013 is the total of your service during 2013 (1/4 year of service), your service during 2012 (1/2 year of service), and your service during the months October through December 2011 (1/4 year of service). How to file your 2012 tax return Not yet employed for 1 year. How to file your 2012 tax return   If, at the close of the year, you have not yet worked for your employer for 1 year (including time you worked for the same employer in all earlier years), use the period of time you have worked for the employer as your most recent year of service. How to file your 2012 tax return Includible Compensation After identifying your most recent year of service, the next step is to identify the includible compensation associated with that full year of service. How to file your 2012 tax return Includible compensation is not the same as income included on your tax return. How to file your 2012 tax return Compensation is a combination of income and benefits received in exchange for services provided to your employer. How to file your 2012 tax return Generally, includible compensation is the amount of income and benefits: Received from the employer who maintains your 403(b) account, and Must be included in your income. How to file your 2012 tax return Includible compensation includes the following amounts. How to file your 2012 tax return Elective deferrals (employer's contributions made on your behalf under a salary reduction agreement). How to file your 2012 tax return Amounts contributed or deferred by your employer under a section 125 cafeteria plan. How to file your 2012 tax return Amounts contributed or deferred, at the election of the employee, under an eligible section 457 nonqualified deferred compensation plan (state or local government or tax-exempt organization plan). How to file your 2012 tax return  Note. How to file your 2012 tax return For information about treating elective deferrals under section 457 plans as Roth contributions, see Publication 575. How to file your 2012 tax return Wages, salaries, and fees for personal services earned with the employer maintaining your 403(b) account. How to file your 2012 tax return Income otherwise excluded under the foreign earned income exclusion. How to file your 2012 tax return Pre-tax contributions (employer's contributions made on your behalf according to your election) to a qualified transportation fringe benefit plan. How to file your 2012 tax return Includible compensation does not include the following items. How to file your 2012 tax return Your employer's contributions to your 403(b) account. How to file your 2012 tax return Compensation earned while your employer was not an eligible employer. How to file your 2012 tax return Your employer's contributions to a qualified plan that: Are on your behalf, and Are excludable from income. How to file your 2012 tax return The cost of incidental life insurance. How to file your 2012 tax return See Cost of Incidental Life Insurance, later. How to file your 2012 tax return If you are a church employee or a foreign missionary, figure includible compensation using the rules explained in chapter 5. How to file your 2012 tax return Contributions after retirement. How to file your 2012 tax return   Nonelective contributions may be made for an employee for up to 5 years after retirement. How to file your 2012 tax return These contributions would be based on includible compensation for the last year of service before retirement. How to file your 2012 tax return Cost of Incidental Life Insurance Includible compensation does not include the cost of incidental life insurance. How to file your 2012 tax return If all of your 403(b) accounts invest only in mutual funds, then you have no incidental life insurance. How to file your 2012 tax return If you have an annuity contract, a portion of the cost of that contract may be for incidental life insurance. How to file your 2012 tax return If so, the cost of the insurance is taxable to you in the year contributed and is considered part of your basis when distributed. How to file your 2012 tax return Your employer will include the cost of your insurance as taxable wages in box 1 of Form W-2. How to file your 2012 tax return Not all annuity contracts include life insurance. How to file your 2012 tax return Contact your plan administrator to determine if your contract includes incidental life insurance. How to file your 2012 tax return If it does, you will need to figure the cost of life insurance each year the policy is in effect. How to file your 2012 tax return Figuring the cost of incidental life insurance. How to file your 2012 tax return If you have determined that part of the cost of your annuity contract is for an incidental life insurance premium, you will need to determine the amount of the premium and subtract it from your includible compensation. How to file your 2012 tax return To determine the amount of the life insurance premiums, you will need to know the following information. How to file your 2012 tax return The value of your life insurance contract, which is the amount payable upon your death. How to file your 2012 tax return The cash value of your life insurance contract at the end of the tax year. How to file your 2012 tax return Your age on your birthday nearest the beginning of the policy year. How to file your 2012 tax return Your current life insurance protection under an ordinary retirement income life insurance policy, which is the amount payable upon your death minus the cash value of the contract at the end of the year. How to file your 2012 tax return You can use Worksheet A, in chapter 9, to determine the cost of your incidental life insurance. How to file your 2012 tax return Example. How to file your 2012 tax return Your new contract provides that your beneficiary will receive $10,000 if you should die before retirement. How to file your 2012 tax return Your cash value in the contract at the end of the first year is zero. How to file your 2012 tax return Your current life insurance protection for the first year is $10,000 ($10,000 − 0). How to file your 2012 tax return The cash value in the contract at the end of year two is $1,000, and the current life insurance protection for the second year is $9,000 ($10,000 – $1,000). How to file your 2012 tax return The 1-year cost of the protection can be calculated by using Figure 3-1, Table of One-Year Term Premiums for $1,000 Life Insurance Protection . How to file your 2012 tax return The premium rate is determined based on your age on your birthday nearest the beginning of the policy year. How to file your 2012 tax return Figure 3-1. How to file your 2012 tax return Table of One-Year Term Premiums for $1,000 Life Insurance Protection Age Cost   Age Cost   Age Cost 0 $0. How to file your 2012 tax return 70   35 $0. How to file your 2012 tax return 99   70 $20. How to file your 2012 tax return 62 1 0. How to file your 2012 tax return 41   36 1. How to file your 2012 tax return 01   71 22. How to file your 2012 tax return 72 2 0. How to file your 2012 tax return 27   37 1. How to file your 2012 tax return 04   72 25. How to file your 2012 tax return 07 3 0. How to file your 2012 tax return 19   38 1. How to file your 2012 tax return 06   73 27. How to file your 2012 tax return 57 4 0. How to file your 2012 tax return 13   39 1. How to file your 2012 tax return 07   74 30. How to file your 2012 tax return 18 5 0. How to file your 2012 tax return 13   40 1. How to file your 2012 tax return 10   75 33. How to file your 2012 tax return 05 6 0. How to file your 2012 tax return 14   41 1. How to file your 2012 tax return 13   76 36. How to file your 2012 tax return 33 7 0. How to file your 2012 tax return 15   42 1. How to file your 2012 tax return 20   77 40. How to file your 2012 tax return 17 8 0. How to file your 2012 tax return 16   43 1. How to file your 2012 tax return 29   78 44. How to file your 2012 tax return 33 9 0. How to file your 2012 tax return 16   44 1. How to file your 2012 tax return 40   79 49. How to file your 2012 tax return 23 10 0. How to file your 2012 tax return 16   45 1. How to file your 2012 tax return 53   80 54. How to file your 2012 tax return 56 11 0. How to file your 2012 tax return 19   46 1. How to file your 2012 tax return 67   81 60. How to file your 2012 tax return 51 12 0. How to file your 2012 tax return 24   47 1. How to file your 2012 tax return 83   82 66. How to file your 2012 tax return 74 13 0. How to file your 2012 tax return 28   48 1. How to file your 2012 tax return 98   83 73. How to file your 2012 tax return 07 14 0. How to file your 2012 tax return 33   49 2. How to file your 2012 tax return 13   84 80. How to file your 2012 tax return 35 15 0. How to file your 2012 tax return 38   50 2. How to file your 2012 tax return 30   85 88. How to file your 2012 tax return 76 16 0. How to file your 2012 tax return 52   51 2. How to file your 2012 tax return 52   86 99. How to file your 2012 tax return 16 17 0. How to file your 2012 tax return 57   52 2. How to file your 2012 tax return 81   87 110. How to file your 2012 tax return 40 18 0. How to file your 2012 tax return 59   53 3. How to file your 2012 tax return 20   88 121. How to file your 2012 tax return 85 19 0. How to file your 2012 tax return 61   54 3. How to file your 2012 tax return 65   89 133. How to file your 2012 tax return 40 20 0. How to file your 2012 tax return 62   55 4. How to file your 2012 tax return 15   90 144. How to file your 2012 tax return 30 21 0. How to file your 2012 tax return 62   56 4. How to file your 2012 tax return 68   91 155. How to file your 2012 tax return 80 22 0. How to file your 2012 tax return 64   57 5. How to file your 2012 tax return 20   92 168. How to file your 2012 tax return 75 23 0. How to file your 2012 tax return 66   58 5. How to file your 2012 tax return 66   93 186. How to file your 2012 tax return 44 24 0. How to file your 2012 tax return 68   59 6. How to file your 2012 tax return 06   94 206. How to file your 2012 tax return 70 25 0. How to file your 2012 tax return 71   60 6. How to file your 2012 tax return 51   95 228. How to file your 2012 tax return 35 26 0. How to file your 2012 tax return 73   61 7. How to file your 2012 tax return 11   96 250. How to file your 2012 tax return 01 27 0. How to file your 2012 tax return 76   62 7. How to file your 2012 tax return 96   97 265. How to file your 2012 tax return 09 28 0. How to file your 2012 tax return 80   63 9. How to file your 2012 tax return 08   98 270. How to file your 2012 tax return 11 29 0. How to file your 2012 tax return 83   64 10. How to file your 2012 tax return 41   99 281. How to file your 2012 tax return 05 30 0. How to file your 2012 tax return 87   65 11. How to file your 2012 tax return 90       31 0. How to file your 2012 tax return 90   66 13. How to file your 2012 tax return 51       32 0. How to file your 2012 tax return 93   67 15. How to file your 2012 tax return 20       33 0. How to file your 2012 tax return 96   68 16. How to file your 2012 tax return 92       34 0. How to file your 2012 tax return 98   69 18. How to file your 2012 tax return 70                       If the current published premium rates per $1,000 of insurance protection charged by an insurer for individual 1-year term life insurance premiums available to all standard risks are lower than those in the preceding table, you can use the lower rates for figuring the cost of insurance in connection with individual policies issued by the same insurer. How to file your 2012 tax return Example 1. How to file your 2012 tax return Lynne Green, age 44, and her employer enter into a 403(b) plan that will provide her with a $500 a month annuity upon retirement at age 65. How to file your 2012 tax return The agreement also provides that if she should die before retirement, her beneficiary will receive the greater of $20,000 or the cash surrender value in the life insurance contract. How to file your 2012 tax return Using the facts presented we can determine the cost of Lynne's life insurance protection as shown in Table 3-1. How to file your 2012 tax return Lynne's employer has included $28 for the cost of the life insurance protection in her current year's income. How to file your 2012 tax return When figuring her includible compensation for this year, Lynne will subtract $28. How to file your 2012 tax return Table 3-1. How to file your 2012 tax return Worksheet A. How to file your 2012 tax return Cost of Incidental Life Insurance Note. How to file your 2012 tax return Use this worksheet to figure the cost of incidental life insurance included in your annuity contract. How to file your 2012 tax return This amount will be used to figure includible compensation for your most recent year of service. How to file your 2012 tax return 1. How to file your 2012 tax return Enter the value of the contract (amount payable upon your death) 1. How to file your 2012 tax return $20,000. How to file your 2012 tax return 00 2. How to file your 2012 tax return Enter the cash value in the contract at the end of the year 2. How to file your 2012 tax return 0. How to file your 2012 tax return 00 3. How to file your 2012 tax return Subtract line 2 from line 1. How to file your 2012 tax return This is the value of your current life insurance protection 3. How to file your 2012 tax return $20,000. How to file your 2012 tax return 00 4. How to file your 2012 tax return Enter your age on your birthday nearest the beginning of the policy year 4. How to file your 2012 tax return 44 5. How to file your 2012 tax return Enter the 1-year term premium for $1,000 of life insurance based on your age. How to file your 2012 tax return (From Figure 3-1) 5. How to file your 2012 tax return $1. How to file your 2012 tax return 40 6. How to file your 2012 tax return Divide line 3 by $1,000 6. How to file your 2012 tax return 20 7. How to file your 2012 tax return Multiply line 6 by line 5. How to file your 2012 tax return This is the cost of your incidental life insurance 7. How to file your 2012 tax return $28. How to file your 2012 tax return 00 Example 2. How to file your 2012 tax return Lynne's cash value in the contract at the end of the second year is $1,000. How to file your 2012 tax return In year two, the cost of Lynne's life insurance is calculated as shown in Table 3-2. How to file your 2012 tax return In year two, Lynne's employer will include $29. How to file your 2012 tax return 07 in her current year's income. How to file your 2012 tax return Lynne will subtract this amount when figuring her includible compensation. How to file your 2012 tax return Table 3-2. How to file your 2012 tax return Worksheet A. How to file your 2012 tax return Cost of Incidental Life Insurance Note. How to file your 2012 tax return Use this worksheet to figure the cost of incidental life insurance included in your annuity contract. How to file your 2012 tax return This amount will be used to figure includible compensation for your most recent year of service. How to file your 2012 tax return 1. How to file your 2012 tax return Enter the value of the contract (amount payable upon your death) 1. How to file your 2012 tax return $20,000. How to file your 2012 tax return 00 2. How to file your 2012 tax return Enter the cash value in the contract at the end of the year 2. How to file your 2012 tax return $1,000. How to file your 2012 tax return 00 3. How to file your 2012 tax return Subtract line 2 from line 1. How to file your 2012 tax return This is the value of your current life insurance protection 3. How to file your 2012 tax return $19,000. How to file your 2012 tax return 00 4. How to file your 2012 tax return Enter your age on your birthday nearest the beginning of the policy year 4. How to file your 2012 tax return 45 5. How to file your 2012 tax return Enter the 1-year term premium for $1,000 of life insurance based on your age. How to file your 2012 tax return (From Figure 3-1) 5. How to file your 2012 tax return $1. How to file your 2012 tax return 53 6. How to file your 2012 tax return Divide line 3 by $1,000 6. How to file your 2012 tax return 19 7. How to file your 2012 tax return Multiply line 6 by line 5. How to file your 2012 tax return This is the cost of your incidental life insurance 7. How to file your 2012 tax return $29. How to file your 2012 tax return 07 Figuring Includible Compensation for Your Most Recent Year of Service You can use Worksheet B in chapter 9 to determine your includible compensation for your most recent year of service. How to file your 2012 tax return Example. How to file your 2012 tax return Floyd has been periodically working full-time for a local hospital since September 2011. How to file your 2012 tax return He needs to figure his limit on annual additions for 2014. How to file your 2012 tax return The hospital's normal annual work period for employees in Floyd's general type of work runs from January to December. How to file your 2012 tax return During the periods that Floyd was employed with the hospital, the hospital has always been eligible to provide a 403(b) plan to employees. How to file your 2012 tax return Additionally, the hospital has never provided the employees with a 457 deferred compensation plan, a transportation fringe benefit plan, or a cafeteria plan. How to file your 2012 tax return Floyd has never worked abroad and there is no life insurance provided under the plan. How to file your 2012 tax return Table 3-3 shows the service Floyd provided to his employer, his compensation for the periods worked, his elective deferrals, and his taxable wages. How to file your 2012 tax return Table 3-3. How to file your 2012 tax return Floyd's Compensation Note. How to file your 2012 tax return This table shows information Floyd will use to figure includible compensation for his most recent year of service. How to file your 2012 tax return   Year Years of Service Taxable Wages Elective Deferrals 2014 6/12 of  a year $42,000 $2,000 2013 4/12 of  a year $16,000 $1,650 2012 4/12 of  a year $16,000 $1,650 Before Floyd can figure his limit on annual additions, he must figure includible compensation for his most recent year of service. How to file your 2012 tax return Because Floyd is not planning to work the entire 2014 year, his most recent year of service will include the time he is planning to work in 2014 plus time he worked in the preceding 3 years until the time he worked for the hospital totals 1 year. How to file your 2012 tax return If the total time he worked is less than 1 year, Floyd will treat it as if it were 1 year. How to file your 2012 tax return He figures his most recent year of service shown in the following list. How to file your 2012 tax return Time he will work in 2014 is 6/12 of a year. How to file your 2012 tax return Time worked in 2013 is 4/12 of a year. How to file your 2012 tax return All of this time will be used to determine Floyd's most recent year of service. How to file your 2012 tax return Time worked in 2012 is 4/12 of a year. How to file your 2012 tax return Floyd only needs 2 months of the 4 months he worked in 2012 to have enough time to total 1 full year. How to file your 2012 tax return Because he needs only one-half of the actual time he worked, Floyd will use only one-half of his income earned during that period to calculate wages that will be used in figuring his includible compensation. How to file your 2012 tax return Using the information provided in Table 3-3, wages for Floyd's most recent year of service are $66,000 ($42,000 + $16,000 + $8,000). How to file your 2012 tax return His includible compensation for his most recent year of service is figured as shown in Table 3-4. How to file your 2012 tax return After figuring his includible compensation, Floyd determines his limit on annual additions for 2014 to be $52,000, the lesser of his includible compensation, $70,475 (Table 3-4), and the maximum amount of $52,000. How to file your 2012 tax return Table 3-4. How to file your 2012 tax return Worksheet B. How to file your 2012 tax return Includible Compensation for Your Most Recent Year of Service1 Note. How to file your 2012 tax return Use this worksheet to figure includible compensation for your most recent year of service. How to file your 2012 tax return 1. How to file your 2012 tax return Enter your includible wages from the employer maintaining your 403(b) account for your most recent year of service 1. How to file your 2012 tax return $66,000 2. How to file your 2012 tax return Enter elective deferrals excluded from your gross income for your most recent year of service2 2. How to file your 2012 tax return 4,4753 3. How to file your 2012 tax return Enter amounts contributed or deferred by your employer under a cafeteria plan for your most recent year of service 3. How to file your 2012 tax return -0- 4. How to file your 2012 tax return Enter amounts contributed or deferred by your employer according to your election to your 457 account (a nonqualified plan of a state or local government, or of a tax-exempt organization) for your most recent year of service 4. How to file your 2012 tax return -0- 5. How to file your 2012 tax return Enter pre-tax contributions (employer's contributions made on your behalf according to your election) to a qualified transportation fringe benefit plan for your most recent year of service 5. How to file your 2012 tax return -0- 6. How to file your 2012 tax return Enter your foreign earned income exclusion for your most recent year of service 6. How to file your 2012 tax return -0- 7. How to file your 2012 tax return Add lines 1, 2, 3, 4, 5, and 6 7. How to file your 2012 tax return 70,475 8. How to file your 2012 tax return Enter the cost of incidental life insurance that is part of your annuity contract for your most recent year of service 8. How to file your 2012 tax return -0- 9. How to file your 2012 tax return Enter compensation that was both: Earned during your most recent year of service, and Earned while your employer was not qualified to maintain a 403(b) plan 9. How to file your 2012 tax return -0- 10. How to file your 2012 tax return Add lines 8 and 9 10. How to file your 2012 tax return -0- 11. How to file your 2012 tax return Subtract line 10 from line 7. How to file your 2012 tax return This is your includible compensation for your most recent year of service 11. How to file your 2012 tax return 70,475 1Use estimated amounts if figuring includible compensation before the end of the year. How to file your 2012 tax return 2Elective deferrals made to a designated Roth account are not excluded from your gross income and should not be included on this line. How to file your 2012 tax return  3$4,475 ($2,000 + $1,650 + $825). How to file your 2012 tax return Prev  Up  Next   Home   More Online Publications
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2013 IRSAC Report Made Available at Public Meeting

The Internal Revenue Service Advisory Council (IRSAC) is holding its annual public meeting today in Washington, D.C., and will release its annual report that includes recommendations on a wide range of tax administration issues.

“Members of IRSAC devote significant amounts of their own time to provide us with valuable feedback regarding current issues of tax administration,” said Acting IRS Commissioner Danny Werfel. “We appreciate their important contribution.”

IRSAC is an advisory group to the entire agency. IRSAC’s primary purpose is to provide an organized public forum for senior IRS executives and representatives of the public to discuss relevant tax issues.

IRSAC draws its members from the tax professional community and members of academia. Based on its findings and discussions, IRSAC made several recommendations on a broad array of issues and concerns including:

  • The IRS needs sufficient funding to operate efficiently, provide timely and useful guidance to taxpayers and enforce current Law, so that respect for our voluntary tax system is maintained
  • The IRS should continue to expand voluntary correction programs to facilitate taxpayers self-reporting prior year non-compliance
  • Reducing Processing time for Form 2848, Power of Attorney and Declaration of Representative
  • Review the Transcript Request Policy for the Practitioner Priority Service (PPS) Toll-Free Line
  • Risk Assessing Large Taxpayers
  • Schedule M-3, Net Operating (Loss) Reconciliation for Corporations with Total assets with $10 million or more
  • Strategies to Increase use of On-line Payment Agreements
  • Modifications to Notice CP2030
  • Guidance to Practitioners regarding Professional Obligations
  • Treasury Circular 230 Enrollment of Former Internal Revenue Service Employees

IRSAC is administered by the National Public Liaison Office of the IRS. Today’s meeting is being held at the Melrose Hotel, 2430 Pennsylvania Ave, NW, Washington, DC.

View the 2013 Internal Revenue Service Advisory Council Public Report online.

 

Page Last Reviewed or Updated: 20-Nov-2013

The How To File Your 2012 Tax Return

How to file your 2012 tax return Publication 926 - Introductory Material Table of Contents Future Developments What's New Reminder IntroductionTax questions. How to file your 2012 tax return Future Developments For the latest information about developments related to Publication 926, such as legislation enacted after it was published, go to www. How to file your 2012 tax return irs. How to file your 2012 tax return gov/pub926. How to file your 2012 tax return What's New Social security and Medicare tax for 2014. How to file your 2012 tax return  The social security tax rate is 6. How to file your 2012 tax return 2% each for the employee and employer, unchanged from 2013. How to file your 2012 tax return The social security wage base limit is $117,000. How to file your 2012 tax return The Medicare tax rate is 1. How to file your 2012 tax return 45% each for the employee and employer, unchanged from 2013. How to file your 2012 tax return There is no wage base limit for Medicare tax. How to file your 2012 tax return Social security and Medicare taxes apply to the wages of household employees you pay $1,900 or more in cash or an equivalent form of compensation. How to file your 2012 tax return Qualified parking exclusion and commuter transportation benefit. How to file your 2012 tax return  For 2014, the monthly exclusion for qualified parking is $250 and the monthly exclusion for commuter highway vehicle transportation and transit passes is $130. How to file your 2012 tax return Reminder Additional Medicare Tax withholding. How to file your 2012 tax return  In addition to withholding Medicare tax at 1. How to file your 2012 tax return 45%, you must withhold a 0. How to file your 2012 tax return 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. How to file your 2012 tax return You are required to begin withholding Additional Medicare Tax in the pay period in which you pay wages in excess of $200,000 to an employee and continue to withhold it each pay period until the end of the calendar year. How to file your 2012 tax return Additional Medicare Tax is only imposed on the employee. How to file your 2012 tax return There is no employer share of Additional Medicare Tax. How to file your 2012 tax return All wages that are subject to Medicare tax are subject to Additional Medicare Tax withholding if paid in excess of the $200,000 withholding threshold. How to file your 2012 tax return For more information on Additional Medicare Tax, visit IRS. How to file your 2012 tax return gov and enter “Additional Medicare Tax” in the search box. How to file your 2012 tax return Credit reduction states. How to file your 2012 tax return  A state that has not repaid money it borrowed from the federal government to pay unemployment benefits is a “credit reduction state. How to file your 2012 tax return ” The Department of Labor (DOL) determines these states. How to file your 2012 tax return If you paid any wages that are subject to the unemployment compensation laws in any credit reduction state, your federal unemployment (FUTA) tax credit is reduced. How to file your 2012 tax return See the Instructions for Schedule H (Form 1040) for more information. How to file your 2012 tax return Outsourcing payroll duties. How to file your 2012 tax return  Employers are responsible to ensure that tax returns are filed and deposits and payments are made, even if the employer contracts with a third party to perform these acts. How to file your 2012 tax return The employer remains responsible if the third party fails to perform any required action. How to file your 2012 tax return If you choose to outsource any of your payroll and related tax duties (that is, withholding, reporting, and paying over social security, Medicare, FUTA, and income taxes) to a third-party payer such as a payroll service provider or reporting agent, visit IRS. How to file your 2012 tax return gov and enter “outsourcing payroll duties” in the search box for helpful information on this topic. How to file your 2012 tax return Photographs of missing children. How to file your 2012 tax return  The IRS is a proud partner with the National Center for Missing and Exploited Children. How to file your 2012 tax return Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. How to file your 2012 tax return 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. How to file your 2012 tax return Introduction The information in this publication applies to you only if you have a household employee. How to file your 2012 tax return If you have a household employee in 2014, you may need to pay state and federal employment taxes for 2014. How to file your 2012 tax return You generally must add your federal employment taxes to the income tax that you will report on your 2014 federal income tax return. How to file your 2012 tax return This publication will help you decide whether you have a household employee and, if you do, whether you need to pay federal employment taxes (social security tax, Medicare tax, FUTA, and federal income tax withholding). How to file your 2012 tax return It explains how to figure, pay, and report these taxes for your household employee. How to file your 2012 tax return It also explains what records you need to keep. How to file your 2012 tax return This publication also tells you where to find out whether you need to pay state unemployment tax for your household employee. How to file your 2012 tax return Comments and suggestions. How to file your 2012 tax return   We welcome your comments about this publication and your suggestions for future editions. How to file your 2012 tax return   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. How to file your 2012 tax return NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. How to file your 2012 tax return Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. How to file your 2012 tax return   You can also send us comments from www. How to file your 2012 tax return irs. How to file your 2012 tax return gov/formspubs. How to file your 2012 tax return Click on More Information and then click on Comment on Tax Forms and Publications. How to file your 2012 tax return   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. How to file your 2012 tax return Tax questions. How to file your 2012 tax return   If you have a tax question, check the information available on IRS. How to file your 2012 tax return gov or call 1-800-829-1040 or 1-800-829-4933 (TDD/TTY for persons who are deaf, hard of hearing, or have a speech disability at 1-800-829-4059) Monday–Friday from 7:00 a. How to file your 2012 tax return m. How to file your 2012 tax return –7:00 p. How to file your 2012 tax return m. How to file your 2012 tax return local time (Alaska and Hawaii follow Pacific time). How to file your 2012 tax return We cannot answer tax questions sent to the above address. 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