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Irs 1040x 2012Irs 1040x 2012 1. Irs 1040x 2012 Definitions You Need To Know Table of Contents Other options. Irs 1040x 2012 Exception. Irs 1040x 2012 Certain terms used in this publication are defined below. Irs 1040x 2012 The same term used in another publication may have a slightly different meaning. Irs 1040x 2012 Annual additions. Irs 1040x 2012 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. Irs 1040x 2012 Annual benefits. Irs 1040x 2012 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. Irs 1040x 2012 Business. Irs 1040x 2012 A business is an activity in which a profit motive is present and economic activity is involved. Irs 1040x 2012 Service as a newspaper carrier under age 18 or as a public official is not a business. Irs 1040x 2012 Common-law employee. Irs 1040x 2012 A common-law employee is any individual who, under common law, would have the status of an employee. Irs 1040x 2012 A leased employee can also be a common-law employee. Irs 1040x 2012 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. Irs 1040x 2012 For example, the employer: Provides the employee's tools, materials, and workplace, and Can fire the employee. Irs 1040x 2012 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. Irs 1040x 2012 For example, common-law employees who are ministers, members of religious orders, full-time insurance salespeople, and U. Irs 1040x 2012 S. Irs 1040x 2012 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. Irs 1040x 2012 However, an individual may be a common-law employee and a self-employed person as well. Irs 1040x 2012 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. Irs 1040x 2012 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. Irs 1040x 2012 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. Irs 1040x 2012 Compensation. Irs 1040x 2012 Compensation for plan allocations is the pay a participant received from you for personal services for a year. Irs 1040x 2012 You can generally define compensation as including all the following payments. Irs 1040x 2012 Wages and salaries. Irs 1040x 2012 Fees for professional services. Irs 1040x 2012 Other amounts received (cash or noncash) for personal services actually rendered by an employee, including, but not limited to, the following items. Irs 1040x 2012 Commissions and tips. Irs 1040x 2012 Fringe benefits. Irs 1040x 2012 Bonuses. Irs 1040x 2012 For a self-employed individual, compensation means the earned income, discussed later, of that individual. Irs 1040x 2012 Compensation generally includes amounts deferred in the following employee benefit plans. Irs 1040x 2012 These amounts are elective deferrals. Irs 1040x 2012 Qualified cash or deferred arrangement (section 401(k) plan). Irs 1040x 2012 Salary reduction agreement to contribute to a tax-sheltered annuity (section 403(b) plan), a SIMPLE IRA plan, or a SARSEP. Irs 1040x 2012 Section 457 nonqualified deferred compensation plan. Irs 1040x 2012 Section 125 cafeteria plan. Irs 1040x 2012 However, an employer can choose to exclude elective deferrals under the above plans from the definition of compensation. Irs 1040x 2012 The limit on elective deferrals is discussed in chapter 2 under Salary Reduction Simplified Employee Pension (SARSEP) and in chapter 4. Irs 1040x 2012 Other options. Irs 1040x 2012 In figuring the compensation of a participant, you can treat any of the following amounts as the employee's compensation. Irs 1040x 2012 The employee's wages as defined for income tax withholding purposes. Irs 1040x 2012 The employee's wages you report in box 1 of Form W-2, Wage and Tax Statement. Irs 1040x 2012 The employee's social security wages (including elective deferrals). Irs 1040x 2012 Compensation generally cannot include either of the following items. Irs 1040x 2012 Nontaxable reimbursements or other expense allowances. Irs 1040x 2012 Deferred compensation (other than elective deferrals). Irs 1040x 2012 SIMPLE plans. Irs 1040x 2012 A special definition of compensation applies for SIMPLE plans. Irs 1040x 2012 See chapter 3. Irs 1040x 2012 Contribution. Irs 1040x 2012 A contribution is an amount you pay into a plan for all those participating in the plan, including self-employed individuals. Irs 1040x 2012 Limits apply to how much, under the contribution formula of the plan, can be contributed each year for a participant. Irs 1040x 2012 Deduction. Irs 1040x 2012 A deduction is the plan contributions you can subtract from gross income on your federal income tax return. Irs 1040x 2012 Limits apply to the amount deductible. Irs 1040x 2012 Earned income. Irs 1040x 2012 Earned income is net earnings from self-employment, discussed later, from a business in which your services materially helped to produce the income. Irs 1040x 2012 You can also have earned income from property your personal efforts helped create, such as royalties from your books or inventions. Irs 1040x 2012 Earned income includes net earnings from selling or otherwise disposing of the property, but it does not include capital gains. Irs 1040x 2012 It includes income from licensing the use of property other than goodwill. Irs 1040x 2012 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. Irs 1040x 2012 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. Irs 1040x 2012 Employer. Irs 1040x 2012 An employer is generally any person for whom an individual performs or did perform any service, of whatever nature, as an employee. Irs 1040x 2012 A sole proprietor is treated as his or her own employer for retirement plan purposes. Irs 1040x 2012 However, a partner is not an employer for retirement plan purposes. Irs 1040x 2012 Instead, the partnership is treated as the employer of each partner. Irs 1040x 2012 Highly compensated employee. Irs 1040x 2012 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. Irs 1040x 2012 Leased employee. Irs 1040x 2012 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. Irs 1040x 2012 Provides services to you under an agreement between you and a leasing organization. Irs 1040x 2012 Has performed services for you (or for you and related persons) substantially full time for at least 1 year. Irs 1040x 2012 Performs services under your primary direction or control. Irs 1040x 2012 Exception. Irs 1040x 2012 A leased employee is not treated as your employee if all the following conditions are met. Irs 1040x 2012 Leased employees are not more than 20% of your non-highly compensated work force. Irs 1040x 2012 The employee is covered under the leasing organization's qualified pension plan. Irs 1040x 2012 The leasing organization's plan is a money purchase pension plan that has all the following provisions. Irs 1040x 2012 Immediate participation. Irs 1040x 2012 (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. Irs 1040x 2012 ) Full and immediate vesting. Irs 1040x 2012 A nonintegrated employer contribution rate of at least 10% of compensation for each participant. Irs 1040x 2012 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. Irs 1040x 2012 Net earnings from self-employment. Irs 1040x 2012 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. Irs 1040x 2012 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. Irs 1040x 2012 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. Irs 1040x 2012 For the deduction limits, earned income is net earnings for personal services actually rendered to the business. Irs 1040x 2012 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. Irs 1040x 2012 Net earnings include a partner's distributive share of partnership income or loss (other than separately stated items, such as capital gains and losses). Irs 1040x 2012 It does not include income passed through to shareholders of S corporations. Irs 1040x 2012 Guaranteed payments to limited partners are net earnings from self-employment if they are paid for services to or for the partnership. Irs 1040x 2012 Distributions of other income or loss to limited partners are not net earnings from self-employment. Irs 1040x 2012 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. Irs 1040x 2012 Qualified plan. Irs 1040x 2012 A qualified plan is a retirement plan that offers a tax-favored way to save for retirement. Irs 1040x 2012 You can deduct contributions made to the plan for your employees. Irs 1040x 2012 Earnings on these contributions are generally tax free until distributed at retirement. Irs 1040x 2012 Profit-sharing, money purchase, and defined benefit plans are qualified plans. Irs 1040x 2012 A 401(k) plan is also a qualified plan. Irs 1040x 2012 Participant. Irs 1040x 2012 A participant is an eligible employee who is covered by your retirement plan. Irs 1040x 2012 See the discussions of the different types of plans for the definition of an employee eligible to participate in each type of plan. Irs 1040x 2012 Partner. Irs 1040x 2012 A partner is an individual who shares ownership of an unincorporated trade or business with one or more persons. Irs 1040x 2012 For retirement plans, a partner is treated as an employee of the partnership. Irs 1040x 2012 Self-employed individual. Irs 1040x 2012 An individual in business for himself or herself, and whose business is not incorporated, is self-employed. Irs 1040x 2012 Sole proprietors and partners are self-employed. Irs 1040x 2012 Self-employment can include part-time work. Irs 1040x 2012 Not everyone who has net earnings from self-employment for social security tax purposes is self-employed for qualified plan purposes. Irs 1040x 2012 See Common-law employee and Net earnings from self-employment , earlier. Irs 1040x 2012 In addition, certain fishermen may be considered self-employed for setting up a qualified plan. Irs 1040x 2012 See Publication 595, Capital Construction Fund for Commercial Fishermen, for the special rules used to determine whether fishermen are self-employed. Irs 1040x 2012 Sole proprietor. Irs 1040x 2012 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. Irs 1040x 2012 For retirement plans, a sole proprietor is treated as both an employer and an employee. Irs 1040x 2012 Prev Up Next Home More Online Publications
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