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Tax Amendment

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Tax Amendment

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Page Last Reviewed or Updated: 05-Mar-2014

The Tax Amendment

Tax amendment 1. Tax amendment   403(b) Plan Basics Table of Contents What Is a 403(b) Plan? What Are the Benefits of Contributing to a 403(b) Plan?Excluded. Tax amendment Deducted. Tax amendment Who Can Participate in a 403(b) Plan?Ministers. Tax amendment Who Can Set Up a 403(b) Account? How Can Contributions Be Made to My 403(b) Account? Do I Report Contributions on My Tax Return? How Much Can Be Contributed to My 403(b) Account? This chapter introduces you to 403(b) plans and accounts. Tax amendment Specifically, the chapter answers the following questions. Tax amendment What is a 403(b) plan? What are the benefits of contributing to a 403(b) plan? Who can participate in a 403(b) plan? Who can set up a 403(b) account? How can contributions be made to my 403(b) account? Do I report contributions on my tax return? How much can be contributed to my 403(b) account? What Is a 403(b) Plan? A 403(b) plan, also known as a tax-sheltered annuity (TSA) plan, is a retirement plan for certain employees of public schools, employees of certain tax-exempt organizations, and certain ministers. Tax amendment Individual accounts in a 403(b) plan can be any of the following types. Tax amendment An annuity contract, which is a contract provided through an insurance company, A custodial account, which is an account invested in mutual funds, or A retirement income account set up for church employees. Tax amendment Generally, retirement income accounts can invest in either annuities or mutual funds. Tax amendment We use the term “403(b) account” to refer to any one of these funding arrangements throughout this publication, unless otherwise specified. Tax amendment What Are the Benefits of Contributing to a 403(b) Plan?  There are three benefits to contributing to a 403(b) plan. Tax amendment The first benefit is that you do not pay income tax on allowable contributions until you begin making withdrawals from the plan, usually after you retire. Tax amendment Allowable contributions to a 403(b) plan are either excluded or deducted from your income. Tax amendment However, if your contributions are made to a Roth contribution program, this benefit does not apply. Tax amendment Instead, you pay income tax on the contributions to the plan but distributions from the plan (if certain requirements are met) are tax free. Tax amendment Note. Tax amendment Generally, employees must pay social security and Medicare tax on their contributions to a 403(b) plan, including those made under a salary reduction agreement. Tax amendment See chapter 4, Limit on Elective Deferrals , for more information. Tax amendment The second benefit is that earnings and gains on amounts in your 403(b) account are not taxed until you withdraw them. Tax amendment Earnings and gains on amounts in a Roth contribution program are not taxed if your withdrawals are qualified distributions. Tax amendment Otherwise, they are taxed when you withdraw them. Tax amendment The third benefit is that you may be eligible to take a credit for elective deferrals contributed to your 403(b) account. Tax amendment See chapter 10, Retirement Savings Contributions Credit (Saver's Credit) . Tax amendment Excluded. Tax amendment   If an amount is excluded from your income, it is not included in your total wages on your Form W-2. Tax amendment This means that you do not report the excluded amount on your tax return. Tax amendment Deducted. Tax amendment   If an amount is deducted from your income, it is included with your other wages on your Form W-2. Tax amendment You report this amount on your tax return, but you are allowed to subtract it when figuring the amount of income on which you must pay tax. Tax amendment Who Can Participate in a 403(b) Plan? Any eligible employee can participate in a 403(b) plan. Tax amendment Eligible employees. Tax amendment   The following employees are eligible to participate in a 403(b) plan. Tax amendment Employees of tax-exempt organizations established under section 501(c)(3). Tax amendment These organizations are usually referred to as section 501(c)(3) organizations or simply 501(c)(3) organizations. Tax amendment Employees of public school systems who are involved in the day-to-day operations of a school. Tax amendment Employees of cooperative hospital service organizations. Tax amendment Civilian faculty and staff of the Uniformed Services University of the Health Sciences. Tax amendment Employees of public school systems organized by Indian tribal governments. Tax amendment Certain ministers (explained next). Tax amendment Ministers. Tax amendment   The following ministers are eligible employees for whom a 403(b) account can be established. Tax amendment Ministers employed by section 501(c)(3) organizations. Tax amendment Self-employed ministers. Tax amendment A self-employed minister is treated as employed by a tax-exempt organization that is a qualified employer. Tax amendment Ministers (chaplains) who meet both of the following requirements. Tax amendment They are employed by organizations that are not section 501(c)(3) organizations. Tax amendment They function as ministers in their day-to-day professional responsibilities with their employers. Tax amendment   Throughout this publication, the term chaplain will be used to mean ministers described in the third category in the list above. Tax amendment Example. Tax amendment A minister employed as a chaplain by a state-run prison and a chaplain in the United States Armed Forces are eligible employees because their employers are not section 501(c)(3) organizations and they are employed as ministers. Tax amendment Who Can Set Up a 403(b) Account? You cannot set up your own 403(b) account. Tax amendment Only employers can set up 403(b) accounts. Tax amendment A self-employed minister cannot set up a 403(b) account for his or her benefit. Tax amendment If you are a self-employed minister, only the organization (denomination) with which you are associated can set up an account for your benefit. Tax amendment How Can Contributions Be Made to My 403(b) Account? Generally, only your employer can make contributions to your 403(b) account. Tax amendment However, some plans will allow you to make after-tax contributions (defined below). Tax amendment The following types of contributions can be made to 403(b) accounts. Tax amendment Elective deferrals . Tax amendment These are contributions made under a salary reduction agreement. Tax amendment This agreement allows your employer to withhold money from your paycheck to be contributed directly into a 403(b) account for your benefit. Tax amendment Except for Roth contributions, you do not pay income tax on these contributions until you withdraw them from the account. Tax amendment If your contributions are Roth contributions, you pay taxes on your contributions but any qualified distributions from your Roth account are tax free. Tax amendment Nonelective contributions . Tax amendment These are employer contributions that are not made under a salary reduction agreement. Tax amendment Nonelective contributions include matching contributions, discretionary contributions, and mandatory contributions from your employer. Tax amendment You do not pay income tax on these contributions until you withdraw them from the account. Tax amendment After-tax contributions . Tax amendment These are contributions (that are not Roth contributions) you make with funds that you must include in income on your tax return. Tax amendment A salary payment on which income tax has been withheld is a source of these contributions. Tax amendment If your plan allows you to make after-tax contributions, they are not excluded from income and you cannot deduct them on your tax return. Tax amendment A combination of any of the three contribution types listed above. Tax amendment Self-employed minister. Tax amendment   If you are a self-employed minister, you are considered both an employee and an employer, and you can contribute to a retirement income account for your own benefit. Tax amendment Do I Report Contributions on My Tax Return? Generally, you do not report contributions to your 403(b) account (except Roth contributions) on your tax return. Tax amendment Your employer will report contributions on your 2013 Form W-2. Tax amendment Elective deferrals will be shown in box 12 and the Retirement plan box will be checked in box 13. Tax amendment If you are a self-employed minister or chaplain, see the discussions next. Tax amendment Self-employed ministers. Tax amendment   If you are a self-employed minister, you must report the total contributions as a deduction on your tax return. Tax amendment Deduct your contributions on line 28 of the 2013 Form 1040. Tax amendment Chaplains. Tax amendment   If you are a chaplain and your employer does not exclude contributions made to your 403(b) account from your earned income, you may be able to take a deduction for those contributions on your tax return. Tax amendment    However, if your employer has agreed to exclude the contributions from your earned income, you will not be allowed a deduction on your tax return. Tax amendment   If you can take a deduction, include your contributions on line 36 of the 2013 Form 1040. Tax amendment Enter the amount of your deduction and write “403(b)” on the dotted line next to line 36. Tax amendment How Much Can Be Contributed to My 403(b) Account? There are limits on the amount of contributions that can be made to your 403(b) account each year. Tax amendment If contributions made to your 403(b) account are more than these contribution limits, penalties may apply. Tax amendment Chapters 2 through 6 provide information on how to determine the amount that can be contributed to your 403(b) account. Tax amendment Worksheets are provided in Chapter 9 to help you determine the maximum amount that can be contributed to your 403(b) account each year. Tax amendment Chapter 7, Excess Contributions , describes how to prevent excess contributions and how to get an excess contribution corrected. Tax amendment Prev  Up  Next   Home   More Online Publications