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Tax slayer 4. Tax slayer Retirement Savings Contributions Credit (Saver's Credit) Table of Contents What's New Introduction Full-time student. Tax slayer Adjusted gross income. Tax slayer Distributions received by spouse. Tax slayer Testing period. Tax slayer What's New Modified AGI limit for retirement savings contributions credit increased. Tax slayer For 2013, you may be able to claim the retirement savings contributions credit if your modified AGI is not more than: $59,000 if your filing status is married filing jointly, $44,250 if your filing status is head of household, or $29,500 if your filing status is single, married filing separately, or qualifying widow(er). Tax slayer Introduction You may be able to take a tax credit if you make eligible contributions (defined later) to a qualified retirement plan, an eligible deferred compensation plan, or an individual retirement arrangement (IRA). Tax slayer You may be able to take a credit of up to $1,000 (up to $2,000 if filing jointly). Tax slayer This credit could reduce the federal income tax you pay dollar for dollar. Tax slayer Can you claim the credit? If you make eligible contributions to a qualified retirement plan, an eligible deferred compensation plan, or an IRA, you can claim the credit if all of the following apply. Tax slayer You were born before January 2, 1996. Tax slayer You are not a full-time student (explained next). Tax slayer No one else, such as your parent(s), claims an exemption for you on their tax return. Tax slayer Your adjusted gross income (defined below) is not more than: $59,000 if your filing status is married filing jointly, $44,250 if your filing status is head of household, or $29,500 if your filing status is single, married filing separately, or qualifying widow(er). Tax slayer Full-time student. Tax slayer You are a full-time student if, during some part of each of 5 calendar months (not necessarily consecutive) during the calendar year, you are either: A full-time student at a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or A student taking a full-time, on-farm training course given by either a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or a state, county, or local government. Tax slayer You are a full-time student if you are enrolled for the number of hours or courses the school considers to be full time. Tax slayer Adjusted gross income. Tax slayer This is generally the amount on line 38 of your 2013 Form 1040; line 22 of your 2013 Form 1040A; or line 37 of your 2013 Form 1040NR. Tax slayer However, you must add to that amount any exclusion or deduction claimed for the year for: Foreign earned income, Foreign housing costs, Income for bona fide residents of American Samoa, and Income from Puerto Rico. Tax slayer Eligible contributions. Tax slayer These include: Contributions to a traditional or Roth IRA, Salary reduction contributions (elective deferrals, including amounts designated as after-tax Roth contributions) to: A 401(k) plan (including a SIMPLE 401(k)), A section 403(b) annuity, An eligible deferred compensation plan of a state or local government (a governmental 457 plan), A SIMPLE IRA plan, or A salary reduction SEP, and Contributions to a section 501(c)(18) plan. Tax slayer They also include voluntary after-tax employee contributions to a tax-qualified retirement plan or section 403(b) annuity. Tax slayer For purposes of the credit, an employee contribution will be voluntary as long as it is not required as a condition of employment. Tax slayer Reducing eligible contributions. Tax slayer Reduce your eligible contributions (but not below zero) by the total distributions you received during the testing period (defined later) from any IRA, plan, or annuity included above under Eligible contributions. Tax slayer Also reduce your eligible contributions by any distribution from a Roth IRA that is not rolled over, even if the distribution is not taxable. Tax slayer Do not reduce your eligible contributions by any of the following. Tax slayer The portion of any distribution which is not includible in income because it is a trustee-to-trustee transfer or a rollover distribution. Tax slayer Distributions that are taxable as the result of an in-plan rollover to your designated Roth account. Tax slayer Any distribution that is a return of a contribution to an IRA (including a Roth IRA) made during the year for which you claim the credit if: The distribution is made before the due date (including extensions) of your tax return for that year, You do not take a deduction for the contribution, and The distribution includes any income attributable to the contribution. Tax slayer Loans from a qualified employer plan treated as a distribution. Tax slayer Distributions of excess contributions or deferrals (and income attributable to excess contributions and deferrals). Tax slayer Distributions of dividends paid on stock held by an employee stock ownership plan under section 404(k). Tax slayer Distributions from an eligible retirement plan that are converted or rolled over to a Roth IRA. Tax slayer Distributions from a military retirement plan. Tax slayer Distributions from an inherited IRA by a nonspousal beneficiary. Tax slayer Distributions received by spouse. Tax slayer Any distributions your spouse receives are treated as received by you if you file a joint return with your spouse both for the year of the distribution and for the year for which you claim the credit. Tax slayer Testing period. Tax slayer The testing period consists of the year for which you claim the credit, the period after the end of that year and before the due date (including extensions) for filing your return for that year, and the 2 tax years before that year. Tax slayer Example. Tax slayer You and your spouse filed joint returns in 2011 and 2012, and plan to do so in 2013 and 2014. Tax slayer You received a taxable distribution from a qualified plan in 2011 and a taxable distribution from an eligible deferred compensation plan in 2012. Tax slayer Your spouse received taxable distributions from a Roth IRA in 2013 and tax-free distributions from a Roth IRA in 2014 before April 15. Tax slayer You made eligible contributions to an IRA in 2013 and you otherwise qualify for this credit. Tax slayer You must reduce the amount of your qualifying contributions in 2013 by the total of the distributions you received in 2011, 2012, 2013, and 2014. Tax slayer Maximum eligible contributions. Tax slayer After your contributions are reduced, the maximum annual contribution on which you can base the credit is $2,000 per person. Tax slayer Effect on other credits. Tax slayer The amount of this credit will not change the amount of your refundable tax credits. Tax slayer A refundable tax credit, such as the earned income credit or the refundable amount of your child tax credit, is an amount that you would receive as a refund even if you did not otherwise owe any taxes. Tax slayer Maximum credit. Tax slayer This is a nonrefundable credit. Tax slayer The amount of the credit in any year cannot be more than the amount of tax that you would otherwise pay (not counting any refundable credits) in any year. Tax slayer If your tax liability is reduced to zero because of other nonrefundable credits, such as the credit for child and dependent care expenses, then you will not be entitled to this credit. Tax slayer How to figure and report the credit. Tax slayer The amount of the credit you can get is based on the contributions you make and your credit rate. Tax slayer Your credit rate can be as low as 10% or as high as 50%. Tax slayer Your credit rate depends on your income and your filing status. Tax slayer See Form 8880 to determine your credit rate. Tax slayer The maximum contribution taken into account is $2,000 per person. Tax slayer On a joint return, up to $2,000 is taken into account for each spouse. Tax slayer Figure the credit on Form 8880. Tax slayer Report the credit on line 50 of your Form 1040; line 32 of your Form 1040A; or line 47 of your Form 1040NR and attach Form 8880 to your return. Tax slayer Prev Up Next Home More Online Publications
Understanding Your CP2566R Notice
We previously sent you a CP63 notice informing you we are holding your refund until we receive one or more unfiled tax returns. Because we received no reply to our previous notice, we have calculated your tax, penalty and interest based on wages and other income reported to us by employers, financial institutions and others.
What you need to do
- File your tax return immediately, or
- Accept our proposed assessment by signing and returning the Response form, or
- Call us if you think you don't have to file.
You may want to…
Answers to Common Questions
What should I do if I disagree with the notice?
Call us at the toll free number listed on the top right corner of your notice. Please have your paperwork ready when you call. If you prefer, you can write to us using the notice's response form and return address listed.
Where do I send my return?
Attach the Response form and send the return to the address listed on the notice.
What should I do if I've just filed my tax return?
You don't have to do anything if you filed your tax return(s) within the last eight weeks.
What should I do if I didn't file my tax return or it's been more than eight weeks since I filed it?
Complete the Response form from your notice. Check the name, Social Security number (or Taxpayer Identification Number), and tax year on your notice. Make sure they match the name, number, and year on the return. Mail us a copy of the tax return. Sign the return and date it; if filing a joint return your spouse must also sign the return. Send the return with the Response form to the address listed on the notice.
What happens if I can't pay the full amount I owe when I file my return?
You can make a payment plan with us. If you owe tax on any return(s) you file, we will use your refund to help pay it.
Tips for next year
File your return on time.
Consider filing your taxes electronically. Filing online can help you avoid mistakes and find credits and deductions that you may qualify for. In many cases you can file for free. Learn more about e-file.
Page Last Reviewed or Updated: 28-Feb-2014
Printable samples of this notice (PDF)
Tax publications you may find useful
How to get help
- Call the 1-800 number listed on the top right corner of your notice.
- Authorize someone (e.g., accountant) to contact the IRS on your behalf using Form 2848.
- See if you qualify for help from a Low Income Taxpayer Clinic.
The Tax Slayer
Tax slayer Index A Affected taxpayer, Affected taxpayer. Tax slayer B Book inventories, charitable deduction for, Charitable Deduction for Contributions of Book Inventories to Public Schools C Cancellation of indebtedness, Exclusion of Certain Cancellations of Indebtedness by Reason of Hurricane Katrina Casualty and theft losses, Casualty and Theft Losses Charitable contributions, Temporary Suspension of Limits on Charitable Contributions Charitable deduction: Book inventory, Charitable Deduction for Contributions of Book Inventories to Public Schools Food inventory, Charitable Deduction for Contributions of Food Inventory Child tax credit, Earned Income Credit and Child Tax Credit Clean-up costs, Demolition and Clean-up Costs Copy of tax return, request for, Request for copy of tax return. Tax slayer Core disaster area, Gulf Opportunity (GO) Zone (Core Disaster Area) Covered disaster area: Katrina, Katrina Covered Disaster Area Rita, Hurricane Rita Disaster Area (Rita Covered Disaster Area) Wilma, Wilma Covered Disaster Area Credits: Child tax, Earned Income Credit and Child Tax Credit Earned income, Earned Income Credit and Child Tax Credit Education, Education Credits Employee retention, Employee Retention Credit Hurricane Katrina housing, Hurricane Katrina Housing Credit Rehabilitation tax, Increase in Rehabilitation Tax Credit Work opportunity, Work Opportunity Credit D Deadlines, extended, Extended Tax Deadlines Demolition costs, Demolition and Clean-up Costs Depreciation: Qualified GO Zone property, Qualified GO Zone property. Tax slayer Special allowance, Special Depreciation Allowance Disaster area: Hurricane Katrina, Hurricane Katrina Disaster Area Hurricane Rita, Hurricane Rita Disaster Area (Rita Covered Disaster Area) Hurricane Wilma, Hurricane Wilma Disaster Area Distributions: Home purchase or construction, Repayment of Qualified Distributions for the Purchase or Construction of a Main Home Qualified hurricane, Qualified hurricane distribution. Tax slayer Repayment of, Repayment of Qualified Hurricane Distributions Taxation of, Taxation of Qualified Hurricane Distributions E Earned income credit, Earned Income Credit and Child Tax Credit Education credits, Education Credits Eligible retirement plan, Eligible retirement plan. Tax slayer Employee retention credit, Employee Retention Credit Exemption, additional for housing, Additional Exemption for Housing Individuals Displaced by Hurricane Katrina F Federal mortgage subsidy, recapture of, Recapture of Federal Mortgage Subsidy Food inventory, charitable deduction for, Charitable Deduction for Contributions of Food Inventory G Gulf Opportunity (GO) Zone, Gulf Opportunity (GO) Zone (Core Disaster Area) H Help: How to get, How To Get Tax Help Phone number, How To Get Tax Help Special IRS assistance, How To Get Tax Help Website, How To Get Tax Help Hope credit (see Education credits) Hurricane Katrina disaster area, Hurricane Katrina Disaster Area Hurricane Katrina housing credit, Hurricane Katrina Housing Credit Hurricane Rita disaster area, Hurricane Rita Disaster Area (Rita Covered Disaster Area) Hurricane Wilma disaster area, Hurricane Wilma Disaster Area I Involuntary conversion (see Replacement period for nonrecognition of gain) IRAs and other retirement plans, IRAs and Other Retirement Plans L Lifetime learning credit (see Education credits) M Mileage reimbursements, charitable volunteers, Mileage Reimbursements to Charitable Volunteers N Net operating losses, Net Operating Losses Q Qualified GO Zone loss, Qualified GO Zone loss. Tax slayer Qualified hurricane distribution, Qualified hurricane distribution. Tax slayer R Reforestation costs, Reforestation Costs Rehabilitation tax credit, Increase in Rehabilitation Tax Credit Relocation, temporary, Tax Relief for Temporary Relocation Replacement period for nonrecognition of gain, Replacement Period for Nonrecognition of Gain Retirement plan, eligible, Eligible retirement plan. Tax slayer Retirement plans, IRAs and Other Retirement Plans Rita GO Zone, Rita GO Zone S Section 179 deduction, Increased Section 179 Deduction Standard mileage rate, charitable use, Standard Mileage Rate for Charitable Use of Vehicles T Tax return: Request for copy, Request for copy of tax return. Tax slayer Request for transcript, Request for transcript of tax return. Tax slayer Taxpayer Advocate, Contacting your Taxpayer Advocate. Tax slayer Temporary relocation, Tax Relief for Temporary Relocation Theft losses, Casualty and Theft Losses Timber: 5-year NOL carryback, 5-year NOL carryback of certain timber losses. Tax slayer Reforestation costs, Reforestation Costs Transcript of tax return, request for, Request for transcript of tax return. Tax slayer W Wilma GO Zone, Wilma GO Zone Work opportunity credit, Work Opportunity Credit Prev Up Home More Online Publications