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Taxact 2012 Free Tax Return

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Taxact 2012 Free Tax Return

Taxact 2012 free tax return 2. Taxact 2012 free tax return   Maximum Amount Contributable (MAC) Table of Contents Components of Your MAC How Do I Figure My MAC?Elective deferrals only. Taxact 2012 free tax return Nonelective contributions only. Taxact 2012 free tax return Elective deferrals and nonelective contributions. Taxact 2012 free tax return When Should I Figure My MAC? Throughout this publication, the limit on the amount that can be contributed to your 403(b) account for any year is referred to as your maximum amount contributable (MAC). Taxact 2012 free tax return This chapter: Introduces the components of your MAC, Tells you how to figure your MAC, and Tells you when to figure your MAC. Taxact 2012 free tax return Components of Your MAC Generally, before you can determine your MAC, you must first figure the components of your MAC. Taxact 2012 free tax return The components of your MAC are: The limit on annual additions (chapter 3), and The limit on elective deferrals (chapter 4). Taxact 2012 free tax return How Do I Figure My MAC? Generally, contributions to your 403(b) account are limited to the lesser of: The limit on annual additions, or The limit on elective deferrals. Taxact 2012 free tax return Depending upon the type of contributions made to your 403(b) account, only one of the limits may apply to you. Taxact 2012 free tax return Which limit applies. Taxact 2012 free tax return   Whether you must apply one or both of the limits depends on the type of contributions made to your 403(b) account during the year. Taxact 2012 free tax return Elective deferrals only. Taxact 2012 free tax return   If the only contributions made to your 403(b) account during the year were elective deferrals made under a salary reduction agreement, you will need to figure both of the limits. Taxact 2012 free tax return Your MAC is the lesser of the two limits. Taxact 2012 free tax return Nonelective contributions only. Taxact 2012 free tax return   If the only contributions made to your 403(b) account during the year were nonelective contributions (employer contributions not made under a salary reduction agreement), you will only need to figure the limit on annual additions. Taxact 2012 free tax return Your MAC is the limit on annual additions. Taxact 2012 free tax return Elective deferrals and nonelective contributions. Taxact 2012 free tax return   If the contributions made to your 403(b) account were a combination of both elective deferrals made under a salary reduction agreement and nonelective contributions (employer contributions not made under a salary reduction agreement), you will need to figure both limits. Taxact 2012 free tax return Your MAC is the limit on the annual additions. Taxact 2012 free tax return   You need to figure the limit on elective deferrals to determine if you have excess elective deferrals, which are explained in chapter 7. Taxact 2012 free tax return Worksheets. Taxact 2012 free tax return   Worksheets are available in chapter 9 to help you figure your MAC. Taxact 2012 free tax return When Should I Figure My MAC? At the beginning of 2014, you should refigure your 2013 MAC based on your actual compensation for 2013. Taxact 2012 free tax return This will allow you to determine if the amount that has been contributed to your 403(b) account for 2013 has exceeded the allowable limits. Taxact 2012 free tax return In some cases, this will allow you to avoid penalties and additional taxes. Taxact 2012 free tax return See chapter 7. Taxact 2012 free tax return Generally, you should figure your MAC for the current year at the beginning of each tax year using a conservative estimate of your compensation. Taxact 2012 free tax return If your compensation changes during the year, you should refigure your MAC based on a revised conservative estimate. Taxact 2012 free tax return By doing this, you will be able to determine if contributions to your 403(b) account can be increased or should be decreased for the year. Taxact 2012 free tax return Prev  Up  Next   Home   More Online Publications

Topic 305 - Recordkeeping

Well-organized records make it easier to prepare a tax return and help provide answers if your return is selected for examination, or to prepare a response if you receive an IRS notice.

Records such as receipts, canceled checks, and other documents that support an item of income or a deduction, or a credit appearing on a return must be kept so long as they may become material in the administration of any internal revenue law, which generally will be until the period of limitation expires for that return. For assessment of tax you owe, this generally is 3 years from the date you filed the return. Returns filed before the due date are treated as filed on the due date.

There is no period of limitations to assess tax when a return is fraudulent or when no return is filed. If income that you should have reported is not reported, and it is more than 25% of the gross income shown on the return, the time to assess is 6 years from when the return is filed. For filing a claim for credit or refund, the period to make the claim generally is 3 years from the date the original return was filed (or the due date for filing the return if the return was filed before that date), or 2 years from the date the tax was paid, whichever is later. For filing a claim for an overpayment resulting from a bad debt deduction or a loss from worthless securities the time to make the claim is 7 years from when the return was due.

If you have employees, you must keep all your employment tax records for at least 4 years after the tax becomes due or is paid, whichever is later. For more information, see Publication 15, (Circular E), Employer's Tax Guide.

If you are in business, there is no particular method of bookkeeping you must use. However, you must use a method that clearly and accurately reflects your gross income and expenses. The records should substantiate both your income and expenses. Publication 583, Starting a Business and Keeping Records, and Publication 463, Travel, Entertainment, Gift, and Car Expenses, provide additional information on required documentation for taxpayers with business expenses. Publication 17, Your Federal Income Tax for Individuals, provides more information on recordkeeping requirements for individuals.

Page Last Reviewed or Updated: January 22, 2014

The Taxact 2012 Free Tax Return

Taxact 2012 free tax return 6. Taxact 2012 free tax return   Catch-Up Contributions Table of Contents The most that can be contributed to your 403(b) account is the lesser of your limit on annual additions or your limit on elective deferrals. Taxact 2012 free tax return If you will be age 50 or older by the end of the year, you may also be able to make additional catch-up contributions. Taxact 2012 free tax return These additional contributions cannot be made with after-tax employee contributions. Taxact 2012 free tax return You are eligible to make catch-up contributions if: You will have reached age 50 by the end of the year, and The maximum amount of elective deferrals that can be made to your 403(b) account have been made for the plan year. Taxact 2012 free tax return The maximum amount of catch-up contributions is the lesser of: $5,500 for 2013 and unchanged for 2014, or The excess of your compensation for the year, over the elective deferrals that are not catch-up contributions. Taxact 2012 free tax return Figuring catch-up contributions. Taxact 2012 free tax return   When figuring allowable catch-up contributions, combine all catch-up contributions made by your employer on your behalf to the following plans. Taxact 2012 free tax return Qualified retirement plans. Taxact 2012 free tax return (To determine if your plan is a qualified plan, ask your plan administrator. Taxact 2012 free tax return ) 403(b) plans. Taxact 2012 free tax return Simplified employee pension (SEP) plans. Taxact 2012 free tax return SIMPLE plans. Taxact 2012 free tax return   The total amount of the catch-up contributions on your behalf to all plans maintained by your employer cannot be more than the annual limit. Taxact 2012 free tax return For 2013 the limit is $5,500, unchanged for 2014. Taxact 2012 free tax return    If you are eligible for both the 15-year rule increase in elective deferrals and the age 50 catch-up, allocate amounts first under the 15-year rule and next as an age 50 catch-up. Taxact 2012 free tax return    Catch-up contributions do not affect your MAC. Taxact 2012 free tax return Therefore, the maximum amount that you are allowed to have contributed to your 403(b) account is your MAC plus your allowable catch-up contribution. Taxact 2012 free tax return You can use Worksheet C in chapter 9 to figure your limit on catch-up contributions. Taxact 2012 free tax return Prev  Up  Next   Home   More Online Publications