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1040ez 2011 File Online

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1040ez 2011 File Online

1040ez 2011 file online 3. 1040ez 2011 file online   Savings Incentive Match Plans for Employees (SIMPLE) Table of Contents Introduction What Is a SIMPLE Plan?Eligible Employees How Are Contributions Made? How Much Can Be Contributed on Your Behalf?Matching contributions less than 3%. 1040ez 2011 file online Traditional IRA mistakenly moved to SIMPLE IRA. 1040ez 2011 file online When Can You Withdraw or Use Assets?Are Distributions Taxable? Introduction This chapter is for employees who need information about savings incentive match plans for employees (SIMPLE plans). 1040ez 2011 file online It explains what a SIMPLE plan is, contributions to a SIMPLE plan, and distributions from a SIMPLE plan. 1040ez 2011 file online Under a SIMPLE plan, SIMPLE retirement accounts for participating employees can be set up either as: Part of a 401(k) plan, or A plan using IRAs (SIMPLE IRA). 1040ez 2011 file online This chapter only discusses the SIMPLE plan rules that relate to SIMPLE IRAs. 1040ez 2011 file online See chapter 3 of Publication 560 for information on any special rules for SIMPLE plans that do not use IRAs. 1040ez 2011 file online If your employer maintains a SIMPLE plan, you must be notified, in writing, that you can choose the financial institution that will serve as trustee for your SIMPLE IRA and that you can roll over or transfer your SIMPLE IRA to another financial institution. 1040ez 2011 file online See Rollovers and Transfers Exception, later under When Can You Withdraw or Use Assets. 1040ez 2011 file online What Is a SIMPLE Plan? A SIMPLE plan is a tax-favored retirement plan that certain small employers (including self-employed individuals) can set up for the benefit of their employees. 1040ez 2011 file online See chapter 3 of Publication 560 for information on the requirements employers must satisfy to set up a SIMPLE plan. 1040ez 2011 file online A SIMPLE plan is a written agreement (salary reduction agreement) between you and your employer that allows you, if you are an eligible employee (including a self-employed individual), to choose to: Reduce your compensation (salary) by a certain percentage each pay period, and Have your employer contribute the salary reductions to a SIMPLE IRA on your behalf. 1040ez 2011 file online These contributions are called salary reduction contributions. 1040ez 2011 file online All contributions under a SIMPLE IRA plan must be made to SIMPLE IRAs, not to any other type of IRA. 1040ez 2011 file online The SIMPLE IRA can be an individual retirement account or an individual retirement annuity, described in chapter 1. 1040ez 2011 file online Contributions are made on behalf of eligible employees. 1040ez 2011 file online (See Eligible Employees below. 1040ez 2011 file online ) Contributions are also subject to various limits. 1040ez 2011 file online (See How Much Can Be Contributed on Your Behalf , later. 1040ez 2011 file online ) In addition to salary reduction contributions, your employer must make either matching contributions or nonelective contributions. 1040ez 2011 file online See How Are Contributions Made , later. 1040ez 2011 file online You may be able to claim a credit for contributions to your SIMPLE plan. 1040ez 2011 file online For more information, see chapter 4. 1040ez 2011 file online Eligible Employees You must be allowed to participate in your employer's SIMPLE plan if you: Received at least $5,000 in compensation from your employer during any 2 years prior to the current year, and Are reasonably expected to receive at least $5,000 in compensation during the calendar year for which contributions are made. 1040ez 2011 file online Self-employed individual. 1040ez 2011 file online   For SIMPLE plan purposes, the term employee includes a self-employed individual who received earned income. 1040ez 2011 file online Excludable employees. 1040ez 2011 file online   Your employer can exclude the following employees from participating in the SIMPLE plan. 1040ez 2011 file online Employees whose retirement benefits are covered by a collective bargaining agreement (union contract). 1040ez 2011 file online Employees who are nonresident aliens and received no earned income from sources within the United States. 1040ez 2011 file online Employees who would not have been eligible employees if an acquisition, disposition, or similar transaction had not occurred during the year. 1040ez 2011 file online Compensation. 1040ez 2011 file online   For purposes of the SIMPLE plan rules, your compensation for a year generally includes the following amounts. 1040ez 2011 file online Wages, tips, and other pay from your employer that is subject to income tax withholding. 1040ez 2011 file online Deferred amounts elected under any 401(k) plans, 403(b) plans, government (section 457) plans, SEP plans, and SIMPLE plans. 1040ez 2011 file online Self-employed individual compensation. 1040ez 2011 file online   For purposes of the SIMPLE plan rules, if you are self-employed, your compensation for a year is your net earnings from self-employment (Schedule SE (Form 1040), Section A, line 4, or Section B, line 6) before subtracting any contributions made to a SIMPLE IRA on your behalf. 1040ez 2011 file online   For these purposes, net earnings from self-employment include services performed while claiming exemption from self-employment tax as a member of a group conscientiously opposed to social security benefits. 1040ez 2011 file online How Are Contributions Made? Contributions under a salary reduction agreement are called salary reduction contributions. 1040ez 2011 file online They are made on your behalf by your employer. 1040ez 2011 file online Your employer must also make either matching contributions or nonelective contributions. 1040ez 2011 file online Salary reduction contributions. 1040ez 2011 file online   During the 60-day period before the beginning of any year, and during the 60-day period before you are eligible, you can choose salary reduction contributions expressed either as a percentage of compensation, or as a specific dollar amount (if your employer offers this choice). 1040ez 2011 file online You can choose to cancel the election at any time during the year. 1040ez 2011 file online   Salary reduction contributions are also referred to as “elective deferrals. 1040ez 2011 file online ”   Your employer cannot place restrictions on the contributions amount (such as by limiting the contributions percentage), except to comply with the salary reduction contributions limit, discussed under How Much Can Be Contributed on Your Behalf, later. 1040ez 2011 file online Matching contributions. 1040ez 2011 file online   Unless your employer chooses to make nonelective contributions, your employer must make contributions equal to the salary reduction contributions you choose (elect), but only up to certain limits. 1040ez 2011 file online See How Much Can Be Contributed on Your Behalf below. 1040ez 2011 file online These contributions are in addition to the salary reduction contributions and must be made to the SIMPLE IRAs of all eligible employees (defined earlier) who chose salary reductions. 1040ez 2011 file online These contributions are referred to as matching contributions. 1040ez 2011 file online   Matching contributions on behalf of a self-employed individual are not treated as salary reduction contributions. 1040ez 2011 file online Nonelective contributions. 1040ez 2011 file online   Instead of making matching contributions, your employer may be able to choose to make nonelective contributions on behalf of all eligible employees. 1040ez 2011 file online These nonelective contributions must be made on behalf of each eligible employee who has at least $5,000 of compensation from your employer, whether or not the employee chose salary reductions. 1040ez 2011 file online   One of the requirements your employer must satisfy is notifying the employees that the election was made. 1040ez 2011 file online For other requirements that your employer must satisfy, see chapter 3 of Publication 560. 1040ez 2011 file online How Much Can Be Contributed on Your Behalf? The limits on contributions to a SIMPLE IRA vary with the type of contribution that is made. 1040ez 2011 file online Salary reduction contributions limit. 1040ez 2011 file online   Salary reduction contributions (employee-chosen contributions or elective deferrals) that your employer can make on your behalf under a SIMPLE plan are limited to $12,000 for 2013. 1040ez 2011 file online The limitation remains at $12,000 for 2014. 1040ez 2011 file online If you are a participant in any other employer plans during 2013 and you have elective salary reductions or deferred compensation under those plans, the salary reduction contributions under the SIMPLE plan also are included in the annual limit of $17,500 for 2013 on exclusions of salary reductions and other elective deferrals. 1040ez 2011 file online You, not your employer, are responsible for monitoring compliance with these limits. 1040ez 2011 file online Additional elective deferrals can be contributed to your SIMPLE plan if: You reached age 50 by the end of 2013, and No other elective deferrals can be made for you to the plan for the year because of limits or restrictions, such as the regular annual limit. 1040ez 2011 file online The most that can be contributed in additional elective deferrals to your SIMPLE plan is the lesser of the following two amounts. 1040ez 2011 file online $2,500 for 2013, or Your compensation for the year reduced by your other elective deferrals for the year. 1040ez 2011 file online The additional deferrals are not subject to any other contribution limit and are not taken into account in applying other contribution limits. 1040ez 2011 file online The additional deferrals are not subject to the nondiscrimination rules as long as all eligible participants are allowed to make them. 1040ez 2011 file online Matching employer contributions limit. 1040ez 2011 file online   Generally, your employer must make matching contributions to your SIMPLE IRA in an amount equal to your salary reduction contributions. 1040ez 2011 file online These matching contributions cannot be more than 3% of your compensation for the calendar year. 1040ez 2011 file online See Matching contributions less than 3% below. 1040ez 2011 file online Example 1. 1040ez 2011 file online In 2013, Joshua was a participant in his employer's SIMPLE plan. 1040ez 2011 file online His compensation, before SIMPLE plan contributions, was $41,600 ($800 per week). 1040ez 2011 file online Instead of taking it all in cash, Joshua elected to have 12. 1040ez 2011 file online 5% of his weekly pay ($100) contributed to his SIMPLE IRA. 1040ez 2011 file online For the full year, Joshua's salary reduction contributions were $5,200, which is less than the $12,000 limit on these contributions. 1040ez 2011 file online Under the plan, Joshua's employer was required to make matching contributions to Joshua's SIMPLE IRA. 1040ez 2011 file online Because his employer's matching contributions must equal Joshua's salary reductions, but cannot be more than 3% of his compensation (before salary reductions) for the year, his employer's matching contribution was limited to $1,248 (3% of $41,600). 1040ez 2011 file online Example 2. 1040ez 2011 file online Assume the same facts as in Example 1 , except that Joshua's compensation for the year was $408,163 and he chose to have 2. 1040ez 2011 file online 94% of his weekly pay contributed to his SIMPLE IRA. 1040ez 2011 file online In this example, Joshua's salary reduction contributions for the year (2. 1040ez 2011 file online 94% × $408,163) were equal to the 2013 limit for salary reduction contributions ($12,000). 1040ez 2011 file online Because 3% of Joshua's compensation ($12,245) is more than the amount his employer was required to match ($12,000), his employer's matching contributions were limited to $12,000. 1040ez 2011 file online In this example, total contributions made on Joshua's behalf for the year were $24,000 ($12,000 (Joshua's contributions) + $12,000 (matching contributions)), the maximum contributions permitted under a SIMPLE IRA for 2013. 1040ez 2011 file online Matching contributions less than 3%. 1040ez 2011 file online   Your employer can reduce the 3% limit on matching contributions for a calendar year, but only if: The limit is not reduced below 1%, The limit is not reduced for more than 2 years out of the 5-year period that ends with (and includes) the year for which the election is effective, and Employees are notified of the reduced limit within a reasonable period of time before the 60-day election period during which they can enter into salary reduction agreements. 1040ez 2011 file online   For purposes of applying the rule in item (2) in determining whether the limit was reduced below 3% for the year, any year before the first year in which your employer (or a former employer) maintains a SIMPLE IRA plan will be treated as a year for which the limit was 3%. 1040ez 2011 file online If your employer chooses to make nonelective contributions for a year, that year also will be treated as a year for which the limit was 3%. 1040ez 2011 file online Nonelective employer contributions limit. 1040ez 2011 file online   If your employer chooses to make nonelective contributions, instead of matching contributions, to each eligible employee's SIMPLE IRA, contributions must be 2% of your compensation for the entire year. 1040ez 2011 file online For 2013, only $255,000 of your compensation can be taken into account to figure the contribution limit. 1040ez 2011 file online   Your employer can substitute the 2% nonelective contribution for the matching contribution for a year if both of the following requirements are met. 1040ez 2011 file online Eligible employees are notified that a 2% nonelective contribution will be made instead of a matching contribution. 1040ez 2011 file online This notice is provided within a reasonable period during which employees can enter into salary reduction agreements. 1040ez 2011 file online Example 3. 1040ez 2011 file online Assume the same facts as in Example 2 , except that Joshua's employer chose to make nonelective contributions instead of matching contributions. 1040ez 2011 file online Because his employer's nonelective contributions are limited to 2% of up to $255,000 of Joshua's compensation, his employer's contribution to Joshua's SIMPLE IRA was limited to $5,100. 1040ez 2011 file online In this example, total contributions made on Joshua's behalf for the year were $17,100 (Joshua's salary reductions of $12,000 plus his employer's contribution of $5,100). 1040ez 2011 file online Traditional IRA mistakenly moved to SIMPLE IRA. 1040ez 2011 file online   If you mistakenly roll over or transfer an amount from a traditional IRA to a SIMPLE IRA, you can later recharacterize the amount as a contribution to another traditional IRA. 1040ez 2011 file online For more information, see Recharacterizations in chapter 1. 1040ez 2011 file online Recharacterizing employer contributions. 1040ez 2011 file online   You cannot recharacterize employer contributions (including elective deferrals) under a SEP or SIMPLE plan as contributions to another IRA. 1040ez 2011 file online SEPs are discussed in chapter 2 of Publication 560. 1040ez 2011 file online SIMPLE plans are discussed in this chapter. 1040ez 2011 file online Converting from a SIMPLE IRA. 1040ez 2011 file online   Generally, you can convert an amount in your SIMPLE IRA to a Roth IRA under the same rules explained in chapter 1 under Converting From Any Traditional IRA Into a Roth IRA . 1040ez 2011 file online    However, you cannot convert any amount distributed from the SIMPLE IRA during the 2-year period beginning on the date you first participated in any SIMPLE IRA plan maintained by your employer. 1040ez 2011 file online When Can You Withdraw or Use Assets? Generally, the same distribution (withdrawal) rules that apply to traditional IRAs apply to SIMPLE IRAs. 1040ez 2011 file online These rules are discussed in chapter 1. 1040ez 2011 file online Your employer cannot restrict you from taking distributions from a SIMPLE IRA. 1040ez 2011 file online Are Distributions Taxable? Generally, distributions from a SIMPLE IRA are fully taxable as ordinary income. 1040ez 2011 file online If the distribution is an early distribution (discussed in chapter 1), it may be subject to the additional tax on early distributions. 1040ez 2011 file online See Additional Tax on Early Distributions, later. 1040ez 2011 file online Rollovers and Transfers Exception Generally, rollovers and trustee-to-trustee transfers are not taxable distributions. 1040ez 2011 file online Two-year rule. 1040ez 2011 file online   To qualify as a tax-free rollover (or a tax-free trustee-to-trustee transfer), a rollover distribution (or a transfer) made from a SIMPLE IRA during the 2-year period beginning on the date on which you first participated in your employer's SIMPLE plan must be contributed (or transferred) to another SIMPLE IRA. 1040ez 2011 file online The 2-year period begins on the first day on which contributions made by your employer are deposited in your SIMPLE IRA. 1040ez 2011 file online   After the 2-year period, amounts in a SIMPLE IRA can be rolled over or transferred tax free to an IRA other than a SIMPLE IRA, or to a qualified plan, a tax-sheltered annuity plan (section 403(b) plan), or deferred compensation plan of a state or local government (section 457 plan). 1040ez 2011 file online Additional Tax on Early Distributions The additional tax on early distributions (discussed in chapter 1) applies to SIMPLE IRAs. 1040ez 2011 file online If a distribution is an early distribution and occurs during the 2-year period following the date on which you first participated in your employer's SIMPLE plan, the additional tax on early distributions is increased from 10% to 25%. 1040ez 2011 file online If a rollover distribution (or transfer) from a SIMPLE IRA does not satisfy the 2-year rule, and is otherwise an early distribution, the additional tax imposed because of the early distribution is increased from 10% to 25% of the amount distributed. 1040ez 2011 file online Prev  Up  Next   Home   More Online Publications
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The 1040ez 2011 File Online

1040ez 2011 file online Publication 850 (EN/SP) - Introductory Material Table of Contents Introduction Introduction This glossary is developed by the Tax Forms and Publications Division of the Internal Revenue Service, in consultation with the Translation Commission of the North American Academy of the Spanish Language (Comisión de Traducciones de la Academia Norteamericana de la Lengua Española) and with the Graduate Program in Translation of the University of Puerto Rico (Programa Graduado en Traducción de la Universidad de Puerto Rico). 1040ez 2011 file online Its purpose is to establish high standards for the quality of language usage, to promote uniformity in language usage, and to minimize the risk of misinterpretation of Spanish-language materials issued by the Service. 1040ez 2011 file online To meet the needs of the largest segment of taxpayers whose primary language is Spanish, the Service has issued certain Spanish-language materials. 1040ez 2011 file online Problems arise, however, because there is some variation in tax terminology used in Spanish-speaking countries. 1040ez 2011 file online Also, invention and compromise are involved in selecting words and phrases to describe certain tax concepts that have no precise equivalent in the Spanish language or legal tradition. 1040ez 2011 file online To help resolve these problems, a group of United States, Spanish, and Spanish-American academicians, professors, lawyers, accountants, translators, and tax law specialists developed this glossary. 1040ez 2011 file online Their long and varied experience with the tax systems in their own, and other countries, gives assurance of reliability. 1040ez 2011 file online The criteria used for words in this glossary are: consistency of usage with other governmental agencies, Spanish writing style for the tax forms and publications, and words relating to Accounting, Economics, Finance, Law, Technology and its related fields. 1040ez 2011 file online Any issuance containing language consistent with this glossary should be reasonably satisfactory for purposes of general guidance regarding the rights and obligations of taxpayers. 1040ez 2011 file online It is not intended, however, that any term in this glossary should be understood to change the meaning of any provisions of law, regulations, or any other authoritative precedent. 1040ez 2011 file online A periodic review is made to determine whether any additions, deletions, or revisions are needed. 1040ez 2011 file online Some of the terms listed are identified by the abbreviation “P. 1040ez 2011 file online R. 1040ez 2011 file online ” These terms are for use in tax forms and publications intended for circulation exclusively in Puerto Rico. 1040ez 2011 file online Users are invited to send their comments to: Internal Revenue Service Virtual Translation Office SE:W:CAR:MP:T:LS:VTO 1111 Constitution Ave. 1040ez 2011 file online , N. 1040ez 2011 file online W. 1040ez 2011 file online , IR-6102 Washington, DC 20224 or electronically to: vto@irs. 1040ez 2011 file online gov Prev  Up  Next   Home   More Online Publications