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2011 Tax Forms 1040

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2011 Tax Forms 1040

2011 tax forms 1040 1. 2011 tax forms 1040   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. 2011 tax forms 1040 Deducted. 2011 tax forms 1040 Who Can Participate in a 403(b) Plan?Ministers. 2011 tax forms 1040 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. 2011 tax forms 1040 Specifically, the chapter answers the following questions. 2011 tax forms 1040 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. 2011 tax forms 1040 Individual accounts in a 403(b) plan can be any of the following types. 2011 tax forms 1040 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. 2011 tax forms 1040 Generally, retirement income accounts can invest in either annuities or mutual funds. 2011 tax forms 1040 We use the term “403(b) account” to refer to any one of these funding arrangements throughout this publication, unless otherwise specified. 2011 tax forms 1040 What Are the Benefits of Contributing to a 403(b) Plan?  There are three benefits to contributing to a 403(b) plan. 2011 tax forms 1040 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. 2011 tax forms 1040 Allowable contributions to a 403(b) plan are either excluded or deducted from your income. 2011 tax forms 1040 However, if your contributions are made to a Roth contribution program, this benefit does not apply. 2011 tax forms 1040 Instead, you pay income tax on the contributions to the plan but distributions from the plan (if certain requirements are met) are tax free. 2011 tax forms 1040 Note. 2011 tax forms 1040 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. 2011 tax forms 1040 See chapter 4, Limit on Elective Deferrals , for more information. 2011 tax forms 1040 The second benefit is that earnings and gains on amounts in your 403(b) account are not taxed until you withdraw them. 2011 tax forms 1040 Earnings and gains on amounts in a Roth contribution program are not taxed if your withdrawals are qualified distributions. 2011 tax forms 1040 Otherwise, they are taxed when you withdraw them. 2011 tax forms 1040 The third benefit is that you may be eligible to take a credit for elective deferrals contributed to your 403(b) account. 2011 tax forms 1040 See chapter 10, Retirement Savings Contributions Credit (Saver's Credit) . 2011 tax forms 1040 Excluded. 2011 tax forms 1040   If an amount is excluded from your income, it is not included in your total wages on your Form W-2. 2011 tax forms 1040 This means that you do not report the excluded amount on your tax return. 2011 tax forms 1040 Deducted. 2011 tax forms 1040   If an amount is deducted from your income, it is included with your other wages on your Form W-2. 2011 tax forms 1040 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. 2011 tax forms 1040 Who Can Participate in a 403(b) Plan? Any eligible employee can participate in a 403(b) plan. 2011 tax forms 1040 Eligible employees. 2011 tax forms 1040   The following employees are eligible to participate in a 403(b) plan. 2011 tax forms 1040 Employees of tax-exempt organizations established under section 501(c)(3). 2011 tax forms 1040 These organizations are usually referred to as section 501(c)(3) organizations or simply 501(c)(3) organizations. 2011 tax forms 1040 Employees of public school systems who are involved in the day-to-day operations of a school. 2011 tax forms 1040 Employees of cooperative hospital service organizations. 2011 tax forms 1040 Civilian faculty and staff of the Uniformed Services University of the Health Sciences. 2011 tax forms 1040 Employees of public school systems organized by Indian tribal governments. 2011 tax forms 1040 Certain ministers (explained next). 2011 tax forms 1040 Ministers. 2011 tax forms 1040   The following ministers are eligible employees for whom a 403(b) account can be established. 2011 tax forms 1040 Ministers employed by section 501(c)(3) organizations. 2011 tax forms 1040 Self-employed ministers. 2011 tax forms 1040 A self-employed minister is treated as employed by a tax-exempt organization that is a qualified employer. 2011 tax forms 1040 Ministers (chaplains) who meet both of the following requirements. 2011 tax forms 1040 They are employed by organizations that are not section 501(c)(3) organizations. 2011 tax forms 1040 They function as ministers in their day-to-day professional responsibilities with their employers. 2011 tax forms 1040   Throughout this publication, the term chaplain will be used to mean ministers described in the third category in the list above. 2011 tax forms 1040 Example. 2011 tax forms 1040 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. 2011 tax forms 1040 Who Can Set Up a 403(b) Account? You cannot set up your own 403(b) account. 2011 tax forms 1040 Only employers can set up 403(b) accounts. 2011 tax forms 1040 A self-employed minister cannot set up a 403(b) account for his or her benefit. 2011 tax forms 1040 If you are a self-employed minister, only the organization (denomination) with which you are associated can set up an account for your benefit. 2011 tax forms 1040 How Can Contributions Be Made to My 403(b) Account? Generally, only your employer can make contributions to your 403(b) account. 2011 tax forms 1040 However, some plans will allow you to make after-tax contributions (defined below). 2011 tax forms 1040 The following types of contributions can be made to 403(b) accounts. 2011 tax forms 1040 Elective deferrals . 2011 tax forms 1040 These are contributions made under a salary reduction agreement. 2011 tax forms 1040 This agreement allows your employer to withhold money from your paycheck to be contributed directly into a 403(b) account for your benefit. 2011 tax forms 1040 Except for Roth contributions, you do not pay income tax on these contributions until you withdraw them from the account. 2011 tax forms 1040 If your contributions are Roth contributions, you pay taxes on your contributions but any qualified distributions from your Roth account are tax free. 2011 tax forms 1040 Nonelective contributions . 2011 tax forms 1040 These are employer contributions that are not made under a salary reduction agreement. 2011 tax forms 1040 Nonelective contributions include matching contributions, discretionary contributions, and mandatory contributions from your employer. 2011 tax forms 1040 You do not pay income tax on these contributions until you withdraw them from the account. 2011 tax forms 1040 After-tax contributions . 2011 tax forms 1040 These are contributions (that are not Roth contributions) you make with funds that you must include in income on your tax return. 2011 tax forms 1040 A salary payment on which income tax has been withheld is a source of these contributions. 2011 tax forms 1040 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. 2011 tax forms 1040 A combination of any of the three contribution types listed above. 2011 tax forms 1040 Self-employed minister. 2011 tax forms 1040   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. 2011 tax forms 1040 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. 2011 tax forms 1040 Your employer will report contributions on your 2013 Form W-2. 2011 tax forms 1040 Elective deferrals will be shown in box 12 and the Retirement plan box will be checked in box 13. 2011 tax forms 1040 If you are a self-employed minister or chaplain, see the discussions next. 2011 tax forms 1040 Self-employed ministers. 2011 tax forms 1040   If you are a self-employed minister, you must report the total contributions as a deduction on your tax return. 2011 tax forms 1040 Deduct your contributions on line 28 of the 2013 Form 1040. 2011 tax forms 1040 Chaplains. 2011 tax forms 1040   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. 2011 tax forms 1040    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. 2011 tax forms 1040   If you can take a deduction, include your contributions on line 36 of the 2013 Form 1040. 2011 tax forms 1040 Enter the amount of your deduction and write “403(b)” on the dotted line next to line 36. 2011 tax forms 1040 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. 2011 tax forms 1040 If contributions made to your 403(b) account are more than these contribution limits, penalties may apply. 2011 tax forms 1040 Chapters 2 through 6 provide information on how to determine the amount that can be contributed to your 403(b) account. 2011 tax forms 1040 Worksheets are provided in Chapter 9 to help you determine the maximum amount that can be contributed to your 403(b) account each year. 2011 tax forms 1040 Chapter 7, Excess Contributions , describes how to prevent excess contributions and how to get an excess contribution corrected. 2011 tax forms 1040 Prev  Up  Next   Home   More Online Publications
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The Department of Agriculture's Rural Business and Cooperative programs provide support for rural businesses primarily through grants and loans.

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Website: Rural Business and Cooperative Programs

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Address: USDA Rural Development, Room 5045-S
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The 2011 Tax Forms 1040

2011 tax forms 1040 8. 2011 tax forms 1040   Foreign Insurance Taxes Table of Contents Premium. 2011 tax forms 1040 Tax is imposed on insurance policies issued by foreign insurers. 2011 tax forms 1040 Any person who makes, signs, issues, or sells any of the documents and instruments subject to the tax, or for whose use or benefit they are made, signed, issued, or sold, is liable for the tax. 2011 tax forms 1040 The following tax rates apply to each dollar (or fraction thereof) of the premium paid. 2011 tax forms 1040 Casualty insurance and indemnity, fidelity, and surety bonds: 4 cents. 2011 tax forms 1040 For example, on a premium payment of $10. 2011 tax forms 1040 10, the tax is 44 cents. 2011 tax forms 1040 Life, sickness, and accident insurance, and annuity contracts: 1 cent. 2011 tax forms 1040 For example, on a premium payment of $10. 2011 tax forms 1040 10, the tax is 11 cents. 2011 tax forms 1040 Reinsurance policies covering any of the taxable contracts described in items (1) and (2): 1 cent. 2011 tax forms 1040 However, the tax does not apply to casualty insurance premiums paid to foreign insurers for coverage of export goods in transit to foreign destinations. 2011 tax forms 1040 Premium. 2011 tax forms 1040   Premium means the agreed price or consideration for assuming and carrying the risk or obligation. 2011 tax forms 1040 It includes any additional charge or assessment payable under the contract, whether in one sum or installments. 2011 tax forms 1040 If premiums are refunded, claim the tax paid on those premiums as an overpayment against tax due on other premiums paid or file a claim for refund. 2011 tax forms 1040 When liability attaches. 2011 tax forms 1040   The liability for this tax attaches when the premium payment is transferred to the foreign insurer or reinsurer (including transfers to any bank, trust fund, or similar recipient designated by the foreign insurer or reinsurer) or to any nonresident agent, solicitor, or broker. 2011 tax forms 1040 A person can pay the tax before the liability attaches if the person keeps records consistent with that practice. 2011 tax forms 1040 Who must file. 2011 tax forms 1040   The person who pays the premium to the foreign insurer (or to any nonresident person such as a foreign broker) must pay the tax and file the return. 2011 tax forms 1040 Otherwise, any person who issued or sold the policy, or who is insured under the policy, is required to pay the tax and file the return. 2011 tax forms 1040    The person liable for this tax must keep accurate records that identify each policy or instrument subject to tax. 2011 tax forms 1040 These records must clearly establish the type of policy or instrument, the gross premium paid, the identity of the insured and insurer, and the total premium charged. 2011 tax forms 1040 If the premium is to be paid in installments, the records must also establish the amount and anniversary date of each installment. 2011 tax forms 1040   The records must be kept at the place of business or other convenient location for at least 3 years after the later of the date any part of the tax became due, or the date any part of the tax was paid. 2011 tax forms 1040 During this period, the records must be readily accessible to the IRS. 2011 tax forms 1040   The person having control or possession of a policy or instrument subject to this tax must keep the policy for at least 3 years after the date any part of the tax on it was paid. 2011 tax forms 1040 For information on reinsurance premiums paid from one foreign insurer to another foreign insurer, see Rev. 2011 tax forms 1040 Rul. 2011 tax forms 1040 2008-15. 2011 tax forms 1040 You can find Rev. 2011 tax forms 1040 Rul. 2011 tax forms 1040 2008-15 on page 633 of I. 2011 tax forms 1040 R. 2011 tax forms 1040 B. 2011 tax forms 1040 2008-12 at www. 2011 tax forms 1040 irs. 2011 tax forms 1040 gov/pub/irs-irbs/irb08-12. 2011 tax forms 1040 pdf. 2011 tax forms 1040 Treaty-based positions under IRC 6114. 2011 tax forms 1040   You may have to file an annual report disclosing the amount of premiums exempt from United States excise tax as a result of the application of a treaty with the United States that overrides (or otherwise modifies) any provision of the Internal Revenue Code. 2011 tax forms 1040   Attach any disclosure statement to the first quarter Form 720. 2011 tax forms 1040 You may be able to use Form 8833, Treaty-Based Return Position Disclosure Under Section 6114 or 7701(b), as a disclosure statement. 2011 tax forms 1040 See the Instructions for Form 720 for information on how and where to file. 2011 tax forms 1040   See Revenue Procedure 92-14 in Cumulative Bulletin 1992-1 for procedures you can use to claim a refund of this tax under certain U. 2011 tax forms 1040 S. 2011 tax forms 1040 treaties. 2011 tax forms 1040 Prev  Up  Next   Home   More Online Publications