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2013 1040ez Tax Form

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2013 1040ez Tax Form

2013 1040ez tax form Publication 551 - Additional Material Prev  Up  Next   Home   More Online Publications
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The 2013 1040ez Tax Form

2013 1040ez tax form 1. 2013 1040ez tax form   Definitions You Need To Know Table of Contents Other options. 2013 1040ez tax form Exception. 2013 1040ez tax form Certain terms used in this publication are defined below. 2013 1040ez tax form The same term used in another publication may have a slightly different meaning. 2013 1040ez tax form Annual additions. 2013 1040ez tax form   Annual additions are the total of all your contributions in a year, employee contributions (not including rollovers), and forfeitures allocated to a participant's account. 2013 1040ez tax form Annual benefits. 2013 1040ez tax form   Annual benefits are the benefits to be paid yearly in the form of a straight life annuity (with no extra benefits) under a plan to which employees do not contribute and under which no rollover contributions are made. 2013 1040ez tax form Business. 2013 1040ez tax form   A business is an activity in which a profit motive is present and economic activity is involved. 2013 1040ez tax form Service as a newspaper carrier under age 18 or as a public official is not a business. 2013 1040ez tax form Common-law employee. 2013 1040ez tax form   A common-law employee is any individual who, under common law, would have the status of an employee. 2013 1040ez tax form A leased employee can also be a common-law employee. 2013 1040ez tax form   A common-law employee is a person who performs services for an employer who has the right to control and direct the results of the work and the way in which it is done. 2013 1040ez tax form For example, the employer: Provides the employee's tools, materials, and workplace, and Can fire the employee. 2013 1040ez tax form   Common-law employees are not self-employed and cannot set up retirement plans for income from their work, even if that income is self-employment income for social security tax purposes. 2013 1040ez tax form For example, common-law employees who are ministers, members of religious orders, full-time insurance salespeople, and U. 2013 1040ez tax form S. 2013 1040ez tax form citizens employed in the United States by foreign governments cannot set up retirement plans for their earnings from those employments, even though their earnings are treated as self-employment income. 2013 1040ez tax form   However, an individual may be a common-law employee and a self-employed person as well. 2013 1040ez tax form For example, an attorney can be a corporate common-law employee during regular working hours and also practice law in the evening as a self-employed person. 2013 1040ez tax form In another example, a minister employed by a congregation for a salary is a common-law employee even though the salary is treated as self-employment income for social security tax purposes. 2013 1040ez tax form However, fees reported on Schedule C (Form 1040), Profit or Loss From Business, for performing marriages, baptisms, and other personal services are self-employment earnings for qualified plan purposes. 2013 1040ez tax form Compensation. 2013 1040ez tax form   Compensation for plan allocations is the pay a participant received from you for personal services for a year. 2013 1040ez tax form You can generally define compensation as including all the following payments. 2013 1040ez tax form Wages and salaries. 2013 1040ez tax form Fees for professional services. 2013 1040ez tax form Other amounts received (cash or noncash) for personal services actually rendered by an employee, including, but not limited to, the following items. 2013 1040ez tax form Commissions and tips. 2013 1040ez tax form Fringe benefits. 2013 1040ez tax form Bonuses. 2013 1040ez tax form   For a self-employed individual, compensation means the earned income, discussed later, of that individual. 2013 1040ez tax form   Compensation generally includes amounts deferred in the following employee benefit plans. 2013 1040ez tax form These amounts are elective deferrals. 2013 1040ez tax form Qualified cash or deferred arrangement (section 401(k) plan). 2013 1040ez tax form Salary reduction agreement to contribute to a tax-sheltered annuity (section 403(b) plan), a SIMPLE IRA plan, or a SARSEP. 2013 1040ez tax form Section 457 nonqualified deferred compensation plan. 2013 1040ez tax form Section 125 cafeteria plan. 2013 1040ez tax form   However, an employer can choose to exclude elective deferrals under the above plans from the definition of compensation. 2013 1040ez tax form The limit on elective deferrals is discussed in chapter 2 under Salary Reduction Simplified Employee Pension (SARSEP) and in chapter 4. 2013 1040ez tax form Other options. 2013 1040ez tax form   In figuring the compensation of a participant, you can treat any of the following amounts as the employee's compensation. 2013 1040ez tax form The employee's wages as defined for income tax withholding purposes. 2013 1040ez tax form The employee's wages you report in box 1 of Form W-2, Wage and Tax Statement. 2013 1040ez tax form The employee's social security wages (including elective deferrals). 2013 1040ez tax form   Compensation generally cannot include either of the following items. 2013 1040ez tax form Nontaxable reimbursements or other expense allowances. 2013 1040ez tax form Deferred compensation (other than elective deferrals). 2013 1040ez tax form SIMPLE plans. 2013 1040ez tax form   A special definition of compensation applies for SIMPLE plans. 2013 1040ez tax form See chapter 3. 2013 1040ez tax form Contribution. 2013 1040ez tax form   A contribution is an amount you pay into a plan for all those participating in the plan, including self-employed individuals. 2013 1040ez tax form Limits apply to how much, under the contribution formula of the plan, can be contributed each year for a participant. 2013 1040ez tax form Deduction. 2013 1040ez tax form   A deduction is the plan contributions you can subtract from gross income on your federal income tax return. 2013 1040ez tax form Limits apply to the amount deductible. 2013 1040ez tax form Earned income. 2013 1040ez tax form   Earned income is net earnings from self-employment, discussed later, from a business in which your services materially helped to produce the income. 2013 1040ez tax form   You can also have earned income from property your personal efforts helped create, such as royalties from your books or inventions. 2013 1040ez tax form Earned income includes net earnings from selling or otherwise disposing of the property, but it does not include capital gains. 2013 1040ez tax form It includes income from licensing the use of property other than goodwill. 2013 1040ez tax form   Earned income includes amounts received for services by self-employed members of recognized religious sects opposed to social security benefits who are exempt from self-employment tax. 2013 1040ez tax form   If you have more than one business, but only one has a retirement plan, only the earned income from that business is considered for that plan. 2013 1040ez tax form Employer. 2013 1040ez tax form   An employer is generally any person for whom an individual performs or did perform any service, of whatever nature, as an employee. 2013 1040ez tax form A sole proprietor is treated as his or her own employer for retirement plan purposes. 2013 1040ez tax form However, a partner is not an employer for retirement plan purposes. 2013 1040ez tax form Instead, the partnership is treated as the employer of each partner. 2013 1040ez tax form Highly compensated employee. 2013 1040ez tax form   A highly compensated employee is an individual who: Owned more than 5% of the interest in your business at any time during the year or the preceding year, regardless of how much compensation that person earned or received, or For the preceding year, received compensation from you of more than $115,000 (if the preceding year is 2012, 2013, or 2014) and, if you so choose, was in the top 20% of employees when ranked by compensation. 2013 1040ez tax form Leased employee. 2013 1040ez tax form   A leased employee who is not your common-law employee must generally be treated as your employee for retirement plan purposes if he or she does all the following. 2013 1040ez tax form Provides services to you under an agreement between you and a leasing organization. 2013 1040ez tax form Has performed services for you (or for you and related persons) substantially full time for at least 1 year. 2013 1040ez tax form Performs services under your primary direction or control. 2013 1040ez tax form Exception. 2013 1040ez tax form   A leased employee is not treated as your employee if all the following conditions are met. 2013 1040ez tax form Leased employees are not more than 20% of your non-highly compensated work force. 2013 1040ez tax form The employee is covered under the leasing organization's qualified pension plan. 2013 1040ez tax form The leasing organization's plan is a money purchase pension plan that has all the following provisions. 2013 1040ez tax form Immediate participation. 2013 1040ez tax form (This requirement does not apply to any individual whose compensation from the leasing organization in each plan year during the 4-year period ending with the plan year is less than $1,000. 2013 1040ez tax form ) Full and immediate vesting. 2013 1040ez tax form A nonintegrated employer contribution rate of at least 10% of compensation for each participant. 2013 1040ez tax form However, if the leased employee is your common-law employee, that employee will be your employee for all purposes, regardless of any pension plan of the leasing organization. 2013 1040ez tax form Net earnings from self-employment. 2013 1040ez tax form   For SEP and qualified plans, net earnings from self-employment is your gross income from your trade or business (provided your personal services are a material income-producing factor) minus allowable business deductions. 2013 1040ez tax form Allowable deductions include contributions to SEP and qualified plans for common-law employees and the deduction allowed for the deductible part of your self-employment tax. 2013 1040ez tax form   Net earnings from self-employment does not include items excluded from gross income (or their related deductions) other than foreign earned income and foreign housing cost amounts. 2013 1040ez tax form   For the deduction limits, earned income is net earnings for personal services actually rendered to the business. 2013 1040ez tax form You take into account the income tax deduction for the deductible part of self-employment tax and the deduction for contributions to the plan made on your behalf when figuring net earnings. 2013 1040ez tax form   Net earnings include a partner's distributive share of partnership income or loss (other than separately stated items, such as capital gains and losses). 2013 1040ez tax form It does not include income passed through to shareholders of S corporations. 2013 1040ez tax form Guaranteed payments to limited partners are net earnings from self-employment if they are paid for services to or for the partnership. 2013 1040ez tax form Distributions of other income or loss to limited partners are not net earnings from self-employment. 2013 1040ez tax form   For SIMPLE plans, net earnings from self-employment is the amount on line 4 of Short Schedule SE or line 6 of Long Schedule SE (Form 1040), Self-Employment Tax, before subtracting any contributions made to the SIMPLE plan for yourself. 2013 1040ez tax form Qualified plan. 2013 1040ez tax form   A qualified plan is a retirement plan that offers a tax-favored way to save for retirement. 2013 1040ez tax form You can deduct contributions made to the plan for your employees. 2013 1040ez tax form Earnings on these contributions are generally tax free until distributed at retirement. 2013 1040ez tax form Profit-sharing, money purchase, and defined benefit plans are qualified plans. 2013 1040ez tax form A 401(k) plan is also a qualified plan. 2013 1040ez tax form Participant. 2013 1040ez tax form   A participant is an eligible employee who is covered by your retirement plan. 2013 1040ez tax form See the discussions of the different types of plans for the definition of an employee eligible to participate in each type of plan. 2013 1040ez tax form Partner. 2013 1040ez tax form   A partner is an individual who shares ownership of an unincorporated trade or business with one or more persons. 2013 1040ez tax form For retirement plans, a partner is treated as an employee of the partnership. 2013 1040ez tax form Self-employed individual. 2013 1040ez tax form   An individual in business for himself or herself, and whose business is not incorporated, is self-employed. 2013 1040ez tax form Sole proprietors and partners are self-employed. 2013 1040ez tax form Self-employment can include part-time work. 2013 1040ez tax form   Not everyone who has net earnings from self-employment for social security tax purposes is self-employed for qualified plan purposes. 2013 1040ez tax form See Common-law employee and Net earnings from self-employment , earlier. 2013 1040ez tax form   In addition, certain fishermen may be considered self-employed for setting up a qualified plan. 2013 1040ez tax form See Publication 595, Capital Construction Fund for Commercial Fishermen, for the special rules used to determine whether fishermen are self-employed. 2013 1040ez tax form Sole proprietor. 2013 1040ez tax form   A sole proprietor is an individual who owns an unincorporated business by himself or herself, including a single member limited liability company that is treated as a disregarded entity for tax purposes. 2013 1040ez tax form For retirement plans, a sole proprietor is treated as both an employer and an employee. 2013 1040ez tax form Prev  Up  Next   Home   More Online Publications