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File 2007 Fed Income Tax

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File 2007 Fed Income Tax

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Credits & Deductions For Businesses

Alternative Motor Vehicle Credit
The Alternative Fuel Motor Vehicle Credit was enacted by the Energy Policy Act of 2005 and includes separate credits for four distinct categories of vehicles: Hybrid vehicles, Fuel Cell vehicles, Qualified Alternative Fuel Motor vehicles (QAFMV) and Advanced Lean Burn Technology vehicles. The amount of the potential credit varies by type of vehicle and which of the four credits applies.

Manufacturers' Energy Efficient Appliance Credit
Act Section 305 - Modifications of Energy Efficient Appliance Credit for Appliances Produced After 2007

Plug-In Electric Drive Vehicle Credit (IRC 30D)
Plug-In Electric Drive Vehicle Credit (IRC 30D) - Internal Revenue Code Section 30D provides a credit for Qualified Plug-in Electric Drive Motor Vehicles including passenger vehicles and light trucks.

Research Credit
Guidelines and audit technique guide are provided for field examiners on the examination of Research Credit cases.

Deducting Business Expenses
Find out what qualifies as a deductible business expense, including depreciation.

Abusive Tax Shelters and Transactions
The Internal Revenue Service has a comprehensive strategy in place to combat abusive tax shelters and transactions. This strategy includes guidance on abusive transactions, regulations governing tax shelters, a hotline for taxpayers to use to report abusive technical transactions, and enforcement activity against abusive tax shelter promoters and investors.

Page Last Reviewed or Updated: 18-Feb-2014

The File 2007 Fed Income Tax

File 2007 fed income tax 1. File 2007 fed income tax   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. File 2007 fed income tax Deducted. File 2007 fed income tax Who Can Participate in a 403(b) Plan?Ministers. File 2007 fed income tax 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. File 2007 fed income tax Specifically, the chapter answers the following questions. File 2007 fed income tax 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. File 2007 fed income tax Individual accounts in a 403(b) plan can be any of the following types. File 2007 fed income tax 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. File 2007 fed income tax Generally, retirement income accounts can invest in either annuities or mutual funds. File 2007 fed income tax We use the term “403(b) account” to refer to any one of these funding arrangements throughout this publication, unless otherwise specified. File 2007 fed income tax What Are the Benefits of Contributing to a 403(b) Plan?  There are three benefits to contributing to a 403(b) plan. File 2007 fed income tax 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. File 2007 fed income tax Allowable contributions to a 403(b) plan are either excluded or deducted from your income. File 2007 fed income tax However, if your contributions are made to a Roth contribution program, this benefit does not apply. File 2007 fed income tax Instead, you pay income tax on the contributions to the plan but distributions from the plan (if certain requirements are met) are tax free. File 2007 fed income tax Note. File 2007 fed income tax 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. File 2007 fed income tax See chapter 4, Limit on Elective Deferrals , for more information. File 2007 fed income tax The second benefit is that earnings and gains on amounts in your 403(b) account are not taxed until you withdraw them. File 2007 fed income tax Earnings and gains on amounts in a Roth contribution program are not taxed if your withdrawals are qualified distributions. File 2007 fed income tax Otherwise, they are taxed when you withdraw them. File 2007 fed income tax The third benefit is that you may be eligible to take a credit for elective deferrals contributed to your 403(b) account. File 2007 fed income tax See chapter 10, Retirement Savings Contributions Credit (Saver's Credit) . File 2007 fed income tax Excluded. File 2007 fed income tax   If an amount is excluded from your income, it is not included in your total wages on your Form W-2. File 2007 fed income tax This means that you do not report the excluded amount on your tax return. File 2007 fed income tax Deducted. File 2007 fed income tax   If an amount is deducted from your income, it is included with your other wages on your Form W-2. File 2007 fed income tax 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. File 2007 fed income tax Who Can Participate in a 403(b) Plan? Any eligible employee can participate in a 403(b) plan. File 2007 fed income tax Eligible employees. File 2007 fed income tax   The following employees are eligible to participate in a 403(b) plan. File 2007 fed income tax Employees of tax-exempt organizations established under section 501(c)(3). File 2007 fed income tax These organizations are usually referred to as section 501(c)(3) organizations or simply 501(c)(3) organizations. File 2007 fed income tax Employees of public school systems who are involved in the day-to-day operations of a school. File 2007 fed income tax Employees of cooperative hospital service organizations. File 2007 fed income tax Civilian faculty and staff of the Uniformed Services University of the Health Sciences. File 2007 fed income tax Employees of public school systems organized by Indian tribal governments. File 2007 fed income tax Certain ministers (explained next). File 2007 fed income tax Ministers. File 2007 fed income tax   The following ministers are eligible employees for whom a 403(b) account can be established. File 2007 fed income tax Ministers employed by section 501(c)(3) organizations. File 2007 fed income tax Self-employed ministers. File 2007 fed income tax A self-employed minister is treated as employed by a tax-exempt organization that is a qualified employer. File 2007 fed income tax Ministers (chaplains) who meet both of the following requirements. File 2007 fed income tax They are employed by organizations that are not section 501(c)(3) organizations. File 2007 fed income tax They function as ministers in their day-to-day professional responsibilities with their employers. File 2007 fed income tax   Throughout this publication, the term chaplain will be used to mean ministers described in the third category in the list above. File 2007 fed income tax Example. File 2007 fed income tax 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. File 2007 fed income tax Who Can Set Up a 403(b) Account? You cannot set up your own 403(b) account. File 2007 fed income tax Only employers can set up 403(b) accounts. File 2007 fed income tax A self-employed minister cannot set up a 403(b) account for his or her benefit. File 2007 fed income tax If you are a self-employed minister, only the organization (denomination) with which you are associated can set up an account for your benefit. File 2007 fed income tax How Can Contributions Be Made to My 403(b) Account? Generally, only your employer can make contributions to your 403(b) account. File 2007 fed income tax However, some plans will allow you to make after-tax contributions (defined below). File 2007 fed income tax The following types of contributions can be made to 403(b) accounts. File 2007 fed income tax Elective deferrals . File 2007 fed income tax These are contributions made under a salary reduction agreement. File 2007 fed income tax This agreement allows your employer to withhold money from your paycheck to be contributed directly into a 403(b) account for your benefit. File 2007 fed income tax Except for Roth contributions, you do not pay income tax on these contributions until you withdraw them from the account. File 2007 fed income tax If your contributions are Roth contributions, you pay taxes on your contributions but any qualified distributions from your Roth account are tax free. File 2007 fed income tax Nonelective contributions . File 2007 fed income tax These are employer contributions that are not made under a salary reduction agreement. File 2007 fed income tax Nonelective contributions include matching contributions, discretionary contributions, and mandatory contributions from your employer. File 2007 fed income tax You do not pay income tax on these contributions until you withdraw them from the account. File 2007 fed income tax After-tax contributions . File 2007 fed income tax These are contributions (that are not Roth contributions) you make with funds that you must include in income on your tax return. File 2007 fed income tax A salary payment on which income tax has been withheld is a source of these contributions. File 2007 fed income tax 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. File 2007 fed income tax A combination of any of the three contribution types listed above. File 2007 fed income tax Self-employed minister. File 2007 fed income tax   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. File 2007 fed income tax 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. File 2007 fed income tax Your employer will report contributions on your 2013 Form W-2. File 2007 fed income tax Elective deferrals will be shown in box 12 and the Retirement plan box will be checked in box 13. File 2007 fed income tax If you are a self-employed minister or chaplain, see the discussions next. File 2007 fed income tax Self-employed ministers. File 2007 fed income tax   If you are a self-employed minister, you must report the total contributions as a deduction on your tax return. File 2007 fed income tax Deduct your contributions on line 28 of the 2013 Form 1040. File 2007 fed income tax Chaplains. File 2007 fed income tax   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. File 2007 fed income tax    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. File 2007 fed income tax   If you can take a deduction, include your contributions on line 36 of the 2013 Form 1040. File 2007 fed income tax Enter the amount of your deduction and write “403(b)” on the dotted line next to line 36. File 2007 fed income tax 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. File 2007 fed income tax If contributions made to your 403(b) account are more than these contribution limits, penalties may apply. File 2007 fed income tax Chapters 2 through 6 provide information on how to determine the amount that can be contributed to your 403(b) account. File 2007 fed income tax Worksheets are provided in Chapter 9 to help you determine the maximum amount that can be contributed to your 403(b) account each year. File 2007 fed income tax Chapter 7, Excess Contributions , describes how to prevent excess contributions and how to get an excess contribution corrected. File 2007 fed income tax Prev  Up  Next   Home   More Online Publications