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Free turbotax 2012 download 1. Free turbotax 2012 download   Definitions You Need To Know Table of Contents Other options. Free turbotax 2012 download Exception. Free turbotax 2012 download Certain terms used in this publication are defined below. Free turbotax 2012 download The same term used in another publication may have a slightly different meaning. Free turbotax 2012 download Annual additions. Free turbotax 2012 download   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. Free turbotax 2012 download Annual benefits. Free turbotax 2012 download   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. Free turbotax 2012 download Business. Free turbotax 2012 download   A business is an activity in which a profit motive is present and economic activity is involved. Free turbotax 2012 download Service as a newspaper carrier under age 18 or as a public official is not a business. Free turbotax 2012 download Common-law employee. Free turbotax 2012 download   A common-law employee is any individual who, under common law, would have the status of an employee. Free turbotax 2012 download A leased employee can also be a common-law employee. Free turbotax 2012 download   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. Free turbotax 2012 download For example, the employer: Provides the employee's tools, materials, and workplace, and Can fire the employee. Free turbotax 2012 download   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. Free turbotax 2012 download For example, common-law employees who are ministers, members of religious orders, full-time insurance salespeople, and U. Free turbotax 2012 download S. Free turbotax 2012 download 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. Free turbotax 2012 download   However, an individual may be a common-law employee and a self-employed person as well. Free turbotax 2012 download 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. Free turbotax 2012 download 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. Free turbotax 2012 download 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. Free turbotax 2012 download Compensation. Free turbotax 2012 download   Compensation for plan allocations is the pay a participant received from you for personal services for a year. Free turbotax 2012 download You can generally define compensation as including all the following payments. Free turbotax 2012 download Wages and salaries. Free turbotax 2012 download Fees for professional services. Free turbotax 2012 download Other amounts received (cash or noncash) for personal services actually rendered by an employee, including, but not limited to, the following items. Free turbotax 2012 download Commissions and tips. Free turbotax 2012 download Fringe benefits. Free turbotax 2012 download Bonuses. Free turbotax 2012 download   For a self-employed individual, compensation means the earned income, discussed later, of that individual. Free turbotax 2012 download   Compensation generally includes amounts deferred in the following employee benefit plans. Free turbotax 2012 download These amounts are elective deferrals. Free turbotax 2012 download Qualified cash or deferred arrangement (section 401(k) plan). Free turbotax 2012 download Salary reduction agreement to contribute to a tax-sheltered annuity (section 403(b) plan), a SIMPLE IRA plan, or a SARSEP. Free turbotax 2012 download Section 457 nonqualified deferred compensation plan. Free turbotax 2012 download Section 125 cafeteria plan. Free turbotax 2012 download   However, an employer can choose to exclude elective deferrals under the above plans from the definition of compensation. Free turbotax 2012 download The limit on elective deferrals is discussed in chapter 2 under Salary Reduction Simplified Employee Pension (SARSEP) and in chapter 4. Free turbotax 2012 download Other options. Free turbotax 2012 download   In figuring the compensation of a participant, you can treat any of the following amounts as the employee's compensation. Free turbotax 2012 download The employee's wages as defined for income tax withholding purposes. Free turbotax 2012 download The employee's wages you report in box 1 of Form W-2, Wage and Tax Statement. Free turbotax 2012 download The employee's social security wages (including elective deferrals). Free turbotax 2012 download   Compensation generally cannot include either of the following items. Free turbotax 2012 download Nontaxable reimbursements or other expense allowances. Free turbotax 2012 download Deferred compensation (other than elective deferrals). Free turbotax 2012 download SIMPLE plans. Free turbotax 2012 download   A special definition of compensation applies for SIMPLE plans. Free turbotax 2012 download See chapter 3. Free turbotax 2012 download Contribution. Free turbotax 2012 download   A contribution is an amount you pay into a plan for all those participating in the plan, including self-employed individuals. Free turbotax 2012 download Limits apply to how much, under the contribution formula of the plan, can be contributed each year for a participant. Free turbotax 2012 download Deduction. Free turbotax 2012 download   A deduction is the plan contributions you can subtract from gross income on your federal income tax return. Free turbotax 2012 download Limits apply to the amount deductible. Free turbotax 2012 download Earned income. Free turbotax 2012 download   Earned income is net earnings from self-employment, discussed later, from a business in which your services materially helped to produce the income. Free turbotax 2012 download   You can also have earned income from property your personal efforts helped create, such as royalties from your books or inventions. Free turbotax 2012 download Earned income includes net earnings from selling or otherwise disposing of the property, but it does not include capital gains. Free turbotax 2012 download It includes income from licensing the use of property other than goodwill. Free turbotax 2012 download   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. Free turbotax 2012 download   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. Free turbotax 2012 download Employer. Free turbotax 2012 download   An employer is generally any person for whom an individual performs or did perform any service, of whatever nature, as an employee. Free turbotax 2012 download A sole proprietor is treated as his or her own employer for retirement plan purposes. Free turbotax 2012 download However, a partner is not an employer for retirement plan purposes. Free turbotax 2012 download Instead, the partnership is treated as the employer of each partner. Free turbotax 2012 download Highly compensated employee. Free turbotax 2012 download   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. Free turbotax 2012 download Leased employee. Free turbotax 2012 download   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. Free turbotax 2012 download Provides services to you under an agreement between you and a leasing organization. Free turbotax 2012 download Has performed services for you (or for you and related persons) substantially full time for at least 1 year. Free turbotax 2012 download Performs services under your primary direction or control. Free turbotax 2012 download Exception. Free turbotax 2012 download   A leased employee is not treated as your employee if all the following conditions are met. Free turbotax 2012 download Leased employees are not more than 20% of your non-highly compensated work force. Free turbotax 2012 download The employee is covered under the leasing organization's qualified pension plan. Free turbotax 2012 download The leasing organization's plan is a money purchase pension plan that has all the following provisions. Free turbotax 2012 download Immediate participation. Free turbotax 2012 download (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. Free turbotax 2012 download ) Full and immediate vesting. Free turbotax 2012 download A nonintegrated employer contribution rate of at least 10% of compensation for each participant. Free turbotax 2012 download 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. Free turbotax 2012 download Net earnings from self-employment. Free turbotax 2012 download   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. Free turbotax 2012 download 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. Free turbotax 2012 download   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. Free turbotax 2012 download   For the deduction limits, earned income is net earnings for personal services actually rendered to the business. Free turbotax 2012 download 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. Free turbotax 2012 download   Net earnings include a partner's distributive share of partnership income or loss (other than separately stated items, such as capital gains and losses). Free turbotax 2012 download It does not include income passed through to shareholders of S corporations. Free turbotax 2012 download Guaranteed payments to limited partners are net earnings from self-employment if they are paid for services to or for the partnership. Free turbotax 2012 download Distributions of other income or loss to limited partners are not net earnings from self-employment. Free turbotax 2012 download   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. Free turbotax 2012 download Qualified plan. Free turbotax 2012 download   A qualified plan is a retirement plan that offers a tax-favored way to save for retirement. Free turbotax 2012 download You can deduct contributions made to the plan for your employees. Free turbotax 2012 download Earnings on these contributions are generally tax free until distributed at retirement. Free turbotax 2012 download Profit-sharing, money purchase, and defined benefit plans are qualified plans. Free turbotax 2012 download A 401(k) plan is also a qualified plan. Free turbotax 2012 download Participant. Free turbotax 2012 download   A participant is an eligible employee who is covered by your retirement plan. Free turbotax 2012 download See the discussions of the different types of plans for the definition of an employee eligible to participate in each type of plan. Free turbotax 2012 download Partner. Free turbotax 2012 download   A partner is an individual who shares ownership of an unincorporated trade or business with one or more persons. Free turbotax 2012 download For retirement plans, a partner is treated as an employee of the partnership. Free turbotax 2012 download Self-employed individual. Free turbotax 2012 download   An individual in business for himself or herself, and whose business is not incorporated, is self-employed. Free turbotax 2012 download Sole proprietors and partners are self-employed. Free turbotax 2012 download Self-employment can include part-time work. Free turbotax 2012 download   Not everyone who has net earnings from self-employment for social security tax purposes is self-employed for qualified plan purposes. Free turbotax 2012 download See Common-law employee and Net earnings from self-employment , earlier. Free turbotax 2012 download   In addition, certain fishermen may be considered self-employed for setting up a qualified plan. Free turbotax 2012 download See Publication 595, Capital Construction Fund for Commercial Fishermen, for the special rules used to determine whether fishermen are self-employed. Free turbotax 2012 download Sole proprietor. Free turbotax 2012 download   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. Free turbotax 2012 download For retirement plans, a sole proprietor is treated as both an employer and an employee. Free turbotax 2012 download Prev  Up  Next   Home   More Online Publications