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Georgia State Income Tax Forms 2012

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Georgia State Income Tax Forms 2012

Georgia state income tax forms 2012 10. Georgia state income tax forms 2012   Retirement Savings Contributions Credit (Saver's Credit) Table of Contents Full-time student. Georgia state income tax forms 2012 Adjusted gross income. Georgia state income tax forms 2012 Distributions received by spouse. Georgia state income tax forms 2012 Testing period. Georgia state income tax forms 2012 If you or your employer make eligible contributions (defined later) to a retirement plan, you may be able to take a credit of up to $1,000 (up to $2,000 if filing jointly). Georgia state income tax forms 2012 This credit could reduce the federal income tax you pay dollar for dollar. Georgia state income tax forms 2012 Can you claim the credit?   If you or your employer make eligible contributions to a retirement plan, you can claim the credit if all of the following apply. Georgia state income tax forms 2012 You are not under age 18. Georgia state income tax forms 2012 You are not a full-time student (explained next). Georgia state income tax forms 2012 No one else, such as your parent(s), claims an exemption for you on their tax return. Georgia state income tax forms 2012 Your adjusted gross income (defined later) is not more than: $59,000 for 2013 ($60,000 for 2014) if your filing status is married filing jointly, $44,250 for 2013 ($45,000 for 2014) if your filing status is head of household (with qualifying person), or $29,500 for 2013 ($30,000 for 2014) if your filing status is single, married filing separately, or qualifying widow(er) with dependent child. Georgia state income tax forms 2012 Full-time student. Georgia state income tax forms 2012   You are a full-time student if, during some part of each of 5 calendar months (not necessarily consecutive) during the calendar year, you are either: A full-time student at a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or A student taking a full-time, on-farm training course given by either a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or a state, county, or local government. Georgia state income tax forms 2012 You are a full-time student if you are enrolled for the number of hours or courses the school considers to be full-time. Georgia state income tax forms 2012 Adjusted gross income. Georgia state income tax forms 2012   This is generally the amount on line 38 of your 2013 Form 1040 or line 22 of your 2013 Form 1040A. Georgia state income tax forms 2012 However, you must add to that amount any exclusion or deduction claimed for the year for: Foreign earned income, Foreign housing costs, Income for bona fide residents of American Samoa, and Income from Puerto Rico. Georgia state income tax forms 2012 Eligible contributions. Georgia state income tax forms 2012   These include: Contributions to a traditional or Roth IRA, Elective deferrals, including amounts designated as after-tax Roth contributions, to: A 401(k) plan (including a SIMPLE 401(k)), A section 403(b) annuity, An eligible deferred compensation plan of a state or local government (a governmental 457 plan), A SIMPLE IRA plan, or A salary reduction SEP, and Contributions to a section 501(c)(18) plan. Georgia state income tax forms 2012 They also include voluntary after-tax employee contributions to a tax-qualified retirement plan or a section 403(b) annuity. Georgia state income tax forms 2012 For purposes of the credit, an employee contribution will be voluntary as long as it is not required as a condition of employment. Georgia state income tax forms 2012 Reducing eligible contributions. Georgia state income tax forms 2012   Reduce your eligible contributions (but not below zero) by the total distributions you received during the testing period (defined later) from any IRA, plan, or annuity included earlier under Eligible contributions. Georgia state income tax forms 2012 Also reduce your eligible contributions by any distribution from a Roth IRA that is not rolled over, even if the distribution is not taxable. Georgia state income tax forms 2012      Do not reduce your eligible contributions by any of the following: The portion of any distribution which is not includible in income because it is a trustee-to-trustee transfer or a rollover distribution. Georgia state income tax forms 2012 Any distribution that is a return of a contribution to an IRA (including a Roth IRA) made during the year for which you claim the credit if: The distribution is made before the due date (including extensions) of your tax return for that year, You do not take a deduction for the contribution, and The distribution includes any income attributable to the contribution. Georgia state income tax forms 2012 Loans from a qualified employer plan treated as a distribution. Georgia state income tax forms 2012 Distributions of excess contributions or deferrals (and income attributable to excess contributions and deferrals). Georgia state income tax forms 2012 Distributions of dividends paid on stock held by an employee stock ownership plan under section 404(k). Georgia state income tax forms 2012 Distributions from an eligible retirement plan that are converted or rolled over to a Roth IRA. Georgia state income tax forms 2012 Distributions from a military retirement plan. Georgia state income tax forms 2012 Distributions received by spouse. Georgia state income tax forms 2012   Any distributions your spouse receives are treated as received by you if you file a joint return with your spouse both for the year of the distribution and for the year for which you claim the credit. Georgia state income tax forms 2012 Testing period. Georgia state income tax forms 2012   The testing period consists of: The year in which you claim the credit, The 2 years before the year in which you claim the credit, and The period after the end of the year in which you claim the credit and before the due date of the return (including extensions) for filing your return for the year in which you claimed the credit. Georgia state income tax forms 2012 Example. Georgia state income tax forms 2012 You and your spouse filed joint returns in 2011 and 2012, and plan to do so in 2013 and 2014. Georgia state income tax forms 2012 You received a taxable distribution from a qualified plan in 2011 and a taxable distribution from an eligible section 457(b) deferred compensation plan in 2012. Georgia state income tax forms 2012 Your spouse received taxable distributions from a Roth IRA in 2013 and tax-free distributions from a Roth IRA in 2014 before April 15. Georgia state income tax forms 2012 You made eligible contributions to an IRA in 2013 and you otherwise qualify for this credit. Georgia state income tax forms 2012 You must reduce the amount of your qualifying contributions in 2013 by the total of the distributions you and your spouse received in 2011, 2012, 2013, and 2014. Georgia state income tax forms 2012 Maximum eligible contributions. Georgia state income tax forms 2012   After your contributions are reduced, the maximum annual contribution on which you can base the credit is $2,000 per person. Georgia state income tax forms 2012 Effect on other credits. Georgia state income tax forms 2012   The amount of this credit will not change the amount of your refundable tax credits. Georgia state income tax forms 2012 A refundable tax credit, such as the earned income credit or the additional child tax credit, is an amount that you would receive as a refund even if you did not otherwise owe any taxes. Georgia state income tax forms 2012 Maximum credit. Georgia state income tax forms 2012   This is a nonrefundable credit. Georgia state income tax forms 2012 The amount of the credit in any year cannot be more than the amount of tax that you would otherwise pay (not counting any refundable credits or the adoption credit) in any year. Georgia state income tax forms 2012 If your tax liability is reduced to zero because of other nonrefundable credits, such as the education credits, then you will not be entitled to this credit. Georgia state income tax forms 2012 How to figure and report the credit. Georgia state income tax forms 2012   The amount of the credit you can get is based on the contributions you make and your credit rate. Georgia state income tax forms 2012 The credit rate can be as low as 10% or as high as 50%. Georgia state income tax forms 2012 Your credit rate depends on your income and your filing status. Georgia state income tax forms 2012 See Form 8880, Credit for Qualified Retirement Savings Contributions, to determine your credit rate. Georgia state income tax forms 2012   The maximum contribution taken into account is $2,000 per person. Georgia state income tax forms 2012 On a joint return, up to $2,000 is taken into account for each spouse. Georgia state income tax forms 2012   Figure the credit on Form 8880. Georgia state income tax forms 2012 Report the credit on line 50 of your Form 1040 or line 32 of your Form 1040A, and attach Form 8880 to your return. Georgia state income tax forms 2012 Prev  Up  Next   Home   More Online Publications
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Small Business Health Care Tax Credit for Small Employers

 

 

Small employer? Get the credit you deserve.

     If you are a small employer. . .

              with fewer than 25 full-time equivalent employees,
              pay an average wage of less than $50,000 a year, and
               pay at least half of employee health insurance premiums

 

                               . . .then there is a tax credit that may put money in your pocket.

 

 

What You Need to Know about the Small Business Health Care Tax Credit

How will the credit make a difference for you?                 

For tax years 2010 through 2013, the maximum credit is 35 percent of premiums paid for small business employers and 25 percent of premiums paid for small tax-exempt employers such as charities.

 

For tax years beginning in 2014 or later, there will be changes to the credit:

 

  • The maximum credit will increase to 50 percent of premiums paid for small business employers and 35 percent of premiums paid for small tax-exempt employers. 
  • To be eligible for the credit, a small employer must pay premiums on behalf of employees enrolled in a qualified health plan offered through a Small Business Health Options Program (SHOP) Marketplace.
  • The credit will be available to eligible employers for two consecutive taxable years.

 

Here’s what this means for you. If you pay $50,000 a year toward workers’ health care premiums — and if you qualify for a 15 percent credit, you save... $7,500. If you save $7,500 a year from tax year 2010 through 2013, that’s total savings of $30,000. If, in 2014, you qualify for a slightly larger credit, say 20 percent, your savings go from $7,500 a year to $10,000 a year.

 

Even if you are a small business employer who did not owe tax during the year, you can carry the credit back or forward to other tax years. Also, since the amount of the health insurance premium payments is more than the total credit, eligible small businesses can still claim a business expense deduction for the premiums in excess of the credit. That’s both a credit and a deduction for employee premium payments.

 

There is good news for small tax-exempt employers too. The credit is refundable, so even if you have no taxable income, you may be eligible to receive the credit as a refund so long as it does not exceed your income tax withholding and Medicare tax liability.

 

And finally, if you can benefit from the credit this year but forgot to claim it on your tax return, there’s still time to file an amended return.

 

Click here if you want more examples of how the credit applies in different circumstances.

Can you claim the credit?

Now that you know how the credit can make a difference for your business, let’s determine if you can claim it.

To be eligible, you must cover at least 50 percent of the cost of single (not family) health care coverage for each of your employees. You must also have fewer than 25 full-time equivalent employees (FTEs). Those employees must have average wages of less than $50,000 (as adjusted for inflation beginning in 2014) per year. Remember, you will have to purchase insurance through the SHOP Marketplace to be eligible for the credit for tax years 2014 and beyond.

Let us break it down for you even more.

You are probably wondering: what IS an FTE. Basically, two half-time workers count as one FTE. That means 20 half-time employees are equivalent to 10 FTEs, which makes the number of FTEs 10, not 20.

Now let’s talk about average annual wages. Say you pay total wages of $200,000 and have 10 FTEs. To figure average annual wages you divide $200,000 by 10 — the number of FTEs — and the result is your average annual wage. The average annual wage would be $20,000.

Also, the amount of the credit you receive works on a sliding scale. The smaller the business or charity, the bigger the credit. So if you have more than 10 FTEs or if the average wage is more than $25,000 (as adjusted for inflation beginning in 2014), the amount of the credit you receive will be less.

How do you claim the credit?

You must use Form 8941, Credit for Small Employer Health Insurance Premiums, to calculate the credit. For detailed information on filling out this form, see the Instructions for Form 8941.

 

If you are a small business, include the amount as part of the general business credit on your income tax return.

 

If you are a tax-exempt organization, include the amount on line 44f of the Form 990-T, Exempt Organization Business Income Tax Return. You must file the Form 990-T in order to claim the credit, even if you don't ordinarily do so.
 

Don’t forget... if you are a small business employer, you may be able to carry the credit back or forward. And if you are a tax-exempt employer, you may be eligible for a refundable credit.

 

          

Versión en Español

Información acerca del Crédito Tributario por Cuidados de Salud para Pequeñas Empresas

Questions and Answers

Got questions? We have answers.

Small Business Health Care Tax Credit Estimator

Use the estimator to find out whether you may be eligible and get an estimate of how much you might receive.

Forms and Step-by-Step Instructions

Form 8941, Credit for Small Employer Health Insurance Premiums and Instructions for Form 8941

Additional Guidance

Additional guidance on the credit is available in Notices 2010-44, 2010-82 and Notice 2014-6. Find guidance for the 2014 changes in REG-113792-13

News Releases

Affordable Care Act News Releases, Multimedia and Legal Guidance

Widgets

IRS small business health care tax credit Widgets available on Marketing Express.

Information Flyer

Flyer on the Small Business Health Care Tax Credit for small employers.

 

 

 

 

 

 

 

Page Last Reviewed or Updated: 07-Feb-2014

The Georgia State Income Tax Forms 2012

Georgia state income tax forms 2012 5. Georgia state income tax forms 2012   Table and Worksheets for the Self-Employed Table of Contents Community property laws. Georgia state income tax forms 2012 As discussed in chapters 2 and 4, if you are self-employed, you must use the rate table or rate worksheet and deduction worksheet to figure your deduction for contributions you made for yourself to a SEP-IRA or qualified plan. Georgia state income tax forms 2012 First, use either the rate table or rate worksheet to find your reduced contribution rate. Georgia state income tax forms 2012 Then complete the deduction worksheet to figure your deduction for contributions. Georgia state income tax forms 2012 The table and the worksheets in chapter 5 apply only to self-employed individuals who have only one defined contribution plan, such as a profit-sharing plan. Georgia state income tax forms 2012 A SEP plan is treated as a profit-sharing plan. Georgia state income tax forms 2012 However, do not use this worksheet for SARSEPs. Georgia state income tax forms 2012 Rate table for self-employed. Georgia state income tax forms 2012   If your plan's contribution rate is a whole percentage (for example, 12% rather than 12½%), you can use the table on the next page to find your reduced contribution rate. Georgia state income tax forms 2012 Otherwise, use the rate worksheet provided below. Georgia state income tax forms 2012   First, find your plan contribution rate (the contribution rate stated in your plan) in Column A of the table. Georgia state income tax forms 2012 Then read across to the rate under Column B. Georgia state income tax forms 2012 Enter the rate from Column B in step 4 of the Deduction Worksheet for Self-Employed on this page. Georgia state income tax forms 2012    Example. Georgia state income tax forms 2012 You are a sole proprietor with no employees. Georgia state income tax forms 2012 If your plan's contribution rate is 10% of a participant's compensation, your rate is 0. Georgia state income tax forms 2012 090909. Georgia state income tax forms 2012 Enter this rate in step 4 of the Deduction Worksheet for Self-Employed on this page. Georgia state income tax forms 2012 Deduction Worksheet for Self-Employed   Step 1           Enter your net profit from line 31, Schedule C (Form 1040); line 3, Schedule C-EZ (Form 1040); line 34, Schedule F (Form 1040)*; or box 14, code A**, Schedule K-1 (Form 1065)*. Georgia state income tax forms 2012 For information on other income included in net profit from self-employment, see the Instructions for Schedule SE, Form 1040. Georgia state income tax forms 2012       *Reduce this amount by any amount reported on Schedule SE (Form 1040), line 1b. Georgia state income tax forms 2012       **General partners should reduce this amount by the same additional expenses subtracted from box 14, code A to determine the amount on line 1 or 2 of Schedule SE. Georgia state income tax forms 2012     Step 2           Enter your deduction for self-employment tax from Form 1040, line 27             Step 3           Net earnings from self-employment. Georgia state income tax forms 2012 Subtract step 2 from step 1     Step 4           Enter your rate from the Rate Table for Self-Employed or Rate Worksheet for Self-Employed     Step 5           Multiply step 3 by step 4     Step 6           Multiply $255,000 by your plan contribution rate (not the reduced rate)     Step 7           Enter the smaller of step 5 or step 6     Step 8           Contribution dollar limit $51,000     • If you made any elective deferrals to your self-employed plan, go to step 9. Georgia state income tax forms 2012         • Otherwise, skip steps 9 through 20 and enter the smaller of step 7 or step 8 on step 21. Georgia state income tax forms 2012       Step 9           Enter your allowable elective deferrals (including designated Roth contributions) made to your self-employed plan during 2013. Georgia state income tax forms 2012 Do not enter more than $17,500     Step 10           Subtract step 9 from step 8     Step 11           Subtract step 9 from step 3       Step 12           Enter one-half of step 11     Step 13           Enter the smallest of step 7, 10, or 12     Step 14           Subtract step 13 from step 3     Step 15           Enter the smaller of step 9 or step 14       • If you made catch-up contributions, go to step 16. Georgia state income tax forms 2012         • Otherwise, skip steps 16 through 18 and go to step 19. Georgia state income tax forms 2012       Step 16           Subtract step 15 from step 14     Step 17           Enter your catch-up contributions (including designated Roth contributions), if any. Georgia state income tax forms 2012 Do not enter more than $5,500     Step 18           Enter the smaller of step 16 or step 17     Step 19           Add steps 13, 15, and 18. Georgia state income tax forms 2012     Step 20           Enter the amount of designated Roth contributions included on lines 9 and 17. Georgia state income tax forms 2012     Step 21           Subtract step 20 from step 19. Georgia state income tax forms 2012 This is your maximum deductible contribution. Georgia state income tax forms 2012                 Next: Enter your actual contribution, not to exceed your maximum deductible contribution, on Form 1040, line 28. Georgia state income tax forms 2012   Rate worksheet for self-employed. Georgia state income tax forms 2012   If your plan's contribution rate is not a whole percentage (for example, 10½%), you cannot use the Rate Table for Self-Employed. Georgia state income tax forms 2012 Use the following worksheet instead. Georgia state income tax forms 2012 Rate Worksheet for Self-Employed 1) Plan contribution rate as a decimal (for example, 10½% = 0. Georgia state income tax forms 2012 105)   2) Rate in line 1 plus 1 (for example, 0. Georgia state income tax forms 2012 105 + 1 = 1. Georgia state income tax forms 2012 105)   3) Self-employed rate as a decimal rounded to at least 3 decimal places (line 1 ÷ line 2) (for example, 0. Georgia state income tax forms 2012 105 ÷ 1. Georgia state income tax forms 2012 105 = 0. Georgia state income tax forms 2012 095)   Figuring your deduction. Georgia state income tax forms 2012   Now that you have your self-employed rate from either the rate table or rate worksheet, you can figure your maximum deduction for contributions for yourself by completing the Deduction Worksheet for Self-Employed. Georgia state income tax forms 2012 Community property laws. Georgia state income tax forms 2012   If you reside in a community property state and you are married and filing a separate return, disregard community property laws for step 1 of the Deduction Worksheet for Self-Employed. Georgia state income tax forms 2012 Enter on step 1 the total net profit you actually earned. Georgia state income tax forms 2012 Rate Table for Self-Employed Column A  If the plan contri- bution rate is: (shown as %) Column B  Your rate is: (shown as decimal) 1 . Georgia state income tax forms 2012 009901 2 . Georgia state income tax forms 2012 019608 3 . Georgia state income tax forms 2012 029126 4 . Georgia state income tax forms 2012 038462 5 . Georgia state income tax forms 2012 047619 6 . Georgia state income tax forms 2012 056604 7 . Georgia state income tax forms 2012 065421 8 . Georgia state income tax forms 2012 074074 9 . Georgia state income tax forms 2012 082569 10 . Georgia state income tax forms 2012 090909 11 . Georgia state income tax forms 2012 099099 12 . Georgia state income tax forms 2012 107143 13 . Georgia state income tax forms 2012 115044 14 . Georgia state income tax forms 2012 122807 15 . Georgia state income tax forms 2012 130435 16 . Georgia state income tax forms 2012 137931 17 . Georgia state income tax forms 2012 145299 18 . Georgia state income tax forms 2012 152542 19 . Georgia state income tax forms 2012 159664 20 . Georgia state income tax forms 2012 166667 21 . Georgia state income tax forms 2012 173554 22 . Georgia state income tax forms 2012 180328 23 . Georgia state income tax forms 2012 186992 24 . Georgia state income tax forms 2012 193548 25* . Georgia state income tax forms 2012 200000* *The deduction for annual employer contributions (other than elective deferrals) to a SEP plan, a profit-sharing plan, or a money purchase plan cannot be more than 20% of your net earnings (figured without deducting contributions for yourself) from the business that has the plan. Georgia state income tax forms 2012 Example. Georgia state income tax forms 2012 You are a sole proprietor with no employees. Georgia state income tax forms 2012 The terms of your plan provide that you contribute 8½% (. Georgia state income tax forms 2012 085) of your compensation to your plan. Georgia state income tax forms 2012 Your net profit from line 31, Schedule C (Form 1040) is $200,000. Georgia state income tax forms 2012 You have no elective deferrals or catch-up contributions. Georgia state income tax forms 2012 Your self-employment tax deduction on line 27 of Form 1040 is $9,728. Georgia state income tax forms 2012 See the filled-in portions of both Schedule SE (Form 1040), Self-Employment Income, and Form 1040, later. Georgia state income tax forms 2012 You figure your self-employed rate and maximum deduction for employer contributions you made for yourself as follows. Georgia state income tax forms 2012 Deduction Worksheet for Self-Employed   Step 1           Enter your net profit from line 31, Schedule C (Form 1040); line 3, Schedule C-EZ (Form 1040); line 34, Schedule F (Form 1040)*; or box 14, code A**, Schedule K-1 (Form 1065)*. Georgia state income tax forms 2012 For information on other income included in net profit from self-employment, see the Instructions for Schedule SE, Form 1040. Georgia state income tax forms 2012 $200,000     *Reduce this amount by any amount reported on Schedule SE (Form 1040), line 1b. Georgia state income tax forms 2012       **General partners should reduce this amount by the same additional expenses subtracted from box 14, code A to determine the amount on line 1 or 2 of Schedule SE. Georgia state income tax forms 2012     Step 2           Enter your deduction for self-employment tax from Form 1040, line 27 9,728           Step 3           Net earnings from self-employment. Georgia state income tax forms 2012 Subtract step 2 from step 1 190,272   Step 4           Enter your rate from the Rate Table for Self-Employed or Rate Worksheet for Self-Employed 0. Georgia state income tax forms 2012 078   Step 5           Multiply step 3 by step 4 14,841   Step 6           Multiply $255,000 by your plan contribution rate (not the reduced rate) 21,675   Step 7           Enter the smaller of step 5 or step 6 14,841   Step 8           Contribution dollar limit $51,000     • If you made any elective deferrals to your self-employed plan, go to step 9. Georgia state income tax forms 2012         • Otherwise, skip steps 9 through 20 and enter the smaller of step 7 or step 8 on step 21. Georgia state income tax forms 2012       Step 9           Enter your allowable elective deferrals (including designated Roth contributions) made to your self-employed plan during 2013. Georgia state income tax forms 2012 Do not enter more than $17,500 N/A   Step 10           Subtract step 9 from step 8     Step 11           Subtract step 9 from step 3       Step 12           Enter one-half of step 11     Step 13           Enter the smallest of step 7, 10, or 12     Step 14           Subtract step 13 from step 3     Step 15           Enter the smaller of step 9 or step 14       • If you made catch-up contributions, go to step 16. Georgia state income tax forms 2012         • Otherwise, skip steps 16 through 18 and go to step 19. Georgia state income tax forms 2012       Step 16           Subtract step 15 from step 14     Step 17           Enter your catch-up contributions (including designated Roth contributions), if any. Georgia state income tax forms 2012 Do not enter more than $5,500     Step 18           Enter the smaller of step 16 or step 17     Step 19           Add steps 13, 15, and 18. Georgia state income tax forms 2012     Step 20           Enter the amount of designated Roth contributions included on lines 9 and 17     Step 21           Subtract step 20 from step 19. Georgia state income tax forms 2012 This is your maximum deductible contribution $14,841                 Next: Enter your actual contribution, not to exceed your maximum deductible contribution, on Form 1040, line 28. Georgia state income tax forms 2012   See the filled-in Deduction Worksheet for Self-Employed on this page. Georgia state income tax forms 2012 Rate Worksheet for Self-Employed 1) Plan contribution rate as a decimal (for example, 10½% = 0. Georgia state income tax forms 2012 105) 0. Georgia state income tax forms 2012 085 2) Rate in line 1 plus 1 (for example, 0. Georgia state income tax forms 2012 105 + 1 = 1. Georgia state income tax forms 2012 105) 1. Georgia state income tax forms 2012 085 3) Self-employed rate as a decimal rounded to at least 3 decimal places (line 1 ÷ line 2) (for example, 0. Georgia state income tax forms 2012 105 ÷ 1. Georgia state income tax forms 2012 105 = 0. Georgia state income tax forms 2012 095) 0. Georgia state income tax forms 2012 078 This image is too large to be displayed in the current screen. Georgia state income tax forms 2012 Please click the link to view the image. Georgia state income tax forms 2012 Portion of Form 1040 and Portion of Schedule SE Prev  Up  Next   Home   More Online Publications