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How Do I File My 2012 Taxes Late

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How Do I File My 2012 Taxes Late

How do i file my 2012 taxes late Publication 560 - Introductory Material Table of Contents Future Developments What's New Reminders IntroductionSEP plans. How do i file my 2012 taxes late SIMPLE plans. How do i file my 2012 taxes late Qualified plans. How do i file my 2012 taxes late Ordering forms and publications. How do i file my 2012 taxes late Tax questions. How do i file my 2012 taxes late Future Developments For the latest information about developments related to Publication 560, such as legislation enacted after we release it, go to www. How do i file my 2012 taxes late irs. How do i file my 2012 taxes late gov/pub560. How do i file my 2012 taxes late What's New Compensation limit increased for 2013 and 2014. How do i file my 2012 taxes late  For 2013 the maximum compensation used for figuring contributions and benefits increases to $255,000. How do i file my 2012 taxes late This limit increases to $260,000 for 2014. How do i file my 2012 taxes late Elective deferral limit for 2013 and 2014. How do i file my 2012 taxes late  The limit on elective deferrals, other than catch-up contributions, increases to $17,500 for 2013 and remains at $17,500 for 2014. How do i file my 2012 taxes late These limits apply for participants in SARSEPs, 401(k) plans (excluding SIMPLE plans), section 403(b) plans and section 457(b) plans. How do i file my 2012 taxes late Defined contribution limit increased for 2013 and 2014. How do i file my 2012 taxes late  The limit on contributions, other than catch-up contributions, for a participant in a defined contribution plan increases to $51,000 for 2013. How do i file my 2012 taxes late This limit increases to $52,000 for 2014. How do i file my 2012 taxes late SIMPLE plan salary reduction contribution limit for 2013 and 2014. How do i file my 2012 taxes late  The limit on salary reduction contributions, other than catch-up contributions, increases to $12,000 for 2013 and remains at $12,000 for 2014. How do i file my 2012 taxes late Catch-up contribution limit remains unchanged for 2013 and 2014. How do i file my 2012 taxes late  A plan can permit participants who are age 50 or over at the end of the calendar year to make catch-up contributions in addition to elective deferrals and SIMPLE plan salary reduction contributions. How do i file my 2012 taxes late The catch-up contribution limitation for defined contribution plans other than SIMPLE plans remains unchanged at $5,500 for 2013 and 2014. How do i file my 2012 taxes late The catch-up contribution limitation for SIMPLE plans remains unchanged at $2,500 for 2013 and 2014. How do i file my 2012 taxes late The catch-up contributions a participant can make for a year cannot exceed the lesser of the following amounts. How do i file my 2012 taxes late The catch-up contribution limit. How do i file my 2012 taxes late The excess of the participant's compensation over the elective deferrals that are not catch-up contributions. How do i file my 2012 taxes late See “Catch-up contributions” under Contribution Limits and Limit on Elective Deferrals in chapters 3 and 4, respectively, for more information. How do i file my 2012 taxes late All section references are to the Internal Revenue Code, unless otherwise stated. How do i file my 2012 taxes late Reminders In-plan Roth rollovers. How do i file my 2012 taxes late  Section 402A(c)(4) provides for a distribution from an individual's account in a 401(k) plan, other than from a designated Roth account, that is rolled over to the individual's designated Roth account in the same plan. How do i file my 2012 taxes late An in-plan Roth rollover is not treated as a distribution for most purposes. How do i file my 2012 taxes late Section 402A(c)(4) was added by the Small Business Jobs Act of 2010 and applies to distributions made after September 27, 2010. How do i file my 2012 taxes late For additional guidance on in-plan Roth rollovers, see Notice 2010-84, 2010-51 I. How do i file my 2012 taxes late R. How do i file my 2012 taxes late B. How do i file my 2012 taxes late 872, available at  www. How do i file my 2012 taxes late irs. How do i file my 2012 taxes late gov/irb/2010-51_IRB/ar11. How do i file my 2012 taxes late html. How do i file my 2012 taxes late In-plan Roth rollovers expanded. How do i file my 2012 taxes late  Beginning in 2013, a plan with designated Roth accounts can permit a participant to roll over amounts into a designated Roth account from his or her other accounts in the same plan, regardless of whether the participant is eligible for a distribution from the other accounts. How do i file my 2012 taxes late Section 402A(c)(4) was amended by the American Taxpayer Relief Act of 2012. How do i file my 2012 taxes late For more information, see Notice 2013-74, 2013-52 I. How do i file my 2012 taxes late R. How do i file my 2012 taxes late B. How do i file my 2012 taxes late 819, available at www. How do i file my 2012 taxes late irs. How do i file my 2012 taxes late gov/irb/2013-52_IRB/ar11. How do i file my 2012 taxes late html. How do i file my 2012 taxes late Credit for startup costs. How do i file my 2012 taxes late  You may be able to claim a tax credit for part of the ordinary and necessary costs of starting a SEP, SIMPLE, or qualified plan. How do i file my 2012 taxes late The credit equals 50% of the cost to set up and administer the plan and educate employees about the plan, up to a maximum of $500 per year for each of the first 3 years of the plan. How do i file my 2012 taxes late You can choose to start claiming the credit in the tax year before the tax year in which the plan becomes effective. How do i file my 2012 taxes late You must have had 100 or fewer employees who received at least $5,000 in compensation from you for the preceding year. How do i file my 2012 taxes late At least one participant must be a non-highly compensated employee. How do i file my 2012 taxes late The employees generally cannot be substantially the same employees for whom contributions were made or benefits accrued under a plan of any of the following employers in the 3-tax-year period immediately before the first year to which the credit applies. How do i file my 2012 taxes late You. How do i file my 2012 taxes late A member of a controlled group that includes you. How do i file my 2012 taxes late A predecessor of (1) or (2). How do i file my 2012 taxes late The credit is part of the general business credit, which can be carried back or forward to other tax years if it cannot be used in the current year. How do i file my 2012 taxes late However, the part of the general business credit attributable to the small employer pension plan startup cost credit cannot be carried back to a tax year beginning before January 1, 2002. How do i file my 2012 taxes late You cannot deduct the part of the startup costs equal to the credit claimed for a tax year, but you can choose not to claim the allowable credit for a tax year. How do i file my 2012 taxes late To take the credit, use Form 8881, Credit for Small Employer Pension Plan Startup Costs. How do i file my 2012 taxes late Retirement savings contributions credit. How do i file my 2012 taxes late  Retirement plan participants (including self-employed individuals) who make contributions to their plan may qualify for the retirement savings contribution credit. How do i file my 2012 taxes late The maximum contribution eligible for the credit is $2,000. How do i file my 2012 taxes late To take the credit, use Form 8880, Credit for Qualified Retirement Savings Contributions. How do i file my 2012 taxes late For more information on who is eligible for the credit, retirement plan contributions eligible for the credit and how to figure the credit, see Form 8880 and its instructions or go to the IRS website and search Retirement Topics-Retirement Savings Contributions Credit (Saver's Credit). How do i file my 2012 taxes late Photographs of missing children. How do i file my 2012 taxes late  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. How do i file my 2012 taxes late Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. How do i file my 2012 taxes late You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. How do i file my 2012 taxes late Introduction This publication discusses retirement plans you can set up and maintain for yourself and your employees. How do i file my 2012 taxes late In this publication, “you” refers to the employer. How do i file my 2012 taxes late See chapter 1 for the definition of the term employer and the definitions of other terms used in this publication. How do i file my 2012 taxes late This publication covers the following types of retirement plans. How do i file my 2012 taxes late SEP (simplified employee pension) plans. How do i file my 2012 taxes late SIMPLE (savings incentive match plan for employees) plans. How do i file my 2012 taxes late Qualified plans (also called H. How do i file my 2012 taxes late R. How do i file my 2012 taxes late 10 plans or Keogh plans when covering self-employed individuals), including 401(k) plans. How do i file my 2012 taxes late SEP, SIMPLE, and qualified plans offer you and your employees a tax-favored way to save for retirement. How do i file my 2012 taxes late You can deduct contributions you make to the plan for your employees. How do i file my 2012 taxes late If you are a sole proprietor, you can deduct contributions you make to the plan for yourself. How do i file my 2012 taxes late You can also deduct trustees' fees if contributions to the plan do not cover them. How do i file my 2012 taxes late Earnings on the contributions are generally tax free until you or your employees receive distributions from the plan. How do i file my 2012 taxes late Under a 401(k) plan, employees can have you contribute limited amounts of their before-tax (after-tax, in the case of a qualified Roth contribution program) pay to the plan. How do i file my 2012 taxes late These amounts (and the earnings on them) are generally tax free until your employees receive distributions from the plan or, in the case of a qualified distribution from a designated Roth account, completely tax free. How do i file my 2012 taxes late What this publication covers. How do i file my 2012 taxes late   This publication contains the information you need to understand the following topics. How do i file my 2012 taxes late What type of plan to set up. How do i file my 2012 taxes late How to set up a plan. How do i file my 2012 taxes late How much you can contribute to a plan. How do i file my 2012 taxes late How much of your contribution is deductible. How do i file my 2012 taxes late How to treat certain distributions. How do i file my 2012 taxes late How to report information about the plan to the IRS and your employees. How do i file my 2012 taxes late Basic features of SEP, SIMPLE, and qualified plans. How do i file my 2012 taxes late The key rules for SEP, SIMPLE, and qualified plans are outlined in Table 1. How do i file my 2012 taxes late SEP plans. How do i file my 2012 taxes late   SEPs provide a simplified method for you to make contributions to a retirement plan for yourself and your employees. How do i file my 2012 taxes late Instead of setting up a profit-sharing or money purchase plan with a trust, you can adopt a SEP agreement and make contributions directly to a traditional individual retirement account or a traditional individual retirement annuity (SEP-IRA) set up for yourself and each eligible employee. How do i file my 2012 taxes late SIMPLE plans. How do i file my 2012 taxes late   Generally, if you had 100 or fewer employees who received at least $5,000 in compensation last year, you can set up a SIMPLE plan. How do i file my 2012 taxes late Under a SIMPLE plan, employees can choose to make salary reduction contributions rather than receiving these amounts as part of their regular pay. How do i file my 2012 taxes late In addition, you will contribute matching or nonelective contributions. How do i file my 2012 taxes late The two types of SIMPLE plans are the SIMPLE IRA plan and the SIMPLE 401(k) plan. How do i file my 2012 taxes late Qualified plans. How do i file my 2012 taxes late   The qualified plan rules are more complex than the SEP plan and SIMPLE plan rules. How do i file my 2012 taxes late However, there are advantages to qualified plans, such as increased flexibility in designing plans and increased contribution and deduction limits in some cases. How do i file my 2012 taxes late Table 1. How do i file my 2012 taxes late Key Retirement Plan Rules for 2013 Type  of  Plan Last Date for Contribution Maximum Contribution Maximum Deduction When To Set Up Plan SEP Due date of employer's return (including extensions). How do i file my 2012 taxes late Smaller of $51,000 or 25%1 of participant's compensation. How do i file my 2012 taxes late 2 25%1 of all participants' compensation. How do i file my 2012 taxes late 2 Any time up to the due date of employer's return (including extensions). How do i file my 2012 taxes late SIMPLE IRA and SIMPLE 401(k) Salary reduction contributions: 30 days after the end of the month for which the contributions are to be made. How do i file my 2012 taxes late 4  Matching or nonelective contributions: Due date of employer's return (including extensions). How do i file my 2012 taxes late Employee contribution: Salary reduction contribution up to $12,000, $14,500 if age 50 or over. How do i file my 2012 taxes late   Employer contribution:  Either dollar-for-dollar matching contributions, up to 3% of employee's compensation,3 or fixed nonelective contributions of 2% of compensation. How do i file my 2012 taxes late 2 Same as maximum contribution. How do i file my 2012 taxes late Any time between 1/1 and 10/1 of the calendar year. How do i file my 2012 taxes late   For a new employer coming into existence after 10/1, as soon as administratively feasible. How do i file my 2012 taxes late Qualified Plan: Defined Contribution Plan  Elective deferral: Due date of employer's return (including extensions). How do i file my 2012 taxes late 4   Employer contribution: Money Purchase or Profit-Sharing: Due date of employer's return (including extensions). How do i file my 2012 taxes late  Employee contribution: Elective deferral up to $17,500, $23,000 if age 50 or over. How do i file my 2012 taxes late   Employer contribution: Money Purchase: Smaller of $51,000 or 100%1 of participant's compensation. How do i file my 2012 taxes late 2  Profit-Sharing: Smaller of $51,000 or 100%1 of participant's compensation. How do i file my 2012 taxes late 2  25%1 of all participants' compensation2, plus amount of elective deferrals made. How do i file my 2012 taxes late   By the end of the tax year. How do i file my 2012 taxes late Qualified Plan: Defined Benefit Plan Contributions generally must be paid in quarterly installments, due 15 days after the end of each quarter. How do i file my 2012 taxes late See Minimum Funding Requirement in chapter 4. How do i file my 2012 taxes late Amount needed to provide an annual benefit no larger than the smaller of $205,000 or 100% of the participant's average compensation for his or her highest 3 consecutive calendar years. How do i file my 2012 taxes late Based on actuarial assumptions and computations. How do i file my 2012 taxes late By the end of the tax year. How do i file my 2012 taxes late 1Net earnings from self-employment must take the contribution into account. How do i file my 2012 taxes late See Deduction Limit for Self-Employed Individuals in chapters 2 and 4 . How do i file my 2012 taxes late  2Compensation is generally limited to $255,000 in 2013. How do i file my 2012 taxes late  3Under a SIMPLE 401(k) plan, compensation is generally limited to $255,000 in 2013. How do i file my 2012 taxes late  4Certain plans subject to Department of Labor rules may have an earlier due date for salary reduction contributions and elective deferrals. How do i file my 2012 taxes late What this publication does not cover. How do i file my 2012 taxes late   Although the purpose of this publication is to provide general information about retirement plans you can set up for your employees, it does not contain all the rules and exceptions that apply to these plans. How do i file my 2012 taxes late You may also need professional help and guidance. How do i file my 2012 taxes late   Also, this publication does not cover all the rules that may be of interest to employees. How do i file my 2012 taxes late For example, it does not cover the following topics. How do i file my 2012 taxes late The comprehensive IRA rules an employee needs to know. How do i file my 2012 taxes late These rules are covered in Publication 590, Individual Retirement Arrangements (IRAs). How do i file my 2012 taxes late The comprehensive rules that apply to distributions from retirement plans. How do i file my 2012 taxes late These rules are covered in Publication 575, Pension and Annuity Income. How do i file my 2012 taxes late The comprehensive rules that apply to section 403(b) plans. How do i file my 2012 taxes late These rules are covered in Publication 571, Tax-Sheltered Annuity Plans (403(b) Plans). How do i file my 2012 taxes late Comments and suggestions. How do i file my 2012 taxes late   We welcome your comments about this publication and your suggestions for future editions. How do i file my 2012 taxes late   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. How do i file my 2012 taxes late NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. How do i file my 2012 taxes late Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. How do i file my 2012 taxes late   You can send your comments from www. How do i file my 2012 taxes late irs. How do i file my 2012 taxes late gov/formspubs. How do i file my 2012 taxes late Click on “More Information” and then on “Give us feedback. How do i file my 2012 taxes late ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. How do i file my 2012 taxes late Ordering forms and publications. How do i file my 2012 taxes late   Visit www. How do i file my 2012 taxes late irs. How do i file my 2012 taxes late gov/formspubs to download forms  and publications, call 1-800-TAX-FORM  (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. How do i file my 2012 taxes late Internal Revenue Service 1201 N. How do i file my 2012 taxes late Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. How do i file my 2012 taxes late   If you have a tax question, check the information available on IRS. How do i file my 2012 taxes late gov or call 1-800-829-1040. How do i file my 2012 taxes late We cannot answer tax questions sent to either of the above addresses. How do i file my 2012 taxes late Note. How do i file my 2012 taxes late Forms filed electronically with the Department of Labor are not available on the IRS website. How do i file my 2012 taxes late Instead, see www. How do i file my 2012 taxes late efast. How do i file my 2012 taxes late dol. How do i file my 2012 taxes late gov. How do i file my 2012 taxes late Prev  Up  Next   Home   More Online Publications
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Understanding Your CP283C Notice

We charged you a penalty for filing a late or incomplete Form 8955-SSA, Annual Registration Statement Identifying Separated Participants with Deferred Vested Benefits.


What you need to do

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  • If you disagree, contact us by mail or call 1-877-829-5500.

You may want to

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Answers to Common Questions

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Form 8955-SSA is due the last day of the seventh month following the end of your plan year.

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We can consider reducing or removing the penalty under certain circumstances. Send a signed statement to the address shown at the top of the notice that includes the following:

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Page Last Reviewed or Updated: 24-Dec-2013

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The How Do I File My 2012 Taxes Late

How do i file my 2012 taxes late 3. How do i file my 2012 taxes late   Savings Incentive Match Plans for Employees (SIMPLE) Table of Contents Introduction What Is a SIMPLE Plan?Eligible Employees How Are Contributions Made? How Much Can Be Contributed on Your Behalf?Matching contributions less than 3%. How do i file my 2012 taxes late Traditional IRA mistakenly moved to SIMPLE IRA. How do i file my 2012 taxes late When Can You Withdraw or Use Assets?Are Distributions Taxable? Introduction This chapter is for employees who need information about savings incentive match plans for employees (SIMPLE plans). How do i file my 2012 taxes late It explains what a SIMPLE plan is, contributions to a SIMPLE plan, and distributions from a SIMPLE plan. How do i file my 2012 taxes late Under a SIMPLE plan, SIMPLE retirement accounts for participating employees can be set up either as: Part of a 401(k) plan, or A plan using IRAs (SIMPLE IRA). How do i file my 2012 taxes late This chapter only discusses the SIMPLE plan rules that relate to SIMPLE IRAs. How do i file my 2012 taxes late See chapter 3 of Publication 560 for information on any special rules for SIMPLE plans that do not use IRAs. How do i file my 2012 taxes late If your employer maintains a SIMPLE plan, you must be notified, in writing, that you can choose the financial institution that will serve as trustee for your SIMPLE IRA and that you can roll over or transfer your SIMPLE IRA to another financial institution. How do i file my 2012 taxes late See Rollovers and Transfers Exception, later under When Can You Withdraw or Use Assets. How do i file my 2012 taxes late What Is a SIMPLE Plan? A SIMPLE plan is a tax-favored retirement plan that certain small employers (including self-employed individuals) can set up for the benefit of their employees. How do i file my 2012 taxes late See chapter 3 of Publication 560 for information on the requirements employers must satisfy to set up a SIMPLE plan. How do i file my 2012 taxes late A SIMPLE plan is a written agreement (salary reduction agreement) between you and your employer that allows you, if you are an eligible employee (including a self-employed individual), to choose to: Reduce your compensation (salary) by a certain percentage each pay period, and Have your employer contribute the salary reductions to a SIMPLE IRA on your behalf. How do i file my 2012 taxes late These contributions are called salary reduction contributions. How do i file my 2012 taxes late All contributions under a SIMPLE IRA plan must be made to SIMPLE IRAs, not to any other type of IRA. How do i file my 2012 taxes late The SIMPLE IRA can be an individual retirement account or an individual retirement annuity, described in chapter 1. How do i file my 2012 taxes late Contributions are made on behalf of eligible employees. How do i file my 2012 taxes late (See Eligible Employees below. How do i file my 2012 taxes late ) Contributions are also subject to various limits. How do i file my 2012 taxes late (See How Much Can Be Contributed on Your Behalf , later. How do i file my 2012 taxes late ) In addition to salary reduction contributions, your employer must make either matching contributions or nonelective contributions. How do i file my 2012 taxes late See How Are Contributions Made , later. How do i file my 2012 taxes late You may be able to claim a credit for contributions to your SIMPLE plan. How do i file my 2012 taxes late For more information, see chapter 4. How do i file my 2012 taxes late Eligible Employees You must be allowed to participate in your employer's SIMPLE plan if you: Received at least $5,000 in compensation from your employer during any 2 years prior to the current year, and Are reasonably expected to receive at least $5,000 in compensation during the calendar year for which contributions are made. How do i file my 2012 taxes late Self-employed individual. How do i file my 2012 taxes late   For SIMPLE plan purposes, the term employee includes a self-employed individual who received earned income. How do i file my 2012 taxes late Excludable employees. How do i file my 2012 taxes late   Your employer can exclude the following employees from participating in the SIMPLE plan. How do i file my 2012 taxes late Employees whose retirement benefits are covered by a collective bargaining agreement (union contract). How do i file my 2012 taxes late Employees who are nonresident aliens and received no earned income from sources within the United States. How do i file my 2012 taxes late Employees who would not have been eligible employees if an acquisition, disposition, or similar transaction had not occurred during the year. How do i file my 2012 taxes late Compensation. How do i file my 2012 taxes late   For purposes of the SIMPLE plan rules, your compensation for a year generally includes the following amounts. How do i file my 2012 taxes late Wages, tips, and other pay from your employer that is subject to income tax withholding. How do i file my 2012 taxes late Deferred amounts elected under any 401(k) plans, 403(b) plans, government (section 457) plans, SEP plans, and SIMPLE plans. How do i file my 2012 taxes late Self-employed individual compensation. How do i file my 2012 taxes late   For purposes of the SIMPLE plan rules, if you are self-employed, your compensation for a year is your net earnings from self-employment (Schedule SE (Form 1040), Section A, line 4, or Section B, line 6) before subtracting any contributions made to a SIMPLE IRA on your behalf. How do i file my 2012 taxes late   For these purposes, net earnings from self-employment include services performed while claiming exemption from self-employment tax as a member of a group conscientiously opposed to social security benefits. How do i file my 2012 taxes late How Are Contributions Made? Contributions under a salary reduction agreement are called salary reduction contributions. How do i file my 2012 taxes late They are made on your behalf by your employer. How do i file my 2012 taxes late Your employer must also make either matching contributions or nonelective contributions. How do i file my 2012 taxes late Salary reduction contributions. How do i file my 2012 taxes late   During the 60-day period before the beginning of any year, and during the 60-day period before you are eligible, you can choose salary reduction contributions expressed either as a percentage of compensation, or as a specific dollar amount (if your employer offers this choice). How do i file my 2012 taxes late You can choose to cancel the election at any time during the year. How do i file my 2012 taxes late   Salary reduction contributions are also referred to as “elective deferrals. How do i file my 2012 taxes late ”   Your employer cannot place restrictions on the contributions amount (such as by limiting the contributions percentage), except to comply with the salary reduction contributions limit, discussed under How Much Can Be Contributed on Your Behalf, later. How do i file my 2012 taxes late Matching contributions. How do i file my 2012 taxes late   Unless your employer chooses to make nonelective contributions, your employer must make contributions equal to the salary reduction contributions you choose (elect), but only up to certain limits. How do i file my 2012 taxes late See How Much Can Be Contributed on Your Behalf below. How do i file my 2012 taxes late These contributions are in addition to the salary reduction contributions and must be made to the SIMPLE IRAs of all eligible employees (defined earlier) who chose salary reductions. How do i file my 2012 taxes late These contributions are referred to as matching contributions. How do i file my 2012 taxes late   Matching contributions on behalf of a self-employed individual are not treated as salary reduction contributions. How do i file my 2012 taxes late Nonelective contributions. How do i file my 2012 taxes late   Instead of making matching contributions, your employer may be able to choose to make nonelective contributions on behalf of all eligible employees. How do i file my 2012 taxes late These nonelective contributions must be made on behalf of each eligible employee who has at least $5,000 of compensation from your employer, whether or not the employee chose salary reductions. How do i file my 2012 taxes late   One of the requirements your employer must satisfy is notifying the employees that the election was made. How do i file my 2012 taxes late For other requirements that your employer must satisfy, see chapter 3 of Publication 560. How do i file my 2012 taxes late How Much Can Be Contributed on Your Behalf? The limits on contributions to a SIMPLE IRA vary with the type of contribution that is made. How do i file my 2012 taxes late Salary reduction contributions limit. How do i file my 2012 taxes late   Salary reduction contributions (employee-chosen contributions or elective deferrals) that your employer can make on your behalf under a SIMPLE plan are limited to $12,000 for 2013. How do i file my 2012 taxes late The limitation remains at $12,000 for 2014. How do i file my 2012 taxes late If you are a participant in any other employer plans during 2013 and you have elective salary reductions or deferred compensation under those plans, the salary reduction contributions under the SIMPLE plan also are included in the annual limit of $17,500 for 2013 on exclusions of salary reductions and other elective deferrals. How do i file my 2012 taxes late You, not your employer, are responsible for monitoring compliance with these limits. How do i file my 2012 taxes late Additional elective deferrals can be contributed to your SIMPLE plan if: You reached age 50 by the end of 2013, and No other elective deferrals can be made for you to the plan for the year because of limits or restrictions, such as the regular annual limit. How do i file my 2012 taxes late The most that can be contributed in additional elective deferrals to your SIMPLE plan is the lesser of the following two amounts. How do i file my 2012 taxes late $2,500 for 2013, or Your compensation for the year reduced by your other elective deferrals for the year. How do i file my 2012 taxes late The additional deferrals are not subject to any other contribution limit and are not taken into account in applying other contribution limits. How do i file my 2012 taxes late The additional deferrals are not subject to the nondiscrimination rules as long as all eligible participants are allowed to make them. How do i file my 2012 taxes late Matching employer contributions limit. How do i file my 2012 taxes late   Generally, your employer must make matching contributions to your SIMPLE IRA in an amount equal to your salary reduction contributions. How do i file my 2012 taxes late These matching contributions cannot be more than 3% of your compensation for the calendar year. How do i file my 2012 taxes late See Matching contributions less than 3% below. How do i file my 2012 taxes late Example 1. How do i file my 2012 taxes late In 2013, Joshua was a participant in his employer's SIMPLE plan. How do i file my 2012 taxes late His compensation, before SIMPLE plan contributions, was $41,600 ($800 per week). How do i file my 2012 taxes late Instead of taking it all in cash, Joshua elected to have 12. How do i file my 2012 taxes late 5% of his weekly pay ($100) contributed to his SIMPLE IRA. How do i file my 2012 taxes late For the full year, Joshua's salary reduction contributions were $5,200, which is less than the $12,000 limit on these contributions. How do i file my 2012 taxes late Under the plan, Joshua's employer was required to make matching contributions to Joshua's SIMPLE IRA. How do i file my 2012 taxes late Because his employer's matching contributions must equal Joshua's salary reductions, but cannot be more than 3% of his compensation (before salary reductions) for the year, his employer's matching contribution was limited to $1,248 (3% of $41,600). How do i file my 2012 taxes late Example 2. How do i file my 2012 taxes late Assume the same facts as in Example 1 , except that Joshua's compensation for the year was $408,163 and he chose to have 2. How do i file my 2012 taxes late 94% of his weekly pay contributed to his SIMPLE IRA. How do i file my 2012 taxes late In this example, Joshua's salary reduction contributions for the year (2. How do i file my 2012 taxes late 94% × $408,163) were equal to the 2013 limit for salary reduction contributions ($12,000). How do i file my 2012 taxes late Because 3% of Joshua's compensation ($12,245) is more than the amount his employer was required to match ($12,000), his employer's matching contributions were limited to $12,000. How do i file my 2012 taxes late In this example, total contributions made on Joshua's behalf for the year were $24,000 ($12,000 (Joshua's contributions) + $12,000 (matching contributions)), the maximum contributions permitted under a SIMPLE IRA for 2013. How do i file my 2012 taxes late Matching contributions less than 3%. How do i file my 2012 taxes late   Your employer can reduce the 3% limit on matching contributions for a calendar year, but only if: The limit is not reduced below 1%, The limit is not reduced for more than 2 years out of the 5-year period that ends with (and includes) the year for which the election is effective, and Employees are notified of the reduced limit within a reasonable period of time before the 60-day election period during which they can enter into salary reduction agreements. How do i file my 2012 taxes late   For purposes of applying the rule in item (2) in determining whether the limit was reduced below 3% for the year, any year before the first year in which your employer (or a former employer) maintains a SIMPLE IRA plan will be treated as a year for which the limit was 3%. How do i file my 2012 taxes late If your employer chooses to make nonelective contributions for a year, that year also will be treated as a year for which the limit was 3%. How do i file my 2012 taxes late Nonelective employer contributions limit. How do i file my 2012 taxes late   If your employer chooses to make nonelective contributions, instead of matching contributions, to each eligible employee's SIMPLE IRA, contributions must be 2% of your compensation for the entire year. How do i file my 2012 taxes late For 2013, only $255,000 of your compensation can be taken into account to figure the contribution limit. How do i file my 2012 taxes late   Your employer can substitute the 2% nonelective contribution for the matching contribution for a year if both of the following requirements are met. How do i file my 2012 taxes late Eligible employees are notified that a 2% nonelective contribution will be made instead of a matching contribution. How do i file my 2012 taxes late This notice is provided within a reasonable period during which employees can enter into salary reduction agreements. How do i file my 2012 taxes late Example 3. How do i file my 2012 taxes late Assume the same facts as in Example 2 , except that Joshua's employer chose to make nonelective contributions instead of matching contributions. How do i file my 2012 taxes late Because his employer's nonelective contributions are limited to 2% of up to $255,000 of Joshua's compensation, his employer's contribution to Joshua's SIMPLE IRA was limited to $5,100. How do i file my 2012 taxes late In this example, total contributions made on Joshua's behalf for the year were $17,100 (Joshua's salary reductions of $12,000 plus his employer's contribution of $5,100). How do i file my 2012 taxes late Traditional IRA mistakenly moved to SIMPLE IRA. How do i file my 2012 taxes late   If you mistakenly roll over or transfer an amount from a traditional IRA to a SIMPLE IRA, you can later recharacterize the amount as a contribution to another traditional IRA. How do i file my 2012 taxes late For more information, see Recharacterizations in chapter 1. How do i file my 2012 taxes late Recharacterizing employer contributions. How do i file my 2012 taxes late   You cannot recharacterize employer contributions (including elective deferrals) under a SEP or SIMPLE plan as contributions to another IRA. How do i file my 2012 taxes late SEPs are discussed in chapter 2 of Publication 560. How do i file my 2012 taxes late SIMPLE plans are discussed in this chapter. How do i file my 2012 taxes late Converting from a SIMPLE IRA. How do i file my 2012 taxes late   Generally, you can convert an amount in your SIMPLE IRA to a Roth IRA under the same rules explained in chapter 1 under Converting From Any Traditional IRA Into a Roth IRA . How do i file my 2012 taxes late    However, you cannot convert any amount distributed from the SIMPLE IRA during the 2-year period beginning on the date you first participated in any SIMPLE IRA plan maintained by your employer. How do i file my 2012 taxes late When Can You Withdraw or Use Assets? Generally, the same distribution (withdrawal) rules that apply to traditional IRAs apply to SIMPLE IRAs. How do i file my 2012 taxes late These rules are discussed in chapter 1. How do i file my 2012 taxes late Your employer cannot restrict you from taking distributions from a SIMPLE IRA. How do i file my 2012 taxes late Are Distributions Taxable? Generally, distributions from a SIMPLE IRA are fully taxable as ordinary income. How do i file my 2012 taxes late If the distribution is an early distribution (discussed in chapter 1), it may be subject to the additional tax on early distributions. How do i file my 2012 taxes late See Additional Tax on Early Distributions, later. How do i file my 2012 taxes late Rollovers and Transfers Exception Generally, rollovers and trustee-to-trustee transfers are not taxable distributions. How do i file my 2012 taxes late Two-year rule. How do i file my 2012 taxes late   To qualify as a tax-free rollover (or a tax-free trustee-to-trustee transfer), a rollover distribution (or a transfer) made from a SIMPLE IRA during the 2-year period beginning on the date on which you first participated in your employer's SIMPLE plan must be contributed (or transferred) to another SIMPLE IRA. How do i file my 2012 taxes late The 2-year period begins on the first day on which contributions made by your employer are deposited in your SIMPLE IRA. How do i file my 2012 taxes late   After the 2-year period, amounts in a SIMPLE IRA can be rolled over or transferred tax free to an IRA other than a SIMPLE IRA, or to a qualified plan, a tax-sheltered annuity plan (section 403(b) plan), or deferred compensation plan of a state or local government (section 457 plan). How do i file my 2012 taxes late Additional Tax on Early Distributions The additional tax on early distributions (discussed in chapter 1) applies to SIMPLE IRAs. How do i file my 2012 taxes late If a distribution is an early distribution and occurs during the 2-year period following the date on which you first participated in your employer's SIMPLE plan, the additional tax on early distributions is increased from 10% to 25%. How do i file my 2012 taxes late If a rollover distribution (or transfer) from a SIMPLE IRA does not satisfy the 2-year rule, and is otherwise an early distribution, the additional tax imposed because of the early distribution is increased from 10% to 25% of the amount distributed. How do i file my 2012 taxes late Prev  Up  Next   Home   More Online Publications