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Irs Form 1040ez Instructions

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Irs Form 1040ez Instructions

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The Irs Form 1040ez Instructions

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