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Last Day To File Taxes 2014

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Last Day To File Taxes 2014

Last day to file taxes 2014 Publication 15-B - Main Content Table of Contents 1. Last day to file taxes 2014 Fringe Benefit OverviewAre Fringe Benefits Taxable? Cafeteria Plans Simple Cafeteria Plans 2. Last day to file taxes 2014 Fringe Benefit Exclusion RulesAccident and Health Benefits Achievement Awards Adoption Assistance Athletic Facilities De Minimis (Minimal) Benefits Dependent Care Assistance Educational Assistance Employee Discounts Employee Stock Options Employer-Provided Cell Phones Group-Term Life Insurance Coverage Health Savings Accounts Lodging on Your Business Premises Meals Moving Expense Reimbursements No-Additional-Cost Services Retirement Planning Services Transportation (Commuting) Benefits Tuition Reduction Working Condition Benefits 3. Last day to file taxes 2014 Fringe Benefit Valuation RulesGeneral Valuation Rule Cents-Per-Mile Rule Commuting Rule Lease Value Rule Unsafe Conditions Commuting Rule 4. Last day to file taxes 2014 Rules for Withholding, Depositing, and ReportingTransfer of property. Last day to file taxes 2014 Amount of deposit. Last day to file taxes 2014 Limitation. Last day to file taxes 2014 Conformity rules. Last day to file taxes 2014 Election not to withhold income tax. Last day to file taxes 2014 How To Get Tax Help 1. Last day to file taxes 2014 Fringe Benefit Overview A fringe benefit is a form of pay for the performance of services. Last day to file taxes 2014 For example, you provide an employee with a fringe benefit when you allow the employee to use a business vehicle to commute to and from work. Last day to file taxes 2014 Performance of services. Last day to file taxes 2014   A person who performs services for you does not have to be your employee. Last day to file taxes 2014 A person may perform services for you as an independent contractor, partner, or director. Last day to file taxes 2014 Also, for fringe benefit purposes, treat a person who agrees not to perform services (such as under a covenant not to compete) as performing services. Last day to file taxes 2014 Provider of benefit. Last day to file taxes 2014   You are the provider of a fringe benefit if it is provided for services performed for you. Last day to file taxes 2014 You are considered the provider of a fringe benefit even if a third party, such as your client or customer, provides the benefit to your employee for services the employee performs for you. Last day to file taxes 2014 For example, if, in exchange for goods or services, your customer provides day care services as a fringe benefit to your employees for services they provide for you as their employer, then you are the provider of this fringe benefit even though the customer is actually providing the day care. Last day to file taxes 2014 Recipient of benefit. Last day to file taxes 2014   The person who performs services for you is considered the recipient of a fringe benefit provided for those services. Last day to file taxes 2014 That person may be considered the recipient even if the benefit is provided to someone who did not perform services for you. Last day to file taxes 2014 For example, your employee may be the recipient of a fringe benefit you provide to a member of the employee's family. Last day to file taxes 2014 Are Fringe Benefits Taxable? Any fringe benefit you provide is taxable and must be included in the recipient's pay unless the law specifically excludes it. Last day to file taxes 2014 Section 2 discusses the exclusions that apply to certain fringe benefits. Last day to file taxes 2014 Any benefit not excluded under the rules discussed in section 2 is taxable. Last day to file taxes 2014 Including taxable benefits in pay. Last day to file taxes 2014   You must include in a recipient's pay the amount by which the value of a fringe benefit is more than the sum of the following amounts. Last day to file taxes 2014 Any amount the law excludes from pay. Last day to file taxes 2014 Any amount the recipient paid for the benefit. Last day to file taxes 2014 The rules used to determine the value of a fringe benefit are discussed in section 3. Last day to file taxes 2014   If the recipient of a taxable fringe benefit is your employee, the benefit is subject to employment taxes and must be reported on Form W-2, Wage and Tax Statement. Last day to file taxes 2014 However, you can use special rules to withhold, deposit, and report the employment taxes. Last day to file taxes 2014 These rules are discussed in section 4. Last day to file taxes 2014   If the recipient of a taxable fringe benefit is not your employee, the benefit is not subject to employment taxes. Last day to file taxes 2014 However, you may have to report the benefit on one of the following information returns. Last day to file taxes 2014 If the recipient receives the benefit as: Use: An independent contractor Form 1099-MISC, Miscellaneous Income A partner Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc. Last day to file taxes 2014 For more information, see the instructions for the forms listed above. Last day to file taxes 2014 Cafeteria Plans A cafeteria plan, including a flexible spending arrangement, is a written plan that allows your employees to choose between receiving cash or taxable benefits instead of certain qualified benefits for which the law provides an exclusion from wages. Last day to file taxes 2014 If an employee chooses to receive a qualified benefit under the plan, the fact that the employee could have received cash or a taxable benefit instead will not make the qualified benefit taxable. Last day to file taxes 2014 Generally, a cafeteria plan does not include any plan that offers a benefit that defers pay. Last day to file taxes 2014 However, a cafeteria plan can include a qualified 401(k) plan as a benefit. Last day to file taxes 2014 Also, certain life insurance plans maintained by educational institutions can be offered as a benefit even though they defer pay. Last day to file taxes 2014 Qualified benefits. Last day to file taxes 2014   A cafeteria plan can include the following benefits discussed in section 2. Last day to file taxes 2014 Accident and health benefits (but not Archer medical savings accounts (Archer MSAs) or long-term care insurance). Last day to file taxes 2014 Adoption assistance. Last day to file taxes 2014 Dependent care assistance. Last day to file taxes 2014 Group-term life insurance coverage (including costs that cannot be excluded from wages). Last day to file taxes 2014 Health savings accounts (HSAs). Last day to file taxes 2014 Distributions from an HSA may be used to pay eligible long-term care insurance premiums or qualified long-term care services. Last day to file taxes 2014 Benefits not allowed. Last day to file taxes 2014   A cafeteria plan cannot include the following benefits discussed in section 2. Last day to file taxes 2014 Archer MSAs. Last day to file taxes 2014 See Accident and Health Benefits in section 2. Last day to file taxes 2014 Athletic facilities. Last day to file taxes 2014 De minimis (minimal) benefits. Last day to file taxes 2014 Educational assistance. Last day to file taxes 2014 Employee discounts. Last day to file taxes 2014 Employer-provided cell phones. Last day to file taxes 2014 Lodging on your business premises. Last day to file taxes 2014 Meals. Last day to file taxes 2014 Moving expense reimbursements. Last day to file taxes 2014 No-additional-cost services. Last day to file taxes 2014 Transportation (commuting) benefits. Last day to file taxes 2014 Tuition reduction. Last day to file taxes 2014 Working condition benefits. Last day to file taxes 2014 It also cannot include scholarships or fellowships (discussed in Publication 970, Tax Benefits for Education). Last day to file taxes 2014 $2,500 limit on a health flexible spending arrangement (FSA). Last day to file taxes 2014   For plan years beginning after December 31, 2012, a cafeteria plan may not allow an employee to request salary reduction contributions for a health FSA in excess of $2,500. Last day to file taxes 2014 For plan years beginning after December 31, 2013, the limit is unchanged at $2,500. Last day to file taxes 2014   A cafeteria plan offering a health FSA must be amended to specify the $2,500 limit (or any lower limit set by the employer). Last day to file taxes 2014 While cafeteria plans generally must be amended on a prospective basis, an amendment that is adopted on or before December 31, 2014, may be made effective retroactively, provided that in operation the cafeteria plan meets the limit for plan years beginning after December 31, 2012. Last day to file taxes 2014 A cafeteria plan that does not limit health FSA contributions to the dollar limit is not a cafeteria plan and all benefits offered under the plan are includible in the employee's gross income. Last day to file taxes 2014   For more information, see Notice 2012-40, 2012-26 I. Last day to file taxes 2014 R. Last day to file taxes 2014 B. Last day to file taxes 2014 1046, available at www. Last day to file taxes 2014 irs. Last day to file taxes 2014 gov/irb/2012-26_IRB/ar09. Last day to file taxes 2014 html. Last day to file taxes 2014 Employee. Last day to file taxes 2014   For these plans, treat the following individuals as employees. Last day to file taxes 2014 A current common-law employee. Last day to file taxes 2014 See section 2 in Publication 15 (Circular E) for more information. Last day to file taxes 2014 A full-time life insurance agent who is a current statutory employee. Last day to file taxes 2014 A leased employee who has provided services to you on a substantially full-time basis for at least a year if the services are performed under your primary direction or control. Last day to file taxes 2014 Exception for S corporation shareholders. Last day to file taxes 2014   Do not treat a 2% shareholder of an S corporation as an employee of the corporation for this purpose. Last day to file taxes 2014 A 2% shareholder for this purpose is someone who directly or indirectly owns (at any time during the year) more than 2% of the corporation's stock or stock with more than 2% of the voting power. Last day to file taxes 2014 Treat a 2% shareholder as you would a partner in a partnership for fringe benefit purposes, but do not treat the benefit as a reduction in distributions to the 2% shareholder. Last day to file taxes 2014 Plans that favor highly compensated employees. Last day to file taxes 2014   If your plan favors highly compensated employees as to eligibility to participate, contributions, or benefits, you must include in their wages the value of taxable benefits they could have selected. Last day to file taxes 2014 A plan you maintain under a collective bargaining agreement does not favor highly compensated employees. Last day to file taxes 2014   A highly compensated employee for this purpose is any of the following employees. Last day to file taxes 2014 An officer. Last day to file taxes 2014 A shareholder who owns more than 5% of the voting power or value of all classes of the employer's stock. Last day to file taxes 2014 An employee who is highly compensated based on the facts and circumstances. Last day to file taxes 2014 A spouse or dependent of a person described in (1), (2), or (3). Last day to file taxes 2014 Plans that favor key employees. Last day to file taxes 2014   If your plan favors key employees, you must include in their wages the value of taxable benefits they could have selected. Last day to file taxes 2014 A plan favors key employees if more than 25% of the total of the nontaxable benefits you provide for all employees under the plan go to key employees. Last day to file taxes 2014 However, a plan you maintain under a collective bargaining agreement does not favor key employees. Last day to file taxes 2014   A key employee during 2014 is generally an employee who is either of the following. Last day to file taxes 2014 An officer having annual pay of more than $170,000. Last day to file taxes 2014 An employee who for 2014 is either of the following. Last day to file taxes 2014 A 5% owner of your business. Last day to file taxes 2014 A 1% owner of your business whose annual pay was more than $150,000. Last day to file taxes 2014 Simple Cafeteria Plans Eligible employers meeting contribution requirements and eligibility and participation requirements can establish a simple cafeteria plan. Last day to file taxes 2014 Simple cafeteria plans are treated as meeting the nondiscrimination requirements of a cafeteria plan and certain benefits under a cafeteria plan. Last day to file taxes 2014 Eligible employer. Last day to file taxes 2014   You are an eligible employer if you employ an average of 100 or fewer employees during either of the 2 preceding years. Last day to file taxes 2014 If your business was not in existence throughout the preceding year, you are eligible if you reasonably expect to employ an average of 100 or fewer employees in the current year. Last day to file taxes 2014 If you establish a simple cafeteria plan in a year that you employ an average of 100 or fewer employees, you are considered an eligible employer for any subsequent year as long as you do not employ an average of 200 or more employees in a subsequent year. Last day to file taxes 2014 Eligibility and participation requirements. Last day to file taxes 2014   These requirements are met if all employees who had at least 1,000 hours of service for the preceding plan year are eligible to participate and each employee eligible to participate in the plan may elect any benefit available under the plan. Last day to file taxes 2014 You may elect to exclude from the plan employees who: Are under age 21 before the close of the plan year, Have less than 1 year of service with you as of any day during the plan year, Are covered under a collective bargaining agreement, or Are nonresident aliens working outside the United States whose income did not come from a U. Last day to file taxes 2014 S. Last day to file taxes 2014 source. Last day to file taxes 2014 Contribution requirements. Last day to file taxes 2014   You must make a contribution to provide qualified benefits on behalf of each qualified employee in an amount equal to: A uniform percentage (not less than 2%) of the employee’s compensation for the plan year, or An amount which is at least 6% of the employee’s compensation for the plan year or twice the amount of the salary reduction contributions of each qualified employee, whichever is less. Last day to file taxes 2014 If the contribution requirements are met using option (2), the rate of contribution to any salary reduction contribution of a highly compensated or key employee can not be greater than the rate of contribution to any other employee. Last day to file taxes 2014 More information. Last day to file taxes 2014   For more information about cafeteria plans, see section 125 of the Internal Revenue Code and its regulations. Last day to file taxes 2014 2. Last day to file taxes 2014 Fringe Benefit Exclusion Rules This section discusses the exclusion rules that apply to fringe benefits. Last day to file taxes 2014 These rules exclude all or part of the value of certain benefits from the recipient's pay. Last day to file taxes 2014 The excluded benefits are not subject to federal income tax withholding. Last day to file taxes 2014 Also, in most cases, they are not subject to social security, Medicare, or federal unemployment (FUTA) tax and are not reported on Form W-2. Last day to file taxes 2014 This section discusses the exclusion rules for the following fringe benefits. Last day to file taxes 2014 Accident and health benefits. Last day to file taxes 2014 Achievement awards. Last day to file taxes 2014 Adoption assistance. Last day to file taxes 2014 Athletic facilities. Last day to file taxes 2014 De minimis (minimal) benefits. Last day to file taxes 2014 Dependent care assistance. Last day to file taxes 2014 Educational assistance. Last day to file taxes 2014 Employee discounts. Last day to file taxes 2014 Employee stock options. Last day to file taxes 2014 Employer-provided cell phones. Last day to file taxes 2014 Group-term life insurance coverage. Last day to file taxes 2014 Health savings accounts (HSAs). Last day to file taxes 2014 Lodging on your business premises. Last day to file taxes 2014 Meals. Last day to file taxes 2014 Moving expense reimbursements. Last day to file taxes 2014 No-additional-cost services. Last day to file taxes 2014 Retirement planning services. Last day to file taxes 2014 Transportation (commuting) benefits. Last day to file taxes 2014 Tuition reduction. Last day to file taxes 2014 Working condition benefits. Last day to file taxes 2014 See Table 2-1, later, for an overview of the employment tax treatment of these benefits. Last day to file taxes 2014 Table 2-1. Last day to file taxes 2014 Special Rules for Various Types of Fringe Benefits (For more information, see the full discussion in this section. Last day to file taxes 2014 ) Treatment Under Employment Taxes Type of Fringe Benefit Income Tax Withholding Social Security and Medicare (including Additional Medicare Tax when wages are paid in excess of $200,000) Federal Unemployment (FUTA) Accident and health benefits Exempt1,2, except for long-term care benefits provided through a flexible spending or similar arrangement. Last day to file taxes 2014 Exempt, except for certain payments to S corporation employees who are 2% shareholders. Last day to file taxes 2014 Exempt Achievement awards Exempt1 up to $1,600 for qualified plan awards ($400 for nonqualified awards). Last day to file taxes 2014 Adoption assistance Exempt1,3 Taxable Taxable Athletic facilities Exempt if substantially all use during the calendar year is by employees, their spouses, and their dependent children and the facility is operated by the employer on premises owned or leased by the employer. Last day to file taxes 2014 De minimis (minimal) benefits Exempt Exempt Exempt Dependent care assistance Exempt3 up to certain limits, $5,000 ($2,500 for married employee filing separate return). Last day to file taxes 2014 Educational assistance Exempt up to $5,250 of benefits each year. Last day to file taxes 2014 (See Educational Assistance , later in this section. Last day to file taxes 2014 ) Employee discounts Exempt3 up to certain limits. Last day to file taxes 2014 (See Employee Discounts , later in this section. Last day to file taxes 2014 ) Employee stock options See Employee Stock Options , later in this section. Last day to file taxes 2014 Employer-provided cell phones Exempt if provided primarily for noncompensatory business purposes. Last day to file taxes 2014 Group-term life insurance coverage Exempt Exempt1,4, 7 up to cost of $50,000 of coverage. Last day to file taxes 2014 (Special rules apply to former employees. Last day to file taxes 2014 ) Exempt Health savings accounts (HSAs) Exempt for qualified individuals up to the HSA contribution limits. Last day to file taxes 2014 (See Health Savings Accounts , later in this section. Last day to file taxes 2014 ) Lodging on your business premises Exempt1 if furnished for your convenience as a condition of employment. Last day to file taxes 2014 Meals Exempt if furnished on your business premises for your convenience. Last day to file taxes 2014 Exempt if de minimis. Last day to file taxes 2014 Moving expense reimbursements Exempt1 if expenses would be deductible if the employee had paid them. Last day to file taxes 2014 No-additional-cost services Exempt3 Exempt3 Exempt3 Retirement planning services Exempt5 Exempt5 Exempt5 Transportation (commuting) benefits Exempt1 up to certain limits if for rides in a commuter highway vehicle and/or transit passes ($130), qualified parking ($250), or qualified bicycle commuting reimbursement6 ($20). Last day to file taxes 2014 (See Transportation (Commuting) Benefits , later in this section. Last day to file taxes 2014 ) Exempt if de minimis. Last day to file taxes 2014 Tuition reduction Exempt3 if for undergraduate education (or graduate education if the employee performs teaching or research activities). Last day to file taxes 2014 Working condition benefits Exempt Exempt Exempt 1 Exemption does not apply to S corporation employees who are 2% shareholders. Last day to file taxes 2014 2 Exemption does not apply to certain highly compensated employees under a self-insured plan that favors those employees. Last day to file taxes 2014 3 Exemption does not apply to certain highly compensated employees under a program that favors those employees. Last day to file taxes 2014 4 Exemption does not apply to certain key employees under a plan that favors those employees. Last day to file taxes 2014 5 Exemption does not apply to services for tax preparation, accounting, legal, or brokerage services. Last day to file taxes 2014 6 If the employee receives a qualified bicycle commuting reimbursement in a qualified bicycle commuting month, the employee cannot receive commuter highway vehicle, transit pass, or qualified parking benefits in that same month. Last day to file taxes 2014 7 You must include in your employee's wages the cost of group-term life insurance beyond $50,000 worth of coverage, reduced by the amount the employee paid toward the insurance. Last day to file taxes 2014 Report it as wages in boxes 1, 3, and 5 of the employee's Form W-2. Last day to file taxes 2014 Also, show it in box 12 with code “C. Last day to file taxes 2014 ” The amount is subject to social security and Medicare taxes, and you may, at your option, withhold federal income tax. Last day to file taxes 2014 Accident and Health Benefits This exclusion applies to contributions you make to an accident or health plan for an employee, including the following. Last day to file taxes 2014 Contributions to the cost of accident or health insurance including qualified long-term care insurance. Last day to file taxes 2014 Contributions to a separate trust or fund that directly or through insurance provides accident or health benefits. Last day to file taxes 2014 Contributions to Archer MSAs or health savings accounts (discussed in Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans). Last day to file taxes 2014 This exclusion also applies to payments you directly or indirectly make to an employee under an accident or health plan for employees that are either of the following. Last day to file taxes 2014 Payments or reimbursements of medical expenses. Last day to file taxes 2014 Payments for specific injuries or illnesses (such as the loss of the use of an arm or leg). Last day to file taxes 2014 The payments must be figured without regard to any period of absence from work. Last day to file taxes 2014 Accident or health plan. Last day to file taxes 2014   This is an arrangement that provides benefits for your employees, their spouses, their dependents, and their children (under age 27) in the event of personal injury or sickness. Last day to file taxes 2014 The plan may be insured or noninsured and does not need to be in writing. Last day to file taxes 2014 Employee. Last day to file taxes 2014   For this exclusion, treat the following individuals as employees. Last day to file taxes 2014 A current common-law employee. Last day to file taxes 2014 A full-time life insurance agent who is a current statutory employee. Last day to file taxes 2014 A retired employee. Last day to file taxes 2014 A former employee you maintain coverage for based on the employment relationship. Last day to file taxes 2014 A widow or widower of an individual who died while an employee. Last day to file taxes 2014 A widow or widower of a retired employee. Last day to file taxes 2014 For the exclusion of contributions to an accident or health plan, a leased employee who has provided services to you on a substantially full-time basis for at least a year if the services are performed under your primary direction or control. Last day to file taxes 2014 Special rule for certain government plans. Last day to file taxes 2014   For certain government accident and health plans, payments to a deceased plan participant's beneficiary may qualify for the exclusion from gross income if the other requirements for exclusion are met. Last day to file taxes 2014 See section 105(j) for details. Last day to file taxes 2014 Exception for S corporation shareholders. Last day to file taxes 2014   Do not treat a 2% shareholder of an S corporation as an employee of the corporation for this purpose. Last day to file taxes 2014 A 2% shareholder is someone who directly or indirectly owns (at any time during the year) more than 2% of the corporation's stock or stock with more than 2% of the voting power. Last day to file taxes 2014 Treat a 2% shareholder as you would a partner in a partnership for fringe benefit purposes, but do not treat the benefit as a reduction in distributions to the 2% shareholder. Last day to file taxes 2014 Exclusion from wages. Last day to file taxes 2014   You can generally exclude the value of accident or health benefits you provide to an employee from the employee's wages. Last day to file taxes 2014 Exception for certain long-term care benefits. Last day to file taxes 2014   You cannot exclude contributions to the cost of long-term care insurance from an employee's wages subject to federal income tax withholding if the coverage is provided through a flexible spending or similar arrangement. Last day to file taxes 2014 This is a benefit program that reimburses specified expenses up to a maximum amount that is reasonably available to the employee and is less than five times the total cost of the insurance. Last day to file taxes 2014 However, you can exclude these contributions from the employee's wages subject to social security, Medicare, and federal unemployment (FUTA) taxes. Last day to file taxes 2014 S corporation shareholders. Last day to file taxes 2014   Because you cannot treat a 2% shareholder of an S corporation as an employee for this exclusion, you must include the value of accident or health benefits you provide to the employee in the employee's wages subject to federal income tax withholding. Last day to file taxes 2014 However, you can exclude the value of these benefits (other than payments for specific injuries or illnesses) from the employee's wages subject to social security, Medicare, and FUTA taxes. Last day to file taxes 2014 Exception for highly compensated employees. Last day to file taxes 2014   If your plan is a self-insured medical reimbursement plan that favors highly compensated employees, you must include all or part of the amounts you pay to these employees in their wages subject to federal income tax withholding. Last day to file taxes 2014 However, you can exclude these amounts (other than payments for specific injuries or illnesses) from the employee's wages subject to social security, Medicare, and FUTA taxes. Last day to file taxes 2014   A self-insured plan is a plan that reimburses your employees for medical expenses not covered by an accident or health insurance policy. Last day to file taxes 2014   A highly compensated employee for this exception is any of the following individuals. Last day to file taxes 2014 One of the five highest paid officers. Last day to file taxes 2014 An employee who owns (directly or indirectly) more than 10% in value of the employer's stock. Last day to file taxes 2014 An employee who is among the highest paid 25% of all employees (other than those who can be excluded from the plan). Last day to file taxes 2014   For more information on this exception, see section 105(h) of the Internal Revenue Code and its regulations. Last day to file taxes 2014 COBRA premiums. Last day to file taxes 2014   The exclusion for accident and health benefits applies to amounts you pay to maintain medical coverage for a current or former employee under the Combined Omnibus Budget Reconciliation Act of 1986 (COBRA). Last day to file taxes 2014 The exclusion applies regardless of the length of employment, whether you directly pay the premiums or reimburse the former employee for premiums paid, and whether the employee's separation is permanent or temporary. Last day to file taxes 2014 Achievement Awards This exclusion applies to the value of any tangible personal property you give to an employee as an award for either length of service or safety achievement. Last day to file taxes 2014 The exclusion does not apply to awards of cash, cash equivalents, gift certificates, or other intangible property such as vacations, meals, lodging, tickets to theater or sporting events, stocks, bonds, and other securities. Last day to file taxes 2014 The award must meet the requirements for employee achievement awards discussed in chapter 2 of Publication 535, Business Expenses. Last day to file taxes 2014 Employee. Last day to file taxes 2014   For this exclusion, treat the following individuals as employees. Last day to file taxes 2014 A current employee. Last day to file taxes 2014 A former common-law employee you maintain coverage for in consideration of or based on an agreement relating to prior service as an employee. Last day to file taxes 2014 A leased employee who has provided services to you on a substantially full-time basis for at least a year if the services are performed under your primary direction or control. Last day to file taxes 2014 Exception for S corporation shareholders. Last day to file taxes 2014   Do not treat a 2% shareholder of an S corporation as an employee of the corporation for this purpose. Last day to file taxes 2014 A 2% shareholder is someone who directly or indirectly owns (at any time during the year) more than 2% of the corporation's stock or stock with more than 2% of the voting power. Last day to file taxes 2014 Treat a 2% shareholder as you would a partner in a partnership for fringe benefit purposes, but do not treat the benefit as a reduction in distributions to the 2% shareholder. Last day to file taxes 2014 Exclusion from wages. Last day to file taxes 2014   You can generally exclude the value of achievement awards you give to an employee from the employee's wages if their cost is not more than the amount you can deduct as a business expense for the year. Last day to file taxes 2014 The excludable annual amount is $1,600 ($400 for awards that are not “qualified plan awards”). Last day to file taxes 2014 See chapter 2 of Publication 535 for more information about the limit on deductions for employee achievement awards. Last day to file taxes 2014    To determine for 2014 whether an achievement award is a “qualified plan award” under the deduction rules described in Publication 535, treat any employee who received more than $115,000 in pay for 2013 as a highly compensated employee. Last day to file taxes 2014   If the cost of awards given to an employee is more than your allowable deduction, include in the employee's wages the larger of the following amounts. Last day to file taxes 2014 The part of the cost that is more than your allowable deduction (up to the value of the awards). Last day to file taxes 2014 The amount by which the value of the awards exceeds your allowable deduction. Last day to file taxes 2014 Exclude the remaining value of the awards from the employee's wages. Last day to file taxes 2014 Adoption Assistance An adoption assistance program is a separate written plan of an employer that meets all of the following requirements. Last day to file taxes 2014 It benefits employees who qualify under rules set up by you, which do not favor highly compensated employees or their dependents. Last day to file taxes 2014 To determine whether your plan meets this test, do not consider employees excluded from your plan who are covered by a collective bargaining agreement, if there is evidence that adoption assistance was a subject of good-faith bargaining. Last day to file taxes 2014 It does not pay more than 5% of its payments during the year for shareholders or owners (or their spouses or dependents). Last day to file taxes 2014 A shareholder or owner is someone who owns (on any day of the year) more than 5% of the stock or of the capital or profits interest of your business. Last day to file taxes 2014 You give reasonable notice of the plan to eligible employees. Last day to file taxes 2014 Employees provide reasonable substantiation that payments or reimbursements are for qualifying expenses. Last day to file taxes 2014 For this exclusion, a highly compensated employee for 2014 is an employee who meets either of the following tests. Last day to file taxes 2014 The employee was a 5% owner at any time during the year or the preceding year. Last day to file taxes 2014 The employee received more than $115,000 in pay for the preceding year. Last day to file taxes 2014 You can choose to ignore test (2) if the employee was not also in the top 20% of employees when ranked by pay for the preceding year. Last day to file taxes 2014 You must exclude all payments or reimbursements you make under an adoption assistance program for an employee's qualified adoption expenses from the employee's wages subject to federal income tax withholding. Last day to file taxes 2014 However, you cannot exclude these payments from wages subject to social security, Medicare, and federal unemployment (FUTA) taxes. Last day to file taxes 2014 For more information, see the Instructions for Form 8839, Qualified Adoption Expenses. Last day to file taxes 2014 You must report all qualifying adoption expenses you paid or reimbursed under your adoption assistance program for each employee for the year in box 12 of the employee's Form W-2. Last day to file taxes 2014 Use code “T” to identify this amount. Last day to file taxes 2014 Exception for S corporation shareholders. Last day to file taxes 2014   For this exclusion, do not treat a 2% shareholder of an S corporation as an employee of the corporation. Last day to file taxes 2014 A 2% shareholder is someone who directly or indirectly owns (at any time during the year) more than 2% of the corporation's stock or stock with more than 2% of the voting power. Last day to file taxes 2014 Treat a 2% shareholder as you would a partner in a partnership for fringe benefit purposes, including using the benefit as a reduction in distributions to the 2% shareholder. Last day to file taxes 2014 Athletic Facilities You can exclude the value of an employee's use of an on-premises gym or other athletic facility you operate from an employee's wages if substantially all use of the facility during the calendar year is by your employees, their spouses, and their dependent children. Last day to file taxes 2014 For this purpose, an employee's dependent child is a child or stepchild who is the employee's dependent or who, if both parents are deceased, has not attained the age of 25. Last day to file taxes 2014 On-premises facility. Last day to file taxes 2014   The athletic facility must be located on premises you own or lease. Last day to file taxes 2014 It does not have to be located on your business premises. Last day to file taxes 2014 However, the exclusion does not apply to an athletic facility for residential use, such as athletic facilities that are part of a resort. Last day to file taxes 2014 Employee. Last day to file taxes 2014   For this exclusion, treat the following individuals as employees. Last day to file taxes 2014 A current employee. Last day to file taxes 2014 A former employee who retired or left on disability. Last day to file taxes 2014 A widow or widower of an individual who died while an employee. Last day to file taxes 2014 A widow or widower of a former employee who retired or left on disability. Last day to file taxes 2014 A leased employee who has provided services to you on a substantially full-time basis for at least a year if the services are performed under your primary direction or control. Last day to file taxes 2014 A partner who performs services for a partnership. Last day to file taxes 2014 De Minimis (Minimal) Benefits You can exclude the value of a de minimis benefit you provide to an employee from the employee's wages. Last day to file taxes 2014 A de minimis benefit is any property or service you provide to an employee that has so little value (taking into account how frequently you provide similar benefits to your employees) that accounting for it would be unreasonable or administratively impracticable. Last day to file taxes 2014 Cash and cash equivalent fringe benefits (for example, use of gift card, charge card, or credit card), no matter how little, are never excludable as a de minimis benefit, except for occasional meal money or transportation fare. Last day to file taxes 2014 Examples of de minimis benefits include the following. Last day to file taxes 2014 Personal use of an employer-provided cell phone provided primarily for noncompensatory business purposes. Last day to file taxes 2014 See Employer-Provided Cell Phones , later in this section, for details. Last day to file taxes 2014 Occasional personal use of a company copying machine if you sufficiently control its use so that at least 85% of its use is for business purposes. Last day to file taxes 2014 Holiday gifts, other than cash, with a low fair market value. Last day to file taxes 2014 Group-term life insurance payable on the death of an employee's spouse or dependent if the face amount is not more than $2,000. Last day to file taxes 2014 Meals. Last day to file taxes 2014 See Meals , later in this section, for details. Last day to file taxes 2014 Occasional parties or picnics for employees and their guests. Last day to file taxes 2014 Occasional tickets for theater or sporting events. Last day to file taxes 2014 Transportation fare. Last day to file taxes 2014 See Transportation (Commuting) Benefits , later in this section, for details. Last day to file taxes 2014 Employee. Last day to file taxes 2014   For this exclusion, treat any recipient of a de minimis benefit as an employee. Last day to file taxes 2014 Dependent Care Assistance This exclusion applies to household and dependent care services you directly or indirectly pay for or provide to an employee under a dependent care assistance program that covers only your employees. Last day to file taxes 2014 The services must be for a qualifying person's care and must be provided to allow the employee to work. Last day to file taxes 2014 These requirements are basically the same as the tests the employee would have to meet to claim the dependent care credit if the employee paid for the services. Last day to file taxes 2014 For more information, see Qualifying Person Test and Work-Related Expense Test in Publication 503, Child and Dependent Care Expenses. Last day to file taxes 2014 Employee. Last day to file taxes 2014   For this exclusion, treat the following individuals as employees. Last day to file taxes 2014 A current employee. Last day to file taxes 2014 A leased employee who has provided services to you on a substantially full-time basis for at least a year if the services are performed under your primary direction or control. Last day to file taxes 2014 Yourself (if you are a sole proprietor). Last day to file taxes 2014 A partner who performs services for a partnership. Last day to file taxes 2014 Exclusion from wages. Last day to file taxes 2014   You can exclude the value of benefits you provide to an employee under a dependent care assistance program from the employee's wages if you reasonably believe that the employee can exclude the benefits from gross income. Last day to file taxes 2014   An employee can generally exclude from gross income up to $5,000 of benefits received under a dependent care assistance program each year. Last day to file taxes 2014 This limit is reduced to $2,500 for married employees filing separate returns. Last day to file taxes 2014   However, the exclusion cannot be more than the smaller of the earned income of either the employee or employee's spouse. Last day to file taxes 2014 Special rules apply to determine the earned income of a spouse who is either a student or not able to care for himself or herself. Last day to file taxes 2014 For more information on the earned income limit, see Publication 503. Last day to file taxes 2014 Exception for highly compensated employees. Last day to file taxes 2014   You cannot exclude dependent care assistance from the wages of a highly compensated employee unless the benefits provided under the program do not favor highly compensated employees and the program meets the requirements described in section 129(d) of the Internal Revenue Code. Last day to file taxes 2014   For this exclusion, a highly compensated employee for 2014 is an employee who meets either of the following tests. Last day to file taxes 2014 The employee was a 5% owner at any time during the year or the preceding year. Last day to file taxes 2014 The employee received more than $115,000 in pay for the preceding year. Last day to file taxes 2014 You can choose to ignore test (2) if the employee was not also in the top 20% of employees when ranked by pay for the preceding year. Last day to file taxes 2014 Form W-2. Last day to file taxes 2014   Report the value of all dependent care assistance you provide to an employee under a dependent care assistance program in box 10 of the employee's Form W-2. Last day to file taxes 2014 Include any amounts you cannot exclude from the employee's wages in boxes 1, 3, and 5. Last day to file taxes 2014 Report both the nontaxable portion of assistance (up to $5,000) and any assistance above the amount that is non-taxable to the employee. Last day to file taxes 2014 Example. Last day to file taxes 2014   Company A provides a dependent care assistance flexible spending arrangement to its employees through a cafeteria plan. Last day to file taxes 2014 In addition, it provides occasional on-site dependent care to its employees at no cost. Last day to file taxes 2014 Emily, an employee of company A, had $4,500 deducted from her pay for the dependent care flexible spending arrangement. Last day to file taxes 2014 In addition, Emily used the on-site dependent care several times. Last day to file taxes 2014 The fair market value of the on-site care was $700. Last day to file taxes 2014 Emily's Form W-2 should report $5,200 of dependent care assistance in box 10 ($4,500 flexible spending arrangement plus $700 on-site dependent care). Last day to file taxes 2014 Boxes 1, 3, and 5 should include $200 (the amount in excess of the nontaxable assistance), and applicable taxes should be withheld on that amount. Last day to file taxes 2014 Educational Assistance This exclusion applies to educational assistance you provide to employees under an educational assistance program. Last day to file taxes 2014 The exclusion also applies to graduate level courses. Last day to file taxes 2014 Educational assistance means amounts you pay or incur for your employees' education expenses. Last day to file taxes 2014 These expenses generally include the cost of books, equipment, fees, supplies, and tuition. Last day to file taxes 2014 However, these expenses do not include the cost of a course or other education involving sports, games, or hobbies, unless the education: Has a reasonable relationship to your business, or Is required as part of a degree program. Last day to file taxes 2014 Education expenses do not include the cost of tools or supplies (other than textbooks) your employee is allowed to keep at the end of the course. Last day to file taxes 2014 Nor do they include the cost of lodging, meals, or transportation. Last day to file taxes 2014 Educational assistance program. Last day to file taxes 2014   An educational assistance program is a separate written plan that provides educational assistance only to your employees. Last day to file taxes 2014 The program qualifies only if all of the following tests are met. Last day to file taxes 2014 The program benefits employees who qualify under rules set up by you that do not favor highly compensated employees. Last day to file taxes 2014 To determine whether your program meets this test, do not consider employees excluded from your program who are covered by a collective bargaining agreement if there is evidence that educational assistance was a subject of good-faith bargaining. Last day to file taxes 2014 The program does not provide more than 5% of its benefits during the year for shareholders or owners. Last day to file taxes 2014 A shareholder or owner is someone who owns (on any day of the year) more than 5% of the stock or of the capital or profits interest of your business. Last day to file taxes 2014 The program does not allow employees to choose to receive cash or other benefits that must be included in gross income instead of educational assistance. Last day to file taxes 2014 You give reasonable notice of the program to eligible employees. Last day to file taxes 2014 Your program can cover former employees if their employment is the reason for the coverage. Last day to file taxes 2014   For this exclusion, a highly compensated employee for 2014 is an employee who meets either of the following tests. Last day to file taxes 2014 The employee was a 5% owner at any time during the year or the preceding year. Last day to file taxes 2014 The employee received more than $115,000 in pay for the preceding year. Last day to file taxes 2014 You can choose to ignore test (2) if the employee was not also in the top 20% of employees when ranked by pay for the preceding year. Last day to file taxes 2014 Employee. Last day to file taxes 2014   For this exclusion, treat the following individuals as employees. Last day to file taxes 2014 A current employee. Last day to file taxes 2014 A former employee who retired, left on disability, or was laid off. Last day to file taxes 2014 A leased employee who has provided services to you on a substantially full-time basis for at least a year if the services are performed under your primary direction or control. Last day to file taxes 2014 Yourself (if you are a sole proprietor). Last day to file taxes 2014 A partner who performs services for a partnership. Last day to file taxes 2014 Exclusion from wages. Last day to file taxes 2014   You can exclude up to $5,250 of educational assistance you provide to an employee under an educational assistance program from the employee's wages each year. Last day to file taxes 2014 Assistance over $5,250. Last day to file taxes 2014   If you do not have an educational assistance plan, or you provide an employee with assistance exceeding $5,250, you must include the value of these benefits as wages, unless the benefits are working condition benefits. Last day to file taxes 2014 Working condition benefits may be excluded from wages. Last day to file taxes 2014 Property or a service provided is a working condition benefit to the extent that if the employee paid for it, the amount paid would have been deductible as a business or depreciation expense. Last day to file taxes 2014 See Working Condition Benefits , later, in this section. Last day to file taxes 2014 Employee Discounts This exclusion applies to a price reduction you give an employee on property or services you offer to customers in the ordinary course of the line of business in which the employee performs substantial services. Last day to file taxes 2014 However, it does not apply to discounts on real property or discounts on personal property of a kind commonly held for investment (such as stocks or bonds). Last day to file taxes 2014 Employee. Last day to file taxes 2014   For this exclusion, treat the following individuals as employees. Last day to file taxes 2014 A current employee. Last day to file taxes 2014 A former employee who retired or left on disability. Last day to file taxes 2014 A widow or widower of an individual who died while an employee. Last day to file taxes 2014 A widow or widower of an employee who retired or left on disability. Last day to file taxes 2014 A leased employee who has provided services to you on a substantially full-time basis for at least a year if the services are performed under your primary direction or control. Last day to file taxes 2014 A partner who performs services for a partnership. Last day to file taxes 2014 Exclusion from wages. Last day to file taxes 2014   You can generally exclude the value of an employee discount you provide an employee from the employee's wages, up to the following limits. Last day to file taxes 2014 For a discount on services, 20% of the price you charge nonemployee customers for the service. Last day to file taxes 2014 For a discount on merchandise or other property, your gross profit percentage times the price you charge nonemployee customers for the property. Last day to file taxes 2014   Determine your gross profit percentage in the line of business based on all property you offer to customers (including employee customers) and your experience during the tax year immediately before the tax year in which the discount is available. Last day to file taxes 2014 To figure your gross profit percentage, subtract the total cost of the property from the total sales price of the property and divide the result by the total sales price of the property. Last day to file taxes 2014 Exception for highly compensated employees. Last day to file taxes 2014   You cannot exclude from the wages of a highly compensated employee any part of the value of a discount that is not available on the same terms to one of the following groups. Last day to file taxes 2014 All of your employees. Last day to file taxes 2014 A group of employees defined under a reasonable classification you set up that does not favor highly compensated employees. Last day to file taxes 2014   For this exclusion, a highly compensated employee for 2014 is an employee who meets either of the following tests. Last day to file taxes 2014 The employee was a 5% owner at any time during the year or the preceding year. Last day to file taxes 2014 The employee received more than $115,000 in pay for the preceding year. Last day to file taxes 2014 You can choose to ignore test (2) if the employee was not also in the top 20% of employees when ranked by pay for the preceding year. Last day to file taxes 2014 Employee Stock Options There are three kinds of stock options—incentive stock options, employee stock purchase plan options, and nonstatutory (nonqualified) stock options. Last day to file taxes 2014 Wages for social security, Medicare, and federal unemployment (FUTA) taxes do not include remuneration resulting from the exercise, after October 22, 2004, of an incentive stock option or under an employee stock purchase plan option, or from any disposition of stock acquired by exercising such an option. Last day to file taxes 2014 The IRS will not apply these taxes to an exercise before October 23, 2004, of an incentive stock option or an employee stock purchase plan option or to a disposition of stock acquired by such exercise. Last day to file taxes 2014 Additionally, federal income tax withholding is not required on the income resulting from a disqualifying disposition of stock acquired by the exercise after October 22, 2004, of an incentive stock option or under an employee stock purchase plan option, or on income equal to the discount portion of stock acquired by the exercise, after October 22, 2004, of an employee stock purchase plan option resulting from any disposition of the stock. Last day to file taxes 2014 The IRS will not apply federal income tax withholding upon the disposition of stock acquired by the exercise, before October 23, 2004, of an incentive stock option or an employee stock purchase plan option. Last day to file taxes 2014 However, the employer must report as income in box 1 of Form W-2, (a) the discount portion of stock acquired by the exercise of an employee stock purchase plan option upon disposition of the stock, and (b) the spread (between the exercise price and the fair market value of the stock at the time of exercise) upon a disqualifying disposition of stock acquired by the exercise of an incentive stock option or an employee stock purchase plan option. Last day to file taxes 2014 An employer must report the excess of the fair market value of stock received upon exercise of a nonstatutory stock option over the amount paid for the stock option on Form W-2 in boxes 1, 3 (up to the social security wage base), 5, and in box 12 using the code “V. Last day to file taxes 2014 ” See Regulations section 1. Last day to file taxes 2014 83-7. Last day to file taxes 2014 An employee who transfers his or her interest in nonstatutory stock options to the employee's former spouse incident to a divorce is not required to include an amount in gross income upon the transfer. Last day to file taxes 2014 The former spouse, rather than the employee, is required to include an amount in gross income when the former spouse exercises the stock options. Last day to file taxes 2014 See Revenue Ruling 2002-22 and Revenue Ruling 2004-60 for details. Last day to file taxes 2014 You can find Revenue Ruling 2002-22 on page 849 of Internal Revenue Bulletin 2002-19 at www. Last day to file taxes 2014 irs. Last day to file taxes 2014 gov/pub/irs-irbs/irb02-19. Last day to file taxes 2014 pdf. Last day to file taxes 2014 See Revenue Ruling 2004-60, 2004-24 I. Last day to file taxes 2014 R. Last day to file taxes 2014 B. Last day to file taxes 2014 1051, available at www. Last day to file taxes 2014 irs. Last day to file taxes 2014 gov/irb/2004-24_IRB/ar13. Last day to file taxes 2014 html. Last day to file taxes 2014 For more information about employee stock options, see sections 421, 422, and 423 of the Internal Revenue Code and their related regulations. Last day to file taxes 2014 Employer-Provided Cell Phones The value of an employer-provided cell phone, provided primarily for noncompensatory business reasons, is excludable from an employee's income as a working condition fringe benefit. Last day to file taxes 2014 Personal use of an employer-provided cell phone, provided primarily for noncompensatory business reasons, is excludable from an employee's income as a de minimis fringe benefit. Last day to file taxes 2014 For the rules relating to these types of benefits, see De Minimis (Minimal) Benefits , earlier in this section, and Working Condition Benefits , later in this section. Last day to file taxes 2014 Noncompensatory business purposes. Last day to file taxes 2014   You provide a cell phone primarily for noncompensatory business purposes if there are substantial business reasons for providing the cell phone. Last day to file taxes 2014 Examples of substantial business reasons include the employer's: Need to contact the employee at all times for work-related emergencies, Requirement that the employee be available to speak with clients at times when the employee is away from the office, and Need to speak with clients located in other time zones at times outside the employee's normal workday. Last day to file taxes 2014 Cell phones provided to promote goodwill, boost morale, or attract prospective employees. Last day to file taxes 2014   You cannot exclude from an employee's wages the value of a cell phone provided to promote goodwill of an employee, to attract a prospective employee, or as a means of providing additional compensation to an employee. Last day to file taxes 2014 Additional information. Last day to file taxes 2014   For additional information on the tax treatment of employer-provided cell phones, see Notice 2011-72, 2011-38 I. Last day to file taxes 2014 R. Last day to file taxes 2014 B. Last day to file taxes 2014 407, available at  www. Last day to file taxes 2014 irs. Last day to file taxes 2014 gov/irb/2011-38_IRB/ar07. Last day to file taxes 2014 html. Last day to file taxes 2014 Group-Term Life Insurance Coverage This exclusion applies to life insurance coverage that meets all the following conditions. Last day to file taxes 2014 It provides a general death benefit that is not included in income. Last day to file taxes 2014 You provide it to a group of employees. Last day to file taxes 2014 See The 10-employee rule , later. Last day to file taxes 2014 It provides an amount of insurance to each employee based on a formula that prevents individual selection. Last day to file taxes 2014 This formula must use factors such as the employee's age, years of service, pay, or position. Last day to file taxes 2014 You provide it under a policy you directly or indirectly carry. Last day to file taxes 2014 Even if you do not pay any of the policy's cost, you are considered to carry it if you arrange for payment of its cost by your employees and charge at least one employee less than, and at least one other employee more than, the cost of his or her insurance. Last day to file taxes 2014 Determine the cost of the insurance, for this purpose, as explained under Coverage over the limit , later. Last day to file taxes 2014 Group-term life insurance does not include the following insurance. Last day to file taxes 2014 Insurance that does not provide general death benefits, such as travel insurance or a policy providing only accidental death benefits. Last day to file taxes 2014 Life insurance on the life of your employee's spouse or dependent. Last day to file taxes 2014 However, you may be able to exclude the cost of this insurance from the employee's wages as a de minimis benefit. Last day to file taxes 2014 See De Minimis (Minimal) Benefits , earlier in this section. Last day to file taxes 2014 Insurance provided under a policy that provides a permanent benefit (an economic value that extends beyond 1 policy year, such as paid-up or cash surrender value), unless certain requirements are met. Last day to file taxes 2014 See Regulations section 1. Last day to file taxes 2014 79-1 for details. Last day to file taxes 2014 Employee. Last day to file taxes 2014   For this exclusion, treat the following individuals as employees. Last day to file taxes 2014 A current common-law employee. Last day to file taxes 2014 A full-time life insurance agent who is a current statutory employee. Last day to file taxes 2014 An individual who was formerly your employee under (1) or (2). Last day to file taxes 2014 A leased employee who has provided services to you on a substantially full-time basis for at least a year if the services are performed under your primary direction and control. Last day to file taxes 2014 Exception for S corporation shareholders. Last day to file taxes 2014   Do not treat a 2% shareholder of an S corporation as an employee of the corporation for this purpose. Last day to file taxes 2014 A 2% shareholder is someone who directly or indirectly owns (at any time during the year) more than 2% of the corporation's stock or stock with more than 2% of the voting power. Last day to file taxes 2014 Treat a 2% shareholder as you would a partner in a partnership for fringe benefit purposes, but do not treat the benefit as a reduction in distributions to the 2% shareholder. Last day to file taxes 2014 The 10-employee rule. Last day to file taxes 2014   Generally, life insurance is not group-term life insurance unless you provide it to at least 10 full-time employees at some time during the year. Last day to file taxes 2014   For this rule, count employees who choose not to receive the insurance unless, to receive it, they must contribute to the cost of benefits other than the group-term life insurance. Last day to file taxes 2014 For example, count an employee who could receive insurance by paying part of the cost, even if that employee chooses not to receive it. Last day to file taxes 2014 However, do not count an employee who must pay part or all of the cost of permanent benefits to get insurance, unless that employee chooses to receive it. Last day to file taxes 2014 A permanent benefit is an economic value extending beyond one policy year (for example, a paid-up or cash-surrender value) that is provided under a life insurance policy. Last day to file taxes 2014 Exceptions. Last day to file taxes 2014   Even if you do not meet the 10-employee rule, two exceptions allow you to treat insurance as group-term life insurance. Last day to file taxes 2014   Under the first exception, you do not have to meet the 10-employee rule if all the following conditions are met. Last day to file taxes 2014 If evidence that the employee is insurable is required, it is limited to a medical questionnaire (completed by the employee) that does not require a physical. Last day to file taxes 2014 You provide the insurance to all your full-time employees or, if the insurer requires the evidence mentioned in (1), to all full-time employees who provide evidence the insurer accepts. Last day to file taxes 2014 You figure the coverage based on either a uniform percentage of pay or the insurer's coverage brackets that meet certain requirements. Last day to file taxes 2014 See Regulations section 1. Last day to file taxes 2014 79-1 for details. Last day to file taxes 2014   Under the second exception, you do not have to meet the 10-employee rule if all the following conditions are met. Last day to file taxes 2014 You provide the insurance under a common plan covering your employees and the employees of at least one other employer who is not related to you. Last day to file taxes 2014 The insurance is restricted to, but mandatory for, all your employees who belong to, or are represented by, an organization (such as a union) that carries on substantial activities besides obtaining insurance. Last day to file taxes 2014 Evidence of whether an employee is insurable does not affect an employee's eligibility for insurance or the amount of insurance that employee gets. Last day to file taxes 2014   To apply either exception, do not consider employees who were denied insurance for any of the following reasons. Last day to file taxes 2014 They were 65 or older. Last day to file taxes 2014 They customarily work 20 hours or less a week or 5 months or less in a calendar year. Last day to file taxes 2014 They have not been employed for the waiting period given in the policy. Last day to file taxes 2014 This waiting period cannot be more than 6 months. Last day to file taxes 2014 Exclusion from wages. Last day to file taxes 2014   You can generally exclude the cost of up to $50,000 of group-term life insurance from the wages of an insured employee. Last day to file taxes 2014 You can exclude the same amount from the employee's wages when figuring social security and Medicare taxes. Last day to file taxes 2014 In addition, you do not have to withhold federal income tax or pay FUTA tax on any group-term life insurance you provide to an employee. Last day to file taxes 2014 Coverage over the limit. Last day to file taxes 2014   You must include in your employee's wages the cost of group-term life insurance beyond $50,000 worth of coverage, reduced by the amount the employee paid toward the insurance. Last day to file taxes 2014 Report it as wages in boxes 1, 3, and 5 of the employee's Form W-2. Last day to file taxes 2014 Also, show it in box 12 with code “C. Last day to file taxes 2014 ” The amount is subject to social security and Medicare taxes, and you may, at your option, withhold federal income tax. Last day to file taxes 2014   Figure the monthly cost of the insurance to include in the employee's wages by multiplying the number of thousands of dollars of all insurance coverage over $50,000 (figured to the nearest $100) by the cost shown in Table 2-2. Last day to file taxes 2014 For all coverage provided within the calendar year, use the employee's age on the last day of the employee's tax year. Last day to file taxes 2014 You must prorate the cost from the table if less than a full month of coverage is involved. Last day to file taxes 2014 Table 2-2. Last day to file taxes 2014 Cost Per $1,000 of Protection For 1 Month Age Cost Under 25 $ . Last day to file taxes 2014 05 25 through 29 . Last day to file taxes 2014 06 30 through 34 . Last day to file taxes 2014 08 35 through 39 . Last day to file taxes 2014 09 40 through 44 . Last day to file taxes 2014 10 45 through 49 . Last day to file taxes 2014 15 50 through 54 . Last day to file taxes 2014 23 55 through 59 . Last day to file taxes 2014 43 60 through 64 . Last day to file taxes 2014 66 65 through 69 1. Last day to file taxes 2014 27 70 and older 2. Last day to file taxes 2014 06 You figure the total cost to include in the employee's wages by multiplying the monthly cost by the number of full months' coverage at that cost. Last day to file taxes 2014 Example. Last day to file taxes 2014 Tom's employer provides him with group-term life insurance coverage of $200,000. Last day to file taxes 2014 Tom is 45 years old, is not a key employee, and pays $100 per year toward the cost of the insurance. Last day to file taxes 2014 Tom's employer must include $170 in his wages. Last day to file taxes 2014 The $200,000 of insurance coverage is reduced by $50,000. Last day to file taxes 2014 The yearly cost of $150,000 of coverage is $270 ($. Last day to file taxes 2014 15 x 150 x 12), and is reduced by the $100 Tom pays for the insurance. Last day to file taxes 2014 The employer includes $170 in boxes 1, 3, and 5 of Tom's Form W-2. Last day to file taxes 2014 The employer also enters $170 in box 12 with code “C. Last day to file taxes 2014 ” Coverage for dependents. Last day to file taxes 2014   Group-term life insurance coverage paid by the employer for the spouse or dependents of an employee may be excludable from income as a de minimis fringe benefit if the face amount is not more than $2,000. Last day to file taxes 2014 If the face amount is greater than $2,000, the entire cost of the dependent coverage must be included in income unless the amount over $2,000 is purchased with employee contributions on an after-tax basis. Last day to file taxes 2014 The cost of the insurance is determined by using Table 2-2. Last day to file taxes 2014 Former employees. Last day to file taxes 2014   When group-term life insurance over $50,000 is provided to an employee (including retirees) after his or her termination, the employee share of social security and Medicare taxes on that period of coverage is paid by the former employee with his or her tax return and is not collected by the employer. Last day to file taxes 2014 You are not required to collect those taxes. Last day to file taxes 2014 Use the table above to determine the amount of social security and Medicare taxes owed by the former employee for coverage provided after separation from service. Last day to file taxes 2014 Report those uncollected amounts separately in box 12 of Form W-2 using codes “M” and “N. Last day to file taxes 2014 ” See the General Instructions for Forms W-2 and W-3 and the Instructions for Form 941. Last day to file taxes 2014 Exception for key employees. Last day to file taxes 2014   Generally, if your group-term life insurance plan favors key employees as to participation or benefits, you must include the entire cost of the insurance in your key employees' wages. Last day to file taxes 2014 This exception generally does not apply to church plans. Last day to file taxes 2014 When figuring social security and Medicare taxes, you must also include the entire cost in the employees' wages. Last day to file taxes 2014 Include the cost in boxes 1, 3, and 5 of Form W-2. Last day to file taxes 2014 However, you do not have to withhold federal income tax or pay FUTA tax on the cost of any group-term life insurance you provide to an employee. Last day to file taxes 2014   For this purpose, the cost of the insurance is the greater of the following amounts. Last day to file taxes 2014 The premiums you pay for the employee's insurance. Last day to file taxes 2014 See Regulations section 1. Last day to file taxes 2014 79-4T(Q&A 6) for more information. Last day to file taxes 2014 The cost you figure using Table 2-2. Last day to file taxes 2014   For this exclusion, a key employee during 2014 is an employee or former employee who is one of the following individuals. Last day to file taxes 2014 See section 416(i) of the Internal Revenue Code for more information. Last day to file taxes 2014 An officer having annual pay of more than $170,000. Last day to file taxes 2014 An individual who for 2014 was either of the following. Last day to file taxes 2014 A 5% owner of your business. Last day to file taxes 2014 A 1% owner of your business whose annual pay was more than $150,000. Last day to file taxes 2014   A former employee who was a key employee upon retirement or separation from service is also a key employee. Last day to file taxes 2014   Your plan does not favor key employees as to participation if at least one of the following is true. Last day to file taxes 2014 It benefits at least 70% of your employees. Last day to file taxes 2014 At least 85% of the participating employees are not key employees. Last day to file taxes 2014 It benefits employees who qualify under a set of rules you set up that do not favor key employees. Last day to file taxes 2014   Your plan meets this participation test if it is part of a cafeteria plan (discussed in section 1) and it meets the participation test for those plans. Last day to file taxes 2014   When applying this test, do not consider employees who: Have not completed 3 years of service, Are part-time or seasonal, Are nonresident aliens who receive no U. Last day to file taxes 2014 S. Last day to file taxes 2014 source earned income from you, or Are not included in the plan but are in a unit of employees covered by a collective bargaining agreement, if the benefits provided under the plan were the subject of good-faith bargaining between you and employee representatives. Last day to file taxes 2014   Your plan does not favor key employees as to benefits if all benefits available to participating key employees are also available to all other participating employees. Last day to file taxes 2014 Your plan does not favor key employees just because the amount of insurance you provide to your employees is uniformly related to their pay. Last day to file taxes 2014 S corporation shareholders. Last day to file taxes 2014   Because you cannot treat a 2% shareholder of an S corporation as an employee for this exclusion, you must include the cost of all group-term life insurance coverage you provide the 2% shareholder in his or her wages. Last day to file taxes 2014 When figuring social security and Medicare taxes, you must also include the cost of this coverage in the 2% shareholder's wages. Last day to file taxes 2014 Include the cost in boxes 1, 3, and 5 of Form W-2. Last day to file taxes 2014 However, you do not have to withhold federal income tax or pay federal unemployment tax on the cost of any group-term life insurance coverage you provide to the 2% shareholder. Last day to file taxes 2014 Health Savings Accounts A Health Savings Account (HSA) is an account owned by a qualified individual who is generally your employee or former employee. Last day to file taxes 2014 Any contributions that you make to an HSA become the employee's property and cannot be withdrawn by you. Last day to file taxes 2014 Contributions to the account are used to pay current or future medical expenses of the account owner, his or her spouse, and any qualified dependent. Last day to file taxes 2014 The medical expenses must not be reimbursable by insurance or other sources and their payment from HSA funds (distribution) will not give rise to a medical expense deduction on the individual's federal income tax return. Last day to file taxes 2014 For more information about HSAs, visit the Department of Treasury's website at www. Last day to file taxes 2014 treasury. Last day to file taxes 2014 gov and enter “HSA” in the search box. Last day to file taxes 2014 Eligibility. Last day to file taxes 2014   A qualified individual must be covered by a High Deductible Health Plan (HDHP) and not be covered by other health insurance except for permitted insurance listed under section 223(c)(3) or insurance for accidents, disability, dental care, vision care, or long-term care. Last day to file taxes 2014 For calendar year 2014, a qualifying HDHP must have a deductible of at least $1,250 for self-only coverage or $2,500 for family coverage and must limit annual out-of-pocket expenses of the beneficiary to $6,350 for self-only coverage and $12,700 for family coverage. Last day to file taxes 2014   There are no income limits that restrict an individual's eligibility to contribute to an HSA nor is there a requirement that the account owner have earned income to make a contribution. Last day to file taxes 2014 Exceptions. Last day to file taxes 2014   An individual is not a qualified individual if he or she can be claimed as a dependent on another person's tax return. Last day to file taxes 2014 Also, an employee's participation in a health flexible spending arrangement (FSA) or health reimbursement arrangement (HRA) generally disqualifies the individual (and employer) from making contributions to his or her HSA. Last day to file taxes 2014 However, an individual may qualify to participate in an HSA if he or she is participating in only a limited-purpose FSA or HRA or a post-deductible FSA. Last day to file taxes 2014 For more information, see Other employee health plans in Publication 969. Last day to file taxes 2014 Employer contributions. Last day to file taxes 2014   Up to specified dollar limits, cash contributions to the HSA of a qualified individual (determined monthly) are exempt from federal income tax withholding, social security tax, Medicare tax, and FUTA tax. Last day to file taxes 2014 For 2014, you can contribute up to $3,300 for self-only coverage or $6,550 for family coverage to a qualified individual's HSA. Last day to file taxes 2014   The contribution amounts listed above are increased by $1,000 for a qualified individual who is age 55 or older at any time during the year. Last day to file taxes 2014 For two qualified individuals who are married to each other and who each are age 55 or older at any time during the year, each spouse's contribution limit is increased by $1,000 provided each spouse has a separate HSA. Last day to file taxes 2014 No contributions can be made to an individual's HSA after he or she becomes enrolled in Medicare Part A or Part B. Last day to file taxes 2014 Nondiscrimination rules. Last day to file taxes 2014    Your contribution amount to an employee's HSA must be comparable for all employees who have comparable coverage during the same period. Last day to file taxes 2014 Otherwise, there will be an excise tax equal to 35% of the amount you contributed to all employees' HSAs. Last day to file taxes 2014   For guidance on employer comparable contributions to HSAs under section 4980G in instances where an employee has not established an HSA by December 31 and in instances where an employer accelerates contributions for the calendar year for employees who have incurred qualified medical expenses, see Regulations section 54. Last day to file taxes 2014 4980G-4. Last day to file taxes 2014 Exception. Last day to file taxes 2014   The Tax Relief and Health Care Act of 2006 allows employers to make larger HSA contributions for a nonhighly compensated employee than for a highly compensated employee. Last day to file taxes 2014 A highly compensated employee for 2014 is an employee who meets either of the following tests. Last day to file taxes 2014 The employee was a 5% owner at any time during the year or the preceding year. Last day to file taxes 2014 The employee received more than $115,000 in pay for the preceding year. Last day to file taxes 2014 You can choose to ignore test (2) if the employee was not also in the top 20% of employees when ranked by pay for the preceding year. Last day to file taxes 2014 Partnerships and S corporations. Last day to file taxes 2014   Partners and 2% shareholders of an S corporation are not eligible for salary reduction (pre-tax) contributions to an HSA. Last day to file taxes 2014 Employer contributions to the HSA of a bona fide partner or 2% shareholder are treated as distributions or guaranteed payments as determined by the facts and circumstances. Last day to file taxes 2014 Cafeteria plans. Last day to file taxes 2014   You may contribute to an employee's HSA using a cafeteria plan and your contributions are not subject to the statutory comparability rules. Last day to file taxes 2014 However, cafeteria plan nondiscrimination rules still apply. Last day to file taxes 2014 For example, contributions under a cafeteria plan to employee HSAs cannot be greater for higher-paid employees than they are for lower-paid employees. Last day to file taxes 2014 Contributions that favor lower-paid employees are not prohibited. Last day to file taxes 2014 Reporting requirements. Last day to file taxes 2014   You must report your contributions to an employee's HSA in box 12 of Form W-2 using code “W. Last day to file taxes 2014 ” The trustee or custodian of the HSA, generally a bank or insurance company, reports distributions from the HSA using Form 1099-SA, Distributions From an HSA, Archer MSA, or Medicare Advantage MSA. Last day to file taxes 2014 Lodging on Your Business Premises You can exclude the value of lodging you furnish to an employee from the employee's wages if it meets the following tests. Last day to file taxes 2014 It is furnished on your business premises. Last day to file taxes 2014 It is furnished for your convenience. Last day to file taxes 2014 The employee must accept it as a condition of employment. Last day to file taxes 2014 Different tests may apply to lodging furnished by educational institutions. Last day to file taxes 2014 See section 119(d) of the Internal Revenue Code for details. Last day to file taxes 2014 The exclusion does not apply if you allow your employee to choose to receive additional pay instead of lodging. Last day to file taxes 2014 On your business premises. Last day to file taxes 2014   For this exclusion, your business premises is generally your employee's place of work. Last day to file taxes 2014 For special rules that apply to lodging furnished in a camp located in a foreign country, see section 119(c) of the Internal Revenue Code and its regulations. Last day to file taxes 2014 For your convenience. Last day to file taxes 2014   Whether or not you furnish lodging for your convenience as an employer depends on all the facts and circumstances. Last day to file taxes 2014 You furnish the lodging to your employee for your convenience if you do this for a substantial business reason other than to provide the employee with additional pay. Last day to file taxes 2014 This is true even if a law or an employment contract provides that the lodging is furnished as pay. Last day to file taxes 2014 However, a written statement that the lodging is furnished for your convenience is not sufficient. Last day to file taxes 2014 Condition of employment. Last day to file taxes 2014   Lodging meets this test if you require your employees to accept the lodging because they need to live on your business premises to be able to properly perform their duties. Last day to file taxes 2014 Examples include employees who must be available at all times and employees who could not perform their required duties without being furnished the lodging. Last day to file taxes 2014   It does not matter whether you must furnish the lodging as pay under the terms of an employment contract or a law fixing the terms of employment. Last day to file taxes 2014 Example. Last day to file taxes 2014 A hospital gives Joan, an employee of the hospital, the choice of living at the hospital free of charge or living elsewhere and receiving a cash allowance in addition to her regular salary. Last day to file taxes 2014 If Joan chooses to live at the hospital, the hospital cannot exclude the value of the lodging from her wages because she is not required to live at the hospital to properly perform the duties of her employment. Last day to file taxes 2014 S corporation shareholders. Last day to file taxes 2014   For this exclusion, do not treat a 2% shareholder of an S corporation as an employee of the corporation. Last day to file taxes 2014 A 2% shareholder is someone who directly or indirectly owns (at any time during the year) more than 2% of the corporation's stock or stock with more than 2% of the voting power. Last day to file taxes 2014 Treat a 2% shareholder as you would a partner in a partnership for fringe benefit purposes, but do not treat the benefit as a reduction in distributions to the 2% shareholder. Last day to file taxes 2014 Meals This section discusses the exclusion rules that apply to de minimis meals and meals on your business premises. Last day to file taxes 2014 De Minimis Meals You can exclude any occasional meal or meal money you provide to an employee if it has so little value (taking into account how frequently you provide meals to your employees) that accounting for it would be unreasonable or administratively impracticable. Last day to file taxes 2014 The exclusion applies, for example, to the following items. Last day to file taxes 2014 Coffee, doughnuts, or soft drinks. Last day to file taxes 2014 Occasional meals or meal money provided to enable an employee to work overtime. Last day to file taxes 2014 However, the exclusion does not apply to meal money figured on the basis of hours worked. Last day to file taxes 2014 Occasional parties or picnics for employees and their guests. Last day to file taxes 2014 This exclusion also applies to meals you provide at an employer-operated eating facility for employees if the annual revenue from the facility equals or exceeds the direct costs of the facility. Last day to file taxes 2014 For this purpose, your revenue from providing a meal is considered equal to the facility's direct operating costs to provide that meal if its value can be excluded from an employee's wages as explained under Meals on Your Business Premises , later. Last day to file taxes 2014 If food or beverages you furnish to employees qualify as a de minimis benefit, you can deduct their full cost. Last day to file taxes 2014 The 50% limit on deductions for the cost of meals does not apply. Last day to file taxes 2014 The deduction limit on meals is discussed in chapter 2 of Publication 535. Last day to file taxes 2014 Employee. Last day to file taxes 2014   For this exclusion, treat any recipient of a de minimis meal as
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Understanding your CP71C Notice

You received this notice to remind you of the amount you owe in tax, penalty and interest.

Printable samples of this notice (PDF)

Tax publications you may find useful

How to get help

Calling the 1-800 number listed on the top right corner of your notice is the fastest way to get your questions answered.

You can also authorize someone (such as an accountant) to contact the IRS on your behalf using this Power of Attorney and Declaration of Representative (Form 2848).

Or you may qualify for help from a Low Income Taxpayer Clinic.
 


What you need to do

  • Read your notice carefully — it will explain how much money you owe on your taxes.

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Answers to Common Questions

Am I charged interest on the money I owe?
Yes, interest accrues on your unpaid balance until you pay it in full.

Do I receive a penalty if I cannot pay the full amount?
Yes, you receive a late payment penalty.

What happens if I cannot pay the full amount I owe?
You can arrange to make a payment plan with us if you cannot pay the full amount you owe.

How can I set up a payment plan?
Call the toll-free number listed on the top right corner of your notice to discuss payment options or learn more about payment arrangements.


Tips for next year

Consider filing your taxes electronically. Filing online can help you avoid mistakes and find credits and deductions that you may qualify for. In many cases you can file for free. Learn more about e-file.

 

Page Last Reviewed or Updated: 06-Mar-2014

The Last Day To File Taxes 2014

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