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My free tax. My free tax.com com 6. My free tax.com Catch-Up Contributions Table of Contents The most that can be contributed to your 403(b) account is the lesser of your limit on annual additions or your limit on elective deferrals. My free tax.com If you will be age 50 or older by the end of the year, you may also be able to make additional catch-up contributions. My free tax.com These additional contributions cannot be made with after-tax employee contributions. My free tax.com You are eligible to make catch-up contributions if: You will have reached age 50 by the end of the year, and The maximum amount of elective deferrals that can be made to your 403(b) account have been made for the plan year. My free tax.com The maximum amount of catch-up contributions is the lesser of: $5,500 for 2013 and unchanged for 2014, or The excess of your compensation for the year, over the elective deferrals that are not catch-up contributions. My free tax.com Figuring catch-up contributions. My free tax.com When figuring allowable catch-up contributions, combine all catch-up contributions made by your employer on your behalf to the following plans. My free tax.com Qualified retirement plans. My free tax.com (To determine if your plan is a qualified plan, ask your plan administrator. My free tax.com ) 403(b) plans. My free tax.com Simplified employee pension (SEP) plans. My free tax.com SIMPLE plans. My free tax.com The total amount of the catch-up contributions on your behalf to all plans maintained by your employer cannot be more than the annual limit. My free tax.com For 2013 the limit is $5,500, unchanged for 2014. My free tax.com If you are eligible for both the 15-year rule increase in elective deferrals and the age 50 catch-up, allocate amounts first under the 15-year rule and next as an age 50 catch-up. My free tax.com Catch-up contributions do not affect your MAC. My free tax.com Therefore, the maximum amount that you are allowed to have contributed to your 403(b) account is your MAC plus your allowable catch-up contribution. My free tax.com You can use Worksheet C in chapter 9 to figure your limit on catch-up contributions. My free tax.com Prev Up Next Home More Online Publications
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My free tax. My free tax.com com 3. My free tax.com Adjustments to Income Table of Contents Individual Retirement Arrangement (IRA) Contributions and DeductionsContributions to Kay Bailey Hutchison Spousal IRAs. My free tax.com Deductible contribution. My free tax.com Nondeductible contribution. My free tax.com You may be able to subtract amounts from your total income (Form 1040, line 22 or Form 1040A, line 15) or total effectively connected income (Form 1040NR, line 23) to get your adjusted gross income (Form 1040, line 37; Form 1040A, line 21; or Form 1040NR, line 36). My free tax.com Some adjustments to income follow. My free tax.com Contributions to your individual retirement arrangement (IRA) (Form 1040, line 32; Form 1040A, line 17; or Form 1040NR, line 32), explained later in this publication. My free tax.com Certain moving expenses (Form 1040, line 26; or Form 1040NR, line 26) if you changed job locations or started a new job in 2013. My free tax.com See Publication 521, Moving Expenses, or see Form 3903, Moving Expenses, and its instructions. My free tax.com Some health insurance costs (Form 1040, line 29 or Form 1040NR, line 29) if you were self-employed and had a net profit for the year, or if you received wages in 2013 from an S corporation in which you were a more-than-2% shareholder. My free tax.com For more details, see Publication 535, Business Expenses. My free tax.com Payments to your self-employed SEP, SIMPLE, or qualified plan (Form 1040, line 28 or Form 1040NR, line 28). My free tax.com For more information, including limits on how much you can deduct, see Publication 560, Retirement Plans for Small Business. My free tax.com Penalties paid on early withdrawal of savings (Form 1040, line 30 or Form 1040NR, line 30). My free tax.com Form 1099-INT, Interest Income, or Form 1099-OID, Original Issue Discount, will show the amount of any penalty you were charged. My free tax.com Alimony payments (Form 1040, line 31a). My free tax.com For more information, see Publication 504, Divorced or Separated Individuals. My free tax.com There are other items you can claim as adjustments to income. My free tax.com These adjustments are discussed in your tax return instructions. My free tax.com Individual Retirement Arrangement (IRA) Contributions and Deductions This section explains the tax treatment of amounts you pay into traditional IRAs. My free tax.com A traditional IRA is any IRA that is not a Roth or SIMPLE IRA. My free tax.com Roth and SIMPLE IRAs are defined earlier in the IRA discussion under Retirement Plan Distributions . My free tax.com For more detailed information, see Publication 590. My free tax.com Contributions. My free tax.com An IRA is a personal savings plan that offers you tax advantages to set aside money for your retirement. My free tax.com Two advantages of a traditional IRA are: You may be able to deduct some or all of your contributions to it, depending on your circumstances, and Generally, amounts in your IRA, including earnings and gains, are not taxed until distributed. My free tax.com Although interest earned from your traditional IRA generally is not taxed in the year earned, it is not tax-exempt interest. My free tax.com Do not report this interest on your tax return as tax-exempt interest. My free tax.com General limit. My free tax.com The most that can be contributed for 2013 to your traditional IRA is the smaller of the following amounts. My free tax.com Your taxable compensation for the year, or $5,500 ($6,500 if you were age 50 or older by the end of 2013). My free tax.com Contributions to Kay Bailey Hutchison Spousal IRAs. My free tax.com In the case of a married couple filing a joint return for 2013, up to $5,500 ($6,500 for each spouse age 50 or older by the end of 2013) can be contributed to IRAs on behalf of each spouse, even if one spouse has little or no compensation. My free tax.com For more information on the general limit and the Kay Bailey Hutchison Spousal IRA limit, see How Much Can Be Contributed? in Publication 590. My free tax.com Deductible contribution. My free tax.com Generally, you can deduct the lesser of the contributions to your traditional IRA for the year or the general limit (or Kay Bailey Hutchison Spousal IRA limit, if applicable) just explained. My free tax.com However, if you or your spouse was covered by an employer retirement plan at any time during the year for which contributions were made, you may not be able to deduct all of the contributions. My free tax.com Your deduction may be reduced or eliminated, depending on your filing status and the amount of your income. My free tax.com For more information, see Limit if Covered by Employer Plan in Publication 590. My free tax.com Nondeductible contribution. My free tax.com The difference between your total permitted contributions and your IRA deduction, if any, is your nondeductible contribution. My free tax.com You must file Form 8606, Nondeductible IRAs, to report nondeductible contributions even if you do not have to file a tax return for the year. My free tax.com For 2014, the most that can be contributed to your traditional IRA is $5,500 ($6,500 if you are age 50 or older at the end of 2014). My free tax.com Prev Up Next Home More Online Publications