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Myfreetaxes Com Sandiego

Myfreetaxes com sandiego 6. Myfreetaxes com sandiego   Tip Income Table of Contents Introduction Useful Items - You may want to see: Keeping a Daily Tip RecordElectronic tip record. Myfreetaxes com sandiego Reporting Tips to Your EmployerElectronic tip statement. Myfreetaxes com sandiego Final report. Myfreetaxes com sandiego Reporting Tips on Your Tax Return Allocated Tips Introduction This chapter is for employees who receive tips. Myfreetaxes com sandiego All tips you receive are income and are subject to federal income tax. Myfreetaxes com sandiego You must include in gross income all tips you receive directly, charged tips paid to you by your employer, and your share of any tips you receive under a tip-splitting or tip-pooling arrangement. Myfreetaxes com sandiego The value of noncash tips, such as tickets, passes, or other items of value, is also income and subject to tax. Myfreetaxes com sandiego Reporting your tip income correctly is not difficult. Myfreetaxes com sandiego You must do three things. Myfreetaxes com sandiego Keep a daily tip record. Myfreetaxes com sandiego Report tips to your employer. Myfreetaxes com sandiego Report all your tips on your income tax return. Myfreetaxes com sandiego  This chapter will explain these three things and show you what to do on your tax return if you have not done the first two. Myfreetaxes com sandiego This chapter will also show you how to treat allocated tips. Myfreetaxes com sandiego For information on special tip programs and agreements, see Publication 531. Myfreetaxes com sandiego Useful Items - You may want to see: Publication 531 Reporting Tip Income 1244 Employee's Daily Record of Tips and Report to Employer Form (and Instructions) 4137 Social Security and Medicare Tax on Unreported Tip Income 4070 Employee's Report of Tips to Employer Keeping a Daily Tip Record Why keep a daily tip record. Myfreetaxes com sandiego   You must keep a daily tip record so you can: Report your tips accurately to your employer, Report your tips accurately on your tax return, and Prove your tip income if your return is ever questioned. Myfreetaxes com sandiego How to keep a daily tip record. Myfreetaxes com sandiego   There are two ways to keep a daily tip record. Myfreetaxes com sandiego You can either: Write information about your tips in a tip diary, or Keep copies of documents that show your tips, such as restaurant bills and credit or debit card charge slips. Myfreetaxes com sandiego You should keep your daily tip record with your tax or other personal records. Myfreetaxes com sandiego You must keep your records for as long as they are important for administration of the federal tax law. Myfreetaxes com sandiego For information on how long to keep records, see How long to keep records in chapter 1. Myfreetaxes com sandiego    If you keep a tip diary, you can use Form 4070A, Employee's Daily Record of Tips. Myfreetaxes com sandiego To get Form 4070A, ask the Internal Revenue Service (IRS) or your employer for Publication 1244. Myfreetaxes com sandiego Also, Publication 1244 is available online at www. Myfreetaxes com sandiego irs. Myfreetaxes com sandiego gov/pub/irs-pdf/p1244. Myfreetaxes com sandiego pdf. Myfreetaxes com sandiego Publication 1244 includes a 1-year supply of Form 4070A. Myfreetaxes com sandiego Each day, write in the information asked for on the form. Myfreetaxes com sandiego   In addition to the information asked for on Form 4070A, you also need to keep a record of the date and value of any noncash tips you get, such as tickets, passes, or other items of value. Myfreetaxes com sandiego Although you do not report these tips to your employer, you must report them on your tax return. Myfreetaxes com sandiego   If you do not use Form 4070A, start your records by writing your name, your employer's name, and the name of the business (if it is different from your employer's name). Myfreetaxes com sandiego Then, each workday, write the date and the following information. Myfreetaxes com sandiego Cash tips you get directly from customers or from other employees. Myfreetaxes com sandiego Tips from credit and debit card charge customers that your employer pays you. Myfreetaxes com sandiego The value of any noncash tips you get, such as tickets, passes, or other items of value. Myfreetaxes com sandiego The amount of tips you paid out to other employees through tip pools or tip splitting, or other arrangements, and the names of the employees to whom you paid the tips. Myfreetaxes com sandiego Electronic tip record. Myfreetaxes com sandiego   You can use an electronic system provided by your employer to record your daily tips. Myfreetaxes com sandiego If you do, you must receive and keep a paper copy of this record. Myfreetaxes com sandiego Service charges. Myfreetaxes com sandiego    Do not write in your tip diary the amount of any service charge that your employer adds to a customer's bill and then pays to you and treats as wages. Myfreetaxes com sandiego This is part of your wages, not a tip. Myfreetaxes com sandiego See examples below. Myfreetaxes com sandiego Example 1. Myfreetaxes com sandiego Good Food Restaurant adds an 18% charge to the bill for parties of 6 or more customers. Myfreetaxes com sandiego Jane’s bill for food and beverages for her party of 8 includes an amount on the tip line equal to 18% of the charges for food and beverages, and the total includes this amount. Myfreetaxes com sandiego Because Jane did not have an unrestricted right to determine the amount on the “tip line,” the 18% charge is considered a service charge. Myfreetaxes com sandiego Do not include the 18% charge in your tip diary. Myfreetaxes com sandiego Service charges that are paid to you are considered wages, not tips. Myfreetaxes com sandiego Example 2. Myfreetaxes com sandiego Good Food Restaurant also includes sample calculations of tip amounts at the bottom of its bills for food and beverages provided to customers. Myfreetaxes com sandiego David’s bill includes a blank “tip line,” with sample tip calculations of 15%, 18%, and 20% of his charges for food and beverages at the bottom of the bill beneath the signature line. Myfreetaxes com sandiego Because David is free to enter any amount on the “tip line” or leave it blank, any amount he includes is considered a tip. Myfreetaxes com sandiego Be sure to include this amount in your tip diary. Myfreetaxes com sandiego Reporting Tips to Your Employer Why report tips to your employer. Myfreetaxes com sandiego   You must report tips to your employer so that: Your employer can withhold federal income tax and social security, Medicare, Additional Medicare, or railroad retirement taxes, Your employer can report the correct amount of your earnings to the Social Security Administration or Railroad Retirement Board (which affects your benefits when you retire or if you become disabled, or your family's benefits if you die), and You can avoid the penalty for not reporting tips to your employer (explained later). Myfreetaxes com sandiego What tips to report. Myfreetaxes com sandiego   Report to your employer only cash, check, and debit and credit card tips you receive. Myfreetaxes com sandiego   If your total tips for any 1 month from any one job are less than $20, do not report the tips for that month to that employer. Myfreetaxes com sandiego   If you participate in a tip-splitting or tip-pooling arrangement, report only the tips you receive and retain. Myfreetaxes com sandiego Do not report to your employer any portion of the tips you receive that you pass on to other employees. Myfreetaxes com sandiego However, you must report tips you receive from other employees. Myfreetaxes com sandiego    Do not report the value of any noncash tips, such as tickets or passes, to your employer. Myfreetaxes com sandiego You do not pay social security, Medicare, Additional Medicare or railroad retirement taxes on these tips. Myfreetaxes com sandiego How to report. Myfreetaxes com sandiego    If your employer does not give you any other way to report tips, you can use Form 4070. Myfreetaxes com sandiego Fill in the information asked for on the form, sign and date the form, and give it to your employer. Myfreetaxes com sandiego To get a 1-year supply of the form, ask the IRS or your employer for Publication 1244. Myfreetaxes com sandiego   If you do not use Form 4070, give your employer a statement with the following information. Myfreetaxes com sandiego Your name, address, and social security number. Myfreetaxes com sandiego Your employer's name, address, and business name (if it is different from your employer's name). Myfreetaxes com sandiego The month (or the dates of any shorter period) in which you received tips. Myfreetaxes com sandiego The total tips required to be reported for that period. Myfreetaxes com sandiego You must sign and date the statement. Myfreetaxes com sandiego Be sure to keep a copy with your tax or other personal records. Myfreetaxes com sandiego   Your employer may require you to report your tips more than once a month. Myfreetaxes com sandiego However, the statement cannot cover a period of more than 1 calendar month. Myfreetaxes com sandiego Electronic tip statement. Myfreetaxes com sandiego   Your employer can have you furnish your tip statements electronically. Myfreetaxes com sandiego When to report. Myfreetaxes com sandiego   Give your report for each month to your employer by the 10th of the next month. Myfreetaxes com sandiego If the 10th falls on a Saturday, Sunday, or legal holiday, give your employer the report by the next day that is not a Saturday, Sunday, or legal holiday. Myfreetaxes com sandiego Example. Myfreetaxes com sandiego You must report your tips received in September 2014 by October 10, 2014. Myfreetaxes com sandiego Final report. Myfreetaxes com sandiego   If your employment ends during the month, you can report your tips when your employment ends. Myfreetaxes com sandiego Penalty for not reporting tips. Myfreetaxes com sandiego   If you do not report tips to your employer as required, you may be subject to a penalty equal to 50% of the social security, Medicare, and Additional Medicare taxes or railroad retirement tax you owe on the unreported tips. Myfreetaxes com sandiego (For information about these taxes, see Reporting social security, Medicare, Additional Medicare, or railroad retirement taxes on tips not reported to your employer under Reporting Tips on Your Tax Return, later. Myfreetaxes com sandiego ) The penalty amount is in addition to the taxes you owe. Myfreetaxes com sandiego   You can avoid this penalty if you can show reasonable cause for not reporting the tips to your employer. Myfreetaxes com sandiego To do so, attach a statement to your return explaining why you did not report them. Myfreetaxes com sandiego Giving your employer money for taxes. Myfreetaxes com sandiego   Your regular pay may not be enough for your employer to withhold all the taxes you owe on your regular pay plus your reported tips. Myfreetaxes com sandiego If this happens, you can give your employer money until the close of the calendar year to pay the rest of the taxes. Myfreetaxes com sandiego   If you do not give your employer enough money, your employer will apply your regular pay and any money you give in the following order. Myfreetaxes com sandiego All taxes on your regular pay. Myfreetaxes com sandiego Social security, Medicare, and Additional Medicare taxes or railroad retirement taxes on your reported tips. Myfreetaxes com sandiego Federal, state, and local income taxes on your reported tips. Myfreetaxes com sandiego    Any taxes that remain unpaid can be collected by your employer from your next paycheck. Myfreetaxes com sandiego If withholding taxes remain uncollected at the end of the year, you may be subject to a penalty for underpayment of estimated taxes. Myfreetaxes com sandiego See Publication 505, Tax Withholding and Estimated Tax, for more information. Myfreetaxes com sandiego    Uncollected taxes. Myfreetaxes com sandiego You must report on your tax return any social security and Medicare taxes or railroad retirement tax that remained uncollected at the end of 2013. Myfreetaxes com sandiego These uncollected taxes will be shown on your 2013 Form W-2. Myfreetaxes com sandiego See Reporting uncollected social security, Medicare, or railroad retirement taxes on tips reported to your employer under Reporting Tips on Your Tax Return, later. Myfreetaxes com sandiego Reporting Tips on Your Tax Return How to report tips. Myfreetaxes com sandiego    Report your tips with your wages on Form 1040, line 7; Form 1040A, line 7; or Form 1040EZ, line 1. Myfreetaxes com sandiego What tips to report. Myfreetaxes com sandiego   You must report all tips you received in 2013 on your tax return, including both cash tips and noncash tips. Myfreetaxes com sandiego Any tips you reported to your employer for 2013 are included in the wages shown in box 1 of your Form W-2. Myfreetaxes com sandiego Add to the amount in box 1 only the tips you did not report to your employer. Myfreetaxes com sandiego    If you received $20 or more in cash and charge tips in a month and did not report all of those tips to your employer, see Reporting social security, Medicare, Additional Medicare, or railroad retirement taxes on tips not reported to your employer, later. Myfreetaxes com sandiego    If you did not keep a daily tip record as required and an amount is shown in box 8 of your Form W-2, see Allocated Tips, later. Myfreetaxes com sandiego   If you kept a daily tip record and reported tips to your employer as required under the rules explained earlier, add the following tips to the amount in box 1 of your Form W-2. Myfreetaxes com sandiego Cash and charge tips you received that totaled less than $20 for any month. Myfreetaxes com sandiego The value of noncash tips, such as tickets, passes, or other items of value. Myfreetaxes com sandiego Example. Myfreetaxes com sandiego Ben Smith began working at the Blue Ocean Restaurant (his only employer in 2013) on June 30 and received $10,000 in wages during the year. Myfreetaxes com sandiego Ben kept a daily tip record showing that his tips for June were $18 and his tips for the rest of the year totaled $7,000. Myfreetaxes com sandiego He was not required to report his June tips to his employer, but he reported all of the rest of his tips to his employer as required. Myfreetaxes com sandiego Ben's Form W-2 from Blue Ocean Restaurant shows $17,000 ($10,000 wages plus $7,000 reported tips) in box 1. Myfreetaxes com sandiego He adds the $18 unreported tips to that amount and reports $17,018 as wages on his tax return. Myfreetaxes com sandiego Reporting social security, Medicare, Additional Medicare, or railroad retirement taxes on tips not reported to your employer. Myfreetaxes com sandiego    If you received $20 or more in cash and charge tips in a month from any one job and did not report all of those tips to your employer, you must report the social security, Medicare, and Additional Medicare taxes on the unreported tips as additional tax on your return. Myfreetaxes com sandiego To report these taxes, you must file a return even if you would not otherwise have to file. Myfreetaxes com sandiego You must use Form 1040. Myfreetaxes com sandiego (You cannot file Form 1040EZ or Form 1040A. Myfreetaxes com sandiego )    Use Form 4137 to figure social security and Medicare taxes. Myfreetaxes com sandiego Enter the tax on your return as instructed, and attach the completed Form 4137 to your return. Myfreetaxes com sandiego Use Form 8959 to figure Additional Medicare Tax. Myfreetaxes com sandiego    If you are subject to the Railroad Retirement Tax Act, you cannot use Form 4137 to pay railroad retirement tax on unreported tips. Myfreetaxes com sandiego To get railroad retirement credit, you must report tips to your employer. Myfreetaxes com sandiego Reporting uncollected social security, Medicare, or railroad retirement taxes on tips reported to your employer. Myfreetaxes com sandiego   You may have uncollected taxes if your regular pay was not enough for your employer to withhold all the taxes you owe and you did not give your employer enough money to pay the rest of the taxes. Myfreetaxes com sandiego For more information, see Giving your employer money for taxes , under Reporting Tips to Your Employer, earlier. Myfreetaxes com sandiego   If your employer could not collect all the social security and Medicare taxes or railroad retirement tax you owe on tips reported for 2013, the uncollected taxes will be shown in box 12 of your Form W-2 (codes A and B). Myfreetaxes com sandiego You must report these amounts as additional tax on your return. Myfreetaxes com sandiego Unlike the uncollected portion of the regular (1. Myfreetaxes com sandiego 45%) Medicare tax, the uncollected Additional Medicare Tax is not reported in box 12 of Form W-2 with code B. Myfreetaxes com sandiego    To report these uncollected taxes, you must file a return even if you would not otherwise have to file. Myfreetaxes com sandiego You must report these taxes on Form 1040, line 60. Myfreetaxes com sandiego See the instructions for Form 1040, line 60. Myfreetaxes com sandiego (You cannot file Form 1040EZ or Form 1040A. Myfreetaxes com sandiego ) Allocated Tips If your employer allocated tips to you, they are shown separately in box 8 of your Form W-2. Myfreetaxes com sandiego They are not included in box 1 with your wages and reported tips. Myfreetaxes com sandiego If box 8 is blank, this discussion does not apply to you. Myfreetaxes com sandiego What are allocated tips. Myfreetaxes com sandiego   These are tips that your employer assigned to you in addition to the tips you reported to your employer for the year. Myfreetaxes com sandiego Your employer will have done this only if: You worked in an establishment (restaurant, cocktail lounge, or similar business) that must allocate tips to employees, and The tips you reported to your employer were less than your share of 8% of food and drink sales. Myfreetaxes com sandiego No income, social security, Medicare, Additional Medicare or railroad retirement taxes are withheld on allocated tips. Myfreetaxes com sandiego How were your allocated tips figured. Myfreetaxes com sandiego   The tips allocated to you are your share of an amount figured by subtracting the reported tips of all employees from 8% (or an approved lower rate) of food and drink sales (other than carryout sales and sales with a service charge of 10% or more). Myfreetaxes com sandiego Your share of that amount was figured using either a method provided by an employer-employee agreement or a method provided by IRS regulations based on employees' sales or hours worked. Myfreetaxes com sandiego For information about the exact allocation method used, ask your employer. Myfreetaxes com sandiego Must you report your allocated tips on your tax return. Myfreetaxes com sandiego   You must report all tips you received in 2013 on your tax return, including both cash tips and noncash tips. Myfreetaxes com sandiego Any tips you reported to your employer for 2013 are included in the wages shown in box 1 of your Form W-2. Myfreetaxes com sandiego Add to the amount in box 1 only the tips you did not report to your employer. Myfreetaxes com sandiego This should include any allocated tips shown in box 8 on your Form(s) W-2, unless you have adequate records to show that you received less tips in the year than the allocated figures. Myfreetaxes com sandiego   See What tips to report under Reporting Tips on Your Tax Return, and Keeping a Daily Tip Record , earlier. Myfreetaxes com sandiego How to report allocated tips. Myfreetaxes com sandiego   Report the amount in box 1 and the allocated tips in box 8 of your Form(s) W-2 as wages on Form 1040, line 7; Form 1040NR, line 8; or Form 1040NR-EZ, line 3. Myfreetaxes com sandiego (You cannot file Form 1040A or Form 1040EZ when you have allocated tips. Myfreetaxes com sandiego )    Because social security, Medicare, and Additional Medicare taxes were not withheld from the allocated tips, you must report those taxes as additional tax on your return. Myfreetaxes com sandiego Complete Form 4137, and include the allocated tips on line 1 of the form. Myfreetaxes com sandiego See Reporting social security, Medicare, Additional Medicare, or railroad retirement taxes on tips not reported to your employer under Reporting Tips on Your Tax Return, earlier. 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Myfreetaxes com sandiego IRAs and Other Retirement Plans Table of Contents 2002 ChangesSimplified Employee Pensions (SEPs) 403(b) Plans Later ChangeDeemed IRAs 2002 Changes Simplified Employee Pensions (SEPs) Contribution limit increased. Myfreetaxes com sandiego   For plan years beginning after December 31, 2001, the annual limit on the amount of employer contributions to a SEP increases to the lesser of the following amounts. Myfreetaxes com sandiego 25% of an eligible employee's compensation. Myfreetaxes com sandiego $40,000 (subject to cost-of-living adjustments after 2002). Myfreetaxes com sandiego Deduction limit. Myfreetaxes com sandiego   For years beginning after 2001, the following changes apply to the SEP deduction limit. Myfreetaxes com sandiego Elective deferrals (SARSEPs). Myfreetaxes com sandiego   Elective deferrals under a SARSEP are not subject to the deduction limit that applies to employer contributions. Myfreetaxes com sandiego Also, elective deferrals are not taken into account when figuring the amount you can deduct for employer contributions that are not elective deferrals. Myfreetaxes com sandiego Definition of compensation. Myfreetaxes com sandiego    Compensation for figuring the deduction for employer contributions includes elective deferrals under a SARSEP. Myfreetaxes com sandiego More information. Myfreetaxes com sandiego   For more information about SEPs, see Publication 560, Retirement Plans for Small Business. Myfreetaxes com sandiego 403(b) Plans Figuring catch-up contributions. Myfreetaxes com sandiego   When figuring allowable catch-up contributions, combine all contributions made by your employer on your behalf to the following plans. Myfreetaxes com sandiego Qualified retirement plans. Myfreetaxes com sandiego 403(b) plans. Myfreetaxes com sandiego Simplified employee pensions (SEP). Myfreetaxes com sandiego SIMPLE plans. Myfreetaxes com sandiego   The total amount of the catch-up contributions to all plans maintained by your employer cannot exceed the annual limit. Myfreetaxes com sandiego For 2002, the limit is $1,000. Myfreetaxes com sandiego Rollovers to and from 403(b) plans. Myfreetaxes com sandiego   If a distribution includes both pre-tax contributions and after-tax contributions, the portion of the distribution that is rolled over is treated as consisting first of pre-tax amounts (contributions and earnings that would be includible in income if no rollover occurred). Myfreetaxes com sandiego This means that if you roll over an amount that is at least as much as the pre-tax portion of the distribution, you do not have to include any of the distribution in income. Myfreetaxes com sandiego Years of service for church employees and ministers. Myfreetaxes com sandiego   If you are a minister or church employee, treat all of your years of service as an employee of a church or a convention or association of churches as years of service with one employer. Myfreetaxes com sandiego Prior law required church employees and ministers to figure years of service separately for each employer. Myfreetaxes com sandiego   As a minister or church employee, all contributions made to 403(b) plans on your behalf, as an employee of a church or a convention or association of churches, are considered made by one employer. Myfreetaxes com sandiego Foreign missionaries. Myfreetaxes com sandiego   If you are a foreign missionary, contributions to your 403(b) account will not be treated as exceeding the limit on annual additions if the contributions are not more than the greater of: $3,000, or Your includible compensation. Myfreetaxes com sandiego More information. Myfreetaxes com sandiego   For more information about 403(b) plans, see Publication 571, Tax-Sheltered Annuity Plans (403(b) Plans). Myfreetaxes com sandiego Later Change Deemed IRAs For plan years beginning after 2002, a qualified employer plan can provide for voluntary employee contributions to a separate account or annuity that is deemed to be an IRA. Myfreetaxes com sandiego For this purpose, a qualified employer plan includes a deferred compensation plan (section 457(b) plan) maintained by a state, a political subdivision of a state, or an agency or instrumentality of a state or political subdivision of a state. Myfreetaxes com sandiego The term qualified employer plan also includes: A qualified pension, profit-sharing, or stock bonus plan (section 401(a) plan), A qualified employee annuity plan (section 403(a) plan), and A tax-sheltered annuity plan (section 403(b) plan). Myfreetaxes com sandiego More information about IRAs can be found in Publication 590, Individual Retirement Arrangements (IRAs). Myfreetaxes com sandiego Prev  Up  Next   Home   More Online Publications