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New Tax

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New Tax

New tax 1. New tax   Definitions You Need To Know Table of Contents Other options. New tax Exception. New tax Certain terms used in this publication are defined below. New tax The same term used in another publication may have a slightly different meaning. New tax Annual additions. New tax   Annual additions are the total of all your contributions in a year, employee contributions (not including rollovers), and forfeitures allocated to a participant's account. New tax Annual benefits. New tax   Annual benefits are the benefits to be paid yearly in the form of a straight life annuity (with no extra benefits) under a plan to which employees do not contribute and under which no rollover contributions are made. New tax Business. New tax   A business is an activity in which a profit motive is present and economic activity is involved. New tax Service as a newspaper carrier under age 18 or as a public official is not a business. New tax Common-law employee. New tax   A common-law employee is any individual who, under common law, would have the status of an employee. New tax A leased employee can also be a common-law employee. New tax   A common-law employee is a person who performs services for an employer who has the right to control and direct the results of the work and the way in which it is done. New tax For example, the employer: Provides the employee's tools, materials, and workplace, and Can fire the employee. New tax   Common-law employees are not self-employed and cannot set up retirement plans for income from their work, even if that income is self-employment income for social security tax purposes. New tax For example, common-law employees who are ministers, members of religious orders, full-time insurance salespeople, and U. New tax S. New tax citizens employed in the United States by foreign governments cannot set up retirement plans for their earnings from those employments, even though their earnings are treated as self-employment income. New tax   However, an individual may be a common-law employee and a self-employed person as well. New tax For example, an attorney can be a corporate common-law employee during regular working hours and also practice law in the evening as a self-employed person. New tax In another example, a minister employed by a congregation for a salary is a common-law employee even though the salary is treated as self-employment income for social security tax purposes. New tax However, fees reported on Schedule C (Form 1040), Profit or Loss From Business, for performing marriages, baptisms, and other personal services are self-employment earnings for qualified plan purposes. New tax Compensation. New tax   Compensation for plan allocations is the pay a participant received from you for personal services for a year. New tax You can generally define compensation as including all the following payments. New tax Wages and salaries. New tax Fees for professional services. New tax Other amounts received (cash or noncash) for personal services actually rendered by an employee, including, but not limited to, the following items. New tax Commissions and tips. New tax Fringe benefits. New tax Bonuses. New tax   For a self-employed individual, compensation means the earned income, discussed later, of that individual. New tax   Compensation generally includes amounts deferred in the following employee benefit plans. New tax These amounts are elective deferrals. New tax Qualified cash or deferred arrangement (section 401(k) plan). New tax Salary reduction agreement to contribute to a tax-sheltered annuity (section 403(b) plan), a SIMPLE IRA plan, or a SARSEP. New tax Section 457 nonqualified deferred compensation plan. New tax Section 125 cafeteria plan. New tax   However, an employer can choose to exclude elective deferrals under the above plans from the definition of compensation. New tax The limit on elective deferrals is discussed in chapter 2 under Salary Reduction Simplified Employee Pension (SARSEP) and in chapter 4. New tax Other options. New tax   In figuring the compensation of a participant, you can treat any of the following amounts as the employee's compensation. New tax The employee's wages as defined for income tax withholding purposes. New tax The employee's wages you report in box 1 of Form W-2, Wage and Tax Statement. New tax The employee's social security wages (including elective deferrals). New tax   Compensation generally cannot include either of the following items. New tax Nontaxable reimbursements or other expense allowances. New tax Deferred compensation (other than elective deferrals). New tax SIMPLE plans. New tax   A special definition of compensation applies for SIMPLE plans. New tax See chapter 3. New tax Contribution. New tax   A contribution is an amount you pay into a plan for all those participating in the plan, including self-employed individuals. New tax Limits apply to how much, under the contribution formula of the plan, can be contributed each year for a participant. New tax Deduction. New tax   A deduction is the plan contributions you can subtract from gross income on your federal income tax return. New tax Limits apply to the amount deductible. New tax Earned income. New tax   Earned income is net earnings from self-employment, discussed later, from a business in which your services materially helped to produce the income. New tax   You can also have earned income from property your personal efforts helped create, such as royalties from your books or inventions. New tax Earned income includes net earnings from selling or otherwise disposing of the property, but it does not include capital gains. New tax It includes income from licensing the use of property other than goodwill. New tax   Earned income includes amounts received for services by self-employed members of recognized religious sects opposed to social security benefits who are exempt from self-employment tax. New tax   If you have more than one business, but only one has a retirement plan, only the earned income from that business is considered for that plan. New tax Employer. New tax   An employer is generally any person for whom an individual performs or did perform any service, of whatever nature, as an employee. New tax A sole proprietor is treated as his or her own employer for retirement plan purposes. New tax However, a partner is not an employer for retirement plan purposes. New tax Instead, the partnership is treated as the employer of each partner. New tax Highly compensated employee. New tax   A highly compensated employee is an individual who: Owned more than 5% of the interest in your business at any time during the year or the preceding year, regardless of how much compensation that person earned or received, or For the preceding year, received compensation from you of more than $115,000 (if the preceding year is 2012, 2013, or 2014) and, if you so choose, was in the top 20% of employees when ranked by compensation. New tax Leased employee. New tax   A leased employee who is not your common-law employee must generally be treated as your employee for retirement plan purposes if he or she does all the following. New tax Provides services to you under an agreement between you and a leasing organization. New tax Has performed services for you (or for you and related persons) substantially full time for at least 1 year. New tax Performs services under your primary direction or control. New tax Exception. New tax   A leased employee is not treated as your employee if all the following conditions are met. New tax Leased employees are not more than 20% of your non-highly compensated work force. New tax The employee is covered under the leasing organization's qualified pension plan. New tax The leasing organization's plan is a money purchase pension plan that has all the following provisions. New tax Immediate participation. New tax (This requirement does not apply to any individual whose compensation from the leasing organization in each plan year during the 4-year period ending with the plan year is less than $1,000. New tax ) Full and immediate vesting. New tax A nonintegrated employer contribution rate of at least 10% of compensation for each participant. New tax However, if the leased employee is your common-law employee, that employee will be your employee for all purposes, regardless of any pension plan of the leasing organization. New tax Net earnings from self-employment. New tax   For SEP and qualified plans, net earnings from self-employment is your gross income from your trade or business (provided your personal services are a material income-producing factor) minus allowable business deductions. New tax Allowable deductions include contributions to SEP and qualified plans for common-law employees and the deduction allowed for the deductible part of your self-employment tax. New tax   Net earnings from self-employment does not include items excluded from gross income (or their related deductions) other than foreign earned income and foreign housing cost amounts. New tax   For the deduction limits, earned income is net earnings for personal services actually rendered to the business. New tax You take into account the income tax deduction for the deductible part of self-employment tax and the deduction for contributions to the plan made on your behalf when figuring net earnings. New tax   Net earnings include a partner's distributive share of partnership income or loss (other than separately stated items, such as capital gains and losses). New tax It does not include income passed through to shareholders of S corporations. New tax Guaranteed payments to limited partners are net earnings from self-employment if they are paid for services to or for the partnership. New tax Distributions of other income or loss to limited partners are not net earnings from self-employment. New tax   For SIMPLE plans, net earnings from self-employment is the amount on line 4 of Short Schedule SE or line 6 of Long Schedule SE (Form 1040), Self-Employment Tax, before subtracting any contributions made to the SIMPLE plan for yourself. New tax Qualified plan. New tax   A qualified plan is a retirement plan that offers a tax-favored way to save for retirement. New tax You can deduct contributions made to the plan for your employees. New tax Earnings on these contributions are generally tax free until distributed at retirement. New tax Profit-sharing, money purchase, and defined benefit plans are qualified plans. New tax A 401(k) plan is also a qualified plan. New tax Participant. New tax   A participant is an eligible employee who is covered by your retirement plan. New tax See the discussions of the different types of plans for the definition of an employee eligible to participate in each type of plan. New tax Partner. New tax   A partner is an individual who shares ownership of an unincorporated trade or business with one or more persons. New tax For retirement plans, a partner is treated as an employee of the partnership. New tax Self-employed individual. New tax   An individual in business for himself or herself, and whose business is not incorporated, is self-employed. New tax Sole proprietors and partners are self-employed. New tax Self-employment can include part-time work. New tax   Not everyone who has net earnings from self-employment for social security tax purposes is self-employed for qualified plan purposes. New tax See Common-law employee and Net earnings from self-employment , earlier. New tax   In addition, certain fishermen may be considered self-employed for setting up a qualified plan. New tax See Publication 595, Capital Construction Fund for Commercial Fishermen, for the special rules used to determine whether fishermen are self-employed. New tax Sole proprietor. New tax   A sole proprietor is an individual who owns an unincorporated business by himself or herself, including a single member limited liability company that is treated as a disregarded entity for tax purposes. New tax For retirement plans, a sole proprietor is treated as both an employer and an employee. New tax Prev  Up  Next   Home   More Online Publications
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The New Tax

New tax 4. New tax   Limit on Elective Deferrals Table of Contents Excess elective deferrals. New tax General Limit 15-Year RuleYears of Service Figuring the Limit on Elective DeferralsExample The second and final component of MAC is the limit on elective deferrals. New tax This is a limit on the amount of contributions that can be made to your account through a salary reduction agreement. New tax A salary reduction agreement is an agreement between you and your employer that allows for a portion of your compensation to be directly invested in a 403(b) account on your behalf. New tax You can enter into more than one salary reduction agreement during a year. New tax More than one 403(b) account. New tax If, for any year, elective deferrals are contributed to more than one 403(b) account for you (whether or not with the same employer), you must combine all the elective deferrals to determine whether the total is more than the limit for that year. New tax 403(b) plan and another retirement plan. New tax If, during the year, contributions in the form of elective deferrals are made to other retirement plans on your behalf, you must combine all of the elective deferrals to determine if they are more than your limit on elective deferrals. New tax The limit on elective deferrals applies to amounts contributed to: 401(k) plans, to the extent excluded from income, Roth contribution programs, Section 501(c)(18) plans, to the extent excluded from income, Savings incentive match plan for employees (SIMPLE plans), Simplified employee pension (SEP) plans, and All 403(b) plans. New tax Roth contribution program. New tax   Your 403(b) plan may allow you to designate all or a portion of your elective deferrals as Roth contributions. New tax Elective deferrals designated as Roth contributions must be maintained in a separate Roth account and are not excludable from your gross income. New tax   The maximum amount of contributions allowed under a Roth contribution program is your limit on elective deferrals, less your elective deferrals not designated as Roth contributions. New tax For more information on the Roth contribution program, see Publication 560, Retirement Plans for Small Business. New tax Excess elective deferrals. New tax   If the amount contributed is more than the allowable limit, you must include the excess that is not a Roth contribution in your gross income for the year contributed. New tax General Limit Under the general limit on elective deferrals, the most that can be contributed to your 403(b) account through a salary reduction agreement is $17,500 for 2013 and 2014. New tax This limit applies without regard to community property laws. New tax 15-Year Rule If you have at least 15 years of service with an educational organization (such as a public or private school), hospital, home health service agency, health and welfare service agency, church, or convention or association of churches (or associated organization), the limit on elective deferrals to your 403(b) account is increased by the least of: $3,000, $15,000, reduced by the sum of: The additional pre-tax elective deferrals made in prior years because of this rule, plus The aggregate amount of designated Roth contributions permitted for prior years because of this rule, or $5,000 times the number of your years of service for the organization, minus the total elective deferrals made by your employer on your behalf for earlier years. New tax If you qualify for the 15-year rule, your elective deferrals under this limit can be as high as $20,500 for 2013 and 2014. New tax To determine whether you have 15 years of service with your employer, see Years of Service , next. New tax Years of Service To determine if you are eligible for the increased limit on elective deferrals, you will first need to figure your years of service. New tax How you figure your years of service depends on whether you were a full-time or a part-time employee, whether you worked for the full year or only part of the year, and whether you have worked for your employer for an entire year. New tax You must figure years of service for each year during which you worked for the employer who is maintaining your 403(b) account. New tax If more than one employer maintains a 403(b) account for you in the same year, you must figure years of service separately for each employer. New tax Definition Your years of service are the total number of years you have worked as a full time employee for the employer maintaining your 403(b) account as of the end of the year. New tax Figuring Your Years of Service Take the following rules into account when figuring your years of service. New tax Status of employer. New tax   Your years of service include only periods during which your employer was a qualified employer. New tax Your plan administrator can tell you whether or not your employer was qualified during all your periods of service. New tax Service with one employer. New tax   Generally, you cannot count service for any employer other than the one who maintains your 403(b) account. New tax Church employee. New tax   If you are a church employee, treat all of your years of service with related church organizations as years of service with the same employer. New tax For more information about church employees, see chapter 5. New tax Self-employed ministers. New tax   If you are a self-employed minister, your years of service include full and part years in which you have been treated as employed by a tax-exempt organization that is a qualified employer. New tax Total years of service. New tax   When figuring prior years of service, figure each year individually and then add the individual years of service to determine your total years of service. New tax Example. New tax The annual work period for full-time teachers employed by ABC Public Schools is September through December and February through May. New tax Marsha began working with ABC schools in September 2009. New tax She has always worked full-time for each annual work period. New tax At the end of 2013, Marsha had 4. New tax 5 years of service with ABC Public Schools, as shown in Table 4-1. New tax Table 4-1. New tax Marsha's Years of Service Note. New tax This table shows how Marsha figures her years of service, as explained in the previous example. New tax Year Period Worked Portion of Work Period Years of Service 2009 Sept. New tax –Dec. New tax . New tax 5 year . New tax 5 year 2010 Feb. New tax –May . New tax 5 year 1 year Sept. New tax –Dec. New tax . New tax 5 year 2011 Feb. New tax –May . New tax 5 year 1 year Sept. New tax –Dec. New tax . New tax 5 year 2012 Feb. New tax –May . New tax 5 year 1 year Sept. New tax –Dec. New tax . New tax 5 year 2013 Feb. New tax –May . New tax 5 year 1 year Sept. New tax –Dec. New tax . New tax 5 year Total years of service 4. New tax 5 years Full-time or part-time. New tax   To figure your years of service, you must analyze each year individually and determine whether you worked full-time for the full year or something other than full-time. New tax When determining whether you worked full-time or something other than full-time, use your employer's annual work period as the standard. New tax Employer's annual work period. New tax   Your employer's annual work period is the usual amount of time an individual working full-time in a specific position is required to work. New tax Generally, this period of time is expressed in days, weeks, months, or semesters, and can span 2 calendar years. New tax Note. New tax You cannot accumulate more than 1 year of service in a 12-month period. New tax Example. New tax All full-time teachers at ABC Public Schools are required to work both the September through December semester and the February through May semester. New tax Therefore, the annual work period for full-time teachers employed by ABC Public Schools is September through December and February through May. New tax Teachers at ABC Public Schools who work both semesters in the same calendar year are considered working a full year of service in that calendar year. New tax Full-Time Employee for the Full Year Count each full year during which you were employed full-time as 1 year of service. New tax In determining whether you were employed full-time, compare the amount of work you were required to perform with the amount of work normally required of others who held the same position with the same employer and who generally received most of their pay from the position. New tax How to compare. New tax   You can use any method that reasonably and accurately reflects the amount of work required. New tax For example, if you are a teacher, you can use the number of hours of classroom instruction as a measure of the amount of work required. New tax   In determining whether positions with the same employer are the same, consider all of the facts and circumstances concerning the positions, including the work performed, the methods by which pay is determined, and the descriptions (or titles) of the positions. New tax Example. New tax An assistant professor employed in the English department of a university will be considered a full-time employee if the amount of work that he or she is required to perform is the same as the amount of work normally required of assistant professors of English at that university who get most of their pay from that position. New tax   If no one else works for your employer in the same position, compare your work with the work normally required of others who held the same position with similar employers or similar positions with your employer. New tax Full year of service. New tax   A full year of service for a particular position means the usual annual work period of anyone employed full-time in that general type of work at that place of employment. New tax Example. New tax If a doctor works for a hospital 12 months of a year except for a 1-month vacation, the doctor will be considered as employed for a full year if the other doctors at that hospital also work 11 months of the year with a 1-month vacation. New tax Similarly, if the usual annual work period at a university consists of the fall and spring semesters, an instructor at that university who teaches these semesters will be considered as working a full year. New tax Other Than Full-Time for the Full Year If, during any year, you were employed full-time for only part of your employer's annual work period, part-time for the entire annual work period, or part-time for only part of the work period, your year of service for that year is a fraction of your employer's annual work period. New tax Full-time for part of the year. New tax   If, during a year, you were employed full-time for only part of your employer's annual work period, figure the fraction for that year as follows: The numerator (top number) is the number of weeks, months, or semesters you were a full-time employee. New tax The denominator (bottom number) is the number of weeks, months, or semesters considered the normal annual work period for the position. New tax Example. New tax Jason was employed as a full-time instructor by a local college for the 4 months of the 2013 spring semester (February 2013 through May 2013). New tax The annual work period for the college is 8 months (February through May and July through October). New tax Given these facts, Jason was employed full-time for part of the annual work period and provided ½ of a year of service. New tax Jason's years of service computation for 2013 is as follows: Number of months Jason worked = 4 = 1 Number of months in annual work period 8 2 Part-time for the full year. New tax   If, during a year, you were employed part-time for the employer's entire annual work period, you figure the fraction for that year as follows: The numerator (top number) is the number of hours or days you worked. New tax The denominator (bottom number) is the number of hours or days normally required of someone holding the same position who works full-time. New tax Example. New tax Vance teaches one course at a local medical school. New tax He teaches 3 hours per week for two semesters. New tax Other faculty members at the same school teach 9 hours per week for two semesters. New tax The annual work period of the medical school is two semesters. New tax An instructor teaching 9 hours a week for two semesters is considered a full-time employee. New tax Given these facts, Vance has worked part-time for a full annual work period. New tax Vance has completed 1/3 of a year of service, figured as shown below. New tax Number of hours per week Vance worked = 3 = 1 Number of hours per week considered full-time 9 3 Part-time for part of the year. New tax   If, during any year, you were employed part-time for only part of your employer's annual work period, you figure your fraction for that year by multiplying two fractions. New tax   Figure the first fraction as though you had worked full-time for part of the annual work period. New tax The fraction is as follows: The numerator (top number) is the number of weeks, months, or semesters you were a full-time employee. New tax The denominator (bottom number) is the number of weeks, months, or semesters considered the normal annual work period for the position. New tax   Figure the second fraction as though you had worked part-time for the entire annual work period. New tax The fraction is as follows: The numerator (top number) is the number of hours or days you worked. New tax The denominator (bottom number) is the number of hours or days normally required of someone holding the same position who works full-time. New tax   Once you have figured these two fractions, multiply them together to determine the fraction representing your partial year of service for the year. New tax Example. New tax Maria, an attorney, teaches a course for one semester at a law school. New tax She teaches 3 hours per week. New tax The annual work period for teachers at the school is two semesters. New tax All full-time instructors at the school are required to teach 12 hours per week. New tax Based on these facts, Maria is employed part-time for part of the annual work period. New tax Her year of service for this year is determined by multiplying two fractions. New tax Her computation is as follows: Maria's first fraction Number of semesters Maria worked = 1 Number of semesters in annual work period 2 Maria's second fraction Number of hours Maria worked per week = 3 = 1 Number of hours per week considered full-time 12 4 Maria would multiply these fractions to obtain the fractional year of service: 1 x 1 = 1         2 4 8         Figuring the Limit on Elective Deferrals You can use Part II of Worksheet 1 in chapter 9 to figure the limit on elective deferrals. New tax Example Floyd has figured his limit on annual additions. New tax The only other component needed before he can determine his MAC for 2014 is his limit on elective deferrals. New tax Figuring Floyd's limit on elective deferrals. New tax   Floyd has been employed with his current employer for less than 15 years. New tax He is not eligible for the special 15-year increase. New tax Therefore, his limit on elective deferrals for 2014 is $17,500 as shown in Table 4-2. New tax Floyd's employer will not make any nonelective contributions to his 403(b) account and Floyd will not make any after-tax contributions. New tax Additionally, Floyd's employer does not offer a Roth contribution program. New tax Figuring Floyd's MAC Floyd has determined that his limit on annual additions for 2014 is $52,000 and his limit on elective deferrals is $17,500. New tax Because elective deferrals are the only contributions made to Floyd's account, the maximum amount that can be contributed to a 403(b) account on Floyd's behalf in 2014 is $17,500, the lesser of both limits. New tax Table 4-2. New tax Worksheet 1. New tax Maximum Amount Contributable (MAC) Note. New tax Use this worksheet to figure your MAC. New tax Part I. New tax Limit on Annual Additions     1. New tax Enter your includible compensation for your most recent year of service 1. New tax $70,475 2. New tax Maximum: For 2013 enter $51,000 For 2014 enter $52,000 2. New tax 52,000 3. New tax Enter the lesser of line 1 or line 2. New tax This is your limit on annual additions 3. New tax 52,000   Caution: If you had only nonelective contributions, skip Part II and enter the amount from line 3 on line 18. New tax     Part II. New tax Limit on Elective Deferrals     4. New tax Maximum contribution: For 2013, enter $17,500 For 2014, enter $17,500 4. New tax 17,500   Note. New tax If you have at least 15 years of service with a qualifying organization, complete lines 5 through 17. New tax If not, enter zero (-0-) on line 16 and go to line 17. New tax     5. New tax Amount per year of service 5. New tax 5,000 6. New tax Enter your years of service 6. New tax   7. New tax Multiply line 5 by line 6 7. New tax   8. New tax Enter the total of all elective deferrals made for you by the qualifying organization for prior years 8. New tax   9. New tax Subtract line 8 from line 7. New tax If zero or less, enter zero (-0-) 9. New tax   10. New tax Maximum increase in limit for long service 10. New tax 15,000 11. New tax Enter the total of additional pre-tax elective deferrals made in prior years under the 15-year rule 11. New tax   12. New tax Enter the aggregate amount of all designated Roth contributions permitted for prior years under the 15-year rule 12. New tax   13. New tax Add lines 11 and 12 13. New tax   14. New tax Subtract line 13 from line 10 14. New tax   15. New tax Maximum additional contributions 15. New tax 3,000 16. New tax Enter the least of lines 9, 14, or 15. New tax This is your increase in the limit for long service 16. New tax -0- 17. New tax Add lines 4 and 16. New tax This is your limit on elective deferrals 17. New tax 17,500   Part III. New tax Maximum Amount Contributable     18. New tax If you had only nonelective contributions, enter the amount from line 3. New tax This is your MAC. New tax    If you had only elective deferrals, enter the lesser of lines 3 or 17. New tax This is your MAC. New tax    If you had both elective deferrals and nonelective contributions, enter the amount from line 3. New tax This is your MAC. New tax (Use the amount on line 17 to determine if you have excess elective deferrals as explained in chapter 7. New tax ) 18. New tax $17,500 Prev  Up  Next   Home   More Online Publications