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Nj 1040 nr 10. Nj 1040 nr Retirement Savings Contributions Credit (Saver's Credit) Table of Contents Full-time student. Nj 1040 nr Adjusted gross income. Nj 1040 nr Distributions received by spouse. Nj 1040 nr Testing period. Nj 1040 nr If you or your employer make eligible contributions (defined later) to a retirement plan, you may be able to take a credit of up to $1,000 (up to $2,000 if filing jointly). Nj 1040 nr This credit could reduce the federal income tax you pay dollar for dollar. Nj 1040 nr Can you claim the credit? If you or your employer make eligible contributions to a retirement plan, you can claim the credit if all of the following apply. Nj 1040 nr You are not under age 18. Nj 1040 nr You are not a full-time student (explained next). Nj 1040 nr No one else, such as your parent(s), claims an exemption for you on their tax return. Nj 1040 nr Your adjusted gross income (defined later) is not more than: $59,000 for 2013 ($60,000 for 2014) if your filing status is married filing jointly, $44,250 for 2013 ($45,000 for 2014) if your filing status is head of household (with qualifying person), or $29,500 for 2013 ($30,000 for 2014) if your filing status is single, married filing separately, or qualifying widow(er) with dependent child. Nj 1040 nr Full-time student. Nj 1040 nr You are a full-time student if, during some part of each of 5 calendar months (not necessarily consecutive) during the calendar year, you are either: A full-time student at a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or A student taking a full-time, on-farm training course given by either a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or a state, county, or local government. Nj 1040 nr You are a full-time student if you are enrolled for the number of hours or courses the school considers to be full-time. Nj 1040 nr Adjusted gross income. Nj 1040 nr This is generally the amount on line 38 of your 2013 Form 1040 or line 22 of your 2013 Form 1040A. Nj 1040 nr However, you must add to that amount any exclusion or deduction claimed for the year for: Foreign earned income, Foreign housing costs, Income for bona fide residents of American Samoa, and Income from Puerto Rico. Nj 1040 nr Eligible contributions. Nj 1040 nr These include: Contributions to a traditional or Roth IRA, Elective deferrals, including amounts designated as after-tax Roth contributions, to: A 401(k) plan (including a SIMPLE 401(k)), A section 403(b) annuity, An eligible deferred compensation plan of a state or local government (a governmental 457 plan), A SIMPLE IRA plan, or A salary reduction SEP, and Contributions to a section 501(c)(18) plan. Nj 1040 nr They also include voluntary after-tax employee contributions to a tax-qualified retirement plan or a section 403(b) annuity. Nj 1040 nr For purposes of the credit, an employee contribution will be voluntary as long as it is not required as a condition of employment. Nj 1040 nr Reducing eligible contributions. Nj 1040 nr Reduce your eligible contributions (but not below zero) by the total distributions you received during the testing period (defined later) from any IRA, plan, or annuity included earlier under Eligible contributions. Nj 1040 nr Also reduce your eligible contributions by any distribution from a Roth IRA that is not rolled over, even if the distribution is not taxable. Nj 1040 nr Do not reduce your eligible contributions by any of the following: The portion of any distribution which is not includible in income because it is a trustee-to-trustee transfer or a rollover distribution. Nj 1040 nr Any distribution that is a return of a contribution to an IRA (including a Roth IRA) made during the year for which you claim the credit if: The distribution is made before the due date (including extensions) of your tax return for that year, You do not take a deduction for the contribution, and The distribution includes any income attributable to the contribution. Nj 1040 nr Loans from a qualified employer plan treated as a distribution. Nj 1040 nr Distributions of excess contributions or deferrals (and income attributable to excess contributions and deferrals). Nj 1040 nr Distributions of dividends paid on stock held by an employee stock ownership plan under section 404(k). Nj 1040 nr Distributions from an eligible retirement plan that are converted or rolled over to a Roth IRA. Nj 1040 nr Distributions from a military retirement plan. Nj 1040 nr Distributions received by spouse. Nj 1040 nr Any distributions your spouse receives are treated as received by you if you file a joint return with your spouse both for the year of the distribution and for the year for which you claim the credit. Nj 1040 nr Testing period. Nj 1040 nr The testing period consists of: The year in which you claim the credit, The 2 years before the year in which you claim the credit, and The period after the end of the year in which you claim the credit and before the due date of the return (including extensions) for filing your return for the year in which you claimed the credit. Nj 1040 nr Example. Nj 1040 nr You and your spouse filed joint returns in 2011 and 2012, and plan to do so in 2013 and 2014. Nj 1040 nr You received a taxable distribution from a qualified plan in 2011 and a taxable distribution from an eligible section 457(b) deferred compensation plan in 2012. Nj 1040 nr Your spouse received taxable distributions from a Roth IRA in 2013 and tax-free distributions from a Roth IRA in 2014 before April 15. Nj 1040 nr You made eligible contributions to an IRA in 2013 and you otherwise qualify for this credit. Nj 1040 nr You must reduce the amount of your qualifying contributions in 2013 by the total of the distributions you and your spouse received in 2011, 2012, 2013, and 2014. Nj 1040 nr Maximum eligible contributions. Nj 1040 nr After your contributions are reduced, the maximum annual contribution on which you can base the credit is $2,000 per person. Nj 1040 nr Effect on other credits. Nj 1040 nr The amount of this credit will not change the amount of your refundable tax credits. Nj 1040 nr A refundable tax credit, such as the earned income credit or the additional child tax credit, is an amount that you would receive as a refund even if you did not otherwise owe any taxes. Nj 1040 nr Maximum credit. Nj 1040 nr This is a nonrefundable credit. Nj 1040 nr The amount of the credit in any year cannot be more than the amount of tax that you would otherwise pay (not counting any refundable credits or the adoption credit) in any year. Nj 1040 nr If your tax liability is reduced to zero because of other nonrefundable credits, such as the education credits, then you will not be entitled to this credit. Nj 1040 nr How to figure and report the credit. Nj 1040 nr The amount of the credit you can get is based on the contributions you make and your credit rate. Nj 1040 nr The credit rate can be as low as 10% or as high as 50%. Nj 1040 nr Your credit rate depends on your income and your filing status. Nj 1040 nr See Form 8880, Credit for Qualified Retirement Savings Contributions, to determine your credit rate. Nj 1040 nr The maximum contribution taken into account is $2,000 per person. Nj 1040 nr On a joint return, up to $2,000 is taken into account for each spouse. Nj 1040 nr Figure the credit on Form 8880. Nj 1040 nr Report the credit on line 50 of your Form 1040 or line 32 of your Form 1040A, and attach Form 8880 to your return. Nj 1040 nr Prev Up Next Home More Online Publications
Understanding your CP276A Notice
We didn't receive a correctly completed tax liability schedule. We normally charge a Federal Tax Deposit (FTD) penalty when this happens. We decided not to do so this time.
Tax publications you may find useful
How to get help
Calling the toll free 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).
What you need to do
- Review your tax liability schedule. Enter the liability amount for each payroll date and see if your payroll tax deposit liability matches the tax liability you reported on your tax form. When they don't match, we reject your tax liability schedule.
- Correct the copy of your tax return and the schedule that you kept for your records.
You may want to...
Answers to Common Questions
Do I have to reply to this notice?
No, but you should check your records to see why your tax liability schedule was incorrect.
How do I know whether I should make monthly or semiweekly payroll tax deposits?
Go back and look at the total tax liability for the four quarters before the quarter ending in June of last year if you file a quarterly return. Annual return filers should go back and look at the total tax liability of the year before their previous filing year.
For either a quarterly or an annual filer, a total tax liability of $50,000 or less means you can make your federal payroll tax deposits monthly. A tax liability greater than $50,000 means you have to make semiweekly payroll tax deposits.
When are my payroll tax deposits due?
The following table shows the schedule for semiweekly payroll tax deposits:
|The payroll tax liability period is Saturday, Sunday, Monday, and Tuesday
||Make the tax deposit by the following Friday.
|The payroll tax liability period is Wednesday, Thursday, and Friday
||Make the tax deposit by the following Wednesday.
|A holiday falls on a weekday after the payroll tax liability period and before or on the normal deposit day
||Extend the deposit due date one business day for each day of holiday.
Monthly payroll tax depositors must make their tax deposits by the fifteenth of each month. When the fifteenth falls on a Saturday, a Sunday, or a legal holiday, tax deposits are due on the next business day.
Do I have to make my payroll tax deposits electronically?
Normally, yes. However, you may send your payment in with your tax return when your tax liability is $2,500 or less. If you file a quarterly tax return, another time when you may send in your payment with your return is when:
- Your tax liabilities never totaled $100,000 or more in a deposit period, and
- Your tax liability in the preceding quarter was $2,500 or less.
Tips for next time you file
Report each tax liability (not your deposits) on the tax liability schedule.
Make sure that that the amount on your tax liability schedule matches the payroll tax amount on your tax return.
Do not list negative amounts on your tax liability schedule.
Understanding your notice
Reading your notice
Your notice may look different from the sample because the information contained in your notice is tailored to your situation.
Notice CP276A, Page 1
Notice CP276A, Page 2
Page Last Reviewed or Updated: 14-Mar-2014
The Nj 1040 Nr
Nj 1040 nr Publication 925 - Introductory Material Table of Contents Future Developments Reminders IntroductionOrdering forms and publications. Nj 1040 nr Tax questions. Nj 1040 nr Useful Items - You may want to see: Future Developments For the latest developments related to Publication 925, such as legislation enacted after it was published, go to www. Nj 1040 nr irs. Nj 1040 nr gov/pub925. Nj 1040 nr Reminders At-risk amounts. Nj 1040 nr The following rules apply to amounts borrowed after May 3, 2004. Nj 1040 nr You must file Form 6198, At-Risk Limitations, if you are engaged in an activity included in (6) under Activities Covered by the At-Risk Rules and you have borrowed certain amounts described in Certain borrowed amounts excluded under At-Risk Amounts in this publication. Nj 1040 nr You may be considered at risk for certain amounts described in Certain borrowed amounts excluded under At-Risk Amounts secured by real property used in the activity of holding real property (other than mineral property) that, if nonrecourse, would be qualified nonrecourse financing. Nj 1040 nr Photographs of missing children. Nj 1040 nr The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Nj 1040 nr Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Nj 1040 nr 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. Nj 1040 nr Introduction This publication discusses two sets of rules that may limit the amount of your deductible loss from a trade, business, rental, or other income-producing activity. Nj 1040 nr The first part of the publication discusses the passive activity rules. Nj 1040 nr The second part discusses the at-risk rules. Nj 1040 nr However, when you figure your allowable losses from any activity, you must apply the at-risk rules before the passive activity rules. Nj 1040 nr Comments and suggestions. Nj 1040 nr We welcome your comments about this publication and your suggestions for future editions. Nj 1040 nr You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Nj 1040 nr NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. Nj 1040 nr Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Nj 1040 nr You can send your comments from www. Nj 1040 nr irs. Nj 1040 nr gov/formspubs/. Nj 1040 nr Click on “More Information” and then on “Comment on Tax Forms and Publications. Nj 1040 nr ” 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. Nj 1040 nr Ordering forms and publications. Nj 1040 nr Visit www. Nj 1040 nr irs. Nj 1040 nr 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. Nj 1040 nr Internal Revenue Service 1201 N. Nj 1040 nr Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Nj 1040 nr If you have a tax question, check the information available on IRS. Nj 1040 nr gov or call 1-800-829-1040. Nj 1040 nr We cannot answer tax questions sent to either of the above addresses. Nj 1040 nr Useful Items - You may want to see: Publication 527 Residential Rental Property (Including Rental of Vacation Homes) 541 Partnerships Form (and Instructions) 4952 Investment Interest Expense Deduction 6198 At-Risk Limitations 8582 Passive Activity Loss Limitations 8582-CR Passive Activity Credit Limitations 8810 Corporate Passive Activity Loss and Credit Limitations 8949 Sales and Other Dispositions of Capital Assets See How To Get Tax Help near the end of this publication for information about getting these publications and forms. Nj 1040 nr Prev Up Next Home More Online Publications