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Online 1040xOnline 1040x 1. Online 1040x Definitions You Need To Know Table of Contents Other options. Online 1040x Exception. Online 1040x Certain terms used in this publication are defined below. Online 1040x The same term used in another publication may have a slightly different meaning. Online 1040x Annual additions. Online 1040x 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. Online 1040x Annual benefits. Online 1040x 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. Online 1040x Business. Online 1040x A business is an activity in which a profit motive is present and economic activity is involved. Online 1040x Service as a newspaper carrier under age 18 or as a public official is not a business. Online 1040x Common-law employee. Online 1040x A common-law employee is any individual who, under common law, would have the status of an employee. Online 1040x A leased employee can also be a common-law employee. Online 1040x 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. Online 1040x For example, the employer: Provides the employee's tools, materials, and workplace, and Can fire the employee. Online 1040x 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. Online 1040x For example, common-law employees who are ministers, members of religious orders, full-time insurance salespeople, and U. Online 1040x S. Online 1040x 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. Online 1040x However, an individual may be a common-law employee and a self-employed person as well. Online 1040x 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. Online 1040x 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. Online 1040x 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. Online 1040x Compensation. Online 1040x Compensation for plan allocations is the pay a participant received from you for personal services for a year. Online 1040x You can generally define compensation as including all the following payments. Online 1040x Wages and salaries. Online 1040x Fees for professional services. Online 1040x Other amounts received (cash or noncash) for personal services actually rendered by an employee, including, but not limited to, the following items. Online 1040x Commissions and tips. Online 1040x Fringe benefits. Online 1040x Bonuses. Online 1040x For a self-employed individual, compensation means the earned income, discussed later, of that individual. Online 1040x Compensation generally includes amounts deferred in the following employee benefit plans. Online 1040x These amounts are elective deferrals. Online 1040x Qualified cash or deferred arrangement (section 401(k) plan). Online 1040x Salary reduction agreement to contribute to a tax-sheltered annuity (section 403(b) plan), a SIMPLE IRA plan, or a SARSEP. Online 1040x Section 457 nonqualified deferred compensation plan. Online 1040x Section 125 cafeteria plan. Online 1040x However, an employer can choose to exclude elective deferrals under the above plans from the definition of compensation. Online 1040x The limit on elective deferrals is discussed in chapter 2 under Salary Reduction Simplified Employee Pension (SARSEP) and in chapter 4. Online 1040x Other options. Online 1040x In figuring the compensation of a participant, you can treat any of the following amounts as the employee's compensation. Online 1040x The employee's wages as defined for income tax withholding purposes. Online 1040x The employee's wages you report in box 1 of Form W-2, Wage and Tax Statement. Online 1040x The employee's social security wages (including elective deferrals). Online 1040x Compensation generally cannot include either of the following items. Online 1040x Nontaxable reimbursements or other expense allowances. Online 1040x Deferred compensation (other than elective deferrals). Online 1040x SIMPLE plans. Online 1040x A special definition of compensation applies for SIMPLE plans. Online 1040x See chapter 3. Online 1040x Contribution. Online 1040x A contribution is an amount you pay into a plan for all those participating in the plan, including self-employed individuals. Online 1040x Limits apply to how much, under the contribution formula of the plan, can be contributed each year for a participant. Online 1040x Deduction. Online 1040x A deduction is the plan contributions you can subtract from gross income on your federal income tax return. Online 1040x Limits apply to the amount deductible. Online 1040x Earned income. Online 1040x Earned income is net earnings from self-employment, discussed later, from a business in which your services materially helped to produce the income. Online 1040x You can also have earned income from property your personal efforts helped create, such as royalties from your books or inventions. Online 1040x Earned income includes net earnings from selling or otherwise disposing of the property, but it does not include capital gains. Online 1040x It includes income from licensing the use of property other than goodwill. Online 1040x 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. Online 1040x 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. Online 1040x Employer. Online 1040x An employer is generally any person for whom an individual performs or did perform any service, of whatever nature, as an employee. Online 1040x A sole proprietor is treated as his or her own employer for retirement plan purposes. Online 1040x However, a partner is not an employer for retirement plan purposes. Online 1040x Instead, the partnership is treated as the employer of each partner. Online 1040x Highly compensated employee. Online 1040x 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. Online 1040x Leased employee. Online 1040x 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. Online 1040x Provides services to you under an agreement between you and a leasing organization. Online 1040x Has performed services for you (or for you and related persons) substantially full time for at least 1 year. Online 1040x Performs services under your primary direction or control. Online 1040x Exception. Online 1040x A leased employee is not treated as your employee if all the following conditions are met. Online 1040x Leased employees are not more than 20% of your non-highly compensated work force. Online 1040x The employee is covered under the leasing organization's qualified pension plan. Online 1040x The leasing organization's plan is a money purchase pension plan that has all the following provisions. Online 1040x Immediate participation. Online 1040x (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. Online 1040x ) Full and immediate vesting. Online 1040x A nonintegrated employer contribution rate of at least 10% of compensation for each participant. Online 1040x 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. Online 1040x Net earnings from self-employment. Online 1040x 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. Online 1040x 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. Online 1040x 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. Online 1040x For the deduction limits, earned income is net earnings for personal services actually rendered to the business. Online 1040x 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. Online 1040x Net earnings include a partner's distributive share of partnership income or loss (other than separately stated items, such as capital gains and losses). Online 1040x It does not include income passed through to shareholders of S corporations. Online 1040x Guaranteed payments to limited partners are net earnings from self-employment if they are paid for services to or for the partnership. Online 1040x Distributions of other income or loss to limited partners are not net earnings from self-employment. Online 1040x 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. Online 1040x Qualified plan. Online 1040x A qualified plan is a retirement plan that offers a tax-favored way to save for retirement. Online 1040x You can deduct contributions made to the plan for your employees. Online 1040x Earnings on these contributions are generally tax free until distributed at retirement. Online 1040x Profit-sharing, money purchase, and defined benefit plans are qualified plans. Online 1040x A 401(k) plan is also a qualified plan. Online 1040x Participant. Online 1040x A participant is an eligible employee who is covered by your retirement plan. Online 1040x See the discussions of the different types of plans for the definition of an employee eligible to participate in each type of plan. Online 1040x Partner. Online 1040x A partner is an individual who shares ownership of an unincorporated trade or business with one or more persons. Online 1040x For retirement plans, a partner is treated as an employee of the partnership. Online 1040x Self-employed individual. Online 1040x An individual in business for himself or herself, and whose business is not incorporated, is self-employed. Online 1040x Sole proprietors and partners are self-employed. Online 1040x Self-employment can include part-time work. Online 1040x Not everyone who has net earnings from self-employment for social security tax purposes is self-employed for qualified plan purposes. Online 1040x See Common-law employee and Net earnings from self-employment , earlier. Online 1040x In addition, certain fishermen may be considered self-employed for setting up a qualified plan. Online 1040x See Publication 595, Capital Construction Fund for Commercial Fishermen, for the special rules used to determine whether fishermen are self-employed. Online 1040x Sole proprietor. Online 1040x 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. Online 1040x For retirement plans, a sole proprietor is treated as both an employer and an employee. Online 1040x Prev Up Next Home More Online Publications
Tennessee Valley Authority
The Tennessee Valley Authority, a government owned corporation, provides low-cost electricity in seven southeatern states and provides flood control, navigation, and land management for the Tennessee River system.