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Powered by jforum tax help free 4. Powered by jforum tax help free   Qualified Plans Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: Kinds of PlansDefined Contribution Plan Defined Benefit Plan Qualification RulesEarly retirement. Powered by jforum tax help free Loan secured by benefits. Powered by jforum tax help free Waiver of survivor benefits. Powered by jforum tax help free Waiver of 30-day waiting period before annuity starting date. Powered by jforum tax help free Involuntary cash-out of benefits not more than dollar limit. Powered by jforum tax help free Exception for certain loans. Powered by jforum tax help free Exception for QDRO. Powered by jforum tax help free SIMPLE and safe harbor 401(k) plan exception. Powered by jforum tax help free Setting Up a Qualified PlanAdopting a Written Plan Investing Plan Assets Minimum Funding RequirementDue dates. Powered by jforum tax help free Installment percentage. Powered by jforum tax help free Extended period for making contributions. Powered by jforum tax help free ContributionsEmployer Contributions Employee Contributions When Contributions Are Considered Made Employer DeductionDeduction Limits Deduction Limit for Self-Employed Individuals Where To Deduct Contributions Carryover of Excess Contributions Excise Tax for Nondeductible (Excess) Contributions Elective Deferrals (401(k) Plans)Limit on Elective Deferrals Automatic Enrollment Treatment of Excess Deferrals Qualified Roth Contribution ProgramElective Deferrals Qualified Distributions Reporting Requirements DistributionsRequired Distributions Distributions From 401(k) Plans Tax Treatment of Distributions Tax on Early Distributions Tax on Excess Benefits Excise Tax on Reversion of Plan Assets Notification of Significant Benefit Accrual Reduction Prohibited TransactionsTax on Prohibited Transactions Reporting RequirementsOne-participant plan. Powered by jforum tax help free Caution: Form 5500-EZ not required. Powered by jforum tax help free Form 5500. Powered by jforum tax help free Electronic filing of Forms 5500 and 5500-SF. Powered by jforum tax help free Topics - This chapter discusses: Kinds of plans Qualification rules Setting up a qualified plan Minimum funding requirement Contributions Employer deduction Elective deferrals (401(k) plans) Qualified Roth contribution program Distributions Prohibited transactions Reporting requirements Useful Items - You may want to see: Publications 575 Pension and Annuity Income 590 Individual Retirement Arrangements (IRAs) 3066 Have you had your Check-up this year? for Retirement Plans 3998 Choosing A Retirement Solution for Your Small Business 4222 401(k) Plans for Small Businesses 4530 Designated Roth Accounts under a 401(k), 403(b), or governmental 457(b) plans 4531 401(k) Plan Checklist 4674 Automatic Enrollment 401(k) Plans for Small Businesses 4806 Profit Sharing Plans for Small Businesses Forms (and Instructions) www. Powered by jforum tax help free dol. Powered by jforum tax help free gov/ebsa/pdf/2013-5500. Powered by jforum tax help free pdf www. Powered by jforum tax help free dol. Powered by jforum tax help free gov/ebsa/pdf/2013-5500-SF. Powered by jforum tax help free pdf W-2 Wage and Tax Statement Schedule K-1 (Form 1065) Partner's Share of Income, Deductions, Credits, etc. Powered by jforum tax help free 1099-R Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Powered by jforum tax help free 1040 U. Powered by jforum tax help free S. Powered by jforum tax help free Individual Income Tax Return Schedule C (Form 1040) Profit or Loss From Business Schedule F (Form 1040) Profit or Loss From Farming 5300 Application for Determination for Employee Benefit Plan 5310 Application for Determination for Terminating Plan 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts 5330 Return of Excise Taxes Related to Employee Benefit Plans 5500 Annual Return/Report of Employee Benefit Plan. Powered by jforum tax help free For copies of this form, go to: 5500-EZ Annual Return of One-Participant (Owners and Their Spouses) Retirement Plan 5500-SF Short Form Annual Return/Report of Small Employee Benefit Plan. Powered by jforum tax help free For copies of this form, go to: 8717 User Fee for Employee Plan Determination Letter Request 8880 Credit for Qualified Retirement Savings Contributions 8881 Credit for Small Employer Pension Plan Startup Costs 8955-SSA Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits These qualified retirement plans set up by self-employed individuals are sometimes called Keogh or H. Powered by jforum tax help free R. Powered by jforum tax help free 10 plans. Powered by jforum tax help free A sole proprietor or a partnership can set up one of these plans. Powered by jforum tax help free A common-law employee or a partner cannot set up one of these plans. Powered by jforum tax help free The plans described here can also be set up and maintained by employers that are corporations. Powered by jforum tax help free All the rules discussed here apply to corporations except where specifically limited to the self-employed. Powered by jforum tax help free The plan must be for the exclusive benefit of employees or their beneficiaries. Powered by jforum tax help free These qualified plans can include coverage for a self-employed individual. Powered by jforum tax help free As an employer, you can usually deduct, subject to limits, contributions you make to a qualified plan, including those made for your own retirement. Powered by jforum tax help free The contributions (and earnings and gains on them) are generally tax free until distributed by the plan. Powered by jforum tax help free Kinds of Plans There are two basic kinds of qualified plans—defined contribution plans and defined benefit plans—and different rules apply to each. Powered by jforum tax help free You can have more than one qualified plan, but your contributions to all the plans must not total more than the overall limits discussed under Contributions and Employer Deduction, later. Powered by jforum tax help free Defined Contribution Plan A defined contribution plan provides an individual account for each participant in the plan. Powered by jforum tax help free It provides benefits to a participant largely based on the amount contributed to that participant's account. Powered by jforum tax help free Benefits are also affected by any income, expenses, gains, losses, and forfeitures of other accounts that may be allocated to an account. Powered by jforum tax help free A defined contribution plan can be either a profit-sharing plan or a money purchase pension plan. Powered by jforum tax help free Profit-sharing plan. Powered by jforum tax help free   Although it is called a “profit-sharing plan,” you do not actually have to make a business profit for the year in order to make a contribution (except for yourself if you are self-employed as discussed under Self-employed Individual, later). Powered by jforum tax help free A profit-sharing plan can be set up to allow for discretionary employer contributions, meaning the amount contributed each year to the plan is not fixed. Powered by jforum tax help free An employer may even make no contribution to the plan for a given year. Powered by jforum tax help free   The plan must provide a definite formula for allocating the contribution among the participants and for distributing the accumulated funds to the employees after they reach a certain age, after a fixed number of years, or upon certain other occurrences. Powered by jforum tax help free   In general, you can be more flexible in making contributions to a profit-sharing plan than to a money purchase pension plan (discussed next) or a defined benefit plan (discussed later). Powered by jforum tax help free Money purchase pension plan. Powered by jforum tax help free   Contributions to a money purchase pension plan are fixed and are not based on your business profits. Powered by jforum tax help free For example, if the plan requires that contributions be 10% of the participants' compensation without regard to whether you have profits (or the self-employed person has earned income), the plan is a money purchase pension plan. Powered by jforum tax help free This applies even though the compensation of a self-employed individual as a participant is based on earned income derived from business profits. Powered by jforum tax help free Defined Benefit Plan A defined benefit plan is any plan that is not a defined contribution plan. Powered by jforum tax help free Contributions to a defined benefit plan are based on what is needed to provide definitely determinable benefits to plan participants. Powered by jforum tax help free Actuarial assumptions and computations are required to figure these contributions. Powered by jforum tax help free Generally, you will need continuing professional help to have a defined benefit plan. Powered by jforum tax help free Qualification Rules To qualify for the tax benefits available to qualified plans, a plan must meet certain requirements (qualification rules) of the tax law. Powered by jforum tax help free Generally, unless you write your own plan, the financial institution that provided your plan will take the continuing responsibility for meeting qualification rules that are later changed. Powered by jforum tax help free The following is a brief overview of important qualification rules that generally have not yet been discussed. Powered by jforum tax help free It is not intended to be all-inclusive. Powered by jforum tax help free See Setting Up a Qualified Plan , later. Powered by jforum tax help free Generally, the following qualification rules also apply to a SIMPLE 401(k) retirement plan. Powered by jforum tax help free A SIMPLE 401(k) plan is, however, not subject to the top-heavy plan rules and nondiscrimination rules if the plan satisfies the provisions discussed in chapter 3 under SIMPLE 401(k) Plan. Powered by jforum tax help free Plan assets must not be diverted. Powered by jforum tax help free   Your plan must make it impossible for its assets to be used for, or diverted to, purposes other than the benefit of employees and their beneficiaries. Powered by jforum tax help free As a general rule, the assets cannot be diverted to the employer. Powered by jforum tax help free Minimum coverage requirement must be met. Powered by jforum tax help free   To be a qualified plan, a defined benefit plan must benefit at least the lesser of the following. Powered by jforum tax help free 50 employees, or The greater of: 40% of all employees, or Two employees. Powered by jforum tax help free If there is only one employee, the plan must benefit that employee. Powered by jforum tax help free Contributions or benefits must not discriminate. Powered by jforum tax help free   Under the plan, contributions or benefits to be provided must not discriminate in favor of highly compensated employees. Powered by jforum tax help free Contributions and benefits must not be more than certain limits. Powered by jforum tax help free   Your plan must not provide for contributions or benefits that are more than certain limits. Powered by jforum tax help free The limits apply to the annual contributions and other additions to the account of a participant in a defined contribution plan and to the annual benefit payable to a participant in a defined benefit plan. Powered by jforum tax help free These limits are discussed later in this chapter under Contributions. Powered by jforum tax help free Minimum vesting standard must be met. Powered by jforum tax help free   Your plan must satisfy certain requirements regarding when benefits vest. Powered by jforum tax help free A benefit is vested (you have a fixed right to it) when it becomes nonforfeitable. Powered by jforum tax help free A benefit is nonforfeitable if it cannot be lost upon the happening, or failure to happen, of any event. Powered by jforum tax help free Special rules apply to forfeited benefit amounts. Powered by jforum tax help free In defined contribution plans, forfeitures can be allocated to the accounts of remaining participants in a nondiscriminatory way, or they can be used to reduce your contributions. Powered by jforum tax help free   Forfeitures under a defined benefit plan cannot be used to increase the benefits any employee would otherwise receive under the plan. Powered by jforum tax help free Forfeitures must be used instead to reduce employer contributions. Powered by jforum tax help free Participation. Powered by jforum tax help free   In general, an employee must be allowed to participate in your plan if he or she meets both the following requirements. Powered by jforum tax help free Has reached age 21. Powered by jforum tax help free Has at least 1 year of service (2 years if the plan is not a 401(k) plan and provides that after not more than 2 years of service the employee has a nonforfeitable right to all his or her accrued benefit). Powered by jforum tax help free A plan cannot exclude an employee because he or she has reached a specified age. Powered by jforum tax help free Leased employee. Powered by jforum tax help free   A leased employee, defined in chapter 1, who performs services for you (recipient of the services) is treated as your employee for certain plan qualification rules. Powered by jforum tax help free These rules include those in all the following areas. Powered by jforum tax help free Nondiscrimination in coverage, contributions, and benefits. Powered by jforum tax help free Minimum age and service requirements. Powered by jforum tax help free Vesting. Powered by jforum tax help free Limits on contributions and benefits. Powered by jforum tax help free Top-heavy plan requirements. Powered by jforum tax help free Contributions or benefits provided by the leasing organization for services performed for you are treated as provided by you. Powered by jforum tax help free Benefit payment must begin when required. Powered by jforum tax help free   Your plan must provide that, unless the participant chooses otherwise, the payment of benefits to the participant must begin within 60 days after the close of the latest of the following periods. Powered by jforum tax help free The plan year in which the participant reaches the earlier of age 65 or the normal retirement age specified in the plan. Powered by jforum tax help free The plan year in which the 10th anniversary of the year in which the participant began participating in the plan occurs. Powered by jforum tax help free The plan year in which the participant separates from service. Powered by jforum tax help free Early retirement. Powered by jforum tax help free   Your plan can provide for payment of retirement benefits before the normal retirement age. Powered by jforum tax help free If your plan offers an early retirement benefit, a participant who separates from service before satisfying the early retirement age requirement is entitled to that benefit if he or she meets both the following requirements. Powered by jforum tax help free Satisfies the service requirement for the early retirement benefit. Powered by jforum tax help free Separates from service with a nonforfeitable right to an accrued benefit. Powered by jforum tax help free The benefit, which may be actuarially reduced, is payable when the early retirement age requirement is met. Powered by jforum tax help free Required minimum distributions. Powered by jforum tax help free   Special rules require minimum annual distributions from qualified plans, generally beginning after age  70½. Powered by jforum tax help free See Required Distributions , under Distributions, later. Powered by jforum tax help free Survivor benefits. Powered by jforum tax help free   Defined benefit and money purchase pension plans must provide automatic survivor benefits in both the following forms. Powered by jforum tax help free A qualified joint and survivor annuity for a vested participant who does not die before the annuity starting date. Powered by jforum tax help free A qualified pre-retirement survivor annuity for a vested participant who dies before the annuity starting date and who has a surviving spouse. Powered by jforum tax help free   The automatic survivor benefit also applies to any participant under a profit-sharing plan unless all the following conditions are met. Powered by jforum tax help free The participant does not choose benefits in the form of a life annuity. Powered by jforum tax help free The plan pays the full vested account balance to the participant's surviving spouse (or other beneficiary if the surviving spouse consents or if there is no surviving spouse) if the participant dies. Powered by jforum tax help free The plan is not a direct or indirect transferee of a plan that must provide automatic survivor benefits. Powered by jforum tax help free Loan secured by benefits. Powered by jforum tax help free   If automatic survivor benefits are required for a spouse under a plan, he or she must consent to a loan that uses as security the accrued benefits in the plan. Powered by jforum tax help free Waiver of survivor benefits. Powered by jforum tax help free   Each plan participant may be permitted to waive the joint and survivor annuity or the pre-retirement survivor annuity (or both), but only if the participant has the written consent of the spouse. Powered by jforum tax help free The plan also must allow the participant to withdraw the waiver. Powered by jforum tax help free The spouse's consent must be witnessed by a plan representative or notary public. Powered by jforum tax help free Waiver of 30-day waiting period before annuity starting date. Powered by jforum tax help free    A plan may permit a participant to waive (with spousal consent) the 30-day minimum waiting period after a written explanation of the terms and conditions of a joint and survivor annuity is provided to each participant. Powered by jforum tax help free   The waiver is allowed only if the distribution begins more than 7 days after the written explanation is provided. Powered by jforum tax help free Involuntary cash-out of benefits not more than dollar limit. Powered by jforum tax help free   A plan may provide for the immediate distribution of the participant's benefit under the plan if the present value of the benefit is not greater than $5,000. Powered by jforum tax help free   However, the distribution cannot be made after the annuity starting date unless the participant and the spouse or surviving spouse of a participant who died (if automatic survivor benefits are required for a spouse under the plan) consents in writing to the distribution. Powered by jforum tax help free If the present value is greater than $5,000, the plan must have the written consent of the participant and the spouse or surviving spouse (if automatic survivor benefits are required for a spouse under the plan) for any immediate distribution of the benefit. Powered by jforum tax help free   Benefits attributable to rollover contributions and earnings on them can be ignored in determining the present value of these benefits. Powered by jforum tax help free   A plan must provide for the automatic rollover of any cash-out distribution of more than $1,000 to an individual retirement account or annuity, unless the participant chooses otherwise. Powered by jforum tax help free A section 402(f) notice must be sent prior to an involuntary cash-out of an eligible rollover distribution. Powered by jforum tax help free See Section 402(f) Notice under Distributions, later, for more details. Powered by jforum tax help free Consolidation, merger, or transfer of assets or liabilities. Powered by jforum tax help free   Your plan must provide that, in the case of any merger or consolidation with, or transfer of assets or liabilities to, any other plan, each participant would (if the plan then terminated) receive a benefit equal to or more than the benefit he or she would have been entitled to just before the merger, etc. Powered by jforum tax help free (if the plan had then terminated). Powered by jforum tax help free Benefits must not be assigned or alienated. Powered by jforum tax help free   Your plan must provide that a participant's or beneficiary's benefits under the plan cannot be taken away by any legal or equitable proceeding except as provided below or pursuant to certain judgements or settlements against the participant for violations of plan rules. Powered by jforum tax help free Exception for certain loans. Powered by jforum tax help free   A loan from the plan (not from a third party) to a participant or beneficiary is not treated as an assignment or alienation if the loan is secured by the participant's accrued nonforfeitable benefit and is exempt from the tax on prohibited transactions under section 4975(d)(1) or would be exempt if the participant were a disqualified person. Powered by jforum tax help free A disqualified person is defined later in this chapter under Prohibited Transactions. Powered by jforum tax help free Exception for QDRO. Powered by jforum tax help free   Compliance with a QDRO (qualified domestic relations order) does not result in a prohibited assignment or alienation of benefits. Powered by jforum tax help free   Payments to an alternate payee under a QDRO before the participant attains age 59½ are not subject to the 10% additional tax that would otherwise apply under certain circumstances. Powered by jforum tax help free Benefits distributed to an alternate payee under a QDRO can be rolled over tax free to an individual retirement account or to an individual retirement annuity. Powered by jforum tax help free No benefit reduction for social security increases. Powered by jforum tax help free   Your plan must not permit a benefit reduction for a post-separation increase in the social security benefit level or wage base for any participant or beneficiary who is receiving benefits under your plan, or who is separated from service and has nonforfeitable rights to benefits. Powered by jforum tax help free This rule also applies to plans supplementing the benefits provided by other federal or state laws. Powered by jforum tax help free Elective deferrals must be limited. Powered by jforum tax help free   If your plan provides for elective deferrals, it must limit those deferrals to the amount in effect for that particular year. Powered by jforum tax help free See Limit on Elective Deferrals later in this chapter. Powered by jforum tax help free Top-heavy plan requirements. Powered by jforum tax help free   A top-heavy plan is one that mainly favors partners, sole proprietors, and other key employees. Powered by jforum tax help free   A plan is top-heavy for a plan year if, for the preceding plan year, the total value of accrued benefits or account balances of key employees is more than 60% of the total value of accrued benefits or account balances of all employees. Powered by jforum tax help free Additional requirements apply to a top-heavy plan primarily to provide minimum benefits or contributions for non-key employees covered by the plan. Powered by jforum tax help free   Most qualified plans, whether or not top-heavy, must contain provisions that meet the top-heavy requirements and will take effect in plan years in which the plans are top-heavy. Powered by jforum tax help free These qualification requirements for top-heavy plans are explained in section 416 and its regulations. Powered by jforum tax help free SIMPLE and safe harbor 401(k) plan exception. Powered by jforum tax help free   The top-heavy plan requirements do not apply to SIMPLE 401(k) plans, discussed earlier in chapter 3, or to safe harbor 401(k) plans that consist solely of safe harbor contributions, discussed later in this chapter. Powered by jforum tax help free QACAs (discussed later) also are not subject to top-heavy requirements. Powered by jforum tax help free Setting Up a Qualified Plan There are two basic steps in setting up a qualified plan. Powered by jforum tax help free First you adopt a written plan. Powered by jforum tax help free Then you invest the plan assets. Powered by jforum tax help free You, the employer, are responsible for setting up and maintaining the plan. Powered by jforum tax help free If you are self-employed, it is not necessary to have employees besides yourself to sponsor and set up a qualified plan. Powered by jforum tax help free If you have employees, see Participation, under Qualification Rules, earlier. Powered by jforum tax help free Set-up deadline. Powered by jforum tax help free   To take a deduction for contributions for a tax year, your plan must be set up (adopted) by the last day of that year (December 31 for calendar-year employers). Powered by jforum tax help free Credit for startup costs. Powered by jforum tax help free   You may be able to claim a tax credit for part of the ordinary and necessary costs of starting a qualified plan that first became effective in 2013. Powered by jforum tax help free For more information, see Credit for startup costs under Reminders, earlier. Powered by jforum tax help free Adopting a Written Plan You must adopt a written plan. Powered by jforum tax help free The plan can be an IRS-approved master or prototype plan offered by a sponsoring organization. Powered by jforum tax help free Or it can be an individually designed plan. Powered by jforum tax help free Written plan requirement. Powered by jforum tax help free   To qualify, the plan you set up must be in writing and must be communicated to your employees. Powered by jforum tax help free The plan's provisions must be stated in the plan. Powered by jforum tax help free It is not sufficient for the plan to merely refer to a requirement of the Internal Revenue Code. Powered by jforum tax help free Master or prototype plans. Powered by jforum tax help free   Most qualified plans follow a standard form of plan (a master or prototype plan) approved by the IRS. Powered by jforum tax help free Master and prototype plans are plans made available by plan providers for adoption by employers (including self-employed individuals). Powered by jforum tax help free Under a master plan, a single trust or custodial account is established, as part of the plan, for the joint use of all adopting employers. Powered by jforum tax help free Under a prototype plan, a separate trust or custodial account is established for each employer. Powered by jforum tax help free Plan providers. Powered by jforum tax help free   The following organizations generally can provide IRS-approved master or prototype plans. Powered by jforum tax help free Banks (including some savings and loan associations and federally insured credit unions). Powered by jforum tax help free Trade or professional organizations. Powered by jforum tax help free Insurance companies. Powered by jforum tax help free Mutual funds. Powered by jforum tax help free Individually designed plan. Powered by jforum tax help free   If you prefer, you can set up an individually designed plan to meet specific needs. Powered by jforum tax help free Although advance IRS approval is not required, you can apply for approval by paying a fee and requesting a determination letter. Powered by jforum tax help free You may need professional help for this. Powered by jforum tax help free See Rev. Powered by jforum tax help free Proc. Powered by jforum tax help free 2014-6, 2014-1 I. Powered by jforum tax help free R. Powered by jforum tax help free B. Powered by jforum tax help free 198, available at www. Powered by jforum tax help free irs. Powered by jforum tax help free gov/irb/2014-1_IRB/ar10. Powered by jforum tax help free html, as annually updated, that may help you decide whether to apply for approval. Powered by jforum tax help free Internal Revenue Bulletins are available on the IRS website at IRS. Powered by jforum tax help free gov They are also available at most IRS offices and at certain libraries. Powered by jforum tax help free User fee. Powered by jforum tax help free   The fee mentioned earlier for requesting a determination letter does not apply to employers who have 100 or fewer employees who received at least $5,000 of compensation from the employer for the preceding year. Powered by jforum tax help free At least one of them must be a non-highly compensated employee participating in the plan. Powered by jforum tax help free The fee does not apply to requests made by the later of the following dates. Powered by jforum tax help free The end of the 5th plan year the plan is in effect. Powered by jforum tax help free The end of any remedial amendment period for the plan that begins within the first 5 plan years. Powered by jforum tax help free The request cannot be made by the sponsor of a prototype or similar plan the sponsor intends to market to participating employers. Powered by jforum tax help free   For more information about whether the user fee applies, see Rev. Powered by jforum tax help free Proc. Powered by jforum tax help free 2014-8, 2014-1 I. Powered by jforum tax help free R. Powered by jforum tax help free B. Powered by jforum tax help free 242, available at www. Powered by jforum tax help free irs. Powered by jforum tax help free gov/irb/2014-1_IRB/ar12. Powered by jforum tax help free html, as may be annually updated; Notice 2003-49, 2003-32 I. Powered by jforum tax help free R. Powered by jforum tax help free B. Powered by jforum tax help free 294, available at www. Powered by jforum tax help free irs. Powered by jforum tax help free gov/irb/2003-32_IRB/ar13. Powered by jforum tax help free html; and Notice 2011-86, 2011-45 I. Powered by jforum tax help free R. Powered by jforum tax help free B. Powered by jforum tax help free 698, available at www. Powered by jforum tax help free irs. Powered by jforum tax help free gov/irb/2011-45_IRB/ar11. Powered by jforum tax help free html. Powered by jforum tax help free Investing Plan Assets In setting up a qualified plan, you arrange how the plan's funds will be used to build its assets. Powered by jforum tax help free You can establish a trust or custodial account to invest the funds. Powered by jforum tax help free You, the trust, or the custodial account can buy an annuity contract from an insurance company. Powered by jforum tax help free Life insurance can be included only if it is incidental to the retirement benefits. Powered by jforum tax help free You set up a trust by a legal instrument (written document). Powered by jforum tax help free You may need professional help to do this. Powered by jforum tax help free You can set up a custodial account with a bank, savings and loan association, credit union, or other person who can act as the plan trustee. Powered by jforum tax help free You do not need a trust or custodial account, although you can have one, to invest the plan's funds in annuity contracts or face-amount certificates. Powered by jforum tax help free If anyone other than a trustee holds them, however, the contracts or certificates must state they are not transferable. Powered by jforum tax help free Other plan requirements. Powered by jforum tax help free   For information on other important plan requirements, see Qualification Rules , earlier in this chapter. Powered by jforum tax help free Minimum Funding Requirement In general, if your plan is a money purchase pension plan or a defined benefit plan, you must actually pay enough into the plan to satisfy the minimum funding standard for each year. Powered by jforum tax help free Determining the amount needed to satisfy the minimum funding standard for a defined benefit plan is complicated, and you should seek professional help in order to meet these contribution requirements. Powered by jforum tax help free For information on this funding requirement, see section 412 and its regulations. Powered by jforum tax help free Quarterly installments of required contributions. Powered by jforum tax help free   If your plan is a defined benefit plan subject to the minimum funding requirements, you generally must make quarterly installment payments of the required contributions. Powered by jforum tax help free If you do not pay the full installments timely, you may have to pay interest on any underpayment for the period of the underpayment. Powered by jforum tax help free Due dates. Powered by jforum tax help free   The due dates for the installments are 15 days after the end of each quarter. Powered by jforum tax help free For a calendar-year plan, the installments are due April 15, July 15, October 15, and January 15 (of the following year). Powered by jforum tax help free Installment percentage. Powered by jforum tax help free   Each quarterly installment must be 25% of the required annual payment. Powered by jforum tax help free Extended period for making contributions. Powered by jforum tax help free   Additional contributions required to satisfy the minimum funding requirement for a plan year will be considered timely if made by 8½ months after the end of that year. Powered by jforum tax help free Contributions A qualified plan is generally funded by your contributions. Powered by jforum tax help free However, employees participating in the plan may be permitted to make contributions, and you may be permitted to make contributions on your own behalf. Powered by jforum tax help free See Employee Contributions and Elective Deferrals later. Powered by jforum tax help free Contributions deadline. Powered by jforum tax help free   You can make deductible contributions for a tax year up to the due date of your return (plus extensions) for that year. Powered by jforum tax help free Self-employed individual. Powered by jforum tax help free   You can make contributions on behalf of yourself only if you have net earnings (compensation) from self-employment in the trade or business for which the plan was set up. Powered by jforum tax help free Your net earnings must be from your personal services, not from your investments. Powered by jforum tax help free If you have a net loss from self-employment, you cannot make contributions for yourself for the year, even if you can contribute for common-law employees based on their compensation. Powered by jforum tax help free Employer Contributions There are certain limits on the contributions and other annual additions you can make each year for plan participants. Powered by jforum tax help free There are also limits on the amount you can deduct. Powered by jforum tax help free See Deduction Limits , later. Powered by jforum tax help free Limits on Contributions and Benefits Your plan must provide that contributions or benefits cannot exceed certain limits. Powered by jforum tax help free The limits differ depending on whether your plan is a defined contribution plan or a defined benefit plan. Powered by jforum tax help free Defined benefit plan. Powered by jforum tax help free   For 2013, the annual benefit for a participant under a defined benefit plan cannot exceed the lesser of the following amounts. Powered by jforum tax help free 100% of the participant's average compensation for his or her highest 3 consecutive calendar years. Powered by jforum tax help free $205,000 ($210,000 for 2014). Powered by jforum tax help free Defined contribution plan. Powered by jforum tax help free   For 2013, a defined contribution plan's annual contributions and other additions (excluding earnings) to the account of a participant cannot exceed the lesser of the following amounts. Powered by jforum tax help free 100% of the participant's compensation. Powered by jforum tax help free $51,000 ($52,000 for 2014). Powered by jforum tax help free   Catch-up contributions (discussed later under Limit on Elective Deferrals) are not subject to the above limit. Powered by jforum tax help free Employee Contributions Participants may be permitted to make nondeductible contributions to a plan in addition to your contributions. Powered by jforum tax help free Even though these employee contributions are not deductible, the earnings on them are tax free until distributed in later years. Powered by jforum tax help free Also, these contributions must satisfy the actual contribution percentage (ACP) test of section 401(m)(2), a nondiscrimination test that applies to employee contributions and matching contributions. Powered by jforum tax help free See Regulations sections 1. Powered by jforum tax help free 401(k)-2 and 1. Powered by jforum tax help free 401(m)-2 for further guidance relating to the nondiscrimination rules under sections 401(k) and 401(m). Powered by jforum tax help free When Contributions Are Considered Made You generally apply your plan contributions to the year in which you make them. Powered by jforum tax help free But you can apply them to the previous year if all the following requirements are met. Powered by jforum tax help free You make them by the due date of your tax return for the previous year (plus extensions). Powered by jforum tax help free The plan was established by the end of the previous year. Powered by jforum tax help free The plan treats the contributions as though it had received them on the last day of the previous year. Powered by jforum tax help free You do either of the following. Powered by jforum tax help free You specify in writing to the plan administrator or trustee that the contributions apply to the previous year. Powered by jforum tax help free You deduct the contributions on your tax return for the previous year. Powered by jforum tax help free A partnership shows contributions for partners on Form 1065. Powered by jforum tax help free Employer's promissory note. Powered by jforum tax help free   Your promissory note made out to the plan is not a payment that qualifies for the deduction. Powered by jforum tax help free Also, issuing this note is a prohibited transaction subject to tax. Powered by jforum tax help free See Prohibited Transactions , later. Powered by jforum tax help free Employer Deduction You can usually deduct, subject to limits, contributions you make to a qualified plan, including those made for your own retirement. Powered by jforum tax help free The contributions (and earnings and gains on them) are generally tax free until distributed by the plan. Powered by jforum tax help free Deduction Limits The deduction limit for your contributions to a qualified plan depends on the kind of plan you have. Powered by jforum tax help free Defined contribution plans. Powered by jforum tax help free   The deduction for contributions to a defined contribution plan (profit-sharing plan or money purchase pension plan) cannot be more than 25% of the compensation paid (or accrued) during the year to your eligible employees participating in the plan. Powered by jforum tax help free If you are self-employed, you must reduce this limit in figuring the deduction for contributions you make for your own account. Powered by jforum tax help free See Deduction Limit for Self-Employed Individuals , later. Powered by jforum tax help free   When figuring the deduction limit, the following rules apply. Powered by jforum tax help free Elective deferrals (discussed later) are not subject to the limit. Powered by jforum tax help free Compensation includes elective deferrals. Powered by jforum tax help free The maximum compensation that can be taken into account for each employee in 2013 is $255,000 ($260,000 for 2014). Powered by jforum tax help free Defined benefit plans. Powered by jforum tax help free   The deduction for contributions to a defined benefit plan is based on actuarial assumptions and computations. Powered by jforum tax help free Consequently, an actuary must figure your deduction limit. Powered by jforum tax help free    In figuring the deduction for contributions, you cannot take into account any contributions or benefits that are more than the limits discussed earlier under Limits on Contributions and Benefits, earlier. Powered by jforum tax help free Table 4–1. Powered by jforum tax help free Carryover of Excess Contributions Illustrated—Profit-Sharing Plan (000's omitted) Year Participants' compensation Participants' share of required contribution (10% of annual profit) Deductible  limit for current year (25% of compensation) Contribution Excess contribution carryover used1 Total  deduction including carryovers Excess contribution carryover available at end of year 2010 $1,000 $100 $250 $100 $ 0 $100 $ 0 2011 400 165 100 165 0 100 65 2012 500 100 125 100 25 125 40 2013 600 100 150 100 40 140 0  1There were no carryovers from years before 2010. Powered by jforum tax help free Deduction Limit for Self-Employed Individuals If you make contributions for yourself, you need to make a special computation to figure your maximum deduction for these contributions. Powered by jforum tax help free Compensation is your net earnings from self-employment, defined in chapter 1. Powered by jforum tax help free This definition takes into account both the following items. Powered by jforum tax help free The deduction for the deductible part of your self-employment tax. Powered by jforum tax help free The deduction for contributions on your behalf to the plan. Powered by jforum tax help free The deduction for your own contributions and your net earnings depend on each other. Powered by jforum tax help free For this reason, you determine the deduction for your own contributions indirectly by reducing the contribution rate called for in your plan. Powered by jforum tax help free To do this, use either the Rate Table for Self-Employed or the Rate Worksheet for Self-Employed in chapter 5. Powered by jforum tax help free Then figure your maximum deduction by using the Deduction Worksheet for Self-Employed in chapter 5. Powered by jforum tax help free Where To Deduct Contributions Deduct the contributions you make for your common-law employees on your tax return. Powered by jforum tax help free For example, sole proprietors deduct them on Schedule C (Form 1040) or Schedule F (Form 1040); partnerships deduct them on Form 1065; and corporations deduct them on Form 1120, or Form 1120S. Powered by jforum tax help free Sole proprietors and partners deduct contributions for themselves on line 28 of Form 1040. Powered by jforum tax help free (If you are a partner, contributions for yourself are shown on the Schedule K-1 (Form 1065) you get from the partnership. Powered by jforum tax help free ) Carryover of Excess Contributions If you contribute more to the plans than you can deduct for the year, you can carry over and deduct the difference in later years, combined with your contributions for those years. Powered by jforum tax help free Your combined deduction in a later year is limited to 25% of the participating employees' compensation for that year. Powered by jforum tax help free For purposes of this limit, a SEP is treated as a profit-sharing (defined contribution) plan. Powered by jforum tax help free However, this percentage limit must be reduced to figure your maximum deduction for contributions you make for yourself. Powered by jforum tax help free See Deduction Limit for Self-Employed Individuals, earlier. Powered by jforum tax help free The amount you carry over and deduct may be subject to the excise tax discussed next. Powered by jforum tax help free Table 4-1, earlier, illustrates the carryover of excess contributions to a profit-sharing plan. Powered by jforum tax help free Excise Tax for Nondeductible (Excess) Contributions If you contribute more than your deduction limit to a retirement plan, you have made nondeductible contributions and you may be liable for an excise tax. Powered by jforum tax help free In general, a 10% excise tax applies to nondeductible contributions made to qualified pension and profit-sharing plans and to SEPs. Powered by jforum tax help free Special rule for self-employed individuals. Powered by jforum tax help free   The 10% excise tax does not apply to any contribution made to meet the minimum funding requirements in a money purchase pension plan or a defined benefit plan. Powered by jforum tax help free Even if that contribution is more than your earned income from the trade or business for which the plan is set up, the difference is not subject to this excise tax. Powered by jforum tax help free See Minimum Funding Requirement , earlier. Powered by jforum tax help free Reporting the tax. Powered by jforum tax help free   You must report the tax on your nondeductible contributions on Form 5330. Powered by jforum tax help free Form 5330 includes a computation of the tax. Powered by jforum tax help free See the separate instructions for completing the form. Powered by jforum tax help free Elective Deferrals (401(k) Plans) Your qualified plan can include a cash or deferred arrangement under which participants can choose to have you contribute part of their before-tax compensation to the plan rather than receive the compensation in cash. Powered by jforum tax help free A plan with this type of arrangement is popularly known as a “401(k) plan. Powered by jforum tax help free ” (As a self-employed individual participating in the plan, you can contribute part of your before-tax net earnings from the business. Powered by jforum tax help free ) This contribution is called an “elective deferral” because participants choose (elect) to defer receipt of the money. Powered by jforum tax help free In general, a qualified plan can include a cash or deferred arrangement only if the qualified plan is one of the following plans. Powered by jforum tax help free A profit-sharing plan. Powered by jforum tax help free A money purchase pension plan in existence on June 27, 1974, that included a salary reduction arrangement on that date. Powered by jforum tax help free Partnership. Powered by jforum tax help free   A partnership can have a 401(k) plan. Powered by jforum tax help free Restriction on conditions of participation. Powered by jforum tax help free   The plan cannot require, as a condition of participation, that an employee complete more than 1 year of service. Powered by jforum tax help free Matching contributions. Powered by jforum tax help free   If your plan permits, you can make matching contributions for an employee who makes an elective deferral to your 401(k) plan. Powered by jforum tax help free For example, the plan might provide that you will contribute 50 cents for each dollar your participating employees choose to defer under your 401(k) plan. Powered by jforum tax help free Matching contributions are generally subject to the ACP test discussed earlier under Employee Contributions. Powered by jforum tax help free Nonelective contributions. Powered by jforum tax help free   You can also make contributions (other than matching contributions) for your participating employees without giving them the choice to take cash instead. Powered by jforum tax help free These are called nonelective contributions. Powered by jforum tax help free Employee compensation limit. Powered by jforum tax help free   No more than $255,000 of the employee's compensation can be taken into account when figuring contributions other than elective deferrals in 2013. Powered by jforum tax help free This limit is $260,000 in 2014. Powered by jforum tax help free SIMPLE 401(k) plan. Powered by jforum tax help free   If you had 100 or fewer employees who earned $5,000 or more in compensation during the preceding year, you may be able to set up a SIMPLE 401(k) plan. Powered by jforum tax help free A SIMPLE 401(k) plan is not subject to the nondiscrimination and top-heavy plan requirements discussed earlier under Qualification Rules. Powered by jforum tax help free For details about SIMPLE 401(k) plans, see SIMPLE 401(k) Plan in chapter 3. Powered by jforum tax help free Distributions. Powered by jforum tax help free   Certain rules apply to distributions from 401(k) plans. Powered by jforum tax help free See Distributions From 401(k) Plans , later. Powered by jforum tax help free Limit on Elective Deferrals There is a limit on the amount an employee can defer each year under these plans. Powered by jforum tax help free This limit applies without regard to community property laws. Powered by jforum tax help free Your plan must provide that your employees cannot defer more than the limit that applies for a particular year. Powered by jforum tax help free For 2013 and 2014, the basic limit on elective deferrals is $17,500. Powered by jforum tax help free This limit applies to all salary reduction contributions and elective deferrals. Powered by jforum tax help free If, in conjunction with other plans, the deferral limit is exceeded, the difference is included in the employee's gross income. Powered by jforum tax help free Catch-up contributions. Powered by jforum tax help free   A 401(k) plan can permit participants who are age 50 or over at the end of the calendar year to also make catch-up contributions. Powered by jforum tax help free The catch-up contribution limit for 2013 and 2014 is $5,500. Powered by jforum tax help free Elective deferrals are not treated as catch-up contributions for 2013 until they exceed the $17,500 limit, the actual deferral percentage (ADP) test limit of section 401(k)(3), or the plan limit (if any). Powered by jforum tax help free However, the catch-up contribution a participant can make for a year cannot exceed the lesser of the following amounts. Powered by jforum tax help free The catch-up contribution limit. Powered by jforum tax help free The excess of the participant's compensation over the elective deferrals that are not catch-up contributions. Powered by jforum tax help free Treatment of contributions. Powered by jforum tax help free   Your contributions to your own 401(k) plan are generally deductible by you for the year they are contributed to the plan. Powered by jforum tax help free Matching or nonelective contributions made to the plan are also deductible by you in the year of contribution. Powered by jforum tax help free Your employees' elective deferrals other than designated Roth contributions are tax free until distributed from the plan. Powered by jforum tax help free Elective deferrals are included in wages for social security, Medicare, and federal unemployment (FUTA) tax. Powered by jforum tax help free Forfeiture. Powered by jforum tax help free   Employees have a nonforfeitable right at all times to their accrued benefit attributable to elective deferrals. Powered by jforum tax help free Reporting on Form W-2. Powered by jforum tax help free   Do not include elective deferrals in the “Wages, tips, other compensation” box of Form W-2. Powered by jforum tax help free You must, however, include them in the “Social security wages” and “Medicare wages and tips” boxes. Powered by jforum tax help free You must also include them in box 12. Powered by jforum tax help free Mark the “Retirement plan” checkbox in box 13. Powered by jforum tax help free For more information, see the Form W-2 instructions. Powered by jforum tax help free Automatic Enrollment Your 401(k) plan can have an automatic enrollment feature. Powered by jforum tax help free Under this feature, you can automatically reduce an employee's pay by a fixed percentage and contribute that amount to the 401(k) plan on his or her behalf unless the employee affirmatively chooses not to have his or her pay reduced or chooses to have it reduced by a different percentage. Powered by jforum tax help free These contributions are elective deferrals. Powered by jforum tax help free An automatic enrollment feature will encourage employees' saving for retirement and will help your plan pass nondiscrimination testing (if applicable). Powered by jforum tax help free For more information, see Publication 4674, Automatic Enrollment 401(k) Plans for Small Businesses. Powered by jforum tax help free Eligible automatic contribution arrangement. Powered by jforum tax help free   Under an eligible automatic contribution arrangement (EACA), a participant is treated as having elected to have the employer make contributions in an amount equal to a uniform percentage of compensation. Powered by jforum tax help free This automatic election will remain in place until the participant specifically elects not to have such deferral percentage made (or elects a different percentage). Powered by jforum tax help free There is no required deferral percentage. Powered by jforum tax help free Withdrawals. Powered by jforum tax help free   Under an EACA, you may allow participants to withdraw their automatic contributions to the plan if certain conditions are met. Powered by jforum tax help free The participant must elect the withdrawal no later than 90 days after the date of the first elective contributions under the EACA. Powered by jforum tax help free The participant must withdraw the entire amount of EACA default contributions, including any earnings thereon. Powered by jforum tax help free   If the plan allows withdrawals under the EACA, the amount of the withdrawal other than the amount of any designated Roth contributions must be included in the employee's gross income for the tax year in which the distribution is made. Powered by jforum tax help free The additional 10% tax on early distributions will not apply to the distribution. Powered by jforum tax help free Notice requirement. Powered by jforum tax help free   Under an EACA, employees must be given written notice of the terms of the EACA within a reasonable period of time before each plan year. Powered by jforum tax help free The notice must be written in a manner calculated to be understood by the average employee and be sufficiently accurate and comprehensive in order to apprise the employee of his or her rights and obligations under the EACA. Powered by jforum tax help free The notice must include an explanation of the employee's right to elect not to have elective contributions made on his or her behalf, or to elect a different percentage, and the employee must be given a reasonable period of time after receipt of the notice before the first elective contribution is made. Powered by jforum tax help free The notice also must explain how contributions will be invested in the absence of an investment election by the employee. Powered by jforum tax help free Qualified automatic contribution arrangement. Powered by jforum tax help free    A qualified automatic contribution arrangement (QACA) is a type of safe harbor plan. Powered by jforum tax help free It contains an automatic enrollment feature, and mandatory employer contributions are required. Powered by jforum tax help free If your plan includes a QACA, it will not be subject to the ADP test (discussed later) nor the top-heavy requirements (discussed earlier). Powered by jforum tax help free Additionally, your plan will not be subject to the actual contribution percentage (ACP) test if certain additional requirements are met. Powered by jforum tax help free Under a QACA, each employee who is eligible to participate in the plan will be treated as having elected to make elective deferral contributions equal to a certain default percentage of compensation. Powered by jforum tax help free In order to not have default elective deferrals made, an employee must make an affirmative election specifying a deferral percentage (including zero, if desired). Powered by jforum tax help free If an employee does not make an affirmative election, the default deferral percentage must meet the following conditions. Powered by jforum tax help free It must be applied uniformly. Powered by jforum tax help free It must not exceed 10%. Powered by jforum tax help free It must be at least 3% in the first plan year it applies to an employee and through the end of the following year. Powered by jforum tax help free It must increase to at least 4% in the following plan year. Powered by jforum tax help free It must increase to at least 5% in the following plan year. Powered by jforum tax help free It must increase to at least 6% in subsequent plan years. Powered by jforum tax help free Matching or nonelective contributions. Powered by jforum tax help free   Under the terms of the QACA, you must make either matching or nonelective contributions according to the following terms. Powered by jforum tax help free Matching contributions. Powered by jforum tax help free You must make matching contributions on behalf of each non-highly compensated employee in the following amounts. Powered by jforum tax help free An amount equal to 100% of elective deferrals, up to 1% of compensation. Powered by jforum tax help free An amount equal to 50% of elective deferrals, from 1% up to 6% of compensation. Powered by jforum tax help free Other formulas may be used as long as they are at least as favorable to non-highly compensated employees. Powered by jforum tax help free The rate of matching contributions for highly compensated employees, including yourself, must not exceed the rates for non-highly compensated employees. Powered by jforum tax help free Nonelective contributions. Powered by jforum tax help free You must make nonelective contributions on behalf of every non-highly compensated employee eligible to participate in the plan, regardless of whether they elected to participate, in an amount equal to at least 3% of their compensation. Powered by jforum tax help free Vesting requirements. Powered by jforum tax help free   All accrued benefits attributed to matching or nonelective contributions under the QACA must be 100% vested for all employees who complete 2 years of service. Powered by jforum tax help free These contributions are subject to special withdrawal restrictions, discussed later. Powered by jforum tax help free Notice requirements. Powered by jforum tax help free   Each employee eligible to participate in the QACA must receive written notice of their rights and obligations under the QACA, within a reasonable period before each plan year. Powered by jforum tax help free The notice must be written in a manner calculated to be understood by the average employee, and it must be accurate and comprehensive. Powered by jforum tax help free The notice must explain their right to elect not to have elective contributions made on their behalf, or to have contributions made at a different percentage than the default percentage. Powered by jforum tax help free Additionally, the notice must explain how contributions will be invested in the absence of any investment election by the employee. Powered by jforum tax help free The employee must have a reasonable period of time after receiving the notice to make such contribution and investment elections prior to the first contributions under the QACA. Powered by jforum tax help free Treatment of Excess Deferrals If the total of an employee's deferrals is more than the limit for 2013, the employee can have the difference (called an excess deferral) paid out of any of the plans that permit these distributions. Powered by jforum tax help free He or she must notify the plan by April 15, 2014 (or an earlier date specified in the plan), of the amount to be paid from each plan. Powered by jforum tax help free The plan must then pay the employee that amount, plus earnings on the amount through the end of 2013, by April 15, 2014. Powered by jforum tax help free Excess withdrawn by April 15. Powered by jforum tax help free   If the employee takes out the excess deferral by April 15, 2014, it is not reported again by including it in the employee's gross income for 2014. Powered by jforum tax help free However, any income earned in 2013 on the excess deferral taken out is taxable in the tax year in which it is taken out. Powered by jforum tax help free The distribution is not subject to the additional 10% tax on early distributions. Powered by jforum tax help free   If the employee takes out part of the excess deferral and the income on it, the distribution is treated as made proportionately from the excess deferral and the income. Powered by jforum tax help free   Even if the employee takes out the excess deferral by April 15, the amount will be considered for purposes of nondiscrimination testing requirements of the plan, unless the distributed amount is for a non-highly compensated employee who participates in only one employer's 401(k) plan or plans. Powered by jforum tax help free Excess not withdrawn by April 15. Powered by jforum tax help free   If the employee does not take out the excess deferral by April 15, 2014, the excess, though taxable in 2013, is not included in the employee's cost basis in figuring the taxable amount of any eventual distributions under the plan. Powered by jforum tax help free In effect, an excess deferral left in the plan is taxed twice, once when contributed and again when distributed. Powered by jforum tax help free Also, if the employee's excess deferral is allowed to stay in the plan and the employee participates in no other employer's plan, the plan can be disqualified. Powered by jforum tax help free Reporting corrective distributions on Form 1099-R. Powered by jforum tax help free   Report corrective distributions of excess deferrals (including any earnings) on Form 1099-R. Powered by jforum tax help free For specific information about reporting corrective distributions, see the Instructions for Forms 1099-R and 5498. Powered by jforum tax help free Tax on excess contributions of highly compensated employees. Powered by jforum tax help free   The law provides tests to detect discrimination in a plan. Powered by jforum tax help free If tests, such as the actual deferral percentage test (ADP test) (see section 401(k)(3)) and the actual contribution percentage test (ACP test) (see section 401(m)(2)), show that contributions for highly compensated employees are more than the test limits for these contributions, the employer may have to pay a 10% excise tax. Powered by jforum tax help free Report the tax on Form 5330. Powered by jforum tax help free The ADP test does not apply to a safe harbor 401(k) plan (discussed next) nor to a QACA. Powered by jforum tax help free Also, the ACP test does not apply to these plans if certain additional requirements are met. Powered by jforum tax help free   The tax for the year is 10% of the excess contributions for the plan year ending in your tax year. Powered by jforum tax help free Excess contributions are elective deferrals, employee contributions, or employer matching or nonelective contributions that are more than the amount permitted under the ADP test or the ACP test. Powered by jforum tax help free   See Regulations sections 1. Powered by jforum tax help free 401(k)-2 and 1. Powered by jforum tax help free 401(m)-2 for further guidance relating to the nondiscrimination rules under sections 401(k) and 401(m). Powered by jforum tax help free    If the plan fails the ADP or ACP testing, and the failure is not corrected by the end of the next plan year, the plan can be disqualified. Powered by jforum tax help free Safe harbor 401(k) plan. Powered by jforum tax help free If you meet the requirements for a safe harbor 401(k) plan, you do not have to satisfy the ADP test, nor the ACP test, if certain additional requirements are met. Powered by jforum tax help free For your plan to be a safe harbor plan, you must meet the following conditions. Powered by jforum tax help free Matching or nonelective contributions. Powered by jforum tax help free You must make matching or nonelective contributions according to one of the following formulas. Powered by jforum tax help free Matching contributions. Powered by jforum tax help free You must make matching contributions according to the following rules. Powered by jforum tax help free You must contribute an amount equal to 100% of each non-highly compensated employee's elective deferrals, up to 3% of compensation. Powered by jforum tax help free You must contribute an amount equal to 50% of each non-highly compensated employee's elective deferrals, from 3% up to 5% of compensation. Powered by jforum tax help free The rate of matching contributions for highly compensated employees, including yourself, must not exceed the rates for non-highly compensated employees. Powered by jforum tax help free Nonelective contributions. Powered by jforum tax help free You must make nonelective contributions, without regard to whether the employee made elective deferrals, on behalf of all non-highly compensated employees eligible to participate in the plan, equal to at least 3% of the employee's compensation. Powered by jforum tax help free These mandatory matching and nonelective contributions must be immediately 100% vested and are subject to special withdrawal restrictions. Powered by jforum tax help free Notice requirement. Powered by jforum tax help free You must give eligible employees written notice of their rights and obligations with regard to contributions under the plan, within a reasonable period before the plan year. Powered by jforum tax help free The other requirements for a 401(k) plan, including withdrawal and vesting rules, must also be met for your plan to qualify as a safe harbor 401(k) plan. Powered by jforum tax help free Qualified Roth Contribution Program Under this program an eligible employee can designate all or a portion of his or her elective deferrals as after-tax Roth contributions. Powered by jforum tax help free Elective deferrals designated as Roth contributions must be maintained in a separate Roth account. Powered by jforum tax help free However, unlike other elective deferrals, designated Roth contributions are not excluded from employees' gross income, but qualified distributions from a Roth account are excluded from employees' gross income. Powered by jforum tax help free Elective Deferrals Under a qualified Roth contribution program, the amount of elective deferrals that an employee may designate as a Roth contribution is limited to the maximum amount of elective deferrals excludable from gross income for the year (for 2013 and 2014, $17,500 if under age 50 and $23,000 if age 50 or over) less the total amount of the employee's elective deferrals not designated as Roth contributions. Powered by jforum tax help free Designated Roth deferrals are treated the same as pre-tax elective deferrals for most purposes, including: The annual individual elective deferral limit (total of all designated Roth contributions and traditional, pre-tax elective deferrals) of $17,500 for 2013 and 2014, with an additional $5,500 if age 50 or over for 2013 and 2014, Determining the maximum employee and employer annual contributions of the lesser of 100% of compensation or $51,000 for 2013 ($52,000 for 2014), Nondiscrimination testing, Required distributions, and Elective deferrals not taken into account for purposes of deduction limits. Powered by jforum tax help free Qualified Distributions A qualified distribution is a distribution that is made after the employee's nonexclusion period and: On or after the employee attains age   59½, On account of the employee's being disabled, or On or after the employee's death. Powered by jforum tax help free An employee's nonexclusion period for a plan is the 5-tax-year period beginning with the earlier of the following tax years. Powered by jforum tax help free The first tax year in which the employee made a contribution to his or her Roth account in the plan, or If a rollover contribution was made to the employee's designated Roth account from a designated Roth account previously established for the employee under another plan, then the first tax year the employee made a designated Roth contribution to the previously established account. Powered by jforum tax help free Rollover. Powered by jforum tax help free   Beginning September 28, 2010, a rollover from another account can be made to a designated Roth account in the same plan. Powered by jforum tax help free For additional information on these in-plan Roth rollovers, see Notice 2010-84, 2010-51 I. Powered by jforum tax help free R. Powered by jforum tax help free B. Powered by jforum tax help free 872, available at www. Powered by jforum tax help free irs. Powered by jforum tax help free gov/irb/2010-51_IRB/ar11. Powered by jforum tax help free html, and Notice 2013-74. Powered by jforum tax help free A distribution from a designated Roth account can only be rolled over to another designated Roth account or a Roth IRA. Powered by jforum tax help free Rollover amounts do not apply toward the annual deferral limit. Powered by jforum tax help free Reporting Requirements You must report a contribution to a Roth account on Form W-2 and a distribution from a Roth account on Form 1099-R. Powered by jforum tax help free See the Form W-2 and 1099-R instructions for detailed information. Powered by jforum tax help free Distributions Amounts paid to plan participants from a qualified plan are called distributions. Powered by jforum tax help free Distributions may be nonperiodic, such as lump-sum distributions, or periodic, such as annuity payments. Powered by jforum tax help free Also, certain loans may be treated as distributions. Powered by jforum tax help free See Loans Treated as Distributions in Publication 575. Powered by jforum tax help free Required Distributions A qualified plan must provide that each participant will either: Receive his or her entire interest (benefits) in the plan by the required beginning date (defined later), or Begin receiving regular periodic distributions by the required beginning date in annual amounts calculated to distribute the participant's entire interest (benefits) over his or her life expectancy or over the joint life expectancy of the participant and the designated beneficiary (or over a shorter period). Powered by jforum tax help free These distribution rules apply individually to each qualified plan. Powered by jforum tax help free You cannot satisfy the requirement for one plan by taking a distribution from another. Powered by jforum tax help free The plan must provide that these rules override any inconsistent distribution options previously offered. Powered by jforum tax help free Minimum distribution. Powered by jforum tax help free   If the account balance of a qualified plan participant is to be distributed (other than as an annuity), the plan administrator must figure the minimum amount required to be distributed each distribution calendar year. Powered by jforum tax help free This minimum is figured by dividing the account balance by the applicable life expectancy. Powered by jforum tax help free The plan administrator can use the life expectancy tables in Appendix C of Publication 590 for this purpose. Powered by jforum tax help free For more information on figuring the minimum distribution, see Tax on Excess Accumulation in Publication 575. Powered by jforum tax help free Required beginning date. Powered by jforum tax help free   Generally, each participant must receive his or her entire benefits in the plan or begin to receive periodic distributions of benefits from the plan by the required beginning date. Powered by jforum tax help free   A participant must begin to receive distributions from his or her qualified retirement plan by April 1 of the first year after the later of the following years. Powered by jforum tax help free Calendar year in which he or she reaches age 70½. Powered by jforum tax help free Calendar year in which he or she retires from employment with the employer maintaining the plan. Powered by jforum tax help free However, the plan may require the participant to begin receiving distributions by April 1 of the year after the participant reaches age 70½ even if the participant has not retired. Powered by jforum tax help free   If the participant is a 5% owner of the employer maintaining the plan, the participant must begin receiving distributions by April 1 of the first year after the calendar year in which the participant reached age 70½. Powered by jforum tax help free For more information, see Tax on Excess Accumulation in Publication 575. Powered by jforum tax help free Distributions after the starting year. Powered by jforum tax help free   The distribution required to be made by April 1 is treated as a distribution for the starting year. Powered by jforum tax help free (The starting year is the year in which the participant meets (1) or (2) above, whichever applies. Powered by jforum tax help free ) After the starting year, the participant must receive the required distribution for each year by December 31 of that year. Powered by jforum tax help free If no distribution is made in the starting year, required distributions for 2 years must be made in the next year (one by April 1 and one by December 31). Powered by jforum tax help free Distributions after participant's death. Powered by jforum tax help free   See Publication 575 for the special rules covering distributions made after the death of a participant. Powered by jforum tax help free Distributions From 401(k) Plans Generally, distributions cannot be made until one of the following occurs. Powered by jforum tax help free The employee retires, dies, becomes disabled, or otherwise severs employment. Powered by jforum tax help free The plan ends and no other defined contribution plan is established or continued. Powered by jforum tax help free In the case of a 401(k) plan that is part of a profit-sharing plan, the employee reaches age 59½ or suffers financial hardship. Powered by jforum tax help free For the rules on hardship distributions, including the limits on them, see Regulations section 1. Powered by jforum tax help free 401(k)-1(d). Powered by jforum tax help free The employee becomes eligible for a qualified reservist distribution (defined next). Powered by jforum tax help free Certain distributions listed above may be subject to the tax on early distributions discussed later. Powered by jforum tax help free Qualified reservist distributions. Powered by jforum tax help free   A qualified reservist distribution is a distribution from an IRA or an elective deferral account made after September 11, 2001, to a military reservist or a member of the National Guard who has been called to active duty for at least 180 days or for an indefinite period. Powered by jforum tax help free All or part of a qualified reservist distribution can be recontributed to an IRA. Powered by jforum tax help free The additional 10% tax on early distributions does not apply to a qualified reservist distribution. Powered by jforum tax help free Tax Treatment of Distributions Distributions from a qualified plan minus a prorated part of any cost basis are subject to income tax in the year they are distributed. Powered by jforum tax help free Since most recipients have no cost basis, a distribution is generally fully taxable. Powered by jforum tax help free An exception is a distribution that is properly rolled over as discussed under Rollover, next. Powered by jforum tax help free The tax treatment of distributions depends on whether they are made periodically over several years or life (periodic distributions) or are nonperiodic distributions. Powered by jforum tax help free See Taxation of Periodic Payments and Taxation of Nonperiodic Payments in Publication 575 for a detailed description of how distributions are taxed, including the 10-year tax option or capital gain treatment of a lump-sum distribution. Powered by jforum tax help free Note. Powered by jforum tax help free A recipient of a distribution from a designated Roth account will have a cost basis since designated Roth contributions are made on an after-tax basis. Powered by jforum tax help free Also, a distribution from a designated Roth account is entirely tax-free if certain conditions are met. Powered by jforum tax help free See Qualified distributions under Qualified Roth Contribution Program, earlier. Powered by jforum tax help free Rollover. Powered by jforum tax help free   The recipient of an eligible rollover distribution from a qualified plan can defer the tax on it by rolling it over into a traditional IRA or another eligible retirement plan. Powered by jforum tax help free However, it may be subject to withholding as discussed under Withholding requirement, later. Powered by jforum tax help free A rollover can also be made to a Roth IRA, in which case, any previously untaxed amounts are includible in gross income unless the rollover is from a designated Roth account. Powered by jforum tax help free Eligible rollover distribution. Powered by jforum tax help free   This is a distribution of all or any part of an employee's balance in a qualified retirement plan that is not any of the following. Powered by jforum tax help free A required minimum distribution. Powered by jforum tax help free See Required Distributions , earlier. Powered by jforum tax help free Any of a series of substantially equal payments made at least once a year over any of the following periods. Powered by jforum tax help free The employee's life or life expectancy. Powered by jforum tax help free The joint lives or life expectancies of the employee and beneficiary. Powered by jforum tax help free A period of 10 years or longer. Powered by jforum tax help free A hardship distribution. Powered by jforum tax help free The portion of a distribution that represents the return of an employee's nondeductible contributions to the plan. Powered by jforum tax help free See Employee Contributions , earlier, and Rollover of nontaxable amounts, next. Powered by jforum tax help free Loans treated as distributions. Powered by jforum tax help free Dividends on employer securities. Powered by jforum tax help free The cost of any life insurance coverage provided under a qualified retirement plan. Powered by jforum tax help free Similar items designated by the IRS in published guidance. Powered by jforum tax help free See, for example, the Instructions for Forms 1099-R and 5498. Powered by jforum tax help free Rollover of nontaxable amounts. Powered by jforum tax help free   You may be able to roll over the nontaxable part of a distribution to another qualified retirement plan or a section 403(b) plan, or to an IRA. Powered by jforum tax help free If the rollover is to a qualified retirement plan or a section 403(b) plan that separately accounts for the taxable and nontaxable parts of the rollover, the transfer must be made through a direct (trustee-to-trustee) rollover. Powered by jforum tax help free If the rollover is to an IRA, the transfer can be made by any rollover method. Powered by jforum tax help free Note. Powered by jforum tax help free A distribution from a designated Roth account can be rolled over to another designated Roth account or to a Roth IRA. Powered by jforum tax help free If the rollover is to a Roth IRA, it can be rolled over by any rollover method, but if the rollover is to another designated Roth account, it must be rolled over directly (trustee-to-trustee). Powered by jforum tax help free More information. Powered by jforum tax help free   For more information about rollovers, see Rollovers in Pubs. Powered by jforum tax help free 575 and 590. Powered by jforum tax help free Withholding requirement. Powered by jforum tax help free   If, during a year, a qualified plan pays to a participant one or more eligible rollover distributions (defined earlier) that are reasonably expected to total $200 or more, the payor must withhold 20% of the taxable portion of each distribution for federal income tax. Powered by jforum tax help free Exceptions. Powered by jforum tax help free   If, instead of having the distribution paid to him or her, the participant chooses to have the plan pay it directly to an IRA or another eligible retirement plan (a direct rollover), no withholding is required. Powered by jforum tax help free   If the distribution is not an eligible rollover distribution, defined earlier, the 20% withholding requirement does not apply. Powered by jforum tax help free Other withholding rules apply to distributions that are not eligible rollover distributions, such as long-term periodic distributions and required distributions (periodic or nonperiodic). Powered by jforum tax help free However, the participant can choose not to have tax withheld from these distributions. Powered by jforum tax help free If the participant does not make this choice, the following withholding rules apply. Powered by jforum tax help free For periodic distributions, withholding is based on their treatment as wages. Powered by jforum tax help free For nonperiodic distributions, 10% of the taxable part is withheld. Powered by jforum tax help free Estimated tax payments. Powered by jforum tax help free   If no income tax is withheld or not enough tax is withheld, the recipient of a distribution may have to make estimated tax payments. Powered by jforum tax help free For more information, see Withholding Tax and Estimated Tax in Publication 575. Powered by jforum tax help free Section 402(f) Notice. Powered by jforum tax help free   If a distribution is an eligible rollover distribution, as defined earlier, you must provide a written notice to the recipient that explains the following rules regarding such distributions. Powered by jforum tax help free That the distribution may be directly transferred to an eligible retirement plan and information about which distributions are eligible for this direct transfer. Powered by jforum tax help free That tax will be withheld from the distribution if it is not directly transferred to an eligible retirement plan. Powered by jforum tax help free That the distribution will not be subject to tax if transferred to an eligible retirement plan within 60 days after the date the recipient receives the distribution. Powered by jforum tax help free Certain other rules that may be applicable. Powered by jforum tax help free   Notice 2009-68, 2009-39 I. Powered by jforum tax help free R. Powered by jforum tax help free B. Powered by jforum tax help free 423, available at www. Powered by jforum tax help free irs. Powered by jforum tax help free gov/irb/2009-39_IRB/ar14. Powered by jforum tax help free html, contains two updated safe harbor section 402(f) notices that plan administrators may provide recipients of eligible rollover distributions. Powered by jforum tax help free If the plan allows in-plan Roth rollovers, the 402(f) notice must be amended to reflect this. Powered by jforum tax help free Notice 2010-84 contains guidance on how to modify a 402(f) notice for in-plan Roth rollovers. Powered by jforum tax help free Timing of notice. Powered by jforum tax help free   The notice generally must be provided no less than 30 days and no more than 180 days before the date of a distribution. Powered by jforum tax help free Method of notice. Powered by jforum tax help free   The written notice must be provided individually to each distributee of an eligible rollover distribution. Powered by jforum tax help free Posting of the notice is not sufficient. Powered by jforum tax help free However, the written requirement may be satisfied through the use of electronic media if certain additional conditions are met. Powered by jforum tax help free See Regulations section 1. Powered by jforum tax help free 401(a)-21. Powered by jforum tax help free Tax on failure to give notice. Powered by jforum tax help free   Failure to give a 402(f) notice will result in a tax of $100 for each failure, with a total not exceeding $50,000 per calendar year. Powered by jforum tax help free The tax will not be imposed if it is shown that such failure is due to reasonable cause and not to willful neglect. Powered by jforum tax help free Tax on Early Distributions If a distribution is made to an employee under the plan before he or she reaches age 59½, the employee may have to pay a 10% additional tax on the distribution. Powered by jforum tax help free This tax applies to the amount received that the employee must include in income. Powered by jforum tax help free Exceptions. Powered by jforum tax help free   The 10% tax will not apply if distributions before age 59½ are made in any of the following circumstances. Powered by jforum tax help free Made to a beneficiary (or to the estate of the employee) on or after the death of the employee. Powered by jforum tax help free Made due to the employee having a qualifying disability. Powered by jforum tax help free Made as part of a series of substantially equal periodic payments beginning after separation from service and made at least annually for the life or life expectancy of the employee or the joint lives or life expectancies of the employee and his or her designated beneficiary. Powered by jforum tax help free (The payments under this exception, except in the case of death or disability, must continue for at least 5 years or until the employee reaches age 59½, whichever is the longer period. Powered by jforum tax help free ) Made to an employee after separation from service if the separation occurred during o
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Understanding your CP49 Notice

We sent you this notice to tell you we used all or part of your refund to pay a tax debt.


What you need to do

  • Read your notice carefully — it'll explain how we used your refund.
  • Contact us if you disagree.

You may want to...


Answers to Common Questions

What should I do if I disagree with the notice?
Call us at the toll free number on the top right corner of your notice. Please have your paperwork (such as cancelled checks, amended return, etc.) ready when you call.

Part of the refund you used is mine. You used it to pay taxes my spouse owes. I don't owe any taxes. What can I do?
You can file a Form 8379, Injured Spouse Allocation to claim your share of the refund.

You only used part of my refund. What happens to the part you didn't use?
You'll receive a refund check for any part we didn't use.

What happens when the refund you used didn't pay the full amount I owe and I can't pay the rest?
You can make a payment plan with us when you can't pay the full amount you owe.

How can I make a payment plan?
Call us at the toll free number on the top right corner of your notice to talk about payment plans or learn more about them.


Tips for next year

Consider filing your taxes electronically. Filing online can help you avoid mistakes and find credits and deductions that you may qualify for. In many cases you can file for free. Learn more about e-file.

Printable samples of this notice (PDF)

Tax publications you may find useful

How to get help

Calling the 1-800 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).

Or you may qualify for help from a Low Income Taxpayer Clinic.
 

Page Last Reviewed or Updated: 04-Mar-2014

The Powered By Jforum Tax Help Free

Powered by jforum tax help free Publication 555 - Introductory Material Table of Contents Future Developments What's New Important Reminder IntroductionOrdering forms and publications. Powered by jforum tax help free Tax questions. Powered by jforum tax help free Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 555, such as legislation enacted after it was published, go to www. Powered by jforum tax help free irs. Powered by jforum tax help free gov/pub555. Powered by jforum tax help free What's New Same-sex marriages. Powered by jforum tax help free  For federal tax purposes, individuals of the same sex are married if they were lawfully married in a state (or foreign country) whose laws authorize the marriage of two individuals of the same sex, even if the state (or foreign country) in which they now live does not recognize same-sex marriage. Powered by jforum tax help free The term "spouse" includes an individual married to a person of the same sex if the couple is lawfully married under state (or foreign) law. Powered by jforum tax help free However, individuals who have entered into a registered domestic partnership, civil union, or other similar relationship that is not called a marriage under state (or foreign) law are not married for federal tax purposes. Powered by jforum tax help free The word “state” as used here includes the District of Columbia, Puerto Rico, and U. Powered by jforum tax help free S. Powered by jforum tax help free territories and possessions. Powered by jforum tax help free It means any domestic jurisdiction that has the legal authority to sanction marriages. Powered by jforum tax help free The term “foreign country” means any foreign jurisdiction that has the legal authority to sanction marriages. Powered by jforum tax help free If individuals of the same sex are married, they generally must use the married filing jointly or married filing separately filing status. Powered by jforum tax help free However, if they did not live together during the last 6 months of the year, one or both of them may be able to use the head of household filing status. Powered by jforum tax help free For details, see Publication 501, Exemptions, Standard Deduction, and Filing Information. Powered by jforum tax help free Also see Revenue Ruling 2013-17 and Answers to Frequently Asked Questions for Individuals of the Same Sex Who Are Married Under State Law on IRS. Powered by jforum tax help free gov. Powered by jforum tax help free Important Reminder Photographs of missing children. Powered by jforum tax help free  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Powered by jforum tax help free Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Powered by jforum tax help free 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. Powered by jforum tax help free Introduction This publication is for married taxpayers who are domiciled in one of the following community property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, or Wisconsin. Powered by jforum tax help free This publication does not address the federal tax treatment of income or property subject to the “community property” election under Alaska state laws. Powered by jforum tax help free Community property laws affect how you figure your income on your federal income tax return if you are married, live in a community property state or country, and file separate returns. Powered by jforum tax help free If you are married, your tax usually will be less if you file married filing jointly than if you file married filing separately. Powered by jforum tax help free However, sometimes it can be to your advantage to file separate returns. Powered by jforum tax help free If you and your spouse file separate returns, you have to determine your community income and your separate income. Powered by jforum tax help free Community property laws also affect your basis in property you inherit from a married person who lived in a community property state. Powered by jforum tax help free See Death of spouse , later. Powered by jforum tax help free Registered domestic partners. Powered by jforum tax help free    This publication is also for registered domestic partners who are domiciled in Nevada, Washington, or California. Powered by jforum tax help free Registered domestic partners in Nevada, Washington, or California generally must follow state community property laws and report half the combined community income of the individual and his or her registered domestic partner. Powered by jforum tax help free   Registered domestic partners are not married for federal tax purposes. Powered by jforum tax help free They can use the single filing status, or if they qualify, the head of household filing status. Powered by jforum tax help free    You can find answers to frequently asked questions by going to www. Powered by jforum tax help free irs. Powered by jforum tax help free gov/pub555 and clicking on Answers to Frequently Asked Questions for Registered Domestic Partners and Individuals in Civil Unions under Other Items You May Find Useful. Powered by jforum tax help free Comments and suggestions. Powered by jforum tax help free    We welcome your comments about this publication and your suggestions for future editions. Powered by jforum tax help free   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Powered by jforum tax help free NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Powered by jforum tax help free Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Powered by jforum tax help free   You can send your comments from www. Powered by jforum tax help free irs. Powered by jforum tax help free gov/formspubs. Powered by jforum tax help free Click on “More Information” and then on “Give us feedback on forms and publications. Powered by jforum tax help free ”   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. Powered by jforum tax help free Ordering forms and publications. Powered by jforum tax help free    Visit www. Powered by jforum tax help free irs. Powered by jforum tax help free 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. Powered by jforum tax help free Internal Revenue Service 1201 N. Powered by jforum tax help free Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Powered by jforum tax help free    If you have a tax question, check the information available on IRS. Powered by jforum tax help free gov or call 1-800-829-1040. Powered by jforum tax help free We cannot answer tax questions sent to either of the above addresses. Powered by jforum tax help free Useful Items - You may want to see: Publication 504 Divorced or Separated Individuals 505 Tax Withholding and Estimated Tax 971 Innocent Spouse Relief Form (and Instructions) 8857 Request for Innocent Spouse Relief 8958 Allocation of Tax Amounts Between Certain Individuals in Community Property States  See How To Get Tax Help near the end of this publication for information about getting these publications and forms. Powered by jforum tax help free Prev  Up  Next   Home   More Online Publications