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School Tax Forms

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School Tax Forms

School tax forms Publication 970 - Additional Material Table of Contents AppendicesAppendix A. School tax forms Illustrated Example of Education Credits Glossary Appendices The following appendices are provided to help you claim the education benefits that will give you the lowest tax. School tax forms Appendix A—An illustrated example of education credits, including a filled-in Form 8863 showing how to claim both the American opportunity credit and lifetime learning credit for 2013. School tax forms Appendix B—A chart summarizing some of the major differences between the education tax benefits discussed in this publication. School tax forms It is intended only as a guide. School tax forms Look in this publication for more complete information. School tax forms   Appendix A. School tax forms Illustrated Example of Education Credits Dave and Valerie Jones are married and on their 2013 joint tax return they claim exemptions for their two dependent children, Sean (age 21, social security number: 000-00-0001) and Carey (age 18, social security number: 000–00–0002). School tax forms Their modified adjusted gross income (MAGI) on Form 1040, line 38 is $110,000. School tax forms Because Dave and Valerie have unusually high itemized deductions, their taxable income is $10,000 and their tax before credits is $1,000. School tax forms Sean enrolled as a full-time graduate student in August 2013 at California State College. School tax forms He graduated with his bachelor's degree in 2012 and did not attend school from January 2013 through July 2013. School tax forms His parents claimed the Hope Scholarship Credit for Sean for 2008 and the American opportunity credit for Sean for 2010, 2011, and 2012. School tax forms Carey enrolled full time as a freshman at the same college in January 2013 to begin working on her bachelor's degree. School tax forms In 2013, Dave and Valerie paid $7,000 in tuition for Sean and $8,500 in tuition for Carey. School tax forms California State College issued two Forms 1098-T, one for Sean and one for Carey, and sent them to the Joneses' residence. School tax forms California State College reports amounts billed in 2013 instead of amounts paid during 2013. School tax forms In completing Form 8863, the Joneses use the amounts they paid. School tax forms Neither Sean nor Carey has been convicted of a felony for possession or distribution of a controlled substance before the end of 2013. School tax forms Dave and Valerie figure their education credits by completing Form 8863. School tax forms They begin Form 8863 on page 2 before completing Part I on page 1. School tax forms Because the Joneses have two eligible students, they will complete page 2 twice, once for their son, Sean, and once for their daughter, Carey. School tax forms The Joneses decide to complete Part III for Carey first, as shown later. School tax forms They carry over the amount of $2,500 entered on Part III, line 30, to Part I, line 1. School tax forms The Joneses complete a separate Part III for their son Sean. School tax forms They check the “Yes” box on line 23, determine that Sean is not eligible for the American opportunity credit, and go to line 31 as instructed. School tax forms They figure their line 31 adjusted qualified education expenses for Sean to be $7,000. School tax forms Once they have completed Part III for each student, they figure their credits. School tax forms The Joneses figure their refundable American opportunity credit of $1,000 by completing Form 8863, Part I, lines 1 through 8. School tax forms They enter the amount from line 8, $1,000, on line 66 of their Form 1040. School tax forms The Joneses enter $7,000 on Part II, line 10, of Form 8863 and figure their tentative lifetime learning credit for 2013 to be $1,400 (line 12). School tax forms They cannot claim the full amount because their MAGI of $110,000 is greater than $107,000. School tax forms They enter the reduced amount of $1,190 (figured on Part II, line 18) on the Credit Limit Worksheet, line 1. School tax forms The $1,190 is added to their nonrefundable American opportunity credit ($1,500 on line 2 of the Credit Limit Worksheet) for a total nonrefundable credit of $2,690. School tax forms The Joneses enter $1,000 on line 7 of the Credit Limit Worksheet, which is the smaller of their tax from line 46 of their Form 1040 (which is $1,000) or the $2,690 on line 3 of the Credit Limit Worksheet. School tax forms They enter $1,000 on line 19, Part II of Form 8863 and on line 49 of Form 1040. School tax forms This image is too large to be displayed in the current screen. School tax forms Please click the link to view the image. School tax forms Form 1098-T Adjusted Qualified Education Expenses Worksheet (Form 8863 instructions) 1. School tax forms Total qualified education expenses paid for or on behalf of the student in 2013 for the academic period 8,500 2. School tax forms Less adjustments:     a. School tax forms Tax-free educational assistance received in 2013 allocable to the academic period   0     b. School tax forms Tax-free educational assistance received in 2014 (and before you file your 2013 tax return) allocable to the academic period   0     c. School tax forms Refunds of qualified education expenses paid in 2013 if the refund is received in 2013 or in 2014 before you file your 2013 tax return   0   3. School tax forms Total adjustments (add lines 2a, 2b, and 2c) 0 4. School tax forms Adjusted qualified education expenses. School tax forms Subtract line 3 from line 1. School tax forms If zero or less, enter -0- 8,500 This image is too large to be displayed in the current screen. School tax forms Please click the link to view the image. School tax forms Form 1098-T Adjusted Qualified Education Expenses Worksheet (Form 8863 instructions) 1. School tax forms Total qualified education expenses paid for or on behalf of the student in 2013 for the academic period 7,000 2. School tax forms Less adjustments:     a. School tax forms Tax-free educational assistance received in 2013 allocable to the academic period   0     b. School tax forms Tax-free educational assistance received in 2014 (and before you file your 2013 tax return) allocable to the academic period   0     c. School tax forms Refunds of qualified education expenses paid in 2013 if the refund is received in 2013 or in 2014 before you file your 2013 tax return   0   3. School tax forms Total adjustments (add lines 2a, 2b, and 2c) 0 4. School tax forms Adjusted qualified education expenses. School tax forms Subtract line 3 from line 1. School tax forms If zero or less, enter -0- 7,000 Credit Limit Worksheet (Form 8863 instructions) Nonrefundable Credit Worksheet 1. School tax forms Enter the amount from Form 8863, line 18 1. School tax forms 1,190 2. School tax forms Enter the amount from Form 8863, line 9 2. School tax forms 1,500 3. School tax forms Add lines 1 and 2 3. School tax forms 2,690 4. School tax forms Enter the amount from: Form 1040, line 46; or Form 1040A, line 28 4. School tax forms 1,000 5. School tax forms Enter the amount from either: Form 1040, lines 47 and 48, and the amount from Schedule R included on Form 1040, line 53; or Form 1040A, lines 29 and 30 5. School tax forms 0 6. School tax forms Subtract line 5 from line 4 6. School tax forms 1,000 7. School tax forms   Enter the smaller of line 3 or line 6 here and on Form 8863, line 19 7. School tax forms 1,000 This image is too large to be displayed in the current screen. School tax forms Please click the link to view the image. School tax forms Form 8863 for Dave and Valerie Jones This image is too large to be displayed in the current screen. School tax forms Please click the link to view the image. School tax forms Carey Jones page 2 This image is too large to be displayed in the current screen. School tax forms Please click the link to view the image. School tax forms Filled-in Form 8863 Jones page 2 Appendix B. School tax forms Highlights of Education Tax Benefits for Tax Year 2013 This chart highlights some differences among the benefits discussed in this publication. School tax forms See the text for definitions and details. School tax forms Do not rely on this chart alone. School tax forms    Caution:You generally cannot claim more than one benefit for the same education expense. School tax forms   Scholarships,  Fellowships, Grants, and  Tuition  Reductions American Opportunity Credit Lifetime Learning Credit Student Loan Interest Deduction Tuition and Fees Deduction Coverdell ESA† Qualified Tuition Program (QTP)† Education Exception to Additional Tax on Early IRA Distributions† Education Savings Bond Program† Employer- Provided Educational Assistance† Business Deduction for Work-Related Education What is your  benefit? Amounts received may not be taxable   Credits can reduce the amount of tax you have to pay. School tax forms    40% of the credit may be refundable (limited to $1,000 per student). School tax forms Credits can reduce amount of tax you must pay Can deduct interest paid Can deduct expenses Earnings not  taxed Earnings not taxed No 10%  additional tax on early distribution Interest not taxed Employer benefits not taxed Can deduct expenses What is the annual limit? None $2,500 credit per student $2,000 credit per tax return     $2,500 deduction $4,000 deduction $2,000 contribution per beneficiary None Amount of qualified  education expenses Amount of qualified  education expenses $5,250 exclusion Amount of qualifying work-related education expenses What expenses  qualify besides  tuition and required enrollment fees? Course-related expenses such as fees, books, supplies, and equipment Course-related books, supplies, and equipment Amounts paid for required books, etc. School tax forms , that must be paid to the educational institution, etc. School tax forms , are required fees Books Supplies Equipment  Room & board  Transportation  Other necessary expenses  None Books Supplies Equipment  Expenses for special needs services  Payments to QTP  Higher education: Room & board if  at least half-time  student  Elem/sec (K–12) education: Tutoring Room & board Uniforms Transportation Computer  access Supplementary expenses Books Supplies Equipment  Room & board if  at least half-time student  Expenses for special needs services Books Supplies Equipment  Room & board if  at least half-time student  Expenses for special needs services Payments to Coverdell ESA  Payments to QTP Books Supplies Equipment Transportation  Travel  Other necessary expenses   Scholarships,  Fellowships, Grants, and  Tuition  Reductions American Opportunity Credit Lifetime Learning Credit Student Loan Interest Deduction Tuition and Fees Deduction Coverdell ESA† Qualified Tuition Program (QTP)† Education Exception to Additional Tax on Early IRA Distributions† Education Savings Bond Program† Employer- Provided Educational Assistance† Business Deduction for Work-Related Education What education qualifies? Undergraduate & graduate  K–12 Undergraduate & graduate Undergraduate & graduate  Courses to acquire or improve job skills    Undergraduate & graduate Undergraduate & graduate Undergraduate & graduate  K–12 Undergraduate & graduate Undergraduate & graduate Undergraduate & graduate Undergraduate & graduate Required by employer or law to keep present job, salary, status  Maintain or improve job skills What are some of the other  conditions that  apply? Must be in degree or vocational program  Payment of tuition and required fees must be allowed under the grant Can be claimed for only 4 tax years (which includes years Hope Scholarship Credit claimed)  Must be enrolled at least half-time in degree program  No felony drug conviction(s)  Must not have completed first 4 years of postsecondary education before end of preceding tax year. School tax forms   No other conditions Must have been at least half-time  student in degree program Cannot claim both deduction & education credit for same student in same year Assets must be distributed at age 30 unless special  needs beneficiary No other conditions No other conditions Applies only to qualified series  EE bonds issued after 1989 or series I bonds No other conditions Cannot be to  meet minimum educational requirements of present trade/business  Cannot qualify  you for new trade/business   In what income  range do benefits  phase out? No phaseout $80,000 – $90,000  $160,000 – $180,000 for joint returns $53,000 – $63,000  $107,000 – $127,000 for joint returns $60,000 – $75,000  $125,000 –  $155,000 for  joint returns  $60,000 – $80,000  $130,000 –  $160,000 for  joint returns  $95,000 – $110,000  $190,000 – $220,000 for  joint returns No phaseout No phaseout   No phaseout No phaseout † Any nontaxable distribution is limited to the amount that does not exceed qualified education expenses. School tax forms Glossary The education benefits included in this publication were enacted over many years, leading to a number of common terms being defined differently from one benefit to the next. School tax forms For example, an eligible educational institution means one thing when determining if earnings from a Coverdell education savings account are not taxable and something else when determining if a scholarship or fellowship is not taxable. School tax forms For each term listed below that has more than one definition, the definition for each education benefit is listed. School tax forms Academic period:   A semester, trimester, quarter, or other period of study (such as a summer school session) as reasonably determined by an educational institution. School tax forms If an educational institution uses credit hours or clock hours and does not have academic terms, each payment period can be treated as an academic period. School tax forms Adjusted qualified education expenses (AQEE):    Qualified education expenses (defined later) reduced by any tax-free educational assistance, such as a tax-free scholarship or employer-provided educational assistance. School tax forms They must also be reduced by any qualified education expenses deducted elsewhere on your return, used to determine an education credit or other benefit, or used to determine a tax-free distribution. School tax forms For information on a specific benefit, see the appropriate chapter in this publication. School tax forms Candidate for a degree:   A student who meets either of the following requirements. School tax forms Attends a primary or secondary school or pursues a degree at a college or university, or Attends an accredited educational institution that is authorized to provide: A program that is acceptable for full credit toward a bachelor's or higher degree, or A program of training to prepare students for gainful employment in a recognized occupation. School tax forms Designated beneficiary:   The individual named in the document creating the account/plan who is to receive the benefit of the funds in the account/plan. School tax forms Eligible educational institution:    American opportunity credit. School tax forms Any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the Department of Education. School tax forms It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. School tax forms Coverdell education savings account (ESA). School tax forms Any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the Department of Education. School tax forms It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. School tax forms Also included is any public, private, or religious school that provides elementary or secondary education (kindergarten through grade 12), as determined under state law. School tax forms Education savings bond program. School tax forms Same as American opportunity credit in this category. School tax forms IRA, early distributions from. School tax forms Same as American opportunity credit in this category. School tax forms Lifetime learning credit. School tax forms Same as American opportunity credit in this category. School tax forms Qualified tuition program (QTP). School tax forms Same as American opportunity credit in this category. School tax forms Scholarships and fellowships. School tax forms An institution that maintains a regular faculty and curriculum and normally has a regularly enrolled body of students in attendance at the place where it carries on its educational activities. School tax forms Student loan, cancellation of. School tax forms Same as Scholarships and fellowships in this category. School tax forms Student loan interest deduction. School tax forms Any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the Department of Education. School tax forms It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. School tax forms Also included is an institution that conducts an internship or residency program leading to a degree or certificate from an institution of higher education, a hospital, or a health care facility that offers postgraduate training. School tax forms Tuition and fees deduction. School tax forms Same as American opportunity credit in this category. School tax forms Eligible student:    American opportunity credit. School tax forms A student who meets all of the following requirements for the tax year for which the credit is being determined. School tax forms Did not have expenses that were used to figure an American opportunity or Hope Scholarship Credit in any 4 earlier tax years. School tax forms Had not completed the first 4 years of postsecondary education (generally the freshman through senior years). School tax forms For at least one academic period beginning in the tax year, was enrolled at least half-time in a program leading to a degree, certificate, or other recognized educational credential at an eligible educational institution. School tax forms Was free of any federal or state felony conviction for possessing or distributing a controlled substance as of the end of the tax year. School tax forms Lifetime learning credit. School tax forms A student who is enrolled in one or more courses at an eligible educational institution. School tax forms Student loan interest deduction. School tax forms A student who was enrolled at least half-time in a program leading to a postsecondary degree, certificate, or other recognized educational credential at an eligible educational institution. School tax forms Tuition and fees deduction. School tax forms A student who is enrolled in one or more courses at an eligible educational institution. School tax forms Half-time student:   A student who is enrolled for at least half the full-time academic work load for the course of study the student is pursuing, as determined under the standards of the school where the student is enrolled. School tax forms Modified adjusted gross income (MAGI):    American opportunity credit. School tax forms Adjusted gross income (AGI) as figured on the federal income tax return, modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion, Foreign housing deduction, Exclusion of income by bona fide residents of American Samoa, and Exclusion of income by bona fide residents of Puerto Rico. School tax forms Coverdell education savings account (ESA). School tax forms Same as American opportunity credit in this category. School tax forms Education savings bond program. School tax forms Adjusted gross income (AGI) as figured on the federal income tax return without taking into account any savings bond interest exclusion and modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion, Foreign housing deduction, Exclusion of income by bona fide residents of American Samoa, Exclusion of income by bona fide residents of Puerto Rico, Exclusion for adoption benefits received under an employer's adoption assistance program, Deduction for student loan interest, Deduction for tuition and fees, and Deduction for domestic production activities. School tax forms Lifetime learning credit. School tax forms Same as American opportunity credit in this category. School tax forms Student loan interest deduction. School tax forms Adjusted gross income (AGI) as figured on the federal income tax return without taking into account any student loan interest deduction, tuition and fees deduction, or domestic production activities deduction, and modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion, Foreign housing deduction, Exclusion of income by bona fide residents of American Samoa, and Exclusion of income by bona fide residents of Puerto Rico. School tax forms Tuition and fees deduction. School tax forms Adjusted gross income (AGI) as figured on the federal income tax return without taking into account any tuition and fees deduction, or domestic production activities deduction, and modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion, Foreign housing deduction, Exclusion of income by bona fide residents of American Samoa, and Exclusion of income by bona fide residents of Puerto Rico. School tax forms Phaseout:   The amount of credit or deduction allowed is reduced when modified adjusted gross income (MAGI) is greater than a specified amount of income. School tax forms Qualified education expenses:   See pertinent chapter for specific items. School tax forms    American opportunity credit. School tax forms Tuition and certain related expenses (including student activity fees) required for enrollment or attendance at an eligible educational institution. School tax forms Books, supplies, and equipment needed for a course of study are included even if not purchased from the educational institution. School tax forms Does not include expenses for room and board. School tax forms Does not include expenses for courses involving sports, games, or hobbies (including noncredit courses) that are not part of the student's postsecondary degree program. School tax forms Coverdell education savings account (ESA). School tax forms Expenses related to or required for enrollment or attendance of the designated beneficiary at an eligible elementary, secondary, or postsecondary school. School tax forms Many specialized expenses included for K–12. School tax forms Also includes expenses for special needs services and contribution to qualified tuition program (QTP). School tax forms Education savings bond program. School tax forms Tuition and fees required to enroll at or attend an eligible educational institution. School tax forms Also includes contributions to a qualified tuition program (QTP) or Coverdell education savings account (ESA). School tax forms Does not include expenses for room and board. School tax forms Does not include expenses for courses involving sports, games, or hobbies that are not part of a degree or certificate granting program. School tax forms IRA, early distributions from. School tax forms Tuition, fees, books, supplies, and equipment required for enrollment or attendance at an eligible educational institution, plus certain limited costs of room and board for students who are enrolled at least half-time. School tax forms Also includes expenses for special needs services incurred by or for special needs students in connection with their enrollment or attendance. School tax forms Lifetime learning credit. School tax forms Tuition and certain related expenses required for enrollment or attendance at an eligible educational institution. School tax forms Student-activity fees and expenses for course-related books, supplies, and equipment are included only if the fees and expenses must be paid to the institution as a condition of enrollment or attendance. School tax forms Does not include expenses for room and board. School tax forms Does not include expenses for courses involving sports, games, or hobbies (including noncredit courses) that are not part of the student's postsecondary degree program, unless taken by the student to acquire or improve job skills. School tax forms Qualified tuition program (QTP). School tax forms Tuition, fees, books, supplies, and equipment required for enrollment or attendance at an eligible educational institution, plus certain limited costs of room and board for students who are enrolled at least half-time. School tax forms Includes expenses for special needs services and computer access. School tax forms Scholarships and fellowships. School tax forms Expenses for tuition and fees required to enroll at or attend an eligible educational institution, and course-related expenses, such as fees, books, supplies, and equipment that are required for the courses at the eligible educational institution. School tax forms Course-related items must be required of all students in the course of instruction. School tax forms Student loan interest deduction. School tax forms Total costs of attending an eligible educational institution, including graduate school (however, limitations may apply to the cost of room and board allowed). School tax forms Tuition and fees deduction. School tax forms Tuition and certain related expenses required for enrollment or attendance at an eligible educational institution. School tax forms Student-activity fees and expenses for course-related books, supplies, and equipment are included only if the fees and expenses must be paid to the institution as a condition of enrollment or attendance. School tax forms Recapture:   To include as income on your current year's return an amount allowed as a deduction in a prior year. School tax forms To include as tax on your current year's return an amount allowed as a credit in a prior year. School tax forms Rollover:   A tax-free distribution to you of cash or other assets from a tax-favored plan that you contribute to another tax-favored plan. School tax forms Transfer:   A movement of funds in a tax-favored plan from one trustee directly to another, either at your request or at the trustee's request. School tax forms Prev  Up  Next   Home   More Online Publications
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The School Tax Forms

School tax forms 9. School tax forms   Worksheets Table of Contents When Should I Figure MAC?Checking the Previous Year's Contributions Available Worksheets Chapter 2 introduced you to the term maximum amount contributable (MAC). School tax forms Generally, your MAC is the lesser of your: Limit on annual additions (chapter 3), or Limit on elective deferrals (chapter 4). School tax forms The worksheets in this chapter can help you figure the cost of incidental life insurance, your includible compensation, your limit on annual additions, your limit on elective deferrals, your limit on catch-up contributions, and your MAC. School tax forms After completing the worksheets, you should maintain them with your 403(b) records for that year. School tax forms Do not attach them to your tax return. School tax forms At the end of the year or the beginning of the next year, you should compare your estimated compensation figures with your actual figures. School tax forms If your compensation is the same as, or more than, the projected amounts and the calculations are correct, then you should simply file these worksheets with your other tax records for the year. School tax forms If your compensation was lower than your estimated figures, you will need to check the amount contributed during the year to determine if contributions are more than your MAC. School tax forms When Should I Figure MAC? At the beginning of each year, you should figure your MAC using a conservative estimate of your compensation. School tax forms Should your income change during the year, you should refigure your MAC based on a revised conservative estimate. School tax forms By doing this, you will be able to determine if contributions to your 403(b) account should be increased or decreased for the year. School tax forms Checking the Previous Year's Contributions At the beginning of the following year, you should refigure your MAC based on your actual earned income. School tax forms At the end of the current year or the beginning of the next year, you should check your contributions to be sure you did not exceed your MAC. School tax forms This means refiguring your limit based on your actual compensation figures for the year. School tax forms This will allow you to determine if the amount contributed is more than the allowable amounts, and possibly avoid additional taxes. School tax forms Available Worksheets The following worksheets have been provided to help you figure your MAC. School tax forms Worksheet A. School tax forms Cost of Incidental Life Insurance. School tax forms Worksheet B. School tax forms Includible Compensation for Your Most Recent Year of Service Worksheet C. School tax forms Limit on Catch-Up Contributions. School tax forms ??? Worksheet 1. School tax forms Maximum Amount Contributable (MAC). School tax forms Worksheet A. School tax forms Cost of Incidental Life Insurance Note. School tax forms Use this worksheet to figure the cost of incidental life insurance included in your annuity contract. School tax forms This amount will be used to figure includible compensation for your most recent year of service. School tax forms 1. School tax forms Enter the value of the contract (amount payable upon your death) 1. School tax forms   2. School tax forms Enter the cash value in the contract at the end of the year 2. School tax forms   3. School tax forms Subtract line 2 from line 1. School tax forms This is the value of your current life insurance protection 3. School tax forms   4. School tax forms Enter your age on your birthday nearest the beginning of the policy year 4. School tax forms   5. School tax forms Enter the 1-year term premium for $1,000 of life insurance based on your age. School tax forms (From Figure 3-1) 5. School tax forms   6. School tax forms Divide line 3 by $1,000 6. School tax forms   7. School tax forms Multiply line 6 by line 5. School tax forms This is the cost of your incidental life insurance 7. School tax forms   Worksheet B. School tax forms Includible Compensation for Your Most Recent Year of Service1 Note. School tax forms Use this worksheet to figure includible compensation for your most recent year of service. School tax forms 1. School tax forms Enter your includible wages from the employer maintaining your 403(b) account for your most recent year of service 1. School tax forms   2. School tax forms Enter elective deferrals excluded from your gross income for your most recent year of service2 2. School tax forms   3. School tax forms Enter amounts contributed or deferred by your employer under a cafeteria plan for your most recent year of service 3. School tax forms   4. School tax forms Enter amounts contributed or deferred by your employer according to your election to your 457 account (a nonqualified plan of a state or local government or of a tax-exempt organization) for your most recent year of service 4. School tax forms   5. School tax forms Enter pre-tax contributions (employer's contributions made on your behalf according to your election) to a qualified transportation fringe benefit plan for your most recent year of service 5. School tax forms   6. School tax forms Enter your foreign earned income exclusion for your most recent year of service 6. School tax forms   7. School tax forms Add lines 1, 2, 3, 4, 5, and 6 7. School tax forms   8. School tax forms Enter the cost of incidental life insurance that is part of your annuity contract for your most recent year of service 8. School tax forms   9. School tax forms Enter compensation that was both: Earned during your most recent year of service, and Earned while your employer was not qualified to maintain a 403(b) plan 9. School tax forms   10. School tax forms Add lines 8 and 9 10. School tax forms   11. School tax forms Subtract line 10 from line 7. School tax forms This is your includible compensation for your most recent year of service 11. School tax forms   1Use estimated amounts if figuring includible compensation before the end of the year. School tax forms  2Elective deferrals made to a designated Roth account are not excluded from your gross income and should not be included on this line. School tax forms Worksheet C. School tax forms Limit on Catch-Up Contributions Note. School tax forms If you will be age 50 or older by the end of the year, use this worksheet to figure your limit on catch-up contributions. School tax forms 1. School tax forms Maximum catch-up contributions 1. School tax forms $5,500 2. School tax forms Enter your includible compensation for your most recent year of service 2. School tax forms   3. School tax forms Enter your elective deferrals 3. School tax forms   4. School tax forms Subtract line 3 from line 2 4. School tax forms   5. School tax forms Enter the lesser of line 1 or line 4. School tax forms This is your limit on catch-up contributions 5. School tax forms   Worksheet 1. School tax forms Maximum Amount Contributable (MAC) Note. School tax forms Use this worksheet to figure your MAC. School tax forms Part I. School tax forms Limit on Annual Additions     1. School tax forms Enter your includible compensation for your most recent year of service 1. School tax forms   2. School tax forms Maximum1: For 2013, enter $51,000 For 2014, enter $52,000 2. School tax forms   3. School tax forms Enter the lesser of line 1 or line 2. School tax forms This is your limit on annual additions 3. School tax forms     Caution: If you had only nonelective contributions, skip Part II and enter the amount from line 3 on line 18. School tax forms     Part II. School tax forms Limit on Elective Deferrals     4. School tax forms Maximum contribution: For 2013, enter $17,500 For 2014, enter $17,500 4. School tax forms     Note. School tax forms If you have at least 15 years of service with a qualifying organization, complete lines 5 through 17. School tax forms If not, enter zero (-0-) on line 16 and go to line 17. School tax forms     5. School tax forms Amount per year of service 5. School tax forms $ 5,000 6. School tax forms Enter your years of service 6. School tax forms   7. School tax forms Multiply line 5 by line 6 7. School tax forms   8. School tax forms Enter the total of all elective deferrals made for you by the qualifying organization for prior years 8. School tax forms   9. School tax forms Subtract line 8 from line 7. School tax forms If zero or less, enter zero (-0-) 9. School tax forms   10. School tax forms Maximum increase in limit for long service 10. School tax forms $15,000 11. School tax forms Enter the total of additional pre-tax elective deferrals made in prior years under the 15-year rule 11. School tax forms   12. School tax forms Enter the aggregate amount of all designated Roth contributions permitted for prior years under the 15-year rule 12. School tax forms   13. School tax forms Add line 11 and line 12 13. School tax forms   14. School tax forms Subtract line 13 from line 10 14. School tax forms   15. School tax forms Maximum additional contributions 15. School tax forms $ 3,000 16. School tax forms Enter the least of lines 9, 14, or 15. School tax forms This is your increase in the limit for long service 16. School tax forms   17. School tax forms Add lines 4 and 16. School tax forms This is your limit on elective deferrals 17. School tax forms     Part III. School tax forms Maximum Amount Contributable     18. School tax forms If you had only nonelective contributions, enter the amount from line 3. School tax forms This is your MAC. School tax forms    If you had only elective deferrals, enter the lesser of lines 3 or 17. School tax forms This is your MAC. School tax forms    If you had both elective deferrals and nonelective contributions, enter the amount from line 3. School tax forms This is your MAC. School tax forms (Use the amount on line 17 to determine if you have excess elective deferrals as explained in chapter 7. School tax forms ) 18. School tax forms   1If you participate in a 403(b) plan and a qualified plan, you must combine contributions made to your 403(b) account with contributions to a qualified plan and simplified employee pension plans of all corporations, partnerships, and sole proprietorships in which you have more than 50% control. School tax forms You must also combine the contributions made to all 403(b) accounts on your behalf by your employer. School tax forms Prev  Up  Next   Home   More Online Publications