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Tax 2010 Publication 15-T - Introductory Material Prev Up Next Home More Online Publications
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The Tax 2010
Tax 2010 1. Tax 2010 403(b) Plan Basics Table of Contents What Is a 403(b) Plan? What Are the Benefits of Contributing to a 403(b) Plan?Excluded. Tax 2010 Deducted. Tax 2010 Who Can Participate in a 403(b) Plan?Ministers. Tax 2010 Who Can Set Up a 403(b) Account? How Can Contributions Be Made to My 403(b) Account? Do I Report Contributions on My Tax Return? How Much Can Be Contributed to My 403(b) Account? This chapter introduces you to 403(b) plans and accounts. Tax 2010 Specifically, the chapter answers the following questions. Tax 2010 What is a 403(b) plan? What are the benefits of contributing to a 403(b) plan? Who can participate in a 403(b) plan? Who can set up a 403(b) account? How can contributions be made to my 403(b) account? Do I report contributions on my tax return? How much can be contributed to my 403(b) account? What Is a 403(b) Plan? A 403(b) plan, also known as a tax-sheltered annuity (TSA) plan, is a retirement plan for certain employees of public schools, employees of certain tax-exempt organizations, and certain ministers. Tax 2010 Individual accounts in a 403(b) plan can be any of the following types. Tax 2010 An annuity contract, which is a contract provided through an insurance company, A custodial account, which is an account invested in mutual funds, or A retirement income account set up for church employees. Tax 2010 Generally, retirement income accounts can invest in either annuities or mutual funds. Tax 2010 We use the term “403(b) account” to refer to any one of these funding arrangements throughout this publication, unless otherwise specified. Tax 2010 What Are the Benefits of Contributing to a 403(b) Plan? There are three benefits to contributing to a 403(b) plan. Tax 2010 The first benefit is that you do not pay income tax on allowable contributions until you begin making withdrawals from the plan, usually after you retire. Tax 2010 Allowable contributions to a 403(b) plan are either excluded or deducted from your income. Tax 2010 However, if your contributions are made to a Roth contribution program, this benefit does not apply. Tax 2010 Instead, you pay income tax on the contributions to the plan but distributions from the plan (if certain requirements are met) are tax free. Tax 2010 Note. Tax 2010 Generally, employees must pay social security and Medicare tax on their contributions to a 403(b) plan, including those made under a salary reduction agreement. Tax 2010 See chapter 4, Limit on Elective Deferrals , for more information. Tax 2010 The second benefit is that earnings and gains on amounts in your 403(b) account are not taxed until you withdraw them. Tax 2010 Earnings and gains on amounts in a Roth contribution program are not taxed if your withdrawals are qualified distributions. Tax 2010 Otherwise, they are taxed when you withdraw them. Tax 2010 The third benefit is that you may be eligible to take a credit for elective deferrals contributed to your 403(b) account. Tax 2010 See chapter 10, Retirement Savings Contributions Credit (Saver's Credit) . Tax 2010 Excluded. Tax 2010 If an amount is excluded from your income, it is not included in your total wages on your Form W-2. Tax 2010 This means that you do not report the excluded amount on your tax return. Tax 2010 Deducted. Tax 2010 If an amount is deducted from your income, it is included with your other wages on your Form W-2. Tax 2010 You report this amount on your tax return, but you are allowed to subtract it when figuring the amount of income on which you must pay tax. Tax 2010 Who Can Participate in a 403(b) Plan? Any eligible employee can participate in a 403(b) plan. Tax 2010 Eligible employees. Tax 2010 The following employees are eligible to participate in a 403(b) plan. Tax 2010 Employees of tax-exempt organizations established under section 501(c)(3). Tax 2010 These organizations are usually referred to as section 501(c)(3) organizations or simply 501(c)(3) organizations. Tax 2010 Employees of public school systems who are involved in the day-to-day operations of a school. Tax 2010 Employees of cooperative hospital service organizations. Tax 2010 Civilian faculty and staff of the Uniformed Services University of the Health Sciences. Tax 2010 Employees of public school systems organized by Indian tribal governments. Tax 2010 Certain ministers (explained next). Tax 2010 Ministers. Tax 2010 The following ministers are eligible employees for whom a 403(b) account can be established. Tax 2010 Ministers employed by section 501(c)(3) organizations. Tax 2010 Self-employed ministers. Tax 2010 A self-employed minister is treated as employed by a tax-exempt organization that is a qualified employer. Tax 2010 Ministers (chaplains) who meet both of the following requirements. Tax 2010 They are employed by organizations that are not section 501(c)(3) organizations. Tax 2010 They function as ministers in their day-to-day professional responsibilities with their employers. Tax 2010 Throughout this publication, the term chaplain will be used to mean ministers described in the third category in the list above. Tax 2010 Example. Tax 2010 A minister employed as a chaplain by a state-run prison and a chaplain in the United States Armed Forces are eligible employees because their employers are not section 501(c)(3) organizations and they are employed as ministers. Tax 2010 Who Can Set Up a 403(b) Account? You cannot set up your own 403(b) account. Tax 2010 Only employers can set up 403(b) accounts. Tax 2010 A self-employed minister cannot set up a 403(b) account for his or her benefit. Tax 2010 If you are a self-employed minister, only the organization (denomination) with which you are associated can set up an account for your benefit. Tax 2010 How Can Contributions Be Made to My 403(b) Account? Generally, only your employer can make contributions to your 403(b) account. Tax 2010 However, some plans will allow you to make after-tax contributions (defined below). Tax 2010 The following types of contributions can be made to 403(b) accounts. Tax 2010 Elective deferrals . Tax 2010 These are contributions made under a salary reduction agreement. Tax 2010 This agreement allows your employer to withhold money from your paycheck to be contributed directly into a 403(b) account for your benefit. Tax 2010 Except for Roth contributions, you do not pay income tax on these contributions until you withdraw them from the account. Tax 2010 If your contributions are Roth contributions, you pay taxes on your contributions but any qualified distributions from your Roth account are tax free. Tax 2010 Nonelective contributions . Tax 2010 These are employer contributions that are not made under a salary reduction agreement. Tax 2010 Nonelective contributions include matching contributions, discretionary contributions, and mandatory contributions from your employer. Tax 2010 You do not pay income tax on these contributions until you withdraw them from the account. Tax 2010 After-tax contributions . Tax 2010 These are contributions (that are not Roth contributions) you make with funds that you must include in income on your tax return. Tax 2010 A salary payment on which income tax has been withheld is a source of these contributions. Tax 2010 If your plan allows you to make after-tax contributions, they are not excluded from income and you cannot deduct them on your tax return. Tax 2010 A combination of any of the three contribution types listed above. Tax 2010 Self-employed minister. Tax 2010 If you are a self-employed minister, you are considered both an employee and an employer, and you can contribute to a retirement income account for your own benefit. Tax 2010 Do I Report Contributions on My Tax Return? Generally, you do not report contributions to your 403(b) account (except Roth contributions) on your tax return. Tax 2010 Your employer will report contributions on your 2013 Form W-2. Tax 2010 Elective deferrals will be shown in box 12 and the Retirement plan box will be checked in box 13. Tax 2010 If you are a self-employed minister or chaplain, see the discussions next. Tax 2010 Self-employed ministers. Tax 2010 If you are a self-employed minister, you must report the total contributions as a deduction on your tax return. Tax 2010 Deduct your contributions on line 28 of the 2013 Form 1040. Tax 2010 Chaplains. Tax 2010 If you are a chaplain and your employer does not exclude contributions made to your 403(b) account from your earned income, you may be able to take a deduction for those contributions on your tax return. Tax 2010 However, if your employer has agreed to exclude the contributions from your earned income, you will not be allowed a deduction on your tax return. Tax 2010 If you can take a deduction, include your contributions on line 36 of the 2013 Form 1040. Tax 2010 Enter the amount of your deduction and write “403(b)” on the dotted line next to line 36. Tax 2010 How Much Can Be Contributed to My 403(b) Account? There are limits on the amount of contributions that can be made to your 403(b) account each year. Tax 2010 If contributions made to your 403(b) account are more than these contribution limits, penalties may apply. Tax 2010 Chapters 2 through 6 provide information on how to determine the amount that can be contributed to your 403(b) account. Tax 2010 Worksheets are provided in Chapter 9 to help you determine the maximum amount that can be contributed to your 403(b) account each year. Tax 2010 Chapter 7, Excess Contributions , describes how to prevent excess contributions and how to get an excess contribution corrected. Tax 2010 Prev Up Next Home More Online Publications