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Amended 1040 Form

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Amended 1040 Form

Amended 1040 form 5. Amended 1040 form   Table and Worksheets for the Self-Employed Table of Contents Community property laws. Amended 1040 form As discussed in chapters 2 and 4, if you are self-employed, you must use the rate table or rate worksheet and deduction worksheet to figure your deduction for contributions you made for yourself to a SEP-IRA or qualified plan. Amended 1040 form First, use either the rate table or rate worksheet to find your reduced contribution rate. Amended 1040 form Then complete the deduction worksheet to figure your deduction for contributions. Amended 1040 form The table and the worksheets in chapter 5 apply only to self-employed individuals who have only one defined contribution plan, such as a profit-sharing plan. Amended 1040 form A SEP plan is treated as a profit-sharing plan. Amended 1040 form However, do not use this worksheet for SARSEPs. Amended 1040 form Rate table for self-employed. Amended 1040 form   If your plan's contribution rate is a whole percentage (for example, 12% rather than 12½%), you can use the table on the next page to find your reduced contribution rate. Amended 1040 form Otherwise, use the rate worksheet provided below. Amended 1040 form   First, find your plan contribution rate (the contribution rate stated in your plan) in Column A of the table. Amended 1040 form Then read across to the rate under Column B. Amended 1040 form Enter the rate from Column B in step 4 of the Deduction Worksheet for Self-Employed on this page. Amended 1040 form    Example. Amended 1040 form You are a sole proprietor with no employees. Amended 1040 form If your plan's contribution rate is 10% of a participant's compensation, your rate is 0. Amended 1040 form 090909. Amended 1040 form Enter this rate in step 4 of the Deduction Worksheet for Self-Employed on this page. Amended 1040 form Deduction Worksheet for Self-Employed   Step 1           Enter your net profit from line 31, Schedule C (Form 1040); line 3, Schedule C-EZ (Form 1040); line 34, Schedule F (Form 1040)*; or box 14, code A**, Schedule K-1 (Form 1065)*. Amended 1040 form For information on other income included in net profit from self-employment, see the Instructions for Schedule SE, Form 1040. Amended 1040 form       *Reduce this amount by any amount reported on Schedule SE (Form 1040), line 1b. Amended 1040 form       **General partners should reduce this amount by the same additional expenses subtracted from box 14, code A to determine the amount on line 1 or 2 of Schedule SE. Amended 1040 form     Step 2           Enter your deduction for self-employment tax from Form 1040, line 27             Step 3           Net earnings from self-employment. Amended 1040 form Subtract step 2 from step 1     Step 4           Enter your rate from the Rate Table for Self-Employed or Rate Worksheet for Self-Employed     Step 5           Multiply step 3 by step 4     Step 6           Multiply $255,000 by your plan contribution rate (not the reduced rate)     Step 7           Enter the smaller of step 5 or step 6     Step 8           Contribution dollar limit $51,000     • If you made any elective deferrals to your self-employed plan, go to step 9. Amended 1040 form         • Otherwise, skip steps 9 through 20 and enter the smaller of step 7 or step 8 on step 21. Amended 1040 form       Step 9           Enter your allowable elective deferrals (including designated Roth contributions) made to your self-employed plan during 2013. Amended 1040 form Do not enter more than $17,500     Step 10           Subtract step 9 from step 8     Step 11           Subtract step 9 from step 3       Step 12           Enter one-half of step 11     Step 13           Enter the smallest of step 7, 10, or 12     Step 14           Subtract step 13 from step 3     Step 15           Enter the smaller of step 9 or step 14       • If you made catch-up contributions, go to step 16. Amended 1040 form         • Otherwise, skip steps 16 through 18 and go to step 19. Amended 1040 form       Step 16           Subtract step 15 from step 14     Step 17           Enter your catch-up contributions (including designated Roth contributions), if any. Amended 1040 form Do not enter more than $5,500     Step 18           Enter the smaller of step 16 or step 17     Step 19           Add steps 13, 15, and 18. Amended 1040 form     Step 20           Enter the amount of designated Roth contributions included on lines 9 and 17. Amended 1040 form     Step 21           Subtract step 20 from step 19. Amended 1040 form This is your maximum deductible contribution. Amended 1040 form                 Next: Enter your actual contribution, not to exceed your maximum deductible contribution, on Form 1040, line 28. Amended 1040 form   Rate worksheet for self-employed. Amended 1040 form   If your plan's contribution rate is not a whole percentage (for example, 10½%), you cannot use the Rate Table for Self-Employed. Amended 1040 form Use the following worksheet instead. Amended 1040 form Rate Worksheet for Self-Employed 1) Plan contribution rate as a decimal (for example, 10½% = 0. Amended 1040 form 105)   2) Rate in line 1 plus 1 (for example, 0. Amended 1040 form 105 + 1 = 1. Amended 1040 form 105)   3) Self-employed rate as a decimal rounded to at least 3 decimal places (line 1 ÷ line 2) (for example, 0. Amended 1040 form 105 ÷ 1. Amended 1040 form 105 = 0. Amended 1040 form 095)   Figuring your deduction. Amended 1040 form   Now that you have your self-employed rate from either the rate table or rate worksheet, you can figure your maximum deduction for contributions for yourself by completing the Deduction Worksheet for Self-Employed. Amended 1040 form Community property laws. Amended 1040 form   If you reside in a community property state and you are married and filing a separate return, disregard community property laws for step 1 of the Deduction Worksheet for Self-Employed. Amended 1040 form Enter on step 1 the total net profit you actually earned. Amended 1040 form Rate Table for Self-Employed Column A  If the plan contri- bution rate is: (shown as %) Column B  Your rate is: (shown as decimal) 1 . Amended 1040 form 009901 2 . Amended 1040 form 019608 3 . Amended 1040 form 029126 4 . Amended 1040 form 038462 5 . Amended 1040 form 047619 6 . Amended 1040 form 056604 7 . Amended 1040 form 065421 8 . Amended 1040 form 074074 9 . Amended 1040 form 082569 10 . Amended 1040 form 090909 11 . Amended 1040 form 099099 12 . Amended 1040 form 107143 13 . Amended 1040 form 115044 14 . Amended 1040 form 122807 15 . Amended 1040 form 130435 16 . Amended 1040 form 137931 17 . Amended 1040 form 145299 18 . Amended 1040 form 152542 19 . Amended 1040 form 159664 20 . Amended 1040 form 166667 21 . Amended 1040 form 173554 22 . Amended 1040 form 180328 23 . Amended 1040 form 186992 24 . Amended 1040 form 193548 25* . Amended 1040 form 200000* *The deduction for annual employer contributions (other than elective deferrals) to a SEP plan, a profit-sharing plan, or a money purchase plan cannot be more than 20% of your net earnings (figured without deducting contributions for yourself) from the business that has the plan. Amended 1040 form Example. Amended 1040 form You are a sole proprietor with no employees. Amended 1040 form The terms of your plan provide that you contribute 8½% (. Amended 1040 form 085) of your compensation to your plan. Amended 1040 form Your net profit from line 31, Schedule C (Form 1040) is $200,000. Amended 1040 form You have no elective deferrals or catch-up contributions. Amended 1040 form Your self-employment tax deduction on line 27 of Form 1040 is $9,728. Amended 1040 form See the filled-in portions of both Schedule SE (Form 1040), Self-Employment Income, and Form 1040, later. Amended 1040 form You figure your self-employed rate and maximum deduction for employer contributions you made for yourself as follows. Amended 1040 form Deduction Worksheet for Self-Employed   Step 1           Enter your net profit from line 31, Schedule C (Form 1040); line 3, Schedule C-EZ (Form 1040); line 34, Schedule F (Form 1040)*; or box 14, code A**, Schedule K-1 (Form 1065)*. Amended 1040 form For information on other income included in net profit from self-employment, see the Instructions for Schedule SE, Form 1040. Amended 1040 form $200,000     *Reduce this amount by any amount reported on Schedule SE (Form 1040), line 1b. Amended 1040 form       **General partners should reduce this amount by the same additional expenses subtracted from box 14, code A to determine the amount on line 1 or 2 of Schedule SE. Amended 1040 form     Step 2           Enter your deduction for self-employment tax from Form 1040, line 27 9,728           Step 3           Net earnings from self-employment. Amended 1040 form Subtract step 2 from step 1 190,272   Step 4           Enter your rate from the Rate Table for Self-Employed or Rate Worksheet for Self-Employed 0. Amended 1040 form 078   Step 5           Multiply step 3 by step 4 14,841   Step 6           Multiply $255,000 by your plan contribution rate (not the reduced rate) 21,675   Step 7           Enter the smaller of step 5 or step 6 14,841   Step 8           Contribution dollar limit $51,000     • If you made any elective deferrals to your self-employed plan, go to step 9. Amended 1040 form         • Otherwise, skip steps 9 through 20 and enter the smaller of step 7 or step 8 on step 21. Amended 1040 form       Step 9           Enter your allowable elective deferrals (including designated Roth contributions) made to your self-employed plan during 2013. Amended 1040 form Do not enter more than $17,500 N/A   Step 10           Subtract step 9 from step 8     Step 11           Subtract step 9 from step 3       Step 12           Enter one-half of step 11     Step 13           Enter the smallest of step 7, 10, or 12     Step 14           Subtract step 13 from step 3     Step 15           Enter the smaller of step 9 or step 14       • If you made catch-up contributions, go to step 16. Amended 1040 form         • Otherwise, skip steps 16 through 18 and go to step 19. Amended 1040 form       Step 16           Subtract step 15 from step 14     Step 17           Enter your catch-up contributions (including designated Roth contributions), if any. Amended 1040 form Do not enter more than $5,500     Step 18           Enter the smaller of step 16 or step 17     Step 19           Add steps 13, 15, and 18. Amended 1040 form     Step 20           Enter the amount of designated Roth contributions included on lines 9 and 17     Step 21           Subtract step 20 from step 19. Amended 1040 form This is your maximum deductible contribution $14,841                 Next: Enter your actual contribution, not to exceed your maximum deductible contribution, on Form 1040, line 28. Amended 1040 form   See the filled-in Deduction Worksheet for Self-Employed on this page. Amended 1040 form Rate Worksheet for Self-Employed 1) Plan contribution rate as a decimal (for example, 10½% = 0. Amended 1040 form 105) 0. Amended 1040 form 085 2) Rate in line 1 plus 1 (for example, 0. Amended 1040 form 105 + 1 = 1. Amended 1040 form 105) 1. Amended 1040 form 085 3) Self-employed rate as a decimal rounded to at least 3 decimal places (line 1 ÷ line 2) (for example, 0. Amended 1040 form 105 ÷ 1. Amended 1040 form 105 = 0. Amended 1040 form 095) 0. Amended 1040 form 078 This image is too large to be displayed in the current screen. Amended 1040 form Please click the link to view the image. Amended 1040 form Portion of Form 1040 and Portion of Schedule SE Prev  Up  Next   Home   More Online Publications
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The Amended 1040 Form

Amended 1040 form Index A Assistance (see Tax help) F Free tax services, Free help with your tax return. Amended 1040 form H Help (see Tax help) P Publications (see Tax help) T Tax help, How To Get Tax Help TTY/TDD information, How To Get Tax Help Prev  Up     Home   More Online Publications