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Amended Tax

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Amended Tax

Amended tax 4. Amended tax   Retirement Savings Contributions Credit (Saver's Credit) Table of Contents What's New Introduction Full-time student. Amended tax Adjusted gross income. Amended tax Distributions received by spouse. Amended tax Testing period. Amended tax What's New Modified AGI limit for retirement savings contributions credit increased. Amended tax  For 2013, you may be able to claim the retirement savings contributions credit if your modified AGI is not more than: $59,000 if your filing status is married filing jointly, $44,250 if your filing status is head of household, or $29,500 if your filing status is single, married filing separately, or qualifying widow(er). Amended tax Introduction You may be able to take a tax credit if you make eligible contributions (defined later) to a qualified retirement plan, an eligible deferred compensation plan, or an individual retirement arrangement (IRA). Amended tax You may be able to take a credit of up to $1,000 (up to $2,000 if filing jointly). Amended tax This credit could reduce the federal income tax you pay dollar for dollar. Amended tax    Can you claim the credit?   If you make eligible contributions to a qualified retirement plan, an eligible deferred compensation plan, or an IRA, you can claim the credit if all of the following apply. Amended tax You were born before January 2, 1996. Amended tax You are not a full-time student (explained next). Amended tax No one else, such as your parent(s), claims an exemption for you on their tax return. Amended tax Your adjusted gross income (defined below) is not more than: $59,000 if your filing status is married filing jointly, $44,250 if your filing status is head of household, or $29,500 if your filing status is single, married filing separately, or qualifying widow(er). Amended tax Full-time student. Amended tax   You are a full-time student if, during some part of each of 5 calendar months (not necessarily consecutive) during the calendar year, you are either: A full-time student at a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or A student taking a full-time, on-farm training course given by either a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or a state, county, or local government. Amended tax You are a full-time student if you are enrolled for the number of hours or courses the school considers to be full time. Amended tax Adjusted gross income. Amended tax   This is generally the amount on line 38 of your 2013 Form 1040; line 22 of your 2013 Form 1040A; or line 37 of your 2013 Form 1040NR. Amended tax However, you must add to that amount any exclusion or deduction claimed for the year for: Foreign earned income, Foreign housing costs, Income for bona fide residents of American Samoa, and Income from Puerto Rico. Amended tax Eligible contributions. Amended tax   These include: Contributions to a traditional or Roth IRA, Salary reduction contributions (elective deferrals, including amounts designated as after-tax Roth contributions) to: A 401(k) plan (including a SIMPLE 401(k)), A section 403(b) annuity, An eligible deferred compensation plan of a state or local government (a governmental 457 plan), A SIMPLE IRA plan, or A salary reduction SEP, and Contributions to a section 501(c)(18) plan. Amended tax They also include voluntary after-tax employee contributions to a tax-qualified retirement plan or section 403(b) annuity. Amended tax For purposes of the credit, an employee contribution will be voluntary as long as it is not required as a condition of employment. Amended tax Reducing eligible contributions. Amended tax   Reduce your eligible contributions (but not below zero) by the total distributions you received during the testing period (defined later) from any IRA, plan, or annuity included above under Eligible contributions. Amended tax Also reduce your eligible contributions by any distribution from a Roth IRA that is not rolled over, even if the distribution is not taxable. Amended tax   Do not reduce your eligible contributions by any of the following. Amended tax The portion of any distribution which is not includible in income because it is a trustee-to-trustee transfer or a rollover distribution. Amended tax Distributions that are taxable as the result of an in-plan rollover to your designated Roth account. Amended tax Any distribution that is a return of a contribution to an IRA (including a Roth IRA) made during the year for which you claim the credit if: The distribution is made before the due date (including extensions) of your tax return for that year, You do not take a deduction for the contribution, and The distribution includes any income attributable to the contribution. Amended tax Loans from a qualified employer plan treated as a distribution. Amended tax Distributions of excess contributions or deferrals (and income attributable to excess contributions and deferrals). Amended tax Distributions of dividends paid on stock held by an employee stock ownership plan under section 404(k). Amended tax Distributions from an eligible retirement plan that are converted or rolled over to a Roth IRA. Amended tax Distributions from a military retirement plan. Amended tax Distributions from an inherited IRA by a nonspousal beneficiary. Amended tax Distributions received by spouse. Amended tax   Any distributions your spouse receives are treated as received by you if you file a joint return with your spouse both for the year of the distribution and for the year for which you claim the credit. Amended tax Testing period. Amended tax   The testing period consists of the year for which you claim the credit, the period after the end of that year and before the due date (including extensions) for filing your return for that year, and the 2 tax years before that year. Amended tax Example. Amended tax You and your spouse filed joint returns in 2011 and 2012, and plan to do so in 2013 and 2014. Amended tax You received a taxable distribution from a qualified plan in 2011 and a taxable distribution from an eligible deferred compensation plan in 2012. Amended tax Your spouse received taxable distributions from a Roth IRA in 2013 and tax-free distributions from a Roth IRA in 2014 before April 15. Amended tax You made eligible contributions to an IRA in 2013 and you otherwise qualify for this credit. Amended tax You must reduce the amount of your qualifying contributions in 2013 by the total of the distributions you received in 2011, 2012, 2013, and 2014. Amended tax Maximum eligible contributions. Amended tax   After your contributions are reduced, the maximum annual contribution on which you can base the credit is $2,000 per person. Amended tax Effect on other credits. Amended tax   The amount of this credit will not change the amount of your refundable tax credits. Amended tax A refundable tax credit, such as the earned income credit or the refundable amount of your child tax credit, is an amount that you would receive as a refund even if you did not otherwise owe any taxes. Amended tax Maximum credit. Amended tax   This is a nonrefundable credit. Amended tax The amount of the credit in any year cannot be more than the amount of tax that you would otherwise pay (not counting any refundable credits) in any year. Amended tax If your tax liability is reduced to zero because of other nonrefundable credits, such as the credit for child and dependent care expenses, then you will not be entitled to this credit. Amended tax How to figure and report the credit. Amended tax   The amount of the credit you can get is based on the contributions you make and your credit rate. Amended tax Your credit rate can be as low as 10% or as high as 50%. Amended tax Your credit rate depends on your income and your filing status. Amended tax See Form 8880 to determine your credit rate. Amended tax   The maximum contribution taken into account is $2,000 per person. Amended tax On a joint return, up to $2,000 is taken into account for each spouse. Amended tax   Figure the credit on Form 8880. Amended tax Report the credit on line 50 of your Form 1040; line 32 of your Form 1040A; or line 47 of your Form 1040NR and attach Form 8880 to your return. Amended tax Prev  Up  Next   Home   More Online Publications
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Help with Choosing a Retirement Plan

Types of Retirement Plans
Overview of IRS rules governing 401(k), SIMPLE IRAs, SEPs, etc.

Choosing a Retirement Solution for Your Small Business
Overview of retirement plan options and comparison chart (IRS Publication 3998).

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Choosing a Retirement Solution
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Benefits to Starting a Retirement Plan
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Page Last Reviewed or Updated: 10-Mar-2014

The Amended Tax

Amended tax Index A Active participation, Active participation. Amended tax Activity Appropriate economic unit, Appropriate Economic Units Nonpassive, Activities That Are Not Passive Activities Trade or business, Passive Activities Amounts borrowed, Amounts borrowed. Amended tax Amounts not at risk, Amounts Not At Risk, Other loss limiting arrangements. Amended tax Appropriate economic unit, Appropriate Economic Units Assistance (see Tax help) At-risk activities Aggregation of, Aggregation of Activities Separation of, Separation of Activities At-risk amounts, At-Risk Amounts Government price support programs, Effect of government price support programs. Amended tax Increasing amounts, Effect of increasing amounts at risk in subsequent years. Amended tax Nonrecourse financing, Nonrecourse financing. Amended tax At-risk limits, At-Risk Limits Closely held corporation, Closely held C corporation. Amended tax Loss defined, Loss defined. Amended tax Partners, Loss limits for partners and S corporation shareholders. Amended tax S corporation shareholders, Loss limits for partners and S corporation shareholders. Amended tax Who is affected, Who Is Affected? At-risk rules Activities covered by, Activities Covered by the At-Risk Rules Exceptions to, Exception for holding real property placed in service before 1987. Amended tax Excluded business, Qualifying business. Amended tax Qualified corporation, Qualified corporation. Amended tax Qualifying business, Qualifying business. Amended tax Recapture rule, Recapture Rule B Borrowed amounts, Amounts borrowed. Amended tax C Closely held corporation, Closely held C corporation. Amended tax Commercial revitalization deduction, Commercial revitalization deduction (CRD). Amended tax Corporations Closely held, Corporations. Amended tax , Corporations. Amended tax Controlled group of, Controlled group of corporations. Amended tax Personal service, Corporations. Amended tax , Corporations. Amended tax Qualified, Qualified corporation. Amended tax CRD, Commercial revitalization deduction (CRD). Amended tax D Deductions, passive activity, Passive Activity Deductions Disabled farmer, Retired or disabled farmer and surviving spouse of a farmer. Amended tax Disclosure requirement, Appropriate Economic Units Dispositions Death, Dispositions by death. Amended tax Gift, Dispositions by gift. Amended tax Installment sale, Installment sale of an entire interest. Amended tax Partial, Partial dispositions. Amended tax E Excluded business, definition of, Qualifying business. Amended tax F Farm loss, Excess Farm Loss Farmer, Retired or disabled farmer and surviving spouse of a farmer. Amended tax Form 6198, Form 6198. Amended tax 8582, Step Three—Completing Form 8582 8810, Who Must Use These Rules? Former passive activity, Treatment of former passive activities. Amended tax Free tax services, Free help with your tax return. Amended tax G Grouping passive activities, Grouping Your Activities H Help (see Tax help) I Income, passive activity, Passive Activity Income L Limited entrepreneur, Limited entrepreneur. Amended tax Limited partners, Limited partners. Amended tax M Material participation, Material Participation, Corporations. Amended tax Modified adjusted gross income, Phaseout rule. Amended tax N Nonrecourse loan, Nonrecourse financing. Amended tax P Participation, Participation. Amended tax Active, Active participation. Amended tax Material, Material Participation Passive activity, Passive Activity Limits Comprehensive example, How To Report Your Passive Activity Loss Disposition, Dispositions Former, Treatment of former passive activities. Amended tax Grouping, Grouping Your Activities Limits, Passive Activity Limits Material participation, Material Participation Rental, Rental Activities Rules, Passive Activities, Grouping Your Activities Who must use these rules, Who Must Use These Rules? Passive activity deductions, Passive Activity Deductions Passive activity income, Passive Activity Income Passive income, recharacterization of, Recharacterization of Passive Income Publications (see Tax help) Publicly traded partnership, Publicly Traded Partnership, Publicly traded partnership (PTP). Amended tax Q Qualified person, nonrecourse financing, Qualified person. Amended tax Qualifying business, at-risk rules, Qualifying business. Amended tax R Real estate professional, Real Estate Professional Recapture rule under at-risk limits, Recapture Rule Recharacterization of passive income, Recharacterization of Passive Income Reductions of amounts at risk, Reductions of Amounts At Risk Related persons, Related persons. Amended tax Rental activity $25,000 offset, Special $25,000 allowance. Amended tax Active participation, Active participation. Amended tax Exceptions, Exceptions. Amended tax Phaseout rule, Phaseout rule. Amended tax Real estate professional, Real Estate Professional Retired farmer, Retired or disabled farmer and surviving spouse of a farmer. Amended tax S Section 1245 property, Section 1245 property. Amended tax Self-charged interest, Self-charged interest. Amended tax Separate activity, Separation of Activities Significant participation passive activities, Significant Participation Passive Activities Special $25,000 allowance, Special $25,000 allowance. Amended tax Surviving spouse of farmer, Retired or disabled farmer and surviving spouse of a farmer. Amended tax T Tax help, How To Get Tax Help Trade or business activities Definition of, Trade or Business Activities Real property, Real property trades or businesses. Amended tax W Worksheet 1, Worksheet 1. Amended tax Worksheet 3, Worksheet 3. Amended tax Worksheet 4, Step Four—Completing Worksheet 4 Worksheet 5, Step Five—Completing Worksheet 5 Worksheet 6, Step Six—Using Worksheets 6 and 7 Worksheet 7, Step Six—Using Worksheets 6 and 7 Worksheet A, Worksheet A. Amended tax , Worksheet A. Amended tax Significant Participation Passive Activities Worksheet B, Worksheet B. Amended tax , Worksheet B. Amended tax Significant Participation Activities With Net Income Prev  Up     Home   More Online Publications