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Irs 6. Irs Catch-Up Contributions Table of Contents The most that can be contributed to your 403(b) account is the lesser of your limit on annual additions or your limit on elective deferrals. Irs If you will be age 50 or older by the end of the year, you may also be able to make additional catch-up contributions. Irs These additional contributions cannot be made with after-tax employee contributions. Irs You are eligible to make catch-up contributions if: You will have reached age 50 by the end of the year, and The maximum amount of elective deferrals that can be made to your 403(b) account have been made for the plan year. Irs The maximum amount of catch-up contributions is the lesser of: $5,500 for 2013 and unchanged for 2014, or The excess of your compensation for the year, over the elective deferrals that are not catch-up contributions. Irs Figuring catch-up contributions. Irs When figuring allowable catch-up contributions, combine all catch-up contributions made by your employer on your behalf to the following plans. Irs Qualified retirement plans. Irs (To determine if your plan is a qualified plan, ask your plan administrator. Irs ) 403(b) plans. Irs Simplified employee pension (SEP) plans. Irs SIMPLE plans. Irs The total amount of the catch-up contributions on your behalf to all plans maintained by your employer cannot be more than the annual limit. Irs For 2013 the limit is $5,500, unchanged for 2014. Irs If you are eligible for both the 15-year rule increase in elective deferrals and the age 50 catch-up, allocate amounts first under the 15-year rule and next as an age 50 catch-up. Irs Catch-up contributions do not affect your MAC. Irs Therefore, the maximum amount that you are allowed to have contributed to your 403(b) account is your MAC plus your allowable catch-up contribution. Irs You can use Worksheet C in chapter 9 to figure your limit on catch-up contributions. Irs Prev Up Next Home More Online Publications
SOI Tax Stats - Gift Tax Statistics
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What is the Federal Gift Tax?
The Federal gift tax is a tax on the right to transfer property from a living person to other persons or trusts. Reported on Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, data are collected on the donor and recipient of gifts that exceed the annual exclusion. The name of the recipient, recipient's relationship to the donor, type of property, and value of gift are reported, as are the total value of a donor's lifetime gifts and tax computation items.
For information about selected terms and concepts and a description of the data sources and limitations, please visit Gift Tax Study Metadata.
SOI Bulletin Articles
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This article presents data on gifts made during 2009. Donors filed a total of 223,093 returns for 2009, reporting a total of $$37.9 billion in assets transferred to 867,507 donees, primarily children and grandchildren.
This article presents data on gifts made during 2008. Donors filed a total of 234,714 returns for 2008, reporting a total of $40.2 billion in assets transferred to 927,554 donees, primarily children and grandchildren.
This article describes gifts made during calendar year 2007. There were a total of 257,485 gift tax returns filed in 2008. 247,932 returns, or 96.3 percent, were nontaxable. The remaining 9,553 (3.7 percent) were taxable.
Wealth Transfers, 2005 Gifts
|This article describes gifts made during calendar year 2005. A total of $38.5 billion in assets was transferred from donors to donees, or gift recipients. Only 2.9 percent of returns were taxable, with $1.7 billion in gift tax liability reported.
|Inter Vivos Wealth Transfers, 1997 Gifts
|This article describes gifts made during calendar year 1997. Like transfers of wealth at death, wealth transfers during life—called inter vivos wealth transfers—are subject to Federal taxation. Only individual gifts in excess of $10,000 were potentially taxable for Gift Year 1997.
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Page Last Reviewed or Updated: 21-Oct-2013
Irs Publication 517 - Introductory Material Table of Contents What's New Reminders IntroductionOrdering forms and publications. Irs Tax questions. Irs Useful Items - You may want to see: What's New SE tax rate. Irs For 2013 and 2014, the Old Age, Survivors, and Disability Insurance (OASDI) portion of the SE tax is 12. Irs 4%. Irs The Medicare (HI) portion of the SE tax remains 2. Irs 9%. Irs As a result, the SE tax rate returns to 15. Irs 3%. Irs For more information, see the Instructions for Schedule SE (Form 1040). Irs Earnings subject to social security. Irs For 2013, the maximum wages and self-employment income subject to social security tax increases from $110,100 to $113,700. Irs For 2014, the maximum wages and self-employment income subject to social security tax is $117,000. Irs Additional Medicare Tax. Irs Beginning in 2013, a 0. Irs 9% Additional Medicare Tax applies to Medicare wages, railroad retirement (RRTA) compensation, and self-employment income that are more than: $125,000 if married filing separately, $250,000 if married filing jointly, or $200,000 for any other filing status. Irs For more information, see Form 8959, Additional Medicare Tax, and its separate instructions. Irs Modified AGI limit for traditional IRA contributions increased. Irs For 2013, you may be able to take an IRA deduction if you were covered by a retirement plan at work and your modified AGI is: Less than $115,000 if married filing jointly or qualifying widow(er), Less than $69,000 if single or head of household, or Less than $10,000 if married filing separately. Irs If you file a joint return and either you or your spouse was not covered by a retirement plan at work, you may be able to take an IRA deduction if your modified AGI is less than $188,000. Irs Modified AGI limit for Roth IRA contributions increased. Irs For 2013, you may be able to contribute to your Roth IRA if your modified AGI is: Less than $188,000 if married filing jointly or qualifying widow(er), Less than $127,000 if single, head of household, or married filing separately and you did not live with your spouse at any time during the year, or Less than $10,000 if married filing separately and you lived with your spouse at any time during the year. Irs Earned income credit (EIC). Irs For 2013, the maximum amount of income you can earn and still claim the EIC has increased. Irs You may be able to take the EIC if you earned less than $46,227 ($51,567 for married filing jointly) and you have three or more qualifying children; $43,038 ($48,378 for married filing jointly) and you have two qualifying children; $37,870 ($43,210 for married filing jointly) and you have one qualifying child; and $14,340 ($19,680 for married filing jointly) and you do not have any qualifying children. Irs Reminders Future developments. Irs . Irs For the latest information about developments related to Publication 517, such as legislation enacted after it was published, go to www. Irs irs. Irs gov/pub517. Irs Photographs of missing children. Irs The Internal Revenue Service is a proud partner with the National Center for Missing & Exploited Children. Irs Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Irs 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. Irs Introduction Three federal taxes are paid on wages and self-employment income—income tax, social security tax, and Medicare tax. Irs Social security and Medicare taxes are collected under one of two systems. Irs Under the Self-Employment Contributions Act (SECA), the self-employed person pays all the taxes. Irs Under the Federal Insurance Contributions Act (FICA), the employee and the employer each pay half of the social security and Medicare taxes. Irs No earnings are subject to both systems. Irs Table 1. Irs Are Your Ministerial Earnings* Covered Under FICA or SECA? Find the class to which you belong in the left column and read across the table to find if you are covered under FICA or SECA. Irs Do not rely on this table alone. Irs Also read the discussion for the class in the following pages. Irs Class Covered under FICA? Covered under SECA? Minister NO. Irs Your ministerial earnings are exempt. Irs YES, if you do not have an approved exemption from the IRS. Irs NO, if you have an approved exemption. Irs Member of a religious order who has not taken a vow of poverty NO. Irs Your ministerial earnings are exempt. Irs YES, if you do not have an approved exemption from the IRS. Irs NO, if you have an approved exemption. Irs Member of a religious order who has taken a vow of poverty YES, if: Your order elected FICA coverage for its members, or You worked outside the order and the work was not required by, or done on behalf of, the order. Irs NO, if neither of the above applies. Irs NO. Irs Your ministerial earnings are exempt. Irs Christian Science practitioner or reader NO. Irs Your ministerial earnings are exempt. Irs YES, if you do not have an approved exemption from the IRS. Irs NO, if you have an approved exemption. Irs Religious worker (church employee) YES, if your employer did not elect to exclude you. Irs NO, if your employer elected to exclude you. Irs YES, if your employer elected to exclude you from FICA. Irs NO, if you are covered under FICA. Irs Member of a recognized religious sect YES, if you are an employee and do not have an approved exemption from the IRS. Irs NO, if you have an approved exemption. Irs YES, if you are self-employed and do not have an approved exemption from the IRS. Irs NO, if you have an approved exemption. Irs * Ministerial earnings are the self-employment earnings that result from ministerial services, defined and discussed later. Irs In addition, all wages and self-employment income that are subject to Medicare tax are subject to a 0. Irs 9% Additional Medicare Tax if they are paid in excess of the applicable threshold for an individual's filing status. Irs Additional Medicare Tax applies to Medicare wages, railroad retirement (RRTA) compensation, and self-employment income that are more than: $125,000 if married filing separately, $250,000 if married filing jointly, or $200,000 for any other filing status. Irs Medicare wages and self-employment income are combined to determine if income exceeds the threshold. Irs A self-employment loss is not considered for purposes of this tax. Irs RRTA compensation is separately compared to the threshold. Irs There is no employer match for Additional Medicare Tax. Irs For more information, see Form 8959, Additional Medicare Tax, and its separate instructions. Irs This publication contains information for the following classes of taxpayers. Irs Ministers. Irs Members of a religious order. Irs Christian Science practitioners and readers. Irs Religious workers (church employees). Irs Members of a recognized religious sect. Irs Note. Irs Unless otherwise noted, in this publication references to members of the clergy include ministers, members of a religious order (but not members of a recognized religious sect), and Christian Science practitioners and readers. Irs This publication covers the following topics about the collection of social security and Medicare taxes from members of the clergy, religious workers, and members of a recognized religious sect. Irs Which earnings are taxed under FICA and which under SECA. Irs See Table 1 above. Irs How a member of the clergy can apply for an exemption from self-employment tax. Irs How a member of a recognized religious sect can apply for an exemption from both self-employment tax and FICA taxes. Irs How a member of the clergy or religious worker figures net earnings from self-employment. Irs This publication also covers certain income tax rules of interest to ministers and members of a religious order. Irs A Comprehensive Example shows filled-in forms for a minister who has income taxed under SECA, other income taxed under FICA, and income tax reporting of items specific to a minister. Irs In the back of Publication 517 is a set of worksheets that you can use to figure the amount of your taxable ministerial income and allowable deductions. Irs You will find these worksheets right after the Comprehensive Example . Irs Note. Irs In this publication, the term “church” is generally used in its generic sense and not in reference to any particular religion. Irs Comments and suggestions. Irs We welcome your comments about this publication and your suggestions for future editions. Irs You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Irs NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. Irs Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Irs You can send your comments from www. Irs irs. Irs gov/formspubs/. Irs Click on “More Information” and then on “Give us feedback”. Irs 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. Irs Ordering forms and publications. Irs Visit www. Irs irs. Irs 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. Irs Internal Revenue Service 1201 N. Irs Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Irs If you have a tax question, check the information available on IRS. Irs gov or call 1-800-829-1040. Irs We cannot answer tax questions sent to either of the above addresses. Irs Useful Items - You may want to see: Publication 54 Tax Guide for U. Irs S. Irs Citizens and Resident Aliens Abroad 525 Taxable and Nontaxable Income 529 Miscellaneous Deductions 535 Business Expenses 590 Individual Retirement Arrangements (IRAs) 596 Earned Income Credit (EIC) Form (and Instructions) SS-8 Determination of Worker Status for Purposes of Federal Employment Taxes and Income Tax Withholding SS-16 Certificate of Election of Coverage Under the Federal Insurance Contributions Act Schedule C (Form 1040) Profit or Loss From Business (Sole Proprietorship) Schedule C-EZ (Form 1040) Net Profit From Business (Sole Proprietorship) Schedule SE (Form 1040) Self-Employment Tax 1040-ES Estimated Tax for Individuals 1040X Amended U. Irs S. Irs Individual Income Tax Return 4029 Application for Exemption From Social Security and Medicare Taxes and Waiver of Benefits 4361 Application for Exemption From Self-Employment Tax for Use by Ministers, Members of Religious Orders and Christian Science Practitioners 8274 Certification by Churches and Qualified Church-Controlled Organizations Electing Exemption From Employer Social Security and Medicare Taxes 8959 Additional Medicare Tax Ordering publications and forms. Irs See How To Get Tax Help , near the end of this publication, for information about getting these publications and forms. Irs Prev Up Next Home More Online Publications