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