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Tax Forms For 2012

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Tax Forms For 2012

Tax forms for 2012 3. Tax forms for 2012   Savings Incentive Match Plans for Employees (SIMPLE) Table of Contents Introduction What Is a SIMPLE Plan?Eligible Employees How Are Contributions Made? How Much Can Be Contributed on Your Behalf?Matching contributions less than 3%. Tax forms for 2012 Traditional IRA mistakenly moved to SIMPLE IRA. Tax forms for 2012 When Can You Withdraw or Use Assets?Are Distributions Taxable? Introduction This chapter is for employees who need information about savings incentive match plans for employees (SIMPLE plans). Tax forms for 2012 It explains what a SIMPLE plan is, contributions to a SIMPLE plan, and distributions from a SIMPLE plan. Tax forms for 2012 Under a SIMPLE plan, SIMPLE retirement accounts for participating employees can be set up either as: Part of a 401(k) plan, or A plan using IRAs (SIMPLE IRA). Tax forms for 2012 This chapter only discusses the SIMPLE plan rules that relate to SIMPLE IRAs. Tax forms for 2012 See chapter 3 of Publication 560 for information on any special rules for SIMPLE plans that do not use IRAs. Tax forms for 2012 If your employer maintains a SIMPLE plan, you must be notified, in writing, that you can choose the financial institution that will serve as trustee for your SIMPLE IRA and that you can roll over or transfer your SIMPLE IRA to another financial institution. Tax forms for 2012 See Rollovers and Transfers Exception, later under When Can You Withdraw or Use Assets. Tax forms for 2012 What Is a SIMPLE Plan? A SIMPLE plan is a tax-favored retirement plan that certain small employers (including self-employed individuals) can set up for the benefit of their employees. Tax forms for 2012 See chapter 3 of Publication 560 for information on the requirements employers must satisfy to set up a SIMPLE plan. Tax forms for 2012 A SIMPLE plan is a written agreement (salary reduction agreement) between you and your employer that allows you, if you are an eligible employee (including a self-employed individual), to choose to: Reduce your compensation (salary) by a certain percentage each pay period, and Have your employer contribute the salary reductions to a SIMPLE IRA on your behalf. Tax forms for 2012 These contributions are called salary reduction contributions. Tax forms for 2012 All contributions under a SIMPLE IRA plan must be made to SIMPLE IRAs, not to any other type of IRA. Tax forms for 2012 The SIMPLE IRA can be an individual retirement account or an individual retirement annuity, described in chapter 1. Tax forms for 2012 Contributions are made on behalf of eligible employees. Tax forms for 2012 (See Eligible Employees below. Tax forms for 2012 ) Contributions are also subject to various limits. Tax forms for 2012 (See How Much Can Be Contributed on Your Behalf , later. Tax forms for 2012 ) In addition to salary reduction contributions, your employer must make either matching contributions or nonelective contributions. Tax forms for 2012 See How Are Contributions Made , later. Tax forms for 2012 You may be able to claim a credit for contributions to your SIMPLE plan. Tax forms for 2012 For more information, see chapter 4. Tax forms for 2012 Eligible Employees You must be allowed to participate in your employer's SIMPLE plan if you: Received at least $5,000 in compensation from your employer during any 2 years prior to the current year, and Are reasonably expected to receive at least $5,000 in compensation during the calendar year for which contributions are made. Tax forms for 2012 Self-employed individual. Tax forms for 2012   For SIMPLE plan purposes, the term employee includes a self-employed individual who received earned income. Tax forms for 2012 Excludable employees. Tax forms for 2012   Your employer can exclude the following employees from participating in the SIMPLE plan. Tax forms for 2012 Employees whose retirement benefits are covered by a collective bargaining agreement (union contract). Tax forms for 2012 Employees who are nonresident aliens and received no earned income from sources within the United States. Tax forms for 2012 Employees who would not have been eligible employees if an acquisition, disposition, or similar transaction had not occurred during the year. Tax forms for 2012 Compensation. Tax forms for 2012   For purposes of the SIMPLE plan rules, your compensation for a year generally includes the following amounts. Tax forms for 2012 Wages, tips, and other pay from your employer that is subject to income tax withholding. Tax forms for 2012 Deferred amounts elected under any 401(k) plans, 403(b) plans, government (section 457) plans, SEP plans, and SIMPLE plans. Tax forms for 2012 Self-employed individual compensation. Tax forms for 2012   For purposes of the SIMPLE plan rules, if you are self-employed, your compensation for a year is your net earnings from self-employment (Schedule SE (Form 1040), Section A, line 4, or Section B, line 6) before subtracting any contributions made to a SIMPLE IRA on your behalf. Tax forms for 2012   For these purposes, net earnings from self-employment include services performed while claiming exemption from self-employment tax as a member of a group conscientiously opposed to social security benefits. Tax forms for 2012 How Are Contributions Made? Contributions under a salary reduction agreement are called salary reduction contributions. Tax forms for 2012 They are made on your behalf by your employer. Tax forms for 2012 Your employer must also make either matching contributions or nonelective contributions. Tax forms for 2012 Salary reduction contributions. Tax forms for 2012   During the 60-day period before the beginning of any year, and during the 60-day period before you are eligible, you can choose salary reduction contributions expressed either as a percentage of compensation, or as a specific dollar amount (if your employer offers this choice). Tax forms for 2012 You can choose to cancel the election at any time during the year. Tax forms for 2012   Salary reduction contributions are also referred to as “elective deferrals. Tax forms for 2012 ”   Your employer cannot place restrictions on the contributions amount (such as by limiting the contributions percentage), except to comply with the salary reduction contributions limit, discussed under How Much Can Be Contributed on Your Behalf, later. Tax forms for 2012 Matching contributions. Tax forms for 2012   Unless your employer chooses to make nonelective contributions, your employer must make contributions equal to the salary reduction contributions you choose (elect), but only up to certain limits. Tax forms for 2012 See How Much Can Be Contributed on Your Behalf below. Tax forms for 2012 These contributions are in addition to the salary reduction contributions and must be made to the SIMPLE IRAs of all eligible employees (defined earlier) who chose salary reductions. Tax forms for 2012 These contributions are referred to as matching contributions. Tax forms for 2012   Matching contributions on behalf of a self-employed individual are not treated as salary reduction contributions. Tax forms for 2012 Nonelective contributions. Tax forms for 2012   Instead of making matching contributions, your employer may be able to choose to make nonelective contributions on behalf of all eligible employees. Tax forms for 2012 These nonelective contributions must be made on behalf of each eligible employee who has at least $5,000 of compensation from your employer, whether or not the employee chose salary reductions. Tax forms for 2012   One of the requirements your employer must satisfy is notifying the employees that the election was made. Tax forms for 2012 For other requirements that your employer must satisfy, see chapter 3 of Publication 560. Tax forms for 2012 How Much Can Be Contributed on Your Behalf? The limits on contributions to a SIMPLE IRA vary with the type of contribution that is made. Tax forms for 2012 Salary reduction contributions limit. Tax forms for 2012   Salary reduction contributions (employee-chosen contributions or elective deferrals) that your employer can make on your behalf under a SIMPLE plan are limited to $12,000 for 2013. Tax forms for 2012 The limitation remains at $12,000 for 2014. Tax forms for 2012 If you are a participant in any other employer plans during 2013 and you have elective salary reductions or deferred compensation under those plans, the salary reduction contributions under the SIMPLE plan also are included in the annual limit of $17,500 for 2013 on exclusions of salary reductions and other elective deferrals. Tax forms for 2012 You, not your employer, are responsible for monitoring compliance with these limits. Tax forms for 2012 Additional elective deferrals can be contributed to your SIMPLE plan if: You reached age 50 by the end of 2013, and No other elective deferrals can be made for you to the plan for the year because of limits or restrictions, such as the regular annual limit. Tax forms for 2012 The most that can be contributed in additional elective deferrals to your SIMPLE plan is the lesser of the following two amounts. Tax forms for 2012 $2,500 for 2013, or Your compensation for the year reduced by your other elective deferrals for the year. Tax forms for 2012 The additional deferrals are not subject to any other contribution limit and are not taken into account in applying other contribution limits. Tax forms for 2012 The additional deferrals are not subject to the nondiscrimination rules as long as all eligible participants are allowed to make them. Tax forms for 2012 Matching employer contributions limit. Tax forms for 2012   Generally, your employer must make matching contributions to your SIMPLE IRA in an amount equal to your salary reduction contributions. Tax forms for 2012 These matching contributions cannot be more than 3% of your compensation for the calendar year. Tax forms for 2012 See Matching contributions less than 3% below. Tax forms for 2012 Example 1. Tax forms for 2012 In 2013, Joshua was a participant in his employer's SIMPLE plan. Tax forms for 2012 His compensation, before SIMPLE plan contributions, was $41,600 ($800 per week). Tax forms for 2012 Instead of taking it all in cash, Joshua elected to have 12. Tax forms for 2012 5% of his weekly pay ($100) contributed to his SIMPLE IRA. Tax forms for 2012 For the full year, Joshua's salary reduction contributions were $5,200, which is less than the $12,000 limit on these contributions. Tax forms for 2012 Under the plan, Joshua's employer was required to make matching contributions to Joshua's SIMPLE IRA. Tax forms for 2012 Because his employer's matching contributions must equal Joshua's salary reductions, but cannot be more than 3% of his compensation (before salary reductions) for the year, his employer's matching contribution was limited to $1,248 (3% of $41,600). Tax forms for 2012 Example 2. Tax forms for 2012 Assume the same facts as in Example 1 , except that Joshua's compensation for the year was $408,163 and he chose to have 2. Tax forms for 2012 94% of his weekly pay contributed to his SIMPLE IRA. Tax forms for 2012 In this example, Joshua's salary reduction contributions for the year (2. Tax forms for 2012 94% × $408,163) were equal to the 2013 limit for salary reduction contributions ($12,000). Tax forms for 2012 Because 3% of Joshua's compensation ($12,245) is more than the amount his employer was required to match ($12,000), his employer's matching contributions were limited to $12,000. Tax forms for 2012 In this example, total contributions made on Joshua's behalf for the year were $24,000 ($12,000 (Joshua's contributions) + $12,000 (matching contributions)), the maximum contributions permitted under a SIMPLE IRA for 2013. Tax forms for 2012 Matching contributions less than 3%. Tax forms for 2012   Your employer can reduce the 3% limit on matching contributions for a calendar year, but only if: The limit is not reduced below 1%, The limit is not reduced for more than 2 years out of the 5-year period that ends with (and includes) the year for which the election is effective, and Employees are notified of the reduced limit within a reasonable period of time before the 60-day election period during which they can enter into salary reduction agreements. Tax forms for 2012   For purposes of applying the rule in item (2) in determining whether the limit was reduced below 3% for the year, any year before the first year in which your employer (or a former employer) maintains a SIMPLE IRA plan will be treated as a year for which the limit was 3%. Tax forms for 2012 If your employer chooses to make nonelective contributions for a year, that year also will be treated as a year for which the limit was 3%. Tax forms for 2012 Nonelective employer contributions limit. Tax forms for 2012   If your employer chooses to make nonelective contributions, instead of matching contributions, to each eligible employee's SIMPLE IRA, contributions must be 2% of your compensation for the entire year. Tax forms for 2012 For 2013, only $255,000 of your compensation can be taken into account to figure the contribution limit. Tax forms for 2012   Your employer can substitute the 2% nonelective contribution for the matching contribution for a year if both of the following requirements are met. Tax forms for 2012 Eligible employees are notified that a 2% nonelective contribution will be made instead of a matching contribution. Tax forms for 2012 This notice is provided within a reasonable period during which employees can enter into salary reduction agreements. Tax forms for 2012 Example 3. Tax forms for 2012 Assume the same facts as in Example 2 , except that Joshua's employer chose to make nonelective contributions instead of matching contributions. Tax forms for 2012 Because his employer's nonelective contributions are limited to 2% of up to $255,000 of Joshua's compensation, his employer's contribution to Joshua's SIMPLE IRA was limited to $5,100. Tax forms for 2012 In this example, total contributions made on Joshua's behalf for the year were $17,100 (Joshua's salary reductions of $12,000 plus his employer's contribution of $5,100). Tax forms for 2012 Traditional IRA mistakenly moved to SIMPLE IRA. Tax forms for 2012   If you mistakenly roll over or transfer an amount from a traditional IRA to a SIMPLE IRA, you can later recharacterize the amount as a contribution to another traditional IRA. Tax forms for 2012 For more information, see Recharacterizations in chapter 1. Tax forms for 2012 Recharacterizing employer contributions. Tax forms for 2012   You cannot recharacterize employer contributions (including elective deferrals) under a SEP or SIMPLE plan as contributions to another IRA. Tax forms for 2012 SEPs are discussed in chapter 2 of Publication 560. Tax forms for 2012 SIMPLE plans are discussed in this chapter. Tax forms for 2012 Converting from a SIMPLE IRA. Tax forms for 2012   Generally, you can convert an amount in your SIMPLE IRA to a Roth IRA under the same rules explained in chapter 1 under Converting From Any Traditional IRA Into a Roth IRA . Tax forms for 2012    However, you cannot convert any amount distributed from the SIMPLE IRA during the 2-year period beginning on the date you first participated in any SIMPLE IRA plan maintained by your employer. Tax forms for 2012 When Can You Withdraw or Use Assets? Generally, the same distribution (withdrawal) rules that apply to traditional IRAs apply to SIMPLE IRAs. Tax forms for 2012 These rules are discussed in chapter 1. Tax forms for 2012 Your employer cannot restrict you from taking distributions from a SIMPLE IRA. Tax forms for 2012 Are Distributions Taxable? Generally, distributions from a SIMPLE IRA are fully taxable as ordinary income. Tax forms for 2012 If the distribution is an early distribution (discussed in chapter 1), it may be subject to the additional tax on early distributions. Tax forms for 2012 See Additional Tax on Early Distributions, later. Tax forms for 2012 Rollovers and Transfers Exception Generally, rollovers and trustee-to-trustee transfers are not taxable distributions. Tax forms for 2012 Two-year rule. Tax forms for 2012   To qualify as a tax-free rollover (or a tax-free trustee-to-trustee transfer), a rollover distribution (or a transfer) made from a SIMPLE IRA during the 2-year period beginning on the date on which you first participated in your employer's SIMPLE plan must be contributed (or transferred) to another SIMPLE IRA. Tax forms for 2012 The 2-year period begins on the first day on which contributions made by your employer are deposited in your SIMPLE IRA. Tax forms for 2012   After the 2-year period, amounts in a SIMPLE IRA can be rolled over or transferred tax free to an IRA other than a SIMPLE IRA, or to a qualified plan, a tax-sheltered annuity plan (section 403(b) plan), or deferred compensation plan of a state or local government (section 457 plan). Tax forms for 2012 Additional Tax on Early Distributions The additional tax on early distributions (discussed in chapter 1) applies to SIMPLE IRAs. Tax forms for 2012 If a distribution is an early distribution and occurs during the 2-year period following the date on which you first participated in your employer's SIMPLE plan, the additional tax on early distributions is increased from 10% to 25%. Tax forms for 2012 If a rollover distribution (or transfer) from a SIMPLE IRA does not satisfy the 2-year rule, and is otherwise an early distribution, the additional tax imposed because of the early distribution is increased from 10% to 25% of the amount distributed. 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The Department of Agriculture's Rural Utilities Service provides funding, through grants, loans, loan guarantees, and payments, for the development of rural utilities infrastructure such as water, waste management, power and telecommunications.

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The Tax Forms For 2012

Tax forms for 2012 Index A Accident benefits, Accident and Health Benefits Achievement awards, Achievement Awards Additional Medicare Tax, Reminders, Additional Medicare Tax withholding. Tax forms for 2012 Adoption assistance, Adoption Assistance Annual lease value, Annual Lease Value Assistance (see Tax help) Athletic facilities, Athletic Facilities Automobile (see Vehicles) Awards, achievement, Achievement Awards B Bicycle commuting reimbursement, qualified, Qualified bicycle commuting reimbursement. Tax forms for 2012 C Cafeteria plans, Cafeteria Plans Cents-per-mile rule, What's New, Cents-Per-Mile Rule COBRA premiums, COBRA premiums. Tax forms for 2012 Comments on publication, Comments and suggestions. Tax forms for 2012 Commuter highway vehicle, Commuter highway vehicle. Tax forms for 2012 Commuting rule, Commuting Rule Copying machine use, De Minimis (Minimal) Benefits D Daily lease value, Daily Lease Value De minimis (minimal) benefits In general, De Minimis (Minimal) Benefits Meals, De Minimis Meals Transportation, De Minimis Transportation Benefits Demonstrator cars, Demonstrator cars. Tax forms for 2012 Dependent care assistance, Dependent Care Assistance Deposit rules, 4. Tax forms for 2012 Rules for Withholding, Depositing, and Reporting Discounts for employees, Employee Discounts E Educational assistance, Educational Assistance Employee benefit programs Accident and health benefits, Accident and Health Benefits Cafeteria plans, Cafeteria Plans Dependent care assistance, Dependent Care Assistance Educational assistance, Educational Assistance Group-term life insurance, Group-Term Life Insurance Coverage Employee discounts, Employee Discounts Employee stock options, Employee Stock Options Employer-operated eating facility, Employer-operated eating facility for employees. Tax forms for 2012 Employer-provided cell phones, Employer-Provided Cell Phones Exclusion rules, 2. Tax forms for 2012 Fringe Benefit Exclusion Rules F Fair market value, Fair market value. Tax forms for 2012 Fringe benefit overview, 1. Tax forms for 2012 Fringe Benefit Overview Fringe benefits Special accounting rule, Special accounting rule. Tax forms for 2012 Valuation rules, 3. Tax forms for 2012 Fringe Benefit Valuation Rules G General valuation rule, General Valuation Rule Group-term life insurance, Group-Term Life Insurance Coverage H Health benefits, Accident and Health Benefits Health Savings Accounts, Health Savings Accounts Holiday gifts, De Minimis (Minimal) Benefits I Insurance Accident and health, Accident and Health Benefits Group-term life, Group-Term Life Insurance Coverage Long-term care, Exception for certain long-term care benefits. Tax forms for 2012 L Lease value rule, Lease Value Rule Length of service awards, Achievement Awards Life insurance Group-term, Group-Term Life Insurance Coverage Spouse or dependent, De Minimis (Minimal) Benefits Lodging, Lodging on Your Business Premises Long-term care insurance, Exception for certain long-term care benefits. Tax forms for 2012 M Meals De minimis, De Minimis Meals On your business premises, Meals on Your Business Premises Medical reimbursement plans, Accident and Health Benefits Minimal benefits, De Minimis (Minimal) Benefits Moving expense reimbursements, Moving Expense Reimbursements N No-additional-cost services, No-Additional-Cost Services Nonpersonal use vehicles, qualified, Qualified nonpersonal use vehicles. Tax forms for 2012 O Options on stock, Employee Stock Options Outplacement services, Outplacement services. Tax forms for 2012 P Parking, qualified, Qualified parking. Tax forms for 2012 Parties, De Minimis (Minimal) Benefits Performance of services, Performance of services. Tax forms for 2012 Pickup trucks, Pickup trucks. Tax forms for 2012 Picnics, De Minimis (Minimal) Benefits Prorated annual lease value, Prorated Annual Lease Value Provider defined, Provider of benefit. Tax forms for 2012 Publications (see Tax help) Q Qualified transportation benefits, Qualified Transportation Benefits R Recipient defined, Recipient of benefit. Tax forms for 2012 Reimbursements, moving expense, Moving Expense Reimbursements Reporting rules, 4. Tax forms for 2012 Rules for Withholding, Depositing, and Reporting Retirement planning services, Retirement Planning Services S Safety achievement awards, Achievement Awards Self insurance (medical reimbursement plans), Accident and Health Benefits Services, no-additional-cost, No-Additional-Cost Services Simple Cafeteria Plans, Simple Cafeteria Plans Special accounting rule, Special accounting rule. Tax forms for 2012 Stock options, employee, Employee Stock Options Suggestions for publication, Comments and suggestions. Tax forms for 2012 T Tax help, How To Get Tax Help Taxable benefits, Are Fringe Benefits Taxable? Tickets for theater or sporting events, De Minimis (Minimal) Benefits Transit pass, Transit pass. Tax forms for 2012 Transportation benefits De minimis, De Minimis Transportation Benefits Qualified, Qualified Transportation Benefits TTY/TDD information, How To Get Tax Help Tuition reduction, Tuition Reduction U Unsafe conditions commuting rule, Unsafe Conditions Commuting Rule V Valuation rules, 3. Tax forms for 2012 Fringe Benefit Valuation Rules Vans, Vans. Tax forms for 2012 Vehicles Business use of (see Working condition benefits) Commuter highway, Commuter highway vehicle. Tax forms for 2012 Qualified nonpersonal use, Qualified nonpersonal use vehicles. Tax forms for 2012 Valuation of, Employer-provided vehicles. Tax forms for 2012 W Withholding rules, 4. Tax forms for 2012 Rules for Withholding, Depositing, and Reporting Working condition benefits, Working Condition Benefits Prev  Up     Home   More Online Publications