Publication 553 - Highlights Of 2002 Tax Changes
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31Contents
Department of the Treasury
Internal Revenue Service
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
Chapter
Publication 553
1. Tax Changes for Individuals . . . . . . . . . . . . . . .
2
(Rev. February 2003)
Cat. No. 15101G
2. Tax Changes for Businesses . . . . . . . . . . . . . . . 12
3. IRAs and Other Retirement Plans . . . . . . . . . . . 18
Highlights of
4. Exempt Organizations . . . . . . . . . . . . . . . . . . . . 24
2002 Tax
5. Estate and Gift Taxes . . . . . . . . . . . . . . . . . . . . . 26
6. Excise Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Changes
7. Foreign Issues . . . . . . . . . . . . . . . . . . . . . . . . . . 27
8. How To Get Tax Help . . . . . . . . . . . . . . . . . . . . . 27
Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Introduction
This publication highlights tax law changes that take effect
in 2002, 2003, and later years. The chapters are divided
into separate sections based on when the changes take
effect.
Changes covered in this publication include the follow-
ing.
•
Tax benefits for education, including the new tuition
and fees deduction and educator expenses deduc-
tion.
•
Pension changes such as higher contribution and
benefit limits for retirement plans, the tax credit for
certain pension plan startup costs, an increased
SEP contribution limit, catch-up contributions, and
deemed individual retirement arrangements (IRAs).
•
An increase in the allowable amount of IRA contribu-
tions.
•
Extension of the welfare-to-work credit and work op-
portunity credit.
•
Free Internet filing options.
•
How you report interest and dividends.
See the discussion of each topic for more information.
Adjusting your withholding or estimated tax payments
for 2003. If your tax for 2003 will be more or less than your
2002 tax, you may need to adjust your withholding or
estimated tax payments accordingly. If your tax will de-
crease, you can get the benefit of lower taxes throughout
the year. If you will owe more tax, you can avoid a penalty
when you file your tax return.
See the following table for forms and publications that
will help you adjust your withholding or estimated tax
payments. See chapter 8 for information on ordering forms
and publications.
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