Publication 571 - Tax-Sheltered Annuity Plans (403(B) Plans) Page 18
Download a blank fillable Publication 571 - Tax-Sheltered Annuity Plans (403(B) Plans) in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Publication 571 - Tax-Sheltered Annuity Plans (403(B) Plans) with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21•
Foreign housing costs,
7. Distributions from a military retirement
plan.
•
10.
Income for bona fide residents of Ameri-
can Samoa, and
Distributions received by spouse. Any
•
distributions your spouse receives are treated
Income from Puerto Rico.
as received by you if you file a joint return with
Retirement
your spouse both for the year of the distribution
Eligible contributions. These include:
and for the year for which you claim the credit.
Savings
1. Contributions to a traditional or Roth IRA,
Testing period. The testing period consists
of:
2. Salary reduction contributions (elective de-
Contributions
ferrals, including amounts designated as
•
The year in which you claim the credit,
after-tax Roth contributions) to:
•
The 2 years before the year in which you
Credit (Saver’s
a. A 401(k) plan (including a SIMPLE
claim the credit, and
401(k)),
•
The period after the end of the year in
Credit)
b. A section 403(b) annuity,
which you claim the credit and before the
due date of the return (including exten-
c. An eligible deferred compensation plan
sions) for filing your return for the year in
of a state or local government (a gov-
which you claimed the credit.
If you or your employer make eligible contribu-
ernmental 457 plan),
tions (defined later) to a retirement plan, you
d. A SIMPLE IRA plan, or
Example. You and your spouse filed joint
may be able to take a credit of up to $1,000 (up
returns in 2009 and 2010, and plan to do so in
to $2,000 if filing jointly). This credit could reduce
e. A salary reduction SEP, and
2011 and 2012. You received a taxable distribu-
the federal income tax you pay dollar for dollar.
3. Contributions to a section 501(c)(18) plan.
tion from a qualified plan in 2009 and a taxable
Can you claim the credit? If you or your em-
distribution from an eligible section 457(b) de-
They also include voluntary after-tax employee
ployer make eligible contributions to a retire-
ferred compensation plan in 2010. Your spouse
contributions to a tax-qualified retirement plan
ment plan, you can claim the credit if all of the
received taxable distributions from a Roth IRA in
following apply.
or a section 403(b) annuity. For purposes of
2011 and tax-free distributions from a Roth IRA
the credit, an employee contribution will be vol-
in 2012 before April 15. You made eligible contri-
1. You are not under age 18.
untary as long as it is not required as a condi-
butions to an IRA in 2011 and you otherwise
tion of employment.
2. You are not a full-time student (explained
qualify for this credit. You must reduce the
next).
amount of your qualifying contributions in 2011
by the total of the distributions you and your
Reducing eligible contributions. Reduce
3. No one else, such as your parent(s),
spouse received in 2009, 2010, 2011, and 2012.
your eligible contributions (but not below zero)
claims an exemption for you on their tax
by the total distributions you received during the
return.
Maximum eligible contributions. After your
testing period (defined later) from any IRA, plan,
4. Your adjusted gross income (defined later)
contributions are reduced, the maximum annual
or annuity included earlier under Eligible contri-
is not more than:
contribution on which you can base the credit is
butions. Also reduce your eligible contributions
$2,000 per person.
by any distribution from a Roth IRA that is not
a. $56,500 for 2011 ($57,500 for 2012) if
rolled over, even if the distribution is not taxable.
your filing status is married filing jointly,
Effect on other credits. The amount of this
Do not reduce your eligible contributions by
b. $42,375 for 2011 ($43,125 for 2012) if
credit will not change the amount of your refund-
any of the following:
your filing status is head of household
able tax credits. A refundable tax credit, such as
(with qualifying person), or
the earned income credit or the additional child
1. The portion of any distribution which is not
tax credit, is an amount that you would receive
c. $28,250 for 2011 ($28,750 for 2012) if
includible in income because it is a trus-
as a refund even if you did not otherwise owe
your filing status is single, married filing
tee-to-trustee transfer or a rollover distribu-
any taxes.
separately, or qualifying widow(er) with
tion.
dependent child.
2. Any distribution that is a return of a contri-
Maximum credit. This is a nonrefundable
bution to an IRA (including a Roth IRA)
credit. The amount of the credit in any year
Full-time student. You are a full-time stu-
made during the year for which you claim
cannot be more than the amount of tax that you
dent if, during some part of each of 5 calendar
the credit if:
would otherwise pay (not counting any refund-
months (not necessarily consecutive) during the
able credits or the adoption credit) in any year. If
calendar year, you are either:
a. The distribution is made before the due
your tax liability is reduced to zero because of
•
A full-time student at a school that has a
date (including extensions) of your tax
other nonrefundable credits, such as the educa-
regular teaching staff, course of study, and
return for that year,
tion credits, then you will not be entitled to this
regularly enrolled body of students in at-
credit.
b. You do not take a deduction for the
tendance, or
contribution, and
•
How to figure and report the credit. The
A student taking a full-time, on-farm train-
c. The distribution includes any income at-
amount of the credit you can get is based on the
ing course given by either a school that
tributable to the contribution.
contributions you make and your credit rate. The
has a regular teaching staff, course of
credit rate can be as low as 10% or as high as
study, and regularly enrolled body of stu-
3. Loans from a qualified employer plan
50%. Your credit rate depends on your income
dents in attendance, or a state, county, or
treated as a distribution.
and your filing status. See Form 8880, Credit for
local government.
Qualified Retirement Savings Contributions, to
4. Distributions of excess contributions or de-
You are a full-time student if you are enrolled for
determine your credit rate.
ferrals (and income attributable to excess
the number of hours or courses the school con-
The maximum contribution taken into ac-
contributions and deferrals).
siders to be full-time.
count is $2,000 per person. On a joint return, up
5. Distributions of dividends paid on stock
Adjusted gross income. This is generally
to $2,000 is taken into account for each spouse.
held by an employee stock ownership plan
the amount on line 38 of your 2011 Form 1040 or
Figure the credit on Form 8880. Report the
under section 404(k).
line 22 of your 2011 Form 1040A. However, you
credit on line 50 of your Form 1040 or line 32 of
must add to that amount any exclusion or deduc-
your Form 1040A, and attach Form 8880 to your
6. Distributions from an eligible retirement
tion claimed for the year for:
return.
plan that are converted or rolled over to a
•
Foreign earned income,
Roth IRA.
Chapter 10 Retirement Savings Contributions Credit (Saver’s Credit)
Page 18
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial