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Massachusetts Income Tax Forms 2013

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Massachusetts Income Tax Forms 2013

Massachusetts income tax forms 2013 Other Methods of Depreciation Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: How To Figure the DeductionBasis Useful Life Salvage Value Methods To UseStraight Line Method Declining Balance Method Income Forecast Method How To Change Methods DispositionsSale or exchange. Massachusetts income tax forms 2013 Property not disposed of or abandoned. Massachusetts income tax forms 2013 Special rule for normal retirements from item accounts. Massachusetts income tax forms 2013 Abandoned property. Massachusetts income tax forms 2013 Single item accounts. Massachusetts income tax forms 2013 Multiple property account. Massachusetts income tax forms 2013 Topics - This chapter discusses: How to figure the deduction Methods to use How to change methods Dispositions Useful Items - You may want to see: Publication 544 Sales and Other Dispositions of Assets 551 Basis of Assets 583 Starting a Business and Keeping Records 946 How To Depreciate Property Form (and Instructions) 3115 Application for Change in Accounting Method 4562 Depreciation and Amortization Schedule C (Form 1040) Profit or Loss From Business If your property is being depreciated under ACRS, you must continue to use rules for depreciation that applied when you placed the property in service. Massachusetts income tax forms 2013 If your property qualified for MACRS, you must depreciate it under MACRS. Massachusetts income tax forms 2013 See Publication 946. Massachusetts income tax forms 2013 However, you cannot use MACRS for certain property because of special rules that exclude it from MACRS. Massachusetts income tax forms 2013 Also, you can elect to exclude certain property from being depreciated under MACRS. Massachusetts income tax forms 2013 Property that you cannot depreciate using MACRS includes: Intangible property, Property you can elect to exclude from MACRS that you properly depreciate under a method that is not based on a term of years, Certain public utility property, Any motion picture film or video tape, Any sound recording, and Certain real and personal property placed in service before 1987. Massachusetts income tax forms 2013 Intangible property. Massachusetts income tax forms 2013   You cannot depreciate intangible property under ACRS or MACRS. Massachusetts income tax forms 2013 You depreciate intangible property using any other reasonable method, usually, the straight line method. Massachusetts income tax forms 2013 Note. Massachusetts income tax forms 2013 The cost of certain intangible property that you acquire after August 10, 1993, must be amortized over a 15-year period. Massachusetts income tax forms 2013 For more information, see chapter 12 of Publication 535. Massachusetts income tax forms 2013 Public utility property. Massachusetts income tax forms 2013   The law excludes from MACRS any public utility property for which the taxpayer does not use a normalization method of accounting. Massachusetts income tax forms 2013 This type of property is subject to depreciation under a special rule. Massachusetts income tax forms 2013 Videocassettes. Massachusetts income tax forms 2013   If you are in the videocassette rental business, you can depreciate those videocassettes purchased for rental. Massachusetts income tax forms 2013 You can depreciate the cost less salvage value of those videocassettes that have a useful life over one year using either: The straight line method, or The income forecast method. Massachusetts income tax forms 2013 The straight line method, salvage value, and useful life are discussed later under Methods To Use. Massachusetts income tax forms 2013 You can deduct in the year of purchase as a business expense the cost of any cassette that has a useful life of one year or less. Massachusetts income tax forms 2013 How To Figure the Deduction Two other reasonable methods can be used to figure your deduction for property not covered under ACRS or MACRS. Massachusetts income tax forms 2013 These methods are straight line and declining balance. Massachusetts income tax forms 2013 To figure depreciation using these methods, you must generally determine three things about the property you intend to depreciate. Massachusetts income tax forms 2013 They are: The basis, The useful life, and The estimated salvage value at the end of its useful life. Massachusetts income tax forms 2013 The amount of the deduction in any year also depends on which method of depreciation you choose. Massachusetts income tax forms 2013 Basis To deduct the proper amount of depreciation each year, first determine your basis in the property you intend to depreciate. Massachusetts income tax forms 2013 The basis used for figuring depreciation is the same as the basis that would be used for figuring the gain on a sale. Massachusetts income tax forms 2013 Your original basis is usually the purchase price. Massachusetts income tax forms 2013 However, if you acquire property in some other way, such as inheriting it, getting it as a gift, or building it yourself, you have to figure your original basis in a different way. Massachusetts income tax forms 2013 Adjusted basis. Massachusetts income tax forms 2013   Events will often change the basis of property. Massachusetts income tax forms 2013 When this occurs, the changed basis is called the adjusted basis. Massachusetts income tax forms 2013 Some events, such as improvements you make, increase basis. Massachusetts income tax forms 2013 Events such as deducting casualty losses and depreciation decrease basis. Massachusetts income tax forms 2013 If basis is adjusted, the depreciation deduction may also have to be changed, depending on the reason for the adjustment and the method of depreciation you are using. Massachusetts income tax forms 2013   Publication 551 explains how to figure basis for property acquired in different ways. Massachusetts income tax forms 2013 It also discusses what items increase and decrease basis, how to figure adjusted basis, and how to allocate cost if you buy several pieces of property at one time. Massachusetts income tax forms 2013 Useful Life The useful life of a piece of property is an estimate of how long you can expect to use it in your trade or business, or to produce income. Massachusetts income tax forms 2013 It is the length of time over which you will make yearly depreciation deductions of your basis in the property. Massachusetts income tax forms 2013 It is how long it will continue to be useful to you, not how long the property will last. Massachusetts income tax forms 2013 Many things affect the useful life of property, such as: Frequency of use, Age when acquired, Your repair policy, and Environmental conditions. Massachusetts income tax forms 2013 The useful life can also be affected by technological improvements, progress in the arts, reasonably foreseeable economic changes, shifting of business centers, prohibitory laws, and other causes. Massachusetts income tax forms 2013 Consider all these factors before you arrive at a useful life for your property. Massachusetts income tax forms 2013 The useful life of the same type of property varies from user to user. Massachusetts income tax forms 2013 When you determine the useful life of your property, keep in mind your own experience with similar property. Massachusetts income tax forms 2013 You can use the general experience of the industry you are in until you are able to determine a useful life of your property from your own experience. Massachusetts income tax forms 2013 Change in useful life. Massachusetts income tax forms 2013   You base your estimate of useful life on certain facts. Massachusetts income tax forms 2013 If these facts change significantly, you can adjust your estimate of the remaining useful life. Massachusetts income tax forms 2013 However, you redetermine the estimated useful life only when the change is substantial and there is a clear reason for making the change. Massachusetts income tax forms 2013 Salvage Value It is important for you to accurately determine the correct salvage value of the property you want to depreciate. Massachusetts income tax forms 2013 You generally cannot depreciate property below a reasonable salvage value. Massachusetts income tax forms 2013 Determining salvage value. Massachusetts income tax forms 2013   Salvage value is the estimated value of property at the end of its useful life. Massachusetts income tax forms 2013 It is what you expect to get for the property if you sell it after you can no longer use it productively. Massachusetts income tax forms 2013 You must estimate the salvage value of a piece of property when you first acquire it. Massachusetts income tax forms 2013   Salvage value is affected both by how you use the property and how long you use it. Massachusetts income tax forms 2013 If it is your policy to dispose of property that is still in good operating condition, the salvage value can be relatively large. Massachusetts income tax forms 2013 However, if your policy is to use property until it is no longer usable, its salvage value can be its junk value. Massachusetts income tax forms 2013 Changing salvage value. Massachusetts income tax forms 2013   Once you determine the salvage value for property, you should not change it merely because prices have changed. Massachusetts income tax forms 2013 However, if you redetermine the useful life of property, as discussed earlier under Change in useful life, you can also redetermine the salvage value. Massachusetts income tax forms 2013 When you redetermine the salvage value, take into account the facts that exist at the time. Massachusetts income tax forms 2013 Net salvage. Massachusetts income tax forms 2013   Net salvage is the salvage value of property minus what it costs to remove it when you dispose of it. Massachusetts income tax forms 2013 You can choose either salvage value or net salvage when you figure depreciation. Massachusetts income tax forms 2013 You must consistently use the one you choose and the treatment of the costs of removal must be consistent with the practice adopted. Massachusetts income tax forms 2013 However, if the cost to remove the property is more than the estimated salvage value, then net salvage is zero. Massachusetts income tax forms 2013 Your salvage value can never be less than zero. Massachusetts income tax forms 2013 Ten percent rule. Massachusetts income tax forms 2013   If you acquire personal property that has a useful life of 3 years or more, you can use an amount for salvage value that is less than your actual estimate. Massachusetts income tax forms 2013 You can subtract from your estimate of salvage value an amount equal to 10% of your basis in the property. Massachusetts income tax forms 2013 If salvage value is less than 10% of basis, you can ignore salvage value when you figure depreciation. Massachusetts income tax forms 2013 Methods To Use Two methods of depreciation are the straight line and declining balance methods. Massachusetts income tax forms 2013 If ACRS or MACRS does not apply, you can use one of these methods. Massachusetts income tax forms 2013 The straight line and declining balance methods discussed in this section are not figured in the same way as straight line or declining balance methods under MACRS. Massachusetts income tax forms 2013 Straight Line Method Before 1981, you could use any reasonable method for every kind of depreciable property. Massachusetts income tax forms 2013 One of these methods was the straight line method. Massachusetts income tax forms 2013 This method was also used for intangible property. Massachusetts income tax forms 2013 It lets you deduct the same amount of depreciation each year. Massachusetts income tax forms 2013 To figure your deduction, determine the adjusted basis of your property, its salvage value, and its estimated useful life. Massachusetts income tax forms 2013 Subtract the salvage value, if any, from the adjusted basis. Massachusetts income tax forms 2013 The balance is the total amount of depreciation you can take over the useful life of the property. Massachusetts income tax forms 2013 Divide the balance by the number of years remaining in the useful life. Massachusetts income tax forms 2013 This gives you the amount of your yearly depreciation deduction. Massachusetts income tax forms 2013 Unless there is a big change in adjusted basis, or useful life, this amount will stay the same throughout the time you depreciate the property. Massachusetts income tax forms 2013 If, in the first year, you use the property for less than a full year, you must prorate your depreciation deduction for the number of months in use. Massachusetts income tax forms 2013 Example. Massachusetts income tax forms 2013 In April 1994, Frank bought a franchise for $5,600. Massachusetts income tax forms 2013 It expires in 10 years. Massachusetts income tax forms 2013 This property is intangible property that cannot be depreciated under MACRS. Massachusetts income tax forms 2013 Frank depreciates the franchise under the straight line method, using a 10-year useful life and no salvage value. Massachusetts income tax forms 2013 He takes the $5,600 basis and divides that amount by 10 years ($5,600 ÷ 10 = $560, a full year's use). Massachusetts income tax forms 2013 He must prorate the $560 for his 9 months of use in 1994. Massachusetts income tax forms 2013 This gives him a deduction of $420 ($560 ÷ 9/12). Massachusetts income tax forms 2013 In 1995, Frank can deduct $560 for the full year. Massachusetts income tax forms 2013 Declining Balance Method The declining balance method allows you to recover a larger amount of the cost of the property in the early years of your use of the property. Massachusetts income tax forms 2013 The rate cannot be more than twice the straight line rate. Massachusetts income tax forms 2013 Rate of depreciation. Massachusetts income tax forms 2013   Under this method, you must determine your declining balance rate of depreciation. Massachusetts income tax forms 2013 The initial step is to: Divide the number 1 by the useful life of your property to get a straight line rate. Massachusetts income tax forms 2013 (For example, if property has a useful life of 5 years, its normal straight line rate of depreciation is ⅕, or 20%. Massachusetts income tax forms 2013 ) Multiply this straight line rate by a number that is more than 1 but not more than 2 to determine the declining balance rate. Massachusetts income tax forms 2013 Unless there is a change in the useful life during the time you depreciate the property, the rate of depreciation generally will not change. Massachusetts income tax forms 2013 Depreciation deductions. Massachusetts income tax forms 2013   After you determine the rate of depreciation, multiply the adjusted basis of the property by it. Massachusetts income tax forms 2013 This gives you the amount of your deduction. Massachusetts income tax forms 2013 For example, if your adjusted basis at the beginning of the first year is $10,000, and your declining balance rate is 20%, your depreciation deduction for the first year is $2,000 ($10,000 ÷ 20%). Massachusetts income tax forms 2013 To figure your depreciation deduction in the second year, you must first adjust the basis for the amount of depreciation you deducted in the first year. Massachusetts income tax forms 2013 Subtract the previous year's depreciation from your basis ($10,000 - $2,000 = $8,000). Massachusetts income tax forms 2013 Multiply this amount by the rate of depreciation ($8,000 ÷ 20% = $1,600). Massachusetts income tax forms 2013 Your depreciation deduction for the second year is $1,600. Massachusetts income tax forms 2013   As you can see from this example, your adjusted basis in the property gets smaller each year. Massachusetts income tax forms 2013 Also, under this method, deductions are larger in the earlier years and smaller in the later years. Massachusetts income tax forms 2013 You can make a change to the straight line method without consent. Massachusetts income tax forms 2013 Salvage value. Massachusetts income tax forms 2013   Do not subtract salvage value when you figure your yearly depreciation deductions under the declining balance method. Massachusetts income tax forms 2013 However, you cannot depreciate the property below its reasonable salvage value. Massachusetts income tax forms 2013 Determine salvage value using the rules discussed earlier, including the special 10% rule. Massachusetts income tax forms 2013 Example. Massachusetts income tax forms 2013 If your adjusted basis has been decreased to $1,000 and the rate of depreciation is 20%, your depreciation deduction should be $200. Massachusetts income tax forms 2013 But if your estimate of salvage value was $900, you can only deduct $100. Massachusetts income tax forms 2013 This is because $100 is the amount that would lower your adjusted basis to equal salvage value. Massachusetts income tax forms 2013 Income Forecast Method The income forecast method requires income projections for each videocassette or group of videocassettes. Massachusetts income tax forms 2013 You can group the videocassettes by title for making this projection. Massachusetts income tax forms 2013 You determine the depreciation by applying a fraction to the cost less salvage value of the cassette. Massachusetts income tax forms 2013 The numerator is the income from the videocassette for the tax year and the denominator is the total projected income for the cassette. Massachusetts income tax forms 2013 For more information on the income forecast method, see Revenue Ruling 60-358 in Cumulative Bulletin 1960, Volume 2, on page 68. Massachusetts income tax forms 2013 How To Change Methods In some cases, you may change your method of depreciation for property depreciated under a reasonable method. Massachusetts income tax forms 2013 If you change your method of depreciation, it is generally a change in your method of accounting. Massachusetts income tax forms 2013 You must get IRS consent before making the change. Massachusetts income tax forms 2013 However, you do not need permission for certain changes in your method of depreciation. Massachusetts income tax forms 2013 The rules discussed in this section do not apply to property depreciated under ACRS or MACRS. Massachusetts income tax forms 2013 For information on ACRS elections,see Revocation of election, in chapter 1 under Alternate ACRS Method. Massachusetts income tax forms 2013 Change to the straight line method. Massachusetts income tax forms 2013   You can change from the declining balance method to the straight line method at any time during the useful life of your property without IRS consent. Massachusetts income tax forms 2013 However, if you have a written agreement with the IRS that prohibits a change, you must first get IRS permission. Massachusetts income tax forms 2013 When the change is made, figure depreciation based on your adjusted basis in the property at that time. Massachusetts income tax forms 2013 Your adjusted basis takes into account all previous depreciation deductions. Massachusetts income tax forms 2013 Use the estimated remaining useful life of your property at the time of change and its estimated salvage value. Massachusetts income tax forms 2013   You can change from the declining balance method to straight line only on the original tax return for the year you first use the straight line method. Massachusetts income tax forms 2013 You cannot make the change on an amended return filed after the due date of the original return (including extensions). Massachusetts income tax forms 2013   When you make the change, attach a statement to your tax return showing: When you acquired the property, Its original cost or other original basis, The total amount claimed for depreciation and other allowances since you acquired it, Its salvage value and remaining useful life, and A description of the property and its use. Massachusetts income tax forms 2013   After you change to straight line, you cannot change back to the declining balance method or to any other method for a period of 10 years without written permission from the IRS. Massachusetts income tax forms 2013 Changes that require permission. Massachusetts income tax forms 2013   For most other changes in method of depreciation, you must get permission from the IRS. Massachusetts income tax forms 2013 To request a change in method of depreciation, file Form 3115. Massachusetts income tax forms 2013 File the application within the first 180 days of the tax year the change is to become effective. Massachusetts income tax forms 2013 In most cases, there is a user fee that must accompany Form 3115. Massachusetts income tax forms 2013 See the instructions for Form 3115 to determine if a fee is required. Massachusetts income tax forms 2013 Changes granted automatically. Massachusetts income tax forms 2013   The IRS automatically approves certain changes of a method of depreciation. Massachusetts income tax forms 2013 But, you must file Form 3115 for these automatic changes. Massachusetts income tax forms 2013   However, IRS can deny permission if Form 3115 is not filed on time. Massachusetts income tax forms 2013 For more information on automatic changes, see Revenue Procedure 74-11, 1974-1 C. Massachusetts income tax forms 2013 B. Massachusetts income tax forms 2013 420. Massachusetts income tax forms 2013 Changes for which approval is not automatic. Massachusetts income tax forms 2013   The automatic change procedures do not apply to: Property or an account where you made a change in depreciation within the last 10 tax years (unless the change was made under the Class Life System), Class Life Asset Depreciation Range System, and Public utility property. Massachusetts income tax forms 2013   You must request and receive permission for these changes. Massachusetts income tax forms 2013 To make the request, file Form 3115 during the first 180 days of the tax year for which you want the change to be effective. Massachusetts income tax forms 2013 Change from an improper method. Massachusetts income tax forms 2013   If the IRS disallows the method you are using, you do not need permission to change to a proper method. Massachusetts income tax forms 2013 You can adopt the straight line method, or any other method that would have been permitted if you had used it from the beginning. Massachusetts income tax forms 2013 If you file your tax return using an improper method, but later file an amended return, you can use a proper method on the amended return without getting IRS permission. Massachusetts income tax forms 2013 However, you must file the amended return before the filing date for the next tax year. Massachusetts income tax forms 2013 Dispositions Retirement is the permanent withdrawal of depreciable property from use in your trade or business or for the production of income. Massachusetts income tax forms 2013 You can do this by selling, exchanging, or abandoning the item of property. Massachusetts income tax forms 2013 You can also withdraw it from use without disposing of it. Massachusetts income tax forms 2013 For example, you could place it in a supplies or scrap account. Massachusetts income tax forms 2013 Retirements can be either normal or abnormal depending on all facts and circumstances. Massachusetts income tax forms 2013 The rules discussed next do not apply to MACRS and ACRS property. Massachusetts income tax forms 2013 Normal retirement. Massachusetts income tax forms 2013   A normal retirement is a permanent withdrawal of depreciable property from use if the following apply: The retirement is made within the useful life you estimated originally, and The property has reached a condition at which you customarily retire or would retire similar property from use. Massachusetts income tax forms 2013 A retirement is generally considered normal unless you can show that you retired the property because of a reason you did not consider when you originally estimated the useful life of the property. Massachusetts income tax forms 2013 Abnormal retirement. Massachusetts income tax forms 2013   A retirement can be abnormal if you withdraw the property early or under other circumstances. Massachusetts income tax forms 2013 For example, if the property is damaged by a fire or suddenly becomes obsolete and is now useless. Massachusetts income tax forms 2013 Gain or loss on retirement. Massachusetts income tax forms 2013   There are special rules for figuring the gain or loss on retirement of property. Massachusetts income tax forms 2013 The gain or loss will depend on several factors. Massachusetts income tax forms 2013 These include the type of withdrawal, if the withdrawal was from a single property or multiple property account, and if the retirement was normal or abnormal. Massachusetts income tax forms 2013 A single property account contains only one item of property. Massachusetts income tax forms 2013 A multiple property account is one in which several items have been combined with a single rate of depreciation assigned to the entire account. Massachusetts income tax forms 2013 Sale or exchange. Massachusetts income tax forms 2013   If property is retired by sale or exchange, you figure gain or loss by the usual rules that apply to sales or other dispositions of property. Massachusetts income tax forms 2013 See Publication 544. Massachusetts income tax forms 2013 Property not disposed of or abandoned. Massachusetts income tax forms 2013   If property is retired permanently, but not disposed of or physically abandoned, you do not recognize gain. Massachusetts income tax forms 2013 You are allowed a loss in such a case, but only if the retirement is: An abnormal retirement, A normal retirement from a single property account in which you determined the life of each item of property separately, or A normal retirement from a multiple property account in which the depreciation rate is based on the maximum expected life of the longest lived item of property and the loss occurs before the expiration of the full useful life. Massachusetts income tax forms 2013 However, you are not allowed a loss if the depreciation rate is based on the average useful life of the items of property in the account. Massachusetts income tax forms 2013   To figure your loss, subtract the estimated salvage or fair market value of the property at the date of retirement, whichever is more, from its adjusted basis. Massachusetts income tax forms 2013 Special rule for normal retirements from item accounts. Massachusetts income tax forms 2013   You can generally deduct losses upon retirement of a few depreciable items of property with similar useful lives, if: You account for each one in a separate account, and You use the average useful life to figure depreciation. Massachusetts income tax forms 2013 However, you cannot deduct losses if you use the average useful life to figure depreciation and they have a wide range of useful lives. Massachusetts income tax forms 2013   If you have a large number of depreciable property items and use average useful lives to figure depreciation, you cannot deduct the losses upon normal retirements from these accounts. Massachusetts income tax forms 2013 Abandoned property. Massachusetts income tax forms 2013   If you physically abandon property, you can deduct as a loss the adjusted basis of the property at the time of its abandonment. Massachusetts income tax forms 2013 However, your intent must be to discard the property so that you will not use it again or retrieve it for sale, exchange, or other disposition. Massachusetts income tax forms 2013 Basis of property retired. Massachusetts income tax forms 2013   The basis for figuring gain or loss on the retirement of property is its adjusted basis at the time of retirement, as determined in the following discussions. Massachusetts income tax forms 2013 Single item accounts. Massachusetts income tax forms 2013   If an item of property is accounted for in a single item account, the adjusted basis is the basis you would use to figure gain or loss for a sale or exchange of the property. Massachusetts income tax forms 2013 This is generally the cost or other basis of the item of property less depreciation. Massachusetts income tax forms 2013 See Publication 551. Massachusetts income tax forms 2013 Multiple property account. Massachusetts income tax forms 2013   For a normal retirement from a multiple property account, if you figured depreciation using the average expected useful life, the adjusted basis is the salvage value estimated for the item of property when it was originally acquired. Massachusetts income tax forms 2013 If you figured depreciation using the maximum expected useful life of the longest lived item of property in the account, you must use the depreciation method used for the multiple property account and a rate based on the maximum expected useful life of the item of property retired. Massachusetts income tax forms 2013   You make the adjustment for depreciation for an abnormal retirement from a multiple property account at the rate that would be proper if the item of property was depreciated in a single property account. Massachusetts income tax forms 2013 The method of depreciation used for the multiple property account is used. Massachusetts income tax forms 2013 You base the rate on either the average expected useful life or the maximum expected useful life of the retired item of property, depending on the method used to determine the depreciation rate for the multiple property account. Massachusetts income tax forms 2013 Prev  Up  Next   Home   More Online Publications
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IRS Outlines Filing and Payment Options for Taxpayers Affected by Hurricane Irene, Tropical Storm Lee and Texas Wildfires

Oct. 4, 2011

WASHINGTON –– The Internal Revenue Service today reminded taxpayers affected by Hurricane Irene, Tropical Storm Irene, Tropical Storm Lee and the Texas wildfires that they have until Oct. 31 to meet certain tax filing and payment obligations and announced that e-File and Free File would remain available to accept their returns.

E-file, which will close for all other taxpayers following the Oct. 17 extension filing deadline, will be open through the end of October to any taxpayer who lives or has a business in areas granted tax relief because of Hurricane Irene, Tropical Storm Irene, the Texas wildfires or Tropical Storm Lee in New York and Pennsylvania.

Special Instructions for e-Filers

The IRS encouraged any taxpayer who wants to include a payment with the tax return to e-File by Oct. 20.

Because of year-end programming changes, IRS e-File will not accept returns that include payments after Oct 20. E-file returns that include a payment after that date will be rejected, but the IRS offers other options for these taxpayers to still e-file but pay separately by using:

EFTPS (The Electronic Federal Tax Payment System)
credit or debit card
check or money order

These guidelines apply to e-File and Free File returns only. Payments accompanying paper returns are not affected.

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Page Last Reviewed or Updated: 21-Mar-2014

The Massachusetts Income Tax Forms 2013

Massachusetts income tax forms 2013 Publication 571 - Introductory Material Table of Contents Future Developments What's New for 2013 What's New for 2014 Reminder IntroductionOrdering forms and publications. Massachusetts income tax forms 2013 Tax questions. Massachusetts income tax forms 2013 Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 571 and its instructions, such as legislation enacted after they were published, go to www. Massachusetts income tax forms 2013 irs. Massachusetts income tax forms 2013 gov/pub571. Massachusetts income tax forms 2013 What's New for 2013 Retirement savings contributions credit. Massachusetts income tax forms 2013  For 2013, the adjusted gross income limitations have increased from $57,500 to $59,000 for married filing jointly filers, from $43,125 to $44,250 for head of household filers, and from $28,750 to $29,500 for single, married filing separately, or qualifying widow(er) with dependent child filers. Massachusetts income tax forms 2013 See chapter 10, Retirement Savings Contributions Credit (Saver's Credit), for additional information. Massachusetts income tax forms 2013 Limit on elective deferrals. Massachusetts income tax forms 2013  For 2013, the limit on elective deferrals has increased from $17,000 to $17,500. Massachusetts income tax forms 2013 Limit on annual additions. Massachusetts income tax forms 2013  For 2013, the limit on annual additions has increased from $50,000 to $51,000. Massachusetts income tax forms 2013 What's New for 2014 Retirement savings contributions credit. Massachusetts income tax forms 2013  For 2014, the adjusted gross income limitations have increased from $59,000 to $60,000 for married filing jointly filers, from $44,250 to $45,000 for head of household filers, and from $29,500 to $30,000 for single, married filing separately, or qualifying widow(er) with dependent child filers. Massachusetts income tax forms 2013 See chapter 10, Retirement Savings Contributions Credit (Saver's Credit), for additional information. Massachusetts income tax forms 2013 Limit on elective deferrals. Massachusetts income tax forms 2013  For 2014, the limit on elective deferrals remains unchanged at $17,500. Massachusetts income tax forms 2013 Limit on annual additions. Massachusetts income tax forms 2013  For 2014, the limit on annual additions has increased from $51,000 to $52,000. Massachusetts income tax forms 2013 Reminder Photographs of missing children. Massachusetts income tax forms 2013  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Massachusetts income tax forms 2013 Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Massachusetts income tax forms 2013 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. Massachusetts income tax forms 2013 Introduction This publication can help you better understand the tax rules that apply to your 403(b) (tax-sheltered annuity) plan. Massachusetts income tax forms 2013 In this publication, you will find information to help you: Determine the maximum amount that can be contributed to your 403(b) account in 2014. Massachusetts income tax forms 2013 Determine the maximum amount that could have been contributed to your 403(b) account in 2013. Massachusetts income tax forms 2013 Identify excess contributions. Massachusetts income tax forms 2013 Understand the basic rules for claiming the retirement savings contributions credit. Massachusetts income tax forms 2013 Understand the basic rules for distributions and rollovers from 403(b) accounts. Massachusetts income tax forms 2013 This publication does not provide specific information on the following topics. Massachusetts income tax forms 2013 Distributions from 403(b) accounts. Massachusetts income tax forms 2013 This is covered in Publication 575, Pension and Annuity Income. Massachusetts income tax forms 2013 Rollovers. Massachusetts income tax forms 2013 This is covered in Publication 590, Individual Retirement Arrangements (IRAs). Massachusetts income tax forms 2013 How to use this publication. Massachusetts income tax forms 2013   This publication is organized into chapters to help you find information easily. Massachusetts income tax forms 2013    Chapter 1 answers questions frequently asked by 403(b) plan participants. Massachusetts income tax forms 2013    Chapters 2 through 6 explain the rules and terms you need to know to figure the maximum amount that could have been contributed to your 403(b) account for 2013 and the maximum amount that can be contributed to your 403(b) account in 2014. Massachusetts income tax forms 2013    Chapter 7 provides general information on the prevention and correction of excess contributions to your 403(b) account. Massachusetts income tax forms 2013    Chapter 8 provides general information on distributions, transfers, and rollovers. Massachusetts income tax forms 2013    Chapter 9 provides blank worksheets that you will need to accurately and actively participate in your 403(b) plan. Massachusetts income tax forms 2013 Filled-in samples of most of these worksheets can be found throughout this publication. Massachusetts income tax forms 2013    Chapter 10 explains the rules for claiming the retirement savings contributions credit (saver's credit). Massachusetts income tax forms 2013 Comments and suggestions. Massachusetts income tax forms 2013   We welcome your comments about this publication and your suggestions for future editions. Massachusetts income tax forms 2013   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Massachusetts income tax forms 2013 NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Massachusetts income tax forms 2013 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Massachusetts income tax forms 2013   You can send your comments from www. Massachusetts income tax forms 2013 irs. Massachusetts income tax forms 2013 gov/formspubs/. Massachusetts income tax forms 2013 Click on “More Information” and then on “Comment on Tax Forms and Publications. Massachusetts income tax forms 2013 ”   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. Massachusetts income tax forms 2013 Ordering forms and publications. Massachusetts income tax forms 2013   Visit www. Massachusetts income tax forms 2013 irs. Massachusetts income tax forms 2013 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. Massachusetts income tax forms 2013  Internal Revenue Service 1201 N. Massachusetts income tax forms 2013 Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Massachusetts income tax forms 2013   If you have a tax question, check the information available on IRS. Massachusetts income tax forms 2013 gov or call 1-800-829-1040. Massachusetts income tax forms 2013 We cannot answer tax questions sent to either of the above addresses. Massachusetts income tax forms 2013 Useful Items - You may want to see: Publication 517 Social Security and Other Information for Members of the Clergy and Religious Workers 575 Pension and Annuity Income 590 Individual Retirement Arrangements (IRAs) Form (and Instructions) W-2 Wage and Tax Statement 1099-R Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Massachusetts income tax forms 2013 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts 5330 Return of Excise Taxes Related to Employee Benefit Plans Prev  Up  Next   Home   More Online Publications