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Nm taxation and revenue department Publication 559 - Additional Material Prev  Up  Next   Home   More Online Publications
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Understanding Your CP264 Notice

CP264 is the notice for denial of Form 2553, Election by a Small Business Corporation.


What you need to do

If you want to be treated as a Small Business Corporation, file a new and complete Form 2553. Be sure to include all required statements.


You may want to

Seek professional assistance


Answers to Common Questions

Q. Is there a waiting period before I can re-submit a new Form 2553?

A. No, a newly prepared, complete, and timely Form 2553 can be filed at any time.

Q. How can I find out why my Form 2553 was rejected?

A. Your denied Form 2553 will arrive in a separate envelope. Examine the form to see if it is complete; if not, this may be the reason.

 

 

Page Last Reviewed or Updated: 12-Feb-2014

Printable samples of this notice (PDF)

 

 

How to get help

  • Call the 1-800 number listed on the top right corner of your notice.
  • Authorize someone (e.g., accountant) to contact the IRS on your behalf using Form 2848.
  • See if you qualify for help from a Low Income Taxpayer Clinic.
     

The Nm Taxation And Revenue Department

Nm taxation and revenue department 10. Nm taxation and revenue department   Retirement Savings Contributions Credit (Saver's Credit) Table of Contents Full-time student. Nm taxation and revenue department Adjusted gross income. Nm taxation and revenue department Distributions received by spouse. Nm taxation and revenue department Testing period. Nm taxation and revenue department If you or your employer make eligible contributions (defined later) to a retirement plan, you may be able to take a credit of up to $1,000 (up to $2,000 if filing jointly). Nm taxation and revenue department This credit could reduce the federal income tax you pay dollar for dollar. Nm taxation and revenue department Can you claim the credit?   If you or your employer make eligible contributions to a retirement plan, you can claim the credit if all of the following apply. Nm taxation and revenue department You are not under age 18. Nm taxation and revenue department You are not a full-time student (explained next). Nm taxation and revenue department No one else, such as your parent(s), claims an exemption for you on their tax return. Nm taxation and revenue department Your adjusted gross income (defined later) is not more than: $59,000 for 2013 ($60,000 for 2014) if your filing status is married filing jointly, $44,250 for 2013 ($45,000 for 2014) if your filing status is head of household (with qualifying person), or $29,500 for 2013 ($30,000 for 2014) if your filing status is single, married filing separately, or qualifying widow(er) with dependent child. Nm taxation and revenue department Full-time student. Nm taxation and revenue department   You are a full-time student if, during some part of each of 5 calendar months (not necessarily consecutive) during the calendar year, you are either: A full-time student at a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or A student taking a full-time, on-farm training course given by either a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or a state, county, or local government. Nm taxation and revenue department You are a full-time student if you are enrolled for the number of hours or courses the school considers to be full-time. Nm taxation and revenue department Adjusted gross income. Nm taxation and revenue department   This is generally the amount on line 38 of your 2013 Form 1040 or line 22 of your 2013 Form 1040A. Nm taxation and revenue department However, you must add to that amount any exclusion or deduction claimed for the year for: Foreign earned income, Foreign housing costs, Income for bona fide residents of American Samoa, and Income from Puerto Rico. Nm taxation and revenue department Eligible contributions. Nm taxation and revenue department   These include: Contributions to a traditional or Roth IRA, Elective deferrals, including amounts designated as after-tax Roth contributions, to: A 401(k) plan (including a SIMPLE 401(k)), A section 403(b) annuity, An eligible deferred compensation plan of a state or local government (a governmental 457 plan), A SIMPLE IRA plan, or A salary reduction SEP, and Contributions to a section 501(c)(18) plan. Nm taxation and revenue department They also include voluntary after-tax employee contributions to a tax-qualified retirement plan or a section 403(b) annuity. Nm taxation and revenue department For purposes of the credit, an employee contribution will be voluntary as long as it is not required as a condition of employment. Nm taxation and revenue department Reducing eligible contributions. Nm taxation and revenue department   Reduce your eligible contributions (but not below zero) by the total distributions you received during the testing period (defined later) from any IRA, plan, or annuity included earlier under Eligible contributions. Nm taxation and revenue department Also reduce your eligible contributions by any distribution from a Roth IRA that is not rolled over, even if the distribution is not taxable. Nm taxation and revenue department      Do not reduce your eligible contributions by any of the following: The portion of any distribution which is not includible in income because it is a trustee-to-trustee transfer or a rollover distribution. Nm taxation and revenue department Any distribution that is a return of a contribution to an IRA (including a Roth IRA) made during the year for which you claim the credit if: The distribution is made before the due date (including extensions) of your tax return for that year, You do not take a deduction for the contribution, and The distribution includes any income attributable to the contribution. Nm taxation and revenue department Loans from a qualified employer plan treated as a distribution. Nm taxation and revenue department Distributions of excess contributions or deferrals (and income attributable to excess contributions and deferrals). Nm taxation and revenue department Distributions of dividends paid on stock held by an employee stock ownership plan under section 404(k). Nm taxation and revenue department Distributions from an eligible retirement plan that are converted or rolled over to a Roth IRA. Nm taxation and revenue department Distributions from a military retirement plan. Nm taxation and revenue department Distributions received by spouse. Nm taxation and revenue department   Any distributions your spouse receives are treated as received by you if you file a joint return with your spouse both for the year of the distribution and for the year for which you claim the credit. Nm taxation and revenue department Testing period. Nm taxation and revenue department   The testing period consists of: The year in which you claim the credit, The 2 years before the year in which you claim the credit, and The period after the end of the year in which you claim the credit and before the due date of the return (including extensions) for filing your return for the year in which you claimed the credit. Nm taxation and revenue department Example. Nm taxation and revenue department You and your spouse filed joint returns in 2011 and 2012, and plan to do so in 2013 and 2014. Nm taxation and revenue department You received a taxable distribution from a qualified plan in 2011 and a taxable distribution from an eligible section 457(b) deferred compensation plan in 2012. Nm taxation and revenue department Your spouse received taxable distributions from a Roth IRA in 2013 and tax-free distributions from a Roth IRA in 2014 before April 15. Nm taxation and revenue department You made eligible contributions to an IRA in 2013 and you otherwise qualify for this credit. Nm taxation and revenue department You must reduce the amount of your qualifying contributions in 2013 by the total of the distributions you and your spouse received in 2011, 2012, 2013, and 2014. Nm taxation and revenue department Maximum eligible contributions. Nm taxation and revenue department   After your contributions are reduced, the maximum annual contribution on which you can base the credit is $2,000 per person. Nm taxation and revenue department Effect on other credits. Nm taxation and revenue department   The amount of this credit will not change the amount of your refundable tax credits. Nm taxation and revenue department A refundable tax credit, such as the earned income credit or the additional child tax credit, is an amount that you would receive as a refund even if you did not otherwise owe any taxes. Nm taxation and revenue department Maximum credit. Nm taxation and revenue department   This is a nonrefundable credit. Nm taxation and revenue department The amount of the credit in any year cannot be more than the amount of tax that you would otherwise pay (not counting any refundable credits or the adoption credit) in any year. Nm taxation and revenue department If your tax liability is reduced to zero because of other nonrefundable credits, such as the education credits, then you will not be entitled to this credit. Nm taxation and revenue department How to figure and report the credit. Nm taxation and revenue department   The amount of the credit you can get is based on the contributions you make and your credit rate. Nm taxation and revenue department The credit rate can be as low as 10% or as high as 50%. Nm taxation and revenue department Your credit rate depends on your income and your filing status. Nm taxation and revenue department See Form 8880, Credit for Qualified Retirement Savings Contributions, to determine your credit rate. Nm taxation and revenue department   The maximum contribution taken into account is $2,000 per person. Nm taxation and revenue department On a joint return, up to $2,000 is taken into account for each spouse. Nm taxation and revenue department   Figure the credit on Form 8880. Nm taxation and revenue department Report the credit on line 50 of your Form 1040 or line 32 of your Form 1040A, and attach Form 8880 to your return. Nm taxation and revenue department Prev  Up  Next   Home   More Online Publications