Publication 571 - Introductory Material

Table of Contents

What's New for 2012

Retirement savings contributions credit. For 2012, the adjusted gross income limitations have increased from $56,500 to $57,500 for married filing jointly filers, from $42,375 to $43,125 for head of household filers, and from $28,250 to $28,750 for single, married filing separately, or qualifying widow(er) with dependent child filers. See chapter 10, Retirement Savings Contributions Credit (Saver's Credit), for additional information.

Limit on elective deferrals. For 2012, the limit on elective deferrals has increased from $16,500 to $17,000.

Limit on annual additions. For 2012, the limit on annual additions has increased from $49,000 to $50,000.

More information. The IRS has created a page on IRS.gov for information about Publication 571 at www.irs.gov/pub571. Information about any recent developments affecting Publication 571 will be posted on that page.

What's New for 2013

Retirement savings contributions credit. 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. See chapter 10, Retirement Savings Contributions Credit (Saver's Credit), for additional information.

Limit on elective deferrals. For 2013, the limit on elective deferrals has increased from $17,000 to $17,500.

Limit on annual additions. For 2013, the limit on annual additions has increased from $50,000 to $51,000.

Reminder

Photographs of missing children. The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. 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.

Introduction

This publication can help you better understand the tax rules that apply to your 403(b) (tax-sheltered annuity) plan.

In this publication, you will find information to help you:

  • Determine the maximum amount that can be contributed to your 403(b) account in 2013.

  • Determine the maximum amount that could have been contributed to your 403(b) account in 2012.

  • Identify excess contributions.

  • Understand the basic rules for claiming the retirement savings contributions credit.

  • Understand the basic rules for distributions and rollovers from 403(b) accounts.

This publication does not provide specific information on the following topics.

  • Distributions from 403(b) accounts. This is covered in Publication 575, Pension and Annuity Income.

  • Rollovers. This is covered in Publication 590, Individual Retirement Arrangements (IRAs).

How to use this publication.   This publication is organized into chapters to help you find information easily.

   Chapter 1 answers questions frequently asked by 403(b) plan participants.

   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 2012 and the maximum amount that can be contributed to your 403(b) account in 2013.

   Chapter 7 provides general information on the prevention and correction of excess contributions to your 403(b) account.

   Chapter 8 provides general information on distributions, transfers, and rollovers.

   Chapter 9 provides blank worksheets that you will need to accurately and actively participate in your 403(b) plan. Filled-in samples of most of these worksheets can be found throughout this publication.

   Chapter 10 explains the rules for claiming the retirement savings contributions credit (saver's credit).

Comments and suggestions.   We welcome your comments about this publication and your suggestions for future editions.

  You can write to us at the following address:

Internal Revenue Service 
Individual and Specialty Forms and Publications Branch 
SE:W:CAR:MP:T:I 
1111 Constitution Ave. NW, IR-6526 
Washington, DC 20224

  We respond to many letters by telephone. Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence.

  You can email us at taxforms@irs.gov. Please put “Publications Comment” on the subject line. You can also send us comments from www.irs.gov/formspubs/. Select “Comment on Tax Forms and Publications” under “More Information.”

  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.

More information.   For more information about Publication 571, go to www.irs.gov/pub571.

Ordering forms and publications.   Visit www.irs.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.

 
Internal Revenue Service 
1201 N. Mitsubishi Motorway 
Bloomington, IL 61705-6613

Tax questions.   If you have a tax question, check the information available on IRS.gov or call 1-800-829-1040. We cannot answer tax questions sent to either of the above addresses.

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.

  • 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts

  • 5330 Return of Excise Taxes Related to Employee Benefit Plans

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