individual income taxes c19-1 chapter 19 deferred compensation copyright ©2009 cengage learning...
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C19-C19-11Individual Income TaxesIndividual Income TaxesIndividual Income TaxesIndividual Income Taxes
Chapter 19Chapter 19
Deferred CompensationDeferred Compensation
Copyright ©2009 Cengage Learning
Individual Income Taxes
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Qualified Plans(slide 1 of 11)
Qualified Plans(slide 1 of 11)
• Deferred compensation defined:– Payments for services made available to the
taxpayer after the period when services were performed
• Deferred compensation defined:– Payments for services made available to the
taxpayer after the period when services were performed
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C19-C19-33Individual Income TaxesIndividual Income TaxesIndividual Income TaxesIndividual Income Taxes
Qualified Plans(slide 2 of 11)
Qualified Plans(slide 2 of 11)
• Tax benefits of qualified deferred compensation plans– Contributions are immediately deductible by the
employer
– Employees are not taxed on the contributions to the plan or income earned by the plan until payment is made available to them under the plan
– Employer contributions to and benefits payable under qualified plans generally are not subject to FICA and FUTA taxes
• Tax benefits of qualified deferred compensation plans– Contributions are immediately deductible by the
employer
– Employees are not taxed on the contributions to the plan or income earned by the plan until payment is made available to them under the plan
– Employer contributions to and benefits payable under qualified plans generally are not subject to FICA and FUTA taxes
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Qualified Plans(slide 3 of 11)
Qualified Plans(slide 3 of 11)
• A variety of deferred compensation arrangements are offered to employees including:– Qualified profit sharing plans– Qualified pension plans– Cash or deferred arrangement plans– Simple IRAs and § 401(k) plans– Tax-deferred annuities– Incentive stock option plans– Nonqualified deferred compensation plans– Restricted property plans– Cafeteria benefit plans– Employee stock purchase plans
• A variety of deferred compensation arrangements are offered to employees including:– Qualified profit sharing plans– Qualified pension plans– Cash or deferred arrangement plans– Simple IRAs and § 401(k) plans– Tax-deferred annuities– Incentive stock option plans– Nonqualified deferred compensation plans– Restricted property plans– Cafeteria benefit plans– Employee stock purchase plans
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C19-C19-55Individual Income TaxesIndividual Income TaxesIndividual Income TaxesIndividual Income Taxes
Qualified Plans(slide 4 of 11)
Qualified Plans(slide 4 of 11)
• Pension plans– Provide systematic payments of definitely determinable
amounts • Employer contributions under a qualified pension plan must
not depend on profits• Plan normally must pay benefits out as lifetime annuities to
provide retirement income to retired employees
– 2 types of pension plans• Defined benefit plan• Defined contribution plan
• Pension plans– Provide systematic payments of definitely determinable
amounts • Employer contributions under a qualified pension plan must
not depend on profits• Plan normally must pay benefits out as lifetime annuities to
provide retirement income to retired employees
– 2 types of pension plans• Defined benefit plan• Defined contribution plan
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Qualified Plans(slide 5 of 11)
Qualified Plans(slide 5 of 11)
• Defined benefit pension plans– Annual contributions are made by the employer
that will provide sufficient amounts to pay specified retirement benefits
– Benefits based upon years of service and average compensation
– Separate accounts for each employee are not maintained
• Defined benefit pension plans– Annual contributions are made by the employer
that will provide sufficient amounts to pay specified retirement benefits
– Benefits based upon years of service and average compensation
– Separate accounts for each employee are not maintained
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Qualified Plans(slide 6 of 11)
Qualified Plans(slide 6 of 11)
• Defined contribution pension plans– The annual amount the employer must
contribute is defined (e.g., a flat amount or a percentage of compensation)
– Separate accounts must be maintained for each employee
– The amount received upon retirement is dependent upon amounts contributed and income earned on contributions
• Defined contribution pension plans– The annual amount the employer must
contribute is defined (e.g., a flat amount or a percentage of compensation)
– Separate accounts must be maintained for each employee
– The amount received upon retirement is dependent upon amounts contributed and income earned on contributions
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Qualified Plans(slide 7 of 11)
Qualified Plans(slide 7 of 11)
• Profit sharing plans– Established to allow employees to participate in
the profits of the company– Separate accounts are maintained for each
employee
• Profit sharing plans– Established to allow employees to participate in
the profits of the company– Separate accounts are maintained for each
employee
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Qualified Plans(slide 8 of 11)
Qualified Plans(slide 8 of 11)
• Profit sharing plans– Definite predetermined formulas must be
established for the allocation of contributions to and distributions from the plan
– The company is not required to make annual contributions and contributions do not have to come from current profits
• Profit sharing plans– Definite predetermined formulas must be
established for the allocation of contributions to and distributions from the plan
– The company is not required to make annual contributions and contributions do not have to come from current profits
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Qualified Plans(slide 9 of 11)
Qualified Plans(slide 9 of 11)
• Stock bonus plans– Established so that the employer can contribute
shares of its stock– Subject to rules similar to profit sharing plans– Distributions must be in employer’s stock
• Stock bonus plans– Established so that the employer can contribute
shares of its stock– Subject to rules similar to profit sharing plans– Distributions must be in employer’s stock
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C19-C19-1111Individual Income TaxesIndividual Income TaxesIndividual Income TaxesIndividual Income Taxes
Qualified Plans(slide 10 of 11)
Qualified Plans(slide 10 of 11)
• Qualification requirements– For a plan to be qualified, it must satisfy the following
requirements:• Exclusive benefit requirement• Nondiscrimination requirements • Participation and coverage requirements • Vesting requirements• Distribution requirements• Minimum funding requirements
• Qualification requirements– For a plan to be qualified, it must satisfy the following
requirements:• Exclusive benefit requirement• Nondiscrimination requirements • Participation and coverage requirements • Vesting requirements• Distribution requirements• Minimum funding requirements
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C19-C19-1212Individual Income TaxesIndividual Income TaxesIndividual Income TaxesIndividual Income Taxes
Qualified Plans(slide 11 of 11)
Qualified Plans(slide 11 of 11)
• Qualification requirements– The qualification requirements are highly
technical and numerous• Thus, an employer should seek a determination
letter from the IRS regarding a plan’s qualified status
• Qualification requirements– The qualification requirements are highly
technical and numerous• Thus, an employer should seek a determination
letter from the IRS regarding a plan’s qualified status
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Tax Consequences to Employee and Employer (slide 1 of 10)
Tax Consequences to Employee and Employer (slide 1 of 10)
• Employer contributions to qualified plans are generally deductible immediately
• Amounts contributed are not taxable to employees until distributed– Tax benefit to the employee amounts to a substantial
tax deferral – Another advantage of a qualified plan is that any
income earned by the trust is not taxable to the trust• Employees are taxed on such earnings when they receive the
retirement benefits• Taxation of amounts received by employees in periodic or
installment payments is generally subject to the annuity rules
• Employer contributions to qualified plans are generally deductible immediately
• Amounts contributed are not taxable to employees until distributed– Tax benefit to the employee amounts to a substantial
tax deferral – Another advantage of a qualified plan is that any
income earned by the trust is not taxable to the trust• Employees are taxed on such earnings when they receive the
retirement benefits• Taxation of amounts received by employees in periodic or
installment payments is generally subject to the annuity rules
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C19-C19-1414Individual Income TaxesIndividual Income TaxesIndividual Income TaxesIndividual Income Taxes
Tax Consequences to Employee and Employer (slide 2 of 10)
Tax Consequences to Employee and Employer (slide 2 of 10)
• Lump-sum distributions-generally taxable in year of distribution– Taxpayers who receive a lump-sum distribution
from a qualified plan can roll over the benefits into an IRA or into another qualified plan
• Defers tax on lump-sum distribution
• Lump-sum distributions-generally taxable in year of distribution– Taxpayers who receive a lump-sum distribution
from a qualified plan can roll over the benefits into an IRA or into another qualified plan
• Defers tax on lump-sum distribution
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Tax Consequences to Employee and Employer (slide 3 of 10)
Tax Consequences to Employee and Employer (slide 3 of 10)
• Limitations on contributions– Defined contribution plan
• Lesser of $46,000 (in 2008) or 100% of employee’s compensation
• Employer’s deduction limit cannot exceed 25% of eligible compensation
• Limitations on contributions– Defined contribution plan
• Lesser of $46,000 (in 2008) or 100% of employee’s compensation
• Employer’s deduction limit cannot exceed 25% of eligible compensation
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C19-C19-1616Individual Income TaxesIndividual Income TaxesIndividual Income TaxesIndividual Income Taxes
Tax Consequences to Employee and Employer (slide 4 of 10)
Tax Consequences to Employee and Employer (slide 4 of 10)
• Limitations on contributions– Defined benefit plan – max contribution
deduction can be calculated in one of two ways• Aggregate cost method allows an actuarially
determined amount, or
• Normal cost plus up to 10% of past service costs
• Limitations on contributions– Defined benefit plan – max contribution
deduction can be calculated in one of two ways• Aggregate cost method allows an actuarially
determined amount, or
• Normal cost plus up to 10% of past service costs
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C19-C19-1717Individual Income TaxesIndividual Income TaxesIndividual Income TaxesIndividual Income Taxes
Tax Consequences to Employee and Employer (slide 5 of 10)
Tax Consequences to Employee and Employer (slide 5 of 10)
• Limitations on contributions– Defined benefit plan
• Annual benefit payable under the plan is the lesser of $185,000 (in 2008), subject to certain limitations, or 100% of average compensation for the highest 3 years of employment
– Compensation considered in averaging cannot exceed $230,000 (in 2008)
– 10% penalty tax on excess contributions
• Limitations on contributions– Defined benefit plan
• Annual benefit payable under the plan is the lesser of $185,000 (in 2008), subject to certain limitations, or 100% of average compensation for the highest 3 years of employment
– Compensation considered in averaging cannot exceed $230,000 (in 2008)
– 10% penalty tax on excess contributions
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C19-C19-1818Individual Income TaxesIndividual Income TaxesIndividual Income TaxesIndividual Income Taxes
Tax Consequences to Employee and Employer (slide 6 of 10)
Tax Consequences to Employee and Employer (slide 6 of 10)
• Limitations on contributions– Profit sharing plan or stock bonus plan
• Maximum deduction permitted to an employer each year for contributions to profit sharing and stock bonus plans is 25% of compensation
– Maximum compensation considered is $230,000 for 2008
– The maximum deduction allowed is $46,000 in 2008
• Limitations on contributions– Profit sharing plan or stock bonus plan
• Maximum deduction permitted to an employer each year for contributions to profit sharing and stock bonus plans is 25% of compensation
– Maximum compensation considered is $230,000 for 2008
– The maximum deduction allowed is $46,000 in 2008
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C19-C19-1919Individual Income TaxesIndividual Income TaxesIndividual Income TaxesIndividual Income Taxes
Tax Consequences to Employee and Employer (slide 7 of 10)
Tax Consequences to Employee and Employer (slide 7 of 10)
• §401(k) plans– Employee elects to receive cash (taxed currently) or
have amount contributed (pretax) to a qualified plan
– Limit for 2008 on employee contribution is $15,500• Amount is reduced by other tax-sheltered salary reduction
plans
• Person age 50 or over by year end may make catch-up contributions of up to $5,000 for 2006 and thereafter
• §401(k) plans– Employee elects to receive cash (taxed currently) or
have amount contributed (pretax) to a qualified plan
– Limit for 2008 on employee contribution is $15,500• Amount is reduced by other tax-sheltered salary reduction
plans
• Person age 50 or over by year end may make catch-up contributions of up to $5,000 for 2006 and thereafter
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C19-C19-2020Individual Income TaxesIndividual Income TaxesIndividual Income TaxesIndividual Income Taxes
Tax Consequences to Employee and Employer (slide 8 of 10)
Tax Consequences to Employee and Employer (slide 8 of 10)
• SIMPLE Plans – Employers with 100 or less employees and no
other qualified plan– In form, §401(k) or IRA– Avoids nondiscrimination rules
• SIMPLE Plans – Employers with 100 or less employees and no
other qualified plan– In form, §401(k) or IRA– Avoids nondiscrimination rules
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Tax Consequences to Employee and Employer (slide 9 of 10)
Tax Consequences to Employee and Employer (slide 9 of 10)
• SIMPLE Plans – Employees make elective contributions (up to $10,500
in 2008) to plan• Contributions made as percentage of compensation
• Distributions from plan taxed under IRA rules
– Employers generally required to match contributions up to 3% of compensation or provide 2% nonmatching contributions
– Person age 50 or over by year end may make catch-up contributions of up to $2,500 for 2006 and thereafter
• SIMPLE Plans – Employees make elective contributions (up to $10,500
in 2008) to plan• Contributions made as percentage of compensation
• Distributions from plan taxed under IRA rules
– Employers generally required to match contributions up to 3% of compensation or provide 2% nonmatching contributions
– Person age 50 or over by year end may make catch-up contributions of up to $2,500 for 2006 and thereafter
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C19-C19-2222Individual Income TaxesIndividual Income TaxesIndividual Income TaxesIndividual Income Taxes
Tax Consequences to Employee and Employer (slide 10 of 10)
Tax Consequences to Employee and Employer (slide 10 of 10)
• Designated Roth Contributions– Starting in 2006, § 401(k) plans and § 403(b) plans may
be amended to permit employees to irrevocably designate some or all of their future salary deferral contributions as Roth § 401(k) or Roth § 403(b) contributions
• These designated amounts are currently includible in the employee’s gross income and are maintained in a separate plan account
• The earnings on these elective contributions build up in the plan on a tax-free basis
• Future qualified distributions made from designated contributions are excludible from gross income
• Designated Roth Contributions– Starting in 2006, § 401(k) plans and § 403(b) plans may
be amended to permit employees to irrevocably designate some or all of their future salary deferral contributions as Roth § 401(k) or Roth § 403(b) contributions
• These designated amounts are currently includible in the employee’s gross income and are maintained in a separate plan account
• The earnings on these elective contributions build up in the plan on a tax-free basis
• Future qualified distributions made from designated contributions are excludible from gross income
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C19-C19-2323Individual Income TaxesIndividual Income TaxesIndividual Income TaxesIndividual Income Taxes
Retirement Plans for Self-Employed Individuals (slide 1 of 2)
Retirement Plans for Self-Employed Individuals (slide 1 of 2)
• H.R. 10(Keogh) plans– Retirement plans for self-employed and their
employees– Plan rules are similar to corporate provisions– Plan must be established before the end of the
tax year, but contributions may be made up to the due date of the return
• H.R. 10(Keogh) plans– Retirement plans for self-employed and their
employees– Plan rules are similar to corporate provisions– Plan must be established before the end of the
tax year, but contributions may be made up to the due date of the return
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Retirement Plans for Self-Employed Individuals (slide 2 of 2)
Retirement Plans for Self-Employed Individuals (slide 2 of 2)
• Keogh (H.R. 10) plans (cont’d)– Contribution limitations
• Defined contribution plan– Lesser of $46,000 (in 2008) or 100% of earned income– Profit sharing plans and stock bonus plan are limited to
25%
– Defined benefit plans limit the annual benefit payable to the lesser of $185,000 (in 2008) or 100% of average compensation for 3 highest years
• Keogh (H.R. 10) plans (cont’d)– Contribution limitations
• Defined contribution plan– Lesser of $46,000 (in 2008) or 100% of earned income– Profit sharing plans and stock bonus plan are limited to
25%
– Defined benefit plans limit the annual benefit payable to the lesser of $185,000 (in 2008) or 100% of average compensation for 3 highest years
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C19-C19-2525Individual Income TaxesIndividual Income TaxesIndividual Income TaxesIndividual Income Taxes
Individual Retirement Accounts(slide 1 of 15)
Individual Retirement Accounts(slide 1 of 15)
• Contribution ceiling is lesser of $5,000 ($10,000 for spousal IRAs) or 100% of earned income
• Person age 50 or over by year end may make catch-up contributions– Max contribution limit is increased by $1,000 for 2006 and thereafter
• Deductible IRA contribution may be reduced if taxpayer is an active participant in another qualified plan
• To extent individual is ineligible to make deductible contributions, a nondeductible IRA contribution may be made – Income accrues on account tax deferred
• Contribution ceiling is lesser of $5,000 ($10,000 for spousal IRAs) or 100% of earned income
• Person age 50 or over by year end may make catch-up contributions– Max contribution limit is increased by $1,000 for 2006 and thereafter
• Deductible IRA contribution may be reduced if taxpayer is an active participant in another qualified plan
• To extent individual is ineligible to make deductible contributions, a nondeductible IRA contribution may be made – Income accrues on account tax deferred
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Individual Retirement Accounts(slide 2 of 15)
Individual Retirement Accounts(slide 2 of 15)
• If taxpayer is covered by a qualified plan, IRA deduction is phased out within the AGI ranges listed below:
Phase-out begins Phase-out ends
Single & HH $53,000 $63,000
MFJ 85,000 95,000
MFS 0 10,000
• If taxpayer is covered by a qualified plan, IRA deduction is phased out within the AGI ranges listed below:
Phase-out begins Phase-out ends
Single & HH $53,000 $63,000
MFJ 85,000 95,000
MFS 0 10,000
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Individual Retirement Accounts(slide 3 of 15)
Individual Retirement Accounts(slide 3 of 15)
• For distributions made in 2006 and 2007, an exclusion from gross income is available for traditional IRA distributions made to charity– The amount of the distribution that is
eligible for this beneficial exclusion treatment is limited to $100,000
• For distributions made in 2006 and 2007, an exclusion from gross income is available for traditional IRA distributions made to charity– The amount of the distribution that is
eligible for this beneficial exclusion treatment is limited to $100,000
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Individual Retirement Accounts(slide 4 of 15)
Individual Retirement Accounts(slide 4 of 15)
• Roth IRA– Contributions are nondeductible
• Maximum allowable annual contribution is the smaller of– $5,000 ($10,000 for spousal IRAs) or – 100% of the individual’s compensation for the year
– Qualified distributions are tax-free after an initial five year holding period if:
• Made on or after age 59 ½ • Made to beneficiary on or after participant’s death• Participant becomes disabled• Used to pay for qualified first-time home buyer’s expenses
($10,000 limit)
• Roth IRA– Contributions are nondeductible
• Maximum allowable annual contribution is the smaller of– $5,000 ($10,000 for spousal IRAs) or – 100% of the individual’s compensation for the year
– Qualified distributions are tax-free after an initial five year holding period if:
• Made on or after age 59 ½ • Made to beneficiary on or after participant’s death• Participant becomes disabled• Used to pay for qualified first-time home buyer’s expenses
($10,000 limit)
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Individual Retirement Accounts(slide 5 of 15)
Individual Retirement Accounts(slide 5 of 15)
• Roth IRA (cont’d)– Other distributions may be taxable
• Distributions first treated as nontaxable return of capital to extent of contributions
• Remaining distribution treated as taxable payout of earnings
• Roth IRA (cont’d)– Other distributions may be taxable
• Distributions first treated as nontaxable return of capital to extent of contributions
• Remaining distribution treated as taxable payout of earnings
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C19-C19-3030Individual Income TaxesIndividual Income TaxesIndividual Income TaxesIndividual Income Taxes
Individual Retirement Accounts(slide 6 of 15)
Individual Retirement Accounts(slide 6 of 15)
• Roth IRA (cont’d)– Annual contributions are subject to phase out
within the adjusted gross income ranges listed below:
Phase-out begins Phase-out ends
Single $ 101,000 $116,000
MFJ 159,000 169,000
MFS 0 10,000
• Roth IRA (cont’d)– Annual contributions are subject to phase out
within the adjusted gross income ranges listed below:
Phase-out begins Phase-out ends
Single $ 101,000 $116,000
MFJ 159,000 169,000
MFS 0 10,000
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C19-C19-3131Individual Income TaxesIndividual Income TaxesIndividual Income TaxesIndividual Income Taxes
Individual Retirement Accounts(slide 7 of 15)
Individual Retirement Accounts(slide 7 of 15)
• Coverdell Education Savings Account– Distributions to pay for qualified education expenses
(QEE) are tax-free• Exclusion may be available in year Hope credit or lifetime
learning credit is claimed
– Maximum annual nondeductible contribution for a beneficiary is $2,000
• No contributions allowed after beneficiary reaches 18 years of age
• No contribution allowed in year contribution made to qualified tuition program for same beneficiary
• Coverdell Education Savings Account– Distributions to pay for qualified education expenses
(QEE) are tax-free• Exclusion may be available in year Hope credit or lifetime
learning credit is claimed
– Maximum annual nondeductible contribution for a beneficiary is $2,000
• No contributions allowed after beneficiary reaches 18 years of age
• No contribution allowed in year contribution made to qualified tuition program for same beneficiary
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C19-C19-3232Individual Income TaxesIndividual Income TaxesIndividual Income TaxesIndividual Income Taxes
Individual Retirement Accounts(slide 8 of 15)
Individual Retirement Accounts(slide 8 of 15)
Coverdell Education Savings Account (cont’d) Annual contributions are subject to phase out within the adjusted gross income ranges listed below:
Phase-out begins Phase-out ends
Single $95,000 $110,000
MFJ 190,000 220,000
Coverdell Education Savings Account (cont’d) Annual contributions are subject to phase out within the adjusted gross income ranges listed below:
Phase-out begins Phase-out ends
Single $95,000 $110,000
MFJ 190,000 220,000
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C19-C19-3333Individual Income TaxesIndividual Income TaxesIndividual Income TaxesIndividual Income Taxes
Individual Retirement Accounts(slide 9 of 15)
Individual Retirement Accounts(slide 9 of 15)
Coverdell Education Savings Account (cont’d)
– Distributions in excess of QEE are treated, pro rata, as a return of capital and a distribution of earnings
• The exclusion for the distribution of earnings is calculated as follows:
Exclusion = (QEE/Total Distributions) × Earnings
– Qualified higher education expenses (QEE) include:• Tuition, fees, books, supplies and equipment
• Room and board if enrolled for at least one-half of full-time course load
Coverdell Education Savings Account (cont’d)
– Distributions in excess of QEE are treated, pro rata, as a return of capital and a distribution of earnings
• The exclusion for the distribution of earnings is calculated as follows:
Exclusion = (QEE/Total Distributions) × Earnings
– Qualified higher education expenses (QEE) include:• Tuition, fees, books, supplies and equipment
• Room and board if enrolled for at least one-half of full-time course load
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C19-C19-3434Individual Income TaxesIndividual Income TaxesIndividual Income TaxesIndividual Income Taxes
Individual Retirement Accounts(slide 10 of 15)
Individual Retirement Accounts(slide 10 of 15)
• Simplified employee pension (SEP) plans– Employer contributes to employee’s IRA
• Contribution limited to lesser of $46,000 (in 2008) or 25% of compensation
• Subject to most restrictions of qualified plans
– Elective contributions by employee are limited to $15,500 in 2008
• Simplified employee pension (SEP) plans– Employer contributes to employee’s IRA
• Contribution limited to lesser of $46,000 (in 2008) or 25% of compensation
• Subject to most restrictions of qualified plans
– Elective contributions by employee are limited to $15,500 in 2008
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C19-C19-3535Individual Income TaxesIndividual Income TaxesIndividual Income TaxesIndividual Income Taxes
Individual Retirement Accounts(slide 11 of 15)
Individual Retirement Accounts(slide 11 of 15)
• Spousal IRAs– If both spouses have earned income, ceiling on
deductible contributions is $10,000 or combined earned income
– If only one spouse has earned income, ceiling is $10,000 or earned income of that spouse
– Must file jointly to use spousal IRA rules
• Spousal IRAs– If both spouses have earned income, ceiling on
deductible contributions is $10,000 or combined earned income
– If only one spouse has earned income, ceiling is $10,000 or earned income of that spouse
– Must file jointly to use spousal IRA rules
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C19-C19-3636Individual Income TaxesIndividual Income TaxesIndividual Income TaxesIndividual Income Taxes
Individual Retirement Accounts(slide 12 of 15)
Individual Retirement Accounts(slide 12 of 15)
• Alimony is considered to be earned income for purposes of IRA contributions– Thus, a person whose only income is alimony
can contribute to an IRA
• Timing of Contributions– Contributions (both deductible and
nondeductible) can be made to an IRA anytime before the due date of the individual’s tax return (without extensions)
• Alimony is considered to be earned income for purposes of IRA contributions– Thus, a person whose only income is alimony
can contribute to an IRA
• Timing of Contributions– Contributions (both deductible and
nondeductible) can be made to an IRA anytime before the due date of the individual’s tax return (without extensions)
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C19-C19-3737Individual Income TaxesIndividual Income TaxesIndividual Income TaxesIndividual Income Taxes
Individual Retirement Accounts(slide 13 of 15)
Individual Retirement Accounts(slide 13 of 15)
• Taxation of Benefits– A participant has zero basis in deductible contributions
to a traditional IRA because the contributions were deducted
• Therefore, all withdrawals from a deductible IRA are taxed as ordinary income in the year of receipt
– A participant has a basis equal to the contributions made for a nondeductible traditional IRA
• Therefore, only the earnings component of withdrawals is included in gross income
• Such amounts are taxed as ordinary income in the year of receipt
• Taxation of Benefits– A participant has zero basis in deductible contributions
to a traditional IRA because the contributions were deducted
• Therefore, all withdrawals from a deductible IRA are taxed as ordinary income in the year of receipt
– A participant has a basis equal to the contributions made for a nondeductible traditional IRA
• Therefore, only the earnings component of withdrawals is included in gross income
• Such amounts are taxed as ordinary income in the year of receipt
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C19-C19-3838Individual Income TaxesIndividual Income TaxesIndividual Income TaxesIndividual Income Taxes
Individual Retirement Accounts(slide 14 of 15)
Individual Retirement Accounts(slide 14 of 15)
• Distributions before age 59 1/2 subject to 10% penalty tax except to pay for:– Medical expenses in excess of 7.5% AGI– Qualified higher education expenses– Qualified first-time home buyer expenses up to
$10,000– Health insurance premiums for person (and
family) who has received unemployment comp for at least 12 consecutive weeks
• Distributions before age 59 1/2 subject to 10% penalty tax except to pay for:– Medical expenses in excess of 7.5% AGI– Qualified higher education expenses– Qualified first-time home buyer expenses up to
$10,000– Health insurance premiums for person (and
family) who has received unemployment comp for at least 12 consecutive weeks
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C19-C19-3939Individual Income TaxesIndividual Income TaxesIndividual Income TaxesIndividual Income Taxes
Individual Retirement Accounts(slide 15 of 15)
Individual Retirement Accounts(slide 15 of 15)
• Rollovers– Distribution from qualified plan transferred
within 60 days to IRA (or another qualified plan) not includible in gross income
– One tax-free rollover from IRA within 12-month period
• Direct transfers not subject to this limitation
– Employer must withhold 20% of any lump-sum distribution that is not a direct transfer
• Rollovers– Distribution from qualified plan transferred
within 60 days to IRA (or another qualified plan) not includible in gross income
– One tax-free rollover from IRA within 12-month period
• Direct transfers not subject to this limitation
– Employer must withhold 20% of any lump-sum distribution that is not a direct transfer
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C19-C19-4040Individual Income TaxesIndividual Income TaxesIndividual Income TaxesIndividual Income Taxes
Nonqualified Deferred Compensation Plans (slide 1 of 3)
Nonqualified Deferred Compensation Plans (slide 1 of 3)
• New rules apply after 2004 to nonqualified arrangements that defer the receipt of compensation income – If the plan does not meet certain conditions in § 409A, all amounts
deferred under the arrangement may be included in the participant’s gross income to the extent they are not subject to a substantial risk of forfeiture
– In addition, a 20% penalty tax is imposed on such income along with interest at the underpayment rate plus 1%
• In general, a § 409A deferral occurs where an employee has a legally binding right to compensation that has been deferred to the future
• New rules apply after 2004 to nonqualified arrangements that defer the receipt of compensation income – If the plan does not meet certain conditions in § 409A, all amounts
deferred under the arrangement may be included in the participant’s gross income to the extent they are not subject to a substantial risk of forfeiture
– In addition, a 20% penalty tax is imposed on such income along with interest at the underpayment rate plus 1%
• In general, a § 409A deferral occurs where an employee has a legally binding right to compensation that has been deferred to the future
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C19-C19-4141Individual Income TaxesIndividual Income TaxesIndividual Income TaxesIndividual Income Taxes
Nonqualified Deferred Compensation Plans (slide 2 of 3)
Nonqualified Deferred Compensation Plans (slide 2 of 3)
• Golden parachutes– Defined: Excess severance payments– Employer is denied deduction for golden parachute
payments if• Payment is contingent on change of ownership through a stock
or asset acquisition• Aggregate present value of payment equals or exceeds three
times the employee's average annual compensation
– Disallowed amount is excess of payment over statutory base (five-year average taxable compensation) and a 20% excise tax is imposed on the recipient
• Golden parachutes– Defined: Excess severance payments– Employer is denied deduction for golden parachute
payments if• Payment is contingent on change of ownership through a stock
or asset acquisition• Aggregate present value of payment equals or exceeds three
times the employee's average annual compensation
– Disallowed amount is excess of payment over statutory base (five-year average taxable compensation) and a 20% excise tax is imposed on the recipient
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C19-C19-4242Individual Income TaxesIndividual Income TaxesIndividual Income TaxesIndividual Income Taxes
Nonqualified Deferred Compensation Plans (slide 3 of 3)
Nonqualified Deferred Compensation Plans (slide 3 of 3)
• Compensation limitations– Publicly traded companies have a limitation of
$1 million on deductible compensation for each of the top 5 executives
– Certain types of compensation are not subject to the limit
• e.g., Commissions, certain performance-based amounts, qualified retirement plan contributions, and excludible amounts such as employee fringe benefits
• Compensation limitations– Publicly traded companies have a limitation of
$1 million on deductible compensation for each of the top 5 executives
– Certain types of compensation are not subject to the limit
• e.g., Commissions, certain performance-based amounts, qualified retirement plan contributions, and excludible amounts such as employee fringe benefits
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C19-C19-4343Individual Income TaxesIndividual Income TaxesIndividual Income TaxesIndividual Income Taxes
Restricted Property Plans(slide 1 of 2)
Restricted Property Plans(slide 1 of 2)
• Restricted property plan defined:– Generally, an incentive compensation
arrangement where the employee receives property (e.g., stock in the employer) at little or no cost
– Time for inclusion in income is the earlier of:• When the property is no longer subject to substantial
risk of forfeiture, or• When the property is transferable by the employee
• Restricted property plan defined:– Generally, an incentive compensation
arrangement where the employee receives property (e.g., stock in the employer) at little or no cost
– Time for inclusion in income is the earlier of:• When the property is no longer subject to substantial
risk of forfeiture, or• When the property is transferable by the employee
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C19-C19-4444Individual Income TaxesIndividual Income TaxesIndividual Income TaxesIndividual Income Taxes
Restricted Property Plans(slide 2 of 2)
Restricted Property Plans(slide 2 of 2)
• Employee can elect to recognize any ordinary income from the restricted property immediately
• Employer is allowed a tax deduction at the same time the employee includes the compensation in income
• Employee can elect to recognize any ordinary income from the restricted property immediately
• Employer is allowed a tax deduction at the same time the employee includes the compensation in income
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C19-C19-4545Individual Income TaxesIndividual Income TaxesIndividual Income TaxesIndividual Income Taxes
Stock Options(slide 1 of 5)
Stock Options(slide 1 of 5)
• Stock option defined:– The right to purchase a stated number of shares
of stock at a certain price within a specified time period
• Stock option defined:– The right to purchase a stated number of shares
of stock at a certain price within a specified time period
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C19-C19-4646Individual Income TaxesIndividual Income TaxesIndividual Income TaxesIndividual Income Taxes
Stock Options(slide 2 of 5)
Stock Options(slide 2 of 5)
• Incentive stock options (ISO)– No tax consequences to issuer or recipient
when granted• The spread between FMV and option price at
exercise date is a tax preference item for AMT
• Incentive stock options (ISO)– No tax consequences to issuer or recipient
when granted• The spread between FMV and option price at
exercise date is a tax preference item for AMT
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C19-C19-4747Individual Income TaxesIndividual Income TaxesIndividual Income TaxesIndividual Income Taxes
Stock Options(slide 3 of 5)
Stock Options(slide 3 of 5)
• Incentive stock options (ISO)– Employee will qualify for long-term capital
gain treatment on the sale of stock received by exercising the option if stock is held more than
• 2 years after the option is granted, or
• 1 year after the option is exercised
– May produce no compensation deduction for employer
• Incentive stock options (ISO)– Employee will qualify for long-term capital
gain treatment on the sale of stock received by exercising the option if stock is held more than
• 2 years after the option is granted, or
• 1 year after the option is exercised
– May produce no compensation deduction for employer
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C19-C19-4848Individual Income TaxesIndividual Income TaxesIndividual Income TaxesIndividual Income Taxes
Stock Options(slide 4 of 5)
Stock Options(slide 4 of 5)
• Nonqualified stock options (NQSO)– NQSO are stock options that do not qualify as
ISO– If the NQSO has an ascertainable value at the
date of grant, it is included in the employee’s income on that date
• Nonqualified stock options (NQSO)– NQSO are stock options that do not qualify as
ISO– If the NQSO has an ascertainable value at the
date of grant, it is included in the employee’s income on that date
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C19-C19-4949Individual Income TaxesIndividual Income TaxesIndividual Income TaxesIndividual Income Taxes
Stock Options(slide 5 of 5)
Stock Options(slide 5 of 5)
• Nonqualified stock options (NQSO)– If the NQSO does not have an ascertainable
value at date of grant, employee will recognize ordinary income at the exercise date equal to the difference between FMV and the option price
– Employer receives a deduction for the same amount as is included in the employee’s income
• Nonqualified stock options (NQSO)– If the NQSO does not have an ascertainable
value at date of grant, employee will recognize ordinary income at the exercise date equal to the difference between FMV and the option price
– Employer receives a deduction for the same amount as is included in the employee’s income
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C19-C19-5050Individual Income TaxesIndividual Income TaxesIndividual Income TaxesIndividual Income Taxes
If you have any comments or suggestions concerning this PowerPoint Presentation for South-Western Federal Taxation, please contact:
Dr. Donald R. Trippeer, CPA [email protected]
SUNY Oneonta
If you have any comments or suggestions concerning this PowerPoint Presentation for South-Western Federal Taxation, please contact:
Dr. Donald R. Trippeer, CPA [email protected]
SUNY Oneonta