taxmap/pubs/p571-000.htm#en_us_publink1000239595Publication 571
For Employees of Public Schools and Certain
Tax-Exempt Organizations
Retirement savings contributions credit.
(p1)For 2011, the adjusted gross income limitations have increased from $55,500 to $56,500 for married filing jointly filers, from $41,625 to $42,375 for head of household filers, and from $27,750 to $28,250 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.
(p1)For 2011, the limit on elective deferrals remains unchanged at
$16,500.
Limit on annual additions.
(p1)For 2011 the limit on annual additions remains unchanged at
$49,000.
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.
Retirement savings contributions credit.
(p1)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.
(p2)For 2012, the limit on elective deferrals has increased from $16,500 to
$17,000.
Limit on annual additions.
(p2)For 2012, the limit on annual additions has increased from $49,000 to
$50,000.
Photographs of missing children.
(p2)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.
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
2012.
- Determine the maximum amount that could have been contributed to your 403(b) account in
2011.
- 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).
- Withdrawals, repayments, and loans from 403(b) annuity contracts for taxpayers who suffered economic losses as a result of:
–The May 4, 2007, Kansas storms and tornadoes are covered in Publication 4492-A, Information for Taxpayers Affected by the May 4, 2007, Kansas Storms and
Tornadoes.
–Damage in the Midwestern disaster areas are covered in Publication 4492-B, Information for Affected Taxpayers in the Midwestern Disaster
Areas.
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 2011 and the maximum
amount that can be contributed to your 403(b) account in 2012.
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).
taxmap/pubs/p571-000.htm#en_us_publink1000239610We 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 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 "Information
about."
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.
taxmap/pubs/p571-000.htm#en_us_publink1000263904taxmap/pubs/p571-000.htm#en_us_publink1000239611Visit
www.irs.gov/formspubs/
to download forms and publications, call 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 61705-6613If 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.
taxmap/pubs/p571-000.htm#TXMP4e4342cdUseful 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 8915:
Qualified Hurricane Retirement Plan Distributions and Repayments
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