Publication 571

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Tax-Sheltered Annuity Plans (403(b) Plans) For Employees of Public Schools and Certain Tax-Exempt Organizations

Overview

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 the current tax year.
  • Determine the maximum amount that could have been contributed to your 403(b) account in the prior tax year.
  • 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 Hurricane Katrina, Rita, or Wilma. This is covered in Publication 4492, Information for Taxpayers Affected by Hurricanes Katrina, Rita, and Wilma.


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 the prior tax year and the maximum amount that can be contributed to your 403(b) account in the current tax year.
  • 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, and 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.

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