Nampa Idaho Form 5305-A-SEP 2006-2025

Nampa Idaho Form 5305-A-SEP: What You Should Know

Nov 2025 — New law: Employers cannot deduct contributions to new qualified plans for employees hired after July 1, 2015.  10 July 2025 —  Exemptions from the Medicare tax: (1)  a) Employers or employees that elect to take the Additional Medicare Tax will be allowed to deduct 100% of the full amount of the tax paid on their share of any excess (or excess part of) the salary of an exempt employee (see above) b) For all other employees, employers or employees may deduct 50% of the excess of the salary of the employee (or exempt employee) over 200,000. For employees covered under multiple defined contribution plans, employees may take this amount as described above.  Taxpayers are allowed a limited number of exemptions for each employee. Exempt employees are also allowed a deduction for contributions to a savings account for a first-time home buyer. Pay for your child's education is taxable. However, a portion of the money the taxpayer can contribute to their child's education can also be deducted from their taxable income under special rules set forth in Internal Revenue Code Section 529A. This tax credit is available with the maximum amount of qualifying education expenses which is 1,500. This credit allows a taxpayer to deduct a portion of the educational expenses of an infant or a child under the age of 17 attending a qualified institution of higher education to enable the child to attend college or high school, if the taxpayer is either A. a member of a family that does not have assets (such as property, cars or bonds), but the taxpayer has income of 200,000 or less OR B. A taxpayer that is eligible to claim the student loan interest exclusion. Taxpayers who want to claim this tax credit must complete and file Form 4797 using their correct Taxpayer Identification Number (TIN) and file the required information using Form 4029. If filing Form 4029, a taxpayer who is not eligible to claim the student loan interest exclusion and the child is a dependent, the taxpayer must also include a copy of the parent's most recent tax return. The credit is not available for dependent children. In addition, the taxpayer must meet certain income requirements. To receive the credit, the taxpayer must file an income tax return and pay a tax attributable to the education expenses.  The tax credit is limited to 50% of qualified education expenses.

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