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Revenue Ruling 2009-9 provides guidance on determining the amount and timing of losses from these schemes, which is difficult and dependent on the prospect of recovering the lost money (which may not become known for several years).
Go to IRS Website to access Ruling. http://www.irs.gov/uac/Help-for-Victims-of-Ponzi-Investment-Schemes

IRA Contributions $5,500 - IRA Catch-up Contributions $1,000 - Defined Benefit Plan Benefit $205,000 - Defined Contribution Plan Allocation $51,000 - 401(K) or 403(b) Salary reduction deferrals $17,500 - 401(k) or 403(b) Catch-up Contributions $5,500 - SIMPLE plans $12,000 - SIMPLE plan Catch-up Contributions $2,500 - Salary for pension plan $255,000 - Salary for highly compensated employee $115,000 - Salary for Key employee $165,000 - Salary for SEP eligibility $550 Social Security Taxable Wage base $113,700 -

40% of the American Opportunity Credit may be refundable and the balance is nonrefundable. None of the Lifetime Learning credit is refundable.

The limit on employee elective deferrals is $17,500 for 2013. ($17,000 for 2012) and $23,000 if age 50 or older ($22,500 in 2012)
The catch up contribution limit for employees 50 and over remains unchanged at $5,500.
Generally, all elective deferrals made to all plans in which you participate are aggregated to determine if you have exceeded these limits.

IRA Contributions $5,500 - IRA Catch-up Contributions $1,000 - Defined Benefit Plan Benefit $205,000 - Defined Contribution Plan Allocation $51,000 - 401(K) or 403(b)
Salary reduction deferrals $17,500 - 401(k) or 403(b) Catch-up Contributions $5,500 - SIMPLE plans $12,000 - SIMPLE plan Catch-up Contributions $2,500 -
Salary for pension plan $255,000 - Salary for highly compensated employee $115,000 - Salary for Key employee $165,000 - Salary for SEP eligibility $550
Social Security Taxable Wage base $113,700 -

None of the Lifetime Learning credit is refundable. 40% of the American Opportunity Credit may be refundable and the balance is nonrefundable.

An academic period is any quarter, semester, trimester or any other period of study as resonable determined by an eligible educational institution.

Payments made in 2016 for academic periods beginning in 2016 or beginning in the first 3 months of 2017 qualify for the 2016 credit.

The student must be enrolled at least half time for atleast one academic period beginning during the year. The tution statement, Form 1098-T will have a checkbox checked if the sudent met the half of time requirement.

You can make monthly payments through an installment agreement if you're not financially able to pay your tax debt immediately.
Apply for an installment agreement •Apply online if you owe $50,000 or less in combined individual income tax, penalties and interest.
Go to http://www.irs.gov/Individuals/Online-Payment-Agreement-Application to apply for a payment agreement with the IRS.
Fees for setting up an installment agreement: •$52 for a direct debit agreement; •$105 for a standard agreement or payroll deduction agreement; or •$43 if your income is below a certain level.