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1040ez 2012 Instructions

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1040ez 2012 Instructions

1040ez 2012 instructions Publication 721 - Introductory Material Table of Contents Reminders IntroductionOrdering forms and publications. 1040ez 2012 instructions Tax questions. 1040ez 2012 instructions Useful Items - You may want to see: Reminders Future developments. 1040ez 2012 instructions  For the latest information about developments related to Publication 721, such as legislation enacted after it was published, go to www. 1040ez 2012 instructions IRS. 1040ez 2012 instructions gov/pub721. 1040ez 2012 instructions Phased retirement. 1040ez 2012 instructions   The new phased retirement program was signed into law by the Moving Ahead for Progress in the 21st Century Act and will be available for retirement eligible individuals once the regulations for this program are effective. 1040ez 2012 instructions This new program will allow eligible employees to begin receiving annuity payments while working part-time. 1040ez 2012 instructions For more information, go to the Office of Personnel Management (OPM) website at www. 1040ez 2012 instructions opm. 1040ez 2012 instructions gov. 1040ez 2012 instructions Roth Thrift Savings Plan (TSP) balance. 1040ez 2012 instructions  You may be able to contribute to a designated Roth account through the TSP known as the Roth TSP. 1040ez 2012 instructions Roth TSP contributions are after-tax contributions, subject to the same contribution limits as the traditional TSP. 1040ez 2012 instructions Qualified distributions from a Roth TSP are not included in your income. 1040ez 2012 instructions See Thrift Savings Plan in Part II for more information. 1040ez 2012 instructions Rollovers. 1040ez 2012 instructions  You can roll over certain amounts from the CSRS, FERS, or TSP, to a tax-sheltered annuity plan (403(b) plan) or a state or local government section 457 deferred compensation plan. 1040ez 2012 instructions See Rollover Rules in Part II. 1040ez 2012 instructions Rollovers by surviving spouse. 1040ez 2012 instructions  You may be able to roll over a distribution you receive as the surviving spouse of a deceased employee or retiree into a qualified retirement plan or an IRA. 1040ez 2012 instructions See Rollover Rules in Part II. 1040ez 2012 instructions Thrift Savings Plan (TSP) beneficiary participant accounts. 1040ez 2012 instructions  If you are the spouse beneficiary of a decedent's TSP account, you have the option of leaving the death benefit payment in a TSP account in your own name (a beneficiary participant account). 1040ez 2012 instructions The amounts in the beneficiary participant account are neither taxable or reportable until you choose to make a withdrawal, or otherwise receive a distribution from the account. 1040ez 2012 instructions Benefits for public safety officer's survivors. 1040ez 2012 instructions  A survivor annuity received by the spouse, former spouse, or child of a public safety officer killed in the line of duty generally will be excluded from the recipient's income. 1040ez 2012 instructions For more information, see Dependents of public safety officers in Part IV. 1040ez 2012 instructions Uniformed services Thrift Savings Plan (TSP) accounts. 1040ez 2012 instructions  If you have a uniformed services TSP account, it may include contributions from combat zone pay. 1040ez 2012 instructions This pay is tax-exempt and contributions attributable to that pay are tax-exempt when they are distributed from the uniformed services TSP account. 1040ez 2012 instructions However, any earnings on those contributions are subject to tax when they are distributed. 1040ez 2012 instructions The statement you receive from the TSP will separately state the total amount of your distribution and the amount of your taxable distribution for the year. 1040ez 2012 instructions If you have both a civilian and a uniformed services TSP account, you should apply the rules discussed in this publication separately to each account. 1040ez 2012 instructions You can get more information from the TSP website, www. 1040ez 2012 instructions tsp. 1040ez 2012 instructions gov, or the TSP Service Office. 1040ez 2012 instructions Photographs of missing children. 1040ez 2012 instructions  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. 1040ez 2012 instructions Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. 1040ez 2012 instructions 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. 1040ez 2012 instructions Introduction This publication explains how the federal income tax rules apply to civil service retirement benefits received by retired federal employees (including those disabled) or their survivors. 1040ez 2012 instructions These benefits are paid primarily under the Civil Service Retirement System (CSRS) or the Federal Employees' Retirement System (FERS). 1040ez 2012 instructions Tax rules for annuity benefits. 1040ez 2012 instructions   Part of the annuity benefits you receive is a tax-free recovery of your contributions to the CSRS or FERS. 1040ez 2012 instructions The rest of your benefits are taxable. 1040ez 2012 instructions If your annuity starting date is after November 18, 1996, you must use the Simplified Method to figure the taxable and tax-free parts. 1040ez 2012 instructions If your annuity starting date is before November 19, 1996, you generally could have chosen to use the Simplified Method or the General Rule. 1040ez 2012 instructions See Part II, Rules for Retirees . 1040ez 2012 instructions Thrift Savings Plan. 1040ez 2012 instructions   The Thrift Savings Plan (TSP) provides federal employees with the same savings and tax benefits that many private employers offer their employees. 1040ez 2012 instructions This plan is similar to private sector 401(k) plans. 1040ez 2012 instructions You can defer tax on part of your pay by having it contributed to your traditional balance in the plan. 1040ez 2012 instructions The contributions and earnings on them are not taxed until they are distributed to you. 1040ez 2012 instructions Also the TSP offers a Roth TSP option. 1040ez 2012 instructions Contributions to this type of balance are after tax and qualified distributions from the account are tax free. 1040ez 2012 instructions See Thrift Savings Plan in Part II. 1040ez 2012 instructions Comments and suggestions. 1040ez 2012 instructions   We welcome your comments about this publication and your suggestions for future editions. 1040ez 2012 instructions   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. 1040ez 2012 instructions NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. 1040ez 2012 instructions Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. 1040ez 2012 instructions   You can send your comments from www. 1040ez 2012 instructions irs. 1040ez 2012 instructions gov/formspubs/. 1040ez 2012 instructions Click on “More Information” and then on “Comment on Tax Forms and Publications”. 1040ez 2012 instructions   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. 1040ez 2012 instructions Ordering forms and publications. 1040ez 2012 instructions   Visit www. 1040ez 2012 instructions irs. 1040ez 2012 instructions gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. 1040ez 2012 instructions Internal Revenue Service 1201 N. 1040ez 2012 instructions Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. 1040ez 2012 instructions   If you have a tax question, check the information available on IRS. 1040ez 2012 instructions gov or call 1-800-829-1040. 1040ez 2012 instructions We cannot answer tax questions sent to either of the above addresses. 1040ez 2012 instructions Useful Items - You may want to see: Publication 524 Credit for the Elderly or the Disabled 575 Pension and Annuity Income 590 Individual Retirement Arrangements (IRAs) 939 General Rule for Pensions and Annuities Form (and Instructions) CSA 1099R Statement of Annuity Paid CSF 1099R Statement of Survivor Annuity Paid W-4P Withholding Certificate for Pension or Annuity Payments 1099-R Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. 1040ez 2012 instructions 5329 Additional Taxes on Qualified Plans (including IRAs) and Other Tax-Favored Accounts See How To Get Tax Help near the end of this publication for information about getting publications and forms. 1040ez 2012 instructions Prev  Up  Next   Home   More Online Publications
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The 1040ez 2012 Instructions

1040ez 2012 instructions 1. 1040ez 2012 instructions   Definitions You Need To Know Table of Contents Other options. 1040ez 2012 instructions Exception. 1040ez 2012 instructions Certain terms used in this publication are defined below. 1040ez 2012 instructions The same term used in another publication may have a slightly different meaning. 1040ez 2012 instructions Annual additions. 1040ez 2012 instructions   Annual additions are the total of all your contributions in a year, employee contributions (not including rollovers), and forfeitures allocated to a participant's account. 1040ez 2012 instructions Annual benefits. 1040ez 2012 instructions   Annual benefits are the benefits to be paid yearly in the form of a straight life annuity (with no extra benefits) under a plan to which employees do not contribute and under which no rollover contributions are made. 1040ez 2012 instructions Business. 1040ez 2012 instructions   A business is an activity in which a profit motive is present and economic activity is involved. 1040ez 2012 instructions Service as a newspaper carrier under age 18 or as a public official is not a business. 1040ez 2012 instructions Common-law employee. 1040ez 2012 instructions   A common-law employee is any individual who, under common law, would have the status of an employee. 1040ez 2012 instructions A leased employee can also be a common-law employee. 1040ez 2012 instructions   A common-law employee is a person who performs services for an employer who has the right to control and direct the results of the work and the way in which it is done. 1040ez 2012 instructions For example, the employer: Provides the employee's tools, materials, and workplace, and Can fire the employee. 1040ez 2012 instructions   Common-law employees are not self-employed and cannot set up retirement plans for income from their work, even if that income is self-employment income for social security tax purposes. 1040ez 2012 instructions For example, common-law employees who are ministers, members of religious orders, full-time insurance salespeople, and U. 1040ez 2012 instructions S. 1040ez 2012 instructions citizens employed in the United States by foreign governments cannot set up retirement plans for their earnings from those employments, even though their earnings are treated as self-employment income. 1040ez 2012 instructions   However, an individual may be a common-law employee and a self-employed person as well. 1040ez 2012 instructions For example, an attorney can be a corporate common-law employee during regular working hours and also practice law in the evening as a self-employed person. 1040ez 2012 instructions In another example, a minister employed by a congregation for a salary is a common-law employee even though the salary is treated as self-employment income for social security tax purposes. 1040ez 2012 instructions However, fees reported on Schedule C (Form 1040), Profit or Loss From Business, for performing marriages, baptisms, and other personal services are self-employment earnings for qualified plan purposes. 1040ez 2012 instructions Compensation. 1040ez 2012 instructions   Compensation for plan allocations is the pay a participant received from you for personal services for a year. 1040ez 2012 instructions You can generally define compensation as including all the following payments. 1040ez 2012 instructions Wages and salaries. 1040ez 2012 instructions Fees for professional services. 1040ez 2012 instructions Other amounts received (cash or noncash) for personal services actually rendered by an employee, including, but not limited to, the following items. 1040ez 2012 instructions Commissions and tips. 1040ez 2012 instructions Fringe benefits. 1040ez 2012 instructions Bonuses. 1040ez 2012 instructions   For a self-employed individual, compensation means the earned income, discussed later, of that individual. 1040ez 2012 instructions   Compensation generally includes amounts deferred in the following employee benefit plans. 1040ez 2012 instructions These amounts are elective deferrals. 1040ez 2012 instructions Qualified cash or deferred arrangement (section 401(k) plan). 1040ez 2012 instructions Salary reduction agreement to contribute to a tax-sheltered annuity (section 403(b) plan), a SIMPLE IRA plan, or a SARSEP. 1040ez 2012 instructions Section 457 nonqualified deferred compensation plan. 1040ez 2012 instructions Section 125 cafeteria plan. 1040ez 2012 instructions   However, an employer can choose to exclude elective deferrals under the above plans from the definition of compensation. 1040ez 2012 instructions The limit on elective deferrals is discussed in chapter 2 under Salary Reduction Simplified Employee Pension (SARSEP) and in chapter 4. 1040ez 2012 instructions Other options. 1040ez 2012 instructions   In figuring the compensation of a participant, you can treat any of the following amounts as the employee's compensation. 1040ez 2012 instructions The employee's wages as defined for income tax withholding purposes. 1040ez 2012 instructions The employee's wages you report in box 1 of Form W-2, Wage and Tax Statement. 1040ez 2012 instructions The employee's social security wages (including elective deferrals). 1040ez 2012 instructions   Compensation generally cannot include either of the following items. 1040ez 2012 instructions Nontaxable reimbursements or other expense allowances. 1040ez 2012 instructions Deferred compensation (other than elective deferrals). 1040ez 2012 instructions SIMPLE plans. 1040ez 2012 instructions   A special definition of compensation applies for SIMPLE plans. 1040ez 2012 instructions See chapter 3. 1040ez 2012 instructions Contribution. 1040ez 2012 instructions   A contribution is an amount you pay into a plan for all those participating in the plan, including self-employed individuals. 1040ez 2012 instructions Limits apply to how much, under the contribution formula of the plan, can be contributed each year for a participant. 1040ez 2012 instructions Deduction. 1040ez 2012 instructions   A deduction is the plan contributions you can subtract from gross income on your federal income tax return. 1040ez 2012 instructions Limits apply to the amount deductible. 1040ez 2012 instructions Earned income. 1040ez 2012 instructions   Earned income is net earnings from self-employment, discussed later, from a business in which your services materially helped to produce the income. 1040ez 2012 instructions   You can also have earned income from property your personal efforts helped create, such as royalties from your books or inventions. 1040ez 2012 instructions Earned income includes net earnings from selling or otherwise disposing of the property, but it does not include capital gains. 1040ez 2012 instructions It includes income from licensing the use of property other than goodwill. 1040ez 2012 instructions   Earned income includes amounts received for services by self-employed members of recognized religious sects opposed to social security benefits who are exempt from self-employment tax. 1040ez 2012 instructions   If you have more than one business, but only one has a retirement plan, only the earned income from that business is considered for that plan. 1040ez 2012 instructions Employer. 1040ez 2012 instructions   An employer is generally any person for whom an individual performs or did perform any service, of whatever nature, as an employee. 1040ez 2012 instructions A sole proprietor is treated as his or her own employer for retirement plan purposes. 1040ez 2012 instructions However, a partner is not an employer for retirement plan purposes. 1040ez 2012 instructions Instead, the partnership is treated as the employer of each partner. 1040ez 2012 instructions Highly compensated employee. 1040ez 2012 instructions   A highly compensated employee is an individual who: Owned more than 5% of the interest in your business at any time during the year or the preceding year, regardless of how much compensation that person earned or received, or For the preceding year, received compensation from you of more than $115,000 (if the preceding year is 2012, 2013, or 2014) and, if you so choose, was in the top 20% of employees when ranked by compensation. 1040ez 2012 instructions Leased employee. 1040ez 2012 instructions   A leased employee who is not your common-law employee must generally be treated as your employee for retirement plan purposes if he or she does all the following. 1040ez 2012 instructions Provides services to you under an agreement between you and a leasing organization. 1040ez 2012 instructions Has performed services for you (or for you and related persons) substantially full time for at least 1 year. 1040ez 2012 instructions Performs services under your primary direction or control. 1040ez 2012 instructions Exception. 1040ez 2012 instructions   A leased employee is not treated as your employee if all the following conditions are met. 1040ez 2012 instructions Leased employees are not more than 20% of your non-highly compensated work force. 1040ez 2012 instructions The employee is covered under the leasing organization's qualified pension plan. 1040ez 2012 instructions The leasing organization's plan is a money purchase pension plan that has all the following provisions. 1040ez 2012 instructions Immediate participation. 1040ez 2012 instructions (This requirement does not apply to any individual whose compensation from the leasing organization in each plan year during the 4-year period ending with the plan year is less than $1,000. 1040ez 2012 instructions ) Full and immediate vesting. 1040ez 2012 instructions A nonintegrated employer contribution rate of at least 10% of compensation for each participant. 1040ez 2012 instructions However, if the leased employee is your common-law employee, that employee will be your employee for all purposes, regardless of any pension plan of the leasing organization. 1040ez 2012 instructions Net earnings from self-employment. 1040ez 2012 instructions   For SEP and qualified plans, net earnings from self-employment is your gross income from your trade or business (provided your personal services are a material income-producing factor) minus allowable business deductions. 1040ez 2012 instructions Allowable deductions include contributions to SEP and qualified plans for common-law employees and the deduction allowed for the deductible part of your self-employment tax. 1040ez 2012 instructions   Net earnings from self-employment does not include items excluded from gross income (or their related deductions) other than foreign earned income and foreign housing cost amounts. 1040ez 2012 instructions   For the deduction limits, earned income is net earnings for personal services actually rendered to the business. 1040ez 2012 instructions You take into account the income tax deduction for the deductible part of self-employment tax and the deduction for contributions to the plan made on your behalf when figuring net earnings. 1040ez 2012 instructions   Net earnings include a partner's distributive share of partnership income or loss (other than separately stated items, such as capital gains and losses). 1040ez 2012 instructions It does not include income passed through to shareholders of S corporations. 1040ez 2012 instructions Guaranteed payments to limited partners are net earnings from self-employment if they are paid for services to or for the partnership. 1040ez 2012 instructions Distributions of other income or loss to limited partners are not net earnings from self-employment. 1040ez 2012 instructions   For SIMPLE plans, net earnings from self-employment is the amount on line 4 of Short Schedule SE or line 6 of Long Schedule SE (Form 1040), Self-Employment Tax, before subtracting any contributions made to the SIMPLE plan for yourself. 1040ez 2012 instructions Qualified plan. 1040ez 2012 instructions   A qualified plan is a retirement plan that offers a tax-favored way to save for retirement. 1040ez 2012 instructions You can deduct contributions made to the plan for your employees. 1040ez 2012 instructions Earnings on these contributions are generally tax free until distributed at retirement. 1040ez 2012 instructions Profit-sharing, money purchase, and defined benefit plans are qualified plans. 1040ez 2012 instructions A 401(k) plan is also a qualified plan. 1040ez 2012 instructions Participant. 1040ez 2012 instructions   A participant is an eligible employee who is covered by your retirement plan. 1040ez 2012 instructions See the discussions of the different types of plans for the definition of an employee eligible to participate in each type of plan. 1040ez 2012 instructions Partner. 1040ez 2012 instructions   A partner is an individual who shares ownership of an unincorporated trade or business with one or more persons. 1040ez 2012 instructions For retirement plans, a partner is treated as an employee of the partnership. 1040ez 2012 instructions Self-employed individual. 1040ez 2012 instructions   An individual in business for himself or herself, and whose business is not incorporated, is self-employed. 1040ez 2012 instructions Sole proprietors and partners are self-employed. 1040ez 2012 instructions Self-employment can include part-time work. 1040ez 2012 instructions   Not everyone who has net earnings from self-employment for social security tax purposes is self-employed for qualified plan purposes. 1040ez 2012 instructions See Common-law employee and Net earnings from self-employment , earlier. 1040ez 2012 instructions   In addition, certain fishermen may be considered self-employed for setting up a qualified plan. 1040ez 2012 instructions See Publication 595, Capital Construction Fund for Commercial Fishermen, for the special rules used to determine whether fishermen are self-employed. 1040ez 2012 instructions Sole proprietor. 1040ez 2012 instructions   A sole proprietor is an individual who owns an unincorporated business by himself or herself, including a single member limited liability company that is treated as a disregarded entity for tax purposes. 1040ez 2012 instructions For retirement plans, a sole proprietor is treated as both an employer and an employee. 1040ez 2012 instructions Prev  Up  Next   Home   More Online Publications