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1040ez Filing Online

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1040ez Filing Online

1040ez filing online 1. 1040ez filing online   Canceled Debts Table of Contents General RulesForm 1099-C Discounts and loan modifications Sales or other dispositions (such as foreclosures and repossessions) Abandonments Stockholder debt This chapter discusses the tax treatment of canceled debts. 1040ez filing online General Rules Generally, if a debt for which you are personally liable is forgiven or discharged for less than the full amount owed, the debt is considered canceled in whatever amount it remained unpaid. 1040ez filing online There are exceptions to this rule, discussed under Exceptions , later. 1040ez filing online Generally, you must include the canceled debt in your income. 1040ez filing online However, you may be able to exclude the canceled debt. 1040ez filing online See Exclusions , later. 1040ez filing online Example. 1040ez filing online John owed $1,000 to Mary. 1040ez filing online Mary agreed to accept and John paid $400 in satisfaction of the entire debt. 1040ez filing online John has canceled debt of $600. 1040ez filing online Example. 1040ez filing online Margaret owed $1,000 to Henry. 1040ez filing online Henry and Margaret agreed that Margaret would provide Henry with services (instead of money) in full satisfaction of the debt. 1040ez filing online Margaret does not have canceled debt. 1040ez filing online Instead, she has income from services. 1040ez filing online A debt includes any indebtedness: For which you are liable, or Subject to which you hold property. 1040ez filing online Debt for which you are personally liable is recourse debt. 1040ez filing online All other debt is nonrecourse debt. 1040ez filing online If you are not personally liable for the debt, you do not have ordinary income from the cancellation of debt unless you retain the collateral and either: The lender offers a discount for the early payment of the debt, or The lender agrees to a loan modification that results in the reduction of the principal balance of the debt. 1040ez filing online See Discounts and loan modifications , later. 1040ez filing online However, upon the disposition of the property securing a nonrecourse debt, the amount realized includes the entire unpaid amount of the debt, not just the FMV of the property. 1040ez filing online As a result, you may realize a gain or loss if the outstanding debt immediately before the disposition is more or less than your adjusted basis in the property. 1040ez filing online For more details on figuring your gain or loss, see chapter 2 of this publication or see Publication 544. 1040ez filing online There are several exceptions and exclusions that may result in part or all of a canceled debt being nontaxable. 1040ez filing online See Exceptions and Exclusions, later. 1040ez filing online You must report any taxable canceled debt as ordinary income on: Form 1040 or Form 1040NR, line 21, if the debt is a nonbusiness debt; Schedule C (Form 1040), line 6 (or Schedule C-EZ (Form 1040), line 1), if the debt is related to a nonfarm sole proprietorship; Schedule E (Form 1040), line 3, if the debt is related to nonfarm rental of real property; Form 4835, line 6, if the debt is related to a farm rental activity for which you use Form 4835 to report farm rental income based on crops or livestock produced by a tenant; or Schedule F (Form 1040), line 8, if the debt is farm debt and you are a farmer. 1040ez filing online Form 1099-C If you receive a Form 1099-C, that means an applicable entity has reported an identifiable event to the IRS regarding a debt you owe. 1040ez filing online The identifiable event may be an actual cancellation of the debt or it may be an event the applicable entity is required, solely for purposes of reporting to the IRS, to treat as a cancellation of debt. 1040ez filing online For information on the reasons an applicable entity files Form 1099-C, see Identifiable event codes, later. 1040ez filing online Unless you meet one of the exceptions or exclusions discussed later, this canceled debt is ordinary income and must be reported on the appropriate form discussed above. 1040ez filing online An applicable entity includes: A federal government agency, A financial institution, A credit union, and Any organization a significant trade or business of which is lending money. 1040ez filing online Identifiable event codes. 1040ez filing online    Box 6 of Form 1099-C should indicate the reason the creditor filed this form. 1040ez filing online The codes shown in box 6 are explained below. 1040ez filing online Also see the chart after the explanation for a quick reference guide for the codes used in Box 6. 1040ez filing online Note. 1040ez filing online Codes A through G and I identify specific occurrences resulting from an actual discharge of indebtedness. 1040ez filing online However, Code H, Expiration of nonpayment testing period, does not necessarily identify an actual discharge of indebtedness. 1040ez filing online Code A — Bankruptcy. 1040ez filing online Code A is used to identify cancellation of debt as a result of a title 11 bankruptcy case. 1040ez filing online See Bankruptcy , later. 1040ez filing online Code B — Other judicial debt relief. 1040ez filing online Code B is used to identify cancellation of debt as a result of a receivership, foreclosure, or similar federal or state court proceeding other than bankruptcy. 1040ez filing online Code C — Statute of limitations or expiration of deficiency period. 1040ez filing online Code C is used to identify cancellation of debt either when the statute of limitations for collecting the debt expires or when the statutory period for filing a claim or beginning a deficiency judgment proceeding expires. 1040ez filing online In the case of the expiration of a statute of limitations, an identifiable event occurs only if and when your affirmative defense of the statute of limitations is upheld in a final judgment or decision in a judicial proceeding, and the period for appealing the judgment or decision has expired. 1040ez filing online Code D — Foreclosure election. 1040ez filing online Code D is used to identify cancellation of debt when the creditor elects foreclosure remedies that statutorily end or bar the creditor's right to pursue collection of the debt. 1040ez filing online This event applies to a mortgage lender or holder who is barred from pursuing debt collection after a power of sale in the mortgage or deed of trust is exercised. 1040ez filing online Code E — Debt relief from probate or similar proceeding. 1040ez filing online Code E is used to identify cancellation of debt as a result of a probate court or similar legal proceeding. 1040ez filing online Code F — By agreement. 1040ez filing online Code F is used to identify cancellation of debt as a result of an agreement between the creditor and the debtor to cancel the debt at less than full consideration. 1040ez filing online Code G — Decision or policy to discontinue collection. 1040ez filing online Code G is used to identify cancellation of debt as a result of a decision or a defined policy of the creditor to discontinue collection activity and cancel the debt. 1040ez filing online For purposes of this identifiable event, a defined policy includes both a written policy and the creditor's established business practice. 1040ez filing online Code H — Expiration of nonpayment testing period. 1040ez filing online Code H is used to indicate that the creditor has not received a payment on the debt during a testing period ending on December 31, 2013. 1040ez filing online The testing period is a 36-month period increased by the number of months the creditor was prevented from engaging in collection activity by a stay in bankruptcy or similar bar under state or local law. 1040ez filing online This identifiable event applies only for a creditor that is a financial institution or credit union (and certain of their subsidiaries), the Federal Deposit Insurance Corporation (FDIC), Resolution Trust Corporation (RTC), National Credit Union Administration (NCUA), and other Federal executive agencies. 1040ez filing online Expiration of the nonpayment testing period does not necessarily result from an actual discharge of indebtedness. 1040ez filing online Code I — Other actual discharge before identifiable event. 1040ez filing online Code I is used to identify an actual cancellation of debt that occurs before any of the identifiable events described in codes A through H. 1040ez filing online Form 1099-C Reference Guide for Box 6 Identifiable Event Codes A Bankruptcy B Other judicial debt relief C Statute of limitations or expiration of deficiency period D Foreclosure election E Debt relief from probate or similar proceeding F By agreement G Decision or policy to discontinue collection H Expiration of nonpayment testing period I Other actual discharge before identifiable event Even if you did not receive a Form 1099-C, you must report canceled debt as gross income on your tax return unless one of the exceptions or exclusions described later applies. 1040ez filing online Amount of canceled debt. 1040ez filing online    The amount in box 2 of Form 1099-C may represent some or all of the debt that has been canceled or treated as canceled. 1040ez filing online The amount in box 2 will include principal and may include interest and other nonprincipal amounts (such as fees or penalties). 1040ez filing online Unless you meet one of the exceptions or exclusions discussed later, the amount of the debt that has been canceled is ordinary income and must be reported on the appropriate form as discussed earlier. 1040ez filing online Interest included in canceled debt. 1040ez filing online    If any interest is included in the amount of canceled debt in box 2, it will be shown in box 3. 1040ez filing online Whether the interest portion of the canceled debt must be included in your income depends on whether the interest would be deductible if you paid it. 1040ez filing online See Deductible Debt under Exceptions, later. 1040ez filing online Persons who each receive a Form 1099-C showing the full amount of debt. 1040ez filing online    If you and another person were jointly and severally liable for a canceled debt, each of you may get a Form 1099-C showing the entire amount of the canceled debt. 1040ez filing online However, you may not have to report that entire amount as income. 1040ez filing online The amount, if any, you must report depends on all the facts and circumstances, including: State law, The amount of debt proceeds each person received, How much of any interest deduction from the debt was claimed by each person, How much of the basis of any co-owned property bought with the debt proceeds was allocated to each co-owner, and Whether the canceled debt qualifies for any of the exceptions or exclusions described in this publication. 1040ez filing online See Example 3 under Insolvency, later. 1040ez filing online Discounts and loan modifications If a lender discounts (reduces) the principal balance of a loan because you pay it off early, or agrees to a loan modification (a “workout”) that includes a reduction in the principal balance of a loan, the amount of the discount or the amount of principal reduction is canceled debt. 1040ez filing online However, if the debt is nonrecourse and you did not retain the collateral, you do not have cancellation of the debt income. 1040ez filing online The amount of the canceled debt must be included in income unless one of the exceptions or exclusions described later applies. 1040ez filing online For more details, see Exceptions and Exclusions, later. 1040ez filing online Sales or other dispositions (such as foreclosures and repossessions) Recourse debt. 1040ez filing online   If you owned property that was subject to a recourse debt in excess of the FMV of the property, the lender's foreclosure or repossession of the property is treated as a sale or disposition of the property by you and may result in your realization of gain or loss. 1040ez filing online The gain or loss on the disposition of the property is measured by the difference between the FMV of the property at the time of the disposition and your adjusted basis (usually your cost) in the property. 1040ez filing online The character of the gain or loss (such as ordinary or capital) is determined by the character of the property. 1040ez filing online If the lender forgives all or part of the amount of the debt in excess of the FMV of the property, the cancellation of the excess debt may result in ordinary income. 1040ez filing online The ordinary income from the cancellation of debt (the excess of the canceled debt over the FMV of the property) must be included in your gross income reported on your tax return unless one of the exceptions or exclusions described later applies. 1040ez filing online For more details, see Exceptions and Exclusions, later. 1040ez filing online Nonrecourse debt. 1040ez filing online   If you owned property that was subject to a nonrecourse debt in excess of the FMV of the property, the lender's foreclosure on the property does not result in ordinary income from the cancellation of debt. 1040ez filing online The entire amount of the nonrecourse debt is treated as an amount realized on the disposition of the property. 1040ez filing online The gain or loss on the disposition of the property is measured by the difference between the total amount realized (the entire amount of the nonrecourse debt plus the amount of cash and the FMV of any property received) and your adjusted basis in the property. 1040ez filing online The character of the gain or loss is determined by the character of the property. 1040ez filing online More information. 1040ez filing online    See Publications 523, 544, and 551, and chapter 2 of this publication for more details. 1040ez filing online Abandonments Recourse debt. 1040ez filing online   If you abandon property that secures a debt for which you are personally liable (recourse debt) and the debt is canceled, you will realize ordinary income equal to the canceled debt. 1040ez filing online You must report this income on your tax return unless one of the exceptions or exclusions described later applies. 1040ez filing online For more details, see Exceptions and Exclusions, later. 1040ez filing online This income is separate from any amount realized from the abandonment of the property. 1040ez filing online For more details, see chapter 3. 1040ez filing online Nonrecourse debt. 1040ez filing online   If you abandon property that secures a debt for which you are not personally liable (nonrecourse debt), you may realize gain or loss but will not have cancellation of indebtedness income. 1040ez filing online Stockholder debt If you are a stockholder in a corporation and the corporation cancels or forgives your debt to it, the canceled debt is a constructive distribution. 1040ez filing online For more information, see Publication 542, Corporations. 1040ez filing online Prev  Up  Next   Home   More Online Publications
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Replace Your Vital Documents

Fortunately, you can replace most important personal records. Use these links as a starting point.

  • Address Change  – When you move, be sure to change your address with the Post Office, IRS, and other government agencies, so that you'll continue to receive mail and any government benefits at your new location.
  • Birth, Marriage, and Death Certificates  – Get records based on the location of the birth, death, marriage, or divorce.
  • Damaged Money  – The Treasury Department will exchange mutilated or damaged U.S. currency.
  • Drivers' Licenses and Vehicle Registration  – Find your state's motor vehicle department to get or replace your driver's license, and register your car.
  • Federal Civilian Personnel Records  – Go to the National Archives website for guidance on requesting personnel records for former federal civilian employees. Current federal workers can get personnel records from their human resources office.
  • Green Card Replacement  – Get instructions on how to replace a lost, stolen, or damaged permanent resident card (green card).
  • Medicare Card Replacement  – Learn how to replace a lost, stolen, or damaged Medicare card.
  • Military Service Records  – Get copies of military service records, to prove military service or to research genealogy.
  • Passport  – Report your lost or stolen passport immediately. Contact the nearest U.S. embassy or consulate if your passport is lost or stolen overseas.
  • Replace a Savings Bond  – Replace lost, stolen, or destroyed paper savings bonds.
  • Saving Family Treasures  – The National Archives provides guidelines for the care for some of the more common materials affected by natural disasters or other emergencies.
  • School Records  – Contact your former school or the appropriate school district if the school has closed.
  • Social Security Card Replacement  – Learn how to replace your lost or stolen Social Security card.
  • Tax Return  – Request a copy of your federal tax return from the Internal Revenue Service (IRS).

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The 1040ez Filing Online

1040ez filing online Index A Additional Medicare Tax, Reminders, Additional Medicare Tax withholding. 1040ez filing online Adjustments, Reporting Adjustments to Form 941-SS, 944-SS, 944, or 943 Agricultural labor, Deposits. 1040ez filing online Aliens, nonresidents, Deposits. 1040ez filing online Assistance (see Tax help) C Calendar, Calendar Comments on publication, Comments and suggestions. 1040ez filing online Common-law employee, Employee status under common law. 1040ez filing online Corrected wage and tax statement, Correcting Forms W-2AS, W-2CM, W-2GU, W-2VI, and Form W-3SS. 1040ez filing online Crew leaders, Farm Crew Leaders Current period adjustments, Current Period Adjustments D Deposit How to deposit, How To Deposit Penalties, Deposit Penalties Period, Deposit Period Requirements, 8. 1040ez filing online Depositing Taxes Rules $100,000 next-day deposit, $100,000 Next-Day Deposit Rule Accuracy of deposits, Accuracy of Deposits Rule Schedules Monthly, Monthly Deposit Schedule Semiweekly, Semiweekly Deposit Schedule When to deposit, When To Deposit E Electronic deposits, Electronic deposit requirement. 1040ez filing online Electronic filing and payment, Reminders Employee, 2. 1040ez filing online Who Are Employees? Employer identification number (EIN), 1. 1040ez filing online Employer Identification Number (EIN) F Family employees, Deposits. 1040ez filing online Farm crew leaders, Farm Crew Leaders Farmworkers, 6. 1040ez filing online Social Security and Medicare Taxes for Farmworkers, Employers of farmworkers. 1040ez filing online Federal employees, Deposits. 1040ez filing online Fishing, Deposits. 1040ez filing online Form, Calendar, Lookback period for employers of nonfarm workers. 1040ez filing online 4070, 5. 1040ez filing online Tips 4070A, 5. 1040ez filing online Tips 8274, Deposits. 1040ez filing online 940, Calendar 941-SS, Calendar, Current Period Adjustments 941-X, Adjustments to lookback period taxes. 1040ez filing online 943, Calendar 943-X, Adjustments to lookback period taxes. 1040ez filing online 944-X, Adjustments to lookback period taxes. 1040ez filing online Schedule H (Form 1040), Household employers reporting social security and Medicare taxes. 1040ez filing online SS-4, 1. 1040ez filing online Employer Identification Number (EIN) SS-5, Reminders, Employee's social security card. 1040ez filing online SS-8, IRS help. 1040ez filing online W-2c, Employee's social security card. 1040ez filing online , Correcting Forms W-2AS, W-2CM, W-2GU, W-2VI, and Form W-3SS. 1040ez filing online Fringe benefits, Fringe Benefits, Deposits. 1040ez filing online FUTA tax, 11. 1040ez filing online Federal Unemployment (FUTA) Tax—U. 1040ez filing online S. 1040ez filing online Virgin Islands Employers Only G Government employees, nonfederal, Deposits. 1040ez filing online Group-term life insurance, Deposits. 1040ez filing online H Help (see Tax help) Hiring new employees, Reminders Homeworkers, Deposits. 1040ez filing online Hospital interns, Deposits. 1040ez filing online Household employers, Household employers reporting social security and Medicare taxes. 1040ez filing online Household workers, Household employers reporting social security and Medicare taxes. 1040ez filing online , Deposits. 1040ez filing online How to deposit, How To Deposit I Insurance agents, Deposits. 1040ez filing online IRS help (employee v. 1040ez filing online subcontractor), IRS help. 1040ez filing online L Lookback period Farmworkers, Lookback period for employers of farmworkers. 1040ez filing online Nonfarm workers, Lookback period for employers of nonfarm workers. 1040ez filing online M Meals and lodging, Deposits. 1040ez filing online Ministers, Deposits. 1040ez filing online Monthly deposit schedule, Monthly Deposit Schedule Moving expenses, Deposits. 1040ez filing online N Newspaper delivery, Deposits. 1040ez filing online Noncash payments, Deposits. 1040ez filing online Nonprofit organizations, Deposits. 1040ez filing online P Partners, Deposits. 1040ez filing online Penalties, Deposit Penalties Pension plans, Deposits. 1040ez filing online Prior period adjustments, Prior Period Adjustments Private delivery services, Reminders Publications (see Tax help) R Recordkeeping, Reminders Religious orders, Deposits. 1040ez filing online Retirement and pension plans, Deposits. 1040ez filing online S Salespersons, Deposits. 1040ez filing online Scholarships and fellowships, Deposits. 1040ez filing online Semiweekly deposit schedule, Semiweekly Deposit Schedule Severance pay, Deposits. 1040ez filing online Sick pay, Sick pay. 1040ez filing online , Sick pay payments. 1040ez filing online , Deposits. 1040ez filing online Social security number (SSN), 3. 1040ez filing online Employee's Social Security Number (SSN) Statutory employee, Statutory employees. 1040ez filing online Statutory nonemployee, Statutory nonemployees. 1040ez filing online Students, Deposits. 1040ez filing online Suggestions for publication, Comments and suggestions. 1040ez filing online Supplemental unemployment compensation benefits, Deposits. 1040ez filing online T Tax help, How To Get Tax Help Tax Help, Tax help. 1040ez filing online Taxes paid by employer, Employee's portion of taxes paid by employer. 1040ez filing online Tips, 5. 1040ez filing online Tips, Deposits. 1040ez filing online Travel and business expenses, Travel and business expenses. 1040ez filing online Trust fund recovery penalty, Trust fund recovery penalty. 1040ez filing online W Wage and Tax Statement, 10. 1040ez filing online Wage and Tax Statements Prev  Up     Home   More Online Publications