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1040ez Tax Form

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1040ez Tax Form

1040ez tax form Publication 15-T - Introductory Material Prev  Up  Next   Home   More Online Publications
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Before You Buy

Being a smart consumer in a world with so many products and services can be somewhat daunting. With so many options available, it is easy to get overwhelmed with major purchase decisions- from the initial research, visiting stores to look at actual products, and then deciding which item to purchase, there are a lot of factors to consider. Fortunately, the Consumer Action Handbook is here to make the purchasing process easier and help you get the most for your money. Keep reading to learn more about this valuable resource.

Do Your Research

Before you begin your search for a new product, it is always helpful to assess your needs and what you can realistically afford. Although many companies produce or sell the item that you want, there can be a wide range of features and prices charged for what seems like a very easy purchase. Deciding what you need in advance helps to narrow the focus of your search and avoid paying for bells and whistles that you do not need.

In order to know what you should look for, you will need to do some preliminary research. There are a variety of sources of valuable information to consult during this step. Your research can be as simple as talking to trusted family and friends that have bought the same type of product recently or picking up a copy of Consumer Reports for unbiased ratings about the products. More than just the product itself, you should also be concerned about the type of customer service that the manufacturer or retailer has provided. Be sure to contact the Better Business Bureau or your local consumer affairs department to determine if any other consumers have filed a complaint against the companies you may possibly work with on your purchase.

Ready, Set, Shop

Once you have done your basic research, it’s time to start shopping. This could mean reading the sales flyers in the newspaper to get an understanding of the price ranges for the products you are looking for. If you are making a purchase that requires financing, such as a car or home, you may also want get a free copy of your credit report to see if you can qualify for a favorable interest rate.

You should now go and look at actual models in person. It may be helpful to take along the wishlist and your budget to keep you focused on your requirements for the item you choose. Keep in mind that there will be sales support on hand in the store; ask them to clarify facts, definitions, or other technical details rather than considering them as your advocate. Remain committed to your initial research and budget so you can avoid making an impulse decision or being pressured by sales staff to buy something that is more expensive than you need.

Once you have narrowed down the field to the item that you want and can afford, be sure to ask about service, return and refund policies, other fees, and the manufacturer warranties. If possible get all of the company’s policies and procedures in writing. Some companies offer extended warranties or service contracts for your purchases. Before agreeing to purchase this additional coverage, ask yourself questions such as:

  • Who manages the warranty (the manufacturer, the seller, or a third party)?
  • How is this coverage different from the manufacturer’s product warranty?
  • How are claims handled?

Drip Pricing

Have you ever planned to make a purchase, only to find out that there are additional, sometimes mandatory, fees that weren’t included in the advertised price? The total cost is not revealed until the end of the purchasing process. If so, you have been the victim of drip pricing. This practice makes it difficult for consumers to determine the full cost and compare similar options, when all the fees aren’t disclosed up front. You can protect yourself by reading the policies before completing the sale and asking questions of sales personnel. Also, if you have charged your purchase on your credit card, you may be able to dispute the extra fees if they are more than you had agreed to with the seller.

The 1040ez Tax Form

1040ez tax form 1. 1040ez tax form   Scholarships, Fellowships, Grants, and Tuition Reductions Table of Contents Reminder Introduction Scholarships and FellowshipsTax-Free Scholarships and Fellowships Taxable Scholarships and Fellowships Reporting Scholarships and Fellowships Other Types of Educational AssistanceFulbright Grants Pell Grants and Other Title IV Need-Based Education Grants Payment to Service Academy Cadets Veterans' Benefits Qualified Tuition Reduction Reminder Individual retirement arrangements (IRAs). 1040ez tax form  You can set up and make contributions to an IRA if you receive taxable compensation. 1040ez tax form Under this rule, a taxable scholarship or fellowship is compensation only if it is shown in box 1 of your Form W-2, Wage and Tax Statement. 1040ez tax form For more information about IRAs, see Publication 590. 1040ez tax form Introduction This chapter discusses the income tax treatment of various types of educational assistance you may receive if you are studying, teaching, or researching in the United States. 1040ez tax form The educational assistance can be for a primary or secondary school, a college or university, or a vocational school. 1040ez tax form Included are discussions of: Scholarships, Fellowships, Need-based education grants, such as a Pell Grant, and Qualified tuition reductions. 1040ez tax form Many types of educational assistance are tax free if they meet the requirements discussed here. 1040ez tax form Special rules apply to U. 1040ez tax form S. 1040ez tax form citizens and resident aliens who have received scholarships or fellowships for studying, teaching, or researching abroad. 1040ez tax form For information about these rules, see Publication 54, Tax Guide for U. 1040ez tax form S. 1040ez tax form Citizens and Resident Aliens Abroad. 1040ez tax form Scholarships and Fellowships A scholarship is generally an amount paid or allowed to, or for the benefit of, a student (whether an undergraduate or a graduate) at an educational institution to aid in the pursuit of his or her studies. 1040ez tax form A fellowship is generally an amount paid for the benefit of an individual to aid in the pursuit of study or research. 1040ez tax form Amount of scholarship or fellowship. 1040ez tax form   The amount of a scholarship or fellowship includes the following: The value of contributed services and accommodations. 1040ez tax form This includes such services and accommodations as room (lodging), board (meals), laundry service, and similar services or accommodations that are received by an individual as a part of a scholarship or fellowship. 1040ez tax form The amount of tuition, matriculation, and other fees that are paid or remitted to the student to aid the student in pursuing study or research. 1040ez tax form Any amount received in the nature of a family allowance as a part of a scholarship or fellowship. 1040ez tax form Tax-Free Scholarships and Fellowships A scholarship or fellowship is tax free (excludable from gross income) only if you are a candidate for a degree at an eligible educational institution. 1040ez tax form A scholarship or fellowship is tax free only to the extent: It does not exceed your expenses; It is not designated or earmarked for other purposes (such as room and board), and does not require (by its terms) that it cannot be used for qualified education expenses; and It does not represent payment for teaching, research, or other services required as a condition for receiving the scholarship. 1040ez tax form (But for exceptions, see Payment for services,later. 1040ez tax form Use Worksheet 1–1 to figure the amount of a scholarship or fellowship you can exclude from gross income. 1040ez tax form Candidate for a degree. 1040ez tax form   You are a candidate for a degree if you: Attend a primary or secondary school or are pursuing a degree at a college or university, or Attend an educational institution that: Provides a program that is acceptable for full credit toward a bachelor's or higher degree, or offers a program of training to prepare students for gainful employment in a recognized occupation; and Is authorized under federal or state law to provide such a program and is accredited by a nationally recognized accreditation agency. 1040ez tax form Eligible educational institution. 1040ez tax form   An eligible educational institution is one whose primary function is the presentation of formal instruction and that normally maintains a regular faculty and curriculum and normally has a regularly enrolled body of students in attendance at the place where it carries on its educational activities. 1040ez tax form Qualified education expenses. 1040ez tax form   For purposes of tax-free scholarships and fellowships, these are expenses for: Tuition and fees required to enroll at or attend an eligible educational institution, and Course-related expenses, such as fees, books, supplies, and equipment that are required for the courses at the eligible educational institution. 1040ez tax form These items must be required of all students in your course of instruction. 1040ez tax form Expenses that do not qualify. 1040ez tax form   Qualified education expenses do not include the cost of: Room and board, Travel, Research, Clerical help, or Equipment and other expenses that are not required for enrollment in or attendance at an eligible educational institution. 1040ez tax form Payment for services. 1040ez tax form   Generally, you cannot exclude from your gross income the part of any scholarship or fellowship that represents payment for teaching, research, or other services required as a condition for receiving the scholarship. 1040ez tax form This applies even if all candidates for a degree must perform the services to receive the degree. 1040ez tax form (See exceptions next. 1040ez tax form ) Exceptions. 1040ez tax form   You do not have to treat as payment for services the part of any scholarship or fellowship that represents payment for teaching, research, or other services if you receive the amount under: The National Health Service Corps Scholarship Program, or The Armed Forces Health Professions Scholarship and Financial Assistance Program. 1040ez tax form Example 1. 1040ez tax form You received a scholarship of $2,500. 1040ez tax form The scholarship was not received under either of the exceptions mentioned above. 1040ez tax form As a condition for receiving the scholarship, you must serve as a part-time teaching assistant. 1040ez tax form Of the $2,500 scholarship, $1,000 represents payment for teaching. 1040ez tax form The provider of your scholarship gives you a Form W-2 showing $1,000 as income. 1040ez tax form Your qualified education expenses were at least $1,500. 1040ez tax form Assuming that all other conditions are met, $1,500 of your scholarship is tax free. 1040ez tax form The $1,000 you received for teaching is taxable. 1040ez tax form Example 2. 1040ez tax form You are a candidate for a degree at a medical school. 1040ez tax form You receive a scholarship (not under either of the exceptions mentioned above) for your medical education and training. 1040ez tax form The terms of your scholarship require you to perform future services. 1040ez tax form A substantial penalty applies if you do not comply. 1040ez tax form The entire amount of your grant is taxable as payment for services in the year it is received. 1040ez tax form Athletic Scholarships An athletic scholarship is tax free only if and to the extent it meets the requirements discussed later. 1040ez tax form Worksheet 1-1. 1040ez tax form    You can use Worksheet 1-1, Taxable Scholarship and Fellowship Income , later, to figure the tax-free and taxable parts of your athletic scholarship. 1040ez tax form    Worksheet 1-1. 1040ez tax form Taxable Scholarship and Fellowship Income 1. 1040ez tax form Enter the total amount of any scholarship or fellowship for 2013. 1040ez tax form See Amount of scholarship or fellowship, earlier. 1040ez tax form 1. 1040ez tax form       If you are a degree candidate at an eligible educational institution, go to line 2. 1040ez tax form If you are not a degree candidate at an eligible educational institution, stop here. 1040ez tax form The entire amount is taxable. 1040ez tax form For information on how to report this amount on your tax return, see Reporting Scholarships and Fellowships , earlier, in this chapter. 1040ez tax form       2. 1040ez tax form Enter the amount from line 1 that was for teaching, research, or any other services required as a condition for receiving the scholarship. 1040ez tax form (Do not include amounts received for these items under the National Health Service Corps Scholarship Program or the Armed Forces Health Professions Scholarship and Financial Assistance Program. 1040ez tax form ) 2. 1040ez tax form     3. 1040ez tax form Subtract line 2 from line 1 3. 1040ez tax form     4. 1040ez tax form Enter the amount from line 3 that your scholarship or fellowship required you to use for other than qualified education expenses 4. 1040ez tax form     5. 1040ez tax form Subtract line 4 from line 3 5. 1040ez tax form     6. 1040ez tax form Enter the amount of your qualified education expenses 6. 1040ez tax form     7. 1040ez tax form Enter the smaller of line 5 or line 6. 1040ez tax form This amount is the most you can exclude from your gross income (the tax-free part of the scholarship or fellowship) 7. 1040ez tax form     8. 1040ez tax form Subtract line 7 from line 5 8. 1040ez tax form     9. 1040ez tax form Taxable part. 1040ez tax form Add lines 2, 4, and 8. 1040ez tax form See Reporting Scholarships and Fellowships , earlier, for how to report this amount on your tax return 9. 1040ez tax form     Taxable Scholarships and Fellowships If and to the extent your scholarship or fellowship does not meet the requirements described earlier, it is taxable and must be included in gross income. 1040ez tax form You can use Worksheet 1–1, Taxable Scholarship and Fellowship Income, later, to figure the tax-free and taxable parts of your scholarship or fellowship. 1040ez tax form Reporting Scholarships and Fellowships Whether you must report your scholarship or fellowship depends on whether you must file a return and whether any part of your scholarship or fellowship is taxable. 1040ez tax form If your only income is a completely tax-free scholarship or fellowship, you do not have to file a tax return and no reporting is necessary. 1040ez tax form If all or part of your scholarship or fellowship is taxable and you are required to file a tax return, report the taxable amount as explained below. 1040ez tax form You must report the taxable amount whether or not you received a Form W-2. 1040ez tax form If you receive an incorrect Form W-2, ask the payer for a corrected one. 1040ez tax form For information on whether you must file a return, see Publication 501, Exemptions, Standard Deduction, and Filing Information, or your income tax form instructions. 1040ez tax form How To Report How you report any taxable scholarship or fellowship income depends on which return you file. 1040ez tax form Form 1040EZ. 1040ez tax form   If you file Form 1040EZ, include the taxable amount in the total on line 1. 1040ez tax form If the taxable amount was not reported on Form W-2, also enter “SCH” and the taxable amount in the space to the left of line 1. 1040ez tax form Form 1040A. 1040ez tax form   If you file Form 1040A, include the taxable amount in the total on line 7. 1040ez tax form If the taxable amount was not reported on Form W-2, also enter “SCH” and the taxable amount in the space to the left of line 7. 1040ez tax form Form 1040. 1040ez tax form   If you file Form 1040, include the taxable amount in the total on line 7. 1040ez tax form If the taxable amount was not reported on Form W-2, also enter “SCH” and the taxable amount on the dotted line next to line 7. 1040ez tax form Schedule SE (Form 1040). 1040ez tax form   To determine your net earnings from self-employment, include amounts you receive under a scholarship as pay for your services that are reported to you on Form 1099-MISC, Miscellaneous Income. 1040ez tax form If your net earnings are $400 or more, you must pay self-employment tax. 1040ez tax form Use Schedule SE, Self-Employment Tax, to figure this tax. 1040ez tax form Form 1040NR. 1040ez tax form   If you file Form 1040NR, report the taxable amount on line 12. 1040ez tax form Generally, you must report the amount shown in box 2 of Form(s) 1042-S, Foreign Person's U. 1040ez tax form S. 1040ez tax form Source Income Subject to Withholding. 1040ez tax form See the Instructions for Form 1040NR for more information. 1040ez tax form Form 1040NR-EZ. 1040ez tax form   If you file Form 1040NR-EZ, report the taxable amount on line 5. 1040ez tax form Generally, you must report the amount shown in box 2 of Form(s) 1042-S. 1040ez tax form See the Instructions for Form 1040NR-EZ for more information. 1040ez tax form Other Types of Educational Assistance The following discussions deal with other common types of educational assistance. 1040ez tax form Fulbright Grants A Fulbright grant is generally treated as a scholarship or fellowship in figuring how much of the grant is tax free. 1040ez tax form Pell Grants and Other Title IV Need-Based Education Grants These need-based grants are treated as scholarships for purposes of determining their tax treatment. 1040ez tax form They are tax free to the extent used for qualified education expenses during the period for which a grant is awarded. 1040ez tax form Payment to Service Academy Cadets An appointment to a United States military academy is not a scholarship or fellowship. 1040ez tax form Payment you receive as a cadet or midshipman at an armed services academy is pay for personal services and will be reported to you in box 1 of Form W-2. 1040ez tax form Include this pay in your income in the year you receive it unless one of the exceptions, discussed earlier under Payment for services , applies. 1040ez tax form Veterans' Benefits Payments you receive for education, training, or subsistence under any law administered by the Department of Veterans Affairs (VA) are tax free. 1040ez tax form Do not include these payments as income on your federal tax return. 1040ez tax form If you qualify for one or more of the education benefits discussed in chapters 2 through 12, you may have to reduce the amount of education expenses qualifying for a specific benefit by part or all of your VA payments. 1040ez tax form This applies only to the part of your VA payments that is required to be used for education expenses. 1040ez tax form You may want to visit the Veteran's Administration website at www. 1040ez tax form gibill. 1040ez tax form va. 1040ez tax form gov for specific information about the various VA benefits for education. 1040ez tax form Example. 1040ez tax form You have returned to college and are receiving two education benefits under the latest GI Bill: (1) a $1,534 monthly basic housing allowance (BHA) that is directly deposited to your checking account, and (2) $3,840 paid directly to your college for tuition. 1040ez tax form Neither of these benefits is taxable and you do not report them on your tax return. 1040ez tax form You also want to claim an American opportunity credit on your return. 1040ez tax form You paid $5,000 in qualified education expenses (see chapter 2, American Opportunity Credit , later). 1040ez tax form To figure the amount of credit, you must first subtract the $3,840 from your qualified education expenses because this payment under the GI Bill was required to be used for education expenses. 1040ez tax form You do not subtract any amount of the BHA because it was paid to you and its use was not restricted. 1040ez tax form Qualified Tuition Reduction If you are allowed to study tuition free or for a reduced rate of tuition, you may not have to pay tax on this benefit. 1040ez tax form This is called a “tuition reduction. 1040ez tax form ” You do not have to include a qualified tuition reduction in your income. 1040ez tax form A tuition reduction is qualified only if you receive it from, and use it at, an eligible educational institution. 1040ez tax form You do not have to use the tuition reduction at the eligible educational institution from which you received it. 1040ez tax form In other words, if you work for an eligible educational institution and the institution arranges for you to take courses at another eligible educational institution without paying any tuition, you may not have to include the value of the free courses in your income. 1040ez tax form The rules for determining if a tuition reduction is qualified, and therefore tax free, are different if the education provided is below the graduate level or is graduate education. 1040ez tax form You must include in your income any tuition reduction you receive that is payment for your services. 1040ez tax form Eligible educational institution. 1040ez tax form   An eligible educational institution is one that maintains a regular faculty and curriculum and normally has a regularly enrolled body of students in attendance at the place where it carries on its educational activities. 1040ez tax form Officers, owners, and highly compensated employees. 1040ez tax form   Qualified tuition reductions apply to officers, owners, or highly compensated employees only if benefits are available to employees on a nondiscriminatory basis. 1040ez tax form This means that the tuition reduction benefits must be available on substantially the same basis to each member of a group of employees. 1040ez tax form The group must be defined under a reasonable classification set up by the employer. 1040ez tax form The classification must not discriminate in favor of owners, officers, or highly compensated employees. 1040ez tax form Payment for services. 1040ez tax form   Generally, you must include in income the part of any qualified tuition reduction that represents payment for teaching, research, or other services by the student required as a condition of receiving the qualified tuition reduction. 1040ez tax form This applies even if all candidates for a degree must perform the services to receive the degree. 1040ez tax form (See below for exceptions. 1040ez tax form ) Exceptions. 1040ez tax form   You do not have to include in income the part of any scholarship or fellowship that represents payment for teaching, research, or other services if you receive the amount under: The National Health Service Corps Scholarship Program, or The Armed Forces Health Professions Scholarship and Financial Assistance Program. 1040ez tax form Education Below the Graduate Level If you receive a tuition reduction for education below the graduate level (including primary, secondary, or high school), it is a qualified tuition reduction, and therefore tax free, only if your relationship to the educational institution providing the benefit is described below. 1040ez tax form You are an employee of the eligible educational institution. 1040ez tax form You were an employee of the eligible educational institution, but you retired or left on disability. 1040ez tax form You are a widow or widower of an individual who died while an employee of the eligible educational institution or who retired or left on disability. 1040ez tax form You are the dependent child or spouse of an individual described in (1) through (3), above. 1040ez tax form Child of deceased parents. 1040ez tax form   For purposes of the qualified tuition reduction, a child is a dependent child if the child is under age 25 and both parents have died. 1040ez tax form Child of divorced parents. 1040ez tax form   For purposes of the qualified tuition reduction, a dependent child of divorced parents is treated as the dependent of both parents. 1040ez tax form Graduate Education A tuition reduction you receive for graduate education is qualified, and therefore tax free, if both of the following requirements are met. 1040ez tax form It is provided by an eligible educational institution. 1040ez tax form You are a graduate student who performs teaching or research activities for the educational institution. 1040ez tax form You must include in income any other tuition reductions for graduate education that you receive. 1040ez tax form How To Report Any tuition reduction that is taxable should be included as wages in box 1 of your Form W-2. 1040ez tax form Report the amount from Form W-2, box 1, on line 7 (Form 1040 or Form 1040A) or line 1 (Form 1040EZ). 1040ez tax form Prev  Up  Next   Home   More Online Publications