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1040x Filing Instructions

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1040x Filing Instructions

1040x filing instructions 3. 1040x filing instructions   Limit on Annual Additions Table of Contents Ministers and church employees. 1040x filing instructions Includible Compensation for Your Most Recent Year of ServiceMost Recent Year of Service Includible Compensation The first component of MAC is the limit on annual additions. 1040x filing instructions This is a limit on the total contributions (elective deferrals, nonelective contributions, and after-tax contributions) that can be made to your 403(b) account. 1040x filing instructions The limit on annual additions generally is the lesser of: $51,000 for 2013 and $52,000 for 2014, or 100% of your includible compensation for your most recent year of service. 1040x filing instructions More than one 403(b) account. 1040x filing instructions If you contributed to more than one 403(b) account, you must combine the contributions made to all 403(b) accounts on your behalf by your employer. 1040x filing instructions Ministers and church employees. 1040x filing instructions   If you are a minister or a church employee, you may be able to increase your limit on annual additions or use different rules when figuring your limit on annual additions. 1040x filing instructions For more information, see chapter 5. 1040x filing instructions Participation in a qualified plan. 1040x filing instructions If you participated in a 403(b) plan and a qualified plan, you must combine contributions made to your 403(b) account with contributions to a qualified plan and simplified employee pensions of all corporations, partnerships, and sole proprietorships in which you have more than 50% control. 1040x filing instructions You can use Part I of Worksheet 1 in chapter 9 to figure your limit on annual additions. 1040x filing instructions Includible Compensation for Your Most Recent Year of Service Definition. 1040x filing instructions   Generally, includible compensation for your most recent year of service is the amount of taxable wages and benefits you received from the employer that maintained a 403(b) account for your benefit during your most recent year of service. 1040x filing instructions When figuring your includible compensation for your most recent year of service, keep in mind that your most recent year of service may not be the same as your employer's most recent annual work period. 1040x filing instructions This can happen if your tax year is not the same as your employer's annual work period. 1040x filing instructions When figuring includible compensation for your most recent year of service, do not mix compensation or service of one employer with compensation or service of another employer. 1040x filing instructions Most Recent Year of Service Your most recent year of service is your last full year of service, ending on the last day of your tax year that you worked for the employer that maintained a 403(b) account on your behalf. 1040x filing instructions Tax year different from employer's annual work period. 1040x filing instructions   If your tax year is not the same as your employer's annual work period, your most recent year of service is made up of parts of at least two of your employer's annual work periods. 1040x filing instructions Example. 1040x filing instructions A professor who reports her income on a calendar-year basis is employed on a full-time basis by a university that operates on an academic year (October through May). 1040x filing instructions To figure her includible compensation for 2013, the professor's most recent year of service is her service from January through May 2013 and from October through December 2013. 1040x filing instructions Figuring Your Most Recent Year of Service To figure your most recent year of service, begin by determining what is a full year of service for your position. 1040x filing instructions A full year of service is equal to full-time employment for your employer's annual work period. 1040x filing instructions After identifying a full year of service, begin counting the service you have provided for your employer starting with the service provided in the current year. 1040x filing instructions Part-time or employed only part of the year. 1040x filing instructions   If you are a part-time or a full-time employee who is employed for only part of the year, your most recent year of service is your service this year and your service for as many previous years as is necessary to total 1 full year of service. 1040x filing instructions To determine your most recent year of service, add the following periods of service: Your service during the year for which you are figuring the limit on annual additions, and Your service during your preceding tax years until the total service equals 1 year of service or you have figured all of your service with the employer. 1040x filing instructions Example. 1040x filing instructions You were employed on a full-time basis from July through December 2011 (1/2 year of service), July through December 2012 (1/2 year of service), and October through December 2013 (1/4 year of service). 1040x filing instructions Your most recent year of service for computing your limit on annual additions for 2013 is the total of your service during 2013 (1/4 year of service), your service during 2012 (1/2 year of service), and your service during the months October through December 2011 (1/4 year of service). 1040x filing instructions Not yet employed for 1 year. 1040x filing instructions   If, at the close of the year, you have not yet worked for your employer for 1 year (including time you worked for the same employer in all earlier years), use the period of time you have worked for the employer as your most recent year of service. 1040x filing instructions Includible Compensation After identifying your most recent year of service, the next step is to identify the includible compensation associated with that full year of service. 1040x filing instructions Includible compensation is not the same as income included on your tax return. 1040x filing instructions Compensation is a combination of income and benefits received in exchange for services provided to your employer. 1040x filing instructions Generally, includible compensation is the amount of income and benefits: Received from the employer who maintains your 403(b) account, and Must be included in your income. 1040x filing instructions Includible compensation includes the following amounts. 1040x filing instructions Elective deferrals (employer's contributions made on your behalf under a salary reduction agreement). 1040x filing instructions Amounts contributed or deferred by your employer under a section 125 cafeteria plan. 1040x filing instructions Amounts contributed or deferred, at the election of the employee, under an eligible section 457 nonqualified deferred compensation plan (state or local government or tax-exempt organization plan). 1040x filing instructions  Note. 1040x filing instructions For information about treating elective deferrals under section 457 plans as Roth contributions, see Publication 575. 1040x filing instructions Wages, salaries, and fees for personal services earned with the employer maintaining your 403(b) account. 1040x filing instructions Income otherwise excluded under the foreign earned income exclusion. 1040x filing instructions Pre-tax contributions (employer's contributions made on your behalf according to your election) to a qualified transportation fringe benefit plan. 1040x filing instructions Includible compensation does not include the following items. 1040x filing instructions Your employer's contributions to your 403(b) account. 1040x filing instructions Compensation earned while your employer was not an eligible employer. 1040x filing instructions Your employer's contributions to a qualified plan that: Are on your behalf, and Are excludable from income. 1040x filing instructions The cost of incidental life insurance. 1040x filing instructions See Cost of Incidental Life Insurance, later. 1040x filing instructions If you are a church employee or a foreign missionary, figure includible compensation using the rules explained in chapter 5. 1040x filing instructions Contributions after retirement. 1040x filing instructions   Nonelective contributions may be made for an employee for up to 5 years after retirement. 1040x filing instructions These contributions would be based on includible compensation for the last year of service before retirement. 1040x filing instructions Cost of Incidental Life Insurance Includible compensation does not include the cost of incidental life insurance. 1040x filing instructions If all of your 403(b) accounts invest only in mutual funds, then you have no incidental life insurance. 1040x filing instructions If you have an annuity contract, a portion of the cost of that contract may be for incidental life insurance. 1040x filing instructions If so, the cost of the insurance is taxable to you in the year contributed and is considered part of your basis when distributed. 1040x filing instructions Your employer will include the cost of your insurance as taxable wages in box 1 of Form W-2. 1040x filing instructions Not all annuity contracts include life insurance. 1040x filing instructions Contact your plan administrator to determine if your contract includes incidental life insurance. 1040x filing instructions If it does, you will need to figure the cost of life insurance each year the policy is in effect. 1040x filing instructions Figuring the cost of incidental life insurance. 1040x filing instructions If you have determined that part of the cost of your annuity contract is for an incidental life insurance premium, you will need to determine the amount of the premium and subtract it from your includible compensation. 1040x filing instructions To determine the amount of the life insurance premiums, you will need to know the following information. 1040x filing instructions The value of your life insurance contract, which is the amount payable upon your death. 1040x filing instructions The cash value of your life insurance contract at the end of the tax year. 1040x filing instructions Your age on your birthday nearest the beginning of the policy year. 1040x filing instructions Your current life insurance protection under an ordinary retirement income life insurance policy, which is the amount payable upon your death minus the cash value of the contract at the end of the year. 1040x filing instructions You can use Worksheet A, in chapter 9, to determine the cost of your incidental life insurance. 1040x filing instructions Example. 1040x filing instructions Your new contract provides that your beneficiary will receive $10,000 if you should die before retirement. 1040x filing instructions Your cash value in the contract at the end of the first year is zero. 1040x filing instructions Your current life insurance protection for the first year is $10,000 ($10,000 − 0). 1040x filing instructions The cash value in the contract at the end of year two is $1,000, and the current life insurance protection for the second year is $9,000 ($10,000 – $1,000). 1040x filing instructions The 1-year cost of the protection can be calculated by using Figure 3-1, Table of One-Year Term Premiums for $1,000 Life Insurance Protection . 1040x filing instructions The premium rate is determined based on your age on your birthday nearest the beginning of the policy year. 1040x filing instructions Figure 3-1. 1040x filing instructions Table of One-Year Term Premiums for $1,000 Life Insurance Protection Age Cost   Age Cost   Age Cost 0 $0. 1040x filing instructions 70   35 $0. 1040x filing instructions 99   70 $20. 1040x filing instructions 62 1 0. 1040x filing instructions 41   36 1. 1040x filing instructions 01   71 22. 1040x filing instructions 72 2 0. 1040x filing instructions 27   37 1. 1040x filing instructions 04   72 25. 1040x filing instructions 07 3 0. 1040x filing instructions 19   38 1. 1040x filing instructions 06   73 27. 1040x filing instructions 57 4 0. 1040x filing instructions 13   39 1. 1040x filing instructions 07   74 30. 1040x filing instructions 18 5 0. 1040x filing instructions 13   40 1. 1040x filing instructions 10   75 33. 1040x filing instructions 05 6 0. 1040x filing instructions 14   41 1. 1040x filing instructions 13   76 36. 1040x filing instructions 33 7 0. 1040x filing instructions 15   42 1. 1040x filing instructions 20   77 40. 1040x filing instructions 17 8 0. 1040x filing instructions 16   43 1. 1040x filing instructions 29   78 44. 1040x filing instructions 33 9 0. 1040x filing instructions 16   44 1. 1040x filing instructions 40   79 49. 1040x filing instructions 23 10 0. 1040x filing instructions 16   45 1. 1040x filing instructions 53   80 54. 1040x filing instructions 56 11 0. 1040x filing instructions 19   46 1. 1040x filing instructions 67   81 60. 1040x filing instructions 51 12 0. 1040x filing instructions 24   47 1. 1040x filing instructions 83   82 66. 1040x filing instructions 74 13 0. 1040x filing instructions 28   48 1. 1040x filing instructions 98   83 73. 1040x filing instructions 07 14 0. 1040x filing instructions 33   49 2. 1040x filing instructions 13   84 80. 1040x filing instructions 35 15 0. 1040x filing instructions 38   50 2. 1040x filing instructions 30   85 88. 1040x filing instructions 76 16 0. 1040x filing instructions 52   51 2. 1040x filing instructions 52   86 99. 1040x filing instructions 16 17 0. 1040x filing instructions 57   52 2. 1040x filing instructions 81   87 110. 1040x filing instructions 40 18 0. 1040x filing instructions 59   53 3. 1040x filing instructions 20   88 121. 1040x filing instructions 85 19 0. 1040x filing instructions 61   54 3. 1040x filing instructions 65   89 133. 1040x filing instructions 40 20 0. 1040x filing instructions 62   55 4. 1040x filing instructions 15   90 144. 1040x filing instructions 30 21 0. 1040x filing instructions 62   56 4. 1040x filing instructions 68   91 155. 1040x filing instructions 80 22 0. 1040x filing instructions 64   57 5. 1040x filing instructions 20   92 168. 1040x filing instructions 75 23 0. 1040x filing instructions 66   58 5. 1040x filing instructions 66   93 186. 1040x filing instructions 44 24 0. 1040x filing instructions 68   59 6. 1040x filing instructions 06   94 206. 1040x filing instructions 70 25 0. 1040x filing instructions 71   60 6. 1040x filing instructions 51   95 228. 1040x filing instructions 35 26 0. 1040x filing instructions 73   61 7. 1040x filing instructions 11   96 250. 1040x filing instructions 01 27 0. 1040x filing instructions 76   62 7. 1040x filing instructions 96   97 265. 1040x filing instructions 09 28 0. 1040x filing instructions 80   63 9. 1040x filing instructions 08   98 270. 1040x filing instructions 11 29 0. 1040x filing instructions 83   64 10. 1040x filing instructions 41   99 281. 1040x filing instructions 05 30 0. 1040x filing instructions 87   65 11. 1040x filing instructions 90       31 0. 1040x filing instructions 90   66 13. 1040x filing instructions 51       32 0. 1040x filing instructions 93   67 15. 1040x filing instructions 20       33 0. 1040x filing instructions 96   68 16. 1040x filing instructions 92       34 0. 1040x filing instructions 98   69 18. 1040x filing instructions 70                       If the current published premium rates per $1,000 of insurance protection charged by an insurer for individual 1-year term life insurance premiums available to all standard risks are lower than those in the preceding table, you can use the lower rates for figuring the cost of insurance in connection with individual policies issued by the same insurer. 1040x filing instructions Example 1. 1040x filing instructions Lynne Green, age 44, and her employer enter into a 403(b) plan that will provide her with a $500 a month annuity upon retirement at age 65. 1040x filing instructions The agreement also provides that if she should die before retirement, her beneficiary will receive the greater of $20,000 or the cash surrender value in the life insurance contract. 1040x filing instructions Using the facts presented we can determine the cost of Lynne's life insurance protection as shown in Table 3-1. 1040x filing instructions Lynne's employer has included $28 for the cost of the life insurance protection in her current year's income. 1040x filing instructions When figuring her includible compensation for this year, Lynne will subtract $28. 1040x filing instructions Table 3-1. 1040x filing instructions Worksheet A. 1040x filing instructions Cost of Incidental Life Insurance Note. 1040x filing instructions Use this worksheet to figure the cost of incidental life insurance included in your annuity contract. 1040x filing instructions This amount will be used to figure includible compensation for your most recent year of service. 1040x filing instructions 1. 1040x filing instructions Enter the value of the contract (amount payable upon your death) 1. 1040x filing instructions $20,000. 1040x filing instructions 00 2. 1040x filing instructions Enter the cash value in the contract at the end of the year 2. 1040x filing instructions 0. 1040x filing instructions 00 3. 1040x filing instructions Subtract line 2 from line 1. 1040x filing instructions This is the value of your current life insurance protection 3. 1040x filing instructions $20,000. 1040x filing instructions 00 4. 1040x filing instructions Enter your age on your birthday nearest the beginning of the policy year 4. 1040x filing instructions 44 5. 1040x filing instructions Enter the 1-year term premium for $1,000 of life insurance based on your age. 1040x filing instructions (From Figure 3-1) 5. 1040x filing instructions $1. 1040x filing instructions 40 6. 1040x filing instructions Divide line 3 by $1,000 6. 1040x filing instructions 20 7. 1040x filing instructions Multiply line 6 by line 5. 1040x filing instructions This is the cost of your incidental life insurance 7. 1040x filing instructions $28. 1040x filing instructions 00 Example 2. 1040x filing instructions Lynne's cash value in the contract at the end of the second year is $1,000. 1040x filing instructions In year two, the cost of Lynne's life insurance is calculated as shown in Table 3-2. 1040x filing instructions In year two, Lynne's employer will include $29. 1040x filing instructions 07 in her current year's income. 1040x filing instructions Lynne will subtract this amount when figuring her includible compensation. 1040x filing instructions Table 3-2. 1040x filing instructions Worksheet A. 1040x filing instructions Cost of Incidental Life Insurance Note. 1040x filing instructions Use this worksheet to figure the cost of incidental life insurance included in your annuity contract. 1040x filing instructions This amount will be used to figure includible compensation for your most recent year of service. 1040x filing instructions 1. 1040x filing instructions Enter the value of the contract (amount payable upon your death) 1. 1040x filing instructions $20,000. 1040x filing instructions 00 2. 1040x filing instructions Enter the cash value in the contract at the end of the year 2. 1040x filing instructions $1,000. 1040x filing instructions 00 3. 1040x filing instructions Subtract line 2 from line 1. 1040x filing instructions This is the value of your current life insurance protection 3. 1040x filing instructions $19,000. 1040x filing instructions 00 4. 1040x filing instructions Enter your age on your birthday nearest the beginning of the policy year 4. 1040x filing instructions 45 5. 1040x filing instructions Enter the 1-year term premium for $1,000 of life insurance based on your age. 1040x filing instructions (From Figure 3-1) 5. 1040x filing instructions $1. 1040x filing instructions 53 6. 1040x filing instructions Divide line 3 by $1,000 6. 1040x filing instructions 19 7. 1040x filing instructions Multiply line 6 by line 5. 1040x filing instructions This is the cost of your incidental life insurance 7. 1040x filing instructions $29. 1040x filing instructions 07 Figuring Includible Compensation for Your Most Recent Year of Service You can use Worksheet B in chapter 9 to determine your includible compensation for your most recent year of service. 1040x filing instructions Example. 1040x filing instructions Floyd has been periodically working full-time for a local hospital since September 2011. 1040x filing instructions He needs to figure his limit on annual additions for 2014. 1040x filing instructions The hospital's normal annual work period for employees in Floyd's general type of work runs from January to December. 1040x filing instructions During the periods that Floyd was employed with the hospital, the hospital has always been eligible to provide a 403(b) plan to employees. 1040x filing instructions Additionally, the hospital has never provided the employees with a 457 deferred compensation plan, a transportation fringe benefit plan, or a cafeteria plan. 1040x filing instructions Floyd has never worked abroad and there is no life insurance provided under the plan. 1040x filing instructions Table 3-3 shows the service Floyd provided to his employer, his compensation for the periods worked, his elective deferrals, and his taxable wages. 1040x filing instructions Table 3-3. 1040x filing instructions Floyd's Compensation Note. 1040x filing instructions This table shows information Floyd will use to figure includible compensation for his most recent year of service. 1040x filing instructions   Year Years of Service Taxable Wages Elective Deferrals 2014 6/12 of  a year $42,000 $2,000 2013 4/12 of  a year $16,000 $1,650 2012 4/12 of  a year $16,000 $1,650 Before Floyd can figure his limit on annual additions, he must figure includible compensation for his most recent year of service. 1040x filing instructions Because Floyd is not planning to work the entire 2014 year, his most recent year of service will include the time he is planning to work in 2014 plus time he worked in the preceding 3 years until the time he worked for the hospital totals 1 year. 1040x filing instructions If the total time he worked is less than 1 year, Floyd will treat it as if it were 1 year. 1040x filing instructions He figures his most recent year of service shown in the following list. 1040x filing instructions Time he will work in 2014 is 6/12 of a year. 1040x filing instructions Time worked in 2013 is 4/12 of a year. 1040x filing instructions All of this time will be used to determine Floyd's most recent year of service. 1040x filing instructions Time worked in 2012 is 4/12 of a year. 1040x filing instructions Floyd only needs 2 months of the 4 months he worked in 2012 to have enough time to total 1 full year. 1040x filing instructions Because he needs only one-half of the actual time he worked, Floyd will use only one-half of his income earned during that period to calculate wages that will be used in figuring his includible compensation. 1040x filing instructions Using the information provided in Table 3-3, wages for Floyd's most recent year of service are $66,000 ($42,000 + $16,000 + $8,000). 1040x filing instructions His includible compensation for his most recent year of service is figured as shown in Table 3-4. 1040x filing instructions After figuring his includible compensation, Floyd determines his limit on annual additions for 2014 to be $52,000, the lesser of his includible compensation, $70,475 (Table 3-4), and the maximum amount of $52,000. 1040x filing instructions Table 3-4. 1040x filing instructions Worksheet B. 1040x filing instructions Includible Compensation for Your Most Recent Year of Service1 Note. 1040x filing instructions Use this worksheet to figure includible compensation for your most recent year of service. 1040x filing instructions 1. 1040x filing instructions Enter your includible wages from the employer maintaining your 403(b) account for your most recent year of service 1. 1040x filing instructions $66,000 2. 1040x filing instructions Enter elective deferrals excluded from your gross income for your most recent year of service2 2. 1040x filing instructions 4,4753 3. 1040x filing instructions Enter amounts contributed or deferred by your employer under a cafeteria plan for your most recent year of service 3. 1040x filing instructions -0- 4. 1040x filing instructions Enter amounts contributed or deferred by your employer according to your election to your 457 account (a nonqualified plan of a state or local government, or of a tax-exempt organization) for your most recent year of service 4. 1040x filing instructions -0- 5. 1040x filing instructions Enter pre-tax contributions (employer's contributions made on your behalf according to your election) to a qualified transportation fringe benefit plan for your most recent year of service 5. 1040x filing instructions -0- 6. 1040x filing instructions Enter your foreign earned income exclusion for your most recent year of service 6. 1040x filing instructions -0- 7. 1040x filing instructions Add lines 1, 2, 3, 4, 5, and 6 7. 1040x filing instructions 70,475 8. 1040x filing instructions Enter the cost of incidental life insurance that is part of your annuity contract for your most recent year of service 8. 1040x filing instructions -0- 9. 1040x filing instructions Enter compensation that was both: Earned during your most recent year of service, and Earned while your employer was not qualified to maintain a 403(b) plan 9. 1040x filing instructions -0- 10. 1040x filing instructions Add lines 8 and 9 10. 1040x filing instructions -0- 11. 1040x filing instructions Subtract line 10 from line 7. 1040x filing instructions This is your includible compensation for your most recent year of service 11. 1040x filing instructions 70,475 1Use estimated amounts if figuring includible compensation before the end of the year. 1040x filing instructions 2Elective deferrals made to a designated Roth account are not excluded from your gross income and should not be included on this line. 1040x filing instructions  3$4,475 ($2,000 + $1,650 + $825). 1040x filing instructions Prev  Up  Next   Home   More Online Publications
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The 1040x Filing Instructions

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