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2012 Free Taxes Online

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2012 Free Taxes Online

2012 free taxes online 1. 2012 free taxes online   403(b) Plan Basics Table of Contents What Is a 403(b) Plan? What Are the Benefits of Contributing to a 403(b) Plan?Excluded. 2012 free taxes online Deducted. 2012 free taxes online Who Can Participate in a 403(b) Plan?Ministers. 2012 free taxes online Who Can Set Up a 403(b) Account? How Can Contributions Be Made to My 403(b) Account? Do I Report Contributions on My Tax Return? How Much Can Be Contributed to My 403(b) Account? This chapter introduces you to 403(b) plans and accounts. 2012 free taxes online Specifically, the chapter answers the following questions. 2012 free taxes online What is a 403(b) plan? What are the benefits of contributing to a 403(b) plan? Who can participate in a 403(b) plan? Who can set up a 403(b) account? How can contributions be made to my 403(b) account? Do I report contributions on my tax return? How much can be contributed to my 403(b) account? What Is a 403(b) Plan? A 403(b) plan, also known as a tax-sheltered annuity (TSA) plan, is a retirement plan for certain employees of public schools, employees of certain tax-exempt organizations, and certain ministers. 2012 free taxes online Individual accounts in a 403(b) plan can be any of the following types. 2012 free taxes online An annuity contract, which is a contract provided through an insurance company, A custodial account, which is an account invested in mutual funds, or A retirement income account set up for church employees. 2012 free taxes online Generally, retirement income accounts can invest in either annuities or mutual funds. 2012 free taxes online We use the term “403(b) account” to refer to any one of these funding arrangements throughout this publication, unless otherwise specified. 2012 free taxes online What Are the Benefits of Contributing to a 403(b) Plan?  There are three benefits to contributing to a 403(b) plan. 2012 free taxes online The first benefit is that you do not pay income tax on allowable contributions until you begin making withdrawals from the plan, usually after you retire. 2012 free taxes online Allowable contributions to a 403(b) plan are either excluded or deducted from your income. 2012 free taxes online However, if your contributions are made to a Roth contribution program, this benefit does not apply. 2012 free taxes online Instead, you pay income tax on the contributions to the plan but distributions from the plan (if certain requirements are met) are tax free. 2012 free taxes online Note. 2012 free taxes online Generally, employees must pay social security and Medicare tax on their contributions to a 403(b) plan, including those made under a salary reduction agreement. 2012 free taxes online See chapter 4, Limit on Elective Deferrals , for more information. 2012 free taxes online The second benefit is that earnings and gains on amounts in your 403(b) account are not taxed until you withdraw them. 2012 free taxes online Earnings and gains on amounts in a Roth contribution program are not taxed if your withdrawals are qualified distributions. 2012 free taxes online Otherwise, they are taxed when you withdraw them. 2012 free taxes online The third benefit is that you may be eligible to take a credit for elective deferrals contributed to your 403(b) account. 2012 free taxes online See chapter 10, Retirement Savings Contributions Credit (Saver's Credit) . 2012 free taxes online Excluded. 2012 free taxes online   If an amount is excluded from your income, it is not included in your total wages on your Form W-2. 2012 free taxes online This means that you do not report the excluded amount on your tax return. 2012 free taxes online Deducted. 2012 free taxes online   If an amount is deducted from your income, it is included with your other wages on your Form W-2. 2012 free taxes online You report this amount on your tax return, but you are allowed to subtract it when figuring the amount of income on which you must pay tax. 2012 free taxes online Who Can Participate in a 403(b) Plan? Any eligible employee can participate in a 403(b) plan. 2012 free taxes online Eligible employees. 2012 free taxes online   The following employees are eligible to participate in a 403(b) plan. 2012 free taxes online Employees of tax-exempt organizations established under section 501(c)(3). 2012 free taxes online These organizations are usually referred to as section 501(c)(3) organizations or simply 501(c)(3) organizations. 2012 free taxes online Employees of public school systems who are involved in the day-to-day operations of a school. 2012 free taxes online Employees of cooperative hospital service organizations. 2012 free taxes online Civilian faculty and staff of the Uniformed Services University of the Health Sciences. 2012 free taxes online Employees of public school systems organized by Indian tribal governments. 2012 free taxes online Certain ministers (explained next). 2012 free taxes online Ministers. 2012 free taxes online   The following ministers are eligible employees for whom a 403(b) account can be established. 2012 free taxes online Ministers employed by section 501(c)(3) organizations. 2012 free taxes online Self-employed ministers. 2012 free taxes online A self-employed minister is treated as employed by a tax-exempt organization that is a qualified employer. 2012 free taxes online Ministers (chaplains) who meet both of the following requirements. 2012 free taxes online They are employed by organizations that are not section 501(c)(3) organizations. 2012 free taxes online They function as ministers in their day-to-day professional responsibilities with their employers. 2012 free taxes online   Throughout this publication, the term chaplain will be used to mean ministers described in the third category in the list above. 2012 free taxes online Example. 2012 free taxes online A minister employed as a chaplain by a state-run prison and a chaplain in the United States Armed Forces are eligible employees because their employers are not section 501(c)(3) organizations and they are employed as ministers. 2012 free taxes online Who Can Set Up a 403(b) Account? You cannot set up your own 403(b) account. 2012 free taxes online Only employers can set up 403(b) accounts. 2012 free taxes online A self-employed minister cannot set up a 403(b) account for his or her benefit. 2012 free taxes online If you are a self-employed minister, only the organization (denomination) with which you are associated can set up an account for your benefit. 2012 free taxes online How Can Contributions Be Made to My 403(b) Account? Generally, only your employer can make contributions to your 403(b) account. 2012 free taxes online However, some plans will allow you to make after-tax contributions (defined below). 2012 free taxes online The following types of contributions can be made to 403(b) accounts. 2012 free taxes online Elective deferrals . 2012 free taxes online These are contributions made under a salary reduction agreement. 2012 free taxes online This agreement allows your employer to withhold money from your paycheck to be contributed directly into a 403(b) account for your benefit. 2012 free taxes online Except for Roth contributions, you do not pay income tax on these contributions until you withdraw them from the account. 2012 free taxes online If your contributions are Roth contributions, you pay taxes on your contributions but any qualified distributions from your Roth account are tax free. 2012 free taxes online Nonelective contributions . 2012 free taxes online These are employer contributions that are not made under a salary reduction agreement. 2012 free taxes online Nonelective contributions include matching contributions, discretionary contributions, and mandatory contributions from your employer. 2012 free taxes online You do not pay income tax on these contributions until you withdraw them from the account. 2012 free taxes online After-tax contributions . 2012 free taxes online These are contributions (that are not Roth contributions) you make with funds that you must include in income on your tax return. 2012 free taxes online A salary payment on which income tax has been withheld is a source of these contributions. 2012 free taxes online If your plan allows you to make after-tax contributions, they are not excluded from income and you cannot deduct them on your tax return. 2012 free taxes online A combination of any of the three contribution types listed above. 2012 free taxes online Self-employed minister. 2012 free taxes online   If you are a self-employed minister, you are considered both an employee and an employer, and you can contribute to a retirement income account for your own benefit. 2012 free taxes online Do I Report Contributions on My Tax Return? Generally, you do not report contributions to your 403(b) account (except Roth contributions) on your tax return. 2012 free taxes online Your employer will report contributions on your 2013 Form W-2. 2012 free taxes online Elective deferrals will be shown in box 12 and the Retirement plan box will be checked in box 13. 2012 free taxes online If you are a self-employed minister or chaplain, see the discussions next. 2012 free taxes online Self-employed ministers. 2012 free taxes online   If you are a self-employed minister, you must report the total contributions as a deduction on your tax return. 2012 free taxes online Deduct your contributions on line 28 of the 2013 Form 1040. 2012 free taxes online Chaplains. 2012 free taxes online   If you are a chaplain and your employer does not exclude contributions made to your 403(b) account from your earned income, you may be able to take a deduction for those contributions on your tax return. 2012 free taxes online    However, if your employer has agreed to exclude the contributions from your earned income, you will not be allowed a deduction on your tax return. 2012 free taxes online   If you can take a deduction, include your contributions on line 36 of the 2013 Form 1040. 2012 free taxes online Enter the amount of your deduction and write “403(b)” on the dotted line next to line 36. 2012 free taxes online How Much Can Be Contributed to My 403(b) Account? There are limits on the amount of contributions that can be made to your 403(b) account each year. 2012 free taxes online If contributions made to your 403(b) account are more than these contribution limits, penalties may apply. 2012 free taxes online Chapters 2 through 6 provide information on how to determine the amount that can be contributed to your 403(b) account. 2012 free taxes online Worksheets are provided in Chapter 9 to help you determine the maximum amount that can be contributed to your 403(b) account each year. 2012 free taxes online Chapter 7, Excess Contributions , describes how to prevent excess contributions and how to get an excess contribution corrected. 2012 free taxes online Prev  Up  Next   Home   More Online Publications
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The 2012 Free Taxes Online

2012 free taxes online Index A Acknowledgment, Acknowledgment. 2012 free taxes online Adoption expenses, Personal Expenses Airplanes, donations of, Cars, Boats, and Airplanes Appraisal fees, Appraisal Fees Assistance (see Tax help) Athletic events, Athletic events. 2012 free taxes online B Bargain sales, Bargain Sales Blood donated, Value of Time or Services Boats, donations of, Cars, Boats, and Airplanes Boats, fair market value, Cars, boats, and airplanes. 2012 free taxes online C Canadian charity, Canadian charities. 2012 free taxes online Capital gain property, Capital Gain Property Car expenses, Car expenses. 2012 free taxes online , Car expenses. 2012 free taxes online Carryovers, Carryovers Cars, donations of, Cars, Boats, and Airplanes Cash contributions, records to keep, Cash Contributions Charity benefit events, Charity benefit events. 2012 free taxes online Church deacon, Church deacon. 2012 free taxes online Clothing Fair market value of, Used clothing. 2012 free taxes online Conservation contribution, Special 50% Limit for Qualified Conservation Contributions Contributions from which you benefit, Contributions From Which You Benefit, Contributions From Which You Benefit Contributions of property, Contributions of Property Contributions subject to special rules Car, boat, or airplane, 1098–C, Contributions Subject to Special Rules Clothing, Contributions Subject to Special Rules Fractional interest in tangible personal property, Contributions Subject to Special Rules Future interest in tangible personal property, Contributions Subject to Special Rules Household items, Contributions Subject to Special Rules Inventory from your business, Contributions Subject to Special Rules Partial interest in property, Contributions Subject to Special Rules Patent or other intellectual property, Contributions Subject to Special Rules Property subject to a debt, Contributions Subject to Special Rules Qualified conservation contribution, Contributions Subject to Special Rules Taxidermy property, Contributions Subject to Special Rules Contributions to nonqualified organizations Foreign organizations, Contributions to Nonqualified Organizations Contributions you can deduct, Contributions You Can Deduct Conventions of a qualified organization, Conventions. 2012 free taxes online D Daily allowance (per diem) from a charitable organization, Daily allowance (per diem). 2012 free taxes online Deduction limits, Limits on Deductions Determining fair market value, Determining Fair Market Value Disaster relief, Reminders Donor-advised funds, Contributions to Donor-Advised Funds E Easement, Building in registered historic district. 2012 free taxes online F Farmer, Qualified farmer or rancher. 2012 free taxes online Food inventory, Food Inventory Foreign organizations Canadian, Canadian charities. 2012 free taxes online Israeli, Israeli charities. 2012 free taxes online Mexican, Mexican charities. 2012 free taxes online Form 8282, Form 8282. 2012 free taxes online 8283, Total deduction over $500. 2012 free taxes online Foster parents, Foster parents. 2012 free taxes online Free tax services, Free help with your tax return. 2012 free taxes online Future interests in property, Future Interest in Tangible Personal Property H Help (see Tax help) Historic building, Building in registered historic district. 2012 free taxes online Household items Fair market value of, Household items. 2012 free taxes online How to report, How To Report Noncash contributions, Reporting expenses for student living with you. 2012 free taxes online I Introduction, Introduction Inventory, Food Inventory Israeli charity, Israeli charities. 2012 free taxes online L Legislation, influencing, Contributions From Which You Benefit Limit on itemized deductions, What's New Limits on deductions, Limits on Deductions 20% limit, 20% Limit 30% limit, 30% Limit 50% limit, 50% Limit Calculation, How To Figure Your Deduction When Limits Apply Capital gain property, Special 30% Limit for Capital Gain Property Qualified conservation contributions, Special 50% Limit for Qualified Conservation Contributions M Meals, Personal Expenses Membership fees or dues, Membership fees or dues. 2012 free taxes online Mexican charity, Mexican charities. 2012 free taxes online Motor vehicles, donations of, Cars, Boats, and Airplanes Motor vehicles, fair market value, Cars, boats, and airplanes. 2012 free taxes online N Noncash contributions, Noncash Contributions How to report, Reporting expenses for student living with you. 2012 free taxes online Records to keep, Noncash Contributions Nondeductible contributions, Contributions You Cannot Deduct O Ordinary income property, Ordinary Income Property Out-of-pocket expenses, Out-of-pocket expenses. 2012 free taxes online Out-of-pocket expenses in giving services, Out-of-Pocket Expenses in Giving Services P Payroll deductions, Payroll deductions. 2012 free taxes online , Payroll deductions. 2012 free taxes online Penalty, valuation overstatement, Penalty Personal expenses, Personal Expenses Private foundation, 50% Limit Organizations Private nonoperating foundation, Contributions to private nonoperating foundations. 2012 free taxes online , 50% Limit Organizations Private operating foundation, 50% Limit Organizations Property Bargain sales, Bargain Sales Basis, Giving Property That Has Decreased in Value Capital gain, Capital Gain Property Capital gain election, Capital gain property election. 2012 free taxes online Decreased in value, Giving Property That Has Decreased in Value Future interests, Future Interest in Tangible Personal Property Increased in value, Giving Property That Has Increased in Value Inventory, Food Inventory Ordinary income, Ordinary Income Property Unrelated use, Tangible personal property put to unrelated use. 2012 free taxes online Publications (see Tax help) Q Qualified charitable distributions, Qualified Charitable Distributions Qualified conservation contribution, Special 50% Limit for Qualified Conservation Contributions Qualified organizations Foreign qualified organizations Canadian, Organizations That Qualify To Receive Deductible Contributions Israeli, Organizations That Qualify To Receive Deductible Contributions Mexican, Organizations That Qualify To Receive Deductible Contributions Types, Organizations That Qualify To Receive Deductible Contributions R Raffle or bingo, Contributions From Which You Benefit Recapture No exempt use, Recapture if no exempt use. 2012 free taxes online Recapture of deduction of fractional interest in tangible personal property Additional tax, Recapture of deduction. 2012 free taxes online Records to keep, Records To Keep Reminders Disaster relief, Reminders Reporting, How To Report Retirement home, Contributions From Which You Benefit S Services, value of, Value of Time or Services Split-dollar insurance arrangements, Contributions From Which You Benefit Student, Mutual exchange program. 2012 free taxes online Exchange program, Mutual exchange program. 2012 free taxes online Living with you, Student living with you. 2012 free taxes online Student living with you, Expenses Paid for Student Living With You, Reporting expenses for student living with you. 2012 free taxes online T Tangible personal property Future interest in, Future Interest in Tangible Personal Property Tax help, How To Get Tax Help Time, value of, Value of Time or Services Token items, Certain membership benefits can be disregarded. 2012 free taxes online Travel expenses, Travel. 2012 free taxes online Travel expenses for charitable services, Deductible travel expenses. 2012 free taxes online Tuition, Contributions From Which You Benefit U Underprivileged youths, Underprivileged youths selected by charity. 2012 free taxes online Uniforms, Uniforms. 2012 free taxes online Unrelated use, Unrelated use. 2012 free taxes online V Volunteers, Out-of-Pocket Expenses in Giving Services W Whaling captain, Expenses of Whaling Captains When to deduct, When To Deduct Prev  Up     Home   More Online Publications