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Amend A 2011 Tax Return

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Amend A 2011 Tax Return

Amend a 2011 tax return 1. Amend a 2011 tax return   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). Amend a 2011 tax return  You can set up and make contributions to an IRA if you receive taxable compensation. Amend a 2011 tax return 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. Amend a 2011 tax return For more information about IRAs, see Publication 590. Amend a 2011 tax return 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. Amend a 2011 tax return The educational assistance can be for a primary or secondary school, a college or university, or a vocational school. Amend a 2011 tax return Included are discussions of: Scholarships, Fellowships, Need-based education grants, such as a Pell Grant, and Qualified tuition reductions. Amend a 2011 tax return Many types of educational assistance are tax free if they meet the requirements discussed here. Amend a 2011 tax return Special rules apply to U. Amend a 2011 tax return S. Amend a 2011 tax return citizens and resident aliens who have received scholarships or fellowships for studying, teaching, or researching abroad. Amend a 2011 tax return For information about these rules, see Publication 54, Tax Guide for U. Amend a 2011 tax return S. Amend a 2011 tax return Citizens and Resident Aliens Abroad. Amend a 2011 tax return 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. Amend a 2011 tax return A fellowship is generally an amount paid for the benefit of an individual to aid in the pursuit of study or research. Amend a 2011 tax return Amount of scholarship or fellowship. Amend a 2011 tax return   The amount of a scholarship or fellowship includes the following: The value of contributed services and accommodations. Amend a 2011 tax return 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. Amend a 2011 tax return 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. Amend a 2011 tax return Any amount received in the nature of a family allowance as a part of a scholarship or fellowship. Amend a 2011 tax return 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. Amend a 2011 tax return 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. Amend a 2011 tax return (But for exceptions, see Payment for services,later. Amend a 2011 tax return Use Worksheet 1–1 to figure the amount of a scholarship or fellowship you can exclude from gross income. Amend a 2011 tax return Candidate for a degree. Amend a 2011 tax return   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. Amend a 2011 tax return Eligible educational institution. Amend a 2011 tax return   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. Amend a 2011 tax return Qualified education expenses. Amend a 2011 tax return   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. Amend a 2011 tax return These items must be required of all students in your course of instruction. Amend a 2011 tax return Expenses that do not qualify. Amend a 2011 tax return   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. Amend a 2011 tax return Payment for services. Amend a 2011 tax return   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. Amend a 2011 tax return This applies even if all candidates for a degree must perform the services to receive the degree. Amend a 2011 tax return (See exceptions next. Amend a 2011 tax return ) Exceptions. Amend a 2011 tax return   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. Amend a 2011 tax return Example 1. Amend a 2011 tax return You received a scholarship of $2,500. Amend a 2011 tax return The scholarship was not received under either of the exceptions mentioned above. Amend a 2011 tax return As a condition for receiving the scholarship, you must serve as a part-time teaching assistant. Amend a 2011 tax return Of the $2,500 scholarship, $1,000 represents payment for teaching. Amend a 2011 tax return The provider of your scholarship gives you a Form W-2 showing $1,000 as income. Amend a 2011 tax return Your qualified education expenses were at least $1,500. Amend a 2011 tax return Assuming that all other conditions are met, $1,500 of your scholarship is tax free. Amend a 2011 tax return The $1,000 you received for teaching is taxable. Amend a 2011 tax return Example 2. Amend a 2011 tax return You are a candidate for a degree at a medical school. Amend a 2011 tax return You receive a scholarship (not under either of the exceptions mentioned above) for your medical education and training. Amend a 2011 tax return The terms of your scholarship require you to perform future services. Amend a 2011 tax return A substantial penalty applies if you do not comply. Amend a 2011 tax return The entire amount of your grant is taxable as payment for services in the year it is received. Amend a 2011 tax return Athletic Scholarships An athletic scholarship is tax free only if and to the extent it meets the requirements discussed later. Amend a 2011 tax return Worksheet 1-1. Amend a 2011 tax return    You can use Worksheet 1-1, Taxable Scholarship and Fellowship Income , later, to figure the tax-free and taxable parts of your athletic scholarship. Amend a 2011 tax return    Worksheet 1-1. Amend a 2011 tax return Taxable Scholarship and Fellowship Income 1. Amend a 2011 tax return Enter the total amount of any scholarship or fellowship for 2013. Amend a 2011 tax return See Amount of scholarship or fellowship, earlier. Amend a 2011 tax return 1. Amend a 2011 tax return       If you are a degree candidate at an eligible educational institution, go to line 2. Amend a 2011 tax return If you are not a degree candidate at an eligible educational institution, stop here. Amend a 2011 tax return The entire amount is taxable. Amend a 2011 tax return For information on how to report this amount on your tax return, see Reporting Scholarships and Fellowships , earlier, in this chapter. Amend a 2011 tax return       2. Amend a 2011 tax return Enter the amount from line 1 that was for teaching, research, or any other services required as a condition for receiving the scholarship. Amend a 2011 tax return (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. Amend a 2011 tax return ) 2. Amend a 2011 tax return     3. Amend a 2011 tax return Subtract line 2 from line 1 3. Amend a 2011 tax return     4. Amend a 2011 tax return Enter the amount from line 3 that your scholarship or fellowship required you to use for other than qualified education expenses 4. Amend a 2011 tax return     5. Amend a 2011 tax return Subtract line 4 from line 3 5. Amend a 2011 tax return     6. Amend a 2011 tax return Enter the amount of your qualified education expenses 6. Amend a 2011 tax return     7. Amend a 2011 tax return Enter the smaller of line 5 or line 6. Amend a 2011 tax return This amount is the most you can exclude from your gross income (the tax-free part of the scholarship or fellowship) 7. Amend a 2011 tax return     8. Amend a 2011 tax return Subtract line 7 from line 5 8. Amend a 2011 tax return     9. Amend a 2011 tax return Taxable part. Amend a 2011 tax return Add lines 2, 4, and 8. Amend a 2011 tax return See Reporting Scholarships and Fellowships , earlier, for how to report this amount on your tax return 9. Amend a 2011 tax return     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. Amend a 2011 tax return 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. Amend a 2011 tax return 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. Amend a 2011 tax return 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. Amend a 2011 tax return 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. Amend a 2011 tax return You must report the taxable amount whether or not you received a Form W-2. Amend a 2011 tax return If you receive an incorrect Form W-2, ask the payer for a corrected one. Amend a 2011 tax return For information on whether you must file a return, see Publication 501, Exemptions, Standard Deduction, and Filing Information, or your income tax form instructions. Amend a 2011 tax return How To Report How you report any taxable scholarship or fellowship income depends on which return you file. Amend a 2011 tax return Form 1040EZ. Amend a 2011 tax return   If you file Form 1040EZ, include the taxable amount in the total on line 1. Amend a 2011 tax return 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. Amend a 2011 tax return Form 1040A. Amend a 2011 tax return   If you file Form 1040A, include the taxable amount in the total on line 7. Amend a 2011 tax return 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. Amend a 2011 tax return Form 1040. Amend a 2011 tax return   If you file Form 1040, include the taxable amount in the total on line 7. Amend a 2011 tax return 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. Amend a 2011 tax return Schedule SE (Form 1040). Amend a 2011 tax return   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. Amend a 2011 tax return If your net earnings are $400 or more, you must pay self-employment tax. Amend a 2011 tax return Use Schedule SE, Self-Employment Tax, to figure this tax. Amend a 2011 tax return Form 1040NR. Amend a 2011 tax return   If you file Form 1040NR, report the taxable amount on line 12. Amend a 2011 tax return Generally, you must report the amount shown in box 2 of Form(s) 1042-S, Foreign Person's U. Amend a 2011 tax return S. Amend a 2011 tax return Source Income Subject to Withholding. Amend a 2011 tax return See the Instructions for Form 1040NR for more information. Amend a 2011 tax return Form 1040NR-EZ. Amend a 2011 tax return   If you file Form 1040NR-EZ, report the taxable amount on line 5. Amend a 2011 tax return Generally, you must report the amount shown in box 2 of Form(s) 1042-S. Amend a 2011 tax return See the Instructions for Form 1040NR-EZ for more information. Amend a 2011 tax return Other Types of Educational Assistance The following discussions deal with other common types of educational assistance. Amend a 2011 tax return Fulbright Grants A Fulbright grant is generally treated as a scholarship or fellowship in figuring how much of the grant is tax free. Amend a 2011 tax return 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. Amend a 2011 tax return They are tax free to the extent used for qualified education expenses during the period for which a grant is awarded. Amend a 2011 tax return Payment to Service Academy Cadets An appointment to a United States military academy is not a scholarship or fellowship. Amend a 2011 tax return 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. Amend a 2011 tax return Include this pay in your income in the year you receive it unless one of the exceptions, discussed earlier under Payment for services , applies. Amend a 2011 tax return Veterans' Benefits Payments you receive for education, training, or subsistence under any law administered by the Department of Veterans Affairs (VA) are tax free. Amend a 2011 tax return Do not include these payments as income on your federal tax return. Amend a 2011 tax return 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. Amend a 2011 tax return This applies only to the part of your VA payments that is required to be used for education expenses. Amend a 2011 tax return You may want to visit the Veteran's Administration website at www. Amend a 2011 tax return gibill. Amend a 2011 tax return va. Amend a 2011 tax return gov for specific information about the various VA benefits for education. Amend a 2011 tax return Example. Amend a 2011 tax return 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. Amend a 2011 tax return Neither of these benefits is taxable and you do not report them on your tax return. Amend a 2011 tax return You also want to claim an American opportunity credit on your return. Amend a 2011 tax return You paid $5,000 in qualified education expenses (see chapter 2, American Opportunity Credit , later). Amend a 2011 tax return 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. Amend a 2011 tax return You do not subtract any amount of the BHA because it was paid to you and its use was not restricted. Amend a 2011 tax return 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. Amend a 2011 tax return This is called a “tuition reduction. Amend a 2011 tax return ” You do not have to include a qualified tuition reduction in your income. Amend a 2011 tax return A tuition reduction is qualified only if you receive it from, and use it at, an eligible educational institution. Amend a 2011 tax return You do not have to use the tuition reduction at the eligible educational institution from which you received it. Amend a 2011 tax return 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. Amend a 2011 tax return 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. Amend a 2011 tax return You must include in your income any tuition reduction you receive that is payment for your services. Amend a 2011 tax return Eligible educational institution. Amend a 2011 tax return   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. Amend a 2011 tax return Officers, owners, and highly compensated employees. Amend a 2011 tax return   Qualified tuition reductions apply to officers, owners, or highly compensated employees only if benefits are available to employees on a nondiscriminatory basis. Amend a 2011 tax return This means that the tuition reduction benefits must be available on substantially the same basis to each member of a group of employees. Amend a 2011 tax return The group must be defined under a reasonable classification set up by the employer. Amend a 2011 tax return The classification must not discriminate in favor of owners, officers, or highly compensated employees. Amend a 2011 tax return Payment for services. Amend a 2011 tax return   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. Amend a 2011 tax return This applies even if all candidates for a degree must perform the services to receive the degree. Amend a 2011 tax return (See below for exceptions. Amend a 2011 tax return ) Exceptions. Amend a 2011 tax return   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. Amend a 2011 tax return 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. Amend a 2011 tax return You are an employee of the eligible educational institution. Amend a 2011 tax return You were an employee of the eligible educational institution, but you retired or left on disability. Amend a 2011 tax return 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. Amend a 2011 tax return You are the dependent child or spouse of an individual described in (1) through (3), above. Amend a 2011 tax return Child of deceased parents. Amend a 2011 tax return   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. Amend a 2011 tax return Child of divorced parents. Amend a 2011 tax return   For purposes of the qualified tuition reduction, a dependent child of divorced parents is treated as the dependent of both parents. Amend a 2011 tax return Graduate Education A tuition reduction you receive for graduate education is qualified, and therefore tax free, if both of the following requirements are met. Amend a 2011 tax return It is provided by an eligible educational institution. Amend a 2011 tax return You are a graduate student who performs teaching or research activities for the educational institution. Amend a 2011 tax return You must include in income any other tuition reductions for graduate education that you receive. Amend a 2011 tax return How To Report Any tuition reduction that is taxable should be included as wages in box 1 of your Form W-2. Amend a 2011 tax return Report the amount from Form W-2, box 1, on line 7 (Form 1040 or Form 1040A) or line 1 (Form 1040EZ). Amend a 2011 tax return Prev  Up  Next   Home   More Online Publications
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The Amend A 2011 Tax Return

Amend a 2011 tax return 9. Amend a 2011 tax return   Figuring Net Profit or Loss Table of Contents Introduction Net Operating Losses (NOLs) Not-for-Profit Activities Introduction After figuring your business income and expenses, you are ready to figure the net profit or net loss from your business. Amend a 2011 tax return You do this by subtracting business expenses from business income. Amend a 2011 tax return If your expenses are less than your income, the difference is net profit and becomes part of your income on page 1 of Form 1040. Amend a 2011 tax return If your expenses are more than your income, the difference is a net loss. Amend a 2011 tax return You usually can deduct it from gross income on page 1 of Form 1040. Amend a 2011 tax return But in some situations your loss is limited. Amend a 2011 tax return This chapter briefly explains two of those situations. Amend a 2011 tax return Other situations that may limit your loss are explained in the Instructions for Schedule C, line G and line 32. Amend a 2011 tax return If you have more than one business, you must figure your net profit or loss for each business on a separate Schedule C. Amend a 2011 tax return Net Operating Losses (NOLs) If your deductions for the year are more than your income for the year (line 41 of your Form 1040 is a negative number), you may have a net operating loss (NOL). Amend a 2011 tax return You can use an NOL by deducting it from your income in another year or years. Amend a 2011 tax return Examples of typical losses that may produce an NOL include, but are not limited to, losses incurred from the following. Amend a 2011 tax return Your trade or business. Amend a 2011 tax return Your work as an employee (unreimbursed employee business expenses). Amend a 2011 tax return A casualty or theft. Amend a 2011 tax return Moving expenses. Amend a 2011 tax return Rental property. Amend a 2011 tax return A loss from operating a business is the most common reason for an NOL. Amend a 2011 tax return For details about NOLs, see Publication 536, Net Operating Losses (NOLs) for Individuals, Estates, and Trusts. Amend a 2011 tax return It explains how to figure an NOL, when to use it, how to claim an NOL deduction, and how to figure an NOL carryover. Amend a 2011 tax return Not-for-Profit Activities If you do not carry on your business to make a profit, there is a limit on the deductions you can take. Amend a 2011 tax return You cannot use a loss from the activity to offset other income. Amend a 2011 tax return Activities you do as a hobby, or mainly for sport or recreation, come under this limit. Amend a 2011 tax return For details about not-for-profit activities, see chapter 1 in Publication 535, Business Expenses. Amend a 2011 tax return That chapter explains how to determine whether your activity is carried on to make a profit and how to figure the amount of loss you can deduct. Amend a 2011 tax return Prev  Up  Next   Home   More Online Publications