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Download 1040ez Form

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Download 1040ez Form

Download 1040ez form Index A Acquisition indebtedness, Average acquisition indebtedness. Download 1040ez form Annuity obligations, Annuity obligation. Download 1040ez form By gift or bequest of mortgaged property, Exception for property acquired by gift, bequest, or devise. Download 1040ez form Change in property use, Change in use of property. Download 1040ez form Continued debt, Continued debt. Download 1040ez form Debt modifying existing, Modifying existing debt. Download 1040ez form Federal financing, Certain federal financing. Download 1040ez form For performing exempt purpose, Debt incurred in performing exempt purpose. Download 1040ez form Obligation to return collateral, Securities loans. Download 1040ez form Property subject to mortgage or lien, Property acquired subject to mortgage or lien. Download 1040ez form Real property, Real property debts of qualified organizations. Download 1040ez form Advertising income, Exploitation of Exempt Activity—Advertising Sales Agricultural organization dues, Dues of Agricultural Organizations and Business Leagues Assistance (see Tax help) B Business league dues, Dues of Agricultural Organizations and Business Leagues C Churches, Churches. Download 1040ez form Contributions deduction, Charitable contributions deduction. Download 1040ez form Convention or trade show activity, Convention or trade show activity. Download 1040ez form D Debt-financed property, Income From Debt-Financed Property Acquired in liquidation, Basis for debt-financed property acquired in corporate liquidation. Download 1040ez form Dues, agricultural organizations and business leagues, Dues of Agricultural Organizations and Business Leagues E Exchange or rental of member lists, Exchange or rental of member lists. Download 1040ez form Excluded trade or business activities, Excluded Trade or Business Activities Exclusions, Volunteer workforce. Download 1040ez form Sponsorship, Qualified sponsorship activities. Download 1040ez form Exempt function income, Exempt function income. Download 1040ez form Exploitation of exempt activity Advertising income, Exploitation of Exempt Activity—Advertising Sales Exploitation of exempt functions, Exploitation of exempt functions. Download 1040ez form F Form 990-T, Returns and Filing Requirements Free tax services, How to Get Tax Help H Help (see Tax help) I Income from research, Income from research. Download 1040ez form L Limits, Limits. Download 1040ez form M More information (see Tax help) N Net operating loss deduction, Modifications Nonrecognition of gain, Nonrecognition of gain. Download 1040ez form P Publications (see Tax help) R Rents, Rents. Download 1040ez form Return, Returns and Filing Requirements Royalties, Royalties. Download 1040ez form S Specific deduction, Specific deduction. Download 1040ez form T Tax, Organizations Subject to the Tax Alternative minimum, Alternative minimum tax. Download 1040ez form Colleges and universities, Colleges and universities. Download 1040ez form Deposits, Federal Tax Deposits Must be Made by Electronic Funds Transfer Estimated, Payment of Tax Organizations affected, Organizations Subject to the Tax Payment, Public Inspection Requirements of Section 501(c)(3) Organizations. Download 1040ez form Rates, The Tax and Filing Requirements Return, Returns and Filing Requirements Title-holding corporations, Title-holding corporations. Download 1040ez form U. Download 1040ez form S. Download 1040ez form instrumentalities, U. Download 1040ez form S. Download 1040ez form instrumentalities. Download 1040ez form Tax help, How to Get Tax Help Taxpayer Advocate, Contacting your Taxpayer Advocate. Download 1040ez form Title-holding corporations, Title-holding corporations. Download 1040ez form TTY/TDD information, How to Get Tax Help U Unrelated business Hospital laboratory, Nonpatient laboratory testing. Download 1040ez form Unrelated business income, Unrelated Business Taxable Income, Income Advertising income, Exploitation of Exempt Activity—Advertising Sales Certain trusts, Special Rules for Social Clubs, VEBAs, SUBs, and GLSOs Controlled organizations, Income From Controlled Organizations Debt-financed property, Income From Debt-Financed Property Deductions, Deductions Employees beneficiary associations, Special Rules for Social Clubs, VEBAs, SUBs, and GLSOs Exclusions, Exclusions Foreign organizations, Special Rules for Foreign Organizations Income from gambling activities, Legal definition. Download 1040ez form Income from lending securities, Income from lending securities. Download 1040ez form Modifications, Modifications Partnership income or loss, Partnership Income or Loss Products of exempt functions, Selling of products of exempt functions. Download 1040ez form S corporation income, S Corporation Income or Loss S corporation income or loss, S Corporation Income or Loss Social clubs, Special Rules for Social Clubs, VEBAs, SUBs, and GLSOs Veterans organizations, Special Rules for Veterans' Organizations Unrelated debt-financed income, Certain federal financing. Download 1040ez form Average acquisition indebtedness, Average acquisition indebtedness. Download 1040ez form Average adjusted basis, Average adjusted basis. Download 1040ez form Computation, Computation of Debt-Financed Income Debt/basis percentage, Computation of debt/basis percentage. Download 1040ez form Deductions, Deductions for Debt-Financed Property Gains from dispositions, Gain or loss from sale or other disposition of property. Download 1040ez form Indeterminate property price, Indeterminate price. Download 1040ez form Unrelated trade or business, Unrelated Trade or Business Artists facilities, Artists' facilities. Download 1040ez form Book publishing, Book publishing. Download 1040ez form Broadcasting rights, Broadcasting rights. Download 1040ez form Business league's parking and bus services, Business league's parking and bus services. Download 1040ez form Convenience of members, Convenience of members. Download 1040ez form Convention or trade show, Convention or trade show activity. Download 1040ez form Directory of members, Directory of members. Download 1040ez form Distribution of low cost articles, Distribution of low cost articles. Download 1040ez form Dual use facilities, etc. Download 1040ez form , Dual use of assets or facilities. Download 1040ez form Employees association sales, Employee association sales. Download 1040ez form Exclusions, Excluded Trade or Business Activities Exploitation of exempt functions, Exploitation of exempt functions. Download 1040ez form Gambling activities other than bingo, Gambling activities other than bingo. 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Download 1040ez form Yearbook advertising, Yearbook advertising. Download 1040ez form Youth residence, Youth residence. Download 1040ez form Unstated trade or business Bingo games, Bingo games. Download 1040ez form V Volunteer fire company, Excluded Trade or Business Activities W When to file, When to file. Download 1040ez form Prev  Up     Home   More Online Publications
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Question to Ask When Shopping for a Mortgage

When shopping for a home mortgage make sure you obtain all the relevant information:

  • Research current interest rates. Check the real estate section of your local newspaper, use the Internet, or call at least six lenders for information.
  • Check the rates for 30-year, 20-year and 15-year mortgages. You may be able to save thousands of dollars in interest charges by getting the shortest-term mortgage you can afford.
  • Ask for details on the same loan amount, loan term, and type of loan from multiple lenders so that you can compare the information. Be sure to get the Annual Percentage Rate (APR), which takes into account not only the interest rate but also points, broker fees, and other credit charges expressed as a yearly rate.
  • Ask whether the rate is fixed or adjustable. The interest rate on adjustable rate mortgage loans (ARMs) can vary a great deal over the lifetime of the mortgage. An increase of several percentage points might raise payments by hundreds of dollars per month.
  • If a loan has an adjustable rate, ask when and how the rate and loan payment could change.
  • Find out how much down payment is required. Some lenders require 20% of the home's purchase price as a down payment. But many lenders now offer loans that require less. In these cases, you may be required to purchase private mortgage insurance (PMI) to protect the lender if you fall behind on payments.
  • If PMI is required, ask what the total cost of the insurance will be. How much will the monthly mortgage payment be when the PMI premium is added and how long you will be required to carry PMI?
  • Ask if you can pay off the loan early and if there is a penalty for doing so.

There is a long list of sources for mortgages loans: mortgage banks, mortgage brokers, banks, thrifts and credit unions, home builders, real estate agencies and Internet lenders.

Tips for Working with Lenders

  • Get recommendations: Ask friends and family members for suggestions, especially if they've recently obtained a loan.
  • Check credentials: Mortgage bankers are regulated by either your state's department of banking or division of real estate. Check with the one appropriate to your state to see if a lender is in good professional standing. Mortgage brokers may be state regulated or not. If not, check with the local chapter of the National Association of Mortgage Brokers or the Better Business Bureau to see if their record is clean.
  • Do your homework: Learn about typical mortgages and ask questions when something looks amiss; a broker may be trying to pad closing costs or other fees at your expense.
  • Take care online: There are plenty of attractive deals online, but first make sure you're dealing with a reliable broker or lender.

If you're working with a broker, the National Consumer Law Center recommends you demand to know how much the broker is making from the lender as well as from any fees you might be paying. It's best to get this information upfront and in writing. Avoid a broker who is double-dipping-getting a fat premium from the lender, as well as fees from you.

The Real Estate Settlement Procedures Act (RESPA) requires lenders to give you information on all closing costs and escrow account practices. Any business relationships between the lender and closing service providers or other parties to the transaction must also be disclosed. Many of the fees are negotiable. More information is available from the Federal Trade Commission, the Federal Reserve Board, and the Department of Housing and Urban Development.

For more information on home buying and mortgages, visit Fannie Mae's website or call 202-752-7000.

The Download 1040ez Form

Download 1040ez form Publication 939 - Main Content Table of Contents General Information Taxation of Periodic PaymentsInvestment in the Contract Expected Return Computation Under the General Rule How To Use Actuarial TablesUnisex Annuity Tables Special Elections Worksheets for Determining Taxable Annuity Actuarial Tables Requesting a Ruling on Taxation of Annuity How To Get Tax HelpLow Income Taxpayer Clinics General Information Some of the terms used in this publication are defined in the following paragraphs. Download 1040ez form A pension is generally a series of payments made to you after you retire from work. Download 1040ez form Pension payments are made regularly and are for past services with an employer. Download 1040ez form An annuity is a series of payments under a contract. Download 1040ez form You can buy the contract alone or you can buy it with the help of your employer. Download 1040ez form Annuity payments are made regularly for more than one full year. Download 1040ez form Note. Download 1040ez form Distributions from pensions and annuities follow the same rules as outlined in this publication unless otherwise noted. Download 1040ez form Types of pensions and annuities. Download 1040ez form   Particular types of pensions and annuities include: Fixed period annuities. Download 1040ez form You receive definite amounts at regular intervals for a definite length of time. Download 1040ez form Annuities for a single life. Download 1040ez form You receive definite amounts at regular intervals for life. Download 1040ez form The payments end at death. Download 1040ez form Joint and survivor annuities. Download 1040ez form The first annuitant receives a definite amount at regular intervals for life. Download 1040ez form After he or she dies, a second annuitant receives a definite amount at regular intervals for life. Download 1040ez form The amount paid to the second annuitant may or may not differ from the amount paid to the first annuitant. Download 1040ez form Variable annuities. Download 1040ez form You receive payments that may vary in amount for a definite length of time or for life. Download 1040ez form The amounts you receive may depend upon such variables as profits earned by the pension or annuity funds or cost-of-living indexes. Download 1040ez form Disability pensions. Download 1040ez form You are under minimum retirement age and receive payments because you retired on disability. Download 1040ez form If, at the time of your retirement, you were permanently and totally disabled, you may be eligible for the credit for the elderly or the disabled discussed in Publication 524. Download 1040ez form If your annuity starting date is after November 18, 1996, the General Rule cannot be used for the following qualified plans. Download 1040ez form A qualified employee plan is an employer's stock bonus, pension, or profit-sharing plan that is for the exclusive benefit of employees or their beneficiaries. Download 1040ez form This plan must meet Internal Revenue Code requirements. Download 1040ez form It qualifies for special tax benefits, including tax deferral for employer contributions and rollover distributions. Download 1040ez form However, you must use the General Rule if you were 75 or over and the annuity payments are guaranteed for more than 5 years. Download 1040ez form A qualified employee annuity is a retirement annuity purchased by an employer for an employee under a plan that meets Internal Revenue Code requirements. Download 1040ez form A tax-sheltered annuity is a special annuity plan or contract purchased for an employee of a public school or tax-exempt organization. Download 1040ez form   The General Rule is used to figure the tax treatment of various types of pensions and annuities, including nonqualified employee plans. Download 1040ez form A nonqualified employee plan is an employer's plan that does not meet Internal Revenue Code requirements. Download 1040ez form It does not qualify for most of the tax benefits of a qualified plan. Download 1040ez form Annuity worksheets. Download 1040ez form   The worksheets found near the end of the text of this publication may be useful to you in figuring the taxable part of your annuity. Download 1040ez form Request for a ruling. Download 1040ez form   If you are unable to determine the income tax treatment of your pension or annuity, you may ask the Internal Revenue Service to figure the taxable part of your annuity payments. Download 1040ez form This is treated as a request for a ruling. Download 1040ez form See Requesting a Ruling on Taxation of Annuity near the end of this publication. Download 1040ez form Withholding tax and estimated tax. Download 1040ez form   Your pension or annuity is subject to federal income tax withholding unless you choose not to have tax withheld. Download 1040ez form If you choose not to have tax withheld from your pension or annuity, or if you do not have enough income tax withheld, you may have to make estimated tax payments. Download 1040ez form Taxation of Periodic Payments This section explains how the periodic payments you receive under a pension or annuity plan are taxed under the General Rule. Download 1040ez form Periodic payments are amounts paid at regular intervals (such as weekly, monthly, or yearly) for a period of time greater than one year (such as for 15 years or for life). Download 1040ez form These payments are also known as amounts received as an annuity. Download 1040ez form If you receive an amount from your plan that is a nonperiodic payment (amount not received as an annuity), see Taxation of Nonperiodic Payments in Publication 575. Download 1040ez form In general, you can recover your net cost of the pension or annuity tax free over the period you are to receive the payments. Download 1040ez form The amount of each payment that is more than the part that represents your net cost is taxable. Download 1040ez form Under the General Rule, the part of each annuity payment that represents your net cost is in the same proportion that your investment in the contract is to your expected return. Download 1040ez form These terms are explained in the following discussions. Download 1040ez form Investment in the Contract In figuring how much of your pension or annuity is taxable under the General Rule, you must figure your investment in the contract. Download 1040ez form First, find your net cost of the contract as of the annuity starting date (defined later). Download 1040ez form To find this amount, you must first figure the total premiums, contributions, or other amounts paid. Download 1040ez form This includes the amounts your employer contributed if you were required to include these amounts in income. Download 1040ez form It also includes amounts you actually contributed (except amounts for health and accident benefits and deductible voluntary employee contributions). Download 1040ez form From this total cost you subtract: Any refunded premiums, rebates, dividends, or unrepaid loans (any of which were not included in your income) that you received by the later of the annuity starting date or the date on which you received your first payment. Download 1040ez form Any additional premiums paid for double indemnity or disability benefits. Download 1040ez form Any other tax-free amounts you received under the contract or plan before the later of the dates in (1). Download 1040ez form The annuity starting date   is the later of the first day of the first period for which you receive payment under the contract or the date on which the obligation under the contract becomes fixed. Download 1040ez form Example. Download 1040ez form On January 1 you completed all your payments required under an annuity contract providing for monthly payments starting on August 1, for the period beginning July 1. Download 1040ez form The annuity starting date is July 1. Download 1040ez form This is the date you use in figuring your investment in the contract and your expected return (discussed later). Download 1040ez form Adjustments If any of the following items apply, adjust (add or subtract) your total cost to find your net cost. Download 1040ez form Foreign employment. Download 1040ez form   If you worked abroad, your cost may include contributions by your employer to the retirement plan, but only if those contributions would be excludible from your gross income had they been paid directly to you as compensation. Download 1040ez form The contributions that apply are: Contributions before 1963 by your employer, Contributions after 1962 by your employer if the contributions would be excludible from your gross income (without regard to the foreign earned income exclusion) had they been paid directly to you, or Contributions after 1996 by your employer on your behalf if you performed the services of a foreign missionary (a duly ordained, commissioned, or licensed minister of a church or a lay person) if the contributions would be excludible from your gross income had they been paid directly to you. Download 1040ez form Foreign employment contributions while a nonresident alien. Download 1040ez form   In determining your cost, special rules apply if you are a U. Download 1040ez form S. Download 1040ez form citizen or resident alien who received distributions from a plan to which contributions were made while you were a nonresident alien. Download 1040ez form Your contributions and your employer's contributions are not included in your cost if the contributions: Were made based on compensation which was for services performed outside the United States which you were a nonresident alien, and Were not subject to income tax under the laws of the United States or any foreign country, but only if the contribution would have been subject to income tax if they had been paid as cash compensation when the services were performed. Download 1040ez form Death benefit exclusion. Download 1040ez form   If you are the beneficiary of a deceased employee (or former employee), who died before August 21, 1996, you may qualify for a death benefit exclusion of up to $5,000. Download 1040ez form The beneficiary of a deceased employee who died after August 20, 1996, will not qualify for the death benefit exclusion. Download 1040ez form How to adjust your total cost. Download 1040ez form   If you are eligible, treat the amount of any allowable death benefit exclusion as additional cost paid by the employee. Download 1040ez form Add it to the cost or unrecovered cost of the annuity at the annuity starting date. Download 1040ez form See Example 3 under Computation Under General Rule for an illustration of the adjustment to the cost of the contract. Download 1040ez form Net cost. Download 1040ez form   Your total cost plus certain adjustments and minus other amounts already recovered before the annuity starting date is your net cost. Download 1040ez form This is the unrecovered investment in the contract as of the annuity starting date. Download 1040ez form If your annuity starting date is after 1986, this is the maximum amount that you may recover tax free under the contract. Download 1040ez form Refund feature. Download 1040ez form   Adjustment for the value of the refund feature is only applicable when you report your pension or annuity under the General Rule. Download 1040ez form Your annuity contract has a refund feature if: The expected return ( discussed later) of an annuity depends entirely or partly on the life of one or more individuals, The contract provides that payments will be made to a beneficiary or the estate of an annuitant on or after the death of the annuitant if a stated amount or a stated number of payments has not been paid to the annuitant or annuitants before death, and The payments are a refund of the amount you paid for the annuity contract. Download 1040ez form   If your annuity has a refund feature, you must reduce your net cost of the contract by the value of the refund feature (figured using Table III or VII at the end of this publication, also see How To Use Actuarial Tables , later) to find the investment in the contract. Download 1040ez form Zero value of refund feature. Download 1040ez form   For a joint and survivor annuity, the value of the refund feature is zero if: Both annuitants are age 74 or younger, The payments are guaranteed for less than 2½ years, and The survivor's annuity is at least 50% of the first annuitant's annuity. Download 1040ez form   For a single-life annuity without survivor benefit, the value of the refund feature is zero if: The payments are guaranteed for less than 2½ years, and The annuitant is: Age 57 or younger (if using the new (unisex) annuity tables), Age 42 or younger (if male and using the old annuity tables), or Age 47 or younger (if female and using the old annuity tables). Download 1040ez form   If you do not meet these requirements, you will have to figure the value of the refund feature, as explained in the following discussion. Download 1040ez form Examples. Download 1040ez form The first example shows how to figure the value of the refund feature when there is only one beneficiary. Download 1040ez form Example 2 shows how to figure the value of the refund feature when the contract provides, in addition to a whole life annuity, one or more temporary life annuities for the lives of children. Download 1040ez form In both examples, the taxpayer elects to use Tables V through VIII. Download 1040ez form If you need the value of the refund feature for a joint and survivor annuity, write to the Internal Revenue Service as explained under Requesting a Ruling on Taxation of Annuity near the end of this publication. Download 1040ez form Example 1. Download 1040ez form At age 65, Barbara bought for $21,053 an annuity with a refund feature. Download 1040ez form She will get $100 a month for life. Download 1040ez form Barbara's contract provides that if she does not live long enough to recover the full $21,053, similar payments will be made to her surviving beneficiary until a total of $21,053 has been paid under the contract. Download 1040ez form In this case, the contract cost and the total guaranteed return are the same ($21,053). Download 1040ez form Barbara's investment in the contract is figured as follows: Net cost $21,053 Amount to be received annually $1,200   Number of years for which payment is guaranteed ($21,053 divided by $1,200) 17. Download 1040ez form 54   Rounded to nearest whole number of years 18   Percentage from Actuarial Table VII for age 65 with 18 years of guaranteed payments 15%   Value of the refund feature (rounded to the nearest dollar)—15% of $21,053 3,158 Investment in the contract, adjusted for value of refund feature $17,895       If the total guaranteed return were less than the $21,053 net cost of the contract, Barbara would apply the appropriate percentage from the tables to the lesser amount. Download 1040ez form For example, if the contract guaranteed the $100 monthly payments for 17 years to Barbara's estate or beneficiary if she were to die before receiving all the payments for that period, the total guaranteed return would be $20,400 ($100 × 12 × 17 years). Download 1040ez form In this case, the value of the refund feature would be $2,856 (14% of $20,400) and Barbara's investment in the contract would be $18,197 ($21,053 minus $2,856) instead of $17,895. Download 1040ez form Example 2. Download 1040ez form John died while still employed. Download 1040ez form His widow, Eleanor, age 48, receives $171 a month for the rest of her life. Download 1040ez form John's son, Elmer, age 9, receives $50 a month until he reaches age 18. Download 1040ez form John's contributions to the retirement fund totaled $7,559. Download 1040ez form 45, with interest on those contributions of $1,602. Download 1040ez form 53. Download 1040ez form The guarantee or total refund feature of the contract is $9,161. Download 1040ez form 98 ($7,559. Download 1040ez form 45 plus $1,602. Download 1040ez form 53). Download 1040ez form The adjustment in the investment in the contract is figured as follows: A) Expected return:*       1) Widow's expected return:         Annual annuity ($171 × 12) $2,052       Multiplied by factor from Table V         (nearest age 48) 34. Download 1040ez form 9 $71,614. Download 1040ez form 80   2) Child's expected return:         Annual annuity ($50 × 12) $600       Multiplied by factor from         Table VIII (nearest age 9         for term of 9 years) 9. Download 1040ez form 0 5,400. Download 1040ez form 00   3) Total expected return   $77,014. Download 1040ez form 80 B) Adjustment for refund feature:       1) Contributions (net cost) $7,559. Download 1040ez form 45   2) Guaranteed amount (contributions of $7,559. Download 1040ez form 45 plus interest of $1,602. Download 1040ez form 53) $9,161. Download 1040ez form 98   3) Minus: Expected return under child's (temporary life) annuity (A(2)) 5,400. Download 1040ez form 00   4) Net guaranteed amount $3,761. Download 1040ez form 98   5) Multiple from Table VII (nearest age 48 for 2 years duration (recovery of $3,761. Download 1040ez form 98 at $171 a month to nearest whole year)) 0%   6) Adjustment required for value of refund feature rounded to the nearest whole dollar  (0% × $3,761. Download 1040ez form 98, the smaller of B(3) or B(6)) 0 *Expected return is the total amount you and other eligible annuitants can expect to receive under the contract. Download 1040ez form See the discussion of expected return, later in this publication. Download 1040ez form Free IRS help. Download 1040ez form   If you need to request assistance to figure the value of the refund feature, see Requesting a Ruling on Taxation of Annuity near the end of this publication. Download 1040ez form Expected Return Your expected return is the total amount you and other eligible annuitants can expect to receive under the contract. Download 1040ez form The following discussions explain how to figure the expected return with each type of annuity. Download 1040ez form A person's age, for purposes of figuring the expected return, is the age at the birthday nearest to the annuity starting date. Download 1040ez form Fixed period annuity. Download 1040ez form   If you will get annuity payments for a fixed number of years, without regard to your life expectancy, you must figure your expected return based on that fixed number of years. Download 1040ez form It is the total amount you will get beginning at the annuity starting date. Download 1040ez form You will receive specific periodic payments for a definite period of time, such as a fixed number of months (but not less than 13). Download 1040ez form To figure your expected return, multiply the fixed number of months for which payments are to be made by the amount of the payment specified for each period. Download 1040ez form Single life annuity. Download 1040ez form   If you are to get annuity payments for the rest of your life, find your expected return as follows. Download 1040ez form You must multiply the amount of the annual payment by a multiple based on your life expectancy as of the annuity starting date. Download 1040ez form These multiples are set out in actuarial Tables I and V near the end of this publication (see How To Use Actuarial Tables , later). Download 1040ez form   You may need to adjust these multiples if the payments are made quarterly, semiannually, or annually. Download 1040ez form See Adjustments to Tables I, II, V, VI, and VIA following Table I. Download 1040ez form Example. Download 1040ez form Henry bought an annuity contract that will give him an annuity of $500 a month for his life. Download 1040ez form If at the annuity starting date Henry's nearest birthday is 66, the expected return is figured as follows: Annual payment ($500 × 12 months) $6,000 Multiple shown in Table V, age 66 × 19. Download 1040ez form 2 Expected return $115,200 If the payments were to be made to Henry quarterly and the first payment was made one full month after the annuity starting date, Henry would adjust the 19. Download 1040ez form 2 multiple by +. Download 1040ez form 1. Download 1040ez form His expected return would then be $115,800 ($6,000 × 19. Download 1040ez form 3). Download 1040ez form Annuity for shorter of life or specified period. Download 1040ez form   With this type of annuity, you are to get annuity payments either for the rest of your life or until the end of a specified period, whichever period is shorter. Download 1040ez form To figure your expected return, multiply the amount of your annual payment by a multiple in Table IV or VIII for temporary life annuities. Download 1040ez form Find the proper multiple based on your sex (if using Table IV), your age at the annuity starting date, and the nearest whole number of years in the specified period. Download 1040ez form Example. Download 1040ez form Harriet purchased an annuity this year that will pay her $200 each month for five years or until she dies, whichever period is shorter. Download 1040ez form She was age 65 at her birthday nearest the annuity starting date. Download 1040ez form She figures the expected return as follows: Annual payment ($200 × 12 months) $2,400 Multiple shown in Table VIII, age 65, 5-year term × 4. Download 1040ez form 9 Expected return $11,760 She uses Table VIII (not Table IV) because all her contributions were made after June 30, 1986. Download 1040ez form See Special Elections, later. Download 1040ez form Joint and survivor annuities. Download 1040ez form   If you have an annuity that pays you a periodic income for life and after your death provides an identical lifetime periodic income to your spouse (or some other person), you figure the expected return based on your combined life expectancies. Download 1040ez form To figure the expected return, multiply the annual payment by a multiple in Table II or VI based on your joint life expectancies. Download 1040ez form If your payments are made quarterly, semiannually, or annually, you may need to adjust these multiples. Download 1040ez form See Adjustments to Tables I, II, V, VI, and VIA following Table I near the end of this publication. Download 1040ez form Example. Download 1040ez form John bought a joint and survivor annuity providing payments of $500 a month for his life, and, after his death, $500 a month for the remainder of his wife's life. Download 1040ez form At John's annuity starting date, his age at his nearest birthday is 70 and his wife's at her nearest birthday is 67. Download 1040ez form The expected return is figured as follows: Annual payment ($500 × 12 months) $6,000 Multiple shown in Table VI, ages 67 and 70 × 22. Download 1040ez form 0 Expected return $132,000 Different payments to survivor. Download 1040ez form   If your contract provides that payments to a survivor annuitant will be different from the amount you receive, you must use a computation which accounts for both the joint lives of the annuitants and the life of the survivor. Download 1040ez form Example 1. Download 1040ez form Gerald bought a contract providing for payments to him of $500 a month for life and, after his death, payments to his wife, Mary, of $350 a month for life. Download 1040ez form If, at the annuity starting date, Gerald's nearest birthday is 70 and Mary's is 67, the expected return under the contract is figured as follows: Combined multiple for Gerald and Mary, ages 70 and 67 (from Table VI)   22. Download 1040ez form 0 Multiple for Gerald, age 70 (from Table V)   16. Download 1040ez form 0 Difference: Multiple applicable to Mary   6. Download 1040ez form 0 Gerald's annual payment ($500 × 12) $6,000   Gerald's multiple 16. Download 1040ez form 0   Gerald's expected return   $96,000 Mary's annual payment ($350 × 12) $4,200   Mary's multiple 6. Download 1040ez form 0   Mary's expected return   25,200 Total expected return under the contract   $121,200 Example 2. Download 1040ez form Your husband died while still employed. Download 1040ez form Under the terms of his employer's retirement plan, you are entitled to get an immediate annuity of $400 a month for the rest of your life or until you remarry. Download 1040ez form Your daughters, Marie and Jean, are each entitled to immediate temporary life annuities of $150 a month until they reach age 18. Download 1040ez form You were 50 years old at the annuity starting date. Download 1040ez form Marie was 16 and Jean was 14. Download 1040ez form Using the multiples shown in Tables V and VIII at the end of this publication, the total expected return on the annuity starting date is $169,680, figured as follows: Widow, age 50 (multiple from Table V—33. Download 1040ez form 1 × $4,800 annual payment) $158,880 Marie, age 16 for 2 years duration (multiple from Table VIII—2. Download 1040ez form 0 × $1,800 annual payment) 3,600 Jean, age 14 for 4 years duration (multiple from Table VIII—4. Download 1040ez form 0 × $1,800 annual payment) 7,200 Total expected return $169,680 No computation of expected return is made based on your husband's age at the date of death because he died before the annuity starting date. Download 1040ez form Computation Under the General Rule Note. Download 1040ez form Variable annuities use a different computation for determining the exclusion amounts. Download 1040ez form See Variable annuities later. Download 1040ez form Under the General Rule, you figure the taxable part of your annuity by using the following steps: Step 1. Download 1040ez form   Figure the amount of your investment in the contract, including any adjustments for the refund feature and the death benefit exclusion, if applicable. Download 1040ez form See Death benefit exclusion , earlier. Download 1040ez form Step 2. Download 1040ez form   Figure your expected return. Download 1040ez form Step 3. Download 1040ez form   Divide Step 1 by Step 2 and round to three decimal places. Download 1040ez form This will give you the exclusion percentage. Download 1040ez form Step 4. Download 1040ez form   Multiply the exclusion percentage by the first regular periodic payment. Download 1040ez form The result is the tax-free part of each pension or annuity payment. Download 1040ez form   The tax-free part remains the same even if the total payment increases due to variation in the annuity amount such as cost of living increases, or you outlive the life expectancy factor used. Download 1040ez form However, if your annuity starting date is after 1986, the total amount of annuity income that is tax free over the years cannot exceed your net cost. Download 1040ez form   Each annuitant applies the same exclusion percentage to his or her initial payment called for in the contract. Download 1040ez form Step 5. Download 1040ez form   Multiply the tax-free part of each payment (step 4) by the number of payments received during the year. Download 1040ez form This will give you the tax-free part of the total payment for the year. Download 1040ez form    In the first year of your annuity, your first payment or part of your first payment may be for a fraction of the payment period. Download 1040ez form This fractional amount is multiplied by your exclusion percentage to get the tax-free part. Download 1040ez form Step 6. Download 1040ez form   Subtract the tax-free part from the total payment you received. Download 1040ez form The rest is the taxable part of your pension or annuity. Download 1040ez form Example 1. Download 1040ez form You purchased an annuity with an investment in the contract of $10,800. Download 1040ez form Under its terms, the annuity will pay you $100 a month for life. Download 1040ez form The multiple for your age (age 65) is 20. Download 1040ez form 0 as shown in Table V. Download 1040ez form Your expected return is $24,000 (20 × 12 × $100). Download 1040ez form Your cost of $10,800, divided by your expected return of $24,000, equals 45. Download 1040ez form 0%. Download 1040ez form This is the percentage you will not have to include in income. Download 1040ez form Each year, until your net cost is recovered, $540 (45% of $1,200) will be tax free and you will include $660 ($1,200 − $540) in your income. Download 1040ez form If you had received only six payments of $100 ($600) during the year, your exclusion would have been $270 (45% of $100 × 6 payments). Download 1040ez form Example 2. Download 1040ez form Gerald bought a joint and survivor annuity. Download 1040ez form Gerald's investment in the contract is $62,712 and the expected return is $121,200. Download 1040ez form The exclusion percentage is 51. Download 1040ez form 7% ($62,712 ÷ $121,200). Download 1040ez form Gerald will receive $500 a month ($6,000 a year). Download 1040ez form Each year, until his net cost is recovered, $3,102 (51. Download 1040ez form 7% of his total payments received of $6,000) will be tax free and $2,898 ($6,000 − $3,102) will be included in his income. Download 1040ez form If Gerald dies, his wife will receive $350 a month ($4,200 a year). Download 1040ez form If Gerald had not recovered all of his net cost before his death, his wife will use the same exclusion percentage (51. Download 1040ez form 7%). Download 1040ez form Each year, until the entire net cost is recovered, his wife will receive $2,171. Download 1040ez form 40 (51. Download 1040ez form 7% of her payments received of $4,200) tax free. Download 1040ez form She will include $2,028. Download 1040ez form 60 ($4,200 − $2,171. Download 1040ez form 40) in her income tax return. Download 1040ez form Example 3. Download 1040ez form Using the same facts as Example 2 under Different payments to survivor, you are to receive an annual annuity of $4,800 until you die or remarry. Download 1040ez form Your two daughters each receive annual annuities of $1,800 until they reach age 18. Download 1040ez form Your husband contributed $25,576 to the plan. Download 1040ez form You are eligible for the $5,000 death benefit exclusion because your husband died before August 21, 1996. Download 1040ez form Adjusted Investment in the Contract Contributions $25,576 Plus: Death benefit exclusion 5,000 Adjusted investment in the contract $30,576 The total expected return, as previously figured (in Example 2 under Different payments to survivor), is $169,680. Download 1040ez form The exclusion percentage of 18. Download 1040ez form 0% ($30,576 ÷ $169,680) applies to the annuity payments you and each of your daughters receive. Download 1040ez form Each full year $864 (18. Download 1040ez form 0% × $4,800) will be tax free to you, and you must include $3,936 in your income tax return. Download 1040ez form Each year, until age 18, $324 (18. Download 1040ez form 0% × $1,800) of each of your daughters' payments will be tax free and each must include the balance, $1,476, as income on her own income tax return. Download 1040ez form Part-year payments. Download 1040ez form   If you receive payments for only part of a year, apply the exclusion percentage to the first regular periodic payment, and multiply the result by the number of payments received during the year. Download 1040ez form   If you receive amounts during the year that represent 12 payments, one for each month in that year, and an amount that represents payments for months in a prior year, apply the exclusion percentage to the first regular periodic payment, and multiply the result by the number of payments the amounts received represent. Download 1040ez form For instance, if you received amounts during the year that represent the 12 payments for that year plus an amount that represents three payments for a prior year, multiply that amount by the 15 (12 + 3) payments received that the year. Download 1040ez form   If you received a fractional payment, follow Step 5, discussed earlier. Download 1040ez form This gives you the tax-free part of your total payment. Download 1040ez form Example. Download 1040ez form On September 28, Mary bought an annuity contract for $22,050 that will give her $125 a month for life, beginning October 30. Download 1040ez form The applicable multiple from Table V is 23. Download 1040ez form 3 (age 61). Download 1040ez form Her expected return is $34,950 ($125 × 12 × 23. Download 1040ez form 3). Download 1040ez form Mary's investment in the contract of $22,050, divided by her expected return of $34,950, equals 63. Download 1040ez form 1%. Download 1040ez form Each payment received will consist of 63. Download 1040ez form 1% return of cost and 36. Download 1040ez form 9% taxable income, until her net cost of the contract is fully recovered. Download 1040ez form During the first year, Mary received three payments of $125, or $375, of which $236. Download 1040ez form 63 (63. Download 1040ez form 1% × $375) is a return of cost. Download 1040ez form The remaining $138. Download 1040ez form 37 is included in income. Download 1040ez form Increase in annuity payments. Download 1040ez form   The tax-free amount remains the same as the amount figured at the annuity starting date, even if the payment increases. Download 1040ez form All increases in the installment payments are fully taxable. Download 1040ez form   However, if your annuity payments are scheduled to increase at a definite date in the future you must figure the expected return for that annuity using the method described in section 1. Download 1040ez form 72-5(a)(5) of the regulations. Download 1040ez form Example. Download 1040ez form Joe's wife died while she was still employed and, as her beneficiary, he began receiving an annuity of $147 per month. Download 1040ez form In figuring the taxable part, Joe elects to use Tables V through VIII. Download 1040ez form The cost of the contract was $7,938, consisting of the sum of his wife's net contributions, adjusted for any refund feature. Download 1040ez form His expected return as of the annuity starting date is $35,280 (age 65, multiple of 20. Download 1040ez form 0 × $1,764 annual payment). Download 1040ez form The exclusion percentage is $7,938 ÷ $35,280, or 22. Download 1040ez form 5%. Download 1040ez form During the year he received 11 monthly payments of $147, or $1,617. Download 1040ez form Of this amount, 22. Download 1040ez form 5% × $147 × 11 ($363. Download 1040ez form 83) is tax free as a return of cost and the balance of $1,253. Download 1040ez form 17 is taxable. Download 1040ez form Later, because of a cost-of-living increase, his annuity payment was increased to $166 per month, or $1,992 a year (12 × $166). Download 1040ez form The tax-free part is still only 22. Download 1040ez form 5% of the annuity payments as of the annuity starting date (22. Download 1040ez form 5% × $147 × 12 = $396. Download 1040ez form 90 for a full year). Download 1040ez form The increase of $228 ($1,992 − $1,764 (12 × $147)) is fully taxable. Download 1040ez form Variable annuities. Download 1040ez form   For variable annuity payments, figure the amount of each payment that is tax free by dividing your investment in the contract (adjusted for any refund feature) by the total number of periodic payments you expect to get under the contract. Download 1040ez form   If the annuity is for a definite period, you determine the total number of payments by multiplying the number of payments to be made each year by the number of years you will receive payments. Download 1040ez form If the annuity is for life, you determine the total number of payments by using a multiple from the appropriate actuarial table. Download 1040ez form Example. Download 1040ez form Frank purchased a variable annuity at age 65. Download 1040ez form The total cost of the contract was $12,000. Download 1040ez form The annuity starting date is January 1 of the year of purchase. Download 1040ez form His annuity will be paid, starting July 1, in variable annual installments for his life. Download 1040ez form The tax-free amount of each payment, until he has recovered his cost of his contract, is: Investment in the contract $12,000 Number of expected annual payments (multiple for age 65 from Table V) 20 Tax-free amount of each payment ($12,000 ÷ 20) $600 If Frank's first payment is $920, he includes only $320 ($920 − $600) in his gross income. Download 1040ez form   If the tax-free amount for a year is more than the payments you receive in that year, you may choose, when you receive the next payment, to refigure the tax-free part. Download 1040ez form Divide the amount of the periodic tax-free part that is more than the payment you received by the remaining number of payments you expect. Download 1040ez form The result is added to the previously figured periodic tax-free part. Download 1040ez form The sum is the amount of each future payment that will be tax free. Download 1040ez form Example. Download 1040ez form Using the facts of the previous example about Frank, assume that after Frank's $920 payment, he received $500 in the following year, and $1,200 in the year after that. Download 1040ez form Frank does not pay tax on the $500 (second year) payment because $600 of each annual pension payment is tax free. Download 1040ez form Since the $500 payment is less than the $600 annual tax-free amount, he may choose to refigure his tax-free part when he receives his $1,200 (third year) payment, as follows: Amount tax free in second year $600. Download 1040ez form 00 Amount received in second year 500. Download 1040ez form 00 Difference $100. Download 1040ez form 00 Number of remaining payments after the first 2 payments (age 67, from Table V) 18. Download 1040ez form 4 Amount to be added to previously determined annual tax-free part ($100 ÷ 18. Download 1040ez form 4) $5. Download 1040ez form 43 Revised annual tax-free part for third and later years ($600 + $5. Download 1040ez form 43) $605. Download 1040ez form 43 Amount taxable in third year ($1,200 − $605. Download 1040ez form 43) $594. Download 1040ez form 57 If you choose to refigure your tax-free amount,   you must file a statement with your income tax return stating that you are refiguring the tax-free amount in accordance with the rules of section 1. Download 1040ez form 72–4(d)(3) of the Income Tax Regulations. Download 1040ez form The statement must also show the following information: The annuity starting date and your age on that date. Download 1040ez form The first day of the first period for which you received an annuity payment in the current year. Download 1040ez form Your investment in the contract as originally figured. Download 1040ez form The total of all amounts received tax free under the annuity from the annuity starting date through the first day of the first period for which you received an annuity payment in the current tax year. Download 1040ez form Exclusion Limits Your annuity starting date determines the total amount of annuity income that you can exclude from income over the years. Download 1040ez form Exclusion limited to net cost. Download 1040ez form   If your annuity starting date is after 1986, the total amount of annuity income that you can exclude over the years as a return of your cost cannot exceed your net cost (figured without any reduction for a refund feature). Download 1040ez form This is the unrecovered investment in the contract as of the annuity starting date. Download 1040ez form   If your annuity starting date is after July 1, 1986, any unrecovered net cost at your (or last annuitant's) death is allowed as a miscellaneous itemized deduction on the final return of the decedent. Download 1040ez form This deduction is not subject to the 2%-of-adjusted-gross-income limit. Download 1040ez form Example 1. Download 1040ez form Your annuity starting date is after 1986. Download 1040ez form Your total cost is $12,500, and your net cost is $10,000, taking into account certain adjustments. Download 1040ez form There is no refund feature. Download 1040ez form Your monthly annuity payment is $833. Download 1040ez form 33. Download 1040ez form Your exclusion ratio is 12% and you exclude $100 a month. Download 1040ez form Your exclusion ends after 100 months, when you have excluded your net cost of $10,000. Download 1040ez form Thereafter, your annuity payments are fully taxable. Download 1040ez form Example 2. Download 1040ez form The facts are the same as in Example 1, except that there is a refund feature, and you die after 5 years with no surviving annuitant. Download 1040ez form The adjustment for the refund feature is $1,000, so the investment in the contract is $9,000. Download 1040ez form The exclusion ratio is 10. Download 1040ez form 8%, and your monthly exclusion is $90. Download 1040ez form After 5 years (60 months), you have recovered tax free only $5,400 ($90 x 60). Download 1040ez form An itemized deduction for the unrecovered net cost of $4,600 ($10,000 net cost minus $5,400) may be taken on your final income tax return. Download 1040ez form Your unrecovered investment is determined without regard to the refund feature adjustment, discussed earlier, under Adjustments. Download 1040ez form Exclusion not limited to net cost. Download 1040ez form   If your annuity starting date was before 1987, you could continue to take your monthly exclusion for as long as you receive your annuity. Download 1040ez form If you choose a joint and survivor annuity, your survivor continues to take the survivor's exclusion figured as of the annuity starting date. Download 1040ez form The total exclusion may be more than your investment in the contract. Download 1040ez form How To Use Actuarial Tables In figuring, under the General Rule, the taxable part of your annuity payments that you are to get for the rest of your life (rather than for a fixed number of years), you must use one or more of the actuarial tables in this publication. Download 1040ez form Unisex Annuity Tables Effective July 1, 1986, the Internal Revenue Service adopted new annuity Tables V through VIII, in which your sex is not considered when determining the applicable factor. Download 1040ez form These tables correspond to the old Tables I through IV. Download 1040ez form In general, Tables V through VIII must be used if you made contributions to the retirement plan after June 30, 1986. Download 1040ez form If you made no contributions to the plan after June 30, 1986, generally you must use only Tables I through IV. Download 1040ez form However, if you received an annuity payment after June 30, 1986, you may elect to use Tables V through VIII (see Annuity received after June 30, 1986, later). Download 1040ez form Special Elections Although you generally must use Tables V through VIII if you made contributions to the retirement plan after June 30, 1986, and Tables I through IV if you made no contributions after June 30, 1986, you can make the following special elections to select which tables to use. Download 1040ez form Contributions made both before July 1986 and after June 1986. Download 1040ez form   If you made contributions to the retirement plan both before July 1986 and after June 1986, you may elect to use Tables I through IV for the pre-July 1986 cost of the contract, and Tables V through VIII for the post-June 1986 cost. Download 1040ez form (See the examples below. Download 1040ez form )    Making the election. Download 1040ez form Attach this statement to your income tax return for the first year in which you receive an annuity:    “I elect to apply the provisions of paragraph (d) of section 1. Download 1040ez form 72–6 of the Income Tax Regulations. Download 1040ez form ”   The statement must also include your name, address, social security number, and the amount of the pre-July 1986 investment in the contract. Download 1040ez form   If your investment in the contract includes post-June 1986 contributions to the plan, and you do not make the election to use Tables I through IV and Tables V through VIII, then you can only use Tables V through VIII in figuring the taxable part of your annuity. Download 1040ez form You must also use Tables V through VIII if you are unable or do not wish to determine the portions of your contributions which were made before July 1, 1986, and after June 30, 1986. Download 1040ez form    Advantages of election. Download 1040ez form In general, a lesser amount of each annual annuity payment is taxable if you separately figure your exclusion ratio for pre-July 1986 and post-June 1986 contributions. Download 1040ez form    If you intend to make this election, save your records that substantiate your pre-July 1986 and post-June 1986 contributions. Download 1040ez form If the death benefit exclusion applies (see discussion, earlier), you do not have to apportion it between the pre-July 1986 and the post-June 1986 investment in the contract. Download 1040ez form   The following examples illustrate the separate computations required if you elect to use Tables I through IV for your pre-July 1986 investment in the contract and Tables V through VIII for your post-June 1986 investment in the contract. Download 1040ez form Example 1. Download 1040ez form Bill, who is single, contributed $42,000 to the retirement plan and will receive an annual annuity of $24,000 for life. Download 1040ez form Payment of the $42,000 contribution is guaranteed under a refund feature. Download 1040ez form Bill is 55 years old as of the annuity starting date. Download 1040ez form For figuring the taxable part of Bill's annuity, he chose to make separate computations for his pre-July 1986 investment in the contract of $41,300, and for his post-June 1986 investment in the contract of $700. Download 1040ez form       Pre- July 1986   Post- June 1986 A. Download 1040ez form Adjustment for refund feature         1) Net cost $41,300   $700   2) Annual annuity—$24,000  ($41,300/$42,000 × $24,000) $23,600       ($700/$42,000 × $24,000)     $400   3) Guarantee under contract $41,300   $700   4) No. Download 1040ez form of years payments  guaranteed (rounded), A(3) ÷ A(2) 2   2   5) Applicable percentage from  Tables III and VII 1%   0%   6) Adjustment for value of refund  feature, A(5) × smaller of A(1)  or A(3) $413   $0 B. Download 1040ez form Investment in the contract         1) Net cost $41,300   $700   2) Minus: Amount in A(6) 413   0   3) Investment in the contract $40,887   $700 C. Download 1040ez form Expected return         1) Annual annuity receivable $24,000   $24,000   2) Multiples from Tables I and V 21. Download 1040ez form 7   28. Download 1040ez form 6   3) Expected return, C(1) × C(2) $520,800   $686,400 D. Download 1040ez form Tax-free part of annuity         1) Exclusion ratio as decimal,  B(3) ÷ C(3) . Download 1040ez form 079   . Download 1040ez form 001   2) Tax-free part, C(1) × D(1) $1,896   $24 The tax-free part of Bill's total annuity is $1,920 ($1,896 plus $24). Download 1040ez form The taxable part of his annuity is $22,080 ($24,000 minus $1,920). Download 1040ez form If the annuity starting date is after 1986, the exclusion over the years cannot exceed the net cost (figured without any reduction for a refund feature). Download 1040ez form Example 2. Download 1040ez form Al is age 62 at his nearest birthday to the annuity starting date. Download 1040ez form Al's wife is age 60 at her nearest birthday to the annuity starting date. Download 1040ez form The joint and survivor annuity pays $1,000 per month to Al for life, and $500 per month to Al's surviving wife after his death. Download 1040ez form The pre-July 1986 investment in the contract is $53,100 and the post-June 1986 investment in the contract is $7,000. Download 1040ez form Al makes the election described in Example 1 . Download 1040ez form For purposes of this example, assume the refund feature adjustment is zero. Download 1040ez form If an adjustment is required, IRS will figure the amount. Download 1040ez form See Requesting a Ruling on Taxation of Annuity near the end of this publication. Download 1040ez form       Pre-  July 1986   Post-  June 1986 A. Download 1040ez form Adjustment for refund feature         1) Net cost $53,100   $7,000   2) Annual annuity—$12,000  ($53,100/$60,100 × $12,000) $10,602       ($7,000/$60,100 × $12,000)     $1,398   3) Guaranteed under the contract $53,100   $7,000   4) Number of years guaranteed,  rounded, A(3) ÷ A(2) 5   5   5) Applicable percentages 0%   0%   6) Refund feature adjustment, A(5) × smaller of A(1) or A(3) 0   0 B. Download 1040ez form Investment in the contract         1) Net cost $53,100   $7,000   2) Refund feature adjustment 0   0   3) Investment in the contract adjusted for refund feature $53,100   $7,000 C. Download 1040ez form Expected return         1) Multiple for both annuitants from Tables II and VI 25. Download 1040ez form 4   28. Download 1040ez form 8   2) Multiple for first annuitant from Tables I and V 16. Download 1040ez form 9   22. Download 1040ez form 5   3) Multiple applicable to surviving annuitant, subtract C(2) from C(1) 8. Download 1040ez form 5   6. Download 1040ez form 3   4) Annual annuity to surviving annuitant $6,000   $6,000   5) Portion of expected return for surviving annuitant, C(4) × C(3) $51,000   $37,800   6) Annual annuity to first annuitant $12,000   $12,000   7) Plus: Portion of expected return for first annuitant, C(6) × C(2) $202,800   $270,000   8) Expected return for both annuitants, C(5) + C(7) $253,800   $307,800 D. Download 1040ez form Tax-free part of annuity         1) Exclusion ratio as a decimal, B(3) ÷ C(8) . Download 1040ez form 209   . Download 1040ez form 023   2) Retiree's tax-free part of annuity, C(6) × D(1) $2,508   $276   3) Survivor's tax-free part of annuity, C(4) × D(1) $1,254   $138 The tax-free part of Al's total annuity is $2,784 ($2,508 + $276). Download 1040ez form The taxable part of his annuity is $9,216 ($12,000 − $2,784). Download 1040ez form The exclusion over the years cannot exceed the net cost of the contract (figured without any reduction for a refund feature) if the annuity starting date is after 1986. Download 1040ez form After Al's death, his widow will apply the same exclusion percentages (20. Download 1040ez form 9% and 2. Download 1040ez form 3%) to her annual annuity of $6,000 to figure the tax-free part of her annuity. Download 1040ez form Annuity received after June 30, 1986. Download 1040ez form   If you receive an annuity payment after June 30, 1986, (regardless of your annuity starting date), you may elect to treat the entire cost of the contract as post-June 1986 cost (even if you made no post-June 1986 contributions to the plan) and use Tables V through VIII. Download 1040ez form Once made, you cannot revoke the election, which will apply to all payments during the year and in any later year. Download 1040ez form    Make the election by attaching the following statement to your income tax return. Download 1040ez form    “I elect, under section 1. Download 1040ez form 72–9 of the Income Tax Regulations, to treat my entire cost of the contract as a post-June 1986 cost of the plan. Download 1040ez form ”   The statement must also include your name, address, and social security number. Download 1040ez form   You should also indicate you are making this election if you are unable or do not wish to determine the parts of your contributions which were made before July 1, 1986, and after June 30, 1986. Download 1040ez form Disqualifying form of payment or settlement. Download 1040ez form   If your annuity starting date is after June 30, 1986, and the contract provides for a disqualifying form of payment or settlement, such as an option to receive a lump sum in full discharge of the obligation under the contract, the entire investment in the contract is treated as post-June 1986 investment in the contract. Download 1040ez form See regulations section 1. Download 1040ez form 72–6(d)(3) for additional examples of disqualifying forms of payment or settlement. Download 1040ez form You can find the Income Tax Regulations in many libraries and at Internal Revenue Service Offices. Download 1040ez form Worksheets for Determining Taxable Annuity Worksheets I and II. Download 1040ez form   Worksheets I and II follow for determining your taxable annuity under Regulations Section 1. Download 1040ez form 72–6(d)(6) Election. Download 1040ez form Worksheet I For Determining Taxable Annuity Under Regulations Section 1. Download 1040ez form 72-6(d)(6) Election For Single Annuitant With No Survivor Annuity               Pre-July 1986   Post-June 1986 A. Download 1040ez form   Refund Feature Adjustment             1)   Net cost (total cost less returned premiums, dividends, etc. Download 1040ez form )             2)   Annual annuity allocation:                   Portion of net cost in A(1) x annual annuity                   Net cost             3)   Guaranteed under the contract             4)   Number of years guaranteed, rounded to whole years:                   A(3) divided by A(2)             5)   Applicable percentages* from Tables III and VII                   *If your annuity meets the three conditions listed in Zero value of refund feature in Investment in the Contract, earlier, both percentages are 0. Download 1040ez form If not, the IRS will calculate the refund feature percentage. Download 1040ez form             6)   Refund feature adjustment:                   A(5) times lesser of A(1) or A(3)                             B. Download 1040ez form   Investment in the Contract             1)   Net cost:                   A(1)             2)   Refund feature adjustment:                   A(6)             3)   Investment in the contract adjusted for refund feature:                   B(1) minus B(2)                             C. Download 1040ez form   Expected Return             1)   Annual Annuity:                   12 times monthly annuity**             2)   Expected return multiples from Tables I and V             3)     Expected return:                   C(1) times C(2)                             D. Download 1040ez form   Tax-Free Part of Annuity             1)     Exclusion ratio, as a decimal rounded to 3 places:                   B(3) divided by C(3)             2)     Tax-free part of annuity:                   C(1) times D(1)             **If the annuity is not paid monthly, figure the amount to enter by using the total number of periodic payments for the year times the amount of the periodic payment. Download 1040ez form     Worksheet II For Determining Taxable Annuity Under Regulations Section 1. Download 1040ez form 72-6(d)(6) Election For Joint and Survivor Annuity               Pre-July 1986   Post-June 1986 A. Download 1040ez form   Refund Feature Adjustment             1)   Net cost (total cost less returned premiums, dividends, etc. Download 1040ez form )             2)   Annual annuity allocation:                   Portion of net cost in A(1) x annual annuity                   Net cost             3)   Guaranteed under the contract             4)     Number of years guaranteed, rounded to whole years:                   A(3) divided by A(2)             5)   Applicable percentages*                   *If your annuity meets the three conditions listed in Zero value of refund feature in Investment in the Contract, earlier, both percentages are 0. Download 1040ez form If not, the IRS will calculate the refund feature percentage. Download 1040ez form             6)   Refund feature adjustment:                   A(5) times lesser of A(1) or A(3)                             B. Download 1040ez form   Investment in the Contract             1)   Net cost:                   A(1)             2)   Refund feature adjustment:                   A(6)             3)   Investment in the contract adjusted for refund future:                   B(1) minus B(2)                             C. Download 1040ez form   Expected Return             1)   Multiples for both annuitants, Tables II and VI             2)   Multiple for retiree. Download 1040ez form Tables I and VI             3)   Multiple for survivor:                   C(1) minus C(2)             4)   Annual annuity to survivor:                   12 times potential monthly rate for survivor**             5)   Expected return for survivor:                   C(3) times C(4)             6)   Annual annuity to retiree:                   12 times monthly rate for retiree**             7)   Expected return for retiree:                   C(2) times C(6)             8)   Total expected return:                   C(5) plus C(7)                             D. Download 1040ez form   Tax-Free Part of Annuity             1)   Exclusion ratio, as a decimal rounded to 3 places:                   B(3) divided by C(8)             2)   Retiree's tax-free part of annuity:                   C(6) times D(1)             3)   Survivor's tax-free part of annuity, if surviving after death of retiree:                   C(4) times D(1)             **If the annuity is not paid monthly, figure the amount to enter by using the total number of periodic payments for the year times the amount of the periodic payment. Download 1040ez form   Actuarial Tables Please click here for the text description of the image. Download 1040ez form Actuarial Tables Please click here for the text description of the image. Download 1040ez form Actuarial Tables Please click here for the text description of the image. Download 1040ez form Actuarial tables Please click here for the text description of the image. 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Download 1040ez form Actuarial tables Requesting a Ruling on Taxation of Annuity If you are a retiree, or the survivor of an employee or retiree, you may ask the Internal Revenue Service to help you determine the taxation of your annuity. Download 1040ez form If you make this request, you are asking for a ruling. Download 1040ez form User fee. Download 1040ez form   Under the law in effect at the time this publication went to print, the IRS must charge a user fee for all ruling requests. Download 1040ez form You should call the IRS for the proper fee. Download 1040ez form A request solely for the value of the refund feature is not treated as a ruling request and requires no fee. Download 1040ez form Send your request to:     Internal Revenue Service  Attention: EP Letter Rulings P. Download 1040ez form O. Download 1040ez form Box 27063 McPherson Station Washington, DC 20038 The user fee is allowed as a miscellaneous itemized deduction, subject to the 2%-of-adjusted-gross-income limit. Download 1040ez form When to make the request. Download 1040ez form   Please note that requests sent between February 1 and April 15 may experience some delay. Download 1040ez form We process requests in the order received, and we will reply to your request as soon as we can process it. Download 1040ez form If you do not receive your ruling by the required filing date, you may use Form 4868, Application for Automatic Extension of Time To File U. Download 1040ez form S. Download 1040ez form Individual Income Tax Return, to get an extension of time to file. Download 1040ez form Information you must furnish. Download 1040ez form   You must furnish the information listed below so the IRS can comply with your request. Download 1040ez form Failure to furnish the information will result in a delay in processing your request. Download 1040ez form Please send only copies of the following documents, as the IRS retains all material sent for its records: A letter explaining the question(s) you wish to have resolved or the information you need from the ruling. Download 1040ez form Copies of any documents showing distributions, annuity rates, and annuity options available to you. Download 1040ez form A copy of any Form 1099–R you received since your annuity began. Download 1040ez form A statement indicating whether you have filed your return for the year for which you are making the request. Download 1040ez form If you have requested an extension of time to file that return, please indicate the extension date. Download 1040ez form Your daytime phone number. Download 1040ez form Your current mailing address. Download 1040ez form A power of attorney if someone other than you, an attorney, a certified public accountant, or an enrolled agent is signing this request. Download 1040ez form Form 2848, Power of Attorney and Declaration of Representative, may be used for this purpose. Download 1040ez form A completed Tax Information Sheet (or facsimile) shown on the next page. Download 1040ez form Sign and date the Disclosure and Perjury Statement (or facsimile) at the end of the tax information sheet. Download 1040ez form This statement must be signed by the retiree or the survivor annuitant. Download 1040ez form It cannot be signed by a representative. Download 1040ez form Tax Information Sheet Please click here for the text description of the image. Download 1040ez form Tax Information Sheet Please click here for the text description of the image. Download 1040ez form Tax Information Sheet (continued) How To Get Tax Help Whether it's help with a tax issue, preparing your tax return or a need for a free publication or form, get the help you need the way you want it: online, use a smart phone, call or walk in to an IRS office or volunteer site near you. Download 1040ez form Free help with your tax return. Download 1040ez form   You can get free help preparing your return nationwide from IRS-certified volunteers. Download 1040ez form The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. Download 1040ez form The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Download 1040ez form Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. Download 1040ez form In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. Download 1040ez form To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. Download 1040ez form gov, download the IRS2Go app, or call 1-800-906-9887. Download 1040ez form   As part of the TCE program, AARP offers the Tax-Aide counseling program. Download 1040ez form To find the nearest AARP Tax-Aide site, visit AARP's website at www. Download 1040ez form aarp. Download 1040ez form org/money/taxaide or call 1-888-227-7669. Download 1040ez form For more information on these programs, go to IRS. Download 1040ez form gov and enter “VITA” in the search box. Download 1040ez form Internet. Download 1040ez form    IRS. Download 1040ez form gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. Download 1040ez form Download the free IRS2Go app from the iTunes app store or from Google Play. Download 1040ez form Use it to check your refund status, order transcripts of your tax returns or tax account, watch the IRS YouTube channel, get IRS news as soon as it's released to the public, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. Download 1040ez form Check the status of your 2013 refund with the Where's My Refund? application on IRS. Download 1040ez form gov or download the IRS2Go app and select the Refund Status option. Download 1040ez form The IRS issues more than 9 out of 10 refunds in less than 21 days. Download 1040ez form Using these applications, you can start checking on the status of your return within 24 hours after we receive your e-filed return or 4 weeks after you mail a paper return. 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