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File free h&r block Publication 850 (EN/SP) - Introductory Material Table of Contents Introduction Introduction This glossary is developed by the Tax Forms and Publications Division of the Internal Revenue Service, in consultation with the Translation Commission of the North American Academy of the Spanish Language (Comisión de Traducciones de la Academia Norteamericana de la Lengua Española) and with the Graduate Program in Translation of the University of Puerto Rico (Programa Graduado en Traducción de la Universidad de Puerto Rico). File free h&r block Its purpose is to establish high standards for the quality of language usage, to promote uniformity in language usage, and to minimize the risk of misinterpretation of Spanish-language materials issued by the Service. File free h&r block To meet the needs of the largest segment of taxpayers whose primary language is Spanish, the Service has issued certain Spanish-language materials. File free h&r block Problems arise, however, because there is some variation in tax terminology used in Spanish-speaking countries. File free h&r block Also, invention and compromise are involved in selecting words and phrases to describe certain tax concepts that have no precise equivalent in the Spanish language or legal tradition. File free h&r block To help resolve these problems, a group of United States, Spanish, and Spanish-American academicians, professors, lawyers, accountants, translators, and tax law specialists developed this glossary. File free h&r block Their long and varied experience with the tax systems in their own, and other countries, gives assurance of reliability. File free h&r block The criteria used for words in this glossary are: consistency of usage with other governmental agencies, Spanish writing style for the tax forms and publications, and words relating to Accounting, Economics, Finance, Law, Technology and its related fields. File free h&r block Any issuance containing language consistent with this glossary should be reasonably satisfactory for purposes of general guidance regarding the rights and obligations of taxpayers. File free h&r block It is not intended, however, that any term in this glossary should be understood to change the meaning of any provisions of law, regulations, or any other authoritative precedent. File free h&r block A periodic review is made to determine whether any additions, deletions, or revisions are needed. File free h&r block Some of the terms listed are identified by the abbreviation “P. File free h&r block R. File free h&r block ” These terms are for use in tax forms and publications intended for circulation exclusively in Puerto Rico. File free h&r block Users are invited to send their comments to: Internal Revenue Service Virtual Translation Office SE:W:CAR:MP:T:LS:VTO 1111 Constitution Ave. File free h&r block , N. File free h&r block W. File free h&r block , IR-6102 Washington, DC 20224 or electronically to: vto@irs. File free h&r block gov Prev  Up  Next   Home   More Online Publications
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Diez Consejos Importantes del IRS para Temporada Tributaria

Consejo Tributario del IRS 2014-40SP 25 de marzo de 2014

La temporada de impuestos está a punto de terminar.  Pero usted puede hacer la temporada de impuestos más fácil si no espera hasta el último minuto. Aquí hay 10 consejos importantes de la temporada de impuestos:

  1. Reúna sus archivos.  Acumule todos los registros de impuestos que necesita para presentar su declaración de impuestos. Esto incluye recibos, cheques cancelados y los registros que corrobore los ingresos, deducciones o créditos tributarios que usted reclama en su declaración de impuestos. Guárdelos en un lugar seguro.

  2. Reporte todo sus ingresos. Usted tendrá que reportar sus ingresos (en inglés) de todas los Formularios W-2, salarios y declaración de impuestos, y Formularios 1099 como comprobante de ingresos cuando presente su declaración de impuestos.

  3. Obtenga respuestas. Use la herramienta interactiva Interactive Tax Assistant Tool (en inglés) en la página web del IRS para obtener respuestas a muchas de sus preguntas acerca de los créditos tributarios, deducciones y muchos temas más.

  4. Utilice Free File. Usted puede preparar y presentar electrónicamente su declaración de impuestos gratis con Free File del IRS, disponible exclusivamente en IRS.gov. Si su ingreso fue de $58,000 o menos, usted tiene derecho a usar el software de impuestos gratis. Si su ingreso es mayor, o si se siente cómodo haciendo su propia declaración, puede usar los formularios rellenables de Free File, la versión electrónica de los formularios en papel del IRS. Visite IRS.gov/freefile para ver sus opciones.

  5. Experimente e-file del IRS. La presentación electrónica es la mejor manera de presentar una declaración de impuestos. Es preciso, seguro y fácil. El año pasado, más de 122 millones de contribuyentes usaron e-file del IRS. Si usted debe impuestos, tiene la opción de presentar temprano y pagar antes del 15 de abril.

  6. Considere sus opciones de presentar. Usted tiene varias opciones para presentar su declaración de impuestos. Puede prepararlo usted mismo o ir a un preparador de impuestos. Puede ser elegible para la ayuda gratuita de cara a cara en un Programa de Ayuda Voluntaria a los Contribuyentes (VITA, por sus siglas en inglés) o de Asesoramiento Tributario para las Personas Mayores de Edad Avanzada, (TCE, por sus siglas en inglés). Considere sus opciones y elija el que más le convenga.

  7. Use el depósito directo. Combinando e-file con depósito directo (en inglés) es la forma más rápida y segura de obtener su reembolso de impuestos.

  8. Visite el sitio web del IRS 24/7. IRS.gov es un gran lugar para conseguir todo lo que necesita para presentar su declaración de impuestos. Visite la Central 1040 (en inglés) para las herramientas en línea, consejos de presentación, respuestas a las preguntas más frecuentes y los formularios y publicaciones del IRS. Obténgalos todos en cualquier momento, de día o de noche.

  9. Dele un vistazo al número 17. La Publicación 17SP, Sus Impuestos Federales por Ingresos, es un recurso completo en materia tributaria. Contiene información útil como por ejemplo,  si necesita presentar una declaración de impuestos y cómo elegir su estado civil al declarar.

  10. Revise su declaración. Los errores retrasan el recibir su reembolso de impuestos. Asegúrese de revisar todos los números de Seguro Social y los cálculos matemáticos en su declaración, ya que estos son los errores más comunes. Si surge un problema, recuerde que el IRS está aquí para ayudar. Comience con IRS.gov.

 

Recursos adicionales del IRS:

Vídeos de YouTube del IRS:

Podcasts del IRS:

 

Page Last Reviewed or Updated: 27-Mar-2014

The File Free H&r Block

File free h&r block 8. File free h&r block   Qualified Tuition Program (QTP) Table of Contents Introduction What Is a Qualified Tuition ProgramDesignated beneficiary. File free h&r block Half-time student. File free h&r block How Much Can You Contribute Are Distributions TaxableFiguring the Taxable Portion of a Distribution Additional Tax on Taxable Distributions Rollovers and Other TransfersRollovers Changing the Designated Beneficiary Introduction Qualified tuition programs (QTPs) are also called “529 plans. File free h&r block ” States may establish and maintain programs that allow you to either prepay or contribute to an account for paying a student's qualified education expenses at a postsecondary institution. File free h&r block Eligible educational institutions may establish and maintain programs that allow you to prepay a student's qualified education expenses. File free h&r block If you prepay tuition, the student (designated beneficiary) will be entitled to a waiver or a payment of qualified education expenses. File free h&r block You cannot deduct either payments or contributions to a QTP. File free h&r block For information on a specific QTP, you will need to contact the state agency or eligible educational institution that established and maintains it. File free h&r block What is the tax benefit of a QTP. File free h&r block   No tax is due on a distribution from a QTP unless the amount distributed is greater than the beneficiary's adjusted qualified education expenses. File free h&r block See Are Distributions Taxable , later, for more information. File free h&r block    Even if a QTP is used to finance a student's education, the student or the student's parents still may be eligible to claim the American opportunity credit or the lifetime learning credit. File free h&r block See Coordination With American Opportunity and Lifetime Learning Credits, later. File free h&r block What Is a Qualified Tuition Program A qualified tuition program is a program set up to allow you to either prepay, or contribute to an account established for paying, a student's qualified education expenses at an eligible educational institution. File free h&r block QTPs can be established and maintained by states (or agencies or instrumentalities of a state) and eligible educational institutions. File free h&r block The program must meet certain requirements. File free h&r block Your state government or the eligible educational institution in which you are interested can tell you whether or not they participate in a QTP. File free h&r block Qualified education expenses. File free h&r block   These are expenses related to enrollment or attendance at an Eligible educational institution (defined later). File free h&r block As shown in the following list, to be qualified, some of the expenses must be required by the institution and some must be incurred by students who are enrolled at least half-time. File free h&r block See Half-time student , later. File free h&r block The following expenses must be required for enrollment or attendance of a Designated beneficiary (defined later) at an eligible educational institution. File free h&r block Tuition and fees. File free h&r block Books, supplies, and equipment. File free h&r block Expenses for special needs services needed by a special needs beneficiary must be incurred in connection with enrollment or attendance at an eligible educational institution. File free h&r block Expenses for room and board must be incurred by students who are enrolled at least half-time. File free h&r block The expense for room and board qualifies only to the extent that it is not more than the greater of the following two amounts. File free h&r block The allowance for room and board, as determined by the eligible educational institution, that was included in the cost of attendance (for federal financial aid purposes) for a particular academic period and living arrangement of the student. File free h&r block The actual amount charged if the student is residing in housing owned or operated by the eligible educational institution. File free h&r block You will need to contact the eligible educational institution for qualified room and board costs. File free h&r block    For tax years after 2010, the purchase of computer technology or equipment is only a qualified education expense if the computer technology or equipment is required for enrollment or attendance at an eligible institution. File free h&r block Designated beneficiary. File free h&r block   The designated beneficiary is generally the student (or future student) for whom the QTP is intended to provide benefits. File free h&r block The designated beneficiary can be changed after participation in the QTP begins. File free h&r block If a state or local government or certain tax-exempt organizations purchase an interest in a QTP as part of a scholarship program, the designated beneficiary is the person who receives the interest as a scholarship. File free h&r block Half-time student. File free h&r block   A student is enrolled “at least half-time” if he or she is enrolled for at least half the full-time academic workload for the course of study the student is pursuing, as determined under the standards of the school where the student is enrolled. File free h&r block Eligible educational institution. File free h&r block   For purposes of a QTP, this is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. File free h&r block S. File free h&r block Department of Education. File free h&r block It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. File free h&r block The educational institution should be able to tell you if it is an eligible educational institution. File free h&r block   Certain educational institutions located outside the United States also participate in the U. File free h&r block S. File free h&r block Department of Education's Federal Student Aid (FSA) programs. File free h&r block   How Much Can You Contribute Contributions to a QTP on behalf of any beneficiary cannot be more than the amount necessary to provide for the qualified education expenses of the beneficiary. File free h&r block There are no income restrictions on the individual contributors. File free h&r block You can contribute to both a QTP and a Coverdell ESA in the same year for the same designated beneficiary. File free h&r block   Are Distributions Taxable The part of a distribution representing the amount paid or contributed to a QTP does not have to be included in income. File free h&r block This is a return of the investment in the plan. File free h&r block The designated beneficiary generally does not have to include in income any earnings distributed from a QTP if the total distribution is less than or equal to adjusted qualified education expenses (defined under Figuring the Taxable Portion of a Distribution , later). File free h&r block Earnings and return of investment. File free h&r block    You will receive a Form 1099-Q, from each of the programs from which you received a QTP distribution in 2013. File free h&r block The amount of your gross distribution (box 1) shown on each form will be divided between your earnings (box 2) and your basis, or return of investment (box 3). File free h&r block Form 1099-Q should be sent to you by January 31, 2014. File free h&r block Figuring the Taxable Portion of a Distribution To determine if total distributions for the year are more or less than the amount of qualified education expenses, you must compare the total of all QTP distributions for the tax year to the adjusted qualified education expenses. File free h&r block Adjusted qualified education expenses. File free h&r block   This amount is the total qualified education expenses reduced by any tax-free educational assistance. File free h&r block Tax-free educational assistance includes: The tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Veterans' educational assistance (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Pell grants (see Pell Grants and Other Title IV Need-Based Education Grants in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ), and Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. File free h&r block Taxable earnings. File free h&r block   Use the following steps to figure the taxable part. File free h&r block Multiply the total distributed earnings shown in box 2 of Form 1099-Q by a fraction. File free h&r block The numerator is the adjusted qualified education expenses paid during the year and the denominator is the total amount distributed during the year. File free h&r block Subtract the amount figured in (1) from the total distributed earnings. File free h&r block The result is the amount the beneficiary must include in income. File free h&r block Report it on Form 1040 or Form 1040NR, line 21. File free h&r block Example 1. File free h&r block In 2007, Sara Clarke's parents opened a savings account for her with a QTP maintained by their state government. File free h&r block Over the years they contributed $18,000 to the account. File free h&r block The total balance in the account was $27,000 on the date the distribution was made. File free h&r block In the summer of 2013, Sara enrolled in college and had $8,300 of qualified education expenses for the rest of the year. File free h&r block She paid her college expenses from the following sources. File free h&r block   Gift from parents $1,600     Partial tuition scholarship (tax-free) 3,100     QTP distribution 5,300           Before Sara can determine the taxable part of her QTP distribution, she must reduce her total qualified education expenses by any tax-free educational assistance. File free h&r block   Total qualified education expenses $8,300     Minus: Tax-free educational assistance −3,100     Equals: Adjusted qualified  education expenses (AQEE) $5,200   Since the remaining expenses ($5,200) are less than the QTP distribution, part of the earnings will be taxable. File free h&r block Sara's Form 1099-Q shows that $950 of the QTP distribution is earnings. File free h&r block Sara figures the taxable part of the distributed earnings as follows. File free h&r block   1. File free h&r block $950 (earnings) × $5,200 AQEE  $5,300 distribution           =$932 (tax-free earnings)     2. File free h&r block $950 (earnings)−$932 (tax-free earnings)     =$18 (taxable earnings)  Sara must include $18 in income (Form 1040, line 21) as distributed QTP earnings not used for adjusted qualified education expenses. File free h&r block Coordination With American Opportunity and Lifetime Learning Credits An American opportunity or lifetime learning credit (education credit) can be claimed in the same year the beneficiary takes a tax-free distribution from a QTP, as long as the same expenses are not used for both benefits. File free h&r block This means that after the beneficiary reduces qualified education expenses by tax-free educational assistance, he or she must further reduce them by the expenses taken into account in determining the credit. File free h&r block Example 2. File free h&r block Assume the same facts as in Example 1 , except that Sara's parents claimed an American opportunity credit of $2,500 (based on $4,000 expenses). File free h&r block   Total qualified education expenses $8,300     Minus: Tax-free educational assistance −3,100     Minus: Expenses taken into account  in figuring American opportunity credit −4,000     Equals: Adjusted qualified  education expenses (AQEE) $1,200           The taxable part of the distribution is figured as follows. File free h&r block   1. File free h&r block $950 (earnings) × $1,200 AQEE  $5,300 distribution           =$215 (tax-free earnings)     2. File free h&r block $950 (earnings)−$215 (tax-free earnings)     =$735 (taxable earnings)       Sara must include $735 in income (Form 1040, line 21). File free h&r block This represents distributed earnings not used for adjusted qualified education expenses. File free h&r block Coordination With Coverdell ESA Distributions If a designated beneficiary receives distributions from both a QTP and a Coverdell ESA in the same year, and the total of these distributions is more than the beneficiary's adjusted qualified higher education expenses, the expenses must be allocated between the distributions. File free h&r block For purposes of this allocation, disregard any qualified elementary and secondary education expenses. File free h&r block Example 3. File free h&r block Assume the same facts as in Example 2 , except that instead of receiving a $5,300 distribution from her QTP, Sara received $4,600 from that account and $700 from her Coverdell ESA. File free h&r block In this case, Sara must allocate her $1,200 of adjusted qualified higher education expenses (AQHEE) between the two distributions. File free h&r block   $1,200 AQHEE × $700 ESA distribution  $5,300 total distribution = $158 AQHEE (ESA)     $1,200 AQHEE × $4,600 QTP distribution  $5,300 total distribution = $1,042 AQHEE (QTP)   Sara then figures the taxable portion of her Coverdell ESA distribution based on qualified higher education expenses of $158, and the taxable portion of her QTP distribution based on the other $1,042. File free h&r block Note. File free h&r block If you are required to allocate your expenses between Coverdell ESA and QTP distributions, and you have adjusted qualified elementary and secondary education expenses, see the examples in chapter 7, Coverdell Education Savings Account under Coordination With Qualified Tuition Program (QTP) Distributions . File free h&r block Coordination With Tuition and Fees Deduction. File free h&r block   A tuition and fees deduction can be claimed in the same year the beneficiary takes a tax-free distribution from a QTP, as long as the same expenses are not used for both benefits. File free h&r block Losses on QTP Investments If you have a loss on your investment in a QTP account, you may be able to take the loss on your income tax return. File free h&r block You can take the loss only when all amounts from that account have been distributed and the total distributions are less than your unrecovered basis. File free h&r block Your basis is the total amount of contributions to that QTP account. File free h&r block You claim the loss as a miscellaneous itemized deduction on Schedule A (Form 1040), line 23 (Schedule A (Form 1040NR), line 9), subject to the 2%-of-adjusted-gross-income limit. File free h&r block If you have distributions from more than one QTP account during a year, you must combine the information (amount of distribution, basis, etc. File free h&r block ) from all such accounts in order to determine your taxable earnings for the year. File free h&r block By doing this, the loss from one QTP account reduces the distributed earnings (if any) from any other QTP accounts. File free h&r block Example 1. File free h&r block In 2013, Taylor received a final distribution of $1,000 from QTP #1. File free h&r block His unrecovered basis in that account before the distribution was $3,000. File free h&r block If Taylor itemizes his deductions, he can claim the $2,000 loss on Schedule A (Form 1040). File free h&r block Example 2. File free h&r block Assume the same facts as in Example 1 , except that Taylor also had a distribution of $9,000 from QTP #2, giving him total distributions for 2013 of $10,000. File free h&r block His total basis in these distributions was $4,500 ($3,000 for QTP #1 and $1,500 for QTP #2). File free h&r block Taylor's adjusted qualified education expenses for 2013 totaled $6,000. File free h&r block In order to figure his taxable earnings, Taylor combines the two accounts and determines his taxable earnings as follows. File free h&r block   1. File free h&r block $10,000 (total distribution)−$4,500 (basis portion of distribution)     = $5,500 (earnings included in distribution)   2. File free h&r block $5,500 (earnings) x $6,000 AQEE  $10,000 distribution           =$3,300 (tax-free earnings)     3. File free h&r block $5,500 (earnings)−$3,300 (tax-free earnings)     =$2,200 (taxable earnings)                 Taylor must include $2,200 in income on Form 1040, line 21. File free h&r block Because Taylor's accounts must be combined, he cannot deduct his $2,000 loss (QTP #1) on Schedule A (Form 1040). File free h&r block Instead, the $2,000 loss reduces the total earnings that were distributed, thereby reducing his taxable earnings. File free h&r block Additional Tax on Taxable Distributions Generally, if you receive a taxable distribution, you also must pay a 10% additional tax on the amount included in income. File free h&r block Exceptions. File free h&r block   The 10% additional tax does not apply to distributions: Paid to a beneficiary (or to the estate of the designated beneficiary) on or after the death of the designated beneficiary. File free h&r block Made because the designated beneficiary is disabled. File free h&r block A person is considered to be disabled if he or she shows proof that he or she cannot do any substantial gainful activity because of his or her physical or mental condition. File free h&r block A physician must determine that his or her condition can be expected to result in death or to be of long-continued and indefinite duration. File free h&r block Included in income because the designated beneficiary received: A tax-free scholarship or fellowship (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Veterans' educational assistance (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ), or Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. File free h&r block Made on account of the attendance of the designated beneficiary at a U. File free h&r block S. File free h&r block military academy (such as the USNA at Annapolis). File free h&r block This exception applies only to the extent that the amount of the distribution does not exceed the costs of advanced education (as defined in section 2005(d)(3) of title 10 of the U. File free h&r block S. File free h&r block Code) attributable to such attendance. File free h&r block Included in income only because the qualified education expenses were taken into account in determining the American opportunity or lifetime learning credit (see Coordination With American Opportunity and Lifetime Learning Credits , earlier. File free h&r block ) Exception (3) applies only to the extent the distribution is not more than the scholarship, allowance, or payment. File free h&r block Figuring the additional tax. File free h&r block    Use Part II of Form 5329, to figure any additional tax. File free h&r block Report the amount on Form 1040, line 58, or Form 1040NR, line 56. File free h&r block Rollovers and Other Transfers Assets can be rolled over or transferred from one QTP to another. File free h&r block In addition, the designated beneficiary can be changed without transferring accounts. File free h&r block Rollovers Any amount distributed from a QTP is not taxable if it is rolled over to another QTP for the benefit of the same beneficiary or for the benefit of a member of the beneficiary's family (including the beneficiary's spouse). File free h&r block An amount is rolled over if it is paid to another QTP within 60 days after the date of the distribution. File free h&r block Do not report qualifying rollovers (those that meet the above criteria) anywhere on Form 1040 or 1040NR. File free h&r block These are not taxable distributions. File free h&r block Members of the beneficiary's family. File free h&r block   For these purposes, the beneficiary's family includes the beneficiary's spouse and the following other relatives of the beneficiary. File free h&r block Son, daughter, stepchild, foster child, adopted child, or a descendant of any of them. File free h&r block Brother, sister, stepbrother, or stepsister. File free h&r block Father or mother or ancestor of either. File free h&r block Stepfather or stepmother. File free h&r block Son or daughter of a brother or sister. File free h&r block Brother or sister of father or mother. File free h&r block Son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law, or sister-in-law. File free h&r block The spouse of any individual listed above. File free h&r block First cousin. File free h&r block Example. File free h&r block When Aaron graduated from college last year he had $5,000 left in his QTP. File free h&r block He wanted to give this money to his younger brother, who was in junior high school. File free h&r block In order to avoid paying tax on the distribution of the amount remaining in his account, Aaron contributed the same amount to his brother's QTP within 60 days of the distribution. File free h&r block If the rollover is to another QTP for the same beneficiary, only one rollover is allowed within 12 months of a previous transfer to any QTP for that designated beneficiary. File free h&r block Changing the Designated Beneficiary There are no income tax consequences if the designated beneficiary of an account is changed to a member of the beneficiary's family. File free h&r block See Members of the beneficiary's family , earlier. File free h&r block Example. File free h&r block Assume the same situation as in the last example. File free h&r block Instead of closing his QTP and paying the distribution into his brother's QTP, Aaron could have instructed the trustee of his account to simply change the name of the beneficiary on his account to that of his brother. File free h&r block Prev  Up  Next   Home   More Online Publications