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Form 1040x Turbotax

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Form 1040x Turbotax

Form 1040x turbotax 9. Form 1040x turbotax   Education Exception to Additional Tax on Early IRA Distributions Table of Contents Introduction Who Is Eligible Figuring the Amount Not Subject to the 10% Tax Reporting Early Distributions Introduction Generally, if you take a distribution from your IRA before you reach age 59½, you must pay a 10% additional tax on the early distribution. Form 1040x turbotax This applies to any IRA you own, whether it is a traditional IRA (including a SEP-IRA), a Roth IRA, or a SIMPLE IRA. Form 1040x turbotax The additional tax on an early distribution from a SIMPLE IRA may be as high as 25%. Form 1040x turbotax See Publication 560, Retirement Plans for Small Business, for information on SEP-IRAs, and Publication 590, for information about all other IRAs. Form 1040x turbotax However, you can take distributions from your IRAs for qualified higher education expenses without having to pay the 10% additional tax. Form 1040x turbotax You may owe income tax on at least part of the amount distributed, but you may not have to pay the 10% additional tax. Form 1040x turbotax Generally, if the taxable part of the distribution is less than or equal to the adjusted qualified education expenses (AQEE), none of the distribution is subject to the additional tax. Form 1040x turbotax If the taxable part of the distribution is more than the AQEE, only the excess is subject to the additional tax. Form 1040x turbotax Who Is Eligible You can take a distribution from your IRA before you reach age 59½ and not have to pay the 10% additional tax if, for the year of the distribution, you pay qualified education expenses for: yourself, your spouse, or your or your spouse's child, foster child, adopted child, or descendant of any of them. Form 1040x turbotax Qualified education expenses. Form 1040x turbotax   For purposes of the 10% additional tax, these expenses are tuition, fees, books, supplies, and equipment required for enrollment or attendance at an eligible educational institution. Form 1040x turbotax They also include expenses for special needs services incurred by or for special needs students in connection with their enrollment or attendance. Form 1040x turbotax   In addition, if the student is at least a half-time student, room and board are qualified education expenses. Form 1040x turbotax   The expense for room and board qualifies only to the extent that it is not more than the greater of the following two amounts. Form 1040x turbotax 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. Form 1040x turbotax The actual amount charged if the student is residing in housing owned or operated by the eligible educational institution. Form 1040x turbotax You will need to contact the eligible educational institution for qualified room and board costs. Form 1040x turbotax Eligible educational institution. Form 1040x turbotax   An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. Form 1040x turbotax S. Form 1040x turbotax Department of Education. Form 1040x turbotax It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Form 1040x turbotax The educational institution should be able to tell you if it is an eligible educational institution. Form 1040x turbotax   Certain educational institutions located outside the United States also participate in the U. Form 1040x turbotax S. Form 1040x turbotax Department of Education's Federal Student Aid (FSA) programs. Form 1040x turbotax Half-time student. Form 1040x turbotax   A student is enrolled “at least half-time” if he or she is enrolled for at least half the full-time academic work load for the course of study the student is pursuing as determined under the standards of the school where the student is enrolled. Form 1040x turbotax Figuring the Amount Not Subject to the 10% Tax To determine the amount of your distribution that is not subject to the 10% additional tax, first figure your adjusted qualified education expenses. Form 1040x turbotax You do this by reducing your total qualified education expenses by any tax-free educational assistance, which includes: Expenses used to figure the tax-free portion of distributions from a Coverdell education savings account (ESA) (see Distributions in chapter 7, Coverdell Education Savings Account), The tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships 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), 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 ), and Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. Form 1040x turbotax Do not reduce the qualified education expenses by amounts paid with funds the student receives as: Payment for services, such as wages, A loan, A gift, An inheritance given to either the student or the individual making the withdrawal, or A withdrawal from personal savings (including savings from a qualified tuition program (QTP)). Form 1040x turbotax If your IRA distribution is equal to or less than your adjusted qualified education expenses, you are not subject to the 10% additional tax. Form 1040x turbotax Example 1. Form 1040x turbotax In 2013, Erin (age 32) took a year off from teaching to attend graduate school full-time. Form 1040x turbotax She paid $5,800 of qualified education expenses from the following sources. Form 1040x turbotax   Employer-provided educational assistance  (tax free) $5,000     Early distribution from IRA (includes $500 taxable earnings) 3,200           Before Erin can determine if she must pay the 10% additional tax on her IRA distribution, she must reduce her total qualified education expenses. Form 1040x turbotax   Total qualified education expenses $5,800     Minus: Tax-free educational assistance −5,000     Equals: Adjusted qualified  education expenses (AQEE) $ 800   Because Erin's AQEE ($800) are more than the taxable portion of her IRA distribution ($500), she does not have to pay the 10% additional tax on any part of this distribution. Form 1040x turbotax However, she must include the $500 taxable earnings in her gross income subject to income tax. Form 1040x turbotax Example 2. Form 1040x turbotax Assume the same facts as in Example 1 , except that Erin deducted some of the contributions to her IRA, so the taxable part of her early distribution is higher by $1,000. Form 1040x turbotax This must be included in her income subject to income tax. Form 1040x turbotax The taxable part of Erin's IRA distribution ($1,000) is larger than her $800 AQEE. Form 1040x turbotax Therefore, she must pay the 10% additional tax on $200, the taxable part of her distribution ($1,000) that is more than her qualified education expenses ($800). Form 1040x turbotax She does not have to pay the 10% additional tax on the remaining $800 of her taxable distribution. Form 1040x turbotax Reporting Early Distributions By January 31, 2014, the payer of your IRA distribution should send you Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Form 1040x turbotax The information on this form will help you determine how much of your distribution is taxable for income tax purposes and how much is subject to the 10% additional tax. Form 1040x turbotax If you received an early distribution from your IRA, you must report the taxable earnings on Form 1040, line 15b (Form 1040NR, line 16b). Form 1040x turbotax Then, if you qualify for an exception for qualified higher education expenses, you must file Form 5329 to show how much, if any, of your early distribution is subject to the 10% additional tax. Form 1040x turbotax See the Instructions for Form 5329, Part I, for help in completing the form and entering the results on Form 1040 or 1040NR. Form 1040x turbotax There are many other situations in which Form 5329 is required. Form 1040x turbotax If, during 2013, you had other distributions from IRAs or qualified retirement plans, or have made excess contributions to certain tax-favored accounts, see the instructions for line 58 (Form 1040) or line 56 (Form 1040NR) to determine if you must file Form 5329. Form 1040x turbotax Prev  Up  Next   Home   More Online Publications
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The Form 1040x Turbotax

Form 1040x turbotax Index A Accrual foreign taxes, adjustments, You may have to post a bond. Form 1040x turbotax Accrual method of accounting, Accrual method of accounting. Form 1040x turbotax Allocation Carryback/carryover between spouses, Allocations Between Spouses Foreign losses, Foreign Losses Foreign taxes, Allocation of Foreign Taxes U. Form 1040x turbotax S. Form 1040x turbotax losses, U. Form 1040x turbotax S. Form 1040x turbotax Losses Alternative minimum tax, Reminders Amended return, Claim for Refund American Samoa, resident of, Possession Exclusion Assistance (see Tax help) B Bankruptcy, effect of, Effect of bankruptcy or insolvency. Form 1040x turbotax Beneficiary, Partner or S corporation shareholder. Form 1040x turbotax Bond, income tax, You may have to post a bond. Form 1040x turbotax Boycotting countries, Taxes From International Boycott Operations C Capital gains and losses, Capital Gains and Losses Carryback and carryover, Carrybacks and carryovers. Form 1040x turbotax Allocations between spouses, Allocations Between Spouses Claim for refund, Time Limit on Tax Assessment Joint return, Married Couples Joint return–deduction year, Joint Return Filed in a Deduction Year Taxes all credited or deducted, Claim for Refund Time limit on tax assessment, Time Limit on Tax Assessment Choice to take credit or deduction Changing your choice, Making or Changing Your Choice Choice applied to all qualified foreign taxes, Choice Applies to All Qualified Foreign Taxes Claim for refund, Claim for Refund Classes of gross income, Classes of gross income. Form 1040x turbotax Compensation for labor or personal services, Determining the Source of Compensation for Labor or Personal Services Geographical basis, Geographical basis. Form 1040x turbotax Comprehensive example, Comprehensive Example — Filled-In Form 1116 Controlled foreign corporation shareholder, Controlled foreign corporation shareholder. Form 1040x turbotax , Income from controlled foreign corporations. Form 1040x turbotax Covered asset acquisition, Covered Asset Acquisition Credit How to claim, How To Claim the Credit How to figure, How To Figure the Credit Limit on, Limit on the Credit Credit for taxes paid or accrued, Credit for Taxes Paid or Accrued D Deduction for foreign taxes that are not income taxes, Foreign taxes that are not income taxes. Form 1040x turbotax Distributions Lump-sum, Lump-Sum Distribution Dividends Taxes on, Taxes Imposed on Certain Dividends Dual-capacity taxpayers, Dual-capacity taxpayers. Form 1040x turbotax E Economic benefits, Specific economic benefit. Form 1040x turbotax Examples Comprehensive, Comprehensive Example — Filled-In Form 1116 Simple, Simple Example — Filled-In Form 1116 Excess limit, Carryback and Carryover Exchange rates, Foreign Currency and Exchange Rates Excluded income Foreign earned, Foreign Earned Income and Housing Exclusions Taxes on, Taxes on Excluded Income Exemption from foreign tax credit limit, Exemption from foreign tax credit limit. Form 1040x turbotax Export financing interest, Export financing interest. Form 1040x turbotax Extraterritorial income, Extraterritorial Income Exclusion F Financial services income, Financial services income. Form 1040x turbotax Foreign corporation–U. Form 1040x turbotax S. Form 1040x turbotax shareholders, filing requirements, Taxes of U. Form 1040x turbotax S. Form 1040x turbotax Persons Controlling Foreign Corporations and Partnerships Foreign country, Foreign country. Form 1040x turbotax Foreign currency and exchange rates, Foreign Currency and Exchange Rates Foreign income, translating, Translating foreign currency into U. Form 1040x turbotax S. Form 1040x turbotax dollars. Form 1040x turbotax Foreign losses Allocation of, Foreign Losses Recapture of, Recapture of Prior Year Overall Foreign Loss Accounts Foreign mineral income, taxes on, Taxes on Foreign Mineral Income Foreign oil and gas extraction income, taxes on, Taxes on Combined Foreign Oil and Gas Income Foreign partnerships–U. Form 1040x turbotax S. Form 1040x turbotax partners, filing requirement, Taxes of U. Form 1040x turbotax S. Form 1040x turbotax Persons Controlling Foreign Corporations and Partnerships Foreign tax refund, Foreign tax refund. Form 1040x turbotax , Foreign tax refund. Form 1040x turbotax Foreign tax(es) Allocation to income categories, Allocation of Foreign Taxes For which you cannot take a credit, Foreign Taxes for Which You Cannot Take a Credit Imposed on foreign refund, Foreign tax imposed on foreign refund. Form 1040x turbotax Qualifying for credit, What Foreign Taxes Qualify for the Credit? Redetermination, Foreign Tax Redetermination Refund, Foreign tax imposed on foreign refund. Form 1040x turbotax Form 1040X, Claim for Refund 1116, Form 1116, Simple Example — Filled-In Form 1116, Comprehensive Example — Filled-In Form 1116 5471, Taxes of U. Form 1040x turbotax S. Form 1040x turbotax Persons Controlling Foreign Corporations and Partnerships 5713, Form 5713 required. Form 1040x turbotax 8833, Report required. Form 1040x turbotax 8865, Taxes of U. Form 1040x turbotax S. Form 1040x turbotax Persons Controlling Foreign Corporations and Partnerships 8873, Extraterritorial Income Exclusion Free tax services, Free help with your tax return. Form 1040x turbotax Functional currency, Translating foreign currency into U. Form 1040x turbotax S. Form 1040x turbotax dollars. Form 1040x turbotax G General category income, separate limit, General Category Income H Help (see Tax help) High-taxed income, High-taxed income. Form 1040x turbotax I Income from sources in U. Form 1040x turbotax S. Form 1040x turbotax possessions, Determining the source of income from U. Form 1040x turbotax S. Form 1040x turbotax possessions. Form 1040x turbotax Income re-sourced by treaty, separate limit, Certain Income Re-Sourced By Treaty Income tax, Income Tax Income tax bond, You may have to post a bond. Form 1040x turbotax Interest, Penalties and interest. Form 1040x turbotax Interest expense, apportioning, Interest expense. Form 1040x turbotax International boycott, Taxes From International Boycott Operations Itemized deduction, Taxes for Which You Can Only Take an Itemized Deduction J Joint return Carryback and carryover, Married Couples Credit based on foreign tax of both spouses, Joint return. Form 1040x turbotax Filed in a deduction year, Joint Return Filed in a Deduction Year L Levy, Income Tax Limit on credit, Limit on the Credit Losses, foreign, Foreign Losses Allocation of, Foreign Losses Recapture of, Recapture of Prior Year Overall Foreign Loss Accounts Losses, U. Form 1040x turbotax S. Form 1040x turbotax , U. Form 1040x turbotax S. Form 1040x turbotax Losses Allocation of, U. Form 1040x turbotax S. Form 1040x turbotax Losses Lump-sum distributions, Lump-Sum Distribution M Making or changing your choice, Making or Changing Your Choice Married couples Carryback and carryover, Married Couples Joint return, Joint return. Form 1040x turbotax Mineral income, foreign,, Taxes on Foreign Mineral Income Mutual fund distributions, Mutual fund shareholder. Form 1040x turbotax , Passive income. Form 1040x turbotax Mutual fund shareholder, Mutual fund shareholder. Form 1040x turbotax N Nonresident aliens, Nonresident Aliens Notice to the IRS of change in tax, Notice to the Internal Revenue Service (IRS) of Redetermination O Overall foreign loss, Overall foreign loss. Form 1040x turbotax P Partner, Partner or S corporation shareholder. Form 1040x turbotax , Partnership distributive share. Form 1040x turbotax , Foreign Taxes From a Partnership or an S Corporation Passive category income, Passive Category Income Penalties, Failure-to-notify penalty. Form 1040x turbotax , Penalties and interest. Form 1040x turbotax Failure to file Form 5471, 8865, Penalty for not filing Form 5471 or Form 8865. Form 1040x turbotax Failure to file Form 5713, Penalty for failure to file. Form 1040x turbotax Failure to notify, foreign tax change, Failure-to-notify penalty. Form 1040x turbotax Failure to report treaty information, Report required. Form 1040x turbotax Pension, employment, and disability fund payments, Pension, unemployment, and disability fund payments. Form 1040x turbotax Personal property, sales or exchanges of, Determining the Source of Income From the Sales or Exchanges of Certain Personal Property Possession exclusion, Possession Exclusion Publications (see Tax help) Purchase or sale of oil or gas, taxes in connection with, Taxes in Connection With the Purchase or Sale of Oil or Gas Q Qualified business unit, Translating foreign currency into U. Form 1040x turbotax S. Form 1040x turbotax dollars. Form 1040x turbotax Qualified dividends, Capital Gains and Losses R Rate of exchange, Rate of exchange for foreign taxes paid. Form 1040x turbotax Recapture of foreign losses, Recapture of Prior Year Overall Foreign Loss Accounts Records to keep, Records To Keep Redetermination of foreign tax, Foreign Tax Redetermination Refund claims, time limit, Time Limit on Refund Claims Refund, foreign tax, Foreign tax refund. Form 1040x turbotax Reporting requirements (international boycott), Reporting requirements. Form 1040x turbotax Resident aliens, Resident Aliens S S corporation shareholder, Partner or S corporation shareholder. Form 1040x turbotax , Foreign Taxes From a Partnership or an S Corporation Sanctioned countries, Taxes Imposed By Sanctioned Countries (Section 901(j) Income) Section 901(j) income, Section 901(j) Income Section 901(j) sanctioned income, Taxes Imposed By Sanctioned Countries (Section 901(j) Income) Separate limit income, Separate Limit Income General category income, General Category Income Income re-sourced by treaty, Certain Income Re-Sourced By Treaty Lump-sum distribution, Lump-Sum Distribution Passive category income, Passive Category Income Section 901(j) income, Section 901(j) Income Shareholder, Mutual fund shareholder. Form 1040x turbotax Simple example, Simple Example — Filled-In Form 1116 Soak-up taxes, Soak-up taxes. Form 1040x turbotax Social security taxes, Pension, unemployment, and disability fund payments. Form 1040x turbotax Source of compensation for labor or personal services Alternative basis, Alternative basis. Form 1040x turbotax Multi-year compensation, Multi-year compensation. Form 1040x turbotax Time basis, Time basis. Form 1040x turbotax Transportation income, Transportation Income State income taxes, State income taxes. Form 1040x turbotax Subsidy, Subsidy received. Form 1040x turbotax T Tax help, How To Get Tax Help Tax treaties, Tax Treaties Taxable income from sources outside the U. Form 1040x turbotax S. Form 1040x turbotax , determination of, Determining Taxable Income From Sources Outside the United States Taxes Excluded income, Foreign Earned Income and Housing Exclusions In lieu of income taxes, Taxes in Lieu of Income Taxes On dividends, Taxes Imposed on Certain Dividends Paid or accrued, Credit for Taxes Paid or Accrued Withheld on income or gain, Taxes Withheld on Income or Gain (Other Than Dividends) Taxes related to a foreign tax credit splitting event, Taxes Related to a Foreign Tax Credit Splitting Event Time limit Refund claims, Time Limit on Refund Claims Tax assessment, Time Limit on Tax Assessment Translating foreign currency, Translating foreign currency into U. Form 1040x turbotax S. Form 1040x turbotax dollars. Form 1040x turbotax U U. Form 1040x turbotax S. Form 1040x turbotax citizens, U. Form 1040x turbotax S. Form 1040x turbotax Citizens U. Form 1040x turbotax S. Form 1040x turbotax losses Allocation of, U. Form 1040x turbotax S. Form 1040x turbotax Losses U. Form 1040x turbotax S. Form 1040x turbotax possessions, U. Form 1040x turbotax S. Form 1040x turbotax possessions. Form 1040x turbotax Unused foreign tax credits, carryback or carryover, Carrybacks and carryovers. Form 1040x turbotax , Carryback and Carryover W Wages, Wages completely excluded. Form 1040x turbotax When refunds can be claimed, Time Limit on Refund Claims When tax can be assessed, Time Limit on Tax Assessment Who can take the credit, Who Can Take the Credit? Why choose the credit, Why Choose the Credit? Prev  Up     Home   More Online Publications