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Free File 2012 Tax Return

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Free File 2012 Tax Return

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Tax Relief for Victims of Hurricane Isaac in Mississippi

LA/MS-2012-14, Sept. 5, 2012

Updated 10/01/12 to include Copiah, Franklin, Jefferson, Jones and Lamar counties.

Updated 9/10/12 to include Adams, Amite, Clarke, Forrest, George, Hinds, Lincoln, Marion, Pike, Stone, Walthall, Warren and Wilkinson counties.

NEW ORLEANS — Victims of Hurricane Isaac that began on Aug. 26, 2012 in parts of Mississippi may qualify for tax relief from the Internal Revenue Service.

Following recent disaster declarations for individual assistance issued by the Federal Emergency Management Agency, the IRS announced today that affected taxpayers in Mississippi will receive tax relief, and other locations may be added in coming days based on additional damage assessments by FEMA.

The President has declared the counties of Adams, Amite, Clarke, Copiah, Forrest, Franklin, George, Hancock, Harrison, Hinds, Jackson, Jefferson, Jones, Lamar, Lincoln, Marion, Pearl River, Pike, Stone, Walthall, Warren and Wilkinson a federal disaster area. Individuals who reside or have a business in these counties may qualify for tax relief.

The declaration permits the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after Aug. 26, and on or before Jan. 11, 2013, have been postponed to Jan. 11, 2013. This includes the quarterly estimated tax payment due on Sept. 17, 2012.

In addition, the IRS is waiving the failure-to-deposit penalties for employment and excise tax deposits due on or after Aug. 26, and on or before Sept. 10, as long as the deposits are made by Sept. 10, 2012.

If an affected taxpayer receives a penalty notice from the IRS, the taxpayer should call the telephone number on the notice to have the IRS abate any interest and any late filing or late payment penalties that would otherwise apply. Penalties or interest will be abated only for taxpayers who have an original or extended filing, payment or deposit due date, including an extended filing or payment due date, that falls within the postponement period.

The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area must call the IRS disaster hotline at 1-866-562-5227 to request this tax relief.

Covered Disaster Area

The counties listed above constitutes a covered disaster area for purposes of Treas. Reg. § 301.7508A-1(d)(2) and is entitled to the relief detailed below.

Affected Taxpayers

Taxpayers considered to be affected taxpayers eligible for the postponement of time to file returns, pay taxes and perform other time-sensitive acts are those taxpayers listed in Treas. Reg. § 301.7508A-1(d)(1), and include individuals who live, and businesses whose principal place of business is located, in the covered disaster area. Taxpayers not in the covered disaster area, but whose records necessary to meet a deadline listed in Treas. Reg. § 301.7508A-1(c) are in the covered disaster area, are also entitled to relief. In addition, all relief workers affiliated with a recognized government or philanthropic organization assisting in the relief activities in the covered disaster area and any individual visiting the covered disaster area who was killed or injured as a result of the disaster are entitled to relief.

Grant of Relief

Under section 7508A, the IRS gives affected taxpayers until Jan. 11, 2013, to file most tax returns (including individual, corporate, and estate and trust income tax returns; partnership returns, S corporation returns, and trust returns; estate, gift, and generation-skipping transfer tax returns; and employment and certain excise tax returns), or to make tax payments, including estimated tax payments, that have either an original or extended due date occurring on or after Aug. 26 and on or before Jan. 11, 2013.

The IRS also gives affected taxpayers until Jan. 11, 2013, to perform other time-sensitive actions described in Treas. Reg. § 301.7508A-1(c)(1) and Rev. Proc. 2007-56, 2007-34 I.R.B. 388 (Aug. 20, 2007), that are due to be performed on or after Aug. 26 and on or before Jan. 11, 2013.

This relief also includes the filing of Form 5500 series returns, in the manner described in section 8 of Rev. Proc. 2007-56. The relief described in section 17 of Rev. Proc. 2007-56, pertaining to like-kind exchanges of property, also applies to certain taxpayers who are not otherwise affected taxpayers and may include acts required to be performed before or after the period above.

The postponement of time to file and pay does not apply to information returns in the W-2, 1098, 1099 series, or to Forms 1042-S or 8027. Penalties for failure to timely file information returns can be waived under existing procedures for reasonable cause. Likewise, the postponement does not apply to employment and excise tax deposits. The IRS, however, will abate penalties for failure to make timely employment and excise tax deposits due on or after Aug. 26 and on or before Sept. 10 provided the taxpayer makes these deposits by Sept. 10.

Casualty Losses

Affected taxpayers in a federally declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year. Claiming the loss on an original or amended return for last year will get the taxpayer an earlier refund, but waiting to claim the loss on this year’s return could result in a greater tax saving, depending on other income factors.

Individuals may deduct personal property losses that are not covered by insurance or other reimbursements. For details, see Form 4684 and its instructions.

Affected taxpayers claiming the disaster loss on last year’s return should put the Disaster Designation “MISSISSIPPI/HURRICANE ISAAC” at the top of the form so that the IRS can expedite the processing of the refund.

Other Relief

The IRS will waive the usual fees and expedite requests for copies of previously filed tax returns for affected taxpayers. Taxpayers should put the assigned Disaster Designation in red ink at the top of Form 4506, Request for Copy of Tax Return, or Form 4506-T, Request for Transcript of Tax Return, as appropriate, and submit it to the IRS.

Affected taxpayers who are contacted by the IRS on a collection or examination matter should explain how the disaster impacts them so that the IRS can provide appropriate consideration to their case.

Taxpayers may download forms and publications from the official IRS website, IRS.gov, or order them by calling 1-800-TAX-FORM (1-800-829-3676). The IRS toll-free number for general tax questions is 1-800-829-1040.

Page Last Reviewed or Updated: 14-Aug-2013

The Free File 2012 Tax Return

Free file 2012 tax return 10. Free file 2012 tax return   Education Savings Bond Program Table of Contents Introduction Who Can Cash In Bonds Tax FreeAdjusted qualified education expenses. Free file 2012 tax return Eligible educational institution. Free file 2012 tax return Dependent for whom you claim an exemption. Free file 2012 tax return MAGI when using Form 1040A. Free file 2012 tax return MAGI when using Form 1040. Free file 2012 tax return Figuring the Tax-Free AmountEffect of the Amount of Your Income on the Amount of Your Exclusion Claiming the Exclusion Introduction Generally, you must pay tax on the interest earned on U. Free file 2012 tax return S. Free file 2012 tax return savings bonds. Free file 2012 tax return If you do not include the interest in income in the years it is earned, you must include it in your income in the year in which you cash in the bonds. Free file 2012 tax return However, when you cash in certain savings bonds under an education savings bond program, you may be able to exclude the interest from income. Free file 2012 tax return Who Can Cash In Bonds Tax Free You may be able to cash in qualified U. Free file 2012 tax return S. Free file 2012 tax return savings bonds without having to include in your income some or all of the interest earned on the bonds if you meet the following conditions. Free file 2012 tax return You pay qualified education expenses for yourself, your spouse, or a dependent for whom you claim an exemption on your return. Free file 2012 tax return Your modified adjusted gross income (MAGI) is less than the amount specified for your filing status. Free file 2012 tax return Your filing status is not married filing separately. Free file 2012 tax return Qualified U. Free file 2012 tax return S. Free file 2012 tax return savings bonds. Free file 2012 tax return   A qualified U. Free file 2012 tax return S. Free file 2012 tax return savings bond is a series EE bond issued after 1989 or a series I bond. Free file 2012 tax return The bond must be issued either in your name (as the sole owner) or in the name of both you and your spouse (as co-owners). Free file 2012 tax return   The owner must be at least 24 years old before the bond's issue date. Free file 2012 tax return The issue date is printed on the front of the savings bond. Free file 2012 tax return    The issue date is not necessarily the date of purchase—it will be the first day of the month in which the bond is purchased (or posted, if bought electronically). Free file 2012 tax return Qualified education expenses. Free file 2012 tax return   These include the following items you pay for either yourself, your spouse, or a dependent for whom you claim an exemption. Free file 2012 tax return Tuition and fees required to enroll at or attend an eligible educational institution. Free file 2012 tax return Qualified education expenses do not include expenses for room and board or for courses involving sports, games, or hobbies that are not part of a degree or certificate granting program. Free file 2012 tax return Contributions to a qualified tuition program (QTP) (see How Much Can You Contribute in chapter 8, Qualified Tuition Program). Free file 2012 tax return Contributions to a Coverdell education savings account (ESA) (see Contributions in chapter 7, Coverdell Education Savings Account). Free file 2012 tax return Adjusted qualified education expenses. Free file 2012 tax return   You must reduce your qualified education expenses by all of the following tax-free benefits. Free file 2012 tax return Tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions). Free file 2012 tax return Expenses used to figure the tax-free portion of distributions from a Coverdell ESA (see Qualified Education Expenses in chapter 7, Coverdell Education Savings Account). Free file 2012 tax return Expenses used to figure the tax-free portion of distributions from a QTP (see Qualified education expenses in chapter 8, Qualified Tuition Program). Free file 2012 tax return Any tax-free payments (other than gifts or inheritances) received as educational assistance, such as: Veterans' educational assistance benefits (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Qualified tuition reductions (see Qualified Tuition Reduction in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), or Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ). Free file 2012 tax return Any expenses used in figuring the American opportunity and lifetime learning credits. Free file 2012 tax return See What Expenses Qualify in chapter 2, American Opportunity Credit, and What Expenses Qualify in chapter 3, Lifetime Learning Credit, for more information. Free file 2012 tax return Eligible educational institution. Free file 2012 tax return   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. Free file 2012 tax return S. Free file 2012 tax return Department of Education. Free file 2012 tax return It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Free file 2012 tax return The educational institution should be able to tell you if it is an eligible educational institution. Free file 2012 tax return   Certain educational institutions located outside the United States also participate in the U. Free file 2012 tax return S. Free file 2012 tax return Department of Education's Federal Student Aid (FSA) programs. Free file 2012 tax return Dependent for whom you claim an exemption. Free file 2012 tax return   You claim an exemption for a person if you list his or her name and other required information on Form 1040 (or Form 1040A), line 6c. Free file 2012 tax return Modified adjusted gross income (MAGI). Free file 2012 tax return   For most taxpayers, MAGI is adjusted gross income (AGI) as figured on their federal income tax return without taking into account this interest exclusion. Free file 2012 tax return However, as discussed below, there may be other modifications. Free file 2012 tax return MAGI when using Form 1040A. Free file 2012 tax return   If you file Form 1040A, your MAGI is the AGI on line 22 of that form figured without taking into account any savings bond interest exclusion and modified by adding back any amount on line 18 (student loan interest deduction) and line 19 (tuition and fees deduction). Free file 2012 tax return MAGI when using Form 1040. Free file 2012 tax return   If you file Form 1040, your MAGI is the AGI on line 38 of that form figured without taking into account any savings bond interest exclusion and modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion, Foreign housing deduction, Exclusion of income by bona fide residents of American Samoa, Exclusion of income by bona fide residents of Puerto Rico, Exclusion for adoption benefits received under an employer's adoption assistance program, Deduction for student loan interest, Deduction for tuition and fees, and Deduction for domestic production activities. Free file 2012 tax return    Use the worksheet in the instructions for line 9 of Form 8815 to figure your MAGI. Free file 2012 tax return If you claim any of the exclusion or deduction items (1)–(6) listed above, add the amount of the exclusion or deduction to the amount on line 5 of the worksheet. Free file 2012 tax return Do not add in the deduction for (7) student loan interest, and (8) tuition and fees, or (9) domestic production activities because line 4 of the worksheet already includes these amounts. Free file 2012 tax return Enter the total on Form 8815, line 9, as your modified adjusted gross income (MAGI). Free file 2012 tax return    Because the deduction for interest expenses attributable to royalties and other investments is limited to your net investment income, you cannot figure the deduction until you have figured this interest exclusion. Free file 2012 tax return Therefore, if you had interest expenses attributable to royalties and deductible on Schedule E (Form 1040), Supplemental Income and Loss, you must make a special computation of your deductible interest without regard to this exclusion to figure the net royalty income included in your MAGI. Free file 2012 tax return See Royalties included in MAGI under Education Savings Bond Program in Publication 550, chapter 1. Free file 2012 tax return Figuring the Tax-Free Amount If the total you receive when you cash in the bonds is not more than the adjusted qualified education expenses for the year, all of the interest on the bonds may be tax free. Free file 2012 tax return However, if the total you receive when you cash in the bonds is more than the adjusted expenses, only part of the interest may be tax free. Free file 2012 tax return To determine the tax-free amount, multiply the interest part of the proceeds by a fraction. Free file 2012 tax return The numerator (top part) of the fraction is the adjusted qualified education expenses (AQEE) you paid during the year. Free file 2012 tax return The denominator (bottom part) of the fraction is the total proceeds you received during the year. Free file 2012 tax return Example. Free file 2012 tax return In February 2013, Mark and Joan Washington, a married couple, cashed a qualified series EE U. Free file 2012 tax return S. Free file 2012 tax return savings bond. Free file 2012 tax return They received proceeds of $9,000, representing principal of $6,000 and interest of $3,000. Free file 2012 tax return In 2013, they paid $7,650 of their daughter's college tuition. Free file 2012 tax return They are not claiming an American opportunity or lifetime learning credit for those expenses, and their daughter does not have any tax-free educational assistance. Free file 2012 tax return Their MAGI for 2013 was $80,000. Free file 2012 tax return   $3,000 interest × $7,650 AQEE  $9,000 proceeds = $2,550 tax-free interest   They can exclude $2,550 of interest in 2013. Free file 2012 tax return They must pay tax on the remaining $450 ($3,000 − $2,550) interest. Free file 2012 tax return Effect of the Amount of Your Income on the Amount of Your Exclusion The amount of your interest exclusion is gradually reduced (phased out) based on your MAGI and filing status. Free file 2012 tax return Claiming the Exclusion Use Form 8815 to figure your education savings bond interest exclusion. Free file 2012 tax return Enter your exclusion on line 3 of Schedule B (Form 1040A or 1040), Interest and Ordinary Dividends. Free file 2012 tax return Attach Form 8815 to your tax return. Free file 2012 tax return Prev  Up  Next   Home   More Online Publications