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Free Online 1040ez Filing

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Free Online 1040ez Filing

Free online 1040ez filing 4. Free online 1040ez filing   Limit on Elective Deferrals Table of Contents Excess elective deferrals. Free online 1040ez filing General Limit 15-Year RuleYears of Service Figuring the Limit on Elective DeferralsExample The second and final component of MAC is the limit on elective deferrals. Free online 1040ez filing This is a limit on the amount of contributions that can be made to your account through a salary reduction agreement. Free online 1040ez filing A salary reduction agreement is an agreement between you and your employer that allows for a portion of your compensation to be directly invested in a 403(b) account on your behalf. Free online 1040ez filing You can enter into more than one salary reduction agreement during a year. Free online 1040ez filing More than one 403(b) account. Free online 1040ez filing If, for any year, elective deferrals are contributed to more than one 403(b) account for you (whether or not with the same employer), you must combine all the elective deferrals to determine whether the total is more than the limit for that year. Free online 1040ez filing 403(b) plan and another retirement plan. Free online 1040ez filing If, during the year, contributions in the form of elective deferrals are made to other retirement plans on your behalf, you must combine all of the elective deferrals to determine if they are more than your limit on elective deferrals. Free online 1040ez filing The limit on elective deferrals applies to amounts contributed to: 401(k) plans, to the extent excluded from income, Roth contribution programs, Section 501(c)(18) plans, to the extent excluded from income, Savings incentive match plan for employees (SIMPLE plans), Simplified employee pension (SEP) plans, and All 403(b) plans. Free online 1040ez filing Roth contribution program. Free online 1040ez filing   Your 403(b) plan may allow you to designate all or a portion of your elective deferrals as Roth contributions. Free online 1040ez filing Elective deferrals designated as Roth contributions must be maintained in a separate Roth account and are not excludable from your gross income. Free online 1040ez filing   The maximum amount of contributions allowed under a Roth contribution program is your limit on elective deferrals, less your elective deferrals not designated as Roth contributions. Free online 1040ez filing For more information on the Roth contribution program, see Publication 560, Retirement Plans for Small Business. Free online 1040ez filing Excess elective deferrals. Free online 1040ez filing   If the amount contributed is more than the allowable limit, you must include the excess that is not a Roth contribution in your gross income for the year contributed. Free online 1040ez filing General Limit Under the general limit on elective deferrals, the most that can be contributed to your 403(b) account through a salary reduction agreement is $17,500 for 2013 and 2014. Free online 1040ez filing This limit applies without regard to community property laws. Free online 1040ez filing 15-Year Rule If you have at least 15 years of service with an educational organization (such as a public or private school), hospital, home health service agency, health and welfare service agency, church, or convention or association of churches (or associated organization), the limit on elective deferrals to your 403(b) account is increased by the least of: $3,000, $15,000, reduced by the sum of: The additional pre-tax elective deferrals made in prior years because of this rule, plus The aggregate amount of designated Roth contributions permitted for prior years because of this rule, or $5,000 times the number of your years of service for the organization, minus the total elective deferrals made by your employer on your behalf for earlier years. Free online 1040ez filing If you qualify for the 15-year rule, your elective deferrals under this limit can be as high as $20,500 for 2013 and 2014. Free online 1040ez filing To determine whether you have 15 years of service with your employer, see Years of Service , next. Free online 1040ez filing Years of Service To determine if you are eligible for the increased limit on elective deferrals, you will first need to figure your years of service. Free online 1040ez filing How you figure your years of service depends on whether you were a full-time or a part-time employee, whether you worked for the full year or only part of the year, and whether you have worked for your employer for an entire year. Free online 1040ez filing You must figure years of service for each year during which you worked for the employer who is maintaining your 403(b) account. Free online 1040ez filing If more than one employer maintains a 403(b) account for you in the same year, you must figure years of service separately for each employer. Free online 1040ez filing Definition Your years of service are the total number of years you have worked as a full time employee for the employer maintaining your 403(b) account as of the end of the year. Free online 1040ez filing Figuring Your Years of Service Take the following rules into account when figuring your years of service. Free online 1040ez filing Status of employer. Free online 1040ez filing   Your years of service include only periods during which your employer was a qualified employer. Free online 1040ez filing Your plan administrator can tell you whether or not your employer was qualified during all your periods of service. Free online 1040ez filing Service with one employer. Free online 1040ez filing   Generally, you cannot count service for any employer other than the one who maintains your 403(b) account. Free online 1040ez filing Church employee. Free online 1040ez filing   If you are a church employee, treat all of your years of service with related church organizations as years of service with the same employer. Free online 1040ez filing For more information about church employees, see chapter 5. Free online 1040ez filing Self-employed ministers. Free online 1040ez filing   If you are a self-employed minister, your years of service include full and part years in which you have been treated as employed by a tax-exempt organization that is a qualified employer. Free online 1040ez filing Total years of service. Free online 1040ez filing   When figuring prior years of service, figure each year individually and then add the individual years of service to determine your total years of service. Free online 1040ez filing Example. Free online 1040ez filing The annual work period for full-time teachers employed by ABC Public Schools is September through December and February through May. Free online 1040ez filing Marsha began working with ABC schools in September 2009. Free online 1040ez filing She has always worked full-time for each annual work period. Free online 1040ez filing At the end of 2013, Marsha had 4. Free online 1040ez filing 5 years of service with ABC Public Schools, as shown in Table 4-1. Free online 1040ez filing Table 4-1. Free online 1040ez filing Marsha's Years of Service Note. Free online 1040ez filing This table shows how Marsha figures her years of service, as explained in the previous example. Free online 1040ez filing Year Period Worked Portion of Work Period Years of Service 2009 Sept. Free online 1040ez filing –Dec. Free online 1040ez filing . Free online 1040ez filing 5 year . Free online 1040ez filing 5 year 2010 Feb. Free online 1040ez filing –May . Free online 1040ez filing 5 year 1 year Sept. Free online 1040ez filing –Dec. Free online 1040ez filing . Free online 1040ez filing 5 year 2011 Feb. Free online 1040ez filing –May . Free online 1040ez filing 5 year 1 year Sept. Free online 1040ez filing –Dec. Free online 1040ez filing . Free online 1040ez filing 5 year 2012 Feb. Free online 1040ez filing –May . Free online 1040ez filing 5 year 1 year Sept. Free online 1040ez filing –Dec. Free online 1040ez filing . Free online 1040ez filing 5 year 2013 Feb. Free online 1040ez filing –May . Free online 1040ez filing 5 year 1 year Sept. Free online 1040ez filing –Dec. Free online 1040ez filing . Free online 1040ez filing 5 year Total years of service 4. Free online 1040ez filing 5 years Full-time or part-time. Free online 1040ez filing   To figure your years of service, you must analyze each year individually and determine whether you worked full-time for the full year or something other than full-time. Free online 1040ez filing When determining whether you worked full-time or something other than full-time, use your employer's annual work period as the standard. Free online 1040ez filing Employer's annual work period. Free online 1040ez filing   Your employer's annual work period is the usual amount of time an individual working full-time in a specific position is required to work. Free online 1040ez filing Generally, this period of time is expressed in days, weeks, months, or semesters, and can span 2 calendar years. Free online 1040ez filing Note. Free online 1040ez filing You cannot accumulate more than 1 year of service in a 12-month period. Free online 1040ez filing Example. Free online 1040ez filing All full-time teachers at ABC Public Schools are required to work both the September through December semester and the February through May semester. Free online 1040ez filing Therefore, the annual work period for full-time teachers employed by ABC Public Schools is September through December and February through May. Free online 1040ez filing Teachers at ABC Public Schools who work both semesters in the same calendar year are considered working a full year of service in that calendar year. Free online 1040ez filing Full-Time Employee for the Full Year Count each full year during which you were employed full-time as 1 year of service. Free online 1040ez filing In determining whether you were employed full-time, compare the amount of work you were required to perform with the amount of work normally required of others who held the same position with the same employer and who generally received most of their pay from the position. Free online 1040ez filing How to compare. Free online 1040ez filing   You can use any method that reasonably and accurately reflects the amount of work required. Free online 1040ez filing For example, if you are a teacher, you can use the number of hours of classroom instruction as a measure of the amount of work required. Free online 1040ez filing   In determining whether positions with the same employer are the same, consider all of the facts and circumstances concerning the positions, including the work performed, the methods by which pay is determined, and the descriptions (or titles) of the positions. Free online 1040ez filing Example. Free online 1040ez filing An assistant professor employed in the English department of a university will be considered a full-time employee if the amount of work that he or she is required to perform is the same as the amount of work normally required of assistant professors of English at that university who get most of their pay from that position. Free online 1040ez filing   If no one else works for your employer in the same position, compare your work with the work normally required of others who held the same position with similar employers or similar positions with your employer. Free online 1040ez filing Full year of service. Free online 1040ez filing   A full year of service for a particular position means the usual annual work period of anyone employed full-time in that general type of work at that place of employment. Free online 1040ez filing Example. Free online 1040ez filing If a doctor works for a hospital 12 months of a year except for a 1-month vacation, the doctor will be considered as employed for a full year if the other doctors at that hospital also work 11 months of the year with a 1-month vacation. Free online 1040ez filing Similarly, if the usual annual work period at a university consists of the fall and spring semesters, an instructor at that university who teaches these semesters will be considered as working a full year. Free online 1040ez filing Other Than Full-Time for the Full Year If, during any year, you were employed full-time for only part of your employer's annual work period, part-time for the entire annual work period, or part-time for only part of the work period, your year of service for that year is a fraction of your employer's annual work period. Free online 1040ez filing Full-time for part of the year. Free online 1040ez filing   If, during a year, you were employed full-time for only part of your employer's annual work period, figure the fraction for that year as follows: The numerator (top number) is the number of weeks, months, or semesters you were a full-time employee. Free online 1040ez filing The denominator (bottom number) is the number of weeks, months, or semesters considered the normal annual work period for the position. Free online 1040ez filing Example. Free online 1040ez filing Jason was employed as a full-time instructor by a local college for the 4 months of the 2013 spring semester (February 2013 through May 2013). Free online 1040ez filing The annual work period for the college is 8 months (February through May and July through October). Free online 1040ez filing Given these facts, Jason was employed full-time for part of the annual work period and provided ½ of a year of service. Free online 1040ez filing Jason's years of service computation for 2013 is as follows: Number of months Jason worked = 4 = 1 Number of months in annual work period 8 2 Part-time for the full year. Free online 1040ez filing   If, during a year, you were employed part-time for the employer's entire annual work period, you figure the fraction for that year as follows: The numerator (top number) is the number of hours or days you worked. Free online 1040ez filing The denominator (bottom number) is the number of hours or days normally required of someone holding the same position who works full-time. Free online 1040ez filing Example. Free online 1040ez filing Vance teaches one course at a local medical school. Free online 1040ez filing He teaches 3 hours per week for two semesters. Free online 1040ez filing Other faculty members at the same school teach 9 hours per week for two semesters. Free online 1040ez filing The annual work period of the medical school is two semesters. Free online 1040ez filing An instructor teaching 9 hours a week for two semesters is considered a full-time employee. Free online 1040ez filing Given these facts, Vance has worked part-time for a full annual work period. Free online 1040ez filing Vance has completed 1/3 of a year of service, figured as shown below. Free online 1040ez filing Number of hours per week Vance worked = 3 = 1 Number of hours per week considered full-time 9 3 Part-time for part of the year. Free online 1040ez filing   If, during any year, you were employed part-time for only part of your employer's annual work period, you figure your fraction for that year by multiplying two fractions. Free online 1040ez filing   Figure the first fraction as though you had worked full-time for part of the annual work period. Free online 1040ez filing The fraction is as follows: The numerator (top number) is the number of weeks, months, or semesters you were a full-time employee. Free online 1040ez filing The denominator (bottom number) is the number of weeks, months, or semesters considered the normal annual work period for the position. Free online 1040ez filing   Figure the second fraction as though you had worked part-time for the entire annual work period. Free online 1040ez filing The fraction is as follows: The numerator (top number) is the number of hours or days you worked. Free online 1040ez filing The denominator (bottom number) is the number of hours or days normally required of someone holding the same position who works full-time. Free online 1040ez filing   Once you have figured these two fractions, multiply them together to determine the fraction representing your partial year of service for the year. Free online 1040ez filing Example. Free online 1040ez filing Maria, an attorney, teaches a course for one semester at a law school. Free online 1040ez filing She teaches 3 hours per week. Free online 1040ez filing The annual work period for teachers at the school is two semesters. Free online 1040ez filing All full-time instructors at the school are required to teach 12 hours per week. Free online 1040ez filing Based on these facts, Maria is employed part-time for part of the annual work period. Free online 1040ez filing Her year of service for this year is determined by multiplying two fractions. Free online 1040ez filing Her computation is as follows: Maria's first fraction Number of semesters Maria worked = 1 Number of semesters in annual work period 2 Maria's second fraction Number of hours Maria worked per week = 3 = 1 Number of hours per week considered full-time 12 4 Maria would multiply these fractions to obtain the fractional year of service: 1 x 1 = 1         2 4 8         Figuring the Limit on Elective Deferrals You can use Part II of Worksheet 1 in chapter 9 to figure the limit on elective deferrals. Free online 1040ez filing Example Floyd has figured his limit on annual additions. Free online 1040ez filing The only other component needed before he can determine his MAC for 2014 is his limit on elective deferrals. Free online 1040ez filing Figuring Floyd's limit on elective deferrals. Free online 1040ez filing   Floyd has been employed with his current employer for less than 15 years. Free online 1040ez filing He is not eligible for the special 15-year increase. Free online 1040ez filing Therefore, his limit on elective deferrals for 2014 is $17,500 as shown in Table 4-2. Free online 1040ez filing Floyd's employer will not make any nonelective contributions to his 403(b) account and Floyd will not make any after-tax contributions. Free online 1040ez filing Additionally, Floyd's employer does not offer a Roth contribution program. Free online 1040ez filing Figuring Floyd's MAC Floyd has determined that his limit on annual additions for 2014 is $52,000 and his limit on elective deferrals is $17,500. Free online 1040ez filing Because elective deferrals are the only contributions made to Floyd's account, the maximum amount that can be contributed to a 403(b) account on Floyd's behalf in 2014 is $17,500, the lesser of both limits. Free online 1040ez filing Table 4-2. Free online 1040ez filing Worksheet 1. Free online 1040ez filing Maximum Amount Contributable (MAC) Note. Free online 1040ez filing Use this worksheet to figure your MAC. Free online 1040ez filing Part I. Free online 1040ez filing Limit on Annual Additions     1. Free online 1040ez filing Enter your includible compensation for your most recent year of service 1. Free online 1040ez filing $70,475 2. Free online 1040ez filing Maximum: For 2013 enter $51,000 For 2014 enter $52,000 2. Free online 1040ez filing 52,000 3. Free online 1040ez filing Enter the lesser of line 1 or line 2. Free online 1040ez filing This is your limit on annual additions 3. Free online 1040ez filing 52,000   Caution: If you had only nonelective contributions, skip Part II and enter the amount from line 3 on line 18. Free online 1040ez filing     Part II. Free online 1040ez filing Limit on Elective Deferrals     4. Free online 1040ez filing Maximum contribution: For 2013, enter $17,500 For 2014, enter $17,500 4. Free online 1040ez filing 17,500   Note. Free online 1040ez filing If you have at least 15 years of service with a qualifying organization, complete lines 5 through 17. Free online 1040ez filing If not, enter zero (-0-) on line 16 and go to line 17. Free online 1040ez filing     5. Free online 1040ez filing Amount per year of service 5. Free online 1040ez filing 5,000 6. Free online 1040ez filing Enter your years of service 6. Free online 1040ez filing   7. Free online 1040ez filing Multiply line 5 by line 6 7. Free online 1040ez filing   8. Free online 1040ez filing Enter the total of all elective deferrals made for you by the qualifying organization for prior years 8. Free online 1040ez filing   9. Free online 1040ez filing Subtract line 8 from line 7. Free online 1040ez filing If zero or less, enter zero (-0-) 9. Free online 1040ez filing   10. Free online 1040ez filing Maximum increase in limit for long service 10. Free online 1040ez filing 15,000 11. Free online 1040ez filing Enter the total of additional pre-tax elective deferrals made in prior years under the 15-year rule 11. Free online 1040ez filing   12. Free online 1040ez filing Enter the aggregate amount of all designated Roth contributions permitted for prior years under the 15-year rule 12. Free online 1040ez filing   13. Free online 1040ez filing Add lines 11 and 12 13. Free online 1040ez filing   14. Free online 1040ez filing Subtract line 13 from line 10 14. Free online 1040ez filing   15. Free online 1040ez filing Maximum additional contributions 15. Free online 1040ez filing 3,000 16. Free online 1040ez filing Enter the least of lines 9, 14, or 15. Free online 1040ez filing This is your increase in the limit for long service 16. Free online 1040ez filing -0- 17. Free online 1040ez filing Add lines 4 and 16. Free online 1040ez filing This is your limit on elective deferrals 17. Free online 1040ez filing 17,500   Part III. Free online 1040ez filing Maximum Amount Contributable     18. Free online 1040ez filing If you had only nonelective contributions, enter the amount from line 3. Free online 1040ez filing This is your MAC. Free online 1040ez filing    If you had only elective deferrals, enter the lesser of lines 3 or 17. Free online 1040ez filing This is your MAC. Free online 1040ez filing    If you had both elective deferrals and nonelective contributions, enter the amount from line 3. Free online 1040ez filing This is your MAC. Free online 1040ez filing (Use the amount on line 17 to determine if you have excess elective deferrals as explained in chapter 7. Free online 1040ez filing ) 18. Free online 1040ez filing $17,500 Prev  Up  Next   Home   More Online Publications
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About Tax Exempt Bonds

Tax Exempt Bonds (TEB) is a division of the Governmental Entities (GE) division of the Tax Exempt and Governmental Entities Division (TE/GE) of the Internal Revenue Service. 

The mission of TEB is to administer Federal tax laws applicable to tax-advantaged bonds and to provide our customers with top quality service by applying tax laws with integrity and fairness.

Our Compliance Program Management (CPM) and Field Operation (FO) programs focus on providing participants in the tax-advantaged bond industry with quality service and assistance to members of the tax-advantaged bond community in understanding their tax responsibilities.  TEB develops tailored education programs focused on tax-advantaged bond industry segments; monitors non-compliance trends to design pro-active education and outreach products; and designs and implements compliance programs and projects that foster voluntary resolution of infractions of the tax rules related to tax-advantaged bonds.

Rebecca L. Harrigal, Director

Under the direction of Rebecca L. Harrigal, TEB works closely with the Office of Associate Chief Counsel (TE/GE), other offices within the Internal Revenue Service, other regulatory agencies, state and local government officials, and others in the tax-advantaged bond community to encourage and achieve the highest degree of voluntary compliance with Federal tax laws. 

Steven A. Chamberlin,  CPM Manager

The Compliance and Program Management Program (formerly, Outreach, Planning, and Review), under the direction of Steven A. Chamberlin, is primarily responsible for the development and coordination of the Tax Exempt Bond Voluntary Compliance/Closing Agreement Program (TEB VCAP) as well as the development of ongoing outreach programs designed to effectively identify, provide guidance to, and address the needs of the various customer groups that comprise the tax-advantaged bond community. The CPM program also develops project initiatives; updates the Internal Revenue Manual (IRM) and Revenue Procedures; prepares taxpayer and employee education and training materials; handles general information requests and referrals; coordinates with the Office of Associate Chief Counsel to provide legal guidance; and performs program planning and evaluation functions.

Allyson Belsome, FO Manager

The Field Operations Program, under the direction of Allyson Belsome,  is primarily responsible for identifying and correcting noncompliance with Federal tax laws applicable to tax-advantaged bonds.  The FO office conducts examinations, with fairness and the highest level of integrity, at the issuer level.   The goal of the program is to pro-actively assist issuers in their tax-advantaged bond compliance with the Federal tax laws. FO personnel throughout the country are active not only in conducting examinations but also in assisting with the delivery of outreach programs to the tax-advantaged bond community.  FO concentrates its efforts on the many emerging issues and focus areas in the tax-advantaged bond community.

Voluntary Compliance Agreement Program

To promote voluntary compliance with the provisions of the Internal Revenue Code relating to tax-advantaged bonds, TEB expanded its voluntary closing agreement program (TEB VCAP). In expanding TEB VCAP, the IRS seeks to encourage issuers, conduit borrowers and other parties to bond transactions to exercise due diligence and to attempt to correct any issuance and post-issuance infractions of the applicable sections of the Internal Revenue Code and regulations. This expansion reflects the IRS's continuing policy of taxing bondholders only as a last resort and it's desire to resolve tax-advantaged bond infractions with other parties to the bond transactions.

Voluntary closing agreement requests from anonymous parties as well as requests on behalf of multiple issuers and issues are encouraged if a sufficient description of the appropriate facts and circumstances leading to the infraction are provided to the Service.

We welcome your interest in the CPM function and participation in the TEB VCAP program. We also welcome your suggestions about how we can improve the program and encourage up-front voluntary compliance. If you have any questions about the TEB VCAP or wish to discuss or submit a closing agreement request, please contact Steven A. Chamberlin, Manager, Compliance and Program Management by phone at (636) 255-1290 or FAX your inquiry to (636) 255-1447. You may also mail closing agreement requests to CPM at the following address:

Internal Revenue Service
SE:T:GE:TEB:CPM
TEB Room 128
1122 Town & Country Commons
Chesterfield, MO 63017-8293

 

Outreach

It is TEB's highest priority to communicate effectively with the diverse membership of the tax-advantaged bond community. TEB looks forward to working in partnership with state and local government officials, regulatory agencies, national governmental, industry, and professional associations, as well as your state and local affiliates and members. Please let us know if you have any requests for technical assistance or if you would like a speaker or panelist for your meeting, workshop, seminar or conference. We would also welcome the opportunity to assign a staff person to coordinate with your task forces or subcommittees or provide information for your newsletters or similar publications. Please feel free to link any of our materials to your websites as well. We welcome your suggestions concerning the type of materials you would like to see on this website in the future and the type of newsletters or publications that would be useful to you.

We welcome your suggestions concerning how we can better serve our customers.

Page Last Reviewed or Updated: 22-Nov-2013

The Free Online 1040ez Filing

Free online 1040ez filing Publication 970 - Introductory Material Table of Contents Future Developments What's New Reminders IntroductionComparison table. Free online 1040ez filing Ordering forms and publications. Free online 1040ez filing Tax questions. Free online 1040ez filing Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 970, such as legislation enacted after it was published, go to www. Free online 1040ez filing irs. Free online 1040ez filing gov/pub970. Free online 1040ez filing What's New Lifetime learning credit. Free online 1040ez filing  For 2013, the amount of your lifetime learning credit is gradually reduced (phased out) if your modified adjusted gross income (MAGI) is between $53,000 and $63,000 ($107,000 and $127,000 if you file a joint return). Free online 1040ez filing You cannot claim a credit if your MAGI is $63,000 or more ($127,000 or more if you file a joint return). Free online 1040ez filing This is an increase from the 2012 limits of $52,000 and $62,000 ($104,000 and $124,000 if filing a joint return). Free online 1040ez filing For more information, see chapter 3, Lifetime Learning Credit . Free online 1040ez filing Business deduction for work-related education. Free online 1040ez filing  For 2013, if you drive your car to and from school and qualify to deduct transportation expenses, the amount you can deduct for miles driven from January 1, 2013 through December 31, 2013 is 56. Free online 1040ez filing 5 cents per mile. Free online 1040ez filing See chapter 12, Business Deduction for Work-Related Education , for more information. Free online 1040ez filing Reminders Form 1098-T, Tuition Statement. Free online 1040ez filing  When figuring an education credit or the tuition and fees deduction, use only the amounts you paid and are deemed to have paid during the tax year for qualified education expenses. Free online 1040ez filing In most cases, the student should receive Form 1098-T from the eligible educational institution by January 31, 2014. Free online 1040ez filing An institution my choose to report either payments received during calendar year 2013 (box 1), or amounts billed during the calendar year 2013 (box 2), for qualified education expenses. Free online 1040ez filing However, the amounts in boxes 1 and 2 of Form 1098-T might be different than the amount you actually paid and are deemed to have paid. Free online 1040ez filing In addition, the Form 1098-T should give you other information for that institution, such as adjustments made for prior years, the amount of scholarships or grants, reimbursements, or refunds, and whether the student was enrolled at least half-time or was a graduate student. Free online 1040ez filing The eligible educational institution may ask for a completed Form W-9S, Request for Student's or Borrower's Taxpayer Identification Number and Certification, or similar statement to obtain the student's name, address, and taxpayer identification number. Free online 1040ez filing Hope Scholarship Credit. Free online 1040ez filing  For 2013, the Hope Scholarship Credit is not available. Free online 1040ez filing However, you may be able to claim an American opportunity or lifetime learning credit. Free online 1040ez filing See chapter 2, American Opportunity Credit , and chapter 3, Lifetime Learning Credit , for more information. Free online 1040ez filing Estimated tax payments. Free online 1040ez filing  If you have taxable income from any of your education benefits and the payer does not withhold enough income tax, you may need to make estimated tax payments. Free online 1040ez filing For more information, see Publication 505, Tax Withholding and Estimated Tax. Free online 1040ez filing Photographs of missing children. Free online 1040ez filing  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Free online 1040ez filing Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Free online 1040ez filing You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Free online 1040ez filing Introduction This publication explains tax benefits that may be available to you if you are saving for or paying education costs for yourself or, in many cases, another student who is a member of your immediate family. Free online 1040ez filing Most benefits apply only to higher education. Free online 1040ez filing What is in this publication. Free online 1040ez filing    Chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions , explains the tax treatment of various types of educational assistance, including scholarships, fellowships, and tuition reductions. Free online 1040ez filing   Two tax credits for which you may be eligible are explained in chapter 2, American Opportunity Credit , and chapter 3, Lifetime Learning Credit . Free online 1040ez filing These benefits, which reduce the amount of income tax you may have to pay, are: The American opportunity credit, and The lifetime learning credit. Free online 1040ez filing    Ten other types of benefits are explained in chapters 4 through 12. Free online 1040ez filing These benefits, which reduce the amount of income tax you may have to pay, are: Deduct student loan interest; Receive tax-free treatment of a canceled student loan; Receive tax-free student loan repayment assistance; Deduct tuition and fees for education; Establish and contribute to a Coverdell education savings account (ESA), which features tax-free earnings; Participate in a qualified tuition program (QTP), which features tax-free earnings; Take early distributions from any type of individual retirement arrangement (IRA) for education costs without paying the 10% additional tax on early distributions; Cash in savings bonds for education costs without having to pay tax on the interest; Receive tax-free educational benefits from your employer; and Take a business deduction for work-related education. Free online 1040ez filing Note. Free online 1040ez filing You generally cannot claim more than one of the benefits described in the list above for the same qualifying education expense. Free online 1040ez filing Comparison table. Free online 1040ez filing   Some of the features of these benefits are highlighted in Appendix B, Highlights of Education Tax Benefits for Tax Year 2013 , later, in this publication. Free online 1040ez filing This general comparison table may guide you in determining which benefits you may be eligible for and which chapters you may want to read. Free online 1040ez filing When you figure your taxes, you may want to compare these tax benefits so you can choose the method(s) that gives you the lowest tax liability. Free online 1040ez filing If you qualify, you may find that a combination of credit(s) and deduction(s) gives you the lowest tax. Free online 1040ez filing Analyzing your tax withholding. Free online 1040ez filing   After you estimate your education tax benefits for the year, you may be able to reduce the amount of your federal income tax withholding. Free online 1040ez filing Also, you may want to recheck your withholding during the year if your personal or financial situation changes. Free online 1040ez filing See Publication 919, How Do I Adjust My Tax Withholding, for more information. Free online 1040ez filing Glossary. Free online 1040ez filing   In this publication, wherever appropriate, we have tried to use the same or similar terminology when referring to the basic components of each education benefit. Free online 1040ez filing Some of the terms used are: Qualified education expenses, Eligible educational institution, and Modified adjusted gross income. Free online 1040ez filing   Even though the same term, such as qualified education expenses, is used to label a basic component of many of the education benefits, the same expenses are not necessarily allowed for each benefit. Free online 1040ez filing For example, the cost of room and board is a qualified education expense for the qualified tuition program, but not for the education savings bond program. Free online 1040ez filing   Many of the terms used in the publication are defined in the glossary near the end of the publication. Free online 1040ez filing The glossary is not intended to be a substitute for reading the chapter on a particular education benefit, but it will give you an overview of how certain terms are used in discussing the different benefits. Free online 1040ez filing Comments and suggestions. Free online 1040ez filing   We welcome your comments about this publication and your suggestions for future editions. Free online 1040ez filing   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Free online 1040ez filing NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Free online 1040ez filing Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Free online 1040ez filing   You can send your comments from www. Free online 1040ez filing irs. Free online 1040ez filing gov/formspubs/. Free online 1040ez filing Click on “More Information” and then on “Comment on Tax Forms and Publications”. Free online 1040ez filing   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Free online 1040ez filing Ordering forms and publications. Free online 1040ez filing   Visit www. Free online 1040ez filing irs. Free online 1040ez filing gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Free online 1040ez filing Internal Revenue Service 1201 N. Free online 1040ez filing Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Free online 1040ez filing   If you have a tax question, check the information available on IRS. Free online 1040ez filing gov or call 1-800-829-1040. Free online 1040ez filing We cannot answer tax questions sent to either of the above addresses. Free online 1040ez filing Useful Items - You may want to see: Publication 463 Travel, Entertainment, Gift, and Car Expenses 525 Taxable and Nontaxable Income 550 Investment Income and Expenses 590 Individual Retirement Arrangements (IRAs) Form (and Instructions) 1040 U. Free online 1040ez filing S. Free online 1040ez filing Individual Income Tax Return 1040A U. Free online 1040ez filing S. Free online 1040ez filing Individual Income Tax Return 1040EZ Income Tax Return for Single and Joint Filers With No Dependents 1040NR U. Free online 1040ez filing S. Free online 1040ez filing Nonresident Alien Income Tax Return 1040NR-EZ U. Free online 1040ez filing S. Free online 1040ez filing Income Tax Return for Certain Nonresident Aliens With No Dependents 2106 Employee Business Expenses 2106-EZ Unreimbursed Employee Business Expenses 5329 Additional Taxes on Qualified Plans and Other Tax-Favored Accounts 8815 Exclusion of Interest From Series EE and I U. Free online 1040ez filing S. Free online 1040ez filing Savings Bonds Issued After 1989 8863 Education Credits 8917 Tuition and Fees Deduction Schedule A (Form 1040) Itemized Deductions  See chapter 13, How To Get Tax Help , for information about getting these publications and forms. Free online 1040ez filing Prev  Up  Next   Home   More Online Publications