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Free Online State And Federal Tax Filing

Free online state and federal tax filing 7. Free online state and federal tax filing   Interest Income Table of Contents Reminder Introduction Useful Items - You may want to see: General InformationSSN for joint account. Free online state and federal tax filing Custodian account for your child. Free online state and federal tax filing Penalty for failure to supply SSN. Free online state and federal tax filing Reporting backup withholding. Free online state and federal tax filing Savings account with parent as trustee. Free online state and federal tax filing Interest not reported on Form 1099-INT. Free online state and federal tax filing Nominees. Free online state and federal tax filing Incorrect amount. Free online state and federal tax filing Information reporting requirement. Free online state and federal tax filing Taxable InterestInterest subject to penalty for early withdrawal. Free online state and federal tax filing Money borrowed to invest in certificate of deposit. Free online state and federal tax filing U. Free online state and federal tax filing S. Free online state and federal tax filing Savings Bonds Education Savings Bond Program U. Free online state and federal tax filing S. Free online state and federal tax filing Treasury Bills, Notes, and Bonds Bonds Sold Between Interest Dates Insurance State or Local Government Obligations Original Issue Discount (OID) When To Report Interest IncomeConstructive receipt. Free online state and federal tax filing How To Report Interest IncomeSchedule B (Form 1040A or 1040). Free online state and federal tax filing Reporting tax-exempt interest. Free online state and federal tax filing U. Free online state and federal tax filing S. Free online state and federal tax filing savings bond interest previously reported. Free online state and federal tax filing Reminder Foreign-source income. Free online state and federal tax filing  If you are a U. Free online state and federal tax filing S. Free online state and federal tax filing citizen with interest income from sources outside the United States (foreign income), you must report that income on your tax return unless it is exempt by U. Free online state and federal tax filing S. Free online state and federal tax filing law. Free online state and federal tax filing This is true whether you reside inside or outside the United States and whether or not you receive a Form 1099 from the foreign payer. Free online state and federal tax filing Introduction This chapter discusses the following topics. Free online state and federal tax filing Different types of interest income. Free online state and federal tax filing What interest is taxable and what interest is nontaxable. Free online state and federal tax filing When to report interest income. Free online state and federal tax filing How to report interest income on your tax return. Free online state and federal tax filing In general, any interest you receive or that is credited to your account and can be withdrawn is taxable income. Free online state and federal tax filing Exceptions to this rule are discussed later in this chapter. Free online state and federal tax filing You may be able to deduct expenses you have in earning this income on Schedule A (Form 1040) if you itemize your deductions. Free online state and federal tax filing See Money borrowed to invest in certificate of deposit , later, and chapter 28. Free online state and federal tax filing Useful Items - You may want to see: Publication 537 Installment Sales 550 Investment Income and Expenses 1212 Guide to Original Issue Discount (OID) Instruments Form (and Instructions) Schedule B (Form 1040A or 1040) Interest and Ordinary Dividends 8815 Exclusion of Interest From Series EE and I U. Free online state and federal tax filing S. Free online state and federal tax filing Savings Bonds Issued After 1989 8818 Optional Form To Record Redemption of Series EE and I U. Free online state and federal tax filing S. Free online state and federal tax filing Savings Bonds Issued After 1989 General Information A few items of general interest are covered here. Free online state and federal tax filing Recordkeeping. Free online state and federal tax filing You should keep a list showing sources and interest amounts received during the year. Free online state and federal tax filing Also, keep the forms you receive showing your interest income (Forms 1099-INT, for example) as an important part of your records. Free online state and federal tax filing Tax on unearned income of certain children. Free online state and federal tax filing    Part of a child's 2013 unearned income may be taxed at the parent's tax rate. Free online state and federal tax filing If so, Form 8615, Tax for Certain Children Who Have Unearned Income, must be completed and attached to the child's tax return. Free online state and federal tax filing If not, Form 8615 is not required and the child's income is taxed at his or her own tax rate. Free online state and federal tax filing   Some parents can choose to include the child's interest and dividends on the parent's return. Free online state and federal tax filing If you can, use Form 8814, Parents' Election To Report Child's Interest and Dividends, for this purpose. Free online state and federal tax filing   For more information about the tax on unearned income of children and the parents' election, see chapter 31. Free online state and federal tax filing Beneficiary of an estate or trust. Free online state and federal tax filing   Interest you receive as a beneficiary of an estate or trust is generally taxable income. Free online state and federal tax filing You should receive a Schedule K-1 (Form 1041), Beneficiary's Share of Income, Deductions, Credits, etc. Free online state and federal tax filing , from the fiduciary. Free online state and federal tax filing Your copy of Schedule K-1 (Form 1041) and its instructions will tell you where to report the income on your Form 1040. Free online state and federal tax filing Social security number (SSN). Free online state and federal tax filing   You must give your name and SSN or individual tax identification number (ITIN) to any person required by federal tax law to make a return, statement, or other document that relates to you. Free online state and federal tax filing This includes payers of interest. Free online state and federal tax filing If you do not give your SSN or ITIN to the payer of interest, you may have to pay a penalty. Free online state and federal tax filing SSN for joint account. Free online state and federal tax filing   If the funds in a joint account belong to one person, list that person's name first on the account and give that person's SSN to the payer. Free online state and federal tax filing (For information on who owns the funds in a joint account, see Joint accounts , later. Free online state and federal tax filing ) If the joint account contains combined funds, give the SSN of the person whose name is listed first on the account. Free online state and federal tax filing This is because only one name and SSN can be shown on Form 1099. Free online state and federal tax filing   These rules apply both to joint ownership by a married couple and to joint ownership by other individuals. Free online state and federal tax filing For example, if you open a joint savings account with your child using funds belonging to the child, list the child's name first on the account and give the child's SSN. Free online state and federal tax filing Custodian account for your child. Free online state and federal tax filing   If your child is the actual owner of an account that is recorded in your name as custodian for the child, give the child's SSN to the payer. Free online state and federal tax filing For example, you must give your child's SSN to the payer of interest on an account owned by your child, even though the interest is paid to you as custodian. Free online state and federal tax filing Penalty for failure to supply SSN. Free online state and federal tax filing   If you do not give your SSN to the payer of interest, you may have to pay a penalty. Free online state and federal tax filing See Failure to supply SSN under Penalties in chapter 1. Free online state and federal tax filing Backup withholding also may apply. Free online state and federal tax filing Backup withholding. Free online state and federal tax filing   Your interest income is generally not subject to regular withholding. Free online state and federal tax filing However, it may be subject to backup withholding to ensure that income tax is collected on the income. Free online state and federal tax filing Under backup withholding, the payer of interest must withhold, as income tax, on the amount you are paid, applying the appropriate withholding rate. Free online state and federal tax filing   Backup withholding may also be required if the IRS has determined that you underreported your interest or dividend income. Free online state and federal tax filing For more information, see Backup Withholding in chapter 4. Free online state and federal tax filing Reporting backup withholding. Free online state and federal tax filing   If backup withholding is deducted from your interest income, the payer must give you a Form 1099-INT for the year indicating the amount withheld. Free online state and federal tax filing The Form 1099-INT will show any backup withholding as “Federal income tax withheld. Free online state and federal tax filing ” Joint accounts. Free online state and federal tax filing   If two or more persons hold property (such as a savings account or bond) as joint tenants, tenants by the entirety, or tenants in common, each person's share of any interest from the property is determined by local law. Free online state and federal tax filing Income from property given to a child. Free online state and federal tax filing   Property you give as a parent to your child under the Model Gifts of Securities to Minors Act, the Uniform Gifts to Minors Act, or any similar law becomes the child's property. Free online state and federal tax filing   Income from the property is taxable to the child, except that any part used to satisfy a legal obligation to support the child is taxable to the parent or guardian having that legal obligation. Free online state and federal tax filing Savings account with parent as trustee. Free online state and federal tax filing   Interest income from a savings account opened for a minor child, but placed in the name and subject to the order of the parents as trustees, is taxable to the child if, under the law of the state in which the child resides, both of the following are true. Free online state and federal tax filing The savings account legally belongs to the child. Free online state and federal tax filing The parents are not legally permitted to use any of the funds to support the child. Free online state and federal tax filing Form 1099-INT. Free online state and federal tax filing   Interest income is generally reported to you on Form 1099-INT, or a similar statement, by banks, savings and loans, and other payers of interest. Free online state and federal tax filing This form shows you the interest you received during the year. Free online state and federal tax filing Keep this form for your records. Free online state and federal tax filing You do not have to attach it to your tax return. Free online state and federal tax filing   Report on your tax return the total interest income you receive for the tax year. Free online state and federal tax filing Interest not reported on Form 1099-INT. Free online state and federal tax filing   Even if you do not receive Form 1099-INT, you must still report all of your interest income. Free online state and federal tax filing For example, you may receive distributive shares of interest from partnerships or S corporations. Free online state and federal tax filing This interest is reported to you on Schedule K-1 (Form 1065), Partner's Share of Income, Deduction, Credits, etc. Free online state and federal tax filing , or Schedule K-1 (Form 1120S), Shareholder's Share of Income, Deductions, Credits, etc. Free online state and federal tax filing Nominees. Free online state and federal tax filing   Generally, if someone receives interest as a nominee for you, that person must give you a Form 1099-INT showing the interest received on your behalf. Free online state and federal tax filing   If you receive a Form 1099-INT that includes amounts belonging to another person, see the discussion on nominee distributions under How To Report Interest Income in chapter 1 of Publication 550, or Schedule B (Form 1040A or 1040) instructions. Free online state and federal tax filing Incorrect amount. Free online state and federal tax filing   If you receive a Form 1099-INT that shows an incorrect amount (or other incorrect information), you should ask the issuer for a corrected form. Free online state and federal tax filing The new Form 1099-INT you receive will be marked “Corrected. Free online state and federal tax filing ” Form 1099-OID. Free online state and federal tax filing   Reportable interest income also may be shown on Form 1099-OID, Original Issue Discount. Free online state and federal tax filing For more information about amounts shown on this form, see Original Issue Discount (OID) , later in this chapter. Free online state and federal tax filing Exempt-interest dividends. Free online state and federal tax filing   Exempt-interest dividends you receive from a mutual fund or other regulated investment company, including those received from a qualified fund of funds in any tax year beginning after December 22, 2010, are not included in your taxable income. Free online state and federal tax filing (However, see Information reporting requirement , next. Free online state and federal tax filing ) Exempt-interest dividends should be shown in box 10 of Form 1099-DIV. Free online state and federal tax filing You do not reduce your basis for distributions that are exempt-interest dividends. Free online state and federal tax filing Information reporting requirement. Free online state and federal tax filing   Although exempt-interest dividends are not taxable, you must show them on your tax return if you have to file. Free online state and federal tax filing This is an information reporting requirement and does not change the exempt-interest dividends into taxable income. Free online state and federal tax filing Note. Free online state and federal tax filing Exempt-interest dividends paid from specified private activity bonds may be subject to the alternative minimum tax. Free online state and federal tax filing See Alternative Minimum Tax (AMT) in chapter 30 for more information. Free online state and federal tax filing Chapter 1 of Publication 550 contains a discussion on private activity bonds under State or Local Government Obligations. Free online state and federal tax filing Interest on VA dividends. Free online state and federal tax filing   Interest on insurance dividends left on deposit with the Department of Veterans Affairs (VA) is not taxable. Free online state and federal tax filing This includes interest paid on dividends on converted United States Government Life Insurance and on National Service Life Insurance policies. Free online state and federal tax filing Individual retirement arrangements (IRAs). Free online state and federal tax filing   Interest on a Roth IRA generally is not taxable. Free online state and federal tax filing Interest on a traditional IRA is tax deferred. Free online state and federal tax filing You generally do not include it in your income until you make withdrawals from the IRA. Free online state and federal tax filing See chapter 17. Free online state and federal tax filing Taxable Interest Taxable interest includes interest you receive from bank accounts, loans you make to others, and other sources. Free online state and federal tax filing The following are some sources of taxable interest. Free online state and federal tax filing Dividends that are actually interest. Free online state and federal tax filing   Certain distributions commonly called dividends are actually interest. Free online state and federal tax filing You must report as interest so-called “dividends” on deposits or on share accounts in: Cooperative banks, Credit unions, Domestic building and loan associations, Domestic savings and loan associations, Federal savings and loan associations, and Mutual savings banks. Free online state and federal tax filing  The “dividends” will be shown as interest income on Form 1099-INT. Free online state and federal tax filing Money market funds. Free online state and federal tax filing   Money market funds pay dividends and are offered by nonbank financial institutions, such as mutual funds and stock brokerage houses. Free online state and federal tax filing Generally, amounts you receive from money market funds should be reported as dividends, not as interest. Free online state and federal tax filing Certificates of deposit and other deferred interest accounts. Free online state and federal tax filing   If you open any of these accounts, interest may be paid at fixed intervals of 1 year or less during the term of the account. Free online state and federal tax filing You generally must include this interest in your income when you actually receive it or are entitled to receive it without paying a substantial penalty. Free online state and federal tax filing The same is true for accounts that mature in 1 year or less and pay interest in a single payment at maturity. Free online state and federal tax filing If interest is deferred for more than 1 year, see Original Issue Discount (OID) , later. Free online state and federal tax filing Interest subject to penalty for early withdrawal. Free online state and federal tax filing   If you withdraw funds from a deferred interest account before maturity, you may have to pay a penalty. Free online state and federal tax filing You must report the total amount of interest paid or credited to your account during the year, without subtracting the penalty. Free online state and federal tax filing See Penalty on early withdrawal of savings in chapter 1 of Publication 550 for more information on how to report the interest and deduct the penalty. Free online state and federal tax filing Money borrowed to invest in certificate of deposit. Free online state and federal tax filing   The interest you pay on money borrowed from a bank or savings institution to meet the minimum deposit required for a certificate of deposit from the institution and the interest you earn on the certificate are two separate items. Free online state and federal tax filing You must report the total interest you earn on the certificate in your income. Free online state and federal tax filing If you itemize deductions, you can deduct the interest you pay as investment interest, up to the amount of your net investment income. Free online state and federal tax filing See Interest Expenses in chapter 3 of Publication 550. Free online state and federal tax filing Example. Free online state and federal tax filing You deposited $5,000 with a bank and borrowed $5,000 from the bank to make up the $10,000 minimum deposit required to buy a 6-month certificate of deposit. Free online state and federal tax filing The certificate earned $575 at maturity in 2013, but you received only $265, which represented the $575 you earned minus $310 interest charged on your $5,000 loan. Free online state and federal tax filing The bank gives you a Form 1099-INT for 2013 showing the $575 interest you earned. Free online state and federal tax filing The bank also gives you a statement showing that you paid $310 interest for 2013. Free online state and federal tax filing You must include the $575 in your income. Free online state and federal tax filing If you itemize your deductions on Schedule A (Form 1040), you can deduct $310, subject to the net investment income limit. Free online state and federal tax filing Gift for opening account. Free online state and federal tax filing   If you receive noncash gifts or services for making deposits or for opening an account in a savings institution, you may have to report the value as interest. Free online state and federal tax filing   For deposits of less than $5,000, gifts or services valued at more than $10 must be reported as interest. Free online state and federal tax filing For deposits of $5,000 or more, gifts or services valued at more than $20 must be reported as interest. Free online state and federal tax filing The value is determined by the cost to the financial institution. Free online state and federal tax filing Example. Free online state and federal tax filing You open a savings account at your local bank and deposit $800. Free online state and federal tax filing The account earns $20 interest. Free online state and federal tax filing You also receive a $15 calculator. Free online state and federal tax filing If no other interest is credited to your account during the year, the Form 1099-INT you receive will show $35 interest for the year. Free online state and federal tax filing You must report $35 interest income on your tax return. Free online state and federal tax filing Interest on insurance dividends. Free online state and federal tax filing   Interest on insurance dividends left on deposit with an insurance company that can be withdrawn annually is taxable to you in the year it is credited to your account. Free online state and federal tax filing However, if you can withdraw it only on the anniversary date of the policy (or other specified date), the interest is taxable in the year that date occurs. Free online state and federal tax filing Prepaid insurance premiums. Free online state and federal tax filing   Any increase in the value of prepaid insurance premiums, advance premiums, or premium deposit funds is interest if it is applied to the payment of premiums due on insurance policies or made available for you to withdraw. Free online state and federal tax filing U. Free online state and federal tax filing S. Free online state and federal tax filing obligations. Free online state and federal tax filing   Interest on U. Free online state and federal tax filing S. Free online state and federal tax filing obligations, such as U. Free online state and federal tax filing S. Free online state and federal tax filing Treasury bills, notes, and bonds, issued by any agency or instrumentality of the United States is taxable for federal income tax purposes. Free online state and federal tax filing Interest on tax refunds. Free online state and federal tax filing   Interest you receive on tax refunds is taxable income. Free online state and federal tax filing Interest on condemnation award. Free online state and federal tax filing   If the condemning authority pays you interest to compensate you for a delay in payment of an award, the interest is taxable. Free online state and federal tax filing Installment sale payments. Free online state and federal tax filing   If a contract for the sale or exchange of property provides for deferred payments, it also usually provides for interest payable with the deferred payments. Free online state and federal tax filing That interest is taxable when you receive it. Free online state and federal tax filing If little or no interest is provided for in a deferred payment contract, part of each payment may be treated as interest. Free online state and federal tax filing See Unstated Interest and Original Issue Discount in Publication 537, Installment Sales. Free online state and federal tax filing Interest on annuity contract. Free online state and federal tax filing   Accumulated interest on an annuity contract you sell before its maturity date is taxable. Free online state and federal tax filing Usurious interest. Free online state and federal tax filing   Usurious interest is interest charged at an illegal rate. Free online state and federal tax filing This is taxable as interest unless state law automatically changes it to a payment on the principal. Free online state and federal tax filing Interest income on frozen deposits. Free online state and federal tax filing   Exclude from your gross income interest on frozen deposits. Free online state and federal tax filing A deposit is frozen if, at the end of the year, you cannot withdraw any part of the deposit because: The financial institution is bankrupt or insolvent, or The state where the institution is located has placed limits on withdrawals because other financial institutions in the state are bankrupt or insolvent. Free online state and federal tax filing   The amount of interest you must exclude is the interest that was credited on the frozen deposits minus the sum of: The net amount you withdrew from these deposits during the year, and The amount you could have withdrawn as of the end of the year (not reduced by any penalty for premature withdrawals of a time deposit). Free online state and federal tax filing If you receive a Form 1099-INT for interest income on deposits that were frozen at the end of 2013, see Frozen deposits under How To Report Interest Income in chapter 1 of Publication 550, for information about reporting this interest income exclusion on your tax return. Free online state and federal tax filing   The interest you exclude is treated as credited to your account in the following year. Free online state and federal tax filing You must include it in income in the year you can withdraw it. Free online state and federal tax filing Example. Free online state and federal tax filing $100 of interest was credited on your frozen deposit during the year. Free online state and federal tax filing You withdrew $80 but could not withdraw any more as of the end of the year. Free online state and federal tax filing You must include $80 in your income and exclude $20 from your income for the year. Free online state and federal tax filing You must include the $20 in your income for the year you can withdraw it. Free online state and federal tax filing Bonds traded flat. Free online state and federal tax filing   If you buy a bond at a discount when interest has been defaulted or when the interest has accrued but has not been paid, the transaction is described as trading a bond flat. Free online state and federal tax filing The defaulted or unpaid interest is not income and is not taxable as interest if paid later. Free online state and federal tax filing When you receive a payment of that interest, it is a return of capital that reduces the remaining cost basis of your bond. Free online state and federal tax filing Interest that accrues after the date of purchase, however, is taxable interest income for the year it is received or accrued. Free online state and federal tax filing See Bonds Sold Between Interest Dates , later, for more information. Free online state and federal tax filing Below-market loans. Free online state and federal tax filing   In general, a below-market loan is a loan on which no interest is charged or on which interest is charged at a rate below the applicable federal rate. Free online state and federal tax filing See Below-Market Loans in chapter 1 of Publication 550 for more information. Free online state and federal tax filing U. Free online state and federal tax filing S. Free online state and federal tax filing Savings Bonds This section provides tax information on U. Free online state and federal tax filing S. Free online state and federal tax filing savings bonds. Free online state and federal tax filing It explains how to report the interest income on these bonds and how to treat transfers of these bonds. Free online state and federal tax filing For other information on U. Free online state and federal tax filing S. Free online state and federal tax filing savings bonds, write to:  For series EE and I paper savings bonds: Bureau of the Public Debt Division of Customer Assistance P. Free online state and federal tax filing O. Free online state and federal tax filing Box 7012 Parkersburg, WV 26106-7012  For series EE and I electronic bonds: Bureau of the Public Debt Division of Customer Assistance P. Free online state and federal tax filing O. Free online state and federal tax filing Box 7015 Parkersburg, WV 26106–7015  For series HH/H: Bureau of the Public Debt Division of Customer Assistance P. Free online state and federal tax filing O. Free online state and federal tax filing Box 2186 Parkersburg, WV 26106-2186 Or, on the Internet, visit: www. Free online state and federal tax filing treasurydirect. Free online state and federal tax filing gov/indiv/indiv. Free online state and federal tax filing htm. Free online state and federal tax filing Accrual method taxpayers. Free online state and federal tax filing   If you use an accrual method of accounting, you must report interest on U. Free online state and federal tax filing S. Free online state and federal tax filing savings bonds each year as it accrues. Free online state and federal tax filing You cannot postpone reporting interest until you receive it or until the bonds mature. Free online state and federal tax filing Accrual methods of accounting are explained in chapter 1 under Accounting Methods . Free online state and federal tax filing Cash method taxpayers. Free online state and federal tax filing   If you use the cash method of accounting, as most individual taxpayers do, you generally report the interest on U. Free online state and federal tax filing S. Free online state and federal tax filing savings bonds when you receive it. Free online state and federal tax filing The cash method of accounting is explained in chapter 1 under Accounting Methods. Free online state and federal tax filing But see Reporting options for cash method taxpayers , later. Free online state and federal tax filing Series HH bonds. Free online state and federal tax filing    These bonds were issued at face value. Free online state and federal tax filing Interest is paid twice a year by direct deposit to your bank account. Free online state and federal tax filing If you are a cash method taxpayer, you must report interest on these bonds as income in the year you receive it. Free online state and federal tax filing   Series HH bonds were first offered in 1980 and last offered in August 2004. Free online state and federal tax filing Before 1980, series H bonds were issued. Free online state and federal tax filing Series H bonds are treated the same as series HH bonds. Free online state and federal tax filing If you are a cash method taxpayer, you must report the interest when you receive it. Free online state and federal tax filing   Series H bonds have a maturity period of 30 years. Free online state and federal tax filing Series HH bonds mature in 20 years. Free online state and federal tax filing The last series H bonds matured in 2009. Free online state and federal tax filing Series EE and series I bonds. Free online state and federal tax filing   Interest on these bonds is payable when you redeem the bonds. Free online state and federal tax filing The difference between the purchase price and the redemption value is taxable interest. Free online state and federal tax filing Series EE bonds. Free online state and federal tax filing   Series EE bonds were first offered in January 1980 and have a maturity period of 30 years. Free online state and federal tax filing   Before July 1980, series E bonds were issued. Free online state and federal tax filing The original 10-year maturity period of series E bonds has been extended to 40 years for bonds issued before December 1965 and 30 years for bonds issued after November 1965. Free online state and federal tax filing Paper series EE and series E bonds are issued at a discount. Free online state and federal tax filing The face value is payable to you at maturity. Free online state and federal tax filing Electronic series EE bonds are issued at their face value. Free online state and federal tax filing The face value plus accrued interest is payable to you at maturity. Free online state and federal tax filing As of January 1, 2012, paper savings bonds were no longer sold at financial institutions. Free online state and federal tax filing   Owners of paper series EE bonds can convert them to electronic bonds. Free online state and federal tax filing These converted bonds do not retain the denomination listed on the paper certificate but are posted at their purchase price (with accrued interest). Free online state and federal tax filing Series I bonds. Free online state and federal tax filing   Series I bonds were first offered in 1998. Free online state and federal tax filing These are inflation-indexed bonds issued at their face amount with a maturity period of 30 years. Free online state and federal tax filing The face value plus all accrued interest is payable to you at maturity. Free online state and federal tax filing Reporting options for cash method taxpayers. Free online state and federal tax filing   If you use the cash method of reporting income, you can report the interest on series EE, series E, and series I bonds in either of the following ways. Free online state and federal tax filing Method 1. Free online state and federal tax filing Postpone reporting the interest until the earlier of the year you cash or dispose of the bonds or the year they mature. Free online state and federal tax filing (However, see Savings bonds traded , later. Free online state and federal tax filing )  Note. Free online state and federal tax filing Series EE bonds issued in 1983 matured in 2013. Free online state and federal tax filing If you have used method 1, you generally must report the interest on these bonds on your 2013 return. Free online state and federal tax filing The last series E bonds were issued in 1980 and matured in 2010. Free online state and federal tax filing If you used method 1, you generally should have reported the interest on these bonds on your 2010 return. Free online state and federal tax filing Method 2. Free online state and federal tax filing Choose to report the increase in redemption value as interest each year. Free online state and federal tax filing You must use the same method for all series EE, series E, and series I bonds you own. Free online state and federal tax filing If you do not choose method 2 by reporting the increase in redemption value as interest each year, you must use method 1. Free online state and federal tax filing    If you plan to cash your bonds in the same year you will pay for higher education expenses, you may want to use method 1 because you may be able to exclude the interest from your income. Free online state and federal tax filing To learn how, see Education Savings Bond Program, later. Free online state and federal tax filing Change from method 1. Free online state and federal tax filing   If you want to change your method of reporting the interest from method 1 to method 2, you can do so without permission from the IRS. Free online state and federal tax filing In the year of change you must report all interest accrued to date and not previously reported for all your bonds. Free online state and federal tax filing   Once you choose to report the interest each year, you must continue to do so for all series EE, series E, and series I bonds you own and for any you get later, unless you request permission to change, as explained next. Free online state and federal tax filing Change from method 2. Free online state and federal tax filing   To change from method 2 to method 1, you must request permission from the IRS. Free online state and federal tax filing Permission for the change is automatically granted if you send the IRS a statement that meets all the following requirements. Free online state and federal tax filing You have typed or printed the following number at the top: “131. Free online state and federal tax filing ” It includes your name and social security number under “131. Free online state and federal tax filing ” It includes the year of change (both the beginning and ending dates). Free online state and federal tax filing It identifies the savings bonds for which you are requesting this change. Free online state and federal tax filing It includes your agreement to: Report all interest on any bonds acquired during or after the year of change when the interest is realized upon disposition, redemption, or final maturity, whichever is earliest, and Report all interest on the bonds acquired before the year of change when the interest is realized upon disposition, redemption, or final maturity, whichever is earliest, with the exception of the interest reported in prior tax years. Free online state and federal tax filing   You must attach this statement to your tax return for the year of change, which you must file by the due date (including extensions). Free online state and federal tax filing   You can have an automatic extension of 6 months from the due date of your return for the year of change (excluding extensions) to file the statement with an amended return. Free online state and federal tax filing On the statement, type or print “Filed pursuant to section 301. Free online state and federal tax filing 9100-2. Free online state and federal tax filing ” To get this extension, you must have filed your original return for the year of the change by the due date (including extensions). Free online state and federal tax filing    By the date you file the original statement with your return, you must also send a signed copy to the address below. Free online state and federal tax filing   Internal Revenue Service Attention: CC:IT&A (Automatic Rulings Branch) P. Free online state and federal tax filing O. Free online state and federal tax filing Box 7604 Benjamin Franklin Station Washington, DC 20044   If you use a private delivery service, send the signed copy to the address below. Free online state and federal tax filing   Internal Revenue Service Attention: CC:IT&A (Automatic Rulings Branch) Room 5336 1111 Constitution Avenue, NW  Washington, DC 20224   Instead of filing this statement, you can request permission to change from method 2 to method 1 by filing Form 3115, Application for Change in Accounting Method. Free online state and federal tax filing In that case, follow the form instructions for an automatic change. Free online state and federal tax filing No user fee is required. Free online state and federal tax filing Co-owners. Free online state and federal tax filing   If a U. Free online state and federal tax filing S. Free online state and federal tax filing savings bond is issued in the names of co-owners, such as you and your child or you and your spouse, interest on the bond is generally taxable to the co-owner who bought the bond. Free online state and federal tax filing One co-owner's funds used. Free online state and federal tax filing    If you used your funds to buy the bond, you must pay the tax on the interest. Free online state and federal tax filing This is true even if you let the other co-owner redeem the bond and keep all the proceeds. Free online state and federal tax filing Under these circumstances, the co-owner who redeemed the bond will receive a Form 1099-INT at the time of redemption and must provide you with another Form 1099-INT showing the amount of interest from the bond taxable to you. Free online state and federal tax filing The co-owner who redeemed the bond is a “nominee. Free online state and federal tax filing ” See Nominee distributions under How To Report Interest Income in chapter 1 of Publication 550 for more information about how a person who is a nominee reports interest income belonging to another person. Free online state and federal tax filing Both co-owners' funds used. Free online state and federal tax filing   If you and the other co-owner each contribute part of the bond's purchase price, the interest is generally taxable to each of you, in proportion to the amount each of you paid. Free online state and federal tax filing Community property. Free online state and federal tax filing   If you and your spouse live in a community property state and hold bonds as community property, one-half of the interest is considered received by each of you. Free online state and federal tax filing If you file separate returns, each of you generally must report one-half of the bond interest. Free online state and federal tax filing For more information about community property, see Publication 555. Free online state and federal tax filing Table 7-1. Free online state and federal tax filing   These rules are also shown in Table 7-1. Free online state and federal tax filing Ownership transferred. Free online state and federal tax filing   If you bought series E, series EE, or series I bonds entirely with your own funds and had them reissued in your co-owner's name or beneficiary's name alone, you must include in your gross income for the year of reissue all interest that you earned on these bonds and have not previously reported. Free online state and federal tax filing But, if the bonds were reissued in your name alone, you do not have to report the interest accrued at that time. Free online state and federal tax filing   This same rule applies when bonds (other than bonds held as community property) are transferred between spouses or incident to divorce. Free online state and federal tax filing Purchased jointly. Free online state and federal tax filing   If you and a co-owner each contributed funds to buy series E, series EE, or series I bonds jointly and later have the bonds reissued in the co-owner's name alone, you must include in your gross income for the year of reissue your share of all the interest earned on the bonds that you have not previously reported. Free online state and federal tax filing The former co-owner does not have to include in gross income at the time of reissue his or her share of the interest earned that was not reported before the transfer. Free online state and federal tax filing This interest, however, as well as all interest earned after the reissue, is income to the former co-owner. Free online state and federal tax filing   This income-reporting rule also applies when the bonds are reissued in the name of your former co-owner and a new co-owner. Free online state and federal tax filing But the new co-owner will report only his or her share of the interest earned after the transfer. Free online state and federal tax filing   If bonds that you and a co-owner bought jointly are reissued to each of you separately in the same proportion as your contribution to the purchase price, neither you nor your co-owner has to report at that time the interest earned before the bonds were reissued. Free online state and federal tax filing    Table 7-1. Free online state and federal tax filing Who Pays the Tax on U. Free online state and federal tax filing S. Free online state and federal tax filing Savings Bond Interest IF . Free online state and federal tax filing . Free online state and federal tax filing . Free online state and federal tax filing THEN the interest must be reported by . Free online state and federal tax filing . Free online state and federal tax filing . Free online state and federal tax filing you buy a bond in your name and the name of another person as co-owners, using only your own funds you. Free online state and federal tax filing you buy a bond in the name of another person, who is the sole owner of the bond the person for whom you bought the bond. Free online state and federal tax filing you and another person buy a bond as co-owners, each contributing part of the purchase price both you and the other co-owner, in proportion to the amount each paid for the bond. Free online state and federal tax filing you and your spouse, who live in a community property state, buy a bond that is community property you and your spouse. Free online state and federal tax filing If you file separate returns, both you and your spouse generally report one-half of the interest. Free online state and federal tax filing Example 1. Free online state and federal tax filing You and your spouse each spent an equal amount to buy a $1,000 series EE savings bond. Free online state and federal tax filing The bond was issued to you and your spouse as co-owners. Free online state and federal tax filing You both postpone reporting interest on the bond. Free online state and federal tax filing You later have the bond reissued as two $500 bonds, one in your name and one in your spouse's name. Free online state and federal tax filing At that time neither you nor your spouse has to report the interest earned to the date of reissue. Free online state and federal tax filing Example 2. Free online state and federal tax filing You bought a $1,000 series EE savings bond entirely with your own funds. Free online state and federal tax filing The bond was issued to you and your spouse as co-owners. Free online state and federal tax filing You both postpone reporting interest on the bond. Free online state and federal tax filing You later have the bond reissued as two $500 bonds, one in your name and one in your spouse's name. Free online state and federal tax filing You must report half the interest earned to the date of reissue. Free online state and federal tax filing Transfer to a trust. Free online state and federal tax filing   If you own series E, series EE, or series I bonds and transfer them to a trust, giving up all rights of ownership, you must include in your income for that year the interest earned to the date of transfer if you have not already reported it. Free online state and federal tax filing However, if you are considered the owner of the trust and if the increase in value both before and after the transfer continues to be taxable to you, you can continue to defer reporting the interest earned each year. Free online state and federal tax filing You must include the total interest in your income in the year you cash or dispose of the bonds or the year the bonds finally mature, whichever is earlier. Free online state and federal tax filing   The same rules apply to previously unreported interest on series EE or series E bonds if the transfer to a trust consisted of series HH or series H bonds you acquired in a trade for the series EE or series E bonds. Free online state and federal tax filing See Savings bonds traded , later. Free online state and federal tax filing Decedents. Free online state and federal tax filing   The manner of reporting interest income on series E, series EE, or series I bonds, after the death of the owner (decedent), depends on the accounting and income-reporting methods previously used by the decedent. Free online state and federal tax filing This is explained in chapter 1 of Publication 550. Free online state and federal tax filing Savings bonds traded. Free online state and federal tax filing   If you postponed reporting the interest on your series EE or series E bonds, you did not recognize taxable income when you traded the bonds for series HH or series H bonds, unless you received cash in the trade. Free online state and federal tax filing (You cannot trade series I bonds for series HH bonds. Free online state and federal tax filing After August 31, 2004, you cannot trade any other series of bonds for series HH bonds. Free online state and federal tax filing ) Any cash you received is income up to the amount of the interest earned on the bonds traded. Free online state and federal tax filing When your series HH or series H bonds mature, or if you dispose of them before maturity, you report as interest the difference between their redemption value and your cost. Free online state and federal tax filing Your cost is the sum of the amount you paid for the traded series EE or series E bonds plus any amount you had to pay at the time of the trade. Free online state and federal tax filing Example. Free online state and federal tax filing You traded series EE bonds (on which you postponed reporting the interest) for $2,500 in series HH bonds and $223 in cash. Free online state and federal tax filing You reported the $223 as taxable income on your tax return. Free online state and federal tax filing At the time of the trade, the series EE bonds had accrued interest of $523 and a redemption value of $2,723. Free online state and federal tax filing You hold the series HH bonds until maturity, when you receive $2,500. Free online state and federal tax filing You must report $300 as interest income in the year of maturity. Free online state and federal tax filing This is the difference between their redemption value, $2,500, and your cost, $2,200 (the amount you paid for the series EE bonds). Free online state and federal tax filing (It is also the difference between the accrued interest of $523 on the series EE bonds and the $223 cash received on the trade. Free online state and federal tax filing ) Choice to report interest in year of trade. Free online state and federal tax filing   You could have chosen to treat all of the previously unreported accrued interest on the series EE or series E bonds traded for series HH bonds as income in the year of the trade. Free online state and federal tax filing If you made this choice, it is treated as a change from method 1. Free online state and federal tax filing See Change from method 1 under Series EE and series I bonds, earlier. Free online state and federal tax filing Form 1099-INT for U. Free online state and federal tax filing S. Free online state and federal tax filing savings bonds interest. Free online state and federal tax filing   When you cash a bond, the bank or other payer that redeems it must give you a Form 1099-INT if the interest part of the payment you receive is $10 or more. Free online state and federal tax filing Box 3 of your Form 1099-INT should show the interest as the difference between the amount you received and the amount paid for the bond. Free online state and federal tax filing However, your Form 1099-INT may show more interest than you have to include on your income tax return. Free online state and federal tax filing For example, this may happen if any of the following are true. Free online state and federal tax filing You chose to report the increase in the redemption value of the bond each year. Free online state and federal tax filing The interest shown on your Form 1099-INT will not be reduced by amounts previously included in income. Free online state and federal tax filing You received the bond from a decedent. Free online state and federal tax filing The interest shown on your Form 1099-INT will not be reduced by any interest reported by the decedent before death, or on the decedent's final return, or by the estate on the estate's income tax return. Free online state and federal tax filing Ownership of the bond was transferred. Free online state and federal tax filing The interest shown on your Form 1099-INT will not be reduced by interest that accrued before the transfer. Free online state and federal tax filing You were named as a co-owner, and the other co-owner contributed funds to buy the bond. Free online state and federal tax filing The interest shown on your Form 1099-INT will not be reduced by the amount you received as nominee for the other co-owner. Free online state and federal tax filing (See Co-owners , earlier in this chapter, for more information about the reporting requirements. Free online state and federal tax filing ) You received the bond in a taxable distribution from a retirement or profit-sharing plan. Free online state and federal tax filing The interest shown on your Form 1099-INT will not be reduced by the interest portion of the amount taxable as a distribution from the plan and not taxable as interest. Free online state and federal tax filing (This amount is generally shown on Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Free online state and federal tax filing , for the year of distribution. Free online state and federal tax filing )   For more information on including the correct amount of interest on your return, see How To Report Interest Income , later. Free online state and federal tax filing Publication 550 includes examples showing how to report these amounts. Free online state and federal tax filing    Interest on U. Free online state and federal tax filing S. Free online state and federal tax filing savings bonds is exempt from state and local taxes. Free online state and federal tax filing The Form 1099-INT you receive will indicate the amount that is for U. Free online state and federal tax filing S. Free online state and federal tax filing savings bond interest in box 3. Free online state and federal tax filing Education Savings Bond Program You may be able to exclude from income all or part of the interest you receive on the redemption of qualified U. Free online state and federal tax filing S. Free online state and federal tax filing savings bonds during the year if you pay qualified higher educational expenses during the same year. Free online state and federal tax filing This exclusion is known as the Education Savings Bond Program. Free online state and federal tax filing You do not qualify for this exclusion if your filing status is married filing separately. Free online state and federal tax filing Form 8815. Free online state and federal tax filing   Use Form 8815 to figure your exclusion. Free online state and federal tax filing Attach the form to your Form 1040 or Form 1040A. Free online state and federal tax filing Qualified U. Free online state and federal tax filing S. Free online state and federal tax filing savings bonds. Free online state and federal tax filing   A qualified U. Free online state and federal tax filing S. Free online state and federal tax filing savings bond is a series EE bond issued after 1989 or a series I bond. Free online state and federal tax filing The bond must be issued either in your name (sole owner) or in your and your spouse's names (co-owners). Free online state and federal tax filing You must be at least 24 years old before the bond's issue date. Free online state and federal tax filing For example, a bond bought by a parent and issued in the name of his or her child under age 24 does not qualify for the exclusion by the parent or child. Free online state and federal tax filing    The issue date of a bond may be earlier than the date the bond is purchased because the issue date assigned to a bond is the first day of the month in which it is purchased. Free online state and federal tax filing Beneficiary. Free online state and federal tax filing   You can designate any individual (including a child) as a beneficiary of the bond. Free online state and federal tax filing Verification by IRS. Free online state and federal tax filing   If you claim the exclusion, the IRS will check it by using bond redemption information from the Department of the Treasury. Free online state and federal tax filing Qualified expenses. Free online state and federal tax filing   Qualified higher educational expenses are tuition and fees required for you, your spouse, or your dependent (for whom you claim an exemption) to attend an eligible educational institution. Free online state and federal tax filing   Qualified expenses include any contribution you make to a qualified tuition program or to a Coverdell education savings account. Free online state and federal tax filing   Qualified 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 online state and federal tax filing Eligible educational institutions. Free online state and federal tax filing   These institutions include most public, private, and nonprofit universities, colleges, and vocational schools that are accredited and eligible to participate in student aid programs run by the U. Free online state and federal tax filing S. Free online state and federal tax filing Department of Education. Free online state and federal tax filing Reduction for certain benefits. Free online state and federal tax filing   You must reduce your qualified higher educational expenses by all of the following tax-free benefits. Free online state and federal tax filing Tax-free part of scholarships and fellowships (see Scholarships and fellowships in chapter 12). Free online state and federal tax filing Expenses used to figure the tax-free portion of distributions from a Coverdell ESA. Free online state and federal tax filing Expenses used to figure the tax-free portion of distributions from a qualified tuition program. Free online state and federal tax filing Any tax-free payments (other than gifts or inheritances) received for educational expenses, such as Veterans' educational assistance benefits, Qualified tuition reductions, or Employer-provided educational assistance. Free online state and federal tax filing Any expense used in figuring the American Opportunity and lifetime learning credits. Free online state and federal tax filing Amount excludable. Free online state and federal tax filing   If the total proceeds (interest and principal) from the qualified U. Free online state and federal tax filing S. Free online state and federal tax filing savings bonds you redeem during the year are not more than your adjusted qualified higher educational expenses for the year, you may be able to exclude all of the interest. Free online state and federal tax filing If the proceeds are more than the expenses, you may be able to exclude only part of the interest. Free online state and federal tax filing   To determine the excludable amount, multiply the interest part of the proceeds by a fraction. Free online state and federal tax filing The numerator of the fraction is the qualified higher educational expenses you paid during the year. Free online state and federal tax filing The denominator of the fraction is the total proceeds you received during the year. Free online state and federal tax filing Example. Free online state and federal tax filing In February 2013, Mark and Joan, a married couple, cashed a qualified series EE U. Free online state and federal tax filing S. Free online state and federal tax filing savings bond they bought in April 1997. Free online state and federal tax filing They received proceeds of $8,372 representing principal of $5,000 and interest of $3,372. Free online state and federal tax filing In 2013, they paid $4,000 of their daughter's college tuition. Free online state and federal tax filing They are not claiming an education credit for that amount, and their daughter does not have any tax-free educational assistance. Free online state and federal tax filing They can exclude $1,611 ($3,372 × ($4,000 ÷ $8,372)) of interest in 2013. Free online state and federal tax filing They must pay tax on the remaining $1,761 ($3,372 − $1,611) interest. Free online state and federal tax filing Modified adjusted gross income limit. Free online state and federal tax filing   The interest exclusion is limited if your modified adjusted gross income (modified AGI) is: $74,700 to $89,700 for taxpayers filing single or head of household, and $112,050 to $142,050 for married taxpayers filing jointly or for a qualifying widow(er) with dependent child. Free online state and federal tax filing You do not qualify for the interest exclusion if your modified AGI is equal to or more than the upper limit for your filing status. Free online state and federal tax filing   Modified AGI, for purposes of this exclusion, is adjusted gross income (Form 1040, line 37, or Form 1040A, line 21) figured before the interest exclusion, and modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion and deduction, Exclusion of income for bona fide residents of American Samoa, Exclusion for income from Puerto Rico, Exclusion for adoption benefits received under an employer's adoption assistance program, Deduction for tuition and fees, Deduction for student loan interest, and Deduction for domestic production activities. Free online state and federal tax filing   Use the Line 9 Worksheet in the Form 8815 instructions to figure your modified AGI. Free online state and federal tax filing If you claim any of the exclusion or deduction items listed above (except items 6, 7, and 8), add the amount of the exclusion or deduction (except items 6, 7, and 8) to the amount on line 5 of the worksheet, and enter the total on Form 8815, line 9, as your modified AGI. Free online state and federal tax filing   If you have investment interest expense incurred to earn royalties and other investment income, see Education Savings Bond Program in chapter 1 of Publication 550. Free online state and federal tax filing Recordkeeping. Free online state and federal tax filing If you claim the interest exclusion, you must keep a written record of the qualified U. Free online state and federal tax filing S. Free online state and federal tax filing savings bonds you redeem. Free online state and federal tax filing Your record must include the serial number, issue date, face value, and total redemption proceeds (principal and interest) of each bond. Free online state and federal tax filing You can use Form 8818 to record this information. Free online state and federal tax filing You should also keep bills, receipts, canceled checks, or other documentation that shows you paid qualified higher educational expenses during the year. Free online state and federal tax filing U. Free online state and federal tax filing S. Free online state and federal tax filing Treasury Bills, Notes, and Bonds Treasury bills, notes, and bonds are direct debts (obligations) of the U. Free online state and federal tax filing S. Free online state and federal tax filing Government. Free online state and federal tax filing Taxation of interest. Free online state and federal tax filing   Interest income from Treasury bills, notes, and bonds is subject to federal income tax but is exempt from all state and local income taxes. Free online state and federal tax filing You should receive Form 1099-INT showing the interest (in box 3) paid to you for the year. Free online state and federal tax filing   Payments of principal and interest generally will be credited to your designated checking or savings account by direct deposit through the TreasuryDirect® system. Free online state and federal tax filing Treasury bills. Free online state and federal tax filing   These bills generally have a 4-week, 13-week, 26-week, or 52-week maturity period. Free online state and federal tax filing They are generally issued at a discount in the amount of $100 and multiples of $100. Free online state and federal tax filing The difference between the discounted price you pay for the bills and the face value you receive at maturity is interest income. Free online state and federal tax filing Generally, you report this interest income when the bill is paid at maturity. Free online state and federal tax filing If you paid a premium for a bill (more than the face value), you generally report the premium as a section 171 deduction when the bill is paid at maturity. Free online state and federal tax filing Treasury notes and bonds. Free online state and federal tax filing   Treasury notes have maturity periods of more than 1 year, ranging up to 10 years. Free online state and federal tax filing Maturity periods for Treasury bonds are longer than 10 years. Free online state and federal tax filing Both generally are issued in denominations of $100 to $1 million and generally pay interest every 6 months. Free online state and federal tax filing Generally, you report this interest for the year paid. Free online state and federal tax filing For more information, see U. Free online state and federal tax filing S. Free online state and federal tax filing Treasury Bills, Notes, and Bonds in chapter 1 of Publication 550. Free online state and federal tax filing For other information on Treasury notes or bonds, write to:  Bureau of the Public Debt P. Free online state and federal tax filing O. Free online state and federal tax filing Box 7015 Parkersburg, WV 26106-7015 Or, on the Internet, visit: www. Free online state and federal tax filing treasurydirect. Free online state and federal tax filing gov/indiv/indiv. Free online state and federal tax filing htm. Free online state and federal tax filing For information on series EE, series I, and series HH savings bonds, see U. Free online state and federal tax filing S. Free online state and federal tax filing Savings Bonds , earlier. Free online state and federal tax filing Treasury inflation-protected securities (TIPS). Free online state and federal tax filing   These securities pay interest twice a year at a fixed rate, based on a principal amount adjusted to take into account inflation and deflation. Free online state and federal tax filing For the tax treatment of these securities, see Inflation-Indexed Debt Instruments under Original Issue Discount (OID), in Publication 550. Free online state and federal tax filing Bonds Sold Between Interest Dates If you sell a bond between interest payment dates, part of the sales price represents interest accrued to the date of sale. Free online state and federal tax filing You must report that part of the sales price as interest income for the year of sale. Free online state and federal tax filing If you buy a bond between interest payment dates, part of the purchase price represents interest accrued before the date of purchase. Free online state and federal tax filing When that interest is paid to you, treat it as a return of your capital investment, rather than interest income, by reducing your basis in the bond. Free online state and federal tax filing See Accrued interest on bonds under How To Report Interest Income in chapter 1 of Publication 550 for information on reporting the payment. Free online state and federal tax filing Insurance Life insurance proceeds paid to you as beneficiary of the insured person are usually not taxable. Free online state and federal tax filing But if you receive the proceeds in installments, you must usually report a part of each installment payment as interest income. Free online state and federal tax filing For more information about insurance proceeds received in installments, see Publication 525, Taxable and Nontaxable Income. Free online state and federal tax filing Annuity. Free online state and federal tax filing   If you buy an annuity with life insurance proceeds, the annuity payments you receive are taxed as pension and annuity income from a nonqualified plan, not as interest income. Free online state and federal tax filing See chapter 10 for information on pension and annuity income from nonqualified plans. Free online state and federal tax filing State or Local Government Obligations Interest on a bond used to finance government operations generally is not taxable if the bond is issued by a state, the District of Columbia, a possession of the United States, or any of their political subdivisions. Free online state and federal tax filing Bonds issued after 1982 (including tribal economic development bonds issued after February 17, 2009) by an Indian tribal government are treated as issued by a state. Free online state and federal tax filing Interest on these bonds is generally tax exempt if the bonds are part of an issue of which substantially all proceeds are to be used in the exercise of any essential government function. Free online state and federal tax filing For information on federally guaranteed bonds, mortgage revenue bonds, arbitrage bonds, private activity bonds, qualified tax credit bonds, and Build America bonds, see State or Local Government Obligations in chapter 1 of Publication 550. Free online state and federal tax filing Information reporting requirement. Free online state and federal tax filing   If you must file a tax return, you are required to show any tax-exempt interest you received on your return. Free online state and federal tax filing This is an information reporting requirement only. Free online state and federal tax filing It does not change tax-exempt interest to taxable interest. Free online state and federal tax filing Original Issue Discount (OID) Original issue discount (OID) is a form of interest. Free online state and federal tax filing You generally include OID in your income as it accrues over the term of the debt instrument, whether or not you receive any payments from the issuer. Free online state and federal tax filing A debt instrument generally has OID when the instrument is issued for a price that is less than its stated redemption price at maturity. Free online state and federal tax filing OID is the difference between the stated redemption price at maturity and the issue price. Free online state and federal tax filing All debt instruments that pay no interest before maturity are presumed to be issued at a discount. Free online state and federal tax filing Zero coupon bonds are one example of these instruments. Free online state and federal tax filing The OID accrual rules generally do not apply to short-term obligations (those with a fixed maturity date of 1 year or less from date of issue). Free online state and federal tax filing See Discount on Short-Term Obligations in chapter 1 of Publication 550. Free online state and federal tax filing De minimis OID. Free online state and federal tax filing   You can treat the discount as zero if it is less than one-fourth of 1% (. Free online state and federal tax filing 0025) of the stated redemption price at maturity multiplied by the number of full years from the date of original issue to maturity. Free online state and federal tax filing This small discount is known as “de minimis” OID. Free online state and federal tax filing Example 1. Free online state and federal tax filing You bought a 10-year bond with a stated redemption price at maturity of $1,000, issued at $980 with OID of $20. Free online state and federal tax filing One-fourth of 1% of $1,000 (stated redemption price) times 10 (the number of full years from the date of original issue to maturity) equals $25. Free online state and federal tax filing Because the $20 discount is less than $25, the OID is treated as zero. Free online state and federal tax filing (If you hold the bond at maturity, you will recognize $20 ($1,000 − $980) of capital gain. Free online state and federal tax filing ) Example 2. Free online state and federal tax filing The facts are the same as in Example 1, except that the bond was issued at $950. Free online state and federal tax filing The OID is $50. Free online state and federal tax filing Because the $50 discount is more than the $25 figured in Example 1, you must include the OID in income as it accrues over the term of the bond. Free online state and federal tax filing Debt instrument bought after original issue. Free online state and federal tax filing   If you buy a debt instrument with de minimis OID at a premium, the discount is not includible in income. Free online state and federal tax filing If you buy a debt instrument with de minimis OID at a discount, the discount is reported under the market discount rules. Free online state and federal tax filing See Market Discount Bonds in chapter 1 of Publication 550. Free online state and federal tax filing Exceptions to reporting OID. Free online state and federal tax filing   The OID rules discussed in this chapter do not apply to the following debt instruments. Free online state and federal tax filing Tax-exempt obligations. Free online state and federal tax filing (However, see Stripped tax-exempt obligations under Stripped Bonds and Coupons in chapter 1 of Publication 550). Free online state and federal tax filing U. Free online state and federal tax filing S. Free online state and federal tax filing savings bonds. Free online state and federal tax filing Short-term debt instruments (those with a fixed maturity date of not more than 1 year from the date of issue). Free online state and federal tax filing Obligations issued by an individual before March 2, 1984. Free online state and federal tax filing Loans between individuals if all the following are true. Free online state and federal tax filing The lender is not in the business of lending money. Free online state and federal tax filing The amount of the loan, plus the amount of any outstanding prior loans between the same individuals, is $10,000 or less. Free online state and federal tax filing Avoiding any federal tax is not one of the principal purposes of the loan. Free online state and federal tax filing Form 1099-OID. Free online state and federal tax filing   The issuer of the debt instrument (or your broker if you held the instrument through a broker) should give you Form 1099-OID, or a similar statement, if the total OID for the calendar year is $10 or more. Free online state and federal tax filing Form 1099-OID will show, in box 1, the amount of OID for the part of the year that you held the bond. Free online state and federal tax filing It also will show, in box 2, the stated interest you must include in your income. Free online state and federal tax filing A copy of Form 1099-OID will be sent to the IRS. Free online state and federal tax filing Do not file your copy with your return. Free online state and federal tax filing Keep it for your records. Free online state and federal tax filing   In most cases, you must report the entire amount in boxes 1 and 2 of Form 1099-OID as interest income. Free online state and federal tax filing But see Refiguring OID shown on Form 1099-OID, later in this discussion, for more information. Free online state and federal tax filing Form 1099-OID not received. Free online state and federal tax filing   If you had OID for the year but did not receive a Form 1099-OID, you can find tables on IRS. Free online state and federal tax filing gov that list total OID on certain debt instruments and have information that will help you figure OID. Free online state and federal tax filing For the latest OID tables, go to www. Free online state and federal tax filing irs. Free online state and federal tax filing gov and enter “OID tables” in the Search box. Free online state and federal tax filing If your debt instrument is not listed, consult the issuer for further information about the accrued OID for the year. Free online state and federal tax filing Nominee. Free online state and federal tax filing   If someone else is the holder of record (the registered owner) of an OID instrument belonging to you and receives a Form 1099-OID on your behalf, that person must give you a Form 1099-OID. Free online state and federal tax filing Refiguring OID shown on Form 1099-OID. Free online state and federal tax filing   You must refigure the OID shown in box 1 or box 8 of Form 1099-OID if either of the following apply. Free online state and federal tax filing You bought the debt instrument after its original issue and paid a premium or an acquisition premium. Free online state and federal tax filing The debt instrument is a stripped bond or a stripped coupon (including certain zero coupon instruments). Free online state and federal tax filing For information about figuring the correct amount of OID to include in your income, see Figuring OID on Long-Term Debt Instruments in Publication 1212. Free online state and federal tax filing Refiguring periodic interest shown on Form 1099-OID. Free online state and federal tax filing   If you disposed of a debt instrument or acquired it from another holder during the year, see Bonds Sold Between Interest Dates , earlier, for information about the treatment of periodic interest that may be shown in box 2 of Form 1099-OID for that instrument. Free online state and federal tax filing Certificates of deposit (CDs). Free online state and federal tax filing   If you buy a CD with a maturity of more than 1 year, you must include in income each year a part of the total interest due and report it in the same manner as other OID. Free online state and federal tax filing   This also applies to similar deposit arrangements with banks, building and loan associations, etc. Free online state and federal tax filing , including: Time deposits, Bonus plans, Savings certificates, Deferred income certificates, Bonus savings certificates, and Growth savings certificates. Free online state and federal tax filing Bearer CDs. Free online state and federal tax filing   CDs issued after 1982 generally must be in registered form. Free online state and federal tax filing Bearer CDs are CDs not in registered form. Free online state and federal tax filing They are not issued in the depositor's name and are transferable from one individual to another. Free online state and federal tax filing   Banks must provide the IRS and the person redeeming a bearer CD with a Form 1099-INT. Free online state and federal tax filing More information. Free online state and federal tax filing   See chapter 1 of Publication 550 for more information about OID and related topics, such as market discount bonds. Free online state and federal tax filing When To Report Interest Income When to report your interest income depends on whether you use the cash method or an accrual method to report income. Free online state and federal tax filing Cash method. Free online state and federal tax filing   Most individual taxpayers use the cash method. Free online state and federal tax filing If you use this method, you generally report your interest income in the year in which you actually or constructively receive it. Free online state and federal tax filing However, there are special rules for reporting the discount on certain debt instruments. Free online state and federal tax filing See U. Free online state and federal tax filing S. Free online state and federal tax filing Savings Bonds and Original Issue Discount (OID) , earlier. Free online state and federal tax filing Example. Free online state and federal tax filing On September 1, 2011, you loaned another individual $2,000 at 12%, compounded annually. Free online state and federal tax filing You are not in the business of lending money. Free online state and federal tax filing The note stated that principal and interest would be due on August 31, 2013. Free online state and federal tax filing In 2013, you received $2,508. Free online state and federal tax filing 80 ($2,000 principal and $508. Free online state and federal tax filing 80 interest). Free online state and federal tax filing If you use the cash method, you must include in income on your 2013 return the $508. Free online state and federal tax filing 80 interest you received in that year. Free online state and federal tax filing Constructive receipt. Free online state and federal tax filing   You constructively receive income when it is credited to your account or made available to you. Free online state and federal tax filing You do not need to have physical possession of it. Free online state and federal tax filing For example, you are considered to receive interest, dividends, or other earnings on any deposit or account in a bank, savings and loan, or similar financial institution, or interest on life insurance policy dividends left to accumulate, when they are credited to your account and subject to your withdrawal. Free online state and federal tax filing This is true even if they are not yet entered in your passbook. Free online state and federal tax filing   You constructively receive income on the deposit or account even if you must: Make withdrawals in multiples of even amounts, Give a notice to withdraw before making the withdrawal, Withdraw all or part of the account to withdraw the earnings, or Pay a penalty on early withdrawals, unless the interest you are to receive on an early withdrawal or redemption is substantially less than the interest payable at maturity. Free online state and federal tax filing Accrual method. Free online state and federal tax filing   If you use an accrual method, you report your interest income when you earn it, whether or not you have received it. Free online state and federal tax filing Interest is earned over the term of the debt instrument. Free online state and federal tax filing Example. Free online state and federal tax filing If, in the previous example, you use an accrual method, you must include the interest in your income as you earn it. Free online state and federal tax filing You would report the interest as follows: 2011, $80; 2012, $249. Free online state and federal tax filing 60; and 2013, $179. Free online state and federal tax filing 20. Free online state and federal tax filing Coupon bonds. Free online state and federal tax filing   Interest on coupon bonds is taxable in the year the coupon becomes due and payable. Free online state and federal tax filing It does not matter when you mail the coupon for payment. Free online state and federal tax filing How To Report Interest Income Generally, you report all your taxable interest income on Form 1040, line 8a; Form 1040A, line 8a; or Form 1040EZ, line 2. Free online state and federal tax filing You cannot use Form 1040EZ if your taxable interest income is more than $1,500. Free online state and federal tax filing Instead, you must use Form 1040A or Form 1040. Free online state and federal tax filing Form 1040A. Free online state and federal tax filing   You must complete Schedule B (Form 1040A or 1040), Part I, if you file Form 1040A and any of the following are true. Free online state and federal tax filing Your taxable interest income is more than $1,500. Free online state and federal tax filing You are claiming the interest exclusion under the Education Savings Bond Program (discussed earlier). Free online state and federal tax filing You received interest from a seller-financed mortgage, and the buyer used the property as a home. Free online state and federal tax filing You received a Form 1099-INT for U. Free online state and federal tax filing S. Free online state and federal tax filing savings bond interest that includes amounts you reported before 2013. Free online state and federal tax filing You received, as a nominee, interest that actually belongs to someone else. Free online state and federal tax filing You received a Form 1099-INT for interest on frozen deposits. Free online state and federal tax filing You are reporting OID in an amount less than the amount shown on Form 1099-OID. Free online state and federal tax filing You received a Form 1099-INT for interest on a bond you bought between interest payment dates. Free online state and federal tax filing You acquired taxable bonds after 1987 and choose to reduce interest income from the bonds by any amortizable bond premium (see Bond Premium Amortization in chapter 3 of Publication 550). Free online state and federal tax filing List each payer's name and the amount of interest income received from each payer on line 1. Free online state and federal tax filing If you received a Form 1099-INT or Form 1099-OID from a brokerage firm, list the brokerage firm as the payer. Free online state and federal tax filing   You cannot use Form 1040A if you must use Form 1040, as described next. Free online state and federal tax filing Form 1040. Free online state and federal tax filing   You must use Form 1040 instead of Form 1040A or Form 1040EZ if: You forfeited interest income because of the early withdrawal of a time deposit; You acquired taxable bonds after 1987, you choose to reduce interest income from the bonds by any amortizable bond premium, and you are deducting the excess of bond premium amortization for the accrual period over the qualified stated interest for the period (see Bond Premium Amortization in chapter 3 of Publication 550); or You received tax-exempt interest from private activity bonds issued after August 7, 1986. Free online state and federal tax filing Schedule B (Form 1040A or 1040). Free online state and federal tax filing   You must complete Schedule B (Form 1040A or 1040), Part I, if you file Form 1040 and any of the following apply. Free online state and federal tax filing Your taxable interest income is more than $1,500. Free online state and federal tax filing You are claiming the interest exclusion under the Education Savings Bond Program (discussed earlier). Free online state and federal tax filing You received interest from a seller-financed mortgage, and the buyer used the property as a home. Free online state and federal tax filing You received a Form 1099-INT for U. Free online state and federal tax filing S. Free online state and federal tax filing savings bond interest that includes amounts you reported before 2013. Free online state and federal tax filing You received, as a nominee, interest that actually belongs to someone else. Free online state and federal tax filing You received a Form 1099-INT for interest on frozen deposits. Free online state and federal tax filing You received a Form 1099-INT for interest on a bond you bought between interest payment dates. Free online state and federal tax filing You are reporting OID in an amount less than the amount shown on Form 1099-OID. Free online state and federal tax filing Statement (2) in the preceding list under Form 1040 is true. Free online state and federal tax filing In Part I, line 1, list each payer's name and the amount received from each. Free online state and federal tax filing If you received a Form 1099-INT or Form 1099-OID from a brokerage firm, list the brokerage firm as the payer. Free online state and federal tax filing Reporting tax-exempt interest. Free online state and federal tax filing   Total your tax-exempt interest (such as interest or accrued OID on certain state and municipal bonds, including tax-exempt interest on zero coupon municipal bonds) and exempt-interest dividends from a mutual fund as shown on Form 1099-INT, box 8, and on Form 1099-DIV, box 10. Free online state and federal tax filing Add these amounts to any other tax-exempt interest you received. Free online state and federal tax filing Report the total on line 8b of Form 1040A or 1040. Free online state and federal tax filing   If you file Form 1040EZ, enter “TEI” and the amount in the space to the left of line 2. Free online state and federal tax filing Do not add tax-exempt interest in the total on Form 1040EZ, line 2. Free online state and federal tax filing   Form 1099-INT, box 9, and Form 1099-DIV, box 11, show the tax-exempt interest subject to the alternative minimum tax on Form 6251. Free online state and federal tax filing These amounts are already included in the amounts on Form 1099-INT, box 8, and Form 1099-DIV, box 10. Free online state and federal tax filing Do not add the amounts in Form 1099-INT, box 9 and Form 1099-DIV, box 11 to, or subtract them from, the amounts on Form 1099-INT, box 8, and Form 1099-DIV, box 10. Free online state and federal tax filing    Do not report interest from an individual retirement account (IRA) as tax-exempt interest. Free online state and federal tax filing Form 1099-INT. Free online state and federal tax filing   Your taxable interest income, except for interest from U. Free online state and federal tax filing S. Free online state and federal tax filing savings bonds and Treasury obligations, is shown in box 1 of Form 1099-INT. Free online state and federal tax filing Add this amount to any other taxable interest income you received. Free online state and federal tax filing You must report all of your taxable interest income even if you do not receive a Form 1099-INT. Free online state and federal tax filing Generally, contact your financial institution if you do not receive a Form 1099-INT by February 15. Free online state and federal tax filing Your identifying number may be truncated on any paper Form 1099-INT you receive. Free online state and federal tax filing   If you forfeited interest income because of the early withdrawal of a time deposit, the deductible amount will be shown on Form 1099-INT in box 2. Free online state and federal tax filing See Penalty on early withdrawal of savings in chapter 1 of Publication 550. Free online state and federal tax filing   Box 3 of Form 1099-INT shows the interest income you received from U. Free online state and federal tax filing S. Free online state and federal tax filing savings bonds, Treasury bills, Treasury notes, and Treasury bonds. Free online state and federal tax filing Add the amount shown in box 3 to any other taxable interest income you received, unless part of the amount in box 3 was previously included in your interest income. Free online state and federal tax filing If part of the amount shown in box 3 was previously included in your interest income, see U. Free online state and federal tax filing S. Free online state and federal tax filing savings bond interest previously reported , later. Free online state and federal tax filing   Box 4 of Form 1099-INT will contain an amount if you were subject to backup withholding. Free online state and federal tax filing Report the amount from box 4 on Form 1040EZ, line 7; on Form 1040A, line 36; or Form 1040, line 62 (federal income tax withheld). Free online state and federal tax filing   Box 5 of Form 1099-INT shows investment expenses you may be able to deduct as an itemized deduction. Free online state and federal tax filing See chapter 28 for more information about investment expenses. Free online state and federal tax filing   If there are entries in boxes 6 and 7 of Form 1099-INT, you must file Form 1040. Free online state and federal tax filing You may be able to take a credit for the amount shown in box 6 unless you deduct this amount on line 8 of Schedule A (Form 1040). Free online state and federal tax filing To take the credit, you may have to file Form 1116, Foreign Tax Credit. Free online state and federal tax filing For more information, see Publication 514, Foreign Tax Credit for Individuals. Free online state and federal tax filing U. Free online state and federal tax filing S. Free online state and federal tax filing savings bond interest previously reported. Free online state and federal tax filing   If you received a Form 1099-INT for U. Free online state and federal tax filing S. Free online state and federal tax filing savings bond interest, the form may show interest you do not have to report. Free online state and federal tax filing See Form 1099-INT for U. Free online state and federal tax filing S. Free online state and federal tax filing savings bonds interest , earlier, under U. Free online state and federal tax filing S. Free online state and federal tax filing Savings Bonds. Free online state and federal tax filing   On Schedule B (Form 1040A or 1040), Part I, line 1, report all the interest shown on your Form 1099-INT. Free online state and federal tax filing Then follow these steps. Free online state and federal tax filing Several lines above line 2, enter a subtotal of all interest listed on line 1. Free online state and federal tax filing Below the subtotal enter “U. Free online state and federal tax filing S. Free online state and federal tax filing Savings Bond Interest Previously Reported” and enter amounts previously reported or interest accrued before you received the bond. Free online state and federal tax filing Subtract these amounts from the subtotal and enter the result on line 2. Free online state and federal tax filing More information. Free online state and federal tax filing   For more information about how to report interest income, see chapter 1 of Publication 550 or the instructions for the form you must file. Free online state and federal tax filing Prev  Up  Next   Home   More Online Publications
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Make a Complaint About a Tax Return Preparer

Most paid tax return preparers are professional, honest and provide excellent service to their clients. The IRS is committed to investigating those who do not meet these standards. For example:

  • Failing to sign tax returns they prepare
  • Failing to use a Preparer Tax Identification Number or using an invalid PTIN
  • Failing to provide clients a copy of their tax return
  • Failing to return a client's records
  • Preparing tax returns with a client's last pay stub
  • Creating false exemptions or dependents
  • Creating false expenses, deductions or credits
  • Creating or omitting income
  • Using an incorrect filing status
  • Altering documents
  • Embezzling a client's refund
  • Using off-the-shelf software or IRS Free File instead of professional software
  • Falsely claiming to be an attorney, certified public accountant, enrolled agent, enrolled retirement plan agent, or enrolled actuary

If you have a complaint, report it on Form 14157, Complaint: Tax Return Preparer. Complete the form and mail it to:
 
Internal Revenue Service
Attn: Return Preparer Office
401 W. Peachtree Street NW
Mail Stop 421-D
Atlanta, GA 30308
 
IRS Tax Tip 2014-07 provides tips on choosing a tax preparer.

Page Last Reviewed or Updated: 11-Feb-2014

The Free Online State And Federal Tax Filing

Free online state and federal tax filing 7. Free online state and federal tax filing   How To Get Tax Help Table of Contents Outside the U. Free online state and federal tax filing S. Free online state and federal tax filing Low Income Taxpayer Clinics Whether it's help with a tax issue, preparing your tax return or a need for a free publication or form, get the help you need the way you want it: online, use a smart phone, call or walk in to an IRS office or volunteer site near you. Free online state and federal tax filing Free help with your tax return. Free online state and federal tax filing   You can get free help preparing your return nationwide from IRS-certified volunteers. Free online state and federal tax filing The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. 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Free online state and federal tax filing You will also be given a personalized refund date as soon as the IRS processes your tax return and approves your refund. Free online state and federal tax filing The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Free online state and federal tax filing Use the Interactive Tax Assistant (ITA) to research your tax questions. Free online state and federal tax filing No need to wait on the phone or stand in line. Free online state and federal tax filing The ITA is available 24 hours a day, 7 days a week, and provides you with a variety of tax information related to general filing topics, deductions, credits, and income. Free online state and federal tax filing When you reach the response screen, you can print the entire interview and the final response for your records. Free online state and federal tax filing New subject areas are added on a regular basis. Free online state and federal tax filing  Answers not provided through ITA may be found in Tax Trails, one of the Tax Topics on IRS. Free online state and federal tax filing gov which contain general individual and business tax information or by searching the IRS Tax Map, which includes an international subject index. Free online state and federal tax filing You can use the IRS Tax Map, to search publications and instructions by topic or keyword. Free online state and federal tax filing The IRS Tax Map integrates forms and publications into one research tool and provides single-point access to tax law information by subject. Free online state and federal tax filing When the user searches the IRS Tax Map, they will be provided with links to related content in existing IRS publications, forms and instructions, questions and answers, and Tax Topics. Free online state and federal tax filing Coming this filing season, you can immediately view and print for free all 5 types of individual federal tax transcripts (tax returns, tax account, record of account, wage and income statement, and certification of non-filing) using Get Transcript. Free online state and federal tax filing You can also ask the IRS to mail a return or an account transcript to you. Free online state and federal tax filing Only the mail option is available by choosing the Tax Records option on the IRS2Go app by selecting Mail Transcript on IRS. Free online state and federal tax filing gov or by calling 1-800-908-9946. Free online state and federal tax filing Tax return and tax account transcripts are generally available for the current year and the past three years. Free online state and federal tax filing Determine if you are eligible for the EITC and estimate the amount of the credit with the Earned Income Tax Credit (EITC) Assistant. 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Free online state and federal tax filing Make a payment using one of several safe and convenient electronic payment options available on IRS. Free online state and federal tax filing gov. Free online state and federal tax filing Select the Payment tab on the front page of IRS. Free online state and federal tax filing gov for more information. Free online state and federal tax filing Determine if you are eligible and apply for an online payment agreement, if you owe more tax than you can pay today. Free online state and federal tax filing Figure your income tax withholding with the IRS Withholding Calculator on IRS. Free online state and federal tax filing gov. Free online state and federal tax filing Use it if you've had too much or too little withheld, your personal situation has changed, you're starting a new job or you just want to see if you're having the right amount withheld. Free online state and federal tax filing Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. Free online state and federal tax filing gov. Free online state and federal tax filing Request an Electronic Filing PIN by going to IRS. Free online state and federal tax filing gov and entering Electronic Filing PIN in the search box. Free online state and federal tax filing Download forms, instructions and publications, including accessible versions for people with disabilities. Free online state and federal tax filing Locate the nearest Taxpayer Assistance Center (TAC) using the Office Locator tool on IRS. Free online state and federal tax filing gov, or choose the Contact Us option on the IRS2Go app and search Local Offices. Free online state and federal tax filing An employee can answer questions about your tax account or help you set up a payment plan. Free online state and federal tax filing Before you visit, check the Office Locator on IRS. Free online state and federal tax filing gov, or Local Offices under Contact Us on IRS2Go to confirm the address, phone number, days and hours of operation, and the services provided. Free online state and federal tax filing If you have a special need, such as a disability, you can request an appointment. Free online state and federal tax filing Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. Free online state and federal tax filing Apply for an Employer Identification Number (EIN). Free online state and federal tax filing Go to IRS. Free online state and federal tax filing gov and enter Apply for an EIN in the search box. Free online state and federal tax filing Read the Internal Revenue Code, regulations, or other official guidance. Free online state and federal tax filing Read Internal Revenue Bulletins. Free online state and federal tax filing Sign up to receive local and national tax news and more by email. Free online state and federal tax filing Just click on “subscriptions” above the search box on IRS. Free online state and federal tax filing gov and choose from a variety of options. Free online state and federal tax filing Phone. Free online state and federal tax filing    You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. Free online state and federal tax filing Download the free IRS2Go app from the iTunes app store or from Google Play. Free online state and federal tax filing Call to locate the nearest volunteer help site, 1-800-906-9887 or you can use the VITA Locator Tool on IRS. Free online state and federal tax filing gov, or download the IRS2Go app. Free online state and federal tax filing Low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. Free online state and federal tax filing The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Free online state and federal tax filing Most VITA and TCE sites offer free electronic filing. Free online state and federal tax filing Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. Free online state and federal tax filing Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. Free online state and federal tax filing Call the automated Where's My Refund? information hotline to check the status of your 2013 refund 24 hours a day, 7 days a week at 1-800-829-1954. Free online state and federal tax filing If you e-file, you can start checking on the status of your return within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. Free online state and federal tax filing The IRS issues more than 9 out of 10 refunds in less than 21 days. Free online state and federal tax filing Where's My Refund? will give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. Free online state and federal tax filing Before you call this automated hotline, have your 2013 tax return handy so you can enter your social security number, your filing status, and the exact whole dollar amount of your refund. Free online state and federal tax filing The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Free online state and federal tax filing Note, the above information is for our automated hotline. Free online state and federal tax filing Our live phone and walk-in assistors can research the status of your refund only if it's been 21 days or more since you filed electronically or more than 6 weeks since you mailed your paper return. Free online state and federal tax filing Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. Free online state and federal tax filing You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Free online state and federal tax filing It can take up to 3 weeks from the date you mailed it to show up in our system. Free online state and federal tax filing Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, publications, and prior-year forms and instructions (limited to 5 years). Free online state and federal tax filing You should receive your order within 10 business days. Free online state and federal tax filing Call TeleTax, 1-800-829-4477, to listen to pre-recorded messages covering general and business tax information. Free online state and federal tax filing If, between January and April 15, you still have questions about the Form 1040, 1040A, or 1040EZ (like filing requirements, dependents, credits, Schedule D, pensions and IRAs or self-employment taxes), call 1-800-829-1040. Free online state and federal tax filing Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. Free online state and federal tax filing The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. Free online state and federal tax filing These individuals can also contact the IRS through relay services such as the Federal Relay Service. Free online state and federal tax filing    Outside the U. Free online state and federal tax filing S. Free online state and federal tax filing If you are outside the United States, taxpayer assistance is available by calling the following U. Free online state and federal tax filing S Embassies or consulates. Free online state and federal tax filing    Beijing, China (86) (10) 8531-3983 Frankfurt, Germany (49) (69) 7535-3823 London, England (44) (20) 7894-0477 Paris, France (33) (1) 4312-2555   If you cannot contact one of these offices, taxpayer assistance is also available at (267) 941-1000 (not a toll free call). Free online state and federal tax filing   If you are in a U. Free online state and federal tax filing S. Free online state and federal tax filing territory (American Samoa, Guam, Northern Mariana Islands, Puerto Rico, and U. Free online state and federal tax filing S. Free online state and federal tax filing Virgin Islands) and have a tax question, you can call 1-800-829-1040. Free online state and federal tax filing Walk-in. Free online state and federal tax filing   You can find a selection of forms, publications and services — in-person. Free online state and federal tax filing Products. Free online state and federal tax filing You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Free online state and federal tax filing Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. Free online state and federal tax filing Services. Free online state and federal tax filing You can walk in to your local TAC for face-to-face tax help. Free online state and federal tax filing An employee can answer questions about your tax account or help you set up a payment plan. Free online state and federal tax filing Before visiting, use the Office Locator tool on IRS. Free online state and federal tax filing gov, or choose the Contact Us option on the IRS2Go app and search Local Offices for days and hours of operation, and services provided. Free online state and federal tax filing    Outside the U. Free online state and federal tax filing S. Free online state and federal tax filing If you are outside the United States during the filing period (January to mid-June), you can get the necessary federal tax forms and publications from most U. Free online state and federal tax filing S. Free online state and federal tax filing Embassies and consulates. Free online state and federal tax filing   Walk-in taxpayer assistance is available at the following U. Free online state and federal tax filing S. Free online state and federal tax filing Embassies or consulates. Free online state and federal tax filing    Beijing, China (86) (10) 8531-3983 Frankfurt, Germany (49) (69) 7535-3811 London, England (44) (20) 7894-0477 Paris, France (33) (1) 4312-2555   Please contact the office for times when assistance will be available. Free online state and federal tax filing Mail. Free online state and federal tax filing   You can send your order for forms, instructions, and publications to the address below. Free online state and federal tax filing You should receive a response within 10 business days after your request is received. Free online state and federal tax filing Internal Revenue Service 1201 N. Free online state and federal tax filing Mitsubishi Motorway Bloomington, IL 61705-6613      Outside the U. Free online state and federal tax filing S. Free online state and federal tax filing If you are outside the United States, you can get tax assistance by writing to the address below. Free online state and federal tax filing  Internal Revenue Service International Accounts Philadelphia, PA 19255-0725 Taxpayer Advocate Service. Free online state and federal tax filing   The Taxpayer Advocate Service Is Here to Help You. Free online state and federal tax filing The Taxpayer Advocate Service (TAS) is your voice at the IRS. Free online state and federal tax filing Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. Free online state and federal tax filing   What can TAS do for you? We can offer you free help with IRS problems that you can't resolve on your own. Free online state and federal tax filing We know this process can be confusing, but the worst thing you can do is nothing at all! TAS can help if you can't resolve your tax problem and: Your problem is causing financial difficulties for you, your family, or your business. Free online state and federal tax filing You face (or your business is facing) an immediate threat of adverse action. Free online state and federal tax filing You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. Free online state and federal tax filing   If you qualify for our help, you'll be assigned to one advocate who'll be with you at every turn and will do everything possible to resolve your problem. Free online state and federal tax filing Here's why we can help: TAS is an independent organization within the IRS. Free online state and federal tax filing Our advocates know how to work with the IRS. Free online state and federal tax filing Our services are free and tailored to meet your needs. Free online state and federal tax filing We have offices in every state, the District of Columbia, and Puerto Rico. Free online state and federal tax filing   How can you reach us? If you think TAS can help you, call your local advocate, whose number is in your local directory and at Taxpayer Advocate, or call us toll-free at 1-877-777-4778. Free online state and federal tax filing  How else does TAS help taxpayers?  TAS also works to resolve large-scale, systemic problems that affect many taxpayers. Free online state and federal tax filing If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System. Free online state and federal tax filing Outside the U. Free online state and federal tax filing S. Free online state and federal tax filing   If you live outside of the United States, you can call the Taxpayer Advocate at (787) 522-8601 in English or (787) 522-8600 in Spanish. Free online state and federal tax filing You can contact the Taxpayer Advocate at: Internal Revenue Service Taxpayer Advocate Service City View Plaza, 48 Carr 165, Guaynabo, P. Free online state and federal tax filing R. Free online state and federal tax filing 00968-8000 Low Income Taxpayer Clinics Low Income Taxpayer Clinics (LITCs) serve individuals whose income is below a certain level and need to resolve tax problems such as audits, appeals and tax collection disputes. Free online state and federal tax filing Some clinics can provide information about taxpayer rights and responsibilities in different languages for individuals who speak English as a second language. Free online state and federal tax filing Visit Taxpayer Advocate or see IRS Publication 4134, Low Income Taxpayer Clinic List. Free online state and federal tax filing Prev  Up  Next   Home   More Online Publications