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Free State Tax Filing 2012

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Free State Tax Filing 2012

Free state tax filing 2012 Publication 509 - Main Content Table of Contents General Tax CalendarFirst Quarter Second Quarter Third Quarter Fourth Quarter Fiscal-Year Taxpayers Employer's Tax CalendarFirst Quarter Second Quarter Third Quarter Fourth Quarter Excise Tax CalendarFirst Quarter Second Quarter Third Quarter Fourth Quarter How To Get Tax Help General Tax Calendar This tax calendar has the due dates for 2014 that most taxpayers will need. Free state tax filing 2012 Employers and persons who pay excise taxes also should use the Employer's Tax Calendar and the Excise Tax Calendar . Free state tax filing 2012 Fiscal-year taxpayers. Free state tax filing 2012   If you file your income tax return for a fiscal year rather than the calendar year, you must change some of the dates in this calendar. Free state tax filing 2012 These changes are described under Fiscal-Year Taxpayers at the end of this calendar. Free state tax filing 2012 First Quarter The first quarter of a calendar year is made up of January, February, and March. Free state tax filing 2012 Second Quarter The second quarter of a calendar year is made up of April, May, and June. Free state tax filing 2012 Third Quarter The third quarter of a calendar year is made up of July, August, and September. Free state tax filing 2012 Fourth Quarter The fourth quarter of a calendar year is made up of October, November, and December. Free state tax filing 2012 Fiscal-Year Taxpayers If you use a fiscal year (rather than the calendar year) as your tax year, you should change some of the dates in this calendar. Free state tax filing 2012 Use the following general guidelines to make these changes. Free state tax filing 2012 The 3 months that make up each quarter of a fiscal year may be different from those of each calendar quarter, depending on when the fiscal year begins. Free state tax filing 2012 Also see Saturday, Sunday, or legal holiday, earlier. Free state tax filing 2012 Individuals Form 1040. Free state tax filing 2012    This form is due on the 15th day of the 4th month after the end of your tax year. Free state tax filing 2012 Form 4868 is used to request an extension of time to file Form 1040. Free state tax filing 2012 Estimated tax payments (Form 1040-ES). Free state tax filing 2012   Payments are due on the 15th day of the 4th, 6th, and 9th months of your tax year and on the 15th day of the 1st month after your tax year ends. Free state tax filing 2012 Partnerships Form 1065. Free state tax filing 2012   This form is due on the 15th day of the 4th month after the end of the partnership's tax year. Free state tax filing 2012 Provide each partner with a copy of Schedule K-1 (Form 1065) or a substitute Schedule K-1. Free state tax filing 2012 Form 1065-B (electing large partnerships). Free state tax filing 2012   This form is due on the 15th day of the 4th month after the end of the partnership's tax year. Free state tax filing 2012 Provide each partner with a copy of Schedule K-1 (Form 1065-B) or a substitute Schedule K-1 by the first March 15 following the close of the partnership's tax year. Free state tax filing 2012 Corporations and S Corporations Form 1120 and Form 1120S (or Form 7004). Free state tax filing 2012   These forms are due on the 15th day of the 3rd month after the end of the corporation's tax year. Free state tax filing 2012 S corporations must provide each shareholder with a copy of Schedule K-1 (Form 1120S) or a substitute Schedule K-1. Free state tax filing 2012 Form 7004 is used to request an extension of time to file Form 1120 or Form 1120S. Free state tax filing 2012 Estimated tax payments. Free state tax filing 2012   Payments are due on the 15th day of the 4th, 6th, 9th, and 12th months of the corporation's tax year. Free state tax filing 2012 Form 2553. Free state tax filing 2012   This form is used to choose S corporation treatment. Free state tax filing 2012 It is due no more than two months and 15 days after the beginning of the tax year the election is to take effect or at any time during the preceding tax year. Free state tax filing 2012 Employer's Tax Calendar This tax calendar covers various due dates of interest to employers. Free state tax filing 2012 Principally, it covers the following federal taxes. Free state tax filing 2012 Income tax you withhold from your employees' wages or from nonpayroll amounts you pay out. Free state tax filing 2012 Social security and Medicare taxes (FICA taxes) you withhold from your employees' wages and the social security and Medicare taxes you must pay as an employer. Free state tax filing 2012 Federal unemployment (FUTA) tax you must pay as an employer. Free state tax filing 2012 The calendar lists due dates for filing returns and for making deposits of these three taxes throughout the year. Free state tax filing 2012 Use this calendar with Publication 15 (Circular E), which gives the deposit rules. Free state tax filing 2012 Forms you may need. Free state tax filing 2012   The following is a list and description of the primary employment tax forms you may need. Free state tax filing 2012 Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return. Free state tax filing 2012 This form is due the last day of the first calendar month after the calendar year ends. Free state tax filing 2012 Use it to report the FUTA tax on wages you paid. Free state tax filing 2012 Form 941, Employer's QUARTERLY Federal Tax Return. Free state tax filing 2012 This form is due the last day of the first calendar month after the calendar quarter ends. Free state tax filing 2012 Use it to report social security and Medicare taxes and withheld income taxes on wages if your employees are not farm workers or household employees. Free state tax filing 2012 Form 943, Employer's Annual Federal Tax Return for Agricultural Employees. Free state tax filing 2012 This form is due the last day of the first calendar month after the calendar year ends. Free state tax filing 2012 Use it to report social security and Medicare taxes and withheld income taxes on wages if your employees are farm workers. Free state tax filing 2012 Form 944, Employer's ANNUAL Federal Tax Return. Free state tax filing 2012 This form is due the last day of the first calendar month after the calendar year ends. Free state tax filing 2012 Certain small employers use it instead of Form 941 to report social security and Medicare taxes and withheld income tax. Free state tax filing 2012 Form 945, Annual Return of Withheld Federal Income Tax. Free state tax filing 2012 This form is due the last day of the first calendar month after the calendar year ends. Free state tax filing 2012 Use it to report income tax withheld on all nonpayroll items. Free state tax filing 2012 Nonpayroll items include the following. Free state tax filing 2012 Backup withholding. Free state tax filing 2012 Withholding on pensions, annuities, IRAs, and gambling winnings. Free state tax filing 2012 Payments of Indian gaming profits to tribal members. Free state tax filing 2012 Fiscal-year taxpayers. Free state tax filing 2012   The dates in this calendar apply whether you use a fiscal year or the calendar year as your tax year. Free state tax filing 2012 The only exception is the date for filing Forms 5500, Annual Return/Report of Employee Benefit Plan, and 5500-EZ, Annual Return of One-Participant (Owners and Their Spouses) Retirement Plan. Free state tax filing 2012 These employee benefit plan forms are due by the last day of the seventh month after the plan year ends. Free state tax filing 2012 See July 31 , later. Free state tax filing 2012 Extended due dates. Free state tax filing 2012   If you timely deposit in full the tax you are required to report on Form 940, 941, 943, 944, or 945, you have an additional 10 calendar days to file that form. Free state tax filing 2012 If you are subject to the semiweekly deposit rule, use Table 2 near the end of this publication for your deposit due dates. Free state tax filing 2012 However, if you accumulate $100,000 or more of taxes on any day during a deposit period, you must deposit the tax by the next business day instead of the date shown in Table 2. Free state tax filing 2012 First Quarter The first quarter of a calendar year is made up of January, February, and March. Free state tax filing 2012 Second Quarter The second quarter of a calendar year is made up of April, May, and June. Free state tax filing 2012 Third Quarter The third quarter of a calendar year is made up of July, August, and September. Free state tax filing 2012 Fourth Quarter The fourth quarter of a calendar year is made up of October, November, and December. Free state tax filing 2012 Excise Tax Calendar This tax calendar gives the due dates for filing returns and making deposits of excise taxes. Free state tax filing 2012 Use this calendar with Publication 510. Free state tax filing 2012 Also see the instructions for Forms 11-C, 720, 730, and 2290 for more information. Free state tax filing 2012 References to Form 2290 also apply to Form 2290(SP). Free state tax filing 2012 Forms you may need. Free state tax filing 2012   The following is a list and description of the excise tax forms you may need. Free state tax filing 2012 Form 11-C, Occupational Tax and Registration Return for Wagering. Free state tax filing 2012 Use this form to register any wagering activity and to pay an occupational tax on wagering. Free state tax filing 2012 File Form 11-C if you are in the business of accepting wagers, including conducting a wagering pool or lottery, or are an agent of someone who accepts wagers. Free state tax filing 2012 You must file the form before you begin accepting wagers. Free state tax filing 2012 After that, file the form by July 1 of each year. Free state tax filing 2012 Also, see Form 730, later. Free state tax filing 2012 Form 720, Quarterly Federal Excise Tax Return. Free state tax filing 2012 File this form by the last day of the month following the calendar quarter. Free state tax filing 2012 Use this form to report a wide variety of excise taxes, including: Communications and air transportation taxes, Fuel taxes, Retail tax, Ship passenger tax, and Manufacturers taxes. Free state tax filing 2012 Form 730, Monthly Tax Return for Wagers. Free state tax filing 2012 Use this form to pay an excise tax on wagers you accept. Free state tax filing 2012 File this form for each month by the last day of the following month. Free state tax filing 2012 Also, see Form 11-C, earlier. Free state tax filing 2012 Form 2290, Heavy Highway Vehicle Use Tax Return. Free state tax filing 2012 Use this form to pay the federal use tax on heavy highway vehicles registered in your name. Free state tax filing 2012 File this form by the last day of the month following the month of the vehicle's first taxable use in the tax period. Free state tax filing 2012 The tax period begins on July 1 and ends the following June 30. Free state tax filing 2012 You must pay the full year's tax on all vehicles you have in use during the month of July. Free state tax filing 2012 You must also pay a partial-year tax on taxable vehicles that you put into use in a month after July. Free state tax filing 2012 For more information, see the Instructions for Form 2290. Free state tax filing 2012 Fiscal-year taxpayers. Free state tax filing 2012   The dates in this calendar apply whether you use a fiscal year or the calendar year as your tax year. Free state tax filing 2012 Adjustments for Saturday, Sunday, or legal holidays. Free state tax filing 2012   Generally, if a due date falls on a Saturday, Sunday, or legal holiday, the due date is delayed until the next day that is not a Saturday, Sunday, or legal holiday. Free state tax filing 2012 For excise taxes, there are two exceptions to this rule. Free state tax filing 2012 For deposits of regular method taxes, if the due date is a Saturday, Sunday, or legal holiday, the due date is the immediately preceding day that is not a Saturday, Sunday, or legal holiday. Free state tax filing 2012 Under the special September deposit rules, if the due date falls on a Saturday, the deposit is due on the preceding Friday. Free state tax filing 2012 If the due date falls on a Sunday, the deposit is due on the following Monday. Free state tax filing 2012 For more information, see the Instructions for Form 720. Free state tax filing 2012 The Excise Tax Calendar has been adjusted for all of these provisions. Free state tax filing 2012 Regular method taxes. Free state tax filing 2012   These are taxes, other than alternative method taxes used for communication and air transportation taxes, reported on Form 720 for which deposits are required. Free state tax filing 2012 First Quarter The first quarter of a calendar year is made up of January, February, and March. Free state tax filing 2012 Second Quarter The second quarter of a calendar year is made up of April, May, and June. Free state tax filing 2012 Third Quarter The third quarter of a calendar year is made up of July, August, and September. Free state tax filing 2012 Fourth Quarter The fourth quarter of a calendar year is made up of October, November, and December. Free state tax filing 2012 How To Get Tax Help Go online, use a smart phone, call or walk in to an office near you. Free state tax filing 2012 Whether it's help with a tax issue, preparing your tax return or picking up a free publication or form, get the help you need the way you want it. Free state tax filing 2012 Free help with your tax return. Free state tax filing 2012   Free help in preparing your return is available nationwide from IRS-certified volunteers. Free state tax filing 2012 The Volunteer Income Tax Assistance (VITA) program is designed to help low-to-moderate income, elderly, persons with disabilities, and limited English proficient taxpayers. Free state tax filing 2012 The Tax Counseling for the Elderly (TCE) program is designed to assist taxpayers age 60 and older with their tax returns. Free state tax filing 2012 Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. Free state tax filing 2012 Some VITA and TCE sites provide taxpayers the opportunity to prepare their return with the assistance of an IRS-certified volunteer. Free state tax filing 2012 To find the nearest VITA or TCE site, visit IRS. Free state tax filing 2012 gov or call 1-800-906-9887. Free state tax filing 2012   As part of the TCE program, AARP offers the Tax-Aide counseling program. Free state tax filing 2012 To find the nearest AARP Tax-Aide site, visit AARP's website at www. Free state tax filing 2012 aarp. Free state tax filing 2012 org/money/taxaide or call 1-888-227-7669. Free state tax filing 2012   For more information on these programs, go to IRS. Free state tax filing 2012 gov and enter “VITA” in the search box. Free state tax filing 2012 Internet. Free state tax filing 2012 IRS. Free state tax filing 2012 gov and IRS2Go are ready when you are — every day, every night, 24 hours a day, 7 days a week. Free state tax filing 2012 Apply for an Employer Identification Number (EIN). Free state tax filing 2012 Go to IRS. Free state tax filing 2012 gov and enter Apply for an EIN in the search box. Free state tax filing 2012 Request an Electronic Filing PIN by going to IRS. Free state tax filing 2012 gov and entering Electronic Filing PIN in the search box. Free state tax filing 2012 Check the status of your 2013 refund with Where's My Refund? Go to IRS. Free state tax filing 2012 gov or the IRS2Go app, and click on Where's My Refund? You'll get a personalized refund date as soon as the IRS processes your tax return and approves your refund. Free state tax filing 2012 If you e-file, your refund status is usually available within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. Free state tax filing 2012 Checking the status of your amended return. Free state tax filing 2012 Go to IRS. Free state tax filing 2012 gov and enter Where's My Amended Return in the search box. Free state tax filing 2012 Download forms, instructions, and publications, including some accessible versions. Free state tax filing 2012 Order free transcripts of your tax returns or tax account using the Order a Transcript tool on IRS. Free state tax filing 2012 gov or IRS2Go. Free state tax filing 2012 Tax return and tax account transcripts are generally available for the current year and past three years. Free state tax filing 2012 Figure your income tax withholding with the IRS Withholding Calculator on IRS. Free state tax filing 2012 gov. Free state tax filing 2012 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 state tax filing 2012 Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. Free state tax filing 2012 gov. Free state tax filing 2012 Locate the nearest Taxpayer Assistance Center using the Office Locator tool on IRS. Free state tax filing 2012 gov or IRS2Go. Free state tax filing 2012 Stop by most business days for face-to-face tax help, no appointment necessary — just walk in. Free state tax filing 2012 An employee can explain IRS letters, request adjustments to your tax account or help you set up a payment plan. Free state tax filing 2012 Before you visit, check the Office Locator for the address, phone number, hours of operation and the services provided. Free state tax filing 2012 If you have an ongoing tax account problem or a special need, such as a disability, you can request an appointment. Free state tax filing 2012 Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. Free state tax filing 2012 Locate the nearest volunteer help site with the VITA Locator Tool on IRS. Free state tax filing 2012 gov. Free state tax filing 2012 Low-to-moderate income, elderly, persons 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 state tax filing 2012 The Tax Counseling for the Elderly (TCE) program helps taxpayers 60 and older with their tax returns. Free state tax filing 2012 Most VITA and TCE sites offer free electronic filing and some provide IRS-certified volunteers who can help prepare your tax return. Free state tax filing 2012 AARP offers the Tax-Aide counseling program as part of the TCE program. Free state tax filing 2012 Visit AARP's website to find the nearest Tax-Aide location. Free state tax filing 2012 Research your tax questions. Free state tax filing 2012 Search publications and instructions by topic or keyword. Free state tax filing 2012 Read the Internal Revenue Code, regulations, or other official guidance. Free state tax filing 2012 Read Internal Revenue Bulletins. Free state tax filing 2012 Sign up to receive local and national tax news by email. Free state tax filing 2012 Phone. Free state tax filing 2012 You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. Free state tax filing 2012 Download the free IRS2Go mobile app from the iTunes app store or from Google Play. Free state tax filing 2012 Use it to watch the IRS YouTube channel, get IRS news as soon as it's released to the public, order transcripts of your tax returns or tax account, check your refund status, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. Free state tax filing 2012 Call to locate the nearest volunteer help site, 1-800-906-9887. Free state tax filing 2012 Low-to-moderate income, elderly, persons 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 state tax filing 2012 The Tax Counseling for the Elderly (TCE) program helps taxpayers 60 and older with their tax returns. Free state tax filing 2012 Most VITA and TCE sites offer free electronic filing. Free state tax filing 2012 Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. Free state tax filing 2012 Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. Free state tax filing 2012 Call to check the status of your 2013 refund, 1-800-829-1954 or 1-800-829-4477. Free state tax filing 2012 The automated Where's My Refund? information is available 24 hours a day, 7 days a week. Free state tax filing 2012 If you e-file, your refund status is usually available within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. Free state tax filing 2012 Before you call, have your 2013 tax return handy so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. Free state tax filing 2012 Where's My Refund? can give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. Free state tax filing 2012 Where's My Refund? includes information for the most recent return filed in the current year and does not include information about amended returns. Free state tax filing 2012 Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. Free state tax filing 2012 Call to order forms, instructions and publications, 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions and publications, and prior-year forms and instructions (limited to 5 years). Free state tax filing 2012 You should receive your order within 10 business days. Free state tax filing 2012 Call to order transcripts of your tax returns or tax account, 1-800-908-9946. Free state tax filing 2012 Follow the prompts to provide your Social Security Number or Individual Taxpayer Identification Number, date of birth, street address and ZIP code. Free state tax filing 2012 Call for TeleTax topics, 1-800-829-4477, to listen to pre-recorded messages covering various tax topics. Free state tax filing 2012 Call to ask tax questions, 1-800-829-1040. Free state tax filing 2012 Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. Free state tax filing 2012 The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. Free state tax filing 2012 These individuals can also contact the IRS through relay services such as the Federal Relay Service available at www. Free state tax filing 2012 gsa. Free state tax filing 2012 gov/fedrelay. Free state tax filing 2012 Walk-in. Free state tax filing 2012 You can find a selection of forms, publications and services — in-person, face-to-face. Free state tax filing 2012 Products. Free state tax filing 2012 You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Free state tax filing 2012 Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. Free state tax filing 2012 Services. Free state tax filing 2012 You can walk in to your local TAC most business days for personal, face-to-face tax help. Free state tax filing 2012 An employee can explain IRS letters, request adjustments to your tax account, or help you set up a payment plan. Free state tax filing 2012 If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you are more comfortable talking with someone in person, visit your local TAC where you can talk with an IRS representative face-to-face. Free state tax filing 2012 No appointment is necessary—just walk in. Free state tax filing 2012 Before visiting, check www. Free state tax filing 2012 irs. Free state tax filing 2012 gov/localcontacts for hours of operation and services provided. Free state tax filing 2012 Mail. Free state tax filing 2012 You can send your order for forms, instructions, and publications to the address below. Free state tax filing 2012 You should receive a response within 10 business days after your request is received. Free state tax filing 2012  Internal Revenue Service 1201 N. Free state tax filing 2012 Mitsubishi Motorway Bloomington, IL 61705-6613 The Taxpayer Advocate Service Is Here to Help You. Free state tax filing 2012   The Taxpayer Advocate Service (TAS) is your voice at the IRS. Free state tax filing 2012 Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. Free state tax filing 2012 What can TAS do for you?   We can offer you free help with IRS problems that you can't resolve on your own. Free state tax filing 2012 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 state tax filing 2012 You face (or your business is facing) an immediate threat of adverse action. Free state tax filing 2012 You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. Free state tax filing 2012   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 state tax filing 2012 Here's why we can help: TAS is an independent organization within the IRS. Free state tax filing 2012 Our advocates know how to work with the IRS. Free state tax filing 2012 Our services are free and tailored to meet your needs. Free state tax filing 2012 We have offices in every state, the District of Columbia, and Puerto Rico. Free state tax filing 2012 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 www. Free state tax filing 2012 irs. Free state tax filing 2012 gov/advocate, or call us toll-free at 1-877-777-4778. Free state tax filing 2012 How else does TAS help taxpayers?   TAS also works to resolve large-scale, systemic problems that affect many taxpayers. Free state tax filing 2012 If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System at www. Free state tax filing 2012 irs. Free state tax filing 2012 gov/sams. Free state tax filing 2012 Low Income Taxpayer Clinics. Free state tax filing 2012   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 state tax filing 2012 Some clinics can provide information about taxpayer rights and responsibilities in different languages for individuals who speak English as a second language. Free state tax filing 2012 Visit www. Free state tax filing 2012 TaxpayerAdvocate. Free state tax filing 2012 irs. Free state tax filing 2012 gov or see IRS Publication 4134, Low Income Taxpayer Clinic List. Free state tax filing 2012 gnewbus01 Prev  Up  Next   Home   More Online Publications
 

The Free State Tax Filing 2012

Free state tax filing 2012 3. Free state tax filing 2012   Savings Incentive Match Plans for Employees (SIMPLE) Table of Contents Introduction What Is a SIMPLE Plan?Eligible Employees How Are Contributions Made? How Much Can Be Contributed on Your Behalf?Matching contributions less than 3%. Free state tax filing 2012 Traditional IRA mistakenly moved to SIMPLE IRA. Free state tax filing 2012 When Can You Withdraw or Use Assets?Are Distributions Taxable? Introduction This chapter is for employees who need information about savings incentive match plans for employees (SIMPLE plans). Free state tax filing 2012 It explains what a SIMPLE plan is, contributions to a SIMPLE plan, and distributions from a SIMPLE plan. Free state tax filing 2012 Under a SIMPLE plan, SIMPLE retirement accounts for participating employees can be set up either as: Part of a 401(k) plan, or A plan using IRAs (SIMPLE IRA). Free state tax filing 2012 This chapter only discusses the SIMPLE plan rules that relate to SIMPLE IRAs. Free state tax filing 2012 See chapter 3 of Publication 560 for information on any special rules for SIMPLE plans that do not use IRAs. Free state tax filing 2012 If your employer maintains a SIMPLE plan, you must be notified, in writing, that you can choose the financial institution that will serve as trustee for your SIMPLE IRA and that you can roll over or transfer your SIMPLE IRA to another financial institution. Free state tax filing 2012 See Rollovers and Transfers Exception, later under When Can You Withdraw or Use Assets. Free state tax filing 2012 What Is a SIMPLE Plan? A SIMPLE plan is a tax-favored retirement plan that certain small employers (including self-employed individuals) can set up for the benefit of their employees. Free state tax filing 2012 See chapter 3 of Publication 560 for information on the requirements employers must satisfy to set up a SIMPLE plan. Free state tax filing 2012 A SIMPLE plan is a written agreement (salary reduction agreement) between you and your employer that allows you, if you are an eligible employee (including a self-employed individual), to choose to: Reduce your compensation (salary) by a certain percentage each pay period, and Have your employer contribute the salary reductions to a SIMPLE IRA on your behalf. Free state tax filing 2012 These contributions are called salary reduction contributions. Free state tax filing 2012 All contributions under a SIMPLE IRA plan must be made to SIMPLE IRAs, not to any other type of IRA. Free state tax filing 2012 The SIMPLE IRA can be an individual retirement account or an individual retirement annuity, described in chapter 1. Free state tax filing 2012 Contributions are made on behalf of eligible employees. Free state tax filing 2012 (See Eligible Employees below. Free state tax filing 2012 ) Contributions are also subject to various limits. Free state tax filing 2012 (See How Much Can Be Contributed on Your Behalf , later. Free state tax filing 2012 ) In addition to salary reduction contributions, your employer must make either matching contributions or nonelective contributions. Free state tax filing 2012 See How Are Contributions Made , later. Free state tax filing 2012 You may be able to claim a credit for contributions to your SIMPLE plan. Free state tax filing 2012 For more information, see chapter 4. Free state tax filing 2012 Eligible Employees You must be allowed to participate in your employer's SIMPLE plan if you: Received at least $5,000 in compensation from your employer during any 2 years prior to the current year, and Are reasonably expected to receive at least $5,000 in compensation during the calendar year for which contributions are made. Free state tax filing 2012 Self-employed individual. Free state tax filing 2012   For SIMPLE plan purposes, the term employee includes a self-employed individual who received earned income. Free state tax filing 2012 Excludable employees. Free state tax filing 2012   Your employer can exclude the following employees from participating in the SIMPLE plan. Free state tax filing 2012 Employees whose retirement benefits are covered by a collective bargaining agreement (union contract). Free state tax filing 2012 Employees who are nonresident aliens and received no earned income from sources within the United States. Free state tax filing 2012 Employees who would not have been eligible employees if an acquisition, disposition, or similar transaction had not occurred during the year. Free state tax filing 2012 Compensation. Free state tax filing 2012   For purposes of the SIMPLE plan rules, your compensation for a year generally includes the following amounts. Free state tax filing 2012 Wages, tips, and other pay from your employer that is subject to income tax withholding. Free state tax filing 2012 Deferred amounts elected under any 401(k) plans, 403(b) plans, government (section 457) plans, SEP plans, and SIMPLE plans. Free state tax filing 2012 Self-employed individual compensation. Free state tax filing 2012   For purposes of the SIMPLE plan rules, if you are self-employed, your compensation for a year is your net earnings from self-employment (Schedule SE (Form 1040), Section A, line 4, or Section B, line 6) before subtracting any contributions made to a SIMPLE IRA on your behalf. Free state tax filing 2012   For these purposes, net earnings from self-employment include services performed while claiming exemption from self-employment tax as a member of a group conscientiously opposed to social security benefits. Free state tax filing 2012 How Are Contributions Made? Contributions under a salary reduction agreement are called salary reduction contributions. Free state tax filing 2012 They are made on your behalf by your employer. Free state tax filing 2012 Your employer must also make either matching contributions or nonelective contributions. Free state tax filing 2012 Salary reduction contributions. Free state tax filing 2012   During the 60-day period before the beginning of any year, and during the 60-day period before you are eligible, you can choose salary reduction contributions expressed either as a percentage of compensation, or as a specific dollar amount (if your employer offers this choice). Free state tax filing 2012 You can choose to cancel the election at any time during the year. Free state tax filing 2012   Salary reduction contributions are also referred to as “elective deferrals. Free state tax filing 2012 ”   Your employer cannot place restrictions on the contributions amount (such as by limiting the contributions percentage), except to comply with the salary reduction contributions limit, discussed under How Much Can Be Contributed on Your Behalf, later. Free state tax filing 2012 Matching contributions. Free state tax filing 2012   Unless your employer chooses to make nonelective contributions, your employer must make contributions equal to the salary reduction contributions you choose (elect), but only up to certain limits. Free state tax filing 2012 See How Much Can Be Contributed on Your Behalf below. Free state tax filing 2012 These contributions are in addition to the salary reduction contributions and must be made to the SIMPLE IRAs of all eligible employees (defined earlier) who chose salary reductions. Free state tax filing 2012 These contributions are referred to as matching contributions. Free state tax filing 2012   Matching contributions on behalf of a self-employed individual are not treated as salary reduction contributions. Free state tax filing 2012 Nonelective contributions. Free state tax filing 2012   Instead of making matching contributions, your employer may be able to choose to make nonelective contributions on behalf of all eligible employees. Free state tax filing 2012 These nonelective contributions must be made on behalf of each eligible employee who has at least $5,000 of compensation from your employer, whether or not the employee chose salary reductions. Free state tax filing 2012   One of the requirements your employer must satisfy is notifying the employees that the election was made. Free state tax filing 2012 For other requirements that your employer must satisfy, see chapter 3 of Publication 560. Free state tax filing 2012 How Much Can Be Contributed on Your Behalf? The limits on contributions to a SIMPLE IRA vary with the type of contribution that is made. Free state tax filing 2012 Salary reduction contributions limit. Free state tax filing 2012   Salary reduction contributions (employee-chosen contributions or elective deferrals) that your employer can make on your behalf under a SIMPLE plan are limited to $12,000 for 2013. Free state tax filing 2012 The limitation remains at $12,000 for 2014. Free state tax filing 2012 If you are a participant in any other employer plans during 2013 and you have elective salary reductions or deferred compensation under those plans, the salary reduction contributions under the SIMPLE plan also are included in the annual limit of $17,500 for 2013 on exclusions of salary reductions and other elective deferrals. Free state tax filing 2012 You, not your employer, are responsible for monitoring compliance with these limits. Free state tax filing 2012 Additional elective deferrals can be contributed to your SIMPLE plan if: You reached age 50 by the end of 2013, and No other elective deferrals can be made for you to the plan for the year because of limits or restrictions, such as the regular annual limit. Free state tax filing 2012 The most that can be contributed in additional elective deferrals to your SIMPLE plan is the lesser of the following two amounts. Free state tax filing 2012 $2,500 for 2013, or Your compensation for the year reduced by your other elective deferrals for the year. Free state tax filing 2012 The additional deferrals are not subject to any other contribution limit and are not taken into account in applying other contribution limits. Free state tax filing 2012 The additional deferrals are not subject to the nondiscrimination rules as long as all eligible participants are allowed to make them. Free state tax filing 2012 Matching employer contributions limit. Free state tax filing 2012   Generally, your employer must make matching contributions to your SIMPLE IRA in an amount equal to your salary reduction contributions. Free state tax filing 2012 These matching contributions cannot be more than 3% of your compensation for the calendar year. Free state tax filing 2012 See Matching contributions less than 3% below. Free state tax filing 2012 Example 1. Free state tax filing 2012 In 2013, Joshua was a participant in his employer's SIMPLE plan. Free state tax filing 2012 His compensation, before SIMPLE plan contributions, was $41,600 ($800 per week). Free state tax filing 2012 Instead of taking it all in cash, Joshua elected to have 12. Free state tax filing 2012 5% of his weekly pay ($100) contributed to his SIMPLE IRA. Free state tax filing 2012 For the full year, Joshua's salary reduction contributions were $5,200, which is less than the $12,000 limit on these contributions. Free state tax filing 2012 Under the plan, Joshua's employer was required to make matching contributions to Joshua's SIMPLE IRA. Free state tax filing 2012 Because his employer's matching contributions must equal Joshua's salary reductions, but cannot be more than 3% of his compensation (before salary reductions) for the year, his employer's matching contribution was limited to $1,248 (3% of $41,600). Free state tax filing 2012 Example 2. Free state tax filing 2012 Assume the same facts as in Example 1 , except that Joshua's compensation for the year was $408,163 and he chose to have 2. Free state tax filing 2012 94% of his weekly pay contributed to his SIMPLE IRA. Free state tax filing 2012 In this example, Joshua's salary reduction contributions for the year (2. Free state tax filing 2012 94% × $408,163) were equal to the 2013 limit for salary reduction contributions ($12,000). Free state tax filing 2012 Because 3% of Joshua's compensation ($12,245) is more than the amount his employer was required to match ($12,000), his employer's matching contributions were limited to $12,000. Free state tax filing 2012 In this example, total contributions made on Joshua's behalf for the year were $24,000 ($12,000 (Joshua's contributions) + $12,000 (matching contributions)), the maximum contributions permitted under a SIMPLE IRA for 2013. Free state tax filing 2012 Matching contributions less than 3%. Free state tax filing 2012   Your employer can reduce the 3% limit on matching contributions for a calendar year, but only if: The limit is not reduced below 1%, The limit is not reduced for more than 2 years out of the 5-year period that ends with (and includes) the year for which the election is effective, and Employees are notified of the reduced limit within a reasonable period of time before the 60-day election period during which they can enter into salary reduction agreements. Free state tax filing 2012   For purposes of applying the rule in item (2) in determining whether the limit was reduced below 3% for the year, any year before the first year in which your employer (or a former employer) maintains a SIMPLE IRA plan will be treated as a year for which the limit was 3%. Free state tax filing 2012 If your employer chooses to make nonelective contributions for a year, that year also will be treated as a year for which the limit was 3%. Free state tax filing 2012 Nonelective employer contributions limit. Free state tax filing 2012   If your employer chooses to make nonelective contributions, instead of matching contributions, to each eligible employee's SIMPLE IRA, contributions must be 2% of your compensation for the entire year. Free state tax filing 2012 For 2013, only $255,000 of your compensation can be taken into account to figure the contribution limit. Free state tax filing 2012   Your employer can substitute the 2% nonelective contribution for the matching contribution for a year if both of the following requirements are met. Free state tax filing 2012 Eligible employees are notified that a 2% nonelective contribution will be made instead of a matching contribution. Free state tax filing 2012 This notice is provided within a reasonable period during which employees can enter into salary reduction agreements. Free state tax filing 2012 Example 3. Free state tax filing 2012 Assume the same facts as in Example 2 , except that Joshua's employer chose to make nonelective contributions instead of matching contributions. Free state tax filing 2012 Because his employer's nonelective contributions are limited to 2% of up to $255,000 of Joshua's compensation, his employer's contribution to Joshua's SIMPLE IRA was limited to $5,100. Free state tax filing 2012 In this example, total contributions made on Joshua's behalf for the year were $17,100 (Joshua's salary reductions of $12,000 plus his employer's contribution of $5,100). Free state tax filing 2012 Traditional IRA mistakenly moved to SIMPLE IRA. Free state tax filing 2012   If you mistakenly roll over or transfer an amount from a traditional IRA to a SIMPLE IRA, you can later recharacterize the amount as a contribution to another traditional IRA. Free state tax filing 2012 For more information, see Recharacterizations in chapter 1. Free state tax filing 2012 Recharacterizing employer contributions. Free state tax filing 2012   You cannot recharacterize employer contributions (including elective deferrals) under a SEP or SIMPLE plan as contributions to another IRA. Free state tax filing 2012 SEPs are discussed in chapter 2 of Publication 560. Free state tax filing 2012 SIMPLE plans are discussed in this chapter. Free state tax filing 2012 Converting from a SIMPLE IRA. Free state tax filing 2012   Generally, you can convert an amount in your SIMPLE IRA to a Roth IRA under the same rules explained in chapter 1 under Converting From Any Traditional IRA Into a Roth IRA . Free state tax filing 2012    However, you cannot convert any amount distributed from the SIMPLE IRA during the 2-year period beginning on the date you first participated in any SIMPLE IRA plan maintained by your employer. Free state tax filing 2012 When Can You Withdraw or Use Assets? Generally, the same distribution (withdrawal) rules that apply to traditional IRAs apply to SIMPLE IRAs. Free state tax filing 2012 These rules are discussed in chapter 1. Free state tax filing 2012 Your employer cannot restrict you from taking distributions from a SIMPLE IRA. Free state tax filing 2012 Are Distributions Taxable? Generally, distributions from a SIMPLE IRA are fully taxable as ordinary income. Free state tax filing 2012 If the distribution is an early distribution (discussed in chapter 1), it may be subject to the additional tax on early distributions. Free state tax filing 2012 See Additional Tax on Early Distributions, later. Free state tax filing 2012 Rollovers and Transfers Exception Generally, rollovers and trustee-to-trustee transfers are not taxable distributions. Free state tax filing 2012 Two-year rule. Free state tax filing 2012   To qualify as a tax-free rollover (or a tax-free trustee-to-trustee transfer), a rollover distribution (or a transfer) made from a SIMPLE IRA during the 2-year period beginning on the date on which you first participated in your employer's SIMPLE plan must be contributed (or transferred) to another SIMPLE IRA. Free state tax filing 2012 The 2-year period begins on the first day on which contributions made by your employer are deposited in your SIMPLE IRA. Free state tax filing 2012   After the 2-year period, amounts in a SIMPLE IRA can be rolled over or transferred tax free to an IRA other than a SIMPLE IRA, or to a qualified plan, a tax-sheltered annuity plan (section 403(b) plan), or deferred compensation plan of a state or local government (section 457 plan). Free state tax filing 2012 Additional Tax on Early Distributions The additional tax on early distributions (discussed in chapter 1) applies to SIMPLE IRAs. Free state tax filing 2012 If a distribution is an early distribution and occurs during the 2-year period following the date on which you first participated in your employer's SIMPLE plan, the additional tax on early distributions is increased from 10% to 25%. Free state tax filing 2012 If a rollover distribution (or transfer) from a SIMPLE IRA does not satisfy the 2-year rule, and is otherwise an early distribution, the additional tax imposed because of the early distribution is increased from 10% to 25% of the amount distributed. Free state tax filing 2012 Prev  Up  Next   Home   More Online Publications