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Free State Tax Preparation

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Free State Tax Preparation

Free state tax preparation Publication 510 - Introductory Material Table of Contents What's New Reminders Introduction Useful Items - You may want to see: Excise Taxes Not Covered What's New Medical device excise tax. Free state tax preparation  The Affordable Care Act (the “Act”) (Public Law 111-148, amended by Public Law 111-152) imposes a 2. Free state tax preparation 3% (. Free state tax preparation 023) excise tax on the sale of certain medical devices by the manufacturer, producer, or importer of the device. Free state tax preparation The tax applies to sales of taxable medical devices after December 31, 2012. Free state tax preparation See Taxable Medical Devices in chapter 5, later. Free state tax preparation Tax on seasonal flu vaccines. Free state tax preparation  Sales of all vaccines against seasonal influenza are now subject to the section 4131 excise tax at the existing rate of $. Free state tax preparation 75 per dose of taxable vaccine. Free state tax preparation Previously, only trivalent influenza vaccines were subject to this tax. Free state tax preparation See Vaccines in chapter 5, later. Free state tax preparation Patient-centered outcomes research fee. Free state tax preparation  The Act imposes a fee on issuers of specified health insurance policies (section 4375) and plan sponsors of applicable self-insured health plans (section 4576) to help fund the Patient-Centered Outcomes Research Institute. Free state tax preparation The fee, required to be reported annually on the 2nd quarter Form 720 and paid by its due date, July 31st, is based on the average number of lives covered under the policy or plan. Free state tax preparation The fee applies to policy or plan years ending on or after October 1, 2012. Free state tax preparation See chapter 11, later. Free state tax preparation Extension of fuel tax credits. Free state tax preparation  The following section 6426 credits, previously expired on December 31, 2011, are retroactively extended. Free state tax preparation Biodiesel or renewable diesel mixture credit. Free state tax preparation Alternative fuel credit. Free state tax preparation Alternative fuel mixture credit. Free state tax preparation See Notice 2013–26 (fuel tax credits) on page 984 of I. Free state tax preparation R. Free state tax preparation B. Free state tax preparation 2013–18 at www. Free state tax preparation irs. Free state tax preparation gov/pub/irs-irbs/irb13-18. Free state tax preparation pdf; also see chapter 2, later. Free state tax preparation Alternative fuel mixture credit can be claimed on Schedule C (Form 720) only. Free state tax preparation  For alternative fuel mixtures produced after December 31, 2011, the section 6426 alternative fuel mixture credit can be claimed on Schedule C (Form 720) only, not on Form 4136, Credit for Federal Tax Paid on Fuels, or Schedule 3 (Form 8849), Claim for Refund of Excise Taxes, and only to the extent of your section 4081 taxable fuel liability for gasoline, diesel, and kerosene. Free state tax preparation See Biodiesel or Renewable Diesel Mixture Credit, Alternative Fuel Credit, and Alternative Fuel Mixture Credit in chapter 2, later. Free state tax preparation Expiration of alcohol fuel mixture credit. Free state tax preparation  The section 6426 alcohol fuel mixture credit expired after December 31, 2011. Free state tax preparation Expiration of alcohol fuels credits. Free state tax preparation  The section 40 alcohol, alcohol mixture, and small ethanol producer credits expired after December 31, 2011. Free state tax preparation Second generation biofuel producer credit and excise tax. Free state tax preparation  The section 40 cellulosic biofuel producer credit was retroactively extended to include fuel sold or used through January 2, 2013. Free state tax preparation After January 2, 2013, cellulosic biofuel is renamed second generation biofuel, which adds algae-based fuel. Free state tax preparation The second generation biofuel producer credit is for fuel sold or used after January 2, 2013, and before January 1, 2014. Free state tax preparation You are liable for an excise tax on each gallon of cellulosic or second generation biofuel at the rate you used to figure the credit if you do not use the fuel for the purposes described under Qualified Cellulosic Biofuel Production or Qualified Second Generation Biofuel Production, later. Free state tax preparation Report the tax on Form 720. Free state tax preparation See Cellulosic or Second Generation Biofuel Not Used as Fuel, later; also see Form 6478, Biofuel Producer Credit, for more information. Free state tax preparation Extension of section 40A biodiesel fuels credit. Free state tax preparation  The biodiesel fuels credit, previously expired on December 31, 2011, is retroactively extended. Free state tax preparation Future developments. Free state tax preparation  The IRS has created a page on IRS. Free state tax preparation gov that includes information about Publication 510 at www. Free state tax preparation irs. Free state tax preparation gov/pub510. Free state tax preparation Information about any future developments will be posted on that page. Free state tax preparation Reminders Publication 510 updates. Free state tax preparation  Publication 510 is not updated annually. Free state tax preparation Instead, it will be updated only when there are major changes in the tax law. Free state tax preparation Use of international air travel facilities. Free state tax preparation  Generally, the tax on the use of international air travel facilities increases annually. Free state tax preparation See the Instructions for Form 720 for the tax rate. Free state tax preparation For more information, see Air Transportation Taxes in chapter 4. Free state tax preparation Aviation fuels for use in foreign trade. Free state tax preparation  Aviation gasoline and kerosene for use in aviation are exempt from the leaking underground storage tank (LUST) tax. Free state tax preparation Arrow shafts, tax rate. Free state tax preparation  Generally, the tax on arrow shafts increases annually. Free state tax preparation See Form 720 for the tax rate. Free state tax preparation Disregarded entities and qualified subchapter S subsidiaries. Free state tax preparation  Qualified subchapter S subsidiaries (QSubs) and eligible single-owner disregarded entities are treated as separate entities for excise tax and reporting purposes. Free state tax preparation QSubs and eligible single-owner disregarded entities must pay and report excise taxes (other than IRS Nos. Free state tax preparation 31, 51, and 117), register for most excise tax activities, and claim any refunds, credits, and payments under the entity's employer identification number (EIN). Free state tax preparation These actions cannot take place under the owner's taxpayer identification number (TIN). Free state tax preparation Some QSubs and disregarded entities may already have an EIN. Free state tax preparation However, if you are unsure, please call the IRS Business and Specialty Tax line at 1-800-829-4933. Free state tax preparation Generally, QSubs and eligible single-owner disregarded entities will continue to be treated as disregarded entities for other federal tax purposes (other than employment taxes). Free state tax preparation For more information on these regulations, see Treasury Decision (T. Free state tax preparation D. Free state tax preparation ) 9356, T. Free state tax preparation D. Free state tax preparation 9462, and T. Free state tax preparation D. Free state tax preparation 9596. Free state tax preparation You can find T. Free state tax preparation D. Free state tax preparation 9356 on page 675 of Internal Revenue Bulletin (I. Free state tax preparation R. Free state tax preparation B. Free state tax preparation ) 2007-39 at  www. Free state tax preparation irs. Free state tax preparation gov/pub/irs-irbs/irb07-39. Free state tax preparation pdf;  T. Free state tax preparation D. Free state tax preparation 9462 on page 504 of I. Free state tax preparation R. Free state tax preparation B. Free state tax preparation 2009-42 at  www. Free state tax preparation irs. Free state tax preparation gov/pub/irs-irbs/irb09-42. Free state tax preparation pdf;  and T. Free state tax preparation D. Free state tax preparation 9596 on page 84 of I. Free state tax preparation R. Free state tax preparation B. Free state tax preparation 2012-30 at  www. Free state tax preparation irs. Free state tax preparation gov/pub/irs-irbs/irb12-30. Free state tax preparation pdf. Free state tax preparation Registration for certain activities. Free state tax preparation  You are required to be registered for certain excise tax activities, such as blending of gasoline, diesel fuel, or kerosene outside the bulk transfer/terminal system. Free state tax preparation See the instructions for Form 637 for the list of activities for which you must register. Free state tax preparation Also see Registration Requirements under Fuel Taxes in chapter 1 for information on registration for activities related to fuel. Free state tax preparation Each business unit that has, or is required to have, a separate employer identification number must be registered. Free state tax preparation To apply for registration, complete Form 637 and provide the information requested in its instructions. Free state tax preparation If your application is approved, you will receive a Letter of Registration showing the activities for which you are registered, the effective date of the registration, and your registration number. Free state tax preparation A copy of Form 637 is not a Letter of Registration. Free state tax preparation Photographs of missing children. Free state tax preparation  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Free state tax preparation Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Free state tax preparation You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Free state tax preparation Introduction This publication covers the excise taxes for which you may be liable and which are reported on Form 720 and other forms. Free state tax preparation It also covers fuel tax credits and refunds. Free state tax preparation For information on fuel credits against income tax (the section 40 credits for the production of cellulosic biofuel and second generation biofuel, and the section 40A credit for biodiesel and renewable diesel used as fuel) see the instructions for Form 6478 and Form 8864, Biodiesel and Renewable Diesel Fuels Credit. Free state tax preparation Comments and suggestions. Free state tax preparation   We welcome your comments about this publication and your suggestions for future editions. Free state tax preparation   You can write to us at the following address: Internal Revenue Service Individual and Specialty Forms and Publications Branch SE:W:CAR:MP:T:I 1111 Constitution Ave. Free state tax preparation NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Free state tax preparation Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Free state tax preparation   You can email us at taxforms@irs. Free state tax preparation gov. Free state tax preparation Please put “Publications Comment” on the subject line. Free state tax preparation You can also send us comments from www. Free state tax preparation irs. Free state tax preparation gov/Forms-&-Pubs/More-Information/ and select “Comment on Tax Forms and Publications”. Free state tax preparation   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Free state tax preparation Useful Items - You may want to see: Publication 509 Tax Calendars Form (and Instructions) 11-C Occupational Tax and Registration Return for Wagering 637 Application for Registration (For Certain Excise Tax Activities) 720 Quarterly Federal Excise Tax Return 720X Amended Quarterly Federal Excise Tax Return 730 Monthly Tax Return for Wagers 1363 Export Exemption Certificate 2290 Heavy Highway Vehicle Use Tax Return 2290(SP) Declaración del Impuesto sobre el Uso de Vehículos Pesados en las Carreteras 4136 Credit for Federal Tax Paid on Fuels 6197 Gas Guzzler Tax 6478 Biofuel Producer Credit 6627 Environmental Taxes 8849 Claim for Refund of Excise Taxes, and Schedules 1–3, 5, 6, and 8 8864 Biodiesel and Renewable Diesel Fuels Credit Information Returns    Form 720-TO, Terminal Operator Report Form 720-CS, Carrier Summary Report   See How To Get Tax Help in chapter 17 for information about ordering forms and publications. Free state tax preparation Guidance    You can find Notice 2005-4 (fuel tax guidance) on page 289 of I. Free state tax preparation R. Free state tax preparation B. Free state tax preparation 2005-2 at www. Free state tax preparation irs. Free state tax preparation gov/pub/irs-irbs/irb05-02. Free state tax preparation pdf. Free state tax preparation Notice 2005-62 (biodiesel and aviation-grade kerosene) on page 443 of I. Free state tax preparation R. Free state tax preparation B. Free state tax preparation 2005-35 at www. Free state tax preparation irs. Free state tax preparation gov/pub/irs-irbs/irb05-35. Free state tax preparation pdf. Free state tax preparation Notice 2005-80 (LUST, kerosene, claims by credit card issuers, and mechanical dye injection) on page 953 of I. Free state tax preparation R. Free state tax preparation B. Free state tax preparation 2005-46 at www. Free state tax preparation irs. Free state tax preparation gov/pub/irs-irbs/irb05-46. Free state tax preparation pdf. Free state tax preparation Notice 2006-92 (alternative fuels and alternative fuel mixtures) on page 774 of I. Free state tax preparation R. Free state tax preparation B. Free state tax preparation 2006-43 at www. Free state tax preparation irs. Free state tax preparation gov/pub/irs-irbs/irb06-43. Free state tax preparation pdf. Free state tax preparation Notice 2008-110 (biodiesel and cellulosic biofuel) on page 1298 of I. Free state tax preparation R. Free state tax preparation B. Free state tax preparation 2008-51 at www. Free state tax preparation irs. Free state tax preparation gov/pub/irs-irbs/irb08-51. Free state tax preparation pdf. Free state tax preparation Notice 2010-68 (Alaska dyed diesel exemption) on page 576 of I. Free state tax preparation R. Free state tax preparation B. Free state tax preparation 2010-44 at www. Free state tax preparation irs. Free state tax preparation gov/pub/irs-irbs/irb10-44. Free state tax preparation pdf. Free state tax preparation Notice 2012-27 (fractional aircraft ownership programs fuel surtax) on page 849 of I. Free state tax preparation R. Free state tax preparation B. Free state tax preparation 2012-17 at www. Free state tax preparation irs. Free state tax preparation gov/pub/irs-irbs/irb12-17. Free state tax preparation pdf. Free state tax preparation Notice 2013-26 (fuel tax credits) on page 984 of I. Free state tax preparation R. Free state tax preparation B. Free state tax preparation 2013-18 at www. Free state tax preparation irs. Free state tax preparation gov/pub/irs-irbs/irb13-18. Free state tax preparation pdf. Free state tax preparation T. Free state tax preparation D. Free state tax preparation 9604 and Notice 2012–77 (medical device tax) on pages 730 and 781, respectively, of I. Free state tax preparation R. Free state tax preparation B. Free state tax preparation 2012-52 at www. Free state tax preparation irs. Free state tax preparation gov/pub/irs-irbs/irb12-52. Free state tax preparation pdf. Free state tax preparation T. Free state tax preparation D. Free state tax preparation 9602 (patient-centered outcomes research fee) on page 746 of I. Free state tax preparation R. Free state tax preparation B. Free state tax preparation 2012-52 at www. Free state tax preparation irs. Free state tax preparation gov/pub/irs-irbs/irb12-52. Free state tax preparation pdf. Free state tax preparation Revenue Procedure 2012-41 (inflation adjustments) on page 539 of I. Free state tax preparation R. Free state tax preparation B. Free state tax preparation 2012-45 at www. Free state tax preparation irs. Free state tax preparation gov/pub/irs-irbs/irb12-45. Free state tax preparation pdf. Free state tax preparation T. Free state tax preparation D. Free state tax preparation 9621 (indoor tanning services tax) on page 49 of I. Free state tax preparation R. Free state tax preparation B. Free state tax preparation 2013-28 at www. Free state tax preparation irs. Free state tax preparation gov/pub/irs-irbs/irb13-28. Free state tax preparation pdf. Free state tax preparation Excise Taxes Not Covered In addition to the taxes discussed in this publication, you may have to report certain other excise taxes. Free state tax preparation For tax forms relating to alcohol, firearms, and tobacco, visit the Alcohol and Tobacco Tax and Trade Bureau website at www. Free state tax preparation ttb. Free state tax preparation gov. Free state tax preparation Heavy highway vehicle use tax. Free state tax preparation   You report the federal excise tax on the use of certain trucks, truck tractors, and buses used on public highways on Form 2290, Heavy Highway Vehicle Use Tax Return. Free state tax preparation The tax applies to highway motor vehicles with a taxable gross weight of 55,000 pounds or more. Free state tax preparation Vans, pickup trucks, panel trucks, and similar trucks generally are not subject to this tax. Free state tax preparation Note. Free state tax preparation A Spanish version (Formulario 2290(SP)) is also available. Free state tax preparation See How To Get Tax Help in chapter 17. Free state tax preparation Registration of vehicles. Free state tax preparation   Generally, you must prove that you paid your heavy highway vehicle use tax to register your taxable vehicle with your state motor vehicle department or to enter the United States in a Canadian or Mexican registered taxable vehicle. Free state tax preparation Generally, a copy of Schedule 1 (Form 2290) is stamped by the IRS and returned to you as proof of payment. Free state tax preparation    If you have questions on Form 2290, see its separate instructions, or you can call the Form 2290 call site at 1-866-699-4096 (toll free) from the United States, and 1-859-669-5733 (not toll free) from Canada and Mexico. Free state tax preparation The hours of service are 8:00 a. Free state tax preparation m. Free state tax preparation to 6:00 p. Free state tax preparation m. Free state tax preparation Eastern time. Free state tax preparation Wagering tax and occupational tax. Free state tax preparation   The information on wagering tax can be found in the instructions for Form 730, Tax on Wagering, and Form 11-C, Occupational Tax and Registration Return for Wagering. Free state tax preparation Prev  Up  Next   Home   More Online Publications
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Free state tax preparation 5. Free state tax preparation   Table and Worksheets for the Self-Employed Table of Contents Community property laws. Free state tax preparation As discussed in chapters 2 and 4, if you are self-employed, you must use the rate table or rate worksheet and deduction worksheet to figure your deduction for contributions you made for yourself to a SEP-IRA or qualified plan. Free state tax preparation First, use either the rate table or rate worksheet to find your reduced contribution rate. Free state tax preparation Then complete the deduction worksheet to figure your deduction for contributions. Free state tax preparation The table and the worksheets in chapter 5 apply only to self-employed individuals who have only one defined contribution plan, such as a profit-sharing plan. Free state tax preparation A SEP plan is treated as a profit-sharing plan. Free state tax preparation However, do not use this worksheet for SARSEPs. Free state tax preparation Rate table for self-employed. Free state tax preparation   If your plan's contribution rate is a whole percentage (for example, 12% rather than 12½%), you can use the table on the next page to find your reduced contribution rate. Free state tax preparation Otherwise, use the rate worksheet provided below. Free state tax preparation   First, find your plan contribution rate (the contribution rate stated in your plan) in Column A of the table. Free state tax preparation Then read across to the rate under Column B. Free state tax preparation Enter the rate from Column B in step 4 of the Deduction Worksheet for Self-Employed on this page. Free state tax preparation    Example. Free state tax preparation You are a sole proprietor with no employees. Free state tax preparation If your plan's contribution rate is 10% of a participant's compensation, your rate is 0. Free state tax preparation 090909. Free state tax preparation Enter this rate in step 4 of the Deduction Worksheet for Self-Employed on this page. Free state tax preparation Deduction Worksheet for Self-Employed   Step 1           Enter your net profit from line 31, Schedule C (Form 1040); line 3, Schedule C-EZ (Form 1040); line 34, Schedule F (Form 1040)*; or box 14, code A**, Schedule K-1 (Form 1065)*. Free state tax preparation For information on other income included in net profit from self-employment, see the Instructions for Schedule SE, Form 1040. Free state tax preparation       *Reduce this amount by any amount reported on Schedule SE (Form 1040), line 1b. Free state tax preparation       **General partners should reduce this amount by the same additional expenses subtracted from box 14, code A to determine the amount on line 1 or 2 of Schedule SE. Free state tax preparation     Step 2           Enter your deduction for self-employment tax from Form 1040, line 27             Step 3           Net earnings from self-employment. Free state tax preparation Subtract step 2 from step 1     Step 4           Enter your rate from the Rate Table for Self-Employed or Rate Worksheet for Self-Employed     Step 5           Multiply step 3 by step 4     Step 6           Multiply $255,000 by your plan contribution rate (not the reduced rate)     Step 7           Enter the smaller of step 5 or step 6     Step 8           Contribution dollar limit $51,000     • If you made any elective deferrals to your self-employed plan, go to step 9. Free state tax preparation         • Otherwise, skip steps 9 through 20 and enter the smaller of step 7 or step 8 on step 21. Free state tax preparation       Step 9           Enter your allowable elective deferrals (including designated Roth contributions) made to your self-employed plan during 2013. Free state tax preparation Do not enter more than $17,500     Step 10           Subtract step 9 from step 8     Step 11           Subtract step 9 from step 3       Step 12           Enter one-half of step 11     Step 13           Enter the smallest of step 7, 10, or 12     Step 14           Subtract step 13 from step 3     Step 15           Enter the smaller of step 9 or step 14       • If you made catch-up contributions, go to step 16. Free state tax preparation         • Otherwise, skip steps 16 through 18 and go to step 19. Free state tax preparation       Step 16           Subtract step 15 from step 14     Step 17           Enter your catch-up contributions (including designated Roth contributions), if any. Free state tax preparation Do not enter more than $5,500     Step 18           Enter the smaller of step 16 or step 17     Step 19           Add steps 13, 15, and 18. Free state tax preparation     Step 20           Enter the amount of designated Roth contributions included on lines 9 and 17. Free state tax preparation     Step 21           Subtract step 20 from step 19. Free state tax preparation This is your maximum deductible contribution. Free state tax preparation                 Next: Enter your actual contribution, not to exceed your maximum deductible contribution, on Form 1040, line 28. Free state tax preparation   Rate worksheet for self-employed. Free state tax preparation   If your plan's contribution rate is not a whole percentage (for example, 10½%), you cannot use the Rate Table for Self-Employed. Free state tax preparation Use the following worksheet instead. Free state tax preparation Rate Worksheet for Self-Employed 1) Plan contribution rate as a decimal (for example, 10½% = 0. Free state tax preparation 105)   2) Rate in line 1 plus 1 (for example, 0. Free state tax preparation 105 + 1 = 1. Free state tax preparation 105)   3) Self-employed rate as a decimal rounded to at least 3 decimal places (line 1 ÷ line 2) (for example, 0. Free state tax preparation 105 ÷ 1. Free state tax preparation 105 = 0. Free state tax preparation 095)   Figuring your deduction. Free state tax preparation   Now that you have your self-employed rate from either the rate table or rate worksheet, you can figure your maximum deduction for contributions for yourself by completing the Deduction Worksheet for Self-Employed. Free state tax preparation Community property laws. Free state tax preparation   If you reside in a community property state and you are married and filing a separate return, disregard community property laws for step 1 of the Deduction Worksheet for Self-Employed. Free state tax preparation Enter on step 1 the total net profit you actually earned. Free state tax preparation Rate Table for Self-Employed Column A  If the plan contri- bution rate is: (shown as %) Column B  Your rate is: (shown as decimal) 1 . Free state tax preparation 009901 2 . Free state tax preparation 019608 3 . Free state tax preparation 029126 4 . Free state tax preparation 038462 5 . Free state tax preparation 047619 6 . Free state tax preparation 056604 7 . Free state tax preparation 065421 8 . Free state tax preparation 074074 9 . Free state tax preparation 082569 10 . Free state tax preparation 090909 11 . Free state tax preparation 099099 12 . Free state tax preparation 107143 13 . Free state tax preparation 115044 14 . Free state tax preparation 122807 15 . Free state tax preparation 130435 16 . Free state tax preparation 137931 17 . Free state tax preparation 145299 18 . Free state tax preparation 152542 19 . Free state tax preparation 159664 20 . Free state tax preparation 166667 21 . Free state tax preparation 173554 22 . Free state tax preparation 180328 23 . Free state tax preparation 186992 24 . Free state tax preparation 193548 25* . Free state tax preparation 200000* *The deduction for annual employer contributions (other than elective deferrals) to a SEP plan, a profit-sharing plan, or a money purchase plan cannot be more than 20% of your net earnings (figured without deducting contributions for yourself) from the business that has the plan. Free state tax preparation Example. Free state tax preparation You are a sole proprietor with no employees. Free state tax preparation The terms of your plan provide that you contribute 8½% (. Free state tax preparation 085) of your compensation to your plan. Free state tax preparation Your net profit from line 31, Schedule C (Form 1040) is $200,000. Free state tax preparation You have no elective deferrals or catch-up contributions. Free state tax preparation Your self-employment tax deduction on line 27 of Form 1040 is $9,728. Free state tax preparation See the filled-in portions of both Schedule SE (Form 1040), Self-Employment Income, and Form 1040, later. Free state tax preparation You figure your self-employed rate and maximum deduction for employer contributions you made for yourself as follows. Free state tax preparation Deduction Worksheet for Self-Employed   Step 1           Enter your net profit from line 31, Schedule C (Form 1040); line 3, Schedule C-EZ (Form 1040); line 34, Schedule F (Form 1040)*; or box 14, code A**, Schedule K-1 (Form 1065)*. Free state tax preparation For information on other income included in net profit from self-employment, see the Instructions for Schedule SE, Form 1040. Free state tax preparation $200,000     *Reduce this amount by any amount reported on Schedule SE (Form 1040), line 1b. Free state tax preparation       **General partners should reduce this amount by the same additional expenses subtracted from box 14, code A to determine the amount on line 1 or 2 of Schedule SE. Free state tax preparation     Step 2           Enter your deduction for self-employment tax from Form 1040, line 27 9,728           Step 3           Net earnings from self-employment. Free state tax preparation Subtract step 2 from step 1 190,272   Step 4           Enter your rate from the Rate Table for Self-Employed or Rate Worksheet for Self-Employed 0. Free state tax preparation 078   Step 5           Multiply step 3 by step 4 14,841   Step 6           Multiply $255,000 by your plan contribution rate (not the reduced rate) 21,675   Step 7           Enter the smaller of step 5 or step 6 14,841   Step 8           Contribution dollar limit $51,000     • If you made any elective deferrals to your self-employed plan, go to step 9. Free state tax preparation         • Otherwise, skip steps 9 through 20 and enter the smaller of step 7 or step 8 on step 21. Free state tax preparation       Step 9           Enter your allowable elective deferrals (including designated Roth contributions) made to your self-employed plan during 2013. Free state tax preparation Do not enter more than $17,500 N/A   Step 10           Subtract step 9 from step 8     Step 11           Subtract step 9 from step 3       Step 12           Enter one-half of step 11     Step 13           Enter the smallest of step 7, 10, or 12     Step 14           Subtract step 13 from step 3     Step 15           Enter the smaller of step 9 or step 14       • If you made catch-up contributions, go to step 16. Free state tax preparation         • Otherwise, skip steps 16 through 18 and go to step 19. Free state tax preparation       Step 16           Subtract step 15 from step 14     Step 17           Enter your catch-up contributions (including designated Roth contributions), if any. Free state tax preparation Do not enter more than $5,500     Step 18           Enter the smaller of step 16 or step 17     Step 19           Add steps 13, 15, and 18. Free state tax preparation     Step 20           Enter the amount of designated Roth contributions included on lines 9 and 17     Step 21           Subtract step 20 from step 19. Free state tax preparation This is your maximum deductible contribution $14,841                 Next: Enter your actual contribution, not to exceed your maximum deductible contribution, on Form 1040, line 28. Free state tax preparation   See the filled-in Deduction Worksheet for Self-Employed on this page. Free state tax preparation Rate Worksheet for Self-Employed 1) Plan contribution rate as a decimal (for example, 10½% = 0. Free state tax preparation 105) 0. Free state tax preparation 085 2) Rate in line 1 plus 1 (for example, 0. Free state tax preparation 105 + 1 = 1. Free state tax preparation 105) 1. Free state tax preparation 085 3) Self-employed rate as a decimal rounded to at least 3 decimal places (line 1 ÷ line 2) (for example, 0. Free state tax preparation 105 ÷ 1. Free state tax preparation 105 = 0. Free state tax preparation 095) 0. Free state tax preparation 078 This image is too large to be displayed in the current screen. Free state tax preparation Please click the link to view the image. Free state tax preparation Portion of Form 1040 and Portion of Schedule SE Prev  Up  Next   Home   More Online Publications