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

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Handr block com Publication 1544 - Main Content Table of Contents Why Report These Payments? Who Must File Form 8300?What Payments Must Be Reported? What Is Cash? Taxpayer Identification Number (TIN) What Is a Related Transaction? What About Suspicious Transactions? When, Where, and What To File Examples Penalties How To Get Tax HelpLow Income Taxpayer Clinics (LITCs). Handr block com Why Report These Payments? Drug dealers and smugglers often use large cash payments to “launder” money from illegal activities. Handr block com Laundering means converting “dirty” or illegally-gained money to “clean” money. Handr block com The government can often trace this laundered money through the payments you report. Handr block com Laws passed by Congress require you to report these payments. Handr block com Your compliance with these laws provides valuable information that can stop those who evade taxes and those who profit from the drug trade and other criminal activities. Handr block com The USA PATRIOT Act of 2001 increased the scope of these laws to help trace funds used for terrorism. Handr block com Who Must File Form 8300? Generally, any person in a trade or business who receives more than $10,000 in cash in a single transaction or in related transactions must file Form 8300. Handr block com For example, you may have to file Form 8300 if you are a dealer in jewelry, furniture, boats, aircraft, or automobiles; a pawnbroker; an attorney; a real estate broker; an insurance company; or a travel agency. Handr block com Special rules for clerks of federal or state courts are discussed later under Bail received by court clerks. Handr block com However, you do not have to file Form 8300 if the transaction is not related to your trade or business. Handr block com For example, if you own a jewelry store and sell your personal automobile for more than $10,000 in cash, you would not submit a Form 8300 for that transaction. Handr block com Transaction defined. Handr block com    A “transaction” occurs when: Goods, services, or property are sold; Property is rented; Cash is exchanged for other cash; A contribution is made to a trust or escrow account; A loan is made or repaid; or Cash is converted to a negotiable instrument, such as a check or a bond. Handr block com Person defined. Handr block com   A “person” includes an individual, a company, a corporation, a partnership, an association, a trust, or an estate. Handr block com   Exempt organizations, including employee plans, are also “persons. Handr block com ” However, exempt organizations do not have to file Form 8300 for a more-than-$10,000 charitable cash contribution they receive since it is not received in the course of a trade or business. Handr block com Foreign transactions. Handr block com   You do not have to file Form 8300 if the entire transaction (including the receipt of cash) takes place outside of: The 50 states, The District of Columbia, Puerto Rico, or A possession or territory of the United States. Handr block com However, you must file Form 8300 if any part of the transaction (including the receipt of cash) occurs in Puerto Rico or a possession or territory of the United States and you are subject to the Internal Revenue Code. Handr block com Bail received by court clerks. Handr block com   Any clerk of a federal or state court who receives more than $10,000 in cash as bail for an individual charged with any of the following criminal offenses must file Form 8300: Any federal offense involving a controlled substance, Racketeering, Money laundering, and Any state offense substantially similar to (1), (2), or (3) above. Handr block com For more information about the rules that apply to court clerks, see Section 1. Handr block com 6050I-2 of the Income Tax Regulations. Handr block com What Payments Must Be Reported? You must file Form 8300 to report cash paid to you if it is: Over $10,000, Received as: One lump sum of over $10,000, Installment payments that cause the total cash received within 1 year of the initial payment to total more than $10,000, or Other previously unreportable payments that cause the total cash received within a 12-month period to total more than $10,000, Received in the course of your trade or business, Received from the same buyer (or agent), and Received in a single transaction or in related transactions (defined later). Handr block com What Is Cash? Cash is: The coins and currency of the United States (and any other country), and A cashier's check, bank draft, traveler's check, or money order you receive, if it has a face amount of $10,000 or less and you receive it in: A designated reporting transaction (defined later), or Any transaction in which you know the payer is trying to avoid the reporting of the transaction on Form 8300. Handr block com Cash may include a cashier's check even if it is called a “treasurer's check” or “bank check. Handr block com ” Cash does not include a check drawn on an individual's personal account. Handr block com A cashier's check, bank draft, traveler's check, or money order with a face amount of more than $10,000 is not treated as cash. Handr block com These items are not defined as cash and you do not have to file Form 8300 when you receive them because, if they were bought with currency, the bank or other financial institution that issued them must file a report on FinCEN Form 104. Handr block com Example 1. Handr block com You are a coin dealer. Handr block com Bob Green buys gold coins from you for $13,200. Handr block com He pays for them with $6,200 in U. Handr block com S. Handr block com currency and a cashier's check having a face amount of $7,000. Handr block com The cashier's check is treated as cash. Handr block com You have received more than $10,000 cash and must file Form 8300 for this transaction. Handr block com Example 2. Handr block com You are a retail jeweler. Handr block com Mary North buys an item of jewelry from you for $12,000. Handr block com She pays for it with a personal check payable to you in the amount of $9,600 and traveler's checks totaling $2,400. Handr block com Because the personal check is not treated as cash, you have not received more than $10,000 cash in the transaction. Handr block com You do not have to file Form 8300. Handr block com Example 3. Handr block com You are a boat dealer. Handr block com Emily Jones buys a boat from you for $16,500. Handr block com She pays for it with a cashier's check payable to you in the amount of $16,500. Handr block com The cashier's check is not treated as cash because its face amount is more than $10,000. Handr block com You do not have to file Form 8300 for this transaction. Handr block com Designated Reporting Transaction A designated reporting transaction is the retail sale of any of the following: A consumer durable, such as an automobile or boat. Handr block com A consumer durable is property, other than land or buildings, that: Is suitable for personal use, Can reasonably be expected to last at least 1 year under ordinary use, Has a sales price of more than $10,000, and Can be seen or touched (tangible property). Handr block com For example, a $20,000 car is a consumer durable, but a $20,000 dump truck or factory machine is not. Handr block com The car is a consumer durable even if you sell it to a buyer who will use it in a business. Handr block com A collectible (for example, a work of art, rug, antique, metal, gem, stamp, or coin). Handr block com Travel or entertainment, if the total sales price of all items sold for the same trip or entertainment event in one transaction (or related transactions) is more than $10,000. Handr block com To figure the total sales price of all items sold for a trip or entertainment event, you include the sales price of items such as airfare, hotel rooms, and admission tickets. Handr block com Example. Handr block com You are a travel agent. Handr block com Ed Johnson asks you to charter a passenger airplane to take a group to a sports event in another city. Handr block com He also asks you to book hotel rooms and admission tickets for the group. Handr block com In payment, he gives you two money orders, each for $6,000. Handr block com You have received more than $10,000 cash in this designated reporting transaction. Handr block com You must file Form 8300. Handr block com Retail sale. Handr block com   The term “retail sale” means any sale made in the course of a trade or business that consists mainly of making sales to ultimate consumers. Handr block com   Thus, if your business consists mainly of making sales to ultimate consumers, all sales you make in the course of that business are retail sales. Handr block com This includes any sales of items that will be resold. Handr block com Broker or intermediary. Handr block com   A designated reporting transaction includes the retail sale of items (1), (2), or (3) of the preceding list, even if the funds are received by a broker or other intermediary, rather than directly by the seller. Handr block com Exceptions to Definition of Cash A cashier's check, bank draft, traveler's check, or money order you received in a designated reporting transaction is not treated as cash if one of the following exceptions applies. Handr block com Exception for certain bank loans. Handr block com   A cashier's check, bank draft, traveler's check, or money order is not treated as cash if it is the proceeds from a bank loan. Handr block com As proof that it is from a bank loan, you may rely on a copy of the loan document, a written statement or lien instruction from the bank, or similar proof. Handr block com Example. Handr block com You are a car dealer. Handr block com Mandy White buys a new car from you for $11,500. Handr block com She pays you with $2,000 of U. Handr block com S. Handr block com currency and a cashier's check for $9,500 payable to you and her. Handr block com You can tell that the cashier's check is the proceeds of a bank loan because it includes instructions to you to have a lien put on the car as security for the loan. Handr block com For this reason, the cashier's check is not treated as cash. Handr block com You do not have to file Form 8300 for the transaction. Handr block com Exception for certain installment sales. Handr block com   A cashier's check, bank draft, traveler's check, or money order is not treated as cash if it is received in payment on a promissory note or an installment sales contract (including a lease that is considered a sale for federal tax purposes). Handr block com However, this exception applies only if: You use similar notes or contracts in other sales to ultimate consumers in the ordinary course of your trade or business, and The total payments for the sale that you receive on or before the 60th day after the sale are 50% or less of the purchase price. Handr block com Exception for certain down payment plans. Handr block com   A cashier's check, bank draft, traveler's check, or money order is not treated as cash if you received it in payment for a consumer durable or collectible, and all three of the following statements are true. Handr block com You receive it under a payment plan requiring: One or more down payments, and Payment of the rest of the purchase price by the date of sale. Handr block com You receive it more than 60 days before the date of sale. Handr block com You use payment plans with the same or substantially similar terms when selling to ultimate consumers in the ordinary course of your trade or business. Handr block com Exception for travel and entertainment. Handr block com   A cashier's check, bank draft, traveler's check, or money order received for travel or entertainment is not treated as cash if all three of the following statements are true. Handr block com You receive it under a payment plan requiring: One or more down payments, and Payment of the rest of the purchase price by the earliest date that any travel or entertainment item (such as airfare) is furnished for the trip or entertainment event. Handr block com You receive it more than 60 days before the date on which the final payment is due. Handr block com You use payment plans with the same or substantially similar terms when selling to ultimate consumers in the ordinary course of your trade or business. Handr block com Taxpayer Identification Number (TIN) You must furnish the correct TIN of the person or persons from whom you receive the cash. Handr block com If the transaction is conducted on the behalf of another person or persons, you must furnish the TIN of that person or persons. Handr block com If you do not know a person's TIN, you have to ask for it. Handr block com You may be subject to penalties for an incorrect or missing TIN. Handr block com There are three types of TINs. Handr block com The TIN for an individual, including a sole proprietor, is the individual's social security number (SSN). Handr block com The TIN for a nonresident alien individual who needs a TIN but is not eligible to get an SSN is an IRS individual taxpayer identification number (ITIN). Handr block com An ITIN has nine digits, similar to an SSN. Handr block com The TIN for other persons, including corporations, partnerships, and estates, is the employer identification number (EIN). Handr block com Exception. Handr block com   You are not required to provide the TIN of a person who is a nonresident alien individual or a foreign organization if that person or foreign organization: Does not have income effectively connected with the conduct of a U. Handr block com S. Handr block com trade or business; Does not have an office or place of business, or a fiscal or paying agent in the United States; Does not file a federal tax return; Does not furnish a withholding certificate described in §1. Handr block com 1441-1(e)(2) or (3) or 1. Handr block com 1441-5(c)(2)(iv) or (3)(iii) to the extent required under 1. Handr block com 1441-1(e)(4)(vii); Does not have to furnish a TIN on any return, statement, or other document as required by the income tax regulations under section 897 or 1445; or In the case of a nonresident alien individual, the individual has not chosen to file a joint federal income tax return with a spouse who is a U. Handr block com S. Handr block com citizen or resident. Handr block com What Is a Related Transaction? Any transactions between a buyer (or an agent of the buyer) and a seller that occur within a 24-hour period are related transactions. Handr block com If you receive over $10,000 in cash during two or more transactions with one buyer in a 24-hour period, you must treat the transactions as one transaction and report the payments on Form 8300. Handr block com For example, if you sell two products for $6,000 each to the same customer in 1 day and the customer pays you in cash, these are related transactions. Handr block com Because they total $12,000 (more than $10,000), you must file Form 8300. Handr block com More than 24 hours between transactions. Handr block com   Transactions are related even if they are more than 24 hours apart if you know, or have reason to know, that each is one of a series of connected transactions. Handr block com   For example, you are a travel agent. Handr block com A client pays you $8,000 in cash for a trip. Handr block com Two days later, the same client pays you $3,000 more in cash to include another person on the trip. Handr block com These are related transactions, and you must file Form 8300 to report them. Handr block com What About Suspicious Transactions? If you receive $10,000 or less in cash, you may voluntarily file Form 8300 if the transaction appears to be suspicious. Handr block com A transaction is suspicious if it appears that a person is trying to cause you not to file Form 8300 or is trying to cause you to file a false or incomplete Form 8300, or if there is a sign of possible illegal activity. Handr block com If you are suspicious, you are encouraged to call the local IRS Criminal Investigation Division as soon as possible. Handr block com Or, you can call the FinCEN Financial Institution Hotline toll free at 1-866-556-3974. Handr block com When, Where, and What To File The amount you receive and when you receive it determine when you must file. Handr block com Generally, you must file Form 8300 within 15 days after receiving a payment. Handr block com If the Form 8300 due date (the 15th or last day you can timely file the form) falls on a Saturday, Sunday, or legal holiday, it is delayed until the next day that is not a Saturday, Sunday, or legal holiday. Handr block com More than one payment. Handr block com   In some transactions, the buyer may arrange to pay you in cash installment payments. Handr block com If the first payment is more than $10,000, you must file Form 8300 within 15 days. Handr block com If the first payment is not more than $10,000, you must add the first payment and any later payments made within 1 year of the first payment. Handr block com When the total cash payments are more than $10,000, you must file Form 8300 within 15 days. Handr block com   After you file Form 8300, you must start a new count of cash payments received from that buyer. Handr block com If you receive more than $10,000 in additional cash payments from that buyer within a 12-month period, you must file another Form 8300. Handr block com You must file the form within 15 days of the payment that causes the additional payments to total more than $10,000. Handr block com   If you are already required to file Form 8300 and you receive additional payments within the 15 days before you must file, you can report all the payments on one form. Handr block com Example. Handr block com On January 10, you receive a cash payment of $11,000. Handr block com You receive additional cash payments on the same transaction of $4,000 on February 15, $5,000 on March 20, and $6,000 on May 12. Handr block com By January 25, you must file a Form 8300 for the $11,000 payment. Handr block com By May 27, you must file an additional Form 8300 for the additional payments that total $15,000. Handr block com Amending a Report?   If you are amending a report, check box 1a at the top of Form 8300. Handr block com Complete the form in its entirety (Parts I-IV) and include the amended information. Handr block com Do not attach a copy of the original report. Handr block com Where to file. Handr block com   Mail the form to the address given in the Form 8300 instructions. Handr block com Required statement to buyer. Handr block com   You must give a written or electronic statement to each person named on any Form 8300 you must file. Handr block com You can give the statement electronically only if the recipient agrees to receive it in that format. Handr block com The statement must show the name and address of your business, the name and phone number of a contact person, and the total amount of reportable cash you received from the person during the year. Handr block com It must state that you are also reporting this information to the IRS. Handr block com   You must send this statement to the buyer by January 31 of the year after the year in which you received the cash that caused you to file the form. Handr block com    You must keep a copy of every Form 8300 you file for 5 years. Handr block com Examples Example 1. Handr block com Pat Brown is the sales manager for Small Town Cars. Handr block com On January 6, 2009, Jane Smith buys a new car from Pat and pays $18,000 in cash. Handr block com Pat asks for identification from Jane to get the necessary information to complete Form 8300. Handr block com A filled-in form is shown in this publication. Handr block com Pat must mail the form to the address shown in the form's instructions by January 21, 2009. Handr block com He must also send a statement to Jane by January 31, 2010. Handr block com Example 2. Handr block com Using the same facts given in Example 1, suppose Jane had arranged to make cash payments of $6,000 each on January 6, February 6, and March 6. Handr block com Pat would have to file a Form 8300 by February 26 (17 days after receiving total cash payments within 1 year over $10,000 because February 21, 2009, is a Saturday). Handr block com Pat would not have to report the remaining $6,000 cash payment because it is not more than $10,000. Handr block com However, he could report it if he felt it was a suspicious transaction. Handr block com Penalties There are civil penalties for failure to: File a correct Form 8300 by the date it is due, and Provide the required statement to those named in the Form 8300. Handr block com If you intentionally disregard the requirement to file a correct Form 8300 by the date it is due, the penalty is the greater of: $25,000, or The amount of cash you received and were required to report (up to $100,000). Handr block com There are criminal penalties for: Willful failure to file Form 8300, Willfully filing a false or fraudulent Form 8300, Stopping or trying to stop Form 8300 from being filed, and Setting up, helping to set up, or trying to set up a transaction in a way that would make it seem unnecessary to file Form 8300. Handr block com If you willfully fail to file Form 8300, you can be fined up to $250,000 for individuals ($500,000 for corporations) or sentenced to up to 5 years in prison, or both. Handr block com These dollar amounts are based on Section 3571 of Title 18 of the U. Handr block com S. Handr block com Code. Handr block com The penalties for failure to file may also apply to any person (including a payer) who attempts to interfere with or prevent the seller (or business) from filing a correct Form 8300. Handr block com This includes any attempt to structure the transaction in a way that would make it seem unnecessary to file Form 8300. Handr block com Structuring means breaking up a large cash transaction into small cash transactions. Handr block com How To Get Tax Help You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. Handr block com By selecting the method that is best for you, you will have quick and easy access to tax help. Handr block com Free help with your return. Handr block com   Free help in preparing your return is available nationwide from IRS-certified volunteers. Handr block com The Volunteer Income Tax Assistance (VITA) program is designed to help low-moderate income taxpayers and the Tax Counseling for the Elderly (TCE) program is designed to assist taxpayers age 60 and older with their tax returns. Handr block com 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. Handr block com To find the nearest VITA or TCE site, visit IRS. Handr block com gov or call 1-800-906-9887 or 1-800-829-1040. Handr block com   As part of the TCE program, AARP offers the Tax-Aide counseling program. Handr block com To find the nearest AARP Tax-Aide site, call 1-888-227-7669 or visit AARP's website at www. Handr block com aarp. Handr block com org/money/taxaide. Handr block com   For more information on these programs, go to IRS. Handr block com gov and enter keyword “VITA” in the upper right-hand corner. Handr block com Internet. Handr block com You can access the IRS website at IRS. Handr block com gov 24 hours a day, 7 days a week to: Check the status of your 2011 refund. Handr block com Go to IRS. Handr block com gov and click on Where's My Refund. Handr block com Wait at least 72 hours after the IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after mailing a paper return. Handr block com If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). Handr block com Have your 2011 tax return available so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. Handr block com E-file your return. Handr block com Find out about commercial tax preparation and e-file services available free to eligible taxpayers. Handr block com Download forms, including talking tax forms, instructions, and publications. Handr block com Order IRS products online. Handr block com Research your tax questions online. Handr block com Search publications online by topic or keyword. Handr block com Use the online Internal Revenue Code, regulations, or other official guidance. Handr block com View Internal Revenue Bulletins (IRBs) published in the last few years. Handr block com Figure your withholding allowances using the withholding calculator online at  www. Handr block com irs. Handr block com gov/individuals. Handr block com Determine if Form 6251 must be filed by using our Alternative Minimum Tax (AMT) Assistant available online at  www. Handr block com irs. Handr block com gov/individuals. Handr block com Sign up to receive local and national tax news by email. Handr block com Get information on starting and operating a small business. Handr block com Phone. Handr block com Many services are available by phone. Handr block com   Ordering forms, instructions, and publications. Handr block com Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, and publications, and prior-year forms and instructions. Handr block com You should receive your order within 10 days. Handr block com Asking tax questions. Handr block com Call the IRS with your tax questions at 1-800-829-1040. Handr block com Solving problems. Handr block com You can get face-to-face help solving tax problems every business day in IRS Taxpayer Assistance Centers. Handr block com An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. Handr block com Call your local Taxpayer Assistance Center for an appointment. Handr block com To find the number, go to www. Handr block com irs. Handr block com gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Handr block com TTY/TDD equipment. Handr block com If you have access to TTY/TDD equipment, call 1-800-829-4059 to ask tax questions or to order forms and publications. Handr block com TeleTax topics. Handr block com Call 1-800-829-4477 to listen to pre-recorded messages covering various tax topics. Handr block com Refund information. Handr block com You can check the status of your refund on the new IRS phone app. Handr block com Download the free IRS2Go app by visiting the iTunes app store or the Android Marketplace. Handr block com IRS2Go is a new way to provide you with information and tools. Handr block com To check the status of your refund by phone, call 1-800-829-4477 (automated refund information 24 hours a day, 7 days a week). Handr block com Wait at least 72 hours after the IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after mailing a paper return. Handr block com If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). Handr block com Have your 2011 tax return available so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. Handr block com If you check the status of your refund and are not given the date it will be issued, please wait until the next week before checking back. Handr block com Other refund information. Handr block com To check the status of a prior-year refund or amended return refund, call 1-800-829-1040. Handr block com Evaluating the quality of our telephone services. Handr block com To ensure IRS representatives give accurate, courteous, and professional answers, we use several methods to evaluate the quality of our telephone services. Handr block com One method is for a second IRS representative to listen in on or record random telephone calls. Handr block com Another is to ask some callers to complete a short survey at the end of the call. Handr block com Walk-in. Handr block com Many products and services are available on a walk-in basis. Handr block com   Products. Handr block com You can walk in to many post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Handr block com Some IRS offices, libraries, grocery stores, copy centers, city and county government offices, credit unions, and office supply stores have a collection of products available to print from a CD or photocopy from reproducible proofs. Handr block com Also, some IRS offices and libraries have the Internal Revenue Code, regulations, Internal Revenue Bulletins, and Cumulative Bulletins available for research purposes. Handr block com Services. Handr block com You can walk in to your local Taxpayer Assistance Center every business day for personal, face-to-face tax help. Handr block com An employee can explain IRS letters, request adjustments to your tax account, or help you set up a payment plan. Handr block com 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 Taxpayer Assistance Center where you can spread out your records and talk with an IRS representative face-to-face. Handr block com No appointment is necessary—just walk in. Handr block com If you prefer, you can call your local Center and leave a message requesting an appointment to resolve a tax account issue. Handr block com A representative will call you back within 2 business days to schedule an in-person appointment at your convenience. Handr block com If you have an ongoing, complex tax account problem or a special need, such as a disability, an appointment can be requested. Handr block com All other issues will be handled without an appointment. Handr block com To find the number of your local office, go to www. Handr block com irs. Handr block com gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Handr block com Mail. Handr block com You can send your order for forms, instructions, and publications to the address below. Handr block com You should receive a response within 10 days after your request is received. Handr block com  Internal Revenue Service 1201 N. Handr block com Mitsubishi Motorway Bloomington, IL 61705-6613 Taxpayer Advocate Service. Handr block com   The Taxpayer Advocate Service (TAS) is your voice at the IRS. Handr block com Our job is to ensure that every taxpayer is treated fairly, and that you know and understand your rights. Handr block com We offer free help to guide you through the often-confusing process of resolving tax problems that you haven’t been able to solve on your own. Handr block com Remember, the worst thing you can do is nothing at all. Handr block com   TAS can help if you can’t resolve your problem with the IRS and: Your problem is causing financial difficulties for you, your family, or your business. Handr block com You face (or your business is facing) an immediate threat of adverse action. Handr block com You have tried repeatedly to contact the IRS but no one has responded, or the IRS has not responded to you by the date promised. Handr block com   If you qualify for our help, we’ll do everything we can to get your problem resolved. Handr block com You will be assigned to one advocate who will be with you at every turn. Handr block com We have offices in every state, the District of Columbia, and Puerto Rico. Handr block com Although TAS is independent within the IRS, our advocates know how to work with the IRS to get your problems resolved. Handr block com And our services are always free. Handr block com   As a taxpayer, you have rights that the IRS must abide by in its dealings with you. Handr block com Our tax toolkit at www. Handr block com TaxpayerAdvocate. Handr block com irs. Handr block com gov can help you understand these rights. Handr block com   If you think TAS might be able to help you, call your local advocate, whose number is in your phone book and on our website at www. Handr block com irs. Handr block com gov/advocate. Handr block com You can also call our toll-free number at 1-877-777-4778. Handr block com   TAS also handles large-scale or systemic problems that affect many taxpayers. Handr block com If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System at www. Handr block com irs. Handr block com gov/advocate. Handr block com Low Income Taxpayer Clinics (LITCs). Handr block com   Low Income Taxpayer Clinics (LITCs) are independent from the IRS. Handr block com Some clinics serve individuals whose income is below a certain level and who need to resolve a tax problem. Handr block com These clinics provide professional representation before the IRS or in court on audits, appeals, tax collection disputes, and other issues for free or for a small fee. Handr block com Some clinics can provide information about taxpayer rights and responsibilities in many different languages for individuals who speak English as a second language. Handr block com For more information and to find a clinic near you, see the LITC page on www. Handr block com irs. Handr block com gov/advocate or IRS Publication 4134, Low Income Taxpayer Clinic List. Handr block com This publication is also available by calling 1-800-829-3676 or at your local IRS office. Handr block com Free tax services. Handr block com   Publication 910, IRS Guide to Free Tax Services, is your guide to IRS services and resources. Handr block com Learn about free tax information from the IRS, including publications, services, and education and assistance programs. Handr block com The publication also has an index of over 100 TeleTax topics (recorded tax information) you can listen to on the telephone. Handr block com The majority of the information and services listed in this publication are available to you free of charge. Handr block com If there is a fee associated with a resource or service, it is listed in the publication. Handr block com   Accessible versions of IRS published products are available on request in a variety of alternative formats for people with disabilities. Handr block com DVD for tax products. Handr block com You can order Publication 1796, IRS Tax Products DVD, and obtain: Current-year forms, instructions, and publications. Handr block com Prior-year forms, instructions, and publications. Handr block com Tax Map: an electronic research tool and finding aid. Handr block com Tax law frequently asked questions. Handr block com Tax Topics from the IRS telephone response system. Handr block com Internal Revenue Code—Title 26 of the U. Handr block com S. Handr block com Code. Handr block com Links to other Internet based Tax Research Materials. Handr block com Fill-in, print, and save features for most tax forms. Handr block com Internal Revenue Bulletins. Handr block com Toll-free and email technical support. Handr block com Two releases during the year. Handr block com  – The first release will ship the beginning of January. Handr block com  – The final release will ship the beginning of March. Handr block com Purchase the DVD from National Technical Information Service (NTIS) at www. Handr block com irs. Handr block com gov/cdorders for $30 (no handling fee) or call 1-877-233-6767 toll free to buy the DVD for $30 (plus a $6 handling fee). Handr block com This image is too large to be displayed in the current screen. Handr block com Please click the link to view the image. Handr block com Fill-in Form 8300 Prev  Up  Next   Home   More Online Publications