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Irs 2012 Taxes

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Irs 2012 Taxes

Irs 2012 taxes Publication 51 - Introductory Material Table of Contents Future Developments What's New Reminders Calendar Introduction Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 51 (Circular A), such as legislation enacted after it was published, go to www. Irs 2012 taxes irs. Irs 2012 taxes gov/pub51. Irs 2012 taxes What's New Social security and Medicare tax for 2014. Irs 2012 taxes  The social security tax rate is 6. Irs 2012 taxes 2% each for the employee and employer, unchanged from 2013. Irs 2012 taxes The social security wage base limit is $117,000. Irs 2012 taxes The Medicare tax rate is 1. Irs 2012 taxes 45% each for the employee and employer, unchanged from 2013. Irs 2012 taxes There is no wage base limit for Medicare tax. Irs 2012 taxes Social security and Medicare taxes apply to the wages of household workers you pay $1,900 or more in cash or an equivalent form of compensation. Irs 2012 taxes Withholding allowance. Irs 2012 taxes  The 2014 amount for one withholding allowance on an annual basis is $3,950. Irs 2012 taxes Change of responsible party. Irs 2012 taxes  Beginning January 1, 2014, any entity with an employer identification number (EIN) must file Form 8822-B, Change of Address or Responsible Party—Business, to report the latest change to its responsible party. Irs 2012 taxes Form 8822-B must be filed within 60 days of the change. Irs 2012 taxes If the change in the identity of your responsible party occurred before 2014, and you have not previously notified the IRS of the change, file Form 8822-B before March 1, 2014, reporting only the most recent change. Irs 2012 taxes For a definition of "responsible party", see the Form 8822-B instructions. Irs 2012 taxes Same-sex marriage. Irs 2012 taxes  For federal tax purposes, individuals of the same sex are considered married if they were lawfully married in a state (or foreign country) whose laws authorize the marriage of two individuals of the same sex, even if the state (or foreign country) in which they now live does not recognize same-sex marriage. Irs 2012 taxes For more information, see Revenue Ruling 2013-17, 2013-38 I. Irs 2012 taxes R. Irs 2012 taxes B. Irs 2012 taxes 201, available at www. Irs 2012 taxes irs. Irs 2012 taxes gov/irb/2013-38_IRB/ar07. Irs 2012 taxes html. Irs 2012 taxes Notice 2013-61 provides special administrative procedures for employers to make claims for refund or adjustments of overpayments of social security and Medicare taxes with respect to certain same-sex spouse benefits before expiration of the period of limitations. Irs 2012 taxes Notice 2013-61, 2013-44 I. Irs 2012 taxes R. Irs 2012 taxes B. Irs 2012 taxes 432, is available at www. Irs 2012 taxes irs. Irs 2012 taxes gov/irb/2013-44_IRB/ar10. Irs 2012 taxes html. Irs 2012 taxes Reminders Additional Medicare Tax withholding. Irs 2012 taxes  In addition to withholding Medicare tax at 1. Irs 2012 taxes 45%, you must withhold a 0. Irs 2012 taxes 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. Irs 2012 taxes You are required to begin withholding Additional Medicare Tax in the pay period in which you pay wages in excess of $200,000 to an employee and continue to withhold it each pay period until the end of the calendar year. Irs 2012 taxes Additional Medicare Tax is only imposed on the employee. Irs 2012 taxes There is no employer share of Additional Medicare Tax. Irs 2012 taxes All wages that are subject to Medicare tax are subject to Additional Medicare Tax withholding if paid in excess of the $200,000 withholding threshold. Irs 2012 taxes For more information on what wages are subject to Medicare tax, see the chart, Special Rules for Various Types of Services and Payments, in section 15 of Publication 15 (Circular E), Employer's Tax Guide. Irs 2012 taxes For more information on Additional Medicare Tax, visit IRS. Irs 2012 taxes gov and enter “Additional Medicare Tax” in the search box. Irs 2012 taxes Work opportunity tax credit for qualified tax-exempt organizations hiring qualified veterans. Irs 2012 taxes  The work opportunity tax credit is available for eligible unemployed veterans who begin work on or after November 22, 2011, and before January 1, 2014. Irs 2012 taxes Qualified tax-exempt organizations that hire eligible unemployed veterans can claim the work opportunity tax credit against their payroll tax liability using Form 5884-C, Work Opportunity Credit for Qualified Tax-Exempt Organizations Hiring Qualified Veterans. Irs 2012 taxes For more information, visit IRS. Irs 2012 taxes gov and enter “work opportunity tax credit” in the search box. Irs 2012 taxes Outsourcing payroll duties. Irs 2012 taxes  Employers are responsible to ensure that tax returns are filed and deposits and payments are made, even if the employer contracts with a third party to perform these acts. Irs 2012 taxes The employer remains responsible if the third party fails to perform any required action. Irs 2012 taxes If you choose to outsource any of your payroll and related tax duties (that is, withholding, reporting, and paying over social security, Medicare, FUTA, and income taxes) to a third-party payer such as a payroll service provider or reporting agent, visit IRS. Irs 2012 taxes gov and enter “outsourcing payroll duties” in the search box for helpful information on this topic. Irs 2012 taxes COBRA premium assistance credit. Irs 2012 taxes  The credit for COBRA premium assistance payments applies to premiums paid for employees involuntarily terminated between September 1, 2008, and May 31, 2010, and to premiums paid for up to 15 months. Irs 2012 taxes For more information, see COBRA premium assistance credit under Introduction. Irs 2012 taxes Compensation paid to H-2A foreign agricultural workers. Irs 2012 taxes  Report compensation of $600 or more paid to foreign agricultural workers who entered the country on H-2A visas in box 1 of Form W-2, Wage and Tax Statement. Irs 2012 taxes Compensation paid to H-2A workers for agricultural labor performed in connection with this visa is not subject to social security and Medicare taxes, and therefore should not be reported as wages subject to social security tax (line 2), Medicare tax (line 4), or Additional Medicare Tax withholding (line 6) on Form 943, Employer's Annual Federal Tax Return for Agricultural Employees, and should not be reported as social security wages (box 3) or Medicare wages (box 5) on Form W-2. Irs 2012 taxes On Form W-2, do not check box 13 (Statutory employee), as H-2A workers are not statutory employees. Irs 2012 taxes An employer is not required to withhold federal income tax from compensation it pays an H-2A worker for agricultural labor performed in connection with this visa unless the worker asks for withholding and the employer agrees. Irs 2012 taxes In that case, the worker must give the employer a completed Form W-4, Employee's Withholding Allowance Certificate. Irs 2012 taxes Federal income tax withheld should be reported on Form 943, line 8, and in box 2 of Form W-2. Irs 2012 taxes These reporting rules apply when the H-2A worker provides his or her taxpayer identification number (TIN) to the employer. Irs 2012 taxes For the rules relating to backup withholding and reporting when the H-2A worker does not provide a TIN, see the Instructions for Form 1099-MISC and the Instructions for Form 945. Irs 2012 taxes Additional employment tax information. Irs 2012 taxes  Visit the IRS website at www. Irs 2012 taxes irs. Irs 2012 taxes gov/businesses and click on Employment Taxes under Businesses Topics. Irs 2012 taxes For employment tax information by telephone, call 1-800-829-4933 or 1-800-829-4059 (TDD/TTY for persons who are deaf, hard of hearing, or have a speech disability) Monday–Friday from 7:00 a. Irs 2012 taxes m. Irs 2012 taxes –7:00 p. Irs 2012 taxes m. Irs 2012 taxes local time (Alaska and Hawaii follow Pacific time). Irs 2012 taxes Additionally, you can call IRS TeleTax at 1-800-829-4477 for recorded information by topic. Irs 2012 taxes Disregarded entities and qualified subchapter S subsidiaries (QSubs). Irs 2012 taxes  Eligible single-owner disregarded entities and QSubs are treated as separate entities for employment tax purposes. Irs 2012 taxes Eligible single-member entities that have not elected to be taxed as corporations must report and pay employment taxes on wages paid to their employees using the entities' own names and EINs. Irs 2012 taxes See Regulations sections 1. Irs 2012 taxes 1361-4(a)(7) and 301. Irs 2012 taxes 7701-2(c)(2)(iv). Irs 2012 taxes Differential wage payments. Irs 2012 taxes  Qualified differential wage payments made by employers to individuals serving in the Armed Forces after 2008 are subject to income tax withholding but not social security, Medicare, or FUTA taxes. Irs 2012 taxes For more information, see Publication 15 (Circular E). Irs 2012 taxes Federal tax deposits must be made by electronic funds transfer. Irs 2012 taxes  You must use electronic funds transfer to make all federal tax deposits. Irs 2012 taxes Generally, electronic fund transfers are made using the Electronic Federal Tax Payment System (EFTPS). Irs 2012 taxes If you do not want to use EFTPS, you can arrange for your tax professional, financial institution, payroll service, or other trusted third party to make electronic deposits on your behalf. Irs 2012 taxes Also, you may arrange for your financial institution to initiate a same-day wire payment on your behalf. Irs 2012 taxes EFTPS is a free service provided by the Department of Treasury. Irs 2012 taxes Services provided by your tax professional, financial institution, payroll service, or other third party may have a fee. Irs 2012 taxes For more information on making federal tax deposits, see How To Deposit in section 7. Irs 2012 taxes To get more information about EFTPS or to enroll in EFTPS, visit www. Irs 2012 taxes eftps. Irs 2012 taxes gov or call 1-800-555-4477 or 1-800-733-4829 (TDD). Irs 2012 taxes Additional information about EFTPS is also available in Publication 966, Electronic Federal Tax Payment System: A Guide To Getting Started. Irs 2012 taxes Electronic filing and payment. Irs 2012 taxes  Now, more than ever before, businesses can enjoy the benefits of filing tax returns and paying their taxes electronically. Irs 2012 taxes Whether you rely on a tax professional or handle your own taxes, the IRS offers you convenient programs to make it easier. Irs 2012 taxes Spend less time and worry on taxes and more time running your business. Irs 2012 taxes Use e-file and the Electronic Federal Tax Payment System (EFTPS) to your benefit. Irs 2012 taxes For e-file, visit the IRS website at www. Irs 2012 taxes irs. Irs 2012 taxes gov/efile for additional information. Irs 2012 taxes For EFTPS, visit www. Irs 2012 taxes eftps. Irs 2012 taxes gov or call EFTPS Customer Service at 1-800-555-4477 (business), 1-800-316-6541 (individual), or 1-800-733-4829 (TDD) for additional information. Irs 2012 taxes For electronic filing of Form W-2, visit www. Irs 2012 taxes socialsecurity. Irs 2012 taxes gov/employer. Irs 2012 taxes If you are filing your tax return or paying your federal taxes electronically, a valid EIN is required. Irs 2012 taxes If a valid EIN is not provided, the return or payment will not be processed. Irs 2012 taxes This may result in penalties and delays in processing your return or payment. Irs 2012 taxes Electronic funds withdrawal (EFW). Irs 2012 taxes  If you file Form 943 electronically, you can e-file and e-pay (electronic funds withdrawal) the balance due in a single step using tax preparation software or through a tax professional. Irs 2012 taxes However, do not use EFW to make federal tax deposits. Irs 2012 taxes For more information on paying your taxes using EFW, visit the IRS website at www. Irs 2012 taxes irs. Irs 2012 taxes gov/e-pay. Irs 2012 taxes A fee may be charged to file electronically. Irs 2012 taxes Credit or debit card payments. Irs 2012 taxes   Employers can pay the balance due shown on Form 943 by credit or debit card. Irs 2012 taxes Do not use a credit or debit card to make federal tax deposits. Irs 2012 taxes For more information on paying your taxes with a credit or debit card, visit the IRS website at www. Irs 2012 taxes irs. Irs 2012 taxes gov/e-pay. Irs 2012 taxes When you hire a new employee. Irs 2012 taxes  Ask each new employee to complete the 2014 Form W-4 or its Spanish version, Formulario W-4(SP), Certificado de Exención de Retenciones del Empleado. Irs 2012 taxes Also, ask the employee to show you his or her social security card so that you can record the employee's name and social security number accurately. Irs 2012 taxes If the employee has lost the card or recently changed names, have the employee apply for a duplicate or corrected card. Irs 2012 taxes If the employee does not have a card, have the employee apply for one on Form SS-5, Application for a Social Security Card. Irs 2012 taxes See section 1 for more information. Irs 2012 taxes Eligibility for employment. Irs 2012 taxes  You must verify that each new employee is legally eligible to work in the United States. Irs 2012 taxes This includes completing the U. Irs 2012 taxes S. Irs 2012 taxes Citizenship and Immigration Services (USCIS) Form I-9, Employment Eligibility Verification. Irs 2012 taxes You can get the form from USCIS offices or by calling 1-800-870-3676. Irs 2012 taxes Contact the USCIS at 1-800-375-5283, or visit the USCIS website at www. Irs 2012 taxes uscis. Irs 2012 taxes gov for more information. Irs 2012 taxes New hire reporting. Irs 2012 taxes   You are required to report any new employee to a designated state new-hire registry. Irs 2012 taxes A new employee is an employee who has not previously been employed by you or was previously employed by you but has been separated from such prior employment for at least 60 consecutive days. Irs 2012 taxes Many states accept a copy of Form W-4 with employer information added. Irs 2012 taxes Visit the Office of Child Support Enforcement's website at www. Irs 2012 taxes acf. Irs 2012 taxes hhs. Irs 2012 taxes gov/programs/cse/newhire for more information. Irs 2012 taxes Dishonored payments. Irs 2012 taxes  Any form of payment that is dishonored and returned from a financial institution is subject to a penalty. Irs 2012 taxes The penalty is $25 or 2% of the payment, whichever is more. Irs 2012 taxes However, the penalty on dishonored payments of $24. Irs 2012 taxes 99 or less is an amount equal to the payment. Irs 2012 taxes For example, a dishonored payment of $18 is charged a penalty of $18. Irs 2012 taxes Forms in Spanish. Irs 2012 taxes  You can provide Formulario W-4(SP) in place of Form W-4 to your Spanish-speaking employees. Irs 2012 taxes For more information, see Publicación 17(SP), El Impuesto Federal sobre los Ingresos (Para Personas Físicas). Irs 2012 taxes For nonemployees, Formulario W-9(SP), Solicitud y Certificación del Número de Identificación del Contribuyente, may be used in place of Form W-9, Request for Taxpayer Identification Number and Certification. Irs 2012 taxes References in this publication to Form W-4 or Form W-9 also apply to their equivalent Spanish translations—Formulario W-4(SP) or Formulario W-9(SP). Irs 2012 taxes Information returns. Irs 2012 taxes  You may be required to file information returns to report certain types of payments made during the year. Irs 2012 taxes For example, you must file Form 1099-MISC, Miscellaneous Income, to report payments of $600 or more to persons not treated as employees (for example, independent contractors) for services performed for your trade or business. Irs 2012 taxes For details about filing Forms 1099 and for information about required electronic filing, see the General Instructions for Certain Information Returns for general information and the separate, specific instructions for each information return that you file (for example, Instructions for Form 1099-MISC). Irs 2012 taxes Generally, do not use Forms 1099 to report wages or other compensation that you paid to employees; report these amounts on Form W-2. Irs 2012 taxes See the General Instructions for Forms W-2 and W-3 for details about filing Forms W-2 and for information about required electronic filing. Irs 2012 taxes If you file 250 or more Forms W-2, you must file them electronically. Irs 2012 taxes SSA will not accept Forms W-2 and W-3 filed on any magnetic media. Irs 2012 taxes Information reporting customer service site. Irs 2012 taxes  The IRS operates the Enterprise Computing Center—Martinsburg, a centralized customer service site, to answer questions about reporting on Forms W-2, W-3, 1099, and other information returns. Irs 2012 taxes If you have questions related to reporting on information returns, you may call 1-866-455-7438 (toll free), 304-263-8700 (toll call), or 304-267-3367 (TDD/TTY for persons who are deaf, heard of hearing, or have a speech disability). Irs 2012 taxes The call site can also be reached by email at mccirp@irs. Irs 2012 taxes gov. Irs 2012 taxes Do not include tax identification numbers (TINs) or attachments in email correspondence because electronic mail is not secure. Irs 2012 taxes Web-based application for an employer identification number (EIN). Irs 2012 taxes  You can apply for an employer identification number (EIN) online by visiting IRS. Irs 2012 taxes gov and clicking on the Apply for an EIN Online link under Tools. Irs 2012 taxes When a crew leader furnishes workers to you. Irs 2012 taxes  Record the crew leader's name, address, and EIN. Irs 2012 taxes See sections 2 and 10. Irs 2012 taxes Change of address. Irs 2012 taxes  Use Form 8822-B to notify the IRS of an address change. Irs 2012 taxes Do not mail form 8822-B with your employment tax return. Irs 2012 taxes Ordering forms and publications. Irs 2012 taxes  You can order your 2013 and 2014 employment tax and information return forms, instructions, and publications online at www. Irs 2012 taxes irs. Irs 2012 taxes gov/businesses. Irs 2012 taxes Click on the Online Ordering for Information Returns and Employer Returns. Irs 2012 taxes You can also visit www. Irs 2012 taxes irs. Irs 2012 taxes gov/formspubs to download other forms and publications. Irs 2012 taxes Instead of ordering paper Forms W-2 and W-3, consider filing them electronically using the Social Security Administration's (SSA) free e-file service. Irs 2012 taxes Visit the SSA's Employer W-2 Filing Instructions & Information website at  www. Irs 2012 taxes socialsecurity. Irs 2012 taxes gov/employer, to register for Business Services Online. Irs 2012 taxes You will be able to create and file “fill-in” versions of Forms W-2 with SSA and can print out completed copies of Forms W-2 for filing with state and local governments, distribution to your employees, and for your records. Irs 2012 taxes Form W-3 will be created for you based on your Forms W-2. Irs 2012 taxes Tax Questions. Irs 2012 taxes   If you have a tax question, check the information available on IRS. Irs 2012 taxes gov or call 1-800-829-4933 (businesses), 1-800-829-1040 (individuals), or 1-800-829-4059 (TDD/TTY for persons who are deaf, hard of hearing, or have a speech disability) Monday–Friday from 7:00 a. Irs 2012 taxes m. Irs 2012 taxes –7:00 p. Irs 2012 taxes m. Irs 2012 taxes local time (Alaska and Hawaii follow Pacific time). Irs 2012 taxes We cannot answer tax questions sent to the address provided later for comments and suggestions. Irs 2012 taxes Recordkeeping. Irs 2012 taxes  Keep all records of employment taxes for at least 4 years. Irs 2012 taxes These should be available for IRS review. Irs 2012 taxes Your records should include the following information. Irs 2012 taxes Your employer identification number (EIN). Irs 2012 taxes Amounts and dates of all wage, annuity, and pension payments. Irs 2012 taxes Names, addresses, social security numbers, and occupations of employees and recipients. Irs 2012 taxes Any employee copies of Forms W-2 and W-2c returned to you as undeliverable. Irs 2012 taxes Dates of employment for each employee. Irs 2012 taxes Periods for which employees and recipients were paid while absent due to sickness or injury and the amount and weekly rate of payments you or third-party payers made to them. Irs 2012 taxes Copies of employees' and recipients' income tax withholding allowance certificates (Forms W-4, W-4(SP), W-4P, and W-4S). Irs 2012 taxes Dates and amounts of tax deposits you made and acknowledgment numbers for deposits made by EFTPS. Irs 2012 taxes Copies of returns filed and confirmation numbers. Irs 2012 taxes Records of fringe benefits and expense reimbursements provided to your employees, including substantiation. Irs 2012 taxes If a crew leader furnished you with farmworkers, you must keep a record of the name, permanent mailing address, and EIN of the crew leader. Irs 2012 taxes If the crew leader has no permanent mailing address, record his or her present address. Irs 2012 taxes Private delivery services. Irs 2012 taxes  You can use certain private delivery services designated by the IRS to send tax returns and payments. Irs 2012 taxes The list includes only the following. Irs 2012 taxes DHL Express (DHL): DHL Same Day Service. Irs 2012 taxes Federal Express (FedEx): FedEx Priority Overnight, FedEx Standard Overnight, FedEx 2Day, FedEx International Priority, and FedEx International First. Irs 2012 taxes United Parcel Service (UPS): UPS Next Day Air, UPS Next Day Air Saver, UPS 2nd Day Air, UPS 2nd Day Air A. Irs 2012 taxes M. Irs 2012 taxes , UPS Worldwide Express Plus, and UPS Worldwide Express. Irs 2012 taxes For the IRS mailing address to use if you are using a private delivery service, go to IRS. Irs 2012 taxes gov and enter "private delivery service" in the search box. Irs 2012 taxes Your private delivery service can tell you how to get written proof of the mailing date. Irs 2012 taxes Private delivery services cannot deliver items to P. Irs 2012 taxes O. Irs 2012 taxes boxes. Irs 2012 taxes You must use the U. Irs 2012 taxes S. Irs 2012 taxes Postal Service to mail any item to an IRS P. Irs 2012 taxes O. Irs 2012 taxes box address. Irs 2012 taxes Photographs of missing children. Irs 2012 taxes  The IRS is a proud partner with the National Center for Missing and Exploited Children. Irs 2012 taxes Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Irs 2012 taxes 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. Irs 2012 taxes Calendar The following are important dates and responsibilities. Irs 2012 taxes See section 7 for information about depositing taxes reported on Forms 941, 943, 944, and 945. Irs 2012 taxes Also see Publication 509, Tax Calendars. Irs 2012 taxes   If any date shown below for filing a return, furnishing a form, or depositing taxes falls on a Saturday, Sunday, or legal holiday, the due date is the next business day. Irs 2012 taxes A statewide legal holiday delays a filing due date only if the IRS office where you are required to file is located in that state. Irs 2012 taxes However, a statewide legal holiday does not delay the due date of federal tax deposits. Irs 2012 taxes See Deposits on Business Days Only in section 7. Irs 2012 taxes For any filing due date, you will meet the “file” or “furnish” requirement if the envelope containing the return or form is properly addressed, contains sufficient postage, and is postmarked by the U. Irs 2012 taxes S. Irs 2012 taxes Postal Service on or before the due date, or sent by an IRS-designated delivery service on or before the due date. Irs 2012 taxes See Private delivery services under Reminders. Irs 2012 taxes By January 31 . Irs 2012 taxes   File Form 943. Irs 2012 taxes See section 8 for more information on Form 943. Irs 2012 taxes If you deposited all Form 943 taxes when due, you have 10 additional calendar days to file. Irs 2012 taxes Furnish each employee with a completed Form W-2. Irs 2012 taxes Furnish each recipient to whom you paid $600 or more in nonemployee compensation with a completed Form 1099 (for example, Form 1099-MISC). Irs 2012 taxes File Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return. Irs 2012 taxes See section 10 for more information on FUTA. Irs 2012 taxes If you deposited all the FUTA tax when due, you have 10 additional calendar days to file. Irs 2012 taxes File Form 945, Annual Return of Withheld Federal Income Tax, to report any nonpayroll federal income tax withheld in 2013. Irs 2012 taxes If you deposited all Form 945 taxes when due, you have 10 additional calendar days to file. Irs 2012 taxes By February 15. Irs 2012 taxes  Ask for a new Form W-4 or Formulario W-4(SP) from each employee who claimed exemption from federal income tax withholding last year. Irs 2012 taxes On February 16. Irs 2012 taxes  Any Form W-4 claiming exemption from withholding for the previous year has now expired. Irs 2012 taxes Begin withholding for any employee who previously claimed exemption from withholding but has not given you a new Form W-4 for the current year. Irs 2012 taxes If the employee does not give you a new Form W-4, withhold tax based on the last valid Form W-4 you have for the employee that does not claim exemption from withholding or, if one does not exist, as if he or she is single with zero withholding allowances. Irs 2012 taxes See section 5 for more information. Irs 2012 taxes If the employee furnishes a new Form W-4 claiming exemption from withholding after February 15, you may apply the exemption to future wages, but do not refund taxes withheld while the exempt status was not in place. Irs 2012 taxes By February 28. Irs 2012 taxes   File paper Forms 1099 and 1096. Irs 2012 taxes File Copy A of all paper Forms 1099 with Form 1096, Annual Summary and Transmittal of U. Irs 2012 taxes S. Irs 2012 taxes Information Returns, with the IRS. Irs 2012 taxes For electronically filed returns, see By March 31 below. Irs 2012 taxes File paper Forms W-2 and W-3. Irs 2012 taxes File Copy A of all paper Forms W-2 with Form W-3, Transmittal of Wage and Tax Statements, with the SSA. Irs 2012 taxes For electronically filed returns, see By March 31 next. Irs 2012 taxes By March 31. Irs 2012 taxes   File electronic Forms W-2 and 1099. Irs 2012 taxes File electronic Forms W-2 with the SSA and Forms 1099 with the IRS. Irs 2012 taxes For more information on reporting Form W-2 information to the SSA electronically, visit the SSA's Employer W-2 Filing Instructions & Information webpage at www. Irs 2012 taxes socialsecurity. Irs 2012 taxes gov/employer. Irs 2012 taxes For information on filing information returns electronically with the IRS, see Publication 1220, Specifications for Electronic Filing of Forms 1097, 1098, 1099, 3921, 3922, 5498, 8935, and W-2G. Irs 2012 taxes By April 30, July 31, October 31, and January 31. Irs 2012 taxes   Deposit FUTA taxes. Irs 2012 taxes Deposit FUTA tax if the undeposited amount is over $500. Irs 2012 taxes Before December 1. Irs 2012 taxes  Remind employees to submit a new Form W-4 if their marital status or withholding allowances have changed or will change for the next year. Irs 2012 taxes Introduction This publication is for employers of agricultural workers (farmworkers). Irs 2012 taxes It contains information that you may need to comply with the laws for agricultural labor (farmwork) relating to social security and Medicare taxes, FUTA tax, and withheld federal income tax (employment taxes). Irs 2012 taxes Agricultural employers report social security and Medicare taxes and withheld federal income tax on Form 943 and report FUTA tax on Form 940. Irs 2012 taxes If you have nonfarm employees, see Publication 15 (Circular E). Irs 2012 taxes If you have employees in the U. Irs 2012 taxes S. Irs 2012 taxes Virgin Islands, Guam, American Samoa, or the Commonwealth of the Northern Mariana Islands, see Publication 80 (Circular SS). Irs 2012 taxes Publication 15-A, Employer's Supplemental Tax Guide, contains more employment-related information, including information about sick pay and pension income. Irs 2012 taxes Publication 15-B, Employer's Tax Guide to Fringe Benefits, contains information about the employment tax treatment and valuation of various types of noncash compensation. Irs 2012 taxes Comments and suggestions. Irs 2012 taxes   We welcome your comments about this publication and your suggestions for future editions. Irs 2012 taxes   You can write to us at the following address:  Internal Revenue Service Tax Forms and Publications Division  1111 Constitution Ave. Irs 2012 taxes NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Irs 2012 taxes Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Irs 2012 taxes   You can also send us comments from www. Irs 2012 taxes irs. Irs 2012 taxes gov/formspubs. Irs 2012 taxes Click on More Information and then click on Comment on Tax Forms and Publications. Irs 2012 taxes   Although we cannot respond individually to each email, we do appreciate your feedback and will consider your comments as we revise our tax forms, instructions, and publications. Irs 2012 taxes COBRA premium assistance credit. Irs 2012 taxes   The Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) provides certain former employees, retirees, spouses, former spouses, and dependent children the right to temporary continuation of health coverage at group rates. Irs 2012 taxes COBRA generally covers multiemployer health plans and health plans maintained by private-sector employers (other than churches) with 20 or more full and part-time employees. Irs 2012 taxes Parallel requirements apply to these plans under the Employee Retirement Income Security Act of 1974 (ERISA). Irs 2012 taxes Under the Public Health Service Act, COBRA requirements apply also to health plans covering state or local government employees. Irs 2012 taxes Similar requirements apply under the Federal Employees Health Benefits Program and under some state laws. Irs 2012 taxes For the premium assistance (or subsidy) discussed below, these requirements are all referred to as COBRA requirements. Irs 2012 taxes   Under the American Recovery and Reinvestment Act of 2009 (ARRA), employers are allowed a credit against “payroll taxes” (referred to in this publication as “employment taxes”) for providing COBRA premium assistance to assistance eligible individuals. Irs 2012 taxes For periods of COBRA continuation coverage beginning after February 16, 2009, a group health plan must treat an assistance eligible individual as having paid the required COBRA continuation coverage premium if the individual elects COBRA coverage and pays 35% of the amount of the premium. Irs 2012 taxes   An assistance eligible individual is a qualified beneficiary of an employer's group health plan who is eligible for COBRA continuation coverage during the period beginning September 1, 2008, and ending May 31, 2010, due to the involuntarily termination from employment of a covered employee during the period and elects continuation COBRA coverage. Irs 2012 taxes The assistance for the coverage can last up to 15 months. Irs 2012 taxes   Employees terminated during the period beginning September 1, 2008, and ending May 31, 2010, who received a severance package that delayed the start of the COBRA continuation coverage, may still be eligible for premium assistance for COBRA continuation coverage. Irs 2012 taxes For more information, see Notice 2009-27, 2009-16 I. Irs 2012 taxes R. Irs 2012 taxes B. Irs 2012 taxes 838, available at www. Irs 2012 taxes irs. Irs 2012 taxes gov/irb/2009-16_irb/ar09. Irs 2012 taxes html. Irs 2012 taxes   Administrators of the group health plans (or other entities) that provide or administer COBRA continuation coverage must provide notice to assistance eligible individuals of the COBRA premium assistance. Irs 2012 taxes   The 65% of the premium not paid by the assistance eligible individual is reimbursed to the employer maintaining the group health plan. Irs 2012 taxes The reimbursement is made through a credit against the employer's employment tax liabilities. Irs 2012 taxes For information on how to claim the credit, see the Instructions for Form 943. Irs 2012 taxes The credit is treated as a deposit made on the first day of the return period. Irs 2012 taxes In the case of a multiemployer plan, the credit is claimed by the plan, rather than the employer. Irs 2012 taxes In the case of an insured plan subject to state law continuation coverage requirements, the credit is claimed by the insurance company, rather than the employer. Irs 2012 taxes   Anyone claiming the credit for COBRA premium assistance payments must maintain the following information to support their claim, including the following. Irs 2012 taxes Information on the receipt of the assistance eligible individuals' 35% share of the premium including dates and amounts. Irs 2012 taxes In the case of an insurance plan, a copy of invoice or other supporting statement from the insurance carrier and proof of timely payment of the full premium to the insurance carrier required under COBRA. Irs 2012 taxes In the case of a self-insured plan, proof of the premium amount and proof of the coverage provided to the assistance eligible individuals. Irs 2012 taxes Attestation of involuntary termination, including the date of the involuntary termination for each covered employee whose involuntary termination is the basis for eligibility for the subsidy. Irs 2012 taxes Proof of each assistance eligible individual's eligibility for COBRA coverage and the election of COBRA coverage. Irs 2012 taxes A record of the social security numbers (SSNs) of all covered employees, the amount of the subsidy reimbursed with respect to each covered employee, and whether the subsidy was for one individual or two or more individuals. Irs 2012 taxes   For more information, visit IRS. Irs 2012 taxes gov and enter “COBRA” in the search box. Irs 2012 taxes Useful Items - You may want to see: Publication 15 (Circular E), Employer's Tax Guide 15-A Employer's Supplemental Tax Guide 15-B Employer's Tax Guide to Fringe Benefits 225 Farmer's Tax Guide 535 Business Expenses 583 Starting a Business and Keeping Records 1635 Employer Identification Number: Understanding Your EIN Prev  Up  Next   Home   More Online Publications
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The Irs 2012 Taxes

Irs 2012 taxes 9. Irs 2012 taxes   Education Exception to Additional Tax on Early IRA Distributions Table of Contents Introduction Who Is Eligible Figuring the Amount Not Subject to the 10% Tax Reporting Early Distributions Introduction Generally, if you take a distribution from your IRA before you reach age 59½, you must pay a 10% additional tax on the early distribution. Irs 2012 taxes This applies to any IRA you own, whether it is a traditional IRA (including a SEP-IRA), a Roth IRA, or a SIMPLE IRA. Irs 2012 taxes The additional tax on an early distribution from a SIMPLE IRA may be as high as 25%. Irs 2012 taxes See Publication 560, Retirement Plans for Small Business, for information on SEP-IRAs, and Publication 590, for information about all other IRAs. Irs 2012 taxes However, you can take distributions from your IRAs for qualified higher education expenses without having to pay the 10% additional tax. Irs 2012 taxes You may owe income tax on at least part of the amount distributed, but you may not have to pay the 10% additional tax. Irs 2012 taxes Generally, if the taxable part of the distribution is less than or equal to the adjusted qualified education expenses (AQEE), none of the distribution is subject to the additional tax. Irs 2012 taxes If the taxable part of the distribution is more than the AQEE, only the excess is subject to the additional tax. Irs 2012 taxes Who Is Eligible You can take a distribution from your IRA before you reach age 59½ and not have to pay the 10% additional tax if, for the year of the distribution, you pay qualified education expenses for: yourself, your spouse, or your or your spouse's child, foster child, adopted child, or descendant of any of them. Irs 2012 taxes Qualified education expenses. Irs 2012 taxes   For purposes of the 10% additional tax, these expenses are tuition, fees, books, supplies, and equipment required for enrollment or attendance at an eligible educational institution. Irs 2012 taxes They also include expenses for special needs services incurred by or for special needs students in connection with their enrollment or attendance. Irs 2012 taxes   In addition, if the student is at least a half-time student, room and board are qualified education expenses. Irs 2012 taxes   The expense for room and board qualifies only to the extent that it is not more than the greater of the following two amounts. Irs 2012 taxes The allowance for room and board, as determined by the eligible educational institution, that was included in the cost of attendance (for federal financial aid purposes) for a particular academic period and living arrangement of the student. Irs 2012 taxes The actual amount charged if the student is residing in housing owned or operated by the eligible educational institution. Irs 2012 taxes You will need to contact the eligible educational institution for qualified room and board costs. Irs 2012 taxes Eligible educational institution. Irs 2012 taxes   An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. Irs 2012 taxes S. Irs 2012 taxes Department of Education. Irs 2012 taxes It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Irs 2012 taxes The educational institution should be able to tell you if it is an eligible educational institution. Irs 2012 taxes   Certain educational institutions located outside the United States also participate in the U. Irs 2012 taxes S. Irs 2012 taxes Department of Education's Federal Student Aid (FSA) programs. Irs 2012 taxes Half-time student. Irs 2012 taxes   A student is enrolled “at least half-time” if he or she is enrolled for at least half the full-time academic work load for the course of study the student is pursuing as determined under the standards of the school where the student is enrolled. Irs 2012 taxes Figuring the Amount Not Subject to the 10% Tax To determine the amount of your distribution that is not subject to the 10% additional tax, first figure your adjusted qualified education expenses. Irs 2012 taxes You do this by reducing your total qualified education expenses by any tax-free educational assistance, which includes: Expenses used to figure the tax-free portion of distributions from a Coverdell education savings account (ESA) (see Distributions in chapter 7, Coverdell Education Savings Account), The tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Pell grants (see Pell Grants and Other Title IV Need-Based Education Grants in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Veterans' educational assistance (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ), and Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. Irs 2012 taxes Do not reduce the qualified education expenses by amounts paid with funds the student receives as: Payment for services, such as wages, A loan, A gift, An inheritance given to either the student or the individual making the withdrawal, or A withdrawal from personal savings (including savings from a qualified tuition program (QTP)). Irs 2012 taxes If your IRA distribution is equal to or less than your adjusted qualified education expenses, you are not subject to the 10% additional tax. Irs 2012 taxes Example 1. Irs 2012 taxes In 2013, Erin (age 32) took a year off from teaching to attend graduate school full-time. Irs 2012 taxes She paid $5,800 of qualified education expenses from the following sources. Irs 2012 taxes   Employer-provided educational assistance  (tax free) $5,000     Early distribution from IRA (includes $500 taxable earnings) 3,200           Before Erin can determine if she must pay the 10% additional tax on her IRA distribution, she must reduce her total qualified education expenses. Irs 2012 taxes   Total qualified education expenses $5,800     Minus: Tax-free educational assistance −5,000     Equals: Adjusted qualified  education expenses (AQEE) $ 800   Because Erin's AQEE ($800) are more than the taxable portion of her IRA distribution ($500), she does not have to pay the 10% additional tax on any part of this distribution. Irs 2012 taxes However, she must include the $500 taxable earnings in her gross income subject to income tax. Irs 2012 taxes Example 2. Irs 2012 taxes Assume the same facts as in Example 1 , except that Erin deducted some of the contributions to her IRA, so the taxable part of her early distribution is higher by $1,000. Irs 2012 taxes This must be included in her income subject to income tax. Irs 2012 taxes The taxable part of Erin's IRA distribution ($1,000) is larger than her $800 AQEE. Irs 2012 taxes Therefore, she must pay the 10% additional tax on $200, the taxable part of her distribution ($1,000) that is more than her qualified education expenses ($800). Irs 2012 taxes She does not have to pay the 10% additional tax on the remaining $800 of her taxable distribution. Irs 2012 taxes Reporting Early Distributions By January 31, 2014, the payer of your IRA distribution should send you Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Irs 2012 taxes The information on this form will help you determine how much of your distribution is taxable for income tax purposes and how much is subject to the 10% additional tax. Irs 2012 taxes If you received an early distribution from your IRA, you must report the taxable earnings on Form 1040, line 15b (Form 1040NR, line 16b). Irs 2012 taxes Then, if you qualify for an exception for qualified higher education expenses, you must file Form 5329 to show how much, if any, of your early distribution is subject to the 10% additional tax. Irs 2012 taxes See the Instructions for Form 5329, Part I, for help in completing the form and entering the results on Form 1040 or 1040NR. Irs 2012 taxes There are many other situations in which Form 5329 is required. Irs 2012 taxes If, during 2013, you had other distributions from IRAs or qualified retirement plans, or have made excess contributions to certain tax-favored accounts, see the instructions for line 58 (Form 1040) or line 56 (Form 1040NR) to determine if you must file Form 5329. Irs 2012 taxes Prev  Up  Next   Home   More Online Publications