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Irs Forms 1040 2011

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Irs Forms 1040 2011

Irs forms 1040 2011 Publication 584-B - Main Content Table of Contents How To Use This Workbook Comments and SuggestionsOrdering forms and publications. Irs forms 1040 2011 Tax questions. Irs forms 1040 2011 How To Get Tax HelpLow Income Taxpayer Clinics (LITCs). Irs forms 1040 2011 How To Use This Workbook You can use this workbook by following these five steps. Irs forms 1040 2011 Read Publication 547 to learn about the tax rules for casualties, disasters, and thefts. Irs forms 1040 2011 Know the definitions of adjusted basis and fair market value, discussed below. Irs forms 1040 2011 Fill out Schedules 1 through 6. Irs forms 1040 2011 Read the Instructions for Form 4684. Irs forms 1040 2011 Fill out Form 4684 using the information you entered in Schedules 1 through 6. Irs forms 1040 2011 Use the chart below to find out how to use Schedules 1 through 6 to fill out Form 4684. Irs forms 1040 2011 Take what's in each row of. Irs forms 1040 2011 . Irs forms 1040 2011 . Irs forms 1040 2011 And enter it on Form 4684. Irs forms 1040 2011 . Irs forms 1040 2011 . Irs forms 1040 2011 Column 1 Line 19 Column 2 Line 20 Column 3 Line 21 Column 4 Line 22 Column 5 Line 23 Column 6 Line 24 Column 7 Line 25 Column 8 Line 26 Column 9 Line 27 Adjusted basis. Irs forms 1040 2011   Adjusted basis usually means original cost plus improvements, minus depreciation allowed or allowable (including any section 179 expense deduction), amortization, depletion, etc. Irs forms 1040 2011 If you did not acquire the property by purchasing it, your basis is determined as discussed in Publication 551, Basis of Assets. Irs forms 1040 2011 If you inherited the property from someone who died in 2010 and the executor of the decedent's estate made the election to file Form 8939, Allocation of Increase in Basis for Property Received From a Decedent, refer to the information provided by the executor or see Publication 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010. Irs forms 1040 2011 Fair market value. Irs forms 1040 2011   Fair market value is the price for which you could sell your property to a willing buyer, when neither of you has to sell or buy and both of you know all the relevant facts. Irs forms 1040 2011 When filling out Schedules 1 through 6, you need to know the fair market value of the property immediately before and immediately after the disaster or casualty. Irs forms 1040 2011 Deduction limits. Irs forms 1040 2011   If your casualty or theft loss involved a home you used for business or rented out, your deductible loss may be limited. Irs forms 1040 2011 See the Instructions for Form 4684, Section B. Irs forms 1040 2011 If the casualty or theft loss involved property used in a passive activity, see Form 8582, Passive Activity Loss Limitations, and its instructions. Irs forms 1040 2011   The casualty and theft loss deduction for employee property, when added to your job expenses and most other miscellaneous itemized deductions on Schedule A (Form 1040), must be reduced by 2% of your adjusted gross income. Irs forms 1040 2011 Employee property is property used in performing services as an employee. Irs forms 1040 2011 Comments and Suggestions We welcome your comments about this publication and your suggestions for future editions. Irs forms 1040 2011 You can write to us at the following address: Internal Revenue Service Individual Forms and Publications Branch SE:W:CAR:MP:T:I 1111 Constitution Ave. Irs forms 1040 2011 NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. Irs forms 1040 2011 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Irs forms 1040 2011 You can email us at taxforms@irs. Irs forms 1040 2011 gov. Irs forms 1040 2011 Please put “Publications Comment” on the subject line. Irs forms 1040 2011 You can also send us comments from www. Irs forms 1040 2011 irs. Irs forms 1040 2011 gov/formspubs/. Irs forms 1040 2011 Select “Comment on Tax Forms and Publications” under “Information about. Irs forms 1040 2011 ” Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Irs forms 1040 2011 Ordering forms and publications. Irs forms 1040 2011   Visit www. Irs forms 1040 2011 irs. Irs forms 1040 2011 gov/formspubs/ to download forms and publications, call 1-800-829-3676, or write to the address below and receive a response within 10 days after your request is received. Irs forms 1040 2011 Internal Revenue Service 1201 N. Irs forms 1040 2011 Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Irs forms 1040 2011   If you have a tax question, check the information available on IRS. Irs forms 1040 2011 gov or call 1-800-829-1040. Irs forms 1040 2011 We cannot answer tax questions sent to either of the above addresses. Irs forms 1040 2011 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. Irs forms 1040 2011 By selecting the method that is best for you, you will have quick and easy access to tax help. Irs forms 1040 2011 Free help with your return. Irs forms 1040 2011   Free help in preparing your return is available nationwide from IRS-certified volunteers. Irs forms 1040 2011 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. Irs forms 1040 2011 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. Irs forms 1040 2011 To find the nearest VITA or TCE site, visit IRS. Irs forms 1040 2011 gov or call 1-800-906-9887 or 1-800-829-1040. Irs forms 1040 2011   As part of the TCE program, AARP offers the Tax-Aide counseling program. Irs forms 1040 2011 To find the nearest AARP Tax-Aide site, call 1-888-227-7669 or visit AARP's website at www. Irs forms 1040 2011 aarp. Irs forms 1040 2011 org/money/taxaide. Irs forms 1040 2011   For more information on these programs, go to IRS. Irs forms 1040 2011 gov and enter keyword “VITA” in the upper right-hand corner. Irs forms 1040 2011 Internet. Irs forms 1040 2011 You can access the IRS website at IRS. Irs forms 1040 2011 gov 24 hours a day, 7 days a week to: Check the status of your 2011 refund. Irs forms 1040 2011 Go to IRS. Irs forms 1040 2011 gov and click on Where's My Refund. Irs forms 1040 2011 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. Irs forms 1040 2011 If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). Irs forms 1040 2011 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. Irs forms 1040 2011 E-file your return. Irs forms 1040 2011 Find out about commercial tax preparation and e-file services available free to eligible taxpayers. Irs forms 1040 2011 Download forms, including talking tax forms, instructions, and publications. Irs forms 1040 2011 Order IRS products online. Irs forms 1040 2011 Research your tax questions online. Irs forms 1040 2011 Search publications online by topic or keyword. Irs forms 1040 2011 Use the online Internal Revenue Code, regulations, or other official guidance. Irs forms 1040 2011 View Internal Revenue Bulletins (IRBs) published in the last few years. Irs forms 1040 2011 Figure your withholding allowances using the withholding calculator online at www. Irs forms 1040 2011 irs. Irs forms 1040 2011 gov/individuals. Irs forms 1040 2011 Determine if Form 6251 must be filed by using our Alternative Minimum Tax (AMT) Assistant available online at www. Irs forms 1040 2011 irs. Irs forms 1040 2011 gov/individuals. Irs forms 1040 2011 Sign up to receive local and national tax news by email. Irs forms 1040 2011 Get information on starting and operating a small business. Irs forms 1040 2011 Phone. Irs forms 1040 2011 Many services are available by phone. Irs forms 1040 2011   Ordering forms, instructions, and publications. Irs forms 1040 2011 Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, and publications, and prior-year forms and instructions. Irs forms 1040 2011 You should receive your order within 10 days. Irs forms 1040 2011 Asking tax questions. Irs forms 1040 2011 Call the IRS with your tax questions at 1-800-829-1040. Irs forms 1040 2011 Solving problems. Irs forms 1040 2011 You can get face-to-face help solving tax problems every business day in IRS Taxpayer Assistance Centers. Irs forms 1040 2011 An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. Irs forms 1040 2011 Call your local Taxpayer Assistance Center for an appointment. Irs forms 1040 2011 To find the number, go to www. Irs forms 1040 2011 irs. Irs forms 1040 2011 gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Irs forms 1040 2011 TTY/TDD equipment. Irs forms 1040 2011 If you have access to TTY/TDD equipment, call 1-800-829-4059 to ask tax questions or to order forms and publications. Irs forms 1040 2011 TeleTax topics. Irs forms 1040 2011 Call 1-800-829-4477 to listen to pre-recorded messages covering various tax topics. Irs forms 1040 2011 Refund information. Irs forms 1040 2011 You can check the status of your refund on the new IRS phone app. Irs forms 1040 2011 Download the free IRS2Go app by visiting the iTunes app store or the Android Marketplace. Irs forms 1040 2011 IRS2Go is a new way to provide you with information and tools. Irs forms 1040 2011 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). Irs forms 1040 2011 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. Irs forms 1040 2011 If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). Irs forms 1040 2011 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. Irs forms 1040 2011 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. Irs forms 1040 2011 Other refund information. Irs forms 1040 2011 To check the status of a prior-year refund or amended return refund, call 1-800-829-1040. Irs forms 1040 2011 Evaluating the quality of our telephone services. Irs forms 1040 2011 To ensure IRS representatives give accurate, courteous, and professional answers, we use several methods to evaluate the quality of our telephone services. Irs forms 1040 2011 One method is for a second IRS representative to listen in on or record random telephone calls. Irs forms 1040 2011 Another is to ask some callers to complete a short survey at the end of the call. Irs forms 1040 2011 Walk-in. Irs forms 1040 2011 Many products and services are available on a walk-in basis. Irs forms 1040 2011   Products. Irs forms 1040 2011 You can walk in to many post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Irs forms 1040 2011 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. Irs forms 1040 2011 Also, some IRS offices and libraries have the Internal Revenue Code, regulations, Internal Revenue Bulletins, and Cumulative Bulletins available for research purposes. Irs forms 1040 2011 Services. Irs forms 1040 2011 You can walk in to your local Taxpayer Assistance Center every business day for personal, face-to-face tax help. Irs forms 1040 2011 An employee can explain IRS letters, request adjustments to your tax account, or help you set up a payment plan. Irs forms 1040 2011 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. Irs forms 1040 2011 No appointment is necessary—just walk in. Irs forms 1040 2011 If you prefer, you can call your local Center and leave a message requesting an appointment to resolve a tax account issue. Irs forms 1040 2011 A representative will call you back within 2 business days to schedule an in-person appointment at your convenience. Irs forms 1040 2011 If you have an ongoing, complex tax account problem or a special need, such as a disability, an appointment can be requested. Irs forms 1040 2011 All other issues will be handled without an appointment. Irs forms 1040 2011 To find the number of your local office, go to  www. Irs forms 1040 2011 irs. Irs forms 1040 2011 gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Irs forms 1040 2011 Mail. Irs forms 1040 2011 You can send your order for forms, instructions, and publications to the address below. Irs forms 1040 2011 You should receive a response within 10 days after your request is received. Irs forms 1040 2011  Internal Revenue Service 1201 N. Irs forms 1040 2011 Mitsubishi Motorway Bloomington, IL 61705-6613 Taxpayer Advocate Service. Irs forms 1040 2011   The Taxpayer Advocate Service (TAS) is your voice at the IRS. Irs forms 1040 2011 Our job is to ensure that every taxpayer is treated fairly, and that you know and understand your rights. Irs forms 1040 2011 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. Irs forms 1040 2011 Remember, the worst thing you can do is nothing at all. Irs forms 1040 2011   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. Irs forms 1040 2011 You face (or your business is facing) an immediate threat of adverse action. Irs forms 1040 2011 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. Irs forms 1040 2011   If you qualify for our help, we’ll do everything we can to get your problem resolved. Irs forms 1040 2011 You will be assigned to one advocate who will be with you at every turn. Irs forms 1040 2011 We have offices in every state, the District of Columbia, and Puerto Rico. Irs forms 1040 2011 Although TAS is independent within the IRS, our advocates know how to work with the IRS to get your problems resolved. Irs forms 1040 2011 And our services are always free. Irs forms 1040 2011   As a taxpayer, you have rights that the IRS must abide by in its dealings with you. Irs forms 1040 2011 Our tax toolkit at www. Irs forms 1040 2011 TaxpayerAdvocate. Irs forms 1040 2011 irs. Irs forms 1040 2011 gov can help you understand these rights. Irs forms 1040 2011   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. Irs forms 1040 2011 irs. Irs forms 1040 2011 gov/advocate. Irs forms 1040 2011 You can also call our toll-free number at 1-877-777-4778. Irs forms 1040 2011   TAS also handles large-scale or systemic problems that affect many taxpayers. Irs forms 1040 2011 If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System at www. Irs forms 1040 2011 irs. Irs forms 1040 2011 gov/advocate. Irs forms 1040 2011 Low Income Taxpayer Clinics (LITCs). Irs forms 1040 2011   Low Income Taxpayer Clinics (LITCs) are independent from the IRS. Irs forms 1040 2011 Some clinics serve individuals whose income is below a certain level and who need to resolve a tax problem. Irs forms 1040 2011 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. Irs forms 1040 2011 Some clinics can provide information about taxpayer rights and responsibilities in many different languages for individuals who speak English as a second language. Irs forms 1040 2011 For more information and to find a clinic near you, see the LITC page at www. Irs forms 1040 2011 irs. Irs forms 1040 2011 gov/advocate or IRS Publication 4134, Low Income Taxpayer Clinic List. Irs forms 1040 2011 This publication is also available by calling 1-800-829-3676 or at your local IRS office. Irs forms 1040 2011 Free tax services. Irs forms 1040 2011   Publication 910, IRS Guide to Free Tax Services, is your guide to IRS services and resources. Irs forms 1040 2011 Learn about free tax information from the IRS, including publications, services, and education and assistance programs. Irs forms 1040 2011 The publication also has an index of over 100 TeleTax topics (recorded tax information) you can listen to on the telephone. Irs forms 1040 2011 The majority of the information and services listed in this publication are available to you free of charge. Irs forms 1040 2011 If there is a fee associated with a resource or service, it is listed in the publication. Irs forms 1040 2011   Accessible versions of IRS published products are available on request in a variety of alternative formats for people with disabilities. Irs forms 1040 2011 DVD for tax products. Irs forms 1040 2011 You can order Publication 1796, IRS Tax Products DVD, and obtain: Current-year forms, instructions, and publications. Irs forms 1040 2011 Prior-year forms, instructions, and publications. Irs forms 1040 2011 Tax Map: an electronic research tool and finding aid. Irs forms 1040 2011 Tax law frequently asked questions. Irs forms 1040 2011 Tax Topics from the IRS telephone response system. Irs forms 1040 2011 Internal Revenue Code—Title 26 of the U. Irs forms 1040 2011 S. Irs forms 1040 2011 Code. Irs forms 1040 2011 Links to other Internet based Tax Research Materials. Irs forms 1040 2011 Fill-in, print, and save features for most tax forms. Irs forms 1040 2011 Internal Revenue Bulletins. Irs forms 1040 2011 Toll-free and email technical support. Irs forms 1040 2011 Two releases during the year. Irs forms 1040 2011  – The first release will ship the beginning of January 2012. Irs forms 1040 2011  – The final release will ship the beginning of March 2012. Irs forms 1040 2011 Purchase the DVD from National Technical Information Service (NTIS) at www. Irs forms 1040 2011 irs. Irs forms 1040 2011 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). Irs forms 1040 2011 Prev  Up  Next   Home   More Online Publications
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The Irs Forms 1040 2011

Irs forms 1040 2011 5. Irs forms 1040 2011   Table and Worksheets for the Self-Employed Table of Contents Community property laws. Irs forms 1040 2011 As discussed in chapters 2 and 4, if you are self-employed, you must use the rate table or rate worksheet and deduction worksheet to figure your deduction for contributions you made for yourself to a SEP-IRA or qualified plan. Irs forms 1040 2011 First, use either the rate table or rate worksheet to find your reduced contribution rate. Irs forms 1040 2011 Then complete the deduction worksheet to figure your deduction for contributions. Irs forms 1040 2011 The table and the worksheets in chapter 5 apply only to self-employed individuals who have only one defined contribution plan, such as a profit-sharing plan. Irs forms 1040 2011 A SEP plan is treated as a profit-sharing plan. Irs forms 1040 2011 However, do not use this worksheet for SARSEPs. Irs forms 1040 2011 Rate table for self-employed. Irs forms 1040 2011   If your plan's contribution rate is a whole percentage (for example, 12% rather than 12½%), you can use the table on the next page to find your reduced contribution rate. Irs forms 1040 2011 Otherwise, use the rate worksheet provided below. Irs forms 1040 2011   First, find your plan contribution rate (the contribution rate stated in your plan) in Column A of the table. Irs forms 1040 2011 Then read across to the rate under Column B. Irs forms 1040 2011 Enter the rate from Column B in step 4 of the Deduction Worksheet for Self-Employed on this page. Irs forms 1040 2011    Example. Irs forms 1040 2011 You are a sole proprietor with no employees. Irs forms 1040 2011 If your plan's contribution rate is 10% of a participant's compensation, your rate is 0. Irs forms 1040 2011 090909. Irs forms 1040 2011 Enter this rate in step 4 of the Deduction Worksheet for Self-Employed on this page. Irs forms 1040 2011 Deduction Worksheet for Self-Employed   Step 1           Enter your net profit from line 31, Schedule C (Form 1040); line 3, Schedule C-EZ (Form 1040); line 34, Schedule F (Form 1040)*; or box 14, code A**, Schedule K-1 (Form 1065)*. Irs forms 1040 2011 For information on other income included in net profit from self-employment, see the Instructions for Schedule SE, Form 1040. Irs forms 1040 2011       *Reduce this amount by any amount reported on Schedule SE (Form 1040), line 1b. Irs forms 1040 2011       **General partners should reduce this amount by the same additional expenses subtracted from box 14, code A to determine the amount on line 1 or 2 of Schedule SE. Irs forms 1040 2011     Step 2           Enter your deduction for self-employment tax from Form 1040, line 27             Step 3           Net earnings from self-employment. Irs forms 1040 2011 Subtract step 2 from step 1     Step 4           Enter your rate from the Rate Table for Self-Employed or Rate Worksheet for Self-Employed     Step 5           Multiply step 3 by step 4     Step 6           Multiply $255,000 by your plan contribution rate (not the reduced rate)     Step 7           Enter the smaller of step 5 or step 6     Step 8           Contribution dollar limit $51,000     • If you made any elective deferrals to your self-employed plan, go to step 9. Irs forms 1040 2011         • Otherwise, skip steps 9 through 20 and enter the smaller of step 7 or step 8 on step 21. Irs forms 1040 2011       Step 9           Enter your allowable elective deferrals (including designated Roth contributions) made to your self-employed plan during 2013. Irs forms 1040 2011 Do not enter more than $17,500     Step 10           Subtract step 9 from step 8     Step 11           Subtract step 9 from step 3       Step 12           Enter one-half of step 11     Step 13           Enter the smallest of step 7, 10, or 12     Step 14           Subtract step 13 from step 3     Step 15           Enter the smaller of step 9 or step 14       • If you made catch-up contributions, go to step 16. Irs forms 1040 2011         • Otherwise, skip steps 16 through 18 and go to step 19. Irs forms 1040 2011       Step 16           Subtract step 15 from step 14     Step 17           Enter your catch-up contributions (including designated Roth contributions), if any. Irs forms 1040 2011 Do not enter more than $5,500     Step 18           Enter the smaller of step 16 or step 17     Step 19           Add steps 13, 15, and 18. Irs forms 1040 2011     Step 20           Enter the amount of designated Roth contributions included on lines 9 and 17. Irs forms 1040 2011     Step 21           Subtract step 20 from step 19. Irs forms 1040 2011 This is your maximum deductible contribution. Irs forms 1040 2011                 Next: Enter your actual contribution, not to exceed your maximum deductible contribution, on Form 1040, line 28. Irs forms 1040 2011   Rate worksheet for self-employed. Irs forms 1040 2011   If your plan's contribution rate is not a whole percentage (for example, 10½%), you cannot use the Rate Table for Self-Employed. Irs forms 1040 2011 Use the following worksheet instead. Irs forms 1040 2011 Rate Worksheet for Self-Employed 1) Plan contribution rate as a decimal (for example, 10½% = 0. Irs forms 1040 2011 105)   2) Rate in line 1 plus 1 (for example, 0. Irs forms 1040 2011 105 + 1 = 1. Irs forms 1040 2011 105)   3) Self-employed rate as a decimal rounded to at least 3 decimal places (line 1 ÷ line 2) (for example, 0. Irs forms 1040 2011 105 ÷ 1. Irs forms 1040 2011 105 = 0. Irs forms 1040 2011 095)   Figuring your deduction. Irs forms 1040 2011   Now that you have your self-employed rate from either the rate table or rate worksheet, you can figure your maximum deduction for contributions for yourself by completing the Deduction Worksheet for Self-Employed. Irs forms 1040 2011 Community property laws. Irs forms 1040 2011   If you reside in a community property state and you are married and filing a separate return, disregard community property laws for step 1 of the Deduction Worksheet for Self-Employed. Irs forms 1040 2011 Enter on step 1 the total net profit you actually earned. Irs forms 1040 2011 Rate Table for Self-Employed Column A  If the plan contri- bution rate is: (shown as %) Column B  Your rate is: (shown as decimal) 1 . Irs forms 1040 2011 009901 2 . Irs forms 1040 2011 019608 3 . Irs forms 1040 2011 029126 4 . Irs forms 1040 2011 038462 5 . Irs forms 1040 2011 047619 6 . Irs forms 1040 2011 056604 7 . Irs forms 1040 2011 065421 8 . Irs forms 1040 2011 074074 9 . Irs forms 1040 2011 082569 10 . Irs forms 1040 2011 090909 11 . Irs forms 1040 2011 099099 12 . Irs forms 1040 2011 107143 13 . Irs forms 1040 2011 115044 14 . Irs forms 1040 2011 122807 15 . Irs forms 1040 2011 130435 16 . Irs forms 1040 2011 137931 17 . Irs forms 1040 2011 145299 18 . Irs forms 1040 2011 152542 19 . Irs forms 1040 2011 159664 20 . Irs forms 1040 2011 166667 21 . Irs forms 1040 2011 173554 22 . Irs forms 1040 2011 180328 23 . Irs forms 1040 2011 186992 24 . Irs forms 1040 2011 193548 25* . Irs forms 1040 2011 200000* *The deduction for annual employer contributions (other than elective deferrals) to a SEP plan, a profit-sharing plan, or a money purchase plan cannot be more than 20% of your net earnings (figured without deducting contributions for yourself) from the business that has the plan. Irs forms 1040 2011 Example. Irs forms 1040 2011 You are a sole proprietor with no employees. Irs forms 1040 2011 The terms of your plan provide that you contribute 8½% (. Irs forms 1040 2011 085) of your compensation to your plan. Irs forms 1040 2011 Your net profit from line 31, Schedule C (Form 1040) is $200,000. Irs forms 1040 2011 You have no elective deferrals or catch-up contributions. Irs forms 1040 2011 Your self-employment tax deduction on line 27 of Form 1040 is $9,728. Irs forms 1040 2011 See the filled-in portions of both Schedule SE (Form 1040), Self-Employment Income, and Form 1040, later. Irs forms 1040 2011 You figure your self-employed rate and maximum deduction for employer contributions you made for yourself as follows. Irs forms 1040 2011 Deduction Worksheet for Self-Employed   Step 1           Enter your net profit from line 31, Schedule C (Form 1040); line 3, Schedule C-EZ (Form 1040); line 34, Schedule F (Form 1040)*; or box 14, code A**, Schedule K-1 (Form 1065)*. Irs forms 1040 2011 For information on other income included in net profit from self-employment, see the Instructions for Schedule SE, Form 1040. Irs forms 1040 2011 $200,000     *Reduce this amount by any amount reported on Schedule SE (Form 1040), line 1b. Irs forms 1040 2011       **General partners should reduce this amount by the same additional expenses subtracted from box 14, code A to determine the amount on line 1 or 2 of Schedule SE. Irs forms 1040 2011     Step 2           Enter your deduction for self-employment tax from Form 1040, line 27 9,728           Step 3           Net earnings from self-employment. Irs forms 1040 2011 Subtract step 2 from step 1 190,272   Step 4           Enter your rate from the Rate Table for Self-Employed or Rate Worksheet for Self-Employed 0. Irs forms 1040 2011 078   Step 5           Multiply step 3 by step 4 14,841   Step 6           Multiply $255,000 by your plan contribution rate (not the reduced rate) 21,675   Step 7           Enter the smaller of step 5 or step 6 14,841   Step 8           Contribution dollar limit $51,000     • If you made any elective deferrals to your self-employed plan, go to step 9. Irs forms 1040 2011         • Otherwise, skip steps 9 through 20 and enter the smaller of step 7 or step 8 on step 21. Irs forms 1040 2011       Step 9           Enter your allowable elective deferrals (including designated Roth contributions) made to your self-employed plan during 2013. Irs forms 1040 2011 Do not enter more than $17,500 N/A   Step 10           Subtract step 9 from step 8     Step 11           Subtract step 9 from step 3       Step 12           Enter one-half of step 11     Step 13           Enter the smallest of step 7, 10, or 12     Step 14           Subtract step 13 from step 3     Step 15           Enter the smaller of step 9 or step 14       • If you made catch-up contributions, go to step 16. Irs forms 1040 2011         • Otherwise, skip steps 16 through 18 and go to step 19. Irs forms 1040 2011       Step 16           Subtract step 15 from step 14     Step 17           Enter your catch-up contributions (including designated Roth contributions), if any. Irs forms 1040 2011 Do not enter more than $5,500     Step 18           Enter the smaller of step 16 or step 17     Step 19           Add steps 13, 15, and 18. Irs forms 1040 2011     Step 20           Enter the amount of designated Roth contributions included on lines 9 and 17     Step 21           Subtract step 20 from step 19. Irs forms 1040 2011 This is your maximum deductible contribution $14,841                 Next: Enter your actual contribution, not to exceed your maximum deductible contribution, on Form 1040, line 28. Irs forms 1040 2011   See the filled-in Deduction Worksheet for Self-Employed on this page. Irs forms 1040 2011 Rate Worksheet for Self-Employed 1) Plan contribution rate as a decimal (for example, 10½% = 0. Irs forms 1040 2011 105) 0. Irs forms 1040 2011 085 2) Rate in line 1 plus 1 (for example, 0. Irs forms 1040 2011 105 + 1 = 1. Irs forms 1040 2011 105) 1. Irs forms 1040 2011 085 3) Self-employed rate as a decimal rounded to at least 3 decimal places (line 1 ÷ line 2) (for example, 0. Irs forms 1040 2011 105 ÷ 1. Irs forms 1040 2011 105 = 0. Irs forms 1040 2011 095) 0. Irs forms 1040 2011 078 This image is too large to be displayed in the current screen. Irs forms 1040 2011 Please click the link to view the image. Irs forms 1040 2011 Portion of Form 1040 and Portion of Schedule SE Prev  Up  Next   Home   More Online Publications