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Tax Cut Free File

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Tax Cut Free File

Tax cut free file 10. Tax cut free file   Self-Employment (SE) Tax Table of Contents Who Must Pay SE Tax?Special Rules and Exceptions Figuring Earnings Subject to SE Tax Farm Optional Method Using Both Optional Methods Reporting Self-Employment Tax The SE tax rules apply no matter how old you are and even if you are already receiving social security and Medicare benefits. Tax cut free file Who Must Pay SE Tax? Generally, you must pay SE tax and file Schedule SE (Form 1040) if your net earnings from self-employment were $400 or more. Tax cut free file Use Schedule SE to figure net earnings from self-employment. Tax cut free file Sole proprietor or independent contractor. Tax cut free file   If you are self-employed as a sole proprietor or independent contractor, you generally use Schedule C or C-EZ (Form 1040) to figure your earnings subject to SE tax. Tax cut free file SE tax rate. Tax cut free file    For 2013, the SE tax rate on net earnings is 15. Tax cut free file 3% (12. Tax cut free file 4% social security tax plus 2. Tax cut free file 9% Medicare tax). Tax cut free file Maximum earnings subject to self-employment tax. Tax cut free file    Only the first $113,700 of your combined wages, tips, and net earnings in 2013 is subject to any combination of the 12. Tax cut free file 4% social security part of SE tax, social security tax, or railroad retirement (tier 1) tax. Tax cut free file   All of your combined wages, tips, and net earnings in 2013 are subject to any combination of the 2. Tax cut free file 9% Medicare part of SE tax, social security tax, or railroad retirement (tier 1) tax. Tax cut free file   If your wages and tips are subject to either social security or railroad retirement (tier 1) tax, or both, and total at least $113,700, do not pay the 12. Tax cut free file 4% social security part of the SE tax on any of your net earnings. Tax cut free file However, you must pay the 2. Tax cut free file 9% Medicare part of the SE tax on all your net earnings. Tax cut free file Special Rules and Exceptions Aliens. Tax cut free file   Generally, resident aliens must pay self-employment tax under the same rules that apply to U. Tax cut free file S. Tax cut free file citizens. Tax cut free file Nonresident aliens are not subject to SE tax unless an international social security agreement in effect determines that they are covered under the U. Tax cut free file S. Tax cut free file social security system. Tax cut free file However, residents of the Virgin Islands, Puerto Rico, Guam, the Commonwealth of the Northern Mariana Islands, or American Samoa are subject to self-employment tax, as they are considered U. Tax cut free file S. Tax cut free file residents for self-employment tax purposes. Tax cut free file For more information on aliens, see Publication 519, U. Tax cut free file S. Tax cut free file Tax Guide for Aliens. Tax cut free file Child employed by parent. Tax cut free file   You are not subject to SE tax if you are under age 18 and you are working for your father or mother. Tax cut free file Church employee. Tax cut free file    If you work for a church or a qualified church-controlled organization (other than as a minister or member of a religious order) that elected an exemption from social security and Medicare taxes, you are subject to SE tax if you receive $108. Tax cut free file 28 or more in wages from the church or organization. Tax cut free file For more information, see Publication 517, Social Security and Other Information for Members of the Clergy and Religious Workers. Tax cut free file Fishing crew member. Tax cut free file   If you are a member of the crew on a boat that catches fish or other water life, your earnings are subject to SE tax if all the following conditions apply. Tax cut free file You do not get any pay for the work except your share of the catch or a share of the proceeds from the sale of the catch, unless the pay meets all the following conditions. Tax cut free file The pay is not more than $100 per trip. Tax cut free file The pay is received only if there is a minimum catch. Tax cut free file The pay is solely for additional duties (such as mate, engineer, or cook) for which additional cash pay is traditional in the fishing industry. Tax cut free file You get a share of the catch or a share of the proceeds from the sale of the catch. Tax cut free file Your share depends on the amount of the catch. Tax cut free file The boat's operating crew normally numbers fewer than 10 individuals. Tax cut free file (An operating crew is considered as normally made up of fewer than 10 if the average size of the crew on trips made during the last four calendar quarters is fewer than 10. Tax cut free file ) Notary public. Tax cut free file   Fees you receive for services you perform as a notary public are reported on Schedule C or C-EZ but are not subject to self-employment tax (see the Instructions for Schedule SE (Form 1040)). Tax cut free file State or local government employee. Tax cut free file   You are subject to SE tax if you are an employee of a state or local government, are paid solely on a fee basis, and your services are not covered under a federal-state social security agreement. Tax cut free file Foreign government or international organization employee. Tax cut free file   You are subject to SE tax if both the following conditions are true. Tax cut free file You are a U. Tax cut free file S. Tax cut free file citizen employed in the United States, Puerto Rico, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands, or the Virgin Islands by: A foreign government, A wholly-owned agency of a foreign government, or An international organization. Tax cut free file Your employer is not required to withhold social security and Medicare taxes from your wages. Tax cut free file U. Tax cut free file S. Tax cut free file citizen or resident alien residing abroad. Tax cut free file    If you are a self-employed U. Tax cut free file S. Tax cut free file citizen or resident alien living outside the United States, in most cases you must pay SE tax. Tax cut free file Do not reduce your foreign earnings from self-employment by your foreign earned income exclusion. Tax cut free file Exception. Tax cut free file    The United States has social security agreements with many countries to eliminate double taxation under two social security systems. Tax cut free file Under these agreements, you generally must only pay social security and Medicare taxes to the country in which you live. Tax cut free file The country to which you must pay the tax will issue a certificate which serves as proof of exemption from social security tax in the other country. Tax cut free file   For more information, see the Instructions for Schedule SE (Form 1040). Tax cut free file More Than One Business If you have earnings subject to SE tax from more than one trade, business, or profession, you must combine the net profit (or loss) from each to determine your total earnings subject to SE tax. Tax cut free file A loss from one business reduces your profit from another business. Tax cut free file Community Property Income If any of the income from a trade or business, other than a partnership, is community property income under state law, it is included in the earnings subject to SE tax of the spouse carrying on the trade or business. Tax cut free file Gain or Loss Do not include in earnings subject to SE tax a gain or loss from the disposition of property that is neither stock in trade nor held primarily for sale to customers. Tax cut free file It does not matter whether the disposition is a sale, exchange, or an involuntary conversion. Tax cut free file Lost Income Payments If you are self-employed and reduce or stop your business activities, any payment you receive from insurance or other sources for the lost business income is included in earnings subject to SE tax. Tax cut free file If you are not working when you receive the payment, it still relates to your business and is included in earnings subject to SE tax, even though your business is temporarily inactive. Tax cut free file Figuring Earnings Subject to SE Tax Methods for Figuring Net Earnings There are three ways to figure your net earnings from self-employment. Tax cut free file The regular method. Tax cut free file The nonfarm optional method. Tax cut free file The farm optional method. Tax cut free file You must use the regular method unless you are eligible to use one or both of the optional methods. Tax cut free file Why use an optional method?    You may want to use the optional methods (discussed later) when you have a loss or a small net profit and any one of the following applies. Tax cut free file You want to receive credit for social security benefit coverage. Tax cut free file You incurred child or dependent care expenses for which you could claim a credit. Tax cut free file (An optional method may increase your earned income, which could increase your credit. Tax cut free file ) You are entitled to the earned income credit. Tax cut free file (An optional method may increase your earned income, which could increase your credit. Tax cut free file ) You are entitled to the additional child tax credit. Tax cut free file (An optional method may increase your earned income, which could increase your credit. Tax cut free file ) Effects of using an optional method. Tax cut free file   Using an optional method could increase your SE tax. Tax cut free file Paying more SE tax could result in your getting higher benefits when you retire. Tax cut free file   If you use either or both optional methods, you must figure and pay the SE tax due under these methods even if you would have had a smaller tax or no tax using the regular method. Tax cut free file   The optional methods may be used only to figure your SE tax. Tax cut free file To figure your income tax, include your actual earnings in gross income, regardless of which method you use to determine SE tax. Tax cut free file Regular Method Multiply your total earnings subject to SE tax by 92. Tax cut free file 35% (. Tax cut free file 9235) to get your net earnings under the regular method. Tax cut free file See Short Schedule SE, line 4, or Long Schedule SE, line 4a. Tax cut free file Net earnings figured using the regular method are also called actual net earnings. Tax cut free file Nonfarm Optional Method Use the nonfarm optional method only for earnings that do not come from farming. Tax cut free file You may use this method if you meet all the following tests. Tax cut free file You are self-employed on a regular basis. Tax cut free file This means that your actual net earnings from self-employment were $400 or more in at least 2 of the 3 tax years before the one for which you use this method. Tax cut free file The net earnings can be from either farm or nonfarm earnings or both. Tax cut free file You have used this method less than 5 years. Tax cut free file (There is a 5-year lifetime limit. Tax cut free file ) The years do not have to be one after another. Tax cut free file Your net nonfarm profits were: Less than $5,024, and Less than 72. Tax cut free file 189% of your gross nonfarm income. Tax cut free file Net nonfarm profits. Tax cut free file   Net nonfarm profit generally is the total of the amounts from: Line 31, Schedule C (Form 1040), Line 3, Schedule C-EZ (Form 1040), Box 14, code A, Schedule K-1 (Form 1065) (from nonfarm partnerships), and Box 9, code J1, Schedule K-1 (Form 1065-B). Tax cut free file   However, you may need to adjust the amount reported on Schedule K-1 if you are a general partner or if it is a loss. Tax cut free file Gross nonfarm income. Tax cut free file   Your gross nonfarm income generally is the total of the amounts from: Line 7, Schedule C (Form 1040), Line 1, Schedule C-EZ (Form 1040), Box 14, code C, Schedule K-1 (Form 1065) (from nonfarm partnerships), and Box 9, code J2, Schedule K-1 (Form 1065-B). Tax cut free file Figuring Nonfarm Net Earnings If you meet the three tests explained earlier, use the following table to figure your net earnings from self-employment under the nonfarm optional method. Tax cut free file Table 10-1. Tax cut free file Figuring Nonfarm Net Earnings IF your gross nonfarm income is. Tax cut free file . Tax cut free file . Tax cut free file THEN your net earnings are equal to. Tax cut free file . Tax cut free file . Tax cut free file $6,960 or less Two-thirds of your gross nonfarm income. Tax cut free file More than $6,960 $4,640 Actual net earnings. Tax cut free file   Your actual net earnings are 92. Tax cut free file 35% of your total earnings subject to SE tax (that is, multiply total earnings subject to SE tax by 92. Tax cut free file 35% (. Tax cut free file 9235) to get actual net earnings). Tax cut free file Actual net earnings are equivalent to net earnings figured using the regular method. Tax cut free file Optional net earnings less than actual net earnings. Tax cut free file   You cannot use this method to report an amount less than your actual net earnings from self-employment. Tax cut free file Gross nonfarm income of $6,960 or less. Tax cut free file   The following examples illustrate how to figure net earnings when gross nonfarm income is $6,960 or less. Tax cut free file Example 1. Tax cut free file Net nonfarm profit less than $5,024 and less than 72. Tax cut free file 189% of gross nonfarm income. Tax cut free file Ann Green runs a craft business. Tax cut free file Her actual net earnings from self-employment were $800 in 2011 and $900 in 2012. Tax cut free file She meets the test for being self-employed on a regular basis. Tax cut free file She has used the nonfarm optional method less than 5 years. Tax cut free file Her gross income and net profit in 2013 are as follows: Gross nonfarm income $5,400 Net nonfarm profit $1,200 Ann's actual net earnings for 2013 are $1,108 ($1,200 × . Tax cut free file 9235). Tax cut free file Because her net profit is less than $5,024 and less than 72. Tax cut free file 189% of her gross income, she can use the nonfarm optional method to figure net earnings of $3,600 (2/3 × $5,400). Tax cut free file Because these net earnings are higher than her actual net earnings, she can report net earnings of $3,600 for 2013. Tax cut free file Example 2. Tax cut free file Net nonfarm profit less than $5,024 but not less than 72. Tax cut free file 189% of gross nonfarm income. Tax cut free file Assume that in Example 1 Ann's gross income is $1,000 and her net profit is $800. Tax cut free file She must use the regular method to figure her net earnings. Tax cut free file She cannot use the nonfarm optional method because her net profit is not less than 72. Tax cut free file 189% of her gross income. Tax cut free file Example 3. Tax cut free file Net loss from a nonfarm business. Tax cut free file Assume that in Example 1 Ann has a net loss of $700. Tax cut free file She can use the nonfarm optional method and report $3,600 (2/3 × $5,400) as her net earnings. Tax cut free file Example 4. Tax cut free file Nonfarm net earnings less than $400. Tax cut free file Assume that in Example 1 Ann has gross income of $525 and a net profit of $175. Tax cut free file In this situation, she would not pay any SE tax under either the regular method or the nonfarm optional method because her net earnings under both methods are less than $400. Tax cut free file Gross nonfarm income of more than $6,960. Tax cut free file   The following examples illustrate how to figure net earnings when gross nonfarm income is more than $6,960. Tax cut free file Example 1. Tax cut free file Net nonfarm profit less than $5,024 and less than 72. Tax cut free file 189% of gross nonfarm income. Tax cut free file John White runs an appliance repair shop. Tax cut free file His actual net earnings from self-employment were $10,500 in 2011 and $9,500 in 2012. Tax cut free file He meets the test for being self-employed on a regular basis. Tax cut free file He has used the nonfarm optional method less than 5 years. Tax cut free file His gross income and net profit in 2013 are as follows: Gross nonfarm income $12,000 Net nonfarm profit $1,200 John's actual net earnings for 2013 are $1,108 ($1,200 × . Tax cut free file 9235). Tax cut free file Because his net profit is less than $5,024 and less than 72. Tax cut free file 189% of his gross income, he can use the nonfarm optional method to figure net earnings of $4,640. Tax cut free file Because these net earnings are higher than his actual net earnings, he can report net earnings of $4,640 for 2013. Tax cut free file Example 2. Tax cut free file Net nonfarm profit not less than $5,024. Tax cut free file Assume that in Example 1 John's net profit is $5,400. Tax cut free file He must use the regular method. Tax cut free file He cannot use the nonfarm optional method because his net nonfarm profit is not less than $5,024. Tax cut free file Example 3. Tax cut free file Net loss from a nonfarm business. Tax cut free file Assume that in Example 1 John has a net loss of $700. Tax cut free file He can use the nonfarm optional method and report $4,640 as his net earnings from self-employment. Tax cut free file Farm Optional Method Use the farm optional method only for earnings from a farming business. Tax cut free file See Publication 225 for information about this method. Tax cut free file Using Both Optional Methods If you have both farm and nonfarm earnings, you may be able to use both optional methods to determine your net earnings from self-employment. Tax cut free file To figure your net earnings using both optional methods, you must: Figure your farm and nonfarm net earnings separately under each method. Tax cut free file Do not combine farm earnings with nonfarm earnings to figure your net earnings under either method. Tax cut free file Add the net earnings figured under each method to arrive at your total net earnings from self-employment. Tax cut free file You can report less than your total actual farm and nonfarm net earnings but not less than actual nonfarm net earnings. Tax cut free file If you use both optional methods, you can report no more than $4,640 as your combined net earnings from self-employment. Tax cut free file Example. Tax cut free file You are a self-employed farmer. Tax cut free file You also operate a retail grocery store. Tax cut free file Your gross income, actual net earnings from self-employment, and optional farm and optional nonfarm net earnings from self-employment are shown in Table 10-2. Tax cut free file Table 10-2. Tax cut free file Example—Farm and Nonfarm Earnings Income and Earnings Farm Nonfarm Gross income $3,000 $6,000 Actual net earnings $900 $500 Optional net earnings (2/3 of gross income) $2,000 $4,000 Table 10-3 shows four methods or combinations of methods you can use to figure net earnings from self-employment using the farm and nonfarm gross income and actual net earnings shown in Table 10-2. Tax cut free file Method 1. Tax cut free file Using the regular method for both farm and nonfarm income. Tax cut free file Method 2. Tax cut free file Using the optional method for farm income and the regular method for nonfarm income. Tax cut free file Method 3. Tax cut free file Using the regular method for farm income and the optional method for nonfarm income. Tax cut free file Method 4. Tax cut free file Using the optional method for both farm and nonfarm income. Tax cut free file Note. Tax cut free file Actual net earnings is the same as net earnings figured using the regular method. Tax cut free file Table 10-3. Tax cut free file Example—Net Earnings Net Earnings 1 2 3 4 Actual  farm $ 900   $ 900   Optional  farm   $ 2,000   $ 2,000 Actual nonfarm $ 500 $ 500     Optional nonfarm     $4,000 $4,000 Amount you can report: $1,400 $2,500 $4,900 $4,640* *Limited to $4,640 because you used both optional methods. Tax cut free file Fiscal Year Filer If you use a tax year other than the calendar year, you must use the tax rate and maximum earnings limit in effect at the beginning of your tax year. Tax cut free file Even if the tax rate or maximum earnings limit changes during your tax year, continue to use the same rate and limit throughout your tax year. Tax cut free file Reporting Self-Employment Tax Use Schedule SE (Form 1040) to figure and report your SE tax. Tax cut free file Then enter the SE tax on line 56 of Form 1040 and attach Schedule SE to Form 1040. Tax cut free file Most taxpayers can use Section A—Short Schedule SE to figure their SE tax. Tax cut free file However, certain taxpayers must use Section B—Long Schedule SE. Tax cut free file If you have to pay SE tax, you must file Form 1040 (with Schedule SE attached) even if you do not otherwise have to file a federal income tax return. Tax cut free file Joint return. Tax cut free file   Even if you file a joint return, you cannot file a joint Schedule SE. Tax cut free file This is true whether one spouse or both spouses have earnings subject to SE tax. Tax cut free file If both of you have earnings subject to SE tax, each of you must complete a separate Schedule SE. Tax cut free file However, if one spouse uses the Short Schedule SE and the other spouse has to use the Long Schedule SE, both can use the same form. Tax cut free file Attach both schedules to the joint return. Tax cut free file More than one business. Tax cut free file   If you have more than one trade or business, you must combine the net profit (or loss) from each business to figure your SE tax. Tax cut free file A loss from one business will reduce your profit from another business. Tax cut free file File one Schedule SE showing the earnings from self-employment, but file a separate Schedule C, C-EZ, or F for each business. Tax cut free file Example. Tax cut free file You are the sole proprietor of two separate businesses. Tax cut free file You operate a restaurant that made a net profit of $25,000. Tax cut free file You also have a cabinetmaking business that had a net loss of $500. Tax cut free file You must file a Schedule C for the restaurant showing your net profit of $25,000 and another Schedule C for the cabinetmaking business showing your net loss of $500. Tax cut free file You file Schedule SE showing total earnings subject to SE tax of $24,500. Tax cut free file Prev  Up  Next   Home   More Online Publications
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The Tax Cut Free File

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