File your Taxes for Free!
  • Get your maximum refund*
  • 100% accurate calculations guaranteed*

TurboTax Federal Free Edition - File Taxes Online

Don't let filing your taxes get you down! We'll help make it as easy as possible. With e-file and direct deposit, there's no faster way to get your refund!

Approved TurboTax Affiliate Site. TurboTax and TurboTax Online, among others, are registered trademarks and/or service marks of Intuit Inc. in the United States and other countries. Other parties' trademarks or service marks are the property of the respective owners.


© 2012 - 2018 All rights reserved.

This is an Approved TurboTax Affiliate site. TurboTax and TurboTax Online, among other are registered trademarks and/or service marks of Intuit, Inc. in the United States and other countries. Other parties' trademarks or service marks are the property of the respective owners.
When discussing "Free e-file", note that state e-file is an additional fee. E-file fees do not apply to New York state returns. Prices are subject to change without notice. E-file and get your refund faster
*If you pay an IRS or state penalty or interest because of a TurboTax calculations error, we'll pay you the penalty and interest.
*Maximum Refund Guarantee - or Your Money Back: If you get a larger refund or smaller tax due from another tax preparation method, we'll refund the applicable TurboTax federal and/or state purchase price paid. TurboTax Federal Free Edition customers are entitled to payment of $14.99 and a refund of your state purchase price paid. Claims must be submitted within sixty (60) days of your TurboTax filing date and no later than 6/15/14. E-file, Audit Defense, Professional Review, Refund Transfer and technical support fees are excluded. This guarantee cannot be combined with the TurboTax Satisfaction (Easy) Guarantee. *We're so confident your return will be done right, we guarantee it. Accurate calculations guaranteed. If you pay an IRS or state penalty or interest because of a TurboTax calculations error, we'll pay you the penalty and interest.
https://turbotax.intuit.com/corp/guarantees.jsp

Tax Forms For 2010

Irs Amended Return Form1040ez Tax Form And BookletTurbo Tax Military Discount2011 Form 1040ezFile 2012 Taxes Late FreeHow To Do Amended Tax ReturnAmended Tax Return 2012Tax Act 20091040ez Tax Forms 20131040ez Form BookletFree Ez FileFile 2009 Taxes OnlineDownload Irs Form 1040 20101040a Instruction BookFree Irs Tax FilingFree Site To File State Taxes10 40 EasyH&r Block Free Military TaxesState Tax EfileFree Tax Usa Coupon CodeFree Efile FederalFederal 1040ez FormFree State And Federal Tax FilingTurbotax Amended ReturnAmended State Tax Forms1040 Form 2011File 1040ezFree 1040ez Tax FormInternal Revenue Service Form 1040ez2009 Taxes LatePrintable 1040ez FormTurbo Tax Filing For 2010Berkheimer Online Tax FilingFile Taxes For FreeBack TaxesHow Do I Amend My TaxesCan I Efile A 1040x1040ez Instructions 2013Where To File Amended 1040x1040nr Ez 2013

Tax Forms For 2010

Tax forms for 2010 2. Tax forms for 2010   Foreclosures and Repossessions Table of Contents Amount realized and ordinary income on a recourse debt. Tax forms for 2010 Amount realized on a nonrecourse debt. Tax forms for 2010 If you do not make payments you owe on a loan secured by property, the lender may foreclose on the loan or repossess the property. Tax forms for 2010 The foreclosure or repossession is treated as a sale from which you may realize gain or loss. Tax forms for 2010 This is true even if you voluntarily return the property to the lender. Tax forms for 2010 If the outstanding loan balance was more than the FMV of the property and the lender cancels all or part of the remaining loan balance, you also may realize ordinary income from the cancellation of debt. Tax forms for 2010 You must report this income on your return unless certain exceptions or exclusions apply. Tax forms for 2010 See chapter 1 for more details. Tax forms for 2010 Borrower's gain or loss. Tax forms for 2010    You figure and report gain or loss from a foreclosure or repossession in the same way as gain or loss from a sale. Tax forms for 2010 The gain is the difference between the amount realized and your adjusted basis in the transferred property (amount realized minus adjusted basis). Tax forms for 2010 The loss is the difference between your adjusted basis in the transferred property and the amount realized (adjusted basis minus amount realized). Tax forms for 2010 For more information on figuring gain or loss from the sale of property, see Gain or Loss From Sales and Exchanges in Publication 544. Tax forms for 2010 You can use Table 1-1 to figure your ordinary income from the cancellation of debt and your gain or loss from a foreclosure or repossession. Tax forms for 2010 Amount realized and ordinary income on a recourse debt. Tax forms for 2010    If you are personally liable for the debt, the amount realized on the foreclosure or repossession includes the smaller of: The outstanding debt immediately before the transfer reduced by any amount for which you remain personally liable immediately after the transfer, or The FMV of the transferred property. Tax forms for 2010 The amount realized also includes any proceeds you received from the foreclosure sale. Tax forms for 2010 If the FMV of the transferred property is less than the total outstanding debt immediately before the transfer reduced by any amount for which you remain personally liable immediately after the transfer, the difference is ordinary income from the cancellation of debt. Tax forms for 2010 You must report this income on your return unless certain exceptions or exclusions apply. Tax forms for 2010 See chapter 1 for more details. Tax forms for 2010       Example 1. Tax forms for 2010 Tara bought a new car for $15,000. Tax forms for 2010 She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. Tax forms for 2010 Tara is personally liable for the loan (recourse debt) and the car is pledged as security for the loan. Tax forms for 2010 On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. Tax forms for 2010 The balance due after taking into account the payments Tara made was $10,000. Tax forms for 2010 The FMV of the car when it was repossessed was $9,000. Tax forms for 2010 On November 15, 2013, the credit company forgave the remaining $1,000 balance on the loan due to insufficient assets. Tax forms for 2010 In this case, the amount Tara realizes is $9,000. Tax forms for 2010 This is the smaller of: The $10,000 outstanding debt immediately before the repossession reduced by the $1,000 for which she remains personally liable immediately after the repossession ($10,000 − $1,000 = $9,000), or The $9,000 FMV of the car. Tax forms for 2010 Tara figures her gain or loss on the repossession by comparing the $9,000 amount realized with her $15,000 adjusted basis. Tax forms for 2010 She has a $6,000 nondeductible loss. Tax forms for 2010 After the cancellation of the remaining balance on the loan in November, Tara also has ordinary income from cancellation of debt in the amount of $1,000 (the remaining balance on the $10,000 loan after the $9,000 amount satisfied by the FMV of the repossessed car). Tax forms for 2010 Tara must report this $1,000 on her return unless one of the exceptions or exclusions described in chapter 1 applies. Tax forms for 2010 Example 2. Tax forms for 2010 Lili paid $200,000 for her home. Tax forms for 2010 She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. Tax forms for 2010 Lili is personally liable for the mortgage loan and the house secures the loan. Tax forms for 2010 In 2013, the bank foreclosed on the mortgage because Lili stopped making payments. Tax forms for 2010 When the bank foreclosed the mortgage, the balance due was $180,000, the FMV of the house was $170,000, and Lili's adjusted basis was $175,000 due to a casualty loss she had deducted. Tax forms for 2010 At the time of the foreclosure, the bank forgave $2,000 of the $10,000 debt in excess of the FMV ($180,000 minus $170,000). Tax forms for 2010 She remained personally liable for the $8,000 balance. Tax forms for 2010 In this case, Lili has ordinary income from the cancellation of debt in the amount of $2,000. Tax forms for 2010 The $2,000 income from the cancellation of debt is figured by subtracting the $170,000 FMV of the house from the $172,000 difference between her total outstanding debt immediately before the transfer of property and the amount for which she remains personally liable immediately after the transfer ($180,000 minus $8,000). Tax forms for 2010 She is able to exclude the $2,000 of canceled debt from her income under the qualified principal residence indebtedness rules discussed earlier. Tax forms for 2010 Lili must also determine her gain or loss from the foreclosure. Tax forms for 2010 In this case, the amount that she realizes is $170,000. Tax forms for 2010 This is the smaller of: (a) the $180,000 outstanding debt immediately before the transfer reduced by the $8,000 for which she remains personally liable immediately after the transfer ($180,000 − $8,000 = $172,000) or (b) the $170,000 FMV of the house. Tax forms for 2010 Lili figures her gain or loss on the foreclosure by comparing the $170,000 amount realized with her $175,000 adjusted basis. Tax forms for 2010 She has a $5,000 nondeductible loss. Tax forms for 2010 Table 1-1. Tax forms for 2010 Worksheet for Foreclosures and Repossessions Part 1. Tax forms for 2010 Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). Tax forms for 2010 Otherwise, go to Part 2. Tax forms for 2010 1. Tax forms for 2010 Enter the amount of outstanding debt immediately before the transfer of property reduced by any amount for which you remain personally liable immediately after the transfer of property   2. Tax forms for 2010 Enter the fair market value of the transferred property   3. Tax forms for 2010 Ordinary income from the cancellation of debt upon foreclosure or repossession. Tax forms for 2010 * Subtract line 2 from line 1. Tax forms for 2010 If less than zero, enter zero. Tax forms for 2010 Next, go to Part 2   Part 2. Tax forms for 2010 Gain or loss from foreclosure or repossession. Tax forms for 2010   4. Tax forms for 2010 Enter the smaller of line 1 or line 2. Tax forms for 2010 If you did not complete Part 1 (because you were not personally liable for the debt), enter the amount of outstanding debt immediately before the transfer of property   5. Tax forms for 2010 Enter any proceeds you received from the foreclosure sale   6. Tax forms for 2010 Add line 4 and line 5   7. Tax forms for 2010 Enter the adjusted basis of the transferred property   8. Tax forms for 2010 Gain or loss from foreclosure or repossession. Tax forms for 2010 Subtract line 7 from line 6   * The income may not be taxable. Tax forms for 2010 See chapter 1 for more details. Tax forms for 2010 Amount realized on a nonrecourse debt. Tax forms for 2010    If you are not personally liable for repaying the debt secured by the transferred property, the amount you realize includes the full amount of the outstanding debt immediately before the transfer. Tax forms for 2010 This is true even if the FMV of the property is less than the outstanding debt immediately before the transfer. Tax forms for 2010 Example 1. Tax forms for 2010 Tara bought a new car for $15,000. Tax forms for 2010 She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. Tax forms for 2010 Tara is not personally liable for the loan (nonrecourse), but pledged the new car as security for the loan. Tax forms for 2010 On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. Tax forms for 2010 The balance due after taking into account the payments Tara made was $10,000. Tax forms for 2010 The FMV of the car when it was repossessed was $9,000. Tax forms for 2010 The amount Tara realized on the repossession is $10,000. Tax forms for 2010 That is the outstanding amount of debt immediately before the repossession, even though the FMV of the car is less than $10,000. Tax forms for 2010 Tara figures her gain or loss on the repossession by comparing the $10,000 amount realized with her $15,000 adjusted basis. Tax forms for 2010 Tara has a $5,000 nondeductible loss. Tax forms for 2010 Example 2. Tax forms for 2010 Lili paid $200,000 for her home. Tax forms for 2010 She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. Tax forms for 2010 She is not personally liable for the loan, but grants the bank a mortgage. Tax forms for 2010 The bank foreclosed on the mortgage because Lili stopped making payments. Tax forms for 2010 When the bank foreclosed on the mortgage, the balance due was $180,000, the FMV of the house was $170,000, and Lili's adjusted basis was $175,000 due to a casualty loss she had deducted. Tax forms for 2010 The amount Lili realized on the foreclosure is $180,000, the outstanding debt immediately before the foreclosure. Tax forms for 2010 She figures her gain or loss by comparing the $180,000 amount realized with her $175,000 adjusted basis. Tax forms for 2010 Lili has a $5,000 realized gain. Tax forms for 2010 See Publication 523 to figure and report any taxable amount. Tax forms for 2010 Forms 1099-A and 1099-C. Tax forms for 2010    A lender who acquires an interest in your property in a foreclosure or repossession should send you Form 1099-A, Acquisition or Abandonment of Secured Property, showing information you need to figure your gain or loss. Tax forms for 2010 However, if the lender also cancels part of your debt and must file Form 1099-C, the lender can include the information about the foreclosure or repossession on that form instead of on Form 1099-A. Tax forms for 2010 The lender must file Form 1099-C and send you a copy if the amount of debt canceled is $600 or more and the lender is a financial institution, credit union, federal government agency, or any organization that has a significant trade or business of lending money. Tax forms for 2010 For foreclosures or repossessions occurring in 2013, these forms should be sent to you by January 31, 2014. Tax forms for 2010 Prev  Up  Next   Home   More Online Publications
Español

Trusts

It is a common misconception that trusts, or trust funds as they are commonly called, are only useful for wealthy people. When set up properly, trusts can be appropriate for people with minor children or those who want to avoid having their estate go through probate upon death. These are basic facts about trusts – but, be sure to consult a licensed attorney experienced with estate planning and trust matters before making any final decisions about if one is right for you.

How Trusts Work

Creating a trust (or trust fund) establishes a legal entity that holds property or assets for the person who created it. The person who creates the trust can be called a grantor, donor, or settlor. When the grantor creates the trust he or she appoints a person or entity (like the trust department of a bank) to manage the trust. This person or entity is called a trustee. The grantor also chooses someone who will ultimately benefit from the trust, this person is the beneficiary. In some situations the grantor, trustee, and beneficiary are all the same person. In this case, the grantor should also appoint a successor trustee and beneficiary in case he or she dies or becomes incapacitated. A trust is a helpful estate planning tool because after death a trust doesn’t go through the probate process like a will does.

Reasons To Set Up A Trust

Some common reasons for setting up a trust include:

  • Providing for minor children or family members who are inexperienced or unable to handle financial matters
  • Providing for management of personal assets should one become unable to handle them oneself
  • Avoiding probate and immediately transferring assets to beneficiaries upon death
  • Reducing estate taxes and providing liquid assets to help pay for them
  • The terms of a will are public while the terms of a trust are not so privacy makes a trust an attractive option

Types of Trusts

Trusts can be living (inter vivos) or after-death (testamentary). A living trust is one that a grantor sets up while still alive and an after-death trust is usually established by a will after one’s death. Living trusts can be irrevocable (can’t be changed) or revocable (can be changed) although revocable trusts don’t receive the same tax shelter benefits as irrevocable ones do. The most popular type is the revocable living trust. If there’s a specific purpose in mind for the trust, dozens of different options exist. Some examples include charitable trusts, bypass trusts, spendthrift trusts, and life insurance trusts. New laws have even established a trust that will care for a pet after one’s death.

Setting Up A Trust

Once you’ve decided to set up a trust it is important to remember that a trust, by design, can be very flexible and a grantor has the right – and should take advantage of this right - within the law, to tailor it to meet the anticipated the needs of the beneficiary. Working with an experienced attorney that specializes in estate and trust issues and knows the specific state regulations can help get the maximum benefit from the trust.
Some things to consider when setting up the trust include:

  • The grantor has the right to specify exactly how the money in the trust is invested. The grantor and the trustee might have very different ideas about investment strategies, so make sure this gets clearly defined.
  • The grantor has the right to specify exactly how the assets should be divvied up down to details like including an annual cost of living adjustment for the beneficiary or paying for travel expenses for others to visit the beneficiary in the case of illness.
  • Always be sure to include a “trustee removal clause” – trusts that don’t have this clause take away the beneficiary’s right to fire the trustee if unsatisfied with the service being provided. Remember that the grantor can always add a provision that requires the beneficiary to select a new trustee from legitimate bank trust departments. Contact your state Department of Financial Institutions to get a list of licensed trust departments.
  • If the grantor wants to ensure that upon death any assets that remain outside of the trust are transferred to it, he or she should consider having a “pour-over” will to accomplish this.

Upon establishment of the trust the grantor must complete the process of setting up the trust by transferring his or her assets into the trust. Failure to do this properly makes the trust null and void. This means that upon the grantor’s death the state will decide who gets the assets and cares for minor children.

Protect Yourself From Trust Scams and Fraud

If someone approaches you to set up a trust be very cautious. Before signing any papers to create a living trust, will or other kind of trust make sure to explore all options and shop around for this service just as you would for any other. Also:

  • Avoid high-pressure sales tactics and high speed sales pitches.
  • Avoid salespeople who give the impression that AARP is backing or selling the product – AARP does not endorse living trust products.
  • Do your homework and get information about local probate laws from the Clerk or Register of Wills.
  • If someone tries to sell a living trust to you ask if they are an attorney. Some states restrict sales of living trusts by licensed attorneys.
  • If you buy a trust in your home or another location that is not the seller’s permanent place of business remember you are entitled to take advantage of the Cooling Off Rule and cancel the transaction within 3 business days.

The Tax Forms For 2010

Tax forms for 2010 Index A Additional Medicare Tax, Reminders, Additional Medicare Tax withholding. Tax forms for 2010 Aliens, nonresident, Withholding income taxes on the wages of nonresident alien employees. Tax forms for 2010 , Withholding adjustment for nonresident alien employees. Tax forms for 2010 Assistance (see Tax help) C COBRA premium assistance credit, Reminders COBRA Premium Assistance Credit, COBRA premium assistance credit. Tax forms for 2010 Commodity wages, Commodity wages. Tax forms for 2010 Crew leaders, Crew Leaders, 10. Tax forms for 2010 Federal Unemployment (FUTA) Tax D Deposit Penalties, Deposit Penalties Deposit rules Electronic funds transfer, 7. Tax forms for 2010 Depositing Taxes Lookback period, Lookback period. Tax forms for 2010 Differential wage payments, Reminders Disregarded entities, Reminders E Electronic deposits, Electronic deposit requirement. Tax forms for 2010 Electronic payment, Reminders Electronic reporting, Calendar Employee defined, 2. Tax forms for 2010 Who Are Employees? Employer identification number (EIN), Employer identification number (EIN). Tax forms for 2010 Employers of farmworkers, 2. Tax forms for 2010 Who Are Employees? Exemption from withholding, Exemption from federal income tax withholding. Tax forms for 2010 F Farmworkers Crew leaders, Crew Leaders Defined, 2. Tax forms for 2010 Who Are Employees? Federal unemployment (FUTA) taxes, 10. Tax forms for 2010 Federal Unemployment (FUTA) Tax Forms 843, Form 843. Tax forms for 2010 940, 10. Tax forms for 2010 Federal Unemployment (FUTA) Tax 943, 8. Tax forms for 2010 Form 943 943-X, Prior Year Adjustments I-9, Reminders W-2, Filing corrections to Forms W-2 and W-3. Tax forms for 2010 W-4, Reminders, Form W-4. Tax forms for 2010 W-4(SP), Reminders, Form W-4. Tax forms for 2010 H H-2A visa holders, Compensation paid to H-2A visa holders. Tax forms for 2010 Household employees Employment tax withholding, Household employees. Tax forms for 2010 I Income tax withholding How to figure, How To Figure Federal Income Tax Withholding Percentage method, 13. Tax forms for 2010 Federal Income Tax Withholding Methods Wage bracket method, 13. Tax forms for 2010 Federal Income Tax Withholding Methods Who must withhold, 5. Tax forms for 2010 Federal Income Tax Withholding Independent contractor, 2. Tax forms for 2010 Who Are Employees? L Lookback period, Lookback period. Tax forms for 2010 N Noncash wages, Commodity wages. Tax forms for 2010 P Penalties, Deposit Penalties Prior year adjustments, Prior Year Adjustments Publications (see Tax help) Q Qualified subchapter S subsidiaries (QSubs), Reminders R Reconciling Forms W-2, W-3, and 943, 11. Tax forms for 2010 Reconciling Wage Reporting Forms Reconciling wage reporting forms, 11. Tax forms for 2010 Reconciling Wage Reporting Forms S Share farmers, Share farmers. Tax forms for 2010 Social security and Medicare withholding, 4. Tax forms for 2010 Social Security and Medicare Taxes Social security number (SSN), Social security number (SSN). Tax forms for 2010 Spouses who own and operate a business together , Business Owned and Operated by Spouses Supplemental wages, Supplemental wages. Tax forms for 2010 T Tax help, How To Get Tax Help Taxpayer identification number, 1. Tax forms for 2010 Taxpayer Identification Numbers Trust fund recovery penalty, Trust fund recovery penalty. Tax forms for 2010 TTY/TDD information, How To Get Tax Help W Withholding Income tax, 5. Tax forms for 2010 Federal Income Tax Withholding Nonresident aliens, Withholding adjustment for nonresident alien employees. Tax forms for 2010 Supplemental wages, Supplemental wages. Tax forms for 2010 Prev  Up     Home   More Online Publications