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

Turbotax 2012 Free

How Can I Efile My 2012 TaxesFree Turbo Tax FilingIrs Form 1040vForm 1040ez Instructions2010 Tax ReturnE File 2011 Tax ReturnAmended Tax ReturnsTurbotax Military DiscountFree 1040x Tax Forms2007 Tax ReturnFree State Tax FilingH And R Block Online FilingForm 1040x Amended ReturnWhere To File Free State TaxesHow Can I Efile My 2010 TaxesForm1040x2011 Form 10402013 Form 1040ezFree State Tax Preparation Sites1040x Amended Tax FormFiling Back Taxes1040x Online1040ez FormsWhen Can You File TaxesFile 1040nr Online FreeFree 1040x FormHow To File Taxes For 2012State Tax Preparation FreeTax Filing Deadline 2010Self Employment Tax FilingFree State Tax Preparation And FilingHappens If I Didn't File Taxes Last YearFile 2007 Taxes FreeFree Sites For Filing State Income TaxesTurbo Tax File 2012How To Prepare A 1040xTax 1040nrCollege Students Filing TaxesIrs Amended FormMilitary State Tax

Turbotax 2012 Free

Turbotax 2012 free Publication 926 - Main Content Table of Contents Do You Have a Household Employee? Can Your Employee Legally Work in the United States? Do You Need To Pay Employment Taxes?Social Security and Medicare Taxes Federal Unemployment (FUTA) Tax Do You Need To Withhold Federal Income Tax? What Do You Need To Know About the Earned Income Credit? How Do You Make Tax Payments? What Forms Must You File?Employee who leaves during the year. Turbotax 2012 free Filing options when no return is required. Turbotax 2012 free What Records Must You Keep? Can You Claim a Credit for Child and Dependent Care Expenses? How Can You Correct Schedule H?Adjust the overpayment. Turbotax 2012 free Claim for refund process. Turbotax 2012 free How To Get Tax HelpLow Income Taxpayer Clinics Do You Have a Household Employee? You have a household employee if you hired someone to do household work and that worker is your employee. Turbotax 2012 free The worker is your employee if you can control not only what work is done, but how it is done. Turbotax 2012 free If the worker is your employee, it does not matter whether the work is full time or part time or that you hired the worker through an agency or from a list provided by an agency or association. Turbotax 2012 free It also does not matter whether you pay the worker on an hourly, daily, or weekly basis, or by the job. Turbotax 2012 free Example. Turbotax 2012 free You pay Betty Shore to babysit your child and do light housework 4 days a week in your home. Turbotax 2012 free Betty follows your specific instructions about household and child care duties. Turbotax 2012 free You provide the household equipment and supplies that Betty needs to do her work. Turbotax 2012 free Betty is your household employee. Turbotax 2012 free Household work. Turbotax 2012 free   Household work is work done in or around your home. Turbotax 2012 free Some examples of workers who do household work are: Babysitters, Caretakers, House cleaning workers, Domestic workers, Drivers, Health aides, Housekeepers, Maids, Nannies, Private nurses, and Yard workers. Turbotax 2012 free Workers who are not your employees. Turbotax 2012 free   If only the worker can control how the work is done, the worker is not your employee but is self-employed. Turbotax 2012 free A self-employed worker usually provides his or her own tools and offers services to the general public in an independent business. Turbotax 2012 free   A worker who performs child care services for you in his or her home generally is not your employee. Turbotax 2012 free   If an agency provides the worker and controls what work is done and how it is done, the worker is not your employee. Turbotax 2012 free Example. Turbotax 2012 free You made an agreement with John Peters to care for your lawn. Turbotax 2012 free John runs a lawn care business and offers his services to the general public. Turbotax 2012 free He provides his own tools and supplies, and he hires and pays any helpers he needs. Turbotax 2012 free Neither John nor his helpers are your household employees. Turbotax 2012 free More information. Turbotax 2012 free   More information about who is an employee is in Publication 15-A, Employer's Supplemental Tax Guide. Turbotax 2012 free Can Your Employee Legally Work in the United States? It is unlawful for you knowingly to hire or continue to employ an alien who cannot legally work in the United States. Turbotax 2012 free When you hire a household employee to work for you on a regular basis, you and the employee must complete the U. Turbotax 2012 free S. Turbotax 2012 free Citizenship and Immigration Services (USCIS) Form I-9, Employment Eligibility Verification. Turbotax 2012 free No later than the first day of work, the employee must complete the employee section of the form by providing certain required information and attesting to his or her current work eligibility status in the United States. Turbotax 2012 free You must complete the employer section by examining documents presented by the employee as evidence of his or her identity and employment eligibility. Turbotax 2012 free Acceptable documents to establish identity and employment eligibility are listed on Form I-9. Turbotax 2012 free You should keep the completed Form I-9 in your own records. Turbotax 2012 free Do not submit it to the IRS, the USCIS, or any other government or other entity. Turbotax 2012 free The form must be kept available for review upon notice by an authorized U. Turbotax 2012 free S. Turbotax 2012 free Government official. Turbotax 2012 free Two copies of Form I-9 are contained in the Handbook for Employers (Form M-274) published by the USCIS. Turbotax 2012 free Call the USCIS at 1-800-870-3676 to order the Handbook for Employers; or you may download the handbook at www. Turbotax 2012 free uscis. Turbotax 2012 free gov. Turbotax 2012 free If you have questions about the employment eligibility verification process or other immigration-related employment matters, contact the USCIS Office of Business Liaison at 1-800-357-2099. Turbotax 2012 free You also can visit the USCIS website at www. Turbotax 2012 free uscis. Turbotax 2012 free gov to get Form I-9. Turbotax 2012 free For more information, see Employee's Social Security Number (SSN) in Publication 15 (Circular E), Employer's Tax Guide. Turbotax 2012 free Do You Need To Pay Employment Taxes? If you have a household employee, you may need to withhold and pay social security and Medicare taxes, pay federal unemployment tax, or both. Turbotax 2012 free To find out, read Table 1. Turbotax 2012 free You do not need to withhold federal income tax from your household employee's wages. Turbotax 2012 free But if your employee asks you to withhold it, you can. Turbotax 2012 free See Do You Need To Withhold Federal Income Tax, later. Turbotax 2012 free If you need to pay social security, Medicare, or federal unemployment tax or choose to withhold federal income tax, read Table 2 for an overview of what you may need to do. Turbotax 2012 free If you do not need to pay social security, Medicare, or federal unemployment tax and do not choose to withhold federal income tax, read State employment taxes, next. Turbotax 2012 free The rest of this publication does not apply to you. Turbotax 2012 free State employment taxes. Turbotax 2012 free   You should contact your state unemployment tax agency to find out whether you need to pay state unemployment tax for your household employee. Turbotax 2012 free For a list of state unemployment tax agencies, visit the U. Turbotax 2012 free S. Turbotax 2012 free Department of Labor's website at www. Turbotax 2012 free workforcesecurity. Turbotax 2012 free doleta. Turbotax 2012 free gov/unemploy/agencies. Turbotax 2012 free asp. Turbotax 2012 free You should also determine if you need to pay or collect other state employment taxes or carry workers' compensation insurance. Turbotax 2012 free    Table 1. Turbotax 2012 free Do You Need To Pay Employment Taxes? IF you . Turbotax 2012 free . Turbotax 2012 free . Turbotax 2012 free THEN you need to . Turbotax 2012 free . Turbotax 2012 free . Turbotax 2012 free A– Pay cash wages of $1,900 or more in 2014 to any one household employee. Turbotax 2012 free Withhold and pay social security and Medicare taxes. Turbotax 2012 free The taxes are 15. Turbotax 2012 free 3%1 of cash wages. Turbotax 2012 free Your employee's share is 7. Turbotax 2012 free 65%1. Turbotax 2012 free   (You can choose to pay it yourself and not withhold it. Turbotax 2012 free ) Your share is 7. Turbotax 2012 free 65%. Turbotax 2012 free   Do not count wages you pay to— Your spouse, Your child under the age of 21, Your parent (see Wages not counted, later, for an exception), or Any employee under the age of 18 at any time in 2014 (see Wages not counted, later, for an exception). Turbotax 2012 free B– Pay total cash wages of $1,000 or more in any calendar quarter of 2013 or 2014 to household employees. Turbotax 2012 free Pay federal unemployment tax. Turbotax 2012 free The tax is 6% of cash wages. Turbotax 2012 free Wages over $7,000 a year per employee are not taxed. Turbotax 2012 free You also may owe state unemployment tax. Turbotax 2012 free   Do not count wages you pay to— Your spouse, Your child under the age of 21, or Your parent. Turbotax 2012 free 1In addition to withholding Medicare tax at 1. Turbotax 2012 free 45%, you must withhold a 0. Turbotax 2012 free 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. Turbotax 2012 free 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. Turbotax 2012 free Additional Medicare Tax is only imposed on the employee. Turbotax 2012 free There is no employer share of Additional Medicare Tax. Turbotax 2012 free 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. Turbotax 2012 free Note. Turbotax 2012 free If neither A nor B above applies, you do not need to pay any federal employment taxes. Turbotax 2012 free But you may still need to pay state employment taxes. Turbotax 2012 free Table 2. Turbotax 2012 free Household Employer's Checklist You may need to do the following things when you have a household employee. Turbotax 2012 free   When you hire a household employee: □ Find out if the person can legally work in the United States. Turbotax 2012 free  □ Find out if you need to pay state taxes. Turbotax 2012 free When you pay your household employee: □ Withhold social security and Medicare taxes. Turbotax 2012 free  □ Withhold federal income tax. Turbotax 2012 free  □ Decide how you will make tax payments. Turbotax 2012 free  □ Keep records. Turbotax 2012 free By February 2, 2015: □ Get an employer identification number (EIN). Turbotax 2012 free  □ Give your employee Copies B, C, and 2 of Form W-2, Wage and Tax Statement. Turbotax 2012 free By March 2, 2015 (March 31, 2015, if you file Form W-2 electronically): □ Send Copy A of Form W-2 to the Social Security Administration (SSA). Turbotax 2012 free By April 15, 2015: □ File Schedule H (Form 1040), Household Employment Taxes, with your 2014 federal income tax return (Form 1040, 1040NR, 1040-SS, or Form 1041). Turbotax 2012 free  If you do not have to file a return, file Schedule H by itself. Turbotax 2012 free Social Security and Medicare Taxes The social security tax pays for old-age, survivors, and disability benefits for workers and their families. Turbotax 2012 free The Medicare tax pays for hospital insurance. Turbotax 2012 free Both you and your household employee may owe social security and Medicare taxes. Turbotax 2012 free Your share is 7. Turbotax 2012 free 65% (6. Turbotax 2012 free 2% for social security tax and 1. Turbotax 2012 free 45% for Medicare tax) of the employee's social security and Medicare wages. Turbotax 2012 free Your employee's share is also 7. Turbotax 2012 free 65% (6. Turbotax 2012 free 2% for social security tax and 1. Turbotax 2012 free 45% for Medicare tax). Turbotax 2012 free In addition to withholding Medicare tax at 1. Turbotax 2012 free 45%, you must withhold a 0. Turbotax 2012 free 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. Turbotax 2012 free 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. Turbotax 2012 free Additional Medicare Tax is only imposed on the employee. Turbotax 2012 free There is no employer share of Additional Medicare Tax. Turbotax 2012 free 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. Turbotax 2012 free For more information on Additional Medicare Tax, visit IRS. Turbotax 2012 free gov and enter “Additional Medicare Tax” in the search box. Turbotax 2012 free Generally, you can use Table 3 to figure the amount of social security and Medicare taxes to withhold from each wage payment. Turbotax 2012 free You are responsible for payment of your employee's share of the taxes as well as your own. Turbotax 2012 free You can either withhold your employee's share from the employee's wages or pay it from your own funds. Turbotax 2012 free If you decide to pay the employee's share from your own funds, see Not withholding the employee's share, later. Turbotax 2012 free Pay the taxes as discussed under How Do You Make Tax Payments, later. Turbotax 2012 free Also, see What Forms Must You File, later. Turbotax 2012 free Social security and Medicare wages. Turbotax 2012 free   You figure social security and Medicare taxes on the social security and Medicare wages you pay your employee. Turbotax 2012 free   If you pay your household employee cash wages of $1,900 or more in 2014, all cash wages you pay to that employee in 2014 (regardless of when the wages were earned) up to $117,000 are social security wages and all cash wages are Medicare wages. Turbotax 2012 free However, any noncash wages you pay do not count as social security and Medicare wages. Turbotax 2012 free   If you pay the employee less than $1,900 in cash wages in 2014, none of the wages you pay the employee are social security or Medicare wages and neither you nor your employee will owe social security or Medicare tax on those wages. Turbotax 2012 free Cash wages. Turbotax 2012 free   Cash wages include wages you pay by check, money order, etc. Turbotax 2012 free Cash wages do not include the value of food, lodging, clothing, and other noncash items you give your household employee. Turbotax 2012 free However, cash you give your employee in place of these items is included in cash wages. Turbotax 2012 free State disability payments treated as wages. Turbotax 2012 free   Certain state disability plan payments that your household employee may receive are treated as social security and Medicare wages. Turbotax 2012 free For more information about these payments, see the Instructions for Schedule H (Form 1040) and the notice issued by the state. Turbotax 2012 free Wages not counted. Turbotax 2012 free   Do not count wages you pay to any of the following individuals as social security or Medicare wages, even if these wages are $1,900 or more during the year. Turbotax 2012 free Your spouse. Turbotax 2012 free Your child who is under the age of 21. Turbotax 2012 free Your parent. Turbotax 2012 free Exception: Count these wages if both the following conditions apply. Turbotax 2012 free Your parent cares for your child who is either of the following. Turbotax 2012 free Under the age of 18, or Has a physical or mental condition that requires the personal care of an adult for at least 4 continuous weeks in the calendar quarter services were performed. Turbotax 2012 free Your marital status is one of the following. Turbotax 2012 free You are divorced and have not remarried, You are a widow or widower, or You are living with a spouse whose physical or mental condition prevents him or her from caring for your child for at least 4 continuous weeks in the calendar quarter services were performed. Turbotax 2012 free An employee who is under the age of 18 at any time during the year. Turbotax 2012 free Exception: Count these wages if providing household services is the employee's principal occupation. Turbotax 2012 free If the employee is a student, providing household services is not considered to be his or her principal occupation. Turbotax 2012 free Also, if your employee's cash wages reach $117,000 (maximum wages subject to social security tax) in 2014, do not count any wages you pay that employee during the rest of the year as social security wages to figure social security tax. Turbotax 2012 free Continue to count the employee's cash wages as Medicare wages to figure Medicare tax. Turbotax 2012 free If you provide your employee transit passes to commute to your home, do not count the value of the transit passes (up to $130 per month for 2014) as wages. Turbotax 2012 free A transit pass includes any pass, token, fare card, voucher, or similar item entitling a person to ride on mass transit, such as a bus or train. Turbotax 2012 free If you provide your employee parking at or near your home or at or near a location from which your employee commutes to your home, do not count the value of parking (up to $250 per month for 2014) as wages. Turbotax 2012 free If you reimburse your employee for transit passes or parking, you may be able to exclude the reimbursement amounts. Turbotax 2012 free See Publication 15-B, Employer's Tax Guide to Fringe Benefits, for special requirements for this exclusion. Turbotax 2012 free Withholding the employee's share. Turbotax 2012 free   You should withhold the employee's share of social security and Medicare taxes if you expect to pay your household employee cash wages of $1,900 or more in 2014. Turbotax 2012 free However, if you prefer to pay the employee's share yourself, see Not withholding the employee's share, later. Turbotax 2012 free   You can withhold the employee's share of the taxes even if you are not sure your employee's cash wages will be $1,900 or more in 2014. Turbotax 2012 free If you withhold the taxes but then actually pay the employee less than $1,900 in cash wages for the year, you should repay the employee. Turbotax 2012 free   Withhold 7. Turbotax 2012 free 65% (6. Turbotax 2012 free 2% for social security tax and 1. Turbotax 2012 free 45% for Medicare tax) from each payment of social security and Medicare wages. Turbotax 2012 free Generally, you can use Table 3 to figure the proper amount to withhold. Turbotax 2012 free You will pay the amount withheld to the IRS with your share of the taxes. Turbotax 2012 free Do not withhold any social security tax after your employee's social security wages for the year reach $117,000. Turbotax 2012 free Table 3. Turbotax 2012 free Employee Social Security (6. Turbotax 2012 free 2%) and Medicare (1. Turbotax 2012 free 45%1) Tax Withholding Table (See Publication 15 (Circular E) for income tax withholding tables. Turbotax 2012 free ) Use this table to figure the amount of social security and Medicare taxes to withhold from each wage payment. Turbotax 2012 free For example, on a wage payment of $180, the employee social security tax is $11. Turbotax 2012 free 16 ($6. Turbotax 2012 free 20 tax on $100 plus $4. Turbotax 2012 free 96 on $80 wages). Turbotax 2012 free The employee Medicare tax is $2. Turbotax 2012 free 61 ($1. Turbotax 2012 free 45 tax on $100 plus $1. Turbotax 2012 free 16 on $80 wages). Turbotax 2012 free If wage payment is: The social security tax to be withheld is: The Medicare tax to be withheld is: If wage payment is: The social security tax to be withheld is: The Medicare tax to be withheld is: $ 1. Turbotax 2012 free 00 . Turbotax 2012 free $ . Turbotax 2012 free 06 $ . Turbotax 2012 free 01 $ 51. Turbotax 2012 free 00 . Turbotax 2012 free $ 3. Turbotax 2012 free 16 $ . Turbotax 2012 free 74 2. Turbotax 2012 free 00 . Turbotax 2012 free . Turbotax 2012 free 12 . Turbotax 2012 free 03 52. Turbotax 2012 free 00 . Turbotax 2012 free 3. Turbotax 2012 free 22 . Turbotax 2012 free 75 3. Turbotax 2012 free 00 . Turbotax 2012 free . Turbotax 2012 free 19 . Turbotax 2012 free 04 53. Turbotax 2012 free 00 . Turbotax 2012 free 3. Turbotax 2012 free 29 . Turbotax 2012 free 77 4. Turbotax 2012 free 00 . Turbotax 2012 free . Turbotax 2012 free 25 . Turbotax 2012 free 06 54. Turbotax 2012 free 00 . Turbotax 2012 free 3. Turbotax 2012 free 35 . Turbotax 2012 free 78 5. Turbotax 2012 free 00 . Turbotax 2012 free . Turbotax 2012 free 31 . Turbotax 2012 free 07 55. Turbotax 2012 free 00 . Turbotax 2012 free 3. Turbotax 2012 free 41 . Turbotax 2012 free 80 6. Turbotax 2012 free 00 . Turbotax 2012 free . Turbotax 2012 free 37 . Turbotax 2012 free 09 56. Turbotax 2012 free 00 . Turbotax 2012 free 3. Turbotax 2012 free 47 . Turbotax 2012 free 81 7. Turbotax 2012 free 00 . Turbotax 2012 free . Turbotax 2012 free 43 . Turbotax 2012 free 10 57. Turbotax 2012 free 00 . Turbotax 2012 free 3. Turbotax 2012 free 53 . Turbotax 2012 free 83 8. Turbotax 2012 free 00 . Turbotax 2012 free . Turbotax 2012 free 50 . Turbotax 2012 free 12 58. Turbotax 2012 free 00 . Turbotax 2012 free 3. Turbotax 2012 free 60 . Turbotax 2012 free 84 9. Turbotax 2012 free 00 . Turbotax 2012 free . Turbotax 2012 free 56 . Turbotax 2012 free 13 59. Turbotax 2012 free 00 . Turbotax 2012 free 3. Turbotax 2012 free 66 . Turbotax 2012 free 86 10. Turbotax 2012 free 00 . Turbotax 2012 free . Turbotax 2012 free 62 . Turbotax 2012 free 15 60. Turbotax 2012 free 00 . Turbotax 2012 free 3. Turbotax 2012 free 72 . Turbotax 2012 free 87 11. Turbotax 2012 free 00 . Turbotax 2012 free . Turbotax 2012 free 68 . Turbotax 2012 free 16 61. Turbotax 2012 free 00 . Turbotax 2012 free 3. Turbotax 2012 free 78 . Turbotax 2012 free 88 12. Turbotax 2012 free 00 . Turbotax 2012 free . Turbotax 2012 free 74 . Turbotax 2012 free 17 62. Turbotax 2012 free 00 . Turbotax 2012 free 3. Turbotax 2012 free 84 . Turbotax 2012 free 90 13. Turbotax 2012 free 00 . Turbotax 2012 free . Turbotax 2012 free 81 . Turbotax 2012 free 19 63. Turbotax 2012 free 00 . Turbotax 2012 free 3. Turbotax 2012 free 91 . Turbotax 2012 free 91 14. Turbotax 2012 free 00 . Turbotax 2012 free . Turbotax 2012 free 87 . Turbotax 2012 free 20 64. Turbotax 2012 free 00 . Turbotax 2012 free 3. Turbotax 2012 free 97 . Turbotax 2012 free 93 15. Turbotax 2012 free 00 . Turbotax 2012 free . Turbotax 2012 free 93 . Turbotax 2012 free 22 65. Turbotax 2012 free 00 . Turbotax 2012 free 4. Turbotax 2012 free 03 . Turbotax 2012 free 94 16. Turbotax 2012 free 00 . Turbotax 2012 free . Turbotax 2012 free 99 . Turbotax 2012 free 23 66. Turbotax 2012 free 00 . Turbotax 2012 free 4. Turbotax 2012 free 09 . Turbotax 2012 free 96 17. Turbotax 2012 free 00 . Turbotax 2012 free 1. Turbotax 2012 free 05 . Turbotax 2012 free 25 67. Turbotax 2012 free 00 . Turbotax 2012 free 4. Turbotax 2012 free 15 . Turbotax 2012 free 97 18. Turbotax 2012 free 00 . Turbotax 2012 free 1. Turbotax 2012 free 12 . Turbotax 2012 free 26 68. Turbotax 2012 free 00 . Turbotax 2012 free 4. Turbotax 2012 free 22 . Turbotax 2012 free 99 19. Turbotax 2012 free 00 . Turbotax 2012 free 1. Turbotax 2012 free 18 . Turbotax 2012 free 28 69. Turbotax 2012 free 00 . Turbotax 2012 free 4. Turbotax 2012 free 28 1. Turbotax 2012 free 00 20. Turbotax 2012 free 00 . Turbotax 2012 free 1. Turbotax 2012 free 24 . Turbotax 2012 free 29 70. Turbotax 2012 free 00 . Turbotax 2012 free 4. Turbotax 2012 free 34 1. Turbotax 2012 free 02 21. Turbotax 2012 free 00 . Turbotax 2012 free 1. Turbotax 2012 free 30 . Turbotax 2012 free 30 71. Turbotax 2012 free 00 . Turbotax 2012 free 4. Turbotax 2012 free 40 1. Turbotax 2012 free 03 22. Turbotax 2012 free 00 . Turbotax 2012 free 1. Turbotax 2012 free 36 . Turbotax 2012 free 32 72. Turbotax 2012 free 00 . Turbotax 2012 free 4. Turbotax 2012 free 46 1. Turbotax 2012 free 04 23. Turbotax 2012 free 00 . Turbotax 2012 free 1. Turbotax 2012 free 43 . Turbotax 2012 free 33 73. Turbotax 2012 free 00 . Turbotax 2012 free 4. Turbotax 2012 free 53 1. Turbotax 2012 free 06 24. Turbotax 2012 free 00 . Turbotax 2012 free 1. Turbotax 2012 free 49 . Turbotax 2012 free 35 74. Turbotax 2012 free 00 . Turbotax 2012 free 4. Turbotax 2012 free 59 1. Turbotax 2012 free 07 25. Turbotax 2012 free 00 . Turbotax 2012 free 1. Turbotax 2012 free 55 . Turbotax 2012 free 36 75. Turbotax 2012 free 00 . Turbotax 2012 free 4. Turbotax 2012 free 65 1. Turbotax 2012 free 09 26. Turbotax 2012 free 00 . Turbotax 2012 free 1. Turbotax 2012 free 61 . Turbotax 2012 free 38 76. Turbotax 2012 free 00 . Turbotax 2012 free 4. Turbotax 2012 free 71 1. Turbotax 2012 free 10 27. Turbotax 2012 free 00 . Turbotax 2012 free 1. Turbotax 2012 free 67 . Turbotax 2012 free 39 77. Turbotax 2012 free 00 . Turbotax 2012 free 4. Turbotax 2012 free 77 1. Turbotax 2012 free 12 28. Turbotax 2012 free 00 . Turbotax 2012 free 1. Turbotax 2012 free 74 . Turbotax 2012 free 41 78. Turbotax 2012 free 00 . Turbotax 2012 free 4. Turbotax 2012 free 84 1. Turbotax 2012 free 13 29. Turbotax 2012 free 00 . Turbotax 2012 free 1. Turbotax 2012 free 80 . Turbotax 2012 free 42 79. Turbotax 2012 free 00 . Turbotax 2012 free 4. Turbotax 2012 free 90 1. Turbotax 2012 free 15 30. Turbotax 2012 free 00 . Turbotax 2012 free 1. Turbotax 2012 free 86 . Turbotax 2012 free 44 80. Turbotax 2012 free 00 . Turbotax 2012 free 4. Turbotax 2012 free 96 1. Turbotax 2012 free 16 31. Turbotax 2012 free 00 . Turbotax 2012 free 1. Turbotax 2012 free 92 . Turbotax 2012 free 45 81. Turbotax 2012 free 00 . Turbotax 2012 free 5. Turbotax 2012 free 02 1. Turbotax 2012 free 17 32. Turbotax 2012 free 00 . Turbotax 2012 free 1. Turbotax 2012 free 98 . Turbotax 2012 free 46 82. Turbotax 2012 free 00 . Turbotax 2012 free 5. Turbotax 2012 free 08 1. Turbotax 2012 free 19 33. Turbotax 2012 free 00 . Turbotax 2012 free 2. Turbotax 2012 free 05 . Turbotax 2012 free 48 83. Turbotax 2012 free 00 . Turbotax 2012 free 5. Turbotax 2012 free 15 1. Turbotax 2012 free 20 34. Turbotax 2012 free 00 . Turbotax 2012 free 2. Turbotax 2012 free 11 . Turbotax 2012 free 49 84. Turbotax 2012 free 00 . Turbotax 2012 free 5. Turbotax 2012 free 21 1. Turbotax 2012 free 22 35. Turbotax 2012 free 00 . Turbotax 2012 free 2. Turbotax 2012 free 17 . Turbotax 2012 free 51 85. Turbotax 2012 free 00 . Turbotax 2012 free 5. Turbotax 2012 free 27 1. Turbotax 2012 free 23 36. Turbotax 2012 free 00 . Turbotax 2012 free 2. Turbotax 2012 free 23 . Turbotax 2012 free 52 86. Turbotax 2012 free 00 . Turbotax 2012 free 5. Turbotax 2012 free 33 1. Turbotax 2012 free 25 37. Turbotax 2012 free 00 . Turbotax 2012 free 2. Turbotax 2012 free 29 . Turbotax 2012 free 54 87. Turbotax 2012 free 00 . Turbotax 2012 free 5. Turbotax 2012 free 39 1. Turbotax 2012 free 26 38. Turbotax 2012 free 00 . Turbotax 2012 free 2. Turbotax 2012 free 36 . Turbotax 2012 free 55 88. Turbotax 2012 free 00 . Turbotax 2012 free 5. Turbotax 2012 free 46 1. Turbotax 2012 free 28 39. Turbotax 2012 free 00 . Turbotax 2012 free 2. Turbotax 2012 free 42 . Turbotax 2012 free 57 89. Turbotax 2012 free 00 . Turbotax 2012 free 5. Turbotax 2012 free 52 1. Turbotax 2012 free 29 40. Turbotax 2012 free 00 . Turbotax 2012 free 2. Turbotax 2012 free 48 . Turbotax 2012 free 58 90. Turbotax 2012 free 00 . Turbotax 2012 free 5. Turbotax 2012 free 58 1. Turbotax 2012 free 31 41. Turbotax 2012 free 00 . Turbotax 2012 free 2. Turbotax 2012 free 54 . Turbotax 2012 free 59 91. Turbotax 2012 free 00 . Turbotax 2012 free 5. Turbotax 2012 free 64 1. Turbotax 2012 free 32 42. Turbotax 2012 free 00 . Turbotax 2012 free 2. Turbotax 2012 free 60 . Turbotax 2012 free 61 92. Turbotax 2012 free 00 . Turbotax 2012 free 5. Turbotax 2012 free 70 1. Turbotax 2012 free 33 43. Turbotax 2012 free 00 . Turbotax 2012 free 2. Turbotax 2012 free 67 . Turbotax 2012 free 62 93. Turbotax 2012 free 00 . Turbotax 2012 free 5. Turbotax 2012 free 77 1. Turbotax 2012 free 35 44. Turbotax 2012 free 00 . Turbotax 2012 free 2. Turbotax 2012 free 73 . Turbotax 2012 free 64 94. Turbotax 2012 free 00 . Turbotax 2012 free 5. Turbotax 2012 free 83 1. Turbotax 2012 free 36 45. Turbotax 2012 free 00 . Turbotax 2012 free 2. Turbotax 2012 free 79 . Turbotax 2012 free 65 95. Turbotax 2012 free 00 . Turbotax 2012 free 5. Turbotax 2012 free 89 1. Turbotax 2012 free 38 46. Turbotax 2012 free 00 . Turbotax 2012 free 2. Turbotax 2012 free 85 . Turbotax 2012 free 67 96. Turbotax 2012 free 00 . Turbotax 2012 free 5. Turbotax 2012 free 95 1. Turbotax 2012 free 39 47. Turbotax 2012 free 00 . Turbotax 2012 free 2. Turbotax 2012 free 91 . Turbotax 2012 free 68 97. Turbotax 2012 free 00 . Turbotax 2012 free 6. Turbotax 2012 free 01 1. Turbotax 2012 free 41 48. Turbotax 2012 free 00 . Turbotax 2012 free 2. Turbotax 2012 free 98 . Turbotax 2012 free 70 98. Turbotax 2012 free 00 . Turbotax 2012 free 6. Turbotax 2012 free 08 1. Turbotax 2012 free 42 49. Turbotax 2012 free 00 . Turbotax 2012 free 3. Turbotax 2012 free 04 . Turbotax 2012 free 71 99. Turbotax 2012 free 00 . Turbotax 2012 free 6. Turbotax 2012 free 14 1. Turbotax 2012 free 44 50. Turbotax 2012 free 00 . Turbotax 2012 free 3. Turbotax 2012 free 10 . Turbotax 2012 free 73 100. Turbotax 2012 free 00 . Turbotax 2012 free 6. Turbotax 2012 free 20 1. Turbotax 2012 free 45 1In addition to withholding Medicare tax at 1. Turbotax 2012 free 45%, you must withhold a 0. Turbotax 2012 free 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. Turbotax 2012 free 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. Turbotax 2012 free Additional Medicare Tax is only imposed on the employee. Turbotax 2012 free There is no employer share of Additional Medicare Tax. Turbotax 2012 free 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. Turbotax 2012 free   If you make an error by withholding too little, you should withhold additional taxes from a later payment. Turbotax 2012 free If you withhold too much, you should repay the employee. Turbotax 2012 free    In addition to withholding Medicare tax at 1. Turbotax 2012 free 45%, you must withhold a 0. Turbotax 2012 free 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. Turbotax 2012 free 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. Turbotax 2012 free Additional Medicare Tax is only imposed on the employee. Turbotax 2012 free There is no employer share of Additional Medicare Tax. Turbotax 2012 free 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. Turbotax 2012 free For more information on Additional Medicare Tax, visit IRS. Turbotax 2012 free gov and enter “Additional Medicare Tax” in the search box. Turbotax 2012 free Example. Turbotax 2012 free On February 13, 2014, Mary Brown hired Jane R. Turbotax 2012 free Oak (who is an unrelated individual over age 18) to care for her child and agreed to pay cash wages of $50 every Friday. Turbotax 2012 free Jane worked for the remainder of the year (a total of 46 weeks). Turbotax 2012 free Mary did not give Jane a Form W-4 to request federal or state tax withholding. Turbotax 2012 free The following is the information Mary will need to complete Schedule H, Form W-2, and Form W-3. Turbotax 2012 free See the completed examples of Form W-2 and Form W-3 for 2014 at the end of this publication. Turbotax 2012 free Total cash wages paid to Jane $2,300. Turbotax 2012 free 00 ($50 x 46 weeks)       Jane's share of:     Social security tax $142. Turbotax 2012 free 60 ($2,300 x 6. Turbotax 2012 free 2% (. Turbotax 2012 free 062))         Medicare tax $33. Turbotax 2012 free 35       ($2,300 x 1. Turbotax 2012 free 45% (. Turbotax 2012 free 0145)) Mary's share of:     Social security tax $142. Turbotax 2012 free 60  ($2,300 x 6. Turbotax 2012 free 2% (. Turbotax 2012 free 062))           Medicare tax $33. Turbotax 2012 free 35  ($2,300 x 1. Turbotax 2012 free 45% (. Turbotax 2012 free 0145)) Amount reported on Form W-2 and Form W-3:   Box 1:Wages, tips $2,300. Turbotax 2012 free 00   Box 4: Social security tax withheld 142. Turbotax 2012 free 60   Box 6: Medicare tax withheld 33. Turbotax 2012 free 35 For information on withholding and reporting federal income taxes, see Publication 15 (Circular E). Turbotax 2012 free Not withholding the employee's share. Turbotax 2012 free   If you prefer to pay your employee's social security and Medicare taxes from your own funds, do not withhold them from your employee's wages. Turbotax 2012 free The social security and Medicare taxes you pay to cover your employee's share must be included in the employee's wages for income tax purposes. Turbotax 2012 free However, they are not counted as social security and Medicare wages or as federal unemployment (FUTA) wages. Turbotax 2012 free Example. Turbotax 2012 free In 2014 you hire a household employee (who is an unrelated individual over age 18) to care for your child and agree to pay cash wages of $100 every Friday. Turbotax 2012 free You expect to pay your employee $1,900 or more for the year. Turbotax 2012 free You decide to pay your employee's share of social security and Medicare taxes from your own funds. Turbotax 2012 free You pay your employee $100 every Friday without withholding any social security or Medicare taxes. Turbotax 2012 free For social security and Medicare tax purposes, your employee's wages each payday are $100. Turbotax 2012 free For each wage payment, you will pay $15. Turbotax 2012 free 30 when you pay the taxes. Turbotax 2012 free This is $7. Turbotax 2012 free 65 ($6. Turbotax 2012 free 20 for social security tax + $1. Turbotax 2012 free 45 for Medicare tax) to cover your employee's share plus $7. Turbotax 2012 free 65 ($6. Turbotax 2012 free 20 for social security tax + $1. Turbotax 2012 free 45 for Medicare tax) for your share. Turbotax 2012 free For income tax purposes, your employee's wages each payday are $107. Turbotax 2012 free 65 ($100 + the $7. Turbotax 2012 free 65 you will pay to cover your employee's share of social security and Medicare taxes). Turbotax 2012 free Federal Unemployment (FUTA) Tax The federal unemployment tax is part of the federal and state program under the Federal Unemployment Tax Act (FUTA) that pays unemployment compensation to workers who lose their jobs. Turbotax 2012 free Like most employers, you may owe both the federal unemployment tax (the FUTA tax) and a state unemployment tax. Turbotax 2012 free Or, you may owe only the FUTA tax or only the state unemployment tax. Turbotax 2012 free To find out whether you will owe state unemployment tax, contact your state's unemployment tax agency. Turbotax 2012 free For a list of state unemployment tax agencies, visit the U. Turbotax 2012 free S. Turbotax 2012 free Department of Labor's website at www. Turbotax 2012 free workforcesecurity. Turbotax 2012 free doleta. Turbotax 2012 free gov/unemploy/agencies. Turbotax 2012 free asp. Turbotax 2012 free You should also find out if you need to pay or collect other state employment taxes or carry workers' compensation insurance. Turbotax 2012 free The FUTA tax is 6. Turbotax 2012 free 0% of your employee's FUTA wages. Turbotax 2012 free However, you may be able to take a credit of up to 5. Turbotax 2012 free 4% against the FUTA tax, resulting in a net tax rate of 0. Turbotax 2012 free 6%. Turbotax 2012 free Your credit for 2014 is limited unless you pay all the required contributions for 2014 to your state unemployment fund by April 15, 2015. Turbotax 2012 free The credit you can take for any contributions for 2014 that you pay after April 15, 2015, is limited to 90% of the credit that would have been allowable if the contributions were paid by April 15, 2015. Turbotax 2012 free (If you did not pay all the required contributions for 2013 by April 15, 2014, see Credit for 2013, later. Turbotax 2012 free ) Note. Turbotax 2012 free   If a due date falls on a Saturday, Sunday, or legal holiday, payments are considered timely if made by the next business day. Turbotax 2012 free The term “legal holiday” means any legal holiday in the District of Columbia. Turbotax 2012 free Pay the tax as discussed under How Do You Make Tax Payments, later. Turbotax 2012 free Also, see What Forms Must You File, later. Turbotax 2012 free Note. Turbotax 2012 free   The 5. Turbotax 2012 free 4% credit is reduced for wages paid in a credit reduction state. Turbotax 2012 free See the Instructions for Schedule H (Form 1040). Turbotax 2012 free Do not withhold the FUTA tax from your employee's wages. Turbotax 2012 free You must pay it from your own funds. Turbotax 2012 free FUTA wages. Turbotax 2012 free   Figure the FUTA tax on the FUTA wages you pay. Turbotax 2012 free If you pay cash wages to all of your household employees totaling $1,000 or more in any calendar quarter of 2013 or 2014, the first $7,000 of cash wages you pay to each household employee in 2014 is FUTA wages. Turbotax 2012 free (A calendar quarter is January through March, April through June, July through September, or October through December. Turbotax 2012 free ) If your employee's cash wages reach $7,000 during the year, do not figure the FUTA tax on any wages you pay that employee during the rest of the year. Turbotax 2012 free For an explanation of cash wages, see the discussion on Social security and Medicare wages under Social Security and Medicare Taxes, earlier. Turbotax 2012 free Wages not counted. Turbotax 2012 free   Do not count wages you pay to any of the following individuals as FUTA wages. Turbotax 2012 free Your spouse. Turbotax 2012 free Your child who is under the age of 21. Turbotax 2012 free Your parent. Turbotax 2012 free Credit for 2013. Turbotax 2012 free   The credit you can take for any state unemployment fund contributions for 2013 that you pay after April 15, 2014, is limited to 90% of the credit that would have been allowable if the contributions were paid on or before April 15, 2014. Turbotax 2012 free Use Worksheet A to figure the credit for late contributions if you paid any state contributions after the due date for filing  Form 1040. Turbotax 2012 free Worksheet A. Turbotax 2012 free Worksheet for Credit for Late Contributions 1. Turbotax 2012 free Enter the amount from Schedule H, line 22   2. Turbotax 2012 free Enter the amount from Schedule H, line 19   3. Turbotax 2012 free Subtract line 2 from line 1. Turbotax 2012 free If zero or less, enter -0-   4. Turbotax 2012 free Enter total contributions paid to the state(s) after the Form 1040 due date   5. Turbotax 2012 free Enter the smaller of line 3 or line 4   6. Turbotax 2012 free Multiply line 5 by . Turbotax 2012 free 90 (90%)   7. Turbotax 2012 free Add lines 2 and 6   8. Turbotax 2012 free Enter the smaller of the amount on line 1 or line 7 here and on Schedule H, line 23   Do You Need To Withhold Federal Income Tax? You are not required to withhold federal income tax from wages you pay a household employee. Turbotax 2012 free You should withhold federal income tax only if your household employee asks you to withhold it and you agree. Turbotax 2012 free The employee must give you a completed Form W-4, Employee's Withholding Allowance Certificate. Turbotax 2012 free If you and your employee have agreed to withholding, either of you may end the agreement by letting the other know in writing. Turbotax 2012 free If you agree to withhold federal income tax, you are responsible for paying it to the IRS. Turbotax 2012 free Pay the tax as discussed under How Do You Make Tax Payments, later. Turbotax 2012 free Also, see What Forms Must You File, later. Turbotax 2012 free Use the income tax withholding tables in Publication 15 (Circular E) to find out how much to withhold. Turbotax 2012 free Figure federal income tax withholding on wages before you deduct any amounts for other withheld taxes. Turbotax 2012 free Withhold federal income tax from each payment of wages based on the filing status and exemptions shown on your employee's Form W-4. Turbotax 2012 free Publication 15 (Circular E) contains detailed instructions. Turbotax 2012 free Wages. Turbotax 2012 free   Figure federal income tax withholding on both cash and noncash wages you pay. Turbotax 2012 free Measure wages you pay in any form other than cash by the fair market value of the noncash item. Turbotax 2012 free   Do not count as wages any of the following items. Turbotax 2012 free Meals provided to your employee at your home for your convenience. Turbotax 2012 free Lodging provided to your employee at your home for your convenience and as a condition of employment. Turbotax 2012 free Up to $130 per month for 2014 for transit passes you give your employee (or for any cash reimbursement you make for the amount your employee pays for transit passes used to commute to your home if you qualify for this exclusion). Turbotax 2012 free A transit pass includes any pass, token, fare card, voucher, or similar item entitling a person to ride on mass transit, such as a bus or train. Turbotax 2012 free See Publication 15-B for special requirements for this exclusion. Turbotax 2012 free Up to $250 per month for 2014 for the value of parking you provide your employee or for any cash reimbursement you make for the amount your employee pays and substantiates for parking at or near your home or at or near a location from which your employee commutes to your home. Turbotax 2012 free   See Publication 15 (Circular E) for more information on cash and noncash wages. Turbotax 2012 free Paying tax without withholding. Turbotax 2012 free   Any income tax you pay for your employee without withholding it from the employee's wages must be included in the employee's wages for federal income tax purposes. Turbotax 2012 free It also must be included in social security and Medicare wages and in federal unemployment (FUTA) wages. Turbotax 2012 free What Do You Need To Know About the Earned Income Credit? Certain workers can take the earned income credit (EIC) on their federal income tax return. Turbotax 2012 free This credit reduces their tax or allows them to receive a payment from the IRS. Turbotax 2012 free You also may have to give your employee a notice about the EIC. Turbotax 2012 free Notice about the EIC. Turbotax 2012 free   Copy B of the 2014 Form W-2 has a statement about the EIC on the back. Turbotax 2012 free If you give your employee that copy by February 2, 2015 (as discussed under Form W-2 under What Forms Must You File, later), you do not have to give the employee any other notice about the EIC. Turbotax 2012 free   If you do not give your employee Copy B of the Form W-2, your notice about the EIC can be any of the following items. Turbotax 2012 free A substitute Form W-2 with the same EIC information on the back of the employee's copy that is on Copy B of the Form W-2. Turbotax 2012 free Notice 797, Possible Federal Tax Refund Due to the Earned Income Credit (EIC). Turbotax 2012 free Your own written statement with the same wording as in Notice 797. Turbotax 2012 free If a substitute Form W-2 is given on time but does not have the required EIC information, you must notify the employee within one week of the date the substitute Form W-2 is given. Turbotax 2012 free If Form W-2 is required but is not given on time, you must give the employee Notice 797 or your written statement about the 2014 EIC by February 2, 2015. Turbotax 2012 free If Form W-2 is not required, you must notify the employee by February 7, 2015. Turbotax 2012 free   You must give your household employee a notice about the EIC if you agree to withhold federal income tax from the employee's wages (as discussed earlier under Do You Need To Withhold Federal Income Tax?) and the income tax withholding tables show that no tax should be withheld. Turbotax 2012 free Even if not required, you are encouraged to give the employee a notice about the EIC if his or her 2014 wages are less than $46,997 ($52,427 if married filing jointly). Turbotax 2012 free How Do You Make Tax Payments? When you file your 2014 federal income tax return in 2015, attach Schedule H (Form 1040) to your Form 1040, 1040NR, 1040-SS, or 1041. Turbotax 2012 free Use Schedule H to figure your total household employment taxes (social security, Medicare, FUTA, and withheld federal income taxes). Turbotax 2012 free Add these household employment taxes to your income tax. Turbotax 2012 free Pay the amount due by April 15, 2015. Turbotax 2012 free For more information about using Schedule H, see Schedule H under What Forms Must You File, later. Turbotax 2012 free You can avoid owing tax with your return if you pay enough tax during the year to cover your household employment taxes, as well as your income tax. Turbotax 2012 free You can pay the additional tax in any of the following ways. Turbotax 2012 free Ask your employer to withhold more federal income tax from your wages in 2014. Turbotax 2012 free Ask the payer of your pension or annuity to withhold more federal income tax from your benefits. Turbotax 2012 free Make estimated tax payments for 2014 to the IRS. Turbotax 2012 free Increase your payments if you already make estimated tax payments. Turbotax 2012 free You may be subject to the estimated tax underpayment penalty if you did not pay enough income and household employment taxes during the year. Turbotax 2012 free (See Publication 505, Tax Withholding and Estimated Tax, for information about the underpayment penalty. Turbotax 2012 free ) However, you will not be subject to the penalty if both of the following situations apply to you. Turbotax 2012 free You will not have federal income tax withheld from wages, pensions, or any other payments you receive. Turbotax 2012 free Your income taxes, excluding your household employment taxes, would not be enough to require payment of estimated taxes. Turbotax 2012 free Asking for more federal income tax withholding. Turbotax 2012 free   If you are employed and want more federal income tax withheld from your wages to cover your household employment taxes, give your employer a new Form W-4. Turbotax 2012 free Complete it as before, but show the additional amount you want withheld from each paycheck on line 6. Turbotax 2012 free   If you receive a pension or annuity and want more federal income tax withheld to cover household employment taxes, give the payer a new Form W-4P, Withholding Certificate for Pension or Annuity Payments (or a similar form provided by the payer). Turbotax 2012 free Complete it as before, but show the additional amount you want withheld from each benefit payment on line 3. Turbotax 2012 free   See Publication 505 to make sure you will have the right amount withheld. Turbotax 2012 free It will help you compare your total expected withholding for 2014 with the combined income tax and employment taxes that you can expect to figure on your 2014 tax return. Turbotax 2012 free Paying estimated tax. Turbotax 2012 free   If you want to make estimated tax payments to cover household employment taxes, get Form 1040-ES, Estimated Tax for Individuals. Turbotax 2012 free You can use its payment vouchers to make your payments by check or money order. Turbotax 2012 free You may be able to pay by Electronic Funds Withdrawal (EFW) or credit card. Turbotax 2012 free For details, see the form instructions and visit IRS. Turbotax 2012 free gov. Turbotax 2012 free    You can pay all the employment taxes at once or you can pay them in installments. Turbotax 2012 free If you have already made estimated tax payments for 2014, you can increase your remaining payments to cover the employment taxes. Turbotax 2012 free Estimated tax payments for 2014 are due April 15, June 16, and September 15, 2014, and January 15, 2015. Turbotax 2012 free Payment option for business employers. Turbotax 2012 free   If you own a business as a sole proprietor or your home is on a farm operated for profit, you can choose either of two ways to pay your 2014 household employment taxes. Turbotax 2012 free You can pay them with your federal income tax as previously described, or you can include them with your federal employment tax deposits or other payments for your business or farm employees. Turbotax 2012 free For information on depositing employment taxes, see Publication 15 (Circular E). Turbotax 2012 free   If you pay your household employment taxes with your business or farm employment taxes, you must report your household employment taxes with those other employment taxes on Form 941, Employer's QUARTERLY Federal Tax Return, Form 944, Employer's ANNUAL Federal Tax Return, or Form 943, Employer's Annual Federal Tax Return for Agricultural Employees, and on Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return. Turbotax 2012 free See Business employment tax returns, later. Turbotax 2012 free    The deduction that can be taken on Schedules C and F (Form 1040) for wages and employment taxes applies only to wages and taxes paid for business and farm employees. Turbotax 2012 free You cannot deduct the wages and employment taxes paid for your household employees on your Schedule C or F. Turbotax 2012 free More information. Turbotax 2012 free   For more information about paying taxes through federal income tax withholding and estimated tax payments, and figuring the estimated tax penalty, see Publication 505. Turbotax 2012 free What Forms Must You File? You must file certain forms to report your household employee's wages and the federal employment taxes for the employee if you pay any of the following wages to the employee. Turbotax 2012 free Social security and Medicare wages. Turbotax 2012 free FUTA wages. Turbotax 2012 free Wages from which you withhold federal income tax. Turbotax 2012 free For information on ordering employment tax forms, see How To Get Tax Help, later. Turbotax 2012 free Employer identification number (EIN). Turbotax 2012 free   You must include your employer identification number (EIN) on the forms you file for your household employee. Turbotax 2012 free An EIN is a nine-digit number issued by the IRS. Turbotax 2012 free It is not the same as a social security number. Turbotax 2012 free    You ordinarily will have an EIN if you previously paid taxes for employees, either as a household employer or as a sole proprietor of a business you own. Turbotax 2012 free If you already have an EIN, use that number. Turbotax 2012 free   If you do not have an EIN, you may apply for one online. Turbotax 2012 free Go to IRS. Turbotax 2012 free gov and click on the Apply for an EIN Online link under Tools. Turbotax 2012 free You may also apply for an EIN by calling 1-800-829-4933, or you can fax or mail Form SS-4, Application for Employer Identification Number, to the IRS. Turbotax 2012 free Form W-2. Turbotax 2012 free   File a separate 2014 Form W-2, for each household employee to whom you pay either of the following wages during the year. Turbotax 2012 free Social security and Medicare wages of $1,900 or more. Turbotax 2012 free Wages from which you withhold federal income tax. Turbotax 2012 free You must complete Form W-2 and give Copies B, C, and 2 to your employee by February 2, 2015. Turbotax 2012 free You must send Copy A of Form W-2 with Form W-3, Transmittal of Wage and Tax Statements, to the SSA by March 2, 2015 (March 31, 2015, if you file your Form W-2 electronically). Turbotax 2012 free Electronic filing is available to all employers and is free, fast, secure, and offers a later filing deadline. Turbotax 2012 free Visit the SSA's Employer W-2 Filing Instructions & Information website at www. Turbotax 2012 free socialsecurity. Turbotax 2012 free gov/employer for guidelines on filing electronically. Turbotax 2012 free Employee who leaves during the year. Turbotax 2012 free   If an employee stops working for you before the end of 2014, you can file Form W-2 and provide copies to your employee immediately after you make your final payment of wages. Turbotax 2012 free You do not need to wait until 2015. Turbotax 2012 free If the employee asks you for Form W-2, give it to him or her within 30 days after the request or the last wage payment, whichever is later. Turbotax 2012 free Schedule H. Turbotax 2012 free   Use Schedule H to report household employment taxes if you pay any of the following wages to the employee. Turbotax 2012 free Social security and Medicare wages of $1,900 or more. Turbotax 2012 free FUTA wages. Turbotax 2012 free Wages from which you withhold federal income tax. Turbotax 2012 free File Schedule H with your 2014 federal income tax return by April 15, 2015. Turbotax 2012 free If you get an extension to file your return, the extension also will apply to your Schedule H. Turbotax 2012 free Filing options when no return is required. Turbotax 2012 free   If you are not required to file a 2014 tax return, you have the following two options. Turbotax 2012 free You can file Schedule H by itself. Turbotax 2012 free See the Schedule H instructions for details. Turbotax 2012 free If, besides your household employee, you have other employees for whom you report employment taxes on Form 941, Form 944, or Form 943 and on Form 940, you can include your taxes for your household employee on those forms. Turbotax 2012 free See Business employment tax returns, next. Turbotax 2012 free   Employers having the options listed above include certain tax-exempt organizations that do not have to file a tax return, such as churches that pay a household worker to take care of a minister's home. Turbotax 2012 free Business employment tax returns. Turbotax 2012 free   Do not use Schedule H if you choose to pay the employment taxes for your household employee with business or farm employment taxes. Turbotax 2012 free (See Payment option for business employers, earlier. Turbotax 2012 free ) Instead, include the social security, Medicare, and withheld federal income taxes for the employee on the Form 941 or Form 944 you file for your business or on the Form 943 you file for your farm. Turbotax 2012 free Include the FUTA tax for the employee on your Form 940. Turbotax 2012 free   If you report the employment taxes for your household employee on Form 941, Form 944, or Form 943, file Form W-2 for that employee with the Forms W-2 and Form W-3 for your business or farm employees. Turbotax 2012 free   For information on filing Form 941 or Form 944, see Publication 15 (Circular E). Turbotax 2012 free For information on filing Form 943, see Publication 51 (Circular A), Agricultural Employer's Tax Guide. Turbotax 2012 free Both of these publications also provide information about filing Form 940. Turbotax 2012 free What Records Must You Keep? Keep your copies of Schedule H or other employment tax forms you file and related Forms W-2, W-3, and W-4. Turbotax 2012 free You must also keep records to support the information you enter on the forms you file. Turbotax 2012 free If you must file Form W-2, you will need to keep a record of your employee's name, address, and social security number. Turbotax 2012 free Wage and tax records. Turbotax 2012 free   On each payday, you should record the date and amounts of all the following items. Turbotax 2012 free Your employee's cash and noncash wages. Turbotax 2012 free Any employee social security tax you withhold or agree to pay for your employee. Turbotax 2012 free Any employee Medicare tax you withhold or agree to pay for your employee. Turbotax 2012 free Any federal income tax you withhold. Turbotax 2012 free Any state employment taxes you withhold. Turbotax 2012 free Employee's social security number. Turbotax 2012 free   You must keep a record of your employee's name and social security number exactly as they appear on his or her social security card if you pay the employee either of the following. Turbotax 2012 free Social security and Medicare wages of $1,900 or more. Turbotax 2012 free Wages from which you withhold federal income tax. Turbotax 2012 free You must ask for your employee's social security number no later than the first day on which you pay the wages. Turbotax 2012 free You may wish to ask for it when you hire your employee. Turbotax 2012 free You should ask your employee to show you his or her social security card. Turbotax 2012 free The employee may show the card if it is available. Turbotax 2012 free You may, but are not required to, photocopy the card if the employee provides it. Turbotax 2012 free   An employee who does not have a social security number must apply for one on Form SS-5, Application for a Social Security Card. Turbotax 2012 free An employee who has lost his or her social security card or whose name is not correctly shown on the card may apply for a replacement card. Turbotax 2012 free    Employees can get Form SS-5 from any Social Security Administration office or by calling 1-800-772-1213. Turbotax 2012 free    You also can download Form SS-5 from the Social Security Administration website at  www. Turbotax 2012 free socialsecurity. Turbotax 2012 free gov/online/ss-5. Turbotax 2012 free pdf. Turbotax 2012 free How long to keep records. Turbotax 2012 free   Keep your employment tax records for at least 4 years after the due date of the return on which you report the taxes or the date the taxes were paid, whichever is later. Turbotax 2012 free Can You Claim a Credit for Child and Dependent Care Expenses? If your household employee cares for your dependent who is under age 13 or for your spouse or dependent who is not capable of self-care, you may be able to take an income tax credit against some of your expenses. Turbotax 2012 free To qualify, you must pay these expenses so you can work or look for work. Turbotax 2012 free If you can take the credit, you can include in your qualifying expenses your share of the federal and state employment taxes you pay, as well as the employee's wages. Turbotax 2012 free For information about the credit, see Publication 503, Child and Dependent Care Expenses. Turbotax 2012 free How Can You Correct Schedule H? If you discover that you made an error on a Schedule H (or Anexo H-PR), the forms used to correct the error depend on whether the Schedule H was attached to another form or whether it was filed by itself. Turbotax 2012 free Schedule H attached to another form. Turbotax 2012 free    If you discover an error on a Schedule H that you previously filed with Form 1040, Form 1040NR, or Form 1040-SS, file Form 1040X, Amended U. Turbotax 2012 free S. Turbotax 2012 free Individual Income Tax Return, and attach a corrected Schedule H. Turbotax 2012 free If you filed Formulario 1040-PR, file a Form 1040X and attach a corrected Anexo H-PR. Turbotax 2012 free If you discover an error on a Schedule H that you previously filed with Form 1041, U. Turbotax 2012 free S. Turbotax 2012 free Income Tax Return for Estates and Trusts, file an “amended” Form 1041 and attach a corrected Schedule H. Turbotax 2012 free You discovered (that is, ascertained) the error when you had enough information to be able to correct the error. Turbotax 2012 free Write “CORRECTED” (or “CORREGIDO”) and the date you discovered the error in the top margin of your corrected Schedule H (or Anexo H-PR), in dark, bold letters. Turbotax 2012 free In addition, explain the reason for your correction and the date the error was discovered in Part III of Form 1040X or in a statement attached to the amended Form 1041. Turbotax 2012 free Schedule H filed by itself. Turbotax 2012 free   If you discover an error on a Schedule H (or Anexo H-PR) that you filed as a stand-alone return, file another stand-alone Schedule H with the corrected information. Turbotax 2012 free You discovered (that is, ascertained) the error when you had enough information to be able to correct the error. Turbotax 2012 free Write “CORRECTED” (or “CORREGIDO”) and the date you discovered the error in the top margin of your corrected Schedule H (or Anexo H-PR), in dark, bold letters. Turbotax 2012 free In addition, explain the reason for your correction and the date the error was discovered in a statement attached to the corrected Schedule H. Turbotax 2012 free If you have an overpayment, also write “ADJUSTED” (or “CORREGIDO”) or “REFUND” (or “REEMBOLSO”) in the top margin, depending on whether you want to adjust your overpayment or claim a refund. Turbotax 2012 free (See Overpayment of tax, later. Turbotax 2012 free ) When to file. Turbotax 2012 free   File a corrected Schedule H when you discover an error on a previously filed Schedule H. Turbotax 2012 free If you are correcting an underpayment, file a corrected Schedule H no later than the due date of your next tax return (generally, April 15 of the following calendar year) after you discover the error. Turbotax 2012 free If you are correcting an overpayment, file a corrected Schedule H within the refund period of limitations (generally 3 years from the date your original form was filed or within 2 years from the date you paid the tax, whichever is later). Turbotax 2012 free Underpayment of tax. Turbotax 2012 free   You must pay any underpayment of social security and Medicare taxes by the time you file the corrected Schedule H. Turbotax 2012 free Generally, by filing on time and paying by the time you file the return, you will not be charged interest (and will not be subject to failure-to-pay or estimated tax penalties) on the balance due. Turbotax 2012 free However, underreported FUTA taxes will be subject to interest. Turbotax 2012 free Overpayment of tax. Turbotax 2012 free    You may either adjust or claim a refund of an overpayment of social security and Medicare taxes on a previously filed Schedule H. Turbotax 2012 free However, if you are correcting an overpayment and are filing the corrected Schedule H within 90 days of the expiration of the period of limitations, you can only claim a refund of the overpayment. Turbotax 2012 free Adjust the overpayment. Turbotax 2012 free   If the corrected Schedule H is filed with a Form 1040X or an amended Form 1041, adjust your return by indicating on line 22 of the Form 1040X or on line 29a of the Form 1041 that you would like the overpayment applied to your estimated taxes on Form 1040, Form 1040NR, Form 1040-PR, Form 1040-SS, or Form 1041 for the year in which you are filing the corrected Schedule H. Turbotax 2012 free If the corrected Schedule H is filed as a stand-alone return, adjust your return by writing “ADJUSTED” (or “CORREGIDO”) in the top margin (in dark, bold letters). Turbotax 2012 free If you adjust your return, you will not receive interest on your overpayment. Turbotax 2012 free If the corrected Schedule H will be filed within 90 days of the expiration of the refund period of limitations, you may not adjust the return and must claim a refund for the overpayment. Turbotax 2012 free You may not adjust your return to correct overpayments of FUTA tax. Turbotax 2012 free Claim for refund process. Turbotax 2012 free   If the corrected Schedule H is filed with a Form 1040X or an amended Form 1041, claim a refund by indicating that you would like the overpayment refunded to you on line 21 of the Form 1040X or line 29b of the Form 1041. Turbotax 2012 free If the corrected Schedule H is filed as a stand-alone return, claim a refund by writing “REFUND” (or “REEMBOLSO”) in the top margin (in dark, bold letters). Turbotax 2012 free You will receive interest on any overpayment refunded, unless the overpayment is for FUTA tax because you were entitled to increased credits for state contributions. Turbotax 2012 free Required repayment or consent. Turbotax 2012 free   If you previously overreported social security and Medicare taxes, you may adjust your overpayment only after you have repaid or reimbursed your employees in the amount of the overcollection of employee tax. Turbotax 2012 free You reimburse your employees by applying the overwithheld amount against taxes to be withheld on future wages. Turbotax 2012 free You may claim a refund for the overpayment only after you have repaid or reimbursed your employees in the amount of the overcollection or you have obtained consents from your employees to file the claim for refund for the employee tax. Turbotax 2012 free Include a statement that you repaid or reimbursed your employees, or obtained their written consents in the case of a claim for refund, in Part III of Form 1040X or in a statement attached to the amended Form 1041 or the stand-alone corrected Schedule H. Turbotax 2012 free Filing required Forms W-2 or Forms W-2c. Turbotax 2012 free   Whether you previously underreported tax or overreported tax, you will generally be required to file Form W-2, or their territorial equivalents (if none was previously filed), or Form W-2c, Corrected Wage and Tax Statement, to reflect the changes reported on your corrected Schedule H. Turbotax 2012 free Additional Medicare Tax. Turbotax 2012 free   Generally, you may not correct an error in Additional Medicare Tax withholding for wages paid to employees in a prior year unless it is an administrative error. Turbotax 2012 free An administrative error occurs if the amount you entered on Schedule H is not the amount you actually withheld. Turbotax 2012 free For example, if the Additional Medicare Tax actually withheld was incorrectly reported on Schedule H due to a mathematical or transposition error, this would be an administrative error. Turbotax 2012 free   Any underwithheld Additional Medicare Tax must be recovered from employees on or before the last day of the calendar year in which the underwithholding occurred. Turbotax 2012 free Any excess Additional Medicare Tax withholding must be repaid or reimbursed to employees before the end of the calendar year in which it was withheld. Turbotax 2012 free Additional information. Turbotax 2012 free   For more information about correcting errors on a previously filed Schedule H, see page 4 of Form 944-X, Form 944-X: Which process should you use? (substitute “Schedule H” for “Form 944-X”) and the Instructions for Form 944-X (or Formulario 944-X (PR)). Turbotax 2012 free Also, visit IRS. Turbotax 2012 free gov. Turbotax 2012 free How To Get Tax Help Whether it's help with a tax issue, preparing your tax return or a need for a free publication or form, get the help you need the way you want it: online, use a smart phone, call or walk in to an IRS office or volunteer site near you. Turbotax 2012 free Free help with your tax return. Turbotax 2012 free   You can get free help preparing your return nationwide from IRS-certified volunteers. Turbotax 2012 free The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. Turbotax 2012 free The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Turbotax 2012 free 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. Turbotax 2012 free In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. Turbotax 2012 free To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. Turbotax 2012 free gov, download the IRS2Go app, or call 1-800-906-9887. Turbotax 2012 free   As part of the TCE program, AARP offers the Tax-Aide counseling program. Turbotax 2012 free To find the nearest AARP Tax-Aide site, visit AARP's website at www. Turbotax 2012 free aarp. Turbotax 2012 free org/money/taxaide or call 1-888-227-7669. Turbotax 2012 free For more information on these programs, go to IRS. Turbotax 2012 free gov and enter “VITA” in the search box. Turbotax 2012 free Internet. Turbotax 2012 free    IRS. Turbotax 2012 free gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. Turbotax 2012 free Download the free IRS2Go app from the iTunes app store or from Google Play. Turbotax 2012 free Use it to check your refund status, order transcripts of your tax returns or tax account, watch the IRS YouTube channel, get IRS news as soon as it's released to the public, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. Turbotax 2012 free Check the status of your 2013 refund with the Where's My Refund? application on IRS. Turbotax 2012 free gov or download the IRS2Go app and select the Refund Status option. Turbotax 2012 free The IRS issues more than 9 out of 10 refunds in less than 21 days. Turbotax 2012 free Using these applications, you can start checking on the status of your return within 24 hours after we receive your e-filed return or 4 weeks after you mail a paper return. Turbotax 2012 free You will also be given a personalized refund date as soon as the IRS processes your tax return and approves your refund. Turbotax 2012 free The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Turbotax 2012 free Use the Interactive Tax Assistant (ITA) to research your tax questions. Turbotax 2012 free No need to wait on the phone or stand in line. Turbotax 2012 free The ITA is available 24 hours a day, 7 days a week, and provides you with a variety of tax information related to general filing topics, deductions, credits, and income. Turbotax 2012 free When you reach the response screen, you can print the entire interview and the final response for your records. Turbotax 2012 free New subject areas are added on a regular basis. Turbotax 2012 free  Answers not provided through ITA may be found in Tax Trails, one of the Tax Topics on IRS. Turbotax 2012 free gov which contain general individual and business tax information or by searching the IRS Tax Map, which includes an international subject index. Turbotax 2012 free You can use the IRS Tax Map, to search publications and instructions by topic or keyword. Turbotax 2012 free The IRS Tax Map integrates forms and publications into one research tool and provides single-point access to tax law information by subject. Turbotax 2012 free When the user searches the IRS Tax Map, they will be provided with links to related content in existing IRS publications, forms and instructions, questions and answers, and Tax Topics. Turbotax 2012 free Coming this filing season, you can immediately view and print for free all 5 types of individual federal tax transcripts (tax returns, tax account, record of account, wage and income statement, and certification of non-filing) using Get Transcript. Turbotax 2012 free You can also ask the IRS to mail a return or an account transcript to you. Turbotax 2012 free Only the mail option is available by choosing the Tax Records option on the IRS2Go app by selecting Mail Transcript on IRS. Turbotax 2012 free gov or by calling 1-800-908-9946. Turbotax 2012 free Tax return and tax account transcripts are generally available for the current year and the past three years. Turbotax 2012 free Determine if you are eligible for the EITC and estimate the amount of the credit with the Earned Income Tax Credit (EITC) Assistant. Turbotax 2012 free Visit Understanding Your IRS Notice or Letter to get answers to questions about a notice or letter you received from the IRS. Turbotax 2012 free If you received the First Time Homebuyer Credit, you can use the First Time Homebuyer Credit Account Look-up tool for information on your repayments and account balance. Turbotax 2012 free Check the status of your amended return using Where's My Amended Return? Go to IRS. Turbotax 2012 free gov and enter Where's My Amended Return? in the search box. Turbotax 2012 free You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Turbotax 2012 free It can take up to 3 weeks from the date you mailed it to show up in our system. Turbotax 2012 free Make a payment using one of several safe and convenient electronic payment options available on IRS. Turbotax 2012 free gov. Turbotax 2012 free Select the Payment tab on the front page of IRS. Turbotax 2012 free gov for more information. Turbotax 2012 free Determine if you are eligible and apply for an online payment agreement, if you owe more tax than you can pay today. Turbotax 2012 free Figure your income tax withholding with the IRS Withholding Calculator on IRS. Turbotax 2012 free gov. Turbotax 2012 free Use it if you've had too much or too little withheld, your personal situation has changed, you're starting a new job or you just want to see if you're having the right amount withheld. Turbotax 2012 free Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. Turbotax 2012 free gov. Turbotax 2012 free Request an Electronic Filing PIN by going to IRS. Turbotax 2012 free gov and entering Electronic Filing PIN in the search box. Turbotax 2012 free Download forms, instructions and publications, including accessible versions for people with disabilities. Turbotax 2012 free Locate the nearest Taxpayer Assistance Center (TAC) using the Office Locator tool on IRS. Turbotax 2012 free gov, or choose the Contact Us option on the IRS2Go app and search Local Offices. Turbotax 2012 free An employee can answer questions about your tax account or help you set up a payment plan. Turbotax 2012 free Before you visit, check the Office Locator on IRS. Turbotax 2012 free gov, or Local Offices under Contact Us on IRS2Go to confirm the address, phone number, days and hours of operation, and the services provided. Turbotax 2012 free If you have a special need, such as a disability, you can request an appointment. Turbotax 2012 free Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. Turbotax 2012 free Apply for an Employer Identification Number (EIN). Turbotax 2012 free Go to IRS. Turbotax 2012 free gov and enter Apply for an EIN in the search box. Turbotax 2012 free Read the Internal Revenue Code, regulations, or other official guidance. Turbotax 2012 free Read Internal Revenue Bulletins. Turbotax 2012 free Sign up to receive local and national tax news and more by email. Turbotax 2012 free Just click on “subscriptions” above the search box on IRS. Turbotax 2012 free gov and choose from a variety of options. Turbotax 2012 free Phone. Turbotax 2012 free    You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. Turbotax 2012 free Download the free IRS2Go app from the iTunes app store or from Google Play. Turbotax 2012 free Call to locate the nearest volunteer help site, 1-800-906-9887 or you can use the VITA Locator Tool on IRS. Turbotax 2012 free gov, or download the IRS2Go app. Turbotax 2012 free Low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. Turbotax 2012 free The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Turbotax 2012 free Most VITA and TCE sites offer free electronic filing. Turbotax 2012 free Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. Turbotax 2012 free Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. Turbotax 2012 free Call the automated Where's My Refund? information hotline to check the status of your 2013 refund 24 hours a day, 7 days a week at 1-800-829-1954. Turbotax 2012 free If you e-file, you can start checking on the status of your return within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. Turbotax 2012 free The IRS issues more than 9 out of 10 refunds in less than 21 days. Turbotax 2012 free Where's My Refund? will give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. Turbotax 2012 free Before you call this automated hotline, have your 2013 tax return handy so you can enter your social security number, your filing status, and the exact whole dollar amount of your refund. Turbotax 2012 free The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Turbotax 2012 free Note, the above information is for our automated hotline. Turbotax 2012 free Our live phone and walk-in assistors can research the status of your refund only if it's been 21 days or more since you filed electronically or more than 6 weeks since you mailed your paper return. Turbotax 2012 free Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. Turbotax 2012 free You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Turbotax 2012 free It can take up to 3 weeks from the date you mailed it to show up in our system. Turbotax 2012 free Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, publications, and prior-year forms and instructions (limited to 5 years). Turbotax 2012 free You should receive your order within 10 business days. Turbotax 2012 free Call TeleTax, 1-800-829-4477, to listen to pre-recorded messages covering general and business tax information. Turbotax 2012 free If, between January and April 15, you still have questions about the Form 1040, 1040A, or 1040EZ (like filing requirements, dependents, credits, Schedule D, pensions and IRAs or self-employment taxes), call 1-800-829-1040. Turbotax 2012 free Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. Turbotax 2012 free The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. Turbotax 2012 free These individuals can also contact the IRS through relay services such as the Federal Relay Service. Turbotax 2012 free Walk-in. Turbotax 2012 free   You can find a selection of forms, publications and services — in-person. Turbotax 2012 free Products. Turbotax 2012 free You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Turbotax 2012 free Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. Turbotax 2012 free Services. Turbotax 2012 free You can walk in to your local TAC for face-to-face tax help. Turbotax 2012 free An employee can answer questions about your tax account or help you set up a payment plan. Turbotax 2012 free Before visiting, use the Office Locator tool on IRS. Turbotax 2012 free gov, or choose the Contact Us option on the IRS2Go app and search Local Offices for days and hours of operation, and services provided. Turbotax 2012 free Mail. Turbotax 2012 free   You can send your order for forms, instructions, and publications to the address below. Turbotax 2012 free You should receive a response within 10 business days after your request is received. Turbotax 2012 free Internal Revenue Service 1201 N. Turbotax 2012 free Mitsubishi Motorway Bloomington, IL 61705-6613    The Taxpayer Advocate Service Is Here to Help You. Turbotax 2012 free The Taxpayer Advocate Service (TAS) is your voice at the IRS. Turbotax 2012 free Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. Turbotax 2012 free   What can TAS do for you? We can offer you free help with IRS problems that you can't resolve on your own. Turbotax 2012 free We know this process can be confusing, but the worst thing you can do is nothing at all! TAS can help if you can't resolve your tax problem and: Your problem is causing financial difficulties for you, your family, or your business. Turbotax 2012 free You face (or your business is facing) an immediate threat of adverse action. Turbotax 2012 free You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. Turbotax 2012 free   If you qualify for our help, you'll be assigned to one advocate who'll be with you at every turn and will do everything possible to resolve your problem. Turbotax 2012 free Here's why we can help: TAS is an independent organization within the IRS. Turbotax 2012 free Our advocates know how to work with the IRS. Turbotax 2012 free Our services are free and tailored to meet your needs. Turbotax 2012 free We have offices in every state, the District of Columbia, and Puerto Rico. Turbotax 2012 free   How can you reach us? If you think TAS can help you, call your local advocate, whose number is in your local directory and at Taxpayer Advocate, or call us toll-free at 1-877-777-4778. Turbotax 2012 free   How else does TAS help taxpayers?  TAS also works to resolve large-scale, systemic problems that affect many taxpayers. Turbotax 2012 free If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System. Turbotax 2012 free Low Income Taxpayer Clinics Low Income Taxpayer Clinics (LITCs) serve individuals whose income is below a certain level and need to resolve tax problems such as audits, appeals and tax collection disputes. Turbotax 2012 free Some clinics can provide information about taxpayer rights and responsibilities in different languages for individuals who speak English as a second language. Turbotax 2012 free Visit Taxpayer Advocate or see IRS Publication 4134, Low Income Taxpayer Clinic List. Turbotax 2012 free Sample W-2 Form This image is too large to be displayed in the current screen. Turbotax 2012 free Please click the link to view the image. Turbotax 2012 free Webtitle: Form W-2 Wage and Tax Statement and Form W-3 Transmitttal of Wage and Tax Statemtents Prev  Up  Next   Home   More Online Publications
Print - Click this link to Print this page

SOI Tax Stats - Exempt Organizations' Unrelated Business Income (UBI) Tax Statistics

Return to Tax Stats home page

Snapshot of Unrelated Business Income Tax Statistics

Because tax-exempt organizations generally operate for charitable or other beneficial purposes, most income that they receive is exempt from tax under the Internal Revenue Code. Tax-exempt organizations are permitted to engage in income-producing activities that are considered to be unrelated to their exempt purposes. However, income from these activities may be taxable. This study measures income, deductions, and tax imposed on tax-exempt corporate and trust entities' unrelated business income. Data are compiled from Form 990-T, Exempt Organization Business Income Tax Return.

Statistical Tables    Publications and Papers    Other IRS Data
 

For information about selected terms and concepts, a description of the data sources and limitations, and links to recent revisions of Form 990-T, please visit the Exempt Organizations' Unrelated Business Income (UBI) Tax Metadata page.


Statistical Tables

The following are available as Microsoft Excel® files. A free Excel viewer is available for download, if needed.

All Organizations:
Number of Returns, Gross UBI, Total Deductions, and Tax Items
 
Classified by: Internal Revenue Code Section
Tax Years: 2010  2009  2008  2007  2006  2005  2004  2003  2002  2001  2000  1999  1998  1997  1996  1995  1994  1993  1992
 
Classified by: Size of Gross UBI
Tax Years: 2010  2009  2008  2007  2006  2005  2004  2003  2002  2001  2000  1999  1998  1997  1996  1995  1994  1993  1992
 
Classified by: Size of Unrelated Business Taxable Income or Deficit
Tax Years: 2010  2009  2008  2007  2006  2005  2004  2003  2002  2001  2000  1999  1998  1997  1996  1995  1994  1993  1992
 
Classified by: Primary Unrelated Business Activity or Industrial Grouping
Tax Years: 2010  2009  2008  2007  2006  2005  2004  2003  2002  2001  2000  1999  1998  1997  1996  1995  1994  1993  1992
 
Sources of Gross UBI
Classified by: Size of Gross UBI
Tax Years: 2010  2009  2008  2007  2006  2005  2004  2003  2002  2001  2000  1999  1998  1997  1996  1995  1994  1993  1992
 
Types of Deductions
Classified by: Size of Gross UBI
Tax Years: 2010  2009  2008  2007  2006  2005  2004  2003  2002  2001  2000  1999  1998  1997  1996  1995  1994  1993  1992

 
Organizations with Positive Unrelated Business Taxable Income:
Number of Returns, Gross UBI, Total Deductions, and Tax Items
Classified by: Type of Entity and Size of Gross UBI
Tax Years: 2010  2009  2008  2007  2006  2005  2004  2003  2002  2001  2000  1999  1998  1997  1996  1995  1994  1993  1992

 
Section 501(c)(3) Organizations Only:
Classified by: Primary Unrelated Business Activity or Industrial Grouping
Tax Years: 2009  2008  2007  2006

 
Historical Table:
Table 16: Nonprofit Charitable Organization and Domestic Private Foundation Information Returns, and Exempt Organization Business Income Tax Returns: Selected Financial Data, Expanded
Published as: SOI Bulletin Historical Table 16


Projections
For selected tax returns, including the Form 990-T, IRS's Office of Research produces annual forecasts of the number of returns that will be filed in future years.
      Projections of Returns to be Filed in Future Calendar Years

(Back to top)

Publications and Papers

The following are available as PDF files. A free Adobe® reader is available for download, if needed.

(Back to top)

Other IRS Data and Related Links

For tax administration data on this topic, as well as other types of taxes, choose from the links below.

(Back to top)

Return to Tax Stats home page

Page Last Reviewed or Updated: 27-Feb-2014

The Turbotax 2012 Free

Turbotax 2012 free 7. Turbotax 2012 free   Interest Income Table of Contents Reminder Introduction Useful Items - You may want to see: General InformationSSN for joint account. Turbotax 2012 free Custodian account for your child. Turbotax 2012 free Penalty for failure to supply SSN. Turbotax 2012 free Reporting backup withholding. Turbotax 2012 free Savings account with parent as trustee. Turbotax 2012 free Interest not reported on Form 1099-INT. Turbotax 2012 free Nominees. Turbotax 2012 free Incorrect amount. Turbotax 2012 free Information reporting requirement. Turbotax 2012 free Taxable InterestInterest subject to penalty for early withdrawal. Turbotax 2012 free Money borrowed to invest in certificate of deposit. Turbotax 2012 free U. Turbotax 2012 free S. Turbotax 2012 free Savings Bonds Education Savings Bond Program U. Turbotax 2012 free S. Turbotax 2012 free Treasury Bills, Notes, and Bonds Bonds Sold Between Interest Dates Insurance State or Local Government Obligations Original Issue Discount (OID) When To Report Interest IncomeConstructive receipt. Turbotax 2012 free How To Report Interest IncomeSchedule B (Form 1040A or 1040). Turbotax 2012 free Reporting tax-exempt interest. Turbotax 2012 free U. Turbotax 2012 free S. Turbotax 2012 free savings bond interest previously reported. Turbotax 2012 free Reminder Foreign-source income. Turbotax 2012 free  If you are a U. Turbotax 2012 free S. Turbotax 2012 free citizen with interest income from sources outside the United States (foreign income), you must report that income on your tax return unless it is exempt by U. Turbotax 2012 free S. Turbotax 2012 free law. Turbotax 2012 free This is true whether you reside inside or outside the United States and whether or not you receive a Form 1099 from the foreign payer. Turbotax 2012 free Introduction This chapter discusses the following topics. Turbotax 2012 free Different types of interest income. Turbotax 2012 free What interest is taxable and what interest is nontaxable. Turbotax 2012 free When to report interest income. Turbotax 2012 free How to report interest income on your tax return. Turbotax 2012 free In general, any interest you receive or that is credited to your account and can be withdrawn is taxable income. Turbotax 2012 free Exceptions to this rule are discussed later in this chapter. Turbotax 2012 free You may be able to deduct expenses you have in earning this income on Schedule A (Form 1040) if you itemize your deductions. Turbotax 2012 free See Money borrowed to invest in certificate of deposit , later, and chapter 28. Turbotax 2012 free Useful Items - You may want to see: Publication 537 Installment Sales 550 Investment Income and Expenses 1212 Guide to Original Issue Discount (OID) Instruments Form (and Instructions) Schedule B (Form 1040A or 1040) Interest and Ordinary Dividends 8815 Exclusion of Interest From Series EE and I U. Turbotax 2012 free S. Turbotax 2012 free Savings Bonds Issued After 1989 8818 Optional Form To Record Redemption of Series EE and I U. Turbotax 2012 free S. Turbotax 2012 free Savings Bonds Issued After 1989 General Information A few items of general interest are covered here. Turbotax 2012 free Recordkeeping. Turbotax 2012 free You should keep a list showing sources and interest amounts received during the year. Turbotax 2012 free Also, keep the forms you receive showing your interest income (Forms 1099-INT, for example) as an important part of your records. Turbotax 2012 free Tax on unearned income of certain children. Turbotax 2012 free    Part of a child's 2013 unearned income may be taxed at the parent's tax rate. Turbotax 2012 free If so, Form 8615, Tax for Certain Children Who Have Unearned Income, must be completed and attached to the child's tax return. Turbotax 2012 free If not, Form 8615 is not required and the child's income is taxed at his or her own tax rate. Turbotax 2012 free   Some parents can choose to include the child's interest and dividends on the parent's return. Turbotax 2012 free If you can, use Form 8814, Parents' Election To Report Child's Interest and Dividends, for this purpose. Turbotax 2012 free   For more information about the tax on unearned income of children and the parents' election, see chapter 31. Turbotax 2012 free Beneficiary of an estate or trust. Turbotax 2012 free   Interest you receive as a beneficiary of an estate or trust is generally taxable income. Turbotax 2012 free You should receive a Schedule K-1 (Form 1041), Beneficiary's Share of Income, Deductions, Credits, etc. Turbotax 2012 free , from the fiduciary. Turbotax 2012 free Your copy of Schedule K-1 (Form 1041) and its instructions will tell you where to report the income on your Form 1040. Turbotax 2012 free Social security number (SSN). Turbotax 2012 free   You must give your name and SSN or individual tax identification number (ITIN) to any person required by federal tax law to make a return, statement, or other document that relates to you. Turbotax 2012 free This includes payers of interest. Turbotax 2012 free If you do not give your SSN or ITIN to the payer of interest, you may have to pay a penalty. Turbotax 2012 free SSN for joint account. Turbotax 2012 free   If the funds in a joint account belong to one person, list that person's name first on the account and give that person's SSN to the payer. Turbotax 2012 free (For information on who owns the funds in a joint account, see Joint accounts , later. Turbotax 2012 free ) If the joint account contains combined funds, give the SSN of the person whose name is listed first on the account. Turbotax 2012 free This is because only one name and SSN can be shown on Form 1099. Turbotax 2012 free   These rules apply both to joint ownership by a married couple and to joint ownership by other individuals. Turbotax 2012 free For example, if you open a joint savings account with your child using funds belonging to the child, list the child's name first on the account and give the child's SSN. Turbotax 2012 free Custodian account for your child. Turbotax 2012 free   If your child is the actual owner of an account that is recorded in your name as custodian for the child, give the child's SSN to the payer. Turbotax 2012 free For example, you must give your child's SSN to the payer of interest on an account owned by your child, even though the interest is paid to you as custodian. Turbotax 2012 free Penalty for failure to supply SSN. Turbotax 2012 free   If you do not give your SSN to the payer of interest, you may have to pay a penalty. Turbotax 2012 free See Failure to supply SSN under Penalties in chapter 1. Turbotax 2012 free Backup withholding also may apply. Turbotax 2012 free Backup withholding. Turbotax 2012 free   Your interest income is generally not subject to regular withholding. Turbotax 2012 free However, it may be subject to backup withholding to ensure that income tax is collected on the income. Turbotax 2012 free Under backup withholding, the payer of interest must withhold, as income tax, on the amount you are paid, applying the appropriate withholding rate. Turbotax 2012 free   Backup withholding may also be required if the IRS has determined that you underreported your interest or dividend income. Turbotax 2012 free For more information, see Backup Withholding in chapter 4. Turbotax 2012 free Reporting backup withholding. Turbotax 2012 free   If backup withholding is deducted from your interest income, the payer must give you a Form 1099-INT for the year indicating the amount withheld. Turbotax 2012 free The Form 1099-INT will show any backup withholding as “Federal income tax withheld. Turbotax 2012 free ” Joint accounts. Turbotax 2012 free   If two or more persons hold property (such as a savings account or bond) as joint tenants, tenants by the entirety, or tenants in common, each person's share of any interest from the property is determined by local law. Turbotax 2012 free Income from property given to a child. Turbotax 2012 free   Property you give as a parent to your child under the Model Gifts of Securities to Minors Act, the Uniform Gifts to Minors Act, or any similar law becomes the child's property. Turbotax 2012 free   Income from the property is taxable to the child, except that any part used to satisfy a legal obligation to support the child is taxable to the parent or guardian having that legal obligation. Turbotax 2012 free Savings account with parent as trustee. Turbotax 2012 free   Interest income from a savings account opened for a minor child, but placed in the name and subject to the order of the parents as trustees, is taxable to the child if, under the law of the state in which the child resides, both of the following are true. Turbotax 2012 free The savings account legally belongs to the child. Turbotax 2012 free The parents are not legally permitted to use any of the funds to support the child. Turbotax 2012 free Form 1099-INT. Turbotax 2012 free   Interest income is generally reported to you on Form 1099-INT, or a similar statement, by banks, savings and loans, and other payers of interest. Turbotax 2012 free This form shows you the interest you received during the year. Turbotax 2012 free Keep this form for your records. Turbotax 2012 free You do not have to attach it to your tax return. Turbotax 2012 free   Report on your tax return the total interest income you receive for the tax year. Turbotax 2012 free Interest not reported on Form 1099-INT. Turbotax 2012 free   Even if you do not receive Form 1099-INT, you must still report all of your interest income. Turbotax 2012 free For example, you may receive distributive shares of interest from partnerships or S corporations. Turbotax 2012 free This interest is reported to you on Schedule K-1 (Form 1065), Partner's Share of Income, Deduction, Credits, etc. Turbotax 2012 free , or Schedule K-1 (Form 1120S), Shareholder's Share of Income, Deductions, Credits, etc. Turbotax 2012 free Nominees. Turbotax 2012 free   Generally, if someone receives interest as a nominee for you, that person must give you a Form 1099-INT showing the interest received on your behalf. Turbotax 2012 free   If you receive a Form 1099-INT that includes amounts belonging to another person, see the discussion on nominee distributions under How To Report Interest Income in chapter 1 of Publication 550, or Schedule B (Form 1040A or 1040) instructions. Turbotax 2012 free Incorrect amount. Turbotax 2012 free   If you receive a Form 1099-INT that shows an incorrect amount (or other incorrect information), you should ask the issuer for a corrected form. Turbotax 2012 free The new Form 1099-INT you receive will be marked “Corrected. Turbotax 2012 free ” Form 1099-OID. Turbotax 2012 free   Reportable interest income also may be shown on Form 1099-OID, Original Issue Discount. Turbotax 2012 free For more information about amounts shown on this form, see Original Issue Discount (OID) , later in this chapter. Turbotax 2012 free Exempt-interest dividends. Turbotax 2012 free   Exempt-interest dividends you receive from a mutual fund or other regulated investment company, including those received from a qualified fund of funds in any tax year beginning after December 22, 2010, are not included in your taxable income. Turbotax 2012 free (However, see Information reporting requirement , next. Turbotax 2012 free ) Exempt-interest dividends should be shown in box 10 of Form 1099-DIV. Turbotax 2012 free You do not reduce your basis for distributions that are exempt-interest dividends. Turbotax 2012 free Information reporting requirement. Turbotax 2012 free   Although exempt-interest dividends are not taxable, you must show them on your tax return if you have to file. Turbotax 2012 free This is an information reporting requirement and does not change the exempt-interest dividends into taxable income. Turbotax 2012 free Note. Turbotax 2012 free Exempt-interest dividends paid from specified private activity bonds may be subject to the alternative minimum tax. Turbotax 2012 free See Alternative Minimum Tax (AMT) in chapter 30 for more information. Turbotax 2012 free Chapter 1 of Publication 550 contains a discussion on private activity bonds under State or Local Government Obligations. Turbotax 2012 free Interest on VA dividends. Turbotax 2012 free   Interest on insurance dividends left on deposit with the Department of Veterans Affairs (VA) is not taxable. Turbotax 2012 free This includes interest paid on dividends on converted United States Government Life Insurance and on National Service Life Insurance policies. Turbotax 2012 free Individual retirement arrangements (IRAs). Turbotax 2012 free   Interest on a Roth IRA generally is not taxable. Turbotax 2012 free Interest on a traditional IRA is tax deferred. Turbotax 2012 free You generally do not include it in your income until you make withdrawals from the IRA. Turbotax 2012 free See chapter 17. Turbotax 2012 free Taxable Interest Taxable interest includes interest you receive from bank accounts, loans you make to others, and other sources. Turbotax 2012 free The following are some sources of taxable interest. Turbotax 2012 free Dividends that are actually interest. Turbotax 2012 free   Certain distributions commonly called dividends are actually interest. Turbotax 2012 free You must report as interest so-called “dividends” on deposits or on share accounts in: Cooperative banks, Credit unions, Domestic building and loan associations, Domestic savings and loan associations, Federal savings and loan associations, and Mutual savings banks. Turbotax 2012 free  The “dividends” will be shown as interest income on Form 1099-INT. Turbotax 2012 free Money market funds. Turbotax 2012 free   Money market funds pay dividends and are offered by nonbank financial institutions, such as mutual funds and stock brokerage houses. Turbotax 2012 free Generally, amounts you receive from money market funds should be reported as dividends, not as interest. Turbotax 2012 free Certificates of deposit and other deferred interest accounts. Turbotax 2012 free   If you open any of these accounts, interest may be paid at fixed intervals of 1 year or less during the term of the account. Turbotax 2012 free You generally must include this interest in your income when you actually receive it or are entitled to receive it without paying a substantial penalty. Turbotax 2012 free The same is true for accounts that mature in 1 year or less and pay interest in a single payment at maturity. Turbotax 2012 free If interest is deferred for more than 1 year, see Original Issue Discount (OID) , later. Turbotax 2012 free Interest subject to penalty for early withdrawal. Turbotax 2012 free   If you withdraw funds from a deferred interest account before maturity, you may have to pay a penalty. Turbotax 2012 free You must report the total amount of interest paid or credited to your account during the year, without subtracting the penalty. Turbotax 2012 free See Penalty on early withdrawal of savings in chapter 1 of Publication 550 for more information on how to report the interest and deduct the penalty. Turbotax 2012 free Money borrowed to invest in certificate of deposit. Turbotax 2012 free   The interest you pay on money borrowed from a bank or savings institution to meet the minimum deposit required for a certificate of deposit from the institution and the interest you earn on the certificate are two separate items. Turbotax 2012 free You must report the total interest you earn on the certificate in your income. Turbotax 2012 free If you itemize deductions, you can deduct the interest you pay as investment interest, up to the amount of your net investment income. Turbotax 2012 free See Interest Expenses in chapter 3 of Publication 550. Turbotax 2012 free Example. Turbotax 2012 free You deposited $5,000 with a bank and borrowed $5,000 from the bank to make up the $10,000 minimum deposit required to buy a 6-month certificate of deposit. Turbotax 2012 free The certificate earned $575 at maturity in 2013, but you received only $265, which represented the $575 you earned minus $310 interest charged on your $5,000 loan. Turbotax 2012 free The bank gives you a Form 1099-INT for 2013 showing the $575 interest you earned. Turbotax 2012 free The bank also gives you a statement showing that you paid $310 interest for 2013. Turbotax 2012 free You must include the $575 in your income. Turbotax 2012 free If you itemize your deductions on Schedule A (Form 1040), you can deduct $310, subject to the net investment income limit. Turbotax 2012 free Gift for opening account. Turbotax 2012 free   If you receive noncash gifts or services for making deposits or for opening an account in a savings institution, you may have to report the value as interest. Turbotax 2012 free   For deposits of less than $5,000, gifts or services valued at more than $10 must be reported as interest. Turbotax 2012 free For deposits of $5,000 or more, gifts or services valued at more than $20 must be reported as interest. Turbotax 2012 free The value is determined by the cost to the financial institution. Turbotax 2012 free Example. Turbotax 2012 free You open a savings account at your local bank and deposit $800. Turbotax 2012 free The account earns $20 interest. Turbotax 2012 free You also receive a $15 calculator. Turbotax 2012 free If no other interest is credited to your account during the year, the Form 1099-INT you receive will show $35 interest for the year. Turbotax 2012 free You must report $35 interest income on your tax return. Turbotax 2012 free Interest on insurance dividends. Turbotax 2012 free   Interest on insurance dividends left on deposit with an insurance company that can be withdrawn annually is taxable to you in the year it is credited to your account. Turbotax 2012 free However, if you can withdraw it only on the anniversary date of the policy (or other specified date), the interest is taxable in the year that date occurs. Turbotax 2012 free Prepaid insurance premiums. Turbotax 2012 free   Any increase in the value of prepaid insurance premiums, advance premiums, or premium deposit funds is interest if it is applied to the payment of premiums due on insurance policies or made available for you to withdraw. Turbotax 2012 free U. Turbotax 2012 free S. Turbotax 2012 free obligations. Turbotax 2012 free   Interest on U. Turbotax 2012 free S. Turbotax 2012 free obligations, such as U. Turbotax 2012 free S. Turbotax 2012 free Treasury bills, notes, and bonds, issued by any agency or instrumentality of the United States is taxable for federal income tax purposes. Turbotax 2012 free Interest on tax refunds. Turbotax 2012 free   Interest you receive on tax refunds is taxable income. Turbotax 2012 free Interest on condemnation award. Turbotax 2012 free   If the condemning authority pays you interest to compensate you for a delay in payment of an award, the interest is taxable. Turbotax 2012 free Installment sale payments. Turbotax 2012 free   If a contract for the sale or exchange of property provides for deferred payments, it also usually provides for interest payable with the deferred payments. Turbotax 2012 free That interest is taxable when you receive it. Turbotax 2012 free If little or no interest is provided for in a deferred payment contract, part of each payment may be treated as interest. Turbotax 2012 free See Unstated Interest and Original Issue Discount in Publication 537, Installment Sales. Turbotax 2012 free Interest on annuity contract. Turbotax 2012 free   Accumulated interest on an annuity contract you sell before its maturity date is taxable. Turbotax 2012 free Usurious interest. Turbotax 2012 free   Usurious interest is interest charged at an illegal rate. Turbotax 2012 free This is taxable as interest unless state law automatically changes it to a payment on the principal. Turbotax 2012 free Interest income on frozen deposits. Turbotax 2012 free   Exclude from your gross income interest on frozen deposits. Turbotax 2012 free A deposit is frozen if, at the end of the year, you cannot withdraw any part of the deposit because: The financial institution is bankrupt or insolvent, or The state where the institution is located has placed limits on withdrawals because other financial institutions in the state are bankrupt or insolvent. Turbotax 2012 free   The amount of interest you must exclude is the interest that was credited on the frozen deposits minus the sum of: The net amount you withdrew from these deposits during the year, and The amount you could have withdrawn as of the end of the year (not reduced by any penalty for premature withdrawals of a time deposit). Turbotax 2012 free If you receive a Form 1099-INT for interest income on deposits that were frozen at the end of 2013, see Frozen deposits under How To Report Interest Income in chapter 1 of Publication 550, for information about reporting this interest income exclusion on your tax return. Turbotax 2012 free   The interest you exclude is treated as credited to your account in the following year. Turbotax 2012 free You must include it in income in the year you can withdraw it. Turbotax 2012 free Example. Turbotax 2012 free $100 of interest was credited on your frozen deposit during the year. Turbotax 2012 free You withdrew $80 but could not withdraw any more as of the end of the year. Turbotax 2012 free You must include $80 in your income and exclude $20 from your income for the year. Turbotax 2012 free You must include the $20 in your income for the year you can withdraw it. Turbotax 2012 free Bonds traded flat. Turbotax 2012 free   If you buy a bond at a discount when interest has been defaulted or when the interest has accrued but has not been paid, the transaction is described as trading a bond flat. Turbotax 2012 free The defaulted or unpaid interest is not income and is not taxable as interest if paid later. Turbotax 2012 free When you receive a payment of that interest, it is a return of capital that reduces the remaining cost basis of your bond. Turbotax 2012 free Interest that accrues after the date of purchase, however, is taxable interest income for the year it is received or accrued. Turbotax 2012 free See Bonds Sold Between Interest Dates , later, for more information. Turbotax 2012 free Below-market loans. Turbotax 2012 free   In general, a below-market loan is a loan on which no interest is charged or on which interest is charged at a rate below the applicable federal rate. Turbotax 2012 free See Below-Market Loans in chapter 1 of Publication 550 for more information. Turbotax 2012 free U. Turbotax 2012 free S. Turbotax 2012 free Savings Bonds This section provides tax information on U. Turbotax 2012 free S. Turbotax 2012 free savings bonds. Turbotax 2012 free It explains how to report the interest income on these bonds and how to treat transfers of these bonds. Turbotax 2012 free For other information on U. Turbotax 2012 free S. Turbotax 2012 free savings bonds, write to:  For series EE and I paper savings bonds: Bureau of the Public Debt Division of Customer Assistance P. Turbotax 2012 free O. Turbotax 2012 free Box 7012 Parkersburg, WV 26106-7012  For series EE and I electronic bonds: Bureau of the Public Debt Division of Customer Assistance P. Turbotax 2012 free O. Turbotax 2012 free Box 7015 Parkersburg, WV 26106–7015  For series HH/H: Bureau of the Public Debt Division of Customer Assistance P. Turbotax 2012 free O. Turbotax 2012 free Box 2186 Parkersburg, WV 26106-2186 Or, on the Internet, visit: www. Turbotax 2012 free treasurydirect. Turbotax 2012 free gov/indiv/indiv. Turbotax 2012 free htm. Turbotax 2012 free Accrual method taxpayers. Turbotax 2012 free   If you use an accrual method of accounting, you must report interest on U. Turbotax 2012 free S. Turbotax 2012 free savings bonds each year as it accrues. Turbotax 2012 free You cannot postpone reporting interest until you receive it or until the bonds mature. Turbotax 2012 free Accrual methods of accounting are explained in chapter 1 under Accounting Methods . Turbotax 2012 free Cash method taxpayers. Turbotax 2012 free   If you use the cash method of accounting, as most individual taxpayers do, you generally report the interest on U. Turbotax 2012 free S. Turbotax 2012 free savings bonds when you receive it. Turbotax 2012 free The cash method of accounting is explained in chapter 1 under Accounting Methods. Turbotax 2012 free But see Reporting options for cash method taxpayers , later. Turbotax 2012 free Series HH bonds. Turbotax 2012 free    These bonds were issued at face value. Turbotax 2012 free Interest is paid twice a year by direct deposit to your bank account. Turbotax 2012 free If you are a cash method taxpayer, you must report interest on these bonds as income in the year you receive it. Turbotax 2012 free   Series HH bonds were first offered in 1980 and last offered in August 2004. Turbotax 2012 free Before 1980, series H bonds were issued. Turbotax 2012 free Series H bonds are treated the same as series HH bonds. Turbotax 2012 free If you are a cash method taxpayer, you must report the interest when you receive it. Turbotax 2012 free   Series H bonds have a maturity period of 30 years. Turbotax 2012 free Series HH bonds mature in 20 years. Turbotax 2012 free The last series H bonds matured in 2009. Turbotax 2012 free Series EE and series I bonds. Turbotax 2012 free   Interest on these bonds is payable when you redeem the bonds. Turbotax 2012 free The difference between the purchase price and the redemption value is taxable interest. Turbotax 2012 free Series EE bonds. Turbotax 2012 free   Series EE bonds were first offered in January 1980 and have a maturity period of 30 years. Turbotax 2012 free   Before July 1980, series E bonds were issued. Turbotax 2012 free The original 10-year maturity period of series E bonds has been extended to 40 years for bonds issued before December 1965 and 30 years for bonds issued after November 1965. Turbotax 2012 free Paper series EE and series E bonds are issued at a discount. Turbotax 2012 free The face value is payable to you at maturity. Turbotax 2012 free Electronic series EE bonds are issued at their face value. Turbotax 2012 free The face value plus accrued interest is payable to you at maturity. Turbotax 2012 free As of January 1, 2012, paper savings bonds were no longer sold at financial institutions. Turbotax 2012 free   Owners of paper series EE bonds can convert them to electronic bonds. Turbotax 2012 free These converted bonds do not retain the denomination listed on the paper certificate but are posted at their purchase price (with accrued interest). Turbotax 2012 free Series I bonds. Turbotax 2012 free   Series I bonds were first offered in 1998. Turbotax 2012 free These are inflation-indexed bonds issued at their face amount with a maturity period of 30 years. Turbotax 2012 free The face value plus all accrued interest is payable to you at maturity. Turbotax 2012 free Reporting options for cash method taxpayers. Turbotax 2012 free   If you use the cash method of reporting income, you can report the interest on series EE, series E, and series I bonds in either of the following ways. Turbotax 2012 free Method 1. Turbotax 2012 free Postpone reporting the interest until the earlier of the year you cash or dispose of the bonds or the year they mature. Turbotax 2012 free (However, see Savings bonds traded , later. Turbotax 2012 free )  Note. Turbotax 2012 free Series EE bonds issued in 1983 matured in 2013. Turbotax 2012 free If you have used method 1, you generally must report the interest on these bonds on your 2013 return. Turbotax 2012 free The last series E bonds were issued in 1980 and matured in 2010. Turbotax 2012 free If you used method 1, you generally should have reported the interest on these bonds on your 2010 return. Turbotax 2012 free Method 2. Turbotax 2012 free Choose to report the increase in redemption value as interest each year. Turbotax 2012 free You must use the same method for all series EE, series E, and series I bonds you own. Turbotax 2012 free If you do not choose method 2 by reporting the increase in redemption value as interest each year, you must use method 1. Turbotax 2012 free    If you plan to cash your bonds in the same year you will pay for higher education expenses, you may want to use method 1 because you may be able to exclude the interest from your income. Turbotax 2012 free To learn how, see Education Savings Bond Program, later. Turbotax 2012 free Change from method 1. Turbotax 2012 free   If you want to change your method of reporting the interest from method 1 to method 2, you can do so without permission from the IRS. Turbotax 2012 free In the year of change you must report all interest accrued to date and not previously reported for all your bonds. Turbotax 2012 free   Once you choose to report the interest each year, you must continue to do so for all series EE, series E, and series I bonds you own and for any you get later, unless you request permission to change, as explained next. Turbotax 2012 free Change from method 2. Turbotax 2012 free   To change from method 2 to method 1, you must request permission from the IRS. Turbotax 2012 free Permission for the change is automatically granted if you send the IRS a statement that meets all the following requirements. Turbotax 2012 free You have typed or printed the following number at the top: “131. Turbotax 2012 free ” It includes your name and social security number under “131. Turbotax 2012 free ” It includes the year of change (both the beginning and ending dates). Turbotax 2012 free It identifies the savings bonds for which you are requesting this change. Turbotax 2012 free It includes your agreement to: Report all interest on any bonds acquired during or after the year of change when the interest is realized upon disposition, redemption, or final maturity, whichever is earliest, and Report all interest on the bonds acquired before the year of change when the interest is realized upon disposition, redemption, or final maturity, whichever is earliest, with the exception of the interest reported in prior tax years. Turbotax 2012 free   You must attach this statement to your tax return for the year of change, which you must file by the due date (including extensions). Turbotax 2012 free   You can have an automatic extension of 6 months from the due date of your return for the year of change (excluding extensions) to file the statement with an amended return. Turbotax 2012 free On the statement, type or print “Filed pursuant to section 301. Turbotax 2012 free 9100-2. Turbotax 2012 free ” To get this extension, you must have filed your original return for the year of the change by the due date (including extensions). Turbotax 2012 free    By the date you file the original statement with your return, you must also send a signed copy to the address below. Turbotax 2012 free   Internal Revenue Service Attention: CC:IT&A (Automatic Rulings Branch) P. Turbotax 2012 free O. Turbotax 2012 free Box 7604 Benjamin Franklin Station Washington, DC 20044   If you use a private delivery service, send the signed copy to the address below. Turbotax 2012 free   Internal Revenue Service Attention: CC:IT&A (Automatic Rulings Branch) Room 5336 1111 Constitution Avenue, NW  Washington, DC 20224   Instead of filing this statement, you can request permission to change from method 2 to method 1 by filing Form 3115, Application for Change in Accounting Method. Turbotax 2012 free In that case, follow the form instructions for an automatic change. Turbotax 2012 free No user fee is required. Turbotax 2012 free Co-owners. Turbotax 2012 free   If a U. Turbotax 2012 free S. Turbotax 2012 free savings bond is issued in the names of co-owners, such as you and your child or you and your spouse, interest on the bond is generally taxable to the co-owner who bought the bond. Turbotax 2012 free One co-owner's funds used. Turbotax 2012 free    If you used your funds to buy the bond, you must pay the tax on the interest. Turbotax 2012 free This is true even if you let the other co-owner redeem the bond and keep all the proceeds. Turbotax 2012 free Under these circumstances, the co-owner who redeemed the bond will receive a Form 1099-INT at the time of redemption and must provide you with another Form 1099-INT showing the amount of interest from the bond taxable to you. Turbotax 2012 free The co-owner who redeemed the bond is a “nominee. Turbotax 2012 free ” See Nominee distributions under How To Report Interest Income in chapter 1 of Publication 550 for more information about how a person who is a nominee reports interest income belonging to another person. Turbotax 2012 free Both co-owners' funds used. Turbotax 2012 free   If you and the other co-owner each contribute part of the bond's purchase price, the interest is generally taxable to each of you, in proportion to the amount each of you paid. Turbotax 2012 free Community property. Turbotax 2012 free   If you and your spouse live in a community property state and hold bonds as community property, one-half of the interest is considered received by each of you. Turbotax 2012 free If you file separate returns, each of you generally must report one-half of the bond interest. Turbotax 2012 free For more information about community property, see Publication 555. Turbotax 2012 free Table 7-1. Turbotax 2012 free   These rules are also shown in Table 7-1. Turbotax 2012 free Ownership transferred. Turbotax 2012 free   If you bought series E, series EE, or series I bonds entirely with your own funds and had them reissued in your co-owner's name or beneficiary's name alone, you must include in your gross income for the year of reissue all interest that you earned on these bonds and have not previously reported. Turbotax 2012 free But, if the bonds were reissued in your name alone, you do not have to report the interest accrued at that time. Turbotax 2012 free   This same rule applies when bonds (other than bonds held as community property) are transferred between spouses or incident to divorce. Turbotax 2012 free Purchased jointly. Turbotax 2012 free   If you and a co-owner each contributed funds to buy series E, series EE, or series I bonds jointly and later have the bonds reissued in the co-owner's name alone, you must include in your gross income for the year of reissue your share of all the interest earned on the bonds that you have not previously reported. Turbotax 2012 free The former co-owner does not have to include in gross income at the time of reissue his or her share of the interest earned that was not reported before the transfer. Turbotax 2012 free This interest, however, as well as all interest earned after the reissue, is income to the former co-owner. Turbotax 2012 free   This income-reporting rule also applies when the bonds are reissued in the name of your former co-owner and a new co-owner. Turbotax 2012 free But the new co-owner will report only his or her share of the interest earned after the transfer. Turbotax 2012 free   If bonds that you and a co-owner bought jointly are reissued to each of you separately in the same proportion as your contribution to the purchase price, neither you nor your co-owner has to report at that time the interest earned before the bonds were reissued. Turbotax 2012 free    Table 7-1. Turbotax 2012 free Who Pays the Tax on U. Turbotax 2012 free S. Turbotax 2012 free Savings Bond Interest IF . Turbotax 2012 free . Turbotax 2012 free . Turbotax 2012 free THEN the interest must be reported by . Turbotax 2012 free . Turbotax 2012 free . Turbotax 2012 free you buy a bond in your name and the name of another person as co-owners, using only your own funds you. Turbotax 2012 free you buy a bond in the name of another person, who is the sole owner of the bond the person for whom you bought the bond. Turbotax 2012 free you and another person buy a bond as co-owners, each contributing part of the purchase price both you and the other co-owner, in proportion to the amount each paid for the bond. Turbotax 2012 free you and your spouse, who live in a community property state, buy a bond that is community property you and your spouse. Turbotax 2012 free If you file separate returns, both you and your spouse generally report one-half of the interest. Turbotax 2012 free Example 1. Turbotax 2012 free You and your spouse each spent an equal amount to buy a $1,000 series EE savings bond. Turbotax 2012 free The bond was issued to you and your spouse as co-owners. Turbotax 2012 free You both postpone reporting interest on the bond. Turbotax 2012 free You later have the bond reissued as two $500 bonds, one in your name and one in your spouse's name. Turbotax 2012 free At that time neither you nor your spouse has to report the interest earned to the date of reissue. Turbotax 2012 free Example 2. Turbotax 2012 free You bought a $1,000 series EE savings bond entirely with your own funds. Turbotax 2012 free The bond was issued to you and your spouse as co-owners. Turbotax 2012 free You both postpone reporting interest on the bond. Turbotax 2012 free You later have the bond reissued as two $500 bonds, one in your name and one in your spouse's name. Turbotax 2012 free You must report half the interest earned to the date of reissue. Turbotax 2012 free Transfer to a trust. Turbotax 2012 free   If you own series E, series EE, or series I bonds and transfer them to a trust, giving up all rights of ownership, you must include in your income for that year the interest earned to the date of transfer if you have not already reported it. Turbotax 2012 free However, if you are considered the owner of the trust and if the increase in value both before and after the transfer continues to be taxable to you, you can continue to defer reporting the interest earned each year. Turbotax 2012 free You must include the total interest in your income in the year you cash or dispose of the bonds or the year the bonds finally mature, whichever is earlier. Turbotax 2012 free   The same rules apply to previously unreported interest on series EE or series E bonds if the transfer to a trust consisted of series HH or series H bonds you acquired in a trade for the series EE or series E bonds. Turbotax 2012 free See Savings bonds traded , later. Turbotax 2012 free Decedents. Turbotax 2012 free   The manner of reporting interest income on series E, series EE, or series I bonds, after the death of the owner (decedent), depends on the accounting and income-reporting methods previously used by the decedent. Turbotax 2012 free This is explained in chapter 1 of Publication 550. Turbotax 2012 free Savings bonds traded. Turbotax 2012 free   If you postponed reporting the interest on your series EE or series E bonds, you did not recognize taxable income when you traded the bonds for series HH or series H bonds, unless you received cash in the trade. Turbotax 2012 free (You cannot trade series I bonds for series HH bonds. Turbotax 2012 free After August 31, 2004, you cannot trade any other series of bonds for series HH bonds. Turbotax 2012 free ) Any cash you received is income up to the amount of the interest earned on the bonds traded. Turbotax 2012 free When your series HH or series H bonds mature, or if you dispose of them before maturity, you report as interest the difference between their redemption value and your cost. Turbotax 2012 free Your cost is the sum of the amount you paid for the traded series EE or series E bonds plus any amount you had to pay at the time of the trade. Turbotax 2012 free Example. Turbotax 2012 free You traded series EE bonds (on which you postponed reporting the interest) for $2,500 in series HH bonds and $223 in cash. Turbotax 2012 free You reported the $223 as taxable income on your tax return. Turbotax 2012 free At the time of the trade, the series EE bonds had accrued interest of $523 and a redemption value of $2,723. Turbotax 2012 free You hold the series HH bonds until maturity, when you receive $2,500. Turbotax 2012 free You must report $300 as interest income in the year of maturity. Turbotax 2012 free This is the difference between their redemption value, $2,500, and your cost, $2,200 (the amount you paid for the series EE bonds). Turbotax 2012 free (It is also the difference between the accrued interest of $523 on the series EE bonds and the $223 cash received on the trade. Turbotax 2012 free ) Choice to report interest in year of trade. Turbotax 2012 free   You could have chosen to treat all of the previously unreported accrued interest on the series EE or series E bonds traded for series HH bonds as income in the year of the trade. Turbotax 2012 free If you made this choice, it is treated as a change from method 1. Turbotax 2012 free See Change from method 1 under Series EE and series I bonds, earlier. Turbotax 2012 free Form 1099-INT for U. Turbotax 2012 free S. Turbotax 2012 free savings bonds interest. Turbotax 2012 free   When you cash a bond, the bank or other payer that redeems it must give you a Form 1099-INT if the interest part of the payment you receive is $10 or more. Turbotax 2012 free Box 3 of your Form 1099-INT should show the interest as the difference between the amount you received and the amount paid for the bond. Turbotax 2012 free However, your Form 1099-INT may show more interest than you have to include on your income tax return. Turbotax 2012 free For example, this may happen if any of the following are true. Turbotax 2012 free You chose to report the increase in the redemption value of the bond each year. Turbotax 2012 free The interest shown on your Form 1099-INT will not be reduced by amounts previously included in income. Turbotax 2012 free You received the bond from a decedent. Turbotax 2012 free The interest shown on your Form 1099-INT will not be reduced by any interest reported by the decedent before death, or on the decedent's final return, or by the estate on the estate's income tax return. Turbotax 2012 free Ownership of the bond was transferred. Turbotax 2012 free The interest shown on your Form 1099-INT will not be reduced by interest that accrued before the transfer. Turbotax 2012 free You were named as a co-owner, and the other co-owner contributed funds to buy the bond. Turbotax 2012 free The interest shown on your Form 1099-INT will not be reduced by the amount you received as nominee for the other co-owner. Turbotax 2012 free (See Co-owners , earlier in this chapter, for more information about the reporting requirements. Turbotax 2012 free ) You received the bond in a taxable distribution from a retirement or profit-sharing plan. Turbotax 2012 free The interest shown on your Form 1099-INT will not be reduced by the interest portion of the amount taxable as a distribution from the plan and not taxable as interest. Turbotax 2012 free (This amount is generally shown on Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Turbotax 2012 free , for the year of distribution. Turbotax 2012 free )   For more information on including the correct amount of interest on your return, see How To Report Interest Income , later. Turbotax 2012 free Publication 550 includes examples showing how to report these amounts. Turbotax 2012 free    Interest on U. Turbotax 2012 free S. Turbotax 2012 free savings bonds is exempt from state and local taxes. Turbotax 2012 free The Form 1099-INT you receive will indicate the amount that is for U. Turbotax 2012 free S. Turbotax 2012 free savings bond interest in box 3. Turbotax 2012 free Education Savings Bond Program You may be able to exclude from income all or part of the interest you receive on the redemption of qualified U. Turbotax 2012 free S. Turbotax 2012 free savings bonds during the year if you pay qualified higher educational expenses during the same year. Turbotax 2012 free This exclusion is known as the Education Savings Bond Program. Turbotax 2012 free You do not qualify for this exclusion if your filing status is married filing separately. Turbotax 2012 free Form 8815. Turbotax 2012 free   Use Form 8815 to figure your exclusion. Turbotax 2012 free Attach the form to your Form 1040 or Form 1040A. Turbotax 2012 free Qualified U. Turbotax 2012 free S. Turbotax 2012 free savings bonds. Turbotax 2012 free   A qualified U. Turbotax 2012 free S. Turbotax 2012 free savings bond is a series EE bond issued after 1989 or a series I bond. Turbotax 2012 free The bond must be issued either in your name (sole owner) or in your and your spouse's names (co-owners). Turbotax 2012 free You must be at least 24 years old before the bond's issue date. Turbotax 2012 free For example, a bond bought by a parent and issued in the name of his or her child under age 24 does not qualify for the exclusion by the parent or child. Turbotax 2012 free    The issue date of a bond may be earlier than the date the bond is purchased because the issue date assigned to a bond is the first day of the month in which it is purchased. Turbotax 2012 free Beneficiary. Turbotax 2012 free   You can designate any individual (including a child) as a beneficiary of the bond. Turbotax 2012 free Verification by IRS. Turbotax 2012 free   If you claim the exclusion, the IRS will check it by using bond redemption information from the Department of the Treasury. Turbotax 2012 free Qualified expenses. Turbotax 2012 free   Qualified higher educational expenses are tuition and fees required for you, your spouse, or your dependent (for whom you claim an exemption) to attend an eligible educational institution. Turbotax 2012 free   Qualified expenses include any contribution you make to a qualified tuition program or to a Coverdell education savings account. Turbotax 2012 free   Qualified expenses do not include expenses for room and board or for courses involving sports, games, or hobbies that are not part of a degree or certificate granting program. Turbotax 2012 free Eligible educational institutions. Turbotax 2012 free   These institutions include most public, private, and nonprofit universities, colleges, and vocational schools that are accredited and eligible to participate in student aid programs run by the U. Turbotax 2012 free S. Turbotax 2012 free Department of Education. Turbotax 2012 free Reduction for certain benefits. Turbotax 2012 free   You must reduce your qualified higher educational expenses by all of the following tax-free benefits. Turbotax 2012 free Tax-free part of scholarships and fellowships (see Scholarships and fellowships in chapter 12). Turbotax 2012 free Expenses used to figure the tax-free portion of distributions from a Coverdell ESA. Turbotax 2012 free Expenses used to figure the tax-free portion of distributions from a qualified tuition program. Turbotax 2012 free Any tax-free payments (other than gifts or inheritances) received for educational expenses, such as Veterans' educational assistance benefits, Qualified tuition reductions, or Employer-provided educational assistance. Turbotax 2012 free Any expense used in figuring the American Opportunity and lifetime learning credits. Turbotax 2012 free Amount excludable. Turbotax 2012 free   If the total proceeds (interest and principal) from the qualified U. Turbotax 2012 free S. Turbotax 2012 free savings bonds you redeem during the year are not more than your adjusted qualified higher educational expenses for the year, you may be able to exclude all of the interest. Turbotax 2012 free If the proceeds are more than the expenses, you may be able to exclude only part of the interest. Turbotax 2012 free   To determine the excludable amount, multiply the interest part of the proceeds by a fraction. Turbotax 2012 free The numerator of the fraction is the qualified higher educational expenses you paid during the year. Turbotax 2012 free The denominator of the fraction is the total proceeds you received during the year. Turbotax 2012 free Example. Turbotax 2012 free In February 2013, Mark and Joan, a married couple, cashed a qualified series EE U. Turbotax 2012 free S. Turbotax 2012 free savings bond they bought in April 1997. Turbotax 2012 free They received proceeds of $8,372 representing principal of $5,000 and interest of $3,372. Turbotax 2012 free In 2013, they paid $4,000 of their daughter's college tuition. Turbotax 2012 free They are not claiming an education credit for that amount, and their daughter does not have any tax-free educational assistance. Turbotax 2012 free They can exclude $1,611 ($3,372 × ($4,000 ÷ $8,372)) of interest in 2013. Turbotax 2012 free They must pay tax on the remaining $1,761 ($3,372 − $1,611) interest. Turbotax 2012 free Modified adjusted gross income limit. Turbotax 2012 free   The interest exclusion is limited if your modified adjusted gross income (modified AGI) is: $74,700 to $89,700 for taxpayers filing single or head of household, and $112,050 to $142,050 for married taxpayers filing jointly or for a qualifying widow(er) with dependent child. Turbotax 2012 free You do not qualify for the interest exclusion if your modified AGI is equal to or more than the upper limit for your filing status. Turbotax 2012 free   Modified AGI, for purposes of this exclusion, is adjusted gross income (Form 1040, line 37, or Form 1040A, line 21) figured before the interest exclusion, and modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion and deduction, Exclusion of income for bona fide residents of American Samoa, Exclusion for income from Puerto Rico, Exclusion for adoption benefits received under an employer's adoption assistance program, Deduction for tuition and fees, Deduction for student loan interest, and Deduction for domestic production activities. Turbotax 2012 free   Use the Line 9 Worksheet in the Form 8815 instructions to figure your modified AGI. Turbotax 2012 free If you claim any of the exclusion or deduction items listed above (except items 6, 7, and 8), add the amount of the exclusion or deduction (except items 6, 7, and 8) to the amount on line 5 of the worksheet, and enter the total on Form 8815, line 9, as your modified AGI. Turbotax 2012 free   If you have investment interest expense incurred to earn royalties and other investment income, see Education Savings Bond Program in chapter 1 of Publication 550. Turbotax 2012 free Recordkeeping. Turbotax 2012 free If you claim the interest exclusion, you must keep a written record of the qualified U. Turbotax 2012 free S. Turbotax 2012 free savings bonds you redeem. Turbotax 2012 free Your record must include the serial number, issue date, face value, and total redemption proceeds (principal and interest) of each bond. Turbotax 2012 free You can use Form 8818 to record this information. Turbotax 2012 free You should also keep bills, receipts, canceled checks, or other documentation that shows you paid qualified higher educational expenses during the year. Turbotax 2012 free U. Turbotax 2012 free S. Turbotax 2012 free Treasury Bills, Notes, and Bonds Treasury bills, notes, and bonds are direct debts (obligations) of the U. Turbotax 2012 free S. Turbotax 2012 free Government. Turbotax 2012 free Taxation of interest. Turbotax 2012 free   Interest income from Treasury bills, notes, and bonds is subject to federal income tax but is exempt from all state and local income taxes. Turbotax 2012 free You should receive Form 1099-INT showing the interest (in box 3) paid to you for the year. Turbotax 2012 free   Payments of principal and interest generally will be credited to your designated checking or savings account by direct deposit through the TreasuryDirect® system. Turbotax 2012 free Treasury bills. Turbotax 2012 free   These bills generally have a 4-week, 13-week, 26-week, or 52-week maturity period. Turbotax 2012 free They are generally issued at a discount in the amount of $100 and multiples of $100. Turbotax 2012 free The difference between the discounted price you pay for the bills and the face value you receive at maturity is interest income. Turbotax 2012 free Generally, you report this interest income when the bill is paid at maturity. Turbotax 2012 free If you paid a premium for a bill (more than the face value), you generally report the premium as a section 171 deduction when the bill is paid at maturity. Turbotax 2012 free Treasury notes and bonds. Turbotax 2012 free   Treasury notes have maturity periods of more than 1 year, ranging up to 10 years. Turbotax 2012 free Maturity periods for Treasury bonds are longer than 10 years. Turbotax 2012 free Both generally are issued in denominations of $100 to $1 million and generally pay interest every 6 months. Turbotax 2012 free Generally, you report this interest for the year paid. Turbotax 2012 free For more information, see U. Turbotax 2012 free S. Turbotax 2012 free Treasury Bills, Notes, and Bonds in chapter 1 of Publication 550. Turbotax 2012 free For other information on Treasury notes or bonds, write to:  Bureau of the Public Debt P. Turbotax 2012 free O. Turbotax 2012 free Box 7015 Parkersburg, WV 26106-7015 Or, on the Internet, visit: www. Turbotax 2012 free treasurydirect. Turbotax 2012 free gov/indiv/indiv. Turbotax 2012 free htm. Turbotax 2012 free For information on series EE, series I, and series HH savings bonds, see U. Turbotax 2012 free S. Turbotax 2012 free Savings Bonds , earlier. Turbotax 2012 free Treasury inflation-protected securities (TIPS). Turbotax 2012 free   These securities pay interest twice a year at a fixed rate, based on a principal amount adjusted to take into account inflation and deflation. Turbotax 2012 free For the tax treatment of these securities, see Inflation-Indexed Debt Instruments under Original Issue Discount (OID), in Publication 550. Turbotax 2012 free Bonds Sold Between Interest Dates If you sell a bond between interest payment dates, part of the sales price represents interest accrued to the date of sale. Turbotax 2012 free You must report that part of the sales price as interest income for the year of sale. Turbotax 2012 free If you buy a bond between interest payment dates, part of the purchase price represents interest accrued before the date of purchase. Turbotax 2012 free When that interest is paid to you, treat it as a return of your capital investment, rather than interest income, by reducing your basis in the bond. Turbotax 2012 free See Accrued interest on bonds under How To Report Interest Income in chapter 1 of Publication 550 for information on reporting the payment. Turbotax 2012 free Insurance Life insurance proceeds paid to you as beneficiary of the insured person are usually not taxable. Turbotax 2012 free But if you receive the proceeds in installments, you must usually report a part of each installment payment as interest income. Turbotax 2012 free For more information about insurance proceeds received in installments, see Publication 525, Taxable and Nontaxable Income. Turbotax 2012 free Annuity. Turbotax 2012 free   If you buy an annuity with life insurance proceeds, the annuity payments you receive are taxed as pension and annuity income from a nonqualified plan, not as interest income. Turbotax 2012 free See chapter 10 for information on pension and annuity income from nonqualified plans. Turbotax 2012 free State or Local Government Obligations Interest on a bond used to finance government operations generally is not taxable if the bond is issued by a state, the District of Columbia, a possession of the United States, or any of their political subdivisions. Turbotax 2012 free Bonds issued after 1982 (including tribal economic development bonds issued after February 17, 2009) by an Indian tribal government are treated as issued by a state. Turbotax 2012 free Interest on these bonds is generally tax exempt if the bonds are part of an issue of which substantially all proceeds are to be used in the exercise of any essential government function. Turbotax 2012 free For information on federally guaranteed bonds, mortgage revenue bonds, arbitrage bonds, private activity bonds, qualified tax credit bonds, and Build America bonds, see State or Local Government Obligations in chapter 1 of Publication 550. Turbotax 2012 free Information reporting requirement. Turbotax 2012 free   If you must file a tax return, you are required to show any tax-exempt interest you received on your return. Turbotax 2012 free This is an information reporting requirement only. Turbotax 2012 free It does not change tax-exempt interest to taxable interest. Turbotax 2012 free Original Issue Discount (OID) Original issue discount (OID) is a form of interest. Turbotax 2012 free You generally include OID in your income as it accrues over the term of the debt instrument, whether or not you receive any payments from the issuer. Turbotax 2012 free A debt instrument generally has OID when the instrument is issued for a price that is less than its stated redemption price at maturity. Turbotax 2012 free OID is the difference between the stated redemption price at maturity and the issue price. Turbotax 2012 free All debt instruments that pay no interest before maturity are presumed to be issued at a discount. Turbotax 2012 free Zero coupon bonds are one example of these instruments. Turbotax 2012 free The OID accrual rules generally do not apply to short-term obligations (those with a fixed maturity date of 1 year or less from date of issue). Turbotax 2012 free See Discount on Short-Term Obligations in chapter 1 of Publication 550. Turbotax 2012 free De minimis OID. Turbotax 2012 free   You can treat the discount as zero if it is less than one-fourth of 1% (. Turbotax 2012 free 0025) of the stated redemption price at maturity multiplied by the number of full years from the date of original issue to maturity. Turbotax 2012 free This small discount is known as “de minimis” OID. Turbotax 2012 free Example 1. Turbotax 2012 free You bought a 10-year bond with a stated redemption price at maturity of $1,000, issued at $980 with OID of $20. Turbotax 2012 free One-fourth of 1% of $1,000 (stated redemption price) times 10 (the number of full years from the date of original issue to maturity) equals $25. Turbotax 2012 free Because the $20 discount is less than $25, the OID is treated as zero. Turbotax 2012 free (If you hold the bond at maturity, you will recognize $20 ($1,000 − $980) of capital gain. Turbotax 2012 free ) Example 2. Turbotax 2012 free The facts are the same as in Example 1, except that the bond was issued at $950. Turbotax 2012 free The OID is $50. Turbotax 2012 free Because the $50 discount is more than the $25 figured in Example 1, you must include the OID in income as it accrues over the term of the bond. Turbotax 2012 free Debt instrument bought after original issue. Turbotax 2012 free   If you buy a debt instrument with de minimis OID at a premium, the discount is not includible in income. Turbotax 2012 free If you buy a debt instrument with de minimis OID at a discount, the discount is reported under the market discount rules. Turbotax 2012 free See Market Discount Bonds in chapter 1 of Publication 550. Turbotax 2012 free Exceptions to reporting OID. Turbotax 2012 free   The OID rules discussed in this chapter do not apply to the following debt instruments. Turbotax 2012 free Tax-exempt obligations. Turbotax 2012 free (However, see Stripped tax-exempt obligations under Stripped Bonds and Coupons in chapter 1 of Publication 550). Turbotax 2012 free U. Turbotax 2012 free S. Turbotax 2012 free savings bonds. Turbotax 2012 free Short-term debt instruments (those with a fixed maturity date of not more than 1 year from the date of issue). Turbotax 2012 free Obligations issued by an individual before March 2, 1984. Turbotax 2012 free Loans between individuals if all the following are true. Turbotax 2012 free The lender is not in the business of lending money. Turbotax 2012 free The amount of the loan, plus the amount of any outstanding prior loans between the same individuals, is $10,000 or less. Turbotax 2012 free Avoiding any federal tax is not one of the principal purposes of the loan. Turbotax 2012 free Form 1099-OID. Turbotax 2012 free   The issuer of the debt instrument (or your broker if you held the instrument through a broker) should give you Form 1099-OID, or a similar statement, if the total OID for the calendar year is $10 or more. Turbotax 2012 free Form 1099-OID will show, in box 1, the amount of OID for the part of the year that you held the bond. Turbotax 2012 free It also will show, in box 2, the stated interest you must include in your income. Turbotax 2012 free A copy of Form 1099-OID will be sent to the IRS. Turbotax 2012 free Do not file your copy with your return. Turbotax 2012 free Keep it for your records. Turbotax 2012 free   In most cases, you must report the entire amount in boxes 1 and 2 of Form 1099-OID as interest income. Turbotax 2012 free But see Refiguring OID shown on Form 1099-OID, later in this discussion, for more information. Turbotax 2012 free Form 1099-OID not received. Turbotax 2012 free   If you had OID for the year but did not receive a Form 1099-OID, you can find tables on IRS. Turbotax 2012 free gov that list total OID on certain debt instruments and have information that will help you figure OID. Turbotax 2012 free For the latest OID tables, go to www. Turbotax 2012 free irs. Turbotax 2012 free gov and enter “OID tables” in the Search box. Turbotax 2012 free If your debt instrument is not listed, consult the issuer for further information about the accrued OID for the year. Turbotax 2012 free Nominee. Turbotax 2012 free   If someone else is the holder of record (the registered owner) of an OID instrument belonging to you and receives a Form 1099-OID on your behalf, that person must give you a Form 1099-OID. Turbotax 2012 free Refiguring OID shown on Form 1099-OID. Turbotax 2012 free   You must refigure the OID shown in box 1 or box 8 of Form 1099-OID if either of the following apply. Turbotax 2012 free You bought the debt instrument after its original issue and paid a premium or an acquisition premium. Turbotax 2012 free The debt instrument is a stripped bond or a stripped coupon (including certain zero coupon instruments). Turbotax 2012 free For information about figuring the correct amount of OID to include in your income, see Figuring OID on Long-Term Debt Instruments in Publication 1212. Turbotax 2012 free Refiguring periodic interest shown on Form 1099-OID. Turbotax 2012 free   If you disposed of a debt instrument or acquired it from another holder during the year, see Bonds Sold Between Interest Dates , earlier, for information about the treatment of periodic interest that may be shown in box 2 of Form 1099-OID for that instrument. Turbotax 2012 free Certificates of deposit (CDs). Turbotax 2012 free   If you buy a CD with a maturity of more than 1 year, you must include in income each year a part of the total interest due and report it in the same manner as other OID. Turbotax 2012 free   This also applies to similar deposit arrangements with banks, building and loan associations, etc. Turbotax 2012 free , including: Time deposits, Bonus plans, Savings certificates, Deferred income certificates, Bonus savings certificates, and Growth savings certificates. Turbotax 2012 free Bearer CDs. Turbotax 2012 free   CDs issued after 1982 generally must be in registered form. Turbotax 2012 free Bearer CDs are CDs not in registered form. Turbotax 2012 free They are not issued in the depositor's name and are transferable from one individual to another. Turbotax 2012 free   Banks must provide the IRS and the person redeeming a bearer CD with a Form 1099-INT. Turbotax 2012 free More information. Turbotax 2012 free   See chapter 1 of Publication 550 for more information about OID and related topics, such as market discount bonds. Turbotax 2012 free When To Report Interest Income When to report your interest income depends on whether you use the cash method or an accrual method to report income. Turbotax 2012 free Cash method. Turbotax 2012 free   Most individual taxpayers use the cash method. Turbotax 2012 free If you use this method, you generally report your interest income in the year in which you actually or constructively receive it. Turbotax 2012 free However, there are special rules for reporting the discount on certain debt instruments. Turbotax 2012 free See U. Turbotax 2012 free S. Turbotax 2012 free Savings Bonds and Original Issue Discount (OID) , earlier. Turbotax 2012 free Example. Turbotax 2012 free On September 1, 2011, you loaned another individual $2,000 at 12%, compounded annually. Turbotax 2012 free You are not in the business of lending money. Turbotax 2012 free The note stated that principal and interest would be due on August 31, 2013. Turbotax 2012 free In 2013, you received $2,508. Turbotax 2012 free 80 ($2,000 principal and $508. Turbotax 2012 free 80 interest). Turbotax 2012 free If you use the cash method, you must include in income on your 2013 return the $508. Turbotax 2012 free 80 interest you received in that year. Turbotax 2012 free Constructive receipt. Turbotax 2012 free   You constructively receive income when it is credited to your account or made available to you. Turbotax 2012 free You do not need to have physical possession of it. Turbotax 2012 free For example, you are considered to receive interest, dividends, or other earnings on any deposit or account in a bank, savings and loan, or similar financial institution, or interest on life insurance policy dividends left to accumulate, when they are credited to your account and subject to your withdrawal. Turbotax 2012 free This is true even if they are not yet entered in your passbook. Turbotax 2012 free   You constructively receive income on the deposit or account even if you must: Make withdrawals in multiples of even amounts, Give a notice to withdraw before making the withdrawal, Withdraw all or part of the account to withdraw the earnings, or Pay a penalty on early withdrawals, unless the interest you are to receive on an early withdrawal or redemption is substantially less than the interest payable at maturity. Turbotax 2012 free Accrual method. Turbotax 2012 free   If you use an accrual method, you report your interest income when you earn it, whether or not you have received it. Turbotax 2012 free Interest is earned over the term of the debt instrument. Turbotax 2012 free Example. Turbotax 2012 free If, in the previous example, you use an accrual method, you must include the interest in your income as you earn it. Turbotax 2012 free You would report the interest as follows: 2011, $80; 2012, $249. Turbotax 2012 free 60; and 2013, $179. Turbotax 2012 free 20. Turbotax 2012 free Coupon bonds. Turbotax 2012 free   Interest on coupon bonds is taxable in the year the coupon becomes due and payable. Turbotax 2012 free It does not matter when you mail the coupon for payment. Turbotax 2012 free How To Report Interest Income Generally, you report all your taxable interest income on Form 1040, line 8a; Form 1040A, line 8a; or Form 1040EZ, line 2. Turbotax 2012 free You cannot use Form 1040EZ if your taxable interest income is more than $1,500. Turbotax 2012 free Instead, you must use Form 1040A or Form 1040. Turbotax 2012 free Form 1040A. Turbotax 2012 free   You must complete Schedule B (Form 1040A or 1040), Part I, if you file Form 1040A and any of the following are true. Turbotax 2012 free Your taxable interest income is more than $1,500. Turbotax 2012 free You are claiming the interest exclusion under the Education Savings Bond Program (discussed earlier). Turbotax 2012 free You received interest from a seller-financed mortgage, and the buyer used the property as a home. Turbotax 2012 free You received a Form 1099-INT for U. Turbotax 2012 free S. Turbotax 2012 free savings bond interest that includes amounts you reported before 2013. Turbotax 2012 free You received, as a nominee, interest that actually belongs to someone else. Turbotax 2012 free You received a Form 1099-INT for interest on frozen deposits. Turbotax 2012 free You are reporting OID in an amount less than the amount shown on Form 1099-OID. Turbotax 2012 free You received a Form 1099-INT for interest on a bond you bought between interest payment dates. Turbotax 2012 free You acquired taxable bonds after 1987 and choose to reduce interest income from the bonds by any amortizable bond premium (see Bond Premium Amortization in chapter 3 of Publication 550). Turbotax 2012 free List each payer's name and the amount of interest income received from each payer on line 1. Turbotax 2012 free If you received a Form 1099-INT or Form 1099-OID from a brokerage firm, list the brokerage firm as the payer. Turbotax 2012 free   You cannot use Form 1040A if you must use Form 1040, as described next. Turbotax 2012 free Form 1040. Turbotax 2012 free   You must use Form 1040 instead of Form 1040A or Form 1040EZ if: You forfeited interest income because of the early withdrawal of a time deposit; You acquired taxable bonds after 1987, you choose to reduce interest income from the bonds by any amortizable bond premium, and you are deducting the excess of bond premium amortization for the accrual period over the qualified stated interest for the period (see Bond Premium Amortization in chapter 3 of Publication 550); or You received tax-exempt interest from private activity bonds issued after August 7, 1986. Turbotax 2012 free Schedule B (Form 1040A or 1040). Turbotax 2012 free   You must complete Schedule B (Form 1040A or 1040), Part I, if you file Form 1040 and any of the following apply. Turbotax 2012 free Your taxable interest income is more than $1,500. Turbotax 2012 free You are claiming the interest exclusion under the Education Savings Bond Program (discussed earlier). Turbotax 2012 free You received interest from a seller-financed mortgage, and the buyer used the property as a home. Turbotax 2012 free You received a Form 1099-INT for U. Turbotax 2012 free S. Turbotax 2012 free savings bond interest that includes amounts you reported before 2013. Turbotax 2012 free You received, as a nominee, interest that actually belongs to someone else. Turbotax 2012 free You received a Form 1099-INT for interest on frozen deposits. Turbotax 2012 free You received a Form 1099-INT for interest on a bond you bought between interest payment dates. Turbotax 2012 free You are reporting OID in an amount less than the amount shown on Form 1099-OID. Turbotax 2012 free Statement (2) in the preceding list under Form 1040 is true. Turbotax 2012 free In Part I, line 1, list each payer's name and the amount received from each. Turbotax 2012 free If you received a Form 1099-INT or Form 1099-OID from a brokerage firm, list the brokerage firm as the payer. Turbotax 2012 free Reporting tax-exempt interest. Turbotax 2012 free   Total your tax-exempt interest (such as interest or accrued OID on certain state and municipal bonds, including tax-exempt interest on zero coupon municipal bonds) and exempt-interest dividends from a mutual fund as shown on Form 1099-INT, box 8, and on Form 1099-DIV, box 10. Turbotax 2012 free Add these amounts to any other tax-exempt interest you received. Turbotax 2012 free Report the total on line 8b of Form 1040A or 1040. Turbotax 2012 free   If you file Form 1040EZ, enter “TEI” and the amount in the space to the left of line 2. Turbotax 2012 free Do not add tax-exempt interest in the total on Form 1040EZ, line 2. Turbotax 2012 free   Form 1099-INT, box 9, and Form 1099-DIV, box 11, show the tax-exempt interest subject to the alternative minimum tax on Form 6251. Turbotax 2012 free These amounts are already included in the amounts on Form 1099-INT, box 8, and Form 1099-DIV, box 10. Turbotax 2012 free Do not add the amounts in Form 1099-INT, box 9 and Form 1099-DIV, box 11 to, or subtract them from, the amounts on Form 1099-INT, box 8, and Form 1099-DIV, box 10. Turbotax 2012 free    Do not report interest from an individual retirement account (IRA) as tax-exempt interest. Turbotax 2012 free Form 1099-INT. Turbotax 2012 free   Your taxable interest income, except for interest from U. Turbotax 2012 free S. Turbotax 2012 free savings bonds and Treasury obligations, is shown in box 1 of Form 1099-INT. Turbotax 2012 free Add this amount to any other taxable interest income you received. Turbotax 2012 free You must report all of your taxable interest income even if you do not receive a Form 1099-INT. Turbotax 2012 free Generally, contact your financial institution if you do not receive a Form 1099-INT by February 15. Turbotax 2012 free Your identifying number may be truncated on any paper Form 1099-INT you receive. Turbotax 2012 free   If you forfeited interest income because of the early withdrawal of a time deposit, the deductible amount will be shown on Form 1099-INT in box 2. Turbotax 2012 free See Penalty on early withdrawal of savings in chapter 1 of Publication 550. Turbotax 2012 free   Box 3 of Form 1099-INT shows the interest income you received from U. Turbotax 2012 free S. Turbotax 2012 free savings bonds, Treasury bills, Treasury notes, and Treasury bonds. Turbotax 2012 free Add the amount shown in box 3 to any other taxable interest income you received, unless part of the amount in box 3 was previously included in your interest income. Turbotax 2012 free If part of the amount shown in box 3 was previously included in your interest income, see U. Turbotax 2012 free S. Turbotax 2012 free savings bond interest previously reported , later. Turbotax 2012 free   Box 4 of Form 1099-INT will contain an amount if you were subject to backup withholding. Turbotax 2012 free Report the amount from box 4 on Form 1040EZ, line 7; on Form 1040A, line 36; or Form 1040, line 62 (federal income tax withheld). Turbotax 2012 free   Box 5 of Form 1099-INT shows investment expenses you may be able to deduct as an itemized deduction. Turbotax 2012 free See chapter 28 for more information about investment expenses. Turbotax 2012 free   If there are entries in boxes 6 and 7 of Form 1099-INT, you must file Form 1040. Turbotax 2012 free You may be able to take a credit for the amount shown in box 6 unless you deduct this amount on line 8 of Schedule A (Form 1040). Turbotax 2012 free To take the credit, you may have to file Form 1116, Foreign Tax Credit. Turbotax 2012 free For more information, see Publication 514, Foreign Tax Credit for Individuals. Turbotax 2012 free U. Turbotax 2012 free S. Turbotax 2012 free savings bond interest previously reported. Turbotax 2012 free   If you received a Form 1099-INT for U. Turbotax 2012 free S. Turbotax 2012 free savings bond interest, the form may show interest you do not have to report. Turbotax 2012 free See Form 1099-INT for U. Turbotax 2012 free S. Turbotax 2012 free savings bonds interest , earlier, under U. Turbotax 2012 free S. Turbotax 2012 free Savings Bonds. Turbotax 2012 free   On Schedule B (Form 1040A or 1040), Part I, line 1, report all the interest shown on your Form 1099-INT. Turbotax 2012 free Then follow these steps. Turbotax 2012 free Several lines above line 2, enter a subtotal of all interest listed on line 1. Turbotax 2012 free Below the subtotal enter “U. Turbotax 2012 free S. Turbotax 2012 free Savings Bond Interest Previously Reported” and enter amounts previously reported or interest accrued before you received the bond. Turbotax 2012 free Subtract these amounts from the subtotal and enter the result on line 2. Turbotax 2012 free More information. Turbotax 2012 free   For more information about how to report interest income, see chapter 1 of Publication 550 or the instructions for the form you must file. Turbotax 2012 free Prev  Up  Next   Home   More Online Publications