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1040ez Tax Table

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1040ez Tax Table

1040ez tax table Publication 80 - Introductory Material Table of Contents Future Developments What's New Reminders Calendar Future Developments For the latest information about developments related to Publication 80 (Circular SS), such as legislation enacted after it was published, go to www. 1040ez tax table irs. 1040ez tax table gov/pub80. 1040ez tax table What's New Social security and Medicare tax for 2014. 1040ez tax table  The social security tax rate is 6. 1040ez tax table 2% each for the employee and employer, unchanged from 2013. 1040ez tax table The social security wage base limit is $117,000. 1040ez tax table The Medicare tax rate is 1. 1040ez tax table 45% each for the employee and employer, unchanged from 2013. 1040ez tax table There is no wage base limit for Medicare tax. 1040ez tax table Social security and Medicare taxes apply to the wages of household workers you pay $1,900 or more in cash or an equivalent form of compensation. 1040ez tax table Social security and Medicare taxes apply to election workers who are paid $1,600 or more in cash or an equivalent form of compensation. 1040ez tax table Change of responsible party. 1040ez tax table . 1040ez tax table  Beginning January 1, 2014, any entity with an employer identification number (EIN) must file Form 8822-B, Change of Address or Responsible Party—Business, to report the latest change to its responsible party. 1040ez tax table Form 8822-B must be filed within 60 days of the change. 1040ez tax table If the change in the identity of your responsible party occurred before 2014, and you have not previously notified the IRS of the change, file Form 8822-B before March 1, 2014, reporting only the most recent change. 1040ez tax table For a definition of “responsible party”, see the Form 8822-B instructions. 1040ez tax table Same-sex marriage. 1040ez tax table  For federal tax purposes, individuals of the same sex are considered married if they were lawfully married in a state (or foreign country) whose laws authorize the marriage of two individuals of the same sex, even if the state (or foreign country) in which they now live does not recognize same-sex marriage. 1040ez tax table For more information, see Revenue Ruling 2013-17, 2013-38 I. 1040ez tax table R. 1040ez tax table B. 1040ez tax table 201, available at www. 1040ez tax table irs. 1040ez tax table gov/irb/2013-38_IRB/ar07. 1040ez tax table html. 1040ez tax table Notice 2013-61 provides special administrative procedures for employers to make claims for refund or adjustments of overpayments of social security and Medicare taxes with respect to certain same-sex spouse benefits before expiration of the period of limitations. 1040ez tax table Notice 2013-61, 2013-44 I. 1040ez tax table R. 1040ez tax table B. 1040ez tax table 432, is available at www. 1040ez tax table irs. 1040ez tax table gov/irb/2013-44_IRB/ar10. 1040ez tax table html. 1040ez tax table Reminders Additional Medicare Tax withholding. 1040ez tax table  In addition to withholding Medicare tax at 1. 1040ez tax table 45%, you must withhold a 0. 1040ez tax table 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. 1040ez tax table 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. 1040ez tax table Additional Medicare Tax is only imposed on the employee. 1040ez tax table There is no employer share of Additional Medicare Tax. 1040ez tax table 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. 1040ez tax table For more information on what wages are subject to Medicare tax, see the chart, Special Rules for Various Types of Employment and Payments , in section 12. 1040ez tax table For more information on Additional Medicare Tax, visit IRS. 1040ez tax table gov and enter “Additional Medicare Tax” in the search box. 1040ez tax table Work opportunity tax credit for qualified tax-exempt organizations hiring qualified veterans. 1040ez tax table  The work opportunity tax credit is available for eligible unemployed veterans who begin work on or after November 22, 2011, and before January 1, 2014. 1040ez tax table Qualified tax-exempt organizations that hire eligible unemployed veterans can claim the work opportunity tax credit against their payroll tax liability using Form 5884-C, Work Opportunity Credit for Qualified Tax-Exempt Organizations Hiring Qualified Veterans. 1040ez tax table For more information, visit IRS. 1040ez tax table gov and enter “work opportunity tax credit” in the search box. 1040ez tax table Outsourcing payroll duties. 1040ez tax table  Employers are responsible to ensure that tax returns are filed and deposits and payments are made, even if the employer contracts with a third party to perform these acts. 1040ez tax table The employer remains responsible if the third party fails to perform any required action. 1040ez tax table If you choose to outsource any of your payroll and related tax duties (that is, withholding, reporting, and paying over social security, Medicare, FUTA, and income taxes) to a third-party payer such as a payroll service provider or reporting agent, visit IRS. 1040ez tax table gov and enter “outsourcing payroll duties” in the search box for helpful information on this topic. 1040ez tax table Residents of the Philippines working in the Commonwealth of the Northern Mariana Islands (CNMI). 1040ez tax table  The IRS will not assert that an employer has understated liability for social security and Medicare taxes because they failed to treat services performed before January 1, 2015, in the CNMI by a resident of the Philippines as employment as defined under Internal Revenue Code section 3121(b). 1040ez tax table For more information, see Announcement 2012-43, 2012-51 I. 1040ez tax table R. 1040ez tax table B. 1040ez tax table 723, available at www. 1040ez tax table irs. 1040ez tax table gov/irb/2012-51_IRB/ar15. 1040ez tax table html. 1040ez tax table CNMI government employees now subject to social security and Medicare taxes. 1040ez tax table  Beginning in the fourth calendar quarter of 2012, CNMI government employees are subject to social security and Medicare taxes. 1040ez tax table COBRA premium assistance credit. 1040ez tax table  The credit for COBRA premium assistance payments applies to premiums paid for employees involuntarily terminated between September 1, 2008 and May 31, 2010, and to premiums paid for up to 15 months. 1040ez tax table See COBRA premium assistance credit in Publication 15 (Circular E), Employer's Tax Guide. 1040ez tax table You can get Publication 15 (Circular E) at IRS. 1040ez tax table gov. 1040ez tax table You must receive written notice from the IRS to file Form 944. 1040ez tax table  If you have been filing Forms 941-SS and believe your employment taxes for the calendar year will be $1,000 or less, and you would like to file Form 944, Employer's ANNUAL Federal Tax Return, instead of Forms 941-SS, you must contact the IRS to request to file Form 944. 1040ez tax table You must receive written notice from the IRS to file Form 944 instead of Forms 941-SS before you may file this form. 1040ez tax table For more information on requesting to file Form 944 visit IRS. 1040ez tax table gov and enter “file employment taxes annually” in the search box. 1040ez tax table Federal employers in the CNMI. 1040ez tax table  The U. 1040ez tax table S. 1040ez tax table Treasury Department and the CNMI Division of Revenue and Taxation entered into an agreement under 5 USC 5517 in December 2006. 1040ez tax table Under this agreement, all federal employers (including the Department of Defense) are required to withhold CNMI income taxes (rather than federal income taxes) and deposit the CNMI taxes with the CNMI Treasury for employees who are subject to CNMI taxes and whose regular place of federal employment is in the CNMI. 1040ez tax table Federal employers are also required to file quarterly and annual reports with the CNMI Division of Revenue and Taxation. 1040ez tax table For questions, contact the CNMI Division of Revenue and Taxation. 1040ez tax table Change of address. 1040ez tax table  Use Form 8822-B to notify the IRS of an address change. 1040ez tax table Do not mail Form 8822-B with your employment tax return. 1040ez tax table Federal tax deposits must be made by electronic funds transfer. 1040ez tax table  You must use electronic funds transfer to make all federal tax deposits. 1040ez tax table Generally, electronic fund transfers are made using the Electronic Federal Tax Payment System (EFTPS). 1040ez tax table If you do not want to use EFTPS, you can arrange for your tax professional, financial institution, payroll service, or other trusted third party to make electronic deposits on your behalf. 1040ez tax table Also, you may arrange for your financial institution to initiate a same-day wire payment on your behalf. 1040ez tax table EFTPS is a free service provided by the Department of Treasury. 1040ez tax table Services provided by your tax professional, financial institution, payroll service, or other third party may have a fee. 1040ez tax table For more information on making federal tax deposits, see How To Deposit in section 8. 1040ez tax table For more information about EFTPS or to enroll in EFTPS, visit the EFTPS website at www. 1040ez tax table eftps. 1040ez tax table gov or call 1-800-555-4477 (U. 1040ez tax table S. 1040ez tax table Virgin Islands only) or 303-967-5916 (toll call) or 1-800-733-4829 (TDD). 1040ez tax table Additional information about EFTPS is also available in Publication 966, Electronic Federal Tax Payment System: A Guide To Getting Started. 1040ez tax table Electronic filing and payment. 1040ez tax table  Using electronic options can make filing a return and paying your federal tax easier. 1040ez tax table Use the Electronic Federal Tax Payment System (EFTPS) to make deposits or pay in full, whether you rely on a tax professional or prepare your own taxes. 1040ez tax table You can use IRS e-file to file certain returns. 1040ez tax table If there is a balance due on the return, you can e-file and e-pay in a single step by authorizing an electronic funds withdrawal (EFW) from your bank account while e-filing. 1040ez tax table Do not use EFW to pay taxes that are required to be deposited. 1040ez tax table Visit the IRS website at www. 1040ez tax table irs. 1040ez tax table gov/efile for more information on filing electronically. 1040ez tax table For more information on paying your taxes using EFW, visit the IRS website at www. 1040ez tax table irs. 1040ez tax table gov/e-pay. 1040ez tax table A fee may be charged to file electronically. 1040ez tax table For EFTPS, visit www. 1040ez tax table eftps. 1040ez tax table gov or call EFTPS Customer Service at 1-800-555-4477 (U. 1040ez tax table S. 1040ez tax table Virgin Islands only) or 303-967-5916 (toll call). 1040ez tax table For electronic filing of Forms W-2AS, W-2CM, W-2GU, W-2VI, Wage and Tax Statements; W-3SS, Transmittal of Wage and Tax Statements; and W-2c, Corrected Wage and Tax Statement, visit www. 1040ez tax table socialsecurity. 1040ez tax table gov/employer. 1040ez tax table If you are filing your tax return or paying your federal taxes electronically, a valid EIN is required. 1040ez tax table If a valid EIN is not provided, the return or payment will not be processed. 1040ez tax table This may result in penalties and delays in processing your return or payment. 1040ez tax table Electronic option for filing Forms W-2AS, W-2CM, W-2GU, or W-2VI. 1040ez tax table  Employers in American Samoa, the CNMI, Guam, and the U. 1040ez tax table S. 1040ez tax table Virgin Islands can now use the Social Security Administration's W-2 Online service to create, save, print, and submit up to 50 Forms W-2AS, W-2CM, W-2GU, or W-2VI at a time over the Internet. 1040ez tax table Form W-3SS will be generated automatically based on your Forms W-2AS, W-2CM, W-2GU, or W-2VI. 1040ez tax table For more information, visit Social Security Administration's SSA website at www. 1040ez tax table ssa. 1040ez tax table gov/bso/bsowelcome. 1040ez tax table htm. 1040ez tax table Credit or debit card payments. 1040ez tax table  For information on paying your taxes with a credit or debit card, visit the IRS website at www. 1040ez tax table irs. 1040ez tax table gov/e-pay. 1040ez tax table However, do not use credit or debit cards to make federal tax deposits. 1040ez tax table Hiring new employees. 1040ez tax table  Record the number and name from each new employee's social security card. 1040ez tax table An employee who does not have a social security card should apply for one on Form SS-5, Application for a Social Security Card. 1040ez tax table See section 3. 1040ez tax table Reporting discrepancies between Forms 941-SS (or Form 944) and Forms W-2. 1040ez tax table  File Schedule D (Form 941), Report of Discrepancies Caused by Acquisitions, Statutory Mergers, or Consolidations, to explain certain wage, tax, and payment discrepancies between Forms 941-SS (or Form 944), and Forms W-2 that were caused by acquisitions, statutory mergers, or consolidations. 1040ez tax table For more information, see the Instructions for Schedule D (Form 941). 1040ez tax table Apply for an employer identification number (EIN) online. 1040ez tax table  You can apply for an EIN online by visiting IRS. 1040ez tax table gov and clicking on the Apply for an EIN Online link under Tools. 1040ez tax table Dishonored payments. 1040ez tax table  Any form of payment that is dishonored and returned from a financial institution is subject to a penalty. 1040ez tax table The penalty is $25 or 2% of the payment, whichever is more. 1040ez tax table However, the penalty on dishonored payments of $24. 1040ez tax table 99 or less is an amount equal to the payment. 1040ez tax table For example, a dishonored payment of $18 is charged a penalty of $18. 1040ez tax table Private delivery services. 1040ez tax table  You can use certain private delivery services designated by the IRS to send tax returns or payments. 1040ez tax table The list includes only the following: DHL Express (DHL): DHL Same Day Service. 1040ez tax table Federal Express (FedEx): FedEx Priority Overnight, FedEx Standard Overnight, FedEx 2Day, FedEx International Priority, and FedEx International First. 1040ez tax table United Parcel Service (UPS): UPS Next Day Air, UPS Next Day Air Saver, UPS 2nd Day Air, UPS 2nd Day Air A. 1040ez tax table M. 1040ez tax table , UPS Worldwide Express Plus, and UPS Worldwide Express. 1040ez tax table For the IRS mailing address to use if you are using a private delivery service, go to IRS. 1040ez tax table gov and enter “private delivery service” in the search box. 1040ez tax table Your private delivery service can tell you how to get written proof of the mailing date. 1040ez tax table Private delivery services cannot deliver items to P. 1040ez tax table O. 1040ez tax table boxes. 1040ez tax table You must use the U. 1040ez tax table S. 1040ez tax table Postal Service to mail any item to an IRS P. 1040ez tax table O. 1040ez tax table box address. 1040ez tax table Recordkeeping. 1040ez tax table  Keep all records of employment taxes for 4 years. 1040ez tax table These should be available for IRS review. 1040ez tax table There is no required format for such records, but they should include your EIN; the amounts and dates of all wage payments (including fringe benefits) and tips reported; the names, addresses, and occupations of employees receiving such payments and their social security numbers; copies of returns filed; dates of employment; and the dates and amounts of deposits made. 1040ez tax table Farm employers must keep a record of the name, permanent address, and EIN of each crew leader. 1040ez tax table See Farm Crew Leaders in section 2. 1040ez tax table Disregarded entities and qualified subchapter S subsidiaries (QSubs). 1040ez tax table  Eligible single-owner disregarded entities and QSubs are treated as separate entities for employment tax purposes. 1040ez tax table Eligible single-member entities that have not elected to be taxed as corporations must report and pay employment taxes on wages paid to their employees using the entities' own names and EINs. 1040ez tax table See Regulations sections 1. 1040ez tax table 1361-4(a)(7) and 301. 1040ez tax table 7701-2(c)(2)(iv). 1040ez tax table Photographs of missing children. 1040ez tax table  The IRS is a proud partner with the National Center for Missing and Exploited Children. 1040ez tax table Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. 1040ez tax table You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. 1040ez tax table Calendar   If any date for filing a return, furnishing a form, or depositing taxes falls on a Saturday, Sunday, or legal holiday, the due date is the next business day. 1040ez tax table A statewide legal holiday delays a filing due date only if the IRS office where you are required to file is located in that state. 1040ez tax table However, a statewide legal holiday does not delay the due date of federal tax deposits. 1040ez tax table See Deposits on Business Days Only in section 8. 1040ez tax table For any filing due date, you will meet the “file” or “furnish” requirement if the envelope containing the return or form is properly addressed, contains sufficient postage, and is postmarked by the U. 1040ez tax table S. 1040ez tax table Postal Service on or before the due date, or sent by an IRS-designated delivery service on or before the due date. 1040ez tax table See Private delivery services under Reminders. 1040ez tax table The following are important dates and responsibilities. 1040ez tax table Also see Publication 509, Tax Calendars. 1040ez tax table By January 31. 1040ez tax table   Furnish wage and tax statements to employees. 1040ez tax table Give each employee a completed Form W-2AS, W-2CM, W-2GU, or W-2VI. 1040ez tax table See section 10 for more information. 1040ez tax table File Form 943, Employer's Annual Federal Tax Return for Agricultural Employees, with the IRS. 1040ez tax table If you deposited all Form 943 taxes when due, you have 10 additional calendar days to file. 1040ez tax table U. 1040ez tax table S. 1040ez tax table Virgin Islands employers only must file Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return, with the IRS. 1040ez tax table Pay or deposit (if more than $500) any balance of the tax due. 1040ez tax table If you deposited the full amount of taxes when due, you have 10 additional calendar days to file. 1040ez tax table File Form 944 with the IRS if you were notified by the IRS to file Form 944 instead of quarterly Forms 941-SS. 1040ez tax table If you deposited the full amount of taxes when due, you have 10 additional calendar days to file. 1040ez tax table By February 28. 1040ez tax table  File paper wage and tax statements with the Social Security Administration (SSA). 1040ez tax table File Copy A of Forms W-2AS, W-2CM, W-2GU, or W-2VI, and Form W-3SS with the Social Security Administration (SSA). 1040ez tax table For electronically filed returns, see By March 31 next. 1040ez tax table By March 31. 1040ez tax table  File electronic Forms W-2AS, W-2CM, W-2GU, or W-2VI with the SSA. 1040ez tax table Visit the SSA's Reporting Instructions & Information webpage at www. 1040ez tax table socialsecurity. 1040ez tax table gov/employer for more information. 1040ez tax table By April 30, July 31, October 31, and January 31. 1040ez tax table  File Form 941-SS with the IRS. 1040ez tax table If you deposited the full amount of taxes when due, you have 10 additional calendar days to file. 1040ez tax table Do not file Forms 941-SS for these quarters if you have been notified to file Form 944 and you did not request to file quarterly Forms 941-SS. 1040ez tax table Deposit FUTA tax for the quarter (including any amount carried over from other quarters) if over $500. 1040ez tax table If $500 or less, carry it over to the next quarter. 1040ez tax table See section 11 for more information. 1040ez tax table Prev  Up  Next   Home   More Online Publications
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Contact My Local Office in Colorado

Face-to-face Tax Help

IRS Taxpayer Assistance Centers (TACs) are your source for personal tax help when you believe your tax issue can only be handled face-to-face. No appointment is necessary.

Keep in mind, many questions can be resolved online without waiting in line. Through IRS.gov you can:
• Set up a payment plan.
• Get a transcript of your tax return.
• Make a payment.
• Check on your refund.
• Find answers to many of your tax questions.

We are now referring all requests for tax return preparation services to other available resources. You can take advantage of free tax preparation through Free File, Free File Fillable Forms or through a volunteer site in your community. To find the nearest volunteer site location or to get more information about Free File, go to the top of the page and enter “Free Tax Help” in the Search box.

If you have a tax account issues and feel that it requires talking with someone face-to-face, visit your local TAC.

Caution:  Many of our offices are located in Federal Office Buildings. These buildings may not allow visitors to bring in cell phones with camera capabilities.

Multilingual assistance is available in every office. Hours of operation are subject to change.

Before visiting your local office click on "Services Provided" in the chart below to see what services are available. Services are limited and not all services are available at every TAC office and may vary from site to site. You can get these services on a walk-in basis.

 City Street Address  Days/Hours of Service  Telephone* 
Colorado Springs  2864 S. Circle Dr.
Colorado Springs, CO 80906 

Monday-Friday - 8:30 a.m.- 4:30 p.m.

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**

 

Services Provided

(719) 579-5227 
Denver  1999 Broadway
Denver, CO 80202 

Monday-Friday - 8:30 a.m.- 4:30 p.m.

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**

 

Services Provided

(303) 446-1675 
Ft. Collins  301 S. Howes St.
Ft. Collins, CO 80521 

Monday-Friday - 8:30 a.m.- 4:30 p.m.
(Closed for lunch 12:30 p.m. - 1:30 p.m.)

 

Services Provided

(970) 221-0688 
Grand Junction  400 Rood Ave.
Grand Junction, CO 81505 

Monday-Friday - 8:30 a.m.- 4:30 p.m.
(Closed for lunch 12:30 p.m. -1:30 p.m.)

 

Services Provided

(970) 241-6265 


* Note: The phone numbers in the chart above are not toll-free for all locations. When you call, you will reach a recorded business message with information about office hours, locations and services provided in that office. If face-to-face assistance is not a priority for you, you may also get help with IRS letters or resolve tax account issues by phone, toll free at 1-800-829-1040 (individuals) or 1-800-829-4933 (businesses).

For information on where to file your tax return please see Where to File Addresses.

The Taxpayer Advocate Service: Call 303-603-4600 in the Denver area or 1-877-777-4778 elsewhere, or see  Publication 1546, The Taxpayer Advocate Service of the IRS. For further information, see  Tax Topic 104.

Partnerships

IRS and organizations all over the country are partnering to assist taxpayers. Through these partnerships, organizations are also achieving their own goals. These mutually beneficial partnerships are strengthening outreach efforts and bringing education and assistance to millions.

For more information about these programs for individuals and families, contact the Stakeholder Partnerships, Education and Communication Office at:

Internal Revenue Service
1999 Broadway, MS 6610DEN
Denver, CO 80202-2490

For more information about these programs for businesses, your local Stakeholder Liaison office establishes relationships with organizations representing small business and self-employed taxpayers. They provide information about the policies, practices and procedures the IRS uses to ensure compliance with the tax laws. To establish a relationship with us, use this list to find a contact in your state:

Stakeholder Liaison (SL) Phone Numbers for Organizations Representing Small Businesses and Self-employed Taxpayers.

Page Last Reviewed or Updated: 28-Mar-2014

The 1040ez Tax Table

1040ez tax table 2. 1040ez tax table   Tax Shelters and Other Reportable Transactions Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Abusive Tax SheltersRules To Curb Abusive Tax Shelters Investor Reporting Penalties Whether To Invest Introduction Investments that yield tax benefits are sometimes called “tax shelters. 1040ez tax table ” In some cases, Congress has concluded that the loss of revenue is an acceptable side effect of special tax provisions designed to encourage taxpayers to make certain types of investments. 1040ez tax table In many cases, however, losses from tax shelters produce little or no benefit to society, or the tax benefits are exaggerated beyond those intended. 1040ez tax table Those cases are called “abusive tax shelters. 1040ez tax table ” An investment that is considered a tax shelter is subject to restrictions, including the requirement that it be disclosed, as discussed later. 1040ez tax table Topics - This chapter discusses: Abusive Tax Shelters , Rules To Curb Abusive Tax Shelters , Investor Reporting , Penalties , and Whether To Invest . 1040ez tax table Useful Items - You may want to see: Publication 538 Accounting Periods and Methods 556 Examination of Returns, Appeal Rights, and Claims for Refund 561 Determining the Value of Donated Property 925 Passive Activity and At-Risk Rules Form (and Instructions) 8275 Disclosure Statement 8275-R Regulation Disclosure Statement 8283 Noncash Charitable Contributions 8886 Reportable Transaction Disclosure Statement See chapter 5, How To Get Tax Help , for information about getting these publications and forms. 1040ez tax table Abusive Tax Shelters Abusive tax shelters are marketing schemes involving artificial transactions with little or no economic reality. 1040ez tax table They often make use of unrealistic allocations, inflated appraisals, losses in connection with nonrecourse loans, mismatching of income and deductions, financing techniques that do not conform to standard commercial business practices, or mischaracterization of the substance of the transaction. 1040ez tax table Despite appearances to the contrary, the taxpayer generally risks little. 1040ez tax table Abusive tax shelters commonly involve package deals designed from the start to generate losses, deductions, or credits that will be far more than present or future investment. 1040ez tax table Or, they may promise investors from the start that future inflated appraisals will enable them, for example, to reap charitable contribution deductions based on those appraisals. 1040ez tax table (But see the appraisal requirements discussed under Rules To Curb Abusive Tax Shelters , later. 1040ez tax table ) They are commonly marketed in terms of the ratio of tax deductions allegedly available to each dollar invested. 1040ez tax table This ratio (or “write-off”) is frequently said to be several times greater than one-to-one. 1040ez tax table Because there are many abusive tax shelters, it is not possible to list all the factors you should consider in determining whether an offering is an abusive tax shelter. 1040ez tax table However, you should ask the following questions, which might provide a clue to the abusive nature of the plan. 1040ez tax table Do the tax benefits far outweigh the economic benefits? Is this a transaction you would seriously consider, apart from the tax benefits, if you hoped to make a profit? Do shelter assets really exist and, if so, are they insured for less than their purchase price? Is there a nontax justification for the way profits and losses are allocated to partners? Do the facts and supporting documents make economic sense? In that connection, are there sales and resales of the tax shelter property at ever increasing prices? Does the investment plan involve a gimmick, device, or sham to hide the economic reality of the transaction? Does the promoter offer to backdate documents after the close of the year? Are you instructed to backdate checks covering your investment? Is your debt a real debt or are you assured by the promoter that you will never have to pay it? Does this transaction involve laundering United States source income through foreign corporations incorporated in a tax haven and owned by United States shareholders? Rules To Curb Abusive Tax Shelters Congress has enacted a series of income tax laws designed to halt the growth of abusive tax shelters. 1040ez tax table These provisions include the following. 1040ez tax table Disclosure of reportable transactions. 1040ez tax table   You must disclose information for each reportable transaction in which you participate. 1040ez tax table See Reportable Transaction Disclosure Statement , later. 1040ez tax table   Material advisors with respect to any reportable transaction must disclose information about the transaction on Form 8918, Material Advisor Disclosure Statement. 1040ez tax table To determine whether you are a material advisor to a transaction, see the Instructions for Form 8918. 1040ez tax table   Material advisors will receive a reportable transaction number for the disclosed reportable transaction. 1040ez tax table They must provide this number to all persons to whom they acted as a material advisor. 1040ez tax table They must provide the number at the time the transaction is entered into. 1040ez tax table If they do not have the number at that time, they must provide it within 60 days from the date the number is mailed to them. 1040ez tax table For information on penalties for failure to disclose and failure to maintain lists, see Internal Revenue Code sections 6707, 6707A, and 6708. 1040ez tax table Requirement to maintain list. 1040ez tax table   Material advisors must maintain a list of persons to whom they provide material aid, assistance, or advice on any reportable transaction. 1040ez tax table The list must be available for inspection by the IRS, and the information required to be included on the list generally must be kept for 7 years. 1040ez tax table See Regulations section 301. 1040ez tax table 6112-1 for more information (including what information is required to be included on the list). 1040ez tax table Confidentiality privilege. 1040ez tax table   The confidentiality privilege between you and a federally authorized tax practitioner does not apply to written communications made after October 21, 2004, regarding the promotion of your direct or indirect participation in any tax shelter. 1040ez tax table Appraisal requirement for donated property. 1040ez tax table   If you claim a deduction of more than $5,000 for an item or group of similar items of donated property, you generally must get a qualified appraisal from a qualified appraiser and complete and attach section B of Form 8283 to your return. 1040ez tax table If you claim a deduction of more than $500,000 for the donated property, you generally must attach the qualified appraisal to your return. 1040ez tax table If you file electronically, see Form 8453, U. 1040ez tax table S. 1040ez tax table Individual Income Tax Transmittal for an IRS e-file Return, and its instructions. 1040ez tax table For more information about appraisals, including exceptions, see Publication 561. 1040ez tax table Passive activity loss and credit limits. 1040ez tax table   The passive activity loss and credit rules limit the amount of losses and credits that can be claimed from passive activities and limit the amount that can offset nonpassive income, such as certain portfolio income from investments. 1040ez tax table For more detailed information about determining and reporting income, losses, and credits from passive activities, see Publication 925. 1040ez tax table Interest on penalties. 1040ez tax table   If you are assessed an accuracy-related or civil fraud penalty (as discussed under Penalties , later), interest will be imposed on the amount of the penalty from the due date of the return (including any extensions) to the date you pay the penalty. 1040ez tax table Accounting method restriction. 1040ez tax table   Tax shelters generally cannot use the cash method of accounting. 1040ez tax table Uniform capitalization rules. 1040ez tax table   The uniform capitalization rules generally apply to producing property or acquiring it for resale. 1040ez tax table Under those rules, the direct cost and part of the indirect cost of the property must be capitalized or included in inventory. 1040ez tax table For more information, see Publication 538. 1040ez tax table Denial of deduction for interest on an underpayment due to a reportable transaction. 1040ez tax table   You cannot deduct any interest you paid or accrued on any part of an underpayment of tax due to an understatement arising from a reportable transaction (discussed later) if the relevant facts affecting the tax treatment of the item are not adequately disclosed. 1040ez tax table This rule applies to reportable transactions entered into in tax years beginning after October 22, 2004. 1040ez tax table Authority for Disallowance of Tax Benefits The IRS has published guidance concluding that the claimed tax benefits of various abusive tax shelters should be disallowed. 1040ez tax table The guidance is the conclusion of the IRS on how the law is applied to a particular set of facts. 1040ez tax table Guidance is published in the Internal Revenue Bulletin for taxpayers' information and also for use by IRS officials. 1040ez tax table So, if your return is examined and an abusive tax shelter is identified and challenged, published guidance dealing with that type of shelter, which disallows certain claimed tax shelter benefits, could serve as the basis for the examining official's challenge of the tax benefits you claimed. 1040ez tax table In such a case, the examiner will not compromise even if you or your representative believes you have authority for the positions taken on your tax return. 1040ez tax table The courts have generally been unsympathetic to taxpayers involved in abusive tax shelter schemes and have ruled in favor of the IRS in the majority of the cases in which these shelters have been challenged. 1040ez tax table Investor Reporting You may be required to file a reportable transaction disclosure statement. 1040ez tax table Reportable Transaction Disclosure Statement Use Form 8886 to disclose information for each reportable transaction (discussed later) in which you participated. 1040ez tax table Generally, you must attach Form 8886 to your return for each tax year in which you participated in the transaction. 1040ez tax table Under certain circumstances, a transaction must be disclosed within 90 days of the transaction being identified as a listed transaction or a transaction of interest (discussed later). 1040ez tax table In addition, for the first year Form 8886 is attached to your return, you must send a copy of the form to: Internal Revenue Service OTSA Mail Stop 4915 1973 North Rulon White Blvd. 1040ez tax table  Ogden, UT 84404 If you file your return electronically, the copy sent to OTSA must show exactly the same information, word for word, provided with the electronically filed return and it must be provided on the official IRS Form 8886 or an exact copy of the form. 1040ez tax table If you use a computer-generated or substitute Form 8886, it must be an exact copy of the official IRS form. 1040ez tax table If you fail to file Form 8886 as required or fail to include any required information on the form, you may have to pay a penalty. 1040ez tax table See Penalty for failure to disclose a reportable transaction , later under Penalties. 1040ez tax table The following discussion briefly describes reportable transactions. 1040ez tax table For more details, see the Instructions for Form 8886. 1040ez tax table Reportable transaction. 1040ez tax table   A reportable transaction is any of the following. 1040ez tax table A listed transaction. 1040ez tax table A confidential transaction. 1040ez tax table A transaction with contractual protection. 1040ez tax table A loss transaction. 1040ez tax table A transaction of interest entered into after November 1, 2006. 1040ez tax table Note. 1040ez tax table Transactions with a brief asset holding period were removed from the definition of reportable transaction for transactions entered into after August 2, 2007. 1040ez tax table Listed transaction. 1040ez tax table   A listed transaction is the same as, or substantially similar to, one of the types of transactions the IRS has determined to be a tax-avoidance transaction. 1040ez tax table These transactions have been identified in notices, regulations, and other published guidance issued by the IRS. 1040ez tax table For a list of existing guidance, see Notice 2009-59 in Internal Revenue Bulletin 2009-31, available at www. 1040ez tax table irs. 1040ez tax table gov/irb/2009-31_IRB/ar07. 1040ez tax table html. 1040ez tax table Confidential transaction. 1040ez tax table   A confidential transaction is offered to you under conditions of confidentiality and for which you have paid an advisor a minimum fee. 1040ez tax table A transaction is offered under conditions of confidentiality if the advisor who is paid the fee places a limit on your disclosure of the tax treatment or tax structure of the transaction and the limit protects the confidentiality of the advisor's tax strategies. 1040ez tax table The transaction is treated as confidential even if the conditions of confidentiality are not legally binding on you. 1040ez tax table Transaction with contractual protection. 1040ez tax table   Generally, a transaction with contractual protection is one in which you or a related party has the right to a full or partial refund of fees if all or part of the intended tax consequences of the transaction are not sustained, or a transaction for which the fees are contingent on your realizing the tax benefits from the transaction. 1040ez tax table For information on exceptions, see Revenue Procedure 2007-20 in Internal Revenue Bulletin 2007-7, available at www. 1040ez tax table irs. 1040ez tax table gov/irb/2007-07_IRB/ar15. 1040ez tax table html. 1040ez tax table Loss transaction. 1040ez tax table   For individuals, a loss transaction is one that results in a deductible loss if the gross amount of the loss is at least $2 million in a single tax year or $4 million in any combination of tax years. 1040ez tax table A loss from a foreign currency transaction under Internal Revenue Code section 988 is a loss transaction if the gross amount of the loss is at least $50,000 in a single tax year, whether or not the loss flows through from an S corporation or partnership. 1040ez tax table   Certain losses (such as losses from casualties, thefts, and condemnations) are excepted from this category and do not have to be reported on Form 8886. 1040ez tax table For information on other exceptions, see Revenue Procedure 2004-66 in Internal Revenue Bulletin 2004-50, as modified and superseded by Revenue Procedure 2013-11, (or future published guidance) available at www. 1040ez tax table irs. 1040ez tax table gov/irb/2004-50_IRB/ar11. 1040ez tax table html. 1040ez tax table Transaction of interest. 1040ez tax table   A transaction of interest is a transaction entered into after November 1, 2006, that is the same as, or substantially similar to, one of the types of transactions that the IRS has identified by notice, regulation, or other form of published guidance as a transaction of interest. 1040ez tax table The IRS has identified the following transactions of interest. 1040ez tax table “Toggling” grantor trusts as described in Notice 2007-73, 2007-36 I. 1040ez tax table R. 1040ez tax table B. 1040ez tax table 545, available at www. 1040ez tax table irs. 1040ez tax table gov/irb/2007-36_IRB/ar20. 1040ez tax table html. 1040ez tax table Certain transactions involving contributions of a successor member interest in a limited liability company as described in Notice 2007-72, 2007-36 I. 1040ez tax table R. 1040ez tax table B. 1040ez tax table 544, available at www. 1040ez tax table irs. 1040ez tax table gov/irb/2007-36_IRB/ar19. 1040ez tax table html. 1040ez tax table Certain transactions involving the sale or other disposition of all interests in a charitable remainder trust and claiming little or no taxable gain as described in Notice 2008-99, 2008-47 I. 1040ez tax table R. 1040ez tax table B. 1040ez tax table 1194, available at www. 1040ez tax table irs. 1040ez tax table gov/irb/2008-47_IRB/ar11. 1040ez tax table html. 1040ez tax table Certain transactions involving a U. 1040ez tax table S. 1040ez tax table taxpayer owning controlled foreign corporations (CFCs) that hold stock of a lower-tier CFC through a domestic partnership to avoid reporting income as described in Notice 2009-7, 2009-3 I. 1040ez tax table R. 1040ez tax table B. 1040ez tax table 312, available at www. 1040ez tax table irs. 1040ez tax table gov/irb/2009-03_IRB/ar10. 1040ez tax table html. 1040ez tax table   For updates to this list, go to www. 1040ez tax table irs. 1040ez tax table gov/Businesses/Corporations/Abusive-Tax-Shelters-and-Transactions. 1040ez tax table Penalties Investing in an abusive tax shelter may lead to substantial expenses. 1040ez tax table First, the promoter generally charges a substantial fee. 1040ez tax table If your return is examined by the IRS and a tax deficiency is determined, you will be faced with payment of more tax, interest on the underpayment, possibly a 20%, 30%, or even 40% accuracy-related penalty, or a 75% civil fraud penalty. 1040ez tax table You may also be subject to the penalty for failure to pay tax. 1040ez tax table These penalties are explained in the following paragraphs. 1040ez tax table Accuracy-related penalties. 1040ez tax table   An accuracy-related penalty of 20% can be imposed for underpayments of tax due to: Negligence or disregard of rules or regulations, Substantial understatement of tax, Substantial valuation misstatement (increased to 40% for gross valuation misstatement), Transaction lacking economic substance (increased to 40% for undisclosed transaction lacking economic substance), or Undisclosed foreign financial asset understatement (40% in all cases). 1040ez tax table Except for a transaction lacking economic substance, this penalty will not be imposed if you can show you had reasonable cause for any understatement of tax and that you acted in good faith. 1040ez tax table Your failure to disclose a reportable transaction is a strong indication that you failed to act in good faith. 1040ez tax table   If you are charged an accuracy-related penalty, interest will be imposed on the amount of the penalty from the due date of the return (including extensions) to the date you pay the penalty. 1040ez tax table   The 20% penalties do not apply to any underpayment attributable to a reportable transaction understatement subject to an accuracy-related penalty (discussed later). 1040ez tax table Negligence or disregard of rules or regulations. 1040ez tax table   The penalty for negligence or disregard of rules or regulations is imposed only on the part of the underpayment due to negligence or disregard of rules or regulations. 1040ez tax table The penalty will not be charged if you can show you had reasonable cause for understating your tax and that you acted in good faith. 1040ez tax table    Negligence includes any failure to make a reasonable attempt to comply with the provisions of the Internal Revenue Code. 1040ez tax table It also includes any failure to keep adequate books and records. 1040ez tax table A return position that has a reasonable basis is not negligence. 1040ez tax table   Disregard includes any careless, reckless, or intentional disregard of rules or regulations. 1040ez tax table   The penalty for disregard of rules and regulations can be avoided if all the following are true. 1040ez tax table You keep adequate books and records. 1040ez tax table You have a reasonable basis for your position on the tax issue. 1040ez tax table You make an adequate disclosure of your position. 1040ez tax table Use Form 8275 to make your disclosure and attach it to your return. 1040ez tax table To disclose a position contrary to a regulation, use Form 8275-R. 1040ez tax table Use Form 8886 to disclose a reportable transaction (discussed earlier). 1040ez tax table Substantial understatement of tax. 1040ez tax table   An understatement is considered to be substantial if it is more than the greater of: 10% of the tax required to be shown on the return, or $5,000. 1040ez tax table An “understatement” is the amount of tax required to be shown on your return for a tax year minus the amount of tax shown on the return, reduced by any rebates. 1040ez tax table The term “rebate” generally means a decrease in the tax shown on your original return as the result of your filing an amended return or claim for refund. 1040ez tax table   For items other than tax shelters, you can file Form 8275 or Form 8275-R to disclose items that could cause a substantial understatement of income tax. 1040ez tax table In that way, you can avoid the substantial understatement penalty if you have a reasonable basis for your position on the tax issue. 1040ez tax table Disclosure of the tax shelter item on a tax return does not reduce the amount of the understatement. 1040ez tax table   Also, the understatement penalty will not be imposed if you can show there was reasonable cause for the underpayment caused by the understatement and that you acted in good faith. 1040ez tax table An important factor in establishing reasonable cause and good faith will be the extent of your effort to determine your proper tax liability under the law. 1040ez tax table Substantial valuation misstatement. 1040ez tax table   In general, you are liable for a 20% penalty for a substantial valuation misstatement if all the following are true. 1040ez tax table The value or adjusted basis of any property claimed on the return is 150% or more of the correct amount. 1040ez tax table You underpaid your tax by more than $5,000 because of the misstatement. 1040ez tax table You cannot establish that you had reasonable cause for the underpayment and that you acted in good faith. 1040ez tax table   You may be assessed a penalty of 40% for a gross valuation misstatement. 1040ez tax table If you misstate the value or the adjusted basis of property by 200% or more of the amount determined to be correct, you will be assessed a penalty of 40%, instead of 20%, of the amount you underpaid because of the gross valuation misstatement. 1040ez tax table The penalty rate is also 40% if the property's correct value or adjusted basis is zero. 1040ez tax table Transaction lacking economic substance. 1040ez tax table   The economic substance doctrine only applies to an individual that entered into a transaction in connection with a trade or business or an activity engaged in for the production of income. 1040ez tax table For transactions entered into after March 30, 2010, a transaction has economic substance for you as an individual taxpayer only if: The transaction changes your economic position in a meaningful way (apart from federal income tax effects), or You have a substantial purpose (apart from federal income tax effects) for entering into the transaction. 1040ez tax table   For purposes of determining whether economic substance exists, a transaction's profit potential will only be taken into account if the present value of the reasonably expected pre-tax profit from the transaction is substantial compared to the present value of the expected net tax benefits that would be allowed if the transaction were respected. 1040ez tax table   If any part of your underpayment is due to any disallowance of claimed tax benefits by reason of a transaction lacking economic substance or failing to meet the requirements of any similar rule of law, that part of your underpayment will be subject to the 20% accuracy-related penalty even if you had a reasonable cause and acted in good faith concerning that part. 1040ez tax table   Additionally, the penalty increases to 40% if you do not adequately disclose on your return or in a statement attached to your return the relevant facts affecting the tax treatment of a transaction that lacks economic substance. 1040ez tax table Relevant facts include any facts affecting the tax treatment of the transaction. 1040ez tax table    Any excessive amount of an erroneous claim for an income tax refund or credit (other than a refund or credit related to the earned income credit) that results from a transaction found to be lacking economic substance will not be treated as having a reasonable basis and could be subject to a 20% penalty. 1040ez tax table Undisclosed foreign financial asset understatement. 1040ez tax table   For tax years beginning after March 18, 2010, you may be liable for a 40% penalty for an understatement of your tax liability due to an undisclosed foreign financial asset. 1040ez tax table An undisclosed foreign financial asset is any asset for which an information return, required to be provided under Internal Revenue Code section 6038, 6038B, 6038D, 6046A, or 6048 for any taxable year, is not provided. 1040ez tax table The penalty applies to any part of an underpayment related to the following undisclosed foreign financial assets. 1040ez tax table Any foreign business you control, reportable on Form 5471, Information Return of U. 1040ez tax table S. 1040ez tax table Persons With Respect To Certain Foreign Corporations, or Form 8865, Return of U. 1040ez tax table S. 1040ez tax table Persons With Respect to Certain Foreign Partnerships. 1040ez tax table Certain transfers of property to a foreign corporation or partnership, reportable on Form 926, Return by a U. 1040ez tax table S. 1040ez tax table Transferor of Property to a Foreign Corporation, or certain distributions to a foreign person, reportable on Form 8865. 1040ez tax table Your ownership interest in certain foreign financial assets, temporarily reportable on Form 8275 or 8275-R. 1040ez tax table    Instead of, or in addition to, Form 8275 or 8275-R, you may have to file Form 8938, Statement of Specified Foreign Financial Assets, with your tax return. 1040ez tax table See the Instructions for Form 8938 for details. 1040ez tax table    Your acquisition, disposition, or substantial change in ownership interest in a foreign partnership, reportable on Form 8865. 1040ez tax table Creation or transfer of money or property to certain foreign trusts, reportable on Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts. 1040ez tax table Penalty for incorrect appraisals. 1040ez tax table   The person who prepares an appraisal of the value of property may have to pay a penalty if: He or she knows, or reasonably should have known, that the appraisal would be used in connection with a return or claim for refund; and The claimed value of the property on a return or claim for refund based on that appraisal results in a substantial valuation misstatement or a gross valuation misstatement as discussed earlier. 1040ez tax table For details on the penalty amount and exceptions, see Publication 561. 1040ez tax table Penalty for failure to disclose a reportable transaction. 1040ez tax table   If you fail to include any required information regarding a reportable transaction (discussed earlier) on a return or statement, you may have to pay a penalty of 75% of the decrease in tax shown on your return as a result of such transaction (or that would have resulted if the transaction were respected for federal tax purposes). 1040ez tax table For an individual, the minimum penalty is $5,000 and the maximum is $10,000 (or $100,000 for a listed transaction). 1040ez tax table This penalty is in addition to any other penalty that may be imposed. 1040ez tax table   The IRS may rescind or abate the penalty for failing to disclose a reportable transaction under certain limited circumstances but cannot rescind the penalty for failing to disclose a listed transaction. 1040ez tax table For information on rescission, see Revenue Procedure 2007-21 in Internal Revenue Bulletin 2007-9 available at www. 1040ez tax table irs. 1040ez tax table gov/irb/2007-09_IRB/ar12. 1040ez tax table html. 1040ez tax table Accuracy-related penalty for a reportable transaction understatement. 1040ez tax table   If you have a reportable transaction understatement, you may have to pay a penalty equal to 20% of the amount of that understatement. 1040ez tax table This applies to any item due to a listed transaction or other reportable transaction with a significant purpose of avoiding or evading federal income tax. 1040ez tax table The penalty is 30% rather than 20% for the part of any reportable transaction understatement if the transaction was not properly disclosed. 1040ez tax table You may not have to pay the 20% penalty if you meet the strengthened reasonable cause and good faith exception. 1040ez tax table The reasonable cause and good faith exception does not apply to any part of a reportable transaction understatement attributable to one or more transactions that lack economic substance. 1040ez tax table   This penalty does not apply to the part of an understatement on which the fraud penalty, gross valuation misstatement penalty, or penalty for nondisclosure of noneconomic substance transactions is imposed. 1040ez tax table Civil fraud penalty. 1040ez tax table   If any underpayment of tax on your return is due to fraud, a penalty of 75% of the underpayment will be added to your tax. 1040ez tax table Joint return. 1040ez tax table   The fraud penalty on a joint return applies to a spouse only if some part of the underpayment is due to the fraud of that spouse. 1040ez tax table Failure to pay tax. 1040ez tax table   If a deficiency is assessed and is not paid within 10 days of the demand for payment, an investor can be penalized with up to a 25% addition to tax if the failure to pay continues. 1040ez tax table Whether To Invest In light of the adverse tax consequences and the substantial amount of penalties and interest that will result if the claimed tax benefits are disallowed, you should consider tax shelter investments carefully and seek competent legal and financial advice. 1040ez tax table Prev  Up  Next   Home   More Online Publications