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1040x Irs Form

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1040x Irs Form

1040x irs form 1. 1040x irs form   Organizations Subject to the Tax Table of Contents The tax on unrelated business income applies to most organizations exempt from tax under section 501(a). 1040x irs form These organizations include charitable, religious, scientific, and other organizations described in section 501(c), as well as employees' trusts forming part of pension, profit-sharing, and stock bonus plans described in section 401(a). 1040x irs form In addition, the following are subject to the tax on unrelated business income. 1040x irs form Individual retirement arrangements (IRAs), including traditional IRAs, Roth IRAs, Coverdell IRAs, simplified employee pensions (SEP-IRAs), and savings incentive match plans for employees (SIMPLE IRAs). 1040x irs form State and municipal colleges and universities. 1040x irs form Qualified state tuition programs. 1040x irs form Medical savings accounts (MSAs) described in section 220(d). 1040x irs form Coverdell savings accounts described in section 530. 1040x irs form U. 1040x irs form S. 1040x irs form instrumentalities. 1040x irs form   A corporation that is a U. 1040x irs form S. 1040x irs form instrumentality described in section 501(c)(1) is not subject to the tax on unrelated business income if the corporation is organized under an Act of Congress and, under the Act, is exempt from federal income taxes. 1040x irs form Colleges and universities. 1040x irs form   Colleges and universities that are agencies or instrumentalities of any government or any political subdivision of a government, or that are owned or operated by a government or political subdivision of a government, are subject to the tax on unrelated business income. 1040x irs form As used here, the word government includes any foreign government (to the extent not contrary to a treaty) and all domestic governments (the United States and any of its possessions, any state, and the District of Columbia). 1040x irs form   The tax is on the unrelated business income of both the universities and colleges themselves and on their wholly owned tax exempt subsidiary organizations. 1040x irs form It is immaterial whether the business is conducted by the university or by a separately incorporated wholly owned subsidiary. 1040x irs form If the business activity is unrelated, the income in both instances will be subject to the tax. 1040x irs form If the primary purpose of a wholly owned subsidiary is to operate or conduct any unrelated trade or business (other than holding title to property and collecting income from it), the subsidiary is not an exempt organization, and this rule does not apply. 1040x irs form Title-holding corporations. 1040x irs form   When an exempt title-holding corporation, described in section 501(c)(2), pays any of its net income to an organization that itself is exempt from tax under section 501(a) (or would pay such an amount except that the expenses of collecting its income exceed the amount collected) and files a consolidated return with that organization, the title-holding corporation is treated, for unrelated business income tax purposes, as organized and operated for the same purposes as the exempt payee organization. 1040x irs form   Thus, a title-holding corporation whose source of income is related to the exempt purposes of the payee organization is not subject to the unrelated business income tax if the holding corporation and the payee organization file a consolidated return. 1040x irs form However, if the source of the income is not so related, the title-holding corporation is subject to unrelated business income tax. 1040x irs form Example. 1040x irs form X, a title-holding corporation, is required to distribute its net income to A, an exempt organization. 1040x irs form During the tax year, X realizes net income of $900,000 from source M, which is related to A's exempt function. 1040x irs form X also receives $100,000 from source N, which is not related to A's exempt function. 1040x irs form X and A file a consolidated return for the tax year. 1040x irs form X has unrelated business income of $100,000. 1040x irs form Prev  Up  Next   Home   More Online Publications
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The 1040x Irs Form

1040x irs form 35. 1040x irs form   Education Credits Table of Contents Introduction Useful Items - You may want to see: Who Can Claim an Education Credit Qualified Education ExpensesNo Double Benefit Allowed Adjustments to Qualified Education Expenses Introduction For 2013, there are two tax credits available to persons who pay expenses for higher (postsecondary) education. 1040x irs form They are: The American opportunity credit, and The lifetime learning credit. 1040x irs form The chapter will present an overview of these education credits. 1040x irs form To get the detailed information you will need to claim either of the credits, and for examples illustrating that information, see chapters 2 and 3 of Publication 970. 1040x irs form Can you claim more than one education credit this year?   For each student, you can choose for any year only one of the credits. 1040x irs form For example, if you choose to take the American opportunity credit for a child on your 2013 tax return, you cannot, for that same child, also claim the lifetime learning credit for 2013. 1040x irs form   If you are eligible to claim the American opportunity credit and you are also eligible to claim the lifetime learning credit for the same student in the same year, you can choose to claim either credit, but not both. 1040x irs form   If you pay qualified education expenses for more than one student in the same year, you can choose to take the American opportunity and the lifetime learning credits on a per-student, per-year basis. 1040x irs form This means that, for example, you can claim the American opportunity credit for one student and the lifetime learning credit for another student in the same year. 1040x irs form Table 35-1. 1040x irs form Comparison of Education Credits Caution. 1040x irs form You can claim both the American opportunity credit and the lifetime learning credit on the same return—but not for the same student. 1040x irs form   American Opportunity Credit Lifetime Learning Credit Maximum credit Up to $2,500 credit per eligible student Up to $2,000 credit per return Limit on modified adjusted gross income (MAGI) $180,000 if married filing jointly;  $90,000 if single, head of household, or qualifying widow(er) $127,000 if married filing jointly;  $63,000 if single, head of household, or qualifying widow(er) Refundable or nonrefundable 40% of credit may be refundable Credit limited to the amount of tax you must pay on your taxable income Number of years of postsecondary education Available ONLY if the student had not completed the first 4 years of postsecondary education before 2013 Available for all years of postsecondary education and for courses to acquire or improve job skills Number of tax years credit available Available ONLY for 4 tax years per eligible student (including any year(s) the Hope credit was claimed) Available for an unlimited number of years Type of program required Student must be pursuing a program leading to a degree or other recognized education credential Student does not need to be pursuing a program leading to a degree or other recognized education credential Number of courses Student must be enrolled at least half time for at least one academic period beginning during the tax year Available for one or more courses Felony drug conviction At the end of 2013, the student had not been convicted of a felony for possessing or distributing a controlled substance Felony drug convictions do not make the student ineligible Qualified expenses Tuition, required enrollment fees, and course materials that the student needs for a course of study whether or not the materials are bought at the educational institution as a condition of enrollment or attendance Tuition and fees required for enrollment or attendance (including amounts required to be paid to the institution for course-related books, supplies, and equipment) Payments for academic periods Payments made in 2013 for academic periods beginning in 2013 or beginning in the first 3 months of 2014 Differences between the American opportunity and lifetime learning credits. 1040x irs form   There are several differences between these two credits. 1040x irs form These differences are summarized in Table 35-1, later. 1040x irs form Useful Items - You may want to see: Publication 970 Tax Benefits for Education Form (and Instructions) 8863 Education Credits (American Opportunity and Lifetime Learning Credits) Who Can Claim an Education Credit You may be able to claim an education credit if you, your spouse, or a dependent you claim on your tax return was a student enrolled at or attending an eligible educational institution. 1040x irs form The credits are based on the amount of qualified education expenses paid for the student in 2013 for academic periods beginning in 2013 and in the first 3 months of 2014. 1040x irs form For example, if you paid $1,500 in December 2013 for qualified tuition for the spring 2014 semester beginning in January 2014, you may be able to use that $1,500 in figuring your 2013 education credit(s). 1040x irs form Academic period. 1040x irs form   An academic period includes a semester, trimester, quarter, or other period of study (such as a summer school session) as reasonably determined by an educational institution. 1040x irs form In the case of an educational institution that uses credit hours or clock hours and does not have academic terms, each payment period can be treated as an academic period. 1040x irs form Eligible educational institution. 1040x irs form   An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. 1040x irs form S. 1040x irs form Department of Education. 1040x irs form It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. 1040x irs form The educational institution should be able to tell you if it is an eligible educational institution. 1040x irs form   Certain educational institutions located outside the United States also participate in the U. 1040x irs form S. 1040x irs form Department of Education's Federal Student Aid (FSA) programs. 1040x irs form Who can claim a dependent's expenses. 1040x irs form   If an exemption is allowed as a deduction for any person who claims the student as a dependent, all qualified education expenses of the student are treated as having been paid by that person. 1040x irs form Therefore, only that person can claim an education credit for the student. 1040x irs form If a student is not claimed as a dependent on another person's tax return, only the student can claim a credit. 1040x irs form Expenses paid by a third party. 1040x irs form   Qualified education expenses paid on behalf of the student by someone other than the student (such as a relative) are treated as paid by the student. 1040x irs form However, qualified education expenses paid (or treated as paid) by a student who is claimed as a dependent on your tax return are treated as paid by you. 1040x irs form Therefore, you are treated as having paid expenses that were paid by the third party. 1040x irs form For more information and an example see Who Can Claim a Dependent's Expenses in Pub. 1040x irs form 970, chapter 2 or 3. 1040x irs form Who cannot claim a credit. 1040x irs form   You cannot take an education credit if any of the following apply. 1040x irs form You are claimed as a dependent on another person's tax return, such as your parent's return. 1040x irs form Your filing status is married filing separately. 1040x irs form You (or your spouse) were a nonresident alien for any part of 2013 and did not elect to be treated as a resident alien for tax purposes. 1040x irs form Your MAGI is one of the following. 1040x irs form American opportunity credit: $180,000 or more if married filing jointly, or $90,000 or more if single, head of household, or qualifying widow(er). 1040x irs form Lifetime learning credit: $127,000 or more if married filing jointly, or $63,000 or more if single, head of household, or qualifying widow(er) . 1040x irs form   Generally, your MAGI is the amount on your Form 1040, line 38, or Form 1040A, line 22. 1040x irs form However, if you are filing Form 2555, Form 2555–EZ, or Form 4563, or are excluding income from Puerto RIco, add to the amount on your Form 1040, line 38, or Form 1040A, line 22, the amount of income you excluded. 1040x irs form For details, see Pub. 1040x irs form 970. 1040x irs form    Figure 35-A may be helpful in determining if you can claim an education credit on your tax return. 1040x irs form The American opportunity credit will always be greater than or equal to the lifetime learning credit for any student who is eligible for both credits. 1040x irs form However, if any of the conditions for the American opportunity credit, listed in Table 35-1 earlier, are not met for any student, you cannot take the American opportunity credit for that student. 1040x irs form You may be able to take the lifetime learning credit for part or all of that student's qualified education expenses instead. 1040x irs form See Pub. 1040x irs form 970 for information on other education benefits. 1040x irs form Qualified Education Expenses Generally, qualified education expenses are amounts paid in 2013 for tuition and fees required for the student's enrollment or attendance at an eligible educational institution. 1040x irs form It does not matter whether the expenses were paid in cash, by check, by credit or debit card, or with borrowed funds. 1040x irs form For course-related books, supplies, and equipment, only certain expenses qualify. 1040x irs form American opportunity credit: Qualified education expenses include amounts spent on books, supplies, and equipment needed for a course of study, whether or not the materials are purchased from the educational institution as a condition of enrollment or attendance. 1040x irs form Lifetime learning credit: Qualified education expenses include amounts for books, supplies, and equipment only if required to be paid to the institution as a condition of enrollment or attendance. 1040x irs form Qualified education expenses include nonacademic fees, such as student activity fees, athletic fees, or other expenses unrelated to the academic course of instruction, only if the fee must be paid to the institution as a condition of enrollment or attendance. 1040x irs form However, fees for personal expenses (described below) are never qualified education expenses. 1040x irs form Qualified education expenses for either credit do not include amounts paid for: Personal expenses. 1040x irs form This means room and board, insurance, medical expenses (including student health fees), transportation, and other similar personal, living, or family expenses. 1040x irs form Any course or other education involving sports, games, or hobbies, or any noncredit course, unless such course or other education is part of the student's degree program or (for the lifetime learning credit only) helps the student acquire or improve job skills. 1040x irs form You should receive Form 1098–T, Tuition Statement, from the institution reporting either payments received in 2013 (box 1) or amounts billed in 2013 (box 2). 1040x irs form However, the amount in box 1 or 2 of Form 1098–T may be different from the amount you paid (or are treated as having paid). 1040x irs form In completing Form 8863, use only the amounts you actually paid (plus any amounts you are treated as having paid) in 2013, reduced as necessary, as described in Adjustments to Qualified Education Expenses , later. 1040x irs form Qualified education expenses paid on behalf of the student by someone other than the student (such as a relative) are treated as paid by the student. 1040x irs form Qualified education expenses paid (or treated as paid) by a student who is claimed as a dependent on your tax return are treated as paid by you. 1040x irs form If you or the student takes a deduction for higher education expenses, such as on Schedule A or C (Form 1040), you cannot use those expenses in your qualified education expenses when figuring your education credits. 1040x irs form Qualified education expenses for any academic period must be reduced by any tax-free educational assistance allocable to that academic period. 1040x irs form See Adjustments to Qualified Education Expenses, later. 1040x irs form Prepaid Expenses. 1040x irs form   Qualified education expenses paid in 2013 for an academic period that begins in the first 3 months of 2014 can be used in figuring an education credit for 2013 only. 1040x irs form See Academic period , earlier. 1040x irs form For example, if you pay $2,000 in December 2013 for qualified tuition for the 2014 winter quarter that begins in January 2014, you can use that $2,000 in figuring an education credit for 2013 only (if you meet all the other requirements). 1040x irs form    You cannot use any amount you paid in 2012 or 2014 to figure the qualified education expenses you use to figure your 2013 education credit(s). 1040x irs form Paid with borrowed funds. 1040x irs form   You can claim an education credit for qualified education expenses paid with the proceeds of a loan. 1040x irs form Use the expenses to figure the credit for the year in which the expenses are paid, not the year in which the loan is repaid. 1040x irs form Treat loan payments sent directly to the educational institution as paid on the date the institution credits the student's account. 1040x irs form Student withdraws from class(es). 1040x irs form   You can claim an education credit for qualified education expenses not refunded when a student withdraws. 1040x irs form No Double Benefit Allowed You cannot do any of the following. 1040x irs form Deduct higher education expenses on your income tax return (as, for example, a business expense) and also claim an education credit based on those same expenses. 1040x irs form Claim more than one education credit based on the same qualified education expenses. 1040x irs form Claim an education credit based on the same expenses used to figure the tax-free portion of a distribution from a Coverdell education savings account (ESA) or qualified tuition program (QTP). 1040x irs form Claim an education credit based on qualified education expenses paid with educational assistance, such as a tax-free scholarship, grant, or employer-provided educational assistance. 1040x irs form See Adjustments to Qualified Education Expenses, next. 1040x irs form Adjustments to Qualified Education Expenses For each student, reduce the qualified education expenses paid in 2013 by or on behalf of that student under the following rules. 1040x irs form The result is the amount of adjusted qualified education expenses for each student. 1040x irs form Tax-free educational assistance. 1040x irs form   For tax-free educational assistance received in 2013, reduce the qualified educational expenses for each academic period by the amount of tax-free educational assistance allocable to that academic period. 1040x irs form See Academic period , earlier. 1040x irs form      Tax-free educational assistance includes:    Tax-free parts of scholarships and fellowships (see chapter 12 of this publication and chapter 1 of Pub. 1040x irs form 970), The tax-free part of Pell grants (see chapter 1 of Pub. 1040x irs form 970), The tax-free part of employer-provided educational assistance (see Pub. 1040x irs form 970), Veterans' educational assistance (see chapter 1 of Pub. 1040x irs form 970), and Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. 1040x irs form Generally, any scholarship or fellowship is treated as tax-free educational assistance. 1040x irs form However, a scholarship or fellowship is not treated as tax-free educational assistance to the extent the student includes it in gross income (if the student is required to file a tax return) for the year the scholarship or fellowship is received and either: The scholarship or fellowship (or any part of it) must be applied (by its terms) to expenses (such as room and board) other than qualified education expenses as defined in Qualified education expenses in Pub. 1040x irs form 970, chapter 1; or The scholarship or fellowship (or any part of it) may be applied (by its terms) to expenses (such as room and board) other than qualified education expenses as defined in Qualified education expenses in Pub. 1040x irs form 970, chapter 1. 1040x irs form You may be able to increase the combined value of an education credit and certain educational assistance if the student includes some or all of the educational assistance in income in the year received. 1040x irs form For details, see Adjustments of Qualified Education Expenses, in chapters 2 and 3 of Pub. 1040x irs form 970. 1040x irs form Some tax-free educational assistance received after 2013 may be treated as a refund of qualified education expenses paid in 2013. 1040x irs form This tax-free educational assistance is any tax-free educational assistance received by you or anyone else after 2013 for qualified education expenses paid on behalf of a student in 2013 (or attributable to enrollment at an eligible educational institution during 2013). 1040x irs form If this tax-free educational assistance is received after 2013 but before you file your 2013 income tax return, see Refunds received after 2013 but before your income tax return is filed, later. 1040x irs form If this tax-free educational assistance is received after 2013 and after you file your 2013 income tax return, see Refunds received after 2013 and after your income tax return is filed, later. 1040x irs form Refunds. 1040x irs form   A refund of qualified education expenses may reduce qualified education expenses for the tax year or may require you to repay (recapture) the credit that you claimed in an earlier year. 1040x irs form Some tax-free educational assistance received after 2013 may be treated as a refund. 1040x irs form See Tax-free educational assistance, earlier. 1040x irs form Refunds received in 2013. 1040x irs form   For each student, figure the adjusted qualified education expenses for 2013 by adding all the qualified education expenses paid in 2013 and subtracting any refunds of those expenses received from the eligible educational institution during 2013. 1040x irs form Refunds received after 2013 but before your income tax return is filed. 1040x irs form   If anyone receives a refund after 2013 of qualified education expenses paid on behalf of a student in 2013 and the refund is received before you file your 2013 income tax return, reduce the amount of qualified education expenses for 2013 by the amount of the refund. 1040x irs form Refunds received after 2013 and after your income tax return is filed. 1040x irs form   If anyone receives a refund after 2013 of qualified education expenses paid on behalf of a student in 2013 and the refund is received after you file your 2013 income tax return, you may need to repay some or all of the credit that you claimed. 1040x irs form See Credit recapture, next. 1040x irs form Credit recapture. 1040x irs form    If any tax-free educational assistance for the qualified education expenses paid in 2013, or any refund of your qualified education expenses paid in 2013, is received after you file your 2013 income tax return, you must recapture (repay) any excess credit. 1040x irs form You do this by refiguring the amount of your adjusted qualified education expenses for 2013 by reducing the expenses by the amount of the refund or tax-free educational assistance. 1040x irs form You then refigure your education credit(s) for 2013 and figure the amount by which your 2013 tax liability would have increased if you had claimed the refigured credit(s). 1040x irs form Include that amount as an additional tax for the year the refund or tax-free assistance was received. 1040x irs form Example. 1040x irs form    You paid $8,000 tuition and fees in December 2013 for your child's Spring semester beginning in January 2014. 1040x irs form You filed your 2013 tax return on February 3, 2014, and claimed a lifetime learning credit of $1,600 ($8,000 qualified education expense paid x . 1040x irs form 20). 1040x irs form You claimed no other tax credits. 1040x irs form After you filed your return, your child withdrew from two courses and you received a refund of $1,400. 1040x irs form You must refigure your 2013 lifetime learning credit using $6,600 ($8,000 qualified education expenses − $1,400 refund). 1040x irs form The refigured credit is $1,320 and your tax liability increased by $280. 1040x irs form You must include the difference of $280 ($1,600 credit originally claimed − $1,320 refigured credit) as additional tax on your 2014 income tax return. 1040x irs form See the instructions for your 2014 income tax return to determine where to include this tax. 1040x irs form If you also pay qualified education expenses in 2014 for an academic period that begins in the first 3 months of 2014 and you receive tax-free educational assistance, or a refund, as described above, you may choose to reduce your qualified education expenses for 2014 instead of reducing your expenses for 2013. 1040x irs form Amounts that do not reduce qualified education expenses. 1040x irs form   Do not reduce qualified education expenses by amounts paid with funds the student receives as: Payment for services, such as wages, A loan, A gift, An inheritance, or A withdrawal from the student's personal savings. 1040x irs form   Do not reduce the qualified education expenses by any scholarship or fellowship reported as income on the student's tax return in the following situations. 1040x irs form The use of the money is restricted, by the terms of the scholarship or fellowship, to costs of attendance (such as room and board) other than qualified education expenses, as defined in Chapter 1 of Pub. 1040x irs form 970. 1040x irs form The use of the money is not restricted. 1040x irs form   For examples, see chapter 2 in Pub. 1040x irs form 970. 1040x irs form Figure 35-A. 1040x irs form Can You Claim an Education Credit for 2013? This image is too large to be displayed in the current screen. 1040x irs form Please click the link to view the image. 1040x irs form Figure 35-A. 1040x irs form Can You Claim an Education Credit for 2013? Prev  Up  Next   Home   More Online Publications