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2012 1040 Ez Tax Form

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2012 1040 Ez Tax Form

2012 1040 ez tax form 10. 2012 1040 ez tax form   Education Savings Bond Program Table of Contents Introduction Who Can Cash In Bonds Tax FreeAdjusted qualified education expenses. 2012 1040 ez tax form Eligible educational institution. 2012 1040 ez tax form Dependent for whom you claim an exemption. 2012 1040 ez tax form MAGI when using Form 1040A. 2012 1040 ez tax form MAGI when using Form 1040. 2012 1040 ez tax form Figuring the Tax-Free AmountEffect of the Amount of Your Income on the Amount of Your Exclusion Claiming the Exclusion Introduction Generally, you must pay tax on the interest earned on U. 2012 1040 ez tax form S. 2012 1040 ez tax form savings bonds. 2012 1040 ez tax form If you do not include the interest in income in the years it is earned, you must include it in your income in the year in which you cash in the bonds. 2012 1040 ez tax form However, when you cash in certain savings bonds under an education savings bond program, you may be able to exclude the interest from income. 2012 1040 ez tax form Who Can Cash In Bonds Tax Free You may be able to cash in qualified U. 2012 1040 ez tax form S. 2012 1040 ez tax form savings bonds without having to include in your income some or all of the interest earned on the bonds if you meet the following conditions. 2012 1040 ez tax form You pay qualified education expenses for yourself, your spouse, or a dependent for whom you claim an exemption on your return. 2012 1040 ez tax form Your modified adjusted gross income (MAGI) is less than the amount specified for your filing status. 2012 1040 ez tax form Your filing status is not married filing separately. 2012 1040 ez tax form Qualified U. 2012 1040 ez tax form S. 2012 1040 ez tax form savings bonds. 2012 1040 ez tax form   A qualified U. 2012 1040 ez tax form S. 2012 1040 ez tax form savings bond is a series EE bond issued after 1989 or a series I bond. 2012 1040 ez tax form The bond must be issued either in your name (as the sole owner) or in the name of both you and your spouse (as co-owners). 2012 1040 ez tax form   The owner must be at least 24 years old before the bond's issue date. 2012 1040 ez tax form The issue date is printed on the front of the savings bond. 2012 1040 ez tax form    The issue date is not necessarily the date of purchase—it will be the first day of the month in which the bond is purchased (or posted, if bought electronically). 2012 1040 ez tax form Qualified education expenses. 2012 1040 ez tax form   These include the following items you pay for either yourself, your spouse, or a dependent for whom you claim an exemption. 2012 1040 ez tax form Tuition and fees required to enroll at or attend an eligible educational institution. 2012 1040 ez tax form Qualified education 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. 2012 1040 ez tax form Contributions to a qualified tuition program (QTP) (see How Much Can You Contribute in chapter 8, Qualified Tuition Program). 2012 1040 ez tax form Contributions to a Coverdell education savings account (ESA) (see Contributions in chapter 7, Coverdell Education Savings Account). 2012 1040 ez tax form Adjusted qualified education expenses. 2012 1040 ez tax form   You must reduce your qualified education expenses by all of the following tax-free benefits. 2012 1040 ez tax form Tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions). 2012 1040 ez tax form Expenses used to figure the tax-free portion of distributions from a Coverdell ESA (see Qualified Education Expenses in chapter 7, Coverdell Education Savings Account). 2012 1040 ez tax form Expenses used to figure the tax-free portion of distributions from a QTP (see Qualified education expenses in chapter 8, Qualified Tuition Program). 2012 1040 ez tax form Any tax-free payments (other than gifts or inheritances) received as educational assistance, such as: Veterans' educational assistance benefits (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Qualified tuition reductions (see Qualified Tuition Reduction in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), or Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ). 2012 1040 ez tax form Any expenses used in figuring the American opportunity and lifetime learning credits. 2012 1040 ez tax form See What Expenses Qualify in chapter 2, American Opportunity Credit, and What Expenses Qualify in chapter 3, Lifetime Learning Credit, for more information. 2012 1040 ez tax form Eligible educational institution. 2012 1040 ez tax 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. 2012 1040 ez tax form S. 2012 1040 ez tax form Department of Education. 2012 1040 ez tax form It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. 2012 1040 ez tax form The educational institution should be able to tell you if it is an eligible educational institution. 2012 1040 ez tax form   Certain educational institutions located outside the United States also participate in the U. 2012 1040 ez tax form S. 2012 1040 ez tax form Department of Education's Federal Student Aid (FSA) programs. 2012 1040 ez tax form Dependent for whom you claim an exemption. 2012 1040 ez tax form   You claim an exemption for a person if you list his or her name and other required information on Form 1040 (or Form 1040A), line 6c. 2012 1040 ez tax form Modified adjusted gross income (MAGI). 2012 1040 ez tax form   For most taxpayers, MAGI is adjusted gross income (AGI) as figured on their federal income tax return without taking into account this interest exclusion. 2012 1040 ez tax form However, as discussed below, there may be other modifications. 2012 1040 ez tax form MAGI when using Form 1040A. 2012 1040 ez tax form   If you file Form 1040A, your MAGI is the AGI on line 22 of that form figured without taking into account any savings bond interest exclusion and modified by adding back any amount on line 18 (student loan interest deduction) and line 19 (tuition and fees deduction). 2012 1040 ez tax form MAGI when using Form 1040. 2012 1040 ez tax form   If you file Form 1040, your MAGI is the AGI on line 38 of that form figured without taking into account any savings bond interest exclusion and modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion, Foreign housing deduction, Exclusion of income by bona fide residents of American Samoa, Exclusion of income by bona fide residents of Puerto Rico, Exclusion for adoption benefits received under an employer's adoption assistance program, Deduction for student loan interest, Deduction for tuition and fees, and Deduction for domestic production activities. 2012 1040 ez tax form    Use the worksheet in the instructions for line 9 of Form 8815 to figure your MAGI. 2012 1040 ez tax form If you claim any of the exclusion or deduction items (1)–(6) listed above, add the amount of the exclusion or deduction to the amount on line 5 of the worksheet. 2012 1040 ez tax form Do not add in the deduction for (7) student loan interest, and (8) tuition and fees, or (9) domestic production activities because line 4 of the worksheet already includes these amounts. 2012 1040 ez tax form Enter the total on Form 8815, line 9, as your modified adjusted gross income (MAGI). 2012 1040 ez tax form    Because the deduction for interest expenses attributable to royalties and other investments is limited to your net investment income, you cannot figure the deduction until you have figured this interest exclusion. 2012 1040 ez tax form Therefore, if you had interest expenses attributable to royalties and deductible on Schedule E (Form 1040), Supplemental Income and Loss, you must make a special computation of your deductible interest without regard to this exclusion to figure the net royalty income included in your MAGI. 2012 1040 ez tax form See Royalties included in MAGI under Education Savings Bond Program in Publication 550, chapter 1. 2012 1040 ez tax form Figuring the Tax-Free Amount If the total you receive when you cash in the bonds is not more than the adjusted qualified education expenses for the year, all of the interest on the bonds may be tax free. 2012 1040 ez tax form However, if the total you receive when you cash in the bonds is more than the adjusted expenses, only part of the interest may be tax free. 2012 1040 ez tax form To determine the tax-free amount, multiply the interest part of the proceeds by a fraction. 2012 1040 ez tax form The numerator (top part) of the fraction is the adjusted qualified education expenses (AQEE) you paid during the year. 2012 1040 ez tax form The denominator (bottom part) of the fraction is the total proceeds you received during the year. 2012 1040 ez tax form Example. 2012 1040 ez tax form In February 2013, Mark and Joan Washington, a married couple, cashed a qualified series EE U. 2012 1040 ez tax form S. 2012 1040 ez tax form savings bond. 2012 1040 ez tax form They received proceeds of $9,000, representing principal of $6,000 and interest of $3,000. 2012 1040 ez tax form In 2013, they paid $7,650 of their daughter's college tuition. 2012 1040 ez tax form They are not claiming an American opportunity or lifetime learning credit for those expenses, and their daughter does not have any tax-free educational assistance. 2012 1040 ez tax form Their MAGI for 2013 was $80,000. 2012 1040 ez tax form   $3,000 interest × $7,650 AQEE  $9,000 proceeds = $2,550 tax-free interest   They can exclude $2,550 of interest in 2013. 2012 1040 ez tax form They must pay tax on the remaining $450 ($3,000 − $2,550) interest. 2012 1040 ez tax form Effect of the Amount of Your Income on the Amount of Your Exclusion The amount of your interest exclusion is gradually reduced (phased out) based on your MAGI and filing status. 2012 1040 ez tax form Claiming the Exclusion Use Form 8815 to figure your education savings bond interest exclusion. 2012 1040 ez tax form Enter your exclusion on line 3 of Schedule B (Form 1040A or 1040), Interest and Ordinary Dividends. 2012 1040 ez tax form Attach Form 8815 to your tax return. 2012 1040 ez tax form Prev  Up  Next   Home   More Online Publications
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Tax Information for Other Non-Profits

Life Cycle of an Exempt Organization
Links to helpful information about points of intersection between tax-exempt organizations and the IRS, including access to explanatory information and forms that an organization may need to file with the IRS.

Requirements for Exemption
A brief description of the requirements for exemption under the Internal Revenue Code, other than section 501(c)(3).

Application for recognition of exemption
Procedures for applying for exemption under IRC section 501(c).

Exempt Organizations - Required Filings
Federal annual tax filings for tax-exempt organizations.

Solicitation Notice
A brief description of the solicitation notice requirements under IRC section 6113.

Proxy tax: Tax-exempt organization fails to notify members that dues are nondeductible lobbying/political expenditures
A description of the notice, reporting, and tax requirements for certain tax-exempt organizations that incur nondeductible lobbying and political expenditures.

Employment Taxes for Exempt Organizations
Links to information about employment taxes for tax-exempt organizations.

Recent Items of Interest to Other Non-Profit Organizations
Recent items of interest to nonprofit organizations other than charitable organizations.

Tax-Exempt Organizations and Political Campaign Intervention
IRS materials on political campaign intervention by tax-exempt organizations.

Unrelated Business Income Tax
Unrelated business income tax requirements for tax-exempt organizations.

Publication 4221-NC, Compliance Guide for Tax-Exempt Organizations (Other than Charities)
A publication discussing activities that could jeopardize a tax-exempt organization's exempt status and identifying general compliance requirements on recordkeeping, reporting, and disclosure for exempt organizations.

Page Last Reviewed or Updated: 06-Mar-2014

The 2012 1040 Ez Tax Form

2012 1040 ez tax form 12. 2012 1040 ez tax form   Filing Form 720 Table of Contents Attachments to Form 720. 2012 1040 ez tax form Conditions to allowance. 2012 1040 ez tax form Use Form 720 to report and pay the excise taxes previously discussed in this publication. 2012 1040 ez tax form File Form 720 for each calendar quarter until you file a final Form 720. 2012 1040 ez tax form For information on filing Form 720 electronically, visit the IRS e-file website at www. 2012 1040 ez tax form irs. 2012 1040 ez tax form gov/efile. 2012 1040 ez tax form You may be required to file your returns on a monthly or semimonthly basis instead of quarterly if you do not make deposits as required (see Payment of Taxes, later) or are liable for the excise tax on taxable fuels and meet certain conditions. 2012 1040 ez tax form Form 720 has three parts and three schedules. 2012 1040 ez tax form Part I consists of excise taxes generally required to be deposited (see Payment of Taxes, later). 2012 1040 ez tax form Part II consists of excise taxes that are not required to be deposited. 2012 1040 ez tax form Part III is used to figure your tax liability for the quarter and the amount of any balance due or overpayment. 2012 1040 ez tax form Schedule A, Excise Tax Liability, is used to record your net tax liability for each semimonthly period in a quarter. 2012 1040 ez tax form Complete it if you have an entry in Part I. 2012 1040 ez tax form Schedule C, Claims, is used to make claims. 2012 1040 ez tax form However, Schedule C can only be used if you are reporting a liability in Part I or Part II. 2012 1040 ez tax form Schedule T, Two-Party Exchange Information Reporting, is used to report certain exchanges of taxable fuel before or in connection with the removal at the terminal rack. 2012 1040 ez tax form Attachments to Form 720. 2012 1040 ez tax form   You may have to attach the following forms. 2012 1040 ez tax form Form 6197 for the gas guzzler tax. 2012 1040 ez tax form Form 6627 for environmental taxes. 2012 1040 ez tax form Form 720X. 2012 1040 ez tax form   This form is used to make adjustments to Forms 720 filed in prior quarters. 2012 1040 ez tax form You can file Form 720X by itself or, if it shows a decrease in tax, you can attach it to Form 720. 2012 1040 ez tax form See Form 720X for more information. 2012 1040 ez tax form Conditions to allowance. 2012 1040 ez tax form   For tax decreases, the claimant must check the appropriate box on Form 720X stating that: For adjustments of communications or air transportation taxes, the claimant has: Repaid the tax to the person from whom it was collected, or Obtained the consent of that person to the allowance of the adjustment. 2012 1040 ez tax form For other adjustments, the claimant has: Not included the tax in the price of the article and not collected the tax from the purchaser, Repaid the tax to the ultimate purchaser, or Attached the written consent of the ultimate purchaser to the allowance of the adjustment. 2012 1040 ez tax form However, the conditions listed under (2) do not apply to environmental taxes, the ship passenger tax, obligations not in registered form, foreign insurance taxes, fuels used on inland waterways, cellulosic or second generation biofuel sold as but not used as fuel, biodiesel sold as fuel but not used as fuel, and certain fuel taxes if the tax was based on use (for example, dyed diesel fuel used in trains, LPG, and CNG). 2012 1040 ez tax form Final return. 2012 1040 ez tax form   File a final return if: You go out of business, or You will not owe excise taxes that are reportable on Form 720 in future quarters. 2012 1040 ez tax form Due dates. 2012 1040 ez tax form   Form 720 must be filed by the following due dates. 2012 1040 ez tax form Quarter Covered Due Dates January, February, March April 30 April, May, June July 31 July, August, September October 31 October, November, December January 31   If any due date falls on a Saturday, Sunday, or legal holiday, you can file the return on the next business day. 2012 1040 ez tax form One-time filing. 2012 1040 ez tax form   If you import a gas guzzling automobile, you may be eligible to make a one-time filing using your SSN if you: Do not import gas guzzling automobiles in the course of your trade or business, and Are not required to file Form 720 reporting other excise taxes for the calendar quarter, except for a one-time filing. 2012 1040 ez tax form   If you meet both requirements above, see Gas guzzler tax (IRS No. 2012 1040 ez tax form 40) in the Instructions for Form 720 for how to file and pay the tax. 2012 1040 ez tax form Payment voucher. 2012 1040 ez tax form   Form 720-V, Payment Voucher, must be included with Form 720 if you have a balance due on line 10 of Form 720 and you are making your payment by check or money order. 2012 1040 ez tax form Prev  Up  Next   Home   More Online Publications