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2012 Tax Filing For Free

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2012 Tax Filing For Free

2012 tax filing for free 8. 2012 tax filing for free   Qualified Tuition Program (QTP) Table of Contents Introduction What Is a Qualified Tuition ProgramDesignated beneficiary. 2012 tax filing for free Half-time student. 2012 tax filing for free How Much Can You Contribute Are Distributions TaxableFiguring the Taxable Portion of a Distribution Additional Tax on Taxable Distributions Rollovers and Other TransfersRollovers Changing the Designated Beneficiary Introduction Qualified tuition programs (QTPs) are also called “529 plans. 2012 tax filing for free ” States may establish and maintain programs that allow you to either prepay or contribute to an account for paying a student's qualified education expenses at a postsecondary institution. 2012 tax filing for free Eligible educational institutions may establish and maintain programs that allow you to prepay a student's qualified education expenses. 2012 tax filing for free If you prepay tuition, the student (designated beneficiary) will be entitled to a waiver or a payment of qualified education expenses. 2012 tax filing for free You cannot deduct either payments or contributions to a QTP. 2012 tax filing for free For information on a specific QTP, you will need to contact the state agency or eligible educational institution that established and maintains it. 2012 tax filing for free What is the tax benefit of a QTP. 2012 tax filing for free   No tax is due on a distribution from a QTP unless the amount distributed is greater than the beneficiary's adjusted qualified education expenses. 2012 tax filing for free See Are Distributions Taxable , later, for more information. 2012 tax filing for free    Even if a QTP is used to finance a student's education, the student or the student's parents still may be eligible to claim the American opportunity credit or the lifetime learning credit. 2012 tax filing for free See Coordination With American Opportunity and Lifetime Learning Credits, later. 2012 tax filing for free What Is a Qualified Tuition Program A qualified tuition program is a program set up to allow you to either prepay, or contribute to an account established for paying, a student's qualified education expenses at an eligible educational institution. 2012 tax filing for free QTPs can be established and maintained by states (or agencies or instrumentalities of a state) and eligible educational institutions. 2012 tax filing for free The program must meet certain requirements. 2012 tax filing for free Your state government or the eligible educational institution in which you are interested can tell you whether or not they participate in a QTP. 2012 tax filing for free Qualified education expenses. 2012 tax filing for free   These are expenses related to enrollment or attendance at an Eligible educational institution (defined later). 2012 tax filing for free As shown in the following list, to be qualified, some of the expenses must be required by the institution and some must be incurred by students who are enrolled at least half-time. 2012 tax filing for free See Half-time student , later. 2012 tax filing for free The following expenses must be required for enrollment or attendance of a Designated beneficiary (defined later) at an eligible educational institution. 2012 tax filing for free Tuition and fees. 2012 tax filing for free Books, supplies, and equipment. 2012 tax filing for free Expenses for special needs services needed by a special needs beneficiary must be incurred in connection with enrollment or attendance at an eligible educational institution. 2012 tax filing for free Expenses for room and board must be incurred by students who are enrolled at least half-time. 2012 tax filing for free The expense for room and board qualifies only to the extent that it is not more than the greater of the following two amounts. 2012 tax filing for free The allowance for room and board, as determined by the eligible educational institution, that was included in the cost of attendance (for federal financial aid purposes) for a particular academic period and living arrangement of the student. 2012 tax filing for free The actual amount charged if the student is residing in housing owned or operated by the eligible educational institution. 2012 tax filing for free You will need to contact the eligible educational institution for qualified room and board costs. 2012 tax filing for free    For tax years after 2010, the purchase of computer technology or equipment is only a qualified education expense if the computer technology or equipment is required for enrollment or attendance at an eligible institution. 2012 tax filing for free Designated beneficiary. 2012 tax filing for free   The designated beneficiary is generally the student (or future student) for whom the QTP is intended to provide benefits. 2012 tax filing for free The designated beneficiary can be changed after participation in the QTP begins. 2012 tax filing for free If a state or local government or certain tax-exempt organizations purchase an interest in a QTP as part of a scholarship program, the designated beneficiary is the person who receives the interest as a scholarship. 2012 tax filing for free Half-time student. 2012 tax filing for free   A student is enrolled “at least half-time” if he or she is enrolled for at least half the full-time academic workload for the course of study the student is pursuing, as determined under the standards of the school where the student is enrolled. 2012 tax filing for free Eligible educational institution. 2012 tax filing for free   For purposes of a QTP, this is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. 2012 tax filing for free S. 2012 tax filing for free Department of Education. 2012 tax filing for free It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. 2012 tax filing for free The educational institution should be able to tell you if it is an eligible educational institution. 2012 tax filing for free   Certain educational institutions located outside the United States also participate in the U. 2012 tax filing for free S. 2012 tax filing for free Department of Education's Federal Student Aid (FSA) programs. 2012 tax filing for free   How Much Can You Contribute Contributions to a QTP on behalf of any beneficiary cannot be more than the amount necessary to provide for the qualified education expenses of the beneficiary. 2012 tax filing for free There are no income restrictions on the individual contributors. 2012 tax filing for free You can contribute to both a QTP and a Coverdell ESA in the same year for the same designated beneficiary. 2012 tax filing for free   Are Distributions Taxable The part of a distribution representing the amount paid or contributed to a QTP does not have to be included in income. 2012 tax filing for free This is a return of the investment in the plan. 2012 tax filing for free The designated beneficiary generally does not have to include in income any earnings distributed from a QTP if the total distribution is less than or equal to adjusted qualified education expenses (defined under Figuring the Taxable Portion of a Distribution , later). 2012 tax filing for free Earnings and return of investment. 2012 tax filing for free    You will receive a Form 1099-Q, from each of the programs from which you received a QTP distribution in 2013. 2012 tax filing for free The amount of your gross distribution (box 1) shown on each form will be divided between your earnings (box 2) and your basis, or return of investment (box 3). 2012 tax filing for free Form 1099-Q should be sent to you by January 31, 2014. 2012 tax filing for free Figuring the Taxable Portion of a Distribution To determine if total distributions for the year are more or less than the amount of qualified education expenses, you must compare the total of all QTP distributions for the tax year to the adjusted qualified education expenses. 2012 tax filing for free Adjusted qualified education expenses. 2012 tax filing for free   This amount is the total qualified education expenses reduced by any tax-free educational assistance. 2012 tax filing for free Tax-free educational assistance includes: The tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Veterans' educational assistance (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Pell grants (see Pell Grants and Other Title IV Need-Based Education Grants in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ), and Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. 2012 tax filing for free Taxable earnings. 2012 tax filing for free   Use the following steps to figure the taxable part. 2012 tax filing for free Multiply the total distributed earnings shown in box 2 of Form 1099-Q by a fraction. 2012 tax filing for free The numerator is the adjusted qualified education expenses paid during the year and the denominator is the total amount distributed during the year. 2012 tax filing for free Subtract the amount figured in (1) from the total distributed earnings. 2012 tax filing for free The result is the amount the beneficiary must include in income. 2012 tax filing for free Report it on Form 1040 or Form 1040NR, line 21. 2012 tax filing for free Example 1. 2012 tax filing for free In 2007, Sara Clarke's parents opened a savings account for her with a QTP maintained by their state government. 2012 tax filing for free Over the years they contributed $18,000 to the account. 2012 tax filing for free The total balance in the account was $27,000 on the date the distribution was made. 2012 tax filing for free In the summer of 2013, Sara enrolled in college and had $8,300 of qualified education expenses for the rest of the year. 2012 tax filing for free She paid her college expenses from the following sources. 2012 tax filing for free   Gift from parents $1,600     Partial tuition scholarship (tax-free) 3,100     QTP distribution 5,300           Before Sara can determine the taxable part of her QTP distribution, she must reduce her total qualified education expenses by any tax-free educational assistance. 2012 tax filing for free   Total qualified education expenses $8,300     Minus: Tax-free educational assistance −3,100     Equals: Adjusted qualified  education expenses (AQEE) $5,200   Since the remaining expenses ($5,200) are less than the QTP distribution, part of the earnings will be taxable. 2012 tax filing for free Sara's Form 1099-Q shows that $950 of the QTP distribution is earnings. 2012 tax filing for free Sara figures the taxable part of the distributed earnings as follows. 2012 tax filing for free   1. 2012 tax filing for free $950 (earnings) × $5,200 AQEE  $5,300 distribution           =$932 (tax-free earnings)     2. 2012 tax filing for free $950 (earnings)−$932 (tax-free earnings)     =$18 (taxable earnings)  Sara must include $18 in income (Form 1040, line 21) as distributed QTP earnings not used for adjusted qualified education expenses. 2012 tax filing for free Coordination With American Opportunity and Lifetime Learning Credits An American opportunity or lifetime learning credit (education credit) can be claimed in the same year the beneficiary takes a tax-free distribution from a QTP, as long as the same expenses are not used for both benefits. 2012 tax filing for free This means that after the beneficiary reduces qualified education expenses by tax-free educational assistance, he or she must further reduce them by the expenses taken into account in determining the credit. 2012 tax filing for free Example 2. 2012 tax filing for free Assume the same facts as in Example 1 , except that Sara's parents claimed an American opportunity credit of $2,500 (based on $4,000 expenses). 2012 tax filing for free   Total qualified education expenses $8,300     Minus: Tax-free educational assistance −3,100     Minus: Expenses taken into account  in figuring American opportunity credit −4,000     Equals: Adjusted qualified  education expenses (AQEE) $1,200           The taxable part of the distribution is figured as follows. 2012 tax filing for free   1. 2012 tax filing for free $950 (earnings) × $1,200 AQEE  $5,300 distribution           =$215 (tax-free earnings)     2. 2012 tax filing for free $950 (earnings)−$215 (tax-free earnings)     =$735 (taxable earnings)       Sara must include $735 in income (Form 1040, line 21). 2012 tax filing for free This represents distributed earnings not used for adjusted qualified education expenses. 2012 tax filing for free Coordination With Coverdell ESA Distributions If a designated beneficiary receives distributions from both a QTP and a Coverdell ESA in the same year, and the total of these distributions is more than the beneficiary's adjusted qualified higher education expenses, the expenses must be allocated between the distributions. 2012 tax filing for free For purposes of this allocation, disregard any qualified elementary and secondary education expenses. 2012 tax filing for free Example 3. 2012 tax filing for free Assume the same facts as in Example 2 , except that instead of receiving a $5,300 distribution from her QTP, Sara received $4,600 from that account and $700 from her Coverdell ESA. 2012 tax filing for free In this case, Sara must allocate her $1,200 of adjusted qualified higher education expenses (AQHEE) between the two distributions. 2012 tax filing for free   $1,200 AQHEE × $700 ESA distribution  $5,300 total distribution = $158 AQHEE (ESA)     $1,200 AQHEE × $4,600 QTP distribution  $5,300 total distribution = $1,042 AQHEE (QTP)   Sara then figures the taxable portion of her Coverdell ESA distribution based on qualified higher education expenses of $158, and the taxable portion of her QTP distribution based on the other $1,042. 2012 tax filing for free Note. 2012 tax filing for free If you are required to allocate your expenses between Coverdell ESA and QTP distributions, and you have adjusted qualified elementary and secondary education expenses, see the examples in chapter 7, Coverdell Education Savings Account under Coordination With Qualified Tuition Program (QTP) Distributions . 2012 tax filing for free Coordination With Tuition and Fees Deduction. 2012 tax filing for free   A tuition and fees deduction can be claimed in the same year the beneficiary takes a tax-free distribution from a QTP, as long as the same expenses are not used for both benefits. 2012 tax filing for free Losses on QTP Investments If you have a loss on your investment in a QTP account, you may be able to take the loss on your income tax return. 2012 tax filing for free You can take the loss only when all amounts from that account have been distributed and the total distributions are less than your unrecovered basis. 2012 tax filing for free Your basis is the total amount of contributions to that QTP account. 2012 tax filing for free You claim the loss as a miscellaneous itemized deduction on Schedule A (Form 1040), line 23 (Schedule A (Form 1040NR), line 9), subject to the 2%-of-adjusted-gross-income limit. 2012 tax filing for free If you have distributions from more than one QTP account during a year, you must combine the information (amount of distribution, basis, etc. 2012 tax filing for free ) from all such accounts in order to determine your taxable earnings for the year. 2012 tax filing for free By doing this, the loss from one QTP account reduces the distributed earnings (if any) from any other QTP accounts. 2012 tax filing for free Example 1. 2012 tax filing for free In 2013, Taylor received a final distribution of $1,000 from QTP #1. 2012 tax filing for free His unrecovered basis in that account before the distribution was $3,000. 2012 tax filing for free If Taylor itemizes his deductions, he can claim the $2,000 loss on Schedule A (Form 1040). 2012 tax filing for free Example 2. 2012 tax filing for free Assume the same facts as in Example 1 , except that Taylor also had a distribution of $9,000 from QTP #2, giving him total distributions for 2013 of $10,000. 2012 tax filing for free His total basis in these distributions was $4,500 ($3,000 for QTP #1 and $1,500 for QTP #2). 2012 tax filing for free Taylor's adjusted qualified education expenses for 2013 totaled $6,000. 2012 tax filing for free In order to figure his taxable earnings, Taylor combines the two accounts and determines his taxable earnings as follows. 2012 tax filing for free   1. 2012 tax filing for free $10,000 (total distribution)−$4,500 (basis portion of distribution)     = $5,500 (earnings included in distribution)   2. 2012 tax filing for free $5,500 (earnings) x $6,000 AQEE  $10,000 distribution           =$3,300 (tax-free earnings)     3. 2012 tax filing for free $5,500 (earnings)−$3,300 (tax-free earnings)     =$2,200 (taxable earnings)                 Taylor must include $2,200 in income on Form 1040, line 21. 2012 tax filing for free Because Taylor's accounts must be combined, he cannot deduct his $2,000 loss (QTP #1) on Schedule A (Form 1040). 2012 tax filing for free Instead, the $2,000 loss reduces the total earnings that were distributed, thereby reducing his taxable earnings. 2012 tax filing for free Additional Tax on Taxable Distributions Generally, if you receive a taxable distribution, you also must pay a 10% additional tax on the amount included in income. 2012 tax filing for free Exceptions. 2012 tax filing for free   The 10% additional tax does not apply to distributions: Paid to a beneficiary (or to the estate of the designated beneficiary) on or after the death of the designated beneficiary. 2012 tax filing for free Made because the designated beneficiary is disabled. 2012 tax filing for free A person is considered to be disabled if he or she shows proof that he or she cannot do any substantial gainful activity because of his or her physical or mental condition. 2012 tax filing for free A physician must determine that his or her condition can be expected to result in death or to be of long-continued and indefinite duration. 2012 tax filing for free Included in income because the designated beneficiary received: A tax-free scholarship or fellowship (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Veterans' educational assistance (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ), or Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. 2012 tax filing for free Made on account of the attendance of the designated beneficiary at a U. 2012 tax filing for free S. 2012 tax filing for free military academy (such as the USNA at Annapolis). 2012 tax filing for free This exception applies only to the extent that the amount of the distribution does not exceed the costs of advanced education (as defined in section 2005(d)(3) of title 10 of the U. 2012 tax filing for free S. 2012 tax filing for free Code) attributable to such attendance. 2012 tax filing for free Included in income only because the qualified education expenses were taken into account in determining the American opportunity or lifetime learning credit (see Coordination With American Opportunity and Lifetime Learning Credits , earlier. 2012 tax filing for free ) Exception (3) applies only to the extent the distribution is not more than the scholarship, allowance, or payment. 2012 tax filing for free Figuring the additional tax. 2012 tax filing for free    Use Part II of Form 5329, to figure any additional tax. 2012 tax filing for free Report the amount on Form 1040, line 58, or Form 1040NR, line 56. 2012 tax filing for free Rollovers and Other Transfers Assets can be rolled over or transferred from one QTP to another. 2012 tax filing for free In addition, the designated beneficiary can be changed without transferring accounts. 2012 tax filing for free Rollovers Any amount distributed from a QTP is not taxable if it is rolled over to another QTP for the benefit of the same beneficiary or for the benefit of a member of the beneficiary's family (including the beneficiary's spouse). 2012 tax filing for free An amount is rolled over if it is paid to another QTP within 60 days after the date of the distribution. 2012 tax filing for free Do not report qualifying rollovers (those that meet the above criteria) anywhere on Form 1040 or 1040NR. 2012 tax filing for free These are not taxable distributions. 2012 tax filing for free Members of the beneficiary's family. 2012 tax filing for free   For these purposes, the beneficiary's family includes the beneficiary's spouse and the following other relatives of the beneficiary. 2012 tax filing for free Son, daughter, stepchild, foster child, adopted child, or a descendant of any of them. 2012 tax filing for free Brother, sister, stepbrother, or stepsister. 2012 tax filing for free Father or mother or ancestor of either. 2012 tax filing for free Stepfather or stepmother. 2012 tax filing for free Son or daughter of a brother or sister. 2012 tax filing for free Brother or sister of father or mother. 2012 tax filing for free Son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law, or sister-in-law. 2012 tax filing for free The spouse of any individual listed above. 2012 tax filing for free First cousin. 2012 tax filing for free Example. 2012 tax filing for free When Aaron graduated from college last year he had $5,000 left in his QTP. 2012 tax filing for free He wanted to give this money to his younger brother, who was in junior high school. 2012 tax filing for free In order to avoid paying tax on the distribution of the amount remaining in his account, Aaron contributed the same amount to his brother's QTP within 60 days of the distribution. 2012 tax filing for free If the rollover is to another QTP for the same beneficiary, only one rollover is allowed within 12 months of a previous transfer to any QTP for that designated beneficiary. 2012 tax filing for free Changing the Designated Beneficiary There are no income tax consequences if the designated beneficiary of an account is changed to a member of the beneficiary's family. 2012 tax filing for free See Members of the beneficiary's family , earlier. 2012 tax filing for free Example. 2012 tax filing for free Assume the same situation as in the last example. 2012 tax filing for free Instead of closing his QTP and paying the distribution into his brother's QTP, Aaron could have instructed the trustee of his account to simply change the name of the beneficiary on his account to that of his brother. 2012 tax filing for free Prev  Up  Next   Home   More Online Publications
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The 2012 Tax Filing For Free

2012 tax filing for free Some employees may be able to deduct certain work-related expenses. The following facts from the IRS can help you determine which expenses are deductible as an employee business expense. You must be itemizing deductions on IRS Schedule A to qualify. 2012 tax filing for free Expenses that qualify for an itemized deduction generally include: 2012 tax filing for free Business travel away from home 2012 tax filing for free Business use of your car 2012 tax filing for free Business meals and entertainment 2012 tax filing for free Travel 2012 tax filing for free Use of your home 2012 tax filing for free Education 2012 tax filing for free Supplies 2012 tax filing for free Tools 2012 tax filing for free Miscellaneous expenses 2012 tax filing for free You must keep records to prove the business expenses you deduct. For general information on recordkeeping, see IRS Publication 552, Recordkeeping for Individuals available on this website, or by calling 1-800-TAX-FORM (800-829-3676). 2012 tax filing for free If your employer reimburses you under an accountable plan, you should not include the payments in your gross income, and you may not deduct any of the reimbursed amounts. 2012 tax filing for free An accountable plan must meet three requirements: 2012 tax filing for free You must have paid or incurred expenses that are deductible while performing services as an employee. 2012 tax filing for free 2012 tax filing for free You must adequately account to your employer for these expenses within a reasonable time period. 2012 tax filing for free 2012 tax filing for free You must return any excess reimbursement or allowance within a reasonable time period. 2012 tax filing for free If the plan under which you are reimbursed by your employer is non-accountable, the payments you receive should be included in the wages shown on your Form W-2. You must report the income and itemize your deductions to deduct these expenses. 2012 tax filing for free Generally, you report unreimbursed expenses on IRS Form 2106 or IRS Form 2106-EZ and attach it to Form 1040. Deductible expenses are then reported on IRS Schedule A, as a miscellaneous itemized deduction subject to a rule that limits your employee business expenses deduction to the amount that exceeds 2 percent of your adjusted gross income. 2012 tax filing for free For more information see IRS Publication 529, Miscellaneous Deductions, which is available on this website, or by calling 1-800-TAX-FORM (800-829-3676). 2012 tax filing for free