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Amend 2011 Tax Return Free

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Amend 2011 Tax Return Free

Amend 2011 tax return free 20. Amend 2011 tax return free   Standard Deduction Table of Contents What's New Introduction Standard Deduction Amount Standard Deduction for Dependents Who Should ItemizeWhen to itemize. Amend 2011 tax return free Married persons who filed separate returns. Amend 2011 tax return free What's New Standard deduction increased. Amend 2011 tax return free  The standard deduction for some taxpayers who do not itemize their deductions on Schedule A (Form 1040) is higher for 2013 than it was for 2012. Amend 2011 tax return free The amount depends on your filing status. Amend 2011 tax return free You can use the 2013 Standard Deduction Tables in this chapter to figure your standard deduction. Amend 2011 tax return free Introduction This chapter discusses the following topics. Amend 2011 tax return free How to figure the amount of your standard deduction. Amend 2011 tax return free The standard deduction for dependents. Amend 2011 tax return free Who should itemize deductions. Amend 2011 tax return free Most taxpayers have a choice of either taking a standard deduction or itemizing their deductions. Amend 2011 tax return free If you have a choice, you can use the method that gives you the lower tax. Amend 2011 tax return free The standard deduction is a dollar amount that reduces your taxable income. Amend 2011 tax return free It is a benefit that eliminates the need for many taxpayers to itemize actual deductions, such as medical expenses, charitable contributions, and taxes, on Schedule A (Form 1040). Amend 2011 tax return free The standard deduction is higher for taxpayers who: Are 65 or older, or Are blind. Amend 2011 tax return free You benefit from the standard deduction if your standard deduction is more than the total of your allowable itemized deductions. Amend 2011 tax return free Persons not eligible for the standard deduction. Amend 2011 tax return free   Your standard deduction is zero and you should itemize any deductions you have if: Your filing status is married filing separately, and your spouse itemizes deductions on his or her return, You are filing a tax return for a short tax year because of a change in your annual accounting period, or You are a nonresident or dual-status alien during the year. Amend 2011 tax return free You are considered a dual-status alien if you were both a nonresident and resident alien during the year. Amend 2011 tax return free Note. Amend 2011 tax return free If you are a nonresident alien who is married to a U. Amend 2011 tax return free S. Amend 2011 tax return free citizen or resident alien at the end of the year, you can choose to be treated as a U. Amend 2011 tax return free S. Amend 2011 tax return free resident. Amend 2011 tax return free (See Publication 519, U. Amend 2011 tax return free S. Amend 2011 tax return free Tax Guide for Aliens. Amend 2011 tax return free ) If you make this choice, you can take the standard deduction. Amend 2011 tax return free If an exemption for you can be claimed on another person's return (such as your parents' return), your standard deduction may be limited. Amend 2011 tax return free See Standard Deduction for Dependents, later. Amend 2011 tax return free Standard Deduction Amount The standard deduction amount depends on your filing status, whether you are 65 or older or blind, and whether an exemption can be claimed for you by another taxpayer. Amend 2011 tax return free Generally, the standard deduction amounts are adjusted each year for inflation. Amend 2011 tax return free The standard deduction amounts for most people are shown in Table 20-1. Amend 2011 tax return free Decedent's final return. Amend 2011 tax return free   The standard deduction for a decedent's final tax return is the same as it would have been had the decedent continued to live. Amend 2011 tax return free However, if the decedent was not 65 or older at the time of death, the higher standard deduction for age cannot be claimed. Amend 2011 tax return free Higher Standard Deduction for Age (65 or Older) If you are age 65 or older on the last day of the year and do not itemize deductions, you are entitled to a higher standard deduction. Amend 2011 tax return free You are considered 65 on the day before your 65th birthday. Amend 2011 tax return free Therefore, you can take a higher standard deduction for 2013 if you were born before January 2, 1949. Amend 2011 tax return free Use Table 20-2 to figure the standard deduction amount. Amend 2011 tax return free Higher Standard Deduction for Blindness If you are blind on the last day of the year and you do not itemize deductions, you are entitled to a higher standard deduction. Amend 2011 tax return free Not totally blind. Amend 2011 tax return free   If you are not totally blind, you must get a certified statement from an eye doctor (ophthalmologist or optometrist) that: You cannot see better than 20/200 in the better eye with glasses or contact lenses, or Your field of vision is 20 degrees or less. Amend 2011 tax return free   If your eye condition is not likely to improve beyond these limits, the statement should include this fact. Amend 2011 tax return free You must keep the statement in your records. Amend 2011 tax return free   If your vision can be corrected beyond these limits only by contact lenses that you can wear only briefly because of pain, infection, or ulcers, you can take the higher standard deduction for blindness if you otherwise qualify. Amend 2011 tax return free Spouse 65 or Older or Blind You can take the higher standard deduction if your spouse is age 65 or older or blind and: You file a joint return, or You file a separate return and can claim an exemption for your spouse because your spouse had no gross income and cannot be claimed as a dependent by another taxpayer. Amend 2011 tax return free You cannot claim the higher standard deduction for an individual other than yourself and your spouse. Amend 2011 tax return free Examples The following examples illustrate how to determine your standard deduction using Tables 20-1 and 20-2. Amend 2011 tax return free Example 1. Amend 2011 tax return free Larry, 46, and Donna, 33, are filing a joint return for 2013. Amend 2011 tax return free Neither is blind, and neither can be claimed as a dependent. Amend 2011 tax return free They decide not to itemize their deductions. Amend 2011 tax return free They use Table 20-1. Amend 2011 tax return free Their standard deduction is $12,200. Amend 2011 tax return free Example 2. Amend 2011 tax return free The facts are the same as in Example 1 except that Larry is blind at the end of 2013. Amend 2011 tax return free Larry and Donna use Table 20-2. Amend 2011 tax return free Their standard deduction is $13,400. Amend 2011 tax return free Example 3. Amend 2011 tax return free Bill and Lisa are filing a joint return for 2013. Amend 2011 tax return free Both are over age 65. Amend 2011 tax return free Neither is blind, and neither can be claimed as a dependent. Amend 2011 tax return free If they do not itemize deductions, they use Table 20-2. Amend 2011 tax return free Their standard deduction is $14,600. Amend 2011 tax return free Standard Deduction for Dependents The standard deduction for an individual who can be claimed as a dependent on another person's tax return is generally limited to the greater of: $1,000, or The individual's earned income for the year plus $350 (but not more than the regular standard deduction amount, generally $6,100). Amend 2011 tax return free However, if the individual is 65 or older or blind, the standard deduction may be higher. Amend 2011 tax return free If you (or your spouse, if filing jointly) can be claimed as a dependent on someone else's return, use Table 20-3 to determine your standard deduction. Amend 2011 tax return free Earned income defined. Amend 2011 tax return free   Earned income is salaries, wages, tips, professional fees, and other amounts received as pay for work you actually perform. Amend 2011 tax return free    For purposes of the standard deduction, earned income also includes any part of a scholarship or fellowship grant that you must include in your gross income. Amend 2011 tax return free See Scholarships and fellowships in chapter 12 for more information on what qualifies as a scholarship or fellowship grant. Amend 2011 tax return free Example 1. Amend 2011 tax return free Michael is single. Amend 2011 tax return free His parents can claim an exemption for him on their 2013 tax return. Amend 2011 tax return free He has interest income of $780 and wages of $150. Amend 2011 tax return free He has no itemized deductions. Amend 2011 tax return free Michael uses Table 20-3 to find his standard deduction. Amend 2011 tax return free He enters $150 (his earned income) on line 1, $500 ($150 + $350) on line 3, $1,000 (the larger of $500 and $1,000) on line 5, and $6,100 on line 6. Amend 2011 tax return free His standard deduction, on line 7a, is $1,000 (the smaller of $1,000 and $6,100). Amend 2011 tax return free Example 2. Amend 2011 tax return free Joe, a 22-year-old full-time college student, can be claimed as a dependent on his parents' 2013 tax return. Amend 2011 tax return free Joe is married and files a separate return. Amend 2011 tax return free His wife does not itemize deductions on her separate return. Amend 2011 tax return free Joe has $1,500 in interest income and wages of $3,800. Amend 2011 tax return free He has no itemized deductions. Amend 2011 tax return free Joe finds his standard deduction by using Table 20-3. Amend 2011 tax return free He enters his earned income, $3,800 on line 1. Amend 2011 tax return free He adds lines 1 and 2 and enters $4,150 on line 3. Amend 2011 tax return free On line 5, he enters $4,150, the larger of lines 3 and 4. Amend 2011 tax return free Because Joe is married filing a separate return, he enters $6,100 on line 6. Amend 2011 tax return free On line 7a he enters $4,150 as his standard deduction because it is smaller than $6,100, the amount on line 6. Amend 2011 tax return free Example 3. Amend 2011 tax return free Amy, who is single, can be claimed as a dependent on her parents' 2013 tax return. Amend 2011 tax return free She is 18 years old and blind. Amend 2011 tax return free She has interest income of $1,300 and wages of $2,900. Amend 2011 tax return free She has no itemized deductions. Amend 2011 tax return free Amy uses Table 20-3 to find her standard deduction. Amend 2011 tax return free She enters her wages of $2,900 on line 1. Amend 2011 tax return free She adds lines 1 and 2 and enters $3,250 on line 3. Amend 2011 tax return free On line 5, she enters $3,250, the larger of lines 3 and 4. Amend 2011 tax return free Because she is single, Amy enters $6,100 on line 6. Amend 2011 tax return free She enters $3,250 on line 7a. Amend 2011 tax return free This is the smaller of the amounts on lines 5 and 6. Amend 2011 tax return free Because she checked one box in the top part of the worksheet, she enters $1,500 on line 7b. Amend 2011 tax return free She then adds the amounts on lines 7a and 7b and enters her standard deduction of $4,750 on line 7c. Amend 2011 tax return free Example 4. Amend 2011 tax return free Ed is single. Amend 2011 tax return free His parents can claim an exemption for him on their 2013 tax return. Amend 2011 tax return free He has wages of $7,000, interest income of $500, and a business loss of $3,000. Amend 2011 tax return free He has no itemized deductions. Amend 2011 tax return free Ed uses Table 20-3 to figure his standard deduction. Amend 2011 tax return free He enters $4,000 ($7,000 - $3,000) on line 1. Amend 2011 tax return free He adds lines 1 and 2 and enters $4,350 on line 3. Amend 2011 tax return free On line 5 he enters $4,350, the larger of lines 3 and 4. Amend 2011 tax return free Because he is single, Ed enters $6,100 on line 6. Amend 2011 tax return free On line 7a he enters $4,350 as his standard deduction because it is smaller than $6,100, the amount on line 6. Amend 2011 tax return free Who Should Itemize You should itemize deductions if your total deductions are more than the standard deduction amount. Amend 2011 tax return free Also, you should itemize if you do not qualify for the standard deduction, as discussed earlier under Persons not eligible for the standard deduction . Amend 2011 tax return free You should first figure your itemized deductions and compare that amount to your standard deduction to make sure you are using the method that gives you the greater benefit. Amend 2011 tax return free You may be subject to a limit on some of your itemized deductions if your adjusted gross income is more than: $250,000 if single ($275,000 if head of household, $300,000 if married filing jointly or qualifying widow(er); or $150,000 if married filing separately). Amend 2011 tax return free See chapter 29 or the instructions for Schedule A (Form 1040) for more information on figuring the correct amount of your itemized deductions. Amend 2011 tax return free When to itemize. Amend 2011 tax return free   You may benefit from itemizing your deductions on Schedule A (Form 1040) if you: Do not qualify for the standard deduction, or the amount you can claim is limited, Had large uninsured medical and dental expenses during the year, Paid interest and taxes on your home, Had large unreimbursed employee business expenses or other miscellaneous deductions, Had large uninsured casualty or theft losses, Made large contributions to qualified charities, or Have total itemized deductions that are more than the standard deduction to which you otherwise are entitled. Amend 2011 tax return free These deductions are explained in chapters 21–28. Amend 2011 tax return free    If you decide to itemize your deductions, complete Schedule A and attach it to your Form 1040. Amend 2011 tax return free Enter the amount from Schedule A, line 29, on Form 1040, line 40. Amend 2011 tax return free Electing to itemize for state tax or other purposes. Amend 2011 tax return free   Even if your itemized deductions are less than your standard deduction, you can elect to itemize deductions on your federal return rather than take the standard deduction. Amend 2011 tax return free You may want to do this if, for example, the tax benefit of itemizing your deductions on your state tax return is greater than the tax benefit you lose on your federal return by not taking the standard deduction. Amend 2011 tax return free To make this election, you must check the box on line 30 of Schedule A. Amend 2011 tax return free Changing your mind. Amend 2011 tax return free   If you do not itemize your deductions and later find that you should have itemized — or if you itemize your deductions and later find you should not have — you can change your return by filing Form 1040X, Amended U. Amend 2011 tax return free S. Amend 2011 tax return free Individual Income Tax Return. Amend 2011 tax return free See Amended Returns and Claims for Refund in chapter 1 for more information on amended returns. Amend 2011 tax return free Married persons who filed separate returns. Amend 2011 tax return free   You can change methods of taking deductions only if you and your spouse both make the same changes. Amend 2011 tax return free Both of you must file a consent to assessment for any additional tax either one may owe as a result of the change. Amend 2011 tax return free    You and your spouse can use the method that gives you the lower total tax, even though one of you may pay more tax than you would have paid by using the other method. Amend 2011 tax return free You both must use the same method of claiming deductions. Amend 2011 tax return free If one itemizes deductions, the other should itemize because he or she will not qualify for the standard deduction. Amend 2011 tax return free See Persons not eligible for the standard deduction , earlier. Amend 2011 tax return free 2013 Standard Deduction Tables If you are married filing a separate return and your spouse itemizes deductions, or if you are a dual-status alien, you cannot take the standard deduction even if you were born before January 2, 1949, or are blind. Amend 2011 tax return free Table 20-1. Amend 2011 tax return free Standard Deduction Chart for Most People* If your filing status is. Amend 2011 tax return free . Amend 2011 tax return free . Amend 2011 tax return free Your standard deduction is: Single or Married filing separately $6,100 Married filing jointly or Qualifying widow(er) with dependent child 12,200 Head of household 8,950 *Do not use this chart if you were born before January 2, 1949, are blind, or if someone else can claim you (or your spouse if filing jointly) as a dependent. Amend 2011 tax return free Use Table 20-2 or 20-3 instead. Amend 2011 tax return free Table 20-2. Amend 2011 tax return free Standard Deduction Chart for People Born Before January 2, 1949, or Who are Blind Check the correct number of boxes below. Amend 2011 tax return free Then go to the chart. Amend 2011 tax return free You: Born before January 2, 1949 □ Blind □ Your spouse, if claiming spouse's exemption: Born before January 2, 1949 □ Blind □ Total number of boxes checked   IF  your filing status is. Amend 2011 tax return free . Amend 2011 tax return free . Amend 2011 tax return free AND the number in the box above is. Amend 2011 tax return free . Amend 2011 tax return free . Amend 2011 tax return free THEN your standard deduction is. Amend 2011 tax return free . Amend 2011 tax return free . Amend 2011 tax return free Single 1 $7,600   2 9,100 Married filing jointly 1 $13,400 or Qualifying 2 14,600 widow(er) with 3 15,800 dependent child 4 17,000 Married filing 1 $7,300 separately 2 8,500   3 9,700   4 10,900 Head of household 1 $10,450   2 11,950 *If someone else can claim you (or your spouse if filing jointly) as a dependent, use Table 20-3 instead. Amend 2011 tax return free Table 20-3. Amend 2011 tax return free Standard Deduction Worksheet for Dependents Use this worksheet only if someone else can claim you (or your spouse if filing jointly) as a dependent. Amend 2011 tax return free Check the correct number of boxes below. Amend 2011 tax return free Then go to the worksheet. Amend 2011 tax return free You:   Born before January 2, 1949 □ Blind □ Your spouse, if claiming spouse's exemption: Born before January 2, 1949 □ Blind □ Total number of boxes checked 1. Amend 2011 tax return free Enter your earned income (defined below). Amend 2011 tax return free If none, enter -0-. Amend 2011 tax return free 1. Amend 2011 tax return free   2. Amend 2011 tax return free Additional amount. Amend 2011 tax return free 2. Amend 2011 tax return free $350 3. Amend 2011 tax return free Add lines 1 and 2. Amend 2011 tax return free 3. Amend 2011 tax return free   4. Amend 2011 tax return free Minimum standard deduction. Amend 2011 tax return free 4. Amend 2011 tax return free $1,000 5. Amend 2011 tax return free Enter the larger of line 3 or line 4. Amend 2011 tax return free 5. Amend 2011 tax return free   6. Amend 2011 tax return free Enter the amount shown below for your filing status. Amend 2011 tax return free Single or Married filing separately—$6,100 Married filing jointly—$12,200 Head of household—$8,950 6. Amend 2011 tax return free   7. Amend 2011 tax return free Standard deduction. Amend 2011 tax return free         a. Amend 2011 tax return free Enter the smaller of line 5 or line 6. Amend 2011 tax return free If born after January 1, 1949, and not blind, stop here. Amend 2011 tax return free This is your standard deduction. Amend 2011 tax return free Otherwise, go on to line 7b. Amend 2011 tax return free 7a. Amend 2011 tax return free     b. Amend 2011 tax return free If born before January 2, 1949, or blind, multiply $1,500 ($1,200 if married) by the number in the box above. Amend 2011 tax return free 7b. Amend 2011 tax return free     c. Amend 2011 tax return free Add lines 7a and 7b. Amend 2011 tax return free This is your standard deduction for 2013. Amend 2011 tax return free 7c. Amend 2011 tax return free   Earned income includes wages, salaries, tips, professional fees, and other compensation received for personal services you performed. Amend 2011 tax return free It also includes any amount received as a scholarship that you must include in your income. Amend 2011 tax return free Prev  Up  Next   Home   More Online Publications
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The Amend 2011 Tax Return Free

Amend 2011 tax return free 2. Amend 2011 tax return free   The Tax and Filing Requirements Table of Contents Returns and Filing Requirements Payment of TaxFederal Tax Deposits Must be Made by Electronic Funds Transfer All organizations subject to the tax on unrelated business income, except the exempt trusts described in section 511(b)(2), are taxable at corporate rates on that income. Amend 2011 tax return free All exempt trusts subject to the tax on unrelated business income that, if not exempt, would be taxable as trusts are taxable at trust rates on that income. Amend 2011 tax return free However, an exempt trust may not claim the deduction for a personal exemption that is normally allowed to a trust. Amend 2011 tax return free The tax is imposed on the organization's unrelated business taxable income (described in chapter 4). Amend 2011 tax return free The tax is reduced by any applicable tax credits, including the general business credits (such as the investment credit) and the foreign tax credit. Amend 2011 tax return free Alternative minimum tax. Amend 2011 tax return free   Organizations liable for tax on unrelated business income may be liable for alternative minimum tax on certain adjustments and tax preference items. Amend 2011 tax return free Returns and Filing Requirements An exempt organization subject to the tax on unrelated business income must file Form 990-T and attach any required supporting schedules and forms. Amend 2011 tax return free The obligation to file Form 990-T is in addition to the obligation to file any other required returns. Amend 2011 tax return free Form 990-T is required if the organization's gross income from unrelated businesses is $1,000 or more. Amend 2011 tax return free An exempt organization must report income from all its unrelated businesses on a single Form 990-T. Amend 2011 tax return free Each organization must file a separate Form 990-T, except section 501(c)(2) title holding corporations and organizations receiving their earnings that file a consolidated return under section 1501. Amend 2011 tax return free The various provisions of tax law relating to accounting periods, accounting methods, at-risk limits (described in section 465), assessments, and collection penalties that apply to tax returns generally also apply to Form 990-T. Amend 2011 tax return free When to file. Amend 2011 tax return free   The Form 990-T of an employees' trust described in section 401(a), an IRA (including a traditional, SEP, SIMPLE, Roth, or Coverdell IRA), or an MSA must be filed by the 15th day of the 4th month after the end of its tax year. Amend 2011 tax return free The Form 990-T of any other exempt organization must be filed by the 15th day of the 5th month after the end of its tax year. Amend 2011 tax return free If the due date falls on a Saturday, Sunday, or legal holiday, the return is due by the next business day. Amend 2011 tax return free Extension of time to file. Amend 2011 tax return free   A Form 990-T filer may request an automatic 3-month (6 months for corporation) extension of time to file a return by submitting Form 8868, Application for Extension of Time To File an Exempt Organization Return. Amend 2011 tax return free The Form 990-T filer may also use Form 8868 to apply for an additional (not automatic) 3-month extension to file the return if the original 3-month extension was not enough time. Amend 2011 tax return free Public Inspection Requirements of Section 501(c)(3) Organizations. Amend 2011 tax return free   Under section 6104(d), a section 501(c)(3) organization that has gross income from an unrelated trade or business of $1,000 or more must make its annual exempt organization business income tax return (including amended returns) available for public inspection. Amend 2011 tax return free    A section 501(c)(3) organization filing the Form 990-T only to request a credit for certain federal excise taxes paid does not have to make the Form 990-T available for public inspection. Amend 2011 tax return free Payment of Tax Estimated tax. Amend 2011 tax return free   A tax-exempt organization must make estimated tax payments if it expects its tax (unrelated business income tax after certain adjustments) to be $500 or more. Amend 2011 tax return free Estimated tax payments are generally due by the 15th day of the 4th, 6th, 9th, and 12th months of the tax year. Amend 2011 tax return free If any due date falls on a Saturday, Sunday, or legal holiday, the payment is due on the next business day. Amend 2011 tax return free   Any organization that fails to pay the proper estimated tax when due may be charged an underpayment penalty for the period of underpayment. Amend 2011 tax return free Generally, to avoid the estimated tax penalty, the organization must make estimated tax payments that total 100% of the organization's current tax year liability. Amend 2011 tax return free However, an organization can base its required estimated tax payments on 100% of the tax shown on its return for the preceding year (unless no tax is shown) if its taxable income for each of the 3 preceding tax years was less than $1 million. Amend 2011 tax return free If an organization's taxable income for any of those years was $1 million or more, it can base only its first required installment payment on its last year's tax. Amend 2011 tax return free   All tax-exempt organizations should use Form 990-W (Worksheet), to figure their estimated tax. Amend 2011 tax return free    Tax due with Form 990-T. Amend 2011 tax return free   Any tax due with Form 990-T must be paid in full when the return is filed, but no later than the date the return is due (determined without extensions). Amend 2011 tax return free Federal Tax Deposits Must be Made by Electronic Funds Transfer You must use electronic funds transfer to make all federal deposits (such as deposits of estimated tax, employment tax, and excise tax). Amend 2011 tax return free Forms 8109 and 8109-B, Federal Tax Deposit Coupon, are no longer in use. Amend 2011 tax return free Generally, electronic fund transfers are made using the Electronic Federal Tax Payment System (EFTPS). Amend 2011 tax return free 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 deposits on your behalf. Amend 2011 tax return free Also, you may arrange for your financial institution to initiate a same-day wire payment on your behalf. Amend 2011 tax return free EFTPS is a free service provided by the Department of Treasury. Amend 2011 tax return free Services provided by your tax professional, financial institution, payroll service, or other third party may have a fee. Amend 2011 tax return free To get more information about EFTPS or to enroll in EFTPS, visit www. Amend 2011 tax return free eftps. Amend 2011 tax return free gov or call 1-800-555-4477. Amend 2011 tax return free Additional information about EFTPS is available in Publication 966, The Secure Way to Pay Your Federal Taxes. Amend 2011 tax return free Deposits on business days only. Amend 2011 tax return free   If a deposit is required to be made on a day that is not a business day, the deposit is considered timely if it is made by the close of the next business day. Amend 2011 tax return free A business day is any day other than a Saturday, Sunday, or legal holiday. Amend 2011 tax return free For example, if a deposit is required to be made on a Friday and Friday is a legal holiday, the deposit will be considered timely if it is made by the following Monday (if that Monday is a business day). Amend 2011 tax return free The term "legal holiday" means any legal holiday in the District of Columbia. Amend 2011 tax return free Prev  Up  Next   Home   More Online Publications