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Federal Tax Return 2012

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Federal Tax Return 2012

Federal tax return 2012 Car Expenses Table of Contents Introduction Depreciation of CarSpecial Depreciation Allowance Depreciation Limit Amended Return Election Not To Claim Special Allowance If you purchased a car after September 10, 2001, for use in your business (or as an employee) and figure your deductible expenses using the actual car expense method, new law contains provisions that may affect your depreciation deduction for that car. Federal tax return 2012 Publication 463, Travel, Entertainment, Gift, and Car Expenses, contains information on figuring depreciation on your car. Federal tax return 2012 However, Publication 463 does not contain the new provisions because it was printed before the law was enacted. Federal tax return 2012 The new provisions are in the Supplement to Publication 463, which is reprinted below. Federal tax return 2012 Supplement to Publication 463 Travel, Entertainment, Gift, and Car Expenses   Introduction This supplemental publication is for taxpayers who purchased a car for business purposes after September 10, 2001, and figure their deductible expenses, including a deduction for depreciation, using the actual car expense method. Federal tax return 2012 After Publication 463 was printed, the Job Creation and Worker Assistance Act of 2002 was signed into law by the President. Federal tax return 2012 Certain provisions of this new law may reduce your taxes for 2001. Federal tax return 2012 The new law contains the following provisions. Federal tax return 2012 A new depreciation deduction, the special depreciation allowance. Federal tax return 2012 An increase in the limit on depreciation for any car for which you claim the new special depreciation allowance. Federal tax return 2012 If you have already filed your 2001 return, you may wish to file an amended return to claim any of these benefits. Federal tax return 2012 See Amended Return, later. Federal tax return 2012 Depreciation of Car If you used the actual car expense method to figure your deduction for a car you own and use in your business (or as an employee), you generally can claim a depreciation deduction. Federal tax return 2012 However, there is a limit on the depreciation deduction you can take for your car each year. Federal tax return 2012 See Depreciation Limit later. Federal tax return 2012 Special Depreciation Allowance The new law allows you to claim a special depreciation allowance. Federal tax return 2012 This special allowance is a deduction equal to 30% of the depreciable basis of qualified property. Federal tax return 2012 You figure the amount of the special depreciation allowance after any section 179 deduction you choose to claim, but before figuring your regular depreciation deduction under the Modified Accelerated Cost Recovery System (MACRS). Federal tax return 2012 See Depreciation Deduction under Actual Car Expenses in chapter 4 of Publication 463 for information about MACRS. Federal tax return 2012 You can claim the special depreciation allowance only for the year the qualified property is placed in service. Federal tax return 2012 Qualified property. Federal tax return 2012   Qualified property includes a car (any four-wheeled vehicle, including a truck or van not more than 6,000 pounds, that is made primarily for use on public streets, roads, and highways) that meets all of the following requirements. Federal tax return 2012 You bought it new. Federal tax return 2012 You bought it after September 10, 2001. Federal tax return 2012 (But a car is not qualified property if a binding written contract for you to buy the car was in effect before September 11, 2001. Federal tax return 2012 ) You began using it for business after September 10, 2001, and used it more than 50% in a qualified business use. Federal tax return 2012 Example. Federal tax return 2012 Bob bought a new car on October 15, 2001, for $20,000 and placed it in service immediately, using it 75% for business. Federal tax return 2012 Bob's car is qualified property. Federal tax return 2012 Bob chooses not to take a section 179 deduction for the car. Federal tax return 2012 He does claim the new special depreciation allowance. Federal tax return 2012 Bob first must figure the car's depreciable basis, which is $15,000 ($20,000 × . Federal tax return 2012 75). Federal tax return 2012 He then figures the special depreciation allowance of $4,500 ($15,000 × . Federal tax return 2012 30). Federal tax return 2012 The remaining depreciable basis of $10,500 ($15,000 - $4,500) is depreciated using MACRS (200% declining balance method, half-year convention) and results in a deduction of $2,100 ($10,500 × . Federal tax return 2012 20), for a total depreciation deduction for 2001 of $6,600 ($4,500 + $2,100). Federal tax return 2012 However, Bob's depreciation deduction is limited to $5,745 ($7,660 × . Federal tax return 2012 75), as discussed next. Federal tax return 2012 Depreciation Limit The limit on your depreciation deduction for 2001 is increased to $7,660 for a car that is qualified property (defined above) and for which you claim the special depreciation allowance. Federal tax return 2012 The limit is increased to $23,080 if the car is an electric car. Federal tax return 2012 The section 179 deduction is treated as depreciation for purposes of this limit. Federal tax return 2012 If you use a car less than 100% in your business or work, the limit is $7,660 (or $23,080 for an electric car) multiplied by the percentage of business and investment use during the year. Federal tax return 2012 For cars that do not qualify for (or for which you choose not to claim) the special depreciation allowance, the limit remains $3,060 ($9,280 for electric cars). Federal tax return 2012 Amended Return If you filed your 2001 calendar year return before June 1, 2002, and did not claim the new special depreciation allowance for a qualified car, you can claim it by filing an amended return on Form 1040X, Amended U. Federal tax return 2012 S. Federal tax return 2012 Individual Income Tax Return, by April 15, 2003. Federal tax return 2012 At the top of the Form 1040X, print “Filed pursuant to Revenue Procedure 2002–33. Federal tax return 2012 ” If you are an employee, attach Form 2106, Employee Business Expenses (revised March 2002). Federal tax return 2012 If you are self-employed, attach Form 4562, Depreciation and Amortization (revised March 2002). Federal tax return 2012 Or, you can claim the special depreciation allowance by filing Form 3115, Application for Change in Accounting Method, with your 2002 return. Federal tax return 2012 For details, see Revenue Procedure 2002–33. Federal tax return 2012 (But, filing Form 1040X for 2001 enables you to claim the special allowance earlier than attaching Form 3115 to your 2002 return. Federal tax return 2012 ) You cannot claim the special depreciation allowance on an amended return (or by using Form 3115) if you made, or are treated as having made, the election not to claim it described later. Federal tax return 2012 Example. Federal tax return 2012 The facts are the same as in the previous example except that Bob filed his original 2001 income tax return on April 15, 2002, and claimed a $3,000 ($20,000 x . Federal tax return 2012 75 x . Federal tax return 2012 20) depreciation deduction for his new car using MACRS. Federal tax return 2012 Bob now wishes to claim the special depreciation allowance for his new car on an amended 2001 return. Federal tax return 2012 Bob, who is an employee, files Form 1040X, by April 15, 2003, with an updated Form 2106 (revised March 2002) attached, increasing his total depreciation deduction to $5,745, as figured in the earlier example. Federal tax return 2012 Bob's new filled-in Form 2106 is shown later. Federal tax return 2012 Election Not To Claim Special Allowance You can elect not to claim the special depreciation allowance for a car by making a statement attached to, or written on, your return indicating that you are electing not to claim the special depreciation allowance for 5-year property. Federal tax return 2012 As a general rule, you must make this election by the due date (including extensions) of your return. Federal tax return 2012 You can have an automatic extension of 6 months from the due date of your return (excluding extensions) to make the election with an amended return. Federal tax return 2012 To get this extension, you must have filed your original return by the due date (including extensions). Federal tax return 2012 At the top of the statement, print “Filed pursuant to section 301. Federal tax return 2012 9100–2. Federal tax return 2012 ” If you elect not to claim the special depreciation allowance for a car, you cannot claim it for any other 5-year property placed in service during the same year. Federal tax return 2012 Unless you elect (or are treated as electing) not to claim the special depreciation allowance, you must reduce the car's adjusted basis by the amount of the allowance, even if the allowance was not claimed. Federal tax return 2012 Deemed election for return filed before June 1, 2002. Federal tax return 2012   If you did not make the election not to claim the special depreciation allowance in the time and manner described above, you will still be treated as electing not to claim it if all of the following apply. Federal tax return 2012 You filed your 2001 return before June 1, 2002. Federal tax return 2012 You claimed depreciation on your return but did not claim the special depreciation allowance. Federal tax return 2012 You did not file an amended 2001 return by April 15, 2003, or a Form 3115 with your 2002 return, to claim the special depreciation allowance. Federal tax return 2012 Form 2106, Page 1, for Bob Smith Form 2106, Page 2, for Bob Smith Prev  Up  Next   Home   More Online Publications
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The Federal Tax Return 2012

Federal tax return 2012 9. Federal tax return 2012   Education Exception to Additional Tax on Early IRA Distributions Table of Contents Introduction Who Is Eligible Figuring the Amount Not Subject to the 10% Tax Reporting Early Distributions Introduction Generally, if you take a distribution from your IRA before you reach age 59½, you must pay a 10% additional tax on the early distribution. Federal tax return 2012 This applies to any IRA you own, whether it is a traditional IRA (including a SEP-IRA), a Roth IRA, or a SIMPLE IRA. Federal tax return 2012 The additional tax on an early distribution from a SIMPLE IRA may be as high as 25%. Federal tax return 2012 See Publication 560, Retirement Plans for Small Business, for information on SEP-IRAs, and Publication 590, for information about all other IRAs. Federal tax return 2012 However, you can take distributions from your IRAs for qualified higher education expenses without having to pay the 10% additional tax. Federal tax return 2012 You may owe income tax on at least part of the amount distributed, but you may not have to pay the 10% additional tax. Federal tax return 2012 Generally, if the taxable part of the distribution is less than or equal to the adjusted qualified education expenses (AQEE), none of the distribution is subject to the additional tax. Federal tax return 2012 If the taxable part of the distribution is more than the AQEE, only the excess is subject to the additional tax. Federal tax return 2012 Who Is Eligible You can take a distribution from your IRA before you reach age 59½ and not have to pay the 10% additional tax if, for the year of the distribution, you pay qualified education expenses for: yourself, your spouse, or your or your spouse's child, foster child, adopted child, or descendant of any of them. Federal tax return 2012 Qualified education expenses. Federal tax return 2012   For purposes of the 10% additional tax, these expenses are tuition, fees, books, supplies, and equipment required for enrollment or attendance at an eligible educational institution. Federal tax return 2012 They also include expenses for special needs services incurred by or for special needs students in connection with their enrollment or attendance. Federal tax return 2012   In addition, if the student is at least a half-time student, room and board are qualified education expenses. Federal tax return 2012   The expense for room and board qualifies only to the extent that it is not more than the greater of the following two amounts. Federal tax return 2012 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. Federal tax return 2012 The actual amount charged if the student is residing in housing owned or operated by the eligible educational institution. Federal tax return 2012 You will need to contact the eligible educational institution for qualified room and board costs. Federal tax return 2012 Eligible educational institution. Federal tax return 2012   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. Federal tax return 2012 S. Federal tax return 2012 Department of Education. Federal tax return 2012 It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Federal tax return 2012 The educational institution should be able to tell you if it is an eligible educational institution. Federal tax return 2012   Certain educational institutions located outside the United States also participate in the U. Federal tax return 2012 S. Federal tax return 2012 Department of Education's Federal Student Aid (FSA) programs. Federal tax return 2012 Half-time student. Federal tax return 2012   A student is enrolled “at least half-time” if he or she is enrolled for at least half the full-time academic work load for the course of study the student is pursuing as determined under the standards of the school where the student is enrolled. Federal tax return 2012 Figuring the Amount Not Subject to the 10% Tax To determine the amount of your distribution that is not subject to the 10% additional tax, first figure your adjusted qualified education expenses. Federal tax return 2012 You do this by reducing your total qualified education expenses by any tax-free educational assistance, which includes: Expenses used to figure the tax-free portion of distributions from a Coverdell education savings account (ESA) (see Distributions in chapter 7, Coverdell Education Savings Account), The tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships 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), 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 ), and Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. Federal tax return 2012 Do not reduce the qualified education expenses by amounts paid with funds the student receives as: Payment for services, such as wages, A loan, A gift, An inheritance given to either the student or the individual making the withdrawal, or A withdrawal from personal savings (including savings from a qualified tuition program (QTP)). Federal tax return 2012 If your IRA distribution is equal to or less than your adjusted qualified education expenses, you are not subject to the 10% additional tax. Federal tax return 2012 Example 1. Federal tax return 2012 In 2013, Erin (age 32) took a year off from teaching to attend graduate school full-time. Federal tax return 2012 She paid $5,800 of qualified education expenses from the following sources. Federal tax return 2012   Employer-provided educational assistance  (tax free) $5,000     Early distribution from IRA (includes $500 taxable earnings) 3,200           Before Erin can determine if she must pay the 10% additional tax on her IRA distribution, she must reduce her total qualified education expenses. Federal tax return 2012   Total qualified education expenses $5,800     Minus: Tax-free educational assistance −5,000     Equals: Adjusted qualified  education expenses (AQEE) $ 800   Because Erin's AQEE ($800) are more than the taxable portion of her IRA distribution ($500), she does not have to pay the 10% additional tax on any part of this distribution. Federal tax return 2012 However, she must include the $500 taxable earnings in her gross income subject to income tax. Federal tax return 2012 Example 2. Federal tax return 2012 Assume the same facts as in Example 1 , except that Erin deducted some of the contributions to her IRA, so the taxable part of her early distribution is higher by $1,000. Federal tax return 2012 This must be included in her income subject to income tax. Federal tax return 2012 The taxable part of Erin's IRA distribution ($1,000) is larger than her $800 AQEE. Federal tax return 2012 Therefore, she must pay the 10% additional tax on $200, the taxable part of her distribution ($1,000) that is more than her qualified education expenses ($800). Federal tax return 2012 She does not have to pay the 10% additional tax on the remaining $800 of her taxable distribution. Federal tax return 2012 Reporting Early Distributions By January 31, 2014, the payer of your IRA distribution should send you Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Federal tax return 2012 The information on this form will help you determine how much of your distribution is taxable for income tax purposes and how much is subject to the 10% additional tax. Federal tax return 2012 If you received an early distribution from your IRA, you must report the taxable earnings on Form 1040, line 15b (Form 1040NR, line 16b). Federal tax return 2012 Then, if you qualify for an exception for qualified higher education expenses, you must file Form 5329 to show how much, if any, of your early distribution is subject to the 10% additional tax. Federal tax return 2012 See the Instructions for Form 5329, Part I, for help in completing the form and entering the results on Form 1040 or 1040NR. Federal tax return 2012 There are many other situations in which Form 5329 is required. Federal tax return 2012 If, during 2013, you had other distributions from IRAs or qualified retirement plans, or have made excess contributions to certain tax-favored accounts, see the instructions for line 58 (Form 1040) or line 56 (Form 1040NR) to determine if you must file Form 5329. Federal tax return 2012 Prev  Up  Next   Home   More Online Publications