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File 2007 Taxes For Free

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File 2007 taxes for free Publication 957 - Main Content Table of Contents 1. File 2007 taxes for free What is Back Pay?Reporting Back Pay Back Pay Under a Statute Nonstatutory Back Pay Format for Report to the SSA Questions 2. File 2007 taxes for free Special Wage PaymentsReporting Special Wage Payments Reporting Nonstatutory (Nonqualified) Stock Options as Special Wage Payments Nonqualified Deferred Compensation and Section 457 Plans Additional Reporting Examples for Nonqualified Deferred Compensation (NQDC) PlansSpecial rule for box 11 of Form W-2 (distributions and deferral in the same year). File 2007 taxes for free 1. File 2007 taxes for free What is Back Pay? Back pay is pay received in a tax year(s) for actual or deemed employment in an earlier tax year(s). File 2007 taxes for free For social security coverage and benefit purposes, all back pay, whether or not under a statute, is wages if it is payment for covered employment. File 2007 taxes for free Damages for personal injury, interest, penalties, and legal fees included with back pay awards are not wages. File 2007 taxes for free Report all back pay. File 2007 taxes for free However, the tax year(s) for which back pay is credited as wages for social security purposes is different if it is awarded under a statute. File 2007 taxes for free See Back Pay Under a Statute , later, for more information. File 2007 taxes for free Reporting Back Pay The Internal Revenue Service (IRS) and the SSA consider back pay awards to be wages. File 2007 taxes for free However, for income tax purposes, the IRS treats all back pay as wages in the year paid. File 2007 taxes for free Employers should use Form W-2, Wage and Tax Statement, or electronic wage reports to report back pay as wages in the year they actually pay the employee. File 2007 taxes for free The SSA no longer accepts reports on tapes, cartridges, and diskettes. File 2007 taxes for free Example. File 2007 taxes for free In 2012, Terry Morris earned wages of $50,000. File 2007 taxes for free In the same year, she received $100,000 in settlement of a back pay case against her employer that covered the periods January 2007 through December 2011. File 2007 taxes for free Her employer properly reflected social security wages of $110,100 and Medicare wages of $150,000 on her 2012 Form W-2. File 2007 taxes for free However, if an employer did not include back pay wages on a previously filed Form W-2, magnetic media, or electronically filed wage report, the employer should prepare a wage correction report, Form W-2c, Corrected Wage and Tax Statement, or electronically filed report, to add the back pay award to the wages previously reported. File 2007 taxes for free Example. File 2007 taxes for free If, in the above example, Terry Morris' employer had prepared her 2012 Form W-2 reporting social security and Medicare wages of only $50,000 each, the employer would have to correct that report. File 2007 taxes for free A Form W-2c correcting the 2012 Form W-2 would show previously reported social security and Medicare wages of $50,000 and the correct amount of $110,100 for social security wages and $150,000 for Medicare wages. File 2007 taxes for free SSA treatment of back pay under a statute. File 2007 taxes for free   Under the law, the SSA credits back pay awarded under a statute to an individual's earnings record in the period(s) the wages should have been paid. File 2007 taxes for free This is important because wages not credited to the proper year may result in lower social security benefits or failure to meet the requirements for benefits. File 2007 taxes for free   However, back pay under statute payments will remain posted to the employee's social security earnings record in the year reported on Form W-2 (or Form W-2c) unless the employer or employee notifies the SSA (in a separate, special report) of the back pay under a statute payment. File 2007 taxes for free Then, the SSA can allocate the statutory back pay to the appropriate periods. File 2007 taxes for free   If a back pay award is not made under a statute, the SSA credits back pay as wages in the year paid. File 2007 taxes for free    If employers do notify the SSA of this payment, they should prepare a special report (with the information noted below) and send it to: Social Security Administration Attn: CPS Back Pay Staff 7-B-15 SWT 1500 Woodlawn Drive Baltimore, MD 21241-0001 Be sure to send this special report to the above address because the SSA handles it separately from other reports. File 2007 taxes for free    If you paid the back pay award in the same tax year to which it applies, report the wages on that year's Form W-2. File 2007 taxes for free No further action is necessary. File 2007 taxes for free Example. File 2007 taxes for free In 2012, Judy Wilson received a salary of $30,000 and a back pay under statute award of $2,000 for the period January through June 2012. File 2007 taxes for free Her employer properly reported wages of $32,000 for social security and Medicare on her 2012 Form W-2. File 2007 taxes for free No further action is necessary. File 2007 taxes for free Information the SSA needs to properly credit back pay under a statute (special report). File 2007 taxes for free   After you complete the special report, you or the employee should send it to the SSA when or after you submit the Form W-2 (on paper or electronically) to the SSA for the year you pay the statutory back pay to the employee. File 2007 taxes for free There is no statute of limitations on the filing of the special report to enable the SSA to allocate the wages. File 2007 taxes for free The special report must include the following information. File 2007 taxes for free The employer's name, address, and employer identification number (EIN). File 2007 taxes for free A signed statement citing the federal or state statute under which the payment was made. File 2007 taxes for free If the statute is not identified, the SSA will assume the payment was not under a statute and will not allocate to earlier period(s). File 2007 taxes for free The name and telephone number of a person to contact. File 2007 taxes for free The SSA may have additional questions concerning the back pay case or the individual employee's information. File 2007 taxes for free A list of employees receiving the payment and the following information for each employee: The tax year you paid and reported the back pay. File 2007 taxes for free The employee's social security number (SSN). File 2007 taxes for free The employee's name (as shown on his or her social security card). File 2007 taxes for free The amount of the back pay award excluding any amounts specifically designated otherwise, for example, damages for personal injury, interest, penalties, and legal fees. File 2007 taxes for free The period(s) the back pay award covers (beginning and ending dates—month and year). File 2007 taxes for free The other wages paid subject to social security and/or Medicare taxes and reported in the same year as the back pay award (if none, show zero)*. File 2007 taxes for free Do not include the back pay award shown in that wage report. File 2007 taxes for free If you originally submitted the report under an establishment number, show that number and the amount of money that is to remain under that establishment number. File 2007 taxes for free The amount to allocate to each reporting period*. File 2007 taxes for free This includes any amount you want allocated (if applicable) to the tax year of the award payment. File 2007 taxes for free If you do not give the SSA specific amounts to allocate, the SSA does the allocation by dividing the back pay award by the number of months or years covered by the award. File 2007 taxes for free *Note. File 2007 taxes for free   For periods before January 1, 1978 (before January 1, 1981, for state and local government employers covered by a Section 218 agreement), show the wage amounts for each calendar quarter ending March 31, June 30, September 30, and December 31. File 2007 taxes for free For all tax years, show and identify the social security and/or Medicare Qualified Government Employment (MQGE) wages (where applicable) separately. File 2007 taxes for free MQGE is applicable to federal employees beginning in 1983, and for certain state and local government employees beginning in 1986. File 2007 taxes for free For tax years 1991 and later, list the social security and Medicare wages separately. File 2007 taxes for free If you originally reported the individual's wages under an establishment or payroll record unit number, show the amount of wages to remain in the award year for that number and furnish that number to the SSA along with the EIN. File 2007 taxes for free Back Pay Under a Statute Back pay awarded under a statute is a payment by an employer following an award, determination, or agreement approved or sanctioned by a court or government agency responsible for enforcing a federal or state statute that protects an employee's right to employment or wages. File 2007 taxes for free Examples of pertinent statutes include: Age Discrimination in Employment Act, Americans with Disabilities Act, Equal Pay Act, Fair Labor Standards Act, National Labor Relations Act, State minimum wage laws, and State statutes that protect rights to employment and wages. File 2007 taxes for free Payments based on laws that have a similar effect to those listed above also may qualify as payments made under a statute. File 2007 taxes for free Back pay awards, under some of the statutes listed above, may be compensation for personal injury and not pay for employment. File 2007 taxes for free Such awards are not wages for social security coverage purposes. File 2007 taxes for free If a court-approved or sanctioned settlement agreement states that the agreement is not an admission of discrimination, liability, or act of wrongdoing, the statement does not change the nature of a back pay award. File 2007 taxes for free The payments made in such a settlement may still be back pay and wages under the rules discussed here. File 2007 taxes for free Nonstatutory Back Pay A payment for back wages negotiated between an employer and employee without an award, determination, or agreement approved or sanctioned by a court or government agency, the payment is not made under a statute. File 2007 taxes for free Delayed wage payments and retroactive pay increases resulting from union negotiation or payments under local ordinances or regulations are back pay and are wages. File 2007 taxes for free However, they are not payments made under a statute. File 2007 taxes for free If you are uncertain whether the back pay award was under a qualified statute, you may need to contact your personnel department or legal counsel or the attorney who filed the suit. File 2007 taxes for free Format for Report to the SSA Use the format shown in Table 1, later, to send the SSA the information needed to properly credit back pay under a statute. File 2007 taxes for free In a cover letter, include: Name and address of the employer, Statute under which you paid the back pay, Name and telephone number of the employer contact, and Signature of the reporting official. File 2007 taxes for free Under certain circumstances, back pay may be a special wage payment and excluded from wages counted under the social security earnings test. File 2007 taxes for free If you pay back pay to an employee age 61 or older, report it to the SSA in accordance with this section. File 2007 taxes for free Read Special Wage Payments, later, for additional reporting instructions. File 2007 taxes for free Questions If you have questions concerning back pay under a statute, call the SSA at 1-800-772-6270. File 2007 taxes for free Exception. File 2007 taxes for free   If you are a state or local government employer who was covered by an agreement under Section 218 of the Social Security Act before January 1, 1987, and you paid a back pay award before January 1, 1987, which you did not report to the SSA, contact your state Social Security Administrator's office. File 2007 taxes for free Table 1. File 2007 taxes for free Format for Report (Under Covering Letter) to Request SSA to Allocate Back Pay Under Statute Wages Employer's EIN: xx-xxxxxxx Tax Year in Which Award Payment Was Paid: 2012 (1) SSN and Employee Name (2)1 Award Amount and Period(s) (3)2,3 Other Soc. File 2007 taxes for free Sec. File 2007 taxes for free /Med. File 2007 taxes for free Wages Paid In Award Year (4)3 Allocation     Soc. File 2007 taxes for free Sec. File 2007 taxes for free Med. File 2007 taxes for free /MQGE Year Soc. File 2007 taxes for free Sec. File 2007 taxes for free Med. File 2007 taxes for free /MQGE xxx-xx-xxxx HELEN T. File 2007 taxes for free SMITH $100,000 1/2009 - 12/2012 $40,000 $40,000 2009 2010 2011 2012 $20,000 25,000 27,000 28,000 $20,000 25,000 27,000 28,000 xxx-xx-xxxx SAM W. File 2007 taxes for free EVANS 30,000 7/89-12/91 -0- -0- 1989 1990 1991   6,000 12,000 12,000 xxx-xx-xxxx ROLAND S. File 2007 taxes for free ADAMS 15,000 7/80-12/81 -0- -0- 9/80 12/80 1981 3,500 3,500 8,000   1Exclude amounts specifically designated as damages, penalties, etc. File 2007 taxes for free  2Exclude the amount of back pay, if any, included in that amount. File 2007 taxes for free  3For periods before January 1, 1978 (and for state and local government (Section 218) employers before January 1, 1981), show the wage amounts by calendar quarters. File 2007 taxes for free The social security and/or Medicare Qualified Government Employment (MQGE) wages (where applicable) must be shown separately FOR ALL YEARS. File 2007 taxes for free (Wages subject ONLY to MQGE would be shown in the Medicare/MQGE column; no wages would be shown in the Soc. File 2007 taxes for free Sec. File 2007 taxes for free column. File 2007 taxes for free ) For tax years 1991 and later, the social security and Medicare wages must be listed separately. File 2007 taxes for free Explanation of examples. File 2007 taxes for free Helen T. File 2007 taxes for free Smith–The back pay award, excluding interest, was $100,000 for the periods 1/2009-12/2012. File 2007 taxes for free In 2012, this employee was also paid $40,000 in other wages. File 2007 taxes for free (Her Form W-2 for 2012 reported $110,100 for social security and $140,000 for Medicare. File 2007 taxes for free The SSA allocation will result in adjusted posted wages of $68,000 for social security and $68,000 for Medicare for 2012. File 2007 taxes for free ) Sam W. File 2007 taxes for free Evans–The back pay award was $30,000 for the periods 7/89-12/91. File 2007 taxes for free This employee was hired in 1989 and was subject to MQGE only. File 2007 taxes for free He was no longer employed by this governmental employer in 2012. File 2007 taxes for free (His Form W-2 for 2012 reported $30,000 for social security and $30,000 for Medicare. File 2007 taxes for free After the SSA allocation, he will not have any net posted wages for 2012. File 2007 taxes for free ) Roland S. File 2007 taxes for free Adams–The back pay award was $15,000 for the periods 7/80-12/81. File 2007 taxes for free He was no longer employed by this state and local government (Section 218) employer in 2012. File 2007 taxes for free (His Form W-2 for 2012 reported $15,000 for social security and $15,000 for Medicare; after the SSA allocation, he will not have any net posted wages for 2012. File 2007 taxes for free ) If the state Social Security Administrator's office needs more information, they can contact the SSA at the following address:   Social Security Administration Office of Income Security Programs Office of Earnings and Program Integrity Policy 6401 Security Boulevard 2506 OPS Baltimore, MD 21235 2. File 2007 taxes for free Special Wage Payments A special wage payment (SWP) is an amount paid by an employer to an employee (or former employee) for services performed in a prior year. File 2007 taxes for free Employers should report to the SSA special wage payments made to employees and former employees who are recipients of social security retirement benefits. File 2007 taxes for free Special wage payments made to a retired employee receiving social security or to an employee who continues to work while receiving social security benefits may reduce the benefits the individual receives if not reported to the SSA. File 2007 taxes for free Special wage payments may include (but are not limited to): Accumulated sick and vacation pay, Back pay, Bonuses, Deferred compensation, Payments because of retirement, Sales commissions, Severance pay, and Stock options. File 2007 taxes for free Note. File 2007 taxes for free Payments made after retirement that are part of the normal payroll cycle should not be routinely reported as special wage payments. File 2007 taxes for free Earnings Test. File 2007 taxes for free   Benefits paid to a social security beneficiary under full retirement age may be reduced if the beneficiary continues to work. File 2007 taxes for free The SSA uses the information in boxes 1, 3, and 5 of Form W-2 to determine the beneficiary's current year earnings. File 2007 taxes for free Special wage payments, which are for services performed in a prior year, will increase the current year earnings on Form W-2, which also may result in a reduction in the beneficiary's benefits. File 2007 taxes for free If a benefit is reduced because of a special wage payment, the beneficiary must get documentation from the employer before the SSA can restore the deducted portion. File 2007 taxes for free Therefore, employer reports of special wage payments help prevent incorrect benefit reductions. File 2007 taxes for free Reporting Special Wage Payments Employers must report special wage payments for income tax purposes and social security and Medicare taxes in the year received. File 2007 taxes for free Report income, social security, and/or Medicare taxes for special wage payments on Form W-2. File 2007 taxes for free See Nonqualified Deferred Compensation and Section 457 Plans, later, for reporting nonqualified deferred compensation plan deferrals and payments on Form W-2. File 2007 taxes for free In addition, report to the SSA special wage payments made during the reporting year to retired employees and employees who continue to work while receiving social security benefits. File 2007 taxes for free Submit reports after the close of the tax year. File 2007 taxes for free To avoid delays in processing, submit reports in time to reach the SSA by April 1. File 2007 taxes for free Use one of the following reporting methods. File 2007 taxes for free Electronic reporting. File 2007 taxes for free   Special wage payment files can be sent electronically by logging onto Business Services Online (BSO) via the socialsecurity. File 2007 taxes for free gov website. File 2007 taxes for free BSO enables organizations and authorized individuals to conduct business with and submit confidential information to the Social Security Administration. File 2007 taxes for free You must register to use this website. File 2007 taxes for free The web address is www. File 2007 taxes for free socialsecurity. File 2007 taxes for free gov/bso/bsowelcome. File 2007 taxes for free htm. File 2007 taxes for free   Use the specifications and record layout shown in  Table 2, later. File 2007 taxes for free Only one file at a time may be submitted. File 2007 taxes for free If your file is large (>10MB), or you have a slow internet connection, the transmission will be faster if the file is zipped. File 2007 taxes for free A zipped file contains a file that has been compressed to reduce its file size. File 2007 taxes for free WinZip and PKZIP are examples of acceptable compression packages. File 2007 taxes for free   Electronic submissions not meeting the specifications in Table 2 will be rejected. File 2007 taxes for free Paper listing. File 2007 taxes for free   A paper listing can be used to report special wage payments to several employees. File 2007 taxes for free Use the format shown in Table 3, later. File 2007 taxes for free Submit paper listings to the local SSA office nearest your place of business. File 2007 taxes for free Visit www. File 2007 taxes for free socialsecurity. File 2007 taxes for free gov/locator to find a Social Security office near you. File 2007 taxes for free Form SSA-131. File 2007 taxes for free   Use Form SSA-131 to report special wage payments made to an employee. File 2007 taxes for free Also use this form to report nonqualified deferred compensation and section 457 plan deferrals and payments that could not be reported in box 11 of Form W-2. File 2007 taxes for free    This image is too large to be displayed in the current screen. File 2007 taxes for free Please click the link to view the image. File 2007 taxes for free Publication 957 Reporting Back Pay to the Social Security Administration Instructions for Form SSA–131   EMPLOYER INSTRUCTIONS FOR COMPLETING SPECIAL WAGE PAYMENT FORM 1. File 2007 taxes for free Provide the EIN that was used or will be used to report the employee's wages on the Form W-2. File 2007 taxes for free 2. File 2007 taxes for free Enter the date the employee retired. File 2007 taxes for free Enter “Not Retired” if the employee has not retired. File 2007 taxes for free 3. File 2007 taxes for free Enter the date that the employee last performed services; was not expected to return to work; and was not subject to recall to render additional services. File 2007 taxes for free This date should be the same as or earlier than the date in item “2”. File 2007 taxes for free Enter “Not Retired” if the employee has not retired. File 2007 taxes for free 4. File 2007 taxes for free Enter the wages that were paid to the employee in the tax year that were for services that were performed in years prior to the tax year or that were paid on account of retirement. File 2007 taxes for free  Examples (not all inclusive) of payments to be included: Payments in lieu of vacation that were earned in a year prior to the tax year. File 2007 taxes for free Accumulated sick payments which were paid in a lump sum based on “retirement” as the sole condition of payment. File 2007 taxes for free Accumulated sick payments paid at or after the date in item 3, which were earned in a year prior to the tax year. File 2007 taxes for free Payments “on account of retirement”–dismissal, severance or termination pay paid because of retirement. File 2007 taxes for free Bonuses which are paid pursuant to a prior contract, agreement or promise causing the employee to expect such payments regularly; or announced to induce the employee to work more steadily, rapidly or efficiently or to remain with the employer. File 2007 taxes for free Stock Options. File 2007 taxes for free   Do not include in item “4” payments: For annual, sick, holiday, or vacation pay if used (absence from work) prior to the date of retirement (earlier of items “2” or “3”). File 2007 taxes for free That were reported or will be reported under “Nonqualified Plans” on the Form W-2. File 2007 taxes for free That were deducted from the employee's wages and paid to a deferred compensation plan (e. File 2007 taxes for free g. File 2007 taxes for free , 401k). File 2007 taxes for free Employees health and dental plan benefits (non-covered/non-taxable for Social Security Wages). File 2007 taxes for free Bonuses earned and paid in the tax year. File 2007 taxes for free 5. File 2007 taxes for free Check whether payments listed in item 4 will be made for years after the tax year. File 2007 taxes for free If yes, please show the amounts and years in which these will be paid, if known. File 2007 taxes for free 6. File 2007 taxes for free Nonqualified deferred compensation and section 457 plans only. File 2007 taxes for free If you were unable to report nonqualified deferred compensation or section 457 plan payments and deferrals (contributions) on Form W-2 because both payments and deferrals occurred during the year, show the amount of wages earned by the employee during the tax year. File 2007 taxes for free Generally, the wages earned will be the compensation reported in block 1 of Form W-2 less payments from a nonqualified deferred compensation (or 457) plan, but including any amounts deferred under the plan during the tax year (See IRS Publication 957). File 2007 taxes for free Paperwork/Privacy Act Notice: This report is authorized by regulation 20 CFR 404. File 2007 taxes for free 702. File 2007 taxes for free The information that you provide will be used in making a determination regarding the amount of Social Security benefits payable to the above named individual. File 2007 taxes for free While your response is voluntary, if you do not respond we may not be able to make a correct determination regarding the amount of Social Security benefits payable to the above named individual for the year in question. File 2007 taxes for free We may also use the information you give us when we match records by computer. File 2007 taxes for free Matching programs compare our records with those of other Federal, State, or local government agencies. File 2007 taxes for free Many agencies may use matching programs to find or prove that a person qualifies for benefits paid by the Federal Government. File 2007 taxes for free The law allows us to do this even if you do not agree to it. File 2007 taxes for free Explanations about these and other reasons why information you provide us may be used or given out are available in Social Security Offices. File 2007 taxes for free If you want to learn more about this, contact any Social Security Office. File 2007 taxes for free The Paperwork Reduction Act: This information collection meets the clearance requirements of 44 U. File 2007 taxes for free S. File 2007 taxes for free C. File 2007 taxes for free §3507, as amended by Section 2 of the Paperwork Reduction Act of 1995. File 2007 taxes for free You are not required to answer these questions unless we display a valid Office of Management and Budget control number. File 2007 taxes for free We estimate that it will take you about 20 minutes to read the instructions, gather the necessary facts, and answer the questions. File 2007 taxes for free Form SSA-131 (8-2001) EF (06-2002)   Submit Form SSA-131 to the SSA office nearest your place of business. File 2007 taxes for free Or, the employee can submit it to the SSA office handling the claim. File 2007 taxes for free You or the employee must submit this form before the SSA can exclude the special wage payments for purposes of the earnings test. File 2007 taxes for free If reporting on more than one employee, complete a separate Form SSA-131 for each employee or use the paper listing format (except for reporting nonqualified and section 457 plan deferrals and payments) in Table 3. File 2007 taxes for free Do not report payments from nonqualified deferred compensation or section 457 plans that were reported in box 11 of Form W-2. File 2007 taxes for free Use Form SSA-131 if deferrals to and payments from nonqualified or section 457 plans occurred during the tax year. File 2007 taxes for free Reporting Nonstatutory (Nonqualified) Stock Options as Special Wage Payments A nonstatutory (nonqualified) option to purchase stock which is exercised in a year after the year in which the option was earned is a special wage payment. File 2007 taxes for free It should not count for the social security earnings test. File 2007 taxes for free Nonstatutory (nonqualified) options exercised as special wage payments by retired employees or employees who continue to work while receiving social security benefits should be reported by employers using the above reporting methods. File 2007 taxes for free Nonqualified Deferred Compensation and Section 457 Plans A nonqualified deferred compensation plan is a plan or arrangement established and maintained by an employer for one or more of its employees that provides for the deferral of compensation, but does not meet the requirements for a tax-qualified deferred compensation plan. File 2007 taxes for free For social security and Medicare purposes, deferred compensation plans for employees of state and local governments (section 457 plans) are treated the same as nonqualified plans. File 2007 taxes for free Nonqualified and section 457 plans are reported differently than other special wage payments. File 2007 taxes for free See Reporting Amounts Deferred to Nonqualified and Section 457 Plans below for specific instructions. File 2007 taxes for free Reporting Amounts Deferred to Nonqualified and Section 457 Plans Generally, when the related services are performed, nonqualified deferred compensation is subject to social security and Medicare tax when deferred. File 2007 taxes for free However, if nonqualified and section 457 plans contain provisions that delay the employee's right to receive payments from the plan, a period of substantial risk of forfeiture exists. File 2007 taxes for free The plans' deferrals, or contributions, are not subject to social security and Medicare taxes until the period of substantial risk of forfeiture ends. File 2007 taxes for free No risk of forfeiture. File 2007 taxes for free   If there is no risk of forfeiture, report wage amounts deferred to a nonqualified deferred compensation or section 457 plan in box 3 (up to the wage base maximum) and/or box 5 of Form W-2. File 2007 taxes for free Example. File 2007 taxes for free Company X's nonqualified deferred compensation plan allows the deferral of up to $20,000 of employee salaries each year. File 2007 taxes for free The plan has no risk of forfeiture. File 2007 taxes for free In 2012, Employee A defers $20,000 to the plan from a total salary of $200,000. File 2007 taxes for free Form W-2 Completion Amount Box 1 $200,000 Box 3* 110,100 Box 5 200,000 *Wage base maximum for tax year 2012 Risk of forfeiture lapses before retirement. File 2007 taxes for free   If the substantial risk of forfeiture lapses before the employee retires, report all past contributions to the plan (or the value of the plan), including accumulated earned interest, in box 3 (up to the wage base maximum) and/or box 5 of Form W-2. File 2007 taxes for free The accumulated deferrals are reported along with any other social security and Medicare wages earned during the year. File 2007 taxes for free   Report in box 11 of Form W-2 the amount of deferrals, including any accumulated interest, that became taxable for social security and Medicare taxes during the year (but were for prior year services) because the deferred amounts were no longer subject to a substantial risk of forfeiture. File 2007 taxes for free If the employee continues working, future deferrals are social security and Medicare wages when they are earned. File 2007 taxes for free    Do not include in box 11 deferrals that are included in boxes 3 and/or 5 and that are for current year services. File 2007 taxes for free Risk of forfeiture lapses at retirement. File 2007 taxes for free   When an employee's right to a payment is contingent upon working until retirement, report all past contributions to the plan (or the value of the plan), including accumulated earned interest, as social security and/or Medicare wages in the year of retirement. File 2007 taxes for free Add the amount to other wages paid in that year, and enter in box 3 (up to the wage base maximum) and/or box 5 of Form W-2. File 2007 taxes for free   Report in box 11 of Form W-2 the amount of deferrals, including any accumulated interest, that became taxable for social security and Medicare taxes during the year (but were for prior year services) because the deferred amounts were no longer subject to a substantial risk of forfeiture. File 2007 taxes for free    Do not include in box 11 deferrals that are included in boxes 3 and/or 5 and that are for current year services. File 2007 taxes for free Example—risk of forfeiture. File 2007 taxes for free At the end of the risk-of-forfeiture period for Company Y's nonqualified deferred compensation plan, Employee B's accumulated deferrals, plus interest earned by the plan, are $120,000, not including B's $20,000 deferral for this year. File 2007 taxes for free B's wages, including this year's deferred amount, are $80,000. File 2007 taxes for free Form W-2 Completion Amount Box 1 $60,000 Box 3* 110,100 Box 5 200,000 Box 11 120,000 *Wage base maximum for tax year 2012 Reporting Payments From Nonqualified and Nongovernmental Section 457 Plans When an employee or former employee retires and begins receiving payments (distributions) from a nonqualified or nongovernmental section 457 plan, report the payments in boxes 1 and 11 of Form W-2. File 2007 taxes for free Report payments (distributions) from a governmental section 457 plan on Form 1099-R, Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. File 2007 taxes for free Example. File 2007 taxes for free Employee D retired from the XYZ company and began receiving social security benefits. File 2007 taxes for free XYZ paid D a $12,000 bonus upon retirement for sales made in a prior year, and D received $25,000 in payments from XYZ's nonqualified deferred compensation plan. File 2007 taxes for free In addition, D agreed to continue performing services for XYZ, but on a part-time basis for wages of $15,000 per year. File 2007 taxes for free D made no deferrals to the nonqualified plan this year. File 2007 taxes for free Form W-2 Completion Amount Box 1 $52,000 Box 3 27,000 Box 5 27,000 Box 11 25,000 Report the $12,000 bonus to the SSA using electronic reporting, a paper listing, or Form SSA-131. File 2007 taxes for free For more information, see Reporting Special Wage Payments , earlier. File 2007 taxes for free Reporting Payments and Deferrals in the Same Year Do not complete box 11 when payments (distributions) are made from a nonqualified plan and deferrals are reported in boxes 3 and/or 5 of Form W-2 (including current year deferrals). File 2007 taxes for free Report to the SSA on Form SSA-131 the total amount the employee earned during the tax year. File 2007 taxes for free Normally, the amount earned is the amount reported in box 1 of Form W-2 less payments from a nonqualified or section 457 plan, but including any amounts deferred under the plan during the tax year. File 2007 taxes for free See Form SSA-131 and its instructions, earlier. File 2007 taxes for free Example. File 2007 taxes for free Employee K retired this year from Company XYZ and began receiving social security benefits. File 2007 taxes for free During the year he earned wages of $50,000 and deferred $35,000 of the wages into the company's nonqualified deferred compensation plan. File 2007 taxes for free K also received $75,000 in payments from the company's nonqualified plan. File 2007 taxes for free Form W-2 Completion Amount Special Wage Payment $75,000 Wages 50,000 Minus: deferral 35,000 Total reported in Box 1 $90,000     Wages including deferral reported in  Boxes 3 and 5 $50,000     Leave Box 11 blank. File 2007 taxes for free File Form SSA-131 -0-     Form SSA-131 Completion Amount from Box 1 of Form W-2 $90,000 Minus: payments from a nonqualified plan 75,000 Plus: amounts deferred into the plan during the year 35,000 Total wages earned for purposes of Form SSA-131 (item 6) $50,000 Additional Reporting Examples for Nonqualified Deferred Compensation (NQDC) Plans It is not necessary to show amounts deferred during the year under an NQDC plan subject to section 409A. File 2007 taxes for free If you report section 409A deferrals, show the amount in box 12 of Form W-2 using code Y. File 2007 taxes for free For more information, see Notice 2008-115, 2008-52 I. File 2007 taxes for free R. File 2007 taxes for free B. File 2007 taxes for free 1367, available at www. File 2007 taxes for free irs. File 2007 taxes for free gov/irb/2008-52_IRB/ar10. File 2007 taxes for free html. File 2007 taxes for free Special reporting rules apply when an NQDC plan is not compliant with section 409A (when there has been a “plan failure”). File 2007 taxes for free Income included under section 409A from an NQDC plan is reported in box 1 and box 12 of Form W-2 using code Z. File 2007 taxes for free See Notice 2008-115. File 2007 taxes for free The following examples use small dollar amounts for illustrative purposes. File 2007 taxes for free However, the amount reported in box 3 of Form W-2 is always limited by the social security earnings wage base (for example, $110,100 for 2012). File 2007 taxes for free The term “vested” in the following examples means that the amount deferred is not subject to a substantial risk of forfeiture. File 2007 taxes for free Conversely, the term “not vested” means that the amount deferred is subject to a substantial risk of forfeiture. File 2007 taxes for free The examples assume that the NQDC plan is in compliance with section 409A, and that amounts deferred under the plan are not includible in gross income as they are deferred. File 2007 taxes for free For purposes of the examples, it is assumed that the regular pay of the employee is remuneration for employment and wages for employment tax purposes except to the extent the deferral of a portion of the regular pay results in a reduction in wages. File 2007 taxes for free Example 1: Deferral that is immediately vested (no substantial risk of forfeiture) with no distributions and no vesting of prior-year deferrals. File 2007 taxes for free For the year, the employee’s regular pay was $200, and the employee deferred $20 of the pay into her employer’s NQDC plan. File 2007 taxes for free The deferral of $20 was vested upon deferral and there was an employer match of $10 under the plan, which was also vested. File 2007 taxes for free Regular pay = $200; Deferral, vested = $20; Employer match, vested = $10. File 2007 taxes for free Form W-2 Completion Amount Box 1 ($200 Regular pay minus $20 vested deferral) $180 Box 3 ($200 Regular pay plus $10 Employer match, vested) 210 Box 5 ($200 Regular pay plus $10 Employer match, vested) 210 Box 11 -0- Example 2: Deferral with delayed vesting (substantial risk of forfeiture) of employee and employer portions (no distributions and no vesting of prior-year deferrals). File 2007 taxes for free For the year, the employee’s regular pay was $200, and the employee deferred $20 of the pay into the employer’s nonqualified deferred compensation plan. File 2007 taxes for free The deferral of $20 was not vested upon deferral, and there was an employer match of $10 under the plan, which was also not vested. File 2007 taxes for free Regular pay = $200; Deferral, not vested = $20; Employer match, not vested = $10. File 2007 taxes for free Form W-2 Completion Amount Box 1 ($200 Regular pay minus $20 Deferral, not vested) $180 Box 3 ($200 Regular pay minus $20 Deferral, not vested) 180 Box 5 ($200 Regular pay minus $20 Deferral, not vested) 180 Box 11 -0- Example 3: Deferral that is immediately vested with prior-year deferrals and investment earnings on the prior-year deferrals that are now vesting (no distributions). File 2007 taxes for free For the year, the employee’s regular pay was $200, and the employee deferred $20 of the pay into the employer’s nonqualified deferred compensation plan. File 2007 taxes for free The deferral of $20 was vested upon deferral. File 2007 taxes for free During the year, $100 of prior-year deferrals and $15 of investment earnings on the $100 of prior-year deferrals became vested. File 2007 taxes for free Regular pay = $200; Deferral, vested = $20; Vesting of prior-year deferrals = $100; Vesting of investment earnings on $100 of prior-year deferral = $15. File 2007 taxes for free Form W-2 Completion Amount Box 1 ($200 Regular pay minus $20 Deferral, vested) $180 Box 3 ($200 Regular pay plus $100 vested prior-year deferral plus $15 earnings on deferral) 315 Box 5 ($200 Regular pay plus $100 vested prior-year deferral plus $15 vested investment earnings on prior year deferral) 315 Box 11 ($100 vested prior-year deferral plus $15 earnings) 115 Example 4: No deferrals but there are distributions (no vesting of prior-year deferrals). File 2007 taxes for free For the year, the employee’s regular pay was $100, and the employee deferred no pay into the employer’s NQDC plan. File 2007 taxes for free There was no vesting of prior-year deferrals under the plan. File 2007 taxes for free During the year, there were total distributions of $50 from the plan to the employee. File 2007 taxes for free Regular pay = $100; Distribution = $50. File 2007 taxes for free Form W-2 Completion Amount Box 1 ($100 Regular pay plus $50 Distribution) $150 Box 3 ($100 Regular pay ) 100 Box 5 ($100 Regular pay) 100 Box 11 ($50 Distribution) 50 Special rule for box 11 of Form W-2 (distributions and deferral in the same year). File 2007 taxes for free   If, in the same year, there are NQDC distributions and there are deferrals that are reportable in boxes 3 and/or 5 (current or prior-year deferrals) of Form W-2, do not complete box 11. File 2007 taxes for free Instead, report on Form SSA-131 the total amount the employee earned during the year. File 2007 taxes for free * Submit the SSA-131 to the nearest SSA office or give it to the employee. File 2007 taxes for free   *Generally, the amount earned by the employee during the tax year for purposes of item 6 of Form SSA-131 is the amount reported in box 1 of Form W-2 plus current-year deferrals that are vested (employee and employer portions) less distributions. File 2007 taxes for free Do not consider prior-year deferrals that are vesting in the current year. File 2007 taxes for free If there was a plan failure, the box 1 amount in this calculation should be as if there were no plan failure. File 2007 taxes for free Example 5: Deferral that is immediately vested and there are distributions (no vesting of prior-year deferrals). File 2007 taxes for free For the year, the employee’s regular pay was $200, and the employee deferred $20 of the pay into the employer’s NQDC plan. File 2007 taxes for free There was also an employer match of $10. File 2007 taxes for free The deferral and employer match were vested upon deferral. File 2007 taxes for free There was no vesting of prior-year deferrals under the plan. File 2007 taxes for free During the year, there were total distributions of $50 from the plan to the employee. File 2007 taxes for free Regular pay = $200; Deferral, vested = $20; Employer match, vested = $10; Distribution = $50. File 2007 taxes for free Form W-2 Completion Amount Box 1 ($50 Special Wage Payment (Distribution) plus $200 Regular pay minus $20 Deferral, vested) $230 Boxes 3 and 5 ($200 Regular pay plus $10 vested employer match) 210 Leave Box 11 blank. File 2007 taxes for free File Form SSA-131 -0-     Form SSA-131 Completion Item 6 - amount of wages earned by the employee during the tax year ($230 from Box 1 of Form W-2 minus $50 Distribution plus $30 vested current year employee deferral and employer match) $210 Example 6: Deferral with delayed vesting and there are distributions (no vesting of prior-year deferrals). File 2007 taxes for free For the year, the employee’s regular pay was $200, and the employee deferred $20 of the pay into the employer’s NQDC plan. File 2007 taxes for free The deferral was not vested upon deferral. File 2007 taxes for free There was no vesting of prior-year deferrals under the plan. File 2007 taxes for free During the year, there were total distributions of $50 from the plan to the employee. File 2007 taxes for free Regular pay = $200; Deferral, not vested = $20; Distribution = $50. File 2007 taxes for free Form W-2 Completion Amount Box 1 ($50 Special Wage Payment (Distribution) plus $200 Regular pay minus $20 Deferral, not vested) $230 Boxes 3 and 5 ($200 Regular pay minus $20 deferral that is not vested) 180 Box 11 ($50 Distribution). File 2007 taxes for free 50 Example 7: Deferral that is immediately vested and there are distributions (also vesting of prior-year deferrals and earnings on those prior-year deferrals). File 2007 taxes for free For the year, the employee’s regular pay was $200, and the employee deferred $20 of the pay into the employer’s NQDC plan. File 2007 taxes for free The deferral was vested upon deferral. File 2007 taxes for free There was vesting of $100 of prior-year deferrals and $15 of earnings on the $100 prior-year deferral under the plan. File 2007 taxes for free During the year, there were total distributions of $50 from the plan to the employee. File 2007 taxes for free Regular pay = $200; Deferral, vested = $20; Distribution = $50; Vesting of prior-year deferrals ($100) and earnings on those prior-year deferrals ($15) = $115. File 2007 taxes for free Form W-2 Completion Amount Box 1 ($50 Special Wage Payment (Distribution) plus $200 Regular pay minus $20 vested deferral $230 Boxes 3 and 5 ($200 Regular pay Plus $115 vested prior deferral (with vested earnings on the deferral)) 315 Leave Box 11 blank. File 2007 taxes for free File Form SSA-131 -0-     Form SSA-131 Completion Item 6, amount of wages earned by the employee during the tax year ($230 from Box 1 of Form W-2 minus $50 Distribution plus $20 vested current year deferral) $200 Example 8: Deferral with delayed vesting and there are distributions (vesting of prior-year deferrals, including employer matches, and earnings on those deferrals). File 2007 taxes for free For the year, the employee’s regular pay was $200, and the employee deferred $20 of the pay into the employer’s NQDC plan. File 2007 taxes for free The deferral was not vested upon deferral. File 2007 taxes for free There was also vesting of prior-year deferrals and employer matches and earnings on these amounts under the plan ($115). File 2007 taxes for free During the year, there were total distributions of $50 from the plan to the employee. File 2007 taxes for free Regular pay = $200; Deferral, not vested = $20; Distribution = $50; Vesting of prior-year deferrals and employer match = $100 plus earnings on that $100 of $15. File 2007 taxes for free Form W-2 Completion Amount Box 1 ($50 Special Wage Payment (Distribution) plus $200 regular pay minus $20 Deferral, not vested) $230 Boxes 3 and 5 ($200 Regular pay plus $115 vested prior-year deferral and prior year employer match and earning on the prior year amounts minus $20 deferral that is not vested) 295 Leave Box 11 blank. File 2007 taxes for free File Form SSA-131 -0-     Form SSA-131 Completion Item 6 ($230 Amount from Box 1 of Form W-2 minus $50 Distribution) $180 Table 2. File 2007 taxes for free Specifications for Electronic Reporting of Special Wage Payments Record Position  Field Size   Description Start End 1 3 3 Record Type—must include only the capital letters “SWP” 4 12 9 SSN—must be numeric and may not be all zeros 13 27 15 Last Name—all capitals and no punctuation; may have blanks on right only 28 38 11 First Name—all capitals and no punctuation; may have blanks on right only 39 39 1 Middle Initial—must be either a capital letter or blank 40 48 9 EIN—must be numeric and may not be all zeros 49 59 11 Payment—must be numeric; may not be all zeros; last two digits on right are assumed to be cents; no period or dollar sign 60 63 4 Payment Year—must be only a four-digit year 64 66 3 SSA Office Code—must be numeric and may be all zeros 67 67 1 Payment Type Code—must be the capital letter “T” 68 117 50 Filler  The record format is a fixed length of 117. File 2007 taxes for free  The file format is ASCII. File 2007 taxes for free  Submit only one file at a time. File 2007 taxes for free   Table 3. File 2007 taxes for free Sample—Paper Listing for Reporting Special Wage Payments to Several Employees Report of Special Wage PaymentsTax Year: Page of A. File 2007 taxes for free Employer Name: EIN:   Address: Contact Name:     Phone: ( )   . File 2007 taxes for free 1) B. File 2007 taxes for free Employee Name: (Last) (First) (MI)   C. File 2007 taxes for free SSN: D. File 2007 taxes for free SWP:$ E. File 2007 taxes for free Type: Other: 2) B. File 2007 taxes for free Employee Name: (Last) (First) (MI)   C. File 2007 taxes for free SSN: D. File 2007 taxes for free SWP:$ E. File 2007 taxes for free Type: Other: 3) B. File 2007 taxes for free Employee Name: (Last) (First) (MI)   C. File 2007 taxes for free SSN: D. File 2007 taxes for free SWP:$ E. File 2007 taxes for free Type: Other: 4) B. File 2007 taxes for free Employee Name: (Last) (First) (MI)   C. File 2007 taxes for free SSN: D. File 2007 taxes for free SWP:$ E. File 2007 taxes for free Type: Other: 5) B. File 2007 taxes for free Employee Name: (Last) (First) (MI)   C. File 2007 taxes for free SSN: D. File 2007 taxes for free SWP:$ E. File 2007 taxes for free Type: Other:     INSTRUCTIONS:   Enter tax year and page number. File 2007 taxes for free   A. File 2007 taxes for free Employer name, employer identification number (EIN), address, the name of a contact person, and a phone number where the contact person can be reached during normal business hours. File 2007 taxes for free   B. File 2007 taxes for free Employee's name. File 2007 taxes for free   C. File 2007 taxes for free Employee's social security number (SSN). File 2007 taxes for free   D. File 2007 taxes for free Total amount of special wage payments made to the employee. File 2007 taxes for free   E. File 2007 taxes for free Type of special wage payment from the following list: (1) Vacation Pay, (2) Sick Pay, (3) Severance Pay,  (4) Bonus, (5) Deferred Compensation, (6) Stock Options, and (7) Other—Please explain. File 2007 taxes for free   Do not use a paper listing for nonqualified deferred compensation and section 457 plan deferrals and payments that could not be reported in block 11 of Form W-2. File 2007 taxes for free (Get Form SSA-131. File 2007 taxes for free )                 Prev  Up  Next   Home   More Online Publications
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Understanding Your CP232C Notice

We denied your request to extend the time to file Form 5330 because your Form 5558, Application for Extension of Time To File Certain Employee Plan Returns, wasn't signed or was signed by someone who wasn’t authorized.


What you need to do

  • File Form 5330 or a correct Form 5558 by the due date of the Form 5330. If Form 5330 is filed after the due date of the return (including any extension), the return will be considered late and subject to late filing penalties.

You may want to


Answers to Common Questions

Q. Where can I go for more information about Employee Benefit Plans?

A. For more information on Employee Benefit Plans, see Retirement Plans Community.

Q. Can I get help over the phone?

A. If you have questions and/or need help, please call 1-877-829-5500. Personal assistance is available Monday through Friday, 7:00 a.m. to 7:00 p.m. CT.

 


Tips for next year

  • Be sure to sign and mail your Form 5558 on or before the due date of your return.
  • Review the Form 5558 resources at Form 5500 Corner.

 

Page Last Reviewed or Updated: 27-Jan-2014

How to get help

  • Call the 1-800 number listed on the top right corner of your notice.
  • Authorize someone (e.g., accountant) to contact the IRS on your behalf using Form 2848.
  • See if you qualify for help from a Low Income Taxpayer Clinic.
     

The File 2007 Taxes For Free

File 2007 taxes for free Publication 595 - Introductory Material Table of Contents Introduction Important Reminder Introduction This publication discusses the Capital Construction Fund (CCF). File 2007 taxes for free The CCF is a special investment program administered by the National Marine Fisheries Service (NMFS) and the Internal Revenue Service (IRS). File 2007 taxes for free This program allows fishermen to defer paying income tax on certain income they invest in a CCF account and later use to acquire, build, or rebuild fishing vessels. File 2007 taxes for free This publication does not discuss all the tax rules that may apply to your fishing trade or business. File 2007 taxes for free For general information about the federal tax laws that apply to individuals, including commercial fishermen, who file Schedule C or C-EZ, see Publication 334, Tax Guide for Small Business. File 2007 taxes for free If your trade or business is a partnership or corporation, see Publication 541, Partnerships, or Publication 542, Corporations. File 2007 taxes for free Comments and suggestions. File 2007 taxes for free   We welcome your comments about this publication and your suggestions for future editions. File 2007 taxes for free   You can email us at *taxforms@irs. File 2007 taxes for free gov. File 2007 taxes for free Please put “Publications Comment” on the subject line. File 2007 taxes for free   You can write to us at the following address: Internal Revenue Service Business Forms and Publications Branch SE:W:CAR:MP:T:B 1111 Constitution Ave. File 2007 taxes for free NW, IR-6406 Washington, DC 20224   We respond to many letters by telephone. File 2007 taxes for free Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. File 2007 taxes for free Important Reminder Photographs of missing children. File 2007 taxes for free  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. File 2007 taxes for free Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. File 2007 taxes for free You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. File 2007 taxes for free Prev  Up  Next   Home   More Online Publications