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File late taxes online free 2. File late taxes online free   Roth IRAs Table of Contents What's New for 2013 What's New for 2014 Reminders Introduction What Is a Roth IRA? When Can a Roth IRA Be Opened? Can You Contribute to a Roth IRA?How Much Can Be Contributed? When Can You Make Contributions? What if You Contribute Too Much? Can You Move Amounts Into a Roth IRA?Conversions Rollover From Employer's Plan Into a Roth IRA Military Death Gratuities and Servicemembers' Group Life Insurance (SGLI) Payments Rollover From a Roth IRA Rollover of Exxon Valdez Settlement Income Rollover of Airline Payments Are Distributions Taxable?What Are Qualified Distributions? Additional Tax on Early Distributions Ordering Rules for Distributions How Do You Figure the Taxable Part? Must You Withdraw or Use Assets?Minimum distributions. File late taxes online free Recognizing Losses on Investments Distributions After Owner's Death What's New for 2013 Roth IRA contribution limit. File late taxes online free  If contributions on your behalf are made only to Roth IRAs, your contribution limit for 2013 will generally be the lesser of: $5,500, or Your taxable compensation for the year. File late taxes online free If you were age 50 or older before 2014 and contributions on your behalf were made only to Roth IRAs, your contribution limit for 2013 will generally be the lesser of: $6,500, or Your taxable compensation for the year. File late taxes online free However, if your modified adjusted gross income (AGI) is above a certain amount, your contribution limit may be reduced. File late taxes online free For more information, see How Much Can Be Contributed? under Can You Contribute to a Roth IRA? in this chapter. File late taxes online free Modified AGI limit for Roth IRA contributions increased. File late taxes online free  For 2013, your Roth IRA contribution limit is reduced (phased out) in the following situations. File late taxes online free Your filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $178,000. File late taxes online free You cannot make a Roth IRA contribution if your modified AGI is $188,000 or more. File late taxes online free Your filing status is single, head of household, or married filing separately and you did not live with your spouse at any time in 2013 and your modified AGI is at least $112,000. File late taxes online free You cannot make a Roth IRA contribution if your modified AGI is $127,000 or more. File late taxes online free Your filing status is married filing separately, you lived with your spouse at any time during the year, and your modified AGI is more than -0-. File late taxes online free You cannot make a Roth IRA contribution if your modified AGI is $10,000 or more. File late taxes online free See Can You Contribute to a Roth IRA? in this chapter. File late taxes online free Net Investment Income Tax. File late taxes online free  For purposes of the Net Investment Income Tax (NIIT), net investment income does not include distributions from a qualified retirement plan (for example, 401(a), 403(a), 403(b), 457(b) plans, and IRAs). File late taxes online free However, these distributions are taken into account when determining the modified adjusted gross income threshold. File late taxes online free Distributions from a nonqualified retirement plan are included in net investment income. File late taxes online free See Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts, and its instructions for more information. File late taxes online free What's New for 2014 Modified AGI limit for Roth IRA contributions increased. File late taxes online free  For 2014, your Roth IRA contribution limit is reduced (phased out) in the following situations. File late taxes online free Your filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $181,000. File late taxes online free You cannot make a Roth IRA contribution if your modified AGI is $191,000 or more. File late taxes online free Your filing status is single, head of household, or married filing separately and you did not live with your spouse at any time in 2014 and your modified AGI is at least $114,000. File late taxes online free You cannot make a Roth IRA contribution if your modified AGI is $129,000 or more. File late taxes online free Your filing status is married filing separately, you lived with your spouse at any time during the year, and your modified AGI is more than -0-. File late taxes online free You cannot make a Roth IRA contribution if your modified AGI is $10,000 or more. File late taxes online free Reminders Deemed IRAs. File late taxes online free  For plan years beginning after 2002, a qualified employer plan (retirement plan) can maintain a separate account or annuity under the plan (a deemed IRA) to receive voluntary employee contributions. File late taxes online free If the separate account or annuity otherwise meets the requirements of an IRA, it will be subject only to IRA rules. File late taxes online free An employee's account can be treated as a traditional IRA or a Roth IRA. File late taxes online free For this purpose, a “qualified employer plan” includes: A qualified pension, profit-sharing, or stock bonus plan (section 401(a) plan), A qualified employee annuity plan (section 403(a) plan), A tax-sheltered annuity plan (section 403(b) plan), and A deferred compensation plan (section 457 plan) maintained by a state, a political subdivision of a state, or an agency or instrumentality of a state or political subdivision of a state. File late taxes online free Designated Roth accounts. File late taxes online free  Designated Roth accounts are separate accounts under 401(k), 403(b), or 457(b) plans that accept elective deferrals that are referred to as Roth contributions. File late taxes online free These elective deferrals are included in your income, but qualified distributions from these accounts are not included in your income. File late taxes online free Designated Roth accounts are not IRAs and should not be confused with Roth IRAs. File late taxes online free Contributions, up to their respective limits, can be made to Roth IRAs and designated Roth accounts according to your eligibility to participate. File late taxes online free A contribution to one does not impact your eligibility to contribute to the other. File late taxes online free See Publication 575, for more information on designated Roth accounts. File late taxes online free Introduction Regardless of your age, you may be able to establish and make nondeductible contributions to an individual retirement plan called a Roth IRA. File late taxes online free Contributions not reported. File late taxes online free   You do not report Roth IRA contributions on your return. File late taxes online free What Is a Roth IRA? A Roth IRA is an individual retirement plan that, except as explained in this chapter, is subject to the rules that apply to a traditional IRA (defined next). File late taxes online free It can be either an account or an annuity. File late taxes online free Individual retirement accounts and annuities are described in chapter 1 under How Can a Traditional IRA Be Opened. File late taxes online free To be a Roth IRA, the account or annuity must be designated as a Roth IRA when it is opened. File late taxes online free A deemed IRA can be a Roth IRA, but neither a SEP IRA nor a SIMPLE IRA can be designated as a Roth IRA. File late taxes online free Unlike a traditional IRA, you cannot deduct contributions to a Roth IRA. File late taxes online free But, if you satisfy the requirements, qualified distributions (discussed later) are tax free. File late taxes online free Contributions can be made to your Roth IRA after you reach age 70½ and you can leave amounts in your Roth IRA as long as you live. File late taxes online free Traditional IRA. File late taxes online free   A traditional IRA is any IRA that is not a Roth IRA or SIMPLE IRA. File late taxes online free Traditional IRAs are discussed in chapter 1. File late taxes online free When Can a Roth IRA Be Opened? You can open a Roth IRA at any time. File late taxes online free However, the time for making contributions for any year is limited. File late taxes online free See When Can You Make Contributions , later under Can You Contribute to a Roth IRA. File late taxes online free Can You Contribute to a Roth IRA? Generally, you can contribute to a Roth IRA if you have taxable compensation (defined later) and your modified AGI (defined later) is less than: $188,000 for married filing jointly or qualifying widow(er), $127,000 for single, head of household, or married filing separately and you did not live with your spouse at any time during the year, and $10,000 for married filing separately and you lived with your spouse at any time during the year. File late taxes online free You may be able to claim a credit for contributions to your Roth IRA. File late taxes online free For more information, see chapter 4. File late taxes online free Is there an age limit for contributions?   Contributions can be made to your Roth IRA regardless of your age. File late taxes online free Can you contribute to a Roth IRA for your spouse?   You can contribute to a Roth IRA for your spouse provided the contributions satisfy the Kay Bailey Hutchison Spousal IRA limit discussed in chapter 1 under How Much Can Be Contributed, you file jointly, and your modified AGI is less than $188,000. File late taxes online free Compensation. File late taxes online free   Compensation includes wages, salaries, tips, professional fees, bonuses, and other amounts received for providing personal services. File late taxes online free It also includes commissions, self-employment income, nontaxable combat pay, military differential pay, and taxable alimony and separate maintenance payments. File late taxes online free For more information, see What Is Compensation? under Who Can Open a Traditional IRA? in chapter 1. File late taxes online free Modified AGI. File late taxes online free   Your modified AGI for Roth IRA purposes is your adjusted gross income (AGI) as shown on your return with some adjustments. File late taxes online free Use Worksheet 2-1 , later, to determine your modified AGI. File late taxes online free    Do not subtract conversion income when figuring your other AGI-based phaseouts and taxable income, such as your deduction for medical and dental expenses. File late taxes online free Subtract them from AGI only for the purpose of figuring your modified AGI for Roth IRA purposes. File late taxes online free How Much Can Be Contributed? The contribution limit for Roth IRAs generally depends on whether contributions are made only to Roth IRAs or to both traditional IRAs and Roth IRAs. File late taxes online free Worksheet 2-1. File late taxes online free Modified Adjusted Gross Income for Roth IRA Purposes Use this worksheet to figure your modified adjusted gross income for Roth IRA purposes. File late taxes online free 1. File late taxes online free Enter your adjusted gross income from Form 1040, line 38; Form 1040A, line 22; or Form 1040NR, line 37 1. File late taxes online free   2. File late taxes online free Enter any income resulting from the conversion of an IRA (other than a Roth IRA) to a Roth IRA (included on Form 1040, line 15b, Form 1040A, line 11b, or Form 1040NR, line 16b) and a rollover from a qualified retirement plan to a Roth IRA (included on Form 1040, line 16b, Form 1040A, line 12b, or Form 1040NR, line 17b) 2. File late taxes online free   3. File late taxes online free Subtract line 2 from line 1 3. File late taxes online free   4. File late taxes online free Enter any traditional IRA deduction from Form 1040, line 32; Form 1040A, line 17; or Form 1040NR, line 32 4. File late taxes online free   5. File late taxes online free Enter any student loan interest deduction from Form 1040, line 33; Form 1040A, line 18; or Form 1040NR, line 33 5. File late taxes online free   6. File late taxes online free Enter any tuition and fees deduction from Form 1040, line 34, or Form 1040A, line 19 6. File late taxes online free   7. File late taxes online free Enter any domestic production activities deduction from Form 1040, line 35, or Form 1040NR, line 34 7. File late taxes online free   8. File late taxes online free Enter any foreign earned income exclusion and/or housing exclusion from Form 2555, line 45, or Form 2555-EZ, line 18 8. File late taxes online free   9. File late taxes online free Enter any foreign housing deduction from Form 2555, line 50 9. File late taxes online free   10. File late taxes online free Enter any excludable qualified savings bond interest from Form 8815, line 14 10. File late taxes online free   11. File late taxes online free Enter any excluded employer-provided adoption benefits from Form 8839, line 28 11. File late taxes online free   12. File late taxes online free Add the amounts on lines 3 through 11 12. File late taxes online free   13. File late taxes online free Enter: $188,000 if married filing jointly or qualifying widow(er), $10,000 if married filing separately and you lived with your spouse at any time during the year, or $127,000 for all others 13. File late taxes online free   Is the amount on line 12 more than the amount on line 13? If yes, see the note below. File late taxes online free  If no, the amount on line 12 is your modified adjusted gross income for Roth IRA purposes. File late taxes online free       Note. File late taxes online free If the amount on line 12 is more than the amount on line 13 and you have other income or loss items, such as social security income or passive activity losses, that are subject to AGI-based phaseouts, you can refigure your AGI solely for the purpose of figuring your modified AGI for Roth IRA purposes. File late taxes online free (If you receive social security benefits, use Worksheet 1 in Appendix B to refigure your AGI. File late taxes online free ) Then go to line 3 above in this Worksheet 2-1 to refigure your modified AGI. File late taxes online free If you do not have other income or loss items subject to AGI-based phaseouts, your modified adjusted gross income for Roth IRA purposes is the amount on line 12 above. File late taxes online free Roth IRAs only. File late taxes online free   If contributions are made only to Roth IRAs, your contribution limit generally is the lesser of: $5,500 ($6,500 if you are age 50 or older), or Your taxable compensation. File late taxes online free   However, if your modified AGI is above a certain amount, your contribution limit may be reduced, as explained later under Contribution limit reduced . File late taxes online free Roth IRAs and traditional IRAs. File late taxes online free   If contributions are made to both Roth IRAs and traditional IRAs established for your benefit, your contribution limit for Roth IRAs generally is the same as your limit would be if contributions were made only to Roth IRAs, but then reduced by all contributions for the year to all IRAs other than Roth IRAs. File late taxes online free Employer contributions under a SEP or SIMPLE IRA plan do not affect this limit. File late taxes online free   This means that your contribution limit is the lesser of: $5,500 ($6,500 if you are age 50 or older) minus all contributions (other than employer contributions under a SEP or SIMPLE IRA plan) for the year to all IRAs other than Roth IRAs, or Your taxable compensation minus all contributions (other than employer contributions under a SEP or SIMPLE IRA plan) for the year to all IRAs other than Roth IRAs. File late taxes online free   However, if your modified AGI is above a certain amount, your contribution limit may be reduced, as explained below under Contribution limit reduced . File late taxes online free   Simplified employee pensions (SEPs) are discussed in Publication 560. File late taxes online free Savings incentive match plans for employees (SIMPLEs) are discussed in chapter 3. File late taxes online free Repayment of reservist distributions. File late taxes online free   You can repay qualified reservist distributions even if the repayments would cause your total contributions to the Roth IRA to be more than the general limit on contributions. File late taxes online free However, the total repayments cannot be more than the amount of your distribution. File late taxes online free Note. File late taxes online free If you make repayments of qualified reservist distributions to a Roth IRA, increase your basis in the Roth IRA by the amount of the repayment. File late taxes online free For more information, see Qualified reservist repayments under How Much Can Be Contributed? in chapter 1. File late taxes online free Contribution limit reduced. File late taxes online free   If your modified AGI is above a certain amount, your contribution limit is gradually reduced. File late taxes online free Use Table 2-1, later, to determine if this reduction applies to you. File late taxes online free Table 2-1. File late taxes online free Effect of Modified AGI on Roth IRA Contribution This table shows whether your contribution to a Roth IRA is affected by the amount of your modified adjusted gross income (modified AGI). File late taxes online free IF you have taxable compensation and your filing status is . File late taxes online free . File late taxes online free . File late taxes online free AND your modified AGI is . File late taxes online free . File late taxes online free . File late taxes online free THEN . File late taxes online free . File late taxes online free . File late taxes online free married filing jointly or  qualifying widow(er) less than $178,000 you can contribute up to $5,500 ($6,500 if you are age 50 or older) as explained under How Much Can Be Contributed . File late taxes online free at least $178,000 but less than $188,000 the amount you can contribute is reduced as explained under Contribution limit reduced . File late taxes online free $188,000 or more you cannot contribute to a Roth IRA. File late taxes online free married filing separately and you lived with your spouse at any time during the year zero (-0-) you can contribute up to $5,500 ($6,500 if you are age 50 or older) as explained under How Much Can Be Contributed . File late taxes online free more than zero (-0-) but less than $10,000 the amount you can contribute is reduced as explained under Contribution limit reduced . File late taxes online free $10,000 or more you cannot contribute to a Roth IRA. File late taxes online free single, head of household,  or married filing separately and you did not live with your spouse at any time during the year less than $112,000 you can contribute up to $5,500 ($6,500 if you are age 50 or older) as explained under How Much Can Be Contributed . File late taxes online free at least $112,000 but less than $127,000 the amount you can contribute is reduced as explained under Contribution limit reduced . File late taxes online free $127,000 or more you cannot contribute to a Roth IRA. File late taxes online free Figuring the reduction. File late taxes online free   If the amount you can contribute must be reduced, use Worksheet 2-2, later, to figure your reduced contribution limit. File late taxes online free Worksheet 2-2. File late taxes online free Determining Your Reduced Roth IRA Contribution Limit Before using this worksheet, check Table 2-1, earlier, to determine whether or not your Roth IRA contribution limit is reduced. File late taxes online free If it is, use this worksheet to determine how much it is reduced. File late taxes online free 1. File late taxes online free Enter your modified AGI for Roth IRA purposes (Worksheet 2-1, line 12) 1. File late taxes online free   2. File late taxes online free Enter: $178,000 if filing a joint return or qualifying widow(er), $-0- if married filing a separate return and you lived with your spouse at any time in 2013, or $112,000 for all others 2. File late taxes online free   3. File late taxes online free Subtract line 2 from line 1 3. File late taxes online free   4. File late taxes online free Enter: $10,000 if filing a joint return or qualifying widow(er) or married filing a separate return and you lived with your spouse at any time during the year, or $15,000 for all others 4. File late taxes online free   5. File late taxes online free Divide line 3 by line 4 and enter the result as a decimal (rounded to at least three places). File late taxes online free If the result is 1. File late taxes online free 000 or more, enter 1. File late taxes online free 000 5. File late taxes online free   6. File late taxes online free Enter the lesser of: $5,500 ($6,500 if you are age 50 or older), or Your taxable compensation 6. File late taxes online free   7. File late taxes online free Multiply line 5 by line 6 7. File late taxes online free   8. File late taxes online free Subtract line 7 from line 6. File late taxes online free Round the result up to the nearest $10. File late taxes online free If the result is less than $200, enter $200 8. File late taxes online free   9. File late taxes online free Enter contributions for the year to other IRAs 9. File late taxes online free   10. File late taxes online free Subtract line 9 from line 6 10. File late taxes online free   11. File late taxes online free Enter the lesser of line 8 or line 10. File late taxes online free This is your reduced Roth IRA contribution limit 11. File late taxes online free      Round your reduced contribution limit up to the nearest $10. File late taxes online free If your reduced contribution limit is more than $0, but less than $200, increase the limit to $200. File late taxes online free Example. File late taxes online free You are a 45-year-old, single individual with taxable compensation of $113,000. File late taxes online free You want to make the maximum allowable contribution to your Roth IRA for 2013. File late taxes online free Your modified AGI for 2013 is $113,000. File late taxes online free You have not contributed to any traditional IRA, so the maximum contribution limit before the modified AGI reduction is $5,500. File late taxes online free You figure your reduced Roth IRA contribution of $5,140 as shown on Worksheet 2-2. File late taxes online free Example—Illustrated, later. File late taxes online free   Worksheet 2-2. File late taxes online free Example—Illustrated Before using this worksheet, check Table 2-1, earlier, to determine whether or not your Roth IRA contribution limit is reduced. File late taxes online free If it is, use this worksheet to determine how much it is reduced. File late taxes online free 1. File late taxes online free Enter your modified AGI for Roth IRA purposes (Worksheet 2-1, line 12) 1. File late taxes online free 113,000 2. File late taxes online free Enter: $178,000 if filing a joint return or qualifying widow(er), $-0- if married filing a separate return and you lived with your spouse at any time in 2013, or $112,000 for all others 2. File late taxes online free 112,000 3. File late taxes online free Subtract line 2 from line 1 3. File late taxes online free 1,000 4. File late taxes online free Enter: $10,000 if filing a joint return or qualifying widow(er) or married filing a separate return and you lived with your spouse at any time during the year, or $15,000 for all others 4. File late taxes online free 15,000 5. File late taxes online free Divide line 3 by line 4 and enter the result as a decimal (rounded to at least three places). File late taxes online free If the result is 1. File late taxes online free 000 or more, enter 1. File late taxes online free 000 5. File late taxes online free . File late taxes online free 067 6. File late taxes online free Enter the lesser of: $5,500 ($6,500 if you are age 50 or older), or Your taxable compensation 6. File late taxes online free 5,500 7. File late taxes online free Multiply line 5 by line 6 7. File late taxes online free 369 8. File late taxes online free Subtract line 7 from line 6. File late taxes online free Round the result up to the nearest $10. File late taxes online free If the result is less than $200, enter $200 8. File late taxes online free 5,140 9. File late taxes online free Enter contributions for the year to other IRAs 9. File late taxes online free 0 10. File late taxes online free Subtract line 9 from line 6 10. File late taxes online free 5,500 11. File late taxes online free Enter the lesser of line 8 or line 10. File late taxes online free This is your reduced Roth IRA contribution limit 11. File late taxes online free 5,140 When Can You Make Contributions? You can make contributions to a Roth IRA for a year at any time during the year or by the due date of your return for that year (not including extensions). File late taxes online free You can make contributions for 2013 by the due date (not including extensions) for filing your 2013 tax return. File late taxes online free This means that most people can make contributions for 2013 by April 15, 2014. File late taxes online free What if You Contribute Too Much? A 6% excise tax applies to any excess contribution to a Roth IRA. File late taxes online free Excess contributions. File late taxes online free   These are the contributions to your Roth IRAs for a year that equal the total of: Amounts contributed for the tax year to your Roth IRAs (other than amounts properly and timely rolled over from a Roth IRA or properly converted from a traditional IRA or rolled over from a qualified retirement plan, as described later) that are more than your contribution limit for the year (explained earlier under How Much Can Be Contributed? ), plus Any excess contributions for the preceding year, reduced by the total of: Any distributions out of your Roth IRAs for the year, plus Your contribution limit for the year minus your contributions to all your IRAs for the year. File late taxes online free Withdrawal of excess contributions. File late taxes online free   For purposes of determining excess contributions, any contribution that is withdrawn on or before the due date (including extensions) for filing your tax return for the year is treated as an amount not contributed. File late taxes online free This treatment only applies if any earnings on the contributions are also withdrawn. File late taxes online free The earnings are considered earned and received in the year the excess contribution was made. File late taxes online free   If you timely filed your 2013 tax return without withdrawing a contribution that you made in 2013, you can still have the contribution returned to you within 6 months of the due date of your 2013 tax return, excluding extensions. File late taxes online free If you do, file an amended return with “Filed pursuant to section 301. File late taxes online free 9100-2” written at the top. File late taxes online free Report any related earnings on the amended return and include an explanation of the withdrawal. File late taxes online free Make any other necessary changes on the amended return. File late taxes online free Applying excess contributions. File late taxes online free    If contributions to your Roth IRA for a year were more than the limit, you can apply the excess contribution in one year to a later year if the contributions for that later year are less than the maximum allowed for that year. File late taxes online free Can You Move Amounts Into a Roth IRA? You may be able to convert amounts from either a traditional, SEP, or SIMPLE IRA into a Roth IRA. File late taxes online free You may be able to roll over amounts from a qualified retirement plan to a Roth IRA. File late taxes online free You may be able to recharacterize contributions made to one IRA as having been made directly to a different IRA. File late taxes online free You can roll amounts over from a designated Roth account or from one Roth IRA to another Roth IRA. File late taxes online free Conversions You can convert a traditional IRA to a Roth IRA. File late taxes online free The conversion is treated as a rollover, regardless of the conversion method used. File late taxes online free Most of the rules for rollovers, described in chapter 1 under Rollover From One IRA Into Another , apply to these rollovers. File late taxes online free However, the 1-year waiting period does not apply. File late taxes online free Conversion methods. File late taxes online free   You can convert amounts from a traditional IRA to a Roth IRA in any of the following three ways. File late taxes online free Rollover. File late taxes online free You can receive a distribution from a traditional IRA and roll it over (contribute it) to a Roth IRA within 60 days after the distribution. File late taxes online free Trustee-to-trustee transfer. File late taxes online free You can direct the trustee of the traditional IRA to transfer an amount from the traditional IRA to the trustee of the Roth IRA. File late taxes online free Same trustee transfer. File late taxes online free If the trustee of the traditional IRA also maintains the Roth IRA, you can direct the trustee to transfer an amount from the traditional IRA to the Roth IRA. File late taxes online free Same trustee. File late taxes online free   Conversions made with the same trustee can be made by redesignating the traditional IRA as a Roth IRA, rather than opening a new account or issuing a new contract. File late taxes online free Income. File late taxes online free   You must include in your gross income distributions from a traditional IRA that you would have had to include in income if you had not converted them into a Roth IRA. File late taxes online free These amounts are normally included in income on your return for the year that you converted them from a traditional IRA to a Roth IRA. File late taxes online free If you must include any amount in your gross income, you may have to increase your withholding or make estimated tax payments. File late taxes online free See Publication 505, Tax Withholding and Estimated Tax. File late taxes online free More information. File late taxes online free   For more information on conversions, see Converting From Any Traditional IRA Into a Roth IRA in chapter 1. File late taxes online free Rollover From Employer's Plan Into a Roth IRA You can roll over into a Roth IRA all or part of an eligible rollover distribution you receive from your (or your deceased spouse's): Employer's qualified pension, profit-sharing, or stock bonus plan (including a 401(k) plan); Annuity plan; Tax-sheltered annuity plan (section 403(b) plan); or Governmental deferred compensation plan (section 457 plan). File late taxes online free Any amount rolled over is subject to the same rules for converting a traditional IRA into a Roth IRA. File late taxes online free See Converting From Any Traditional IRA Into a Roth IRA in chapter 1. File late taxes online free Also, the rollover contribution must meet the rollover requirements that apply to the specific type of retirement plan. File late taxes online free Rollover methods. File late taxes online free   You can roll over amounts from a qualified retirement plan to a Roth IRA in one of the following ways. File late taxes online free Rollover. File late taxes online free You can receive a distribution from a qualified retirement plan and roll it over (contribute) to a Roth IRA within 60 days after the distribution. File late taxes online free Since the distribution is paid directly to you, the payer generally must withhold 20% of it. File late taxes online free Direct rollover option. File late taxes online free Your employer's qualified plan must give you the option to have any part of an eligible rollover distribution paid directly to a Roth IRA. File late taxes online free Generally, no tax is withheld from any part of the designated distribution that is directly paid to the trustee of the Roth IRA. File late taxes online free Rollover by nonspouse beneficiary. File late taxes online free   If you are a designated beneficiary (other than a surviving spouse) of a deceased employee, you can roll over all or part of an eligible rollover distribution from one of the types of plans listed above into a Roth IRA. File late taxes online free You must make the rollover by a direct trustee-to-trustee transfer into an inherited Roth IRA. File late taxes online free   You will determine your required minimum distributions in years after you make the rollover based on whether the employee died before his or her required beginning date for taking distributions from the plan. File late taxes online free For more information, see Distributions after the employee’s death under Tax on Excess Accumulation in Publication 575. File late taxes online free Income. File late taxes online free   You must include in your gross income distributions from a qualified retirement plan that you would have had to include in income if you had not rolled them over into a Roth IRA. File late taxes online free You do not include in gross income any part of a distribution from a qualified retirement plan that is a return of contributions (after-tax contributions) to the plan that were taxable to you when paid. File late taxes online free These amounts are normally included in income on your return for the year of the rollover from the qualified employer plan to a Roth IRA. File late taxes online free If you must include any amount in your gross income, you may have to increase your withholding or make estimated tax payments. File late taxes online free See Publication 505, Tax Withholding and Estimated Tax. File late taxes online free For more information on eligible rollover distributions from qualified retirement plans and withholding, see Rollover From Employer's Plan Into an IRA in chapter 1. File late taxes online free Military Death Gratuities and Servicemembers' Group Life Insurance (SGLI) Payments If you received a military death gratuity or SGLI payment with respect to a death from injury that occurred after October 6, 2001, you can contribute (roll over) all or part of the amount received to your Roth IRA. File late taxes online free The contribution is treated as a qualified rollover contribution. File late taxes online free The amount you can roll over to your Roth IRA cannot exceed the total amount that you received reduced by any part of that amount that was contributed to a Coverdell ESA or another Roth IRA. File late taxes online free Any military death gratuity or SGLI payment contributed to a Roth IRA is disregarded for purposes of the 1-year waiting period between rollovers. File late taxes online free The rollover must be completed before the end of the 1-year period beginning on the date you received the payment. File late taxes online free The amount contributed to your Roth IRA is treated as part of your cost basis (investment in the contract) in the Roth IRA that is not taxable when distributed. File late taxes online free Rollover From a Roth IRA You can withdraw, tax free, all or part of the assets from one Roth IRA if you contribute them within 60 days to another Roth IRA. File late taxes online free Most of the rules for rollovers, described in chapter 1 under Rollover From One IRA Into Another , apply to these rollovers. File late taxes online free However, rollovers from retirement plans other than Roth IRAs are disregarded for purposes of the 1-year waiting period between rollovers. File late taxes online free A rollover from a Roth IRA to an employer retirement plan is not allowed. File late taxes online free A rollover from a designated Roth account can only be made to another designated Roth account or to a Roth IRA. File late taxes online free If you roll over an amount from one Roth IRA to another Roth IRA, the 5-year period used to determine qualified distributions does not change. File late taxes online free The 5-year period begins with the first taxable year for which the contribution was made to the initial Roth IRA. File late taxes online free See What are Qualified Distributions , later. File late taxes online free Rollover of Exxon Valdez Settlement Income If you are a qualified taxpayer (defined in chapter 1, earlier) and you received qualified settlement income (defined in chapter 1, earlier), you can contribute all or part of the amount received to an eligible retirement plan which includes a Roth IRA. File late taxes online free The rules for contributing qualified settlement income to a Roth IRA are the same as the rules for contributing qualified settlement income to a traditional IRA with the following exception. File late taxes online free Qualified settlement income that is contributed to a Roth IRA, or to a designated Roth account, will be: Included in your taxable income for the year the qualified settlement income was received, and Treated as part of your cost basis (investment in the contract) in the Roth IRA that is not taxable when distributed. File late taxes online free For more information, see Rollover of Exxon Valdez Settlement Income in chapter 1. File late taxes online free Rollover of Airline Payments If you are a qualified airline employee (defined next), you may contribute any portion of an airline payment (defined below) you receive to a Roth IRA. File late taxes online free The contribution must be made within 180 days from the date you received the payment. File late taxes online free The contribution will be treated as a qualified rollover contribution. File late taxes online free The rollover contribution is included in income to the extent it would be included in income if it were not part of the rollover contribution. File late taxes online free Also, any reduction in the airline payment amount on account of employment taxes shall be disregarded when figuring the amount you can contribute to your Roth IRA. File late taxes online free Qualified airline employee. File late taxes online free    A current or former employee of a commercial airline carrier who was a participant in a qualified defined benefit plan maintained by the carrier which was terminated or became subject to restrictions under Section 402(b) of the Pension Protection Act of 2006. File late taxes online free These provisions also apply to surviving spouses of qualified airline employees. File late taxes online free Airline payment. File late taxes online free    An airline payment is any payment of money or other property that is paid to a qualified airline employee from a commercial airline carrier. File late taxes online free The payment also must be made both: Under the approval of an order of federal bankruptcy court in a case filed after September 11, 2001, and before January 1, 2007, and In respect of the qualified airline employee’s interest in a bankruptcy claim against the airline carrier, any note of the carrier (or amount paid in lieu of a note being issued), or any other fixed obligation of the carrier to pay a lump sum amount. File late taxes online free Any reduction in the airline payment amount on account of employment taxes shall be disregarded when figuring the amount you can roll over to your traditional IRA. File late taxes online free Also, an airline payment shall not include any amount payable on the basis of the airline carrier’s future earnings or profits. File late taxes online free Are Distributions Taxable? You do not include in your gross income qualified distributions or distributions that are a return of your regular contributions from your Roth IRA(s). File late taxes online free You also do not include distributions from your Roth IRA that you roll over tax free into another Roth IRA. File late taxes online free You may have to include part of other distributions in your income. File late taxes online free See Ordering Rules for Distributions , later. File late taxes online free Basis of distributed property. File late taxes online free   The basis of property distributed from a Roth IRA is its fair market value (FMV) on the date of distribution, whether or not the distribution is a qualified distribution. File late taxes online free Withdrawals of contributions by due date. File late taxes online free   If you withdraw contributions (including any net earnings on the contributions) by the due date of your return for the year in which you made the contribution, the contributions are treated as if you never made them. File late taxes online free If you have an extension of time to file your return, you can withdraw the contributions and earnings by the extended due date. File late taxes online free The withdrawal of contributions is tax free, but you must include the earnings on the contributions in income for the year in which you made the contributions. File late taxes online free What Are Qualified Distributions? A qualified distribution is any payment or distribution from your Roth IRA that meets the following requirements. File late taxes online free It is made after the 5-year period beginning with the first taxable year for which a contribution was made to a Roth IRA set up for your benefit, and The payment or distribution is: Made on or after the date you reach age 59½, Made because you are disabled (defined earlier), Made to a beneficiary or to your estate after your death, or One that meets the requirements listed under First home under Exceptions in chapter 1 (up to a $10,000 lifetime limit). File late taxes online free Additional Tax on Early Distributions If you receive a distribution that is not a qualified distribution, you may have to pay the 10% additional tax on early distributions as explained in the following paragraphs. File late taxes online free Distributions of conversion and certain rollover contributions within 5-year period. File late taxes online free   If, within the 5-year period starting with the first day of your tax year in which you convert an amount from a traditional IRA or rollover an amount from a qualified retirement plan to a Roth IRA, you take a distribution from a Roth IRA, you may have to pay the 10% additional tax on early distributions. File late taxes online free You generally must pay the 10% additional tax on any amount attributable to the part of the amount converted or rolled over (the conversion or rollover contribution) that you had to include in income (recapture amount). File late taxes online free A separate 5-year period applies to each conversion and rollover. File late taxes online free See Ordering Rules for Distributions , later, to determine the recapture amount, if any. File late taxes online free   The 5-year period used for determining whether the 10% early distribution tax applies to a distribution from a conversion or rollover contribution is separately determined for each conversion and rollover, and is not necessarily the same as the 5-year period used for determining whether a distribution is a qualified distribution. File late taxes online free See What Are Qualified Distributions , earlier. File late taxes online free   For example, if a calendar-year taxpayer makes a conversion contribution on February 25, 2013, and makes a regular contribution for 2012 on the same date, the 5-year period for the conversion begins January 1, 2013, while the 5-year period for the regular contribution begins on January 1, 2012. File late taxes online free   Unless one of the exceptions listed later applies, you must pay the additional tax on the portion of the distribution attributable to the part of the conversion or rollover contribution that you had to include in income because of the conversion or rollover. File late taxes online free   You must pay the 10% additional tax in the year of the distribution, even if you had included the conversion or rollover contribution in an earlier year. File late taxes online free You also must pay the additional tax on any portion of the distribution attributable to earnings on contributions. File late taxes online free Other early distributions. File late taxes online free   Unless one of the exceptions listed below applies, you must pay the 10% additional tax on the taxable part of any distributions that are not qualified distributions. File late taxes online free Exceptions. File late taxes online free   You may not have to pay the 10% additional tax in the following situations. File late taxes online free You have reached age 59½. File late taxes online free You are totally and permanently disabled. File late taxes online free You are the beneficiary of a deceased IRA owner. File late taxes online free You use the distribution to buy, build, or rebuild a first home. File late taxes online free The distributions are part of a series of substantially equal payments. File late taxes online free You have unreimbursed medical expenses that are more than 10% (or 7. File late taxes online free 5% if you or your spouse was born before January 2, 1949) of your adjusted gross income (defined earlier) for the year. File late taxes online free You are paying medical insurance premiums during a period of unemployment. File late taxes online free The distributions are not more than your qualified higher education expenses. File late taxes online free The distribution is due to an IRS levy of the qualified plan. File late taxes online free The distribution is a qualified reservist distribution. File late taxes online free Most of these exceptions are discussed earlier in chapter 1 under Early Distributions . File late taxes online free Please click here for the text description of the image. File late taxes online free Is Roth Distributions a Qualified Distribution? Ordering Rules for Distributions If you receive a distribution from your Roth IRA that is not a qualified distribution, part of it may be taxable. File late taxes online free There is a set order in which contributions (including conversion contributions and rollover contributions from qualified retirement plans) and earnings are considered to be distributed from your Roth IRA. File late taxes online free For these purposes, disregard the withdrawal of excess contributions and the earnings on them (discussed earlier under What if You Contribute Too Much ). File late taxes online free Order the distributions as follows. File late taxes online free Regular contributions. File late taxes online free Conversion and rollover contributions, on a first-in, first-out basis (generally, total conversions and rollovers from the earliest year first). File late taxes online free See Aggregation (grouping and adding) rules, later. File late taxes online free Take these conversion and rollover contributions into account as follows: Taxable portion (the amount required to be included in gross income because of the conversion or rollover) first, and then the Nontaxable portion. File late taxes online free Earnings on contributions. File late taxes online free Disregard rollover contributions from other Roth IRAs for this purpose. File late taxes online free Aggregation (grouping and adding) rules. File late taxes online free   Determine the taxable amounts distributed (withdrawn), distributions, and contributions by grouping and adding them together as follows. File late taxes online free Add all distributions from all your Roth IRAs during the year together. File late taxes online free Add all regular contributions made for the year (including contributions made after the close of the year, but before the due date of your return) together. File late taxes online free Add this total to the total undistributed regular contributions made in prior years. File late taxes online free Add all conversion and rollover contributions made during the year together. File late taxes online free For purposes of the ordering rules, in the case of any conversion or rollover in which the conversion or rollover distribution is made in 2013 and the conversion or rollover contribution is made in 2014, treat the conversion or rollover contribution as contributed before any other conversion or rollover contributions made in 2014. File late taxes online free Add any recharacterized contributions that end up in a Roth IRA to the appropriate contribution group for the year that the original contribution would have been taken into account if it had been made directly to the Roth IRA. File late taxes online free   Disregard any recharacterized contribution that ends up in an IRA other than a Roth IRA for the purpose of grouping (aggregating) both contributions and distributions. File late taxes online free Also disregard any amount withdrawn to correct an excess contribution (including the earnings withdrawn) for this purpose. File late taxes online free Example. File late taxes online free On October 15, 2009, Justin converted all $80,000 in his traditional IRA to his Roth IRA. File late taxes online free His Forms 8606 from prior years show that $20,000 of the amount converted is his basis. File late taxes online free Justin included $60,000 ($80,000 − $20,000) in his gross income. File late taxes online free On February 23, 2013, Justin made a regular contribution of $5,000 to a Roth IRA. File late taxes online free On November 8, 2013, at age 60, Justin took a $7,000 distribution from his Roth IRA. File late taxes online free The first $5,000 of the distribution is a return of Justin's regular contribution and is not includible in his income. File late taxes online free The next $2,000 of the distribution is not includible in income because it was included previously. File late taxes online free Figuring your recapture amount. File late taxes online free   If you had an early distribution from your Roth IRAs in 2013, you must allocate the early distribution by using the Recapture Amount—Allocation Chart, later. File late taxes online free Recapture Amount—Allocation Chart Enter the amount from your 2013 Form 8606, line 19   Before you begin: You will need your prior year Form(s) 8606 and income tax return(s) if you entered an amount on any line(s) as indicated below. File late taxes online free   You will now allocate the amount you entered above (2013 Form 8606, line 19) in the order shown, to the amounts on the lines listed below (to the extent a prior year distribution was not allocable to the amount). File late taxes online free The maximum amount you can enter on each line below is the amount entered on the referenced lines of the form for that year. File late taxes online free Note. File late taxes online free Once you have allocated the full amount from your 2013 Form 8606, line 19, STOP. File late taxes online free See the Example , earlier. File late taxes online free Tax Year Your Form 2013 Form 8606, line 20   Form 8606, line 22   1998 Form 8606, line 16   Form 8606, line 15   1999 Form 8606, line 16   Form 8606, line 15   2000 Form 8606, line 16   Form 8606, line 15   2001 Form 8606, line 18   Form 8606, line 17   2002 Form 8606, line 18   Form 8606, line 17   2003 Form 8606, line 18   Form 8606, line 17   2004 Form 8606, line 18   Form 8606, line 17   2005 Form 8606, line 18   Form 8606, line 17   2006 Form 8606, line 18   Form 8606, line 17   2007 Form 8606, line 18   Form 8606, line 17   2008 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2009 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2010 Form 8606, lines 18 and 23   Form 8606, lines 17 and 22   2011 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2012 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2013 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2013 Form 8606, line 25       *Only include those amounts rolled over to a Roth IRA. File late taxes online free  **Only include any contributions (usually Form 1099-R, box 5) that were taxable to you when made and rolled over to a Roth IRA. File late taxes online free Amount to include on Form 5329, line 1. File late taxes online free   Include on line 1 of your 2013 Form 5329 the following four amounts from the Recapture Amount—Allocation Chart that you filled out. File late taxes online free The amount you allocated to line 20 of your 2013 Form 8606. File late taxes online free The amount(s) allocated to your 2009 through 2013 Forms 8606, line 18, and your 2010 Form 8606, line 23. File late taxes online free The amount(s) allocated to your 2009, 2011, 2012, and 2013 Forms 1040, line 16b; Forms 1040A, line 12b; and Forms 1040NR, line 17b. File late taxes online free The amount from your 2013 Form 8606, line 25. File late taxes online free   Also, include any amount you allocated to line 20 of your 2013 Form 8606 on your 2013 Form 5329, line 2, and enter exception number 09. File late taxes online free Example. File late taxes online free Ishmael, age 32, opened a Roth IRA in 2000. File late taxes online free He made the maximum contributions to it every year. File late taxes online free In addition, he made the following transactions into his Roth IRA. File late taxes online free In 2005, he converted $10,000 from his traditional IRA into his Roth IRA. File late taxes online free He filled out a 2005 Form 8606 and attached it with his 2005 Form 1040. File late taxes online free He entered $0 on line 17 of Form 8606 because he took a deduction for all the contributions to the traditional IRA, therefore he has no basis. File late taxes online free He entered $10,000 on line 18 of Form 8606. File late taxes online free In 2011, he rolled over the entire balance of his qualified retirement plan, $20,000, into a Roth IRA when he changed jobs. File late taxes online free He used a 2011 Form 1040 to file his taxes. File late taxes online free He entered $20,000 on line 16a of Form 1040 because that was the amount reported in box 1 of his 2011 Form 1099-R. File late taxes online free Box 5 of his 2011 Form 1099-R reported $0 since he did not make any after-tax contributions to the qualified retirement plan. File late taxes online free He entered $20,000 on line 16b of Form 1040 since that is the taxable amount that was rolled over in 2011. File late taxes online free The total balance in his Roth IRA as of January 1, 2013 was $105,000 ($50,000 in contributions from 2000 through 2012 + $10,000 from the 2005 conversion + $20,000 from the 2011 rollover + $25,000 from earnings). File late taxes online free He has not taken any early distribution from his Roth IRA before 2013. File late taxes online free In 2013, he made the maximum contribution of $5,500 to his Roth IRA. File late taxes online free In August of 2013, he took a $85,500 early distribution from his Roth IRA to use as a down payment on the purchase of his first home. File late taxes online free See his filled out Illustrated Recapture Amount—Allocation Chart, later, to see how he allocated the amounts from the above transactions. File late taxes online free Based on his allocation, he would enter $20,000 on his 2013 Form 5329, line 1 (see Amount to include on Form 5329, line 1 , above). File late taxes online free He should also report $10,000 on his 2013 Form 5329, line 2, and enter exception 09 since that amount is not subject to the 10% additional tax on early distributions. File late taxes online free Illustrated Recapture Amount—Allocation Chart Enter the amount from your 2013 Form 8606, line 19 $85,500 Before you begin: You will need your prior year Form(s) 8606 and income tax return(s) if you entered an amount on any line(s) as indicated below. File late taxes online free   You will now allocate the amount you entered above (2013 Form 8606, line 19) in the order shown, to the amounts on the lines listed below (to the extent a prior year distribution was not allocable to the amount). File late taxes online free The maximum amount you can enter on each line below is the amount entered on the referenced lines of the form for that year. File late taxes online free Note. File late taxes online free Once you have allocated the full amount from your 2013 Form 8606, line 19, STOP. File late taxes online free See the Example , earlier. File late taxes online free Tax Year Your Form 2013 Form 8606, line 20 $10,000 Form 8606, line 22 $55,500 1998 Form 8606, line 16   Form 8606, line 15   1999 Form 8606, line 16   Form 8606, line 15   2000 Form 8606, line 16   Form 8606, line 15   2001 Form 8606, line 18   Form 8606, line 17   2002 Form 8606, line 18   Form 8606, line 17   2003 Form 8606, line 18   Form 8606, line 17   2004 Form 8606, line 18   Form 8606, line 17   2005 Form 8606, line 18 $10,000 Form 8606, line 17 $-0- 2006 Form 8606, line 18   Form 8606, line 17   2007 Form 8606, line 18   Form 8606, line 17   2008 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2009 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2010 Form 8606, lines 18 and 23   Form 8606, lines 17 and 22   2011 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b* $10,000 Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2012 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2013 Form 8606, line 18  and  Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b*   Form 8606, line 17  and  Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a**   2013 Form 8606, line 25       *Only include those amounts rolled over to a Roth IRA. File late taxes online free  **Only include any contributions (usually Form 1099-R, box 5) that were taxable to you when made and rolled over to a Roth IRA. File late taxes online free How Do You Figure the Taxable Part? To figure the taxable part of a distribution that is not a qualified distribution, complete Form 8606, Part III. File late taxes online free Must You Withdraw or Use Assets? You are not required to take distributions from your Roth IRA at any age. File late taxes online free The minimum distribution rules that apply to traditional IRAs do not apply to Roth IRAs while the owner is alive. File late taxes online free However, after the death of a Roth IRA owner, certain of the minimum distribution rules that apply to traditional IRAs also apply to Roth IRAs as explained later under Distributions After Owner's Death . File late taxes online free Minimum distributions. File late taxes online free   You cannot use your Roth IRA to satisfy minimum distribution requirements for your traditional IRA. File late taxes online free Nor can you use distributions from traditional IRAs for required distributions from Roth IRAs. File late taxes online free See Distributions to beneficiaries , later. File late taxes online free Recognizing Losses on Investments If you have a loss on your Roth IRA investment, you can recognize the loss on your income tax return, but only when all the amounts in all of your Roth IRA accounts have been distributed to you and the total distributions are less than your unrecovered basis. File late taxes online free Your basis is the total amount of contributions in your Roth IRAs. File late taxes online free You claim the loss as a miscellaneous itemized deduction, subject to the 2%-of-adjusted-gross-income limit that applies to certain miscellaneous itemized deductions on Schedule A (Form 1040). File late taxes online free Any such losses are added back to taxable income for purposes of calculating the alternative minimum tax. File late taxes online free Distributions After Owner's Death If a Roth IRA owner dies, the minimum distribution rules that apply to traditional IRAs apply to Roth IRAs as though the Roth IRA owner died before his or her required beginning date. File late taxes online free See When Can You Withdraw or Use Assets? in chapter 1. File late taxes online free Distributions to beneficiaries. File late taxes online free   Generally, the entire interest in the Roth IRA must be distributed by the end of the fifth calendar year after the year of the owner's death unless the interest is payable to a designated beneficiary over the life or life expectancy of the designated beneficiary. File late taxes online free (See When Must You Withdraw Assets? (Required Minimum Distributions) in chapter 1. File late taxes online free )   If paid as an annuity, the entire interest must be payable over a period not greater than the designated beneficiary's life expectancy and distributions must begin before the end of the calendar year following the year of death. File late taxes online free Distributions from another Roth IRA cannot be substituted for these distributions unless the other Roth IRA was inherited from the same decedent. File late taxes online free   If the sole beneficiary is the spouse, he or she can either delay distributions until the decedent would have reached age 70½ or treat the Roth IRA as his or her own. File late taxes online free Combining with other Roth IRAs. File late taxes online free   A beneficiary can combine an inherited Roth IRA with another Roth IRA maintained by the beneficiary only if the beneficiary either: Inherited the other Roth IRA from the same decedent, or Was the spouse of the decedent and the sole beneficiary of the Roth IRA and elects to treat it as his or her own IRA. File late taxes online free Distributions that are not qualified distributions. File late taxes online free   If a distribution to a beneficiary is not a qualified distribution, it is generally includible in the beneficiary's gross income in the same manner as it would have been included in the owner's income had it been distributed to the IRA owner when he or she was alive. File late taxes online free   If the owner of a Roth IRA dies before the end of: The 5-year period beginning with the first taxable year for which a contribution was made to a Roth IRA set up for the owner's benefit, or The 5-year period starting with the year of a conversion contribution from a traditional IRA or a rollover from a qualified retirement plan to a Roth IRA, each type of contribution is divided among multiple beneficiaries according to the pro-rata share of each. File late taxes online free See Ordering Rules for Distributions , earlier in this chapter under Are Distributions Taxable. File late taxes online free Example. File late taxes online free When Ms. File late taxes online free Hibbard died in 2013, her Roth IRA contained regular contributions of $4,000, a conversion contribution of $10,000 that was made in 2009, and earnings of $2,000. File late taxes online free No distributions had been made from her IRA. File late taxes online free She had no basis in the conversion contribution in 2009. File late taxes online free When she established this Roth IRA (her first) in 2009, she named each of her four children as equal beneficiaries. File late taxes online free Each child will receive one-fourth of each type of contribution and one-fourth of the earnings. File late taxes online free An immediate distribution of $4,000 to each child will be treated as $1,000 from regular contributions, $2,500 from conversion contributions, and $500 from earnings. File late taxes online free In this case, because the distributions are made before the end of the applicable 5-year period for a qualified distribution, each beneficiary includes $500 in income for 2013. File late taxes online free The 10% additional tax on early distributions does not apply because the distribution was made to the beneficiaries as a result of the death of the IRA owner. File late taxes online free If distributions from an inherited Roth IRA are less than the required minimum distribution for the year, discussed in chapter 1 under When Must You Withdraw Assets? (Required Minimum Distributions), you may have to pay a 50% excise tax for that year on the amount not distributed as required. File late taxes online free For the tax on excess accumulations (insufficient distributions), see Excess Accumulations (Insufficient Distributions) under What Acts Result in Penalties or Additional Taxes? in chapter 1. File late taxes online free If this applies to you, substitute “Roth IRA” for “traditional IRA” in that discussion. File late taxes online free Prev  Up  Next   Home   More Online Publications
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The File Late Taxes Online Free

File late taxes online free 1. File late taxes online free   Filing and Paying Business Taxes Table of Contents Introduction Useful Items - You may want to see: Identification NumbersNew EIN. File late taxes online free Employee. File late taxes online free Other payee. File late taxes online free Income TaxDo I Have To File an Income Tax Return? How Do I File? IRS e-file (Electronic Filing) When Is My Tax Return Due? How Do I Pay Income Tax? Self-Employment (SE) TaxHow to become insured under social security. File late taxes online free Earning credits in 2013 and 2014. File late taxes online free Employment Taxes Excise Taxes Information ReturnsWaiver of penalties. File late taxes online free Penalties. File late taxes online free Introduction This chapter explains the business taxes you may have to pay and the forms you may have to file. File late taxes online free It also discusses taxpayer identification numbers. File late taxes online free Table 1-1 lists the benefits of filing electronically. File late taxes online free Table 1-2 lists the federal taxes you may have to pay, their due dates, and the forms you use to report them. File late taxes online free Table 1-3 provides checklists that highlight the typical forms and schedules you may need to file if you ever go out of business. File late taxes online free You may want to get Publication 509, Tax Calendars. File late taxes online free It has tax calendars that tell you when to file returns and make tax payments. File late taxes online free Useful Items - You may want to see: Publication 505 Tax Withholding and Estimated Tax Form (and Instructions) 1040 U. File late taxes online free S. File late taxes online free Individual Income Tax Return 1040-ES Estimated Tax for Individuals Sch C (Form 1040) Profit or Loss From Business Sch C-EZ (Form 1040) Net Profit From Business Sch SE (Form 1040) Self-Employment Tax See chapter 12 for information about getting publications and forms. File late taxes online free Identification Numbers This section explains three types of taxpayer identification numbers, who needs them, when to use them, and how to get them. File late taxes online free Social security number (SSN). File late taxes online free   Generally, use your SSN as your taxpayer identification number. File late taxes online free You must put this number on each of your individual income tax forms, such as Form 1040 and its schedules. File late taxes online free   To apply for an SSN, use Form SS-5, Application for a Social Security Card. File late taxes online free This form is available at Social Security Administration (SSA) offices or by calling 1-800-772-1213. File late taxes online free It is also available from the SSA website at www. File late taxes online free socialsecurity. File late taxes online free gov. File late taxes online free Individual taxpayer identification number (ITIN). File late taxes online free   The IRS will issue an ITIN if you are a nonresident or resident alien and you do not have and are not eligible to get an SSN. File late taxes online free In general, if you need to obtain an ITIN, you must attach Form W-7, Application for IRS Individual Taxpayer Identification Number, with your signed, original, completed tax return and any other required documentation and mail them to the following address. File late taxes online free  Internal Revenue Service ITIN Operation P. File late taxes online free O. File late taxes online free Box 149342 Austin, TX 78714-9342 The exceptions are covered in detail in the instructions for Form W-7. File late taxes online free If you must include another person's SSN on your return and that person does not have and cannot get an SSN, enter that person's ITIN. File late taxes online free The application is also available in Spanish. File late taxes online free The form is available at IRS. File late taxes online free gov or you can call 1-800-829-3676 to order the form. File late taxes online free    An ITIN is for tax use only. File late taxes online free It does not entitle the holder to social security benefits or change the holder's employment or immigration status. File late taxes online free Employer identification number (EIN). File late taxes online free   You must also have an EIN to use as a taxpayer identification number if you do either of the following. File late taxes online free Pay wages to one or more employees. File late taxes online free File pension or excise tax returns. File late taxes online free   If you must have an EIN, include it along with your SSN on your Schedule C or C-EZ. File late taxes online free   You can apply for an EIN: Online by clicking on the Employer ID Numbers (EINs) link at www. File late taxes online free irs. File late taxes online free gov/businesses/small. File late taxes online free The EIN is issued immediately once the application information is validated. File late taxes online free By telephone at 1-800-829-4933. File late taxes online free By mailing or faxing Form SS-4, Application for Employer Identification Number. File late taxes online free New EIN. File late taxes online free   You may need to get a new EIN if either the form or the ownership of your business changes. File late taxes online free For more information, see Publication 1635, Understanding Your EIN. File late taxes online free When you need identification numbers of other persons. File late taxes online free   In operating your business, you will probably make certain payments you must report on information returns. File late taxes online free These payments are discussed under Information Returns, later in this chapter. File late taxes online free You must give the recipient of these payments (the payee) a statement showing the total amount paid during the year. File late taxes online free You must include the payee's identification number and your identification number on the returns and statements. File late taxes online free Employee. File late taxes online free   If you have employees, you must get an SSN from each of them. File late taxes online free Record the name and SSN of each employee exactly as they are shown on the employee's social security card. File late taxes online free If the employee's name is not correct as shown on the card, the employee should request a new card from the SSA. File late taxes online free This may occur if the employee's name was changed due to marriage or divorce. File late taxes online free   Form W-4, Employee's Withholding Allowance Certificate, is completed by each employee so the correct federal income tax can be withheld from their pay. File late taxes online free   If your employee does not have an SSN, he or she should file Form SS-5 with the SSA. File late taxes online free Other payee. File late taxes online free   If you make payments to someone who is not your employee and you must report the payments on an information return, get that person's SSN. File late taxes online free If you must report payments to an organization, such as a corporation or partnership, you must get its EIN. File late taxes online free   To get the payee's SSN or EIN, use Form W-9, Request for Taxpayer Identification Number and Certification. File late taxes online free   A payee who does not provide you with an identification number may be subject to backup withholding. File late taxes online free For information on backup withholding, see the Form W-9 instructions and the General Instructions for Certain Information Returns. File late taxes online free Income Tax This part explains whether you have to file an income tax return and when you file it. File late taxes online free It also explains how you pay the tax. File late taxes online free Do I Have To File an Income Tax Return? You have to file an income tax return for 2013 if your net earnings from self-employment were $400 or more. File late taxes online free If your net earnings from self-employment were less than $400, you still have to file an income tax return if you meet any other filing requirement listed in the Form 1040 instructions. File late taxes online free How Do I File? File your income tax return on Form 1040 and attach Schedule C or Schedule C-EZ. File late taxes online free Enter the net profit or loss from Schedule C or Schedule C-EZ on page 1 of Form 1040. File late taxes online free Use Schedule C to figure your net profit or loss from your business. File late taxes online free If you operated more than one business as a sole proprietorship, you must attach a separate Schedule C for each business. File late taxes online free You can use the simpler Schedule C-EZ if you operated only one business as a sole proprietorship, you did not have a net loss, and you meet the other requirements listed in Part I of the schedule. File late taxes online free IRS e-file (Electronic Filing) Please click here for the text description of the image. File late taxes online free E-file logo You may be able to file your tax returns electronically using an IRS e-file option. File late taxes online free Table 1-1 lists the benefits of IRS e-file. File late taxes online free IRS e-file uses automation to replace most of the manual steps needed to process paper returns. File late taxes online free As a result, the processing of e-file returns is faster and more accurate than the processing of paper returns. File late taxes online free As with a paper return, you are responsible for making sure your return contains accurate information and is filed on time. File late taxes online free Using e-file does not affect your chances of an IRS examination of your return. File late taxes online free You can file most commonly used business forms using IRS e-file. File late taxes online free For more information, visit IRS. File late taxes online free gov. File late taxes online free Electronic signatures. File late taxes online free   Paperless filing is easier than you think and it's available to most taxpayers who file electronically—including those first-time filers who were 16 or older at the end of 2013. File late taxes online free If you file electronically using tax preparation software or a tax professional, you will participate in the Self-Select PIN (personal identification number) program. File late taxes online free If you are married filing jointly, you and your spouse will each need to create a PIN and enter these PINs as your electronic signatures. File late taxes online free    To create a PIN, you must know your adjusted gross income (AGI) from your originally filed 2012 income tax return (not from an amended return, Form 1040X, or any math error notice from the IRS). File late taxes online free You will also need to provide your date of birth (DOB). File late taxes online free Make sure your DOB is accurate and matches the information on record with the Social Security Administration before you e-file. File late taxes online free To do this, check your annual Social Security Statement. File late taxes online free   With a Self-Select PIN, there is nothing to sign and nothing to mail—not even your Forms W-2. File late taxes online free For more details on the Self-Select PIN program, visit IRS. File late taxes online free gov. File late taxes online free State returns. File late taxes online free   In most states, you can file an electronic state return simultaneously with your federal return. File late taxes online free For more information, check with your local IRS office, state tax agency, tax professional, or IRS. File late taxes online free gov. File late taxes online free Refunds. File late taxes online free   You can have your refund check mailed to you, or you can have your refund deposited directly to your checking or savings account. File late taxes online free   With e-file, your refund will be issued in half the time as when filing on paper. File late taxes online free Most refunds are issued within 3 weeks. File late taxes online free If you choose Direct Deposit, you can receive your refund in as few as 10 days. File late taxes online free Offset against debts. File late taxes online free   As with a paper return, you may not get all of your refund if you owe certain past-due amounts, such as federal tax, state tax, a student loan, or child support. File late taxes online free You will be notified if the refund you claimed has been offset against your debts. File late taxes online free Refund inquiries. File late taxes online free   You can check the status of your refund if it has been at least 24 hours (4 weeks if you mailed a paper return) from the date you filed your return. File late taxes online free Be sure to have a copy of your tax return available because you will need to know the filing status, the first social security number shown on the return, and the exact whole-dollar amount of the refund. File late taxes online free To check on your refund, do one of the following. File late taxes online free Go to IRS. File late taxes online free gov and click on Where's My Refund. File late taxes online free Call 1-800-829-4477 for automated refund information, and follow the recorded instructions. File late taxes online free Call 1-800-829-1954 during the hours shown in your form instructions. File late taxes online free Balance due. File late taxes online free   If you owe tax, you must pay it by April 15, 2014, to avoid late-payment penalties and interest. File late taxes online free You can make your payment electronically by scheduling an electronic funds withdrawal from your checking or savings account or by credit card. File late taxes online free Using an Authorized IRS e-file Provider Many tax professionals can electronically file paperless returns for their clients. File late taxes online free You have two options. File late taxes online free You can prepare your return, take it to an authorized IRS e-file provider, and have the provider transmit it electronically to the IRS. File late taxes online free You can have an authorized IRS e-file provider prepare your return and transmit it for you electronically. File late taxes online free You will be asked to complete Form 8879, IRS e-file Signature Authorization, to authorize the provider to enter your self-selected PIN on your return. File late taxes online free Depending on the provider and the specific services requested, a fee may be charged. File late taxes online free To find an authorized IRS e-file provider near you, go to IRS. File late taxes online free gov or look for an “Authorized IRS e-file Provider” sign. File late taxes online free Using Your Personal Computer A computer with Internet access is all you need to file your tax return using IRS e-file. File late taxes online free When you use your personal computer, you can e-file your return from your home any time of the day or night. File late taxes online free Sign your return electronically using a self-selected PIN to complete the process. File late taxes online free There is no signature form to submit or Forms W-2 to send in. File late taxes online free Free Internet filing options. File late taxes online free   More taxpayers can now prepare and e-file their individual income tax returns free using commercial tax preparation software accessible through IRS. File late taxes online free gov or www. File late taxes online free usa. File late taxes online free gov. File late taxes online free The IRS is partnering with the tax software industry to offer free preparation and filing services to a significant number of taxpayers. File late taxes online free Security and privacy certificate programs will assure tax data is safe and secure. File late taxes online free To see if you qualify for these services, visit the Return Preparation and Filing Options page at IRS. File late taxes online free gov. File late taxes online free   If you cannot use the free services, you can buy tax preparation software at various electronics stores or computer and office supply stores. File late taxes online free You can also download software from the Internet or prepare and file your return completely online by using tax preparation software available on the Internet. File late taxes online free Filing Through Employers and Financial Institutions Some businesses offer free e-file to their employees, members, or customers. File late taxes online free Others offer it for a fee. File late taxes online free Ask your employer or financial institution if they offer IRS e-file as an employee, member, or customer benefit. File late taxes online free Free Help With Your Return Free help in preparing your return is available nationwide from IRS-trained volunteers. File late taxes online free The Volunteer Income Tax Assistance (VITA) program is designed to help low-income taxpayers, and the Tax Counseling for the Elderly (TCE) program is designed to assist taxpayers age 60 or older with their tax returns. File late taxes online free Some locations offer free electronic filing. File late taxes online free Table 1-1. File late taxes online free Benefits of IRS e-file Accuracy • Your chance of getting an error notice from the IRS is significantly reduced. File late taxes online free Security • Your privacy and security are assured. File late taxes online free Electronic signatures • Create your own personal identification number (PIN) and file a completely paperless return through your tax preparation software or tax professional. File late taxes online free There is nothing to mail. File late taxes online free Proof of acceptance • You receive an electronic acknowledgment within 48 hours that the IRS has accepted your return for processing. File late taxes online free Fast refunds • You get your refund faster with Direct Deposit—in as few as 10 days. File late taxes online free Free Internet filing options • Use IRS. File late taxes online free gov to access commercial tax preparation and e-file services available at no cost to eligible taxpayers. File late taxes online free Electronic payment options • Convenient, safe, and secure electronic payment options are available. File late taxes online free E-file and pay your taxes in a single step. File late taxes online free Schedule an electronic funds withdrawal from your checking or savings account (up to and including April 15, 2014) or pay by credit card. File late taxes online free Federal/State filing • Prepare and file your federal and state tax returns together and double the benefits you get from e-file. File late taxes online free When Is My Tax Return Due? Form 1040 for calendar year 2013 is due by April 15, 2014. File late taxes online free If you use a fiscal year (explained in chapter 2), your return is due by the 15th day of the 4th month after the end of your fiscal year. File late taxes online free If you file late, you may have to pay penalties and interest. File late taxes online free If you cannot file your return on time, use Form 4868, Application for Automatic Extension of Time To File U. File late taxes online free S. File late taxes online free Individual Income Tax Return, to request an automatic 6-month extension. File late taxes online free For calendar year taxpayers, this will extend the tax filing due date until October 15. File late taxes online free Filing an extension does not extend the time to pay your taxes, only the time to file the tax return. File late taxes online free How Do I Pay Income Tax? Federal income tax is a pay-as-you-go tax. File late taxes online free You must pay it as you earn or receive income during the year. File late taxes online free An employee usually has income tax withheld from his or her pay. File late taxes online free If you do not pay your tax through withholding, or do not pay enough tax that way, you might have to pay estimated tax. File late taxes online free You generally have to make estimated tax payments if you expect to owe taxes, including self-employment tax (discussed later), of $1,000 or more when you file your return. File late taxes online free Use Form 1040-ES to figure and pay the tax. File late taxes online free If you do not have to make estimated tax payments, you can pay any tax due when you file your return. File late taxes online free For more information on estimated tax, see Publication 505, Tax Withholding and Estimated Tax. File late taxes online free What are my payment options?   You can pay your estimated tax electronically using various options. File late taxes online free If you pay electronically, there is no need to mail in Form 1040-ES payment vouchers. File late taxes online free These options include: Paying electronically through the Electronic Federal Tax Payment System (EFTPS). File late taxes online free Paying by authorizing an electronic funds withdrawal when you file Form 1040 electronically. File late taxes online free Paying by credit or debit card over the phone or by Internet. File late taxes online free Other options include crediting an overpayment from your 2013 return to your 2014 estimated tax, or mailing a check or money order with a Form 1040-ES payment voucher. File late taxes online free EFTPS    To enroll in EFTPS, go to www. File late taxes online free eftps. File late taxes online free gov or call 1-800-555-4477. File late taxes online free When you request a new EIN and you will have a tax obligation, you are automatically enrolled in EFTPS. File late taxes online free Benefits of EFTPS: The chance of an error in making your payments is reduced. File late taxes online free You receive immediate confirmation of every transaction. File late taxes online free Penalty for underpayment of tax. File late taxes online free   If you did not pay enough income tax and self-employment tax for 2013 by withholding or by making estimated tax payments, you may have to pay a penalty on the amount not paid. File late taxes online free The IRS will figure the penalty for you and send you a bill. File late taxes online free Or you can use Form 2210, Underpayment of Estimated Tax by Individuals, Estates, and Trusts, to see if you have to pay a penalty and to figure the penalty amount. File late taxes online free For more information, see Publication 505. File late taxes online free Self-Employment (SE) Tax Self-employment tax (SE tax) is a social security and Medicare tax primarily for individuals who work for themselves. File late taxes online free It is similar to the social security and Medicare taxes withheld from the pay of most wage earners. File late taxes online free If you earned income as a statutory employee, you do not pay SE tax on that income. File late taxes online free Social security coverage. File late taxes online free   Social security benefits are available to self-employed persons just as they are to wage earners. File late taxes online free Your payments of SE tax contribute to your coverage under the social security system. File late taxes online free Social security coverage provides you with retirement benefits, disability benefits, survivor benefits, and hospital insurance (Medicare) benefits. File late taxes online free By not reporting all of your self-employment income, you could cause your social security benefits to be lower when you retire. File late taxes online free How to become insured under social security. File late taxes online free   You must be insured under the social security system before you begin receiving social security benefits. File late taxes online free You are insured if you have the required number of credits (also called quarters of coverage), discussed next. File late taxes online free Earning credits in 2013 and 2014. File late taxes online free   For 2013, you received one credit, up to a maximum of four credits, for each $1,160 ($1,200 for 2014) of income subject to social security taxes. File late taxes online free Therefore, for 2013, if you had income (self-employment and wages) of $4,640 that was subject to social security taxes, you receive four credits ($4,640 ÷ $1,160). File late taxes online free   For an explanation of the number of credits you must have to be insured and the benefits available to you and your family under the social security program, consult your nearest Social Security Administration (SSA) office. File late taxes online free    Making false statements to get or to increase social security benefits may subject you to penalties. File late taxes online free The Social Security Administration (SSA) time limit for posting self-employment income. File late taxes online free   Generally, the SSA will give you credit only for self-employment income reported on a tax return filed within 3 years, 3 months, and 15 days after the tax year you earned the income. File late taxes online free If you file your tax return or report a change in your self-employment income after this time limit, the SSA may change its records, but only to remove or reduce the amount. File late taxes online free The SSA will not change its records to increase your self-employment income. File late taxes online free Who must pay self-employment tax. File late taxes online free   You must pay SE tax and file Schedule SE (Form 1040) if either of the following applies. File late taxes online free Your net earnings from self-employment (excluding church employee income) were $400 or more. File late taxes online free You had church employee income of $108. File late taxes online free 28 or more. File late taxes online free The SE tax rules apply no matter how old you are and even if you are already receiving social security or Medicare benefits. File late taxes online free SE tax rate. File late taxes online free   For 2013, the SE tax rate on net earnings is 15. File late taxes online free 3% (12. File late taxes online free 4% social security tax plus 2. File late taxes online free 9% Medicare tax). File late taxes online free Maximum earnings subject to SE tax. File late taxes online free   Only the first $113,700 of your combined wages, tips, and net earnings in 2013 is subject to any combination of the 12. File late taxes online free 4% social security part of SE tax, social security tax, or railroad retirement (tier 1) tax. File late taxes online free   All your combined wages, tips, and net earnings in 2013 are subject to any combination of the 2. File late taxes online free 9% Medicare part of SE tax, social security tax, or railroad retirement (tier 1) tax. File late taxes online free   If wages and tips you receive as an employee are subject to either social security or railroad retirement (tier 1) tax, or both, and total at least $113,700, do not pay the 12. File late taxes online free 4% social security part of the SE tax on any of your net earnings. File late taxes online free However, you must pay the 2. File late taxes online free 9% Medicare part of the SE tax on all your net earnings. File late taxes online free Deduct one-half of your SE tax as an adjustment to income on line 27 of Form 1040. File late taxes online free   More information. File late taxes online free   For information on methods of calculating SE tax, see Chapter 10, Self-Employment Tax. File late taxes online free Table 1-2. File late taxes online free Which Forms Must I File? IF you are liable for: THEN use Form: DUE by:1 Income tax 1040 and Schedule C or C-EZ2 15th day of 4th month after end of  tax year. File late taxes online free Self-employment tax Schedule SE File with Form 1040. File late taxes online free Estimated tax 1040-ES 15th day of 4th, 6th, and 9th months of tax year, and 15th day of 1st month after the end of tax year. File late taxes online free Social security and Medicare taxes and income tax withholding 941 or 944 April 30, July 31, October 31, and January 313. File late taxes online free     See Publication 15. File late taxes online free Providing information on social security and Medicare taxes and income tax withholding W-2 (to employee)  W-2 and W-3 (to the Social Security Administration) January 313. File late taxes online free   Last day of February (March 31 if filing electronically)3. File late taxes online free Federal unemployment (FUTA) tax 940 January 313. File late taxes online free     April 30, July 31, October 31, and January 31, but only if the liability for unpaid tax is more than $500. File late taxes online free Filing information returns for payments to nonemployees and transactions with other persons See Information Returns Forms 1099 – to the recipient by January 31 and to the IRS by February 28 (March 31 if filing electronically). File late taxes online free     Other forms – see the General Instructions for Certain Information Returns. File late taxes online free Excise tax See Excise Taxes See the instructions to the forms. File late taxes online free 1 If a due date falls on a Saturday, Sunday, or legal holiday, file by the next day that is not a Saturday, Sunday, or legal holiday. File late taxes online free For more information, see Publication 509, Tax Calendars. File late taxes online free 2 File a separate schedule for each business. File late taxes online free 3 See the form instructions if you go out of business, change the form of your business, or stop paying wages. File late taxes online free     Employment Taxes If you have employees, you will need to file forms to report employment taxes. File late taxes online free Employment taxes include the following items. File late taxes online free Social security and Medicare taxes. File late taxes online free Federal income tax withholding. File late taxes online free Federal unemployment (FUTA) tax. File late taxes online free For more information, see Publication 15 (Circular E), Employer's Tax Guide. File late taxes online free That publication explains your tax responsibilities as an employer. File late taxes online free To help you determine whether the people working for you are your employees, see Publication 15-A, Employer's Supplemental Tax Guide. File late taxes online free That publication has information to help you determine whether an individual is an independent contractor or an employee. File late taxes online free If you incorrectly classify an employee as an independent contractor, you may be held liable for employment taxes for that worker plus a penalty. File late taxes online free An independent contractor is someone who is self-employed. File late taxes online free You do not generally have to withhold or pay any taxes on payments made to an independent contractor. File late taxes online free Excise Taxes This section identifies some of the excise taxes you may have to pay and the forms you have to file if you do any of the following. File late taxes online free Manufacture or sell certain products. File late taxes online free Operate certain kinds of businesses. File late taxes online free Use various kinds of equipment, facilities, or products. File late taxes online free Receive payment for certain services. File late taxes online free For more information on excise taxes, see Publication 510, Excise Taxes. File late taxes online free Form 720. File late taxes online free   The federal excise taxes reported on Form 720, Quarterly Federal Excise Tax Return, consist of several broad categories of taxes, including the following. File late taxes online free Environmental taxes on the sale or use of ozone-depleting chemicals and imported products containing or manufactured with these chemicals. File late taxes online free Communications and air transportation taxes. File late taxes online free Fuel taxes. File late taxes online free Tax on the first retail sale of heavy trucks, trailers, and tractors. File late taxes online free Manufacturers taxes on the sale or use of a variety of different articles. File late taxes online free Tax on indoor tanning services. File late taxes online free Form 2290. File late taxes online free   There is a federal excise tax on the use of certain trucks, truck tractors, and buses on public highways. File late taxes online free The tax applies to vehicles having a taxable gross weight of 55,000 pounds or more. File late taxes online free Report the tax on Form 2290, Heavy Highway Vehicle Use Tax Return. File late taxes online free For more information, see the Instructions for Form 2290. File late taxes online free Depositing excise taxes. File late taxes online free   If you have to file a quarterly excise tax return on Form 720, you may have to deposit your excise taxes before the return is due. File late taxes online free For details on depositing excise taxes, see the Instructions for Form 720. File late taxes online free Information Returns If you make or receive payments in your business, you may have to report them to the IRS on information returns. File late taxes online free The IRS compares the payments shown on the information returns with each person's income tax return to see if the payments were included in income. File late taxes online free You must give a copy of each information return you are required to file to the recipient or payer. File late taxes online free In addition to the forms described below, you may have to use other returns to report certain kinds of payments or transactions. File late taxes online free For more details on information returns and when you have to file them, see the General Instructions for Certain Information Returns. File late taxes online free Form 1099-MISC. File late taxes online free   Use Form 1099-MISC, Miscellaneous Income, to report certain payments you make in your business. File late taxes online free These payments include the following items. File late taxes online free Payments of $600 or more for services performed for your business by people not treated as your employees, such as fees to subcontractors, attorneys, accountants, or directors. File late taxes online free Rent payments of $600 or more, other than rents paid to real estate agents. File late taxes online free Prizes and awards of $600 or more that are not for services, such as winnings on TV or radio shows. File late taxes online free Royalty payments of $10 or more. File late taxes online free Payments to certain crew members by operators of fishing boats. File late taxes online free You also use Form 1099-MISC to report your sales of $5,000 or more of consumer goods to a person for resale anywhere other than in a permanent retail establishment. File late taxes online free Form W-2. File late taxes online free   You must file Form W-2, Wage and Tax Statement, to report payments to your employees, such as wages, tips, and other compensation, withheld income, social security, and Medicare taxes. File late taxes online free You can file Form W-2 online. File late taxes online free For more information about Form W-2, see the General Instructions for Forms W-2 and W-3. File late taxes online free Penalties. File late taxes online free   The law provides for the following penalties if you do not file Form 1099-MISC or Form W-2 or do not correctly report the information. File late taxes online free For more information, see the General Instructions for Certain Information Returns. File late taxes online free Failure to file information returns. File late taxes online free This penalty applies if you do not file information returns by the due date, do not include all required information, or report incorrect information. File late taxes online free Failure to furnish correct payee statements. File late taxes online free This penalty applies if you do not furnish a required statement to a payee by the required date, do not include all required information, or report incorrect information. File late taxes online free Waiver of penalties. File late taxes online free   These penalties will not apply if you can show that the failure was due to reasonable cause and not willful neglect. File late taxes online free   In addition, there is no penalty for failure to include all required information, or for including incorrect information, on a de minimis (small) number of information returns if you correct the errors by August 1 of the year the returns are due. File late taxes online free (A de minimis number of returns is the greater of 10 or ½ of 1% of the total number of returns you are required to file for the year. File late taxes online free ) Form 8300. File late taxes online free   You must file Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, if you receive more than $10,000 in cash in one transaction, or two or more related business transactions. File late taxes online free Cash includes U. File late taxes online free S. File late taxes online free and foreign coin and currency. File late taxes online free It also includes certain monetary instruments such as cashier's and traveler's checks and money orders. File late taxes online free Cash does not include a check drawn on an individual's personal account (personal check). File late taxes online free For more information, see Publication 1544, Reporting Cash Payments of Over $10,000 (Received in a Trade or Business). File late taxes online free Penalties. File late taxes online free   There are civil and criminal penalties, including up to 5 years in prison, for not filing Form 8300, filing (or causing the filing of) a false or fraudulent Form 8300, or structuring a transaction to evade reporting requirements. File late taxes online free Table 1-3. File late taxes online free Going Out of Business Checklists (Note. File late taxes online free The following checklists highlight the typical final forms and schedules you may need to file if you ever go out of business. File late taxes online free For more information, see the instructions for the listed forms. File late taxes online free ) IF you are liable for:   THEN you may need to: Income tax □ File Schedule C or C-EZ with your Form 1040 for the year in which you go out of business. File late taxes online free   □ File Form 4797 with your Form 1040 for each year in which you sell or exchange property used in your business or in which the business use of certain section 179 or listed property drops to 50% or less. File late taxes online free   □ File Form 8594 with your Form 1040 if you sold your business. File late taxes online free Self-employment tax □ File Schedule SE with your Form 1040 for the year in which you go out of business. File late taxes online free Employment taxes □ File Form 941 (or Form 944) for the calendar quarter in which you make final wage payments. File late taxes online free Note. File late taxes online free Do not forget to check the box and enter the date final wages were paid on line 15 of Form 941 or line 14 of Form 944. File late taxes online free   □ File Form 940 for the calendar year in which final wages were paid. File late taxes online free Note. File late taxes online free Do not forget to check box d, Final: Business closed or stopped paying wages, under Type of Return. File late taxes online free Information returns □ Provide Forms W-2 to your employees for the calendar year in which you make final wage payments. File late taxes online free Note. File late taxes online free These forms are generally due by the due date of your final Form 941 or Form 944. File late taxes online free   □ File Form W-3 to file Forms W-2. File late taxes online free Note. File late taxes online free These forms are generally due within 1 month after the due date of your final Form 941 or Form 944. File late taxes online free   □ Provide Forms 1099-MISC to each person to whom you have paid at least $600 for services (including parts and materials) during the calendar year in which you go out of business. File late taxes online free   □ File Form 1096 to file Forms 1099-MISC. 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