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Filing Taxes In 2014

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Filing Taxes In 2014

Filing taxes in 2014 3. Filing taxes in 2014   Savings Incentive Match Plans for Employees (SIMPLE) Table of Contents Introduction What Is a SIMPLE Plan?Eligible Employees How Are Contributions Made? How Much Can Be Contributed on Your Behalf?Matching contributions less than 3%. Filing taxes in 2014 Traditional IRA mistakenly moved to SIMPLE IRA. Filing taxes in 2014 When Can You Withdraw or Use Assets?Are Distributions Taxable? Introduction This chapter is for employees who need information about savings incentive match plans for employees (SIMPLE plans). Filing taxes in 2014 It explains what a SIMPLE plan is, contributions to a SIMPLE plan, and distributions from a SIMPLE plan. Filing taxes in 2014 Under a SIMPLE plan, SIMPLE retirement accounts for participating employees can be set up either as: Part of a 401(k) plan, or A plan using IRAs (SIMPLE IRA). Filing taxes in 2014 This chapter only discusses the SIMPLE plan rules that relate to SIMPLE IRAs. Filing taxes in 2014 See chapter 3 of Publication 560 for information on any special rules for SIMPLE plans that do not use IRAs. Filing taxes in 2014 If your employer maintains a SIMPLE plan, you must be notified, in writing, that you can choose the financial institution that will serve as trustee for your SIMPLE IRA and that you can roll over or transfer your SIMPLE IRA to another financial institution. Filing taxes in 2014 See Rollovers and Transfers Exception, later under When Can You Withdraw or Use Assets. Filing taxes in 2014 What Is a SIMPLE Plan? A SIMPLE plan is a tax-favored retirement plan that certain small employers (including self-employed individuals) can set up for the benefit of their employees. Filing taxes in 2014 See chapter 3 of Publication 560 for information on the requirements employers must satisfy to set up a SIMPLE plan. Filing taxes in 2014 A SIMPLE plan is a written agreement (salary reduction agreement) between you and your employer that allows you, if you are an eligible employee (including a self-employed individual), to choose to: Reduce your compensation (salary) by a certain percentage each pay period, and Have your employer contribute the salary reductions to a SIMPLE IRA on your behalf. Filing taxes in 2014 These contributions are called salary reduction contributions. Filing taxes in 2014 All contributions under a SIMPLE IRA plan must be made to SIMPLE IRAs, not to any other type of IRA. Filing taxes in 2014 The SIMPLE IRA can be an individual retirement account or an individual retirement annuity, described in chapter 1. Filing taxes in 2014 Contributions are made on behalf of eligible employees. Filing taxes in 2014 (See Eligible Employees below. Filing taxes in 2014 ) Contributions are also subject to various limits. Filing taxes in 2014 (See How Much Can Be Contributed on Your Behalf , later. Filing taxes in 2014 ) In addition to salary reduction contributions, your employer must make either matching contributions or nonelective contributions. Filing taxes in 2014 See How Are Contributions Made , later. Filing taxes in 2014 You may be able to claim a credit for contributions to your SIMPLE plan. Filing taxes in 2014 For more information, see chapter 4. Filing taxes in 2014 Eligible Employees You must be allowed to participate in your employer's SIMPLE plan if you: Received at least $5,000 in compensation from your employer during any 2 years prior to the current year, and Are reasonably expected to receive at least $5,000 in compensation during the calendar year for which contributions are made. Filing taxes in 2014 Self-employed individual. Filing taxes in 2014   For SIMPLE plan purposes, the term employee includes a self-employed individual who received earned income. Filing taxes in 2014 Excludable employees. Filing taxes in 2014   Your employer can exclude the following employees from participating in the SIMPLE plan. Filing taxes in 2014 Employees whose retirement benefits are covered by a collective bargaining agreement (union contract). Filing taxes in 2014 Employees who are nonresident aliens and received no earned income from sources within the United States. Filing taxes in 2014 Employees who would not have been eligible employees if an acquisition, disposition, or similar transaction had not occurred during the year. Filing taxes in 2014 Compensation. Filing taxes in 2014   For purposes of the SIMPLE plan rules, your compensation for a year generally includes the following amounts. Filing taxes in 2014 Wages, tips, and other pay from your employer that is subject to income tax withholding. Filing taxes in 2014 Deferred amounts elected under any 401(k) plans, 403(b) plans, government (section 457) plans, SEP plans, and SIMPLE plans. Filing taxes in 2014 Self-employed individual compensation. Filing taxes in 2014   For purposes of the SIMPLE plan rules, if you are self-employed, your compensation for a year is your net earnings from self-employment (Schedule SE (Form 1040), Section A, line 4, or Section B, line 6) before subtracting any contributions made to a SIMPLE IRA on your behalf. Filing taxes in 2014   For these purposes, net earnings from self-employment include services performed while claiming exemption from self-employment tax as a member of a group conscientiously opposed to social security benefits. Filing taxes in 2014 How Are Contributions Made? Contributions under a salary reduction agreement are called salary reduction contributions. Filing taxes in 2014 They are made on your behalf by your employer. Filing taxes in 2014 Your employer must also make either matching contributions or nonelective contributions. Filing taxes in 2014 Salary reduction contributions. Filing taxes in 2014   During the 60-day period before the beginning of any year, and during the 60-day period before you are eligible, you can choose salary reduction contributions expressed either as a percentage of compensation, or as a specific dollar amount (if your employer offers this choice). Filing taxes in 2014 You can choose to cancel the election at any time during the year. Filing taxes in 2014   Salary reduction contributions are also referred to as “elective deferrals. Filing taxes in 2014 ”   Your employer cannot place restrictions on the contributions amount (such as by limiting the contributions percentage), except to comply with the salary reduction contributions limit, discussed under How Much Can Be Contributed on Your Behalf, later. Filing taxes in 2014 Matching contributions. Filing taxes in 2014   Unless your employer chooses to make nonelective contributions, your employer must make contributions equal to the salary reduction contributions you choose (elect), but only up to certain limits. Filing taxes in 2014 See How Much Can Be Contributed on Your Behalf below. Filing taxes in 2014 These contributions are in addition to the salary reduction contributions and must be made to the SIMPLE IRAs of all eligible employees (defined earlier) who chose salary reductions. Filing taxes in 2014 These contributions are referred to as matching contributions. Filing taxes in 2014   Matching contributions on behalf of a self-employed individual are not treated as salary reduction contributions. Filing taxes in 2014 Nonelective contributions. Filing taxes in 2014   Instead of making matching contributions, your employer may be able to choose to make nonelective contributions on behalf of all eligible employees. Filing taxes in 2014 These nonelective contributions must be made on behalf of each eligible employee who has at least $5,000 of compensation from your employer, whether or not the employee chose salary reductions. Filing taxes in 2014   One of the requirements your employer must satisfy is notifying the employees that the election was made. Filing taxes in 2014 For other requirements that your employer must satisfy, see chapter 3 of Publication 560. Filing taxes in 2014 How Much Can Be Contributed on Your Behalf? The limits on contributions to a SIMPLE IRA vary with the type of contribution that is made. Filing taxes in 2014 Salary reduction contributions limit. Filing taxes in 2014   Salary reduction contributions (employee-chosen contributions or elective deferrals) that your employer can make on your behalf under a SIMPLE plan are limited to $12,000 for 2013. Filing taxes in 2014 The limitation remains at $12,000 for 2014. Filing taxes in 2014 If you are a participant in any other employer plans during 2013 and you have elective salary reductions or deferred compensation under those plans, the salary reduction contributions under the SIMPLE plan also are included in the annual limit of $17,500 for 2013 on exclusions of salary reductions and other elective deferrals. Filing taxes in 2014 You, not your employer, are responsible for monitoring compliance with these limits. Filing taxes in 2014 Additional elective deferrals can be contributed to your SIMPLE plan if: You reached age 50 by the end of 2013, and No other elective deferrals can be made for you to the plan for the year because of limits or restrictions, such as the regular annual limit. Filing taxes in 2014 The most that can be contributed in additional elective deferrals to your SIMPLE plan is the lesser of the following two amounts. Filing taxes in 2014 $2,500 for 2013, or Your compensation for the year reduced by your other elective deferrals for the year. Filing taxes in 2014 The additional deferrals are not subject to any other contribution limit and are not taken into account in applying other contribution limits. Filing taxes in 2014 The additional deferrals are not subject to the nondiscrimination rules as long as all eligible participants are allowed to make them. Filing taxes in 2014 Matching employer contributions limit. Filing taxes in 2014   Generally, your employer must make matching contributions to your SIMPLE IRA in an amount equal to your salary reduction contributions. Filing taxes in 2014 These matching contributions cannot be more than 3% of your compensation for the calendar year. Filing taxes in 2014 See Matching contributions less than 3% below. Filing taxes in 2014 Example 1. Filing taxes in 2014 In 2013, Joshua was a participant in his employer's SIMPLE plan. Filing taxes in 2014 His compensation, before SIMPLE plan contributions, was $41,600 ($800 per week). Filing taxes in 2014 Instead of taking it all in cash, Joshua elected to have 12. Filing taxes in 2014 5% of his weekly pay ($100) contributed to his SIMPLE IRA. Filing taxes in 2014 For the full year, Joshua's salary reduction contributions were $5,200, which is less than the $12,000 limit on these contributions. Filing taxes in 2014 Under the plan, Joshua's employer was required to make matching contributions to Joshua's SIMPLE IRA. Filing taxes in 2014 Because his employer's matching contributions must equal Joshua's salary reductions, but cannot be more than 3% of his compensation (before salary reductions) for the year, his employer's matching contribution was limited to $1,248 (3% of $41,600). Filing taxes in 2014 Example 2. Filing taxes in 2014 Assume the same facts as in Example 1 , except that Joshua's compensation for the year was $408,163 and he chose to have 2. Filing taxes in 2014 94% of his weekly pay contributed to his SIMPLE IRA. Filing taxes in 2014 In this example, Joshua's salary reduction contributions for the year (2. Filing taxes in 2014 94% × $408,163) were equal to the 2013 limit for salary reduction contributions ($12,000). Filing taxes in 2014 Because 3% of Joshua's compensation ($12,245) is more than the amount his employer was required to match ($12,000), his employer's matching contributions were limited to $12,000. Filing taxes in 2014 In this example, total contributions made on Joshua's behalf for the year were $24,000 ($12,000 (Joshua's contributions) + $12,000 (matching contributions)), the maximum contributions permitted under a SIMPLE IRA for 2013. Filing taxes in 2014 Matching contributions less than 3%. Filing taxes in 2014   Your employer can reduce the 3% limit on matching contributions for a calendar year, but only if: The limit is not reduced below 1%, The limit is not reduced for more than 2 years out of the 5-year period that ends with (and includes) the year for which the election is effective, and Employees are notified of the reduced limit within a reasonable period of time before the 60-day election period during which they can enter into salary reduction agreements. Filing taxes in 2014   For purposes of applying the rule in item (2) in determining whether the limit was reduced below 3% for the year, any year before the first year in which your employer (or a former employer) maintains a SIMPLE IRA plan will be treated as a year for which the limit was 3%. Filing taxes in 2014 If your employer chooses to make nonelective contributions for a year, that year also will be treated as a year for which the limit was 3%. Filing taxes in 2014 Nonelective employer contributions limit. Filing taxes in 2014   If your employer chooses to make nonelective contributions, instead of matching contributions, to each eligible employee's SIMPLE IRA, contributions must be 2% of your compensation for the entire year. Filing taxes in 2014 For 2013, only $255,000 of your compensation can be taken into account to figure the contribution limit. Filing taxes in 2014   Your employer can substitute the 2% nonelective contribution for the matching contribution for a year if both of the following requirements are met. Filing taxes in 2014 Eligible employees are notified that a 2% nonelective contribution will be made instead of a matching contribution. Filing taxes in 2014 This notice is provided within a reasonable period during which employees can enter into salary reduction agreements. Filing taxes in 2014 Example 3. Filing taxes in 2014 Assume the same facts as in Example 2 , except that Joshua's employer chose to make nonelective contributions instead of matching contributions. Filing taxes in 2014 Because his employer's nonelective contributions are limited to 2% of up to $255,000 of Joshua's compensation, his employer's contribution to Joshua's SIMPLE IRA was limited to $5,100. Filing taxes in 2014 In this example, total contributions made on Joshua's behalf for the year were $17,100 (Joshua's salary reductions of $12,000 plus his employer's contribution of $5,100). Filing taxes in 2014 Traditional IRA mistakenly moved to SIMPLE IRA. Filing taxes in 2014   If you mistakenly roll over or transfer an amount from a traditional IRA to a SIMPLE IRA, you can later recharacterize the amount as a contribution to another traditional IRA. Filing taxes in 2014 For more information, see Recharacterizations in chapter 1. Filing taxes in 2014 Recharacterizing employer contributions. Filing taxes in 2014   You cannot recharacterize employer contributions (including elective deferrals) under a SEP or SIMPLE plan as contributions to another IRA. Filing taxes in 2014 SEPs are discussed in chapter 2 of Publication 560. Filing taxes in 2014 SIMPLE plans are discussed in this chapter. Filing taxes in 2014 Converting from a SIMPLE IRA. Filing taxes in 2014   Generally, you can convert an amount in your SIMPLE IRA to a Roth IRA under the same rules explained in chapter 1 under Converting From Any Traditional IRA Into a Roth IRA . Filing taxes in 2014    However, you cannot convert any amount distributed from the SIMPLE IRA during the 2-year period beginning on the date you first participated in any SIMPLE IRA plan maintained by your employer. Filing taxes in 2014 When Can You Withdraw or Use Assets? Generally, the same distribution (withdrawal) rules that apply to traditional IRAs apply to SIMPLE IRAs. Filing taxes in 2014 These rules are discussed in chapter 1. Filing taxes in 2014 Your employer cannot restrict you from taking distributions from a SIMPLE IRA. Filing taxes in 2014 Are Distributions Taxable? Generally, distributions from a SIMPLE IRA are fully taxable as ordinary income. Filing taxes in 2014 If the distribution is an early distribution (discussed in chapter 1), it may be subject to the additional tax on early distributions. Filing taxes in 2014 See Additional Tax on Early Distributions, later. Filing taxes in 2014 Rollovers and Transfers Exception Generally, rollovers and trustee-to-trustee transfers are not taxable distributions. Filing taxes in 2014 Two-year rule. Filing taxes in 2014   To qualify as a tax-free rollover (or a tax-free trustee-to-trustee transfer), a rollover distribution (or a transfer) made from a SIMPLE IRA during the 2-year period beginning on the date on which you first participated in your employer's SIMPLE plan must be contributed (or transferred) to another SIMPLE IRA. Filing taxes in 2014 The 2-year period begins on the first day on which contributions made by your employer are deposited in your SIMPLE IRA. Filing taxes in 2014   After the 2-year period, amounts in a SIMPLE IRA can be rolled over or transferred tax free to an IRA other than a SIMPLE IRA, or to a qualified plan, a tax-sheltered annuity plan (section 403(b) plan), or deferred compensation plan of a state or local government (section 457 plan). Filing taxes in 2014 Additional Tax on Early Distributions The additional tax on early distributions (discussed in chapter 1) applies to SIMPLE IRAs. Filing taxes in 2014 If a distribution is an early distribution and occurs during the 2-year period following the date on which you first participated in your employer's SIMPLE plan, the additional tax on early distributions is increased from 10% to 25%. Filing taxes in 2014 If a rollover distribution (or transfer) from a SIMPLE IRA does not satisfy the 2-year rule, and is otherwise an early distribution, the additional tax imposed because of the early distribution is increased from 10% to 25% of the amount distributed. Filing taxes in 2014 Prev  Up  Next   Home   More Online Publications
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The Filing Taxes In 2014

Filing taxes in 2014 Publication 524 - Introductory Material Table of Contents Reminders IntroductionOrdering forms and publications. Filing taxes in 2014 Tax questions. Filing taxes in 2014 Useful Items - You may want to see: Reminders Future developments. Filing taxes in 2014  For the latest information about developments related to Publication 524, such as legislation enacted after it was published, go to www. Filing taxes in 2014 irs. Filing taxes in 2014 gov/pub524. Filing taxes in 2014 Photographs of missing children. Filing taxes in 2014  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Filing taxes in 2014 Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Filing taxes in 2014 You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Filing taxes in 2014 Introduction If you qualify, you may be able to reduce the tax you owe by taking the credit for the elderly or the disabled. Filing taxes in 2014 This publication explains: Who qualifies for the credit for the elderly or the disabled, and How to figure the credit. Filing taxes in 2014 You may be able to take the credit for the elderly or the disabled if: You are age 65 or older at the end of 2013, or You retired on permanent and total disability and have taxable disability income. Filing taxes in 2014 Comments and suggestions. Filing taxes in 2014   We welcome your comments about this publication and your suggestions for future editions. Filing taxes in 2014   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Filing taxes in 2014 NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Filing taxes in 2014 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Filing taxes in 2014   You can send your comments from www. Filing taxes in 2014 irs. Filing taxes in 2014 gov/formspubs/. Filing taxes in 2014 Click on “More Information” and then on “Comment on Tax Forms and Publications”. Filing taxes in 2014   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Filing taxes in 2014 Ordering forms and publications. Filing taxes in 2014   Visit www. Filing taxes in 2014 irs. Filing taxes in 2014 gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Filing taxes in 2014 Internal Revenue Service 1201 N. Filing taxes in 2014 Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Filing taxes in 2014   If you have a tax question, check the information available on IRS. Filing taxes in 2014 gov or call 1-800-829-1040. Filing taxes in 2014 We cannot answer tax questions sent to either of the above addresses. Filing taxes in 2014 Useful Items - You may want to see: Publication 554 Tax Guide for Seniors Form (and instruction) Schedule R (Form 1040A or 1040) Credit for the Elderly or the Disabled See How To Get Tax Help , near the end of this publication, for information about getting this publication and form. Filing taxes in 2014 Prev  Up  Next   Home   More Online Publications