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Free E File Tax Extension

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Free E File Tax Extension

Free e file tax extension 31. Free e file tax extension   Tax on Unearned Income of Certain Children Table of Contents What's New Introduction Useful Items - You may want to see: Which Parent's Return To UseParents Who Do Not File a Joint Return Parent's Election To Report Child's Interest and DividendsEffect of Making the Election Figuring Child's Income Figuring Additional Tax Tax for Certain Children Who Have Unearned IncomeProviding Parental Information (Form 8615, lines A–C) Step 1. Free e file tax extension Figuring the Child's Net Unearned Income (Form 8615, Part I) Step 2. Free e file tax extension Figuring Tentative Tax at the Parent's Tax Rate (Form 8615, Part II) Step 3. Free e file tax extension Figuring the Child's Tax (Form 8615, Part III) What's New Net Investment Income Tax. Free e file tax extension . Free e file tax extension  For tax years beginning after December 31, 2012, a child whose tax is figured on Form 8615 may be subject to the Net Investment Income Tax (NIIT). Free e file tax extension NIIT is a 3. Free e file tax extension 8% tax on the lesser of the net investment income or the excess of the child's modified adjusted gross income (MAGI) over the threshold amount. Free e file tax extension Use Form 8960, Net Investment Income Tax, to figure this tax. Free e file tax extension For more information on NIIT, go to www. Free e file tax extension irs. Free e file tax extension gov and enter “Net Investment Income Tax” in the search box. Free e file tax extension Introduction This chapter discusses the following two rules that may affect the tax on unearned income of certain children. Free e file tax extension If the child's interest and dividend income (including capital gain distributions) total less than $10,000, the child's parent may be able to choose to include that income on the parent's return rather than file a return for the child. Free e file tax extension (See Parent's Election To Report Child's Interest and Dividends , later. Free e file tax extension ) If the child's interest, dividends, and other unearned income total more than $2,000, part of that income may be taxed at the parent's tax rate instead of the child's tax rate. Free e file tax extension (See Tax for Certain Children Who Have Unearned Income , later. Free e file tax extension ) For these rules, the term “child” includes a legally adopted child and a stepchild. Free e file tax extension These rules apply whether or not the child is a dependent. Free e file tax extension Useful Items - You may want to see: Publication 929 Tax Rules for Children and Dependents Form (and Instructions) 8615 Tax for Certain Children Who Have Unearned Income 8814 Parents' Election To Report Child's Interest and Dividends Which Parent's Return To Use If a child's parents are married to each other and file a joint return, use the joint return to figure the tax on the child's unearned income. Free e file tax extension The tax rate and other return information from that return are used to figure the child's tax as explained later under Tax for Certain Children Who Have Unearned Income . Free e file tax extension Parents Who Do Not File a Joint Return For parents who do not file a joint return, the following discussions explain which parent's tax return must be used to figure the tax. Free e file tax extension Only the parent whose tax return is used can make the election described under Parent's Election To Report Child's Interest and Dividends . Free e file tax extension Parents are married. Free e file tax extension   If the child's parents file separate returns, use the return of the parent with the greater taxable income. Free e file tax extension Parents not living together. Free e file tax extension   If the child's parents are married to each other but not living together, and the parent with whom the child lives (the custodial parent) is considered unmarried, use the return of the custodial parent. Free e file tax extension If the custodial parent is not considered unmarried, use the return of the parent with the greater taxable income. Free e file tax extension   For an explanation of when a married person living apart from his or her spouse is considered unmarried, see Head of Household in chapter 2. Free e file tax extension Parents are divorced. Free e file tax extension   If the child's parents are divorced or legally separated, and the parent who had custody of the child for the greater part of the year (the custodial parent) has not remarried, use the return of the custodial parent. Free e file tax extension Custodial parent remarried. Free e file tax extension   If the custodial parent has remarried, the stepparent (rather than the noncustodial parent) is treated as the child's other parent. Free e file tax extension Therefore, if the custodial parent and the stepparent file a joint return, use that joint return. Free e file tax extension Do not use the return of the noncustodial parent. Free e file tax extension   If the custodial parent and the stepparent are married, but file separate returns, use the return of the one with the greater taxable income. Free e file tax extension If the custodial parent and the stepparent are married but not living together, the earlier discussion under Parents not living together applies. Free e file tax extension Parents never married. Free e file tax extension   If a child's parents have never been married to each other, but lived together all year, use the return of the parent with the greater taxable income. Free e file tax extension If the parents did not live together all year, the rules explained earlier under Parents are divorced apply. Free e file tax extension Widowed parent remarried. Free e file tax extension   If a widow or widower remarries, the new spouse is treated as the child's other parent. Free e file tax extension The rules explained earlier under Custodial parent remarried apply. Free e file tax extension Parent's Election To Report Child's Interest and Dividends You may be able to elect to include your child's interest and dividend income (including capital gain distributions) on your tax return. Free e file tax extension If you do, your child will not have to file a return. Free e file tax extension You can make this election only if all the following conditions are met. Free e file tax extension Your child was under age 19 (or under age 24 if a full-time student) at the end of the year. Free e file tax extension Your child had income only from interest and dividends (including capital gain distributions and Alaska Permanent Fund dividends). Free e file tax extension The child's gross income was less than $10,000. Free e file tax extension The child is required to file a return unless you make this election. Free e file tax extension The child does not file a joint return for the year. Free e file tax extension No estimated tax payment was made for the year, and no overpayment from the previous year (or from any amended return) was applied to this year under your child's name and social security number. Free e file tax extension No federal income tax was taken out of your child's income under the backup withholding rules. Free e file tax extension You are the parent whose return must be used when applying the special tax rules for children. Free e file tax extension (See Which Parent's Return To Use , earlier. Free e file tax extension ) These conditions are also shown in Figure 31-A. Free e file tax extension Certain January 1 birthdays. Free e file tax extension   A child born on January 1, 1995, is considered to be age 19 at the end of 2013. Free e file tax extension You cannot make this election for such a child unless the child was a full-time student. Free e file tax extension   A child born on January 1, 1990, is considered to be age 24 at the end of 2013. Free e file tax extension You cannot make this election for such a child. Free e file tax extension Full-time student. Free e file tax extension   A full-time student is a child who during some part of each of any 5 calendar months of the year was enrolled as a full-time student at a school, or took a full-time on-farm training course given by a school or a state, county, or local government agency. Free e file tax extension A school includes a technical, trade, or mechanical school. Free e file tax extension It does not include an on-the-job training course, correspondence school, or school offering courses only through the Internet. Free e file tax extension How to make the election. Free e file tax extension   Make the election by attaching Form 8814 to your Form 1040. Free e file tax extension (If you make this election, you cannot file Form 1040A or Form 1040EZ. Free e file tax extension ) Attach a separate Form 8814 for each child for whom you make the election. Free e file tax extension You can make the election for one or more children and not for others. Free e file tax extension Effect of Making the Election The federal income tax on your child's income may be more if you make the Form 8814 election. Free e file tax extension Rate may be higher. Free e file tax extension   If your child received qualified dividends or capital gain distributions, you may pay up to $100 more tax if you make this election instead of filing a separate tax return for the child. Free e file tax extension This is because the tax rate on the child's income between $1,000 and $2,000 is 10% if you make this election. Free e file tax extension However, if you file a separate return for the child, the tax rate may be as low as 0% (zero percent) because of the preferential tax rates for qualified dividends and capital gain distributions. Free e file tax extension Deductions you cannot take. Free e file tax extension   By making the Form 8814 election, you cannot take any of the following deductions that the child would be entitled to on his or her return. Free e file tax extension The additional standard deduction if the child is blind. Free e file tax extension The deduction for a penalty on an early withdrawal of your child's savings. Free e file tax extension Itemized deductions (such as your child's investment expenses or charitable contributions). Free e file tax extension Reduced deductions or credits. Free e file tax extension   If you use Form 8814, your increased adjusted gross income may reduce certain deductions or credits on your return including the following. Free e file tax extension Deduction for contributions to a traditional individual retirement arrangement (IRA). Free e file tax extension Deduction for student loan interest. Free e file tax extension Itemized deductions for medical expenses, casualty and theft losses, and certain miscellaneous expenses. Free e file tax extension Credit for child and dependent care expenses. Free e file tax extension Child tax credit. Free e file tax extension Education tax credits. Free e file tax extension Earned income credit. Free e file tax extension Penalty for underpayment of estimated tax. Free e file tax extension   If you make this election for 2013 and did not have enough tax withheld or pay enough estimated tax to cover the tax you owe, you may be subject to a penalty. Free e file tax extension If you plan to make this election for 2014, you may need to increase your federal income tax withholding or your estimated tax payments to avoid the penalty. Free e file tax extension See chapter 4 for more information. Free e file tax extension Figuring Child's Income Use Form 8814, Part I, to figure your child's interest and dividend income to report on your return. Free e file tax extension Only the amount over $2,000 is added to your income. Free e file tax extension The amount over $2,000 is shown on Form 8814, line 6. Free e file tax extension Unless the child's income includes qualified dividends or capital gain distributions (discussed next), the same amount is shown on Form 8814, line 12. Free e file tax extension Include the amount from Form 8814, line 12, on Form 1040, line 21. Free e file tax extension Enter “Form 8814” on the dotted line next to line 21. Free e file tax extension If you file more than one Form 8814, include the total amounts from line 12 of all your Forms 8814 on Form 1040, line 21. Free e file tax extension Capital gain distributions and qualified dividends. Free e file tax extension   If your child's dividend income included any capital gain distributions, see Capital gain distributions under Figuring Child's Income in Publication 929, Part 2. Free e file tax extension If your child's dividend income included any qualified dividends, see Qualified dividends under Figuring Child's Income in Publication 929, Part 2. Free e file tax extension Figuring Additional Tax Use Form 8814, Part II, to figure the tax on the $2,000 of your child's interest and dividends that you do not include in your income. Free e file tax extension This tax is added to the tax figured on your income. Free e file tax extension This additional tax is the smaller of: 10% × (your child's gross income − $1,000), or $100. Free e file tax extension Include the amount from line 15 of all your Forms 8814 in the total on Form 1040, line 44. Free e file tax extension Check box a on Form 1040, line 44. Free e file tax extension Figure 31-A. Free e file tax extension Can You Include Your Child's Income On Your Tax Return? Please click here for the text description of the image. Free e file tax extension Figure 31–A. Free e file tax extension Can You Include Your Child's Income On Your Tax Return? Tax for Certain Children Who Have Unearned Income If a child's interest, dividends, and other unearned income total more than $2,000, part of that income may be taxed at the parent's tax rate instead of the child's tax rate. Free e file tax extension If the parent does not or cannot choose to include the child's income on the parent's return, use Form 8615 to figure the child's tax. Free e file tax extension Attach the completed form to the child's Form 1040 or Form 1040A. Free e file tax extension When Form 8615 must be filed. Free e file tax extension   Form 8615 must be filed for a child if all of the following statements are true. Free e file tax extension The child's investment income was more than $2,000. Free e file tax extension The child is required to file a return for 2013. Free e file tax extension The child either: Was under age 18 at the end of the year, Was age 18 at the end of the year and did not have earned income that was more than half of his or her support, or Was over age 18 and under age 24 at the end of the year, was a full-time student, and did not have earned income that was more than half of his or her support. Free e file tax extension At least one of the child's parents was alive at the end of 2013. Free e file tax extension The child does not file a joint return for 2013. Free e file tax extension These conditions are also shown in  Figure 31-B. Free e file tax extension Earned income. Free e file tax extension   Earned income includes salaries, wages, tips, and other payments received for personal services performed. Free e file tax extension It does not include unearned income as defined later in this chapter. Free e file tax extension Support. Free e file tax extension   Your child's support includes all amounts spent to provide the child with food, lodging, clothing, education, medical and dental care, recreation, transportation, and similar necessities. Free e file tax extension To figure your child's support, count support provided by you, your child, and others. Free e file tax extension However, a scholarship received by your child is not considered support if your child is a full-time student. Free e file tax extension See chapter 3 for details about support. Free e file tax extension Certain January 1 birthdays. Free e file tax extension   Use the following chart to determine whether certain children with January 1 birthdays meet condition 3 under When Form 8615 must be filed. Free e file tax extension Figure 31-B. Free e file tax extension Do You Have To Use Form 8615 To Figure Your Child's Tax? Please click here for the text description of the image. Free e file tax extension Figure 31-B. Free e file tax extension Do You Have To Use Form 8615 To Figure Your Child's Tax?    IF a child was born on. Free e file tax extension . Free e file tax extension . Free e file tax extension THEN, at the end of 2013, the child is considered to be. Free e file tax extension . Free e file tax extension . Free e file tax extension January 1, 1996 18* January 1, 1995 19** January 1, 1990 24*** *This child is not under age 18. Free e file tax extension The child meets condition 3 only if the child did not have earned income that was more than half of the child's support. Free e file tax extension  **This child meets condition 3 only if the child was a full-time student who did not have earned income that was more than half of the child's support. Free e file tax extension  ***Do not use Form 8615 for this child. Free e file tax extension Providing Parental Information (Form 8615, lines A–C) On Form 8615, lines A and B, enter the parent's name and social security number. Free e file tax extension (If the parents filed a joint return, enter the name and social security number listed first on the joint return. Free e file tax extension ) On line C, check the box for the parent's filing status. Free e file tax extension See Which Parent's Return To Use at the beginning of this chapter for information on which parent's return information must be used on Form 8615. Free e file tax extension Parent with different tax year. Free e file tax extension   If the parent and the child do not have the same tax year, complete Form 8615 using the information on the parent's return for the tax year that ends in the child's tax year. Free e file tax extension Parent's return information not known timely. Free e file tax extension   If the information needed from the parent's return is not known by the time the child's return is due (usually April 15), you can file the return using estimates. Free e file tax extension   You can use any reasonable estimate. Free e file tax extension This includes using information from last year's return. Free e file tax extension If you use an estimated amount on Form 8615, enter “Estimated” on the line next to the amount. Free e file tax extension    When you get the correct information, file an amended return on Form 1040X, Amended U. Free e file tax extension S. Free e file tax extension Individual Income Tax Return. Free e file tax extension   Instead of using estimates, you can get an automatic 6-month extension of time to file if, by the date your return is due, you file Form 4868, Application for Automatic Extension of Time To File U. Free e file tax extension S. Free e file tax extension Individual Income Tax Return. Free e file tax extension Extensions are discussed in chapter 1. Free e file tax extension Step 1. Free e file tax extension Figuring the Child's Net Unearned Income (Form 8615, Part I) The first step in figuring a child's tax using Form 8615 is to figure the child's net unearned income. Free e file tax extension To do that, use Form 8615, Part I. Free e file tax extension Line 1 (unearned income). Free e file tax extension   If the child had no earned income, enter on this line the adjusted gross income shown on the child's return. Free e file tax extension Adjusted gross income is shown on Form 1040, line 38, or Form 1040A, line 22. Free e file tax extension Form 1040EZ cannot be used if Form 8615 must be filed. Free e file tax extension   If the child had earned income, figure the amount to enter on Form 8615, line 1, by using the worksheet in the instructions for the form. Free e file tax extension   However, if the child has: excluded any foreign earned income, deducted either a loss from self-employment, or deducted a net operating loss from another year, then use the Alternate Worksheet for Form 8615, Line 1, in Publication 929 to figure the amount to enter on Form 8615, line 1. Free e file tax extension Unearned income defined. Free e file tax extension   Unearned income is generally all income other than salaries, wages, and other amounts received as pay for work actually done. Free e file tax extension It includes taxable interest, dividends (including capital gain distributions), capital gains, unemployment compensation, the taxable part of social security and pension payments, and certain distributions from trusts. Free e file tax extension Unearned income includes amounts produced by assets the child obtained with earned income (such as interest on a savings account into which the child deposited wages). Free e file tax extension Nontaxable income. Free e file tax extension   For this purpose, unearned income includes only amounts the child must include in total income. Free e file tax extension Nontaxable unearned income, such as tax-exempt interest and the nontaxable part of social security and pension payments, is not included. Free e file tax extension Income from property received as a gift. Free e file tax extension   A child's unearned income includes all income produced by property belonging to the child. Free e file tax extension This is true even if the property was transferred to the child, regardless of when the property was transferred or purchased or who transferred it. Free e file tax extension   A child's unearned income includes income produced by property given as a gift to the child. Free e file tax extension This includes gifts to the child from grandparents or any other person and gifts made under the Uniform Gift to Minors Act. Free e file tax extension Example. Free e file tax extension Amanda Black, age 13, received the following income. Free e file tax extension Dividends — $800 Wages — $2,100 Taxable interest — $1,200 Tax-exempt interest — $100 Net capital gains — $100 The dividends were qualified dividends on stock given to her by her grandparents. Free e file tax extension Amanda's unearned income is $2,100. Free e file tax extension This is the total of the dividends ($800), taxable interest ($1,200), and net capital gains ($100). Free e file tax extension Her wages are earned (not unearned) income because they are received for work actually done. Free e file tax extension Her tax-exempt interest is not included because it is nontaxable. Free e file tax extension Trust income. Free e file tax extension   If a child is the beneficiary of a trust, distributions of taxable interest, dividends, capital gains, and other unearned income from the trust are unearned income to the child. Free e file tax extension   However, for purposes of completing Form 8615, a taxable distribution from a qualified disability trust is considered earned income, not unearned income. Free e file tax extension Line 2 (deductions). Free e file tax extension   If the child does not itemize deductions on Schedule A (Form 1040), enter $2,000 on line 2. Free e file tax extension   If the child does itemize deductions, enter on line 2 the larger of: $1,000 plus the portion of the child's itemized deductions on Schedule A (Form 1040), line 29, that are directly connected with the production of unearned income entered on line 1, or $2,000. Free e file tax extension Directly connected. Free e file tax extension   Itemized deductions are directly connected with the production of unearned income if they are for expenses paid to produce or collect taxable income or to manage, conserve, or maintain property held for producing income. Free e file tax extension These expenses include custodian fees and service charges, service fees to collect taxable interest and dividends, and certain investment counsel fees. Free e file tax extension   These expenses are added to certain other miscellaneous itemized deductions on Schedule A (Form 1040). Free e file tax extension Only the amount greater than 2% of the child's adjusted gross income can be deducted. Free e file tax extension See chapter 28 for more information. Free e file tax extension Example 1. Free e file tax extension Roger, age 12, has unearned income of $8,000, no other income, no adjustments to income, and itemized deductions of $300 (net of the 2% limit) that are directly connected with his unearned income. Free e file tax extension His adjusted gross income is $8,000, which is entered on Form 1040, line 38, and on Form 8615, line 1. Free e file tax extension Roger enters $2,000 on line 2 because that is more than the total of $1,000 plus his directly connected itemized deductions of $300. Free e file tax extension Example 2. Free e file tax extension Eleanor, age 8, has unearned income of $16,000 and an early withdrawal penalty of $100. Free e file tax extension She has no other income. Free e file tax extension She has itemized deductions of $1,050 (net of the 2% limit) that are directly connected with the production of her unearned income. Free e file tax extension Her adjusted gross income, entered on line 1, is $15,900 ($16,000 − $100). Free e file tax extension The amount on line 2 is $2,050. Free e file tax extension This is the larger of: $1,000 plus the $1,050 of directly connected itemized deductions, or $2,000. Free e file tax extension Line 3. Free e file tax extension   Subtract line 2 from line 1 and enter the result on this line. Free e file tax extension If zero or less, do not complete the rest of the form. Free e file tax extension However, you must still attach Form 8615 to the child's tax return. Free e file tax extension Figure the tax on the child's taxable income in the normal manner. Free e file tax extension Line 4 (child's taxable income). Free e file tax extension   Enter on line 4 the child's taxable income from Form 1040, line 43, or Form 1040A, line 27. Free e file tax extension   However, if the child files Form 2555 or 2555-EZ to claim the foreign earned income exclusion, housing exclusion, or housing deduction, see the Form 8615 instructions or Pub. Free e file tax extension 929. Free e file tax extension Line 5 (net unearned income). Free e file tax extension   A child's net unearned income cannot be more than his or her taxable income. Free e file tax extension Enter on Form 8615, line 5, the smaller of line 3 or line 4. Free e file tax extension This is the child's net unearned income. Free e file tax extension   If zero or less, do not complete the rest of the form. Free e file tax extension However, you must still attach Form 8615 to the child's tax return. Free e file tax extension Figure the tax on the child's taxable income in the normal manner. Free e file tax extension Step 2. Free e file tax extension Figuring Tentative Tax at the Parent's Tax Rate (Form 8615, Part II) The next step in completing Form 8615 is to figure a tentative tax on the child's net unearned income at the parent's tax rate. Free e file tax extension The tentative tax at the parent's tax rate is the difference between the tax on the parent's taxable income figured with the child's net unearned income (plus the net unearned income of any other child whose Form 8615 includes the tax return information of that parent) and the tax figured without it. Free e file tax extension When figuring the tentative tax at the parent's tax rate on Form 8615, do not refigure any of the exclusions, deductions, or credits on the parent's return because of the child's net unearned income. Free e file tax extension For example, do not refigure the medical expense deduction. Free e file tax extension Figure the tentative tax on Form 8615, lines 6 through 13. Free e file tax extension Note. Free e file tax extension If the child or parent has any capital gains or losses, get Publication 929 for help in completing Form 8615, Part II. Free e file tax extension Line 6 (parent's taxable income). Free e file tax extension   Enter on line 6 the parent's taxable income from Form 1040, line 43, Form 1040A, line 27, or Form 1040EZ, line 6. Free e file tax extension   If the Foreign Earned Income Tax Worksheet (in the Form 1040 instructions) was used to figure the parent's tax, enter the amount from line 3 of that worksheet instead of the parent's taxable income. Free e file tax extension Line 7 (net unearned income of other children). Free e file tax extension   If the tax return information of the parent is also used on any other child's Form 8615, enter on line 7 the total of the amounts from line 5 of all the other children's Forms 8615. Free e file tax extension Do not include the amount from line 5 of the Form 8615 being completed. Free e file tax extension Example. Free e file tax extension Paul and Jane Persimmon have three children, Sharon, Jerry, and Mike, who must attach Form 8615 to their tax returns. Free e file tax extension The children's net unearned income amounts on line 5 of their Forms 8615 are: Sharon — $800 Jerry — $600 Mike — $1,000 Line 7 of Sharon's Form 8615 will show $1,600, the total of the amounts on line 5 of Jerry's and Mike's Forms 8615. Free e file tax extension Line 7 of Jerry's Form 8615 will show $1,800 ($800 + $1,000). Free e file tax extension Line 7 of Mike's Form 8615 will show $1,400 ($800 + $600). Free e file tax extension Other children's information not available. Free e file tax extension   If the net unearned income of the other children is not available when the return is due, either file the return using estimates or get an extension of time to file. Free e file tax extension See Parent's return information not known timely , earlier. Free e file tax extension Line 11 (tentative tax). Free e file tax extension   Subtract line 10 from line 9 and enter the result on this line. Free e file tax extension This is the tentative tax. Free e file tax extension   If line 7 is blank, skip lines 12a and 12b and enter the amount from line 11 on line 13. Free e file tax extension Also skip the discussion for lines 12a and 12b that follows. Free e file tax extension Lines 12a and 12b (dividing the tentative tax). Free e file tax extension   If an amount is entered on line 7, divide the tentative tax shown on line 11 among the children according to each child's share of the total net unearned income. Free e file tax extension This is done on lines 12a, 12b, and 13. Free e file tax extension Add the amount on line 7 to the amount on line 5 and enter the total on line 12a. Free e file tax extension Divide the amount on line 5 by the amount on line 12a and enter the result, as a decimal, on line 12b. Free e file tax extension Example. Free e file tax extension In the earlier example under Line 7 (net unearned income of other children), Sharon's Form 8615 shows $1,600 on line 7. Free e file tax extension The amount entered on line 12a is $2,400, the total of the amounts on lines 5 and 7 ($800 + $1,600). Free e file tax extension The decimal on line 12b is  . Free e file tax extension 333, figured as follows and rounded to three places. Free e file tax extension   $800 = . Free e file tax extension 333     $2,400   Step 3. Free e file tax extension Figuring the Child's Tax (Form 8615, Part III) The final step in figuring a child's tax using Form 8615 is to determine the larger of: The total of: The child's share of the tentative tax based on the parent's tax rate, plus The tax on the child's taxable income in excess of net unearned income, figured at the child's tax rate, or The tax on the child's taxable income, figured at the child's tax rate. Free e file tax extension This is the child's tax. Free e file tax extension It is figured on Form 8615, lines 14 through 18. Free e file tax extension Alternative minimum tax. Free e file tax extension   A child may be subject to alternative minimum tax (AMT) if he or she has certain items given preferential treatment under the tax law. Free e file tax extension See Alternative Minimum Tax (AMT) in chapter 30. Free e file tax extension    For more information on who is liable for AMT and how to figure it, see Form 6251, Alternative Minimum Tax—Individuals. Free e file tax extension For information on special limits that apply to a child who files Form 6251, see Certain Children Under Age 24 in the Instructions for Form 6251. Free e file tax extension Prev  Up  Next   Home   More Online Publications
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Recently Enacted Legislation of Interest to the Bond Community
Information about recently enacted legislation involving bond financing and related guidance items.

Information for the Tax Exempt Bond Community Affected by Hurricane Katrina
The IRS is working to provide appropriate relief and assistance to members of the tax exempt bond community affected by Hurricane Katrina. Please check back for updates.

CREB 2007 Disclosure of Allocations
CREB 2007 Disclosure of Allocations

The Service Announces the Release of New Forms for Build America Bonds
The Tax Exempt Bonds function (TEB) of the IRS Tax Exempt and Government Entities division has released new Form 8038-CP, Return for Credit Payments to Issuers of Qualified Bonds, and its instructions.

New York Liberty Zone Bonds
Guidance concerning the New York Liberty Zone business employee credit, Qualified New York Liberty Bonds, and Liberty Advance Refunding Bonds.

TIGTA Finds That Direct Pay Bond Questionnaires Were Appropriate
TIGTA Report: Build America Bond Compliance Check Program.

IRS Names Seven New Members to ACT Panel; ACT to Submit Recommendations at June Meeting
IR-2012-57, May 24, 2012 — The Advisory Committee on Tax Exempt and Government Entities (ACT) will hold a public meeting on June 6, when the panel will submit its latest round of recommendations.

New TEB Publication for Conduit Issuers of Tax-Exempt Bonds
Pub. 5005, inspired by TE/GE Advisory Committee, provides overview of conduit issuer responsibilities.

Page Last Reviewed or Updated: 31-Mar-2014

The Free E File Tax Extension

Free e file tax extension Index A Additional Medicare Tax, What's New for 2013, What's New, Employment Taxes, Additional Medicare Tax. Free e file tax extension Advertising, Advertising expenses. Free e file tax extension Amortization Anti-abuse rule, Anti-abuse rule. Free e file tax extension Anti-churning rules, Anti-Churning Rules Atmospheric pollution control facilities, Pollution Control Facilities Corporate organization costs, Costs of Organizing a Corporation Dispositions of section 197 intangibles, Disposition of Section 197 Intangibles Experimental costs, Research and Experimental Costs Geological and geophysical costs, Geological and Geophysical Costs How to deduct, How To Deduct Amortization Incorrect amount deducted, Incorrect Amount of Amortization Deducted Partnership organization costs, Costs of Organizing a Partnership Pollution control facilities, Pollution Control Facilities Reforestation costs, Reforestation Costs Reforestation expenses, Reforestation Costs Related person, Related person. Free e file tax extension Research costs, Research and Experimental Costs Section 197 intangibles defined, Section 197 Intangibles Defined Start-up costs, Business Start-Up Costs Starting a businesscosts, Starting a Business Anticipated liabilities, Anticipated liabilities. Free e file tax extension Assessments, local, Taxes for local benefits. Free e file tax extension Assistance (see Tax help) At-risk limits, At-risk limits. Free e file tax extension Attorney fees, Legal and professional fees. Free e file tax extension Awards, Achievement awards. Free e file tax extension , Length-of-service award. Free e file tax extension , Safety achievement award. Free e file tax extension B Bad debts Defined, Definition of Business Bad Debt How to treat, How To Claim a Business Bad Debt Recovery, Recovery of a Bad Debt Types of, Types of Business Bad Debts When worthless, When a Debt Becomes Worthless Bonuses Employee, Bonuses Royalties, Bonuses and advanced royalties. Free e file tax extension Bribes, Bribes and kickbacks. Free e file tax extension Business Assets, Business Assets Books and records, Business books and records, etc. Free e file tax extension Meal expenses, Meals and Entertainment Use of car, Business use of your car. Free e file tax extension , Car and truck expenses. Free e file tax extension Use of home, Business use of your home. Free e file tax extension C Campaign contribution, Political contributions. Free e file tax extension Capital expenses, Capital Expenses, Capital versus Deductible Expenses Capitalization of interest, Capitalization of Interest Car allowance, Car allowance. Free e file tax extension Car and truck expenses, Car and truck expenses. Free e file tax extension Carrying charges, Carrying Charges Charitable contributions, Charitable contributions. Free e file tax extension Circulation costs, newspapers and periodicals, Circulation Costs Club dues, Club dues and membership fees. Free e file tax extension Comments on publication, Comments and suggestions. Free e file tax extension Commitment fees, Commitment fees or standby charges. Free e file tax extension Computer software, Computer software. Free e file tax extension Constant-yield method, OID, Constant-yield method. Free e file tax extension Contested liability, Contested liability. Free e file tax extension Contributions Charitable, Charitable contributions. Free e file tax extension Political, Political contributions. Free e file tax extension Copyrights, Patents, copyrights, etc. Free e file tax extension Cost depletion, Cost Depletion Cost of getting lease, Cost of Getting a Lease, Getting a Lease Cost of goods sold, Cost of Goods Sold Cost recovery, Cost recovery. Free e file tax extension Covenant not to compete, Covenant not to compete. Free e file tax extension Credit card convenience fees, Credit card convenience fees. Free e file tax extension D De minimis OID, De minimis OID. Free e file tax extension Debt-financed distributions, Debt-financed distribution. Free e file tax extension Definitions Business bad debt, Definition of Business Bad Debt Necessary expense, What Can I Deduct? Ordinary expense, What Can I Deduct? Section 197 intangibles, Section 197 Intangibles Defined Demolition expenses, Demolition expenses or losses. Free e file tax extension Depletion Mineral property, Mineral Property Oil and gas wells, Oil and Gas Wells Percentage table, Mines and other natural deposits. Free e file tax extension Timber, Timber Who can claim, Who Can Claim Depletion? Depreciation (see Cost recovery) Development costs, miners, Development Costs Disabled, improvements for, Barrier Removal Costs Drilling and development costs, Intangible Drilling Costs Dues, membership, Club dues and membership fees. Free e file tax extension E Economic interest, Who Can Claim Depletion? Economic performance, Economic performance. Free e file tax extension Education expenses, Education Expenses, Education expenses. Free e file tax extension Elderly, improvements for, Barrier Removal Costs Employee benefit programs, Employee benefit programs. Free e file tax extension Employment taxes, Employment Taxes Entertainment, Reimbursement of Travel, Meals, and Entertainment Excise taxes, Excise taxes. Free e file tax extension Experimentation costs, Research and Experimental Costs, Research and Experimental Costs Exploration costs, Exploration Costs F Fees Commitment, Commitment fees or standby charges. Free e file tax extension Legal and professional, Legal and professional fees. Free e file tax extension Regulatory, Licenses and regulatory fees. Free e file tax extension Tax return preparation, Tax preparation fees. Free e file tax extension Fines, Penalties and fines. Free e file tax extension Forgone, Forgone interest. Free e file tax extension Forgone interest, Forgone interest. Free e file tax extension Form 3115, Form 3115. Free e file tax extension , Changing Your Accounting Method 4562, How To Deduct Amortization 5213, Using the presumption later. Free e file tax extension 8826, Disabled access credit. Free e file tax extension 8885, Health coverage tax credit. Free e file tax extension T, Form T. Free e file tax extension Franchise, Franchise, trademark, or trade name. Free e file tax extension , Franchise, trademark, trade name. Free e file tax extension Franchise taxes, Franchise taxes. Free e file tax extension Free tax services, Free help with your tax return. Free e file tax extension Fringe benefits, Fringe Benefits Fuel taxes, Fuel taxes. Free e file tax extension G Gas wells, Natural Gas Wells Geological and geophysical costs Development, oil and gas, Geological and Geophysical Costs Exploration, oil and gas, Geological and Geophysical Costs Geothermal wells, Intangible Drilling Costs, Mines and Geothermal Deposits Gifts, nominal value, Gifts of nominal value. Free e file tax extension Going into business, Going Into Business, Starting a Business Goodwill, Goodwill. Free e file tax extension Gross income, not-for-profit activity, Gross Income H Health insurance, deduction for self-employed, Self-Employed Health Insurance Deduction Heating equipment, Heating equipment. Free e file tax extension Help (see Tax help) Home, business use of, Business use of your home. Free e file tax extension I Impairment-related expenses, Impairment-related expenses. Free e file tax extension Improvements, Improvements By lessee, Improvements by Lessee For disabled and elderly, Barrier Removal Costs Income taxes, Income Taxes Incorrect amount of amortization deducted, Incorrect Amount of Amortization Deducted Insurance Capitalized premiums, Capitalized Premiums Deductible premiums, Deductible Premiums Nondeductible premiums, Nondeductible Premiums Self-employed individuals, Self-Employed Health Insurance Deduction Intangible drilling costs, Intangible Drilling Costs Intangibles, amortization, Section 197 Intangibles Interest, Forgone interest. Free e file tax extension Allocation of, Allocation of Interest Below-market, Below-Market Loans Business expense for, Interest Capitalized, Capitalized interest. Free e file tax extension , Capitalization of Interest Carrying charge, Carrying Charges Deductible, Interest You Can Deduct Life insurance policies, Interest on loans with respect to life insurance policies. Free e file tax extension Not deductible, Interest You Cannot Deduct Refunds of, Refunds of interest. Free e file tax extension When to deduct, When To Deduct Interest Internet-related expenses, Internet-related expenses. Free e file tax extension Interview expenses, Interview expense allowances. Free e file tax extension K Key person, Who is a key person? Kickbacks, Bribes and kickbacks. Free e file tax extension L Leases Canceling, Canceling a lease. Free e file tax extension Cost of getting, Cost of Getting a Lease, Getting a Lease Improvements by lessee, Improvements by Lessee Leveraged, Leveraged leases. Free e file tax extension Mineral, Bonuses and advanced royalties. Free e file tax extension Oil and gas, Bonuses and advanced royalties. Free e file tax extension Sales distinguished, Lease or purchase. Free e file tax extension Taxes on, Taxes on Leased Property Legal and professional fees, Legal and professional fees. Free e file tax extension Licenses, Government-granted license, permit, etc. Free e file tax extension , Licenses and regulatory fees. Free e file tax extension Life insurance coverage, Life insurance coverage. Free e file tax extension Limit on deductions, Not-for-Profit Activities Line of credit, Line of credit (continuous borrowings). Free e file tax extension Loans Below-market interestrate, Below-Market Loans Discounted, Discounted loan. Free e file tax extension Loans or Advances, Loans or Advances Lobbying expenses, Lobbying expenses. Free e file tax extension Long-term care insurance, Qualified long-term care insurance. Free e file tax extension Losses, Limits on losses. Free e file tax extension , Not-for-Profit Activities At-risk limits, At-risk limits. Free e file tax extension Net operating, Net operating loss. Free e file tax extension Passive activities, Passive activities. Free e file tax extension M Machinery parts, Machinery parts. Free e file tax extension Meals, Reimbursement of Travel, Meals, and Entertainment Meals and entertainment, Meals and Entertainment Meals and lodging, Meals and lodging. Free e file tax extension Methods of accounting, When Can I Deduct an Expense? Mining Depletion, Mines and Geothermal Deposits Development costs, Development Costs Exploration costs, Exploration Costs Mortgage, Mortgage. Free e file tax extension , Expenses paid to obtain a mortgage. Free e file tax extension Moving expenses, machinery, Moving machinery. Free e file tax extension N Natural gas, Natural Gas Wells Nonqualifying intangibles, Assets That Are Not Section 197 Intangibles Not-for-profit activities, Not-for-Profit Activities Not-for-profit activity, gross income, Gross Income O Office in home, Business use of your home. Free e file tax extension Oil and gas wells Depletion, Oil and Gas Wells Drilling costs, Intangible Drilling Costs Partnerships, Partnerships and S Corporations S corporations, Partnerships and S Corporations Optional safe harbor method, Optional safe harbor method. Free e file tax extension Optional write-off method Circulation costs, Optional Write-off of Certain Tax Preferences Experimental costs, Optional Write-off of Certain Tax Preferences Intangible drilling and development costs, Optional Write-off of Certain Tax Preferences Mining exploration and development costs, Optional Write-off of Certain Tax Preferences Research costs, Optional Write-off of Certain Tax Preferences Organization costs Corporate, Costs of Organizing a Corporation Partnership, Costs of Organizing a Partnership Organizational costs, Business Start-Up and Organizational Costs Original issue discount, Original issue discount (OID). Free e file tax extension Outplacement services, Outplacement services. Free e file tax extension P Passive activities, Passive activities. Free e file tax extension Payments in kind, Payments in kind. Free e file tax extension Penalties, Prepayment penalty. Free e file tax extension Deductible, Penalties and fines. Free e file tax extension Nondeductible, Penalties and fines. Free e file tax extension Prepayment, Prepayment penalty. Free e file tax extension Per diem and car allowances, Per Diem and Car Allowances Percentage depletion, Percentage Depletion Personal property tax, Personal property tax. Free e file tax extension Political contributions, Political contributions. Free e file tax extension Pollution control facilities, Pollution Control Facilities Prepaid expense, Prepayment. Free e file tax extension Extends useful life, Prepayment. Free e file tax extension Interest, Prepaid interest. Free e file tax extension , Prepaid interest. Free e file tax extension Rent, Rent paid in advance. Free e file tax extension Prepayment penalty, Prepayment penalty. Free e file tax extension Presumption of profit, Not-for-Profit Activities Publications (see Tax help) R Real estate taxes, Real Estate Taxes Recapture Exploration expenses, Recapture of exploration expenses. Free e file tax extension Timber property, Recapture. Free e file tax extension Recordkeeping, Partnerships and S Corporations Recovery of amount deducted, Recovery of amount deducted (tax benefit rule). Free e file tax extension Refiners who cannot claim percentage depletion, Refiners who cannot claim percentage depletion. Free e file tax extension Reforestation costs, Reforestation Costs, Reforestation Costs Regulatory fees, Licenses and regulatory fees. Free e file tax extension Reimbursements, Reimbursements Business expenses, Reimbursements for Business Expenses Mileage, Per Diem and Car Allowances Nonaccountable plan, Nonaccountable Plans Per diem , Per Diem and Car Allowances Related persons Anti-churning rules, Related person. Free e file tax extension Coal or iron ore, Disposal to related person. Free e file tax extension Payments to, Related person. Free e file tax extension , Related person. Free e file tax extension Refiners, Related person. Free e file tax extension Unreasonable rent, Unreasonable rent. Free e file tax extension Removal, Retired Asset Removal Costs, Barrier Removal Costs Rent expense, capitalizing, Capitalizing Rent Expenses Repairs, Repairs. Free e file tax extension Repayments (claim of right), Repayments. Free e file tax extension Research costs, Research and Experimental Costs, Research and Experimental Costs Retiree drug subsidy, What's New for 2013, What's New S Sales taxes, Sales tax. Free e file tax extension Section 179 expense deduction (see Cost recovery) Self-employed health insurance deduction, Self-Employed Health Insurance Deduction Self-employment tax, Self-employment tax. Free e file tax extension Self-insurance, reserve for, Nondeductible Premiums Sick pay, Sick and Vacation Pay Standard meal allowance, Standard meal allowance. Free e file tax extension Standard mileage rate, Car allowance. Free e file tax extension (see Business use of your car) Standby charges, Commitment fees or standby charges. Free e file tax extension Start-up costs, Business Start-Up and Organizational Costs, Business Start-Up Costs Subscriptions, Subscriptions. Free e file tax extension Suggestions for publication, Comments and suggestions. Free e file tax extension Supplies and materials, Supplies and materials. Free e file tax extension T Tax help, How To Get Tax Help Tax preparation fees, Tax preparation fees. Free e file tax extension Taxes, Taxes on Leased Property Carrying charge, Carrying Charges Employment, Employment Taxes Excise, Excise taxes. Free e file tax extension Franchise, Franchise taxes. Free e file tax extension Fuel, Fuel taxes. Free e file tax extension Income, Income Taxes Leased property, Taxes on Leased Property Personal property, Personal property tax. Free e file tax extension Real estate, Real Estate Taxes Sales, Sales tax. Free e file tax extension Unemployment fund, Unemployment fund taxes. Free e file tax extension Telephone, Telephone. Free e file tax extension Timber, Reforestation Costs, Timber Tools, Tools. Free e file tax extension Trademark, trade name, Franchise, trademark, or trade name. Free e file tax extension , Franchise, trademark, trade name. Free e file tax extension Travel, Reimbursement of Travel, Meals, and Entertainment TTY/TDD information, How To Get Tax Help U Unemployment fund taxes, Unemployment fund taxes. Free e file tax extension Unpaid expenses, related person, Related person. Free e file tax extension Utilities, Utilities. Free e file tax extension V Vacation pay, Sick and Vacation Pay W Wages Property, Property Tests for deducting pay, Tests for Deducting Pay Welfare benefit funds, Welfare benefit funds. Free e file tax extension Prev  Up     Home   More Online Publications