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Free Online Federal Tax Filing 2012

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Free Online Federal Tax Filing 2012

Free online federal tax filing 2012 11. Free online federal tax filing 2012   Social Security and Equivalent Railroad Retirement Benefits Table of Contents Introduction Useful Items - You may want to see: Are Any of Your Benefits Taxable? How To Report Your BenefitsHow Much Is Taxable? Examples Deductions Related to Your BenefitsRepayments More Than Gross Benefits Introduction This chapter explains the federal income tax rules for social security benefits and equivalent tier 1 railroad retirement benefits. Free online federal tax filing 2012 It explains the following topics. Free online federal tax filing 2012 How to figure whether your benefits are taxable. Free online federal tax filing 2012 How to use the social security benefits worksheet (with examples). Free online federal tax filing 2012 How to report your taxable benefits. Free online federal tax filing 2012 How to treat repayments that are more than the benefits you received during the year. Free online federal tax filing 2012 Social security benefits include monthly retirement, survivor, and disability benefits. Free online federal tax filing 2012 They do not include supplemental security income (SSI) payments, which are not taxable. Free online federal tax filing 2012 Equivalent tier 1 railroad retirement benefits are the part of tier 1 benefits that a railroad employee or beneficiary would have been entitled to receive under the social security system. Free online federal tax filing 2012 They are commonly called the social security equivalent benefit (SSEB) portion of tier 1 benefits. Free online federal tax filing 2012 If you received these benefits during 2013, you should have received a Form SSA-1099, Social Security Benefit Statement, or Form RRB-1099, Payments by the Railroad Retirement Board. Free online federal tax filing 2012 These forms show the amounts received and repaid, and taxes withheld for the year. Free online federal tax filing 2012 You may receive more than one of these forms for the same year. Free online federal tax filing 2012 You should add the amounts shown on all the Forms SSA-1099 and Forms RRB-1099 you receive for the year to determine the total amounts received and repaid, and taxes withheld for that year. Free online federal tax filing 2012 See the Appendix at the end of Publication 915 for more information. Free online federal tax filing 2012 Note. Free online federal tax filing 2012 When the term “benefits” is used in this chapter, it applies to both social security benefits and the SSEB portion of tier 1 railroad retirement benefits. Free online federal tax filing 2012 What is not covered in this chapter. Free online federal tax filing 2012   This chapter does not cover the tax rules for the following railroad retirement benefits. Free online federal tax filing 2012 Non-social security equivalent benefit (NSSEB) portion of tier 1 benefits. Free online federal tax filing 2012 Tier 2 benefits. Free online federal tax filing 2012 Vested dual benefits. Free online federal tax filing 2012 Supplemental annuity benefits. Free online federal tax filing 2012 For information on these benefits, see Publication 575, Pension and Annuity Income. Free online federal tax filing 2012   This chapter does not cover the tax rules for social security benefits reported on Form SSA-1042S, Social Security Benefit Statement, or Form RRB-1042S, Statement for Nonresident Alien Recipients of: Payments by the Railroad Retirement Board. Free online federal tax filing 2012 For information about these benefits, see Publication 519, U. Free online federal tax filing 2012 S. Free online federal tax filing 2012 Tax Guide for Aliens, and Publication 915, Social Security and Equivalent Railroad Retirement Benefits. Free online federal tax filing 2012   This chapter also does not cover the tax rules for foreign social security benefits. Free online federal tax filing 2012 These benefits are taxable as annuities, unless they are exempt from U. Free online federal tax filing 2012 S. Free online federal tax filing 2012 tax or treated as a U. Free online federal tax filing 2012 S. Free online federal tax filing 2012 social security benefit under a tax treaty. Free online federal tax filing 2012 Useful Items - You may want to see: Publication 505 Tax Withholding and Estimated Tax 575 Pension and Annuity Income 590 Individual Retirement Arrangements (IRAs) 915 Social Security and Equivalent Railroad Retirement Benefits Forms (and Instructions) 1040-ES Estimated Tax for Individuals SSA-1099 Social Security Benefit Statement RRB-1099 Payments by the Railroad Retirement Board W-4V Voluntary Withholding Request Are Any of Your Benefits Taxable? To find out whether any of your benefits may be taxable, compare the base amount for your filing status with the total of: One-half of your benefits, plus All your other income, including tax-exempt interest. Free online federal tax filing 2012 When making this comparison, do not reduce your other income by any exclusions for: Interest from qualified U. Free online federal tax filing 2012 S. Free online federal tax filing 2012 savings bonds, Employer-provided adoption benefits, Foreign earned income or foreign housing, or Income earned by bona fide residents of American Samoa or Puerto Rico. Free online federal tax filing 2012 Children's benefits. Free online federal tax filing 2012   The rules in this chapter apply to benefits received by children. Free online federal tax filing 2012 See Who is taxed , later. Free online federal tax filing 2012 Figuring total income. Free online federal tax filing 2012   To figure the total of one-half of your benefits plus your other income, use Worksheet 11-1 later in this discussion. Free online federal tax filing 2012 If the total is more than your base amount, part of your benefits may be taxable. Free online federal tax filing 2012    If you are married and file a joint return for 2013, you and your spouse must combine your incomes and your benefits to figure whether any of your combined benefits are taxable. Free online federal tax filing 2012 Even if your spouse did not receive any benefits, you must add your spouse's income to yours to figure whether any of your benefits are taxable. Free online federal tax filing 2012    If the only income you received during 2013 was your social security or the SSEB portion of tier 1 railroad retirement benefits, your benefits generally are not taxable and you probably do not have to file a return. Free online federal tax filing 2012 If you have income in addition to your benefits, you may have to file a return even if none of your benefits are taxable. Free online federal tax filing 2012 Base amount. Free online federal tax filing 2012   Your base amount is: $25,000 if you are single, head of household, or qualifying widow(er), $25,000 if you are married filing separately and lived apart from your spouse for all of 2013, $32,000 if you are married filing jointly, or $-0- if you are married filing separately and lived with your spouse at any time during 2013. Free online federal tax filing 2012 Worksheet 11-1. Free online federal tax filing 2012   You can use Worksheet 11-1 to figure the amount of income to compare with your base amount. Free online federal tax filing 2012 This is a quick way to check whether some of your benefits may be taxable. Free online federal tax filing 2012 Worksheet 11-1. Free online federal tax filing 2012 A Quick Way To Check if Your Benefits May Be Taxable A. Free online federal tax filing 2012 Enter the amount from box 5 of all your Forms SSA-1099 and RRB-1099. Free online federal tax filing 2012 Include the full amount of any lump-sum benefit payments received in 2013, for 2013 and earlier years. Free online federal tax filing 2012 (If you received more than one form, combine the amounts from box 5 and enter the total. Free online federal tax filing 2012 ) A. Free online federal tax filing 2012   Note. Free online federal tax filing 2012 If the amount on line A is zero or less, stop here; none of your benefits are taxable this year. Free online federal tax filing 2012 B. Free online federal tax filing 2012 Enter one-half of the amount on line A B. Free online federal tax filing 2012   C. Free online federal tax filing 2012 Enter your taxable pensions, wages, interest, dividends, and other taxable income C. Free online federal tax filing 2012   D. Free online federal tax filing 2012 Enter any tax-exempt interest income (such as interest on municipal bonds) plus any exclusions from income (listed earlier) D. Free online federal tax filing 2012   E. Free online federal tax filing 2012 Add lines B, C, and D E. Free online federal tax filing 2012   Note. Free online federal tax filing 2012 Compare the amount on line E to your base amount for your filing status. Free online federal tax filing 2012 If the amount on line E equals or is less than the base amount for your filing status, none of your benefits are taxable this year. Free online federal tax filing 2012 If the amount on line E is more than your base amount, some of your benefits may be taxable. Free online federal tax filing 2012 You need to complete Worksheet 1 in Publication 915 (or the Social Security Benefits Worksheet in your tax form instructions). Free online federal tax filing 2012 If none of your benefits are taxable, but you otherwise must file a tax return, see Benefits not taxable , later, under How To Report Your Benefits. Free online federal tax filing 2012 Example. Free online federal tax filing 2012 You and your spouse (both over 65) are filing a joint return for 2013 and you both received social security benefits during the year. Free online federal tax filing 2012 In January 2014, you received a Form SSA-1099 showing net benefits of $7,500 in box 5. Free online federal tax filing 2012 Your spouse received a Form SSA-1099 showing net benefits of $3,500 in box 5. Free online federal tax filing 2012 You also received a taxable pension of $22,800 and interest income of $500. Free online federal tax filing 2012 You did not have any tax-exempt interest income. Free online federal tax filing 2012 Your benefits are not taxable for 2013 because your income, as figured in Worksheet 11-1, is not more than your base amount ($32,000) for married filing jointly. Free online federal tax filing 2012 Even though none of your benefits are taxable, you must file a return for 2013 because your taxable gross income ($23,300) exceeds the minimum filing requirement amount for your filing status. Free online federal tax filing 2012 Filled-in Worksheet 11-1. Free online federal tax filing 2012 A Quick Way To Check if Your Benefits May Be Taxable A. Free online federal tax filing 2012 Enter the amount from box 5 of all your Forms SSA-1099 and RRB-1099. Free online federal tax filing 2012 Include the full amount of any lump-sum benefit payments received in 2013, for 2013 and earlier years. Free online federal tax filing 2012 (If you received more than one form, combine the amounts from box 5 and enter the total. Free online federal tax filing 2012 ) A. Free online federal tax filing 2012 $11,000 Note. Free online federal tax filing 2012 If the amount on line A is zero or less, stop here; none of your benefits are taxable this year. Free online federal tax filing 2012 B. Free online federal tax filing 2012 Enter one-half of the amount on line A B. Free online federal tax filing 2012 5,500 C. Free online federal tax filing 2012 Enter your taxable pensions, wages, interest, dividends, and other taxable income C. Free online federal tax filing 2012 23,300 D. Free online federal tax filing 2012 Enter any tax-exempt interest income (such as interest on municipal bonds) plus any exclusions from income (listed earlier) D. Free online federal tax filing 2012 -0- E. Free online federal tax filing 2012 Add lines B, C, and D E. Free online federal tax filing 2012 $28,800 Note. Free online federal tax filing 2012 Compare the amount on line E to your base amount for your filing status. Free online federal tax filing 2012 If the amount on line E equals or is less than the base amount for your filing status, none of your benefits are taxable this year. Free online federal tax filing 2012 If the amount on line E is more than your base amount, some of your benefits may be taxable. Free online federal tax filing 2012 You need to complete Worksheet 1 in Publication 915 (or the Social Security Benefits Worksheet in your tax form instructions). Free online federal tax filing 2012 If none of your benefits are taxable, but you otherwise must file a tax return, see Benefits not taxable , later, under How To Report Your Benefits. Free online federal tax filing 2012 Who is taxed. Free online federal tax filing 2012   Benefits are included in the taxable income (to the extent they are taxable) of the person who has the legal right to receive the benefits. Free online federal tax filing 2012 For example, if you and your child receive benefits, but the check for your child is made out in your name, you must use only your part of the benefits to see whether any benefits are taxable to you. Free online federal tax filing 2012 One-half of the part that belongs to your child must be added to your child's other income to see whether any of those benefits are taxable to your child. Free online federal tax filing 2012 Repayment of benefits. Free online federal tax filing 2012   Any repayment of benefits you made during 2013 must be subtracted from the gross benefits you received in 2013. Free online federal tax filing 2012 It does not matter whether the repayment was for a benefit you received in 2013 or in an earlier year. Free online federal tax filing 2012 If you repaid more than the gross benefits you received in 2013, see Repayments More Than Gross Benefits , later. Free online federal tax filing 2012   Your gross benefits are shown in box 3 of Form SSA-1099 or RRB-1099. Free online federal tax filing 2012 Your repayments are shown in box 4. Free online federal tax filing 2012 The amount in box 5 shows your net benefits for 2013 (box 3 minus box 4). Free online federal tax filing 2012 Use the amount in box 5 to figure whether any of your benefits are taxable. Free online federal tax filing 2012 Tax withholding and estimated tax. Free online federal tax filing 2012   You can choose to have federal income tax withheld from your social security benefits and/or the SSEB portion of your tier 1 railroad retirement benefits. Free online federal tax filing 2012 If you choose to do this, you must complete a Form W-4V. Free online federal tax filing 2012   If you do not choose to have income tax withheld, you may have to request additional withholding from other income or pay estimated tax during the year. Free online federal tax filing 2012 For details, see Publication 505 or the instructions for Form 1040-ES. Free online federal tax filing 2012 How To Report Your Benefits If part of your benefits are taxable, you must use Form 1040 or Form 1040A. Free online federal tax filing 2012 You cannot use Form 1040EZ. Free online federal tax filing 2012 Reporting on Form 1040. Free online federal tax filing 2012   Report your net benefits (the total amount from box 5 of all your Forms SSA-1099 and Forms RRB-1099) on line 20a and the taxable part on line 20b. Free online federal tax filing 2012 If you are married filing separately and you lived apart from your spouse for all of 2013, also enter “D” to the right of the word “benefits” on line 20a. Free online federal tax filing 2012 Reporting on Form 1040A. Free online federal tax filing 2012   Report your net benefits (the total amount from box 5 of all your Forms SSA-1099 and Forms RRB-1099) on line 14a and the taxable part on line 14b. Free online federal tax filing 2012 If you are married filing separately and you lived apart from your spouse for all of 2013, also enter “D” to the right of the word “benefits” on line 14a. Free online federal tax filing 2012 Benefits not taxable. Free online federal tax filing 2012   If you are filing Form 1040EZ, do not report any benefits on your tax return. Free online federal tax filing 2012 If you are filing Form 1040 or Form 1040A, report your net benefits (the total amount from box 5 of all your Forms SSA-1099 and Forms RRB-1099) on Form 1040, line 20a, or Form 1040A, line 14a. Free online federal tax filing 2012 Enter -0- on Form 1040, line 20b, or Form 1040A, line 14b. Free online federal tax filing 2012 If you are married filing separately and you lived apart from your spouse for all of 2013, also enter “D” to the right of the word “benefits” on Form 1040, line 20a, or Form 1040A, line 14a. Free online federal tax filing 2012 How Much Is Taxable? If part of your benefits are taxable, how much is taxable depends on the total amount of your benefits and other income. Free online federal tax filing 2012 Generally, the higher that total amount, the greater the taxable part of your benefits. Free online federal tax filing 2012 Maximum taxable part. Free online federal tax filing 2012   Generally, up to 50% of your benefits will be taxable. Free online federal tax filing 2012 However, up to 85% of your benefits can be taxable if either of the following situations applies to you. Free online federal tax filing 2012 The total of one-half of your benefits and all your other income is more than $34,000 ($44,000 if you are married filing jointly). Free online federal tax filing 2012 You are married filing separately and lived with your spouse at any time during 2013. Free online federal tax filing 2012 Which worksheet to use. Free online federal tax filing 2012   A worksheet you can use to figure your taxable benefits is in the instructions for your Form 1040 or Form 1040A. Free online federal tax filing 2012 You can use either that worksheet or Worksheet 1 in Publication 915, unless any of the following situations applies to you. Free online federal tax filing 2012 You contributed to a traditional individual retirement arrangement (IRA) and you or your spouse is covered by a retirement plan at work. Free online federal tax filing 2012 In this situation, you must use the special worksheets in Appendix B of Publication 590 to figure both your IRA deduction and your taxable benefits. Free online federal tax filing 2012 Situation (1) does not apply and you take an exclusion for interest from qualified U. Free online federal tax filing 2012 S. Free online federal tax filing 2012 savings bonds (Form 8815), for adoption benefits (Form 8839), for foreign earned income or housing (Form 2555 or Form 2555-EZ), or for income earned in American Samoa (Form 4563) or Puerto Rico by bona fide residents. Free online federal tax filing 2012 In this situation, you must use Worksheet 1 in Publication 915 to figure your taxable benefits. Free online federal tax filing 2012 You received a lump-sum payment for an earlier year. Free online federal tax filing 2012 In this situation, also complete Worksheet 2 or 3 and Worksheet 4 in Publication 915. Free online federal tax filing 2012 See Lump-sum election next. Free online federal tax filing 2012 Lump-sum election. Free online federal tax filing 2012   You must include the taxable part of a lump-sum (retroactive) payment of benefits received in 2013 in your 2013 income, even if the payment includes benefits for an earlier year. Free online federal tax filing 2012    This type of lump-sum benefit payment should not be confused with the lump-sum death benefit that both the SSA and RRB pay to many of their beneficiaries. Free online federal tax filing 2012 No part of the lump-sum death benefit is subject to tax. Free online federal tax filing 2012   Generally, you use your 2013 income to figure the taxable part of the total benefits received in 2013. Free online federal tax filing 2012 However, you may be able to figure the taxable part of a lump-sum payment for an earlier year separately, using your income for the earlier year. Free online federal tax filing 2012 You can elect this method if it lowers your taxable benefits. Free online federal tax filing 2012 Making the election. Free online federal tax filing 2012   If you received a lump-sum benefit payment in 2013 that includes benefits for one or more earlier years, follow the instructions in Publication 915 under Lump-Sum Election to see whether making the election will lower your taxable benefits. Free online federal tax filing 2012 That discussion also explains how to make the election. Free online federal tax filing 2012    Because the earlier year's taxable benefits are included in your 2013 income, no adjustment is made to the earlier year's return. Free online federal tax filing 2012 Do not file an amended return for the earlier year. Free online federal tax filing 2012 Examples The following are a few examples you can use as a guide to figure the taxable part of your benefits. Free online federal tax filing 2012 Example 1. Free online federal tax filing 2012 George White is single and files Form 1040 for 2013. Free online federal tax filing 2012 He received the following income in 2013: Fully taxable pension $18,600 Wages from part-time job 9,400 Taxable interest income 990 Total $28,990 George also received social security benefits during 2013. Free online federal tax filing 2012 The Form SSA-1099 he received in January 2014 shows $5,980 in box 5. Free online federal tax filing 2012 To figure his taxable benefits, George completes the worksheet shown here. Free online federal tax filing 2012 Filled-in Worksheet 1. Free online federal tax filing 2012 Figuring Your Taxable Benefits 1. Free online federal tax filing 2012 Enter the total amount from box 5 of ALL your Forms SSA-1099 and RRB-1099. Free online federal tax filing 2012 Also enter this amount on Form 1040, line 20a, or Form 1040A, line 14a $5,980 2. Free online federal tax filing 2012 Enter one-half of line 1 2,990 3. Free online federal tax filing 2012 Combine the amounts from:     Form 1040: Lines 7, 8a, 9a, 10 through 14, 15b, 16b, 17 through 19, and 21. Free online federal tax filing 2012     Form 1040A: Lines 7, 8a, 9a, 10, 11b, 12b, and 13 28,990 4. Free online federal tax filing 2012 Enter the amount, if any, from Form 1040 or 1040A, line 8b -0-       5. Free online federal tax filing 2012 Enter the total of any exclusions/adjustments for: Adoption benefits (Form 8839, line 28), Foreign earned income or housing (Form 2555, lines 45 and 50, or Form 2555-EZ, line 18), and Certain income of bona fide residents of American Samoa (Form 4563, line 15) or Puerto Rico -0-       6. Free online federal tax filing 2012 Combine lines 2, 3, 4, and 5 31,980 7. Free online federal tax filing 2012 Form 1040 filers: Enter the amount from Form 1040, lines 23 through 32, and any write-in adjustments you entered on the dotted line next to line 36. Free online federal tax filing 2012     Form 1040A filers: Enter the amount from Form 1040A, lines 16 and 17 -0- 8. Free online federal tax filing 2012 Is the amount on line 7 less than the amount on line 6?     No. Free online federal tax filing 2012 None of your social security benefits are taxable. Free online federal tax filing 2012 Enter -0- on Form 1040, line 20b, or Form 1040A, line 14b. Free online federal tax filing 2012   Yes. Free online federal tax filing 2012 Subtract line 7 from line 6 31,980 9. Free online federal tax filing 2012 If you are: Married filing jointly, enter $32,000 Single, head of household, qualifying widow(er), or married filing separately and you lived apart from your spouse for all of 2013, enter $25,000 25,000   Note. Free online federal tax filing 2012 If you are married filing separately and you lived with your spouse at any time in 2013, skip lines 9 through 16; multiply line 8 by 85% (. Free online federal tax filing 2012 85) and enter the result on line 17. Free online federal tax filing 2012 Then go to line 18. Free online federal tax filing 2012   10. Free online federal tax filing 2012 Is the amount on line 9 less than the amount on line 8?     No. Free online federal tax filing 2012 None of your benefits are taxable. Free online federal tax filing 2012 Enter -0- on Form 1040, line 20b, or on Form 1040A, line 14b. Free online federal tax filing 2012 If you are married filing separately and you lived apart from your spouse for all of 2013, be sure you entered “D” to the right of the word “benefits” on Form 1040, line 20a, or on Form 1040A, line 14a. Free online federal tax filing 2012     Yes. Free online federal tax filing 2012 Subtract line 9 from line 8 6,980 11. Free online federal tax filing 2012 Enter $12,000 if married filing jointly; $9,000 if single, head of household, qualifying widow(er), or married filing separately and you lived apart from your spouse for all of 2013 9,000 12. Free online federal tax filing 2012 Subtract line 11 from line 10. Free online federal tax filing 2012 If zero or less, enter -0- -0- 13. Free online federal tax filing 2012 Enter the smaller of line 10 or line 11 6,980 14. Free online federal tax filing 2012 Enter one-half of line 13 3,490 15. Free online federal tax filing 2012 Enter the smaller of line 2 or line 14 2,990 16. Free online federal tax filing 2012 Multiply line 12 by 85% (. Free online federal tax filing 2012 85). Free online federal tax filing 2012 If line 12 is zero, enter -0- -0- 17. Free online federal tax filing 2012 Add lines 15 and 16 2,990 18. Free online federal tax filing 2012 Multiply line 1 by 85% (. Free online federal tax filing 2012 85) 5,083 19. Free online federal tax filing 2012 Taxable benefits. Free online federal tax filing 2012 Enter the smaller of line 17 or line 18. Free online federal tax filing 2012 Also enter this amount on Form 1040, line 20b, or Form 1040A, line 14b $2,990 The amount on line 19 of George's worksheet shows that $2,990 of his social security benefits is taxable. Free online federal tax filing 2012 On line 20a of his Form 1040, George enters his net benefits of $5,980. Free online federal tax filing 2012 On line 20b, he enters his taxable benefits of $2,990. Free online federal tax filing 2012 Example 2. Free online federal tax filing 2012 Ray and Alice Hopkins file a joint return on Form 1040A for 2013. Free online federal tax filing 2012 Ray is retired and received a fully taxable pension of $15,500. Free online federal tax filing 2012 He also received social security benefits, and his Form SSA-1099 for 2013 shows net benefits of $5,600 in box 5. Free online federal tax filing 2012 Alice worked during the year and had wages of $14,000. Free online federal tax filing 2012 She made a deductible payment to her IRA account of $1,000. Free online federal tax filing 2012 Ray and Alice have two savings accounts with a total of $250 in taxable interest income. Free online federal tax filing 2012 They complete Worksheet 1, entering $29,750 ($15,500 + $14,000 + $250) on line 3. Free online federal tax filing 2012 They find none of Ray's social security benefits are taxable. Free online federal tax filing 2012 On Form 1040A, they enter $5,600 on line 14a and -0- on line 14b. Free online federal tax filing 2012 Filled-in Worksheet 1. Free online federal tax filing 2012 Figuring Your Taxable Benefits 1. Free online federal tax filing 2012 Enter the total amount from box 5 of ALL your Forms SSA-1099 and RRB-1099. Free online federal tax filing 2012 Also enter this amount on Form 1040, line 20a, or Form 1040A, line 14a $5,600 2. Free online federal tax filing 2012 Enter one-half of line 1 2,800 3. Free online federal tax filing 2012 Combine the amounts from:     Form 1040: Lines 7, 8a, 9a, 10 through 14, 15b, 16b, 17 through 19, and 21. Free online federal tax filing 2012     Form 1040A: Lines 7, 8a, 9a, 10, 11b, 12b, and 13 29,750 4. Free online federal tax filing 2012 Enter the amount, if any, from Form 1040 or 1040A, line 8b -0-       5. Free online federal tax filing 2012 Enter the total of any exclusions/adjustments for: Adoption benefits (Form 8839, line 28), Foreign earned income or housing (Form 2555, lines 45 and 50, or Form 2555-EZ, line 18), and Certain income of bona fide residents of American Samoa (Form 4563, line 15) or Puerto Rico -0-       6. Free online federal tax filing 2012 Combine lines 2, 3, 4, and 5 32,550 7. Free online federal tax filing 2012 Form 1040 filers: Enter the amount from Form 1040, lines 23 through 32, and any write-in adjustments you entered on the dotted line next to line 36. Free online federal tax filing 2012     Form 1040A filers: Enter the amount from Form 1040A, lines 16 and 17 1,000 8. Free online federal tax filing 2012 Is the amount on line 7 less than the amount on line 6?     No. Free online federal tax filing 2012 None of your social security benefits are taxable. Free online federal tax filing 2012 Enter -0- on Form 1040, line 20b, or Form 1040A, line 14b. Free online federal tax filing 2012   Yes. Free online federal tax filing 2012 Subtract line 7 from line 6 31,550 9. Free online federal tax filing 2012 If you are: Married filing jointly, enter $32,000 Single, head of household, qualifying widow(er), or married filing separately and you lived apart from your spouse for all of 2013, enter $25,000 32,000   Note. Free online federal tax filing 2012 If you are married filing separately and you lived with your spouse at any time in 2013, skip lines 9 through 16; multiply line 8 by 85% (. Free online federal tax filing 2012 85) and enter the result on line 17. Free online federal tax filing 2012 Then go to line 18. Free online federal tax filing 2012   10. Free online federal tax filing 2012 Is the amount on line 9 less than the amount on line 8?     No. Free online federal tax filing 2012 None of your benefits are taxable. Free online federal tax filing 2012 Enter -0- on Form 1040, line 20b, or on Form 1040A, line 14b. Free online federal tax filing 2012 If you are married filing separately and you lived apart from your spouse for all of 2013, be sure you entered “D” to the right of the word “benefits” on Form 1040, line 20a, or on Form 1040A, line 14a. Free online federal tax filing 2012     Yes. Free online federal tax filing 2012 Subtract line 9 from line 8   11. Free online federal tax filing 2012 Enter $12,000 if married filing jointly; $9,000 if single, head of household, qualifying widow(er), or married filing separately and you lived apart from your spouse for all of 2013   12. Free online federal tax filing 2012 Subtract line 11 from line 10. Free online federal tax filing 2012 If zero or less, enter -0-   13. Free online federal tax filing 2012 Enter the smaller of line 10 or line 11   14. Free online federal tax filing 2012 Enter one-half of line 13   15. Free online federal tax filing 2012 Enter the smaller of line 2 or line 14   16. Free online federal tax filing 2012 Multiply line 12 by 85% (. Free online federal tax filing 2012 85). Free online federal tax filing 2012 If line 12 is zero, enter -0-   17. Free online federal tax filing 2012 Add lines 15 and 16   18. Free online federal tax filing 2012 Multiply line 1 by 85% (. Free online federal tax filing 2012 85)   19. Free online federal tax filing 2012 Taxable benefits. Free online federal tax filing 2012 Enter the smaller of line 17 or line 18. Free online federal tax filing 2012 Also enter this amount on Form 1040, line 20b, or Form 1040A, line 14b   Example 3. Free online federal tax filing 2012 Joe and Betty Johnson file a joint return on Form 1040 for 2013. Free online federal tax filing 2012 Joe is a retired railroad worker and in 2013 received the social security equivalent benefit (SSEB) portion of tier 1 railroad retirement benefits. Free online federal tax filing 2012 Joe's Form RRB-1099 shows $10,000 in box 5. Free online federal tax filing 2012 Betty is a retired government worker and receives a fully taxable pension of $38,000. Free online federal tax filing 2012 They had $2,300 in taxable interest income plus interest of $200 on a qualified U. Free online federal tax filing 2012 S. Free online federal tax filing 2012 savings bond. Free online federal tax filing 2012 The savings bond interest qualified for the exclusion. Free online federal tax filing 2012 They figure their taxable benefits by completing Worksheet 1. Free online federal tax filing 2012 Because they have qualified U. Free online federal tax filing 2012 S. Free online federal tax filing 2012 savings bond interest, they follow the note at the beginning of the worksheet and use the amount from line 2 of their Schedule B (Form 1040A or 1040) on line 3 of the worksheet instead of the amount from line 8a of their Form 1040. Free online federal tax filing 2012 On line 3 of the worksheet, they enter $40,500 ($38,000 + $2,500). Free online federal tax filing 2012 Filled-in Worksheet 1. Free online federal tax filing 2012 Figuring Your Taxable Benefits Before you begin: • If you are married filing separately and you lived apart from your spouse for all of 2013, enter “D” to the right of the word “benefits” on Form 1040, line 20a, or Form 1040A, line 14a. Free online federal tax filing 2012 • Do not use this worksheet if you repaid benefits in 2013 and your total repayments (box 4 of Forms SSA-1099 and RRB-1099) were more than your gross benefits for 2013 (box 3 of Forms SSA-1099 and RRB-1099). Free online federal tax filing 2012 None of your benefits are taxable for 2013. Free online federal tax filing 2012 For more information, see Repayments More Than Gross Benefits. Free online federal tax filing 2012 • If you are filing Form 8815, Exclusion of Interest From Series EE and I U. Free online federal tax filing 2012 S. Free online federal tax filing 2012 Savings Bonds Issued After 1989, do not include the amount from line 8a of Form 1040 or Form 1040A on line 3 of this worksheet. Free online federal tax filing 2012 Instead, include the amount from Schedule B (Form 1040A or 1040), line 2. Free online federal tax filing 2012 1. Free online federal tax filing 2012 Enter the total amount from box 5 of ALL your Forms SSA-1099 and RRB-1099. Free online federal tax filing 2012 Also enter this amount on Form 1040, line 20a, or Form 1040A, line 14a $10,000 2. Free online federal tax filing 2012 Enter one-half of line 1 5,000 3. Free online federal tax filing 2012 Combine the amounts from:     Form 1040: Lines 7, 8a, 9a, 10 through 14, 15b, 16b, 17 through 19, and 21. Free online federal tax filing 2012     Form 1040A: Lines 7, 8a, 9a, 10, 11b, 12b, and 13 40,500 4. Free online federal tax filing 2012 Enter the amount, if any, from Form 1040 or 1040A, line 8b -0-       5. Free online federal tax filing 2012 Enter the total of any exclusions/adjustments for: Adoption benefits (Form 8839, line 28), Foreign earned income or housing (Form 2555, lines 45 and 50, or Form 2555-EZ, line 18), and Certain income of bona fide residents of American Samoa (Form 4563, line 15) or Puerto Rico -0-       6. Free online federal tax filing 2012 Combine lines 2, 3, 4, and 5 45,500 7. Free online federal tax filing 2012 Form 1040 filers: Enter the amount from Form 1040, lines 23 through 32, and any write-in adjustments you entered on the dotted line next to line 36. Free online federal tax filing 2012     Form 1040A filers: Enter the amount from Form 1040A, lines 16 and 17 -0- 8. Free online federal tax filing 2012 Is the amount on line 7 less than the amount on line 6?     No. Free online federal tax filing 2012 None of your social security benefits are taxable. Free online federal tax filing 2012 Enter -0- on Form 1040, line 20b, or Form 1040A, line 14b. Free online federal tax filing 2012   Yes. Free online federal tax filing 2012 Subtract line 7 from line 6 45,500 9. Free online federal tax filing 2012 If you are: Married filing jointly, enter $32,000 Single, head of household, qualifying widow(er), or married filing separately and you lived apart from your spouse for all of 2013, enter $25,000 32,000   Note. Free online federal tax filing 2012 If you are married filing separately and you lived with your spouse at any time in 2013, skip lines 9 through 16; multiply line 8 by 85% (. Free online federal tax filing 2012 85) and enter the result on line 17. Free online federal tax filing 2012 Then go to line 18. Free online federal tax filing 2012   10. Free online federal tax filing 2012 Is the amount on line 9 less than the amount on line 8?     No. Free online federal tax filing 2012 None of your benefits are taxable. Free online federal tax filing 2012 Enter -0- on Form 1040, line 20b, or on Form 1040A, line 14b. Free online federal tax filing 2012 If you are married filing separately and you lived apart from your spouse for all of 2013, be sure you entered “D” to the right of the word “benefits” on Form 1040, line 20a, or on Form 1040A, line 14a. Free online federal tax filing 2012     Yes. Free online federal tax filing 2012 Subtract line 9 from line 8 13,500 11. Free online federal tax filing 2012 Enter $12,000 if married filing jointly; $9,000 if single, head of household, qualifying widow(er), or married filing separately and you lived apart from your spouse for all of 2013 12,000 12. Free online federal tax filing 2012 Subtract line 11 from line 10. Free online federal tax filing 2012 If zero or less, enter -0- 1,500 13. Free online federal tax filing 2012 Enter the smaller of line 10 or line 11 12,000 14. Free online federal tax filing 2012 Enter one-half of line 13 6,000 15. Free online federal tax filing 2012 Enter the smaller of line 2 or line 14 5,000 16. Free online federal tax filing 2012 Multiply line 12 by 85% (. Free online federal tax filing 2012 85). Free online federal tax filing 2012 If line 12 is zero, enter -0- 1,275 17. Free online federal tax filing 2012 Add lines 15 and 16 6,275 18. Free online federal tax filing 2012 Multiply line 1 by 85% (. Free online federal tax filing 2012 85) 8,500 19. Free online federal tax filing 2012 Taxable benefits. Free online federal tax filing 2012 Enter the smaller of line 17 or line 18. Free online federal tax filing 2012 Also enter this amount on Form 1040, line 20b, or Form 1040A, line 14b $6,275 More than 50% of Joe's net benefits are taxable because the income on line 8 of the worksheet ($45,500) is more than $44,000. Free online federal tax filing 2012 Joe and Betty enter $10,000 on Form 1040, line 20a, and $6,275 on Form 1040, line 20b. Free online federal tax filing 2012 Deductions Related to Your Benefits You may be entitled to deduct certain amounts related to the benefits you receive. Free online federal tax filing 2012 Disability payments. Free online federal tax filing 2012   You may have received disability payments from your employer or an insurance company that you included as income on your tax return in an earlier year. Free online federal tax filing 2012 If you received a lump-sum payment from SSA or RRB, and you had to repay the employer or insurance company for the disability payments, you can take an itemized deduction for the part of the payments you included in gross income in the earlier year. Free online federal tax filing 2012 If the amount you repay is more than $3,000, you may be able to claim a tax credit instead. Free online federal tax filing 2012 Claim the deduction or credit in the same way explained under Repayments More Than Gross Benefits , later. Free online federal tax filing 2012 Legal expenses. Free online federal tax filing 2012   You can usually deduct legal expenses that you pay or incur to produce or collect taxable income or in connection with the determination, collection, or refund of any tax. Free online federal tax filing 2012   Legal expenses for collecting the taxable part of your benefits are deductible as a miscellaneous itemized deduction on Schedule A (Form 1040), line 23. Free online federal tax filing 2012 Repayments More Than Gross Benefits In some situations, your Form SSA-1099 or Form RRB-1099 will show that the total benefits you repaid (box 4) are more than the gross benefits (box 3) you received. Free online federal tax filing 2012 If this occurred, your net benefits in box 5 will be a negative figure (a figure in parentheses) and none of your benefits will be taxable. Free online federal tax filing 2012 Do not use a worksheet in this case. Free online federal tax filing 2012 If you receive more than one form, a negative figure in box 5 of one form is used to offset a positive figure in box 5 of another form for that same year. Free online federal tax filing 2012 If you have any questions about this negative figure, contact your local SSA office or your local RRB field office. Free online federal tax filing 2012 Joint return. Free online federal tax filing 2012   If you and your spouse file a joint return, and your Form SSA-1099 or RRB-1099 has a negative figure in box 5, but your spouse's does not, subtract the amount in box 5 of your form from the amount in box 5 of your spouse's form. Free online federal tax filing 2012 You do this to get your net benefits when figuring if your combined benefits are taxable. Free online federal tax filing 2012 Example. Free online federal tax filing 2012 John and Mary file a joint return for 2013. Free online federal tax filing 2012 John received Form SSA-1099 showing $3,000 in box 5. Free online federal tax filing 2012 Mary also received Form SSA-1099 and the amount in box 5 was ($500). Free online federal tax filing 2012 John and Mary will use $2,500 ($3,000 minus $500) as the amount of their net benefits when figuring if any of their combined benefits are taxable. Free online federal tax filing 2012 Repayment of benefits received in an earlier year. Free online federal tax filing 2012   If the total amount shown in box 5 of all of your Forms SSA-1099 and RRB-1099 is a negative figure, you can take an itemized deduction for the part of this negative figure that represents benefits you included in gross income in an earlier year. Free online federal tax filing 2012 Deduction $3,000 or less. Free online federal tax filing 2012   If this deduction is $3,000 or less, it is subject to the 2%-of-adjusted-gross-income limit that applies to certain miscellaneous itemized deductions. Free online federal tax filing 2012 Claim it on Schedule A (Form 1040), line 23. Free online federal tax filing 2012 Deduction more than $3,000. Free online federal tax filing 2012    If this deduction is more than $3,000, you should figure your tax two ways: Figure your tax for 2013 with the itemized deduction included on Schedule A, line 28. Free online federal tax filing 2012 Figure your tax for 2013 in the following steps. Free online federal tax filing 2012 Figure the tax without the itemized deduction included on Schedule A, line 28. Free online federal tax filing 2012 For each year after 1983 for which part of the negative figure represents a repayment of benefits, refigure your taxable benefits as if your total benefits for the year were reduced by that part of the negative figure. Free online federal tax filing 2012 Then refigure the tax for that year. Free online federal tax filing 2012 Subtract the total of the refigured tax amounts in (b) from the total of your actual tax amounts. Free online federal tax filing 2012 Subtract the result in (c) from the result in (a). Free online federal tax filing 2012 Compare the tax figured in methods (1) and (2). Free online federal tax filing 2012 Your tax for 2013 is the smaller of the two amounts. Free online federal tax filing 2012 If method (1) results in less tax, take the itemized deduction on Schedule A (Form 1040), line 28. Free online federal tax filing 2012 If method (2) results in less tax, claim a credit for the amount from step 2(c) above on Form 1040, line 71. Free online federal tax filing 2012 Check box d and enter “I. Free online federal tax filing 2012 R. Free online federal tax filing 2012 C. Free online federal tax filing 2012 1341” in the space next to that box. Free online federal tax filing 2012 If both methods produce the same tax, deduct the repayment on Schedule A (Form 1040), line 28. Free online federal tax filing 2012 Prev  Up  Next   Home   More Online Publications
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The Department of Labor administers a variety of federal labor laws to guarantee workers' rights to fair, safe, and healthy working conditions, including minimum hourly wage and overtime pay, protection against employment discrimination, and unemployment insurance.

The Free Online Federal Tax Filing 2012

Free online federal tax filing 2012 3. Free online federal tax filing 2012   Gifts Table of Contents If you give gifts in the course of your trade or business, you can deduct all or part of the cost. Free online federal tax filing 2012 This chapter explains the limits and rules for deducting the costs of gifts. Free online federal tax filing 2012 $25 limit. Free online federal tax filing 2012   You can deduct no more than $25 for business gifts you give directly or indirectly to each person during your tax year. Free online federal tax filing 2012 A gift to a company that is intended for the eventual personal use or benefit of a particular person or a limited class of people will be considered an indirect gift to that particular person or to the individuals within that class of people who receive the gift. Free online federal tax filing 2012   If you give a gift to a member of a customer's family, the gift is generally considered to be an indirect gift to the customer. Free online federal tax filing 2012 This rule does not apply if you have a bona fide, independent business connection with that family member and the gift is not intended for the customer's eventual use. Free online federal tax filing 2012   If you and your spouse both give gifts, both of you are treated as one taxpayer. Free online federal tax filing 2012 It does not matter whether you have separate businesses, are separately employed, or whether each of you has an independent connection with the recipient. Free online federal tax filing 2012 If a partnership gives gifts, the partnership and the partners are treated as one taxpayer. Free online federal tax filing 2012 Example. Free online federal tax filing 2012 Bob Jones sells products to Local Company. Free online federal tax filing 2012 He and his wife, Jan, gave Local Company three gourmet gift baskets to thank them for their business. Free online federal tax filing 2012 They paid $80 for each gift basket, or $240 total. Free online federal tax filing 2012 Three of Local Company's executives took the gift baskets home for their families' use. Free online federal tax filing 2012 Bob and Jan have no independent business relationship with any of the executives' other family members. Free online federal tax filing 2012 They can deduct a total of $75 ($25 limit × 3) for the gift baskets. Free online federal tax filing 2012 Incidental costs. Free online federal tax filing 2012   Incidental costs, such as engraving on jewelry, or packaging, insuring, and mailing, are generally not included in determining the cost of a gift for purposes of the $25 limit. Free online federal tax filing 2012   A cost is incidental only if it does not add substantial value to the gift. Free online federal tax filing 2012 For example, the cost of gift wrapping is an incidental cost. Free online federal tax filing 2012 However, the purchase of an ornamental basket for packaging fruit is not an incidental cost if the value of the basket is substantial compared to the value of the fruit. Free online federal tax filing 2012 Exceptions. Free online federal tax filing 2012   The following items are not considered gifts for purposes of the $25 limit. Free online federal tax filing 2012 An item that costs $4 or less and: Has your name clearly and permanently imprinted on the gift, and Is one of a number of identical items you widely distribute. Free online federal tax filing 2012 Examples include pens, desk sets, and plastic bags and cases. Free online federal tax filing 2012 Signs, display racks, or other promotional material to be used on the business premises of the recipient. Free online federal tax filing 2012    Figure B. Free online federal tax filing 2012 When Are Transportation Expenses Deductible? Most employees and self-employed persons can use this chart. Free online federal tax filing 2012 (Do not use this chart if your home is your principal place of business. Free online federal tax filing 2012 See Office in the home . Free online federal tax filing 2012 ) Please click here for the text description of the image. Free online federal tax filing 2012 Figure B. Free online federal tax filing 2012 When Are Local Transportation Expenses Deductible?TAs for Figure B are: Reg 1. Free online federal tax filing 2012 162-1(a); RR 55–109; RR 94–47 Gift or entertainment. Free online federal tax filing 2012   Any item that might be considered either a gift or entertainment generally will be considered entertainment. Free online federal tax filing 2012 However, if you give a customer packaged food or beverages you intend the customer to use at a later date, treat it as a gift. Free online federal tax filing 2012    If you give a customer tickets to a theater performance or sporting event and you do not go with the customer to the performance or event, you have a choice. Free online federal tax filing 2012 You can treat the cost of the tickets as either a gift expense or an entertainment expense, whichever is to your advantage. Free online federal tax filing 2012   You can change your treatment of the tickets at a later date by filing an amended return. Free online federal tax filing 2012 Generally, an amended return must be filed within 3 years from the date the original return was filed or within 2 years from the time the tax was paid, whichever is later. Free online federal tax filing 2012    If you go with the customer to the event, you must treat the cost of the tickets as an entertainment expense. Free online federal tax filing 2012 You cannot choose, in this case, to treat the cost of the tickets as a gift expense. 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