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Free Online Tax Filing

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Free Online Tax Filing

Free online tax filing 2. Free online tax filing   Ordinary or Capital Gain or Loss Table of Contents IntroductionSection 1231 transactions. Free online tax filing Topics - This chapter discusses: Useful Items - You may want to see: Capital Assets Noncapital AssetsCommodities derivative dealer. Free online tax filing Sales and Exchanges Between Related PersonsGain Is Ordinary Income Nondeductible Loss Other DispositionsSale of a Business Dispositions of Intangible Property Subdivision of Land Timber Precious Metals and Stones, Stamps, and Coins Coal and Iron Ore Conversion Transactions Introduction You must classify your gains and losses as either ordinary or capital (and your capital gains or losses as either short-term or long-term). Free online tax filing You must do this to figure your net capital gain or loss. Free online tax filing For individuals, a net capital gain may be taxed at a different tax rate than ordinary income. Free online tax filing See Capital Gains Tax Rates in chapter 4. Free online tax filing Your deduction for a net capital loss may be limited. Free online tax filing See Treatment of Capital Losses in chapter 4. Free online tax filing Capital gain or loss. Free online tax filing   Generally, you will have a capital gain or loss if you sell or exchange a capital asset. Free online tax filing You also may have a capital gain if your section 1231 transactions result in a net gain. Free online tax filing Section 1231 transactions. Free online tax filing   Section 1231 transactions are sales and exchanges of property held longer than 1 year and either used in a trade or business or held for the production of rents or royalties. Free online tax filing They also include certain involuntary conversions of business or investment property, including capital assets. Free online tax filing See Section 1231 Gains and Losses in chapter 3 for more information. Free online tax filing Topics - This chapter discusses: Capital assets Noncapital assets Sales and exchanges between  related persons Other dispositions Useful Items - You may want to see: Publication 550 Investment Income and Expenses Form (and Instructions) Schedule D (Form 1040) Capital Gains and Losses 4797 Sales of Business Property 8594 Asset Acquisition Statement Under Section 1060 8949 Sales and Other Dispositions of Capital Assets See chapter 5 for information about getting publications and forms. Free online tax filing Capital Assets Almost everything you own and use for personal purposes, pleasure, or investment is a capital asset. Free online tax filing For exceptions, see Noncapital Assets, later. Free online tax filing The following items are examples of capital assets. Free online tax filing Stocks and bonds. Free online tax filing A home owned and occupied by you and your family. Free online tax filing Timber grown on your home property or investment property, even if you make casual sales of the timber. Free online tax filing Household furnishings. Free online tax filing A car used for pleasure or commuting. Free online tax filing Coin or stamp collections. Free online tax filing Gems and jewelry. Free online tax filing Gold, silver, and other metals. Free online tax filing Personal-use property. Free online tax filing   Generally, property held for personal use is a capital asset. Free online tax filing Gain from a sale or exchange of that property is a capital gain. Free online tax filing Loss from the sale or exchange of that property is not deductible. Free online tax filing You can deduct a loss relating to personal-use property only if it results from a casualty or theft. Free online tax filing Investment property. Free online tax filing   Investment property (such as stocks and bonds) is a capital asset, and a gain or loss from its sale or exchange is a capital gain or loss. Free online tax filing This treatment does not apply to property used to produce rental income. Free online tax filing See Business assets, later, under Noncapital Assets. Free online tax filing Release of restriction on land. Free online tax filing   Amounts you receive for the release of a restrictive covenant in a deed to land are treated as proceeds from the sale of a capital asset. Free online tax filing Noncapital Assets A noncapital asset is property that is not a capital asset. Free online tax filing The following kinds of property are not capital assets. Free online tax filing Stock in trade, inventory, and other property you hold mainly for sale to customers in your trade or business. Free online tax filing Inventories are discussed in Publication 538, Accounting Periods and Methods. Free online tax filing But, see the Tip below. Free online tax filing Accounts or notes receivable acquired in the ordinary course of a trade or business for services rendered or from the sale of any properties described in (1), above. Free online tax filing Depreciable property used in your trade or business or as rental property (including section 197 intangibles defined later), even if the property is fully depreciated (or amortized). Free online tax filing Sales of this type of property are discussed in chapter 3. Free online tax filing Real property used in your trade or business or as rental property, even if the property is fully depreciated. Free online tax filing A copyright; a literary, musical, or artistic composition; a letter; a memorandum; or similar property (such as drafts of speeches, recordings, transcripts, manuscripts, drawings, or photographs): Created by your personal efforts, Prepared or produced for you (in the case of a letter, memorandum, or similar property), or Received from a person who created the property or for whom the property was prepared under circumstances (for example, by gift) entitling you to the basis of the person who created the property, or for whom it was prepared or produced. Free online tax filing But, see the Tip below. Free online tax filing U. Free online tax filing S. Free online tax filing Government publications you got from the government for free or for less than the normal sales price or that you acquired under circumstances entitling you to the basis of someone who got the publications for free or for less than the normal sales price. Free online tax filing Any commodities derivative financial instrument (discussed later) held by a commodities derivatives dealer unless it meets both of the following requirements. Free online tax filing It is established to the satisfaction of the IRS that the instrument has no connection to the activities of the dealer as a dealer. Free online tax filing The instrument is clearly identified in the dealer's records as meeting (a) by the end of the day on which it was acquired, originated, or entered into. Free online tax filing Any hedging transaction (defined later) that is clearly identified as a hedging transaction by the end of the day on which it was acquired, originated, or entered into. Free online tax filing Supplies of a type you regularly use or consume in the ordinary course of your trade or business. Free online tax filing You can elect to treat as capital assets certain self-created musical compositions or copyrights you sold or exchanged. Free online tax filing See chapter 4 of Publication 550 for details. Free online tax filing Property held mainly for sale to customers. Free online tax filing   Stock in trade, inventory, and other property you hold mainly for sale to customers in your trade or business are not capital assets. Free online tax filing Inventories are discussed in Publication 538. Free online tax filing Business assets. Free online tax filing   Real property and depreciable property used in your trade or business or as rental property (including section 197 intangibles defined later under Dispositions of Intangible Property) are not capital assets. Free online tax filing The sale or disposition of business property is discussed in chapter 3. Free online tax filing Letters and memoranda. Free online tax filing   Letters, memoranda, and similar property (such as drafts of speeches, recordings, transcripts, manuscripts, drawings, or photographs) are not treated as capital assets (as discussed earlier) if your personal efforts created them or if they were prepared or produced for you. Free online tax filing Nor is this property a capital asset if your basis in it is determined by reference to the person who created it or the person for whom it was prepared. Free online tax filing For this purpose, letters and memoranda addressed to you are considered prepared for you. Free online tax filing If letters or memoranda are prepared by persons under your administrative control, they are considered prepared for you whether or not you review them. Free online tax filing Commodities derivative financial instrument. Free online tax filing   A commodities derivative financial instrument is a commodities contract or other financial instrument for commodities (other than a share of corporate stock, a beneficial interest in a partnership or trust, a note, bond, debenture, or other evidence of indebtedness, or a section 1256 contract) the value or settlement price of which is calculated or determined by reference to a specified index (as defined in section 1221(b) of the Internal Revenue Code). Free online tax filing Commodities derivative dealer. Free online tax filing   A commodities derivative dealer is a person who regularly offers to enter into, assume, offset, assign, or terminate positions in commodities derivative financial instruments with customers in the ordinary course of a trade or business. Free online tax filing Hedging transaction. Free online tax filing   A hedging transaction is any transaction you enter into in the normal course of your trade or business primarily to manage any of the following. Free online tax filing Risk of price changes or currency fluctuations involving ordinary property you hold or will hold. Free online tax filing Risk of interest rate or price changes or currency fluctuations for borrowings you make or will make, or ordinary obligations you incur or will incur. Free online tax filing Sales and Exchanges Between Related Persons This section discusses the rules that may apply to the sale or exchange of property between related persons. Free online tax filing If these rules apply, gains may be treated as ordinary income and losses may not be deductible. Free online tax filing See Transfers to Spouse in chapter 1 for rules that apply to spouses. Free online tax filing Gain Is Ordinary Income If a gain is recognized on the sale or exchange of property to a related person, the gain may be ordinary income even if the property is a capital asset. Free online tax filing It is ordinary income if the sale or exchange is a depreciable property transaction or a controlled partnership transaction. Free online tax filing Depreciable property transaction. Free online tax filing   Gain on the sale or exchange of property, including a leasehold or a patent application, that is depreciable property in the hands of the person who receives it is ordinary income if the transaction is either directly or indirectly between any of the following pairs of entities. Free online tax filing A person and the person's controlled entity or entities. Free online tax filing A taxpayer and any trust in which the taxpayer (or his or her spouse) is a beneficiary unless the beneficiary's interest in the trust is a remote contingent interest; that is, the value of the interest computed actuarially is 5% or less of the value of the trust property. Free online tax filing An executor and a beneficiary of an estate unless the sale or exchange is in satisfaction of a pecuniary bequest (a bequest for a sum of money). Free online tax filing An employer (or any person related to the employer under rules (1), (2), or (3)) and a welfare benefit fund (within the meaning of section 419(e) of the Internal Revenue Code) that is controlled directly or indirectly by the employer (or any person related to the employer). Free online tax filing Controlled entity. Free online tax filing   A person's controlled entity is either of the following. Free online tax filing A corporation in which more than 50% of the value of all outstanding stock, or a partnership in which more than 50% of the capital interest or profits interest, is directly or indirectly owned by or for that person. Free online tax filing An entity whose relationship with that person is one of the following. Free online tax filing A corporation and a partnership if the same persons own more than 50% in value of the outstanding stock of the corporation and more than 50% of the capital interest or profits interest in the partnership. Free online tax filing Two corporations that are members of the same controlled group as defined in section 1563(a) of the Internal Revenue Code, except that “more than 50%” is substituted for “at least 80%” in that definition. Free online tax filing Two S corporations, if the same persons own more than 50% in value of the outstanding stock of each corporation. Free online tax filing Two corporations, one of which is an S corporation, if the same persons own more than 50% in value of the outstanding stock of each corporation. Free online tax filing Controlled partnership transaction. Free online tax filing   A gain recognized in a controlled partnership transaction may be ordinary income. Free online tax filing The gain is ordinary income if it results from the sale or exchange of property that, in the hands of the party who receives it, is a noncapital asset such as trade accounts receivable, inventory, stock in trade, or depreciable or real property used in a trade or business. Free online tax filing   A controlled partnership transaction is a transaction directly or indirectly between either of the following pairs of entities. Free online tax filing A partnership and a person who directly or indirectly owns more than 50% of the capital interest or profits interest in the partnership. Free online tax filing Two partnerships, if the same persons directly or indirectly own more than 50% of the capital interests or profits interests in both partnerships. Free online tax filing Determining ownership. Free online tax filing   In the transactions under Depreciable property transaction and Controlled partnership transaction, earlier, use the following rules to determine the ownership of stock or a partnership interest. Free online tax filing Stock or a partnership interest directly or indirectly owned by or for a corporation, partnership, estate, or trust is considered owned proportionately by or for its shareholders, partners, or beneficiaries. Free online tax filing (However, for a partnership interest owned by or for a C corporation, this applies only to shareholders who directly or indirectly own 5% or more in value of the stock of the corporation. Free online tax filing ) An individual is considered as owning the stock or partnership interest directly or indirectly owned by or for his or her family. Free online tax filing Family includes only brothers, sisters, half-brothers, half-sisters, spouse, ancestors, and lineal descendants. Free online tax filing For purposes of applying (1) or (2), above, stock or a partnership interest constructively owned by a person under (1) is treated as actually owned by that person. Free online tax filing But stock or a partnership interest constructively owned by an individual under (2) is not treated as owned by the individual for reapplying (2) to make another person the constructive owner of that stock or partnership interest. Free online tax filing Nondeductible Loss A loss on the sale or exchange of property between related persons is not deductible. Free online tax filing This applies to both direct and indirect transactions, but not to distributions of property from a corporation in a complete liquidation. Free online tax filing For the list of related persons, see Related persons next. Free online tax filing If a sale or exchange is between any of these related persons and involves the lump-sum sale of a number of blocks of stock or pieces of property, the gain or loss must be figured separately for each block of stock or piece of property. Free online tax filing The gain on each item is taxable. Free online tax filing The loss on any item is nondeductible. Free online tax filing Gains from the sales of any of these items may not be offset by losses on the sales of any of the other items. Free online tax filing Related persons. Free online tax filing   The following is a list of related persons. Free online tax filing Members of a family, including only brothers, sisters, half-brothers, half-sisters, spouse, ancestors (parents, grandparents, etc. Free online tax filing ), and lineal descendants (children, grandchildren, etc. Free online tax filing ). Free online tax filing An individual and a corporation if the individual directly or indirectly owns more than 50% in value of the outstanding stock of the corporation. Free online tax filing Two corporations that are members of the same controlled group as defined in section 267(f) of the Internal Revenue Code. Free online tax filing A trust fiduciary and a corporation if the trust or the grantor of the trust directly or indirectly owns more than 50% in value of the outstanding stock of the corporation. Free online tax filing A grantor and fiduciary, and the fiduciary and beneficiary, of any trust. Free online tax filing Fiduciaries of two different trusts, and the fiduciary and beneficiary of two different trusts, if the same person is the grantor of both trusts. Free online tax filing A tax-exempt educational or charitable organization and a person who directly or indirectly controls the organization, or a member of that person's family. Free online tax filing A corporation and a partnership if the same persons own more than 50% in value of the outstanding stock of the corporation and more than 50% of the capital interest or profits interest in the partnership. Free online tax filing Two S corporations if the same persons own more than 50% in value of the outstanding stock of each corporation. Free online tax filing Two corporations, one of which is an S corporation, if the same persons own more than 50% in value of the outstanding stock of each corporation. Free online tax filing An executor and a beneficiary of an estate unless the sale or exchange is in satisfaction of a pecuniary bequest. Free online tax filing Two partnerships if the same persons directly or indirectly own more than 50% of the capital interests or profits interests in both partnerships. Free online tax filing A person and a partnership if the person directly or indirectly owns more than 50% of the capital interest or profits interest in the partnership. Free online tax filing Partnership interests. Free online tax filing   The nondeductible loss rule does not apply to a sale or exchange of an interest in the partnership between the related persons described in (12) or (13) above. Free online tax filing Controlled groups. Free online tax filing   Losses on transactions between members of the same controlled group described in (3) earlier are deferred rather than denied. Free online tax filing   For more information, see section 267(f) of the Internal Revenue Code. Free online tax filing Ownership of stock or partnership interests. Free online tax filing   In determining whether an individual directly or indirectly owns any of the outstanding stock of a corporation or an interest in a partnership for a loss on a sale or exchange, the following rules apply. Free online tax filing Stock or a partnership interest directly or indirectly owned by or for a corporation, partnership, estate, or trust is considered owned proportionately by or for its shareholders, partners, or beneficiaries. Free online tax filing (However, for a partnership interest owned by or for a C corporation, this applies only to shareholders who directly or indirectly own 5% or more in value of the stock of the corporation. Free online tax filing ) An individual is considered as owning the stock or partnership interest directly or indirectly owned by or for his or her family. Free online tax filing Family includes only brothers, sisters, half-brothers, half-sisters, spouse, ancestors, and lineal descendants. Free online tax filing An individual owning (other than by applying (2)) any stock in a corporation is considered to own the stock directly or indirectly owned by or for his or her partner. Free online tax filing For purposes of applying (1), (2), or (3), stock or a partnership interest constructively owned by a person under (1) is treated as actually owned by that person. Free online tax filing But stock or a partnership interest constructively owned by an individual under (2) or (3) is not treated as owned by the individual for reapplying either (2) or (3) to make another person the constructive owner of that stock or partnership interest. Free online tax filing Indirect transactions. Free online tax filing   You cannot deduct your loss on the sale of stock through your broker if under a prearranged plan a related person or entity buys the same stock you had owned. Free online tax filing This does not apply to a cross-trade between related parties through an exchange that is purely coincidental and is not prearranged. Free online tax filing Property received from a related person. Free online tax filing   If, in a purchase or exchange, you received property from a related person who had a loss that was not allowable and you later sell or exchange the property at a gain, you recognize the gain only to the extent it is more than the loss previously disallowed to the related person. Free online tax filing This rule applies only to the original transferee. Free online tax filing Example 1. Free online tax filing Your brother sold stock to you for $7,600. Free online tax filing His cost basis was $10,000. Free online tax filing His loss of $2,400 was not deductible. Free online tax filing You later sell the same stock to an unrelated party for $10,500, realizing a gain of $2,900 ($10,500 − $7,600). Free online tax filing Your recognized gain is only $500, the gain that is more than the $2,400 loss not allowed to your brother. Free online tax filing Example 2. Free online tax filing Assume the same facts as in Example 1, except that you sell the stock for $6,900 instead of $10,500. Free online tax filing Your recognized loss is only $700 ($7,600 − $6,900). Free online tax filing You cannot deduct the loss not allowed to your brother. Free online tax filing Other Dispositions This section discusses rules for determining the treatment of gain or loss from various dispositions of property. Free online tax filing Sale of a Business The sale of a business usually is not a sale of one asset. Free online tax filing Instead, all the assets of the business are sold. Free online tax filing Generally, when this occurs, each asset is treated as being sold separately for determining the treatment of gain or loss. Free online tax filing A business usually has many assets. Free online tax filing When sold, these assets must be classified as capital assets, depreciable property used in the business, real property used in the business, or property held for sale to customers, such as inventory or stock in trade. Free online tax filing The gain or loss on each asset is figured separately. Free online tax filing The sale of capital assets results in capital gain or loss. Free online tax filing The sale of real property or depreciable property used in the business and held longer than 1 year results in gain or loss from a section 1231 transaction (discussed in chapter 3). Free online tax filing The sale of inventory results in ordinary income or loss. Free online tax filing Partnership interests. Free online tax filing   An interest in a partnership or joint venture is treated as a capital asset when sold. Free online tax filing The part of any gain or loss from unrealized receivables or inventory items will be treated as ordinary gain or loss. Free online tax filing For more information, see Disposition of Partner's Interest in Publication 541. Free online tax filing Corporation interests. Free online tax filing   Your interest in a corporation is represented by stock certificates. Free online tax filing When you sell these certificates, you usually realize capital gain or loss. Free online tax filing For information on the sale of stock, see chapter 4 in Publication 550. Free online tax filing Corporate liquidations. Free online tax filing   Corporate liquidations of property generally are treated as a sale or exchange. Free online tax filing Gain or loss generally is recognized by the corporation on a liquidating sale of its assets. Free online tax filing Gain or loss generally is recognized also on a liquidating distribution of assets as if the corporation sold the assets to the distributee at fair market value. Free online tax filing   In certain cases in which the distributee is a corporation in control of the distributing corporation, the distribution may not be taxable. Free online tax filing For more information, see section 332 of the Internal Revenue Code and the related regulations. Free online tax filing Allocation of consideration paid for a business. Free online tax filing   The sale of a trade or business for a lump sum is considered a sale of each individual asset rather than of a single asset. Free online tax filing Except for assets exchanged under any nontaxable exchange rules, both the buyer and seller of a business must use the residual method (explained later) to allocate the consideration to each business asset transferred. Free online tax filing This method determines gain or loss from the transfer of each asset and how much of the consideration is for goodwill and certain other intangible property. Free online tax filing It also determines the buyer's basis in the business assets. Free online tax filing Consideration. Free online tax filing   The buyer's consideration is the cost of the assets acquired. Free online tax filing The seller's consideration is the amount realized (money plus the fair market value of property received) from the sale of assets. Free online tax filing Residual method. Free online tax filing   The residual method must be used for any transfer of a group of assets that constitutes a trade or business and for which the buyer's basis is determined only by the amount paid for the assets. Free online tax filing This applies to both direct and indirect transfers, such as the sale of a business or the sale of a partnership interest in which the basis of the buyer's share of the partnership assets is adjusted for the amount paid under section 743(b) of the Internal Revenue Code. Free online tax filing Section 743(b) applies if a partnership has an election in effect under section 754 of the Internal Revenue Code. Free online tax filing   A group of assets constitutes a trade or business if either of the following applies. Free online tax filing Goodwill or going concern value could, under any circumstances, attach to them. Free online tax filing The use of the assets would constitute an active trade or business under section 355 of the Internal Revenue Code. Free online tax filing   The residual method provides for the consideration to be reduced first by the amount of Class I assets (defined below). Free online tax filing The consideration remaining after this reduction must be allocated among the various business assets in a certain order. Free online tax filing See Classes of assets next for the complete order. Free online tax filing Classes of assets. Free online tax filing   The following definitions are the classifications for deemed or actual asset acquisitions. Free online tax filing Allocate the consideration among the assets in the following order. Free online tax filing The amount allocated to an asset, other than a Class VII asset, cannot exceed its fair market value on the purchase date. Free online tax filing The amount you can allocate to an asset also is subject to any applicable limits under the Internal Revenue Code or general principles of tax law. Free online tax filing Class I assets are cash and general deposit accounts (including checking and savings accounts but excluding certificates of deposit). Free online tax filing Class II assets are certificates of deposit, U. Free online tax filing S. Free online tax filing Government securities, foreign currency, and actively traded personal property, including stock and securities. Free online tax filing Class III assets are accounts receivable, other debt instruments, and assets that you mark to market at least annually for federal income tax purposes. Free online tax filing However, see section 1. Free online tax filing 338-6(b)(2)(iii) of the regulations for exceptions that apply to debt instruments issued by persons related to a target corporation, contingent debt instruments, and debt instruments convertible into stock or other property. Free online tax filing Class IV assets are property of a kind that would properly be included in inventory if on hand at the end of the tax year or property held by the taxpayer primarily for sale to customers in the ordinary course of business. Free online tax filing Class V assets are all assets other than Class I, II, III, IV, VI, and VII assets. Free online tax filing    Note. Free online tax filing Furniture and fixtures, buildings, land, vehicles, and equipment, which constitute all or part of a trade or business are generally Class V assets. Free online tax filing Class VI assets are section 197 intangibles (other than goodwill and going concern value). Free online tax filing Class VII assets are goodwill and going concern value (whether the goodwill or going concern value qualifies as a section 197 intangible). Free online tax filing   If an asset described in one of the classifications described above can be included in more than one class, include it in the lower numbered class. Free online tax filing For example, if an asset is described in both Class II and Class IV, choose Class II. Free online tax filing Example. Free online tax filing The total paid in the sale of the assets of Company SKB is $21,000. Free online tax filing No cash or deposit accounts or similar accounts were sold. Free online tax filing The company's U. Free online tax filing S. Free online tax filing Government securities sold had a fair market value of $3,200. Free online tax filing The only other asset transferred (other than goodwill and going concern value) was inventory with a fair market value of $15,000. Free online tax filing Of the $21,000 paid for the assets of Company SKB, $3,200 is allocated to U. Free online tax filing S. Free online tax filing Government securities, $15,000 to inventory assets, and the remaining $2,800 to goodwill and going concern value. Free online tax filing Agreement. Free online tax filing   The buyer and seller may enter into a written agreement as to the allocation of any consideration or the fair market value of any of the assets. Free online tax filing This agreement is binding on both parties unless the IRS determines the amounts are not appropriate. Free online tax filing Reporting requirement. Free online tax filing   Both the buyer and seller involved in the sale of business assets must report to the IRS the allocation of the sales price among section 197 intangibles and the other business assets. Free online tax filing Use Form 8594, Asset Acquisition Statement Under Section 1060, to provide this information. Free online tax filing Generally, the buyer and seller should each attach Form 8594 to their federal income tax return for the year in which the sale occurred. Free online tax filing See the Instructions for Form 8594. Free online tax filing Dispositions of Intangible Property Intangible property is any personal property that has value but cannot be seen or touched. Free online tax filing It includes such items as patents, copyrights, and the goodwill value of a business. Free online tax filing Gain or loss on the sale or exchange of amortizable or depreciable intangible property held longer than 1 year (other than an amount recaptured as ordinary income) is a section 1231 gain or loss. Free online tax filing The treatment of section 1231 gain or loss and the recapture of amortization and depreciation as ordinary income are explained in chapter 3. Free online tax filing See chapter 8 of Publication 535, Business Expenses, for information on amortizable intangible property and chapter 1 of Publication 946, How To Depreciate Property, for information on intangible property that can and cannot be depreciated. Free online tax filing Gain or loss on dispositions of other intangible property is ordinary or capital depending on whether the property is a capital asset or a noncapital asset. Free online tax filing The following discussions explain special rules that apply to certain dispositions of intangible property. Free online tax filing Section 197 Intangibles Section 197 intangibles are certain intangible assets acquired after August 10, 1993 (after July 25, 1991, if chosen), and held in connection with the conduct of a trade or business or an activity entered into for profit whose costs are amortized over 15 years. Free online tax filing They include the following assets. Free online tax filing Goodwill. Free online tax filing Going concern value. Free online tax filing Workforce in place. Free online tax filing Business books and records, operating systems, and other information bases. Free online tax filing Patents, copyrights, formulas, processes, designs, patterns, know how, formats, and similar items. Free online tax filing Customer-based intangibles. Free online tax filing Supplier-based intangibles. Free online tax filing Licenses, permits, and other rights granted by a governmental unit. Free online tax filing Covenants not to compete entered into in connection with the acquisition of a business. Free online tax filing Franchises, trademarks, and trade names. Free online tax filing See chapter 8 of Publication 535 for a description of each intangible. Free online tax filing Dispositions. Free online tax filing   You cannot deduct a loss from the disposition or worthlessness of a section 197 intangible you acquired in the same transaction (or series of related transactions) as another section 197 intangible you still hold. Free online tax filing Instead, you must increase the adjusted basis of your retained section 197 intangible by the nondeductible loss. Free online tax filing If you retain more than one section 197 intangible, increase each intangible's adjusted basis. Free online tax filing Figure the increase by multiplying the nondeductible loss by a fraction, the numerator (top number) of which is the retained intangible's adjusted basis on the date of the loss and the denominator (bottom number) of which is the total adjusted basis of all retained intangibles on the date of the loss. Free online tax filing   In applying this rule, members of the same controlled group of corporations and commonly controlled businesses are treated as a single entity. Free online tax filing For example, a corporation cannot deduct a loss on the sale of a section 197 intangible if, after the sale, a member of the same controlled group retains other section 197 intangibles acquired in the same transaction as the intangible sold. Free online tax filing Covenant not to compete. Free online tax filing   A covenant not to compete (or similar arrangement) that is a section 197 intangible cannot be treated as disposed of or worthless before you have disposed of your entire interest in the trade or business for which the covenant was entered into. Free online tax filing Members of the same controlled group of corporations and commonly controlled businesses are treated as a single entity in determining whether a member has disposed of its entire interest in a trade or business. Free online tax filing Anti-churning rules. Free online tax filing   Anti-churning rules prevent a taxpayer from converting section 197 intangibles that do not qualify for amortization into property that would qualify for amortization. Free online tax filing However, these rules do not apply to part of the basis of property acquired by certain related persons if the transferor elects to do both the following. Free online tax filing Recognize gain on the transfer of the property. Free online tax filing Pay income tax on the gain at the highest tax rate. Free online tax filing   If the transferor is a partnership or S corporation, the partnership or S corporation (not the partners or shareholders) can make the election. Free online tax filing But each partner or shareholder must pay the tax on his or her share of gain. Free online tax filing   To make the election, you, as the transferor, must attach a statement containing certain information to your income tax return for the year of the transfer. Free online tax filing You must file the tax return by the due date (including extensions). Free online tax filing You must also notify the transferee of the election in writing by the due date of the return. Free online tax filing   If you timely filed your return without making the election, you can make the election by filing an amended return within 6 months after the due date of the return (excluding extensions). Free online tax filing Attach the statement to the amended return and write “Filed pursuant to section 301. Free online tax filing 9100-2” at the top of the statement. Free online tax filing File the amended return at the same address the original return was filed. Free online tax filing For more information about making the election, see Regulations section 1. Free online tax filing 197-2(h)(9). Free online tax filing For information about reporting the tax on your income tax return, see the Instructions for Form 4797. Free online tax filing Patents The transfer of a patent by an individual is treated as a sale or exchange of a capital asset held longer than 1 year. Free online tax filing This applies even if the payments for the patent are made periodically during the transferee's use or are contingent on the productivity, use, or disposition of the patent. Free online tax filing For information on the treatment of gain or loss on the transfer of capital assets, see chapter 4. Free online tax filing This treatment applies to your transfer of a patent if you meet all the following conditions. Free online tax filing You are the holder of the patent. Free online tax filing You transfer the patent other than by gift, inheritance, or devise. Free online tax filing You transfer all substantial rights to the patent or an undivided interest in all such rights. Free online tax filing You do not transfer the patent to a related person. Free online tax filing Holder. Free online tax filing   You are the holder of a patent if you are either of the following. Free online tax filing The individual whose effort created the patent property and who qualifies as the original and first inventor. Free online tax filing The individual who bought an interest in the patent from the inventor before the invention was tested and operated successfully under operating conditions and who is neither related to, nor the employer of, the inventor. Free online tax filing All substantial rights. Free online tax filing   All substantial rights to patent property are all rights that have value when they are transferred. Free online tax filing A security interest (such as a lien), or a reservation calling for forfeiture for nonperformance, is not treated as a substantial right for these rules and may be kept by you as the holder of the patent. Free online tax filing   All substantial rights to a patent are not transferred if any of the following apply to the transfer. Free online tax filing The rights are limited geographically within a country. Free online tax filing The rights are limited to a period less than the remaining life of the patent. Free online tax filing The rights are limited to fields of use within trades or industries and are less than all the rights that exist and have value at the time of the transfer. Free online tax filing The rights are less than all the claims or inventions covered by the patent that exist and have value at the time of the transfer. Free online tax filing Related persons. Free online tax filing   This tax treatment does not apply if the transfer is directly or indirectly between you and a related person as defined earlier in the list under Nondeductible Loss, with the following changes. Free online tax filing Members of your family include your spouse, ancestors, and lineal descendants, but not your brothers, sisters, half-brothers, or half-sisters. Free online tax filing Substitute “25% or more” ownership for “more than 50%. Free online tax filing ”   If you fit within the definition of a related person independent of family status, the brother-sister exception in (1), earlier, does not apply. Free online tax filing For example, a transfer between a brother and a sister as beneficiary and fiduciary of the same trust is a transfer between related persons. Free online tax filing The brother-sister exception does not apply because the trust relationship is independent of family status. Free online tax filing Franchise, Trademark, or Trade Name If you transfer or renew a franchise, trademark, or trade name for a price contingent on its productivity, use, or disposition, the amount you receive generally is treated as an amount realized from the sale of a noncapital asset. Free online tax filing A franchise includes an agreement that gives one of the parties the right to distribute, sell, or provide goods, services, or facilities within a specified area. Free online tax filing Significant power, right, or continuing interest. Free online tax filing   If you keep any significant power, right, or continuing interest in the subject matter of a franchise, trademark, or trade name that you transfer or renew, the amount you receive is ordinary royalty income rather than an amount realized from a sale or exchange. Free online tax filing   A significant power, right, or continuing interest in a franchise, trademark, or trade name includes, but is not limited to, the following rights in the transferred interest. Free online tax filing A right to disapprove any assignment of the interest, or any part of it. Free online tax filing A right to end the agreement at will. Free online tax filing A right to set standards of quality for products used or sold, or for services provided, and for the equipment and facilities used to promote such products or services. Free online tax filing A right to make the recipient sell or advertise only your products or services. Free online tax filing A right to make the recipient buy most supplies and equipment from you. Free online tax filing A right to receive payments based on the productivity, use, or disposition of the transferred item of interest if those payments are a substantial part of the transfer agreement. Free online tax filing Subdivision of Land If you own a tract of land and, to sell or exchange it, you subdivide it into individual lots or parcels, the gain normally is ordinary income. Free online tax filing However, you may receive capital gain treatment on at least part of the proceeds provided you meet certain requirements. Free online tax filing See section 1237 of the Internal Revenue Code. Free online tax filing Timber Standing timber held as investment property is a capital asset. Free online tax filing Gain or loss from its sale is reported as a capital gain or loss on Form 8949, and Schedule D (Form 1040), as applicable. Free online tax filing If you held the timber primarily for sale to customers, it is not a capital asset. Free online tax filing Gain or loss on its sale is ordinary business income or loss. Free online tax filing It is reported in the gross receipts or sales and cost of goods sold items of your return. Free online tax filing Farmers who cut timber on their land and sell it as logs, firewood, or pulpwood usually have no cost or other basis for that timber. Free online tax filing These sales constitute a very minor part of their farm businesses. Free online tax filing In these cases, amounts realized from such sales, and the expenses of cutting, hauling, etc. Free online tax filing , are ordinary farm income and expenses reported on Schedule F (Form 1040), Profit or Loss From Farming. Free online tax filing Different rules apply if you owned the timber longer than 1 year and elect to either: Treat timber cutting as a sale or exchange, or Enter into a cutting contract. Free online tax filing Timber is considered cut on the date when, in the ordinary course of business, the quantity of felled timber is first definitely determined. Free online tax filing This is true whether the timber is cut under contract or whether you cut it yourself. Free online tax filing Under the rules discussed below, disposition of the timber is treated as a section 1231 transaction. Free online tax filing See chapter 3. Free online tax filing Gain or loss is reported on Form 4797. Free online tax filing Christmas trees. Free online tax filing   Evergreen trees, such as Christmas trees, that are more than 6 years old when severed from their roots and sold for ornamental purposes are included in the term timber. Free online tax filing They qualify for both rules discussed below. Free online tax filing Election to treat cutting as a sale or exchange. Free online tax filing   Under the general rule, the cutting of timber results in no gain or loss. Free online tax filing It is not until a sale or exchange occurs that gain or loss is realized. Free online tax filing But if you owned or had a contractual right to cut timber, you can elect to treat the cutting of timber as a section 1231 transaction in the year the timber is cut. Free online tax filing Even though the cut timber is not actually sold or exchanged, you report your gain or loss on the cutting for the year the timber is cut. Free online tax filing Any later sale results in ordinary business income or loss. Free online tax filing See Example, later. Free online tax filing   To elect this treatment, you must: Own or hold a contractual right to cut the timber for a period of more than 1 year before it is cut, and Cut the timber for sale or for use in your trade or business. Free online tax filing Making the election. Free online tax filing   You make the election on your return for the year the cutting takes place by including in income the gain or loss on the cutting and including a computation of the gain or loss. Free online tax filing You do not have to make the election in the first year you cut timber. Free online tax filing You can make it in any year to which the election would apply. Free online tax filing If the timber is partnership property, the election is made on the partnership return. Free online tax filing This election cannot be made on an amended return. Free online tax filing   Once you have made the election, it remains in effect for all later years unless you cancel it. Free online tax filing   If you previously elected to treat the cutting of timber as a sale or exchange, you may revoke this election without the consent of the IRS. Free online tax filing The prior election (and revocation) is disregarded for purposes of making a subsequent election. Free online tax filing See Form T (Timber), Forest Activities Schedule, for more information. Free online tax filing Gain or loss. Free online tax filing   Your gain or loss on the cutting of standing timber is the difference between its adjusted basis for depletion and its fair market value on the first day of your tax year in which it is cut. Free online tax filing   Your adjusted basis for depletion of cut timber is based on the number of units (feet board measure, log scale, or other units) of timber cut during the tax year and considered to be sold or exchanged. Free online tax filing Your adjusted basis for depletion is also based on the depletion unit of timber in the account used for the cut timber, and should be figured in the same manner as shown in section 611 of the Internal Revenue Code and the related regulations. Free online tax filing   Timber depletion is discussed in chapter 9 of Publication 535. Free online tax filing Example. Free online tax filing In April 2013, you had owned 4,000 MBF (1,000 board feet) of standing timber longer than 1 year. Free online tax filing It had an adjusted basis for depletion of $40 per MBF. Free online tax filing You are a calendar year taxpayer. Free online tax filing On January 1, 2013, the timber had a fair market value (FMV) of $350 per MBF. Free online tax filing It was cut in April for sale. Free online tax filing On your 2013 tax return, you elect to treat the cutting of the timber as a sale or exchange. Free online tax filing You report the difference between the fair market value and your adjusted basis for depletion as a gain. Free online tax filing This amount is reported on Form 4797 along with your other section 1231 gains and losses to figure whether it is treated as capital gain or as ordinary gain. Free online tax filing You figure your gain as follows. Free online tax filing FMV of timber January 1, 2013 $1,400,000 Minus: Adjusted basis for depletion 160,000 Section 1231 gain $1,240,000 The fair market value becomes your basis in the cut timber and a later sale of the cut timber including any by-product or tree tops will result in ordinary business income or loss. Free online tax filing Outright sales of timber. Free online tax filing   Outright sales of timber by landowners qualify for capital gains treatment using rules similar to the rules for certain disposal of timber under a contract with retained economic interest (defined below). Free online tax filing However, for outright sales, the date of disposal is not deemed to be the date the timber is cut because the landowner can elect to treat the payment date as the date of disposal (see below). Free online tax filing Cutting contract. Free online tax filing   You must treat the disposal of standing timber under a cutting contract as a section 1231 transaction if all the following apply to you. Free online tax filing You are the owner of the timber. Free online tax filing You held the timber longer than 1 year before its disposal. Free online tax filing You kept an economic interest in the timber. Free online tax filing   You have kept an economic interest in standing timber if, under the cutting contract, the expected return on your investment is conditioned on the cutting of the timber. Free online tax filing   The difference between the amount realized from the disposal of the timber and its adjusted basis for depletion is treated as gain or loss on its sale. Free online tax filing Include this amount on Form 4797 along with your other section 1231 gains or losses to figure whether it is treated as capital or ordinary gain or loss. Free online tax filing Date of disposal. Free online tax filing   The date of disposal is the date the timber is cut. Free online tax filing However, for outright sales by landowners or if you receive payment under the contract before the timber is cut, you can elect to treat the date of payment as the date of disposal. Free online tax filing   This election applies only to figure the holding period of the timber. Free online tax filing It has no effect on the time for reporting gain or loss (generally when the timber is sold or exchanged). Free online tax filing   To make this election, attach a statement to the tax return filed by the due date (including extensions) for the year payment is received. Free online tax filing The statement must identify the advance payments subject to the election and the contract under which they were made. Free online tax filing   If you timely filed your return for the year you received payment without making the election, you still can make the election by filing an amended return within 6 months after the due date for that year's return (excluding extensions). Free online tax filing Attach the statement to the amended return and write “Filed pursuant to section 301. Free online tax filing 9100-2” at the top of the statement. Free online tax filing File the amended return at the same address the original return was filed. Free online tax filing Owner. Free online tax filing   The owner of timber is any person who owns an interest in it, including a sublessor and the holder of a contract to cut the timber. Free online tax filing You own an interest in timber if you have the right to cut it for sale on your own account or for use in your business. Free online tax filing Tree stumps. Free online tax filing   Tree stumps are a capital asset if they are on land held by an investor who is not in the timber or stump business as a buyer, seller, or processor. Free online tax filing Gain from the sale of stumps sold in one lot by such a holder is taxed as a capital gain. Free online tax filing However, tree stumps held by timber operators after the saleable standing timber was cut and removed from the land are considered by-products. Free online tax filing Gain from the sale of stumps in lots or tonnage by such operators is taxed as ordinary income. Free online tax filing   See Form T (Timber) and its separate instructions for more information about dispositions of timber. Free online tax filing Precious Metals and Stones, Stamps, and Coins Gold, silver, gems, stamps, coins, etc. Free online tax filing , are capital assets except when they are held for sale by a dealer. Free online tax filing Any gain or loss from their sale or exchange generally is a capital gain or loss. Free online tax filing If you are a dealer, the amount received from the sale is ordinary business income. Free online tax filing Coal and Iron Ore You must treat the disposal of coal (including lignite) or iron ore mined in the United States as a section 1231 transaction if both the following apply to you. Free online tax filing You owned the coal or iron ore longer than 1 year before its disposal. Free online tax filing You kept an economic interest in the coal or iron ore. Free online tax filing For this rule, the date the coal or iron ore is mined is considered the date of its disposal. Free online tax filing Your gain or loss is the difference between the amount realized from disposal of the coal or iron ore and the adjusted basis you use to figure cost depletion (increased by certain expenses not allowed as deductions for the tax year). Free online tax filing This amount is included on Form 4797 along with your other section 1231 gains and losses. Free online tax filing You are considered an owner if you own or sublet an economic interest in the coal or iron ore in place. Free online tax filing If you own only an option to buy the coal in place, you do not qualify as an owner. Free online tax filing In addition, this gain or loss treatment does not apply to income realized by an owner who is a co-adventurer, partner, or principal in the mining of coal or iron ore. Free online tax filing The expenses of making and administering the contract under which the coal or iron ore was disposed of and the expenses of preserving the economic interest kept under the contract are not allowed as deductions in figuring taxable income. Free online tax filing Rather, their total, along with the adjusted depletion basis, is deducted from the amount received to determine gain. Free online tax filing If the total of these expenses plus the adjusted depletion basis is more than the amount received, the result is a loss. Free online tax filing Special rule. Free online tax filing   The above treatment does not apply if you directly or indirectly dispose of the iron ore or coal to any of the following persons. Free online tax filing A related person whose relationship to you would result in the disallowance of a loss (see Nondeductible Loss under Sales and Exchanges Between Related Persons, earlier). Free online tax filing An individual, trust, estate, partnership, association, company, or corporation owned or controlled directly or indirectly by the same interests that own or control your business. Free online tax filing Conversion Transactions Recognized gain on the disposition or termination of any position held as part of certain conversion transactions is treated as ordinary income. Free online tax filing This applies if substantially all your expected return is attributable to the time value of your net investment (like interest on a loan) and the transaction is any of the following. Free online tax filing An applicable straddle (generally, any set of offsetting positions with respect to personal property, including stock). Free online tax filing A transaction in which you acquire property and, at or about the same time, you contract to sell the same or substantially identical property at a specified price. Free online tax filing Any other transaction that is marketed and sold as producing capital gain from a transaction in which substantially all of your expected return is due to the time value of your net investment. Free online tax filing For more information, see chapter 4 of Publication 550. Free online tax filing Prev  Up  Next   Home   More Online Publications
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Understanding Your CP53A Notice

We tried to direct deposit your refund, but the financial institution couldn’t process it. We are researching your account, but it will take 8 to 10 weeks to reissue your refund.


What you need to do

  • If you don’t receive your refund check or a follow-up letter within 10 weeks, call us at 1-866-682-7451 x733.
  • If you call us before then, we won’t have any information about the status of your refund until we complete the research on your account.

Answers to Common Questions

Why was my direct deposit refund returned to the IRS?
A financial institution will reject a refund for a variety of reasons. Most often, one of the following items doesn’t match its records:

  • Name
  • SSN
  • Routing number
  • Account number

Why will it take up to 10 weeks to receive my refund?
We must research your account to determine if you are entitled to the refund. We try to balance customer service and tax compliance by reviewing tax returns to prevent fraudulent or erroneous refunds. However, these critical reviews add time to refund processing. Refund timeframes are also affected by:

  • Bankruptcy
  • An open audit
  • A balance due on a related account (such as a different tax year)

Will calling the IRS give me additional information or speed my refund?
No, calling the IRS won’t do anything to speed your refund. You don’t need to call us unless we ask you to. If we need more information to process your refund, we’ll contact you by mail. Our telephone assistors won’t be able to provide any additional information.

Is the estimated date my tax preparer, tax software, or “Where’s My Refund” provided a guarantee of when I’ll get my refund?
Unfortunately, we can’t guarantee the date when a taxpayer will get his or her refund. While we can provide an estimate, this is a “best-case scenario” where the tax return doesn’t require any additional review or corrections.We work hard to issue refunds as quickly as possible. However, you shouldn’t make major financial decisions based on the estimated issue date of a tax refund.

Can I direct part of my refund into my tax professional’s checking or savings account to pay my tax preparation fee?
No. You can direct your refund to any of your checking or savings accounts. You can’t direct your refund to someone else’s account (except for your spouse’s account when you have a joint refund).


Tips for next year

If you request a direct deposit refund, ensure the account you specify is in your name (or your spouse’s if you have a joint refund).

Page Last Reviewed or Updated: 04-Mar-2014

Printable samples of this notice (PDF)

 

 

How to get help

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

The Free Online Tax Filing

Free online tax filing Index A Alimony paid, Alimony paid. Free online tax filing Alimony received, Alimony received. Free online tax filing Annulment, Divorce or separation. Free online tax filing Assistance (see Tax help) B Basis of property, death of spouse, Death of spouse. Free online tax filing Business expenses, Business and investment expenses. Free online tax filing C Child tax credit, Child tax credit. Free online tax filing Civil service annuities, Civil service retirement. Free online tax filing Community income defined, Community or Separate Property and Income Community income, special rules, Certain community income not treated as community income by one spouse. Free online tax filing Community property defined, Community or Separate Property and Income Community property laws disregarded, Community Property Laws Disregarded Credits Child tax credit, Credits, Taxes, and Payments Earned income credit, Earned income credit. Free online tax filing CSRS annuities, Civil service retirement. Free online tax filing D Death of spouse, basis of property, Death of spouse. Free online tax filing Deductions Alimony paid, Deductions Business expenses, Deductions Investment expenses, Deductions IRA deduction, Deductions Personal expenses, Deductions Dependents, Exemptions Dividends, Dividends, interest, and rents. Free online tax filing Divorce, Divorce or separation. Free online tax filing Domestic partners, Registered domestic partners. Free online tax filing Domicile, Domicile E Earned income credit, Earned income credit. Free online tax filing End of the marital community, End of the Community Equitable relief, Equitable relief. Free online tax filing ESA withdrawals, Withdrawals from individual retirement arrangements (IRAs) and Coverdell Education Savings Accounts (ESAs). Free online tax filing Estimated tax payments, Estimated tax payments. Free online tax filing Exempt income, Tax-exempt income. Free online tax filing Exemptions Dependent, Exemptions Personal, Exemptions Extensions, Extension of time to file. Free online tax filing F FERS annuities, Civil service retirement. Free online tax filing Form 8958, Community or Separate Property and Income, Identifying Income, Deductions, and Credits, Dividends, interest, and rents. Free online tax filing , Separate Return Preparation Free tax services, Free help with your tax return. Free online tax filing G Gains and losses, Gains and losses. Free online tax filing H Help (see Tax help) I Income Alimony received, Income Civil service annuities, Income Dividends, Income Gains and losses, Income Interest, Income IRA distributions, Income Lump-sum distributions, Income Military retirement pay, Income Partnership income, Income Pensions, Income Rents, Income Separate income, Income from separate property. Free online tax filing Tax-exempt income, Income Wages, earnings, and profits, Income Innocent spouse relief, Relief from liability arising from community property law. Free online tax filing , Equitable relief. Free online tax filing Interest, Dividends, interest, and rents. Free online tax filing Investment expenses, Business and investment expenses. Free online tax filing IRA deduction, IRA deduction. Free online tax filing IRA distributions, Withdrawals from individual retirement arrangements (IRAs) and Coverdell Education Savings Accounts (ESAs). Free online tax filing J Joint return vs. Free online tax filing separate returns, Joint Return Versus Separate Returns L Lump-sum distributions, Lump-sum distributions. Free online tax filing M Military retirement pay, Military retirement pay. Free online tax filing N Nonresident alien spouse, Nonresident alien spouse. Free online tax filing O Overpayments, Overpayments. Free online tax filing P Partnership income, Partnership income. Free online tax filing Partnerships, self-employment tax, Partnerships. Free online tax filing Payments Estimated tax payments, Estimated tax payments. Free online tax filing Federal income tax withheld, Federal income tax withheld. Free online tax filing Pensions, Pensions. Free online tax filing Personal expenses, Personal expenses. Free online tax filing Publications (see Tax help) R Registered domestic partners, Registered domestic partners. Free online tax filing Relief from liability arising from community property law, Relief from liability arising from community property law. Free online tax filing Rents, Dividends, interest, and rents. Free online tax filing S Self-employment tax Partnership, Self-employment tax. Free online tax filing Sole proprietorship, Self-employment tax. Free online tax filing Separate income defined, Separate income. Free online tax filing Separate property defined, Community or Separate Property and Income Separate property income, Income from separate property. Free online tax filing Separate returns Extensions, Extension of time to file. Free online tax filing Separate returns vs. Free online tax filing joint return, Joint Return Versus Separate Returns Separated spouses, Spouses living apart all year. Free online tax filing Separation agreement, Divorce or separation. Free online tax filing Sole proprietorship, self-employment tax, Sole proprietorship. Free online tax filing Spousal agreements, Spousal agreements. Free online tax filing Spouses living apart, Spouses living apart all year. Free online tax filing T Tax help, How To Get Tax Help Tax-exempt income, Tax-exempt income. Free online tax filing TTY/TDD information, How To Get Tax Help W Wages, earnings, and profits, Wages, earnings, and profits. Free online tax filing Withholding tax, Federal income tax withheld. Free online tax filing Prev  Up     Home   More Online Publications