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Free State Tax Program

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Free State Tax Program

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

The mission of the National Runaway Switchboard (NRS) is to help keep America? runaway and at-risk youth safe and off the streets. The organization serves as the federally designated national communication system for runaway and homeless youth.

Contact the Agency or Department

Website: National Runaway Switchboard (NRS)

E-mail:

Address: 3080 N. Lincoln Ave.
Chicago, IL 60657

Phone Number: 773-880-9860

Toll-free: 1-800-786-2929 (24 hrs./7 days a week)

The Free State Tax Program

Free state tax program Publication 542 - Introductory Material Table of Contents Introduction Useful Items - You may want to see: Photographs of missing children. Free state tax program  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Free state tax program Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Free state tax program You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Free state tax program Introduction This publication discusses the general tax laws that apply to ordinary domestic corporations. Free state tax program It explains the tax law in plain language so it will be easier to understand. Free state tax program However, the information given does not cover every situation and is not intended to replace the law or change its meaning. Free state tax program Note. Free state tax program This publication is not revised on an annual basis. Free state tax program To find changes that may affect current year returns, see the instructions for your income tax return for the current year; and Changes to Current Forms and Publications at www. Free state tax program irs. Free state tax program gov/formspubs. Free state tax program Comments and suggestions. Free state tax program   We welcome your comments about this publication and your suggestions for future editions. Free state tax program   You can write to us at the following address: Internal Revenue Service Business, Exempt Organizations and International Forms and Publications Branch SE:W:CAR:MP:T:B 1111 Constitution Ave. Free state tax program NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Free state tax program Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Free state tax program   You can email us at *taxforms@irs. Free state tax program gov (The asterisk must be included in the address). Free state tax program Please put “Publications Comment” on the subject line. Free state tax program You can also send us comments at www. Free state tax program irs. Free state tax program gov/formspubs/. Free state tax program Select “Comment on Tax Forms and Publications” under “Information about. Free state tax program ” Although we cannot respond individually to each comment, we do appreciate your feedback and will consider your comments as we revise our tax products. Free state tax program Tax questions. Free state tax program   If you have a tax question, visit IRS. Free state tax program gov or call 1-800-829-1040. Free state tax program We cannot answer tax questions at either of the addresses listed above. Free state tax program Ordering forms and publications. Free state tax program   Visit www. Free state tax program irs. Free state tax program gov/formspubs to download forms and publications, call 1-800-829-3676, or write to the National Distribution Center at the address shown under How to Get Tax Help, later in this publication. Free state tax program Additional forms. Free state tax program   A list of other forms and statements that a corporation may need to file is included at the end of this publication. Free state tax program Useful Items - You may want to see: Publication 510 Excise Taxes (Including Fuel Tax Credits and Refunds) 535 Business Expenses 538 Accounting Periods and Methods 544 Sales and Other Dispositions of Assets 550 Investment Income and Expenses 925 Passive Activity and At-Risk Rules 946 How to Depreciate Property Prev  Up  Next   Home   More Online Publications