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Free tax extension online Tax Changes for Businesses Table of Contents 2001 ChangesNew 5-Year Carryback Rule for Net Operating Losses (NOLs) Electronic Form 1099 Tax Incentives for New York Liberty Zone Other 2001 Changes 2002 ChangesNonaccrual-Experience Method Issuance of Qualified Zone Academy Bonds Depletion Work Opportunity Credit Expanded in New York Liberty Zone Credit For Pension Plan Startup Costs Welfare-to-Work Credit Extended Work Opportunity Credit Extended Electric and Clean-Fuel Vehicles Renewable Electricity Production Credit Later ChangesSpecial Depreciation Allowance Extension of Placed in Service Date Special Liberty Zone Depreciation Allowance for New and Used Property Depreciation of Property Used on Indian Reservations Indian Employment Credit Extended 2001 Changes New 5-Year Carryback Rule for Net Operating Losses (NOLs) If you have an NOL from a tax year ending during 2001 or 2002, you must generally carry back the entire amount of the NOL to the 5 tax years before the NOL year (the carryback period). Free tax extension online However, you can still choose to use the previous carryback period. Free tax extension online You also can choose not to carry back an NOL and only carry it forward. Free tax extension online Individuals, estates, and trusts can file Form 1045, Application for Tentative Refund. Free tax extension online Corporations can file Form 1139, Corporation Application for Tentative Refund. Free tax extension online The instructions for these forms will be revised to reflect the new law. Free tax extension online Electronic Form 1099 For tax years ending after March 9, 2002, most Forms 1099 can be furnished electronically if the recipient consents, according to IRS regulations, to receive it that way. Free tax extension online Tax Incentives for New York Liberty Zone New tax benefits are provided for the parts of New York City damaged in the terrorist attacks on September 11, 2001. Free tax extension online These benefits apply to the newly created New York Liberty Zone, which is the area located on or south of Canal Street, East Broadway (east of its intersection with Canal Street), or Grand Street (east of its intersection with East Broadway), in the Borough of Manhattan. Free tax extension online Tax benefits for the New York Liberty Zone include the following. Free tax extension online A special depreciation allowance equal to 30% of the adjusted basis of qualified Liberty Zone property. Free tax extension online It is allowed for the year the property is placed in service. Free tax extension online No alternative minimum tax depreciation adjustment for qualified Liberty Zone property. Free tax extension online Classification of Liberty Zone leasehold improvement property as 5-year property. Free tax extension online Authorization of the issuance of tax-exempt New York Liberty bonds to finance the acquisition, construction, reconstruction, and renovation of nonresidential real property, residential rental property, and public utility property in the Liberty Zone. Free tax extension online An increased section 179 deduction for certain Liberty Zone property. Free tax extension online Extension of the replacement period from 2 years to 5 years for certain property involuntarily converted as a result of the terrorist attacks on September 11, 2001, but only if substantially all of the use of the replacement property is in New York City. Free tax extension online For more information about involuntary conversions, see Postponement of Gain in Publication 547, Casualties, Disasters, and Thefts. Free tax extension online In addition, for 2002 and 2003, the work opportunity credit is expanded by creating a new targeted group, consisting generally of employees who work in the Liberty Zone or, in certain cases, in New York City outside the Liberty Zone. Free tax extension online For more information, see Work Opportunity Credit Expanded in New York Liberty Zone under 2002 Changes, later. Free tax extension online For more information about the 30% special depreciation allowance, Liberty Zone leasehold improvement property, or increased section 179 deduction, see New York Liberty Zone Benefits, in chapter 5. Free tax extension online In addition, the tax benefits for the Liberty Zone will be covered in a new edition of Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities, available later in 2002. Free tax extension online Other 2001 Changes Other changes are discussed in the following chapters. Free tax extension online Chapter 4 Car Expenses Chapter 5 Depreciation 2002 Changes Nonaccrual-Experience Method Under current law, if you perform services and use an accrual method of accounting, you do not accrue income which, based on experience, you expect to be uncollectible. Free tax extension online Beginning in 2002, this rule only applies if you perform services in the fields of health, law, engineering, architecture, accounting, actuarial science, performing arts, and consulting, or your average annual gross receipts for the 3 prior tax years does not exceed $5,000,000. Free tax extension online As under current law, the nonaccrual-experience method will not apply to amounts on which you charge interest or a late payment penalty. Free tax extension online For more information, see Nonaccrual-Experience Method in chapter 11 of Publication 535, Business Expenses. Free tax extension online Issuance of Qualified Zone Academy Bonds State and local governments issue qualified zone academy bonds to raise funds for the use of qualified zone academies. Free tax extension online The amount of bonds that may be issued was limited to $400 million each year for 1998, 1999, 2000, and 2001. Free tax extension online This provision has been extended to provide for an additional $400 million of bonds to be issued each year for 2002 and 2003. Free tax extension online For more information about qualified zone academy bonds, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. Free tax extension online Depletion The suspension of the taxable income limit on percentage depletion from the marginal production of oil and natural gas that was scheduled to expire for tax years beginning after 2001 has been extended to tax years beginning before 2004. Free tax extension online For more information on marginal production, see section 613A(c) of the Internal Revenue Code. Free tax extension online Work Opportunity Credit Expanded in New York Liberty Zone The work opportunity credit is expanded to include a new targeted group consisting generally of employees who perform substantially all their services: In the New York Liberty Zone (defined earlier under Tax Incentives for New York Liberty Zone, under 2001 Changes), or Elsewhere in New York City for a business that relocated from the Liberty Zone due to the destruction or damage of its place of business by the September 11, 2001, terrorist attack. Free tax extension online The credit is available to employers for wages paid to new employees and existing employees for work performed during 2002 or 2003. Free tax extension online Certain limits apply. Free tax extension online For more information about the work opportunity credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. Free tax extension online Credit For Pension Plan Startup Costs The credit for pension plan startup costs is now allowed for plans that become effective after December 31, 2001. Free tax extension online Previously, the credit was only allowed for plans established after December 31, 2001. Free tax extension online For more information on the credit, see Important Changes for 2002 in Publication 560, Retirement Plans for Small Business. Free tax extension online Welfare-to-Work Credit Extended The welfare-to-work credit that was scheduled to expire for wages paid to individuals who began working for you after 2001 has been extended to include wages paid to qualified individuals who begin work for you in 2002 or 2003. Free tax extension online For more information on the welfare-to-work credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. Free tax extension online Work Opportunity Credit Extended The work opportunity credit that was scheduled to expire for wages paid to individuals who began working for you after 2001 has been extended to include wages paid to qualified individuals who begin work for you in 2002 or 2003. Free tax extension online For more information about the work opportunity credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. Free tax extension online Electric and Clean-Fuel Vehicles The maximum clean-fuel vehicle deduction and qualified electric vehicle credit were scheduled to be 25% lower for 2002 and both were scheduled to be phased out completely by 2005. Free tax extension online The full deduction and credit are now allowed for qualified property placed in service in 2002 and 2003. Free tax extension online The phaseout of the deduction and the credit will begin in 2004, and no deduction or credit will be allowed for property placed in service after 2006. Free tax extension online For more information about electric and clean-fuel vehicles, see chapter 12 in Publication 535, Business Expenses. Free tax extension online Renewable Electricity Production Credit The renewable electricity production credit is extended to include electricity produced by facilities placed in service after 2001 and before 2004. Free tax extension online Later Changes Special Depreciation Allowance You can claim the special depreciation allowance (an additional 30% depreciation deduction) for new property that you acquire before September 11, 2004, and place in service for your business generally before January 1, 2005, if you meet the other requirements for qualified property covered in chapter 5. Free tax extension online Accordingly, you will generally no longer be able to claim the special depreciation allowance for the qualified property if you acquire it after September 10, 2004, or place it in service for your business after December 31, 2004. Free tax extension online However, you will be able to claim the special Liberty Zone depreciation allowance (an additional 30% depreciation deduction) for most qualified property if you place it in service in the Liberty Zone after December 31, 2004, and generally before January 1, 2007, provided you meet the other requirements for qualified Liberty Zone property covered in chapter 5. Free tax extension online Extension of Placed in Service Date To qualify for the special depreciation allowance, your property must meet certain tests, including the placed in service date test, as well as the other requirements covered in chapter 5 of this publication. Free tax extension online To meet the placed in service date test, your property must generally be placed in service for use in your trade or business or for the production of income after September 10, 2001, and before January 1, 2005. Free tax extension online However, certain property placed in service before January 1, 2006, may meet this test. Free tax extension online Transportation property and property with a recovery period of 10 years or longer meet the test if one of the following applies. Free tax extension online The property has an estimated production period of more than 2 years. Free tax extension online The property has an estimated production period of more than 1 year and it costs more than $1 million. Free tax extension online Transportation property is any tangible personal property used in the trade or business of transporting persons or property. Free tax extension online For property that qualifies for the special depreciation allowance solely because of the one-year extension of the placed in service date, only the part of the basis attributable to manufacture, construction, or production before September 11, 2004, is eligible for the special depreciation allowance. Free tax extension online Special Liberty Zone Depreciation Allowance for New and Used Property You can claim the special Liberty Zone depreciation allowance (an additional 30% depreciation deduction) for used property that you acquire after September 10, 2001, if the property meets the requirements listed under Qualified Liberty Zone Property in chapter 5 of this publication. Free tax extension online You will be able to claim the allowance for both new and used property that you acquire after September 10, 2004, provided the property meets the other requirements for qualified Liberty Zone property. Free tax extension online Depreciation of Property Used on Indian Reservations The special depreciation rules that apply to qualified property used on an Indian reservation were scheduled to expire for property placed in service after 2003. Free tax extension online These special rules have been extended to include property placed in service in 2004. Free tax extension online For more information about these rules, see Publication 946, How To Depreciate Property. Free tax extension online Indian Employment Credit Extended The Indian employment credit that was scheduled to expire for tax years beginning after 2003 has been extended to include a tax year beginning in 2004. Free tax extension online For more information about this credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. Free tax extension online Prev  Up  Next   Home   More Online Publications
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Page Last Reviewed or Updated: 12-Dec-2013

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Free tax extension online 9. Free tax extension online   Worksheets Table of Contents When Should I Figure MAC?Checking the Previous Year's Contributions Available Worksheets Chapter 2 introduced you to the term maximum amount contributable (MAC). Free tax extension online Generally, your MAC is the lesser of your: Limit on annual additions (chapter 3), or Limit on elective deferrals (chapter 4). Free tax extension online The worksheets in this chapter can help you figure the cost of incidental life insurance, your includible compensation, your limit on annual additions, your limit on elective deferrals, your limit on catch-up contributions, and your MAC. Free tax extension online After completing the worksheets, you should maintain them with your 403(b) records for that year. Free tax extension online Do not attach them to your tax return. Free tax extension online At the end of the year or the beginning of the next year, you should compare your estimated compensation figures with your actual figures. Free tax extension online If your compensation is the same as, or more than, the projected amounts and the calculations are correct, then you should simply file these worksheets with your other tax records for the year. Free tax extension online If your compensation was lower than your estimated figures, you will need to check the amount contributed during the year to determine if contributions are more than your MAC. Free tax extension online When Should I Figure MAC? At the beginning of each year, you should figure your MAC using a conservative estimate of your compensation. Free tax extension online Should your income change during the year, you should refigure your MAC based on a revised conservative estimate. Free tax extension online By doing this, you will be able to determine if contributions to your 403(b) account should be increased or decreased for the year. Free tax extension online Checking the Previous Year's Contributions At the beginning of the following year, you should refigure your MAC based on your actual earned income. Free tax extension online At the end of the current year or the beginning of the next year, you should check your contributions to be sure you did not exceed your MAC. Free tax extension online This means refiguring your limit based on your actual compensation figures for the year. Free tax extension online This will allow you to determine if the amount contributed is more than the allowable amounts, and possibly avoid additional taxes. Free tax extension online Available Worksheets The following worksheets have been provided to help you figure your MAC. Free tax extension online Worksheet A. Free tax extension online Cost of Incidental Life Insurance. Free tax extension online Worksheet B. Free tax extension online Includible Compensation for Your Most Recent Year of Service Worksheet C. Free tax extension online Limit on Catch-Up Contributions. Free tax extension online ??? Worksheet 1. Free tax extension online Maximum Amount Contributable (MAC). Free tax extension online Worksheet A. Free tax extension online Cost of Incidental Life Insurance Note. Free tax extension online Use this worksheet to figure the cost of incidental life insurance included in your annuity contract. Free tax extension online This amount will be used to figure includible compensation for your most recent year of service. Free tax extension online 1. Free tax extension online Enter the value of the contract (amount payable upon your death) 1. Free tax extension online   2. Free tax extension online Enter the cash value in the contract at the end of the year 2. Free tax extension online   3. Free tax extension online Subtract line 2 from line 1. Free tax extension online This is the value of your current life insurance protection 3. Free tax extension online   4. Free tax extension online Enter your age on your birthday nearest the beginning of the policy year 4. Free tax extension online   5. Free tax extension online Enter the 1-year term premium for $1,000 of life insurance based on your age. Free tax extension online (From Figure 3-1) 5. Free tax extension online   6. Free tax extension online Divide line 3 by $1,000 6. Free tax extension online   7. Free tax extension online Multiply line 6 by line 5. Free tax extension online This is the cost of your incidental life insurance 7. Free tax extension online   Worksheet B. Free tax extension online Includible Compensation for Your Most Recent Year of Service1 Note. Free tax extension online Use this worksheet to figure includible compensation for your most recent year of service. Free tax extension online 1. Free tax extension online Enter your includible wages from the employer maintaining your 403(b) account for your most recent year of service 1. Free tax extension online   2. Free tax extension online Enter elective deferrals excluded from your gross income for your most recent year of service2 2. Free tax extension online   3. Free tax extension online Enter amounts contributed or deferred by your employer under a cafeteria plan for your most recent year of service 3. Free tax extension online   4. Free tax extension online Enter amounts contributed or deferred by your employer according to your election to your 457 account (a nonqualified plan of a state or local government or of a tax-exempt organization) for your most recent year of service 4. Free tax extension online   5. Free tax extension online Enter pre-tax contributions (employer's contributions made on your behalf according to your election) to a qualified transportation fringe benefit plan for your most recent year of service 5. Free tax extension online   6. Free tax extension online Enter your foreign earned income exclusion for your most recent year of service 6. Free tax extension online   7. Free tax extension online Add lines 1, 2, 3, 4, 5, and 6 7. Free tax extension online   8. Free tax extension online Enter the cost of incidental life insurance that is part of your annuity contract for your most recent year of service 8. Free tax extension online   9. Free tax extension online Enter compensation that was both: Earned during your most recent year of service, and Earned while your employer was not qualified to maintain a 403(b) plan 9. Free tax extension online   10. Free tax extension online Add lines 8 and 9 10. Free tax extension online   11. Free tax extension online Subtract line 10 from line 7. Free tax extension online This is your includible compensation for your most recent year of service 11. Free tax extension online   1Use estimated amounts if figuring includible compensation before the end of the year. Free tax extension online  2Elective deferrals made to a designated Roth account are not excluded from your gross income and should not be included on this line. Free tax extension online Worksheet C. Free tax extension online Limit on Catch-Up Contributions Note. Free tax extension online If you will be age 50 or older by the end of the year, use this worksheet to figure your limit on catch-up contributions. Free tax extension online 1. Free tax extension online Maximum catch-up contributions 1. Free tax extension online $5,500 2. Free tax extension online Enter your includible compensation for your most recent year of service 2. Free tax extension online   3. Free tax extension online Enter your elective deferrals 3. Free tax extension online   4. Free tax extension online Subtract line 3 from line 2 4. Free tax extension online   5. Free tax extension online Enter the lesser of line 1 or line 4. Free tax extension online This is your limit on catch-up contributions 5. Free tax extension online   Worksheet 1. Free tax extension online Maximum Amount Contributable (MAC) Note. Free tax extension online Use this worksheet to figure your MAC. Free tax extension online Part I. Free tax extension online Limit on Annual Additions     1. Free tax extension online Enter your includible compensation for your most recent year of service 1. Free tax extension online   2. Free tax extension online Maximum1: For 2013, enter $51,000 For 2014, enter $52,000 2. Free tax extension online   3. Free tax extension online Enter the lesser of line 1 or line 2. Free tax extension online This is your limit on annual additions 3. Free tax extension online     Caution: If you had only nonelective contributions, skip Part II and enter the amount from line 3 on line 18. Free tax extension online     Part II. Free tax extension online Limit on Elective Deferrals     4. Free tax extension online Maximum contribution: For 2013, enter $17,500 For 2014, enter $17,500 4. Free tax extension online     Note. Free tax extension online If you have at least 15 years of service with a qualifying organization, complete lines 5 through 17. Free tax extension online If not, enter zero (-0-) on line 16 and go to line 17. Free tax extension online     5. Free tax extension online Amount per year of service 5. Free tax extension online $ 5,000 6. Free tax extension online Enter your years of service 6. Free tax extension online   7. Free tax extension online Multiply line 5 by line 6 7. Free tax extension online   8. Free tax extension online Enter the total of all elective deferrals made for you by the qualifying organization for prior years 8. Free tax extension online   9. Free tax extension online Subtract line 8 from line 7. Free tax extension online If zero or less, enter zero (-0-) 9. Free tax extension online   10. Free tax extension online Maximum increase in limit for long service 10. Free tax extension online $15,000 11. Free tax extension online Enter the total of additional pre-tax elective deferrals made in prior years under the 15-year rule 11. Free tax extension online   12. Free tax extension online Enter the aggregate amount of all designated Roth contributions permitted for prior years under the 15-year rule 12. Free tax extension online   13. Free tax extension online Add line 11 and line 12 13. Free tax extension online   14. Free tax extension online Subtract line 13 from line 10 14. Free tax extension online   15. Free tax extension online Maximum additional contributions 15. Free tax extension online $ 3,000 16. Free tax extension online Enter the least of lines 9, 14, or 15. Free tax extension online This is your increase in the limit for long service 16. Free tax extension online   17. Free tax extension online Add lines 4 and 16. Free tax extension online This is your limit on elective deferrals 17. Free tax extension online     Part III. Free tax extension online Maximum Amount Contributable     18. Free tax extension online If you had only nonelective contributions, enter the amount from line 3. Free tax extension online This is your MAC. Free tax extension online    If you had only elective deferrals, enter the lesser of lines 3 or 17. Free tax extension online This is your MAC. Free tax extension online    If you had both elective deferrals and nonelective contributions, enter the amount from line 3. Free tax extension online This is your MAC. Free tax extension online (Use the amount on line 17 to determine if you have excess elective deferrals as explained in chapter 7. Free tax extension online ) 18. Free tax extension online   1If you participate in a 403(b) plan and a qualified plan, you must combine contributions made to your 403(b) account with contributions to a qualified plan and simplified employee pension plans of all corporations, partnerships, and sole proprietorships in which you have more than 50% control. Free tax extension online You must also combine the contributions made to all 403(b) accounts on your behalf by your employer. Free tax extension online Prev  Up  Next   Home   More Online Publications