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H And R Block Free State

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H And R Block Free State

H and r block free state Publication 510 - Introductory Material Table of Contents What's New Reminders Introduction Useful Items - You may want to see: Excise Taxes Not Covered What's New Medical device excise tax. H and r block free state  The Affordable Care Act (the “Act”) (Public Law 111-148, amended by Public Law 111-152) imposes a 2. H and r block free state 3% (. H and r block free state 023) excise tax on the sale of certain medical devices by the manufacturer, producer, or importer of the device. H and r block free state The tax applies to sales of taxable medical devices after December 31, 2012. H and r block free state See Taxable Medical Devices in chapter 5, later. H and r block free state Tax on seasonal flu vaccines. H and r block free state  Sales of all vaccines against seasonal influenza are now subject to the section 4131 excise tax at the existing rate of $. H and r block free state 75 per dose of taxable vaccine. H and r block free state Previously, only trivalent influenza vaccines were subject to this tax. H and r block free state See Vaccines in chapter 5, later. H and r block free state Patient-centered outcomes research fee. H and r block free state  The Act imposes a fee on issuers of specified health insurance policies (section 4375) and plan sponsors of applicable self-insured health plans (section 4576) to help fund the Patient-Centered Outcomes Research Institute. H and r block free state The fee, required to be reported annually on the 2nd quarter Form 720 and paid by its due date, July 31st, is based on the average number of lives covered under the policy or plan. H and r block free state The fee applies to policy or plan years ending on or after October 1, 2012. H and r block free state See chapter 11, later. H and r block free state Extension of fuel tax credits. H and r block free state  The following section 6426 credits, previously expired on December 31, 2011, are retroactively extended. H and r block free state Biodiesel or renewable diesel mixture credit. H and r block free state Alternative fuel credit. H and r block free state Alternative fuel mixture credit. H and r block free state See Notice 2013–26 (fuel tax credits) on page 984 of I. H and r block free state R. H and r block free state B. H and r block free state 2013–18 at www. H and r block free state irs. H and r block free state gov/pub/irs-irbs/irb13-18. H and r block free state pdf; also see chapter 2, later. H and r block free state Alternative fuel mixture credit can be claimed on Schedule C (Form 720) only. H and r block free state  For alternative fuel mixtures produced after December 31, 2011, the section 6426 alternative fuel mixture credit can be claimed on Schedule C (Form 720) only, not on Form 4136, Credit for Federal Tax Paid on Fuels, or Schedule 3 (Form 8849), Claim for Refund of Excise Taxes, and only to the extent of your section 4081 taxable fuel liability for gasoline, diesel, and kerosene. H and r block free state See Biodiesel or Renewable Diesel Mixture Credit, Alternative Fuel Credit, and Alternative Fuel Mixture Credit in chapter 2, later. H and r block free state Expiration of alcohol fuel mixture credit. H and r block free state  The section 6426 alcohol fuel mixture credit expired after December 31, 2011. H and r block free state Expiration of alcohol fuels credits. H and r block free state  The section 40 alcohol, alcohol mixture, and small ethanol producer credits expired after December 31, 2011. H and r block free state Second generation biofuel producer credit and excise tax. H and r block free state  The section 40 cellulosic biofuel producer credit was retroactively extended to include fuel sold or used through January 2, 2013. H and r block free state After January 2, 2013, cellulosic biofuel is renamed second generation biofuel, which adds algae-based fuel. H and r block free state The second generation biofuel producer credit is for fuel sold or used after January 2, 2013, and before January 1, 2014. H and r block free state You are liable for an excise tax on each gallon of cellulosic or second generation biofuel at the rate you used to figure the credit if you do not use the fuel for the purposes described under Qualified Cellulosic Biofuel Production or Qualified Second Generation Biofuel Production, later. H and r block free state Report the tax on Form 720. H and r block free state See Cellulosic or Second Generation Biofuel Not Used as Fuel, later; also see Form 6478, Biofuel Producer Credit, for more information. H and r block free state Extension of section 40A biodiesel fuels credit. H and r block free state  The biodiesel fuels credit, previously expired on December 31, 2011, is retroactively extended. H and r block free state Future developments. H and r block free state  The IRS has created a page on IRS. H and r block free state gov that includes information about Publication 510 at www. H and r block free state irs. H and r block free state gov/pub510. H and r block free state Information about any future developments will be posted on that page. H and r block free state Reminders Publication 510 updates. H and r block free state  Publication 510 is not updated annually. H and r block free state Instead, it will be updated only when there are major changes in the tax law. H and r block free state Use of international air travel facilities. H and r block free state  Generally, the tax on the use of international air travel facilities increases annually. H and r block free state See the Instructions for Form 720 for the tax rate. H and r block free state For more information, see Air Transportation Taxes in chapter 4. H and r block free state Aviation fuels for use in foreign trade. H and r block free state  Aviation gasoline and kerosene for use in aviation are exempt from the leaking underground storage tank (LUST) tax. H and r block free state Arrow shafts, tax rate. H and r block free state  Generally, the tax on arrow shafts increases annually. H and r block free state See Form 720 for the tax rate. H and r block free state Disregarded entities and qualified subchapter S subsidiaries. H and r block free state  Qualified subchapter S subsidiaries (QSubs) and eligible single-owner disregarded entities are treated as separate entities for excise tax and reporting purposes. H and r block free state QSubs and eligible single-owner disregarded entities must pay and report excise taxes (other than IRS Nos. H and r block free state 31, 51, and 117), register for most excise tax activities, and claim any refunds, credits, and payments under the entity's employer identification number (EIN). H and r block free state These actions cannot take place under the owner's taxpayer identification number (TIN). H and r block free state Some QSubs and disregarded entities may already have an EIN. H and r block free state However, if you are unsure, please call the IRS Business and Specialty Tax line at 1-800-829-4933. H and r block free state Generally, QSubs and eligible single-owner disregarded entities will continue to be treated as disregarded entities for other federal tax purposes (other than employment taxes). H and r block free state For more information on these regulations, see Treasury Decision (T. H and r block free state D. H and r block free state ) 9356, T. H and r block free state D. H and r block free state 9462, and T. H and r block free state D. H and r block free state 9596. H and r block free state You can find T. H and r block free state D. H and r block free state 9356 on page 675 of Internal Revenue Bulletin (I. H and r block free state R. H and r block free state B. H and r block free state ) 2007-39 at  www. H and r block free state irs. H and r block free state gov/pub/irs-irbs/irb07-39. H and r block free state pdf;  T. H and r block free state D. H and r block free state 9462 on page 504 of I. H and r block free state R. H and r block free state B. H and r block free state 2009-42 at  www. H and r block free state irs. H and r block free state gov/pub/irs-irbs/irb09-42. H and r block free state pdf;  and T. H and r block free state D. H and r block free state 9596 on page 84 of I. H and r block free state R. H and r block free state B. H and r block free state 2012-30 at  www. H and r block free state irs. H and r block free state gov/pub/irs-irbs/irb12-30. H and r block free state pdf. H and r block free state Registration for certain activities. H and r block free state  You are required to be registered for certain excise tax activities, such as blending of gasoline, diesel fuel, or kerosene outside the bulk transfer/terminal system. H and r block free state See the instructions for Form 637 for the list of activities for which you must register. H and r block free state Also see Registration Requirements under Fuel Taxes in chapter 1 for information on registration for activities related to fuel. H and r block free state Each business unit that has, or is required to have, a separate employer identification number must be registered. H and r block free state To apply for registration, complete Form 637 and provide the information requested in its instructions. H and r block free state If your application is approved, you will receive a Letter of Registration showing the activities for which you are registered, the effective date of the registration, and your registration number. H and r block free state A copy of Form 637 is not a Letter of Registration. H and r block free state Photographs of missing children. H and r block free state  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. H and r block free state Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. H and r block free state 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. H and r block free state Introduction This publication covers the excise taxes for which you may be liable and which are reported on Form 720 and other forms. H and r block free state It also covers fuel tax credits and refunds. H and r block free state For information on fuel credits against income tax (the section 40 credits for the production of cellulosic biofuel and second generation biofuel, and the section 40A credit for biodiesel and renewable diesel used as fuel) see the instructions for Form 6478 and Form 8864, Biodiesel and Renewable Diesel Fuels Credit. H and r block free state Comments and suggestions. H and r block free state   We welcome your comments about this publication and your suggestions for future editions. H and r block free state   You can write to us at the following address: Internal Revenue Service Individual and Specialty Forms and Publications Branch SE:W:CAR:MP:T:I 1111 Constitution Ave. H and r block free state NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. H and r block free state Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. H and r block free state   You can email us at taxforms@irs. H and r block free state gov. H and r block free state Please put “Publications Comment” on the subject line. H and r block free state You can also send us comments from www. H and r block free state irs. H and r block free state gov/Forms-&-Pubs/More-Information/ and select “Comment on Tax Forms and Publications”. H and r block free state   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. H and r block free state Useful Items - You may want to see: Publication 509 Tax Calendars Form (and Instructions) 11-C Occupational Tax and Registration Return for Wagering 637 Application for Registration (For Certain Excise Tax Activities) 720 Quarterly Federal Excise Tax Return 720X Amended Quarterly Federal Excise Tax Return 730 Monthly Tax Return for Wagers 1363 Export Exemption Certificate 2290 Heavy Highway Vehicle Use Tax Return 2290(SP) Declaración del Impuesto sobre el Uso de Vehículos Pesados en las Carreteras 4136 Credit for Federal Tax Paid on Fuels 6197 Gas Guzzler Tax 6478 Biofuel Producer Credit 6627 Environmental Taxes 8849 Claim for Refund of Excise Taxes, and Schedules 1–3, 5, 6, and 8 8864 Biodiesel and Renewable Diesel Fuels Credit Information Returns    Form 720-TO, Terminal Operator Report Form 720-CS, Carrier Summary Report   See How To Get Tax Help in chapter 17 for information about ordering forms and publications. H and r block free state Guidance    You can find Notice 2005-4 (fuel tax guidance) on page 289 of I. H and r block free state R. H and r block free state B. H and r block free state 2005-2 at www. H and r block free state irs. H and r block free state gov/pub/irs-irbs/irb05-02. H and r block free state pdf. H and r block free state Notice 2005-62 (biodiesel and aviation-grade kerosene) on page 443 of I. H and r block free state R. H and r block free state B. H and r block free state 2005-35 at www. H and r block free state irs. H and r block free state gov/pub/irs-irbs/irb05-35. H and r block free state pdf. H and r block free state Notice 2005-80 (LUST, kerosene, claims by credit card issuers, and mechanical dye injection) on page 953 of I. H and r block free state R. H and r block free state B. H and r block free state 2005-46 at www. H and r block free state irs. H and r block free state gov/pub/irs-irbs/irb05-46. H and r block free state pdf. H and r block free state Notice 2006-92 (alternative fuels and alternative fuel mixtures) on page 774 of I. H and r block free state R. H and r block free state B. H and r block free state 2006-43 at www. H and r block free state irs. H and r block free state gov/pub/irs-irbs/irb06-43. H and r block free state pdf. H and r block free state Notice 2008-110 (biodiesel and cellulosic biofuel) on page 1298 of I. H and r block free state R. H and r block free state B. H and r block free state 2008-51 at www. H and r block free state irs. H and r block free state gov/pub/irs-irbs/irb08-51. H and r block free state pdf. H and r block free state Notice 2010-68 (Alaska dyed diesel exemption) on page 576 of I. H and r block free state R. H and r block free state B. H and r block free state 2010-44 at www. H and r block free state irs. H and r block free state gov/pub/irs-irbs/irb10-44. H and r block free state pdf. H and r block free state Notice 2012-27 (fractional aircraft ownership programs fuel surtax) on page 849 of I. H and r block free state R. H and r block free state B. H and r block free state 2012-17 at www. H and r block free state irs. H and r block free state gov/pub/irs-irbs/irb12-17. H and r block free state pdf. H and r block free state Notice 2013-26 (fuel tax credits) on page 984 of I. H and r block free state R. H and r block free state B. H and r block free state 2013-18 at www. H and r block free state irs. H and r block free state gov/pub/irs-irbs/irb13-18. H and r block free state pdf. H and r block free state T. H and r block free state D. H and r block free state 9604 and Notice 2012–77 (medical device tax) on pages 730 and 781, respectively, of I. H and r block free state R. H and r block free state B. H and r block free state 2012-52 at www. H and r block free state irs. H and r block free state gov/pub/irs-irbs/irb12-52. H and r block free state pdf. H and r block free state T. H and r block free state D. H and r block free state 9602 (patient-centered outcomes research fee) on page 746 of I. H and r block free state R. H and r block free state B. H and r block free state 2012-52 at www. H and r block free state irs. H and r block free state gov/pub/irs-irbs/irb12-52. H and r block free state pdf. H and r block free state Revenue Procedure 2012-41 (inflation adjustments) on page 539 of I. H and r block free state R. H and r block free state B. H and r block free state 2012-45 at www. H and r block free state irs. H and r block free state gov/pub/irs-irbs/irb12-45. H and r block free state pdf. H and r block free state T. H and r block free state D. H and r block free state 9621 (indoor tanning services tax) on page 49 of I. H and r block free state R. H and r block free state B. H and r block free state 2013-28 at www. H and r block free state irs. H and r block free state gov/pub/irs-irbs/irb13-28. H and r block free state pdf. H and r block free state Excise Taxes Not Covered In addition to the taxes discussed in this publication, you may have to report certain other excise taxes. H and r block free state For tax forms relating to alcohol, firearms, and tobacco, visit the Alcohol and Tobacco Tax and Trade Bureau website at www. H and r block free state ttb. H and r block free state gov. H and r block free state Heavy highway vehicle use tax. H and r block free state   You report the federal excise tax on the use of certain trucks, truck tractors, and buses used on public highways on Form 2290, Heavy Highway Vehicle Use Tax Return. H and r block free state The tax applies to highway motor vehicles with a taxable gross weight of 55,000 pounds or more. H and r block free state Vans, pickup trucks, panel trucks, and similar trucks generally are not subject to this tax. H and r block free state Note. H and r block free state A Spanish version (Formulario 2290(SP)) is also available. H and r block free state See How To Get Tax Help in chapter 17. H and r block free state Registration of vehicles. H and r block free state   Generally, you must prove that you paid your heavy highway vehicle use tax to register your taxable vehicle with your state motor vehicle department or to enter the United States in a Canadian or Mexican registered taxable vehicle. H and r block free state Generally, a copy of Schedule 1 (Form 2290) is stamped by the IRS and returned to you as proof of payment. H and r block free state    If you have questions on Form 2290, see its separate instructions, or you can call the Form 2290 call site at 1-866-699-4096 (toll free) from the United States, and 1-859-669-5733 (not toll free) from Canada and Mexico. H and r block free state The hours of service are 8:00 a. H and r block free state m. H and r block free state to 6:00 p. H and r block free state m. H and r block free state Eastern time. H and r block free state Wagering tax and occupational tax. H and r block free state   The information on wagering tax can be found in the instructions for Form 730, Tax on Wagering, and Form 11-C, Occupational Tax and Registration Return for Wagering. H and r block free state Prev  Up  Next   Home   More Online Publications
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The H And R Block Free State

H and r block free state 3. H and r block free state   SIMPLE Plans Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: SIMPLE IRA PlanWho Can Set Up a SIMPLE IRA Plan? Who Can Participate in a SIMPLE IRA Plan? How To Set Up a SIMPLE IRA Plan Notification Requirement Contribution Limits When To Deduct Contributions Where To Deduct Contributions Tax Treatment of Contributions Distributions (Withdrawals) More Information on SIMPLE IRA Plans SIMPLE 401(k) Plan Topics - This chapter discusses: SIMPLE IRA plan SIMPLE 401(k) plan Useful Items - You may want to see: Publications 590 Individual Retirement Arrangements (IRAs) 3998 Choosing A Retirement Solution for Your Small Business 4284 SIMPLE IRA Plan Checklist 4334 SIMPLE IRA Plans for Small Businesses Forms (and Instructions) W-2 Wage and Tax Statement 5304-SIMPLE Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)–Not for Use With a Designated Financial Institution 5305-SIMPLE Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)–for Use With a Designated Financial Institution 8880 Credit for Qualified Retirement Savings Contributions 8881 Credit for Small Employer Pension Plan Startup Costs A savings incentive match plan for employees (SIMPLE plan) is a written arrangement that provides you and your employees with a simplified way to make contributions to provide retirement income. H and r block free state Under a SIMPLE plan, employees can choose to make salary reduction contributions to the plan rather than receiving these amounts as part of their regular pay. H and r block free state In addition, you will contribute matching or nonelective contributions. H and r block free state SIMPLE plans can only be maintained on a calendar-year basis. H and r block free state A SIMPLE plan can be set up in either of the following ways. H and r block free state Using SIMPLE IRAs (SIMPLE IRA plan). H and r block free state As part of a 401(k) plan (SIMPLE 401(k) plan). H and r block free state Many financial institutions will help you set up a SIMPLE plan. H and r block free state SIMPLE IRA Plan A SIMPLE IRA plan is a retirement plan that uses SIMPLE IRAs for each eligible employee. H and r block free state Under a SIMPLE IRA plan, a SIMPLE IRA must be set up for each eligible employee. H and r block free state For the definition of an eligible employee, see Who Can Participate in a SIMPLE IRA Plan , later. H and r block free state Who Can Set Up a SIMPLE IRA Plan? You can set up a SIMPLE IRA plan if you meet both the following requirements. H and r block free state You meet the employee limit. H and r block free state You do not maintain another qualified plan unless the other plan is for collective bargaining employees. H and r block free state Employee limit. H and r block free state   You can set up a SIMPLE IRA plan only if you had 100 or fewer employees who received $5,000 or more in compensation from you for the preceding year. H and r block free state Under this rule, you must take into account all employees employed at any time during the calendar year regardless of whether they are eligible to participate. H and r block free state Employees include self-employed individuals who received earned income and leased employees (defined in chapter 1). H and r block free state   Once you set up a SIMPLE IRA plan, you must continue to meet the 100-employee limit each year you maintain the plan. H and r block free state Grace period for employers who cease to meet the 100-employee limit. H and r block free state   If you maintain the SIMPLE IRA plan for at least 1 year and you cease to meet the 100-employee limit in a later year, you will be treated as meeting it for the 2 calendar years immediately following the calendar year for which you last met it. H and r block free state   A different rule applies if you do not meet the 100-employee limit because of an acquisition, disposition, or similar transaction. H and r block free state Under this rule, the SIMPLE IRA plan will be treated as meeting the 100-employee limit for the year of the transaction and the 2 following years if both the following conditions are satisfied. H and r block free state Coverage under the plan has not significantly changed during the grace period. H and r block free state The SIMPLE IRA plan would have continued to qualify after the transaction if you had remained a separate employer. H and r block free state    The grace period for acquisitions, dispositions, and similar transactions also applies if, because of these types of transactions, you do not meet the rules explained under Other qualified plan or Who Can Participate in a SIMPLE IRA Plan, below. H and r block free state Other qualified plan. H and r block free state   The SIMPLE IRA plan generally must be the only retirement plan to which you make contributions, or to which benefits accrue, for service in any year beginning with the year the SIMPLE IRA plan becomes effective. H and r block free state Exception. H and r block free state   If you maintain a qualified plan for collective bargaining employees, you are permitted to maintain a SIMPLE IRA plan for other employees. H and r block free state Who Can Participate in a SIMPLE IRA Plan? Eligible employee. H and r block free state   Any employee who received at least $5,000 in compensation during any 2 years preceding the current calendar year and is reasonably expected to receive at least $5,000 during the current calendar year is eligible to participate. H and r block free state The term “employee” includes a self-employed individual who received earned income. H and r block free state   You can use less restrictive eligibility requirements (but not more restrictive ones) by eliminating or reducing the prior year compensation requirements, the current year compensation requirements, or both. H and r block free state For example, you can allow participation for employees who received at least $3,000 in compensation during any preceding calendar year. H and r block free state However, you cannot impose any other conditions for participating in a SIMPLE IRA plan. H and r block free state Excludable employees. H and r block free state   The following employees do not need to be covered under a SIMPLE IRA plan. H and r block free state Employees who are covered by a union agreement and whose retirement benefits were bargained for in good faith by the employees' union and you. H and r block free state Nonresident alien employees who have received no U. H and r block free state S. H and r block free state source wages, salaries, or other personal services compensation from you. H and r block free state Compensation. H and r block free state   Compensation for employees is the total wages, tips, and other compensation from the employer subject to federal income tax withholding and the amounts paid for domestic service in a private home, local college club, or local chapter of a college fraternity or sorority. H and r block free state Compensation also includes the employee's salary reduction contributions made under this plan and, if applicable, elective deferrals under a section 401(k) plan, a SARSEP, or a section 403(b) annuity contract and compensation deferred under a section 457 plan required to be reported by the employer on Form W-2. H and r block free state If you are self-employed, compensation is your net earnings from self-employment (line 4 of Short Schedule SE or line 6 of Long Schedule SE (Form 1040)) before subtracting any contributions made to the SIMPLE IRA plan for yourself. H and r block free state How To Set Up a SIMPLE IRA Plan You can use Form 5304-SIMPLE or Form 5305-SIMPLE to set up a SIMPLE IRA plan. H and r block free state Each form is a model savings incentive match plan for employees (SIMPLE) plan document. H and r block free state Which form you use depends on whether you select a financial institution or your employees select the institution that will receive the contributions. H and r block free state Use Form 5304-SIMPLE if you allow each plan participant to select the financial institution for receiving his or her SIMPLE IRA plan contributions. H and r block free state Use Form 5305-SIMPLE if you require that all contributions under the SIMPLE IRA plan be deposited initially at a designated financial institution. H and r block free state The SIMPLE IRA plan is adopted when you have completed all appropriate boxes and blanks on the form and you (and the designated financial institution, if any) have signed it. H and r block free state Keep the original form. H and r block free state Do not file it with the IRS. H and r block free state Other uses of the forms. H and r block free state   If you set up a SIMPLE IRA plan using Form 5304-SIMPLE or Form 5305-SIMPLE, you can use the form to satisfy other requirements, including the following. H and r block free state Meeting employer notification requirements for the SIMPLE IRA plan. H and r block free state Form 5304-SIMPLE and Form 5305-SIMPLE contain a Model Notification to Eligible Employees that provides the necessary information to the employee. H and r block free state Maintaining the SIMPLE IRA plan records and proving you set up a SIMPLE IRA plan for employees. H and r block free state Deadline for setting up a SIMPLE IRA plan. H and r block free state   You can set up a SIMPLE IRA plan effective on any date from January 1 through October 1 of a year, provided you did not previously maintain a SIMPLE IRA plan. H and r block free state This requirement does not apply if you are a new employer that comes into existence after October 1 of the year the SIMPLE IRA plan is set up and you set up a SIMPLE IRA plan as soon as administratively feasible after your business comes into existence. H and r block free state If you previously maintained a SIMPLE IRA plan, you can set up a SIMPLE IRA plan effective only on January 1 of a year. H and r block free state A SIMPLE IRA plan cannot have an effective date that is before the date you actually adopt the plan. H and r block free state Setting up a SIMPLE IRA. H and r block free state   SIMPLE IRAs are the individual retirement accounts or annuities into which the contributions are deposited. H and r block free state A SIMPLE IRA must be set up for each eligible employee. H and r block free state Forms 5305-S, SIMPLE Individual Retirement Trust Account, and 5305-SA, SIMPLE Individual Retirement Custodial Account, are model trust and custodial account documents the participant and the trustee (or custodian) can use for this purpose. H and r block free state   A SIMPLE IRA cannot be a Roth IRA. H and r block free state Contributions to a SIMPLE IRA will not affect the amount an individual can contribute to a Roth or traditional IRA. H and r block free state Deadline for setting up a SIMPLE IRA. H and r block free state   A SIMPLE IRA must be set up for an employee before the first date by which a contribution is required to be deposited into the employee's IRA. H and r block free state See Time limits for contributing funds , later, under Contribution Limits. H and r block free state Credit for startup costs. H and r block free state   You may be able to claim a tax credit for part of the ordinary and necessary costs of starting a SIMPLE IRA plan that first became effective in 2013. H and r block free state For more information, see Credit for startup costs under Reminders, earlier. H and r block free state Notification Requirement If you adopt a SIMPLE IRA plan, you must notify each employee of the following information before the beginning of the election period. H and r block free state The employee's opportunity to make or change a salary reduction choice under a SIMPLE IRA plan. H and r block free state Your decision to make either matching contributions or nonelective contributions (discussed later). H and r block free state A summary description provided by the financial institution. H and r block free state Written notice that his or her balance can be transferred without cost or penalty if they use a designated financial institution. H and r block free state Election period. H and r block free state   The election period is generally the 60-day period immediately preceding January 1 of a calendar year (November 2 to December 31 of the preceding calendar year). H and r block free state However, the dates of this period are modified if you set up a SIMPLE IRA plan in mid-year (for example, on July 1) or if the 60-day period falls before the first day an employee becomes eligible to participate in the SIMPLE IRA plan. H and r block free state   A SIMPLE IRA plan can provide longer periods for permitting employees to enter into salary reduction agreements or to modify prior agreements. H and r block free state For example, a SIMPLE IRA plan can provide a 90-day election period instead of the 60-day period. H and r block free state Similarly, in addition to the 60-day period, a SIMPLE IRA plan can provide quarterly election periods during the 30 days before each calendar quarter, other than the first quarter of each year. H and r block free state Contribution Limits Contributions are made up of salary reduction contributions and employer contributions. H and r block free state You, as the employer, must make either matching contributions or nonelective contributions, defined later. H and r block free state No other contributions can be made to the SIMPLE IRA plan. H and r block free state These contributions, which you can deduct, must be made timely. H and r block free state See Time limits for contributing funds , later. H and r block free state Salary reduction contributions. H and r block free state   The amount the employee chooses to have you contribute to a SIMPLE IRA on his or her behalf cannot be more than $12,000 for 2013 and 2014. H and r block free state These contributions must be expressed as a percentage of the employee's compensation unless you permit the employee to express them as a specific dollar amount. H and r block free state You cannot place restrictions on the contribution amount (such as limiting the contribution percentage), except to comply with the $12,000 limit. H and r block free state   If you or an employee participates in any other qualified plan during the year and you or your employee have salary reduction contributions (elective deferrals) under those plans, the salary reduction contributions under a SIMPLE IRA plan also count toward the overall annual limit ($17,500 for 2013 and 2014) on exclusion of salary reduction contributions and other elective deferrals. H and r block free state Catch-up contributions. H and r block free state   A SIMPLE IRA plan can permit participants who are age 50 or over at the end of the calendar year to also make catch-up contributions. H and r block free state The catch-up contribution limit for 2013 and 2014 for SIMPLE IRA plans is $2,500. H and r block free state Salary reduction contributions are not treated as catch-up contributions for 2013 or 2014 until they exceed $12,000. H and r block free state However, the catch-up contribution a participant can make for a year cannot exceed the lesser of the following amounts. H and r block free state The catch-up contribution limit. H and r block free state The excess of the participant's compensation over the salary reduction contributions that are not catch-up contributions. H and r block free state Employer matching contributions. H and r block free state   You are generally required to match each employee's salary reduction contributions on a dollar-for-dollar basis up to 3% of the employee's compensation. H and r block free state This requirement does not apply if you make nonelective contributions as discussed later. H and r block free state Example. H and r block free state In 2013, your employee, John Rose, earned $25,000 and chose to defer 5% of his salary. H and r block free state Your net earnings from self-employment are $40,000, and you choose to contribute 10% of your earnings to your SIMPLE IRA. H and r block free state You make 3% matching contributions. H and r block free state The total contribution you make for John is $2,000, figured as follows. H and r block free state Salary reduction contributions ($25,000 × . H and r block free state 05) $1,250 Employer matching contribution ($25,000 × . H and r block free state 03) 750 Total contributions $2,000     The total contribution you make for yourself is $5,200, figured as follows. H and r block free state Salary reduction contributions ($40,000 × . H and r block free state 10) $4,000 Employer matching contribution ($40,000 × . H and r block free state 03) 1,200 Total contributions $5,200 Lower percentage. H and r block free state   If you choose a matching contribution less than 3%, the percentage must be at least 1%. H and r block free state You must notify the employees of the lower match within a reasonable period of time before the 60-day election period (discussed earlier) for the calendar year. H and r block free state You cannot choose a percentage less than 3% for more than 2 years during the 5-year period that ends with (and includes) the year for which the choice is effective. H and r block free state Nonelective contributions. H and r block free state   Instead of matching contributions, you can choose to make nonelective contributions of 2% of compensation on behalf of each eligible employee who has at least $5,000 (or some lower amount you select) of compensation from you for the year. H and r block free state If you make this choice, you must make nonelective contributions whether or not the employee chooses to make salary reduction contributions. H and r block free state Only $255,000 of the employee's compensation can be taken into account to figure the contribution limit in 2013 ($260,000 in 2014). H and r block free state   If you choose this 2% contribution formula, you must notify the employees within a reasonable period of time before the 60-day election period (discussed earlier) for the calendar year. H and r block free state Example 1. H and r block free state In 2013, your employee, Jane Wood, earned $36,000 and chose to have you contribute 10% of her salary. H and r block free state Your net earnings from self-employment are $50,000, and you choose to contribute 10% of your earnings to your SIMPLE IRA. H and r block free state You make a 2% nonelective contribution. H and r block free state Both of you are under age 50. H and r block free state The total contribution you make for Jane is $4,320, figured as follows. H and r block free state Salary reduction contributions ($36,000 × . H and r block free state 10) $3,600 2% nonelective contributions ($36,000 × . H and r block free state 02) 720 Total contributions $4,320     The total contribution you make for yourself is $6,000, figured as follows. H and r block free state Salary reduction contributions ($50,000 × . H and r block free state 10) $5,000 2% nonelective contributions ($50,000 × . H and r block free state 02) 1,000 Total contributions $6,000 Example 2. H and r block free state Using the same facts as in Example 1, above, the maximum contribution you make for Jane or for yourself if you each earned $75,000 is $13,500, figured as follows. H and r block free state Salary reduction contributions (maximum amount allowed) $12,000 2% nonelective contributions ($75,000 × . H and r block free state 02) 1,500 Total contributions $13,500 Time limits for contributing funds. H and r block free state   You must make the salary reduction contributions to the SIMPLE IRA within 30 days after the end of the month in which the amounts would otherwise have been payable to the employee in cash. H and r block free state You must make matching contributions or nonelective contributions by the due date (including extensions) for filing your federal income tax return for the year. H and r block free state Certain plans subject to Department of Labor rules may have an earlier due date for salary reduction contributions. H and r block free state When To Deduct Contributions You can deduct SIMPLE IRA contributions in the tax year within which the calendar year for which contributions were made ends. H and r block free state You can deduct contributions for a particular tax year if they are made for that tax year and are made by the due date (including extensions) of your federal income tax return for that year. H and r block free state Example 1. H and r block free state Your tax year is the fiscal year ending June 30. H and r block free state Contributions under a SIMPLE IRA plan for the calendar year 2013 (including contributions made in 2013 before July 1, 2013) are deductible in the tax year ending June 30, 2014. H and r block free state Example 2. H and r block free state You are a sole proprietor whose tax year is the calendar year. H and r block free state Contributions under a SIMPLE IRA plan for the calendar year 2013 (including contributions made in 2014 by April 15, 2014) are deductible in the 2013 tax year. H and r block free state Where To Deduct Contributions Deduct the contributions you make for your common-law employees on your tax return. H and r block free state For example, sole proprietors deduct them on Schedule C (Form 1040) or Schedule F (Form 1040); partnerships deduct them on Form 1065; and corporations deduct them on Form 1120 or Form 1120S. H and r block free state Sole proprietors and partners deduct contributions for themselves on line 28 of Form 1040. H and r block free state (If you are a partner, contributions for yourself are shown on the Schedule K-1 (Form 1065) you receive from the partnership. H and r block free state ) Tax Treatment of Contributions You can deduct your contributions and your employees can exclude these contributions from their gross income. H and r block free state SIMPLE IRA plan contributions are not subject to federal income tax withholding. H and r block free state However, salary reduction contributions are subject to social security, Medicare, and federal unemployment (FUTA) taxes. H and r block free state Matching and nonelective contributions are not subject to these taxes. H and r block free state Reporting on Form W-2. H and r block free state   Do not include SIMPLE IRA plan contributions in the “Wages, tips, other compensation” box of Form W-2. H and r block free state You must, however, include them in the “Social security wages” and “Medicare wages and tips” boxes. H and r block free state You must also include them in box 12. H and r block free state Mark the “Retirement plan” checkbox in box 13. H and r block free state For more information, see the Form W-2 instructions. H and r block free state Distributions (Withdrawals) Distributions from a SIMPLE IRA are subject to IRA rules and generally are includible in income for the year received. H and r block free state Tax-free rollovers can be made from one SIMPLE IRA into another SIMPLE IRA. H and r block free state However, a rollover from a SIMPLE IRA to a non-SIMPLE IRA can be made tax free only after a 2-year participation in the SIMPLE IRA plan. H and r block free state Generally, you or your employee must begin to receive distributions from a SIMPLE IRA by April 1 of the first year after the calendar year in which you or your employee reaches age 70½. H and r block free state Early withdrawals generally are subject to a 10% additional tax. H and r block free state However, the additional tax is increased to 25% if funds are withdrawn within 2 years of beginning participation. H and r block free state More information. H and r block free state   See Publication 590 for information about IRA rules, including those on the tax treatment of distributions, rollovers, required distributions, and income tax withholding. H and r block free state More Information on SIMPLE IRA Plans If you need help to set up or maintain a SIMPLE IRA plan, go to the IRS website and search SIMPLE IRA Plan. H and r block free state SIMPLE 401(k) Plan You can adopt a SIMPLE plan as part of a 401(k) plan if you meet the 100-employee limit as discussed earlier under SIMPLE IRA Plan. H and r block free state A SIMPLE 401(k) plan is a qualified retirement plan and generally must satisfy the rules discussed under Qualification Rules in chapter 4, including the required distribution rules. H and r block free state However, a SIMPLE 401(k) plan is not subject to the nondiscrimination and top-heavy rules discussed in chapter 4 if the plan meets the conditions listed below. H and r block free state Under the plan, an employee can choose to have you make salary reduction contributions for the year to a trust in an amount expressed as a percentage of the employee's compensation, but not more than $12,000 for 2013 and 2014. H and r block free state If permitted under the plan, an employee who is age 50 or over can also make a catch-up contribution of up to $2,500 for 2013 and 2014. H and r block free state See Catch-up contributions , earlier under Contribution Limits. H and r block free state You must make either: Matching contributions up to 3% of compensation for the year, or Nonelective contributions of 2% of compensation on behalf of each eligible employee who has at least $5,000 of compensation from you for the year. H and r block free state No other contributions can be made to the trust. H and r block free state No contributions are made, and no benefits accrue, for services during the year under any other qualified retirement plan sponsored by you on behalf of any employee eligible to participate in the SIMPLE 401(k) plan. H and r block free state The employee's rights to any contributions are nonforfeitable. H and r block free state No more than $255,000 of the employee's compensation can be taken into account in figuring matching contributions and nonelective contributions in 2013 ($260,000 in 2014). H and r block free state Compensation is defined earlier in this chapter. H and r block free state Employee notification. H and r block free state   The notification requirement that applies to SIMPLE IRA plans also applies to SIMPLE 401(k) plans. H and r block free state See Notification Requirement in this chapter. H and r block free state Credit for startup costs. H and r block free state   You may be able to claim a tax credit for part of the ordinary and necessary costs of starting a SIMPLE 401(k) plan that first became effective in 2013. H and r block free state For more information, see Credit for startup costs under Reminders, earlier. H and r block free state Note on Forms. H and r block free state   Please note that Forms 5304-SIMPLE and 5305-SIMPLE can not be used to establish a SIMPLE 401(k) plan. H and r block free state To set up a SIMPLE 401(k) plan, see Adopting a Written Plan in chapter 4. H and r block free state Prev  Up  Next   Home   More Online Publications