File your Taxes for Free!
  • Get your maximum refund*
  • 100% accurate calculations guaranteed*

TurboTax Federal Free Edition - File Taxes Online

Don't let filing your taxes get you down! We'll help make it as easy as possible. With e-file and direct deposit, there's no faster way to get your refund!

Approved TurboTax Affiliate Site. TurboTax and TurboTax Online, among others, are registered trademarks and/or service marks of Intuit Inc. in the United States and other countries. Other parties' trademarks or service marks are the property of the respective owners.


© 2012 - 2018 All rights reserved.

This is an Approved TurboTax Affiliate site. TurboTax and TurboTax Online, among other are registered trademarks and/or service marks of Intuit, Inc. in the United States and other countries. Other parties' trademarks or service marks are the property of the respective owners.
When discussing "Free e-file", note that state e-file is an additional fee. E-file fees do not apply to New York state returns. Prices are subject to change without notice. E-file and get your refund faster
*If you pay an IRS or state penalty or interest because of a TurboTax calculations error, we'll pay you the penalty and interest.
*Maximum Refund Guarantee - or Your Money Back: If you get a larger refund or smaller tax due from another tax preparation method, we'll refund the applicable TurboTax federal and/or state purchase price paid. TurboTax Federal Free Edition customers are entitled to payment of $14.99 and a refund of your state purchase price paid. Claims must be submitted within sixty (60) days of your TurboTax filing date and no later than 6/15/14. E-file, Audit Defense, Professional Review, Refund Transfer and technical support fees are excluded. This guarantee cannot be combined with the TurboTax Satisfaction (Easy) Guarantee. *We're so confident your return will be done right, we guarantee it. Accurate calculations guaranteed. If you pay an IRS or state penalty or interest because of a TurboTax calculations error, we'll pay you the penalty and interest.
https://turbotax.intuit.com/corp/guarantees.jsp

H&r Block Free Tax File

How To Amend Tax ReturnEfile Taxes FreeFree File Taxes 2011Can You E File An Amended 1040xH & R Block Free TaxFile A 1040x Online1040a1040 Ez Tax Forms2010 1040File 2010 Taxes Online Late TurbotaxComplete 2005 Taxes OnlineFree Back Tax FilingReview Tax Act 2010File Free State Tax Return OnlineFree 1040 State Tax FormsFile An Amended Tax ReturnFree Online Federal And State Tax Filing 2013How To Amend A 2010 Tax ReturnPrintable 1040ez Form2011 Tax FilingIrs Form1040File 1040nr OnlineCan I Still File My 2012 TaxesH&r Block Military Key CodeFree 2012 Tax Software DownloadAmended Tax FormH And R Block State Taxes2012 State Tax Forms1040x Online FreeFiling Late TaxesIrs Gov VitaIrs Form 1040xHow To File Amended Tax ReturnIrs Gov Form 1040Turbo Tax 2012Filing A Tax AmendmentHrblockfreefileAmend Tax Return OnlineFree Online Amended Tax ReturnElderly Filing Income Tax

H&r Block Free Tax File

H&r block free tax file 2. H&r block free tax file   Simplified Employee Pensions (SEPs) Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: Setting Up a SEPWhen not to use Form 5305-SEP. H&r block free tax file How Much Can I Contribute?Contribution Limits Deducting ContributionsDeduction Limit for Contributions for Participants Deduction Limit for Self-Employed Individuals Carryover of Excess SEP Contributions When To Deduct Contributions Where To Deduct Contributions Salary Reduction Simplified Employee Pensions (SARSEPs)SARSEP ADP test. H&r block free tax file Deferral percentage. H&r block free tax file Employee compensation. H&r block free tax file Compensation of self-employed individuals. H&r block free tax file Choice not to treat deferrals as compensation. H&r block free tax file Limit on Elective Deferrals Tax Treatment of Deferrals Distributions (Withdrawals) Additional TaxesEffects on employee. H&r block free tax file Reporting and Disclosure Requirements Topics - This chapter discusses: Setting up a SEP How much can I contribute Deducting contributions Salary reduction simplified employee pensions (SARSEPs) Distributions (withdrawals) Additional taxes Reporting and disclosure requirements Useful Items - You may want to see: Publication 590 Individual Retirement Arrangements (IRAs) 3998 Choosing A Retirement Solution for Your Small Business 4285 SEP Checklist 4286 SARSEP Checklist 4333 SEP Retirement Plans for Small Businesses 4336 SARSEP for Small Businesses 4407 SARSEP—Key Issues and Assistance Forms (and Instructions) W-2 Wage and Tax Statement 1040 U. H&r block free tax file S. H&r block free tax file Individual Income Tax Return 5305-SEP Simplified Employee Pension—Individual Retirement Accounts Contribution Agreement 5305A-SEP Salary Reduction Simplified Employee Pension—Individual Retirement Accounts Contribution Agreement 8880 Credit for Qualified Retirement Savings Contributions 8881 Credit for Small Employer Pension Plan Startup Costs A SEP is a written plan that allows you to make contributions toward your own retirement and your employees' retirement without getting involved in a more complex qualified plan. H&r block free tax file Under a SEP, you make contributions to a traditional individual retirement arrangement (called a SEP-IRA) set up by or for each eligible employee. H&r block free tax file A SEP-IRA is owned and controlled by the employee, and you make contributions to the financial institution where the SEP-IRA is maintained. H&r block free tax file SEP-IRAs are set up for, at a minimum, each eligible employee (defined below). H&r block free tax file A SEP-IRA may have to be set up for a leased employee (defined in chapter 1), but does not need to be set up for excludable employees (defined later). H&r block free tax file Eligible employee. H&r block free tax file   An eligible employee is an individual who meets all the following requirements. H&r block free tax file Has reached age 21. H&r block free tax file Has worked for you in at least 3 of the last 5 years. H&r block free tax file Has received at least $550 in compensation from you in 2013. H&r block free tax file This amount remains the same in 2014. H&r block free tax file    You can use less restrictive participation requirements than those listed, but not more restrictive ones. H&r block free tax file Excludable employees. H&r block free tax file   The following employees can be excluded from coverage under a SEP. H&r block free tax file Employees covered by a union agreement and whose retirement benefits were bargained for in good faith by the employees' union and you. H&r block free tax file Nonresident alien employees who have received no U. H&r block free tax file S. H&r block free tax file source wages, salaries, or other personal services compensation from you. H&r block free tax file For more information about nonresident aliens, see Publication 519, U. H&r block free tax file S. H&r block free tax file Tax Guide for Aliens. H&r block free tax file Setting Up a SEP There are three basic steps in setting up a SEP. H&r block free tax file You must execute a formal written agreement to provide benefits to all eligible employees. H&r block free tax file You must give each eligible employee certain information about the SEP. H&r block free tax file A SEP-IRA must be set up by or for each eligible employee. H&r block free tax file Many financial institutions will help you set up a SEP. H&r block free tax file Formal written agreement. H&r block free tax file   You must execute a formal written agreement to provide benefits to all eligible employees under a SEP. H&r block free tax file You can satisfy the written agreement requirement by adopting an IRS model SEP using Form 5305-SEP. H&r block free tax file However, see When not to use Form 5305-SEP, below. H&r block free tax file   If you adopt an IRS model SEP using Form 5305-SEP, no prior IRS approval or determination letter is required. H&r block free tax file Keep the original form. H&r block free tax file Do not file it with the IRS. H&r block free tax file Also, using Form 5305-SEP will usually relieve you from filing annual retirement plan information returns with the IRS and the Department of Labor. H&r block free tax file See the Form 5305-SEP instructions for details. H&r block free tax file If you choose not to use Form 5305-SEP, you should seek professional advice in adopting a SEP. H&r block free tax file When not to use Form 5305-SEP. H&r block free tax file   You cannot use Form 5305-SEP if any of the following apply. H&r block free tax file You currently maintain any other qualified retirement plan other than another SEP. H&r block free tax file You have any eligible employees for whom IRAs have not been set up. H&r block free tax file You use the services of leased employees, who are not your common-law employees (as described in chapter 1). H&r block free tax file You are a member of any of the following unless all eligible employees of all the members of these groups, trades, or businesses participate under the SEP. H&r block free tax file An affiliated service group described in section 414(m). H&r block free tax file A controlled group of corporations described in section 414(b). H&r block free tax file Trades or businesses under common control described in section 414(c). H&r block free tax file You do not pay the cost of the SEP contributions. H&r block free tax file Information you must give to employees. H&r block free tax file   You must give each eligible employee a copy of Form 5305-SEP, its instructions, and the other information listed in the Form 5305-SEP instructions. H&r block free tax file An IRS model SEP is not considered adopted until you give each employee this information. H&r block free tax file Setting up the employee's SEP-IRA. H&r block free tax file   A SEP-IRA must be set up by or for each eligible employee. H&r block free tax file SEP-IRAs can be set up with banks, insurance companies, or other qualified financial institutions. H&r block free tax file You send SEP contributions to the financial institution where the SEP-IRA is maintained. H&r block free tax file Deadline for setting up a SEP. H&r block free tax file   You can set up a SEP for any year as late as the due date (including extensions) of your income tax return for that year. H&r block free tax file Credit for startup costs. H&r block free tax file   You may be able to claim a tax credit for part of the ordinary and necessary costs of starting a SEP that first became effective in 2013. H&r block free tax file For more information, see Credit for startup costs under Reminders, earlier. H&r block free tax file How Much Can I Contribute? The SEP rules permit you to contribute a limited amount of money each year to each employee's SEP-IRA. H&r block free tax file If you are self-employed, you can contribute to your own SEP-IRA. H&r block free tax file Contributions must be in the form of money (cash, check, or money order). H&r block free tax file You cannot contribute property. H&r block free tax file However, participants may be able to transfer or roll over certain property from one retirement plan to another. H&r block free tax file See Publication 590 for more information about rollovers. H&r block free tax file You do not have to make contributions every year. H&r block free tax file But if you make contributions, they must be based on a written allocation formula and must not discriminate in favor of highly compensated employees (defined in chapter 1). H&r block free tax file When you contribute, you must contribute to the SEP-IRAs of all participants who actually performed personal services during the year for which the contributions are made, including employees who die or terminate employment before the contributions are made. H&r block free tax file Contributions are deductible within limits, as discussed later, and generally are not taxable to the plan participants. H&r block free tax file A SEP-IRA cannot be a Roth IRA. H&r block free tax file Employer contributions to a SEP-IRA will not affect the amount an individual can contribute to a Roth or traditional IRA. H&r block free tax file Unlike regular contributions to a traditional IRA, contributions under a SEP can be made to participants over age 70½. H&r block free tax file If you are self-employed, you can also make contributions under the SEP for yourself even if you are over 70½. H&r block free tax file Participants age 70½ or over must take required minimum distributions. H&r block free tax file Time limit for making contributions. H&r block free tax file   To deduct contributions for a year, you must make the contributions by the due date (including extensions) of your tax return for the year. H&r block free tax file Contribution Limits Contributions you make for 2013 to a common-law employee's SEP-IRA cannot exceed the lesser of 25% of the employee's compensation or $51,000. H&r block free tax file Compensation generally does not include your contributions to the SEP. H&r block free tax file The SEP plan document will specify how the employer contribution is determined and how it will be allocated to participants. H&r block free tax file Example. H&r block free tax file Your employee, Mary Plant, earned $21,000 for 2013. H&r block free tax file The maximum contribution you can make to her SEP-IRA is $5,250 (25% x $21,000). H&r block free tax file Contributions for yourself. H&r block free tax file   The annual limits on your contributions to a common-law employee's SEP-IRA also apply to contributions you make to your own SEP-IRA. H&r block free tax file However, special rules apply when figuring your maximum deductible contribution. H&r block free tax file See Deduction Limit for Self-Employed Individuals , later. H&r block free tax file Annual compensation limit. H&r block free tax file   You cannot consider the part of an employee's compensation over $255,000 when figuring your contribution limit for that employee. H&r block free tax file However, $51,000 is the maximum contribution for an eligible employee. H&r block free tax file These limits are $260,000 and $52,000, respectively, in 2014. H&r block free tax file Example. H&r block free tax file Your employee, Susan Green, earned $210,000 for 2013. H&r block free tax file Because of the maximum contribution limit for 2013, you can only contribute $51,000 to her SEP-IRA. H&r block free tax file More than one plan. H&r block free tax file   If you contribute to a defined contribution plan (defined in chapter 4), annual additions to an account are limited to the lesser of $51,000 or 100% of the participant's compensation. H&r block free tax file When you figure this limit, you must add your contributions to all defined contribution plans maintained by you. H&r block free tax file Because a SEP is considered a defined contribution plan for this limit, your contributions to a SEP must be added to your contributions to other defined contribution plans you maintain. H&r block free tax file Tax treatment of excess contributions. H&r block free tax file   Excess contributions are your contributions to an employee's SEP-IRA (or to your own SEP-IRA) for 2013 that exceed the lesser of the following amounts. H&r block free tax file 25% of the employee's compensation (or, for you, 20% of your net earnings from self-employment). H&r block free tax file $51,000. H&r block free tax file Excess contributions are included in the employee's income for the year and are treated as contributions by the employee to his or her SEP-IRA. H&r block free tax file For more information on employee tax treatment of excess contributions, see chapter 1 in Publication 590. H&r block free tax file Reporting on Form W-2. H&r block free tax file   Do not include SEP contributions on your employee's Form W-2 unless contributions were made under a salary reduction arrangement (discussed later). H&r block free tax file Deducting Contributions Generally, you can deduct the contributions you make each year to each employee's SEP-IRA. H&r block free tax file If you are self-employed, you can deduct the contributions you make each year to your own SEP-IRA. H&r block free tax file Deduction Limit for Contributions for Participants The most you can deduct for your contributions to you or your employee's SEP-IRA is the lesser of the following amounts. H&r block free tax file Your contributions (including any excess contributions carryover). H&r block free tax file 25% of the compensation (limited to $255,000 per participant) paid to the participants during 2013 from the business that has the plan, not to exceed $51,000 per participant. H&r block free tax file In 2014, the amounts in (2) above are $260,000 and $52,000, respectively. H&r block free tax file Deduction Limit for Self-Employed Individuals If you contribute to your own SEP-IRA, you must make a special computation to figure your maximum deduction for these contributions. H&r block free tax file When figuring the deduction for contributions made to your own SEP-IRA, compensation is your net earnings from self-employment (defined in chapter 1), which takes into account both the following deductions. H&r block free tax file The deduction for the deductible part of your self-employment tax. H&r block free tax file The deduction for contributions to your own SEP-IRA. H&r block free tax file The deduction for contributions to your own SEP-IRA and your net earnings depend on each other. H&r block free tax file For this reason, you determine the deduction for contributions to your own SEP-IRA indirectly by reducing the contribution rate called for in your plan. H&r block free tax file To do this, use the Rate Table for Self-Employed or the Rate Worksheet for Self-Employed, whichever is appropriate for your plan's contribution rate, in chapter 5. H&r block free tax file Then figure your maximum deduction by using the Deduction Worksheet for Self-Employed in chapter 5. H&r block free tax file Carryover of Excess SEP Contributions If you made SEP contributions that are more than the deduction limit (nondeductible contributions), you can carry over and deduct the difference in later years. H&r block free tax file However, the carryover, when combined with the contribution for the later year, is subject to the deduction limit for that year. H&r block free tax file If you also contributed to a defined benefit plan or defined contribution plan, see Carryover of Excess Contributions under Employer Deduction in chapter 4 for the carryover limit. H&r block free tax file Excise tax. H&r block free tax file   If you made nondeductible (excess) contributions to a SEP, you may be subject to a 10% excise tax. H&r block free tax file For information about the excise tax, see Excise Tax for Nondeductible (Excess) Contributions under Employer Deduction in chapter 4. H&r block free tax file When To Deduct Contributions When you can deduct contributions made for a year depends on the tax year on which the SEP is maintained. H&r block free tax file If the SEP is maintained on a calendar year basis, you deduct the yearly contributions on your tax return for the year within which the calendar year ends. H&r block free tax file If you file your tax return and maintain the SEP using a fiscal year or short tax year, you deduct contributions made for a year on your tax return for that year. H&r block free tax file Example. H&r block free tax file You are a fiscal year taxpayer whose tax year ends June 30. H&r block free tax file You maintain a SEP on a calendar year basis. H&r block free tax file You deduct SEP contributions made for calendar year 2013 on your tax return for your tax year ending June 30, 2014. H&r block free tax file Where To Deduct Contributions Deduct the contributions you make for your common-law employees on your tax return. H&r block free tax file For example, sole proprietors deduct them on Schedule C (Form 1040) or Schedule F (Form 1040), Profit or Loss From Farming; partnerships deduct them on Form 1065, U. H&r block free tax file S. H&r block free tax file Return of Partnership Income; and corporations deduct them on Form 1120, U. H&r block free tax file S. H&r block free tax file Corporation Income Tax Return, or Form 1120S, U. H&r block free tax file S. H&r block free tax file Income Tax Return for an S Corporation. H&r block free tax file Sole proprietors and partners deduct contributions for themselves on line 28 of Form 1040. H&r block free tax file (If you are a partner, contributions for yourself are shown on the Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc. H&r block free tax file , you receive from the partnership. H&r block free tax file ) Remember that sole proprietors and partners can't deduct as a business expense contributions made to a SEP for themselves, only those made for their common-law employees. H&r block free tax file Salary Reduction Simplified Employee Pensions (SARSEPs) A SARSEP is a SEP set up before 1997 that includes a salary reduction arrangement. H&r block free tax file (See the Caution, next. H&r block free tax file ) Under a SARSEP, your employees can choose to have you contribute part of their pay to their SEP-IRAs rather than receive it in cash. H&r block free tax file This contribution is called an “elective deferral” because employees choose (elect) to set aside the money, and they defer the tax on the money until it is distributed to them. H&r block free tax file You are not allowed to set up a SARSEP after 1996. H&r block free tax file However, participants (including employees hired after 1996) in a SARSEP set up before 1997 can continue to have you contribute part of their pay to the plan. H&r block free tax file If you are interested in setting up a retirement plan that includes a salary reduction arrangement, see chapter 3. H&r block free tax file Who can have a SARSEP?   A SARSEP set up before 1997 is available to you and your eligible employees only if all the following requirements are met. H&r block free tax file At least 50% of your employees eligible to participate choose to make elective deferrals. H&r block free tax file You have 25 or fewer employees who were eligible to participate in the SEP at any time during the preceding year. H&r block free tax file The elective deferrals of your highly compensated employees meet the SARSEP ADP test. H&r block free tax file SARSEP ADP test. H&r block free tax file   Under the SARSEP ADP test, the amount deferred each year by each eligible highly compensated employee as a percentage of pay (the deferral percentage) cannot be more than 125% of the average deferral percentage (ADP) of all non-highly compensated employees eligible to participate. H&r block free tax file A highly compensated employee is defined in chapter 1. H&r block free tax file Deferral percentage. H&r block free tax file   The deferral percentage for an employee for a year is figured as follows. H&r block free tax file   The elective employer contributions (excluding certain catch-up contributions)  paid to the SEP for the employee for the year     The employee's compensation (limited to $255,000 in 2013)   The instructions for Form 5305A-SEP have a worksheet you can use to determine whether the elective deferrals of your highly compensated employees meet the SARSEP ADP test. H&r block free tax file Employee compensation. H&r block free tax file   For figuring the deferral percentage, compensation is generally the amount you pay to the employee for the year. H&r block free tax file Compensation includes the elective deferral and other amounts deferred in certain employee benefit plans. H&r block free tax file See Compensation in chapter 1. H&r block free tax file Elective deferrals under the SARSEP are included in figuring your employees' deferral percentage even though they are not included in the income of your employees for income tax purposes. H&r block free tax file Compensation of self-employed individuals. H&r block free tax file   If you are self-employed, compensation is your net earnings from self-employment as defined in chapter 1. H&r block free tax file   Compensation does not include tax-free items (or deductions related to them) other than foreign earned income and housing cost amounts. H&r block free tax file Choice not to treat deferrals as compensation. H&r block free tax file   You can choose not to treat elective deferrals (and other amounts deferred in certain employee benefit plans) for a year as compensation under your SARSEP. H&r block free tax file Limit on Elective Deferrals The most a participant can choose to defer for calendar year 2013 is the lesser of the following amounts. H&r block free tax file 25% of the participant's compensation (limited to $255,000 of the participant's compensation). H&r block free tax file $17,500. H&r block free tax file The $17,500 limit applies to the total elective deferrals the employee makes for the year to a SEP and any of the following. H&r block free tax file Cash or deferred arrangement (section 401(k) plan). H&r block free tax file Salary reduction arrangement under a tax-sheltered annuity plan (section 403(b) plan). H&r block free tax file SIMPLE IRA plan. H&r block free tax file In 2014, the $255,000 limit increases to $260,000 and the $17,500 limit remains at $17,500. H&r block free tax file Catch-up contributions. H&r block free tax file   A SARSEP can permit participants who are age 50 or over at the end of the calendar year to also make catch-up contributions. H&r block free tax file The catch-up contribution limit for 2013 is $5,500 and remains at $5,500 for 2014. H&r block free tax file Elective deferrals are not treated as catch-up contributions for 2013 until they exceed the elective deferral limit (the lesser of 25% of compensation or $17,500), the SARSEP ADP test limit discussed earlier, or the plan limit (if any). H&r block free tax file However, the catch-up contribution a participant can make for a year cannot exceed the lesser of the following amounts. H&r block free tax file The catch-up contribution limit. H&r block free tax file The excess of the participant's compensation over the elective deferrals that are not catch-up contributions. H&r block free tax file   Catch-up contributions are not subject to the elective deferral limit (the lesser of 25% of compensation or $17,500 in 2013 and in 2014). H&r block free tax file Overall limit on SEP contributions. H&r block free tax file   If you also make nonelective contributions to a SEP-IRA, the total of the nonelective and elective contributions to that SEP-IRA cannot exceed the lesser of 25% of the employee's compensation or $51,000 for 2013 ($52,000 for 2014). H&r block free tax file The same rule applies to contributions you make to your own SEP-IRA. H&r block free tax file See Contribution Limits , earlier. H&r block free tax file Figuring the elective deferral. H&r block free tax file   For figuring the 25% limit on elective deferrals, compensation does not include SEP contributions, including elective deferrals or other amounts deferred in certain employee benefit plans. H&r block free tax file Tax Treatment of Deferrals Elective deferrals that are not more than the limits discussed earlier under Limit on Elective Deferrals are excluded from your employees' wages subject to federal income tax in the year of deferral. H&r block free tax file However, these deferrals are included in wages for social security, Medicare, and federal unemployment (FUTA) tax. H&r block free tax file Excess deferrals. H&r block free tax file   For 2013, excess deferrals are the elective deferrals for the year that are more than the $17,500 limit discussed earlier. H&r block free tax file For a participant who is eligible to make catch-up contributions, excess deferrals are the elective deferrals that are more than $23,000. H&r block free tax file The treatment of excess deferrals made under a SARSEP is similar to the treatment of excess deferrals made under a qualified plan. H&r block free tax file See Treatment of Excess Deferrals under Elective Deferrals (401(k) Plans) in chapter 4. H&r block free tax file Excess SEP contributions. H&r block free tax file   Excess SEP contributions are elective deferrals of highly compensated employees that are more than the amount permitted under the SARSEP ADP test. H&r block free tax file You must notify your highly compensated employees within 2½ months after the end of the plan year of their excess SEP contributions. H&r block free tax file If you do not notify them within this time period, you must pay a 10% tax on the excess. H&r block free tax file For an explanation of the notification requirements, see Rev. H&r block free tax file Proc. H&r block free tax file 91-44, 1991-2 C. H&r block free tax file B. H&r block free tax file 733. H&r block free tax file If you adopted a SARSEP using Form 5305A-SEP, the notification requirements are explained in the instructions for that form. H&r block free tax file Reporting on Form W-2. H&r block free tax file   Do not include elective deferrals in the “Wages, tips, other compensation” box of Form W-2. H&r block free tax file You must, however, include them in the “Social security wages” and “Medicare wages and tips” boxes. H&r block free tax file You must also include them in box 12. H&r block free tax file Mark the “Retirement plan” checkbox in box 13. H&r block free tax file For more information, see the Form W-2 instructions. H&r block free tax file Distributions (Withdrawals) As an employer, you cannot prohibit distributions from a SEP-IRA. H&r block free tax file Also, you cannot make your contributions on the condition that any part of them must be kept in the account after you have made your contributions to the employee's accounts. H&r block free tax file Distributions are subject to IRA rules. H&r block free tax file Generally, you or your employee must begin to receive distributions from a SEP-IRA by April 1 of the first year after the calendar year in which you or your employee reaches age 70½. H&r block free tax file For more information about IRA rules, including the tax treatment of distributions, rollovers, required distributions, and income tax withholding, see Publication 590. H&r block free tax file Additional Taxes The tax advantages of using SEP-IRAs for retirement savings can be offset by additional taxes that may be imposed for all the following actions. H&r block free tax file Making excess contributions. H&r block free tax file Making early withdrawals. H&r block free tax file Not making required withdrawals. H&r block free tax file For information about these taxes, see chapter 1 in Publication 590. H&r block free tax file Also, a SEP-IRA may be disqualified, or an excise tax may apply, if the account is involved in a prohibited transaction, discussed next. H&r block free tax file Prohibited transaction. H&r block free tax file   If an employee improperly uses his or her SEP-IRA, such as by borrowing money from it, the employee has engaged in a prohibited transaction. H&r block free tax file In that case, the SEP-IRA will no longer qualify as an IRA. H&r block free tax file For a list of prohibited transactions, see Prohibited Transactions in chapter 4. H&r block free tax file Effects on employee. H&r block free tax file   If a SEP-IRA is disqualified because of a prohibited transaction, the assets in the account will be treated as having been distributed to the employee on the first day of the year in which the transaction occurred. H&r block free tax file The employee must include in income the fair market value of the assets (on the first day of the year) that is more than any cost basis in the account. H&r block free tax file Also, the employee may have to pay the additional tax for making early withdrawals. H&r block free tax file Reporting and Disclosure Requirements If you set up a SEP using Form 5305-SEP, you must give your eligible employees certain information about the SEP when you set it up. H&r block free tax file See Setting Up a SEP , earlier. H&r block free tax file Also, you must give your eligible employees a statement each year showing any contributions to their SEP-IRAs. H&r block free tax file You must also give them notice of any excess contributions. H&r block free tax file For details about other information you must give them, see the instructions for Form 5305-SEP or Form 5305A-SEP (for a salary reduction SEP). H&r block free tax file Even if you did not use Form 5305-SEP or Form 5305A-SEP to set up your SEP, you must give your employees information similar to that described above. H&r block free tax file For more information, see the instructions for either Form 5305-SEP or Form 5305A-SEP. H&r block free tax file Prev  Up  Next   Home   More Online Publications
Print - Click this link to Print this page

Understanding Your CP288 Notice

We accepted your election to be treated as a Qualified Subchapter S Trust (QSST).


What you need to do

  • File Form 1041, U.S. Income Tax Return for Estates and Trusts, timely.
  • Include Schedule K-1, Beneficiary’s Share of Income, Deductions, Credits, etc., reflecting your ownership in the S corporation.
  • Keep this notice for your records.

You may want to


  • Answers to Common Questions

    How do I terminate the QSST election?
    This election can only be terminated by permission of the Commissioner of Internal Revenue. See IR Bulletin 2012-1 for instructions


    Understanding your notice

    Your notice may look different from the sample because the information contained in your notice is tailored to your situation.

    Notice CP288, Page 1

Page Last Reviewed or Updated: 09-Dec-2013

How to get help

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

The H&r Block Free Tax File

H&r block free tax file 11. H&r block free tax file   How To Get Tax Help Table of Contents Whether it's help with a tax issue, preparing your tax return or a need for a free publication or form, get the help you need the way you want it: online, use a smart phone, call or walk in to an IRS office or volunteer site near you. H&r block free tax file Free help with your tax return. H&r block free tax file   You can get free help preparing your return nationwide from IRS-certified volunteers. H&r block free tax file The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. H&r block free tax file The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. H&r block free tax file Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. H&r block free tax file In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. H&r block free tax file To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. H&r block free tax file gov, download the IRS2Go app, or call 1-800-906-9887. H&r block free tax file   As part of the TCE program, AARP offers the Tax-Aide counseling program. H&r block free tax file To find the nearest AARP Tax-Aide site, visit AARP's website at www. H&r block free tax file aarp. H&r block free tax file org/money/taxaide or call 1-888-227-7669. H&r block free tax file For more information on these programs, go to IRS. H&r block free tax file gov and enter “VITA” in the search box. H&r block free tax file Internet. H&r block free tax file    IRS. H&r block free tax file gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. H&r block free tax file Download the free IRS2Go app from the iTunes app store or from Google Play. H&r block free tax file Use it to check your refund status, order transcripts of your tax returns or tax account, watch the IRS YouTube channel, get IRS news as soon as it's released to the public, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. H&r block free tax file Check the status of your 2013 refund with the Where's My Refund? application on IRS. H&r block free tax file gov or download the IRS2Go app and select the Refund Status option. H&r block free tax file The IRS issues more than 9 out of 10 refunds in less than 21 days. H&r block free tax file Using these applications, you can start checking on the status of your return within 24 hours after we receive your e-filed return or 4 weeks after you mail a paper return. H&r block free tax file You will also be given a personalized refund date as soon as the IRS processes your tax return and approves your refund. H&r block free tax file The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. H&r block free tax file Use the Interactive Tax Assistant (ITA) to research your tax questions. H&r block free tax file No need to wait on the phone or stand in line. H&r block free tax file The ITA is available 24 hours a day, 7 days a week, and provides you with a variety of tax information related to general filing topics, deductions, credits, and income. H&r block free tax file When you reach the response screen, you can print the entire interview and the final response for your records. H&r block free tax file New subject areas are added on a regular basis. H&r block free tax file  Answers not provided through ITA may be found in Tax Trails, one of the Tax Topics on IRS. H&r block free tax file gov which contain general individual and business tax information or by searching the IRS Tax Map, which includes an international subject index. H&r block free tax file You can use the IRS Tax Map, to search publications and instructions by topic or keyword. H&r block free tax file The IRS Tax Map integrates forms and publications into one research tool and provides single-point access to tax law information by subject. H&r block free tax file When the user searches the IRS Tax Map, they will be provided with links to related content in existing IRS publications, forms and instructions, questions and answers, and Tax Topics. H&r block free tax file Coming this filing season, you can immediately view and print for free all 5 types of individual federal tax transcripts (tax returns, tax account, record of account, wage and income statement, and certification of non-filing) using Get Transcript. H&r block free tax file You can also ask the IRS to mail a return or an account transcript to you. H&r block free tax file Only the mail option is available by choosing the Tax Records option on the IRS2Go app by selecting Mail Transcript on IRS. H&r block free tax file gov or by calling 1-800-908-9946. H&r block free tax file Tax return and tax account transcripts are generally available for the current year and the past three years. H&r block free tax file Determine if you are eligible for the EITC and estimate the amount of the credit with the Earned Income Tax Credit (EITC) Assistant. H&r block free tax file Visit Understanding Your IRS Notice or Letter to get answers to questions about a notice or letter you received from the IRS. H&r block free tax file If you received the First Time Homebuyer Credit, you can use the First Time Homebuyer Credit Account Look-up tool for information on your repayments and account balance. H&r block free tax file Check the status of your amended return using Where's My Amended Return? Go to IRS. H&r block free tax file gov and enter Where's My Amended Return? in the search box. H&r block free tax file You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. H&r block free tax file It can take up to 3 weeks from the date you mailed it to show up in our system. H&r block free tax file Make a payment using one of several safe and convenient electronic payment options available on IRS. H&r block free tax file gov. H&r block free tax file Select the Payment tab on the front page of IRS. H&r block free tax file gov for more information. H&r block free tax file Determine if you are eligible and apply for an online payment agreement, if you owe more tax than you can pay today. H&r block free tax file Figure your income tax withholding with the IRS Withholding Calculator on IRS. H&r block free tax file gov. H&r block free tax file Use it if you've had too much or too little withheld, your personal situation has changed, you're starting a new job or you just want to see if you're having the right amount withheld. H&r block free tax file Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. H&r block free tax file gov. H&r block free tax file Request an Electronic Filing PIN by going to IRS. H&r block free tax file gov and entering Electronic Filing PIN in the search box. H&r block free tax file Download forms, instructions and publications, including accessible versions for people with disabilities. H&r block free tax file Locate the nearest Taxpayer Assistance Center (TAC) using the Office Locator tool on IRS. H&r block free tax file gov, or choose the Contact Us option on the IRS2Go app and search Local Offices. H&r block free tax file An employee can answer questions about your tax account or help you set up a payment plan. H&r block free tax file Before you visit, check the Office Locator on IRS. H&r block free tax file gov, or Local Offices under Contact Us on IRS2Go to confirm the address, phone number, days and hours of operation, and the services provided. H&r block free tax file If you have a special need, such as a disability, you can request an appointment. H&r block free tax file Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. H&r block free tax file Apply for an Employer Identification Number (EIN). H&r block free tax file Go to IRS. H&r block free tax file gov and enter Apply for an EIN in the search box. H&r block free tax file Read the Internal Revenue Code, regulations, or other official guidance. H&r block free tax file Read Internal Revenue Bulletins. H&r block free tax file Sign up to receive local and national tax news and more by email. H&r block free tax file Just click on “subscriptions” above the search box on IRS. H&r block free tax file gov and choose from a variety of options. H&r block free tax file Phone. H&r block free tax file    You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. H&r block free tax file Download the free IRS2Go app from the iTunes app store or from Google Play. H&r block free tax file Call to locate the nearest volunteer help site, 1-800-906-9887 or you can use the VITA Locator Tool on IRS. H&r block free tax file gov, or download the IRS2Go app. H&r block free tax file Low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. H&r block free tax file The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. H&r block free tax file Most VITA and TCE sites offer free electronic filing. H&r block free tax file Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. H&r block free tax file Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. H&r block free tax file Call the automated Where's My Refund? information hotline to check the status of your 2013 refund 24 hours a day, 7 days a week at 1-800-829-1954. H&r block free tax file If you e-file, you can start checking on the status of your return within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. H&r block free tax file The IRS issues more than 9 out of 10 refunds in less than 21 days. H&r block free tax file Where's My Refund? will give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. H&r block free tax file Before you call this automated hotline, have your 2013 tax return handy so you can enter your social security number, your filing status, and the exact whole dollar amount of your refund. H&r block free tax file The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. H&r block free tax file Note, the above information is for our automated hotline. H&r block free tax file Our live phone and walk-in assistors can research the status of your refund only if it's been 21 days or more since you filed electronically or more than 6 weeks since you mailed your paper return. H&r block free tax file Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. H&r block free tax file You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. H&r block free tax file It can take up to 3 weeks from the date you mailed it to show up in our system. H&r block free tax file Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, publications, and prior-year forms and instructions (limited to 5 years). H&r block free tax file You should receive your order within 10 business days. H&r block free tax file Call TeleTax, 1-800-829-4477, to listen to pre-recorded messages covering general and business tax information. H&r block free tax file If, between January and April 15, you still have questions about the Form 1040, 1040A, or 1040EZ (like filing requirements, dependents, credits, Schedule D, pensions and IRAs or self-employment taxes), call 1-800-829-1040. H&r block free tax file Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. H&r block free tax file The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. H&r block free tax file These individuals can also contact the IRS through relay services such as the Federal Relay Service. H&r block free tax file Walk-in. H&r block free tax file   You can find a selection of forms, publications and services — in-person. H&r block free tax file Products. H&r block free tax file You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. H&r block free tax file Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. H&r block free tax file Services. H&r block free tax file You can walk in to your local TAC for face-to-face tax help. H&r block free tax file An employee can answer questions about your tax account or help you set up a payment plan. H&r block free tax file Before visiting, use the Office Locator tool on IRS. H&r block free tax file gov, or choose the Contact Us option on the IRS2Go app and search Local Offices for days and hours of operation, and services provided. H&r block free tax file Mail. H&r block free tax file   You can send your order for forms, instructions, and publications to the address below. H&r block free tax file You should receive a response within 10 business days after your request is received. H&r block free tax file Internal Revenue Service 1201 N. H&r block free tax file Mitsubishi Motorway Bloomington, IL 61705-6613    The Taxpayer Advocate Service Is Here to Help You. H&r block free tax file The Taxpayer Advocate Service (TAS) is your voice at the IRS. H&r block free tax file Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. H&r block free tax file   What can TAS do for you? We can offer you free help with IRS problems that you can't resolve on your own. H&r block free tax file We know this process can be confusing, but the worst thing you can do is nothing at all! TAS can help if you can't resolve your tax problem and: Your problem is causing financial difficulties for you, your family, or your business. H&r block free tax file You face (or your business is facing) an immediate threat of adverse action. H&r block free tax file You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. H&r block free tax file   If you qualify for our help, you'll be assigned to one advocate who'll be with you at every turn and will do everything possible to resolve your problem. H&r block free tax file Here's why we can help: TAS is an independent organization within the IRS. H&r block free tax file Our advocates know how to work with the IRS. H&r block free tax file Our services are free and tailored to meet your needs. H&r block free tax file We have offices in every state, the District of Columbia, and Puerto Rico. H&r block free tax file   How can you reach us? If you think TAS can help you, call your local advocate, whose number is in your local directory and at Taxpayer Advocate, or call us toll-free at 1-877-777-4778. H&r block free tax file   How else does TAS help taxpayers?  TAS also works to resolve large-scale, systemic problems that affect many taxpayers. H&r block free tax file If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System. H&r block free tax file Low Income Taxpayer Clinics. H&r block free tax file   Low Income Taxpayer Clinics (LITCs) serve individuals whose income is below a certain level and need to resolve tax problems such as audits, appeals and tax collection disputes. H&r block free tax file Some clinics can provide information about taxpayer rights and responsibilities in different languages for individuals who speak English as a second language. H&r block free tax file Visit Taxpayer Advocate or see IRS Publication 4134, Low Income Taxpayer Clinic List. H&r block free tax file Prev  Up  Next   Home   More Online Publications