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 Tax Online

Hr Block Tax2011 Tax Forms 1040ezFree Income Tax FilingTaxact 1040nrForms To File 2012 TaxesHow To Amend 2012 Taxes1040ez20121040 Ez Online2010 Irs Form 10401040 Nr SoftwareGo 2011 Taxes 20132010 Tax Preparation1040x Instructions 2010Irs Form 1040x 2011State Tax Form 2013Www Irs Gov FileFree Tax Preparation For Low IncomeState Returns140 EzInstructions For Form 1040ezIrs Gov 1040ezH&r Block Amended ReturnAmend 2011 Tax Return OnlineHow Do I Amend My 2010 TaxesIrs Gov FormsAmendment To TaxesReview Tax Act 2010Taxact Login Tax Return Taxact Login PageIrs Forms 1040 EzTax 1040ezWww StatetaxformsTax Form 1040x More:label_tax_20form_201040x More:bizfinanceTax Debt HelpIrs Free FileAmend 2010 Tax Return TurbotaxFree Efile 1040ezFree State Tax Filing 20122010 Tax Act Online LoginH&r Block Free State FilingHow To File State Taxes Only

H&r Block Tax Online

H&r block tax online Index A Assistance (see Tax help) F Free tax services, Free help with your tax return. H&r block tax online H Help (see Tax help) P Publications (see Tax help) T Tax help, How To Get Tax Help TTY/TDD information, How To Get Tax Help Prev  Up     Home   More Online Publications
Print - Click this link to Print this page

HIRE Act: Questions and Answers for Employers

Under the Hiring Incentives to Restore Employment (HIRE) Act, enacted March 18, 2010, two new tax benefits are available to employers who hire certain previously unemployed workers (“qualified employees”).

The first, referred to as the payroll tax exemption, provides employers with an exemption from the employer’s 6.2 percent share of social security tax on wages paid to qualifying employees, effective for wages paid from March 19, 2010 through December 31, 2010.

In addition, for each qualified employee retained for at least 52 consecutive weeks, businesses will also be eligible for a general business tax credit, referred to as the new hire retention credit, of 6.2 percent of wages paid to the qualified employee over the 52 week period, up to a maximum credit of $1,000.

Questions and Answers for:

HIRE News Releases:

References/Related Topics

Page Last Reviewed or Updated: 26-Dec-2013

The H&r Block Tax Online

H&r block tax online 2. H&r block tax online   Foreclosures and Repossessions Table of Contents Amount realized and ordinary income on a recourse debt. H&r block tax online Amount realized on a nonrecourse debt. H&r block tax online If you do not make payments you owe on a loan secured by property, the lender may foreclose on the loan or repossess the property. H&r block tax online The foreclosure or repossession is treated as a sale from which you may realize gain or loss. H&r block tax online This is true even if you voluntarily return the property to the lender. H&r block tax online If the outstanding loan balance was more than the FMV of the property and the lender cancels all or part of the remaining loan balance, you also may realize ordinary income from the cancellation of debt. H&r block tax online You must report this income on your return unless certain exceptions or exclusions apply. H&r block tax online See chapter 1 for more details. H&r block tax online Borrower's gain or loss. H&r block tax online    You figure and report gain or loss from a foreclosure or repossession in the same way as gain or loss from a sale. H&r block tax online The gain is the difference between the amount realized and your adjusted basis in the transferred property (amount realized minus adjusted basis). H&r block tax online The loss is the difference between your adjusted basis in the transferred property and the amount realized (adjusted basis minus amount realized). H&r block tax online For more information on figuring gain or loss from the sale of property, see Gain or Loss From Sales and Exchanges in Publication 544. H&r block tax online You can use Table 1-1 to figure your ordinary income from the cancellation of debt and your gain or loss from a foreclosure or repossession. H&r block tax online Amount realized and ordinary income on a recourse debt. H&r block tax online    If you are personally liable for the debt, the amount realized on the foreclosure or repossession includes the smaller of: The outstanding debt immediately before the transfer reduced by any amount for which you remain personally liable immediately after the transfer, or The FMV of the transferred property. H&r block tax online The amount realized also includes any proceeds you received from the foreclosure sale. H&r block tax online If the FMV of the transferred property is less than the total outstanding debt immediately before the transfer reduced by any amount for which you remain personally liable immediately after the transfer, the difference is ordinary income from the cancellation of debt. H&r block tax online You must report this income on your return unless certain exceptions or exclusions apply. H&r block tax online See chapter 1 for more details. H&r block tax online       Example 1. H&r block tax online Tara bought a new car for $15,000. H&r block tax online She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. H&r block tax online Tara is personally liable for the loan (recourse debt) and the car is pledged as security for the loan. H&r block tax online On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. H&r block tax online The balance due after taking into account the payments Tara made was $10,000. H&r block tax online The FMV of the car when it was repossessed was $9,000. H&r block tax online On November 15, 2013, the credit company forgave the remaining $1,000 balance on the loan due to insufficient assets. H&r block tax online In this case, the amount Tara realizes is $9,000. H&r block tax online This is the smaller of: The $10,000 outstanding debt immediately before the repossession reduced by the $1,000 for which she remains personally liable immediately after the repossession ($10,000 − $1,000 = $9,000), or The $9,000 FMV of the car. H&r block tax online Tara figures her gain or loss on the repossession by comparing the $9,000 amount realized with her $15,000 adjusted basis. H&r block tax online She has a $6,000 nondeductible loss. H&r block tax online After the cancellation of the remaining balance on the loan in November, Tara also has ordinary income from cancellation of debt in the amount of $1,000 (the remaining balance on the $10,000 loan after the $9,000 amount satisfied by the FMV of the repossessed car). H&r block tax online Tara must report this $1,000 on her return unless one of the exceptions or exclusions described in chapter 1 applies. H&r block tax online Example 2. H&r block tax online Lili paid $200,000 for her home. H&r block tax online She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. H&r block tax online Lili is personally liable for the mortgage loan and the house secures the loan. H&r block tax online In 2013, the bank foreclosed on the mortgage because Lili stopped making payments. H&r block tax online When the bank foreclosed the mortgage, the balance due was $180,000, the FMV of the house was $170,000, and Lili's adjusted basis was $175,000 due to a casualty loss she had deducted. H&r block tax online At the time of the foreclosure, the bank forgave $2,000 of the $10,000 debt in excess of the FMV ($180,000 minus $170,000). H&r block tax online She remained personally liable for the $8,000 balance. H&r block tax online In this case, Lili has ordinary income from the cancellation of debt in the amount of $2,000. H&r block tax online The $2,000 income from the cancellation of debt is figured by subtracting the $170,000 FMV of the house from the $172,000 difference between her total outstanding debt immediately before the transfer of property and the amount for which she remains personally liable immediately after the transfer ($180,000 minus $8,000). H&r block tax online She is able to exclude the $2,000 of canceled debt from her income under the qualified principal residence indebtedness rules discussed earlier. H&r block tax online Lili must also determine her gain or loss from the foreclosure. H&r block tax online In this case, the amount that she realizes is $170,000. H&r block tax online This is the smaller of: (a) the $180,000 outstanding debt immediately before the transfer reduced by the $8,000 for which she remains personally liable immediately after the transfer ($180,000 − $8,000 = $172,000) or (b) the $170,000 FMV of the house. H&r block tax online Lili figures her gain or loss on the foreclosure by comparing the $170,000 amount realized with her $175,000 adjusted basis. H&r block tax online She has a $5,000 nondeductible loss. H&r block tax online Table 1-1. H&r block tax online Worksheet for Foreclosures and Repossessions Part 1. H&r block tax online Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). H&r block tax online Otherwise, go to Part 2. H&r block tax online 1. H&r block tax online Enter the amount of outstanding debt immediately before the transfer of property reduced by any amount for which you remain personally liable immediately after the transfer of property   2. H&r block tax online Enter the fair market value of the transferred property   3. H&r block tax online Ordinary income from the cancellation of debt upon foreclosure or repossession. H&r block tax online * Subtract line 2 from line 1. H&r block tax online If less than zero, enter zero. H&r block tax online Next, go to Part 2   Part 2. H&r block tax online Gain or loss from foreclosure or repossession. H&r block tax online   4. H&r block tax online Enter the smaller of line 1 or line 2. H&r block tax online If you did not complete Part 1 (because you were not personally liable for the debt), enter the amount of outstanding debt immediately before the transfer of property   5. H&r block tax online Enter any proceeds you received from the foreclosure sale   6. H&r block tax online Add line 4 and line 5   7. H&r block tax online Enter the adjusted basis of the transferred property   8. H&r block tax online Gain or loss from foreclosure or repossession. H&r block tax online Subtract line 7 from line 6   * The income may not be taxable. H&r block tax online See chapter 1 for more details. H&r block tax online Amount realized on a nonrecourse debt. H&r block tax online    If you are not personally liable for repaying the debt secured by the transferred property, the amount you realize includes the full amount of the outstanding debt immediately before the transfer. H&r block tax online This is true even if the FMV of the property is less than the outstanding debt immediately before the transfer. H&r block tax online Example 1. H&r block tax online Tara bought a new car for $15,000. H&r block tax online She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. H&r block tax online Tara is not personally liable for the loan (nonrecourse), but pledged the new car as security for the loan. H&r block tax online On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. H&r block tax online The balance due after taking into account the payments Tara made was $10,000. H&r block tax online The FMV of the car when it was repossessed was $9,000. H&r block tax online The amount Tara realized on the repossession is $10,000. H&r block tax online That is the outstanding amount of debt immediately before the repossession, even though the FMV of the car is less than $10,000. H&r block tax online Tara figures her gain or loss on the repossession by comparing the $10,000 amount realized with her $15,000 adjusted basis. H&r block tax online Tara has a $5,000 nondeductible loss. H&r block tax online Example 2. H&r block tax online Lili paid $200,000 for her home. H&r block tax online She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. H&r block tax online She is not personally liable for the loan, but grants the bank a mortgage. H&r block tax online The bank foreclosed on the mortgage because Lili stopped making payments. H&r block tax online When the bank foreclosed on the mortgage, the balance due was $180,000, the FMV of the house was $170,000, and Lili's adjusted basis was $175,000 due to a casualty loss she had deducted. H&r block tax online The amount Lili realized on the foreclosure is $180,000, the outstanding debt immediately before the foreclosure. H&r block tax online She figures her gain or loss by comparing the $180,000 amount realized with her $175,000 adjusted basis. H&r block tax online Lili has a $5,000 realized gain. H&r block tax online See Publication 523 to figure and report any taxable amount. H&r block tax online Forms 1099-A and 1099-C. H&r block tax online    A lender who acquires an interest in your property in a foreclosure or repossession should send you Form 1099-A, Acquisition or Abandonment of Secured Property, showing information you need to figure your gain or loss. H&r block tax online However, if the lender also cancels part of your debt and must file Form 1099-C, the lender can include the information about the foreclosure or repossession on that form instead of on Form 1099-A. H&r block tax online The lender must file Form 1099-C and send you a copy if the amount of debt canceled is $600 or more and the lender is a financial institution, credit union, federal government agency, or any organization that has a significant trade or business of lending money. H&r block tax online For foreclosures or repossessions occurring in 2013, these forms should be sent to you by January 31, 2014. H&r block tax online Prev  Up  Next   Home   More Online Publications