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How Do I Amend My 2012 Tax Return Online

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How Do I Amend My 2012 Tax Return Online

How do i amend my 2012 tax return online Publication 938 - Main Content Table of Contents Who May Request Information How To Request Information Who May Request Information The persons listed below, or their agent or representative, should follow the procedures in this publication to request tax information from the representative of the REMIC or the issuer of the CDO. How do i amend my 2012 tax return online Any broker who holds a REMIC regular interest or CDO for itself or as a nominee for an actual holder. How do i amend my 2012 tax return online A middleman who holds a REMIC regular interest or CDO as a nominee for an actual holder and who is required to file an information return with respect to the regular interest or CDO. How do i amend my 2012 tax return online The following persons, if they hold their REMIC regular interest or CDO directly and not through a nominee. How do i amend my 2012 tax return online A corporation. How do i amend my 2012 tax return online A fiscal year taxpayer. How do i amend my 2012 tax return online A dealer in securities or commodities required to register as such under the laws of the United States or a state. How do i amend my 2012 tax return online A real estate investment trust (as defined in section 856). How do i amend my 2012 tax return online An entity registered at all times during the tax year under the Investment Company Act of 1940. How do i amend my 2012 tax return online A common trust fund (as defined in section 584(a)). How do i amend my 2012 tax return online A financial institution such as a mutual savings bank, savings and loan association, building and loan association, cooperative bank, homestead association, credit union, industrial loan association or bank, or other similar organization. How do i amend my 2012 tax return online Any trust that is exempt from tax under section 664(c) (a charitable remainder annuity trust or a charitable remainder unitrust). How do i amend my 2012 tax return online A REMIC. How do i amend my 2012 tax return online Note. How do i amend my 2012 tax return online A person listed in (3) above who holds an interest through a nominee (instead of directly from the REMIC or the issuer of the CDO) should request the information from the nominee instead of from the REMIC or the issuer of the CDO. How do i amend my 2012 tax return online The request should be made of the nominee in the same manner as specified below for requesting information from the representative. How do i amend my 2012 tax return online How To Request Information Use the directory to find the representative of the REMIC or issuer of the CDO. How do i amend my 2012 tax return online You can request information from the representative or issuer by telephone or mail. How do i amend my 2012 tax return online If only an address is listed in the directory, you must request the information in writing. How do i amend my 2012 tax return online Your request must specify the calendar quarters and the classes of REMIC regular interests or CDOs for which you need the information. How do i amend my 2012 tax return online The representative or issuer must provide the information to you by the later of: The 30th day after the close of the calendar quarter for which you request the information, or The 14th day after the receipt of your request. How do i amend my 2012 tax return online The representative or issuer can provide the information to you by telephone, by written statement sent by first class mail, by printing the information in a publication that is generally read by and available to persons who may request the information (for example, a webpage), or by any other method agreed to by both parties. How do i amend my 2012 tax return online If the information is published, the representative or issuer must notify you by telephone or in writing of the publication in which the information will appear, the date of its appearance, and, if possible, the page number. How do i amend my 2012 tax return online Prev  Up  Next   Home   More Online Publications
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Retirement Topics - Required Minimum Distributions (RMDs)

You cannot keep retirement funds in your account indefinitely. You generally have to start taking withdrawals from your IRA or retirement plan account when you reach age 70½. Roth IRAs do not require withdrawals until after the death of the owner.

Your required minimum distribution is the minimum amount you must withdraw from your account each year.

  • You can withdraw more than the minimum required amount.
  • Your withdrawals will be included in your taxable income except for any part that was taxed before (your basis) or that can be received tax-free (such as qualified distributions from designated Roth accounts).

Calculating the required minimum distribution

The required minimum distribution for any year is the account balance as of the end of the immediately preceding calendar year divided by a distribution period from the IRS’s “Uniform Lifetime Table.” A separate table is used if the sole beneficiary is the owner’s spouse who is ten or more years younger than the owner.

Beginning date for your first required minimum distribution

  • IRAs (including SEP and SIMPLE IRAs)
    • April 1 of the year following the calendar year in which you reach age 70½.

  • 401(k), profit-sharing, 403(b), or other defined contribution plan
    Generally, April 1 following the later of the calendar year in which you:
    • reach age 70½, or
    • retire.

See the chart comparing IRA and defined contribution plan RMDs.

Date that you turn 70½

You reach age 70½ on the date that is 6 calendar months after your 70th birthday.

Example: You are retired and your 70th birthday was June 30, 2011. You reached age 70½ on December 30, 2011. You must take your first RMD (for 2011) by April 1, 2012.

Example: You are retired and your 70th birthday was July 1, 2011. You reached age 70½ on January 1, 2012. You do not have an RMD for 2011. You must take your first RMD (for 2012) by April 1, 2013.

Terms of the plan govern

The plan’s terms may allow you to wait until the year you actually retire to take your first RMD (unless you are a 5% owner). Alternatively, a plan may require you to begin receiving distributions by April 1 of the year after you reach age 70½, even if you have not retired.

5% owners

If you own 5% or more of the business sponsoring the plan, then you must begin receiving distributions by April 1 of the year after the calendar year in which you reach age 70½.

Date for receiving subsequent required minimum distributions

For each subsequent year after your required beginning date, you must withdraw your RMD by December 31.

The first year following the year you reach age 70½ you will generally have two required distribution dates: an April 1 withdrawal (for the year you turn 70½), and an additional withdrawal by December 31 (for the year following the year you turn 70½). To avoid having both of these amounts included in your income for the same year, you can make your first withdrawal by December 31 of the year you turn 70½ instead of waiting until April 1 of the following year.

Example: John reached age 70½ on August 20, 2011. He must receive his 2011 required minimum distribution by April 1, 2012, based on his 2010 year-end balance. John must receive his 2012 required minimum distribution by December 31, 2012, based on his 2011 year-end balance.

If John receives his initial required minimum distribution for 2011 on April 1, 2012, then both his 2011 and 2012 distributions will be included in income on his 2012 income tax return.

Consequence for failing to take required minimum distributions

If you do not take any distributions, or if the distributions are not large enough, you may have to pay a 50% excise tax on the amount not distributed as required.

  • To report the excise tax, you may have to file Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts.
  • See the Form 5329 instructions for additional information about this tax.

Required minimum distributions after the account owner dies

For the year of the account owner’s death, use the RMD the account owner would have received. For the year following the owner’s death, the RMD will depend on the identity of the designated beneficiary.

Calculating required minimum distributions for designated beneficiaries

Beneficiaries of retirement accounts and IRAs calculate RMDs using the Single Life Table (Table I, Appendix C, Publication 590, Individual Retirement Arrangements (IRAs)). The table shows a life expectancy based on the beneficiary’s age. The account balance is divided by this life expectancy to determine the RMD.

  • Spouses who are the sole designated beneficiary can:
    • treat an IRA as their own, or
    • base RMDs on their own current age,
    • base RMDs on the decedent’s age at death, reducing the distribution period by one each year, or
    • withdraw the entire account balance by the end of the 5th year following the account owner’s death, if the account owner died before the required beginning date.
If the account owner died before the required beginning date, the surviving spouse can wait until the owner would have turned 70½ to begin receiving RMDs
  • Individual beneficiaries other than a spouse can:
    • withdraw the entire account balance by the end of the 5th year following the account owner’s death, if the account owner died before the required beginning date, or
    • calculate RMDs using the distribution period from the Single Life Table based on:
      • If the owner died after RMDs began, the longer of the:
        • beneficiary’s remaining life expectancy determined in the year following the year of the owner’s death reduced by one for each subsequent year or
        • owner’s remaining life expectancy at death, reduced by one for each subsequent year
      • If the account owner died before RMDs began, the beneficiary’s age at year-end following the year of the owner’s death, reducing the distribution period by one for each subsequent year.

See Publication 590, Individual Retirement Arrangements (IRAs), for details on calculating required distributions for beneficiaries.

Chart of required minimum distributions for IRA beneficiaries

Do these rules apply to my retirement plan?

These minimum distribution rules apply to:

  • traditional IRAs,
  • SEP IRAs,
  • SIMPLE IRAs,
  • 401(k) plans
  • 403(b) plans
  • 457(b) plans
  • profit sharing plans, and
  • other defined contribution plans.

Additional resources

 

Page Last Reviewed or Updated: 20-Feb-2014

The How Do I Amend My 2012 Tax Return Online

How do i amend my 2012 tax return online 5. How do i amend my 2012 tax return online   Taxes Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: When To Deduct Taxes Real Estate TaxesSeparate elections. How do i amend my 2012 tax return online Making the election. How do i amend my 2012 tax return online Form 3115. How do i amend my 2012 tax return online Income TaxesAccrual of contested income taxes. How do i amend my 2012 tax return online Employment Taxes Other TaxesAdditional Medicare Tax. How do i amend my 2012 tax return online What's New Additional Medicare Tax. How do i amend my 2012 tax return online  Beginning in 2013, you must withhold a 0. How do i amend my 2012 tax return online 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. How do i amend my 2012 tax return online Also, self-employed individuals may be required to pay Additional Medicare Tax on self-employment income. How do i amend my 2012 tax return online See Employment Taxes , and Self-employment tax , later. How do i amend my 2012 tax return online Introduction You can deduct various federal, state, local, and foreign taxes directly attributable to your trade or business as business expenses. How do i amend my 2012 tax return online You cannot deduct federal income taxes, estate and gift taxes, or state inheritance, legacy, and succession taxes. How do i amend my 2012 tax return online Topics - This chapter discusses: When to deduct taxes Real estate taxes Income taxes Employment taxes Other taxes Useful Items - You may want to see: Publication 15 (Circular E), Employer's Tax Guide 334 Tax Guide for Small Business 510 Excise Taxes 538 Accounting Periods and Methods 551 Basis of Assets Form (and Instructions) Sch A (Form 1040) Itemized Deductions Sch SE (Form 1040) Self-Employment Tax 3115 Application for Change in Accounting Method 8959 Additional Medicare Tax See chapter 12 for information about getting publications and forms. How do i amend my 2012 tax return online When To Deduct Taxes Generally, you can only deduct taxes in the year you pay them. How do i amend my 2012 tax return online This applies whether you use the cash method or an accrual method of accounting. How do i amend my 2012 tax return online Under an accrual method, you can deduct a tax before you pay it if you meet the exception for recurring items discussed under Economic Performance in Publication 538. How do i amend my 2012 tax return online You can also elect to ratably accrue real estate taxes as discussed later under Real Estate Taxes . How do i amend my 2012 tax return online Limit on accrual of taxes. How do i amend my 2012 tax return online   A taxing jurisdiction can require the use of a date for accruing taxes that is earlier than the date it originally required. How do i amend my 2012 tax return online However, if you use an accrual method, and can deduct the tax before you pay it, use the original accrual date for the year of change and all future years to determine when you can deduct the tax. How do i amend my 2012 tax return online Example. How do i amend my 2012 tax return online Your state imposes a tax on personal property used in a trade or business conducted in the state. How do i amend my 2012 tax return online This tax is assessed and becomes a lien as of July 1 (accrual date). How do i amend my 2012 tax return online In 2013, the state changed the assessment and lien dates from July 1, 2014, to December 31, 2013, for property tax year 2014. How do i amend my 2012 tax return online Use the original accrual date (July 1, 2014) to determine when you can deduct the tax. How do i amend my 2012 tax return online You must also use the July 1 accrual date for all future years to determine when you can deduct the tax. How do i amend my 2012 tax return online Uniform capitalization rules. How do i amend my 2012 tax return online   Uniform capitalization rules apply to certain taxpayers who produce real property or tangible personal property for use in a trade or business or for sale to customers. How do i amend my 2012 tax return online They also apply to certain taxpayers who acquire property for resale. How do i amend my 2012 tax return online Under these rules, you either include certain costs in inventory or capitalize certain expenses related to the property, such as taxes. How do i amend my 2012 tax return online For more information, see chapter 1. How do i amend my 2012 tax return online Carrying charges. How do i amend my 2012 tax return online   Carrying charges include taxes you pay to carry or develop real estate or to carry, transport, or install personal property. How do i amend my 2012 tax return online You can elect to capitalize carrying charges not subject to the uniform capitalization rules if they are otherwise deductible. How do i amend my 2012 tax return online For more information, see chapter 7. How do i amend my 2012 tax return online Refunds of taxes. How do i amend my 2012 tax return online   If you receive a refund for any taxes you deducted in an earlier year, include the refund in income to the extent the deduction reduced your federal income tax in the earlier year. How do i amend my 2012 tax return online For more information, see Recovery of amount deducted (tax benefit rule) in chapter 1. How do i amend my 2012 tax return online    You must include in income any interest you receive on tax refunds. How do i amend my 2012 tax return online Real Estate Taxes Deductible real estate taxes are any state, local, or foreign taxes on real estate levied for the general public welfare. How do i amend my 2012 tax return online The taxing authority must base the taxes on the assessed value of the real estate and charge them uniformly against all property under its jurisdiction. How do i amend my 2012 tax return online Deductible real estate taxes generally do not include taxes charged for local benefits and improvements that increase the value of the property. How do i amend my 2012 tax return online See Taxes for local benefits , later. How do i amend my 2012 tax return online If you use an accrual method, you generally cannot accrue real estate taxes until you pay them to the government authority. How do i amend my 2012 tax return online However, you can elect to ratably accrue the taxes during the year. How do i amend my 2012 tax return online See Electing to ratably accrue , later. How do i amend my 2012 tax return online Taxes for local benefits. How do i amend my 2012 tax return online   Generally, you cannot deduct taxes charged for local benefits and improvements that tend to increase the value of your property. How do i amend my 2012 tax return online These include assessments for streets, sidewalks, water mains, sewer lines, and public parking facilities. How do i amend my 2012 tax return online You should increase the basis of your property by the amount of the assessment. How do i amend my 2012 tax return online   You can deduct taxes for these local benefits only if the taxes are for maintenance, repairs, or interest charges related to those benefits. How do i amend my 2012 tax return online If part of the tax is for maintenance, repairs, or interest, you must be able to show how much of the tax is for these expenses to claim a deduction for that part of the tax. How do i amend my 2012 tax return online Example. How do i amend my 2012 tax return online To improve downtown commercial business, Waterfront City converted a downtown business area street into an enclosed pedestrian mall. How do i amend my 2012 tax return online The city assessed the full cost of construction, financed with 10-year bonds, against the affected properties. How do i amend my 2012 tax return online The city is paying the principal and interest with the annual payments made by the property owners. How do i amend my 2012 tax return online The assessments for construction costs are not deductible as taxes or as business expenses, but are depreciable capital expenses. How do i amend my 2012 tax return online The part of the payments used to pay the interest charges on the bonds is deductible as taxes. How do i amend my 2012 tax return online Charges for services. How do i amend my 2012 tax return online   Water bills, sewerage, and other service charges assessed against your business property are not real estate taxes, but are deductible as business expenses. How do i amend my 2012 tax return online Purchase or sale of real estate. How do i amend my 2012 tax return online   If real estate is sold, the real estate taxes must be allocated between the buyer and the seller. How do i amend my 2012 tax return online   The buyer and seller must allocate the real estate taxes according to the number of days in the real property tax year (the period to which the tax imposed relates) that each owned the property. How do i amend my 2012 tax return online Treat the seller as paying the taxes up to but not including the date of sale. How do i amend my 2012 tax return online Treat the buyer as paying the taxes beginning with the date of sale. How do i amend my 2012 tax return online You can usually find this information on the settlement statement you received at closing. How do i amend my 2012 tax return online   If you (the seller) use an accrual method and have not elected to ratably accrue real estate taxes, you are considered to have accrued your part of the tax on the date you sell the property. How do i amend my 2012 tax return online Example. How do i amend my 2012 tax return online Alberto Verde, a calendar year accrual method taxpayer, owns real estate in Olmo County. How do i amend my 2012 tax return online He has not elected to ratably accrue property taxes. How do i amend my 2012 tax return online November 30 of each year is the assessment and lien date for the current real property tax year, which is the calendar year. How do i amend my 2012 tax return online He sold the property on June 30, 2013. How do i amend my 2012 tax return online Under his accounting method he would not be able to claim a deduction for the taxes because the sale occurred before November 30. How do i amend my 2012 tax return online He is treated as having accrued his part of the tax, 181/366  (January 1–June 29), on June 30, and he can deduct it for 2013. How do i amend my 2012 tax return online Electing to ratably accrue. How do i amend my 2012 tax return online   If you use an accrual method, you can elect to accrue real estate tax related to a definite period ratably over that period. How do i amend my 2012 tax return online Example. How do i amend my 2012 tax return online Juan Sanchez is a calendar year taxpayer who uses an accrual method. How do i amend my 2012 tax return online His real estate taxes for the real property tax year, July 1, 2013, to June 30, 2014, are $1,200. How do i amend my 2012 tax return online July 1 is the assessment and lien date. How do i amend my 2012 tax return online If Juan elects to ratably accrue the taxes, $600 will accrue in 2013 ($1,200 × 6/12, July 1–December 31) and the balance will accrue in 2014. How do i amend my 2012 tax return online Separate elections. How do i amend my 2012 tax return online   You can elect to ratably accrue the taxes for each separate trade or business and for nonbusiness activities if you account for them separately. How do i amend my 2012 tax return online Once you elect to ratably accrue real estate taxes, you must use that method unless you get permission from the IRS to change. How do i amend my 2012 tax return online See Form 3115 , later. How do i amend my 2012 tax return online Making the election. How do i amend my 2012 tax return online   If you elect to ratably accrue the taxes for the first year in which you incur real estate taxes, attach a statement to your income tax return for that year. How do i amend my 2012 tax return online The statement should show all the following items. How do i amend my 2012 tax return online The trades or businesses to which the election applies and the accounting method or methods used. How do i amend my 2012 tax return online The period to which the taxes relate. How do i amend my 2012 tax return online The computation of the real estate tax deduction for that first year. How do i amend my 2012 tax return online   Generally, you must file your return by the due date (including extensions). How do i amend my 2012 tax return online However, if you timely filed your return for the year without electing to ratably accrue, you can still make the election by filing an amended return within 6 months after the due date of the return (excluding extensions). How do i amend my 2012 tax return online Attach the statement to the amended return and write “Filed pursuant to section 301. How do i amend my 2012 tax return online 9100-2” on the statement. How do i amend my 2012 tax return online File the amended return at the same address where you filed the original return. How do i amend my 2012 tax return online Form 3115. How do i amend my 2012 tax return online    If you elect to ratably accrue real estate taxes for a year after the first year in which you incur real estate taxes, or if you want to revoke your election to ratably accrue real estate taxes, file Form 3115. How do i amend my 2012 tax return online For more information, including applicable time frames for filing, see the Instructions for Form 3115. How do i amend my 2012 tax return online Note. How do i amend my 2012 tax return online If you are filing an application for a change in accounting method filed after January 9, 2011, for a year of change ending after April 29, 2010, see Revenue Procedure 2011-14, 2011-4 I. How do i amend my 2012 tax return online R. How do i amend my 2012 tax return online B. How do i amend my 2012 tax return online 330, as modified and clarified by Revenue Procedure 2012-19, 2012-14 I. How do i amend my 2012 tax return online R. How do i amend my 2012 tax return online B. How do i amend my 2012 tax return online 689, and Revenue Procedure 2012-20, 2012-14 I. How do i amend my 2012 tax return online R. How do i amend my 2012 tax return online B. How do i amend my 2012 tax return online 700, or any successor. How do i amend my 2012 tax return online Revenue Procedure 2011-14 is available at  www. How do i amend my 2012 tax return online irs. How do i amend my 2012 tax return online gov/irb/2011-04IRB/ar08. How do i amend my 2012 tax return online html. How do i amend my 2012 tax return online Income Taxes This section discusses federal, state, local, and foreign income taxes. How do i amend my 2012 tax return online Federal income taxes. How do i amend my 2012 tax return online   You cannot deduct federal income taxes. How do i amend my 2012 tax return online State and local income taxes. How do i amend my 2012 tax return online   A corporation or partnership can deduct state and local income taxes imposed on the corporation or partnership as business expenses. How do i amend my 2012 tax return online An individual can deduct state and local income taxes only as an itemized deduction on Schedule A (Form 1040). How do i amend my 2012 tax return online   However, an individual can deduct a state tax on gross income (as distinguished from net income) directly attributable to a trade or business as a business expense. How do i amend my 2012 tax return online Accrual of contested income taxes. How do i amend my 2012 tax return online   If you use an accrual method, and you contest a state or local income tax liability, you must accrue and deduct any contested amount in the tax year in which the liability is finally determined. How do i amend my 2012 tax return online   If additional state or local income taxes for a prior year are assessed in a later year, you can deduct the taxes in the year in which they were originally imposed (the prior year) if the tax liability is not contested. How do i amend my 2012 tax return online You cannot deduct them in the year in which the liability is finally determined. How do i amend my 2012 tax return online    The filing of an income tax return is not considered a contest and, in the absence of an overt act of protest, you can deduct the tax in the prior year. How do i amend my 2012 tax return online Also, you can deduct any additional taxes in the prior year if you do not show some affirmative evidence of denial of the liability. How do i amend my 2012 tax return online   However, if you consistently deduct additional assessments in the year they are paid or finally determined (including those for which there was no contest), you must continue to do so. How do i amend my 2012 tax return online You cannot take a deduction in the earlier year unless you receive permission to change your method of accounting. How do i amend my 2012 tax return online For more information on accounting methods, see When Can I Deduct an Expense in chapter 1. How do i amend my 2012 tax return online Foreign income taxes. How do i amend my 2012 tax return online   Generally, you can take either a deduction or a credit for income taxes imposed on you by a foreign country or a U. How do i amend my 2012 tax return online S. How do i amend my 2012 tax return online possession. How do i amend my 2012 tax return online However, an individual cannot take a deduction or credit for foreign income taxes paid on income that is exempt from U. How do i amend my 2012 tax return online S. How do i amend my 2012 tax return online tax under the foreign earned income exclusion or the foreign housing exclusion. How do i amend my 2012 tax return online For information on these exclusions, see Publication 54, Tax Guide for U. How do i amend my 2012 tax return online S. How do i amend my 2012 tax return online Citizens and Resident Aliens Abroad. How do i amend my 2012 tax return online For information on the foreign tax credit, see Publication 514, Foreign Tax Credit for Individuals. How do i amend my 2012 tax return online Employment Taxes If you have employees, you must withhold various taxes from your employees' pay. How do i amend my 2012 tax return online Most employers must withhold their employees' share of social security, Medicare taxes, and Additional Medicare Tax (if applicable) along with state and federal income taxes. How do i amend my 2012 tax return online You may also need to pay certain employment taxes from your own funds. How do i amend my 2012 tax return online These include your share of social security and Medicare taxes as an employer, along with unemployment taxes. How do i amend my 2012 tax return online Note. How do i amend my 2012 tax return online Additional Medicare Tax is only imposed on the employee. How do i amend my 2012 tax return online There is no employer share of Additional Medicare Tax. How do i amend my 2012 tax return online Your deduction for wages paid is not reduced by the social security and Medicare taxes, Additional Medicare Tax, and income taxes you withhold from your employees. How do i amend my 2012 tax return online You can deduct the employment taxes you must pay from your own funds as taxes. How do i amend my 2012 tax return online Example. How do i amend my 2012 tax return online You pay your employee $18,000 a year. How do i amend my 2012 tax return online However, after you withhold various taxes, your employee receives $14,500. How do i amend my 2012 tax return online You also pay an additional $1,500 in employment taxes. How do i amend my 2012 tax return online You should deduct the full $18,000 as wages. How do i amend my 2012 tax return online You can deduct the $1,500 you pay from your own funds as taxes. How do i amend my 2012 tax return online For more information on employment taxes, see Publication 15 (Circular E). How do i amend my 2012 tax return online Unemployment fund taxes. How do i amend my 2012 tax return online   As an employer, you may have to make payments to a state unemployment compensation fund or to a state disability benefit fund. How do i amend my 2012 tax return online Deduct these payments as taxes. How do i amend my 2012 tax return online Other Taxes The following are other taxes you can deduct if you incur them in the ordinary course of your trade or business. How do i amend my 2012 tax return online Excise taxes. How do i amend my 2012 tax return online   Generally, you can deduct as a business expense all excise taxes that are ordinary and necessary expenses of carrying on your trade or business. How do i amend my 2012 tax return online However, see Fuel taxes , later. How do i amend my 2012 tax return online   For more information on excise taxes, see Publication 510. How do i amend my 2012 tax return online Franchise taxes. How do i amend my 2012 tax return online   You can deduct corporate franchise taxes as a business expense. How do i amend my 2012 tax return online Fuel taxes. How do i amend my 2012 tax return online   Generally, taxes on gasoline, diesel fuel, and other motor fuels that you use in your business are included as part of the cost of the fuel. How do i amend my 2012 tax return online Do not deduct these taxes as a separate item. How do i amend my 2012 tax return online   You may be entitled to a credit or refund for federal excise tax you paid on fuels used for certain purposes. How do i amend my 2012 tax return online For more information, see Publication 510. How do i amend my 2012 tax return online Occupational taxes. How do i amend my 2012 tax return online   You can deduct as a business expense an occupational tax charged at a flat rate by a locality for the privilege of working or conducting a business in the locality. How do i amend my 2012 tax return online Personal property tax. How do i amend my 2012 tax return online   You can deduct any tax imposed by a state or local government on personal property used in your trade or business. How do i amend my 2012 tax return online Sales tax. How do i amend my 2012 tax return online   Treat any sales tax you pay on a service or on the purchase or use of property as part of the cost of the service or property. How do i amend my 2012 tax return online If the service or the cost or use of the property is a deductible business expense, you can deduct the tax as part of that service or cost. How do i amend my 2012 tax return online If the property is merchandise bought for resale, the sales tax is part of the cost of the merchandise. How do i amend my 2012 tax return online If the property is depreciable, add the sales tax to the basis for depreciation. How do i amend my 2012 tax return online For more information on basis, see Publication 551. How do i amend my 2012 tax return online    Do not deduct state and local sales taxes imposed on the buyer that you must collect and pay over to the state or local government. How do i amend my 2012 tax return online Also, do not include these taxes in gross receipts or sales. How do i amend my 2012 tax return online Self-employment tax. How do i amend my 2012 tax return online   You can deduct part of your self-employment tax as a business expense in figuring your adjusted gross income. How do i amend my 2012 tax return online This deduction only affects your income tax. How do i amend my 2012 tax return online It does not affect your net earnings from self-employment or your self-employment tax. How do i amend my 2012 tax return online   To deduct the tax, enter on Form 1040, line 27, the amount shown on the Deduction for one-half of self-employment tax line of Schedule SE (Form 1040). How do i amend my 2012 tax return online   For more information on self-employment tax, see Publication 334. How do i amend my 2012 tax return online Additional Medicare Tax. How do i amend my 2012 tax return online   Beginning in 2013, you may be required to pay Additional Medicare Tax on self-employment income. How do i amend my 2012 tax return online See Form 8959 and the Instructions for Form 8959 for more information on the Additional Medicare Tax. How do i amend my 2012 tax return online Prev  Up  Next   Home   More Online Publications