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How To Do An Amended Tax Return

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How To Do An Amended Tax Return

How to do an amended tax return Car Expenses Table of Contents Introduction Depreciation of CarSpecial Depreciation Allowance Depreciation Limit Amended Return Election Not To Claim Special Allowance If you purchased a car after September 10, 2001, for use in your business (or as an employee) and figure your deductible expenses using the actual car expense method, new law contains provisions that may affect your depreciation deduction for that car. How to do an amended tax return Publication 463, Travel, Entertainment, Gift, and Car Expenses, contains information on figuring depreciation on your car. How to do an amended tax return However, Publication 463 does not contain the new provisions because it was printed before the law was enacted. How to do an amended tax return The new provisions are in the Supplement to Publication 463, which is reprinted below. How to do an amended tax return Supplement to Publication 463 Travel, Entertainment, Gift, and Car Expenses   Introduction This supplemental publication is for taxpayers who purchased a car for business purposes after September 10, 2001, and figure their deductible expenses, including a deduction for depreciation, using the actual car expense method. How to do an amended tax return After Publication 463 was printed, the Job Creation and Worker Assistance Act of 2002 was signed into law by the President. How to do an amended tax return Certain provisions of this new law may reduce your taxes for 2001. How to do an amended tax return The new law contains the following provisions. How to do an amended tax return A new depreciation deduction, the special depreciation allowance. How to do an amended tax return An increase in the limit on depreciation for any car for which you claim the new special depreciation allowance. How to do an amended tax return If you have already filed your 2001 return, you may wish to file an amended return to claim any of these benefits. How to do an amended tax return See Amended Return, later. How to do an amended tax return Depreciation of Car If you used the actual car expense method to figure your deduction for a car you own and use in your business (or as an employee), you generally can claim a depreciation deduction. How to do an amended tax return However, there is a limit on the depreciation deduction you can take for your car each year. How to do an amended tax return See Depreciation Limit later. How to do an amended tax return Special Depreciation Allowance The new law allows you to claim a special depreciation allowance. How to do an amended tax return This special allowance is a deduction equal to 30% of the depreciable basis of qualified property. How to do an amended tax return You figure the amount of the special depreciation allowance after any section 179 deduction you choose to claim, but before figuring your regular depreciation deduction under the Modified Accelerated Cost Recovery System (MACRS). How to do an amended tax return See Depreciation Deduction under Actual Car Expenses in chapter 4 of Publication 463 for information about MACRS. How to do an amended tax return You can claim the special depreciation allowance only for the year the qualified property is placed in service. How to do an amended tax return Qualified property. How to do an amended tax return   Qualified property includes a car (any four-wheeled vehicle, including a truck or van not more than 6,000 pounds, that is made primarily for use on public streets, roads, and highways) that meets all of the following requirements. How to do an amended tax return You bought it new. How to do an amended tax return You bought it after September 10, 2001. How to do an amended tax return (But a car is not qualified property if a binding written contract for you to buy the car was in effect before September 11, 2001. How to do an amended tax return ) You began using it for business after September 10, 2001, and used it more than 50% in a qualified business use. How to do an amended tax return Example. How to do an amended tax return Bob bought a new car on October 15, 2001, for $20,000 and placed it in service immediately, using it 75% for business. How to do an amended tax return Bob's car is qualified property. How to do an amended tax return Bob chooses not to take a section 179 deduction for the car. How to do an amended tax return He does claim the new special depreciation allowance. How to do an amended tax return Bob first must figure the car's depreciable basis, which is $15,000 ($20,000 × . How to do an amended tax return 75). How to do an amended tax return He then figures the special depreciation allowance of $4,500 ($15,000 × . How to do an amended tax return 30). How to do an amended tax return The remaining depreciable basis of $10,500 ($15,000 - $4,500) is depreciated using MACRS (200% declining balance method, half-year convention) and results in a deduction of $2,100 ($10,500 × . How to do an amended tax return 20), for a total depreciation deduction for 2001 of $6,600 ($4,500 + $2,100). How to do an amended tax return However, Bob's depreciation deduction is limited to $5,745 ($7,660 × . How to do an amended tax return 75), as discussed next. How to do an amended tax return Depreciation Limit The limit on your depreciation deduction for 2001 is increased to $7,660 for a car that is qualified property (defined above) and for which you claim the special depreciation allowance. How to do an amended tax return The limit is increased to $23,080 if the car is an electric car. How to do an amended tax return The section 179 deduction is treated as depreciation for purposes of this limit. How to do an amended tax return If you use a car less than 100% in your business or work, the limit is $7,660 (or $23,080 for an electric car) multiplied by the percentage of business and investment use during the year. How to do an amended tax return For cars that do not qualify for (or for which you choose not to claim) the special depreciation allowance, the limit remains $3,060 ($9,280 for electric cars). How to do an amended tax return Amended Return If you filed your 2001 calendar year return before June 1, 2002, and did not claim the new special depreciation allowance for a qualified car, you can claim it by filing an amended return on Form 1040X, Amended U. How to do an amended tax return S. How to do an amended tax return Individual Income Tax Return, by April 15, 2003. How to do an amended tax return At the top of the Form 1040X, print “Filed pursuant to Revenue Procedure 2002–33. How to do an amended tax return ” If you are an employee, attach Form 2106, Employee Business Expenses (revised March 2002). How to do an amended tax return If you are self-employed, attach Form 4562, Depreciation and Amortization (revised March 2002). How to do an amended tax return Or, you can claim the special depreciation allowance by filing Form 3115, Application for Change in Accounting Method, with your 2002 return. How to do an amended tax return For details, see Revenue Procedure 2002–33. How to do an amended tax return (But, filing Form 1040X for 2001 enables you to claim the special allowance earlier than attaching Form 3115 to your 2002 return. How to do an amended tax return ) You cannot claim the special depreciation allowance on an amended return (or by using Form 3115) if you made, or are treated as having made, the election not to claim it described later. How to do an amended tax return Example. How to do an amended tax return The facts are the same as in the previous example except that Bob filed his original 2001 income tax return on April 15, 2002, and claimed a $3,000 ($20,000 x . How to do an amended tax return 75 x . How to do an amended tax return 20) depreciation deduction for his new car using MACRS. How to do an amended tax return Bob now wishes to claim the special depreciation allowance for his new car on an amended 2001 return. How to do an amended tax return Bob, who is an employee, files Form 1040X, by April 15, 2003, with an updated Form 2106 (revised March 2002) attached, increasing his total depreciation deduction to $5,745, as figured in the earlier example. How to do an amended tax return Bob's new filled-in Form 2106 is shown later. How to do an amended tax return Election Not To Claim Special Allowance You can elect not to claim the special depreciation allowance for a car by making a statement attached to, or written on, your return indicating that you are electing not to claim the special depreciation allowance for 5-year property. How to do an amended tax return As a general rule, you must make this election by the due date (including extensions) of your return. How to do an amended tax return You can have an automatic extension of 6 months from the due date of your return (excluding extensions) to make the election with an amended return. How to do an amended tax return To get this extension, you must have filed your original return by the due date (including extensions). How to do an amended tax return At the top of the statement, print “Filed pursuant to section 301. How to do an amended tax return 9100–2. How to do an amended tax return ” If you elect not to claim the special depreciation allowance for a car, you cannot claim it for any other 5-year property placed in service during the same year. How to do an amended tax return Unless you elect (or are treated as electing) not to claim the special depreciation allowance, you must reduce the car's adjusted basis by the amount of the allowance, even if the allowance was not claimed. How to do an amended tax return Deemed election for return filed before June 1, 2002. How to do an amended tax return   If you did not make the election not to claim the special depreciation allowance in the time and manner described above, you will still be treated as electing not to claim it if all of the following apply. How to do an amended tax return You filed your 2001 return before June 1, 2002. How to do an amended tax return You claimed depreciation on your return but did not claim the special depreciation allowance. How to do an amended tax return You did not file an amended 2001 return by April 15, 2003, or a Form 3115 with your 2002 return, to claim the special depreciation allowance. How to do an amended tax return Form 2106, Page 1, for Bob Smith Form 2106, Page 2, for Bob Smith Prev  Up  Next   Home   More Online Publications
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Crash tests can help you determine how well a vehicle will protect you in a crash. Here are different organizations that perform crash tests and rate vehicles:

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The How To Do An Amended Tax Return

How to do an amended tax return Index A Affected taxpayer, Affected taxpayer. How to do an amended tax return B Book inventories, charitable deduction for, Charitable Deduction for Contributions of Book Inventories to Public Schools C Cancellation of indebtedness, Exclusion of Certain Cancellations of Indebtedness by Reason of Hurricane Katrina Casualty and theft losses, Casualty and Theft Losses Charitable contributions, Temporary Suspension of Limits on Charitable Contributions Charitable deduction: Book inventory, Charitable Deduction for Contributions of Book Inventories to Public Schools Food inventory, Charitable Deduction for Contributions of Food Inventory Child tax credit, Earned Income Credit and Child Tax Credit Clean-up costs, Demolition and Clean-up Costs Copy of tax return, request for, Request for copy of tax return. How to do an amended tax return Core disaster area, Gulf Opportunity (GO) Zone (Core Disaster Area) Covered disaster area: Katrina, Katrina Covered Disaster Area Rita, Hurricane Rita Disaster Area (Rita Covered Disaster Area) Wilma, Wilma Covered Disaster Area Credits: Child tax, Earned Income Credit and Child Tax Credit Earned income, Earned Income Credit and Child Tax Credit Education, Education Credits Employee retention, Employee Retention Credit Hurricane Katrina housing, Hurricane Katrina Housing Credit Rehabilitation tax, Increase in Rehabilitation Tax Credit Work opportunity, Work Opportunity Credit D Deadlines, extended, Extended Tax Deadlines Demolition costs, Demolition and Clean-up Costs Depreciation: Qualified GO Zone property, Qualified GO Zone property. How to do an amended tax return Special allowance, Special Depreciation Allowance Disaster area: Hurricane Katrina, Hurricane Katrina Disaster Area Hurricane Rita, Hurricane Rita Disaster Area (Rita Covered Disaster Area) Hurricane Wilma, Hurricane Wilma Disaster Area Distributions: Home purchase or construction, Repayment of Qualified Distributions for the Purchase or Construction of a Main Home Qualified hurricane, Qualified hurricane distribution. How to do an amended tax return Repayment of, Repayment of Qualified Hurricane Distributions Taxation of, Taxation of Qualified Hurricane Distributions E Earned income credit, Earned Income Credit and Child Tax Credit Education credits, Education Credits Eligible retirement plan, Eligible retirement plan. How to do an amended tax return Employee retention credit, Employee Retention Credit Exemption, additional for housing, Additional Exemption for Housing Individuals Displaced by Hurricane Katrina F Federal mortgage subsidy, recapture of, Recapture of Federal Mortgage Subsidy Food inventory, charitable deduction for, Charitable Deduction for Contributions of Food Inventory G Gulf Opportunity (GO) Zone, Gulf Opportunity (GO) Zone (Core Disaster Area) H Help: How to get, How To Get Tax Help Phone number, How To Get Tax Help Special IRS assistance, How To Get Tax Help Website, How To Get Tax Help Hope credit (see Education credits) Hurricane Katrina disaster area, Hurricane Katrina Disaster Area Hurricane Katrina housing credit, Hurricane Katrina Housing Credit Hurricane Rita disaster area, Hurricane Rita Disaster Area (Rita Covered Disaster Area) Hurricane Wilma disaster area, Hurricane Wilma Disaster Area I Involuntary conversion (see Replacement period for nonrecognition of gain) IRAs and other retirement plans, IRAs and Other Retirement Plans L Lifetime learning credit (see Education credits) M Mileage reimbursements, charitable volunteers, Mileage Reimbursements to Charitable Volunteers N Net operating losses, Net Operating Losses Q Qualified GO Zone loss, Qualified GO Zone loss. How to do an amended tax return Qualified hurricane distribution, Qualified hurricane distribution. How to do an amended tax return R Reforestation costs, Reforestation Costs Rehabilitation tax credit, Increase in Rehabilitation Tax Credit Relocation, temporary, Tax Relief for Temporary Relocation Replacement period for nonrecognition of gain, Replacement Period for Nonrecognition of Gain Retirement plan, eligible, Eligible retirement plan. How to do an amended tax return Retirement plans, IRAs and Other Retirement Plans Rita GO Zone, Rita GO Zone S Section 179 deduction, Increased Section 179 Deduction Standard mileage rate, charitable use, Standard Mileage Rate for Charitable Use of Vehicles T Tax return: Request for copy, Request for copy of tax return. How to do an amended tax return Request for transcript, Request for transcript of tax return. How to do an amended tax return Taxpayer Advocate, Contacting your Taxpayer Advocate. How to do an amended tax return Temporary relocation, Tax Relief for Temporary Relocation Theft losses, Casualty and Theft Losses Timber: 5-year NOL carryback, 5-year NOL carryback of certain timber losses. How to do an amended tax return Reforestation costs, Reforestation Costs Transcript of tax return, request for, Request for transcript of tax return. How to do an amended tax return W Wilma GO Zone, Wilma GO Zone Work opportunity credit, Work Opportunity Credit Prev  Up     Home   More Online Publications