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Hr Block Tax Software

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Hr Block Tax Software

Hr block tax software 27. Hr block tax software   Tax Benefits for Work-Related Education Table of Contents What's New Introduction Useful Items - You may want to see: Qualifying Work-Related EducationEducation Required by Employer or by Law Education To Maintain or Improve Skills Education To Meet Minimum Requirements Education That Qualifies You for a New Trade or Business What Expenses Can Be DeductedUnclaimed reimbursement. Hr block tax software Transportation Expenses Travel Expenses No Double Benefit Allowed Reimbursements Deducting Business ExpensesSelf-Employed Persons Employees Performing Artists and Fee-Basis Officials Impairment-Related Work Expenses Recordkeeping What's New Standard mileage rate. Hr block tax software  Generally, if you claim a business deduction for work-related education and you drive your car to and from school, the amount you can deduct for miles driven from January 1, 2013, through December 31, 2013, is 56½ cents per mile. Hr block tax software For more information, see Transportation Expenses under What Expenses Can Be Deducted. Hr block tax software Introduction This chapter discusses work-related education expenses that you may be able to deduct as business expenses. Hr block tax software To claim such a deduction, you must: Itemize your deductions on Schedule A (Form 1040) if you are an employee, File Schedule C (Form 1040), Schedule C-EZ (Form 1040), or Schedule F (Form 1040) if you are self-employed, and Have expenses for education that meet the requirements discussed under Qualifying Work-Related Education . Hr block tax software If you are an employee and can itemize your deductions, you may be able to claim a deduction for the expenses you pay for your work-related education. Hr block tax software Your deduction will be the amount by which your qualifying work-related education expenses plus other job and certain miscellaneous expenses (except for impairment-related work expenses of disabled individuals) is greater than 2% of your adjusted gross income. Hr block tax software See chapter 28. Hr block tax software If you are self-employed, you deduct your expenses for qualifying work-related education directly from your self-employment income. Hr block tax software Your work-related education expenses may also qualify you for other tax benefits, such as the American opportunity and lifetime learning credits (see chapter 35). Hr block tax software You may qualify for these other benefits even if you do not meet the requirements listed earlier. Hr block tax software Also, keep in mind that your work-related education expenses may qualify you to claim more than one tax benefit. Hr block tax software Generally, you may claim any number of benefits as long as you use different expenses to figure each one. Hr block tax software When you figure your taxes, you may want to compare these tax benefits so you can choose the method(s) that give you the lowest tax liability. Hr block tax software Useful Items - You may want to see: Publication 463 Travel, Entertainment, Gift, and Car Expenses 970 Tax Benefits for Education Form (and Instructions) 2106 Employee Business Expenses 2106-EZ Unreimbursed Employee Business Expenses Schedule A (Form 1040) Itemized Deductions Qualifying Work-Related Education You can deduct the costs of qualifying work-related education as business expenses. Hr block tax software This is education that meets at least one of the following two tests. Hr block tax software The education is required by your employer or the law to keep your present salary, status, or job. Hr block tax software The required education must serve a bona fide business purpose of your employer. Hr block tax software The education maintains or improves skills needed in your present work. Hr block tax software However, even if the education meets one or both of the above tests, it is not qualifying work-related education if it: Is needed to meet the minimum educational requirements of your present trade or business, or Is part of a program of study that will qualify you for a new trade or business. Hr block tax software You can deduct the costs of qualifying work-related education as a business expense even if the education could lead to a degree. Hr block tax software Use Figure 27-A, later, as a quick check to see if your education qualifies. Hr block tax software Education Required by Employer or by Law Once you have met the minimum educational requirements for your job, your employer or the law may require you to get more education. Hr block tax software This additional education is qualifying work-related education if all three of the following requirements are met. Hr block tax software It is required for you to keep your present salary, status, or job, The requirement serves a bona fide business purpose of your employer, and The education is not part of a program that will qualify you for a new trade or business. Hr block tax software When you get more education than your employer or the law requires, the additional education can be qualifying work-related education only if it maintains or improves skills required in your present work. Hr block tax software See Education To Maintain or Improve Skills , later. Hr block tax software Example. Hr block tax software You are a teacher who has satisfied the minimum requirements for teaching. Hr block tax software Your employer requires you to take an additional college course each year to keep your teaching job. Hr block tax software If the courses will not qualify you for a new trade or business, they are qualifying work-related education even if you eventually receive a master's degree and an increase in salary because of this extra education. Hr block tax software Education To Maintain or Improve Skills If your education is not required by your employer or the law, it can be qualifying work-related education only if it maintains or improves skills needed in your present work. Hr block tax software This could include refresher courses, courses on current developments, and academic or vocational courses. Hr block tax software Example. Hr block tax software You repair televisions, radios, and stereo systems for XYZ Store. Hr block tax software To keep up with the latest changes, you take special courses in radio and stereo service. Hr block tax software These courses maintain and improve skills required in your work. Hr block tax software Maintaining skills vs. Hr block tax software qualifying for new job. Hr block tax software   Education to maintain or improve skills needed in your present work is not qualifying education if it will also qualify you for a new trade or business. Hr block tax software Education during temporary absence. Hr block tax software   If you stop working for a year or less in order to get education to maintain or improve skills needed in your present work and then return to the same general type of work, your absence is considered temporary. Hr block tax software Education that you get during a temporary absence is qualifying work-related education if it maintains or improves skills needed in your present work. Hr block tax software Example. Hr block tax software You quit your biology research job to become a full-time biology graduate student for one year. Hr block tax software If you return to work in biology research after completing the courses, the education is related to your present work even if you do not go back to work with the same employer. Hr block tax software Education during indefinite absence. Hr block tax software   If you stop work for more than a year, your absence from your job is considered indefinite. Hr block tax software Education during an indefinite absence, even if it maintains or improves skills needed in the work from which you are absent, is considered to qualify you for a new trade or business. Hr block tax software Therefore, it is not qualifying work-related education. Hr block tax software Education To Meet Minimum Requirements Education you need to meet the minimum educational requirements for your present trade or business is not qualifying work-related education. Hr block tax software The minimum educational requirements are determined by: Laws and regulations, Standards of your profession, trade, or business, and Your employer. Hr block tax software Once you have met the minimum educational requirements that were in effect when you were hired, you do not have to meet any new minimum educational requirements. Hr block tax software This means that if the minimum requirements change after you were hired, any education you need to meet the new requirements can be qualifying education. Hr block tax software You have not necessarily met the minimum educational requirements of your trade or business simply because you are already doing the work. Hr block tax software Example 1. Hr block tax software You are a full-time engineering student. Hr block tax software Although you have not received your degree or certification, you work part-time as an engineer for a firm that will employ you as a full-time engineer after you finish college. Hr block tax software Although your college engineering courses improve your skills in your present job, they are also needed to meet the minimum job requirements for a full-time engineer. Hr block tax software The education is not qualifying work-related education. Hr block tax software Example 2. Hr block tax software You are an accountant and you have met the minimum educational requirements of your employer. Hr block tax software Your employer later changes the minimum educational requirements and requires you to take college courses to keep your job. Hr block tax software These additional courses can be qualifying work-related education because you have already satisfied the minimum requirements that were in effect when you were hired. Hr block tax software Requirements for Teachers States or school districts usually set the minimum educational requirements for teachers. Hr block tax software The requirement is the college degree or the minimum number of college hours usually required of a person hired for that position. Hr block tax software If there are no requirements, you will have met the minimum educational requirements when you become a faculty member. Hr block tax software The determination of whether you are a faculty member of an educational institution must be made on the basis of the particular practices of the institution. Hr block tax software You generally will be considered a faculty member when one or more of the following occurs. Hr block tax software You have tenure. Hr block tax software Your years of service count toward obtaining tenure. Hr block tax software You have a vote in faculty decisions. Hr block tax software Your school makes contributions for you to a retirement plan other than social security or a similar program. Hr block tax software Example 1. Hr block tax software The law in your state requires beginning secondary school teachers to have a bachelor's degree, including 10 professional education courses. Hr block tax software In addition, to keep the job a teacher must complete a fifth year of training within 10 years from the date of hire. Hr block tax software If the employing school certifies to the state Department of Education that qualified teachers cannot be found, the school can hire persons with only 3 years of college. Hr block tax software However, to keep their jobs, these teachers must get a bachelor's degree and the required professional education courses within 3 years. Hr block tax software Under these facts, the bachelor's degree, whether or not it includes the 10 professional education courses, is considered the minimum educational requirement for qualification as a teacher in your state. Hr block tax software If you have all the required education except the fifth year, you have met the minimum educational requirements. Hr block tax software The fifth year of training is qualifying work-related education unless it is part of a program of study that will qualify you for a new trade or business. Hr block tax software Figure 27-A Does Your Work-Related Education Qualify? Please click here for the text description of the image. Hr block tax software Figure 27-A. Hr block tax software Does Your Work-Related Education Qualify?" Example 2. Hr block tax software Assume the same facts as in Example 1 except that you have a bachelor's degree and only six professional education courses. Hr block tax software The additional four education courses can be qualifying work-related education. Hr block tax software Although you do not have all the required courses, you have already met the minimum educational requirements. Hr block tax software Example 3. Hr block tax software Assume the same facts as in Example 1 except that you are hired with only 3 years of college. Hr block tax software The courses you take that lead to a bachelor's degree (including those in education) are not qualifying work-related education. Hr block tax software They are needed to meet the minimum educational requirements for employment as a teacher. Hr block tax software Example 4. Hr block tax software You have a bachelor's degree and you work as a temporary instructor at a university. Hr block tax software At the same time, you take graduate courses toward an advanced degree. Hr block tax software The rules of the university state that you can become a faculty member only if you get a graduate degree. Hr block tax software Also, you can keep your job as an instructor only as long as you show satisfactory progress toward getting this degree. Hr block tax software You have not met the minimum educational requirements to qualify you as a faculty member. Hr block tax software The graduate courses are not qualifying work-related education. Hr block tax software Certification in a new state. Hr block tax software   Once you have met the minimum educational requirements for teachers for your state, you are considered to have met the minimum educational requirements in all states. Hr block tax software This is true even if you must get additional education to be certified in another state. Hr block tax software Any additional education you need is qualifying work-related education. Hr block tax software You have already met the minimum requirements for teaching. Hr block tax software Teaching in another state is not a new trade or business. Hr block tax software Example. Hr block tax software You hold a permanent teaching certificate in State A and are employed as a teacher in that state for several years. Hr block tax software You move to State B and are promptly hired as a teacher. Hr block tax software You are required, however, to complete certain prescribed courses to get a permanent teaching certificate in State B. Hr block tax software These additional courses are qualifying work-related education because the teaching position in State B involves the same general kind of work for which you were qualified in State A. Hr block tax software Education That Qualifies You for a New Trade or Business Education that is part of a program of study that will qualify you for a new trade or business is not qualifying work-related education. Hr block tax software This is true even if you do not plan to enter that trade or business. Hr block tax software If you are an employee, a change of duties that involves the same general kind of work is not a new trade or business. Hr block tax software Example 1. Hr block tax software You are an accountant. Hr block tax software Your employer requires you to get a law degree at your own expense. Hr block tax software You register at a law school for the regular curriculum that leads to a law degree. Hr block tax software Even if you do not intend to become a lawyer, the education is not qualifying because the law degree will qualify you for a new trade or business. Hr block tax software Example 2. Hr block tax software You are a general practitioner of medicine. Hr block tax software You take a 2-week course to review developments in several specialized fields of medicine. Hr block tax software The course does not qualify you for a new profession. Hr block tax software It is qualifying work-related education because it maintains or improves skills required in your present profession. Hr block tax software Example 3. Hr block tax software While working in the private practice of psychiatry, you enter a program to study and train at an accredited psychoanalytic institute. Hr block tax software The program will lead to qualifying you to practice psychoanalysis. Hr block tax software The psychoanalytic training does not qualify you for a new profession. Hr block tax software It is qualifying work-related education because it maintains or improves skills required in your present profession. Hr block tax software Bar or CPA Review Course Review courses to prepare for the bar examination or the certified public accountant (CPA) examination are not qualifying work-related education. Hr block tax software They are part of a program of study that can qualify you for a new profession. Hr block tax software Teaching and Related Duties All teaching and related duties are considered the same general kind of work. Hr block tax software A change in duties in any of the following ways is not considered a change to a new business. Hr block tax software Elementary school teacher to secondary school teacher. Hr block tax software Teacher of one subject, such as biology, to teacher of another subject, such as art. Hr block tax software Classroom teacher to guidance counselor. Hr block tax software Classroom teacher to school administrator. Hr block tax software What Expenses Can Be Deducted If your education meets the requirements described earlier under Qualifying Work-Related Education , you can generally deduct your education expenses as business expenses. Hr block tax software If you are not self-employed, you can deduct business expenses only if you itemize your deductions. Hr block tax software You cannot deduct expenses related to tax-exempt and excluded income. Hr block tax software Deductible expenses. Hr block tax software   The following education expenses can be deducted. Hr block tax software Tuition, books, supplies, lab fees, and similar items. Hr block tax software Certain transportation and travel costs. Hr block tax software Other education expenses, such as costs of research and typing when writing a paper as part of an educational program. Hr block tax software Nondeductible expenses. Hr block tax software   You cannot deduct personal or capital expenses. Hr block tax software For example, you cannot deduct the dollar value of vacation time or annual leave you take to attend classes. Hr block tax software This amount is a personal expense. Hr block tax software Unclaimed reimbursement. Hr block tax software   If you do not claim reimbursement that you are entitled to receive from your employer, you cannot deduct the expenses that apply to that unclaimed reimbursement. Hr block tax software Example. Hr block tax software Your employer agrees to pay your education expenses if you file a voucher showing your expenses. Hr block tax software You do not file a voucher, and you do not get reimbursed. Hr block tax software Because you did not file a voucher, you cannot deduct the expenses on your tax return. Hr block tax software Transportation Expenses If your education qualifies, you can deduct local transportation costs of going directly from work to school. Hr block tax software If you are regularly employed and go to school on a temporary basis, you can also deduct the costs of returning from school to home. Hr block tax software Temporary basis. Hr block tax software   You go to school on a temporary basis if either of the following situations applies to you. Hr block tax software Your attendance at school is realistically expected to last 1 year or less and does indeed last for 1 year or less. Hr block tax software Initially, your attendance at school is realistically expected to last 1 year or less, but at a later date your attendance is reasonably expected to last more than 1 year. Hr block tax software Your attendance is temporary up to the date you determine it will last more than 1 year. Hr block tax software Note. Hr block tax software If you are in either situation (1) or (2), your attendance is not temporary if facts and circumstances indicate otherwise. Hr block tax software Attendance not on a temporary basis. Hr block tax software   You do not go to school on a temporary basis if either of the following situations apply to you. Hr block tax software Your attendance at school is realistically expected to last more than 1 year. Hr block tax software It does not matter how long you actually attend. Hr block tax software Initially, your attendance at school is realistically expected to last 1 year or less, but at a later date your attendance is reasonably expected to last more than 1 year. Hr block tax software Your attendance is not temporary after the date you determine it will last more than 1 year. Hr block tax software Deductible Transportation Expenses If you are regularly employed and go directly from home to school on a temporary basis, you can deduct the round-trip costs of transportation between your home and school. Hr block tax software This is true regardless of the location of the school, the distance traveled, or whether you attend school on nonwork days. Hr block tax software Transportation expenses include the actual costs of bus, subway, cab, or other fares, as well as the costs of using your car. Hr block tax software Transportation expenses do not include amounts spent for travel, meals, or lodging while you are away from home overnight. Hr block tax software Example 1. Hr block tax software You regularly work in a nearby town, and go directly from work to home. Hr block tax software You also attend school every work night for 3 months to take a course that improves your job skills. Hr block tax software Since you are attending school on a temporary basis, you can deduct your daily round-trip transportation expenses in going between home and school. Hr block tax software This is true regardless of the distance traveled. Hr block tax software Example 2. Hr block tax software Assume the same facts as in Example 1 except that on certain nights you go directly from work to school and then home. Hr block tax software You can deduct your transportation expenses from your regular work site to school and then home. Hr block tax software Example 3. Hr block tax software Assume the same facts as in Example 1 except that you attend the school for 9 months on Saturdays, nonwork days. Hr block tax software Since you are attending school on a temporary basis, you can deduct your round-trip transportation expenses in going between home and school. Hr block tax software Example 4. Hr block tax software Assume the same facts as in Example 1 except that you attend classes twice a week for 15 months. Hr block tax software Since your attendance in school is not considered temporary, you cannot deduct your transportation expenses in going between home and school. Hr block tax software If you go directly from work to school, you can deduct the one-way transportation expenses of going from work to school. Hr block tax software If you go from work to home to school and return home, your transportation expenses cannot be more than if you had gone directly from work to school. Hr block tax software Using your car. Hr block tax software   If you use your car (whether you own or lease it) for transportation to school, you can deduct your actual expenses or use the standard mileage rate to figure the amount you can deduct. Hr block tax software The standard mileage rate for miles driven from January 1, 2013, through December 31, 2013 is 56½ cents per mile. Hr block tax software Whichever method you use, you can also deduct parking fees and tolls. Hr block tax software See chapter 26 for information on deducting your actual expenses of using a car. Hr block tax software Travel Expenses You can deduct expenses for travel, meals (see 50% limit on meals , later), and lodging if you travel overnight mainly to obtain qualifying work-related education. Hr block tax software Travel expenses for qualifying work-related education are treated the same as travel expenses for other employee business purposes. Hr block tax software For more information, see chapter 26. Hr block tax software You cannot deduct expenses for personal activities, such as sightseeing, visiting, or entertaining. Hr block tax software Mainly personal travel. Hr block tax software   If your travel away from home is mainly personal, you cannot deduct all of your expenses for travel, meals, and lodging. Hr block tax software You can deduct only your expenses for lodging and 50% of your expenses for meals during the time you attend the qualified educational activities. Hr block tax software   Whether a trip's purpose is mainly personal or educational depends upon the facts and circumstances. Hr block tax software An important factor is the comparison of time spent on personal activities with time spent on educational activities. Hr block tax software If you spend more time on personal activities, the trip is considered mainly educational only if you can show a substantial nonpersonal reason for traveling to a particular location. Hr block tax software Example 1. Hr block tax software John works in Newark, New Jersey. Hr block tax software He traveled to Chicago to take a deductible 1-week course at the request of his employer. Hr block tax software His main reason for going to Chicago was to take the course. Hr block tax software While there, he took a sight-seeing trip, entertained some friends, and took a side trip to Pleasantville for a day. Hr block tax software Since the trip was mainly for business, John can deduct his round-trip airfare to Chicago. Hr block tax software He cannot deduct his transportation expenses of going to Pleasantville. Hr block tax software He can deduct only the meals (subject to the 50% limit) and lodging connected with his educational activities. Hr block tax software Example 2. Hr block tax software Sue works in Boston. Hr block tax software She went to a university in Michigan to take a course for work. Hr block tax software The course is qualifying work-related education. Hr block tax software She took one course, which is one-fourth of a full course load of study. Hr block tax software She spent the rest of the time on personal activities. Hr block tax software Her reasons for taking the course in Michigan were all personal. Hr block tax software Sue's trip is mainly personal because three-fourths of her time is considered personal time. Hr block tax software She cannot deduct the cost of her round-trip train ticket to Michigan. Hr block tax software She can deduct one-fourth of the meals (subject to the 50% limit) and lodging costs for the time she attended the university. Hr block tax software Example 3. Hr block tax software Dave works in Nashville and recently traveled to California to take a 2-week seminar. Hr block tax software The seminar is qualifying work-related education. Hr block tax software While there, he spent an extra 8 weeks on personal activities. Hr block tax software The facts, including the extra 8-week stay, show that his main purpose was to take a vacation. Hr block tax software Dave cannot deduct his round-trip airfare or his meals and lodging for the 8 weeks. Hr block tax software He can deduct only his expenses for meals (subject to the 50% limit) and lodging for the 2 weeks he attended the seminar. Hr block tax software Cruises and conventions. Hr block tax software   Certain cruises and conventions offer seminars or courses as part of their itinerary. Hr block tax software Even if the seminars or courses are work-related, your deduction for travel may be limited. Hr block tax software This applies to: Travel by ocean liner, cruise ship, or other form of luxury water transportation, and Conventions outside the North American area. Hr block tax software   For a discussion of the limits on travel expense deductions that apply to cruises and conventions, see Luxury Water Travel and Conventions in chapter 1 of Publication 463. Hr block tax software 50% limit on meals. Hr block tax software   You can deduct only 50% of the cost of your meals while traveling away from home to obtain qualifying work-related education. Hr block tax software You cannot have been reimbursed for the meals. Hr block tax software   Employees must use Form 2106 or Form 2106-EZ to apply the 50% limit. Hr block tax software Travel as Education You cannot deduct the cost of travel as a form of education even if it is directly related to your duties in your work or business. Hr block tax software Example. Hr block tax software You are a French language teacher. Hr block tax software While on sabbatical leave granted for travel, you traveled through France to improve your knowledge of the French language. Hr block tax software You chose your itinerary and most of your activities to improve your French language skills. Hr block tax software You cannot deduct your travel expenses as education expenses. Hr block tax software This is true even if you spent most of your time learning French by visiting French schools and families, attending movies or plays, and engaging in similar activities. Hr block tax software No Double Benefit Allowed You cannot do either of the following. Hr block tax software Deduct work-related education expenses as business expenses if you benefit from these expenses under any other provision of the law, for example, the tuition and fees deduction (see chapter 35). Hr block tax software Deduct work-related education expenses paid with tax-free scholarship, grant, or employer-provided educational assistance. Hr block tax software See Adjustments to Qualifying Work-Related Education Expenses , next. Hr block tax software Adjustments to Qualifying Work-Related Education Expenses If you pay qualifying work-related education expenses with certain tax-free funds, you cannot claim a deduction for those amounts. Hr block tax software You must reduce the qualifying expenses by the amount of such expenses allocable to the tax-free educational assistance. Hr block tax software For more information, see chapter 12 of Publication 970. Hr block tax software Tax-free educational assistance includes: The tax-free part of scholarships and fellowships (see chapter 1 of Publication 970), The tax-free part of Pell grants (see chapter 1 of Publication 970), The tax-free part of employer-provided educational assistance (see chapter 11 of Publication 970), Veterans' educational assistance (see chapter 1 of Publication 970), and Any other nontaxable (tax-free) payments (other than gifts or inheritances) received for education assistance. Hr block tax software Amounts that do not reduce qualifying work-related education expenses. Hr block tax software   Do not reduce the qualifying work-related education expenses by amounts paid with funds the student receives as: Payment for services, such as wages, A loan, A gift, An inheritance, or A withdrawal from the student's personal savings. Hr block tax software   Also, do not reduce the qualifying work-related education expenses by any scholarship or fellowship reported as income on the student's return or any scholarship which, by its terms, cannot be applied to qualifying work-related education expenses. Hr block tax software Reimbursements How you treat reimbursements depends on the arrangement you have with your employer. Hr block tax software There are two basic types of reimbursement arrangements—accountable plans and nonaccountable plans. Hr block tax software You can tell the type of plan you are reimbursed under by the way the reimbursement is reported on your Form W-2. Hr block tax software For information on how to treat reimbursements under both accountable and nonaccountable plans, see Reimbursements in chapter 26. Hr block tax software Deducting Business Expenses Self-employed persons and employees report business expenses differently. Hr block tax software The following information explains what forms you must use to deduct the cost of your qualifying work-related education as a business expense. Hr block tax software Self-Employed Persons If you are self-employed, report the cost of your qualifying work-related education on the appropriate form used to report your business income and expenses (generally Schedule C, C-EZ, or F). Hr block tax software If your educational expenses include expenses for a car or truck, travel, or meals, report those expenses the same way you report other business expenses for those items. Hr block tax software See the instructions for the form you file for information on how to complete it. Hr block tax software Employees If you are an employee, you can deduct the cost of qualifying work-related education only if you: Did not receive (and were not entitled to receive) any reimbursement from your employer, Were reimbursed under a nonaccountable plan (amount is included in box 1 of Form W-2), or Received reimbursement under an accountable plan, but the amount received was less than your expenses for which you claimed reimbursement. Hr block tax software If either (1) or (2) applies, you can deduct the total qualifying cost. Hr block tax software If (3) applies, you can deduct only the qualifying costs that were more than your reimbursement. Hr block tax software In order to deduct the cost of your qualifying work-related education as a business expense, include the amount with your deduction for any other employee business expenses on Schedule A (Form 1040), line 21. Hr block tax software (Special rules for expenses of certain performing artists and fee-basis officials and for impairment-related work expenses are explained later. Hr block tax software ) This deduction (except for impairment-related work expenses of disabled individuals) is subject to the 2%-of-adjusted-gross-income limit that applies to most miscellaneous itemized deductions. Hr block tax software See chapter 28. Hr block tax software Form 2106 or 2106-EZ. Hr block tax software   To figure your deduction for employee business expenses, including qualifying work-related education, you generally must complete Form 2106 or Form 2106-EZ. Hr block tax software Form not required. Hr block tax software   Do not complete either Form 2106 or Form 2106-EZ if: If amounts included in box 1 of your Form W-2, are not considered reimbursements, and You are not claiming travel, transportation, meal, or entertainment expenses. Hr block tax software   If you meet both of these requirements, enter the expenses directly on Schedule A (Form 1040), line 21. Hr block tax software (Special rules for expenses of certain performing artists and fee-basis officials and for impairment-related work expenses are explained later. Hr block tax software ) Using Form 2106-EZ. Hr block tax software   This form is shorter and easier to use than Form 2106. Hr block tax software Generally, you can use this form if: All reimbursements, if any, are included in box 1 of your Form W-2, and You are using the standard mileage rate if you are claiming vehicle expenses. Hr block tax software   If you do not meet both of these requirements, use Form 2106. Hr block tax software Performing Artists and Fee-Basis Officials If you are a qualified performing artist, or a state (or local) government official who is paid in whole or in part on a fee basis, you can deduct the cost of your qualifying work-related education as an adjustment to gross income rather than as an itemized deduction. Hr block tax software Include the cost of your qualifying work-related education with any other employee business expenses on Form 1040, line 24. Hr block tax software You do not have to itemize your deductions on Schedule A (Form 1040), and, therefore, the deduction is not subject to the 2%-of-adjusted-gross-income limit. Hr block tax software You must complete Form 2106 or 2106-EZ to figure your deduction, even if you meet the requirements described earlier under Form not required . Hr block tax software For more information on qualified performing artists, see chapter 6 of Publication 463. Hr block tax software Impairment-Related Work Expenses If you are disabled and have impairment-related work expenses that are necessary for you to be able to get qualifying work-related education, you can deduct these expenses on Schedule A (Form 1040), line 28. Hr block tax software They are not subject to the 2%-of-adjusted-gross-income limit. Hr block tax software To deduct these expenses, you must complete Form 2106 or 2106-EZ even if you meet the requirements described earlier under Form not required . Hr block tax software For more information on impairment-related work expenses, see chapter 6 of Publication 463. Hr block tax software Recordkeeping You must keep records as proof of any deduction claimed on your tax return. Hr block tax software Generally, you should keep your records for 3 years from the date of filing the tax return and claiming the deduction. Hr block tax software For specific information about keeping records of business expenses, see Recordkeeping in chapter 26. Hr block tax software Prev  Up  Next   Home   More Online Publications
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The Hr Block Tax Software

Hr block tax software 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. Hr block tax software Publication 463, Travel, Entertainment, Gift, and Car Expenses, contains information on figuring depreciation on your car. Hr block tax software However, Publication 463 does not contain the new provisions because it was printed before the law was enacted. Hr block tax software The new provisions are in the Supplement to Publication 463, which is reprinted below. Hr block tax software 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. Hr block tax software After Publication 463 was printed, the Job Creation and Worker Assistance Act of 2002 was signed into law by the President. Hr block tax software Certain provisions of this new law may reduce your taxes for 2001. Hr block tax software The new law contains the following provisions. Hr block tax software A new depreciation deduction, the special depreciation allowance. Hr block tax software An increase in the limit on depreciation for any car for which you claim the new special depreciation allowance. Hr block tax software If you have already filed your 2001 return, you may wish to file an amended return to claim any of these benefits. Hr block tax software See Amended Return, later. Hr block tax software 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. Hr block tax software However, there is a limit on the depreciation deduction you can take for your car each year. Hr block tax software See Depreciation Limit later. Hr block tax software Special Depreciation Allowance The new law allows you to claim a special depreciation allowance. Hr block tax software This special allowance is a deduction equal to 30% of the depreciable basis of qualified property. Hr block tax software 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). Hr block tax software See Depreciation Deduction under Actual Car Expenses in chapter 4 of Publication 463 for information about MACRS. Hr block tax software You can claim the special depreciation allowance only for the year the qualified property is placed in service. Hr block tax software Qualified property. Hr block tax software   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. Hr block tax software You bought it new. Hr block tax software You bought it after September 10, 2001. Hr block tax software (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. Hr block tax software ) You began using it for business after September 10, 2001, and used it more than 50% in a qualified business use. Hr block tax software Example. Hr block tax software Bob bought a new car on October 15, 2001, for $20,000 and placed it in service immediately, using it 75% for business. Hr block tax software Bob's car is qualified property. Hr block tax software Bob chooses not to take a section 179 deduction for the car. Hr block tax software He does claim the new special depreciation allowance. Hr block tax software Bob first must figure the car's depreciable basis, which is $15,000 ($20,000 × . Hr block tax software 75). Hr block tax software He then figures the special depreciation allowance of $4,500 ($15,000 × . Hr block tax software 30). Hr block tax software 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 × . Hr block tax software 20), for a total depreciation deduction for 2001 of $6,600 ($4,500 + $2,100). Hr block tax software However, Bob's depreciation deduction is limited to $5,745 ($7,660 × . Hr block tax software 75), as discussed next. Hr block tax software 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. Hr block tax software The limit is increased to $23,080 if the car is an electric car. Hr block tax software The section 179 deduction is treated as depreciation for purposes of this limit. Hr block tax software 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. Hr block tax software 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). Hr block tax software 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. Hr block tax software S. Hr block tax software Individual Income Tax Return, by April 15, 2003. Hr block tax software At the top of the Form 1040X, print “Filed pursuant to Revenue Procedure 2002–33. Hr block tax software ” If you are an employee, attach Form 2106, Employee Business Expenses (revised March 2002). Hr block tax software If you are self-employed, attach Form 4562, Depreciation and Amortization (revised March 2002). Hr block tax software Or, you can claim the special depreciation allowance by filing Form 3115, Application for Change in Accounting Method, with your 2002 return. Hr block tax software For details, see Revenue Procedure 2002–33. Hr block tax software (But, filing Form 1040X for 2001 enables you to claim the special allowance earlier than attaching Form 3115 to your 2002 return. Hr block tax software ) 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. Hr block tax software Example. Hr block tax software 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 . Hr block tax software 75 x . Hr block tax software 20) depreciation deduction for his new car using MACRS. Hr block tax software Bob now wishes to claim the special depreciation allowance for his new car on an amended 2001 return. Hr block tax software 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. Hr block tax software Bob's new filled-in Form 2106 is shown later. Hr block tax software 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. Hr block tax software As a general rule, you must make this election by the due date (including extensions) of your return. Hr block tax software 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. Hr block tax software To get this extension, you must have filed your original return by the due date (including extensions). Hr block tax software At the top of the statement, print “Filed pursuant to section 301. Hr block tax software 9100–2. Hr block tax software ” 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. Hr block tax software 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. Hr block tax software Deemed election for return filed before June 1, 2002. Hr block tax software   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. Hr block tax software You filed your 2001 return before June 1, 2002. Hr block tax software You claimed depreciation on your return but did not claim the special depreciation allowance. Hr block tax software 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. Hr block tax software Form 2106, Page 1, for Bob Smith Form 2106, Page 2, for Bob Smith Prev  Up  Next   Home   More Online Publications