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Tax Form 1040

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Tax Form 1040

Tax form 1040 5. Tax form 1040   Student Loan Cancellations and Repayment Assistance Table of Contents Introduction Student Loan CancellationQualifying Loans Student Loan Repayment Assistance Introduction Generally, if you are responsible for making loan payments, and the loan is canceled (forgiven), you must include the amount that was forgiven in your gross income for tax purposes. Tax form 1040 However, if you fulfill certain requirements, two types of student loan assistance may be tax free. Tax form 1040 The types of assistance discussed in this chapter are: Student loan cancellation, and Student loan repayment assistance. Tax form 1040 Student Loan Cancellation If your student loan is canceled, you may not have to include any amount in income. Tax form 1040 This section describes the requirements for tax-free treatment of canceled student loans. Tax form 1040 Qualifying Loans To qualify for tax-free treatment, for the cancellation of your loan, your loan must have been made by a qualified lender to assist you in attending an eligible educational institution and contain a provision that all or part of the debt will be canceled if you work: For a certain period of time, In certain professions, and For any of a broad class of employers. Tax form 1040 The cancellation of your loan will not qualify for tax-free treatment if it is cancelled because of services you performed for the educational institution that made the loan or other organization that provided the funds. Tax form 1040 See Exception, later. Tax form 1040 Eligible educational institution. Tax form 1040   This is an educational institution that maintains a regular faculty and curriculum and normally has a regularly enrolled body of students in attendance at the place where it carries on its educational activities. Tax form 1040 Qualified lenders. Tax form 1040   These include the following. Tax form 1040 The United States, or an instrumentality thereof. Tax form 1040 A state, territory, or possession of the United States, or the District of Columbia, or any political subdivision thereof. Tax form 1040 A public benefit corporation that is tax-exempt under section 501(c)(3); and that has assumed control of a state, county, or municipal hospital; and whose employees are considered public employees under state law. Tax form 1040 An eligible educational institution, if the loan is made: As part of an agreement with an entity described in (1), (2), (3) under which the funds to make the loan were provided to the educational institution, or Under a program of the educational institution that is designed to encourage its students to serve in occupations with unmet needs or in areas with unmet needs where the services provided by the students (or former students) are for or under the direction of a governmental unit or a tax-exempt section 501(c)(3) organization. Tax form 1040   Occupations with unmet needs include medicine, nursing, teaching, and law. Tax form 1040 Section 501(c)(3) organization. Tax form 1040   This is any corporation, community chest, fund, or foundation organized and operated exclusively for one or more of the following purposes. Tax form 1040 Charitable. Tax form 1040 Religious. Tax form 1040 Educational. Tax form 1040 Scientific. Tax form 1040 Literary. Tax form 1040 Testing for public safety. Tax form 1040 Fostering national or international amateur sports competition (but only if none of its activities involve providing athletic facilities or equipment). Tax form 1040 The prevention of cruelty to children or animals. Tax form 1040 Exception. Tax form 1040   The cancellation of your loan does not qualify as tax-free student loan cancellation if your student loan was made by an educational institution and is canceled because of services you performed for the educational institution or other organization that provided the funds. Tax form 1040 Refinanced Loan If you refinanced a student loan with another loan from an eligible educational institution or a tax-exempt organization, that loan may also be considered as made by a qualified lender. Tax form 1040 The refinanced loan is considered made by a qualified lender if it is made under a program of the refinancing organization that is designed to encourage students to serve in occupations with unmet needs or in areas with unmet needs where the services required of the students are for or under the direction of a governmental unit or a tax-exempt section 501(c)(3) organization. Tax form 1040 Student Loan Repayment Assistance Student loan repayments made to you are tax free if you received them for any of the following: The National Health Service Corps (NHSC) Loan Repayment Program (NHSC Loan Repayment Program). Tax form 1040 A state education loan repayment program eligible for funds under the Public Health Service Act. Tax form 1040 Any other state loan repayment or loan forgiveness program that is intended to provide for the increased availability of health services in under served or health professional shortage areas (as determined by such state). Tax form 1040 You cannot deduct the interest you paid on a student loan to the extent payments were made through your participation in the above programs. Tax form 1040 Prev  Up  Next   Home   More Online Publications
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Tax Relief for Victims of Severe Storms in Illinois

IL/KS/MO-2013-50, Nov. 27, 2013

ST. LOUIS — Victims of severe storms, straight-line winds and tornadoes that began on Nov. 17, 2013 in parts of Illinois may qualify for tax relief from the Internal Revenue Service.

Following recent disaster declarations for individual assistance issued by the Federal Emergency Management Agency, the IRS announced today that affected taxpayers in Illinois will receive tax relief, and other locations may be added in coming days based on additional damage assessments by FEMA.

The President has declared the counties of Champaign, Douglas, Fayette, Grundy, Jasper, La Salle, Massac, Pope, Tazewell, Vermilion, Wabash, Washington, Wayne, Will and Woodford a federal disaster area. Individuals who reside or have a business in these counties may qualify for tax relief.

The declaration permits the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after Nov. 17, and on or before Feb. 28, 2014, have been postponed to Feb. 28, 2014.

The IRS is also waiving the failure-to-deposit penalties for employment and excise tax deposits due on or after Nov. 17, and on or before Dec. 2, as long as the deposits are made by Dec. 2, 2013.

If an affected taxpayer receives a penalty notice from the IRS, the taxpayer should call the telephone number on the notice to have the IRS abate any interest and any late filing or late payment penalties that would otherwise apply. Penalties or interest will be abated only for taxpayers who have an original or extended filing, payment or deposit due date, including an extended filing or payment due date, that falls within the postponement period.

The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area must call the IRS disaster hotline at 866-562-5227 to request this tax relief.

Covered Disaster Area

The counties listed above constitute a covered disaster area for purposes of Treas. Reg. § 301.7508A-1(d)(2) and are entitled to the relief detailed below.

Affected Taxpayers

Taxpayers considered to be affected taxpayers eligible for the postponement of time to file returns, pay taxes and perform other time-sensitive acts are those taxpayers listed in Treas. Reg. § 301.7508A-1(d)(1), and include individuals who live, and businesses whose principal place of business is located, in the covered disaster area. Taxpayers not in the covered disaster area, but whose records necessary to meet a deadline listed in Treas. Reg. § 301.7508A-1(c) are in the covered disaster area, are also entitled to relief. In addition, all relief workers affiliated with a recognized government or philanthropic organization assisting in the relief activities in the covered disaster area and any individual visiting the covered disaster area who was killed or injured as a result of the disaster are entitled to relief.

Grant of Relief

Under section 7508A, the IRS gives affected taxpayers until Feb. 28, 2014, to file most tax returns (including individual, corporate, and estate and trust income tax returns; partnership returns, S corporation returns, and trust returns; estate, gift, and generation-skipping transfer tax returns; and employment and certain excise tax returns), or to make tax payments, including estimated tax payments, that have either an original or extended due date occurring on or after Nov. 17 and on or before Feb. 28, 2014.

The IRS also gives affected taxpayers until Feb. 28, 2014, to perform other time-sensitive actions described in Treas. Reg. § 301.7508A-1(c)(1) and Rev. Proc. 2007-56, 2007-34 I.R.B. 388 (Aug. 20, 2007), that are due to be performed on or after Nov. 17 and on or before Feb. 28, 2014.

This relief also includes the filing of Form 5500 series returns, in the manner described in section 8 of Rev. Proc. 2007-56. The relief described in section 17 of Rev. Proc. 2007-56, pertaining to like-kind exchanges of property, also applies to certain taxpayers who are not otherwise affected taxpayers and may include acts required to be performed before or after the period above.

The postponement of time to file and pay does not apply to information returns in the W-2, 1098, 1099 series, or to Forms 1042-S or 8027. Penalties for failure to timely file information returns can be waived under existing procedures for reasonable cause. Likewise, the postponement does not apply to employment and excise tax deposits. The IRS, however, will abate penalties for failure to make timely employment and excise tax deposits due on or after Nov. 17 and on or before Dec. 2 provided the taxpayer makes these deposits by Dec. 2.

Casualty Losses

Affected taxpayers in a federally declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year. Claiming the loss on an original or amended return for last year will get the taxpayer an earlier refund, but waiting to claim the loss on this year’s return could result in a greater tax saving, depending on other income factors.

Individuals may deduct personal property losses that are not covered by insurance or other reimbursements. For details, see Form 4684 and its instructions.

Affected taxpayers claiming the disaster loss on last year’s return should put the Disaster Designation “Illinois/ Severe Storms, Straight-line Winds, and Tornadoes” at the top of the form so that the IRS can expedite the processing of the refund.

Other Relief

The IRS will waive the usual fees and expedite requests for copies of previously filed tax returns for affected taxpayers. Taxpayers should put the assigned Disaster Designation in red ink at the top of Form 4506, Request for Copy of Tax Return, or Form 4506-T, Request for Transcript of Tax Return, as appropriate, and submit it to the IRS.

Affected taxpayers who are contacted by the IRS on a collection or examination matter should explain how the disaster impacts them so that the IRS can provide appropriate consideration to their case.

Taxpayers may download forms and publications from the official IRS website, irs.gov, or order them by calling 800-TAX-FORM (800-829-3676). The IRS toll-free number for general tax questions is 800-829-1040.

Related Information

Disaster Assistance and Emergency Relief for Individuals and Businesses

Recent IRS Disaster Relief Announcements

Page Last Reviewed or Updated: 27-Nov-2013

The Tax Form 1040

Tax form 1040 Publication 939 - Introductory Material Table of Contents What's New Future developments. Tax form 1040 IntroductionSimplified Method. Tax form 1040 Ordering forms and publications. Tax form 1040 Tax questions. Tax form 1040 Useful Items - You may want to see: What's New Beginning in 2013, distributions from an annuity under a nonqualified plan are considered net investment income for the purpose of figuring the net investment income tax (NIIT). Tax form 1040 For more information, see the instructions for Form 8960, Net Investment Income Tax – Individuals, Estates and Trusts. Tax form 1040 Future developments. Tax form 1040 For the latest information about developments related to Publication 939, such as legislation enacted after it was published, go to www. Tax form 1040 IRS. Tax form 1040 gov/pub939. Tax form 1040 Introduction This publication gives you the information you need to determine the tax treatment of your pension and annuity income under the General Rule. Tax form 1040 Generally, each of your monthly annuity payments is made up of two parts: the tax-free part that is a return of your net cost, and the taxable balance. Tax form 1040 What is the General Rule. Tax form 1040   The General Rule is one of the two methods used to figure the tax-free part of each annuity payment based on the ratio of your investment in the contract to the total expected return. Tax form 1040 The other method is the Simplified Method, which is discussed in Publication 575, Pension and Annuity Income. Tax form 1040 Who must use the General Rule. Tax form 1040   Use this publication if you receive pension or annuity payments from: A nonqualified plan (for example, a private annuity, a purchased commercial annuity, or a nonqualified employee plan), A qualified plan if: Your annuity starting date is before November 19, 1996 (and after July 1, 1986), and you do not qualify to use, or did not choose to use, the Simplified Method, or Your annuity starting date is after November 18, 1996, and as of that date you are age 75 or over and the annuity payments are guaranteed for at least 5 years. Tax form 1040 If your annuity starting date was between July 1, 1986 and November 19, 1996, you were able to elect to use the Simplified Method or the General Rule. Tax form 1040 This choice is irrevocable and applied to all later annuity payments. Tax form 1040 The following are qualified plans. Tax form 1040 A qualified employee plan. Tax form 1040 A qualified employee annuity. Tax form 1040 A tax-sheltered annuity (TSA) plan or contract. Tax form 1040 Simplified Method. Tax form 1040   If you receive pension or annuity payments from a qualified plan and you are not required to use the General Rule, you must use the Simplified Method to determine the tax-free part of each annuity payment. Tax form 1040 This method is described in Publication 575, Pension and Annuity Income. Tax form 1040   Also, if, at the time the annuity payments began, you were at least age 75 and were entitled to annuity payments from a qualified plan with fewer than 5 years of guaranteed payments, you must use the Simplified Method. Tax form 1040 Beginning in 2013, distributions from an annuity under a nonqualified plan are considered net investment income for the purpose of figuring the net investment income tax (NIIT). Tax form 1040 For more information, see the instructions for Form 8960, Net Investment Income Tax – Individuals, Estates and Trusts. Tax form 1040 Topics not covered in this publication. Tax form 1040   Certain topics related to pensions and annuities are not covered in this publication. Tax form 1040 They include: Simplified Method. Tax form 1040 This method is covered in Publication 575. Tax form 1040 That publication also covers nonperiodic payments (amounts not received as an annuity) from a qualified pension or annuity plan, rollovers, special averaging and capital gain treatment of lump-sum distributions, and special additional taxes on early distributions, excess distributions, and excess accumulations (not making required minimum distributions). Tax form 1040 Individual retirement arrangements (IRAs). Tax form 1040 Information on the tax treatment of amounts you receive from an IRA is included in Publication 590, Individual Retirement Arrangements (IRAs). Tax form 1040 Life insurance payments. Tax form 1040 If you receive life insurance payments because of the death of the insured person, get Publication 525, Taxable and Nontaxable Income, for information on the tax treatment of the proceeds. Tax form 1040 Help from IRS. Tax form 1040   If, after reading this publication, you need help to figure the taxable part of your pension or annuity, the IRS can do it for you for a fee. Tax form 1040 For information on this service, see Requesting a Ruling on Taxation of Annuity , later. Tax form 1040 Comments and suggestions. Tax form 1040   We welcome your comments about this publication and your suggestions for future editions. Tax form 1040   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Tax form 1040 NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Tax form 1040 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Tax form 1040   You can send your comments from www. Tax form 1040 irs. Tax form 1040 gov/formspubs/. Tax form 1040 Click on “More Information” and then on “Comment on Tax Forms and Publications”. Tax form 1040   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Tax form 1040 Ordering forms and publications. Tax form 1040   Visit www. Tax form 1040 irs. Tax form 1040 gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Tax form 1040 Internal Revenue Service 1201 N. Tax form 1040 Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Tax form 1040   If you have a tax question, check the information available on IRS. Tax form 1040 gov or call 1-800-829-1040. Tax form 1040 We cannot answer tax questions sent to either of the above addresses. Tax form 1040 Useful Items - You may want to see: Publication 524 Credit for the Elderly or the Disabled 525 Taxable and Nontaxable Income 571 Tax-Sheltered Annuity Plans (403(b) Plans) 575 Pension and Annuity Income 590 Individual Retirement Arrangements (IRAs) 721 Tax Guide to U. Tax form 1040 S. Tax form 1040 Civil Service Retirement Benefits 910 Guide To Free Tax Services Form (and Instructions) 1099-R Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Tax form 1040 See How To Get Tax Help near the end of this publication for information about getting these publications and forms. Tax form 1040 Prev  Up  Next   Home   More Online Publications