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Taxact 2013 Free

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Taxact 2013 Free

Taxact 2013 free Publication 54 - Additional Material Questions and AnswersThis section answers tax- related questions commonly asked by taxpayers living abroad. Taxact 2013 free 1. Taxact 2013 free Filing Requirements—Where, When, and How . Taxact 2013 free 1) When are U. Taxact 2013 free S. Taxact 2013 free income tax returns due? . Taxact 2013 free 2) I am going abroad this year and expect to qualify for the foreign earned income exclusion. Taxact 2013 free How can I secure an extension of time to file my return, when should I file my return, and what forms are required? . Taxact 2013 free 3) My entire income qualifies for the foreign earned income exclusion. Taxact 2013 free Must I file a tax return? . Taxact 2013 free 4) I was sent abroad by my company in November of last year. Taxact 2013 free I plan to secure an extension of time on Form 2350 to file my tax return for last year because I expect to qualify for the foreign earned income exclusion under the physical presence test. Taxact 2013 free However, if my company recalls me to the United States before the end of the qualifying period and I find I will not qualify for the exclusion, how and when should I file my return? . Taxact 2013 free 5) I am a U. Taxact 2013 free S. Taxact 2013 free citizen and have no taxable income from the United States, but I have substantial income from a foreign source. Taxact 2013 free Am I required to file a U. Taxact 2013 free S. Taxact 2013 free income tax return? . Taxact 2013 free 6) I am a U. Taxact 2013 free S. Taxact 2013 free citizen who has retired, and I expect to remain in a foreign country. Taxact 2013 free Do I have any further U. Taxact 2013 free S. Taxact 2013 free tax obligations? . Taxact 2013 free 7) I have been a bona fide resident of a foreign country for over 5 years. Taxact 2013 free Is it necessary for me to pay estimated tax? . Taxact 2013 free 8) Will a check payable in foreign currency be acceptable in payment of my U. Taxact 2013 free S. Taxact 2013 free tax? . Taxact 2013 free 9) I have met the test for physical presence in a foreign country and am filing returns for 2 years. Taxact 2013 free Must I file a separate Form 2555 (or Form 2555-EZ) with each return? . Taxact 2013 free 10) Does a Form 2555 (or 2555-EZ) with a Schedule C or Form W-2 attached constitute a return? . Taxact 2013 free 11) On Form 2350, Application for Extension of Time To File U. Taxact 2013 free S. Taxact 2013 free Income Tax Return, I stated that I would qualify for the foreign earned income exclusion under the physical presence test. Taxact 2013 free If I qualify under the bona fide residence test, can I file my return on that basis? . Taxact 2013 free 12) I am a U. Taxact 2013 free S. Taxact 2013 free citizen who worked in the United States for 6 months last year. Taxact 2013 free I accepted employment overseas in July of last year and expect to qualify for the foreign earned income exclusion. Taxact 2013 free Should I file a return and pay tax on the income earned in the United States during the first 6 months and then, when I qualify, file another return covering the last 6 months of the year? . Taxact 2013 free 13) I am a U. Taxact 2013 free S. Taxact 2013 free citizen. Taxact 2013 free I have lived abroad for a number of years and recently realized that I should have been filing U. Taxact 2013 free S. Taxact 2013 free income tax returns. Taxact 2013 free How do I correct this oversight in not having filed returns for these years? . Taxact 2013 free 14) In 2008, I qualified to exclude my foreign earned income, but I did not claim this exclusion on the return I filed in 2009. Taxact 2013 free I paid all outstanding taxes with the return. Taxact 2013 free Can I file a claim for refund now? . Taxact 2013 free 1) When are U. Taxact 2013 free S. Taxact 2013 free income tax returns due? Generally, for calendar year taxpayers, U. Taxact 2013 free S. Taxact 2013 free income tax returns are due on April 15. Taxact 2013 free If you are a U. Taxact 2013 free S. Taxact 2013 free citizen or resident and both your tax home and your abode are outside the United States and Puerto Rico on the regular due date, an automatic extension is granted to June 15 for filing the return. Taxact 2013 free Interest will be charged on any tax due, as shown on the return, from April 15. Taxact 2013 free a) You should file Form 2350 by the due date of your return to request an extension of time to file. Taxact 2013 free Form 2350 is a special form for those U. Taxact 2013 free S. Taxact 2013 free citizens or residents abroad who expect to qualify for the foreign earned income exclusion or the housing exclusion or deduction under either the bona fide residence test or physical presence test and would like to have an extension of time to delay filing until after they have qualified. Taxact 2013 free b) If the extension is granted, you should file your return after you qualify, but by the approved extension date. Taxact 2013 free c) You must file your Form 1040 with Form 2555 (or Form 2555-EZ). Taxact 2013 free Generally, yes. Taxact 2013 free Every U. Taxact 2013 free S. Taxact 2013 free citizen or resident who receives income must file a U. Taxact 2013 free S. Taxact 2013 free income tax return unless total income without regard to the foreign earned income exclusion is below an amount based on filing status. Taxact 2013 free The income levels for filing purposes are discussed under Filing Requirements in chapter 1. Taxact 2013 free If your regular filing date has passed, you should file a return, Form 1040, as soon as possible for last year. Taxact 2013 free Include a statement with this return noting that you have returned to the United States and will not qualify for the foreign earned income exclusion. Taxact 2013 free You must report your worldwide income on the return. Taxact 2013 free If you paid a foreign tax on the income earned abroad, you may be able to either deduct this tax as an itemized deduction or claim it as a credit against your U. Taxact 2013 free S. Taxact 2013 free income tax. Taxact 2013 free However, if you pay the tax due after the regular due date, interest will be charged from the regular due date until the date the tax is paid. Taxact 2013 free Yes. Taxact 2013 free All U. Taxact 2013 free S. Taxact 2013 free citizens and resident aliens are subject to U. Taxact 2013 free S. Taxact 2013 free tax on their worldwide income. Taxact 2013 free If you paid taxes to a foreign government on income from sources outside the United States, you may be able to claim a foreign tax credit against your U. Taxact 2013 free S. Taxact 2013 free income tax liability for the foreign taxes paid. Taxact 2013 free Form 1116 is used to figure the allowable credit. Taxact 2013 free Your U. Taxact 2013 free S. Taxact 2013 free tax obligation on your income is the same as that of a retired person living in the United States. Taxact 2013 free (See the discussion on filing requirements in chapter 1 of this publication. Taxact 2013 free ) U. Taxact 2013 free S. Taxact 2013 free taxpayers overseas have the same requirements for paying estimated tax as those in the United States. Taxact 2013 free See the discussion under Estimated Tax in chapter 1. Taxact 2013 free Overseas taxpayers should not include in their estimated income any income they receive that is, or will be, exempt from U. Taxact 2013 free S. Taxact 2013 free taxation. Taxact 2013 free Overseas taxpayers can deduct their estimated housing deduction in figuring their estimated tax. Taxact 2013 free The first installment of estimated tax is due on April 15 of the year for which the income is earned. Taxact 2013 free Generally, only U. Taxact 2013 free S. Taxact 2013 free currency is acceptable for payment of income tax. Taxact 2013 free However, if you are a Fulbright grantee, see Fulbright Grant in chapter 1. Taxact 2013 free Yes. Taxact 2013 free A Form 2555 (or Form 2555-EZ) must be filed with each Form 1040 tax return on which the benefits of income earned abroad are claimed. Taxact 2013 free No. Taxact 2013 free The Form 2555 (or 2555-EZ), Schedule C, and Form W-2 are merely attachments and do not relieve you of the requirement to file a Form 1040 to show the sources of income reported and the exclusions or deductions claimed. Taxact 2013 free Yes. Taxact 2013 free You can claim the foreign earned income exclusion and the foreign housing exclusion or deduction under either test as long as you meet the requirements. Taxact 2013 free You are not bound by the test indicated in the application for extension of time. Taxact 2013 free You must be sure, however, that you file the Form 1040 by the date approved on Form 2350, since a return filed after that date may be subject to a failure to file penalty. Taxact 2013 free If you will not qualify under the bona fide residence test until a date later than the extension granted under the physical presence rule, apply for a new extension to a date 30 days beyond the date you expect to qualify as a bona fide resident. Taxact 2013 free No. Taxact 2013 free You have the choice of one of the following two methods of filing your return: a) You can file your return when due under the regular filing rules, report all your income without excluding your foreign earned income, and pay the tax due. Taxact 2013 free After you have qualified for the exclusion, you can file an amended return, Form 1040X, accompanied by Form 2555 (or 2555-EZ), for a refund of any excess tax paid. Taxact 2013 free b) You can postpone the filing of your tax return by applying on Form 2350 for an extension of time to file to a date 30 days beyond the date you expect to qualify under either the bona fide residence test or the physical presence test, then file your return reflecting the exclusion of foreign earned income. Taxact 2013 free This allows you to file only once and saves you from paying the tax and waiting for a refund. Taxact 2013 free However, interest is charged on any tax due on the postponed tax return, but interest is not paid on refunds paid within 45 days after the return is filed. Taxact 2013 free If you have moving expenses that are for services performed in two years, you can be granted an extension until after the end of the second year. Taxact 2013 free File the late returns as soon as possible, stating your reason for filing late. Taxact 2013 free For advice on filing the returns, you should contact an  Internal Revenue Service representative in one of the four overseas offices listed in chapter 7. Taxact 2013 free It is too late to claim this refund since a claim for refund must be filed within 3 years from the date the return was filed or 2 years from the date the tax was paid, whichever is later. Taxact 2013 free A return filed before the due date is considered filed on the due date. Taxact 2013 free . Taxact 2013 free 2) I am going abroad this year and expect to qualify for the foreign earned income exclusion. Taxact 2013 free How can I secure an extension of time to file my return, when should I file my return, and what forms are required? a) You should file Form 2350 by the due date of your return to request an extension of time to file. Taxact 2013 free Form 2350 is a special form for those U. Taxact 2013 free S. Taxact 2013 free citizens or residents abroad who expect to qualify for the foreign earned income exclusion or the housing exclusion or deduction under either the bona fide residence test or physical presence test and would like to have an extension of time to delay filing until after they have qualified. Taxact 2013 free b) If the extension is granted, you should file your return after you qualify, but by the approved extension date. Taxact 2013 free c) You must file your Form 1040 with Form 2555 (or Form 2555-EZ). Taxact 2013 free Generally, yes. Taxact 2013 free Every U. Taxact 2013 free S. Taxact 2013 free citizen or resident who receives income must file a U. Taxact 2013 free S. Taxact 2013 free income tax return unless total income without regard to the foreign earned income exclusion is below an amount based on filing status. Taxact 2013 free The income levels for filing purposes are discussed under Filing Requirements in chapter 1. Taxact 2013 free If your regular filing date has passed, you should file a return, Form 1040, as soon as possible for last year. Taxact 2013 free Include a statement with this return noting that you have returned to the United States and will not qualify for the foreign earned income exclusion. Taxact 2013 free You must report your worldwide income on the return. Taxact 2013 free If you paid a foreign tax on the income earned abroad, you may be able to either deduct this tax as an itemized deduction or claim it as a credit against your U. Taxact 2013 free S. Taxact 2013 free income tax. Taxact 2013 free However, if you pay the tax due after the regular due date, interest will be charged from the regular due date until the date the tax is paid. Taxact 2013 free Yes. Taxact 2013 free All U. Taxact 2013 free S. Taxact 2013 free citizens and resident aliens are subject to U. Taxact 2013 free S. Taxact 2013 free tax on their worldwide income. Taxact 2013 free If you paid taxes to a foreign government on income from sources outside the United States, you may be able to claim a foreign tax credit against your U. Taxact 2013 free S. Taxact 2013 free income tax liability for the foreign taxes paid. Taxact 2013 free Form 1116 is used to figure the allowable credit. Taxact 2013 free Your U. Taxact 2013 free S. Taxact 2013 free tax obligation on your income is the same as that of a retired person living in the United States. Taxact 2013 free (See the discussion on filing requirements in chapter 1 of this publication. Taxact 2013 free ) U. Taxact 2013 free S. Taxact 2013 free taxpayers overseas have the same requirements for paying estimated tax as those in the United States. Taxact 2013 free See the discussion under Estimated Tax in chapter 1. Taxact 2013 free Overseas taxpayers should not include in their estimated income any income they receive that is, or will be, exempt from U. Taxact 2013 free S. Taxact 2013 free taxation. Taxact 2013 free Overseas taxpayers can deduct their estimated housing deduction in figuring their estimated tax. Taxact 2013 free The first installment of estimated tax is due on April 15 of the year for which the income is earned. Taxact 2013 free Generally, only U. Taxact 2013 free S. Taxact 2013 free currency is acceptable for payment of income tax. Taxact 2013 free However, if you are a Fulbright grantee, see Fulbright Grant in chapter 1. Taxact 2013 free Yes. Taxact 2013 free A Form 2555 (or Form 2555-EZ) must be filed with each Form 1040 tax return on which the benefits of income earned abroad are claimed. Taxact 2013 free No. Taxact 2013 free The Form 2555 (or 2555-EZ), Schedule C, and Form W-2 are merely attachments and do not relieve you of the requirement to file a Form 1040 to show the sources of income reported and the exclusions or deductions claimed. Taxact 2013 free Yes. Taxact 2013 free You can claim the foreign earned income exclusion and the foreign housing exclusion or deduction under either test as long as you meet the requirements. Taxact 2013 free You are not bound by the test indicated in the application for extension of time. Taxact 2013 free You must be sure, however, that you file the Form 1040 by the date approved on Form 2350, since a return filed after that date may be subject to a failure to file penalty. Taxact 2013 free If you will not qualify under the bona fide residence test until a date later than the extension granted under the physical presence rule, apply for a new extension to a date 30 days beyond the date you expect to qualify as a bona fide resident. Taxact 2013 free No. Taxact 2013 free You have the choice of one of the following two methods of filing your return: a) You can file your return when due under the regular filing rules, report all your income without excluding your foreign earned income, and pay the tax due. Taxact 2013 free After you have qualified for the exclusion, you can file an amended return, Form 1040X, accompanied by Form 2555 (or 2555-EZ), for a refund of any excess tax paid. Taxact 2013 free b) You can postpone the filing of your tax return by applying on Form 2350 for an extension of time to file to a date 30 days beyond the date you expect to qualify under either the bona fide residence test or the physical presence test, then file your return reflecting the exclusion of foreign earned income. Taxact 2013 free This allows you to file only once and saves you from paying the tax and waiting for a refund. Taxact 2013 free However, interest is charged on any tax due on the postponed tax return, but interest is not paid on refunds paid within 45 days after the return is filed. Taxact 2013 free If you have moving expenses that are for services performed in two years, you can be granted an extension until after the end of the second year. Taxact 2013 free File the late returns as soon as possible, stating your reason for filing late. Taxact 2013 free For advice on filing the returns, you should contact an  Internal Revenue Service representative in one of the four overseas offices listed in chapter 7. Taxact 2013 free It is too late to claim this refund since a claim for refund must be filed within 3 years from the date the return was filed or 2 years from the date the tax was paid, whichever is later. Taxact 2013 free A return filed before the due date is considered filed on the due date. Taxact 2013 free . Taxact 2013 free 3) My entire income qualifies for the foreign earned income exclusion. Taxact 2013 free Must I file a tax return? Generally, yes. Taxact 2013 free Every U. Taxact 2013 free S. Taxact 2013 free citizen or resident who receives income must file a U. Taxact 2013 free S. Taxact 2013 free income tax return unless total income without regard to the foreign earned income exclusion is below an amount based on filing status. Taxact 2013 free The income levels for filing purposes are discussed under Filing Requirements in chapter 1. Taxact 2013 free If your regular filing date has passed, you should file a return, Form 1040, as soon as possible for last year. Taxact 2013 free Include a statement with this return noting that you have returned to the United States and will not qualify for the foreign earned income exclusion. Taxact 2013 free You must report your worldwide income on the return. Taxact 2013 free If you paid a foreign tax on the income earned abroad, you may be able to either deduct this tax as an itemized deduction or claim it as a credit against your U. Taxact 2013 free S. Taxact 2013 free income tax. Taxact 2013 free However, if you pay the tax due after the regular due date, interest will be charged from the regular due date until the date the tax is paid. Taxact 2013 free Yes. Taxact 2013 free All U. Taxact 2013 free S. Taxact 2013 free citizens and resident aliens are subject to U. Taxact 2013 free S. Taxact 2013 free tax on their worldwide income. Taxact 2013 free If you paid taxes to a foreign government on income from sources outside the United States, you may be able to claim a foreign tax credit against your U. Taxact 2013 free S. Taxact 2013 free income tax liability for the foreign taxes paid. Taxact 2013 free Form 1116 is used to figure the allowable credit. Taxact 2013 free Your U. Taxact 2013 free S. Taxact 2013 free tax obligation on your income is the same as that of a retired person living in the United States. Taxact 2013 free (See the discussion on filing requirements in chapter 1 of this publication. Taxact 2013 free ) U. Taxact 2013 free S. Taxact 2013 free taxpayers overseas have the same requirements for paying estimated tax as those in the United States. Taxact 2013 free See the discussion under Estimated Tax in chapter 1. Taxact 2013 free Overseas taxpayers should not include in their estimated income any income they receive that is, or will be, exempt from U. Taxact 2013 free S. Taxact 2013 free taxation. Taxact 2013 free Overseas taxpayers can deduct their estimated housing deduction in figuring their estimated tax. Taxact 2013 free The first installment of estimated tax is due on April 15 of the year for which the income is earned. Taxact 2013 free Generally, only U. Taxact 2013 free S. Taxact 2013 free currency is acceptable for payment of income tax. Taxact 2013 free However, if you are a Fulbright grantee, see Fulbright Grant in chapter 1. Taxact 2013 free Yes. Taxact 2013 free A Form 2555 (or Form 2555-EZ) must be filed with each Form 1040 tax return on which the benefits of income earned abroad are claimed. Taxact 2013 free No. Taxact 2013 free The Form 2555 (or 2555-EZ), Schedule C, and Form W-2 are merely attachments and do not relieve you of the requirement to file a Form 1040 to show the sources of income reported and the exclusions or deductions claimed. Taxact 2013 free Yes. Taxact 2013 free You can claim the foreign earned income exclusion and the foreign housing exclusion or deduction under either test as long as you meet the requirements. Taxact 2013 free You are not bound by the test indicated in the application for extension of time. Taxact 2013 free You must be sure, however, that you file the Form 1040 by the date approved on Form 2350, since a return filed after that date may be subject to a failure to file penalty. Taxact 2013 free If you will not qualify under the bona fide residence test until a date later than the extension granted under the physical presence rule, apply for a new extension to a date 30 days beyond the date you expect to qualify as a bona fide resident. Taxact 2013 free No. Taxact 2013 free You have the choice of one of the following two methods of filing your return: a) You can file your return when due under the regular filing rules, report all your income without excluding your foreign earned income, and pay the tax due. Taxact 2013 free After you have qualified for the exclusion, you can file an amended return, Form 1040X, accompanied by Form 2555 (or 2555-EZ), for a refund of any excess tax paid. Taxact 2013 free b) You can postpone the filing of your tax return by applying on Form 2350 for an extension of time to file to a date 30 days beyond the date you expect to qualify under either the bona fide residence test or the physical presence test, then file your return reflecting the exclusion of foreign earned income. Taxact 2013 free This allows you to file only once and saves you from paying the tax and waiting for a refund. Taxact 2013 free However, interest is charged on any tax due on the postponed tax return, but interest is not paid on refunds paid within 45 days after the return is filed. Taxact 2013 free If you have moving expenses that are for services performed in two years, you can be granted an extension until after the end of the second year. Taxact 2013 free File the late returns as soon as possible, stating your reason for filing late. Taxact 2013 free For advice on filing the returns, you should contact an  Internal Revenue Service representative in one of the four overseas offices listed in chapter 7. Taxact 2013 free It is too late to claim this refund since a claim for refund must be filed within 3 years from the date the return was filed or 2 years from the date the tax was paid, whichever is later. Taxact 2013 free A return filed before the due date is considered filed on the due date. Taxact 2013 free . Taxact 2013 free 4) I was sent abroad by my company in November of last year. Taxact 2013 free I plan to secure an extension of time on Form 2350 to file my tax return for last year because I expect to qualify for the foreign earned income exclusion under the physical presence test. Taxact 2013 free However, if my company recalls me to the United States before the end of the qualifying period and I find I will not qualify for the exclusion, how and when should I file my return? If your regular filing date has passed, you should file a return, Form 1040, as soon as possible for last year. Taxact 2013 free Include a statement with this return noting that you have returned to the United States and will not qualify for the foreign earned income exclusion. Taxact 2013 free You must report your worldwide income on the return. Taxact 2013 free If you paid a foreign tax on the income earned abroad, you may be able to either deduct this tax as an itemized deduction or claim it as a credit against your U. Taxact 2013 free S. Taxact 2013 free income tax. Taxact 2013 free However, if you pay the tax due after the regular due date, interest will be charged from the regular due date until the date the tax is paid. Taxact 2013 free Yes. Taxact 2013 free All U. Taxact 2013 free S. Taxact 2013 free citizens and resident aliens are subject to U. Taxact 2013 free S. Taxact 2013 free tax on their worldwide income. Taxact 2013 free If you paid taxes to a foreign government on income from sources outside the United States, you may be able to claim a foreign tax credit against your U. Taxact 2013 free S. Taxact 2013 free income tax liability for the foreign taxes paid. Taxact 2013 free Form 1116 is used to figure the allowable credit. Taxact 2013 free Your U. Taxact 2013 free S. Taxact 2013 free tax obligation on your income is the same as that of a retired person living in the United States. Taxact 2013 free (See the discussion on filing requirements in chapter 1 of this publication. Taxact 2013 free ) U. Taxact 2013 free S. Taxact 2013 free taxpayers overseas have the same requirements for paying estimated tax as those in the United States. Taxact 2013 free See the discussion under Estimated Tax in chapter 1. Taxact 2013 free Overseas taxpayers should not include in their estimated income any income they receive that is, or will be, exempt from U. Taxact 2013 free S. Taxact 2013 free taxation. Taxact 2013 free Overseas taxpayers can deduct their estimated housing deduction in figuring their estimated tax. Taxact 2013 free The first installment of estimated tax is due on April 15 of the year for which the income is earned. Taxact 2013 free Generally, only U. Taxact 2013 free S. Taxact 2013 free currency is acceptable for payment of income tax. Taxact 2013 free However, if you are a Fulbright grantee, see Fulbright Grant in chapter 1. Taxact 2013 free Yes. Taxact 2013 free A Form 2555 (or Form 2555-EZ) must be filed with each Form 1040 tax return on which the benefits of income earned abroad are claimed. Taxact 2013 free No. Taxact 2013 free The Form 2555 (or 2555-EZ), Schedule C, and Form W-2 are merely attachments and do not relieve you of the requirement to file a Form 1040 to show the sources of income reported and the exclusions or deductions claimed. Taxact 2013 free Yes. Taxact 2013 free You can claim the foreign earned income exclusion and the foreign housing exclusion or deduction under either test as long as you meet the requirements. Taxact 2013 free You are not bound by the test indicated in the application for extension of time. Taxact 2013 free You must be sure, however, that you file the Form 1040 by the date approved on Form 2350, since a return filed after that date may be subject to a failure to file penalty. Taxact 2013 free If you will not qualify under the bona fide residence test until a date later than the extension granted under the physical presence rule, apply for a new extension to a date 30 days beyond the date you expect to qualify as a bona fide resident. Taxact 2013 free No. Taxact 2013 free You have the choice of one of the following two methods of filing your return: a) You can file your return when due under the regular filing rules, report all your income without excluding your foreign earned income, and pay the tax due. Taxact 2013 free After you have qualified for the exclusion, you can file an amended return, Form 1040X, accompanied by Form 2555 (or 2555-EZ), for a refund of any excess tax paid. Taxact 2013 free b) You can postpone the filing of your tax return by applying on Form 2350 for an extension of time to file to a date 30 days beyond the date you expect to qualify under either the bona fide residence test or the physical presence test, then file your return reflecting the exclusion of foreign earned income. Taxact 2013 free This allows you to file only once and saves you from paying the tax and waiting for a refund. Taxact 2013 free However, interest is charged on any tax due on the postponed tax return, but interest is not paid on refunds paid within 45 days after the return is filed. Taxact 2013 free If you have moving expenses that are for services performed in two years, you can be granted an extension until after the end of the second year. Taxact 2013 free File the late returns as soon as possible, stating your reason for filing late. Taxact 2013 free For advice on filing the returns, you should contact an  Internal Revenue Service representative in one of the four overseas offices listed in chapter 7. Taxact 2013 free It is too late to claim this refund since a claim for refund must be filed within 3 years from the date the return was filed or 2 years from the date the tax was paid, whichever is later. Taxact 2013 free A return filed before the due date is considered filed on the due date. Taxact 2013 free . Taxact 2013 free 5) I am a U. Taxact 2013 free S. Taxact 2013 free citizen and have no taxable income from the United States, but I have substantial income from a foreign source. Taxact 2013 free Am I required to file a U. Taxact 2013 free S. Taxact 2013 free income tax return? Yes. Taxact 2013 free All U. Taxact 2013 free S. Taxact 2013 free citizens and resident aliens are subject to U. Taxact 2013 free S. Taxact 2013 free tax on their worldwide income. Taxact 2013 free If you paid taxes to a foreign government on income from sources outside the United States, you may be able to claim a foreign tax credit against your U. Taxact 2013 free S. Taxact 2013 free income tax liability for the foreign taxes paid. Taxact 2013 free Form 1116 is used to figure the allowable credit. Taxact 2013 free Your U. Taxact 2013 free S. Taxact 2013 free tax obligation on your income is the same as that of a retired person living in the United States. Taxact 2013 free (See the discussion on filing requirements in chapter 1 of this publication. Taxact 2013 free ) U. Taxact 2013 free S. Taxact 2013 free taxpayers overseas have the same requirements for paying estimated tax as those in the United States. Taxact 2013 free See the discussion under Estimated Tax in chapter 1. Taxact 2013 free Overseas taxpayers should not include in their estimated income any income they receive that is, or will be, exempt from U. Taxact 2013 free S. Taxact 2013 free taxation. Taxact 2013 free Overseas taxpayers can deduct their estimated housing deduction in figuring their estimated tax. Taxact 2013 free The first installment of estimated tax is due on April 15 of the year for which the income is earned. Taxact 2013 free Generally, only U. Taxact 2013 free S. Taxact 2013 free currency is acceptable for payment of income tax. Taxact 2013 free However, if you are a Fulbright grantee, see Fulbright Grant in chapter 1. Taxact 2013 free Yes. Taxact 2013 free A Form 2555 (or Form 2555-EZ) must be filed with each Form 1040 tax return on which the benefits of income earned abroad are claimed. Taxact 2013 free No. Taxact 2013 free The Form 2555 (or 2555-EZ), Schedule C, and Form W-2 are merely attachments and do not relieve you of the requirement to file a Form 1040 to show the sources of income reported and the exclusions or deductions claimed. Taxact 2013 free Yes. Taxact 2013 free You can claim the foreign earned income exclusion and the foreign housing exclusion or deduction under either test as long as you meet the requirements. Taxact 2013 free You are not bound by the test indicated in the application for extension of time. Taxact 2013 free You must be sure, however, that you file the Form 1040 by the date approved on Form 2350, since a return filed after that date may be subject to a failure to file penalty. Taxact 2013 free If you will not qualify under the bona fide residence test until a date later than the extension granted under the physical presence rule, apply for a new extension to a date 30 days beyond the date you expect to qualify as a bona fide resident. Taxact 2013 free No. Taxact 2013 free You have the choice of one of the following two methods of filing your return: a) You can file your return when due under the regular filing rules, report all your income without excluding your foreign earned income, and pay the tax due. Taxact 2013 free After you have qualified for the exclusion, you can file an amended return, Form 1040X, accompanied by Form 2555 (or 2555-EZ), for a refund of any excess tax paid. Taxact 2013 free b) You can postpone the filing of your tax return by applying on Form 2350 for an extension of time to file to a date 30 days beyond the date you expect to qualify under either the bona fide residence test or the physical presence test, then file your return reflecting the exclusion of foreign earned income. Taxact 2013 free This allows you to file only once and saves you from paying the tax and waiting for a refund. Taxact 2013 free However, interest is charged on any tax due on the postponed tax return, but interest is not paid on refunds paid within 45 days after the return is filed. Taxact 2013 free If you have moving expenses that are for services performed in two years, you can be granted an extension until after the end of the second year. Taxact 2013 free File the late returns as soon as possible, stating your reason for filing late. Taxact 2013 free For advice on filing the returns, you should contact an  Internal Revenue Service representative in one of the four overseas offices listed in chapter 7. Taxact 2013 free It is too late to claim this refund since a claim for refund must be filed within 3 years from the date the return was filed or 2 years from the date the tax was paid, whichever is later. Taxact 2013 free A return filed before the due date is considered filed on the due date. Taxact 2013 free . Taxact 2013 free 6) I am a U. Taxact 2013 free S. Taxact 2013 free citizen who has retired, and I expect to remain in a foreign country. Taxact 2013 free Do I have any further U. Taxact 2013 free S. Taxact 2013 free tax obligations? Your U. Taxact 2013 free S. Taxact 2013 free tax obligation on your income is the same as that of a retired person living in the United States. Taxact 2013 free (See the discussion on filing requirements in chapter 1 of this publication. Taxact 2013 free ) U. Taxact 2013 free S. Taxact 2013 free taxpayers overseas have the same requirements for paying estimated tax as those in the United States. Taxact 2013 free See the discussion under Estimated Tax in chapter 1. Taxact 2013 free Overseas taxpayers should not include in their estimated income any income they receive that is, or will be, exempt from U. Taxact 2013 free S. Taxact 2013 free taxation. Taxact 2013 free Overseas taxpayers can deduct their estimated housing deduction in figuring their estimated tax. Taxact 2013 free The first installment of estimated tax is due on April 15 of the year for which the income is earned. Taxact 2013 free Generally, only U. Taxact 2013 free S. Taxact 2013 free currency is acceptable for payment of income tax. Taxact 2013 free However, if you are a Fulbright grantee, see Fulbright Grant in chapter 1. Taxact 2013 free Yes. Taxact 2013 free A Form 2555 (or Form 2555-EZ) must be filed with each Form 1040 tax return on which the benefits of income earned abroad are claimed. Taxact 2013 free No. Taxact 2013 free The Form 2555 (or 2555-EZ), Schedule C, and Form W-2 are merely attachments and do not relieve you of the requirement to file a Form 1040 to show the sources of income reported and the exclusions or deductions claimed. Taxact 2013 free Yes. Taxact 2013 free You can claim the foreign earned income exclusion and the foreign housing exclusion or deduction under either test as long as you meet the requirements. Taxact 2013 free You are not bound by the test indicated in the application for extension of time. Taxact 2013 free You must be sure, however, that you file the Form 1040 by the date approved on Form 2350, since a return filed after that date may be subject to a failure to file penalty. Taxact 2013 free If you will not qualify under the bona fide residence test until a date later than the extension granted under the physical presence rule, apply for a new extension to a date 30 days beyond the date you expect to qualify as a bona fide resident. Taxact 2013 free No. Taxact 2013 free You have the choice of one of the following two methods of filing your return: a) You can file your return when due under the regular filing rules, report all your income without excluding your foreign earned income, and pay the tax due. Taxact 2013 free After you have qualified for the exclusion, you can file an amended return, Form 1040X, accompanied by Form 2555 (or 2555-EZ), for a refund of any excess tax paid. Taxact 2013 free b) You can postpone the filing of your tax return by applying on Form 2350 for an extension of time to file to a date 30 days beyond the date you expect to qualify under either the bona fide residence test or the physical presence test, then file your return reflecting the exclusion of foreign earned income. Taxact 2013 free This allows you to file only once and saves you from paying the tax and waiting for a refund. Taxact 2013 free However, interest is charged on any tax due on the postponed tax return, but interest is not paid on refunds paid within 45 days after the return is filed. Taxact 2013 free If you have moving expenses that are for services performed in two years, you can be granted an extension until after the end of the second year. Taxact 2013 free File the late returns as soon as possible, stating your reason for filing late. Taxact 2013 free For advice on filing the returns, you should contact an  Internal Revenue Service representative in one of the four overseas offices listed in chapter 7. Taxact 2013 free It is too late to claim this refund since a claim for refund must be filed within 3 years from the date the return was filed or 2 years from the date the tax was paid, whichever is later. Taxact 2013 free A return filed before the due date is considered filed on the due date. Taxact 2013 free . Taxact 2013 free 7) I have been a bona fide resident of a foreign country for over 5 years. Taxact 2013 free Is it necessary for me to pay estimated tax? U. Taxact 2013 free S. Taxact 2013 free taxpayers overseas have the same requirements for paying estimated tax as those in the United States. Taxact 2013 free See the discussion under Estimated Tax in chapter 1. Taxact 2013 free Overseas taxpayers should not include in their estimated income any income they receive that is, or will be, exempt from U. Taxact 2013 free S. Taxact 2013 free taxation. Taxact 2013 free Overseas taxpayers can deduct their estimated housing deduction in figuring their estimated tax. Taxact 2013 free The first installment of estimated tax is due on April 15 of the year for which the income is earned. Taxact 2013 free Generally, only U. Taxact 2013 free S. Taxact 2013 free currency is acceptable for payment of income tax. Taxact 2013 free However, if you are a Fulbright grantee, see Fulbright Grant in chapter 1. Taxact 2013 free Yes. Taxact 2013 free A Form 2555 (or Form 2555-EZ) must be filed with each Form 1040 tax return on which the benefits of income earned abroad are claimed. Taxact 2013 free No. Taxact 2013 free The Form 2555 (or 2555-EZ), Schedule C, and Form W-2 are merely attachments and do not relieve you of the requirement to file a Form 1040 to show the sources of income reported and the exclusions or deductions claimed. Taxact 2013 free Yes. Taxact 2013 free You can claim the foreign earned income exclusion and the foreign housing exclusion or deduction under either test as long as you meet the requirements. Taxact 2013 free You are not bound by the test indicated in the application for extension of time. Taxact 2013 free You must be sure, however, that you file the Form 1040 by the date approved on Form 2350, since a return filed after that date may be subject to a failure to file penalty. Taxact 2013 free If you will not qualify under the bona fide residence test until a date later than the extension granted under the physical presence rule, apply for a new extension to a date 30 days beyond the date you expect to qualify as a bona fide resident. Taxact 2013 free No. Taxact 2013 free You have the choice of one of the following two methods of filing your return: a) You can file your return when due under the regular filing rules, report all your income without excluding your foreign earned income, and pay the tax due. Taxact 2013 free After you have qualified for the exclusion, you can file an amended return, Form 1040X, accompanied by Form 2555 (or 2555-EZ), for a refund of any excess tax paid. Taxact 2013 free b) You can postpone the filing of your tax return by applying on Form 2350 for an extension of time to file to a date 30 days beyond the date you expect to qualify under either the bona fide residence test or the physical presence test, then file your return reflecting the exclusion of foreign earned income. Taxact 2013 free This allows you to file only once and saves you from paying the tax and waiting for a refund. Taxact 2013 free However, interest is charged on any tax due on the postponed tax return, but interest is not paid on refunds paid within 45 days after the return is filed. Taxact 2013 free If you have moving expenses that are for services performed in two years, you can be granted an extension until after the end of the second year. Taxact 2013 free File the late returns as soon as possible, stating your reason for filing late. Taxact 2013 free For advice on filing the returns, you should contact an  Internal Revenue Service representative in one of the four overseas offices listed in chapter 7. Taxact 2013 free It is too late to claim this refund since a claim for refund must be filed within 3 years from the date the return was filed or 2 years from the date the tax was paid, whichever is later. Taxact 2013 free A return filed before the due date is considered filed on the due date. Taxact 2013 free . Taxact 2013 free 8) Will a check payable in foreign currency be acceptable in payment of my U. Taxact 2013 free S. Taxact 2013 free tax? Generally, only U. Taxact 2013 free S. Taxact 2013 free currency is acceptable for payment of income tax. Taxact 2013 free However, if you are a Fulbright grantee, see Fulbright Grant in chapter 1. Taxact 2013 free Yes. Taxact 2013 free A Form 2555 (or Form 2555-EZ) must be filed with each Form 1040 tax return on which the benefits of income earned abroad are claimed. Taxact 2013 free No. Taxact 2013 free The Form 2555 (or 2555-EZ), Schedule C, and Form W-2 are merely attachments and do not relieve you of the requirement to file a Form 1040 to show the sources of income reported and the exclusions or deductions claimed. Taxact 2013 free Yes. Taxact 2013 free You can claim the foreign earned income exclusion and the foreign housing exclusion or deduction under either test as long as you meet the requirements. Taxact 2013 free You are not bound by the test indicated in the application for extension of time. Taxact 2013 free You must be sure, however, that you file the Form 1040 by the date approved on Form 2350, since a return filed after that date may be subject to a failure to file penalty. Taxact 2013 free If you will not qualify under the bona fide residence test until a date later than the extension granted under the physical presence rule, apply for a new extension to a date 30 days beyond the date you expect to qualify as a bona fide resident. Taxact 2013 free No. Taxact 2013 free You have the choice of one of the following two methods of filing your return: a) You can file your return when due under the regular filing rules, report all your income without excluding your foreign earned income, and pay the tax due. Taxact 2013 free After you have qualified for the exclusion, you can file an amended return, Form 1040X, accompanied by Form 2555 (or 2555-EZ), for a refund of any excess tax paid. Taxact 2013 free b) You can postpone the filing of your tax return by applying on Form 2350 for an extension of time to file to a date 30 days beyond the date you expect to qualify under either the bona fide residence test or the physical presence test, then file your return reflecting the exclusion of foreign earned income. Taxact 2013 free This allows you to file only once and saves you from paying the tax and waiting for a refund. Taxact 2013 free However, interest is charged on any tax due on the postponed tax return, but interest is not paid on refunds paid within 45 days after the return is filed. Taxact 2013 free If you have moving expenses that are for services performed in two years, you can be granted an extension until after the end of the second year. Taxact 2013 free File the late returns as soon as possible, stating your reason for filing late. Taxact 2013 free For advice on filing the returns, you should contact an  Internal Revenue Service representative in one of the four overseas offices listed in chapter 7. Taxact 2013 free It is too late to claim this refund since a claim for refund must be filed within 3 years from the date the return was filed or 2 years from the date the tax was paid, whichever is later. Taxact 2013 free A return filed before the due date is considered filed on the due date. Taxact 2013 free . Taxact 2013 free 9) I have met the test for physical presence in a foreign country and am filing returns for 2 years. Taxact 2013 free Must I file a separate Form 2555 (or Form 2555-EZ) with each return? Yes. Taxact 2013 free A Form 2555 (or Form 2555-EZ) must be filed with each Form 1040 tax return on which the benefits of income earned abroad are claimed. Taxact 2013 free No. Taxact 2013 free The Form 2555 (or 2555-EZ), Schedule C, and Form W-2 are merely attachments and do not relieve you of the requirement to file a Form 1040 to show the sources of income reported and the exclusions or deductions claimed. Taxact 2013 free Yes. Taxact 2013 free You can claim the foreign earned income exclusion and the foreign housing exclusion or deduction under either test as long as you meet the requirements. Taxact 2013 free You are not bound by the test indicated in the application for extension of time. Taxact 2013 free You must be sure, however, that you file the Form 1040 by the date approved on Form 2350, since a return filed after that date may be subject to a failure to file penalty. Taxact 2013 free If you will not qualify under the bona fide residence test until a date later than the extension granted under the physical presence rule, apply for a new extension to a date 30 days beyond the date you expect to qualify as a bona fide resident. Taxact 2013 free No. Taxact 2013 free You have the choice of one of the following two methods of filing your return: a) You can file your return when due under the regular filing rules, report all your income without excluding your foreign earned income, and pay the tax due. Taxact 2013 free After you have qualified for the exclusion, you can file an amended return, Form 1040X, accompanied by Form 2555 (or 2555-EZ), for a refund of any excess tax paid. Taxact 2013 free b) You can postpone the filing of your tax return by applying on Form 2350 for an extension of time to file to a date 30 days beyond the date you expect to qualify under either the bona fide residence test or the physical presence test, then file your return reflecting the exclusion of foreign earned income. Taxact 2013 free This allows you to file only once and saves you from paying the tax and waiting for a refund. Taxact 2013 free However, interest is charged on any tax due on the postponed tax return, but interest is not paid on refunds paid within 45 days after the return is filed. Taxact 2013 free If you have moving expenses that are for services performed in two years, you can be granted an extension until after the end of the second year. Taxact 2013 free File the late returns as soon as possible, stating your reason for filing late. Taxact 2013 free For advice on filing the returns, you should contact an  Internal Revenue Service representative in one of the four overseas offices listed in chapter 7. Taxact 2013 free It is too late to claim this refund since a claim for refund must be filed within 3 years from the date the return was filed or 2 years from the date the tax was paid, whichever is later. Taxact 2013 free A return filed before the due date is considered filed on the due date. Taxact 2013 free . Taxact 2013 free 10) Does a Form 2555 (or 2555-EZ) with a Schedule C or Form W-2 attached constitute a return? No. Taxact 2013 free The Form 2555 (or 2555-EZ), Schedule C, and Form W-2 are merely attachments and do not relieve you of the requirement to file a Form 1040 to show the sources of income reported and the exclusions or deductions claimed. Taxact 2013 free Yes. Taxact 2013 free You can claim the foreign earned income exclusion and the foreign housing exclusion or deduction under either test as long as you meet the requirements. Taxact 2013 free You are not bound by the test indicated in the application for extension of time. Taxact 2013 free You must be sure, however, that you file the Form 1040 by the date approved on Form 2350, since a return filed after that date may be subject to a failure to file penalty. Taxact 2013 free If you will not qualify under the bona fide residence test until a date later than the extension granted under the physical presence rule, apply for a new extension to a date 30 days beyond the date you expect to qualify as a bona fide resident. Taxact 2013 free No. Taxact 2013 free You have the choice of one of the following two methods of filing your return: a) You can file your return when due under the regular filing rules, report all your income without excluding your foreign earned income, and pay the tax due. Taxact 2013 free After you have qualified for the exclusion, you can file an amended return, Form 1040X, accompanied by Form 2555 (or 2555-EZ), for a refund of any excess tax paid. Taxact 2013 free b) You can postpone the filing of your tax return by applying on Form 2350 for an extension of time to file to a date 30 days beyond the date you expect to qualify under either the bona fide residence test or the physical presence test, then file your return reflecting the exclusion of foreign earned income. Taxact 2013 free This allows you to file only once and saves you from paying the tax and waiting for a refund. Taxact 2013 free However, interest is charged on any tax due on the postponed tax return, but interest is not paid on refunds paid within 45 days after the return is filed. Taxact 2013 free If you have moving expenses that are for services performed in two years, you can be granted an extension until after the end of the second year. Taxact 2013 free File the late returns as soon as possible, stating your reason for filing late. Taxact 2013 free For advice on filing the returns, you should contact an  Internal Revenue Service representative in one of the four overseas offices listed in chapter 7. Taxact 2013 free It is too late to claim this refund since a claim for refund must be filed within 3 years from the date the return was filed or 2 years from the date the tax was paid, whichever is later. Taxact 2013 free A return filed before the due date is considered filed on the due date. Taxact 2013 free . Taxact 2013 free 11) On Form 2350, Application for Extension of Time To File U. Taxact 2013 free S. Taxact 2013 free Income Tax Return, I stated that I would qualify for the foreign earned income exclusion under the physical presence test. Taxact 2013 free If I qualify under the bona fide residence test, can I file my return on that basis? Yes. Taxact 2013 free You can claim the foreign earned income exclusion and the foreign housing exclusion or deduction under either test as long as you meet the requirements. Taxact 2013 free You are not bound by the test indicated in the application for extension of time. Taxact 2013 free You must be sure, however, that you file the Form 1040 by the date approved on Form 2350, since a return filed after that date may be subject to a failure to file penalty. Taxact 2013 free If you will not qualify under the bona fide residence test until a date later than the extension granted under the physical presence rule, apply for a new extension to a date 30 days beyond the date you expect to qualify as a bona fide resident. Taxact 2013 free No. Taxact 2013 free You have the choice of one of the following two methods of filing your return: a) You can file your return when due under the regular filing rules, report all your income without excluding your foreign earned income, and pay the tax due. Taxact 2013 free After you have qualified for the exclusion, you can file an amended return, Form 1040X, accompanied by Form 2555 (or 2555-EZ), for a refund of any excess tax paid. Taxact 2013 free b) You can postpone the filing of your tax return by applying on Form 2350 for an extension of time to file to a date 30 days beyond the date you expect to qualify under either the bona fide residence test or the physical presence test, then file your return reflecting the exclusion of foreign earned income. Taxact 2013 free This allows you to file only once and saves you from paying the tax and waiting for a refund. Taxact 2013 free However, interest is charged on any tax due on the postponed tax return, but interest is not paid on refunds paid within 45 days after the return is filed. Taxact 2013 free If you have moving expenses that are for services performed in two years, you can be granted an extension until after the end of the second year. Taxact 2013 free File the late returns as soon as possible, stating your reason for filing late. Taxact 2013 free For advice on filing the returns, you should contact an  Internal Revenue Service representative in one of the four overseas offices listed in chapter 7. Taxact 2013 free It is too late to claim this refund since a claim for refund must be filed within 3 years from the date the return was filed or 2 years from the date the tax was paid, whichever is later. Taxact 2013 free A return filed before the due date is considered filed on the due date. Taxact 2013 free . Taxact 2013 free 12) I am a U. Taxact 2013 free S. Taxact 2013 free citizen who worked in the United States for 6 months last year. Taxact 2013 free I accepted employment overseas in July of last year and expect to qualify for the foreign earned income exclusion. Taxact 2013 free Should I file a return and pay tax on the income earned in the United States during the first 6 months and then, when I qualify, file another return covering the last 6 months of the year? No. Taxact 2013 free You have the choice of one of the following two methods of filing your return: a) You can file your return when due under the regular filing rules, report all your income without excluding your foreign earned income, and pay the tax due. Taxact 2013 free After you have qualified for the exclusion, you can file an amended return, Form 1040X, accompanied by Form 2555 (or 2555-EZ), for a refund of any excess tax paid. Taxact 2013 free b) You can postpone the filing of your tax return by applying on Form 2350 for an extension of time to file to a date 30 days beyond the date you expect to qualify under either the bona fide residence test or the physical presence test, then file your return reflecting the exclusion of foreign earned income. Taxact 2013 free This allows you to file only once and saves you from paying the tax and waiting for a refund. Taxact 2013 free However, interest is charged on any tax due on the postponed tax return, but interest is not paid on refunds paid within 45 days after the return is filed. Taxact 2013 free If you have moving expenses that are for services performed in two years, you can be granted an extension until after the end of the second year. Taxact 2013 free File the late returns as soon as possible, stating your reason for filing late. Taxact 2013 free For advice on filing the returns, you should contact an  Internal Revenue Service representative in one of the four overseas offices listed in chapter 7. Taxact 2013 free It is too late to claim this refund since a claim for refund must be filed within 3 years from the date the return was filed or 2 years from the date the tax was paid, whichever is later. Taxact 2013 free A return filed before the due date is considered filed on the due date. Taxact 2013 free . Taxact 2013 free 13) I am a U. Taxact 2013 free S. Taxact 2013 free citizen. Taxact 2013 free I have lived abroad for a number of years and recently realized that I should have been filing U. Taxact 2013 free S. Taxact 2013 free income tax returns. Taxact 2013 free How do I correct this oversight in not having filed returns for these years? File the late returns as soon as possible, stating your reason for filing late. Taxact 2013 free For advice on filing the returns, you should contact an  Internal Revenue Service representative in one of the four overseas offices listed in chapter 7. Taxact 2013 free It is too late to claim this refund since a claim for refund must be filed within 3 years from the date the return was filed or 2 years from the date the tax was paid, whichever is later. Taxact 2013 free A return filed before the due date is considered filed on the due date. Taxact 2013 free . Taxact 2013 free 14) In 2008, I qualified to exclude my foreign earned income, but I did not claim this exclusion on the return I filed in 2009. Taxact 2013 free I paid all outstanding taxes with the return. Taxact 2013 free Can I file a claim for refund now? It is too late to claim this refund since a claim for refund must be filed within 3 years from the date the return was filed or 2 years from the date the tax was paid, whichever is later. Taxact 2013 free A return filed before the due date is considered filed on the due date. Taxact 2013 free 2. Taxact 2013 free Meeting the Requirements of Either the Bona Fide Residence Test or the Physical Presence Test . Taxact 2013 free 1) I recently came to Country X to work for the Orange Tractor Co. Taxact 2013 free and I expect to be here for 5 or 6 years. Taxact 2013 free I understand that upon the completion of 1 full year I will qualify for an exclusion or deduction under the bona fide residence test. Taxact 2013 free Is this correct? . Taxact 2013 free 2) I understand the physical presence test to be simply a matter of being physically present in a foreign country for at least 330 days within 12 consecutive months; but what are the criteria of the bona fide residence test? . Taxact 2013 free 3) To meet the qualification of an uninterrupted period which includes an entire taxable year, do I have to be physically present in a foreign country for the entire year? . Taxact 2013 free 4) I am a U. Taxact 2013 free S. Taxact 2013 free citizen and during 2012 was a bona fide resident of Country X. Taxact 2013 free On January 15, 2013, I was notified that I was to be assigned to Country Y. Taxact 2013 free I was recalled to New York for 90 days orientation and then went to Country Y, where I have been since. Taxact 2013 free Although I was not in Country Y on January 1, I was a bona fide resident of Country X and was in Country Y on December 31, 2013. Taxact 2013 free My family remained in Country X until completion of the orientation period, and my household goods were shipped directly to my new post. Taxact 2013 free Am I a bona fide resident of a foreign country for 2013, or must I wait for the entire year of 2014 to become one? . Taxact 2013 free 5) Due to illness, I returned to the United States before I completed my qualifying period to claim the foreign earned income exclusion. Taxact 2013 free Can I figure the exclusion for the period I resided abroad? . Taxact 2013 free 6) Can a resident alien of the United States qualify for an exclusion or deduction under the bona fide residence test or the physical presence test? . Taxact 2013 free 7) On August 13 of last year I left the United States and arrived in Country Z to work for the Gordon Manufacturing Company. Taxact 2013 free I expected to be able to exclude my foreign earned income under the physical presence test because I planned to be in Country Z for at least 1 year. Taxact 2013 free However, I was reassigned back to the United States and left Country Z on July 1 of this year. Taxact 2013 free Can I exclude any of my foreign earned income? . Taxact 2013 free 1) I recently came to Country X to work for the Orange Tractor Co. Taxact 2013 free and I expect to be here for 5 or 6 years. Taxact 2013 free I understand that upon the completion of 1 full year I will qualify for an exclusion or deduction under the bona fide residence test. Taxact 2013 free Is this correct? Not necessarily. Taxact 2013 free The law provides that to qualify under this test for the foreign earned income exclusion, the foreign housing exclusion, or the foreign housing deduction, a person must be a “bona fide resident of a foreign country or countries for an uninterrupted period which includes an entire taxable year. Taxact 2013 free ” If, like most U. Taxact 2013 free S. Taxact 2013 free citizens, you file your return on a calendar year basis, the taxable year referred to in the law would be from January 1 to December 31 of any particular year. Taxact 2013 free Unless you established residence in Country X on January 1, it would be more than 1 year before you would be a bona fide resident of a foreign country. Taxact 2013 free Once you have completed your qualifying period, however, you are entitled to exclude the income or to claim the housing exclusion or deduction from the date you established bona fide residence. Taxact 2013 free To be a bona fide resident of a foreign country, you must show that you entered a foreign country intending to remain there for an indefinite or prolonged period and, to that end, you are making your home in that country. Taxact 2013 free Consideration is given to the type of quarters occupied, whether your family went with you, the type of visa, the employment agreement, and any other factor pertinent to show whether your stay in the foreign country is indefinite or prolonged. Taxact 2013 free To claim the foreign earned income exclusion or foreign housing exclusion or deduction under this test, the period of foreign residence must include 1 full tax year (usually January 1 – December 31), but once you meet this time requirement, you figure the exclusions and the deduction from the date the residence actually began. Taxact 2013 free No. Taxact 2013 free Uninterrupted refers to the bona fide residence proper and not to the physical presence of the individual. Taxact 2013 free During the period of bona fide residence in a foreign country, even during the first full year, you can leave the country for brief and temporary trips back to the United States or elsewhere for vacation, or even for business. Taxact 2013 free To preserve your status as a bona fide resident of a foreign country, you must have a clear intention of returning from those trips, without unreasonable delay, to your foreign residence. Taxact 2013 free Since you did not break your period of foreign residence, you would continue to be a bona fide resident of a foreign country for 2013. Taxact 2013 free No. Taxact 2013 free You are not entitled to any exclusion of foreign earned income since you did not complete your qualifying period under either the bona fide residence test or physical presence test. Taxact 2013 free If you paid foreign tax on the income earned abroad, you may be able to claim that tax as a deduction or as a credit against your U. Taxact 2013 free S. Taxact 2013 free tax. Taxact 2013 free Resident aliens of the United States can qualify for the foreign earned income exclusion, the foreign housing exclusion, or the foreign housing deduction if they meet the requirements of the physical presence test. Taxact 2013 free Resident aliens who are citizens or nationals of a country with which the United States has an income tax treaty in effect also can qualify under the bona fide residence test. Taxact 2013 free No. Taxact 2013 free You cannot exclude any of the income you earned in Country Z because you were not in a foreign country for at least 330 full days as required under the physical presence test. Taxact 2013 free . Taxact 2013 free 2) I understand the physical presence test to be simply a matter of being physically present in a foreign country for at least 330 days within 12 consecutive months; but what are the criteria of the bona fide residence test? To be a bona fide resident of a foreign country, you must show that you entered a foreign country intending to remain there for an indefinite or prolonged period and, to that end, you are making your home in that country. Taxact 2013 free Consideration is given to the type of quarters occupied, whether your family went with you, the type of visa, the employment agreement, and any other factor pertinent to show whether your stay in the foreign country is indefinite or prolonged. Taxact 2013 free To claim the foreign earned income exclusion or foreign housing exclusion or deduction under this test, the period of foreign residence must include 1 full tax year (usually January 1 – December 31), but once you meet this time requirement, you figure the exclusions and the deduction from the date the residence actually began. Taxact 2013 free No. Taxact 2013 free Uninterrupted refers to the bona fide residence proper and not to the physical presence of the individual. Taxact 2013 free During the period of bona fide residence in a foreign country, even during the first full year, you can leave the country for brief and temporary trips back to the United States or elsewhere for vacation, or even for business. Taxact 2013 free To preserve your status as a bona fide resident of a foreign country, you must have a clear intention of returning from those trips, without unreasonable delay, to your foreign residence. Taxact 2013 free Since you did not break your period of foreign residence, you would continue to be a bona fide resident of a foreign country for 2013. Taxact 2013 free No. Taxact 2013 free You are not entitled to any exclusion of foreign earned income since you did not complete your qualifying period under either the bona fide residence test or physical presence test. Taxact 2013 free If you paid foreign tax on the income earned abroad, you may be able to claim that tax as a deduction or as a credit against your U. Taxact 2013 free S. Taxact 2013 free tax. Taxact 2013 free Resident aliens of the United States can qualify for the foreign earned income exclusion, the foreign housing exclusion, or the foreign housing deduction if they meet the requirements of the physical presence test. Taxact 2013 free Resident aliens who are citizens or nationals of a country with which the United States has an income tax treaty in effect also can qualify under the bona fide residence test. Taxact 2013 free No. Taxact 2013 free You cannot exclude any of the income you earned in Country Z because you were not in a foreign country for at least 330 full days as required under the physical presence test. Taxact 2013 free . Taxact 2013 free 3) To meet the qualification of “an uninterrupted period which includes an entire taxable year,” do I have to be physically present in a foreign country for the entire year? No. Taxact 2013 free Uninterrupted refers to the bona fide residence proper and not to the physical presence of the individual. Taxact 2013 free During the period of bona fide residence in a foreign country, even during the first full year, you can leave the country for brief and temporary trips back to the United States or elsewhere for vacation, or even for business. Taxact 2013 free To preserve your status as a bona fide resident of a foreign country, you must have a clear intention of returning from those trips, without unreasonable delay, to your foreign residence. Taxact 2013 free Since you did not break your period of foreign residence, you would continue to be a bona fide resident of a foreign country for 2013. Taxact 2013 free No. Taxact 2013 free You are not entitled to any exclusion of foreign earned income since you did not complete your qualifying period under either the bona fide residence test or physical presence test. Taxact 2013 free If you paid foreign tax on the income earned abroad, you may be able to claim that tax as a deduction or as a credit against your U. Taxact 2013 free S. Taxact 2013 free tax. Taxact 2013 free Resident aliens of the United States can qualify for the foreign earned income exclusion, the foreign housing exclusion, or the foreign housing deduction if they meet the requirements of the physical presence test. Taxact 2013 free Resident aliens who are citizens or nationals of a country with which the United States has an income tax treaty in effect also can qualify under the bona fide residence test. Taxact 2013 free No. Taxact 2013 free You cannot exclude any of the income you earned in Country Z because you were not in a foreign country for at least 330 full days as required under the physical presence test. Taxact 2013 free . Taxact 2013 free 4) I am a U. Taxact 2013 free S. Taxact 2013 free citizen and during 2012 was a bona fide resident of Country X. Taxact 2013 free On January 15, 2013, I was notified that I was to be assigned to Country Y. Taxact 2013 free I was recalled to New York for 90 days orientation and then went to Country Y, where I have been since. Taxact 2013 free Although I was not in Country Y on January 1, I was a bona fide resident of Country X and was in Country Y on December 31, 2013. Taxact 2013 free My family remained in Country X until completion of the orientation period, and my household goods were shipped directly to my new post. Taxact 2013 free Am I a bona fide resident of a foreign country for 2013, or must I wait for the entire year of 2014 to become one? Since you did not break your period of foreign residence, you would continue to be a bona fide resident of a foreign country for 2013. Taxact 2013 free No. Taxact 2013 free You are not entitled to any exclusion of foreign earned income since you did not complete your qualifying period under either the bona fide residence test or physical presence test. Taxact 2013 free If you paid foreign tax on the income earned abroad, you may be able to claim that tax as a deduction or as a credit against your U. Taxact 2013 free S. Taxact 2013 free tax. Taxact 2013 free Resident aliens of the United States can qualify for the foreign earned income exclusion, the foreign housing exclusion, or the foreign housing deduction if they meet the requirements of the physical presence test. Taxact 2013 free Resident aliens who are citizens or nationals of a country with which the United States has an income tax treaty in effect also can qualify under the bona fide residence test. Taxact 2013 free No. Taxact 2013 free You cannot exclude any of the income you earned in Country Z because you were not in a foreign country for at least 330 full days as required under the physical presence test. Taxact 2013 free . Taxact 2013 free 5) Due to illness, I returned to the United States before I completed my qualifying period to claim the foreign earned income exclusion. Taxact 2013 free Can I figure the exclusion for the period I resided abroad? No. Taxact 2013 free You are not entitled to any exclusion of foreign earned income since you did not complete your qualifying period under either the bona fide residence test or physical presence test. Taxact 2013 free If you paid foreign tax on the income earned abroad, you may be able to claim that tax as a deduction or as a credit against your U. Taxact 2013 free S. Taxact 2013 free tax. Taxact 2013 free Resident aliens of the United States can qualify for the foreign earned income exclusion, the foreign housing exclusion, or the foreign housing deduction if they meet the requirements of the physical presence test. Taxact 2013 free Resident aliens who are citizens or nationals of a country with which the United States has an income tax treaty in effect also can qualify under the bona fide residence test. Taxact 2013 free No. Taxact 2013 free You cannot exclude any of the income you earned in Country Z because you were not in a foreign country for at least 330 full days as required under the physical presence test. Taxact 2013 free . Taxact 2013 free 6) Can a resident alien of the United States qualify for an exclusion or deduction under the bona fide residence test or the physical presence test? Resident aliens of the United States can qualify for the foreign earned income exclusion, the foreign housing exclusion, or the foreign housing deduction if they meet the requirements of the physical presence test. Taxact 2013 free Resident aliens who are citizens or nationals of a country with which the United States has an income tax treaty in effect also can qualify under the bona fide residence test. Taxact 2013 free No. Taxact 2013 free You cannot exclude any of the income you earned in Country Z because you were not in a foreign country for at least 330 full days as required under the physical presence test. Taxact 2013 free . Taxact 2013 free 7) On August 13 of last year I left the United States and arrived in Country Z to work for the Gordon Manufacturing Company. Taxact 2013 free I expected to be able to exclude my foreign earned income under the physical presence test because I planned to be in Country Z for at least 1 year. Taxact 2013 free However, I was reassigned back to the United States and left Country Z on July 1 of this year. Taxact 2013 free Can I exclude any of my foreign earned income? No. Taxact 2013 free You cannot exclude any of the income you earned in Country Z because you were not in a foreign country for at least 330 full days as required under the physical presence test. Taxact 2013 free 3. Taxact 2013 free Foreign Earned Income . Taxact 2013 free 1) I am an employee of the U. Taxact 2013 free S. Taxact 2013 free Government working abroad. Taxact 2013 free Can all or part of my government income earned abroad qualify for the foreign earned income exclusion? . Taxact 2013 free 2) I qualify for the foreign earned income exclusion under the bona fide residence test. Taxact 2013 free Does my foreign earned income include my U. Taxact 2013 free S. Taxact 2013 free dividends and the interest I receive on a foreign bank account? . Taxact 2013 free 3) My company pays my foreign income tax on my foreign earnings. Taxact 2013 free Is this taxable compensation? . Taxact 2013 free 4) I live in an apartment in a foreign city for which my employer pays the rent. Taxact 2013 free Should I include in my income the cost to my employer ($1,200 a month) or the fair market value of equivalent housing in the United States ($800 a month)? . Taxact 2013 free 5) My U. Taxact 2013 free S. Taxact 2013 free employer pays my salary into my U. Taxact 2013 free S. Taxact 2013 free bank account. Taxact 2013 free Is this income considered earned in the United States or is it considered foreign earned income? . Taxact 2013 free 6) What is considered a foreign country? . Taxact 2013 free 7) What is the source of earned income? . Taxact 2013 free 1) I am an employee of the U. Taxact 2013 free S. Taxact 2013 free Government working abroad. Taxact 2013 free Can all or part of my government income earned abroad qualify for the foreign earned income exclusion? No. Taxact 2013 free The foreign earned income exclusion applies to your foreign earned income. Taxact 2013 free Amounts paid by the United States or its agencies to their employees are not treated, for this purpose, as foreign earned income. Taxact 2013 free No. Taxact 2013 free The only income that is foreign earned income is income from the performance of personal services abroad. Taxact 2013 free Investment income is not earned income. Taxact 2013 free However, you must include it in gross income reported on your Form 1040. Taxact 2013 free Yes. Taxact 2013 free The amount is compensation for services performed. Taxact 2013 free The tax paid by your company should be reported on Form 1040, line 7, and on Form 2555, Part IV, line 22(f) (or on Form 2555-EZ, Part IV, line 17). Taxact 2013 free You must include in income the fair market value (FMV) of the facility provided, where it is provided. Taxact 2013 free This will usually be the rent your employer pays. Taxact 2013 free Situations when the FMV is not included in income are discussed in chapter 4 under Exclusion of Meals and Lodging. Taxact 2013 free If you performed the services to earn this salary outside the United States, your salary is considered earned abroad. Taxact 2013 free It does not matter that you are paid by a U. Taxact 2013 free S. Taxact 2013 free employer or that your salary is deposited in a U. Taxact 2013 free S. Taxact 2013 free bank account in the United States. Taxact 2013 free The source of salary, wages, commissions, and other personal service income is the place where you perform the services. Taxact 2013 free For the purposes of the foreign earned income exclusion and the foreign housing exclusion or deduction, any territory under the sovereignty of a countr

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The Taxact 2013 Free

Taxact 2013 free 9. Taxact 2013 free   Worksheets Table of Contents When Should I Figure MAC?Checking the Previous Year's Contributions Available Worksheets Chapter 2 introduced you to the term maximum amount contributable (MAC). Taxact 2013 free Generally, your MAC is the lesser of your: Limit on annual additions (chapter 3), or Limit on elective deferrals (chapter 4). Taxact 2013 free The worksheets in this chapter can help you figure the cost of incidental life insurance, your includible compensation, your limit on annual additions, your limit on elective deferrals, your limit on catch-up contributions, and your MAC. Taxact 2013 free After completing the worksheets, you should maintain them with your 403(b) records for that year. Taxact 2013 free Do not attach them to your tax return. Taxact 2013 free At the end of the year or the beginning of the next year, you should compare your estimated compensation figures with your actual figures. Taxact 2013 free If your compensation is the same as, or more than, the projected amounts and the calculations are correct, then you should simply file these worksheets with your other tax records for the year. Taxact 2013 free If your compensation was lower than your estimated figures, you will need to check the amount contributed during the year to determine if contributions are more than your MAC. Taxact 2013 free When Should I Figure MAC? At the beginning of each year, you should figure your MAC using a conservative estimate of your compensation. Taxact 2013 free Should your income change during the year, you should refigure your MAC based on a revised conservative estimate. Taxact 2013 free By doing this, you will be able to determine if contributions to your 403(b) account should be increased or decreased for the year. Taxact 2013 free Checking the Previous Year's Contributions At the beginning of the following year, you should refigure your MAC based on your actual earned income. Taxact 2013 free At the end of the current year or the beginning of the next year, you should check your contributions to be sure you did not exceed your MAC. Taxact 2013 free This means refiguring your limit based on your actual compensation figures for the year. Taxact 2013 free This will allow you to determine if the amount contributed is more than the allowable amounts, and possibly avoid additional taxes. Taxact 2013 free Available Worksheets The following worksheets have been provided to help you figure your MAC. Taxact 2013 free Worksheet A. Taxact 2013 free Cost of Incidental Life Insurance. Taxact 2013 free Worksheet B. Taxact 2013 free Includible Compensation for Your Most Recent Year of Service Worksheet C. Taxact 2013 free Limit on Catch-Up Contributions. Taxact 2013 free ??? Worksheet 1. Taxact 2013 free Maximum Amount Contributable (MAC). Taxact 2013 free Worksheet A. Taxact 2013 free Cost of Incidental Life Insurance Note. Taxact 2013 free Use this worksheet to figure the cost of incidental life insurance included in your annuity contract. Taxact 2013 free This amount will be used to figure includible compensation for your most recent year of service. Taxact 2013 free 1. Taxact 2013 free Enter the value of the contract (amount payable upon your death) 1. Taxact 2013 free   2. Taxact 2013 free Enter the cash value in the contract at the end of the year 2. Taxact 2013 free   3. Taxact 2013 free Subtract line 2 from line 1. Taxact 2013 free This is the value of your current life insurance protection 3. Taxact 2013 free   4. Taxact 2013 free Enter your age on your birthday nearest the beginning of the policy year 4. Taxact 2013 free   5. Taxact 2013 free Enter the 1-year term premium for $1,000 of life insurance based on your age. Taxact 2013 free (From Figure 3-1) 5. Taxact 2013 free   6. Taxact 2013 free Divide line 3 by $1,000 6. Taxact 2013 free   7. Taxact 2013 free Multiply line 6 by line 5. Taxact 2013 free This is the cost of your incidental life insurance 7. Taxact 2013 free   Worksheet B. Taxact 2013 free Includible Compensation for Your Most Recent Year of Service1 Note. Taxact 2013 free Use this worksheet to figure includible compensation for your most recent year of service. Taxact 2013 free 1. Taxact 2013 free Enter your includible wages from the employer maintaining your 403(b) account for your most recent year of service 1. Taxact 2013 free   2. Taxact 2013 free Enter elective deferrals excluded from your gross income for your most recent year of service2 2. Taxact 2013 free   3. Taxact 2013 free Enter amounts contributed or deferred by your employer under a cafeteria plan for your most recent year of service 3. Taxact 2013 free   4. Taxact 2013 free Enter amounts contributed or deferred by your employer according to your election to your 457 account (a nonqualified plan of a state or local government or of a tax-exempt organization) for your most recent year of service 4. Taxact 2013 free   5. Taxact 2013 free Enter pre-tax contributions (employer's contributions made on your behalf according to your election) to a qualified transportation fringe benefit plan for your most recent year of service 5. Taxact 2013 free   6. Taxact 2013 free Enter your foreign earned income exclusion for your most recent year of service 6. Taxact 2013 free   7. Taxact 2013 free Add lines 1, 2, 3, 4, 5, and 6 7. Taxact 2013 free   8. Taxact 2013 free Enter the cost of incidental life insurance that is part of your annuity contract for your most recent year of service 8. Taxact 2013 free   9. Taxact 2013 free Enter compensation that was both: Earned during your most recent year of service, and Earned while your employer was not qualified to maintain a 403(b) plan 9. Taxact 2013 free   10. Taxact 2013 free Add lines 8 and 9 10. Taxact 2013 free   11. Taxact 2013 free Subtract line 10 from line 7. Taxact 2013 free This is your includible compensation for your most recent year of service 11. Taxact 2013 free   1Use estimated amounts if figuring includible compensation before the end of the year. Taxact 2013 free  2Elective deferrals made to a designated Roth account are not excluded from your gross income and should not be included on this line. Taxact 2013 free Worksheet C. Taxact 2013 free Limit on Catch-Up Contributions Note. Taxact 2013 free If you will be age 50 or older by the end of the year, use this worksheet to figure your limit on catch-up contributions. Taxact 2013 free 1. Taxact 2013 free Maximum catch-up contributions 1. Taxact 2013 free $5,500 2. Taxact 2013 free Enter your includible compensation for your most recent year of service 2. Taxact 2013 free   3. Taxact 2013 free Enter your elective deferrals 3. Taxact 2013 free   4. Taxact 2013 free Subtract line 3 from line 2 4. Taxact 2013 free   5. Taxact 2013 free Enter the lesser of line 1 or line 4. Taxact 2013 free This is your limit on catch-up contributions 5. Taxact 2013 free   Worksheet 1. Taxact 2013 free Maximum Amount Contributable (MAC) Note. Taxact 2013 free Use this worksheet to figure your MAC. Taxact 2013 free Part I. Taxact 2013 free Limit on Annual Additions     1. Taxact 2013 free Enter your includible compensation for your most recent year of service 1. Taxact 2013 free   2. Taxact 2013 free Maximum1: For 2013, enter $51,000 For 2014, enter $52,000 2. Taxact 2013 free   3. Taxact 2013 free Enter the lesser of line 1 or line 2. Taxact 2013 free This is your limit on annual additions 3. Taxact 2013 free     Caution: If you had only nonelective contributions, skip Part II and enter the amount from line 3 on line 18. Taxact 2013 free     Part II. Taxact 2013 free Limit on Elective Deferrals     4. Taxact 2013 free Maximum contribution: For 2013, enter $17,500 For 2014, enter $17,500 4. Taxact 2013 free     Note. Taxact 2013 free If you have at least 15 years of service with a qualifying organization, complete lines 5 through 17. Taxact 2013 free If not, enter zero (-0-) on line 16 and go to line 17. Taxact 2013 free     5. Taxact 2013 free Amount per year of service 5. Taxact 2013 free $ 5,000 6. Taxact 2013 free Enter your years of service 6. Taxact 2013 free   7. Taxact 2013 free Multiply line 5 by line 6 7. Taxact 2013 free   8. Taxact 2013 free Enter the total of all elective deferrals made for you by the qualifying organization for prior years 8. Taxact 2013 free   9. Taxact 2013 free Subtract line 8 from line 7. Taxact 2013 free If zero or less, enter zero (-0-) 9. Taxact 2013 free   10. Taxact 2013 free Maximum increase in limit for long service 10. Taxact 2013 free $15,000 11. Taxact 2013 free Enter the total of additional pre-tax elective deferrals made in prior years under the 15-year rule 11. Taxact 2013 free   12. Taxact 2013 free Enter the aggregate amount of all designated Roth contributions permitted for prior years under the 15-year rule 12. Taxact 2013 free   13. Taxact 2013 free Add line 11 and line 12 13. Taxact 2013 free   14. Taxact 2013 free Subtract line 13 from line 10 14. Taxact 2013 free   15. Taxact 2013 free Maximum additional contributions 15. Taxact 2013 free $ 3,000 16. Taxact 2013 free Enter the least of lines 9, 14, or 15. Taxact 2013 free This is your increase in the limit for long service 16. Taxact 2013 free   17. Taxact 2013 free Add lines 4 and 16. Taxact 2013 free This is your limit on elective deferrals 17. Taxact 2013 free     Part III. Taxact 2013 free Maximum Amount Contributable     18. Taxact 2013 free If you had only nonelective contributions, enter the amount from line 3. Taxact 2013 free This is your MAC. Taxact 2013 free    If you had only elective deferrals, enter the lesser of lines 3 or 17. Taxact 2013 free This is your MAC. Taxact 2013 free    If you had both elective deferrals and nonelective contributions, enter the amount from line 3. Taxact 2013 free This is your MAC. Taxact 2013 free (Use the amount on line 17 to determine if you have excess elective deferrals as explained in chapter 7. Taxact 2013 free ) 18. Taxact 2013 free   1If you participate in a 403(b) plan and a qualified plan, you must combine contributions made to your 403(b) account with contributions to a qualified plan and simplified employee pension plans of all corporations, partnerships, and sole proprietorships in which you have more than 50% control. Taxact 2013 free You must also combine the contributions made to all 403(b) accounts on your behalf by your employer. Taxact 2013 free Prev  Up  Next   Home   More Online Publications