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Taxact Online 2012

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Taxact Online 2012

Taxact online 2012 15. Taxact online 2012   Examination and Appeal Procedures If your excise tax return is examined and you disagree with the findings, you can get information about audit and appeal procedures from Publication 556, Examination of Returns, Appeal Rights, and Claims for Refund. Taxact online 2012 An unagreed case involving an excise tax covered in this publication differs from other tax cases in that you can only contest it in court after payment of the tax by filing suit for a refund in the United States District Court or the United States Court of Federal Claims. Taxact online 2012 Prev  Up  Next   Home   More Online Publications
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Understanding your CP13R Notice

We made changes to your return involving the Recovery Rebate Credit. You're not due a refund nor do you owe an additional amount because of our changes. Your account balance is zero.

Printable samples of this notice (PDF)

Tax publications you may find useful

How to get help

Calling the 1-800 number listed on the top right corner of your notice is the fastest way to get your questions answered.

You can also authorize someone (such as an accountant) to contact the IRS on your behalf using this Power of Attorney and Declaration of Representative (Form 2848).

Or you may qualify for help from a Low Income Taxpayer Clinic.
 


What you need to do

  • Read your notice carefully — it will explain how the Recovery Rebate Credit relates to the changes we made.
  • Review the notice and compare our changes to the information on your tax return.
  • Correct the copy of your tax return that you kept for your records.
  • You don't need to do anything if you agree with the notice.
  • If you disagree with the notice, please contact us at the toll-free number listed on its top right corner (within 60 days of its date).

You may want to...


Answers to Common Questions

What is the Recovery Rebate Credit?
It is a refundable credit that relates to the 2008 economic stimulus payment. Generally, a refundable credit increases the amount of a refund received or it reduces the amount of taxes owed.

What should I do if I disagree with the changes you made?
Contact us at the toll free number listed on the top right corner of your notice if you disagree with the changes we made.

What should I do if I need to make another correction to my tax return?
You'll need to file an amended return to make a correction.


Tips for next year

Consider filing your taxes electronically. Filing online can help you avoid mistakes and find credits and deductions that you may qualify for. In many cases you can file for free. Learn more about e-file.

Perform a quick check on the amount you have withheld to make sure you won't owe money next year. You can use this IRS withholding calculator.

Page Last Reviewed or Updated: 20-Feb-2014

The Taxact Online 2012

Taxact online 2012 1. Taxact online 2012   403(b) Plan Basics Table of Contents What Is a 403(b) Plan? What Are the Benefits of Contributing to a 403(b) Plan?Excluded. Taxact online 2012 Deducted. Taxact online 2012 Who Can Participate in a 403(b) Plan?Ministers. Taxact online 2012 Who Can Set Up a 403(b) Account? How Can Contributions Be Made to My 403(b) Account? Do I Report Contributions on My Tax Return? How Much Can Be Contributed to My 403(b) Account? This chapter introduces you to 403(b) plans and accounts. Taxact online 2012 Specifically, the chapter answers the following questions. Taxact online 2012 What is a 403(b) plan? What are the benefits of contributing to a 403(b) plan? Who can participate in a 403(b) plan? Who can set up a 403(b) account? How can contributions be made to my 403(b) account? Do I report contributions on my tax return? How much can be contributed to my 403(b) account? What Is a 403(b) Plan? A 403(b) plan, also known as a tax-sheltered annuity (TSA) plan, is a retirement plan for certain employees of public schools, employees of certain tax-exempt organizations, and certain ministers. Taxact online 2012 Individual accounts in a 403(b) plan can be any of the following types. Taxact online 2012 An annuity contract, which is a contract provided through an insurance company, A custodial account, which is an account invested in mutual funds, or A retirement income account set up for church employees. Taxact online 2012 Generally, retirement income accounts can invest in either annuities or mutual funds. Taxact online 2012 We use the term “403(b) account” to refer to any one of these funding arrangements throughout this publication, unless otherwise specified. Taxact online 2012 What Are the Benefits of Contributing to a 403(b) Plan?  There are three benefits to contributing to a 403(b) plan. Taxact online 2012 The first benefit is that you do not pay income tax on allowable contributions until you begin making withdrawals from the plan, usually after you retire. Taxact online 2012 Allowable contributions to a 403(b) plan are either excluded or deducted from your income. Taxact online 2012 However, if your contributions are made to a Roth contribution program, this benefit does not apply. Taxact online 2012 Instead, you pay income tax on the contributions to the plan but distributions from the plan (if certain requirements are met) are tax free. Taxact online 2012 Note. Taxact online 2012 Generally, employees must pay social security and Medicare tax on their contributions to a 403(b) plan, including those made under a salary reduction agreement. Taxact online 2012 See chapter 4, Limit on Elective Deferrals , for more information. Taxact online 2012 The second benefit is that earnings and gains on amounts in your 403(b) account are not taxed until you withdraw them. Taxact online 2012 Earnings and gains on amounts in a Roth contribution program are not taxed if your withdrawals are qualified distributions. Taxact online 2012 Otherwise, they are taxed when you withdraw them. Taxact online 2012 The third benefit is that you may be eligible to take a credit for elective deferrals contributed to your 403(b) account. Taxact online 2012 See chapter 10, Retirement Savings Contributions Credit (Saver's Credit) . Taxact online 2012 Excluded. Taxact online 2012   If an amount is excluded from your income, it is not included in your total wages on your Form W-2. Taxact online 2012 This means that you do not report the excluded amount on your tax return. Taxact online 2012 Deducted. Taxact online 2012   If an amount is deducted from your income, it is included with your other wages on your Form W-2. Taxact online 2012 You report this amount on your tax return, but you are allowed to subtract it when figuring the amount of income on which you must pay tax. Taxact online 2012 Who Can Participate in a 403(b) Plan? Any eligible employee can participate in a 403(b) plan. Taxact online 2012 Eligible employees. Taxact online 2012   The following employees are eligible to participate in a 403(b) plan. Taxact online 2012 Employees of tax-exempt organizations established under section 501(c)(3). Taxact online 2012 These organizations are usually referred to as section 501(c)(3) organizations or simply 501(c)(3) organizations. Taxact online 2012 Employees of public school systems who are involved in the day-to-day operations of a school. Taxact online 2012 Employees of cooperative hospital service organizations. Taxact online 2012 Civilian faculty and staff of the Uniformed Services University of the Health Sciences. Taxact online 2012 Employees of public school systems organized by Indian tribal governments. Taxact online 2012 Certain ministers (explained next). Taxact online 2012 Ministers. Taxact online 2012   The following ministers are eligible employees for whom a 403(b) account can be established. Taxact online 2012 Ministers employed by section 501(c)(3) organizations. Taxact online 2012 Self-employed ministers. Taxact online 2012 A self-employed minister is treated as employed by a tax-exempt organization that is a qualified employer. Taxact online 2012 Ministers (chaplains) who meet both of the following requirements. Taxact online 2012 They are employed by organizations that are not section 501(c)(3) organizations. Taxact online 2012 They function as ministers in their day-to-day professional responsibilities with their employers. Taxact online 2012   Throughout this publication, the term chaplain will be used to mean ministers described in the third category in the list above. Taxact online 2012 Example. Taxact online 2012 A minister employed as a chaplain by a state-run prison and a chaplain in the United States Armed Forces are eligible employees because their employers are not section 501(c)(3) organizations and they are employed as ministers. Taxact online 2012 Who Can Set Up a 403(b) Account? You cannot set up your own 403(b) account. Taxact online 2012 Only employers can set up 403(b) accounts. Taxact online 2012 A self-employed minister cannot set up a 403(b) account for his or her benefit. Taxact online 2012 If you are a self-employed minister, only the organization (denomination) with which you are associated can set up an account for your benefit. Taxact online 2012 How Can Contributions Be Made to My 403(b) Account? Generally, only your employer can make contributions to your 403(b) account. Taxact online 2012 However, some plans will allow you to make after-tax contributions (defined below). Taxact online 2012 The following types of contributions can be made to 403(b) accounts. Taxact online 2012 Elective deferrals . Taxact online 2012 These are contributions made under a salary reduction agreement. Taxact online 2012 This agreement allows your employer to withhold money from your paycheck to be contributed directly into a 403(b) account for your benefit. Taxact online 2012 Except for Roth contributions, you do not pay income tax on these contributions until you withdraw them from the account. Taxact online 2012 If your contributions are Roth contributions, you pay taxes on your contributions but any qualified distributions from your Roth account are tax free. Taxact online 2012 Nonelective contributions . Taxact online 2012 These are employer contributions that are not made under a salary reduction agreement. Taxact online 2012 Nonelective contributions include matching contributions, discretionary contributions, and mandatory contributions from your employer. Taxact online 2012 You do not pay income tax on these contributions until you withdraw them from the account. Taxact online 2012 After-tax contributions . Taxact online 2012 These are contributions (that are not Roth contributions) you make with funds that you must include in income on your tax return. Taxact online 2012 A salary payment on which income tax has been withheld is a source of these contributions. Taxact online 2012 If your plan allows you to make after-tax contributions, they are not excluded from income and you cannot deduct them on your tax return. Taxact online 2012 A combination of any of the three contribution types listed above. Taxact online 2012 Self-employed minister. Taxact online 2012   If you are a self-employed minister, you are considered both an employee and an employer, and you can contribute to a retirement income account for your own benefit. Taxact online 2012 Do I Report Contributions on My Tax Return? Generally, you do not report contributions to your 403(b) account (except Roth contributions) on your tax return. Taxact online 2012 Your employer will report contributions on your 2013 Form W-2. Taxact online 2012 Elective deferrals will be shown in box 12 and the Retirement plan box will be checked in box 13. Taxact online 2012 If you are a self-employed minister or chaplain, see the discussions next. Taxact online 2012 Self-employed ministers. Taxact online 2012   If you are a self-employed minister, you must report the total contributions as a deduction on your tax return. Taxact online 2012 Deduct your contributions on line 28 of the 2013 Form 1040. Taxact online 2012 Chaplains. Taxact online 2012   If you are a chaplain and your employer does not exclude contributions made to your 403(b) account from your earned income, you may be able to take a deduction for those contributions on your tax return. Taxact online 2012    However, if your employer has agreed to exclude the contributions from your earned income, you will not be allowed a deduction on your tax return. Taxact online 2012   If you can take a deduction, include your contributions on line 36 of the 2013 Form 1040. Taxact online 2012 Enter the amount of your deduction and write “403(b)” on the dotted line next to line 36. Taxact online 2012 How Much Can Be Contributed to My 403(b) Account? There are limits on the amount of contributions that can be made to your 403(b) account each year. Taxact online 2012 If contributions made to your 403(b) account are more than these contribution limits, penalties may apply. Taxact online 2012 Chapters 2 through 6 provide information on how to determine the amount that can be contributed to your 403(b) account. Taxact online 2012 Worksheets are provided in Chapter 9 to help you determine the maximum amount that can be contributed to your 403(b) account each year. Taxact online 2012 Chapter 7, Excess Contributions , describes how to prevent excess contributions and how to get an excess contribution corrected. Taxact online 2012 Prev  Up  Next   Home   More Online Publications