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

E-file to Remain Open through Oct. 31 for Victims of Tropical Storm Irene

NH-2011-31, Sept. 8, 2011

BOSTON — Victims of Tropical Storm Irene that began on Aug. 27, 2011 in parts of New Hampshire may qualify for tax relief from the Internal Revenue Service.

The President has declared the following counties a federal disaster area: Carroll and Grafton. Individuals who reside or have a business in these counties may qualify for tax relief.

The declaration permits the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after Aug. 27, and on or before Oct. 31, have been postponed to Oct. 31, 2011. This includes corporations and other businesses that previously obtained an extension until Sept. 15 to file their 2010 returns, and individuals and businesses that received a similar extension until Oct. 17. It also includes the estimated tax payment for the third quarter, normally due Sept. 15.

In addition, the IRS is waiving the failure-to-deposit penalties for employment and excise tax deposits due on or after Aug. 27, and on or before Sept. 12, as long as the deposits are made by Sept. 12, 2011.

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

The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area must call the IRS disaster hotline at 1-866-562-5227 to request this tax relief.

Covered Disaster Area

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

Affected Taxpayers

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

Grant of Relief

Under section 7508A, the IRS gives affected taxpayers until Oct. 31 to file most tax returns (including individual, corporate, and estate and trust income tax returns; partnership returns, S corporation returns, and trust returns; estate, gift, and generation-skipping transfer tax returns; and employment and certain excise tax returns), or to make tax payments, including estimated tax payments, that have either an original or extended due date occurring on or after Aug. 27 and on or before Oct. 31.

The IRS also gives affected taxpayers until Oct. 31 to perform other time-sensitive actions described in Treas. Reg. § 301.7508A-1(c)(1) and Rev. Proc. 2007-56, 2007-34 I.R.B. 388 (Aug. 20, 2007), that are due to be performed on or after Aug. 27 and on or before Oct. 31.

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

The postponement of time to file and pay does not apply to information returns in the W-2, 1098, 1099 series, or to Forms 1042-S or 8027. Penalties for failure to timely file information returns can be waived under existing procedures for reasonable cause. Likewise, the postponement does not apply to employment and excise tax deposits. The IRS, however, will abate penalties for failure to make timely employment and excise tax deposits due on or after Aug. 27 and on or before Sept. 12 provided the taxpayer makes these deposits by Sept. 12.

Casualty Losses

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

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

Affected taxpayers claiming the disaster loss on last year’s return should put the Disaster Designation “New Hampshire/Tropical Storm Irene” at the top of the form so that the IRS can expedite the processing of the refund.

Other Relief

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

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

Taxpayers may download forms and publications from the official IRS website, irs.gov, or order them by calling 1-800-TAX-FORM (1-800-829-3676). The IRS toll-free number for general tax questions is 1-800-829-1040.

Related Information

Page Last Reviewed or Updated: 20-Mar-2014

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Taxaid com Publication 521 - Introductory Material Table of Contents What's New Reminders IntroductionOrdering forms and publications. Taxaid com Tax questions. Taxaid com Useful Items - You may want to see: What's New Standard mileage rate. Taxaid com  For 2013, the standard mileage rate for using your vehicle to move to a new home is 24 cents per mile. Taxaid com See Travel by car under Deductible Moving Expenses. Taxaid com Reminders Future developments. Taxaid com  For the latest information about developments related to Publication 521, such as legislation enacted after it was published, go to www. Taxaid com irs. Taxaid com gov/pub521. Taxaid com Change of address. Taxaid com  If you change your mailing address, be sure to notify the IRS using Form 8822, Change of Address. Taxaid com Mail it to the Internal Revenue Service Center for your old address. Taxaid com Addresses for the service centers are on the back of the form. Taxaid com If you change your business address or the identity of your responsible party, use Form 8822-B, Change of Address or Responsible Party—Business. Taxaid com Photographs of missing children. Taxaid com  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Taxaid com Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Taxaid com You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Taxaid com Introduction This publication explains the deduction of certain expenses of moving to a new home because you changed job locations or started a new job. Taxaid com It includes the following topics. Taxaid com Who can deduct moving expenses. Taxaid com What moving expenses are deductible. Taxaid com What moving expenses are not deductible. Taxaid com How a reimbursement affects your moving expense deduction. Taxaid com How and when to report moving expenses. Taxaid com Special rules for members of the Armed Forces. Taxaid com Form 3903, Moving Expenses, is used to claim the moving expense deduction. Taxaid com An example of how to report your moving expenses, including a filled-in Form 3903, is shown near the end of the publication. Taxaid com You may be able to deduct moving expenses whether you are self-employed or an employee. Taxaid com Your expenses generally must be related to starting work at your new job location. Taxaid com However, certain retirees and survivors may qualify to claim the deduction even though they are not starting work at a new job location. Taxaid com See Who Can Deduct Moving Expenses. Taxaid com Recordkeeping. Taxaid com    It is important to maintain an accurate record of expenses you paid to move. Taxaid com You should save items such as receipts, bills, cancelled checks, credit card statements, and mileage logs. Taxaid com Also, you should save your Form W-2 and statements of reimbursement from your employer. Taxaid com Comments and suggestions. Taxaid com   We welcome your comments about this publication and your suggestions for future editions. Taxaid com   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Taxaid com NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Taxaid com Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Taxaid com   You can send your comments from www. Taxaid com irs. Taxaid com gov/formspubs/. Taxaid com Click on “More Information” and then on “Comment on Tax Forms and Publications”. Taxaid com   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Taxaid com Ordering forms and publications. Taxaid com   Visit www. Taxaid com irs. Taxaid com gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Taxaid com Internal Revenue Service 1201 N. Taxaid com Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Taxaid com   If you have a tax question, check the information available on IRS. Taxaid com gov or call 1-800-829-1040. Taxaid com We cannot answer tax questions sent to either of the above addresses. Taxaid com Useful Items - You may want to see: Publication 3 Armed Forces' Tax Guide Forms (and Instructions) 1040 U. Taxaid com S. Taxaid com Individual Income Tax Return 1040X Amended U. Taxaid com S. Taxaid com Individual Income Tax Return 3903 Moving Expenses 8822 Change of Address 8822–B Change of Address or Responsible Party-Business See How To Get Tax Help, near the end of this publication, for information about getting the publications and the forms listed above. Taxaid com Prev  Up  Next   Home   More Online Publications