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Taxes For 2011

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Taxes For 2011

Taxes for 2011 3. Taxes for 2011   Savings Incentive Match Plans for Employees (SIMPLE) Table of Contents Introduction What Is a SIMPLE Plan?Eligible Employees How Are Contributions Made? How Much Can Be Contributed on Your Behalf?Matching contributions less than 3%. Taxes for 2011 Traditional IRA mistakenly moved to SIMPLE IRA. Taxes for 2011 When Can You Withdraw or Use Assets?Are Distributions Taxable? Introduction This chapter is for employees who need information about savings incentive match plans for employees (SIMPLE plans). Taxes for 2011 It explains what a SIMPLE plan is, contributions to a SIMPLE plan, and distributions from a SIMPLE plan. Taxes for 2011 Under a SIMPLE plan, SIMPLE retirement accounts for participating employees can be set up either as: Part of a 401(k) plan, or A plan using IRAs (SIMPLE IRA). Taxes for 2011 This chapter only discusses the SIMPLE plan rules that relate to SIMPLE IRAs. Taxes for 2011 See chapter 3 of Publication 560 for information on any special rules for SIMPLE plans that do not use IRAs. Taxes for 2011 If your employer maintains a SIMPLE plan, you must be notified, in writing, that you can choose the financial institution that will serve as trustee for your SIMPLE IRA and that you can roll over or transfer your SIMPLE IRA to another financial institution. Taxes for 2011 See Rollovers and Transfers Exception, later under When Can You Withdraw or Use Assets. Taxes for 2011 What Is a SIMPLE Plan? A SIMPLE plan is a tax-favored retirement plan that certain small employers (including self-employed individuals) can set up for the benefit of their employees. Taxes for 2011 See chapter 3 of Publication 560 for information on the requirements employers must satisfy to set up a SIMPLE plan. Taxes for 2011 A SIMPLE plan is a written agreement (salary reduction agreement) between you and your employer that allows you, if you are an eligible employee (including a self-employed individual), to choose to: Reduce your compensation (salary) by a certain percentage each pay period, and Have your employer contribute the salary reductions to a SIMPLE IRA on your behalf. Taxes for 2011 These contributions are called salary reduction contributions. Taxes for 2011 All contributions under a SIMPLE IRA plan must be made to SIMPLE IRAs, not to any other type of IRA. Taxes for 2011 The SIMPLE IRA can be an individual retirement account or an individual retirement annuity, described in chapter 1. Taxes for 2011 Contributions are made on behalf of eligible employees. Taxes for 2011 (See Eligible Employees below. Taxes for 2011 ) Contributions are also subject to various limits. Taxes for 2011 (See How Much Can Be Contributed on Your Behalf , later. Taxes for 2011 ) In addition to salary reduction contributions, your employer must make either matching contributions or nonelective contributions. Taxes for 2011 See How Are Contributions Made , later. Taxes for 2011 You may be able to claim a credit for contributions to your SIMPLE plan. Taxes for 2011 For more information, see chapter 4. Taxes for 2011 Eligible Employees You must be allowed to participate in your employer's SIMPLE plan if you: Received at least $5,000 in compensation from your employer during any 2 years prior to the current year, and Are reasonably expected to receive at least $5,000 in compensation during the calendar year for which contributions are made. Taxes for 2011 Self-employed individual. Taxes for 2011   For SIMPLE plan purposes, the term employee includes a self-employed individual who received earned income. Taxes for 2011 Excludable employees. Taxes for 2011   Your employer can exclude the following employees from participating in the SIMPLE plan. Taxes for 2011 Employees whose retirement benefits are covered by a collective bargaining agreement (union contract). Taxes for 2011 Employees who are nonresident aliens and received no earned income from sources within the United States. Taxes for 2011 Employees who would not have been eligible employees if an acquisition, disposition, or similar transaction had not occurred during the year. Taxes for 2011 Compensation. Taxes for 2011   For purposes of the SIMPLE plan rules, your compensation for a year generally includes the following amounts. Taxes for 2011 Wages, tips, and other pay from your employer that is subject to income tax withholding. Taxes for 2011 Deferred amounts elected under any 401(k) plans, 403(b) plans, government (section 457) plans, SEP plans, and SIMPLE plans. Taxes for 2011 Self-employed individual compensation. Taxes for 2011   For purposes of the SIMPLE plan rules, if you are self-employed, your compensation for a year is your net earnings from self-employment (Schedule SE (Form 1040), Section A, line 4, or Section B, line 6) before subtracting any contributions made to a SIMPLE IRA on your behalf. Taxes for 2011   For these purposes, net earnings from self-employment include services performed while claiming exemption from self-employment tax as a member of a group conscientiously opposed to social security benefits. Taxes for 2011 How Are Contributions Made? Contributions under a salary reduction agreement are called salary reduction contributions. Taxes for 2011 They are made on your behalf by your employer. Taxes for 2011 Your employer must also make either matching contributions or nonelective contributions. Taxes for 2011 Salary reduction contributions. Taxes for 2011   During the 60-day period before the beginning of any year, and during the 60-day period before you are eligible, you can choose salary reduction contributions expressed either as a percentage of compensation, or as a specific dollar amount (if your employer offers this choice). Taxes for 2011 You can choose to cancel the election at any time during the year. Taxes for 2011   Salary reduction contributions are also referred to as “elective deferrals. Taxes for 2011 ”   Your employer cannot place restrictions on the contributions amount (such as by limiting the contributions percentage), except to comply with the salary reduction contributions limit, discussed under How Much Can Be Contributed on Your Behalf, later. Taxes for 2011 Matching contributions. Taxes for 2011   Unless your employer chooses to make nonelective contributions, your employer must make contributions equal to the salary reduction contributions you choose (elect), but only up to certain limits. Taxes for 2011 See How Much Can Be Contributed on Your Behalf below. Taxes for 2011 These contributions are in addition to the salary reduction contributions and must be made to the SIMPLE IRAs of all eligible employees (defined earlier) who chose salary reductions. Taxes for 2011 These contributions are referred to as matching contributions. Taxes for 2011   Matching contributions on behalf of a self-employed individual are not treated as salary reduction contributions. Taxes for 2011 Nonelective contributions. Taxes for 2011   Instead of making matching contributions, your employer may be able to choose to make nonelective contributions on behalf of all eligible employees. Taxes for 2011 These nonelective contributions must be made on behalf of each eligible employee who has at least $5,000 of compensation from your employer, whether or not the employee chose salary reductions. Taxes for 2011   One of the requirements your employer must satisfy is notifying the employees that the election was made. Taxes for 2011 For other requirements that your employer must satisfy, see chapter 3 of Publication 560. Taxes for 2011 How Much Can Be Contributed on Your Behalf? The limits on contributions to a SIMPLE IRA vary with the type of contribution that is made. Taxes for 2011 Salary reduction contributions limit. Taxes for 2011   Salary reduction contributions (employee-chosen contributions or elective deferrals) that your employer can make on your behalf under a SIMPLE plan are limited to $12,000 for 2013. Taxes for 2011 The limitation remains at $12,000 for 2014. Taxes for 2011 If you are a participant in any other employer plans during 2013 and you have elective salary reductions or deferred compensation under those plans, the salary reduction contributions under the SIMPLE plan also are included in the annual limit of $17,500 for 2013 on exclusions of salary reductions and other elective deferrals. Taxes for 2011 You, not your employer, are responsible for monitoring compliance with these limits. Taxes for 2011 Additional elective deferrals can be contributed to your SIMPLE plan if: You reached age 50 by the end of 2013, and No other elective deferrals can be made for you to the plan for the year because of limits or restrictions, such as the regular annual limit. Taxes for 2011 The most that can be contributed in additional elective deferrals to your SIMPLE plan is the lesser of the following two amounts. Taxes for 2011 $2,500 for 2013, or Your compensation for the year reduced by your other elective deferrals for the year. Taxes for 2011 The additional deferrals are not subject to any other contribution limit and are not taken into account in applying other contribution limits. Taxes for 2011 The additional deferrals are not subject to the nondiscrimination rules as long as all eligible participants are allowed to make them. Taxes for 2011 Matching employer contributions limit. Taxes for 2011   Generally, your employer must make matching contributions to your SIMPLE IRA in an amount equal to your salary reduction contributions. Taxes for 2011 These matching contributions cannot be more than 3% of your compensation for the calendar year. Taxes for 2011 See Matching contributions less than 3% below. Taxes for 2011 Example 1. Taxes for 2011 In 2013, Joshua was a participant in his employer's SIMPLE plan. Taxes for 2011 His compensation, before SIMPLE plan contributions, was $41,600 ($800 per week). Taxes for 2011 Instead of taking it all in cash, Joshua elected to have 12. Taxes for 2011 5% of his weekly pay ($100) contributed to his SIMPLE IRA. Taxes for 2011 For the full year, Joshua's salary reduction contributions were $5,200, which is less than the $12,000 limit on these contributions. Taxes for 2011 Under the plan, Joshua's employer was required to make matching contributions to Joshua's SIMPLE IRA. Taxes for 2011 Because his employer's matching contributions must equal Joshua's salary reductions, but cannot be more than 3% of his compensation (before salary reductions) for the year, his employer's matching contribution was limited to $1,248 (3% of $41,600). Taxes for 2011 Example 2. Taxes for 2011 Assume the same facts as in Example 1 , except that Joshua's compensation for the year was $408,163 and he chose to have 2. Taxes for 2011 94% of his weekly pay contributed to his SIMPLE IRA. Taxes for 2011 In this example, Joshua's salary reduction contributions for the year (2. Taxes for 2011 94% × $408,163) were equal to the 2013 limit for salary reduction contributions ($12,000). Taxes for 2011 Because 3% of Joshua's compensation ($12,245) is more than the amount his employer was required to match ($12,000), his employer's matching contributions were limited to $12,000. Taxes for 2011 In this example, total contributions made on Joshua's behalf for the year were $24,000 ($12,000 (Joshua's contributions) + $12,000 (matching contributions)), the maximum contributions permitted under a SIMPLE IRA for 2013. Taxes for 2011 Matching contributions less than 3%. Taxes for 2011   Your employer can reduce the 3% limit on matching contributions for a calendar year, but only if: The limit is not reduced below 1%, The limit is not reduced for more than 2 years out of the 5-year period that ends with (and includes) the year for which the election is effective, and Employees are notified of the reduced limit within a reasonable period of time before the 60-day election period during which they can enter into salary reduction agreements. Taxes for 2011   For purposes of applying the rule in item (2) in determining whether the limit was reduced below 3% for the year, any year before the first year in which your employer (or a former employer) maintains a SIMPLE IRA plan will be treated as a year for which the limit was 3%. Taxes for 2011 If your employer chooses to make nonelective contributions for a year, that year also will be treated as a year for which the limit was 3%. Taxes for 2011 Nonelective employer contributions limit. Taxes for 2011   If your employer chooses to make nonelective contributions, instead of matching contributions, to each eligible employee's SIMPLE IRA, contributions must be 2% of your compensation for the entire year. Taxes for 2011 For 2013, only $255,000 of your compensation can be taken into account to figure the contribution limit. Taxes for 2011   Your employer can substitute the 2% nonelective contribution for the matching contribution for a year if both of the following requirements are met. Taxes for 2011 Eligible employees are notified that a 2% nonelective contribution will be made instead of a matching contribution. Taxes for 2011 This notice is provided within a reasonable period during which employees can enter into salary reduction agreements. Taxes for 2011 Example 3. Taxes for 2011 Assume the same facts as in Example 2 , except that Joshua's employer chose to make nonelective contributions instead of matching contributions. Taxes for 2011 Because his employer's nonelective contributions are limited to 2% of up to $255,000 of Joshua's compensation, his employer's contribution to Joshua's SIMPLE IRA was limited to $5,100. Taxes for 2011 In this example, total contributions made on Joshua's behalf for the year were $17,100 (Joshua's salary reductions of $12,000 plus his employer's contribution of $5,100). Taxes for 2011 Traditional IRA mistakenly moved to SIMPLE IRA. Taxes for 2011   If you mistakenly roll over or transfer an amount from a traditional IRA to a SIMPLE IRA, you can later recharacterize the amount as a contribution to another traditional IRA. Taxes for 2011 For more information, see Recharacterizations in chapter 1. Taxes for 2011 Recharacterizing employer contributions. Taxes for 2011   You cannot recharacterize employer contributions (including elective deferrals) under a SEP or SIMPLE plan as contributions to another IRA. Taxes for 2011 SEPs are discussed in chapter 2 of Publication 560. Taxes for 2011 SIMPLE plans are discussed in this chapter. Taxes for 2011 Converting from a SIMPLE IRA. Taxes for 2011   Generally, you can convert an amount in your SIMPLE IRA to a Roth IRA under the same rules explained in chapter 1 under Converting From Any Traditional IRA Into a Roth IRA . Taxes for 2011    However, you cannot convert any amount distributed from the SIMPLE IRA during the 2-year period beginning on the date you first participated in any SIMPLE IRA plan maintained by your employer. Taxes for 2011 When Can You Withdraw or Use Assets? Generally, the same distribution (withdrawal) rules that apply to traditional IRAs apply to SIMPLE IRAs. Taxes for 2011 These rules are discussed in chapter 1. Taxes for 2011 Your employer cannot restrict you from taking distributions from a SIMPLE IRA. Taxes for 2011 Are Distributions Taxable? Generally, distributions from a SIMPLE IRA are fully taxable as ordinary income. Taxes for 2011 If the distribution is an early distribution (discussed in chapter 1), it may be subject to the additional tax on early distributions. Taxes for 2011 See Additional Tax on Early Distributions, later. Taxes for 2011 Rollovers and Transfers Exception Generally, rollovers and trustee-to-trustee transfers are not taxable distributions. Taxes for 2011 Two-year rule. Taxes for 2011   To qualify as a tax-free rollover (or a tax-free trustee-to-trustee transfer), a rollover distribution (or a transfer) made from a SIMPLE IRA during the 2-year period beginning on the date on which you first participated in your employer's SIMPLE plan must be contributed (or transferred) to another SIMPLE IRA. Taxes for 2011 The 2-year period begins on the first day on which contributions made by your employer are deposited in your SIMPLE IRA. Taxes for 2011   After the 2-year period, amounts in a SIMPLE IRA can be rolled over or transferred tax free to an IRA other than a SIMPLE IRA, or to a qualified plan, a tax-sheltered annuity plan (section 403(b) plan), or deferred compensation plan of a state or local government (section 457 plan). Taxes for 2011 Additional Tax on Early Distributions The additional tax on early distributions (discussed in chapter 1) applies to SIMPLE IRAs. Taxes for 2011 If a distribution is an early distribution and occurs during the 2-year period following the date on which you first participated in your employer's SIMPLE plan, the additional tax on early distributions is increased from 10% to 25%. Taxes for 2011 If a rollover distribution (or transfer) from a SIMPLE IRA does not satisfy the 2-year rule, and is otherwise an early distribution, the additional tax imposed because of the early distribution is increased from 10% to 25% of the amount distributed. 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The Taxes For 2011

Taxes for 2011 Index A Allowances, Foreign areas allowances. Taxes for 2011 American Institute in Taiwan, American Institute in Taiwan. Taxes for 2011 Away from home, Traveling away from home. Taxes for 2011 B Business expenses, how to report, How To Report Business Expenses C Combat zone, Reminders Commuting expenses, Commuting. Taxes for 2011 Contributions, Contributions. Taxes for 2011 Cost-of-living allowances, Cost-of-living allowances. Taxes for 2011 Credit for foreign taxes, Foreign tax credit. Taxes for 2011 Currency conversion, loss on, Loss on conversion of U. Taxes for 2011 S. Taxes for 2011 dollars into foreign currency. Taxes for 2011 D Danger pay (see Pay differentials) Death due to terrorist action, Reminders Deduction for foreign taxes, Foreign tax deduction. Taxes for 2011 , Deduction for other foreign taxes. Taxes for 2011 Differential pay, Pay differentials. Taxes for 2011 Dues, Membership dues. Taxes for 2011 E Educational expenses, Educational expenses. Taxes for 2011 Employee business expenses, Other Employee Business Expenses Entertainment expenses, Limit on meals and entertainment. Taxes for 2011 Expenses, deductible, Other Employee Business Expenses Extension of time to file return, When To File and Pay F Federal court employees, Federal court employees. Taxes for 2011 Federal crime investigations, Exception for federal crime investigations or prosecutions. Taxes for 2011 Filing information, Filing Information, When To File and Pay Foreign areas allowances, Foreign areas allowances. Taxes for 2011 Foreign bank accounts, Foreign Bank Accounts Foreign earned income and housing exclusions, Foreign Earned Income Exclusion Foreign income, U. Taxes for 2011 S. Taxes for 2011 Government Payments Foreign service representation expenses, Foreign service representation expenses. Taxes for 2011 Foreign taxes, Foreign Taxes Forms 1116, Foreign tax credit. Taxes for 2011 2106, Form 2106 or Form 2106-EZ. Taxes for 2011 2106-EZ, Form 2106 or Form 2106-EZ. Taxes for 2011 3903, How to report moving expenses. Taxes for 2011 TD F 90-22. Taxes for 2011 1, Foreign Bank Accounts H Home leave, Home leave. Taxes for 2011 Home mortgage interest, Real estate tax and home mortgage interest. Taxes for 2011 Home, sale of, Sale of your home. Taxes for 2011 Hours of service limits, Individuals subject to hours of service limits. Taxes for 2011 I Impairment-related work expenses, Impairment-related work expenses. Taxes for 2011 Interest on home mortgage, Real estate tax and home mortgage interest. Taxes for 2011 International organization, U. Taxes for 2011 S. Taxes for 2011 reemployment after serving with, Federal reemployment payments after serving with an international organization. Taxes for 2011 Itemized deductions Contributions, Contributions. Taxes for 2011 Employee business expenses, Other Employee Business Expenses Home mortgage interest, Real estate tax and home mortgage interest. Taxes for 2011 Real estate tax, Real estate tax and home mortgage interest. Taxes for 2011 L Lodging, Lodging furnished to a principal representative of the United States. Taxes for 2011 Loss on currency conversion, Loss on conversion of U. Taxes for 2011 S. Taxes for 2011 dollars into foreign currency. Taxes for 2011 M Meal expenses, Limit on meals and entertainment. Taxes for 2011 More information (see Tax help) Mortgage interest, Real estate tax and home mortgage interest. Taxes for 2011 Moving expenses, Moving Expenses, Closely related to the start of work. Taxes for 2011 , Distance test. Taxes for 2011 , Time test. Taxes for 2011 , Reimbursements. Taxes for 2011 P Pay differentials, Pay differentials. Taxes for 2011 Peace Corps volunteers, Peace Corps. Taxes for 2011 Personal property, sale of, Sale of personal property. Taxes for 2011 Post differentials (see Pay differentials) Post exchanges, Employees of post exchanges, etc. Taxes for 2011 Principal representative, Lodging furnished to a principal representative of the United States. Taxes for 2011 Proving expenses, Recordkeeping Rules R Real estate tax, Real estate tax and home mortgage interest. Taxes for 2011 Recordkeeping, business expenses, Recordkeeping Rules Reemployed by federal agency, Federal reemployment payments after serving with an international organization. Taxes for 2011 Reporting Business expenses, How To Report Business Expenses Moving expenses, Moving Expenses, How to report moving expenses. Taxes for 2011 Representation expenses, Foreign service representation expenses. Taxes for 2011 S Sale of home, Sale of your home. Taxes for 2011 Sale of personal property, Sale of personal property. Taxes for 2011 Subscriptions, Subscriptions. Taxes for 2011 T Taiwan, American Institute in, American Institute in Taiwan. Taxes for 2011 Tax credit for foreign taxes, Foreign tax credit. Taxes for 2011 Taxpayer Advocate, Taxpayer Advocate Service. Taxes for 2011 Temporary assignment, Temporary assignment. Taxes for 2011 Terrorist action, Reminders Transportation expenses, Transportation Expenses Travel expenses, Travel Expenses W When to file return, When To File and Pay Prev  Up     Home   More Online Publications