File your Taxes for Free!
  • Get your maximum refund*
  • 100% accurate calculations guaranteed*

TurboTax Federal Free Edition - File Taxes Online

Don't let filing your taxes get you down! We'll help make it as easy as possible. With e-file and direct deposit, there's no faster way to get your refund!

Approved TurboTax Affiliate Site. TurboTax and TurboTax Online, among others, are registered trademarks and/or service marks of Intuit Inc. in the United States and other countries. Other parties' trademarks or service marks are the property of the respective owners.


© 2012 - 2018 All rights reserved.

This is an Approved TurboTax Affiliate site. TurboTax and TurboTax Online, among other are registered trademarks and/or service marks of Intuit, Inc. in the United States and other countries. Other parties' trademarks or service marks are the property of the respective owners.
When discussing "Free e-file", note that state e-file is an additional fee. E-file fees do not apply to New York state returns. Prices are subject to change without notice. E-file and get your refund faster
*If you pay an IRS or state penalty or interest because of a TurboTax calculations error, we'll pay you the penalty and interest.
*Maximum Refund Guarantee - or Your Money Back: If you get a larger refund or smaller tax due from another tax preparation method, we'll refund the applicable TurboTax federal and/or state purchase price paid. TurboTax Federal Free Edition customers are entitled to payment of $14.99 and a refund of your state purchase price paid. Claims must be submitted within sixty (60) days of your TurboTax filing date and no later than 6/15/14. E-file, Audit Defense, Professional Review, Refund Transfer and technical support fees are excluded. This guarantee cannot be combined with the TurboTax Satisfaction (Easy) Guarantee. *We're so confident your return will be done right, we guarantee it. Accurate calculations guaranteed. If you pay an IRS or state penalty or interest because of a TurboTax calculations error, we'll pay you the penalty and interest.
https://turbotax.intuit.com/corp/guarantees.jsp

Taxes For 2011

1040 Ez FileTurbotax 2011 Free Federal EditionTaxact Online 2012File 2011 Tax Return OnlineHow Do I Ammend My TaxesIrs Tax Extension FormCan You File 2011 Taxes Now2012 TaxFree 1040ez 20142012 TaxesAmended Taxes1099ezForm1040ez1040 Nr SoftwareHrblock EfileH&r Block Sign In2011 1040Tax Form 1040 EzWhere To Get State Tax FormsFree State And Federal Tax Filing For Low IncomeFree File Free 1040 Tax ReturnHow Do You Amend A Tax Return1040 Ez Tax ReturnH And R Block Free For MilitaryH&r Block Tax Software 2011Taxact FreeFree Online Taxes 2012What Is A 1040xFederal Tax Forms 2011Hr Block Free Tax FilingTaxslayer LoginWww.irs.gov/form 1040x2011 Income Tax ReturnsHow Can I File 2010 TaxesMilitary Tax ServiceFile 2009 Taxes TurbotaxTax AideTurbotax 2010 OnlineCan I File My 2012 Taxes LateFree Tax Filing 2011

Taxes For 2011

Taxes for 2011 Publication 15-A - Introductory Material Table of Contents Future Developments What's New Reminders Introduction Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 15-A, such as legislation enacted after it was published, go to www. Taxes for 2011 irs. Taxes for 2011 gov/pub15a. Taxes for 2011 What's New Social security and Medicare tax for 2014. Taxes for 2011  The social security tax rate is 6. Taxes for 2011 2% each for the employee and employer, unchanged from 2013. Taxes for 2011 The social security wage base limit is $117,000. Taxes for 2011 The Medicare tax rate is 1. Taxes for 2011 45% each for the employee and employer, unchanged from 2013. Taxes for 2011 There is no wage base limit for Medicare tax. Taxes for 2011 Social security and Medicare taxes apply to the wages of household workers you pay $1,900 or more in cash or an equivalent form of compensation. Taxes for 2011 Social security and Medicare taxes apply to election workers who are paid $1,600 or more in cash or an equivalent form of compensation. Taxes for 2011 Withholding allowance. Taxes for 2011  The 2014 amount for one withholding allowance on an annual basis is $3,950. Taxes for 2011 Same-sex marriage. Taxes for 2011  For federal tax purposes, individuals of the same sex are considered married if they were lawfully married in a state (or foreign country) whose laws authorize the marriage of two individuals of the same sex, even if the state (or foreign country) in which they now live does not recognize same-sex marriage. Taxes for 2011 For more information, see Revenue Ruling 2013-17, 2013-38 I. Taxes for 2011 R. Taxes for 2011 B. Taxes for 2011 201, available at www. Taxes for 2011 irs. Taxes for 2011 gov/irb/2013-38_IRB/ar07. Taxes for 2011 html. Taxes for 2011 Notice 2013-61 provides special administrative procedures for employers to make claims for refunds or adjustments of overpayments of social security and Medicare taxes with respect to certain same-sex spouse benefits before expiration of the period of limitations. Taxes for 2011 Notice 2013-61, 2013-44 I. Taxes for 2011 R. Taxes for 2011 B. Taxes for 2011 432, is available at www. Taxes for 2011 irs. Taxes for 2011 gov/irb/2013-44_IRB/ar10. Taxes for 2011 html. Taxes for 2011 Reminders Additional Medicare Tax withholding. Taxes for 2011 . Taxes for 2011  In addition to withholding Medicare tax at 1. Taxes for 2011 45%, you must withhold a 0. Taxes for 2011 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. Taxes for 2011 You are required to begin withholding Additional Medicare Tax in the pay period in which you pay wages in excess of $200,000 to an employee and continue to withhold it each pay period until the end of the calendar year. Taxes for 2011 Additional Medicare Tax is only imposed on the employee. Taxes for 2011 There is no employer share of Additional Medicare Tax. Taxes for 2011 All wages that are subject to Medicare tax are subject to Additional Medicare Tax withholding if paid in excess of the $200,000 withholding threshold. Taxes for 2011 For more information on what wages are subject to Medicare tax, see the chart, Special Rules for Various Types of Services and Payments, in section 15 of Publication 15 (Circular E), Employer's Tax Guide. Taxes for 2011 For more information on Additional Medicare Tax, visit IRS. Taxes for 2011 gov and enter “Additional Medicare Tax” in the search box. Taxes for 2011 Work opportunity tax credit for qualified tax-exempt organizations hiring qualified veterans. Taxes for 2011  The work opportunity tax credit is available for eligible unemployed veterans who begin work on or after November 22, 2011, and before January 1, 2014. Taxes for 2011 Qualified tax-exempt organizations that hire eligible unemployed veterans can claim the work opportunity tax credit against their payroll tax liability using Form 5884-C, Work Opportunity Credit for Qualified Tax-Exempt Organizations Hiring Qualified Veterans. Taxes for 2011 For more information, visit IRS. Taxes for 2011 gov and enter “work opportunity tax credit” in the search box. Taxes for 2011 COBRA premium assistance credit. Taxes for 2011  The credit for COBRA premium assistance payments applies to premiums paid for employees involuntarily terminated between September 1, 2008, and May 31, 2010, and to premiums paid for up to 15 months. Taxes for 2011 For more information, see COBRA premium assistance credit in Publication 15 (Circular E). Taxes for 2011 Federal tax deposits must be made by electronic funds transfer. Taxes for 2011  You must use electronic funds transfer to make all federal tax deposits. Taxes for 2011 Generally, electronic fund transfers are made using the Electronic Federal Tax Payment System (EFTPS). Taxes for 2011 If you do not want to use EFTPS, you can arrange for your tax professional, financial institution, payroll service, or other trusted third party to make electronic deposits on your behalf. Taxes for 2011 Also, you may arrange for your financial institution to initiate a same-day wire payment on your behalf. Taxes for 2011 EFTPS is a free service provided by the Department of Treasury. Taxes for 2011 Services provided by your tax professional, financial institution, payroll service, or other third party may have a fee. Taxes for 2011 For more information on making federal tax deposits, see How To Deposit in Publication 15 (Circular E). Taxes for 2011 To get more information about EFTPS or to enroll in EFTPS, visit www. Taxes for 2011 eftps. Taxes for 2011 gov or call 1-800-555-4477 or 1-800-733-4829 (TDD). Taxes for 2011 Additional information about EFTPS is also available in Publication 966, Electronic Federal Tax Payment System: A Guide To Getting Started. Taxes for 2011 You must receive written notice from the IRS to file Form 944. Taxes for 2011  If you have been filing Forms 941, Employer's QUARTERLY Federal Tax Return (or Forms 941-SS, Employer's QUARTERLY Federal Tax Return—American Samoa, Guam, the Commonwealth of the Northern Mariana Islands, and the U. Taxes for 2011 S. Taxes for 2011 Virgin Islands, or Formularios 941-PR, Planilla para la Declaración Federal TRIMESTRAL del Patrono), and believe your employment taxes for the calendar year will be $1,000 or less, and you would like to file Form 944, Employer's ANNUAL Federal Tax Return, instead of Forms 941, you must contact the IRS to request to file Form 944. Taxes for 2011 You must receive written notice from the IRS to file Form 944 instead of Forms 941 before you may file this form. Taxes for 2011 For more information on requesting to file Form 944, visit IRS. Taxes for 2011 gov and enter “file employment taxes annually” in the search box. Taxes for 2011 Employers can request to file Forms 941 instead of Form 944. Taxes for 2011  If you received notice from the IRS and have been filing Form 944 but would like to file Forms 941 instead, you must contact the IRS to request to file Forms 941. Taxes for 2011 You must receive written notice from the IRS to file Forms 941 instead of Form 944 before you may file these forms. Taxes for 2011 For more information on requesting to file Form 944, visit IRS. Taxes for 2011 gov and enter “file employment taxes annually” in the search box. Taxes for 2011 Aggregate Form 941 filers. Taxes for 2011  Agents must complete Schedule R (Form 941), Allocation Schedule for Aggregate Form 941 Filers, when filing an aggregate Form 941. Taxes for 2011 Aggregate Forms 941 can only be filed by agents approved by the IRS under section 3504 of the Internal Revenue Code. Taxes for 2011 To request approval to act as an agent for an employer, the agent must file Form 2678, Employer/Payer Appointment of Agent, with the IRS. Taxes for 2011 Aggregate Form 940 filers. Taxes for 2011  Agents must complete Schedule R (Form 940), Allocation Schedule for Aggregate Form 940 Filers, when filing an aggregate Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return. Taxes for 2011 Aggregate Forms 940 may only be filed by agents acting on behalf of home care service recipients who receive home care services through a program administered by a federal, state, or local government. Taxes for 2011 To request approval to act as an agent on behalf of home care service recipients, the agent must file Form 2678 with the IRS. Taxes for 2011 Electronic filing and payment. Taxes for 2011  Now, more than ever before, businesses can enjoy the benefits of filing and paying their federal taxes electronically. Taxes for 2011 Whether you rely on a tax professional or handle your own taxes, the IRS offers you convenient programs to make filing and payment easier. Taxes for 2011 Spend less time and worry about taxes and more time running your business. Taxes for 2011 Use e-file and the Electronic Federal Tax Payment System (EFTPS) to your benefit. Taxes for 2011 For e-file, visit www. Taxes for 2011 irs. Taxes for 2011 gov/efile for additional information. Taxes for 2011 For EFTPS, visit www. Taxes for 2011 eftps. Taxes for 2011 gov or call EFTPS Customer Service at 1-800-555-4477 or 1-800-733-4829 (TDD). Taxes for 2011 Electronic submission of Forms W-4, W-4P, W-4S and W-4V. Taxes for 2011  You may set up a system to electronically receive any or all of the following forms (and their Spanish versions, if available) from an employee or payee. Taxes for 2011 Form W-4, Employee's Withholding Allowance Certificate. Taxes for 2011 Form W-4P, Withholding Certificate for Pension or Annuity Payments. Taxes for 2011 Form W-4S, Request for Federal Income Tax Withholding From Sick Pay. Taxes for 2011 Form W-4V, Voluntary Withholding Request. Taxes for 2011 For each form that you establish an electronic submission system for, you must meet each of the following five requirements. Taxes for 2011 The electronic system must ensure that the information received by the payer is the information sent by the payee. Taxes for 2011 The system must document all occasions of user access that result in a submission. Taxes for 2011 In addition, the design and operation of the electronic system, including access procedures, must make it reasonably certain that the person accessing the system and submitting the form is the person identified on the form. Taxes for 2011 The electronic system must provide exactly the same information as the paper form. Taxes for 2011 The electronic submission must be signed with an electronic signature by the payee whose name is on the form. Taxes for 2011 The electronic signature must be the final entry in the submission. Taxes for 2011 Upon request, you must furnish a hard copy of any completed electronic form to the IRS and a statement that, to the best of the payer's knowledge, the electronic form was submitted by the named payee. Taxes for 2011 The hard copy of the electronic form must provide exactly the same information as, but need not be a facsimile of, the paper form. Taxes for 2011 For Form W-4, the signature must be under penalty of perjury, and must contain the same language that appears on the paper version of the form. Taxes for 2011 The electronic system must inform the employee that he or she must make a declaration contained in the perjury statement and that the declaration is made by signing the Form W-4. Taxes for 2011 You must also meet all recordkeeping requirements that apply to the paper forms. Taxes for 2011 For more information, see: Regulations sections 31. Taxes for 2011 3402(f)(5)-1(c) (for Form W-4), and Announcement 99-6 (for Forms W-4P, W-4S, and W-4V). Taxes for 2011 You can find Announcement 99-6 on page 24 of Internal Revenue Bulletin 1999-4 at www. Taxes for 2011 irs. Taxes for 2011 gov/pub/irs-irbs/irb99-04. Taxes for 2011 pdf. Taxes for 2011 Additional employment tax information. Taxes for 2011  Visit the IRS website at www. Taxes for 2011 irs. Taxes for 2011 gov/businesses and click on the Employment Taxes link under Businesses Topics. Taxes for 2011 Telephone help. Taxes for 2011  You can call the IRS Business and Specialty Tax Line with your employment tax questions at 1-800-829-4933. Taxes for 2011 Help for people with disabilities. Taxes for 2011  You may call 1-800-829-4059 (TDD/TTY for persons who are deaf, heard of hearing, or have a speech disability) with any tax question or to order forms and publications. Taxes for 2011 You may also use this number for assistance with unresolved tax problems. Taxes for 2011 Furnishing Form W-2 to employees electronically. Taxes for 2011  You may set up a system to furnish Form W-2, Wage and Tax Statement, electronically. Taxes for 2011 Each employee participating must consent (either electronically or by paper document) to receive his or her Form W-2 electronically, and you must notify the employee of all hardware and software requirements to receive the form. Taxes for 2011 You may not send a Form W-2 electronically to any employee who does not consent or who has revoked consent previously provided. Taxes for 2011 To furnish Forms W-2 electronically, you must meet the following disclosure requirements and provide a clear and conspicuous statement of each requirement to your employees. Taxes for 2011 The employee must be informed that he or she will receive a paper Form W-2 if consent is not given to receive it electronically. Taxes for 2011 The employee must be informed of the scope and duration of the consent. Taxes for 2011 The employee must be informed of any procedure for obtaining a paper copy of his or her Form W-2 and whether or not the request for a paper statement is treated as a withdrawal of his or her consent to receiving his or her Form W-2 electronically. Taxes for 2011 The employee must be notified about how to withdraw a consent and the effective date and manner by which the employer will confirm the withdrawn consent. Taxes for 2011 The employee must also be notified that the withdrawn consent does not apply to the previously issued Forms W-2. Taxes for 2011 The employee must be informed about any conditions under which electronic Forms W-2 will no longer be furnished (for example, termination of employment). Taxes for 2011 The employee must be informed of any procedures for updating his or her contact information that enables the employer to provide electronic Forms W-2. Taxes for 2011 The employer must notify the employee of any changes to the employer's contact information. Taxes for 2011 You must furnish electronic Forms W-2 by the same due date as the paper Forms W-2. Taxes for 2011 For more information on furnishing Form W-2 to employees electronically, see Regulations section 31. Taxes for 2011 6051-1(j). Taxes for 2011 Photographs of missing children. Taxes for 2011  The IRS is a proud partner with the National Center for Missing and Exploited Children. Taxes for 2011 Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Taxes for 2011 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. Taxes for 2011 Introduction This publication supplements Publication 15 (Circular E). Taxes for 2011 It contains specialized and detailed employment tax information supplementing the basic information provided in Publication 15 (Circular E). Taxes for 2011 This publication also contains tables for withholding on distributions of Indian gaming profits to tribal members. Taxes for 2011 Publication 15-B, Employer's Tax Guide to Fringe Benefits, contains information about the employment tax treatment of various types of noncash compensation. Taxes for 2011 Ordering publications and forms. Taxes for 2011   See Ordering Employer Tax Forms and Publications in Publication 15 (Circular E) and How To Get Tax Help , later, for more information on how to obtain forms and publications. Taxes for 2011 Useful Items - You may want to see: Publication 15-B Employer's Tax Guide to Fringe Benefits 505 Tax Withholding and Estimated Tax 515 Withholding of Tax on Nonresident Aliens and Foreign Entities 583 Starting a Business and Keeping Records 1635 Employer Identification Number: Understanding Your EIN Comments and suggestions. Taxes for 2011   We welcome your comments about this publication and your suggestions for future editions. Taxes for 2011    You can write to us at the following address: Internal Revenue Service Tax Forms & Publications Division 1111 Constitution Ave. Taxes for 2011 NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Taxes for 2011 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Taxes for 2011   You can also send us comments from www. Taxes for 2011 irs. Taxes for 2011 gov/formspubs. Taxes for 2011 Click on More Information and then click on Comment on Tax Forms and Publications. Taxes for 2011   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax forms, instructions, and publications. Taxes for 2011 Prev  Up  Next   Home   More Online Publications
Español

Foreign Businesses Doing Business in the United States

For foreign business owners desiring to invest in the U.S.; create import and export opportunities; build partnerships; and learn more about the U.S. economy.

Professional International Exchange Programs

The Taxes For 2011

Taxes for 2011 6. Taxes for 2011   Insurance Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: Deductible PremiumsSelf-Employed Health Insurance Deduction Nondeductible Premiums Capitalized Premiums When To Deduct Premiums What's New Retiree drug subsidy. Taxes for 2011  Beginning in 2013, sponsors of certain qualified retiree prescription drug plans must account for the subsidy received by reducing the amount of qualified retiree prescription drug plans expense by the subsidy received (taking into account the taxpayer's accounting method). Taxes for 2011 For more information, see the retiree drug subsidy frequently asked questions on IRS. Taxes for 2011 gov. Taxes for 2011 Introduction You generally can deduct the ordinary and necessary cost of insurance as a business expense if it is for your trade, business, or profession. Taxes for 2011 However, you may have to capitalize certain insurance costs under the uniform capitalization rules. Taxes for 2011 For more information, see Capitalized Premiums , later. Taxes for 2011 Topics - This chapter discusses: Deductible premiums Nondeductible premiums Capitalized premiums When to deduct premiums Useful Items - You may want to see: Publication 15-B Employer's Tax Guide to Fringe Benefits 525 Taxable and Nontaxable Income 538 Accounting Periods and Methods 547 Casualties, Disasters, and Thefts Form (and Instructions) 1040 U. Taxes for 2011 S. Taxes for 2011 Individual Income Tax Return See chapter 12 for information about getting publications and forms. Taxes for 2011 Deductible Premiums You generally can deduct premiums you pay for the following kinds of insurance related to your trade or business. Taxes for 2011 Insurance that covers fire, storm, theft, accident, or similar losses. Taxes for 2011 Credit insurance that covers losses from business bad debts. Taxes for 2011 Group hospitalization and medical insurance for employees, including long-term care insurance. Taxes for 2011 If a partnership pays accident and health insurance premiums for its partners, it generally can deduct them as guaranteed payments to partners. Taxes for 2011 If an S corporation pays accident and health insurance premiums for its more-than-2% shareholder-employees, it generally can deduct them, but must also include them in the shareholder's wages subject to federal income tax withholding. Taxes for 2011 See Publication 15-B. Taxes for 2011 Liability insurance. Taxes for 2011 Malpractice insurance that covers your personal liability for professional negligence resulting in injury or damage to patients or clients. Taxes for 2011 Workers' compensation insurance set by state law that covers any claims for bodily injuries or job-related diseases suffered by employees in your business, regardless of fault. Taxes for 2011 If a partnership pays workers' compensation premiums for its partners, it generally can deduct them as guaranteed payments to partners. Taxes for 2011 If an S corporation pays workers' compensation premiums for its more-than-2% shareholder-employees, it generally can deduct them, but must also include them in the shareholder's wages. Taxes for 2011 Contributions to a state unemployment insurance fund are deductible as taxes if they are considered taxes under state law. Taxes for 2011 Overhead insurance that pays for business overhead expenses you have during long periods of disability caused by your injury or sickness. Taxes for 2011 Car and other vehicle insurance that covers vehicles used in your business for liability, damages, and other losses. Taxes for 2011 If you operate a vehicle partly for personal use, deduct only the part of the insurance premium that applies to the business use of the vehicle. Taxes for 2011 If you use the standard mileage rate to figure your car expenses, you cannot deduct any car insurance premiums. Taxes for 2011 Life insurance covering your officers and employees if you are not directly or indirectly a beneficiary under the contract. Taxes for 2011 Business interruption insurance that pays for lost profits if your business is shut down due to a fire or other cause. Taxes for 2011 Self-Employed Health Insurance Deduction You may be able to deduct premiums paid for medical and dental insurance and qualified long-term care insurance for yourself, your spouse, and your dependents. Taxes for 2011 The insurance can also cover your child who was under age 27 at the end of 2013, even if the child was not your dependent. Taxes for 2011 A child includes your son, daughter, stepchild, adopted child, or foster child. Taxes for 2011 A foster child is any child placed with you by an authorized placement agency or by judgment, decree, or other order of any court of competent jurisdiction. Taxes for 2011 One of the following statements must be true. Taxes for 2011 You were self-employed and had a net profit for the year reported on Schedule C (Form 1040), Profit or Loss From Business; Schedule C-EZ (Form 1040), Net Profit From Business; or Schedule F (Form 1040), Profit or Loss From Farming. Taxes for 2011 You were a partner with net earnings from self-employment for the year reported on Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc. Taxes for 2011 , box 14, code A. Taxes for 2011 You used one of the optional methods to figure your net earnings from self-employment on Schedule SE. Taxes for 2011 You received wages in 2013 from an S corporation in which you were a more-than-2% shareholder. Taxes for 2011 Health insurance premiums paid or reimbursed by the S corporation are shown as wages on Form W-2, Wage and Tax Statement. Taxes for 2011 The insurance plan must be established, or considered to be established as discussed in the following bullets, under your business. Taxes for 2011 For self-employed individuals filing a Schedule C, C-EZ, or F, a policy can be either in the name of the business or in the name of the individual. Taxes for 2011 For partners, a policy can be either in the name of the partnership or in the name of the partner. Taxes for 2011 You can either pay the premiums yourself or your partnership can pay them and report the premium amounts on Schedule K-1 (Form 1065) as guaranteed payments to be included in your gross income. Taxes for 2011 However, if the policy is in your name and you pay the premiums yourself, the partnership must reimburse you and report the premium amounts on Schedule K-1 (Form 1065) as guaranteed payments to be included in your gross income. Taxes for 2011 Otherwise, the insurance plan will not be considered to be established under your business. Taxes for 2011 For more-than-2% shareholders, a policy can be either in the name of the S corporation or in the name of the shareholder. Taxes for 2011 You can either pay the premiums yourself or your S corporation can pay them and report the premium amounts on Form W-2 as wages to be included in your gross income. Taxes for 2011 However, if the policy is in your name and you pay the premiums yourself, the S corporation must reimburse you and report the premium amounts on Form W-2 as wages to be included in your gross income. Taxes for 2011 Otherwise, the insurance plan will not be considered to be established under your business. Taxes for 2011 Medicare premiums you voluntarily pay to obtain insurance in your name that is similar to qualifying private health insurance can be used to figure the deduction. Taxes for 2011 If you previously filed returns without using Medicare premiums to figure the deduction, you can file timely amended returns to refigure the deduction. Taxes for 2011 For more information, see Form 1040X, Amended U. Taxes for 2011 S. Taxes for 2011 Individual Income Tax Return. Taxes for 2011 Amounts paid for health insurance coverage from retirement plan distributions that were nontaxable because you are a retired public safety officer cannot be used to figure the deduction. Taxes for 2011 Take the deduction on Form 1040, line 29. Taxes for 2011 Qualified long-term care insurance. Taxes for 2011   You can include premiums paid on a qualified long-term care insurance contract when figuring your deduction. Taxes for 2011 But, for each person covered, you can include only the smaller of the following amounts. Taxes for 2011 The amount paid for that person. Taxes for 2011 The amount shown below. Taxes for 2011 Use the person's age at the end of the tax year. Taxes for 2011 Age 40 or younger–$360 Age 41 to 50–$680 Age 51 to 60–$1,360 Age 61 to 70–$3,640 Age 71 or older–$4,550 Qualified long-term care insurance contract. Taxes for 2011   A qualified long-term care insurance contract is an insurance contract that only provides coverage of qualified long-term care services. Taxes for 2011 The contract must meet all the following requirements. Taxes for 2011 It must be guaranteed renewable. Taxes for 2011 It must provide that refunds, other than refunds on the death of the insured or complete surrender or cancellation of the contract, and dividends under the contract may be used only to reduce future premiums or increase future benefits. Taxes for 2011 It must not provide for a cash surrender value or other money that can be paid, assigned, pledged, or borrowed. Taxes for 2011 It generally must not pay or reimburse expenses incurred for services or items that would be reimbursed under Medicare, except where Medicare is a secondary payer or the contract makes per diem or other periodic payments without regard to expenses. Taxes for 2011 Qualified long-term care services. Taxes for 2011   Qualified long-term care services are: Necessary diagnostic, preventive, therapeutic, curing, treating, mitigating, and rehabilitative services, and Maintenance or personal care services. Taxes for 2011 The services must be required by a chronically ill individual and prescribed by a licensed health care practitioner. Taxes for 2011 Worksheet 6-A. Taxes for 2011 Self-Employed Health Insurance Deduction Worksheet Note. Taxes for 2011 Use a separate worksheet for each trade or business under which an insurance plan is established. Taxes for 2011 1. Taxes for 2011 Enter the total amount paid in 2013 for health insurance coverage established under your business for 2013 for you, your spouse, and your dependents. Taxes for 2011 Your insurance can also cover your child who was under age 27 at the end of 2013, even if the child was not your dependent. Taxes for 2011 But do not include the following. Taxes for 2011   Amounts for any month you were eligible to participate in a health plan subsidized by your or your spouse's employer or the employer of either your dependent or your child who was under the age of 27 at the end of 2013. Taxes for 2011 Any amounts paid from retirement plan distributions that were nontaxable because you are a retired public safety officer. Taxes for 2011 Any amounts you included on Form 8885, line 4. Taxes for 2011 Any qualified health insurance premiums you paid to “U. Taxes for 2011 S. Taxes for 2011 Treasury-HCTC. Taxes for 2011 ” Any health coverage tax credit advance payments shown in box 1 of Form 1099-H. Taxes for 2011 Any payments for qualified long-term care insurance (see line 2) 1. Taxes for 2011   2. Taxes for 2011 For coverage under a qualified long-term care insurance contract, enter for each person covered the smaller of the following amounts. Taxes for 2011       a) Total payments made for that person during the year. Taxes for 2011       b) The amount shown below. Taxes for 2011 Use the person's age at the end of the tax year. Taxes for 2011         $360— if that person is age 40 or younger          $680— if age 41 to 50         $1,360— if age 51 to 60         $3,640— if age 61 to 70         $4,550— if age 71 or older         Do not include payments for any month you were eligible to participate in a long-term care insurance plan subsidized by your or your spouse’s employer or the employer of either your dependent or your child who was under the age of 27 at the end of 2013. Taxes for 2011 If more than one person is covered, figure separately the amount to enter for each person. Taxes for 2011 Then enter the total of those amounts 2. Taxes for 2011   3. Taxes for 2011 Add lines 1 and 2 3. Taxes for 2011   4. Taxes for 2011 Enter your net profit* and any other earned income** from the trade or business under which the insurance plan is established. Taxes for 2011 Do not include Conservation Reserve Program payments exempt from self-employment tax. Taxes for 2011 If the business is an S corporation, skip to line 11 4. Taxes for 2011   5. Taxes for 2011 Enter the total of all net profits* from: Schedule C (Form 1040), line 31; Schedule C-EZ (Form 1040), line 3; Schedule F (Form 1040), line 34; or Schedule K-1 (Form 1065), box 14, code A; plus any other income allocable to the profitable businesses. Taxes for 2011 Do not include Conservation Reserve Program payments exempt from self-employment tax. Taxes for 2011 See the Instructions for Schedule SE (Form 1040). Taxes for 2011 Do not include any net losses shown on these schedules. Taxes for 2011 5. Taxes for 2011   6. Taxes for 2011 Divide line 4 by line 5 6. Taxes for 2011   7. Taxes for 2011 Multiply Form 1040, line 27, by the percentage on line 6 7. Taxes for 2011   8. Taxes for 2011 Subtract line 7 from line 4 8. Taxes for 2011   9. Taxes for 2011 Enter the amount, if any, from Form 1040, line 28, attributable to the same trade or business in which the insurance plan is established 9. Taxes for 2011   10. Taxes for 2011 Subtract line 9 from line 8 10. Taxes for 2011   11. Taxes for 2011 Enter your Medicare wages (Form W-2, box 5) from an S corporation in which you are a more-than-2% shareholder and in which the insurance plan is established 11. Taxes for 2011   12. Taxes for 2011 Enter any amount from Form 2555, line 45, attributable to the amount entered on line 4 or 11 above, or any amount from Form 2555-EZ, line 18, attributable to the amount entered on line 11 above 12. Taxes for 2011   13. Taxes for 2011 Subtract line 12 from line 10 or 11, whichever applies 13. Taxes for 2011   14. Taxes for 2011 Enter the smaller of line 3 or line 13 here and on Form 1040, line 29. Taxes for 2011 Do not include this amount when figuring any medical expense deduction on Schedule A (Form 1040). Taxes for 2011 14. Taxes for 2011   * If you used either optional method to figure your net earnings from self-employment from any business, do not enter your net profit from the business. Taxes for 2011 Instead, enter the amount attributable to that business from Schedule SE (Form 1040), Section B, line 4b. Taxes for 2011 * *Earned income includes net earnings and gains from the sale, transfer, or licensing of property you created. Taxes for 2011 However, it does not include capital gain income. Taxes for 2011 Chronically ill individual. Taxes for 2011   A chronically ill individual is a person who has been certified as one of the following. Taxes for 2011 An individual who has been unable, due to loss of functional capacity for at least 90 days, to perform at least two activities of daily living without substantial assistance from another individual. Taxes for 2011 Activities of daily living are eating, toileting, transferring (general mobility), bathing, dressing, and continence. Taxes for 2011 An individual who requires substantial supervision to be protected from threats to health and safety due to severe cognitive impairment. Taxes for 2011 The certification must have been made by a licensed health care practitioner within the previous 12 months. Taxes for 2011 Benefits received. Taxes for 2011   For information on excluding benefits you receive from a long-term care contract from gross income, see Publication 525. Taxes for 2011 Other coverage. Taxes for 2011   You cannot take the deduction for any month you were eligible to participate in any employer (including your spouse's) subsidized health plan at any time during that month, even if you did not actually participate. Taxes for 2011 In addition, if you were eligible for any month or part of a month to participate in any subsidized health plan maintained by the employer of either your dependent or your child who was under age 27 at the end of 2013, do not use amounts paid for coverage for that month to figure the deduction. Taxes for 2011   These rules are applied separately to plans that provide long-term care insurance and plans that do not provide long-term care insurance. Taxes for 2011 However, any medical insurance payments not deductible on Form 1040, line 29, can be included as medical expenses on Schedule A (Form 1040), Itemized Deductions, if you itemize deductions. Taxes for 2011 Effect on itemized deductions. Taxes for 2011   Subtract the health insurance deduction from your medical insurance when figuring medical expenses on Schedule A (Form 1040) if you itemize deductions. Taxes for 2011 Effect on self-employment tax. Taxes for 2011   For tax years beginning before or after 2010, you cannot subtract the self-employed health insurance deduction when figuring net earnings for your self-employment tax from the business under which the insurance plan is established, or considered to be established as discussed earlier. Taxes for 2011 For more information, see Schedule SE (Form 1040). Taxes for 2011 How to figure the deduction. Taxes for 2011   Generally, you can use the worksheet in the Form 1040 instructions to figure your deduction. Taxes for 2011 However, if any of the following apply, you must use Worksheet 6-A in this chapter. Taxes for 2011 You had more than one source of income subject to self-employment tax. Taxes for 2011 You file Form 2555, Foreign Earned Income, or Form 2555-EZ, Foreign Earned Income Exclusion. Taxes for 2011 You are using amounts paid for qualified long-term care insurance to figure the deduction. Taxes for 2011 If you are claiming the health coverage tax credit, complete Form 8885, Health Coverage Tax Credit, before you figure this deduction. Taxes for 2011 Health coverage tax credit. Taxes for 2011   You may be able to take this credit only if you were an eligible trade adjustment assistance (TAA) recipient, alternative TAA (ATAA) recipient, reemployment trade adjustment assistance (RTAA) recipient, or Pension Benefit Guaranty Corporation (PBGC) pension recipient. Taxes for 2011 Use Form 8885 to figure the amount, if any, of this credit. Taxes for 2011   When figuring the amount to enter on line 1 of Worksheet 6-A, do not include the following. Taxes for 2011 Any amounts you included on Form 8885, line 4. Taxes for 2011 Any qualified health insurance premiums you paid to “U. Taxes for 2011 S. Taxes for 2011 Treasury-HCTC. Taxes for 2011 ” Any health coverage tax credit advance payments shown in box 1 of Form 1099-H, Health Coverage Tax Credit (HCTC) Advance Payments. Taxes for 2011 More than one health plan and business. Taxes for 2011   If you have more than one health plan during the year and each plan is established under a different business, you must use separate worksheets (Worksheet 6-A) to figure each plan's net earnings limit. Taxes for 2011 Include the premium you paid under each plan on line 1 or line 2 of that separate worksheet and your net profit (or wages) from that business on line 4 (or line 11). Taxes for 2011 For a plan that provides long-term care insurance, the total of the amounts entered for each person on line 2 of all worksheets cannot be more than the appropriate limit shown on line 2 for that person. Taxes for 2011 Nondeductible Premiums You cannot deduct premiums on the following kinds of insurance. Taxes for 2011 Self-insurance reserve funds. Taxes for 2011 You cannot deduct amounts credited to a reserve set up for self-insurance. Taxes for 2011 This applies even if you cannot get business insurance coverage for certain business risks. Taxes for 2011 However, your actual losses may be deductible. Taxes for 2011 See Publication 547. Taxes for 2011 Loss of earnings. Taxes for 2011 You cannot deduct premiums for a policy that pays for lost earnings due to sickness or disability. Taxes for 2011 However, see the discussion on overhead insurance, item (8), under Deductible Premiums , earlier. Taxes for 2011 Certain life insurance and annuities. Taxes for 2011 For contracts issued before June 9, 1997, you cannot deduct the premiums on a life insurance policy covering you, an employee, or any person with a financial interest in your business if you are directly or indirectly a beneficiary of the policy. Taxes for 2011 You are included among possible beneficiaries of the policy if the policy owner is obligated to repay a loan from you using the proceeds of the policy. Taxes for 2011 A person has a financial interest in your business if the person is an owner or part owner of the business or has lent money to the business. Taxes for 2011 For contracts issued after June 8, 1997, you generally cannot deduct the premiums on any life insurance policy, endowment contract, or annuity contract if you are directly or indirectly a beneficiary. Taxes for 2011 The disallowance applies without regard to whom the policy covers. Taxes for 2011 Partners. Taxes for 2011 If, as a partner in a partnership, you take out an insurance policy on your own life and name your partners as beneficiaries to induce them to retain their investments in the partnership, you are considered a beneficiary. Taxes for 2011 You cannot deduct the insurance premiums. Taxes for 2011 Insurance to secure a loan. Taxes for 2011 If you take out a policy on your life or on the life of another person with a financial interest in your business to get or protect a business loan, you cannot deduct the premiums as a business expense. Taxes for 2011 Nor can you deduct the premiums as interest on business loans or as an expense of financing loans. Taxes for 2011 In the event of death, the proceeds of the policy are generally not taxed as income even if they are used to liquidate the debt. Taxes for 2011 Capitalized Premiums Under the uniform capitalization rules, you must capitalize the direct costs and part of the indirect costs for certain production or resale activities. Taxes for 2011 Include these costs in the basis of property you produce or acquire for resale, rather than claiming them as a current deduction. Taxes for 2011 You recover the costs through depreciation, amortization, or cost of goods sold when you use, sell, or otherwise dispose of the property. Taxes for 2011 Indirect costs include premiums for insurance on your plant or facility, machinery, equipment, materials, property produced, or property acquired for resale. Taxes for 2011 Uniform capitalization rules. Taxes for 2011   You may be subject to the uniform capitalization rules if you do any of the following, unless the property is produced for your use other than in a business or an activity carried on for profit. Taxes for 2011 Produce real property or tangible personal property. Taxes for 2011 For this purpose, tangible personal property includes a film, sound recording, video tape, book, or similar property. Taxes for 2011 Acquire property for resale. Taxes for 2011 However, these rules do not apply to the following property. Taxes for 2011 Personal property you acquire for resale if your average annual gross receipts are $10 million or less for the 3 prior tax years. Taxes for 2011 Property you produce if you meet either of the following conditions. Taxes for 2011 Your indirect costs of producing the property are $200,000 or less. Taxes for 2011 You use the cash method of accounting and do not account for inventories. Taxes for 2011 More information. Taxes for 2011   For more information on these rules, see Uniform Capitalization Rules in Publication 538 and the regulations under Internal Revenue Code section 263A. Taxes for 2011 When To Deduct Premiums You can usually deduct insurance premiums in the tax year to which they apply. Taxes for 2011 Cash method. Taxes for 2011   If you use the cash method of accounting, you generally deduct insurance premiums in the tax year you actually paid them, even if you incurred them in an earlier year. Taxes for 2011 However, see Prepayment , later. Taxes for 2011 Accrual method. Taxes for 2011   If you use an accrual method of accounting, you cannot deduct insurance premiums before the tax year in which you incur a liability for them. Taxes for 2011 In addition, you cannot deduct insurance premiums before the tax year in which you actually pay them (unless the exception for recurring items applies). Taxes for 2011 For more information about the accrual method of accounting, see chapter 1. Taxes for 2011 For information about the exception for recurring items, see Publication 538. Taxes for 2011 Prepayment. Taxes for 2011   You cannot deduct expenses in advance, even if you pay them in advance. Taxes for 2011 This rule applies to any expense paid far enough in advance to, in effect, create an asset with a useful life extending substantially beyond the end of the current tax year. Taxes for 2011   Expenses such as insurance are generally allocable to a period of time. Taxes for 2011 You can deduct insurance expenses for the year to which they are allocable. Taxes for 2011 Example. Taxes for 2011 In 2013, you signed a 3-year insurance contract. Taxes for 2011 Even though you paid the premiums for 2013, 2014, and 2015 when you signed the contract, you can only deduct the premium for 2013 on your 2013 tax return. Taxes for 2011 You can deduct in 2014 and 2015 the premium allocable to those years. Taxes for 2011 Dividends received. Taxes for 2011   If you receive dividends from business insurance and you deducted the premiums in prior years, at least part of the dividends generally are income. Taxes for 2011 For more information, see Recovery of amount deducted (tax benefit rule) in chapter 1 under How Much Can I Deduct. Taxes for 2011 Prev  Up  Next   Home   More Online Publications