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Turbotax 2010

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Turbotax 2010

Turbotax 2010 Publication 584 - Additional Material Table of Contents This image is too large to be displayed in the current screen. Turbotax 2010 Please click the link to view the image. Turbotax 2010 Entrance Hall This image is too large to be displayed in the current screen. Turbotax 2010 Please click the link to view the image. Turbotax 2010 Living Room This image is too large to be displayed in the current screen. Turbotax 2010 Please click the link to view the image. Turbotax 2010 Dining Room This image is too large to be displayed in the current screen. Turbotax 2010 Please click the link to view the image. Turbotax 2010 Kitchen This image is too large to be displayed in the current screen. Turbotax 2010 Please click the link to view the image. Turbotax 2010 Den This image is too large to be displayed in the current screen. Turbotax 2010 Please click the link to view the image. Turbotax 2010 Bedrooms This image is too large to be displayed in the current screen. Turbotax 2010 Please click the link to view the image. Turbotax 2010 Bathrooms This image is too large to be displayed in the current screen. Turbotax 2010 Please click the link to view the image. Turbotax 2010 Recreation Room This image is too large to be displayed in the current screen. Turbotax 2010 Please click the link to view the image. Turbotax 2010 Laundry and Basement This image is too large to be displayed in the current screen. Turbotax 2010 Please click the link to view the image. Turbotax 2010 Garage This image is too large to be displayed in the current screen. Turbotax 2010 Please click the link to view the image. Turbotax 2010 Sporting Equipment This image is too large to be displayed in the current screen. Turbotax 2010 Please click the link to view the image. Turbotax 2010 Men's Clothing This image is too large to be displayed in the current screen. Turbotax 2010 Please click the link to view the image. Turbotax 2010 Women's Clothing This image is too large to be displayed in the current screen. Turbotax 2010 Please click the link to view the image. Turbotax 2010 Children's Clothing This image is too large to be displayed in the current screen. Turbotax 2010 Please click the link to view the image. Turbotax 2010 Jewelry This image is too large to be displayed in the current screen. Turbotax 2010 Please click the link to view the image. Turbotax 2010 Electrical Appliances This image is too large to be displayed in the current screen. Turbotax 2010 Please click the link to view the image. Turbotax 2010 Linens This image is too large to be displayed in the current screen. Turbotax 2010 Please click the link to view the image. Turbotax 2010 Miscellaneous This image is too large to be displayed in the current screen. Turbotax 2010 Please click the link to view the image. Turbotax 2010 Motor Vehicles Schedule 20. Turbotax 2010 Home (Excluding Contents) Note. Turbotax 2010 If you used the entire property as your home, fill out only column (a). Turbotax 2010 If you used part of the property as your home and part of it for business or to produce rental income, you must allocate the entries on lines 2-9 between the personal part (column (a)) and the business/rental part (column (b)). Turbotax 2010 1. Turbotax 2010 Description of property (Show location and date acquired. Turbotax 2010 )     (a)  Personal Part (b)  Business/Rental Part 2. Turbotax 2010 Cost or other (adjusted) basis of property (from Worksheet A)     3. Turbotax 2010 Insurance or other reimbursement Note. Turbotax 2010 If line 2 is more than line 3, skip line 4. Turbotax 2010 If line 3 is more than line 2, you exclude gain, and the gain is more than you can exclude, see the instructions for line 3 in the Instructions for Form 4684 for the amount to enter. Turbotax 2010     4. Turbotax 2010 Gain from casualty. Turbotax 2010 If line 3 is more than line 2, enter the difference here and skip lines 5 through 9. Turbotax 2010 But see Next below line 9. Turbotax 2010     5. Turbotax 2010 Fair market value before casualty     6. Turbotax 2010 Fair market value after casualty     7. Turbotax 2010 Decrease in fair market value. Turbotax 2010 Subtract line 6 from line 5. Turbotax 2010     8. Turbotax 2010 Enter the smaller of line 2 or line 7 Note for business/rental part. Turbotax 2010 If the property was totally destroyed by casualty, enter on line 8, column (b) the amount from line 2, column (b). Turbotax 2010     9. Turbotax 2010 Subtract line 3 from line 8. Turbotax 2010 If zero or less, enter -0-. Turbotax 2010     Next: Transfer the entries from line 1 and lines 2-9, column (a), above to the corresponding lines on Form 4684, Section A. Turbotax 2010 Transfer the entries from line 1 and lines 2-9, column (b), to the corresponding lines on Form 4684, Section B. Turbotax 2010 Worksheet A. Turbotax 2010 Cost or Other (Adjusted) Basis Caution. Turbotax 2010 See the Worksheet A Instructions before you use this worksheet. Turbotax 2010         (a) Personal Part (b) Business/Rental Part 1. Turbotax 2010   Enter the purchase price of the home damaged or destroyed. Turbotax 2010 (If you filed Form 2119 when you originally acquired that home to postpone gain on the sale of a previous home before May 7, 1997, enter the adjusted basis of the new home from that Form 2119. Turbotax 2010 ) 1. Turbotax 2010     2. Turbotax 2010   Seller paid points for home bought after 1990. Turbotax 2010 Do not include any seller-paid points you already subtracted to arrive at the amount entered on line 1 2. Turbotax 2010     3. Turbotax 2010   Subtract line 2 from line 1 3. Turbotax 2010     4. Turbotax 2010   Settlement fees or closing costs. Turbotax 2010 (See Settlement costs in Publication 551. Turbotax 2010 ) If line 1 includes the adjusted basis of the new home from Form 2119, skip lines 4a-4g and 5; go to line 6. Turbotax 2010         a. Turbotax 2010 Abstract and recording fees 4a. Turbotax 2010       b. Turbotax 2010 Legal fees (including fees for title search and preparing documents) 4b. Turbotax 2010       c. Turbotax 2010 Survey fees 4c. Turbotax 2010       d. Turbotax 2010 Title insurance 4d. Turbotax 2010       e. Turbotax 2010 Transfer or stamp taxes 4e. Turbotax 2010       f. Turbotax 2010 Amounts that the seller owed that you agreed to pay (back taxes or interest, recording or mortgage fees, and sales commissions) 4f. Turbotax 2010       g. Turbotax 2010 Other 4g. Turbotax 2010     5. Turbotax 2010   Add lines 4a through 4g 5. Turbotax 2010     6. Turbotax 2010   Cost of additions and improvements. Turbotax 2010 (See Increases to Basis in Publication 551. Turbotax 2010 ) Do not include any additions and improvements included on line 1 6. Turbotax 2010     7. Turbotax 2010   Special tax assessments paid for local improvements, such as streets and sidewalks 7. Turbotax 2010     8. Turbotax 2010   Other increases to basis 8. Turbotax 2010     9. Turbotax 2010   Add lines 3, 5, 6, 7, and 8 9. Turbotax 2010     10. Turbotax 2010   Depreciation allowed or allowable, related to the business use or rental of the home 10. Turbotax 2010 0   11. Turbotax 2010   Other decreases to basis (See Decreases to Basis in Publication 551. Turbotax 2010 ) 11. Turbotax 2010     12. Turbotax 2010   Add lines 10 and 11 12. Turbotax 2010     13. Turbotax 2010   Cost or other (adjusted) basis of home damaged or destroyed. Turbotax 2010 Subtract line 12 from line 9. Turbotax 2010 Enter here and on Schedule 20, line 2 13. Turbotax 2010     Worksheet A Instructions. Turbotax 2010 If you use Worksheet A to figure the cost or other (adjusted) basis of your home, follow these instructions. Turbotax 2010 DO NOT use this worksheet to determine your basis if you acquired an interest in your home from a decedent who died in 2010 and whose executor filed Form 8939. Turbotax 2010 IF. Turbotax 2010 . Turbotax 2010 . Turbotax 2010   THEN. Turbotax 2010 . Turbotax 2010 . Turbotax 2010 you inherited your home from a decedent who died either before or after 2010 or from a decedent who died in 2010 and whose executor did not file Form 8939. Turbotax 2010 1 skip lines 1–4 of the worksheet. Turbotax 2010 2 find your basis using the rules under Inherited Property in Publication 551. Turbotax 2010 Enter this amount on line 5 of the worksheet. Turbotax 2010 3 fill out lines 6–13 of the worksheet. Turbotax 2010 you received your home as a gift 1 read Property Received as a Gift in Publication 551 and enter on lines 1 and 3 of the worksheet either the donor's adjusted basis or the home's fair market value at the time of the gift, whichever is appropriate. Turbotax 2010 2 if you can add any federal gift tax to your basis, enter that amount on line 5 of the worksheet. Turbotax 2010 3 fill out the rest of the worksheet. Turbotax 2010 you received your home as a trade for other property 1 enter on line 1 of the worksheet the fair market value of the other property at the time of the trade. Turbotax 2010 (But if you received your home as a trade for your previous home before May 7, 1997, and had a gain on the trade that you postponed using Form 2119, enter on line 1 of the worksheet the adjusted basis of the new home from that Form 2119. Turbotax 2010 ) 2 fill out the rest of the worksheet. Turbotax 2010 you built your home 1 add the purchase price of the land and the cost of building the home. Turbotax 2010 Enter that total on line 1 of the worksheet. Turbotax 2010 (However, if you filed a Form 2119 to postpone gain on the sale of a previous home before May 7, 1997, enter on line 1 of the worksheet the adjusted basis of the new home from that Form 2119. Turbotax 2010 ) 2 fill out the rest of the worksheet. Turbotax 2010 you received your home from your spouse after July 18, 1984 1 skip lines 1–4 of the worksheet. Turbotax 2010 2 enter on line 5 of the worksheet your spouse's cost or other (adjusted) basis in the home just before you received it. Turbotax 2010 3 fill out lines 6–13 of the worksheet, making adjustments to basis only for events after the transfer. Turbotax 2010 you owned a home jointly with your spouse, who transferred his or her interest in the home to you after July 18, 1984     fill out one worksheet, making adjustments to basis for events both before and after the transfer. Turbotax 2010   you received your home from your spouse before July 19, 1984 1 skip lines 1–4 of the worksheet. Turbotax 2010 2 enter on line 5 of the worksheet the home's fair market value at the time you received it. Turbotax 2010 3 fill out lines 6–13 of the worksheet, making adjustments to basis only for events after the transfer. Turbotax 2010 you owned a home jointly with your spouse, and your spouse transferred his or her interest in the home to you before July 19, 1984 1 fill out a worksheet, lines 1–13, making adjustments to basis only for events before the transfer. Turbotax 2010 2 multiply the amount on line 13 of that worksheet by 50% (0. Turbotax 2010 50) to get the adjusted basis of your half-interest at the time of the transfer. Turbotax 2010 3 multiply the fair market value of the home at the time of the transfer by 50% (0. Turbotax 2010 50). Turbotax 2010 Generally, this is the basis of the half-interest that your spouse owned. Turbotax 2010 4 add the amounts from steps 2 and 3 and enter the total on line 5 of a second worksheet. Turbotax 2010 5 complete lines 6–13 of the second worksheet, making adjustments to basis only for events after the transfer. Turbotax 2010 you owned your home jointly with a nonspouse 1 fill out lines 1–13 of the worksheet. Turbotax 2010 2 multiply the amount on line 13 by your percentage of ownership to get the adjusted basis of your part-interest. Turbotax 2010 Worksheet A Instructions. Turbotax 2010 (Continued) IF. Turbotax 2010 . Turbotax 2010 . Turbotax 2010   THEN. Turbotax 2010 . Turbotax 2010 . Turbotax 2010 you owned your home jointly with your spouse who died before 2010 and before the casualty 1 fill out a worksheet, lines 1–13, including adjustments to basis only for events before your spouse's death. Turbotax 2010 2 multiply the amount on line 13 of that worksheet by 50% (0. Turbotax 2010 50) to get the adjusted basis of your half-interest on the date of death. Turbotax 2010 3 figure the basis for the half-interest owned by your spouse. Turbotax 2010 This is one-half of the fair market value on the date of death (or later alternate valuation used for estate or inheritance tax). Turbotax 2010 (The basis in your half will remain one-half of the adjusted basis determined in step 2. Turbotax 2010 ) 4 add the amounts from steps 2 and 3 and enter the total on line 5 of a second worksheet. Turbotax 2010 5 complete lines 6–13 of the second worksheet, making adjustments to basis only for events after your spouse's death. Turbotax 2010 you owned your home jointly with your spouse who died before 2010 and before the casualty, and your permanent legal home is in a community property state 1 skip lines 1–4 of the worksheet. Turbotax 2010 2 enter the amount of your basis on line 5 of the worksheet. Turbotax 2010 Generally, this is the fair market value of the home at the time of death. Turbotax 2010 (But see Community Property in Publication 551 for special rules. Turbotax 2010 ) 3 fill out lines 6–13 of the worksheet, making adjustments to basis only for events after your spouse's death. Turbotax 2010 you owned your home jointly with a nonspouse who died before 2010 and before the casualty 1 fill out lines 1–13 of the worksheet, including adjustments to basis only for events before the co-owner's death. Turbotax 2010 2 multiply the amount on line 13 by your percentage of ownership to get the adjusted basis of your part-interest on the date of death. Turbotax 2010 3 multiply the fair market value on the date of death (or later alternate valuation used for estate or inheritance tax) by the co-owner's percentage of ownership. Turbotax 2010 This is the basis for the co-owner's part-interest. Turbotax 2010 4 add the amounts from steps 2 and 3 and enter the total on line 5 of a second worksheet. Turbotax 2010 5 complete lines 6–13 of the second worksheet, including adjustments to basis only for events after the co-owner's death. Turbotax 2010 your home was ever damaged as a result of a prior casualty 1 on line 8 of the worksheet, enter any amounts you spent to restore the home to its condition before the prior casualty. Turbotax 2010 2 on line 11 enter: any insurance reimbursements you received (or expect to receive) for the prior loss,  and any deductible casualty losses from prior years not covered by insurance. Turbotax 2010 the person who sold you your home paid points on your loan and you bought your home after 1990 but before April 4, 1994. Turbotax 2010   on line 2 enter the seller-paid points only if you deducted them as home mortgage interest in the year paid (unless you used the seller-paid points to reduce the amount on line 1). Turbotax 2010 the person who sold you your home paid points on your loan and you bought your home after April 3, 1994   on line 2 enter the seller-paid points even if you did not deduct them (unless you used the seller-paid points to reduce the amount on line 1). Turbotax 2010 you used part of the property as your home and part of it for business or to produce rental income   you must allocate the entries on Worksheet A between the personal part (column (a)) and the business/rental part (column (b)). Turbotax 2010 none of these items apply   fill out the entire worksheet. Turbotax 2010 Prev  Up  Next   Home   More Online Publications
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The Turbotax 2010

Turbotax 2010 Publication 51 - Introductory Material Table of Contents Future Developments What's New Reminders Calendar Introduction Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 51 (Circular A), such as legislation enacted after it was published, go to www. Turbotax 2010 irs. Turbotax 2010 gov/pub51. Turbotax 2010 What's New Social security and Medicare tax for 2014. Turbotax 2010  The social security tax rate is 6. Turbotax 2010 2% each for the employee and employer, unchanged from 2013. Turbotax 2010 The social security wage base limit is $117,000. Turbotax 2010 The Medicare tax rate is 1. Turbotax 2010 45% each for the employee and employer, unchanged from 2013. Turbotax 2010 There is no wage base limit for Medicare tax. Turbotax 2010 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. Turbotax 2010 Withholding allowance. Turbotax 2010  The 2014 amount for one withholding allowance on an annual basis is $3,950. Turbotax 2010 Change of responsible party. Turbotax 2010  Beginning January 1, 2014, any entity with an employer identification number (EIN) must file Form 8822-B, Change of Address or Responsible Party—Business, to report the latest change to its responsible party. Turbotax 2010 Form 8822-B must be filed within 60 days of the change. Turbotax 2010 If the change in the identity of your responsible party occurred before 2014, and you have not previously notified the IRS of the change, file Form 8822-B before March 1, 2014, reporting only the most recent change. Turbotax 2010 For a definition of "responsible party", see the Form 8822-B instructions. Turbotax 2010 Same-sex marriage. Turbotax 2010  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. Turbotax 2010 For more information, see Revenue Ruling 2013-17, 2013-38 I. Turbotax 2010 R. Turbotax 2010 B. Turbotax 2010 201, available at www. Turbotax 2010 irs. Turbotax 2010 gov/irb/2013-38_IRB/ar07. Turbotax 2010 html. Turbotax 2010 Notice 2013-61 provides special administrative procedures for employers to make claims for refund 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. Turbotax 2010 Notice 2013-61, 2013-44 I. Turbotax 2010 R. Turbotax 2010 B. Turbotax 2010 432, is available at www. Turbotax 2010 irs. Turbotax 2010 gov/irb/2013-44_IRB/ar10. Turbotax 2010 html. Turbotax 2010 Reminders Additional Medicare Tax withholding. Turbotax 2010  In addition to withholding Medicare tax at 1. Turbotax 2010 45%, you must withhold a 0. Turbotax 2010 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. Turbotax 2010 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. Turbotax 2010 Additional Medicare Tax is only imposed on the employee. Turbotax 2010 There is no employer share of Additional Medicare Tax. Turbotax 2010 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. Turbotax 2010 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. Turbotax 2010 For more information on Additional Medicare Tax, visit IRS. Turbotax 2010 gov and enter “Additional Medicare Tax” in the search box. Turbotax 2010 Work opportunity tax credit for qualified tax-exempt organizations hiring qualified veterans. Turbotax 2010  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. Turbotax 2010 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. Turbotax 2010 For more information, visit IRS. Turbotax 2010 gov and enter “work opportunity tax credit” in the search box. Turbotax 2010 Outsourcing payroll duties. Turbotax 2010  Employers are responsible to ensure that tax returns are filed and deposits and payments are made, even if the employer contracts with a third party to perform these acts. Turbotax 2010 The employer remains responsible if the third party fails to perform any required action. Turbotax 2010 If you choose to outsource any of your payroll and related tax duties (that is, withholding, reporting, and paying over social security, Medicare, FUTA, and income taxes) to a third-party payer such as a payroll service provider or reporting agent, visit IRS. Turbotax 2010 gov and enter “outsourcing payroll duties” in the search box for helpful information on this topic. Turbotax 2010 COBRA premium assistance credit. Turbotax 2010  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. Turbotax 2010 For more information, see COBRA premium assistance credit under Introduction. Turbotax 2010 Compensation paid to H-2A foreign agricultural workers. Turbotax 2010  Report compensation of $600 or more paid to foreign agricultural workers who entered the country on H-2A visas in box 1 of Form W-2, Wage and Tax Statement. Turbotax 2010 Compensation paid to H-2A workers for agricultural labor performed in connection with this visa is not subject to social security and Medicare taxes, and therefore should not be reported as wages subject to social security tax (line 2), Medicare tax (line 4), or Additional Medicare Tax withholding (line 6) on Form 943, Employer's Annual Federal Tax Return for Agricultural Employees, and should not be reported as social security wages (box 3) or Medicare wages (box 5) on Form W-2. Turbotax 2010 On Form W-2, do not check box 13 (Statutory employee), as H-2A workers are not statutory employees. Turbotax 2010 An employer is not required to withhold federal income tax from compensation it pays an H-2A worker for agricultural labor performed in connection with this visa unless the worker asks for withholding and the employer agrees. Turbotax 2010 In that case, the worker must give the employer a completed Form W-4, Employee's Withholding Allowance Certificate. Turbotax 2010 Federal income tax withheld should be reported on Form 943, line 8, and in box 2 of Form W-2. Turbotax 2010 These reporting rules apply when the H-2A worker provides his or her taxpayer identification number (TIN) to the employer. Turbotax 2010 For the rules relating to backup withholding and reporting when the H-2A worker does not provide a TIN, see the Instructions for Form 1099-MISC and the Instructions for Form 945. Turbotax 2010 Additional employment tax information. Turbotax 2010  Visit the IRS website at www. Turbotax 2010 irs. Turbotax 2010 gov/businesses and click on Employment Taxes under Businesses Topics. Turbotax 2010 For employment tax information by telephone, call 1-800-829-4933 or 1-800-829-4059 (TDD/TTY for persons who are deaf, hard of hearing, or have a speech disability) Monday–Friday from 7:00 a. Turbotax 2010 m. Turbotax 2010 –7:00 p. Turbotax 2010 m. Turbotax 2010 local time (Alaska and Hawaii follow Pacific time). Turbotax 2010 Additionally, you can call IRS TeleTax at 1-800-829-4477 for recorded information by topic. Turbotax 2010 Disregarded entities and qualified subchapter S subsidiaries (QSubs). Turbotax 2010  Eligible single-owner disregarded entities and QSubs are treated as separate entities for employment tax purposes. Turbotax 2010 Eligible single-member entities that have not elected to be taxed as corporations must report and pay employment taxes on wages paid to their employees using the entities' own names and EINs. Turbotax 2010 See Regulations sections 1. Turbotax 2010 1361-4(a)(7) and 301. Turbotax 2010 7701-2(c)(2)(iv). Turbotax 2010 Differential wage payments. Turbotax 2010  Qualified differential wage payments made by employers to individuals serving in the Armed Forces after 2008 are subject to income tax withholding but not social security, Medicare, or FUTA taxes. Turbotax 2010 For more information, see Publication 15 (Circular E). Turbotax 2010 Federal tax deposits must be made by electronic funds transfer. Turbotax 2010  You must use electronic funds transfer to make all federal tax deposits. Turbotax 2010 Generally, electronic fund transfers are made using the Electronic Federal Tax Payment System (EFTPS). Turbotax 2010 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. Turbotax 2010 Also, you may arrange for your financial institution to initiate a same-day wire payment on your behalf. Turbotax 2010 EFTPS is a free service provided by the Department of Treasury. Turbotax 2010 Services provided by your tax professional, financial institution, payroll service, or other third party may have a fee. Turbotax 2010 For more information on making federal tax deposits, see How To Deposit in section 7. Turbotax 2010 To get more information about EFTPS or to enroll in EFTPS, visit www. Turbotax 2010 eftps. Turbotax 2010 gov or call 1-800-555-4477 or 1-800-733-4829 (TDD). Turbotax 2010 Additional information about EFTPS is also available in Publication 966, Electronic Federal Tax Payment System: A Guide To Getting Started. Turbotax 2010 Electronic filing and payment. Turbotax 2010  Now, more than ever before, businesses can enjoy the benefits of filing tax returns and paying their taxes electronically. Turbotax 2010 Whether you rely on a tax professional or handle your own taxes, the IRS offers you convenient programs to make it easier. Turbotax 2010 Spend less time and worry on taxes and more time running your business. Turbotax 2010 Use e-file and the Electronic Federal Tax Payment System (EFTPS) to your benefit. Turbotax 2010 For e-file, visit the IRS website at www. Turbotax 2010 irs. Turbotax 2010 gov/efile for additional information. Turbotax 2010 For EFTPS, visit www. Turbotax 2010 eftps. Turbotax 2010 gov or call EFTPS Customer Service at 1-800-555-4477 (business), 1-800-316-6541 (individual), or 1-800-733-4829 (TDD) for additional information. Turbotax 2010 For electronic filing of Form W-2, visit www. Turbotax 2010 socialsecurity. Turbotax 2010 gov/employer. Turbotax 2010 If you are filing your tax return or paying your federal taxes electronically, a valid EIN is required. Turbotax 2010 If a valid EIN is not provided, the return or payment will not be processed. Turbotax 2010 This may result in penalties and delays in processing your return or payment. Turbotax 2010 Electronic funds withdrawal (EFW). Turbotax 2010  If you file Form 943 electronically, you can e-file and e-pay (electronic funds withdrawal) the balance due in a single step using tax preparation software or through a tax professional. Turbotax 2010 However, do not use EFW to make federal tax deposits. Turbotax 2010 For more information on paying your taxes using EFW, visit the IRS website at www. Turbotax 2010 irs. Turbotax 2010 gov/e-pay. Turbotax 2010 A fee may be charged to file electronically. Turbotax 2010 Credit or debit card payments. Turbotax 2010   Employers can pay the balance due shown on Form 943 by credit or debit card. Turbotax 2010 Do not use a credit or debit card to make federal tax deposits. Turbotax 2010 For more information on paying your taxes with a credit or debit card, visit the IRS website at www. Turbotax 2010 irs. Turbotax 2010 gov/e-pay. Turbotax 2010 When you hire a new employee. Turbotax 2010  Ask each new employee to complete the 2014 Form W-4 or its Spanish version, Formulario W-4(SP), Certificado de Exención de Retenciones del Empleado. Turbotax 2010 Also, ask the employee to show you his or her social security card so that you can record the employee's name and social security number accurately. Turbotax 2010 If the employee has lost the card or recently changed names, have the employee apply for a duplicate or corrected card. Turbotax 2010 If the employee does not have a card, have the employee apply for one on Form SS-5, Application for a Social Security Card. Turbotax 2010 See section 1 for more information. Turbotax 2010 Eligibility for employment. Turbotax 2010  You must verify that each new employee is legally eligible to work in the United States. Turbotax 2010 This includes completing the U. Turbotax 2010 S. Turbotax 2010 Citizenship and Immigration Services (USCIS) Form I-9, Employment Eligibility Verification. Turbotax 2010 You can get the form from USCIS offices or by calling 1-800-870-3676. Turbotax 2010 Contact the USCIS at 1-800-375-5283, or visit the USCIS website at www. Turbotax 2010 uscis. Turbotax 2010 gov for more information. Turbotax 2010 New hire reporting. Turbotax 2010   You are required to report any new employee to a designated state new-hire registry. Turbotax 2010 A new employee is an employee who has not previously been employed by you or was previously employed by you but has been separated from such prior employment for at least 60 consecutive days. Turbotax 2010 Many states accept a copy of Form W-4 with employer information added. Turbotax 2010 Visit the Office of Child Support Enforcement's website at www. Turbotax 2010 acf. Turbotax 2010 hhs. Turbotax 2010 gov/programs/cse/newhire for more information. Turbotax 2010 Dishonored payments. Turbotax 2010  Any form of payment that is dishonored and returned from a financial institution is subject to a penalty. Turbotax 2010 The penalty is $25 or 2% of the payment, whichever is more. Turbotax 2010 However, the penalty on dishonored payments of $24. Turbotax 2010 99 or less is an amount equal to the payment. Turbotax 2010 For example, a dishonored payment of $18 is charged a penalty of $18. Turbotax 2010 Forms in Spanish. Turbotax 2010  You can provide Formulario W-4(SP) in place of Form W-4 to your Spanish-speaking employees. Turbotax 2010 For more information, see Publicación 17(SP), El Impuesto Federal sobre los Ingresos (Para Personas Físicas). Turbotax 2010 For nonemployees, Formulario W-9(SP), Solicitud y Certificación del Número de Identificación del Contribuyente, may be used in place of Form W-9, Request for Taxpayer Identification Number and Certification. Turbotax 2010 References in this publication to Form W-4 or Form W-9 also apply to their equivalent Spanish translations—Formulario W-4(SP) or Formulario W-9(SP). Turbotax 2010 Information returns. Turbotax 2010  You may be required to file information returns to report certain types of payments made during the year. Turbotax 2010 For example, you must file Form 1099-MISC, Miscellaneous Income, to report payments of $600 or more to persons not treated as employees (for example, independent contractors) for services performed for your trade or business. Turbotax 2010 For details about filing Forms 1099 and for information about required electronic filing, see the General Instructions for Certain Information Returns for general information and the separate, specific instructions for each information return that you file (for example, Instructions for Form 1099-MISC). Turbotax 2010 Generally, do not use Forms 1099 to report wages or other compensation that you paid to employees; report these amounts on Form W-2. Turbotax 2010 See the General Instructions for Forms W-2 and W-3 for details about filing Forms W-2 and for information about required electronic filing. Turbotax 2010 If you file 250 or more Forms W-2, you must file them electronically. Turbotax 2010 SSA will not accept Forms W-2 and W-3 filed on any magnetic media. Turbotax 2010 Information reporting customer service site. Turbotax 2010  The IRS operates the Enterprise Computing Center—Martinsburg, a centralized customer service site, to answer questions about reporting on Forms W-2, W-3, 1099, and other information returns. Turbotax 2010 If you have questions related to reporting on information returns, you may call 1-866-455-7438 (toll free), 304-263-8700 (toll call), or 304-267-3367 (TDD/TTY for persons who are deaf, heard of hearing, or have a speech disability). Turbotax 2010 The call site can also be reached by email at mccirp@irs. Turbotax 2010 gov. Turbotax 2010 Do not include tax identification numbers (TINs) or attachments in email correspondence because electronic mail is not secure. Turbotax 2010 Web-based application for an employer identification number (EIN). Turbotax 2010  You can apply for an employer identification number (EIN) online by visiting IRS. Turbotax 2010 gov and clicking on the Apply for an EIN Online link under Tools. Turbotax 2010 When a crew leader furnishes workers to you. Turbotax 2010  Record the crew leader's name, address, and EIN. Turbotax 2010 See sections 2 and 10. Turbotax 2010 Change of address. Turbotax 2010  Use Form 8822-B to notify the IRS of an address change. Turbotax 2010 Do not mail form 8822-B with your employment tax return. Turbotax 2010 Ordering forms and publications. Turbotax 2010  You can order your 2013 and 2014 employment tax and information return forms, instructions, and publications online at www. Turbotax 2010 irs. Turbotax 2010 gov/businesses. Turbotax 2010 Click on the Online Ordering for Information Returns and Employer Returns. Turbotax 2010 You can also visit www. Turbotax 2010 irs. Turbotax 2010 gov/formspubs to download other forms and publications. Turbotax 2010 Instead of ordering paper Forms W-2 and W-3, consider filing them electronically using the Social Security Administration's (SSA) free e-file service. Turbotax 2010 Visit the SSA's Employer W-2 Filing Instructions & Information website at  www. Turbotax 2010 socialsecurity. Turbotax 2010 gov/employer, to register for Business Services Online. Turbotax 2010 You will be able to create and file “fill-in” versions of Forms W-2 with SSA and can print out completed copies of Forms W-2 for filing with state and local governments, distribution to your employees, and for your records. Turbotax 2010 Form W-3 will be created for you based on your Forms W-2. Turbotax 2010 Tax Questions. Turbotax 2010   If you have a tax question, check the information available on IRS. Turbotax 2010 gov or call 1-800-829-4933 (businesses), 1-800-829-1040 (individuals), or 1-800-829-4059 (TDD/TTY for persons who are deaf, hard of hearing, or have a speech disability) Monday–Friday from 7:00 a. Turbotax 2010 m. Turbotax 2010 –7:00 p. Turbotax 2010 m. Turbotax 2010 local time (Alaska and Hawaii follow Pacific time). Turbotax 2010 We cannot answer tax questions sent to the address provided later for comments and suggestions. Turbotax 2010 Recordkeeping. Turbotax 2010  Keep all records of employment taxes for at least 4 years. Turbotax 2010 These should be available for IRS review. Turbotax 2010 Your records should include the following information. Turbotax 2010 Your employer identification number (EIN). Turbotax 2010 Amounts and dates of all wage, annuity, and pension payments. Turbotax 2010 Names, addresses, social security numbers, and occupations of employees and recipients. Turbotax 2010 Any employee copies of Forms W-2 and W-2c returned to you as undeliverable. Turbotax 2010 Dates of employment for each employee. Turbotax 2010 Periods for which employees and recipients were paid while absent due to sickness or injury and the amount and weekly rate of payments you or third-party payers made to them. Turbotax 2010 Copies of employees' and recipients' income tax withholding allowance certificates (Forms W-4, W-4(SP), W-4P, and W-4S). Turbotax 2010 Dates and amounts of tax deposits you made and acknowledgment numbers for deposits made by EFTPS. Turbotax 2010 Copies of returns filed and confirmation numbers. Turbotax 2010 Records of fringe benefits and expense reimbursements provided to your employees, including substantiation. Turbotax 2010 If a crew leader furnished you with farmworkers, you must keep a record of the name, permanent mailing address, and EIN of the crew leader. Turbotax 2010 If the crew leader has no permanent mailing address, record his or her present address. Turbotax 2010 Private delivery services. Turbotax 2010  You can use certain private delivery services designated by the IRS to send tax returns and payments. Turbotax 2010 The list includes only the following. Turbotax 2010 DHL Express (DHL): DHL Same Day Service. Turbotax 2010 Federal Express (FedEx): FedEx Priority Overnight, FedEx Standard Overnight, FedEx 2Day, FedEx International Priority, and FedEx International First. Turbotax 2010 United Parcel Service (UPS): UPS Next Day Air, UPS Next Day Air Saver, UPS 2nd Day Air, UPS 2nd Day Air A. Turbotax 2010 M. Turbotax 2010 , UPS Worldwide Express Plus, and UPS Worldwide Express. Turbotax 2010 For the IRS mailing address to use if you are using a private delivery service, go to IRS. Turbotax 2010 gov and enter "private delivery service" in the search box. Turbotax 2010 Your private delivery service can tell you how to get written proof of the mailing date. Turbotax 2010 Private delivery services cannot deliver items to P. Turbotax 2010 O. Turbotax 2010 boxes. Turbotax 2010 You must use the U. Turbotax 2010 S. Turbotax 2010 Postal Service to mail any item to an IRS P. Turbotax 2010 O. Turbotax 2010 box address. Turbotax 2010 Photographs of missing children. Turbotax 2010  The IRS is a proud partner with the National Center for Missing and Exploited Children. Turbotax 2010 Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Turbotax 2010 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. Turbotax 2010 Calendar The following are important dates and responsibilities. Turbotax 2010 See section 7 for information about depositing taxes reported on Forms 941, 943, 944, and 945. Turbotax 2010 Also see Publication 509, Tax Calendars. Turbotax 2010   If any date shown below for filing a return, furnishing a form, or depositing taxes falls on a Saturday, Sunday, or legal holiday, the due date is the next business day. Turbotax 2010 A statewide legal holiday delays a filing due date only if the IRS office where you are required to file is located in that state. Turbotax 2010 However, a statewide legal holiday does not delay the due date of federal tax deposits. Turbotax 2010 See Deposits on Business Days Only in section 7. Turbotax 2010 For any filing due date, you will meet the “file” or “furnish” requirement if the envelope containing the return or form is properly addressed, contains sufficient postage, and is postmarked by the U. Turbotax 2010 S. Turbotax 2010 Postal Service on or before the due date, or sent by an IRS-designated delivery service on or before the due date. Turbotax 2010 See Private delivery services under Reminders. Turbotax 2010 By January 31 . Turbotax 2010   File Form 943. Turbotax 2010 See section 8 for more information on Form 943. Turbotax 2010 If you deposited all Form 943 taxes when due, you have 10 additional calendar days to file. Turbotax 2010 Furnish each employee with a completed Form W-2. Turbotax 2010 Furnish each recipient to whom you paid $600 or more in nonemployee compensation with a completed Form 1099 (for example, Form 1099-MISC). Turbotax 2010 File Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return. Turbotax 2010 See section 10 for more information on FUTA. Turbotax 2010 If you deposited all the FUTA tax when due, you have 10 additional calendar days to file. Turbotax 2010 File Form 945, Annual Return of Withheld Federal Income Tax, to report any nonpayroll federal income tax withheld in 2013. Turbotax 2010 If you deposited all Form 945 taxes when due, you have 10 additional calendar days to file. Turbotax 2010 By February 15. Turbotax 2010  Ask for a new Form W-4 or Formulario W-4(SP) from each employee who claimed exemption from federal income tax withholding last year. Turbotax 2010 On February 16. Turbotax 2010  Any Form W-4 claiming exemption from withholding for the previous year has now expired. Turbotax 2010 Begin withholding for any employee who previously claimed exemption from withholding but has not given you a new Form W-4 for the current year. Turbotax 2010 If the employee does not give you a new Form W-4, withhold tax based on the last valid Form W-4 you have for the employee that does not claim exemption from withholding or, if one does not exist, as if he or she is single with zero withholding allowances. Turbotax 2010 See section 5 for more information. Turbotax 2010 If the employee furnishes a new Form W-4 claiming exemption from withholding after February 15, you may apply the exemption to future wages, but do not refund taxes withheld while the exempt status was not in place. Turbotax 2010 By February 28. Turbotax 2010   File paper Forms 1099 and 1096. Turbotax 2010 File Copy A of all paper Forms 1099 with Form 1096, Annual Summary and Transmittal of U. Turbotax 2010 S. Turbotax 2010 Information Returns, with the IRS. Turbotax 2010 For electronically filed returns, see By March 31 below. Turbotax 2010 File paper Forms W-2 and W-3. Turbotax 2010 File Copy A of all paper Forms W-2 with Form W-3, Transmittal of Wage and Tax Statements, with the SSA. Turbotax 2010 For electronically filed returns, see By March 31 next. Turbotax 2010 By March 31. Turbotax 2010   File electronic Forms W-2 and 1099. Turbotax 2010 File electronic Forms W-2 with the SSA and Forms 1099 with the IRS. Turbotax 2010 For more information on reporting Form W-2 information to the SSA electronically, visit the SSA's Employer W-2 Filing Instructions & Information webpage at www. Turbotax 2010 socialsecurity. Turbotax 2010 gov/employer. Turbotax 2010 For information on filing information returns electronically with the IRS, see Publication 1220, Specifications for Electronic Filing of Forms 1097, 1098, 1099, 3921, 3922, 5498, 8935, and W-2G. Turbotax 2010 By April 30, July 31, October 31, and January 31. Turbotax 2010   Deposit FUTA taxes. Turbotax 2010 Deposit FUTA tax if the undeposited amount is over $500. Turbotax 2010 Before December 1. Turbotax 2010  Remind employees to submit a new Form W-4 if their marital status or withholding allowances have changed or will change for the next year. Turbotax 2010 Introduction This publication is for employers of agricultural workers (farmworkers). Turbotax 2010 It contains information that you may need to comply with the laws for agricultural labor (farmwork) relating to social security and Medicare taxes, FUTA tax, and withheld federal income tax (employment taxes). Turbotax 2010 Agricultural employers report social security and Medicare taxes and withheld federal income tax on Form 943 and report FUTA tax on Form 940. Turbotax 2010 If you have nonfarm employees, see Publication 15 (Circular E). Turbotax 2010 If you have employees in the U. Turbotax 2010 S. Turbotax 2010 Virgin Islands, Guam, American Samoa, or the Commonwealth of the Northern Mariana Islands, see Publication 80 (Circular SS). Turbotax 2010 Publication 15-A, Employer's Supplemental Tax Guide, contains more employment-related information, including information about sick pay and pension income. Turbotax 2010 Publication 15-B, Employer's Tax Guide to Fringe Benefits, contains information about the employment tax treatment and valuation of various types of noncash compensation. Turbotax 2010 Comments and suggestions. Turbotax 2010   We welcome your comments about this publication and your suggestions for future editions. Turbotax 2010   You can write to us at the following address:  Internal Revenue Service Tax Forms and Publications Division  1111 Constitution Ave. Turbotax 2010 NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Turbotax 2010 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Turbotax 2010   You can also send us comments from www. Turbotax 2010 irs. Turbotax 2010 gov/formspubs. Turbotax 2010 Click on More Information and then click on Comment on Tax Forms and Publications. Turbotax 2010   Although we cannot respond individually to each email, we do appreciate your feedback and will consider your comments as we revise our tax forms, instructions, and publications. Turbotax 2010 COBRA premium assistance credit. Turbotax 2010   The Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) provides certain former employees, retirees, spouses, former spouses, and dependent children the right to temporary continuation of health coverage at group rates. Turbotax 2010 COBRA generally covers multiemployer health plans and health plans maintained by private-sector employers (other than churches) with 20 or more full and part-time employees. Turbotax 2010 Parallel requirements apply to these plans under the Employee Retirement Income Security Act of 1974 (ERISA). Turbotax 2010 Under the Public Health Service Act, COBRA requirements apply also to health plans covering state or local government employees. Turbotax 2010 Similar requirements apply under the Federal Employees Health Benefits Program and under some state laws. Turbotax 2010 For the premium assistance (or subsidy) discussed below, these requirements are all referred to as COBRA requirements. Turbotax 2010   Under the American Recovery and Reinvestment Act of 2009 (ARRA), employers are allowed a credit against “payroll taxes” (referred to in this publication as “employment taxes”) for providing COBRA premium assistance to assistance eligible individuals. Turbotax 2010 For periods of COBRA continuation coverage beginning after February 16, 2009, a group health plan must treat an assistance eligible individual as having paid the required COBRA continuation coverage premium if the individual elects COBRA coverage and pays 35% of the amount of the premium. Turbotax 2010   An assistance eligible individual is a qualified beneficiary of an employer's group health plan who is eligible for COBRA continuation coverage during the period beginning September 1, 2008, and ending May 31, 2010, due to the involuntarily termination from employment of a covered employee during the period and elects continuation COBRA coverage. Turbotax 2010 The assistance for the coverage can last up to 15 months. Turbotax 2010   Employees terminated during the period beginning September 1, 2008, and ending May 31, 2010, who received a severance package that delayed the start of the COBRA continuation coverage, may still be eligible for premium assistance for COBRA continuation coverage. Turbotax 2010 For more information, see Notice 2009-27, 2009-16 I. Turbotax 2010 R. Turbotax 2010 B. Turbotax 2010 838, available at www. Turbotax 2010 irs. Turbotax 2010 gov/irb/2009-16_irb/ar09. Turbotax 2010 html. Turbotax 2010   Administrators of the group health plans (or other entities) that provide or administer COBRA continuation coverage must provide notice to assistance eligible individuals of the COBRA premium assistance. Turbotax 2010   The 65% of the premium not paid by the assistance eligible individual is reimbursed to the employer maintaining the group health plan. Turbotax 2010 The reimbursement is made through a credit against the employer's employment tax liabilities. Turbotax 2010 For information on how to claim the credit, see the Instructions for Form 943. Turbotax 2010 The credit is treated as a deposit made on the first day of the return period. Turbotax 2010 In the case of a multiemployer plan, the credit is claimed by the plan, rather than the employer. Turbotax 2010 In the case of an insured plan subject to state law continuation coverage requirements, the credit is claimed by the insurance company, rather than the employer. Turbotax 2010   Anyone claiming the credit for COBRA premium assistance payments must maintain the following information to support their claim, including the following. Turbotax 2010 Information on the receipt of the assistance eligible individuals' 35% share of the premium including dates and amounts. Turbotax 2010 In the case of an insurance plan, a copy of invoice or other supporting statement from the insurance carrier and proof of timely payment of the full premium to the insurance carrier required under COBRA. Turbotax 2010 In the case of a self-insured plan, proof of the premium amount and proof of the coverage provided to the assistance eligible individuals. Turbotax 2010 Attestation of involuntary termination, including the date of the involuntary termination for each covered employee whose involuntary termination is the basis for eligibility for the subsidy. Turbotax 2010 Proof of each assistance eligible individual's eligibility for COBRA coverage and the election of COBRA coverage. Turbotax 2010 A record of the social security numbers (SSNs) of all covered employees, the amount of the subsidy reimbursed with respect to each covered employee, and whether the subsidy was for one individual or two or more individuals. Turbotax 2010   For more information, visit IRS. Turbotax 2010 gov and enter “COBRA” in the search box. Turbotax 2010 Useful Items - You may want to see: Publication 15 (Circular E), Employer's Tax Guide 15-A Employer's Supplemental Tax Guide 15-B Employer's Tax Guide to Fringe Benefits 225 Farmer's Tax Guide 535 Business Expenses 583 Starting a Business and Keeping Records 1635 Employer Identification Number: Understanding Your EIN Prev  Up  Next   Home   More Online Publications