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Turbotax Deluxe Federal E File State 2011 Old Version

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Turbotax Deluxe Federal E File State 2011 Old Version

Turbotax deluxe federal e file state 2011 old version Publication 80 - Main Content Table of Contents Introduction 1. Turbotax deluxe federal e file state 2011 old version Employer Identification Number (EIN) 2. Turbotax deluxe federal e file state 2011 old version Who Are Employees?Tests. Turbotax deluxe federal e file state 2011 old version Business Owned and Operated by Spouses Farm Crew Leaders 3. Turbotax deluxe federal e file state 2011 old version Employee's Social Security Number (SSN)Registering for SSNVS. Turbotax deluxe federal e file state 2011 old version 4. Turbotax deluxe federal e file state 2011 old version Wages and Other CompensationFringe Benefits 5. Turbotax deluxe federal e file state 2011 old version TipsOrdering rule. Turbotax deluxe federal e file state 2011 old version 6. Turbotax deluxe federal e file state 2011 old version Social Security and Medicare Taxes for FarmworkersThe $150 Test or the $2,500 Test 7. Turbotax deluxe federal e file state 2011 old version How To Figure Social Security and Medicare TaxesHousehold and agricultural employers. Turbotax deluxe federal e file state 2011 old version 8. Turbotax deluxe federal e file state 2011 old version Depositing TaxesPayment with Return When To Deposit How To Deposit Deposit Penalties 9. Turbotax deluxe federal e file state 2011 old version Employer's ReturnsReporting Adjustments to Form 941-SS, 944-SS, 944, or 943 Current Period Adjustments Prior Period Adjustments 10. Turbotax deluxe federal e file state 2011 old version Wage and Tax StatementsWaiver. Turbotax deluxe federal e file state 2011 old version 11. Turbotax deluxe federal e file state 2011 old version Federal Unemployment (FUTA) Tax—U. Turbotax deluxe federal e file state 2011 old version S. Turbotax deluxe federal e file state 2011 old version Virgin Islands Employers Only How To Get Tax Help Introduction This publication is for employers whose principal place of business is in the U. Turbotax deluxe federal e file state 2011 old version S. Turbotax deluxe federal e file state 2011 old version Virgin Islands, Guam, American Samoa, or the Commonwealth of the Northern Mariana Islands, or who have employees who are subject to income tax withholding for any of these jurisdictions. Turbotax deluxe federal e file state 2011 old version Employers and employees in these areas are generally subject to social security and Medicare taxes under the Federal Insurance Contributions Act (FICA). Turbotax deluxe federal e file state 2011 old version See section 6 and section 7 for more information. Turbotax deluxe federal e file state 2011 old version This publication summarizes employer responsibilities to collect, pay, and report these taxes. Turbotax deluxe federal e file state 2011 old version Whenever the term “United States” is used in this publication, it includes U. Turbotax deluxe federal e file state 2011 old version S. Turbotax deluxe federal e file state 2011 old version Virgin Islands, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands. Turbotax deluxe federal e file state 2011 old version This publication also provides employers in the U. Turbotax deluxe federal e file state 2011 old version S. Turbotax deluxe federal e file state 2011 old version Virgin Islands with a summary of their responsibilities in connection with the tax under the Federal Unemployment Tax Act, known as FUTA tax. Turbotax deluxe federal e file state 2011 old version See section 11 for more information. Turbotax deluxe federal e file state 2011 old version Except as shown in the table in section 12, social security, Medicare, and FUTA taxes apply to every employer who pays taxable wages to employees or who has employees who report tips. Turbotax deluxe federal e file state 2011 old version This publication does not include information relating to the self-employment tax (for social security and Medicare of self-employed persons). Turbotax deluxe federal e file state 2011 old version See Publication 570, Tax Guide for Individuals With Income From U. Turbotax deluxe federal e file state 2011 old version S. Turbotax deluxe federal e file state 2011 old version Possessions, if you need this information. Turbotax deluxe federal e file state 2011 old version This publication also does not include information relating to income tax withholding. Turbotax deluxe federal e file state 2011 old version In U. Turbotax deluxe federal e file state 2011 old version S. Turbotax deluxe federal e file state 2011 old version Virgin Islands, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands, contact your local tax department for information about income tax withholding. Turbotax deluxe federal e file state 2011 old version See Publication 15 (Circular E), for information on U. Turbotax deluxe federal e file state 2011 old version S. Turbotax deluxe federal e file state 2011 old version federal income tax withholding. Turbotax deluxe federal e file state 2011 old version Comments and suggestions. Turbotax deluxe federal e file state 2011 old version   We welcome your comments about this publication and your suggestions for future editions. Turbotax deluxe federal e file state 2011 old version   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Turbotax deluxe federal e file state 2011 old version NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Turbotax deluxe federal e file state 2011 old version Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Turbotax deluxe federal e file state 2011 old version    You can also send us comments from www. Turbotax deluxe federal e file state 2011 old version irs. Turbotax deluxe federal e file state 2011 old version gov/formspubs. Turbotax deluxe federal e file state 2011 old version Click on More Information and then click on Comment on Tax Forms and Publications. Turbotax deluxe federal e file state 2011 old version   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. Turbotax deluxe federal e file state 2011 old version 1. Turbotax deluxe federal e file state 2011 old version Employer Identification Number (EIN) An employer identification number (EIN) is a nine-digit number that the IRS issues. Turbotax deluxe federal e file state 2011 old version Its format is 00-0000000. Turbotax deluxe federal e file state 2011 old version It is used to identify the tax accounts of employers and certain other organizations and entities that have no employees. Turbotax deluxe federal e file state 2011 old version Use your EIN on all of the items that you send to the IRS and SSA for your business. Turbotax deluxe federal e file state 2011 old version If you do not have an EIN, you may apply for one online. Turbotax deluxe federal e file state 2011 old version Go to IRS. Turbotax deluxe federal e file state 2011 old version gov and click on the Apply for an EIN Online link under Tools. Turbotax deluxe federal e file state 2011 old version You may also apply for an EIN by calling 1-800-829-4933, (U. Turbotax deluxe federal e file state 2011 old version S. Turbotax deluxe federal e file state 2011 old version Virgin Islands only) or 267-941-1099 (toll call), or you can fax or mail Form SS-4, Application for Employer Identification Number, to the IRS. Turbotax deluxe federal e file state 2011 old version Do not use a social security number (SSN) in place of an EIN. Turbotax deluxe federal e file state 2011 old version If you do not have an EIN by the time a return is due, file a paper return and enter “Applied For” and the date that you applied for it in the space shown for the number. Turbotax deluxe federal e file state 2011 old version If you took over another employer's business, do not use that employer's EIN. Turbotax deluxe federal e file state 2011 old version You should have only one EIN. Turbotax deluxe federal e file state 2011 old version If you have more than one, write to the IRS office where you file your returns using the “without a payment” address in the Instructions for Form 941-SS, Instructions for Form 944, or Instructions for Form 943. Turbotax deluxe federal e file state 2011 old version Or call the IRS Business & Specialty Tax Line at 1-800-829-4933 (U. Turbotax deluxe federal e file state 2011 old version S. Turbotax deluxe federal e file state 2011 old version Virgin Islands only) or 267-941-1000 (toll call). Turbotax deluxe federal e file state 2011 old version Persons who are deaf, hard of hearing, or have a speech disability (TDD/TTY users) in the U. Turbotax deluxe federal e file state 2011 old version S. Turbotax deluxe federal e file state 2011 old version Virgin Islands may call 1-800-829-4059. Turbotax deluxe federal e file state 2011 old version The IRS will tell you which EIN to use. Turbotax deluxe federal e file state 2011 old version For more information, see Publication 1635, Employer Identification Number: Understanding Your EIN, or Publication 583, Starting a Business and Keeping Records. Turbotax deluxe federal e file state 2011 old version 2. Turbotax deluxe federal e file state 2011 old version Who Are Employees? Generally, employees are defined either under common law or under special statutes for certain situations. Turbotax deluxe federal e file state 2011 old version See Publication 15-A, Employer's Supplemental Tax Guide, for details on statutory employees and nonemployees. Turbotax deluxe federal e file state 2011 old version Employee status under common law. Turbotax deluxe federal e file state 2011 old version   Generally, a worker who performs services for you is your employee if you can control what will be done and how it will be done. Turbotax deluxe federal e file state 2011 old version This is so even when you give the employee freedom of action. Turbotax deluxe federal e file state 2011 old version What matters is that you have the right to control the details of how the services are performed. Turbotax deluxe federal e file state 2011 old version See Publication 15-A for more information on how to determine whether an individual providing services is an independent contractor or an employee. Turbotax deluxe federal e file state 2011 old version    Generally, people in business for themselves are not employees. Turbotax deluxe federal e file state 2011 old version For example, doctors, lawyers, veterinarians, and others in an independent trade in which they offer their services to the public are usually not employees. Turbotax deluxe federal e file state 2011 old version However, if the business is incorporated, corporate officers who work in the business are employees of the corporation. Turbotax deluxe federal e file state 2011 old version   If an employer-employee relationship exists, it does not matter what it is called. Turbotax deluxe federal e file state 2011 old version The employee may be called an agent or independent contractor. Turbotax deluxe federal e file state 2011 old version It also does not matter how payments are measured or paid, what they are called, or if the employee works full or part time. Turbotax deluxe federal e file state 2011 old version Statutory employees. Turbotax deluxe federal e file state 2011 old version   There are also some special definitions of employees for social security, Medicare, and FUTA taxes. Turbotax deluxe federal e file state 2011 old version   While the following persons may not be common law employees, they are considered employees for social security and Medicare purposes if the conditions under Tests , discussed later, are met. Turbotax deluxe federal e file state 2011 old version a. Turbotax deluxe federal e file state 2011 old version   An agent (or commission) driver who delivers food or beverages (other than milk) or picks up and delivers laundry or dry cleaning for someone else. Turbotax deluxe federal e file state 2011 old version b. Turbotax deluxe federal e file state 2011 old version   A full-time life insurance salesperson who sells primarily for one company. Turbotax deluxe federal e file state 2011 old version c. Turbotax deluxe federal e file state 2011 old version   A homeworker who works by the guidelines of the person for whom the work is done, with materials furnished by and returned to that person or to someone that person designates. Turbotax deluxe federal e file state 2011 old version d. Turbotax deluxe federal e file state 2011 old version   A traveling or city salesperson (other than an agent-driver or commission-driver) who works full time (except for sideline sales activities) for one firm or person getting orders from customers. Turbotax deluxe federal e file state 2011 old version The orders must be for merchandise for resale or supplies for use in the customer's business. Turbotax deluxe federal e file state 2011 old version The customers must be retailers, wholesalers, contractors, or operators of hotels, restaurants, or other businesses dealing with food or lodging. Turbotax deluxe federal e file state 2011 old version Tests. Turbotax deluxe federal e file state 2011 old version   Withhold social security and Medicare taxes from statutory employees' wages if all three of the following tests apply. Turbotax deluxe federal e file state 2011 old version The service contract states or implies that almost all of the services are to be performed personally by them. Turbotax deluxe federal e file state 2011 old version They have little or no investment in the equipment and property used to perform the services (other than an investment in transportation facilities). Turbotax deluxe federal e file state 2011 old version The services are performed on a continuing basis for the same payer. Turbotax deluxe federal e file state 2011 old version Persons in a or d, earlier, are also employees for FUTA tax purposes if tests 1 through 3 are met (U. Turbotax deluxe federal e file state 2011 old version S. Turbotax deluxe federal e file state 2011 old version Virgin Islands only). Turbotax deluxe federal e file state 2011 old version   Publication 15-A gives examples of the employer-employee relationship. Turbotax deluxe federal e file state 2011 old version Statutory nonemployees. Turbotax deluxe federal e file state 2011 old version   Certain direct sellers, qualified real estate agents, and certain companion sitters are, by law, considered nonemployees. Turbotax deluxe federal e file state 2011 old version They are generally treated as self-employed for employment tax purposes. Turbotax deluxe federal e file state 2011 old version See Publication 15-A for details. Turbotax deluxe federal e file state 2011 old version H-2A agricultural workers. Turbotax deluxe federal e file state 2011 old version   On Form W-2, do not check box 13 (Statutory employee) as H-2A workers are not statutory employees. Turbotax deluxe federal e file state 2011 old version Treating employees as nonemployees. Turbotax deluxe federal e file state 2011 old version   If you incorrectly treated an employee as a nonemployee and did not withhold social security and Medicare taxes, you will be liable for the taxes. Turbotax deluxe federal e file state 2011 old version See Treating employees as nonemployees in section 2 of Publication 15 (Circular E), for details on Internal Revenue Code section 3509, which may apply. Turbotax deluxe federal e file state 2011 old version IRS help. Turbotax deluxe federal e file state 2011 old version   If you want the IRS to determine if a worker is an employee, file Form SS-8, Determination of Worker Status for Purposes of Federal Employment Taxes and Income Tax Withholding. Turbotax deluxe federal e file state 2011 old version Voluntary Classification Settlement Program (VCSP). Turbotax deluxe federal e file state 2011 old version   Employers who are currently treating their workers (or a class or group of workers) as independent contractors or other nonemployees and want to voluntarily reclassify their workers as employees for future tax periods may be eligible to participate in the VCSP if certain requirements are met. Turbotax deluxe federal e file state 2011 old version To apply, use Form 8952, Application for Voluntary Classification Settlement Program (VCSP). Turbotax deluxe federal e file state 2011 old version For more information, visit IRS. Turbotax deluxe federal e file state 2011 old version gov and enter “VCSP” in the search box. Turbotax deluxe federal e file state 2011 old version Business Owned and Operated by Spouses If you and your spouse jointly own and operate a business and share in the profits and losses, you are partners in a partnership, whether or not you have a formal partnership agreement. Turbotax deluxe federal e file state 2011 old version See Publication 541, Partnerships, for more details. Turbotax deluxe federal e file state 2011 old version The partnership is considered the employer of any employees, and is liable for any employment taxes due on wages paid to its employees. Turbotax deluxe federal e file state 2011 old version Exception—Qualified Joint Venture. Turbotax deluxe federal e file state 2011 old version   If you and your spouse materially participate as the only members of a jointly owned and operated business, and you file a joint Form 1040, U. Turbotax deluxe federal e file state 2011 old version S. Turbotax deluxe federal e file state 2011 old version Individual Income Tax Return, or joint Form 1040-SS, U. Turbotax deluxe federal e file state 2011 old version S. Turbotax deluxe federal e file state 2011 old version Self-Employment Tax Return—U. Turbotax deluxe federal e file state 2011 old version S. Turbotax deluxe federal e file state 2011 old version Virgin Islands, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands, or Puerto Rico, you can make a joint election to be taxed as a qualified joint venture instead of a partnership. Turbotax deluxe federal e file state 2011 old version See the Instructions for Schedule C (Form 1040) or the Instructions for Form 1040-SS. Turbotax deluxe federal e file state 2011 old version Spouses electing qualified joint venture status are treated as sole proprietors for federal tax purposes. Turbotax deluxe federal e file state 2011 old version Either of the sole proprietor spouses may report and pay the employment taxes due on wages paid to the employees, using the EIN of that spouse’s sole proprietorship. Turbotax deluxe federal e file state 2011 old version For more information on qualified joint ventures, visit IRS. Turbotax deluxe federal e file state 2011 old version gov and enter “qualified joint venture” in the search box. Turbotax deluxe federal e file state 2011 old version Farm Crew Leaders You are an employer of farmworkers if you are a crew leader. Turbotax deluxe federal e file state 2011 old version A crew leader is a person who furnishes and pays (either on his or her own behalf or on behalf of the farm operator) workers to do farmwork for the farm operator. Turbotax deluxe federal e file state 2011 old version If there is no written agreement between you and the farm operator stating that you are his or her employee, and if you pay the workers (either for yourself or for the farm operator), then you are a crew leader. Turbotax deluxe federal e file state 2011 old version 3. Turbotax deluxe federal e file state 2011 old version Employee's Social Security Number (SSN) An employee's social security number (SSN) consists of nine digits separated as follows: 000-00-0000. Turbotax deluxe federal e file state 2011 old version You must get each employee's name and SSN and enter them on Form W-2AS, W-2CM, W-2GU, or W-2VI. Turbotax deluxe federal e file state 2011 old version If you do not report the employee's correct name and SSN, you may owe a penalty unless you have reasonable cause. Turbotax deluxe federal e file state 2011 old version See Publication 1586, Reasonable Cause Regulations and Requirements for Missing and Incorrect Name/TINs, for information on the requirement to solicit the employee's SSN. Turbotax deluxe federal e file state 2011 old version Employee's social security card. Turbotax deluxe federal e file state 2011 old version   You should ask the employee to show you his or her social security card. Turbotax deluxe federal e file state 2011 old version The employee may show the card if it is available. Turbotax deluxe federal e file state 2011 old version Do not accept a social security card that says “Not valid for employment. Turbotax deluxe federal e file state 2011 old version ” A social security number issued with this legend does not permit employment. Turbotax deluxe federal e file state 2011 old version You may, but you are not required to, photocopy the social security card if the employee provides it. Turbotax deluxe federal e file state 2011 old version If an employee does not have a social security card or needs a new one, the employee should apply for one on Form SS-5 and submit the necessary documentation. Turbotax deluxe federal e file state 2011 old version The employee must complete and sign Form SS-5; it cannot be filed by the employer. Turbotax deluxe federal e file state 2011 old version You may be asked to supply a letter to accompany Form SS-5 if the employee has exceeded his or her yearly or lifetime limit for the number of replacement cards allowed. Turbotax deluxe federal e file state 2011 old version If your employee has applied for an SSN but has not received the card before you must file your Form W-2 reports, and you are filing your reports on paper, enter “Applied For” in box d. Turbotax deluxe federal e file state 2011 old version Enter all zeroes in the SSN field if filing electronically. Turbotax deluxe federal e file state 2011 old version When the employee receives the SSN, file Copy A of Form W-2c with SSA to show the employee's SSN. Turbotax deluxe federal e file state 2011 old version Correctly record the employee's name and SSN. Turbotax deluxe federal e file state 2011 old version   Record the name and number of each employee as they appear on his or her social security card. Turbotax deluxe federal e file state 2011 old version If the name is not correct as shown on the card (for example, because of marriage or divorce), the employee should request a corrected card from the SSA. Turbotax deluxe federal e file state 2011 old version Continue to use the old name until the employee shows you the replacement social security card with the corrected name. Turbotax deluxe federal e file state 2011 old version   If the SSA issues the employee a replacement card after a name change, or a new card with a different social security number after a change in alien work status, file a Form W-2c to correct the name/SSN reported on the most recently filed Form W-2AS, W-2CM, W-2GU, or W-2VI. Turbotax deluxe federal e file state 2011 old version It is not necessary to correct other years if the previous name and SSN were used for years before the most recent Form W-2. Turbotax deluxe federal e file state 2011 old version Where to get and file social security number application forms. Turbotax deluxe federal e file state 2011 old version    U. Turbotax deluxe federal e file state 2011 old version S. Turbotax deluxe federal e file state 2011 old version Virgin Islands—U. Turbotax deluxe federal e file state 2011 old version S. Turbotax deluxe federal e file state 2011 old version Social Security Administration, 8000 Nisky Center, First Floor, Suite 2, St. Turbotax deluxe federal e file state 2011 old version Thomas, VI 00802. Turbotax deluxe federal e file state 2011 old version  Guam—U. Turbotax deluxe federal e file state 2011 old version S. Turbotax deluxe federal e file state 2011 old version Social Security Administration, 655 Harmon Loop Road, Suite 300, Dededo, GU 96929. Turbotax deluxe federal e file state 2011 old version  American Samoa—U. Turbotax deluxe federal e file state 2011 old version S. Turbotax deluxe federal e file state 2011 old version Social Security Administration, Pago Plaza, Suite 117, Pago Pago, AS 96799. Turbotax deluxe federal e file state 2011 old version  Commonwealth of the Northern Mariana Islands—U. Turbotax deluxe federal e file state 2011 old version S. Turbotax deluxe federal e file state 2011 old version Social Security Administration, MH Building, Suite 201, Saipan, MP 96950. Turbotax deluxe federal e file state 2011 old version Verification of social security numbers. Turbotax deluxe federal e file state 2011 old version   Employers and authorized reporting agents can use the Social Security Number Verification Service (SSNVS) to instantly verify up to 10 names and SSNs (per screen) at a time, or submit an electronic file of up to 250,000 names and SSNs and usually receive the results the next business day. Turbotax deluxe federal e file state 2011 old version Visit www. Turbotax deluxe federal e file state 2011 old version socialsecurity. Turbotax deluxe federal e file state 2011 old version gov/employer/ssnv. Turbotax deluxe federal e file state 2011 old version htm for more information. Turbotax deluxe federal e file state 2011 old version Registering for SSNVS. Turbotax deluxe federal e file state 2011 old version   You must register online and receive authorization from your employer to use SSNVS. Turbotax deluxe federal e file state 2011 old version To register, visit SSA's website at www. Turbotax deluxe federal e file state 2011 old version ssa. Turbotax deluxe federal e file state 2011 old version gov/employer and click on the Business Services Online link. Turbotax deluxe federal e file state 2011 old version Follow the registration instructions to obtain a user identification (ID) and password. Turbotax deluxe federal e file state 2011 old version You will need to provide the following information about yourself and your company. Turbotax deluxe federal e file state 2011 old version Name. Turbotax deluxe federal e file state 2011 old version SSN. Turbotax deluxe federal e file state 2011 old version Date of birth. Turbotax deluxe federal e file state 2011 old version Type of employer. Turbotax deluxe federal e file state 2011 old version EIN. Turbotax deluxe federal e file state 2011 old version Company name, address, and telephone number. Turbotax deluxe federal e file state 2011 old version Email address. Turbotax deluxe federal e file state 2011 old version   When you have completed the online registration process, SSA will mail a one-time activation code to your employer. Turbotax deluxe federal e file state 2011 old version You must enter the activation code online to use SSNVS. Turbotax deluxe federal e file state 2011 old version 4. Turbotax deluxe federal e file state 2011 old version Wages and Other Compensation Generally, all wages are subject to social security and Medicare tax (and FUTA tax for U. Turbotax deluxe federal e file state 2011 old version S. Turbotax deluxe federal e file state 2011 old version Virgin Islands employers). Turbotax deluxe federal e file state 2011 old version However, wages subject to social security tax and FUTA tax are limited by a wage base amount that you pay to each employee for the year. Turbotax deluxe federal e file state 2011 old version The wage base for social security tax is $117,000 for 2014. Turbotax deluxe federal e file state 2011 old version After you pay $117,000 to an employee in 2014, including tips, do not withhold social security tax on any amount that you later pay to the employee for the year. Turbotax deluxe federal e file state 2011 old version The wage base for FUTA tax is $7,000 for 2014. Turbotax deluxe federal e file state 2011 old version All wages are subject to Medicare tax. Turbotax deluxe federal e file state 2011 old version The wages may be in cash or in other forms, such as an automobile for personal use. Turbotax deluxe federal e file state 2011 old version Wages include salaries, vacation allowances, bonuses, commissions, and fringe benefits. Turbotax deluxe federal e file state 2011 old version It does not matter how payments are measured or paid. Turbotax deluxe federal e file state 2011 old version See the table in section 12 for exceptions to social security, Medicare, and FUTA taxes on wages. Turbotax deluxe federal e file state 2011 old version See section 5 and section 6 for a discussion of how the rules apply to tips and farmworkers. Turbotax deluxe federal e file state 2011 old version Social security and Medicare taxes apply to most payments of sick pay, including payments by third parties such as insurance companies. Turbotax deluxe federal e file state 2011 old version Special rules apply to the reporting of third-party sick pay. Turbotax deluxe federal e file state 2011 old version For details, see Publication 15-A. Turbotax deluxe federal e file state 2011 old version Determine the value of noncash pay (such as goods, lodging, and meals) by its fair market value. Turbotax deluxe federal e file state 2011 old version However, see Fringe Benefits , later in this section. Turbotax deluxe federal e file state 2011 old version Except for farmworkers and household employees, this kind of pay may be subject to social security, Medicare, and FUTA taxes. Turbotax deluxe federal e file state 2011 old version Back pay, including retroactive wage increases (but not amounts paid as liquidated damages), is taxed as ordinary wages in the year paid. Turbotax deluxe federal e file state 2011 old version For information on reporting back pay to the Social Security Administration, see Publication 957, Reporting Back Pay and Special Wage Payments to the Social Security Administration. Turbotax deluxe federal e file state 2011 old version Travel and business expenses. Turbotax deluxe federal e file state 2011 old version   Payments to your employee for travel and other necessary expenses of your business generally are included in taxable wages if (a) your employee is not required to or does not substantiate timely those expenses to you with receipts or other documentation, or (b) you advance an amount to your employee for business expenses and your employee is not required to or does not return timely any amount that he or she does not substantiate. Turbotax deluxe federal e file state 2011 old version Sick pay. Turbotax deluxe federal e file state 2011 old version   In general, sick pay is any amount that you pay, under a plan that you take part in, to an employee because of sickness or injury. Turbotax deluxe federal e file state 2011 old version These amounts are sometimes paid by a third party, such as an insurance company. Turbotax deluxe federal e file state 2011 old version In either case, these payments are subject to social security and Medicare taxes (and FUTA tax for U. Turbotax deluxe federal e file state 2011 old version S. Turbotax deluxe federal e file state 2011 old version Virgin Islands employers). Turbotax deluxe federal e file state 2011 old version Sick pay becomes exempt from these taxes after the end of 6 calendar months after the calendar month the employee last worked for the employer. Turbotax deluxe federal e file state 2011 old version Publication 15-A explains the employment tax rules that apply to sick pay, disability benefits, and similar payments to employees. Turbotax deluxe federal e file state 2011 old version Fringe Benefits Generally, fringe benefits are includible in the gross income of an employee and are subject to employment taxes. Turbotax deluxe federal e file state 2011 old version Examples of fringe benefits include the use of an automobile, aircraft flights that you provide, free or discounted commercial airline flights, vacations, discounts on property or services, memberships in country clubs or other social clubs, and tickets to entertainment or sporting events. Turbotax deluxe federal e file state 2011 old version In general, the amount included in the employee's income is the excess of the fair market value of the benefit over the sum of any amount paid for it by the employee and any amount excluded by law. Turbotax deluxe federal e file state 2011 old version For more information, see Publication 15-B, Employer's Tax Guide to Fringe Benefits. Turbotax deluxe federal e file state 2011 old version When fringe benefits are treated as paid. Turbotax deluxe federal e file state 2011 old version   You can choose to treat certain noncash fringe benefits (including personal use of an automobile provided by you) as paid by the pay period, quarter, or on any other basis that you choose, but they must be treated as paid at least annually. Turbotax deluxe federal e file state 2011 old version You do not have to make a formal choice of payment dates or notify the IRS. Turbotax deluxe federal e file state 2011 old version You do not have to use the same basis for all employees. Turbotax deluxe federal e file state 2011 old version You may change methods as often as you like, as long as all benefits provided in a calendar year are treated as paid no later than December 31 of the calendar year. Turbotax deluxe federal e file state 2011 old version However, see Special accounting rule for fringe benefits provided during November and December , later in this section. Turbotax deluxe federal e file state 2011 old version   You can treat the value of a single taxable noncash fringe benefit as paid on one or more dates in the same calendar year, even if the employee gets the entire benefit at one time. Turbotax deluxe federal e file state 2011 old version However, once you elect the payment dates, you must report the taxes on your return in the same tax period in which you treated them as paid. Turbotax deluxe federal e file state 2011 old version This election does not apply to a fringe benefit where real property or investment personal property is transferred. Turbotax deluxe federal e file state 2011 old version Withholding social security and Medicare taxes on fringe benefits. Turbotax deluxe federal e file state 2011 old version   You add the value of fringe benefits to regular wages for a payroll period and figure social security and Medicare taxes on the total. Turbotax deluxe federal e file state 2011 old version   If you withhold less than the required amount of social security and Medicare taxes from the employee in a calendar year but report and pay the proper amount, you may recover the taxes from the employee. Turbotax deluxe federal e file state 2011 old version Depositing taxes on fringe benefits. Turbotax deluxe federal e file state 2011 old version   Once you choose payment dates for taxable noncash fringe benefits, you must deposit taxes in the same deposit period that you treat the fringe benefits as paid. Turbotax deluxe federal e file state 2011 old version You may make a reasonable estimate of the value of the fringe benefits. Turbotax deluxe federal e file state 2011 old version In general, the value of taxable noncash fringe benefits provided in a calendar year must be determined by January 31 of the following year. Turbotax deluxe federal e file state 2011 old version   You may claim a refund of overpayments or elect to have any overpayment applied to the next employment tax return. Turbotax deluxe federal e file state 2011 old version If deposits are underpaid, see Deposit Penalties in section 8. Turbotax deluxe federal e file state 2011 old version Valuation of vehicles provided to employees. Turbotax deluxe federal e file state 2011 old version    If you provide a vehicle to your employees, you may either determine the actual value of the benefit for the entire calendar year, taking into account the business use of the vehicle, or consider the entire use for the calendar year as personal and include 100% of the value of the vehicle in the employee's income. Turbotax deluxe federal e file state 2011 old version For reporting information to employees, see the box 14 instructions in the General Instructions for Forms W-2 and W-3. Turbotax deluxe federal e file state 2011 old version Special accounting rule for fringe benefits provided during November and December. Turbotax deluxe federal e file state 2011 old version   You may choose to treat the value of taxable noncash fringe benefits provided during November and December as paid in the next year. Turbotax deluxe federal e file state 2011 old version However, this applies only to those benefits that you actually provided during November and December, not to those you merely treated as paid during those months. Turbotax deluxe federal e file state 2011 old version   If you use this rule, you must notify each affected employee between the time of the employee's last paycheck of the calendar year and at or near the time that you give the employee Form W-2AS, W-2CM, W-2GU, or W-2VI. Turbotax deluxe federal e file state 2011 old version If you use the special accounting rule, your employee must also use it for the same period that you use it. Turbotax deluxe federal e file state 2011 old version You cannot use this rule for a fringe benefit of real property or tangible or intangible real property of a kind normally held for investment that is transferred to your employee. Turbotax deluxe federal e file state 2011 old version 5. Turbotax deluxe federal e file state 2011 old version Tips Tips that your employee receives from customers are generally subject to social security and Medicare withholding. Turbotax deluxe federal e file state 2011 old version Your employee must report cash tips to you by the 10th of the month after the month that the tips are received. Turbotax deluxe federal e file state 2011 old version The report should include tips you paid over to the employee for charge customers, tips the employee received directly from customers, and tips received from other employees under any tip-sharing arrangement. Turbotax deluxe federal e file state 2011 old version Both directly and indirectly tipped employees must report tips to you. Turbotax deluxe federal e file state 2011 old version The report should not include tips that the employee paid out to other employees. Turbotax deluxe federal e file state 2011 old version No report is required for months when tips are less than $20. Turbotax deluxe federal e file state 2011 old version Your employees report tips on Form 4070, Employee's Report of Tips to Employer, or on a similar statement. Turbotax deluxe federal e file state 2011 old version They may also use Form 4070A, Employee's Daily Record of Tips, to keep a record of their tips. Turbotax deluxe federal e file state 2011 old version Both forms are included in Publication 1244, Employee's Daily Record of Tips and Report to Employer, available at IRS. Turbotax deluxe federal e file state 2011 old version gov. Turbotax deluxe federal e file state 2011 old version The statement must be signed by the employee and must include: The employee's name, address, and SSN, Your name and address, The month or period that the report covers, and The total tips received during the month or period. Turbotax deluxe federal e file state 2011 old version You are permitted to establish a system for electronic tip reporting by employees. Turbotax deluxe federal e file state 2011 old version See Regulations section 31. Turbotax deluxe federal e file state 2011 old version 6053-1(d). Turbotax deluxe federal e file state 2011 old version Collecting taxes on tips. Turbotax deluxe federal e file state 2011 old version   You must collect the employee social security and Medicare taxes on the employee's tips. Turbotax deluxe federal e file state 2011 old version You can also collect these taxes from the employee's wages or from other funds that he or she makes available. Turbotax deluxe federal e file state 2011 old version Stop collecting the employee social security tax when his or her total wages and tips for 2014 reach $117,000. Turbotax deluxe federal e file state 2011 old version Collect the employee Medicare tax for the whole year on all wages and tips. Turbotax deluxe federal e file state 2011 old version   You are responsible for the employer social security tax on wages and tips until the wages (including tips) reach the wage base limit. Turbotax deluxe federal e file state 2011 old version You are responsible for the employer Medicare tax for the whole year on all wages and tips. Turbotax deluxe federal e file state 2011 old version File Form 941-SS (or Form 944) to report withholding and employer taxes on tips. Turbotax deluxe federal e file state 2011 old version The withholding rules for withholding an employee's share of Medicare tax on tips also apply to withholding the Additional Medicare Tax once wages and tips exceed $200,000 in the calendar year. Turbotax deluxe federal e file state 2011 old version Ordering rule. Turbotax deluxe federal e file state 2011 old version   If, by the 10th of the month after the month you received an employee's report on tips, you do not have enough employee funds available to deduct the employee social security and Medicare tax on tips, you no longer have to collect it and are not liable for it. Turbotax deluxe federal e file state 2011 old version Reporting tips. Turbotax deluxe federal e file state 2011 old version   Report tips and any collected and uncollected social security in boxes 1, 5, 7, and 12 on Forms W-2AS, W-2CM, W-2GU, or W-2VI and on Form 941-SS, lines 5b, 5c, and 5d (Form 944, lines 4b, 4c, and 4d). Turbotax deluxe federal e file state 2011 old version Do not include any uncollected Additional Medicare Tax in box 12 of Form W-2. Turbotax deluxe federal e file state 2011 old version Report an adjustment on Form 941-SS, line 9 (Form 944, line 6), for the uncollected social security and Medicare taxes. Turbotax deluxe federal e file state 2011 old version The table in section 12 shows how tips are treated for FUTA tax purposes. Turbotax deluxe federal e file state 2011 old version   Revenue Ruling 2012-18 provides guidance for employers regarding social security and Medicare taxes imposed on tips, including information on the reporting of the employer share of social security and Medicare taxes under section 3121(q), the difference between tips and service charges, and the section 45B credit. Turbotax deluxe federal e file state 2011 old version See Revenue Ruling 2012-18, 2012-26 I. Turbotax deluxe federal e file state 2011 old version R. Turbotax deluxe federal e file state 2011 old version B. Turbotax deluxe federal e file state 2011 old version 1032, available at www. Turbotax deluxe federal e file state 2011 old version irs. Turbotax deluxe federal e file state 2011 old version gov/irb/2012-26_IRB/ar07. Turbotax deluxe federal e file state 2011 old version html. Turbotax deluxe federal e file state 2011 old version 6. Turbotax deluxe federal e file state 2011 old version Social Security and Medicare Taxes for Farmworkers The tests described below apply only to services that are defined as agricultural labor (farmwork). Turbotax deluxe federal e file state 2011 old version In general, you are an employer of farmworkers if your employees: Raise or harvest agricultural or horticultural products on your farm (including the raising and feeding of livestock); Work in connection with the operation, management, conservation, improvement, or maintenance of your farm and its tools and equipment; Provide services relating to salvaging timber, or clearing land of brush and other debris, left by a hurricane (also known as hurricane labor); Handle, process, or package any agricultural or horticultural commodity if you produced over half of the commodity (for a group of up to 20 unincorporated operators, all of the commodity); or Do work for you related to cotton ginning, turpentine, gum resin products, or the operation and maintenance of irrigation facilities. Turbotax deluxe federal e file state 2011 old version For this purpose, the term “farm” includes stock, dairy, poultry, fruit, fur-bearing animal, and truck farms, as well as plantations, ranches, nurseries, ranges, greenhouses or other similar structures used primarily for the raising of agricultural or horticultural commodities, and orchards. Turbotax deluxe federal e file state 2011 old version Farmwork does not include reselling activities that do not involve any substantial activity of raising agricultural or horticultural commodities, such as a retail store or a greenhouse used primarily for display or storage. Turbotax deluxe federal e file state 2011 old version A “share farmer” working for you is not your employee. Turbotax deluxe federal e file state 2011 old version However, the share farmer may be subject to self-employment tax. Turbotax deluxe federal e file state 2011 old version In general, share farming is an arrangement in which certain commodity products are shared between the farmer and the owner (or tenant) of the land. Turbotax deluxe federal e file state 2011 old version For details, see Regulations section 31. Turbotax deluxe federal e file state 2011 old version 3121(b)(16)-1. Turbotax deluxe federal e file state 2011 old version The $150 Test or the $2,500 Test All cash wages that you pay to any employee for farmwork are subject to social security and Medicare taxes if either of the following two tests is met. Turbotax deluxe federal e file state 2011 old version You pay cash wages to the employee of $150 or more in a year (count all cash wages paid on a time, piecework, or other basis) for farmwork. Turbotax deluxe federal e file state 2011 old version The $150 test applies separately to each farmworker that you employ. Turbotax deluxe federal e file state 2011 old version If you employ a family of workers, each member is treated separately. Turbotax deluxe federal e file state 2011 old version Do not count wages paid by other employers. Turbotax deluxe federal e file state 2011 old version The total that you pay for farmwork (cash and noncash) to all of your employees is $2,500 or more during the year. Turbotax deluxe federal e file state 2011 old version Exceptions. Turbotax deluxe federal e file state 2011 old version   The $150 and $2,500 tests do not apply to wages that you pay to a farmworker who receives less than $150 in annual cash wages and the wages are not subject to social security and Medicare taxes even if you pay $2,500 or more in that year to all of your farmworkers if the farmworker: Is employed in agriculture as a hand-harvest laborer, Is paid piece rates in an operation that is usually paid on a piece-rate basis in the region of employment, Commutes daily from his or her home to the farm, and Had been employed in agriculture less than 13 weeks in the preceding calendar year. Turbotax deluxe federal e file state 2011 old version   Amounts that you pay to these seasonal farmworkers, however, count toward the $2,500-or-more test to determine whether wages that you pay to other farmworkers are subject to social security and Medicare taxes. Turbotax deluxe federal e file state 2011 old version 7. Turbotax deluxe federal e file state 2011 old version How To Figure Social Security and Medicare Taxes The tax rate for social security is 6. Turbotax deluxe federal e file state 2011 old version 2% (amount withheld) each for the employer and employee (12. Turbotax deluxe federal e file state 2011 old version 4% total). Turbotax deluxe federal e file state 2011 old version The social security wage base limit is $117,000. Turbotax deluxe federal e file state 2011 old version The tax rate for Medicare is 1. Turbotax deluxe federal e file state 2011 old version 45% (amount withheld) each for the employee and employer (2. Turbotax deluxe federal e file state 2011 old version 9% total). Turbotax deluxe federal e file state 2011 old version There is no wage base limit for Medicare tax; all covered wages are subject to Medicare tax. Turbotax deluxe federal e file state 2011 old version Multiply each wage payment by these percentages to figure the tax to withhold from employees. Turbotax deluxe federal e file state 2011 old version Employers report both the employee and employer shares on Forms 941-SS, 944, or Form 943 (farm employment). Turbotax deluxe federal e file state 2011 old version See section 5 for information on tips. Turbotax deluxe federal e file state 2011 old version Additional Medicare Tax withholding. Turbotax deluxe federal e file state 2011 old version   In addition to withholding Medicare tax at 1. Turbotax deluxe federal e file state 2011 old version 45%, you must withhold a 0. Turbotax deluxe federal e file state 2011 old version 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. Turbotax deluxe federal e file state 2011 old version 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 deluxe federal e file state 2011 old version Additional Medicare Tax is only imposed on the employee. Turbotax deluxe federal e file state 2011 old version There is no employer share of Additional Medicare Tax. Turbotax deluxe federal e file state 2011 old version 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 deluxe federal e file state 2011 old version   For more information on what wages are subject to Medicare tax, see the chart Special Rules for Various Types of Employment and Payments in section 12. Turbotax deluxe federal e file state 2011 old version For more information on Additional Medicare Tax, visit IRS. Turbotax deluxe federal e file state 2011 old version gov and enter “Additional Medicare Tax” in the search box. Turbotax deluxe federal e file state 2011 old version Deducting the tax. Turbotax deluxe federal e file state 2011 old version   Deduct the employee tax from each wage payment. Turbotax deluxe federal e file state 2011 old version If you are not sure that the wages that you pay to a farmworker during the year will be taxable, you may either deduct the tax when you make the payments or wait until the $2,500 test or the $150 test explained in section 6 has been met. Turbotax deluxe federal e file state 2011 old version Employee's portion of taxes paid by employer. Turbotax deluxe federal e file state 2011 old version   If you pay your employee's social security and Medicare taxes without deducting them from the employee's pay, you must include the amount of the payments in the employee's wages for social security and Medicare taxes. Turbotax deluxe federal e file state 2011 old version This increase in the employee's wage payment for your payment of the employee's social security and Medicare taxes is also subject to employee social security and Medicare taxes. Turbotax deluxe federal e file state 2011 old version This again increases the amount of the additional taxes that you must pay. Turbotax deluxe federal e file state 2011 old version Household and agricultural employers. Turbotax deluxe federal e file state 2011 old version   This discussion does not apply to household and agricultural employers. Turbotax deluxe federal e file state 2011 old version If you pay a household or agricultural employee's social security and Medicare taxes, these payments must be included in the employee's wages. Turbotax deluxe federal e file state 2011 old version However, this wage increase due to the tax payments is not subject to social security or Medicare taxes as discussed in this section. Turbotax deluxe federal e file state 2011 old version See Publication 15-A for details. Turbotax deluxe federal e file state 2011 old version Sick pay payments. Turbotax deluxe federal e file state 2011 old version   Social security and Medicare taxes apply to most payments of sick pay, including payments made by third parties such as insurance companies. Turbotax deluxe federal e file state 2011 old version For details on third-party payers of sick pay, see Publication 15-A. Turbotax deluxe federal e file state 2011 old version 8. Turbotax deluxe federal e file state 2011 old version Depositing Taxes You must deposit social security and Medicare taxes if your tax liability (Form 941-SS, line 10; Form 944, line 7; or Form 943, line 11) is $2,500 or more for the tax return period. Turbotax deluxe federal e file state 2011 old version You must make the deposit by electronic funds transfer. Turbotax deluxe federal e file state 2011 old version For more information about electronic funds transfers, see How To Deposit , later in this section. Turbotax deluxe federal e file state 2011 old version Payment with Return $2,500 rule. Turbotax deluxe federal e file state 2011 old version   Instead of making deposits during the current quarter, you can pay your total Form 941-SS tax liability when you timely file Form 941-SS if: Your total Form 941-SS tax liability for either the current quarter or the preceding quarter is less than $2,500 and You do not incur a $100,000 next-day deposit obligation during the current quarter. Turbotax deluxe federal e file state 2011 old version   If you are not sure your total liability for the current quarter will be less than $2,500, (and your liability for the preceding quarter was not less than $2,500), make deposits using the semiweekly or monthly rules so you won't be subject to failure to deposit penalties. Turbotax deluxe federal e file state 2011 old version Employers who have been notified to file Form 944 can pay their tax liability due for the fourth quarter with Form 944, if their fourth quarter tax liability is less than $2,500. Turbotax deluxe federal e file state 2011 old version Employers must have deposited any tax liability due for the first, second, and third quarters, according to the deposit rules, in order to avoid failure-to-deposit penalties for deposits due during those quarters. Turbotax deluxe federal e file state 2011 old version Only monthly schedule depositors are allowed to make an Accuracy of Deposits Rule payment with the return. Turbotax deluxe federal e file state 2011 old version Semiweekly schedule depositors must timely deposit the amount. Turbotax deluxe federal e file state 2011 old version See Accuracy of Deposits Rule and How To Deposit, later in this section. Turbotax deluxe federal e file state 2011 old version When To Deposit Under the rules discussed below, the only difference between farm and nonfarm workers' employment tax deposit rules is the lookback period. Turbotax deluxe federal e file state 2011 old version Therefore, farm and nonfarm workers are discussed together except where noted. Turbotax deluxe federal e file state 2011 old version Depending on your total taxes reported during a lookback period (discussed later), you are either a monthly schedule depositor or a semiweekly schedule depositor. Turbotax deluxe federal e file state 2011 old version The terms “monthly schedule depositor” and “semiweekly schedule depositor” do not refer to how often you pay your employees or how often you are required to make deposits. Turbotax deluxe federal e file state 2011 old version The terms identify which set of rules that you must follow when a tax liability arises (for example, when you have a payday). Turbotax deluxe federal e file state 2011 old version You will need to determine your deposit schedule for a calendar year based on the total employment taxes reported on Forms 941-SS, line 10; Form 944, line 7; or Form 943, line 9, for your lookback period (defined below). Turbotax deluxe federal e file state 2011 old version If you filed both Forms 941-SS and 941 during the lookback period, combine the tax liabilities for these returns for purposes of determining your deposit schedule. Turbotax deluxe federal e file state 2011 old version Determine your deposit schedule for Form 943 separately from Forms 941-SS and 941. Turbotax deluxe federal e file state 2011 old version Lookback period for employers of nonfarm workers. Turbotax deluxe federal e file state 2011 old version   The lookback period for Form 941-SS (or Form 941) consists of four quarters beginning July 1 of the second preceding year and ending June 30 of the prior year. Turbotax deluxe federal e file state 2011 old version These four quarters are your lookback period even if you did not report any taxes for any of the quarters. Turbotax deluxe federal e file state 2011 old version For 2014, the lookback period is July 1, 2012, through June 30, 2013. Turbotax deluxe federal e file state 2011 old version    Table 1. Turbotax deluxe federal e file state 2011 old version Lookback Period for Calendar Year 2014 Lookback Period July 1, 2012 Oct. Turbotax deluxe federal e file state 2011 old version 1, 2012 Jan. Turbotax deluxe federal e file state 2011 old version 1, 2013 Apr. Turbotax deluxe federal e file state 2011 old version 1, 2013 through through through through Sep. Turbotax deluxe federal e file state 2011 old version 30, 2012 Dec. Turbotax deluxe federal e file state 2011 old version 31, 2012 Mar. Turbotax deluxe federal e file state 2011 old version 31, 2013 June 30, 2013    The lookback period for Form 944 is the second calendar year preceding the current calendar year. Turbotax deluxe federal e file state 2011 old version For example, the lookback period for calendar year 2014 is calendar year 2012. Turbotax deluxe federal e file state 2011 old version In addition, for employers who filed Form 944 for 2012 or for 2013 and will file Form 941-SS (or Form 941) for 2014, the lookback period for 2014 is the second calendar year preceding the current calendar year, that is, 2012. Turbotax deluxe federal e file state 2011 old version Lookback period for employers of farmworkers. Turbotax deluxe federal e file state 2011 old version   The lookback period for Form 943 is the second calendar year preceding the current calendar year. Turbotax deluxe federal e file state 2011 old version The lookback period for calendar year 2014 is calendar year 2012. Turbotax deluxe federal e file state 2011 old version Adjustments to lookback period taxes. Turbotax deluxe federal e file state 2011 old version   To determine your taxes for the lookback period, use only the tax that you reported on the original returns (Forms 941-SS, 943, or 944). Turbotax deluxe federal e file state 2011 old version Do not include any adjustments shown on Form 941-X, 943-X, or 944-X. Turbotax deluxe federal e file state 2011 old version Example. Turbotax deluxe federal e file state 2011 old version   An employer originally reported total taxes of $45,000 for the lookback period. Turbotax deluxe federal e file state 2011 old version The employer discovered during January 2014 that the tax reported during the lookback period was understated by $10,000 and corrected this error by filing Form 941-X. Turbotax deluxe federal e file state 2011 old version The employer is a monthly schedule depositor for 2014 because the lookback period tax liabilities are based on the amounts originally reported, and they were $50,000 or less. Turbotax deluxe federal e file state 2011 old version Deposit Period The term “deposit period” refers to the period during which tax liabilities are accumulated for each required deposit due date. Turbotax deluxe federal e file state 2011 old version For monthly schedule depositors, the deposit period is a calendar month. Turbotax deluxe federal e file state 2011 old version The deposit periods for semiweekly schedule depositors are Wednesday through Friday and Saturday through Tuesday. Turbotax deluxe federal e file state 2011 old version Monthly Deposit Schedule If your total tax reported for the lookback period is $50,000 or less, you are a monthly schedule depositor for the current year. Turbotax deluxe federal e file state 2011 old version You must deposit taxes on wage payments made during a calendar month by the 15th day of the following month. Turbotax deluxe federal e file state 2011 old version New employers. Turbotax deluxe federal e file state 2011 old version   Your tax liability for any quarter in the lookback period before the date you started or acquired your business is considered to be zero. Turbotax deluxe federal e file state 2011 old version Therefore, you are a monthly schedule depositor for the first calendar year of your business (but see the $100,000 Next-Day Deposit Rule , later in this section). Turbotax deluxe federal e file state 2011 old version Semiweekly Deposit Schedule If your total tax reported for the lookback period is more than $50,000, you are a semiweekly schedule depositor for the current year. Turbotax deluxe federal e file state 2011 old version If you are a semiweekly schedule depositor, you must deposit on Wednesday and/or Friday, depending on what day of the week that you make wage payments, as follows. Turbotax deluxe federal e file state 2011 old version Deposit taxes on wage payments made on Wednesday, Thursday, and/or Friday by the following Wednesday. Turbotax deluxe federal e file state 2011 old version Deposit taxes on wage payments made on Saturday, Sunday, Monday, and/or Tuesday by the following Friday. Turbotax deluxe federal e file state 2011 old version Semiweekly depositors are generally not required to deposit twice a week if their payments were in the same semiweekly period unless the $100,000 Next-Day Deposit Rule , discussed later in this section, applies. Turbotax deluxe federal e file state 2011 old version For example, if you made a payment on both Wednesday and Friday and incurred taxes of $10,000 for each pay date, deposit the $20,000 on the following Wednesday. Turbotax deluxe federal e file state 2011 old version If you made no additional payments on Saturday through Tuesday, no deposit is due on Friday. Turbotax deluxe federal e file state 2011 old version Semiweekly deposit period spanning two quarters. Turbotax deluxe federal e file state 2011 old version   If you have more than one pay date during a semiweekly period and the pay dates fall in different calendar quarters, you will need to make separate deposits for the separate liabilities. Turbotax deluxe federal e file state 2011 old version Example. Turbotax deluxe federal e file state 2011 old version   If you have a pay date on Monday, March 31, 2014 (first quarter), and another pay date on Tuesday, April 1, 2014 (second quarter), two separate deposits will be required even though the pay dates fall within the same semiweekly period. Turbotax deluxe federal e file state 2011 old version Both deposits will be due on Friday, April 4, 2014 (3 business days from the end of the semiweekly deposit period). Turbotax deluxe federal e file state 2011 old version Examples of Monthly and Semiweekly Schedules Employers of nonfarm workers. Turbotax deluxe federal e file state 2011 old version   Rose Co. Turbotax deluxe federal e file state 2011 old version reported Form 941-SS taxes as follows: 2013 Lookback Period 3rd Quarter 2011 $12,000 4th Quarter 2011 12,000 1st Quarter 2012 12,000 2nd Quarter 2012 12,000   $48,000 2014 Lookback Period 3rd Quarter 2012 $12,000 4th Quarter 2012 12,000 1st Quarter 2013 12,000 2nd Quarter 2013 15,000   $51,000 Rose Co. Turbotax deluxe federal e file state 2011 old version is a monthly schedule depositor for 2013 because its taxes for the four quarters in its lookback period ($48,000 for the 3rd quarter of 2011 through the 2nd quarter of 2012) were not more than $50,000. Turbotax deluxe federal e file state 2011 old version However, for 2014, Rose Co. Turbotax deluxe federal e file state 2011 old version is a semiweekly schedule depositor because the total taxes for the four quarters in its lookback period ($51,000 for the 3rd quarter of 2012 through the 2nd quarter of 2013) exceeded $50,000. Turbotax deluxe federal e file state 2011 old version Employers of farmworkers. Turbotax deluxe federal e file state 2011 old version   Red Co. Turbotax deluxe federal e file state 2011 old version reported taxes on its 2012 Form 943, line 9, of $48,000. Turbotax deluxe federal e file state 2011 old version On its 2013 Form 943, line 11, it reported taxes of $60,000. Turbotax deluxe federal e file state 2011 old version   Red Co. Turbotax deluxe federal e file state 2011 old version is a monthly schedule depositor for 2014 because its taxes for its lookback period ($48,000 for calendar year 2012) were not more than $50,000. Turbotax deluxe federal e file state 2011 old version However, for 2015, Red Co. Turbotax deluxe federal e file state 2011 old version is a semiweekly schedule depositor because the total taxes for its lookback period ($60,000 for calendar year 2013) exceeded $50,000. Turbotax deluxe federal e file state 2011 old version New agricultural employers. Turbotax deluxe federal e file state 2011 old version   New agricultural employers filing Form 943 are monthly schedule depositors for the first and second calendar years of their business because their taxes for the lookback period (2 years) are considered to be zero. Turbotax deluxe federal e file state 2011 old version However, see the $100,000 Next-Day Deposit Rule , later in this section. Turbotax deluxe federal e file state 2011 old version Deposits on Business Days Only If a deposit due date falls on a day that is not a business day, the deposit is considered timely if it is made by the close of the next business day. Turbotax deluxe federal e file state 2011 old version A business day is any day other than a Saturday, Sunday, or legal holiday. Turbotax deluxe federal e file state 2011 old version For example, if a deposit is required to be made on Friday, but Friday is a legal holiday, the deposit is considered timely if it is made by the following Monday (if Monday is a business day). Turbotax deluxe federal e file state 2011 old version Semiweekly schedule depositors have at least 3 business days to make a deposit. Turbotax deluxe federal e file state 2011 old version If any of the 3 weekdays after the end of a semiweekly period is a legal holiday, you will have an additional day for each day that is a legal holiday to make the required deposit. Turbotax deluxe federal e file state 2011 old version For example, if a semiweekly schedule depositor accumulated taxes for payments made on Friday and the following Monday is a legal holiday, the deposit normally due on Wednesday may be made on Thursday (this allows 3 business days to make the deposit). Turbotax deluxe federal e file state 2011 old version Legal holiday. Turbotax deluxe federal e file state 2011 old version   The term “legal holiday” means any legal holiday in the District of Columbia. Turbotax deluxe federal e file state 2011 old version Legal holidays for 2014 are listed below. Turbotax deluxe federal e file state 2011 old version January 1—New Year's Day January 20—Birthday of Martin Luther King, Jr. Turbotax deluxe federal e file state 2011 old version February 17—Washington's Birthday April 16—District of Columbia Emancipation Day May 26—Memorial Day July 4—Independence Day September 1—Labor Day October 13—Columbus Day November 11—Veterans Day November 27—Thanksgiving Day December 25—Christmas Day Application of Monthly and Semiweekly Schedules The following examples illustrate the procedure for determining the deposit date under the two different deposit schedules. Turbotax deluxe federal e file state 2011 old version Monthly schedule example. Turbotax deluxe federal e file state 2011 old version   Spruce Co. Turbotax deluxe federal e file state 2011 old version is a monthly schedule depositor with seasonal employees. Turbotax deluxe federal e file state 2011 old version It paid wages each Friday during August but did not pay any wages during September. Turbotax deluxe federal e file state 2011 old version Under the monthly deposit schedule, Spruce Co. Turbotax deluxe federal e file state 2011 old version must deposit the combined tax liabilities for the four August paydays by September 15. Turbotax deluxe federal e file state 2011 old version Spruce Co. Turbotax deluxe federal e file state 2011 old version does not have a deposit requirement for September (due by October 15) because no wages were paid and, therefore, it did not have a tax liability for September. Turbotax deluxe federal e file state 2011 old version Semiweekly schedule example. Turbotax deluxe federal e file state 2011 old version   Green, Inc. Turbotax deluxe federal e file state 2011 old version is a semiweekly schedule depositor and pays wages once each month on the last Friday of the month. Turbotax deluxe federal e file state 2011 old version Although Green, Inc. Turbotax deluxe federal e file state 2011 old version , has a semiweekly deposit schedule, it will deposit just once a month because it pays wages only once a month. Turbotax deluxe federal e file state 2011 old version The deposit, however, will be made under the semiweekly deposit schedule as follows: Green, Inc. Turbotax deluxe federal e file state 2011 old version ’s tax liability for the April 25, 2014 (Friday), payday must be deposited by April 30, 2014 (Wednesday). Turbotax deluxe federal e file state 2011 old version Under the semiweekly deposit schedule, liabilities for wages paid on Wednesday through Friday must be deposited by the following Wednesday. Turbotax deluxe federal e file state 2011 old version $100,000 Next-Day Deposit Rule If you accumulate taxes of $100,000 or more on any day during a deposit period, you must deposit by the close of the next business day, whether you are a monthly or a semiweekly schedule depositor. Turbotax deluxe federal e file state 2011 old version For purposes of the $100,000 rule, do not continue accumulating taxes after the end of a deposit period. Turbotax deluxe federal e file state 2011 old version For example, if a semiweekly schedule depositor has accumulated taxes of $95,000 on Tuesday and $10,000 on Wednesday, the $100,000 next-day deposit rule does not apply because the $10,000 is accumulated in the next deposit period. Turbotax deluxe federal e file state 2011 old version Thus, $95,000 must be deposited by Friday and $10,000 must be deposited by the following Wednesday. Turbotax deluxe federal e file state 2011 old version However, once you accumulate at least $100,000 in a deposit period, stop accumulating at the end of that day and begin to accumulate anew on the next day. Turbotax deluxe federal e file state 2011 old version For example, Fir Co. Turbotax deluxe federal e file state 2011 old version is a semiweekly schedule depositor. Turbotax deluxe federal e file state 2011 old version On Monday, Fir Co. Turbotax deluxe federal e file state 2011 old version accumulates taxes of $110,000 and must deposit on Tuesday, the next business day. Turbotax deluxe federal e file state 2011 old version On Tuesday, Fir Co. Turbotax deluxe federal e file state 2011 old version accumulates additional taxes of $30,000. Turbotax deluxe federal e file state 2011 old version Because the $30,000 is not added to the previous $110,000 and is less than $100,000, Fir Co. Turbotax deluxe federal e file state 2011 old version does not have to deposit the $30,000 until Friday (following the semiweekly deposit schedule). Turbotax deluxe federal e file state 2011 old version If you are a monthly schedule depositor and you accumulate a $100,000 tax liability on any day during a month, you become a semiweekly schedule depositor on the next day and remain so for the remainder of the calendar year and for the following calendar year. Turbotax deluxe federal e file state 2011 old version Example. Turbotax deluxe federal e file state 2011 old version   Elm, Inc. Turbotax deluxe federal e file state 2011 old version started its business on May 1, 2014. Turbotax deluxe federal e file state 2011 old version On May 8, it paid wages for the first time and accumulated a tax liability of $40,000. Turbotax deluxe federal e file state 2011 old version On Friday, May 9, Elm, Inc. Turbotax deluxe federal e file state 2011 old version paid wages and accumulated a liability of $60,000, making its accumulated Form 941-SS tax liability total $100,000. Turbotax deluxe federal e file state 2011 old version Elm, Inc. Turbotax deluxe federal e file state 2011 old version must deposit $100,000 by Monday, May 12, the next business day. Turbotax deluxe federal e file state 2011 old version Because this was the first year of its business, the tax liability for its lookback period is considered to be zero, and it would be a monthly schedule depositor based on the lookback rules. Turbotax deluxe federal e file state 2011 old version However, because Elm, Inc. Turbotax deluxe federal e file state 2011 old version accumulated $100,000 on May 9, it became a semiweekly schedule depositor on May 10. Turbotax deluxe federal e file state 2011 old version It will be a semiweekly schedule depositor for the remainder of 2014 and for 2015. Turbotax deluxe federal e file state 2011 old version Accuracy of Deposits Rule You are required to deposit 100% of your tax liability on or before the deposit due date. Turbotax deluxe federal e file state 2011 old version However, penalties will not be applied for depositing less than 100% if both of the following conditions are met. Turbotax deluxe federal e file state 2011 old version Any deposit shortfall does not exceed the greater of $100 or 2% of the amount of taxes otherwise required to be deposited, and The deposit shortfall is paid or deposited by the shortfall makeup date as described below. Turbotax deluxe federal e file state 2011 old version Makeup date for deposit shortfall: Monthly schedule depositor. Turbotax deluxe federal e file state 2011 old version Deposit or pay the shortfall by the due date of your Form 941-SS, 944, or 943 for the period in which the shortfall occurred. Turbotax deluxe federal e file state 2011 old version You may pay the shortfall with your return even if the amount is $2,500 or more. Turbotax deluxe federal e file state 2011 old version Semiweekly schedule depositor. Turbotax deluxe federal e file state 2011 old version Deposit by the earlier of: The first Wednesday or Friday (whichever comes first) that comes on or after the 15th of the month following the month in which the shortfall occurred, or The return due date for the period in which the shortfall occurred. Turbotax deluxe federal e file state 2011 old version For example, if a semiweekly schedule depositor filing Form 941-SS has a deposit shortfall during July 2014, the shortfall makeup date is August 15, 2014 (Friday). Turbotax deluxe federal e file state 2011 old version However, if the shortfall occurred on the required April 2 (Wednesday), deposit date for a March 28 (Friday) pay date, the return due date for the March 28 pay date (April 30) would come before the May 16 (Friday) shortfall makeup date. Turbotax deluxe federal e file state 2011 old version In this case, the shortfall must be deposited by April 30, 2014. Turbotax deluxe federal e file state 2011 old version Employers of Both Farm and Nonfarm Workers If you employ both farm and nonfarm workers, you must treat employment taxes for the farmworkers (Form 943 taxes) separately from employment taxes for the nonfarm workers (Form 941-SS or 944 taxes). Turbotax deluxe federal e file state 2011 old version Form 943 taxes and Form 941-SS (or Form 944) taxes are not combined for purposes of applying any of the deposit rules. Turbotax deluxe federal e file state 2011 old version If a deposit is due, deposit the Form 941-SS (or Form 944) taxes and Form 943 taxes separately, as discussed next. Turbotax deluxe federal e file state 2011 old version How To Deposit You must deposit employment taxes by electronic funds transfer. Turbotax deluxe federal e file state 2011 old version See Payment with Return , earlier in this section, for exceptions explaining when taxes may be paid with the tax return instead of being deposited. Turbotax deluxe federal e file state 2011 old version Electronic deposit requirement. Turbotax deluxe federal e file state 2011 old version   You must use electronic funds transfer to make all federal tax deposits (such as deposits of employment tax, excise tax, and corporate income tax). Turbotax deluxe federal e file state 2011 old version Generally, electronic fund transfers are made using the Electronic Federal Tax Payment System (EFTPS). Turbotax deluxe federal e file state 2011 old version 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 deluxe federal e file state 2011 old version   EFTPS is a free service provided by the Department of the Treasury. Turbotax deluxe federal e file state 2011 old version To get more information or to enroll in EFTPS, call 1-800-555-4477 (U. Turbotax deluxe federal e file state 2011 old version S. Turbotax deluxe federal e file state 2011 old version Virgin Islands only) or 303-967-5916 (toll call). Turbotax deluxe federal e file state 2011 old version You can also visit the EFTPS website at www. Turbotax deluxe federal e file state 2011 old version eftps. Turbotax deluxe federal e file state 2011 old version gov. Turbotax deluxe federal e file state 2011 old version Additional information about EFTPS is also available in Publication 966. Turbotax deluxe federal e file state 2011 old version When you receive your EIN. Turbotax deluxe federal e file state 2011 old version   If you are a new employer that indicated a federal tax obligation when requesting an EIN, you will be pre-enrolled in EFTPS. Turbotax deluxe federal e file state 2011 old version You will receive information about Express Enrollment in your Employer Identification Number (EIN) Package and an additional mailing containing your EFTPS personal identification number (PIN) and instructions for activating your PIN. Turbotax deluxe federal e file state 2011 old version Follow the steps in your “How to Activate Your Enrollment” brochure to activate your enrollment and begin making your payroll tax deposits. Turbotax deluxe federal e file state 2011 old version If you outsource any of your payroll and related tax duties to a third party payer, such as a payroll service provider or reporting agent, be sure to tell them about your EFTPS enrollment. Turbotax deluxe federal e file state 2011 old version Deposit record. Turbotax deluxe federal e file state 2011 old version   For your records, an Electronic Funds Transfer (EFT) Trace Number will be provided with each successful payment. Turbotax deluxe federal e file state 2011 old version The number can be used as a receipt or to trace the payment. Turbotax deluxe federal e file state 2011 old version Depositing on time. Turbotax deluxe federal e file state 2011 old version   For deposits made by EFTPS to be on time, you must initiate the deposit by 8 p. Turbotax deluxe federal e file state 2011 old version m. Turbotax deluxe federal e file state 2011 old version Eastern time the day before the date the deposit is due. Turbotax deluxe federal e file state 2011 old version If you use a third party to make deposits on your behalf, they may have different cutoff times. Turbotax deluxe federal e file state 2011 old version Same-day payment option. Turbotax deluxe federal e file state 2011 old version   If you fail to initiate a deposit transaction on EFTPS by 8 p. Turbotax deluxe federal e file state 2011 old version m. Turbotax deluxe federal e file state 2011 old version Eastern time the day before the date a deposit is due, you can still make your deposit on time by using the Federal Tax Application (FTA). Turbotax deluxe federal e file state 2011 old version To use the same-day payment method, you will need to make arrangements with your financial institution ahead of time. Turbotax deluxe federal e file state 2011 old version Please check with your financial institution regarding availability, deadlines, and costs. Turbotax deluxe federal e file state 2011 old version Your financial institution may charge you a fee for payments made this way. Turbotax deluxe federal e file state 2011 old version To learn more about the information you will need to provide your financial institution to make a same-day wire payment, please visit www. Turbotax deluxe federal e file state 2011 old version eftps. Turbotax deluxe federal e file state 2011 old version gov to download the Same-Day Payment Worksheet. Turbotax deluxe federal e file state 2011 old version How to claim credit for overpayments. Turbotax deluxe federal e file state 2011 old version   If you deposited more than the right amount of taxes for a tax period, you can choose on Form 941-SS, 941, 944, or 943 for that tax period to have the overpayment refunded or applied as a credit to your next return. Turbotax deluxe federal e file state 2011 old version Do not ask EFTPS to request a refund from the IRS for you. Turbotax deluxe federal e file state 2011 old version Deposit Penalties Penalties may apply if you do not make required deposits on time or if you make deposits of less than the required amount. Turbotax deluxe federal e file state 2011 old version The penalties do not apply if any failure to make a proper and timely deposit was due to reasonable cause and not to willful neglect. Turbotax deluxe federal e file state 2011 old version The IRS may also waive penalties if you inadvertently fail to deposit in the first quarter that a deposit is due, or the first quarter during which your frequency of deposits changed, if you timely filed your employment tax return. Turbotax deluxe federal e file state 2011 old version For amounts not properly or timely deposited, the penalty rates are as follows. Turbotax deluxe federal e file state 2011 old version 2% - Deposits made 1 to 5 days late. Turbotax deluxe federal e file state 2011 old version 5% - Deposits made 6 to 15 days late. Turbotax deluxe federal e file state 2011 old version 10% - Deposits made 16 or more days late. Turbotax deluxe federal e file state 2011 old version Also applies to amounts paid within 10 days of the date of the first notice that the IRS sent asking for the tax due. Turbotax deluxe federal e file state 2011 old version 10% - Amounts (that should have been deposited) paid directly to the IRS or paid with your tax return (but see Payment with Return , earlier in this section, for exceptions). Turbotax deluxe federal e file state 2011 old version 15% - Amounts still unpaid more than 10 days after the date of the first notice that the IRS sent asking for the tax due or the day on which you received notice and demand for immediate payment, whichever is earlier. Turbotax deluxe federal e file state 2011 old version Late deposit penalty amounts are determined using calendar days, starting from the due date of the liability. Turbotax deluxe federal e file state 2011 old version Special rule for former Form 944 filers. Turbotax deluxe federal e file state 2011 old version    If you filed Form 944 for the prior year and must file Forms 941-SS for the current year because your employment tax liability for the prior year exceeded the Form 944 eligibility requirement ($1,000 or less), the failure-to-deposit penalty will not apply to a late deposit of employment taxes for the first month of the current year if the taxes are deposited in full by March 15 of the current year. Turbotax deluxe federal e file state 2011 old version Order in which deposits are applied. Turbotax deluxe federal e file state 2011 old version   Deposits generally are applied to the most recent tax liability within the return period (quarter or year). Turbotax deluxe federal e file state 2011 old version However, if you receive a failure-to-deposit penalty notice, you may designate how your payment is to be applied in order to minimize the amount of the penalty, if you do so within 90 days of the date of the notice. Turbotax deluxe federal e file state 2011 old version Follow the instructions on the penalty notice that you received. Turbotax deluxe federal e file state 2011 old version For more information on designating deposits, see Revenue Procedure 2001-58. Turbotax deluxe federal e file state 2011 old version You can find Revenue Procedure 2001-58 on page 579 of Internal Revenue Bulletin 2001-50 at www. Turbotax deluxe federal e file state 2011 old version irs. Turbotax deluxe federal e file state 2011 old version gov/pub/irs-irbs/irb01-50. Turbotax deluxe federal e file state 2011 old version pdf. Turbotax deluxe federal e file state 2011 old version Example. Turbotax deluxe federal e file state 2011 old version Cedar, Inc. Turbotax deluxe federal e file state 2011 old version is required to make a deposit of $1,000 on July 15 and $1,500 on August 15. Turbotax deluxe federal e file state 2011 old version It does not make the deposit on July 15. Turbotax deluxe federal e file state 2011 old version On August 15, Cedar, Inc. Turbotax deluxe federal e file state 2011 old version deposits $2,000. Turbotax deluxe federal e file state 2011 old version Under the deposits rule, which applies deposits to the most recent tax liability, $1,500 of the deposit is applied to the August 15 deposit and the remaining $500 is applied to the July deposit. Turbotax deluxe federal e file state 2011 old version Accordingly, $500 of the July 15 liability remains undeposited. Turbotax deluxe federal e file state 2011 old version The penalty on this underdeposit will apply as explained earlier. Turbotax deluxe federal e file state 2011 old version Trust fund recovery penalty. Turbotax deluxe federal e file state 2011 old version   If federal income, social security, or Medicare taxes that must be withheld are not withheld or are not deposited or paid to the United States Treasury, the trust fund recovery penalty may apply. Turbotax deluxe federal e file state 2011 old version The penalty is the full amount of the unpaid trust fund tax. Turbotax deluxe federal e file state 2011 old version This penalty may apply to you if these unpaid taxes cannot be immediately collected from the employer or business. Turbotax deluxe federal e file state 2011 old version   The trust fund recovery penalty may be imposed on all persons who are determined by the IRS to be responsible for collecting, accounting for, and paying over these taxes, and who acted willfully in not doing so. Turbotax deluxe federal e file state 2011 old version   A responsible person can be an officer or employee of a corporation, a partner or employee of a partnership, an accountant, a volunteer director/trustee, or an employee of a sole proprietorship, or any other person or entity that is responsible for collecting, accounting for, and paying over trust fund taxes. Turbotax deluxe federal e file state 2011 old version A responsible person also may include one who signs checks for the business or otherwise has authority to cause the spending of business funds. Turbotax deluxe federal e file state 2011 old version    Willfully means voluntarily, consciously, and intentionally. Turbotax deluxe federal e file state 2011 old version A responsible person acts willfully if the person knows the required actions of collecting, accounting for or paying over trust fund taxes are not taking place, or recklessly disregards obvious and known risks to the government's right to receive trust fund taxes. Turbotax deluxe federal e file state 2011 old version “Averaged” failure-to-deposit penalty. Turbotax deluxe federal e file state 2011 old version   The IRS may assess an “averaged” failure-to-deposit (FTD) penalty of 2% to 10% if you are a monthly schedule depositor and did not properly complete Form 941-SS, line 14, when your tax liability shown on Form 941-SS, line 10, was $2,500 or more. Turbotax deluxe federal e file state 2011 old version IRS may also assess this penalty of 2% to 10% if you are a semiweekly schedule depositor and your tax liability shown on Form 941-SS, line 10, was $2,500 or more and you did any of the following. Turbotax deluxe federal e file state 2011 old version Completed Form 941-SS, line 14, instead of Schedule B (Form 941). Turbotax deluxe federal e file state 2011 old version Failed to attach a properly completed Schedule B (Form 941). Turbotax deluxe federal e file state 2011 old version Completed Schedule B (Form 941) incorrectly, for example, by entering tax deposits instead of tax liabilities in the numbered spaces. Turbotax deluxe federal e file state 2011 old version   The IRS figures the penalty by allocating your total tax liability shown on Form 941-SS, line 10, equally throughout the tax period. Turbotax deluxe federal e file state 2011 old version Your deposits and payments may not be counted as timely because IRS does not know the actual dates of your tax liabilities. Turbotax deluxe federal e file state 2011 old version   You can avoid the penalty by reviewing your return before filing it. Turbotax deluxe federal e file state 2011 old version Follow these steps before filing your Form 941-SS. Turbotax deluxe federal e file state 2011 old version If you are a monthly schedule depositor, report your tax liabilities (not your deposits) in the monthly entry spaces on Form 941-SS, line 14. Turbotax deluxe federal e file state 2011 old version If you are a semiweekly schedule depositor, report your tax liabilities (not your deposits) on Schedule B (Form 941) in the lines that represent the dates you paid your employees. Turbotax deluxe federal e file state 2011 old version Verify that your total liability shown on Form 941-SS, line 14, or the bottom of Schedule B (Form 941) equals your tax liability shown on Form 941-SS,  line 10. Turbotax deluxe federal e file state 2011 old version Do not show negative amounts on Form 941-SS, line 14, or Schedule B (Form 941). Turbotax deluxe federal e file state 2011 old version For prior period errors, do not adjust your tax liabilities reported on your current Form 941-SS, line 14, or on Schedule B (Form 941). Turbotax deluxe federal e file state 2011 old version Instead, file an adjusted return (Form 941-X (if you are adjusting a previously filed Form 941-SS) or Form 944-X (if you are adjusting a previously filed Form 944-SS or 944)) if you are also adjusting your tax liability. Turbotax deluxe federal e file state 2011 old version If you are only adjusting your deposits in response to a failure-to-deposit penalty notice, see the Instructions for Schedule B (Form 941) (if you previously filed Form 941-SS) or the Instructions for Form 944-X (if you previously filed Form 944-SS or 944). Turbotax deluxe federal e file state 2011 old version If you filed Form 944 for 2013 and line 7 was $2,500 or more, you were required to complete Form 944, lines 13a–13m, or attach Form 945-A, Annual Record of Federal Tax Liability. Turbotax deluxe federal e file state 2011 old version If you failed to complete lines 13a–13m, or failed to attach Form 945-A, whichever was required, IRS may assess an “averaged” failure-to-deposit (FTD) penalty. Turbotax deluxe federal e file state 2011 old version 9. Turbotax deluxe federal e file state 2011 old version Employer's Returns General instructions. Turbotax deluxe federal e file state 2011 old version   File Forms 941-SS (or Form 944) for nonfarm workers and Form 943 for farmworkers. Turbotax deluxe federal e file state 2011 old version (U. Turbotax deluxe federal e file state 2011 old version S. Turbotax deluxe federal e file state 2011 old version Virgin Islands employers may be required to file Form 940 for the combined wages of nonfarm workers and farmworkers. Turbotax deluxe federal e file state 2011 old version ) Employers with employees subject to U. Turbotax deluxe federal e file state 2011 old version S. Turbotax deluxe federal e file state 2011 old version income tax withholding. Turbotax deluxe federal e file state 2011 old version   If you have both employees who are subject to U. Turbotax deluxe federal e file state 2011 old version S. Turbotax deluxe federal e file state 2011 old version income tax withholding and employees who are not subject to U. Turbotax deluxe federal e file state 2011 old version S. Turbotax deluxe federal e file state 2011 old version income tax withholding, you must file only Form 941 (or Form 944) and include all your employees’ wages on that form. Turbotax deluxe federal e file state 2011 old version Nonfarm employers. Turbotax deluxe federal e file state 2011 old version   File Form 941-SS for the calendar quarter in which you first pay wages for nonfarm workers and for each quarter thereafter unless you are a seasonal employer or file a final return. Turbotax deluxe federal e file state 2011 old version Due dates for each quarter of the calendar year are as follows. Turbotax deluxe federal e file state 2011 old version Quarter Due Jan. Turbotax deluxe federal e file state 2011 old version , Feb. Turbotax deluxe federal e file state 2011 old version , Mar. Turbotax deluxe federal e file state 2011 old version Apr. Turbotax deluxe federal e file state 2011 old version 30 Apr. Turbotax deluxe federal e file state 2011 old version , May, June July 31 July, Aug. Turbotax deluxe federal e file state 2011 old version , Sept. Turbotax deluxe federal e file state 2011 old version Oct. Turbotax deluxe federal e file state 2011 old version 31 Oct. Turbotax deluxe federal e file state 2011 old version , Nov. Turbotax deluxe federal e file state 2011 old version , Dec. Turbotax deluxe federal e file state 2011 old version Jan. Turbotax deluxe federal e file state 2011 old version 31   However, if you deposited all taxes when due for the quarter, you have 10 additional days from the due dates to file the return. Turbotax deluxe federal e file state 2011 old version If the due date for filing your return falls on a Saturday, Sunday, or legal holiday, you may file on the next business day. Turbotax deluxe federal e file state 2011 old version   If you closed your business or stopped paying wages and do not have to file returns in the future, check the box on line 15 of your final Form 941-SS and show the date final wages were paid. Turbotax deluxe federal e file state 2011 old version Form 944. Turbotax deluxe federal e file state 2011 old version   If IRS notified you to file Form 944, file your 2013 Form 944 by January 31, 2014, or by February 10, 2014 (if you deposited all taxes when due). Turbotax deluxe federal e file state 2011 old version Household employers reporting social security and Medicare taxes. Turbotax deluxe federal e file state 2011 old version   If you are a sole proprietor and file Forms 941-SS (or Form 944) for business employees, you may include taxes for household employees on your Forms 941-SS (or Form 944). Turbotax deluxe federal e file state 2011 old version Otherwise, report social security and Medicare taxes for household employees on Schedule H (Form 1040), Household Employment Taxes. Turbotax deluxe federal e file state 2011 old version See Publication 926, Household Employer's Tax Guide, for more information. Turbotax deluxe federal e file state 2011 old version Employers of farmworkers. Turbotax deluxe federal e file state 2011 old version   Every employer of farmworkers must file a Form 943 for each calendar year beginning with the first year the employer pays $2,500 or more for farmwork or employs a farmworker who meets the $150 test described in section 6. Turbotax deluxe federal e file state 2011 old version   File a Form 943 each year for all taxable wages paid for farmwork. Turbotax deluxe federal e file state 2011 old version You may report household workers in a private home on a farm operated for profit on Form 943. Turbotax deluxe federal e file state 2011 old version Do not report wages for farmworkers on Form 941-SS or 944. Turbotax deluxe federal e file state 2011 old version   Send Form 943 to the IRS by January 31 of the following year. Turbotax deluxe federal e file state 2011 old version Send it with payment of any taxes due that you are not required to deposit. Turbotax deluxe federal e file state 2011 old version If you deposited all taxes when due, you have 10 additional days to file. Turbotax deluxe federal e file state 2011 old version Penalties. Turbotax deluxe federal e file state 2011 old version   For each whole or part month that a return is not filed when required (disregarding any extensions of the filing deadline), there is a failure-to-file penalty of 5% of the unpaid tax due with that return. Turbotax deluxe federal e file state 2011 old version The maximum penalty is generally 25% of the tax due. Turbotax deluxe federal e file state 2011 old version Also, for each whole or part month that the tax is paid late (disregarding any extensions of the payment deadline), there is a failure-to-pay penalty of 0. Turbotax deluxe federal e file state 2011 old version 5% per month of the amount of tax. Turbotax deluxe federal e file state 2011 old version For individual filers only, the failure-to-pay penalty is reduced from 0. Turbotax deluxe federal e file state 2011 old version 5% per month to 0. Turbotax deluxe federal e file state 2011 old version 25% per month if an installment agreement is in effect. Turbotax deluxe federal e file state 2011 old version You must have filed your return on or before the due date of the return to qualify for the reduced penalty. Turbotax deluxe federal e file state 2011 old version The maximum amount of the failure-to-pay penalty is also 25% of the tax due. Turbotax deluxe federal e file state 2011 old version If both penalties apply in any month, the failure-to-file penalty is reduced by the amount of the failure-to-pay penalty. Turbotax deluxe federal e file state 2011 old version The penalties will not be charged if you have a reasonable cause for failing to file or pay. Turbotax deluxe federal e file state 2011 old version If you receive a penalty notice, you can provide an explanation of why you believe reasonable cause exists. Turbotax deluxe federal e file state 2011 old version Reporting Adjustments to Form 941-SS, 944-SS, 944, or 943 Current Period Adjustments Make current period adjustments for fractions of cents, sick pay, tips, and group-term life insurance on your Form 941-SS, 944, or 943. Turbotax deluxe federal e file state 2011 old version See the Instructions for Form 941-SS, Instructions for Form 944, or Instructions for Form 943 for information on how to report these adjustments. Turbotax deluxe federal e file state 2011 old version Prior Period Adjustments Forms for prior period adjustments. Turbotax deluxe federal e file state 2011 old version   Use Form 941-X or Form 944-X to make a correction after you discover an error on a previously filed Form 941 or Form 944. Turbotax deluxe federal e file state 2011 old version There are also Forms 943-X, 945-X, and CT-1X to report corrections on the corresponding returns. Turbotax deluxe federal e file state 2011 old version Form 941-X and Form 944-X also replace Form 843, Claim for Refund and Request for Abatement, for employers to request a refund or abatement of overreported employment taxes. Turbotax deluxe federal e file state 2011 old version Continue to use Form 843 when requesting a refund or abatement of assessed interest or penalties. Turbotax deluxe federal e file state 2011 old version See Revenue Ruling 2009-39, 2009-52 I. Turbotax deluxe federal e file state 2011 old version R. Turbotax deluxe federal e file state 2011 old version B. Turbotax deluxe federal e file state 2011 old version 951, for examples of how the interest-free adjustment and claim for refund rules apply in 10 different situations. Turbotax deluxe federal e file state 2011 old version You can find Revenue Ruling 2009-39, at www. Turbotax deluxe federal e file state 2011 old version irs. Turbotax deluxe federal e file state 2011 old version gov/irb/2009-52_IRB/ar14. Turbotax deluxe federal e file state 2011 old version html. Turbotax deluxe federal e file state 2011 old version Background. Turbotax deluxe federal e file state 2011 old version   Treasury Decision 9405 changed the process for making interest-free adjustments to employment taxes reported on Forms 941-SS, 943, 944-SS, and 944, and for filing a claim for refund of employment taxes. Turbotax deluxe federal e file state 2011 old version Treasury Decision 9405, 2008-32 I. Turbotax deluxe federal e file state 2011 old version R. Turbotax deluxe federal e file state 2011 old version B. Turbotax deluxe federal e file state 2011 old version 293, is available at www. Turbotax deluxe federal e file state 2011 old version irs. Turbotax deluxe federal e file state 2011 old version gov/irb/2008-32_IRB/ar13. Turbotax deluxe federal e file state 2011 old version html. Turbotax deluxe federal e file state 2011 old version You will use the adjustment process if you underreported employment taxes and are making a payment, or if you overreported employment taxes and will be applying the credit to the Form 941-SS, 943, or 944 period during which you file Forms 941-X, 943-X, or 944-X, respectively. Turbotax deluxe federal e file state 2011 old version You will use the claim process if you overreported employment taxes and are requesting a refund or abatement of the overreported amount. Turbotax deluxe federal e file state 2011 old version We use the terms “correct” and “corrections” to include interest-free adjustments under sections 6205 and 6413, and claims for refund and abatement under sections 6402, 6414, and 6404 of the Internal Revenue Code. Turbotax deluxe federal e file state 2011 old version Correcting employment taxes. Turbotax deluxe federal e file state 2011 old version   When you discover an error on a previously filed Form 941-SS, 943, 944-SS, or 944, you must: Correct that error using Form 941-X, Form 943-X, or Form 944-X, File a separate Form 941-X, Form 943-X, or Form 944-X for
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The Turbotax Deluxe Federal E File State 2011 Old Version

Turbotax deluxe federal e file state 2011 old version 8. Turbotax deluxe federal e file state 2011 old version   Distributions and Rollovers Table of Contents DistributionsMinimum Required Distributions No Special 10-Year Tax Option Transfer of Interest in 403(b) ContractAfter-tax contributions. Turbotax deluxe federal e file state 2011 old version Permissive service credit. Turbotax deluxe federal e file state 2011 old version Tax-Free RolloversHardship exception to rollover rules. Turbotax deluxe federal e file state 2011 old version Eligible retirement plans. Turbotax deluxe federal e file state 2011 old version Nonqualifying distributions. Turbotax deluxe federal e file state 2011 old version Second rollover. Turbotax deluxe federal e file state 2011 old version Gift Tax Distributions Permissible distributions. Turbotax deluxe federal e file state 2011 old version   Generally, a distribution cannot be made from a 403(b) account until the employee: Reaches age 59½, Has a severance from employment, Dies, Becomes disabled, In the case of elective deferrals, encounters financial hardship, or Has a qualified reservist distribution. Turbotax deluxe federal e file state 2011 old version In most cases, the payments you receive or that are made available to you under your 403(b) account are taxable in full as ordinary income. Turbotax deluxe federal e file state 2011 old version In general, the same tax rules apply to distributions from 403(b) plans that apply to distributions from other retirement plans. Turbotax deluxe federal e file state 2011 old version These rules are explained in Publication 575. Turbotax deluxe federal e file state 2011 old version Publication 575 also discusses the additional tax on early distributions from retirement plans. Turbotax deluxe federal e file state 2011 old version Retired public safety officers. Turbotax deluxe federal e file state 2011 old version   If you are an eligible retired public safety officer, distributions of up to $3,000, made directly from your 403(b) plan to pay accident, health, or long-term care insurance, are not included in your taxable income. Turbotax deluxe federal e file state 2011 old version The premiums can be for you, your spouse, or your dependents. Turbotax deluxe federal e file state 2011 old version   A public safety officer is a law enforcement officer, fire fighter, chaplain, or member of a rescue squad or ambulance crew. Turbotax deluxe federal e file state 2011 old version   For additional information, see Publication 575. Turbotax deluxe federal e file state 2011 old version Distribution for active reservist. Turbotax deluxe federal e file state 2011 old version   The 10% penalty for early withdrawals will not apply to a qualified reservist distribution attributable to elective deferrals from a 403(b) plan. Turbotax deluxe federal e file state 2011 old version A qualified reservist distribution is a distribution that is made: To an individual who is a reservist or national guardsman and who was ordered or called to active duty for a period in excess of 179 days or for an indefinite period; and During the period beginning on the date of the order or call to duty and ending at the close of the active duty period. Turbotax deluxe federal e file state 2011 old version Minimum Required Distributions You must receive all, or at least a certain minimum, of your interest accruing after 1986 in the 403(b) plan by April 1 of the calendar year following the later of the calendar year in which you become age 70½, or the calendar year in which you retire. Turbotax deluxe federal e file state 2011 old version Check with your employer, plan administrator, or provider to find out whether this rule also applies to pre-1987 accruals. Turbotax deluxe federal e file state 2011 old version If not, a minimum amount of these accruals must begin to be distributed by the later of the end of the calendar year in which you reach age 75 or April 1 of the calendar year following retirement. Turbotax deluxe federal e file state 2011 old version For each year thereafter, the minimum distribution must be made by the last day of the year. Turbotax deluxe federal e file state 2011 old version If you do not receive the required minimum distribution, you are subject to a nondeductible 50% excise tax on the difference between the required minimum distribution and the amount actually distributed. Turbotax deluxe federal e file state 2011 old version No Special 10-Year Tax Option A distribution from a 403(b) plan does not qualify as a lump-sum distribution. Turbotax deluxe federal e file state 2011 old version This means you cannot use the special 10-year tax option to calculate the taxable portion of a 403(b) distribution. Turbotax deluxe federal e file state 2011 old version For more information, see Publication 575. Turbotax deluxe federal e file state 2011 old version Transfer of Interest in 403(b) Contract Contract exchanges. Turbotax deluxe federal e file state 2011 old version   If you transfer all or part of your interest from a 403(b) contract to another 403(b) contract (held in the same plan), the transfer is tax free, and is referred to as a contract exchange. Turbotax deluxe federal e file state 2011 old version This was previously known as a 90-24 transfer. Turbotax deluxe federal e file state 2011 old version A contract exchange is similar to a 90-24 transfer with one major difference. Turbotax deluxe federal e file state 2011 old version Previously, you were able to accomplish the transfer without your employer’s involvement. Turbotax deluxe federal e file state 2011 old version After September 24, 2007, all such transfers are accomplished through a contract exchange requiring your employer’s involvement. Turbotax deluxe federal e file state 2011 old version In addition, the plan must provide for the exchange and the transferred interest must be subject to the same or stricter distribution restrictions. Turbotax deluxe federal e file state 2011 old version Finally, your accumulated benefit after the exchange must be equal to what it was before the exchange. Turbotax deluxe federal e file state 2011 old version   Transfers that do not satisfy this rule are plan distributions and are generally taxable as ordinary income. Turbotax deluxe federal e file state 2011 old version Plan-to-plan transfers. Turbotax deluxe federal e file state 2011 old version   You may also transfer part or all of your interest from a 403(b) plan to another 403(b) plan if you are an employee of (or were formerly employed by) the employer of the plan to which you would like to transfer. Turbotax deluxe federal e file state 2011 old version Both the initial plan and the receiving plan must provide for transfers. Turbotax deluxe federal e file state 2011 old version Your accumulated benefit after the transfer must be at least equal to what it was before the transfer. Turbotax deluxe federal e file state 2011 old version The new plan’s restrictions on distributions must be the same or stricter than those of the original plan. Turbotax deluxe federal e file state 2011 old version Tax-free transfers for certain cash distributions. Turbotax deluxe federal e file state 2011 old version   A tax-free transfer may also apply to a cash distribution of your 403(b) account from an insurance company that is subject to a rehabilitation, conservatorship, insolvency, or similar state proceeding. Turbotax deluxe federal e file state 2011 old version To receive tax-free treatment, you must do all of the following: Withdraw all the cash to which you are entitled in full settlement of your contract rights or, if less, the maximum permitted by the state. Turbotax deluxe federal e file state 2011 old version Reinvest the cash distribution in a single policy or contract issued by another insurance company or in a single custodial account subject to the same or stricter distribution restrictions as the original contract not later than 60 days after you receive the cash distribution. Turbotax deluxe federal e file state 2011 old version Assign all future distribution rights to the new contract or account for investment in that contract or account if you received an amount that is less than what you are entitled to because of state restrictions. Turbotax deluxe federal e file state 2011 old version   In addition to the preceding requirements, you must provide the new insurer with a written statement containing all of the following information: The gross amount of cash distributed under the old contract. Turbotax deluxe federal e file state 2011 old version The amount of cash reinvested in the new contract. Turbotax deluxe federal e file state 2011 old version Your investment in the old contract on the date you receive your first cash distribution. Turbotax deluxe federal e file state 2011 old version   Also, you must attach the following items to your timely filed income tax return in the year you receive the first distribution of cash. Turbotax deluxe federal e file state 2011 old version A copy of the statement you gave the new insurer. Turbotax deluxe federal e file state 2011 old version A statement that includes: The words ELECTION UNDER REV. Turbotax deluxe federal e file state 2011 old version PROC. Turbotax deluxe federal e file state 2011 old version 92-44, The name of the company that issued the new contract, and The new policy number. Turbotax deluxe federal e file state 2011 old version Direct trustee-to-trustee transfer. Turbotax deluxe federal e file state 2011 old version   If you make a direct trustee-to-trustee transfer, from your governmental 403(b) account to a defined benefit governmental plan, it may not be includible in gross income. Turbotax deluxe federal e file state 2011 old version   The transfer amount is not includible in gross income if it is made to: Purchase permissive service credits, or Repay contributions and earnings that were previously refunded under a forfeiture of service credit under the plan, or under another plan maintained by a state or local government employer within the same state. Turbotax deluxe federal e file state 2011 old version After-tax contributions. Turbotax deluxe federal e file state 2011 old version   For distributions beginning after December 31, 2006, after-tax contributions can be rolled over between a 403(b) plan and a defined benefit plan, IRA, or a defined contribution plan. Turbotax deluxe federal e file state 2011 old version If the rollover is to or from a 403(b) plan, it must occur through a direct trustee-to-trustee transfer. Turbotax deluxe federal e file state 2011 old version Permissive service credit. Turbotax deluxe federal e file state 2011 old version   A permissive service credit is credit for a period of service recognized by a defined benefit governmental plan only if you voluntarily contribute to the plan an amount that does not exceed the amount necessary to fund the benefit attributable to the period of service and the amount contributed is in addition to the regular employee contribution, if any, under the plan. Turbotax deluxe federal e file state 2011 old version   A permissive service credit may also include service credit for up to 5 years where there is no performance of service, or service credited to provide an increased benefit for service credit which a participant is receiving under the plan. Turbotax deluxe federal e file state 2011 old version   Check with your plan administrator as to the type and extent of service that may be purchased by this transfer. Turbotax deluxe federal e file state 2011 old version Tax-Free Rollovers You can generally roll over tax free all or any part of a distribution from a 403(b) plan to a traditional IRA or a non-Roth eligible retirement plan, except for any nonqualifying distributions, described later. Turbotax deluxe federal e file state 2011 old version You may also roll over any part of a distribution from a 403(b) plan by converting it through a direct rollover, described below, to a Roth IRA. Turbotax deluxe federal e file state 2011 old version Conversion amounts are generally includible in your taxable income in the year of the distribution from your 403(b) account. Turbotax deluxe federal e file state 2011 old version See Publication 590 for more information about conversion into a Roth IRA. Turbotax deluxe federal e file state 2011 old version Note. Turbotax deluxe federal e file state 2011 old version A participant is required to roll over distribution amounts received within 60 days in order for the amount to be treated as nontaxable. Turbotax deluxe federal e file state 2011 old version Distribution amounts that are rolled over within the 60 days are not subject to the 10% early distribution penalty. Turbotax deluxe federal e file state 2011 old version Rollovers to and from 403(b) plans. Turbotax deluxe federal e file state 2011 old version   You can generally roll over tax free all or any part of a distribution from an eligible retirement plan to a 403(b) plan. Turbotax deluxe federal e file state 2011 old version Beginning January 1, 2008, distributions from tax-qualified retirement plans and tax-sheltered annuities can be converted by making a direct rollover into a Roth IRA subject to the restrictions that currently apply to rollovers from a traditional IRA into a Roth IRA. Turbotax deluxe federal e file state 2011 old version Converted amounts are generally includible in your taxable income in the year of the distribution from your 403(b) account. Turbotax deluxe federal e file state 2011 old version See Publication 590 for more information on conversion into a Roth IRA. Turbotax deluxe federal e file state 2011 old version   If a distribution includes both pre-tax contributions and after-tax contributions, the portion of the distribution that is rolled over is treated as consisting first of pre-tax amounts (contributions and earnings that would be includible in income if no rollover occurred). Turbotax deluxe federal e file state 2011 old version This means that if you roll over an amount that is at least as much as the pre-tax portion of the distribution, you do not have to include any of the distribution in income. Turbotax deluxe federal e file state 2011 old version   For more information on rollovers and eligible retirement plans, see Publication 575. Turbotax deluxe federal e file state 2011 old version If you roll over money or other property from a 403(b) plan to an eligible retirement plan, see Publication 575 for information about possible effects on later distributions from the eligible retirement plan. Turbotax deluxe federal e file state 2011 old version Hardship exception to rollover rules. Turbotax deluxe federal e file state 2011 old version   The IRS may waive the 60-day rollover period if the failure to waive such requirement would be against equity or good conscience, including cases of casualty, disaster, or other events beyond the reasonable control of an individual. Turbotax deluxe federal e file state 2011 old version   To obtain a hardship exception, you must apply to the IRS for a waiver of the 60-day rollover requirement. Turbotax deluxe federal e file state 2011 old version You apply for the waiver by following the general instructions used in requesting a letter ruling. Turbotax deluxe federal e file state 2011 old version These instructions are stated in Revenue Procedure 2013-4, 2013-1 I. Turbotax deluxe federal e file state 2011 old version R. Turbotax deluxe federal e file state 2011 old version B. Turbotax deluxe federal e file state 2011 old version 126 available at www. Turbotax deluxe federal e file state 2011 old version irs. Turbotax deluxe federal e file state 2011 old version gov/irb/2013-01_IRB/ar09. Turbotax deluxe federal e file state 2011 old version html, or see the latest annual update. Turbotax deluxe federal e file state 2011 old version You must also pay a user fee with the application. Turbotax deluxe federal e file state 2011 old version The user fee for a rollover that is less than $50,000 is $500. Turbotax deluxe federal e file state 2011 old version For rollovers that are $50,000 or more, see Revenue Procedure 2013-8, 2013-1 I. Turbotax deluxe federal e file state 2011 old version R. Turbotax deluxe federal e file state 2011 old version B. Turbotax deluxe federal e file state 2011 old version 237 available at www. Turbotax deluxe federal e file state 2011 old version irs. Turbotax deluxe federal e file state 2011 old version gov/irb/2013-01_IRB/ar13. Turbotax deluxe federal e file state 2011 old version html, or see the latest annual update. Turbotax deluxe federal e file state 2011 old version   In determining whether to grant a waiver, the IRS will consider all relevant facts and circumstances, including: Whether errors were made by the financial institution; Whether you were unable to complete the rollover due to death, disability, hospitalization, incarceration, restrictions imposed by a foreign country, or postal error; Whether you used the amount distributed (for example, in the case of payment by check, whether you cashed the check); and How much time has passed since the date of distribution. Turbotax deluxe federal e file state 2011 old version   For additional information on rollovers, see Publication 590. Turbotax deluxe federal e file state 2011 old version Eligible retirement plans. Turbotax deluxe federal e file state 2011 old version   The following are considered eligible retirement plans. Turbotax deluxe federal e file state 2011 old version Individual retirement arrangements. Turbotax deluxe federal e file state 2011 old version Roth IRA. Turbotax deluxe federal e file state 2011 old version 403(b) plans. Turbotax deluxe federal e file state 2011 old version Government eligible 457 plans. Turbotax deluxe federal e file state 2011 old version Qualified retirement plans. Turbotax deluxe federal e file state 2011 old version  If the distribution is from a designated Roth account, then the only eligible retirement plan is another designated Roth account or a Roth IRA. Turbotax deluxe federal e file state 2011 old version Nonqualifying distributions. Turbotax deluxe federal e file state 2011 old version   You cannot roll over tax free: Minimum required distributions (generally required to begin at age 70½), Substantially equal payments over your life or life expectancy, Substantially equal payments over the joint lives or life expectancies of your beneficiary and you, Substantially equal payments for a period of 10 years or more, Hardship distributions, or Corrective distributions of excess contributions or excess deferrals, and any income allocable to the excess, or excess annual additions and any allocable gains. Turbotax deluxe federal e file state 2011 old version Rollover of nontaxable amounts. Turbotax deluxe federal e file state 2011 old version    You may be able to roll over the nontaxable part of a distribution (such as your after-tax contributions) made to another eligible retirement plan, traditional IRA, or Roth IRA. Turbotax deluxe federal e file state 2011 old version The transfer must be made either through a direct rollover to an eligible plan that separately accounts for the taxable and nontaxable parts of the rollover or through a rollover to a traditional IRA or Roth IRA. Turbotax deluxe federal e file state 2011 old version   If you roll over only part of a distribution that includes both taxable and nontaxable amounts, the amount you roll over is treated as coming first from the taxable part of the distribution. Turbotax deluxe federal e file state 2011 old version Direct rollovers of 403(b) plan distributions. Turbotax deluxe federal e file state 2011 old version   You have the option of having your 403(b) plan make the rollover directly to a traditional IRA, Roth IRA, or new plan. Turbotax deluxe federal e file state 2011 old version Before you receive a distribution, your plan will give you information on this. Turbotax deluxe federal e file state 2011 old version It is generally to your advantage to choose this option because your plan will not withhold tax on the distribution if you choose it. Turbotax deluxe federal e file state 2011 old version Distribution received by you. Turbotax deluxe federal e file state 2011 old version   If you receive a distribution that qualifies to be rolled over, you can roll over all or any part of the distribution. Turbotax deluxe federal e file state 2011 old version Generally, you will receive only 80% of the distribution because 20% must be withheld. Turbotax deluxe federal e file state 2011 old version If you roll over only the 80% you receive, you must pay tax on the 20% you did not roll over. Turbotax deluxe federal e file state 2011 old version You can replace the 20% that was withheld with other money within the 60-day period to make a 100% rollover. Turbotax deluxe federal e file state 2011 old version Voluntary deductible contributions. Turbotax deluxe federal e file state 2011 old version   For tax years 1982 through 1986, employees could make deductible contributions to a 403(b) plan under the individual retirement arrangement (IRA) rules instead of deducting contributions to a traditional IRA. Turbotax deluxe federal e file state 2011 old version   If you made voluntary deductible contributions to a 403(b) plan under these traditional IRA rules, the distribution of all or part of the accumulated deductible contributions may be rolled over if it otherwise qualifies as a distribution you can roll over. Turbotax deluxe federal e file state 2011 old version Accumulated deductible contributions are the deductible contributions: Plus Income allocable to the contributions, Gain allocable to the contributions, and Minus Expenses and losses allocable to the contributions, and Distributions from the contributions, income, or gain. Turbotax deluxe federal e file state 2011 old version Excess employer contributions. Turbotax deluxe federal e file state 2011 old version   The portion of a distribution from a 403(b) plan transferred to a traditional IRA that was previously included in income as excess employer contributions (discussed earlier) is not an eligible rollover distribution. Turbotax deluxe federal e file state 2011 old version   Its transfer does not affect the rollover treatment of the eligible portion of the transferred amounts. Turbotax deluxe federal e file state 2011 old version However, the ineligible portion is subject to the traditional IRA contribution limits and may create an excess IRA contribution subject to a 6% excise tax (see chapter 1 of Publication 590). Turbotax deluxe federal e file state 2011 old version Qualified domestic relations order. Turbotax deluxe federal e file state 2011 old version   You may be able to roll over tax free all or any part of an eligible rollover distribution from a 403(b) plan that you receive under a qualified domestic relations order (QDRO). Turbotax deluxe federal e file state 2011 old version If you receive the interest in the 403(b) plan as an employee's spouse or former spouse under a QDRO, all of the rollover rules apply to you as if you were the employee. Turbotax deluxe federal e file state 2011 old version You can roll over your interest in the plan to a traditional IRA or another 403(b) plan. Turbotax deluxe federal e file state 2011 old version For more information on the treatment of an interest received under a QDRO, see Publication 575. Turbotax deluxe federal e file state 2011 old version Spouses of deceased employees. Turbotax deluxe federal e file state 2011 old version   If you are the spouse of a deceased employee, you can roll over the qualifying distribution attributable to the employee. Turbotax deluxe federal e file state 2011 old version You can make the rollover to any eligible retirement plan. Turbotax deluxe federal e file state 2011 old version   After you roll money and other property over from a 403(b) plan to an eligible retirement plan, and you take a distribution from that plan, you will not be eligible to receive the capital gain treatment or the special averaging treatment for the distribution. Turbotax deluxe federal e file state 2011 old version Second rollover. Turbotax deluxe federal e file state 2011 old version   If you roll over a qualifying distribution to a traditional IRA, you can, if certain conditions are satisfied, later roll the distribution into another 403(b) plan. Turbotax deluxe federal e file state 2011 old version For more information, see IRA as a holding account (conduit IRA) for rollovers to other eligible plans in chapter 1 of Publication 590. Turbotax deluxe federal e file state 2011 old version Nonspouse beneficiary. Turbotax deluxe federal e file state 2011 old version   A nonspouse beneficiary may make a direct rollover of a distribution from a 403(b) plan of a deceased participant if the rollover is a direct transfer to an inherited IRA established to receive the distribution. Turbotax deluxe federal e file state 2011 old version If the rollover is a direct trustee-to-trustee transfer to an IRA established to receive the distribution: The transfer will be treated as an eligible rollover distribution. Turbotax deluxe federal e file state 2011 old version The IRA will be considered an inherited account. Turbotax deluxe federal e file state 2011 old version The required minimum distribution rules that apply in instances where the participant dies before the entire interest is distributed will apply to the transferred IRA. Turbotax deluxe federal e file state 2011 old version    For more information on IRAs, see Publication 590. Turbotax deluxe federal e file state 2011 old version Frozen deposits. Turbotax deluxe federal e file state 2011 old version   The 60-day period usually allowed for completing a rollover is extended for any time that the amount distributed is a frozen deposit in a financial institution. Turbotax deluxe federal e file state 2011 old version The 60-day period cannot end earlier than 10 days after the deposit ceases to be a frozen deposit. Turbotax deluxe federal e file state 2011 old version   A frozen deposit is any deposit that on any day during the 60-day period cannot be withdrawn because: The financial institution is bankrupt or insolvent, or The state where the institution is located has placed limits on withdrawals because one or more banks in the state are (or are about to be) bankrupt or insolvent. Turbotax deluxe federal e file state 2011 old version Gift Tax If, by choosing or not choosing an election, or option, you provide an annuity for your beneficiary at or after your death, you may have made a taxable gift equal to the value of the annuity. Turbotax deluxe federal e file state 2011 old version Joint and survivor annuity. Turbotax deluxe federal e file state 2011 old version   If the gift is an interest in a joint and survivor annuity where only you and your spouse have the right to receive payments, the gift will generally be treated as qualifying for the unlimited marital deduction. Turbotax deluxe federal e file state 2011 old version More information. Turbotax deluxe federal e file state 2011 old version   For information on the gift tax, see Publication 559, Survivors, Executors, and Administrators. Turbotax deluxe federal e file state 2011 old version Prev  Up  Next   Home   More Online Publications