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Turbotax Deluxe Federal E File State 2012

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Turbotax Deluxe Federal E File State 2012

Turbotax deluxe federal e file state 2012 Publication 957 - Main Content Table of Contents 1. Turbotax deluxe federal e file state 2012 What is Back Pay?Reporting Back Pay Back Pay Under a Statute Nonstatutory Back Pay Format for Report to the SSA Questions 2. Turbotax deluxe federal e file state 2012 Special Wage PaymentsReporting Special Wage Payments Reporting Nonstatutory (Nonqualified) Stock Options as Special Wage Payments Nonqualified Deferred Compensation and Section 457 Plans Additional Reporting Examples for Nonqualified Deferred Compensation (NQDC) PlansSpecial rule for box 11 of Form W-2 (distributions and deferral in the same year). Turbotax deluxe federal e file state 2012 1. Turbotax deluxe federal e file state 2012 What is Back Pay? Back pay is pay received in a tax year(s) for actual or deemed employment in an earlier tax year(s). Turbotax deluxe federal e file state 2012 For social security coverage and benefit purposes, all back pay, whether or not under a statute, is wages if it is payment for covered employment. Turbotax deluxe federal e file state 2012 Damages for personal injury, interest, penalties, and legal fees included with back pay awards are not wages. Turbotax deluxe federal e file state 2012 Report all back pay. Turbotax deluxe federal e file state 2012 However, the tax year(s) for which back pay is credited as wages for social security purposes is different if it is awarded under a statute. Turbotax deluxe federal e file state 2012 See Back Pay Under a Statute , later, for more information. Turbotax deluxe federal e file state 2012 Reporting Back Pay The Internal Revenue Service (IRS) and the SSA consider back pay awards to be wages. Turbotax deluxe federal e file state 2012 However, for income tax purposes, the IRS treats all back pay as wages in the year paid. Turbotax deluxe federal e file state 2012 Employers should use Form W-2, Wage and Tax Statement, or electronic wage reports to report back pay as wages in the year they actually pay the employee. Turbotax deluxe federal e file state 2012 The SSA no longer accepts reports on tapes, cartridges, and diskettes. Turbotax deluxe federal e file state 2012 Example. Turbotax deluxe federal e file state 2012 In 2012, Terry Morris earned wages of $50,000. Turbotax deluxe federal e file state 2012 In the same year, she received $100,000 in settlement of a back pay case against her employer that covered the periods January 2007 through December 2011. Turbotax deluxe federal e file state 2012 Her employer properly reflected social security wages of $110,100 and Medicare wages of $150,000 on her 2012 Form W-2. Turbotax deluxe federal e file state 2012 However, if an employer did not include back pay wages on a previously filed Form W-2, magnetic media, or electronically filed wage report, the employer should prepare a wage correction report, Form W-2c, Corrected Wage and Tax Statement, or electronically filed report, to add the back pay award to the wages previously reported. Turbotax deluxe federal e file state 2012 Example. Turbotax deluxe federal e file state 2012 If, in the above example, Terry Morris' employer had prepared her 2012 Form W-2 reporting social security and Medicare wages of only $50,000 each, the employer would have to correct that report. Turbotax deluxe federal e file state 2012 A Form W-2c correcting the 2012 Form W-2 would show previously reported social security and Medicare wages of $50,000 and the correct amount of $110,100 for social security wages and $150,000 for Medicare wages. Turbotax deluxe federal e file state 2012 SSA treatment of back pay under a statute. Turbotax deluxe federal e file state 2012   Under the law, the SSA credits back pay awarded under a statute to an individual's earnings record in the period(s) the wages should have been paid. Turbotax deluxe federal e file state 2012 This is important because wages not credited to the proper year may result in lower social security benefits or failure to meet the requirements for benefits. Turbotax deluxe federal e file state 2012   However, back pay under statute payments will remain posted to the employee's social security earnings record in the year reported on Form W-2 (or Form W-2c) unless the employer or employee notifies the SSA (in a separate, special report) of the back pay under a statute payment. Turbotax deluxe federal e file state 2012 Then, the SSA can allocate the statutory back pay to the appropriate periods. Turbotax deluxe federal e file state 2012   If a back pay award is not made under a statute, the SSA credits back pay as wages in the year paid. Turbotax deluxe federal e file state 2012    If employers do notify the SSA of this payment, they should prepare a special report (with the information noted below) and send it to: Social Security Administration Attn: CPS Back Pay Staff 7-B-15 SWT 1500 Woodlawn Drive Baltimore, MD 21241-0001 Be sure to send this special report to the above address because the SSA handles it separately from other reports. Turbotax deluxe federal e file state 2012    If you paid the back pay award in the same tax year to which it applies, report the wages on that year's Form W-2. Turbotax deluxe federal e file state 2012 No further action is necessary. Turbotax deluxe federal e file state 2012 Example. Turbotax deluxe federal e file state 2012 In 2012, Judy Wilson received a salary of $30,000 and a back pay under statute award of $2,000 for the period January through June 2012. Turbotax deluxe federal e file state 2012 Her employer properly reported wages of $32,000 for social security and Medicare on her 2012 Form W-2. Turbotax deluxe federal e file state 2012 No further action is necessary. Turbotax deluxe federal e file state 2012 Information the SSA needs to properly credit back pay under a statute (special report). Turbotax deluxe federal e file state 2012   After you complete the special report, you or the employee should send it to the SSA when or after you submit the Form W-2 (on paper or electronically) to the SSA for the year you pay the statutory back pay to the employee. Turbotax deluxe federal e file state 2012 There is no statute of limitations on the filing of the special report to enable the SSA to allocate the wages. Turbotax deluxe federal e file state 2012 The special report must include the following information. Turbotax deluxe federal e file state 2012 The employer's name, address, and employer identification number (EIN). Turbotax deluxe federal e file state 2012 A signed statement citing the federal or state statute under which the payment was made. Turbotax deluxe federal e file state 2012 If the statute is not identified, the SSA will assume the payment was not under a statute and will not allocate to earlier period(s). Turbotax deluxe federal e file state 2012 The name and telephone number of a person to contact. Turbotax deluxe federal e file state 2012 The SSA may have additional questions concerning the back pay case or the individual employee's information. Turbotax deluxe federal e file state 2012 A list of employees receiving the payment and the following information for each employee: The tax year you paid and reported the back pay. Turbotax deluxe federal e file state 2012 The employee's social security number (SSN). Turbotax deluxe federal e file state 2012 The employee's name (as shown on his or her social security card). Turbotax deluxe federal e file state 2012 The amount of the back pay award excluding any amounts specifically designated otherwise, for example, damages for personal injury, interest, penalties, and legal fees. Turbotax deluxe federal e file state 2012 The period(s) the back pay award covers (beginning and ending dates—month and year). Turbotax deluxe federal e file state 2012 The other wages paid subject to social security and/or Medicare taxes and reported in the same year as the back pay award (if none, show zero)*. Turbotax deluxe federal e file state 2012 Do not include the back pay award shown in that wage report. Turbotax deluxe federal e file state 2012 If you originally submitted the report under an establishment number, show that number and the amount of money that is to remain under that establishment number. Turbotax deluxe federal e file state 2012 The amount to allocate to each reporting period*. Turbotax deluxe federal e file state 2012 This includes any amount you want allocated (if applicable) to the tax year of the award payment. Turbotax deluxe federal e file state 2012 If you do not give the SSA specific amounts to allocate, the SSA does the allocation by dividing the back pay award by the number of months or years covered by the award. Turbotax deluxe federal e file state 2012 *Note. Turbotax deluxe federal e file state 2012   For periods before January 1, 1978 (before January 1, 1981, for state and local government employers covered by a Section 218 agreement), show the wage amounts for each calendar quarter ending March 31, June 30, September 30, and December 31. Turbotax deluxe federal e file state 2012 For all tax years, show and identify the social security and/or Medicare Qualified Government Employment (MQGE) wages (where applicable) separately. Turbotax deluxe federal e file state 2012 MQGE is applicable to federal employees beginning in 1983, and for certain state and local government employees beginning in 1986. Turbotax deluxe federal e file state 2012 For tax years 1991 and later, list the social security and Medicare wages separately. Turbotax deluxe federal e file state 2012 If you originally reported the individual's wages under an establishment or payroll record unit number, show the amount of wages to remain in the award year for that number and furnish that number to the SSA along with the EIN. Turbotax deluxe federal e file state 2012 Back Pay Under a Statute Back pay awarded under a statute is a payment by an employer following an award, determination, or agreement approved or sanctioned by a court or government agency responsible for enforcing a federal or state statute that protects an employee's right to employment or wages. Turbotax deluxe federal e file state 2012 Examples of pertinent statutes include: Age Discrimination in Employment Act, Americans with Disabilities Act, Equal Pay Act, Fair Labor Standards Act, National Labor Relations Act, State minimum wage laws, and State statutes that protect rights to employment and wages. Turbotax deluxe federal e file state 2012 Payments based on laws that have a similar effect to those listed above also may qualify as payments made under a statute. Turbotax deluxe federal e file state 2012 Back pay awards, under some of the statutes listed above, may be compensation for personal injury and not pay for employment. Turbotax deluxe federal e file state 2012 Such awards are not wages for social security coverage purposes. Turbotax deluxe federal e file state 2012 If a court-approved or sanctioned settlement agreement states that the agreement is not an admission of discrimination, liability, or act of wrongdoing, the statement does not change the nature of a back pay award. Turbotax deluxe federal e file state 2012 The payments made in such a settlement may still be back pay and wages under the rules discussed here. Turbotax deluxe federal e file state 2012 Nonstatutory Back Pay A payment for back wages negotiated between an employer and employee without an award, determination, or agreement approved or sanctioned by a court or government agency, the payment is not made under a statute. Turbotax deluxe federal e file state 2012 Delayed wage payments and retroactive pay increases resulting from union negotiation or payments under local ordinances or regulations are back pay and are wages. Turbotax deluxe federal e file state 2012 However, they are not payments made under a statute. Turbotax deluxe federal e file state 2012 If you are uncertain whether the back pay award was under a qualified statute, you may need to contact your personnel department or legal counsel or the attorney who filed the suit. Turbotax deluxe federal e file state 2012 Format for Report to the SSA Use the format shown in Table 1, later, to send the SSA the information needed to properly credit back pay under a statute. Turbotax deluxe federal e file state 2012 In a cover letter, include: Name and address of the employer, Statute under which you paid the back pay, Name and telephone number of the employer contact, and Signature of the reporting official. Turbotax deluxe federal e file state 2012 Under certain circumstances, back pay may be a special wage payment and excluded from wages counted under the social security earnings test. Turbotax deluxe federal e file state 2012 If you pay back pay to an employee age 61 or older, report it to the SSA in accordance with this section. Turbotax deluxe federal e file state 2012 Read Special Wage Payments, later, for additional reporting instructions. Turbotax deluxe federal e file state 2012 Questions If you have questions concerning back pay under a statute, call the SSA at 1-800-772-6270. Turbotax deluxe federal e file state 2012 Exception. Turbotax deluxe federal e file state 2012   If you are a state or local government employer who was covered by an agreement under Section 218 of the Social Security Act before January 1, 1987, and you paid a back pay award before January 1, 1987, which you did not report to the SSA, contact your state Social Security Administrator's office. Turbotax deluxe federal e file state 2012 Table 1. Turbotax deluxe federal e file state 2012 Format for Report (Under Covering Letter) to Request SSA to Allocate Back Pay Under Statute Wages Employer's EIN: xx-xxxxxxx Tax Year in Which Award Payment Was Paid: 2012 (1) SSN and Employee Name (2)1 Award Amount and Period(s) (3)2,3 Other Soc. Turbotax deluxe federal e file state 2012 Sec. Turbotax deluxe federal e file state 2012 /Med. Turbotax deluxe federal e file state 2012 Wages Paid In Award Year (4)3 Allocation     Soc. Turbotax deluxe federal e file state 2012 Sec. Turbotax deluxe federal e file state 2012 Med. Turbotax deluxe federal e file state 2012 /MQGE Year Soc. Turbotax deluxe federal e file state 2012 Sec. Turbotax deluxe federal e file state 2012 Med. Turbotax deluxe federal e file state 2012 /MQGE xxx-xx-xxxx HELEN T. Turbotax deluxe federal e file state 2012 SMITH $100,000 1/2009 - 12/2012 $40,000 $40,000 2009 2010 2011 2012 $20,000 25,000 27,000 28,000 $20,000 25,000 27,000 28,000 xxx-xx-xxxx SAM W. Turbotax deluxe federal e file state 2012 EVANS 30,000 7/89-12/91 -0- -0- 1989 1990 1991   6,000 12,000 12,000 xxx-xx-xxxx ROLAND S. Turbotax deluxe federal e file state 2012 ADAMS 15,000 7/80-12/81 -0- -0- 9/80 12/80 1981 3,500 3,500 8,000   1Exclude amounts specifically designated as damages, penalties, etc. Turbotax deluxe federal e file state 2012  2Exclude the amount of back pay, if any, included in that amount. Turbotax deluxe federal e file state 2012  3For periods before January 1, 1978 (and for state and local government (Section 218) employers before January 1, 1981), show the wage amounts by calendar quarters. Turbotax deluxe federal e file state 2012 The social security and/or Medicare Qualified Government Employment (MQGE) wages (where applicable) must be shown separately FOR ALL YEARS. Turbotax deluxe federal e file state 2012 (Wages subject ONLY to MQGE would be shown in the Medicare/MQGE column; no wages would be shown in the Soc. Turbotax deluxe federal e file state 2012 Sec. Turbotax deluxe federal e file state 2012 column. Turbotax deluxe federal e file state 2012 ) For tax years 1991 and later, the social security and Medicare wages must be listed separately. Turbotax deluxe federal e file state 2012 Explanation of examples. Turbotax deluxe federal e file state 2012 Helen T. Turbotax deluxe federal e file state 2012 Smith–The back pay award, excluding interest, was $100,000 for the periods 1/2009-12/2012. Turbotax deluxe federal e file state 2012 In 2012, this employee was also paid $40,000 in other wages. Turbotax deluxe federal e file state 2012 (Her Form W-2 for 2012 reported $110,100 for social security and $140,000 for Medicare. Turbotax deluxe federal e file state 2012 The SSA allocation will result in adjusted posted wages of $68,000 for social security and $68,000 for Medicare for 2012. Turbotax deluxe federal e file state 2012 ) Sam W. Turbotax deluxe federal e file state 2012 Evans–The back pay award was $30,000 for the periods 7/89-12/91. Turbotax deluxe federal e file state 2012 This employee was hired in 1989 and was subject to MQGE only. Turbotax deluxe federal e file state 2012 He was no longer employed by this governmental employer in 2012. Turbotax deluxe federal e file state 2012 (His Form W-2 for 2012 reported $30,000 for social security and $30,000 for Medicare. Turbotax deluxe federal e file state 2012 After the SSA allocation, he will not have any net posted wages for 2012. Turbotax deluxe federal e file state 2012 ) Roland S. Turbotax deluxe federal e file state 2012 Adams–The back pay award was $15,000 for the periods 7/80-12/81. Turbotax deluxe federal e file state 2012 He was no longer employed by this state and local government (Section 218) employer in 2012. Turbotax deluxe federal e file state 2012 (His Form W-2 for 2012 reported $15,000 for social security and $15,000 for Medicare; after the SSA allocation, he will not have any net posted wages for 2012. Turbotax deluxe federal e file state 2012 ) If the state Social Security Administrator's office needs more information, they can contact the SSA at the following address:   Social Security Administration Office of Income Security Programs Office of Earnings and Program Integrity Policy 6401 Security Boulevard 2506 OPS Baltimore, MD 21235 2. Turbotax deluxe federal e file state 2012 Special Wage Payments A special wage payment (SWP) is an amount paid by an employer to an employee (or former employee) for services performed in a prior year. Turbotax deluxe federal e file state 2012 Employers should report to the SSA special wage payments made to employees and former employees who are recipients of social security retirement benefits. Turbotax deluxe federal e file state 2012 Special wage payments made to a retired employee receiving social security or to an employee who continues to work while receiving social security benefits may reduce the benefits the individual receives if not reported to the SSA. Turbotax deluxe federal e file state 2012 Special wage payments may include (but are not limited to): Accumulated sick and vacation pay, Back pay, Bonuses, Deferred compensation, Payments because of retirement, Sales commissions, Severance pay, and Stock options. Turbotax deluxe federal e file state 2012 Note. Turbotax deluxe federal e file state 2012 Payments made after retirement that are part of the normal payroll cycle should not be routinely reported as special wage payments. Turbotax deluxe federal e file state 2012 Earnings Test. Turbotax deluxe federal e file state 2012   Benefits paid to a social security beneficiary under full retirement age may be reduced if the beneficiary continues to work. Turbotax deluxe federal e file state 2012 The SSA uses the information in boxes 1, 3, and 5 of Form W-2 to determine the beneficiary's current year earnings. Turbotax deluxe federal e file state 2012 Special wage payments, which are for services performed in a prior year, will increase the current year earnings on Form W-2, which also may result in a reduction in the beneficiary's benefits. Turbotax deluxe federal e file state 2012 If a benefit is reduced because of a special wage payment, the beneficiary must get documentation from the employer before the SSA can restore the deducted portion. Turbotax deluxe federal e file state 2012 Therefore, employer reports of special wage payments help prevent incorrect benefit reductions. Turbotax deluxe federal e file state 2012 Reporting Special Wage Payments Employers must report special wage payments for income tax purposes and social security and Medicare taxes in the year received. Turbotax deluxe federal e file state 2012 Report income, social security, and/or Medicare taxes for special wage payments on Form W-2. Turbotax deluxe federal e file state 2012 See Nonqualified Deferred Compensation and Section 457 Plans, later, for reporting nonqualified deferred compensation plan deferrals and payments on Form W-2. Turbotax deluxe federal e file state 2012 In addition, report to the SSA special wage payments made during the reporting year to retired employees and employees who continue to work while receiving social security benefits. Turbotax deluxe federal e file state 2012 Submit reports after the close of the tax year. Turbotax deluxe federal e file state 2012 To avoid delays in processing, submit reports in time to reach the SSA by April 1. Turbotax deluxe federal e file state 2012 Use one of the following reporting methods. Turbotax deluxe federal e file state 2012 Electronic reporting. Turbotax deluxe federal e file state 2012   Special wage payment files can be sent electronically by logging onto Business Services Online (BSO) via the socialsecurity. Turbotax deluxe federal e file state 2012 gov website. Turbotax deluxe federal e file state 2012 BSO enables organizations and authorized individuals to conduct business with and submit confidential information to the Social Security Administration. Turbotax deluxe federal e file state 2012 You must register to use this website. Turbotax deluxe federal e file state 2012 The web address is www. Turbotax deluxe federal e file state 2012 socialsecurity. Turbotax deluxe federal e file state 2012 gov/bso/bsowelcome. Turbotax deluxe federal e file state 2012 htm. Turbotax deluxe federal e file state 2012   Use the specifications and record layout shown in  Table 2, later. Turbotax deluxe federal e file state 2012 Only one file at a time may be submitted. Turbotax deluxe federal e file state 2012 If your file is large (>10MB), or you have a slow internet connection, the transmission will be faster if the file is zipped. Turbotax deluxe federal e file state 2012 A zipped file contains a file that has been compressed to reduce its file size. Turbotax deluxe federal e file state 2012 WinZip and PKZIP are examples of acceptable compression packages. Turbotax deluxe federal e file state 2012   Electronic submissions not meeting the specifications in Table 2 will be rejected. Turbotax deluxe federal e file state 2012 Paper listing. Turbotax deluxe federal e file state 2012   A paper listing can be used to report special wage payments to several employees. Turbotax deluxe federal e file state 2012 Use the format shown in Table 3, later. Turbotax deluxe federal e file state 2012 Submit paper listings to the local SSA office nearest your place of business. Turbotax deluxe federal e file state 2012 Visit www. Turbotax deluxe federal e file state 2012 socialsecurity. Turbotax deluxe federal e file state 2012 gov/locator to find a Social Security office near you. Turbotax deluxe federal e file state 2012 Form SSA-131. Turbotax deluxe federal e file state 2012   Use Form SSA-131 to report special wage payments made to an employee. Turbotax deluxe federal e file state 2012 Also use this form to report nonqualified deferred compensation and section 457 plan deferrals and payments that could not be reported in box 11 of Form W-2. Turbotax deluxe federal e file state 2012    This image is too large to be displayed in the current screen. Turbotax deluxe federal e file state 2012 Please click the link to view the image. Turbotax deluxe federal e file state 2012 Publication 957 Reporting Back Pay to the Social Security Administration Instructions for Form SSA–131   EMPLOYER INSTRUCTIONS FOR COMPLETING SPECIAL WAGE PAYMENT FORM 1. Turbotax deluxe federal e file state 2012 Provide the EIN that was used or will be used to report the employee's wages on the Form W-2. Turbotax deluxe federal e file state 2012 2. Turbotax deluxe federal e file state 2012 Enter the date the employee retired. Turbotax deluxe federal e file state 2012 Enter “Not Retired” if the employee has not retired. Turbotax deluxe federal e file state 2012 3. Turbotax deluxe federal e file state 2012 Enter the date that the employee last performed services; was not expected to return to work; and was not subject to recall to render additional services. Turbotax deluxe federal e file state 2012 This date should be the same as or earlier than the date in item “2”. Turbotax deluxe federal e file state 2012 Enter “Not Retired” if the employee has not retired. Turbotax deluxe federal e file state 2012 4. Turbotax deluxe federal e file state 2012 Enter the wages that were paid to the employee in the tax year that were for services that were performed in years prior to the tax year or that were paid on account of retirement. Turbotax deluxe federal e file state 2012  Examples (not all inclusive) of payments to be included: Payments in lieu of vacation that were earned in a year prior to the tax year. Turbotax deluxe federal e file state 2012 Accumulated sick payments which were paid in a lump sum based on “retirement” as the sole condition of payment. Turbotax deluxe federal e file state 2012 Accumulated sick payments paid at or after the date in item 3, which were earned in a year prior to the tax year. Turbotax deluxe federal e file state 2012 Payments “on account of retirement”–dismissal, severance or termination pay paid because of retirement. Turbotax deluxe federal e file state 2012 Bonuses which are paid pursuant to a prior contract, agreement or promise causing the employee to expect such payments regularly; or announced to induce the employee to work more steadily, rapidly or efficiently or to remain with the employer. Turbotax deluxe federal e file state 2012 Stock Options. Turbotax deluxe federal e file state 2012   Do not include in item “4” payments: For annual, sick, holiday, or vacation pay if used (absence from work) prior to the date of retirement (earlier of items “2” or “3”). Turbotax deluxe federal e file state 2012 That were reported or will be reported under “Nonqualified Plans” on the Form W-2. Turbotax deluxe federal e file state 2012 That were deducted from the employee's wages and paid to a deferred compensation plan (e. Turbotax deluxe federal e file state 2012 g. Turbotax deluxe federal e file state 2012 , 401k). Turbotax deluxe federal e file state 2012 Employees health and dental plan benefits (non-covered/non-taxable for Social Security Wages). Turbotax deluxe federal e file state 2012 Bonuses earned and paid in the tax year. Turbotax deluxe federal e file state 2012 5. Turbotax deluxe federal e file state 2012 Check whether payments listed in item 4 will be made for years after the tax year. Turbotax deluxe federal e file state 2012 If yes, please show the amounts and years in which these will be paid, if known. Turbotax deluxe federal e file state 2012 6. Turbotax deluxe federal e file state 2012 Nonqualified deferred compensation and section 457 plans only. Turbotax deluxe federal e file state 2012 If you were unable to report nonqualified deferred compensation or section 457 plan payments and deferrals (contributions) on Form W-2 because both payments and deferrals occurred during the year, show the amount of wages earned by the employee during the tax year. Turbotax deluxe federal e file state 2012 Generally, the wages earned will be the compensation reported in block 1 of Form W-2 less payments from a nonqualified deferred compensation (or 457) plan, but including any amounts deferred under the plan during the tax year (See IRS Publication 957). Turbotax deluxe federal e file state 2012 Paperwork/Privacy Act Notice: This report is authorized by regulation 20 CFR 404. Turbotax deluxe federal e file state 2012 702. Turbotax deluxe federal e file state 2012 The information that you provide will be used in making a determination regarding the amount of Social Security benefits payable to the above named individual. Turbotax deluxe federal e file state 2012 While your response is voluntary, if you do not respond we may not be able to make a correct determination regarding the amount of Social Security benefits payable to the above named individual for the year in question. Turbotax deluxe federal e file state 2012 We may also use the information you give us when we match records by computer. Turbotax deluxe federal e file state 2012 Matching programs compare our records with those of other Federal, State, or local government agencies. Turbotax deluxe federal e file state 2012 Many agencies may use matching programs to find or prove that a person qualifies for benefits paid by the Federal Government. Turbotax deluxe federal e file state 2012 The law allows us to do this even if you do not agree to it. Turbotax deluxe federal e file state 2012 Explanations about these and other reasons why information you provide us may be used or given out are available in Social Security Offices. Turbotax deluxe federal e file state 2012 If you want to learn more about this, contact any Social Security Office. Turbotax deluxe federal e file state 2012 The Paperwork Reduction Act: This information collection meets the clearance requirements of 44 U. Turbotax deluxe federal e file state 2012 S. Turbotax deluxe federal e file state 2012 C. Turbotax deluxe federal e file state 2012 §3507, as amended by Section 2 of the Paperwork Reduction Act of 1995. Turbotax deluxe federal e file state 2012 You are not required to answer these questions unless we display a valid Office of Management and Budget control number. Turbotax deluxe federal e file state 2012 We estimate that it will take you about 20 minutes to read the instructions, gather the necessary facts, and answer the questions. Turbotax deluxe federal e file state 2012 Form SSA-131 (8-2001) EF (06-2002)   Submit Form SSA-131 to the SSA office nearest your place of business. Turbotax deluxe federal e file state 2012 Or, the employee can submit it to the SSA office handling the claim. Turbotax deluxe federal e file state 2012 You or the employee must submit this form before the SSA can exclude the special wage payments for purposes of the earnings test. Turbotax deluxe federal e file state 2012 If reporting on more than one employee, complete a separate Form SSA-131 for each employee or use the paper listing format (except for reporting nonqualified and section 457 plan deferrals and payments) in Table 3. Turbotax deluxe federal e file state 2012 Do not report payments from nonqualified deferred compensation or section 457 plans that were reported in box 11 of Form W-2. Turbotax deluxe federal e file state 2012 Use Form SSA-131 if deferrals to and payments from nonqualified or section 457 plans occurred during the tax year. Turbotax deluxe federal e file state 2012 Reporting Nonstatutory (Nonqualified) Stock Options as Special Wage Payments A nonstatutory (nonqualified) option to purchase stock which is exercised in a year after the year in which the option was earned is a special wage payment. Turbotax deluxe federal e file state 2012 It should not count for the social security earnings test. Turbotax deluxe federal e file state 2012 Nonstatutory (nonqualified) options exercised as special wage payments by retired employees or employees who continue to work while receiving social security benefits should be reported by employers using the above reporting methods. Turbotax deluxe federal e file state 2012 Nonqualified Deferred Compensation and Section 457 Plans A nonqualified deferred compensation plan is a plan or arrangement established and maintained by an employer for one or more of its employees that provides for the deferral of compensation, but does not meet the requirements for a tax-qualified deferred compensation plan. Turbotax deluxe federal e file state 2012 For social security and Medicare purposes, deferred compensation plans for employees of state and local governments (section 457 plans) are treated the same as nonqualified plans. Turbotax deluxe federal e file state 2012 Nonqualified and section 457 plans are reported differently than other special wage payments. Turbotax deluxe federal e file state 2012 See Reporting Amounts Deferred to Nonqualified and Section 457 Plans below for specific instructions. Turbotax deluxe federal e file state 2012 Reporting Amounts Deferred to Nonqualified and Section 457 Plans Generally, when the related services are performed, nonqualified deferred compensation is subject to social security and Medicare tax when deferred. Turbotax deluxe federal e file state 2012 However, if nonqualified and section 457 plans contain provisions that delay the employee's right to receive payments from the plan, a period of substantial risk of forfeiture exists. Turbotax deluxe federal e file state 2012 The plans' deferrals, or contributions, are not subject to social security and Medicare taxes until the period of substantial risk of forfeiture ends. Turbotax deluxe federal e file state 2012 No risk of forfeiture. Turbotax deluxe federal e file state 2012   If there is no risk of forfeiture, report wage amounts deferred to a nonqualified deferred compensation or section 457 plan in box 3 (up to the wage base maximum) and/or box 5 of Form W-2. Turbotax deluxe federal e file state 2012 Example. Turbotax deluxe federal e file state 2012 Company X's nonqualified deferred compensation plan allows the deferral of up to $20,000 of employee salaries each year. Turbotax deluxe federal e file state 2012 The plan has no risk of forfeiture. Turbotax deluxe federal e file state 2012 In 2012, Employee A defers $20,000 to the plan from a total salary of $200,000. Turbotax deluxe federal e file state 2012 Form W-2 Completion Amount Box 1 $200,000 Box 3* 110,100 Box 5 200,000 *Wage base maximum for tax year 2012 Risk of forfeiture lapses before retirement. Turbotax deluxe federal e file state 2012   If the substantial risk of forfeiture lapses before the employee retires, report all past contributions to the plan (or the value of the plan), including accumulated earned interest, in box 3 (up to the wage base maximum) and/or box 5 of Form W-2. Turbotax deluxe federal e file state 2012 The accumulated deferrals are reported along with any other social security and Medicare wages earned during the year. Turbotax deluxe federal e file state 2012   Report in box 11 of Form W-2 the amount of deferrals, including any accumulated interest, that became taxable for social security and Medicare taxes during the year (but were for prior year services) because the deferred amounts were no longer subject to a substantial risk of forfeiture. Turbotax deluxe federal e file state 2012 If the employee continues working, future deferrals are social security and Medicare wages when they are earned. Turbotax deluxe federal e file state 2012    Do not include in box 11 deferrals that are included in boxes 3 and/or 5 and that are for current year services. Turbotax deluxe federal e file state 2012 Risk of forfeiture lapses at retirement. Turbotax deluxe federal e file state 2012   When an employee's right to a payment is contingent upon working until retirement, report all past contributions to the plan (or the value of the plan), including accumulated earned interest, as social security and/or Medicare wages in the year of retirement. Turbotax deluxe federal e file state 2012 Add the amount to other wages paid in that year, and enter in box 3 (up to the wage base maximum) and/or box 5 of Form W-2. Turbotax deluxe federal e file state 2012   Report in box 11 of Form W-2 the amount of deferrals, including any accumulated interest, that became taxable for social security and Medicare taxes during the year (but were for prior year services) because the deferred amounts were no longer subject to a substantial risk of forfeiture. Turbotax deluxe federal e file state 2012    Do not include in box 11 deferrals that are included in boxes 3 and/or 5 and that are for current year services. Turbotax deluxe federal e file state 2012 Example—risk of forfeiture. Turbotax deluxe federal e file state 2012 At the end of the risk-of-forfeiture period for Company Y's nonqualified deferred compensation plan, Employee B's accumulated deferrals, plus interest earned by the plan, are $120,000, not including B's $20,000 deferral for this year. Turbotax deluxe federal e file state 2012 B's wages, including this year's deferred amount, are $80,000. Turbotax deluxe federal e file state 2012 Form W-2 Completion Amount Box 1 $60,000 Box 3* 110,100 Box 5 200,000 Box 11 120,000 *Wage base maximum for tax year 2012 Reporting Payments From Nonqualified and Nongovernmental Section 457 Plans When an employee or former employee retires and begins receiving payments (distributions) from a nonqualified or nongovernmental section 457 plan, report the payments in boxes 1 and 11 of Form W-2. Turbotax deluxe federal e file state 2012 Report payments (distributions) from a governmental section 457 plan on Form 1099-R, Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Turbotax deluxe federal e file state 2012 Example. Turbotax deluxe federal e file state 2012 Employee D retired from the XYZ company and began receiving social security benefits. Turbotax deluxe federal e file state 2012 XYZ paid D a $12,000 bonus upon retirement for sales made in a prior year, and D received $25,000 in payments from XYZ's nonqualified deferred compensation plan. Turbotax deluxe federal e file state 2012 In addition, D agreed to continue performing services for XYZ, but on a part-time basis for wages of $15,000 per year. Turbotax deluxe federal e file state 2012 D made no deferrals to the nonqualified plan this year. Turbotax deluxe federal e file state 2012 Form W-2 Completion Amount Box 1 $52,000 Box 3 27,000 Box 5 27,000 Box 11 25,000 Report the $12,000 bonus to the SSA using electronic reporting, a paper listing, or Form SSA-131. Turbotax deluxe federal e file state 2012 For more information, see Reporting Special Wage Payments , earlier. Turbotax deluxe federal e file state 2012 Reporting Payments and Deferrals in the Same Year Do not complete box 11 when payments (distributions) are made from a nonqualified plan and deferrals are reported in boxes 3 and/or 5 of Form W-2 (including current year deferrals). Turbotax deluxe federal e file state 2012 Report to the SSA on Form SSA-131 the total amount the employee earned during the tax year. Turbotax deluxe federal e file state 2012 Normally, the amount earned is the amount reported in box 1 of Form W-2 less payments from a nonqualified or section 457 plan, but including any amounts deferred under the plan during the tax year. Turbotax deluxe federal e file state 2012 See Form SSA-131 and its instructions, earlier. Turbotax deluxe federal e file state 2012 Example. Turbotax deluxe federal e file state 2012 Employee K retired this year from Company XYZ and began receiving social security benefits. Turbotax deluxe federal e file state 2012 During the year he earned wages of $50,000 and deferred $35,000 of the wages into the company's nonqualified deferred compensation plan. Turbotax deluxe federal e file state 2012 K also received $75,000 in payments from the company's nonqualified plan. Turbotax deluxe federal e file state 2012 Form W-2 Completion Amount Special Wage Payment $75,000 Wages 50,000 Minus: deferral 35,000 Total reported in Box 1 $90,000     Wages including deferral reported in  Boxes 3 and 5 $50,000     Leave Box 11 blank. Turbotax deluxe federal e file state 2012 File Form SSA-131 -0-     Form SSA-131 Completion Amount from Box 1 of Form W-2 $90,000 Minus: payments from a nonqualified plan 75,000 Plus: amounts deferred into the plan during the year 35,000 Total wages earned for purposes of Form SSA-131 (item 6) $50,000 Additional Reporting Examples for Nonqualified Deferred Compensation (NQDC) Plans It is not necessary to show amounts deferred during the year under an NQDC plan subject to section 409A. Turbotax deluxe federal e file state 2012 If you report section 409A deferrals, show the amount in box 12 of Form W-2 using code Y. Turbotax deluxe federal e file state 2012 For more information, see Notice 2008-115, 2008-52 I. Turbotax deluxe federal e file state 2012 R. Turbotax deluxe federal e file state 2012 B. Turbotax deluxe federal e file state 2012 1367, available at www. Turbotax deluxe federal e file state 2012 irs. Turbotax deluxe federal e file state 2012 gov/irb/2008-52_IRB/ar10. Turbotax deluxe federal e file state 2012 html. Turbotax deluxe federal e file state 2012 Special reporting rules apply when an NQDC plan is not compliant with section 409A (when there has been a “plan failure”). Turbotax deluxe federal e file state 2012 Income included under section 409A from an NQDC plan is reported in box 1 and box 12 of Form W-2 using code Z. Turbotax deluxe federal e file state 2012 See Notice 2008-115. Turbotax deluxe federal e file state 2012 The following examples use small dollar amounts for illustrative purposes. Turbotax deluxe federal e file state 2012 However, the amount reported in box 3 of Form W-2 is always limited by the social security earnings wage base (for example, $110,100 for 2012). Turbotax deluxe federal e file state 2012 The term “vested” in the following examples means that the amount deferred is not subject to a substantial risk of forfeiture. Turbotax deluxe federal e file state 2012 Conversely, the term “not vested” means that the amount deferred is subject to a substantial risk of forfeiture. Turbotax deluxe federal e file state 2012 The examples assume that the NQDC plan is in compliance with section 409A, and that amounts deferred under the plan are not includible in gross income as they are deferred. Turbotax deluxe federal e file state 2012 For purposes of the examples, it is assumed that the regular pay of the employee is remuneration for employment and wages for employment tax purposes except to the extent the deferral of a portion of the regular pay results in a reduction in wages. Turbotax deluxe federal e file state 2012 Example 1: Deferral that is immediately vested (no substantial risk of forfeiture) with no distributions and no vesting of prior-year deferrals. Turbotax deluxe federal e file state 2012 For the year, the employee’s regular pay was $200, and the employee deferred $20 of the pay into her employer’s NQDC plan. Turbotax deluxe federal e file state 2012 The deferral of $20 was vested upon deferral and there was an employer match of $10 under the plan, which was also vested. Turbotax deluxe federal e file state 2012 Regular pay = $200; Deferral, vested = $20; Employer match, vested = $10. Turbotax deluxe federal e file state 2012 Form W-2 Completion Amount Box 1 ($200 Regular pay minus $20 vested deferral) $180 Box 3 ($200 Regular pay plus $10 Employer match, vested) 210 Box 5 ($200 Regular pay plus $10 Employer match, vested) 210 Box 11 -0- Example 2: Deferral with delayed vesting (substantial risk of forfeiture) of employee and employer portions (no distributions and no vesting of prior-year deferrals). Turbotax deluxe federal e file state 2012 For the year, the employee’s regular pay was $200, and the employee deferred $20 of the pay into the employer’s nonqualified deferred compensation plan. Turbotax deluxe federal e file state 2012 The deferral of $20 was not vested upon deferral, and there was an employer match of $10 under the plan, which was also not vested. Turbotax deluxe federal e file state 2012 Regular pay = $200; Deferral, not vested = $20; Employer match, not vested = $10. Turbotax deluxe federal e file state 2012 Form W-2 Completion Amount Box 1 ($200 Regular pay minus $20 Deferral, not vested) $180 Box 3 ($200 Regular pay minus $20 Deferral, not vested) 180 Box 5 ($200 Regular pay minus $20 Deferral, not vested) 180 Box 11 -0- Example 3: Deferral that is immediately vested with prior-year deferrals and investment earnings on the prior-year deferrals that are now vesting (no distributions). Turbotax deluxe federal e file state 2012 For the year, the employee’s regular pay was $200, and the employee deferred $20 of the pay into the employer’s nonqualified deferred compensation plan. Turbotax deluxe federal e file state 2012 The deferral of $20 was vested upon deferral. Turbotax deluxe federal e file state 2012 During the year, $100 of prior-year deferrals and $15 of investment earnings on the $100 of prior-year deferrals became vested. Turbotax deluxe federal e file state 2012 Regular pay = $200; Deferral, vested = $20; Vesting of prior-year deferrals = $100; Vesting of investment earnings on $100 of prior-year deferral = $15. Turbotax deluxe federal e file state 2012 Form W-2 Completion Amount Box 1 ($200 Regular pay minus $20 Deferral, vested) $180 Box 3 ($200 Regular pay plus $100 vested prior-year deferral plus $15 earnings on deferral) 315 Box 5 ($200 Regular pay plus $100 vested prior-year deferral plus $15 vested investment earnings on prior year deferral) 315 Box 11 ($100 vested prior-year deferral plus $15 earnings) 115 Example 4: No deferrals but there are distributions (no vesting of prior-year deferrals). Turbotax deluxe federal e file state 2012 For the year, the employee’s regular pay was $100, and the employee deferred no pay into the employer’s NQDC plan. Turbotax deluxe federal e file state 2012 There was no vesting of prior-year deferrals under the plan. Turbotax deluxe federal e file state 2012 During the year, there were total distributions of $50 from the plan to the employee. Turbotax deluxe federal e file state 2012 Regular pay = $100; Distribution = $50. Turbotax deluxe federal e file state 2012 Form W-2 Completion Amount Box 1 ($100 Regular pay plus $50 Distribution) $150 Box 3 ($100 Regular pay ) 100 Box 5 ($100 Regular pay) 100 Box 11 ($50 Distribution) 50 Special rule for box 11 of Form W-2 (distributions and deferral in the same year). Turbotax deluxe federal e file state 2012   If, in the same year, there are NQDC distributions and there are deferrals that are reportable in boxes 3 and/or 5 (current or prior-year deferrals) of Form W-2, do not complete box 11. Turbotax deluxe federal e file state 2012 Instead, report on Form SSA-131 the total amount the employee earned during the year. Turbotax deluxe federal e file state 2012 * Submit the SSA-131 to the nearest SSA office or give it to the employee. Turbotax deluxe federal e file state 2012   *Generally, the amount earned by the employee during the tax year for purposes of item 6 of Form SSA-131 is the amount reported in box 1 of Form W-2 plus current-year deferrals that are vested (employee and employer portions) less distributions. Turbotax deluxe federal e file state 2012 Do not consider prior-year deferrals that are vesting in the current year. Turbotax deluxe federal e file state 2012 If there was a plan failure, the box 1 amount in this calculation should be as if there were no plan failure. Turbotax deluxe federal e file state 2012 Example 5: Deferral that is immediately vested and there are distributions (no vesting of prior-year deferrals). Turbotax deluxe federal e file state 2012 For the year, the employee’s regular pay was $200, and the employee deferred $20 of the pay into the employer’s NQDC plan. Turbotax deluxe federal e file state 2012 There was also an employer match of $10. Turbotax deluxe federal e file state 2012 The deferral and employer match were vested upon deferral. Turbotax deluxe federal e file state 2012 There was no vesting of prior-year deferrals under the plan. Turbotax deluxe federal e file state 2012 During the year, there were total distributions of $50 from the plan to the employee. Turbotax deluxe federal e file state 2012 Regular pay = $200; Deferral, vested = $20; Employer match, vested = $10; Distribution = $50. Turbotax deluxe federal e file state 2012 Form W-2 Completion Amount Box 1 ($50 Special Wage Payment (Distribution) plus $200 Regular pay minus $20 Deferral, vested) $230 Boxes 3 and 5 ($200 Regular pay plus $10 vested employer match) 210 Leave Box 11 blank. Turbotax deluxe federal e file state 2012 File Form SSA-131 -0-     Form SSA-131 Completion Item 6 - amount of wages earned by the employee during the tax year ($230 from Box 1 of Form W-2 minus $50 Distribution plus $30 vested current year employee deferral and employer match) $210 Example 6: Deferral with delayed vesting and there are distributions (no vesting of prior-year deferrals). Turbotax deluxe federal e file state 2012 For the year, the employee’s regular pay was $200, and the employee deferred $20 of the pay into the employer’s NQDC plan. Turbotax deluxe federal e file state 2012 The deferral was not vested upon deferral. Turbotax deluxe federal e file state 2012 There was no vesting of prior-year deferrals under the plan. Turbotax deluxe federal e file state 2012 During the year, there were total distributions of $50 from the plan to the employee. Turbotax deluxe federal e file state 2012 Regular pay = $200; Deferral, not vested = $20; Distribution = $50. Turbotax deluxe federal e file state 2012 Form W-2 Completion Amount Box 1 ($50 Special Wage Payment (Distribution) plus $200 Regular pay minus $20 Deferral, not vested) $230 Boxes 3 and 5 ($200 Regular pay minus $20 deferral that is not vested) 180 Box 11 ($50 Distribution). Turbotax deluxe federal e file state 2012 50 Example 7: Deferral that is immediately vested and there are distributions (also vesting of prior-year deferrals and earnings on those prior-year deferrals). Turbotax deluxe federal e file state 2012 For the year, the employee’s regular pay was $200, and the employee deferred $20 of the pay into the employer’s NQDC plan. Turbotax deluxe federal e file state 2012 The deferral was vested upon deferral. Turbotax deluxe federal e file state 2012 There was vesting of $100 of prior-year deferrals and $15 of earnings on the $100 prior-year deferral under the plan. Turbotax deluxe federal e file state 2012 During the year, there were total distributions of $50 from the plan to the employee. Turbotax deluxe federal e file state 2012 Regular pay = $200; Deferral, vested = $20; Distribution = $50; Vesting of prior-year deferrals ($100) and earnings on those prior-year deferrals ($15) = $115. Turbotax deluxe federal e file state 2012 Form W-2 Completion Amount Box 1 ($50 Special Wage Payment (Distribution) plus $200 Regular pay minus $20 vested deferral $230 Boxes 3 and 5 ($200 Regular pay Plus $115 vested prior deferral (with vested earnings on the deferral)) 315 Leave Box 11 blank. Turbotax deluxe federal e file state 2012 File Form SSA-131 -0-     Form SSA-131 Completion Item 6, amount of wages earned by the employee during the tax year ($230 from Box 1 of Form W-2 minus $50 Distribution plus $20 vested current year deferral) $200 Example 8: Deferral with delayed vesting and there are distributions (vesting of prior-year deferrals, including employer matches, and earnings on those deferrals). Turbotax deluxe federal e file state 2012 For the year, the employee’s regular pay was $200, and the employee deferred $20 of the pay into the employer’s NQDC plan. Turbotax deluxe federal e file state 2012 The deferral was not vested upon deferral. Turbotax deluxe federal e file state 2012 There was also vesting of prior-year deferrals and employer matches and earnings on these amounts under the plan ($115). Turbotax deluxe federal e file state 2012 During the year, there were total distributions of $50 from the plan to the employee. Turbotax deluxe federal e file state 2012 Regular pay = $200; Deferral, not vested = $20; Distribution = $50; Vesting of prior-year deferrals and employer match = $100 plus earnings on that $100 of $15. Turbotax deluxe federal e file state 2012 Form W-2 Completion Amount Box 1 ($50 Special Wage Payment (Distribution) plus $200 regular pay minus $20 Deferral, not vested) $230 Boxes 3 and 5 ($200 Regular pay plus $115 vested prior-year deferral and prior year employer match and earning on the prior year amounts minus $20 deferral that is not vested) 295 Leave Box 11 blank. Turbotax deluxe federal e file state 2012 File Form SSA-131 -0-     Form SSA-131 Completion Item 6 ($230 Amount from Box 1 of Form W-2 minus $50 Distribution) $180 Table 2. Turbotax deluxe federal e file state 2012 Specifications for Electronic Reporting of Special Wage Payments Record Position  Field Size   Description Start End 1 3 3 Record Type—must include only the capital letters “SWP” 4 12 9 SSN—must be numeric and may not be all zeros 13 27 15 Last Name—all capitals and no punctuation; may have blanks on right only 28 38 11 First Name—all capitals and no punctuation; may have blanks on right only 39 39 1 Middle Initial—must be either a capital letter or blank 40 48 9 EIN—must be numeric and may not be all zeros 49 59 11 Payment—must be numeric; may not be all zeros; last two digits on right are assumed to be cents; no period or dollar sign 60 63 4 Payment Year—must be only a four-digit year 64 66 3 SSA Office Code—must be numeric and may be all zeros 67 67 1 Payment Type Code—must be the capital letter “T” 68 117 50 Filler  The record format is a fixed length of 117. Turbotax deluxe federal e file state 2012  The file format is ASCII. Turbotax deluxe federal e file state 2012  Submit only one file at a time. Turbotax deluxe federal e file state 2012   Table 3. Turbotax deluxe federal e file state 2012 Sample—Paper Listing for Reporting Special Wage Payments to Several Employees Report of Special Wage PaymentsTax Year: Page of A. Turbotax deluxe federal e file state 2012 Employer Name: EIN:   Address: Contact Name:     Phone: ( )   . Turbotax deluxe federal e file state 2012 1) B. Turbotax deluxe federal e file state 2012 Employee Name: (Last) (First) (MI)   C. Turbotax deluxe federal e file state 2012 SSN: D. Turbotax deluxe federal e file state 2012 SWP:$ E. Turbotax deluxe federal e file state 2012 Type: Other: 2) B. Turbotax deluxe federal e file state 2012 Employee Name: (Last) (First) (MI)   C. Turbotax deluxe federal e file state 2012 SSN: D. Turbotax deluxe federal e file state 2012 SWP:$ E. Turbotax deluxe federal e file state 2012 Type: Other: 3) B. Turbotax deluxe federal e file state 2012 Employee Name: (Last) (First) (MI)   C. Turbotax deluxe federal e file state 2012 SSN: D. Turbotax deluxe federal e file state 2012 SWP:$ E. Turbotax deluxe federal e file state 2012 Type: Other: 4) B. Turbotax deluxe federal e file state 2012 Employee Name: (Last) (First) (MI)   C. Turbotax deluxe federal e file state 2012 SSN: D. Turbotax deluxe federal e file state 2012 SWP:$ E. Turbotax deluxe federal e file state 2012 Type: Other: 5) B. Turbotax deluxe federal e file state 2012 Employee Name: (Last) (First) (MI)   C. Turbotax deluxe federal e file state 2012 SSN: D. Turbotax deluxe federal e file state 2012 SWP:$ E. Turbotax deluxe federal e file state 2012 Type: Other:     INSTRUCTIONS:   Enter tax year and page number. Turbotax deluxe federal e file state 2012   A. Turbotax deluxe federal e file state 2012 Employer name, employer identification number (EIN), address, the name of a contact person, and a phone number where the contact person can be reached during normal business hours. Turbotax deluxe federal e file state 2012   B. Turbotax deluxe federal e file state 2012 Employee's name. Turbotax deluxe federal e file state 2012   C. Turbotax deluxe federal e file state 2012 Employee's social security number (SSN). Turbotax deluxe federal e file state 2012   D. Turbotax deluxe federal e file state 2012 Total amount of special wage payments made to the employee. Turbotax deluxe federal e file state 2012   E. Turbotax deluxe federal e file state 2012 Type of special wage payment from the following list: (1) Vacation Pay, (2) Sick Pay, (3) Severance Pay,  (4) Bonus, (5) Deferred Compensation, (6) Stock Options, and (7) Other—Please explain. Turbotax deluxe federal e file state 2012   Do not use a paper listing for nonqualified deferred compensation and section 457 plan deferrals and payments that could not be reported in block 11 of Form W-2. Turbotax deluxe federal e file state 2012 (Get Form SSA-131. Turbotax deluxe federal e file state 2012 )                 Prev  Up  Next   Home   More Online Publications
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For questions about the HCTC Program, please call the IRS HCTC voice mail box at 1-855-379-0440. Please note this line is for HCTC-related questions only. IRS HCTC Analysts will not respond to any calls pertaining to filing tax returns, tax refunds, or other non-HCTC inquiries. You will be prompted to leave a message and must include the following information:
 

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Page Last Reviewed or Updated: 25-Mar-2014

The Turbotax Deluxe Federal E File State 2012

Turbotax deluxe federal e file state 2012 13. Turbotax deluxe federal e file state 2012   Payment of Taxes Table of Contents How To Make Deposits When To Make Deposits Amount of DepositsSafe Harbor Rule Generally, semimonthly deposits of excise taxes are required. Turbotax deluxe federal e file state 2012 A semimonthly period is the first 15 days of a month (the first semimonthly period) or the 16th through the last day of a month (the second semimonthly period). Turbotax deluxe federal e file state 2012 However, no deposit is required for the situations listed below; the taxes are payable with Form 720. Turbotax deluxe federal e file state 2012 The net liability for taxes listed in Part I (Form 720) does not exceed $2,500 for the quarter. Turbotax deluxe federal e file state 2012 The gas guzzler tax is being paid on a one-time filing. Turbotax deluxe federal e file state 2012 The liability is for taxes listed in Part II (Form 720), except for the floor stocks tax which generally requires a single deposit. Turbotax deluxe federal e file state 2012 How To Make Deposits Electronic deposit requirement. Turbotax deluxe federal e file state 2012   You must use electronic funds transfer to make excise tax deposits. Turbotax deluxe federal e file state 2012 Generally, electronic funds transfers are made using the Electronic Federal Tax Payment System (EFTPS). Turbotax deluxe federal e file state 2012 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 deposits on your behalf. Turbotax deluxe federal e file state 2012 Also, you may arrange for your financial institution to initiate a same-day wire payment on your behalf. Turbotax deluxe federal e file state 2012   EFTPS is a free service provided by the Department of Treasury. Turbotax deluxe federal e file state 2012 Services provided by your tax professional, financial institution, payroll service, or other third party may have a fee. Turbotax deluxe federal e file state 2012 To get more information about EFTPS or to enroll in EFTPS, visit www. Turbotax deluxe federal e file state 2012 eftps. Turbotax deluxe federal e file state 2012 gov or call 1-800-555-4477. Turbotax deluxe federal e file state 2012 Additional information about EFTPS is also available in Publication 966, Electronic Federal Tax Payment System: A Guide to Getting Started. Turbotax deluxe federal e file state 2012    Depositing on time. Turbotax deluxe federal e file state 2012 For EFTPS deposits to be on time, you must initiate the transaction at least 1 day before the date the deposit is due (before 8:00 p. Turbotax deluxe federal e file state 2012 m. Turbotax deluxe federal e file state 2012 Eastern time). Turbotax deluxe federal e file state 2012 You will automatically be enrolled in EFTPS when you apply for an EIN. Turbotax deluxe federal e file state 2012 You will receive a separate mailing containing instructions for activating your EFTPS enrollment after you receive your EIN. Turbotax deluxe federal e file state 2012 When To Make Deposits There are two methods for determining deposits: the regular method and the alternative method. Turbotax deluxe federal e file state 2012 The regular method applies to all taxes in Part I of Form 720 except for communications and air transportation taxes if deposits are based on amounts billed or tickets sold, rather than on amounts actually collected. Turbotax deluxe federal e file state 2012 See Alternative method below. Turbotax deluxe federal e file state 2012 If you are depositing more than one tax under a method, combine all the taxes under the method and make one deposit for the semimonthly period. Turbotax deluxe federal e file state 2012 Regular method. Turbotax deluxe federal e file state 2012   The deposit of tax for a semimonthly period is due by the 14th day following that period. Turbotax deluxe federal e file state 2012 Generally, this is the 29th day of a month for the first semimonthly period and the 14th day of the following month for the second semimonthly period. Turbotax deluxe federal e file state 2012 If the 14th or the 29th day falls on a Saturday, Sunday, or legal holiday, you must make the deposit by the immediately preceding day that is not a Saturday, Sunday, or legal holiday. Turbotax deluxe federal e file state 2012 Alternative method (IRS Nos. Turbotax deluxe federal e file state 2012 22, 26, 27, and 28). Turbotax deluxe federal e file state 2012   Deposits of communications and air transportation taxes may be based on taxes included in amounts billed or tickets sold during a semimonthly period instead of on taxes actually collected during the period. Turbotax deluxe federal e file state 2012 Under the alternative method, the tax included in amounts billed or tickets sold during a semimonthly period is considered collected during the first 7 days of the second following semimonthly period. Turbotax deluxe federal e file state 2012 The deposit of tax is due by the 3rd banking day after the 7th day of that period. Turbotax deluxe federal e file state 2012   For an example of the alternative method, see the Instructions for Form 720. Turbotax deluxe federal e file state 2012 To use the alternative method, you must keep a separate account of the tax included in amounts billed or tickets sold during the month and report on Form 720 the tax included in amounts billed or tickets sold and not the amount of tax that is actually collected. Turbotax deluxe federal e file state 2012 For example, amounts billed in December, January, and February are considered collected during January, February, and March and are reported on Form 720 as the tax for the 1st quarter of the calendar year. Turbotax deluxe federal e file state 2012 The separate account for each month must reflect: All items of tax included in amounts billed or tickets sold during the month, and Other items of adjustment relating to tax for prior months (within the statute of limitations on credits or refunds). Turbotax deluxe federal e file state 2012 The separate account for any month cannot include an adjustment resulting from a refusal to pay or inability to collect unless the refusal has been reported to the IRS. Turbotax deluxe federal e file state 2012 See Uncollected Tax Report in chapter 4. Turbotax deluxe federal e file state 2012 The net amount of tax that is considered collected during the semimonthly period must be either: The net amount of tax reflected in the separate account for the corresponding semimonthly period of the preceding month, or One-half of the net amount of tax reflected in the separate account for the preceding month. Turbotax deluxe federal e file state 2012 Special rule for deposits of taxes in September. Turbotax deluxe federal e file state 2012   See the Instructions for Form 720 for a special rule on deposits made in September. Turbotax deluxe federal e file state 2012 Amount of Deposits Deposits for a semimonthly period generally must be at least 95% of the net tax liability for that period unless the safe harbor rule (discussed later) applies. Turbotax deluxe federal e file state 2012 Generally, you do not have to make a deposit for a period in which you incurred no tax liability. Turbotax deluxe federal e file state 2012 Net tax liability. Turbotax deluxe federal e file state 2012   Your net tax liability is your tax liability for the period minus any claims on Schedule C (Form 720) for the period. Turbotax deluxe federal e file state 2012 You may figure your net tax liability for a semimonthly period by dividing your net liability incurred during the calendar month by two. Turbotax deluxe federal e file state 2012 If you use this method, you must use it for all semimonthly periods in the calendar quarter. Turbotax deluxe federal e file state 2012 Do not reduce your liability by any amounts from Form 720X. Turbotax deluxe federal e file state 2012 Safe Harbor Rule The safe harbor rule applies separately to deposits under the regular method and the alternative method. Turbotax deluxe federal e file state 2012 Persons who filed Form 720 for the look-back quarter (the 2nd calendar quarter preceding the current quarter) are considered to meet the semimonthly deposit requirement if the deposit for each semimonthly period in the current quarter is at least 1/6 (16. Turbotax deluxe federal e file state 2012 67%) of the net tax liability reported for the look-back quarter. Turbotax deluxe federal e file state 2012 For the semimonthly period for which the additional deposit is required, the additional deposit must be at least 11/90 12. Turbotax deluxe federal e file state 2012 23%), 10/90 (11. Turbotax deluxe federal e file state 2012 12%) for non-EFTPS, of the net tax liability reported for the look-back quarter. Turbotax deluxe federal e file state 2012 Also, the total deposit for that semimonthly period must be at least 1/6 (16. Turbotax deluxe federal e file state 2012 67%) of the net tax liability reported for the look-back quarter. Turbotax deluxe federal e file state 2012 Exceptions. Turbotax deluxe federal e file state 2012   The safe harbor rule does not apply to: The 1st and 2nd quarters beginning on or after the effective date of an increase in the rate of tax unless the deposit of taxes for each semimonthly period in the calendar quarter is at least 1/6 (16. Turbotax deluxe federal e file state 2012 67%) of the tax liability you would have had for the look-back quarter if the increased rate of tax had been in effect for that look-back quarter, Any quarter if liability includes any tax not in effect throughout the look-back quarter, or For deposits under the alternative method, any quarter if liability includes any tax not in effect throughout the look-back quarter and the month preceding the look-back quarter. Turbotax deluxe federal e file state 2012 Requirements to be met. Turbotax deluxe federal e file state 2012   For the safe harbor rule to apply, you must: Make each deposit timely at an authorized financial institution, and Pay any underpayment for the current quarter by the due date of the return. Turbotax deluxe federal e file state 2012    The IRS may withdraw the right to make deposits of tax using the safe harbor rule from any person not complying with these rules. Turbotax deluxe federal e file state 2012 Tax rate increases. Turbotax deluxe federal e file state 2012   You must modify the safe harbor rule if there has been an increase in the rate of tax. Turbotax deluxe federal e file state 2012 You must figure your tax liability in the look-back quarter as if the increased rate had been in effect. Turbotax deluxe federal e file state 2012 To qualify for the safe harbor rule, your deposits cannot be less than 1/6 of the refigured tax liability. Turbotax deluxe federal e file state 2012 Prev  Up  Next   Home   More Online Publications