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1040 Ez Forms 2012

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1040 Ez Forms 2012

1040 ez forms 2012 7. 1040 ez forms 2012   Ship Passenger Tax Table of Contents A tax of $3 per passenger is imposed on certain ship voyages, as explained later under Taxable situations. 1040 ez forms 2012 The tax is imposed only once for each passenger, either at the time of first embarkation or disembarkation in the United States. 1040 ez forms 2012 The person providing the voyage (the operator of the vessel) is liable for the tax. 1040 ez forms 2012 Voyage. 1040 ez forms 2012   A voyage is the vessel's journey that includes the outward and homeward trips or passages. 1040 ez forms 2012 The voyage starts when the vessel begins to load passengers and continues until the vessel has completed at least one outward and one homeward passage. 1040 ez forms 2012 The tax may be imposed even if a passenger does not make both an outward and a homeward passage as long as the voyage begins or ends in the United States. 1040 ez forms 2012 Passenger. 1040 ez forms 2012   A passenger is an individual carried on the vessel other than the Master or a crew member or other individual engaged in the business of the vessel or its owners. 1040 ez forms 2012 Example 1. 1040 ez forms 2012 John Smith works as a guest lecturer. 1040 ez forms 2012 The cruise line hired him for the benefit of the passengers. 1040 ez forms 2012 Therefore, he is engaged in the business of the vessel and is not a passenger. 1040 ez forms 2012 Example 2. 1040 ez forms 2012 Marian Green is a travel agent. 1040 ez forms 2012 She is taking the cruise as a promotional trip to determine if she wants to offer it to her clients. 1040 ez forms 2012 She is a passenger. 1040 ez forms 2012 Taxable situations. 1040 ez forms 2012   There are two taxable situations. 1040 ez forms 2012 The first situation involves voyages on commercial passenger vessels extending over one or more nights. 1040 ez forms 2012 A voyage extends over one or more nights if it extends for more than 24 hours. 1040 ez forms 2012 A passenger vessel is any vessel with stateroom or berth accommodations for more than 16 passengers. 1040 ez forms 2012   The second situation involves voyages on a commercial vessel transporting passengers engaged in gambling on the vessel beyond the territorial waters of the United States. 1040 ez forms 2012 Territorial waters of the United States are those waters within the international boundary line between the United States and any contiguous foreign country or within 3 nautical miles (3. 1040 ez forms 2012 45 statute miles) from low tide on the coastline. 1040 ez forms 2012 If passengers participate as players in any policy game or other lottery, or any other game of chance for money or other thing of value that the owner or operator of the vessel (or their employee, agent, or franchisee) conducts, sponsors, or operates, the voyage is subject to the ship passenger tax. 1040 ez forms 2012 The tax applies regardless of the duration of the voyage. 1040 ez forms 2012 A casual, friendly game of chance with other passengers that is not conducted, sponsored, or operated by the owner or operator is not gambling for determining if the voyage is subject to the ship passenger tax. 1040 ez forms 2012 Exemptions. 1040 ez forms 2012   The tax does not apply when a vessel is on a voyage of less than 12 hours between 2 points in the United States or if a vessel is owned or operated by a state or local government. 1040 ez forms 2012 Prev  Up  Next   Home   More Online Publications
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Many Retirees Face April 1 Deadline To Take Required Retirement Plan Distributions

IR-2014-38, March 27, 2014

WASHINGTON — The Internal Revenue Service today reminded taxpayers who turned 70½ during 2013 that in most cases they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Tuesday, April 1, 2014.

The April 1 deadline applies to owners of traditional IRAs but not Roth IRAs. Normally, it also applies to participants in various workplace retirement plans, including 401(k), 403(b) and 457 plans.

The April 1 deadline only applies to the required distribution for the first year. For all subsequent years, the RMD must be made by Dec. 31. So, for example, a taxpayer who turned 70½ in 2013 and receives the first required payment on April 1, 2014 must still receive the second RMD by Dec. 31, 2014. 

Affected taxpayers who turned 70½ during 2013 must figure the RMD for the first year using their life expectancy on Dec. 31, 2013 and their account balance on Dec. 31, 2012. The trustee reports the year-end account value to the IRA owner on Form 5498 in Box 5. Worksheets and life expectancy tables for making this computation can be found in the Appendices to Publication 590.

Most taxpayers use Table III (Uniform Lifetime) to figure their RMD. For a taxpayer who turned 71 in 2013, for example, the first required distribution would be based on a life expectancy of 26.5 years. A separate table, Table II, applies to a taxpayer married to a spouse who is more than 10 years younger and is the taxpayer’s only beneficiary.

Though the April 1 deadline is mandatory for all owners of traditional IRAs and most participants in workplace retirement plans, some people with workplace plans can wait longer to receive their RMD. Usually, employees who are still working can, if their plan allows, wait until April 1 of the year after they retire to start receiving these distributions. See Tax on Excess Accumulations in Publication 575. Employees of public schools and certain tax-exempt organizations with 403(b) plan accruals before 1987 should check with their employer, plan administrator or provider to see how to treat these accruals.

The IRS encourages taxpayers to begin planning now for any distributions required during 2014. An IRA trustee must either report the amount of the RMD to the IRA owner or offer to calculate it for the owner. Often, the trustee shows the RMD amount in Box 12b on Form 5498. For a 2014 RMD, this amount would be on the 2013 Form 5498 that is normally issued in January 2014.

More information on RMDs, including answers to frequently asked questions, can be found on IRS.gov.

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Page Last Reviewed or Updated: 27-Mar-2014

The 1040 Ez Forms 2012

1040 ez forms 2012 3. 1040 ez forms 2012   Self-Employment Tax Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: Who Must Pay Self-Employment Tax?Employed by a U. 1040 ez forms 2012 S. 1040 ez forms 2012 Church Effect of Exclusion Members of the Clergy Income From U. 1040 ez forms 2012 S. 1040 ez forms 2012 Possessions Exemption From Social Security and Medicare Taxes Topics - This chapter discusses: Who must pay self-employment tax, and Who is exempt from self-employment tax. 1040 ez forms 2012 Useful Items - You may want to see: Publication 334 Tax Guide for Small Business 517 Social Security and Other Information for Members of the Clergy and Religious Workers Form (and Instructions) Form 1040-PR Planilla para la Declaración de la Contribución Federal sobre el Trabajo por Cuenta Propia Form 1040-SS U. 1040 ez forms 2012 S. 1040 ez forms 2012 Self-Employment Tax Return Form 4361 Application for Exemption From Self-Employment Tax for Use by Ministers, Members of Religious Orders and Christian Science Practitioners Schedule SE (Form 1040) Self-Employment Tax See chapter 7 for information about getting these publications and forms. 1040 ez forms 2012 Who Must Pay Self-Employment Tax? If you are a self-employed U. 1040 ez forms 2012 S. 1040 ez forms 2012 citizen or resident, the rules for paying self-employment tax are generally the same whether you are living in the United States or abroad. 1040 ez forms 2012 The self-employment tax is a social security and Medicare tax on net earnings from self- employment. 1040 ez forms 2012 You must pay self-employment tax if your net earnings from self-employment are at least $400. 1040 ez forms 2012 For 2013, the maximum amount of net earnings from self-employment that is subject to the social security portion of the tax is $113,700. 1040 ez forms 2012 All net earnings are subject to the Medicare portion of the tax. 1040 ez forms 2012 Employed by a U. 1040 ez forms 2012 S. 1040 ez forms 2012 Church If you were employed by a U. 1040 ez forms 2012 S. 1040 ez forms 2012 church or a qualified church-controlled organization that chose exemption from social security and Medicare taxes and you received wages of $108. 1040 ez forms 2012 28 or more from the organization, the amounts paid to you are subject to self-employment tax. 1040 ez forms 2012 However, you can choose to be exempt from social security and Medicare taxes if you are a member of a recognized religious sect. 1040 ez forms 2012 See Publication 517 for more information about church employees and self-employment tax. 1040 ez forms 2012 Effect of Exclusion You must take all of your self-employment income into account in figuring your net earnings from self-employment, even income that is exempt from income tax because of the foreign earned income exclusion. 1040 ez forms 2012 Example. 1040 ez forms 2012 You are in business abroad as a consultant and qualify for the foreign earned income exclusion. 1040 ez forms 2012 Your foreign earned income is $95,000, your business deductions total $27,000, and your net profit is $68,000. 1040 ez forms 2012 You must pay self-employment tax on all of your net profit, including the amount you can exclude from income. 1040 ez forms 2012 Members of the Clergy If you are a member of the clergy, you are treated as self-employed for self-employment tax purposes. 1040 ez forms 2012 Your U. 1040 ez forms 2012 S. 1040 ez forms 2012 self-employment tax is based upon net earnings from self-employment figured without regard to the foreign earned income exclusion or the foreign housing exclusion. 1040 ez forms 2012 You can receive exemption from coverage for your ministerial duties if you conscientiously oppose public insurance due to religious reasons or if you oppose it due to the religious principles of your denomination. 1040 ez forms 2012 You must file Form 4361 to apply for this exemption. 1040 ez forms 2012 This subject is discussed in further detail in Publication 517. 1040 ez forms 2012 Income From U. 1040 ez forms 2012 S. 1040 ez forms 2012 Possessions If you are a U. 1040 ez forms 2012 S. 1040 ez forms 2012 citizen or resident alien and you own and operate a business in Puerto Rico, Guam, the Commonwealth of the Northern Mariana Islands, American Samoa, or the U. 1040 ez forms 2012 S. 1040 ez forms 2012 Virgin Islands, you must pay tax on your net earnings from self-employment (if they are $400 or more) from those sources. 1040 ez forms 2012 You must pay the self-employment tax whether or not the income is exempt from U. 1040 ez forms 2012 S. 1040 ez forms 2012 income taxes (or whether or not you otherwise must file a U. 1040 ez forms 2012 S. 1040 ez forms 2012 income tax return). 1040 ez forms 2012 Unless your situation is described below, attach Schedule SE (Form 1040) to your U. 1040 ez forms 2012 S. 1040 ez forms 2012 income tax return. 1040 ez forms 2012 If you do not have to file Form 1040 with the United States and you are a resident of any of the U. 1040 ez forms 2012 S. 1040 ez forms 2012 possessions listed in the preceding paragraph, figure your self-employment tax on Form 1040-SS. 1040 ez forms 2012 Residents of Puerto Rico may file the Spanish-language Formulario 1040-PR. 1040 ez forms 2012 If you are not enclosing a check or money order, file your return with the: Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215 If you are enclosing a check or money order, file your return with the: Department of the Treasury P. 1040 ez forms 2012 O. 1040 ez forms 2012 Box 1303 Charlotte, NC 28201-1303 Exemption From Social Security and Medicare Taxes The United States may reach agreements with foreign countries to eliminate dual coverage and dual contributions (taxes) to social security systems for the same work. 1040 ez forms 2012 See Bilateral Social Security (Totalization) Agreements in chapter 2 under Social Security and Medicare Taxes. 1040 ez forms 2012 As a general rule, self-employed persons who are subject to dual taxation will only be covered by the social security system of the country where they reside. 1040 ez forms 2012 For more information on how any specific agreement affects self-employed persons, contact the United States Social Security Administration, as discussed under Bilateral Social Security (Totalization) Agreements in chapter 2. 1040 ez forms 2012 If your self-employment earnings should be exempt from foreign social security tax and subject only to U. 1040 ez forms 2012 S. 1040 ez forms 2012 self-employment tax, you should request a certificate of coverage from the U. 1040 ez forms 2012 S. 1040 ez forms 2012 Social Security Administration, Office of International Programs. 1040 ez forms 2012 The certificate will establish your exemption from the foreign social security tax. 1040 ez forms 2012 Send the request to the: Social Security Administration Office of International Programs P. 1040 ez forms 2012 O. 1040 ez forms 2012 Box 17741 Baltimore, MD 21235-7741 Prev  Up  Next   Home   More Online Publications