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1040ez Income Tax Form

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1040ez Income Tax Form

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

1040ez income tax form Publication 557 - Additional Material Table of Contents Appendix. 1040ez income tax form Sample Articles of Organization, continued Organization Reference Chart Section of 1986 Code Description of organization General nature of activities Application  Form Annual return required to be  filed Contributions  allowable 501(c)(1) Corporations Organized under Act of Congress (including Federal Credit Unions) Instrumentalities of the  United States No Form None Yes, if made for exclusively public purposes 501(c)(2) Title Holding Corporation For Exempt Organization Holding title to property of an  exempt organization 1024 9901 or 990-EZ8 No2 501(c)(3) Religious, Educational, Charitable, Scientific, Literary, Testing for Public Safety, to Foster National or International Amateur Sports Competition, or Prevention of Cruelty to Children or Animals Organizations Activities of nature implied by description of class of organization 1023 9901 or 990-EZ8, or 990-PF Yes, generally 501(c)(4) Civic Leagues, Social Welfare Organizations, and Local Associations of Employees Promotion of community welfare; charitable, educational, or recreational 1024 9901 or 990-EZ8 No, generally 2, 3 501(c)(5) Labor, Agricultural, and Horticultural Organizations Educational or instructive, the  purpose being to improve conditions of work, and to improve products of efficiency 1024 9901 or 990-EZ8 No2 501(c)(6) Business Leagues, Chambers of Commerce, Real Estate Boards, etc. 1040ez income tax form Improvement of business  conditions of one or more lines of business 1024 9901 or 990-EZ8 No2 501(c)(7) Social and Recreational Clubs Pleasure, recreation, social activities 1024 9901 or 990-EZ8 No2 501(c)(8) Fraternal Beneficiary Societies  and Associations Lodge providing for payment of life, sickness, accident or other benefits  to members 1024 9901 or 990-EZ8 Yes, if for certain Sec. 1040ez income tax form 501(c)(3) purposes 501(c)(9) Voluntary Employees Beneficiary Associations Providing for payment of life, sickness, accident, or other benefits to members 1024 9901 or 990-EZ8 No2 501(c)(10) Domestic Fraternal Societies  and Associations Lodge devoting its net earnings to charitable, fraternal, and other  specified purposes. 1040ez income tax form No life, sickness, or accident benefits to members 1024 9901 or 990-EZ8 Yes, if for certain Sec. 1040ez income tax form 501(c)(3) purposes 501(c)(11) Teachers' Retirement Fund Associations Teachers' association for payment of retirement benefits Letter6 9901 or 990-EZ8 No2 501(c)(12) Benevolent Life Insurance Associations, Mutual Ditch or  Irrigation Companies, Mutual or Cooperative Telephone Companies, etc. 1040ez income tax form Activities of a mutually beneficial  nature similar to those implied by the description of class of organization 1024 9901 or 990-EZ8 No2 501(c)(13) Cemetery Companies Burials and incidental activities 1024 9901 or 990-EZ8 Yes, generally 501(c)(14) State-Chartered Credit Unions,  Mutual Reserve Funds Loans to members Letter6 9901 or 990-EZ8 No2 501(c)(15) Mutual Insurance Companies or Associations Providing insurance to members substantially at cost 1024 9901 or 990-EZ8 No2 501(c)(16) Cooperative Organizations to  Finance Crop Operations Financing crop operations in  conjunction with activities of a marketing  or purchasing association Form 1120-C6 9901 or 990-EZ8 No2 501(c)(17) Supplemental Unemployment  Benefit Trusts Provides for payment of  supplemental unemployment compensation benefits 1024 9901 or 990-EZ8 No2 501(c)(18) Employee Funded Pension Trust (created before June 25, 1959) Payment of benefits under a  pension plan funded by employees Letter6 9901 or 990-EZ8 No2 501(c)(19) Post or Organization of Past or  Present Members of the Armed Forces Activities implied by nature of organization 1024 9901 or 990-EZ8 No, generally7 501(c)(21) Black Lung Benefit Trusts Funded by coal mine operators to satisfy their liability for disability or  death due to black lung diseases Letter6 990-BL No4 501(c)(22) Withdrawal Liability Payment Fund To provide funds to meet the  liability of employers withdrawing from  a multi-employer pension fund Letter6 9901 or 990-EZ8 No5 501(c)(23) Veterans' Organization (created before 1880) To provide insurance and other  benefits to veterans Letter6 9901 or 990-EZ8 No, generally7 501(c)(25) Title Holding Corporations or Trusts with Multiple Parent Corporations Holding title and paying over  income from property to 35 or fewer parents or beneficiaries 1024 9901 or 990-EZ8 No 501(c)(26) State-Sponsored Organization Providing Health Coverage for High-Risk Individuals Provides health care coverage to high-risk individuals Letter6 9901 or 990-EZ8 No 501(c)(27) State-Sponsored Workers' Compensation Reinsurance Organization Reimburses members for losses  under workers' compensation acts Letter6 9901 or 990-EZ8 No 501(c)(28) National Railroad Retirement Investment Trust Manages and invests the assets of the Railroad Retirement Account No Form 99011 No11 501(c)(29) CO-OP health insurance issuers A qualified health insurance issuer which has received a loan or grant under the CO-OP program Letter and Form 871814 9901 No13 501(d) Religious and Apostolic Associations Regular business activities;  Communal religious community No Form 10659 No2 501(e) Cooperative Hospital Service Organizations Performs cooperative services for hospitals 1023 9901 or 990-EZ8 Yes 501(f) Cooperative Service Organizations  of Operating Educational Organizations Performs collective investment  services for educational organizations 1023 9901 or 990-EZ8 Yes 501(k) Child Care Organizations Provides care for children 1023 9901 or 990-EZ8 Yes 501(n) Charitable Risk Pools Pools certain insurance risks of sec. 1040ez income tax form 501(c)(3) organizations 1023 9901 or 990-EZ8 Yes 501(q) Credit Counseling Organization Credit counseling services 1023 102312 No 521(a) Farmers' Cooperative Associations Cooperative marketing and  purchasing for agricultural procedures 1028 1120-C No 527 Political organizations A party, committee, fund,  association, etc. 1040ez income tax form , that directly or indirectly accepts contributions or makes expenditures for political campaigns 8871 1120-POL10 9901 or 990-EZ8 No 1For exceptions to the filing requirement, see chapter 2 and the form instructions. 1040ez income tax form Note: For annual tax periods beginning after 2006, most tax-exempt organizations, other than churches, are required to file an annual Form 990, 990-EZ, or 990-PF with the IRS or to submit an annual electronic notice, Form 990-N (e-Postcard), to the IRS. 1040ez income tax form Tax-exempt organizations failing to file an annual return or submit an annual notice as required for 3 consecutive years will automatically lose their tax-exempt status. 1040ez income tax form    2An organization exempt under a subsection of section 501 other than 501(c)(3) can establish a charitable fund, contributions to which are deductible. 1040ez income tax form Such a fund must itself meet the requirements of section 501(c)(3) and the related notice requirements of section 508(a). 1040ez income tax form    3Contributions to volunteer fire companies and similar organizations are deductible, but only if made for exclusively public purposes. 1040ez income tax form    4Deductible as a business expense to the extent allowed by section 192. 1040ez income tax form    5Deductible as a business expense to the extent allowed by section 194A. 1040ez income tax form 6Application is by letter to the address shown on Form 8718. 1040ez income tax form A copy of the organizing document should be attached and the letter should be signed by an officer. 1040ez income tax form    7Contributions to these organizations are deductible only if 90% or more of the organization's members are war veterans. 1040ez income tax form    8For limits on the use of Form 990-EZ, see chapter 2 and the general instructions for Form 990-EZ (or Form 990). 1040ez income tax form    9Although the organization files a partnership return, all distributions are deemed dividends. 1040ez income tax form The members are not entitled to pass through treatment of the organization's income or expenses. 1040ez income tax form    10Form 1120-POL is required only if the organization has taxable income as defined in section 527(c). 1040ez income tax form    11Only required to annually file so much of the Form 990 that relates to the names and addresses of the officers, directors, trustees, and key employees, and their titles, compensation, and hours devoted to their positions (Part VII of Form 990), and to complete Item I in the Heading of Form 990 to confirm its tax-exempt status under section 501(c)(28). 1040ez income tax form    12See section 501(q) if the organization provides credit counseling services and seeks recognition of exemption under section 501(c)(4). 1040ez income tax form Use Form 1024 if applying for recognition under section 501(c)(4). 1040ez income tax form    13See section 501(c)(29) for details. 1040ez income tax form    14See Revenue Procedure 2012-11, sec. 1040ez income tax form 4. 1040ez income tax form 01, 2012-7 I. 1040ez income tax form R. 1040ez income tax form B. 1040ez income tax form 368, for details. 1040ez income tax form Appendix. 1040ez income tax form Sample Articles of Organization The following are examples of Articles of Incorporation (Draft A) and a declaration of trust (Draft B) that contain the required information as to purposes and powers of an organization and disposition of its assets upon dissolution. 1040ez income tax form You should bear in mind that requirements for these instruments may vary under applicable state law. 1040ez income tax form See Private Foundations and Public Charities , earlier for the special provisions required in a private foundation's governing instrument in order for it to qualify for exemption. 1040ez income tax form DRAFT A  Articles of Incorporation of the undersigned, a majority of whom are citizens of the United States, desiring to form a Non-Profit Corporation under the Non-Profit Corporation Law of , do hereby certify: First: The name of the Corporation shall be . 1040ez income tax form Second: The place in this state where the principal office of the Corporation is to be located is the City of , County. 1040ez income tax form Third: Said corporation is organized exclusively for charitable, religious, educational, and scientific purposes, including, for such purposes, the making of distributions to organizations that qualify as exempt organizations under section 501(c)(3) of the Internal Revenue Code, or the corresponding section of any future federal tax code. 1040ez income tax form Fourth: The names and addresses of the persons who are the initial trustees of the corporation are as follows: Name , Address Fifth: No part of the net earnings of the corporation shall inure to the benefit of, or be distributable to its members, trustees, officers, or other private persons, except that the corporation shall be authorized and empowered to pay reasonable compensation for services rendered and to make payments and distributions in furtherance of the purposes set forth in Article Third hereof. 1040ez income tax form No substantial part of the activities of the corporation shall be the carrying on of propaganda, or otherwise attempting to influence legislation, and the corporation shall not participate in, or intervene in (including the publishing or distribution of statements) any political campaign on behalf of or in opposition to any candidate for public office. 1040ez income tax form Notwithstanding any other provision of these articles, the corporation shall not carry on any other activities not permitted to be carried on (a) by a corporation exempt from federal income tax under section 501(c)(3) of the Internal Revenue Code, or the corresponding section of any future federal tax code, or (b) by a corporation, contributions to which are deductible under section 170(c)(2) of the Internal Revenue Code, or the corresponding section of any future federal tax code. 1040ez income tax form   If reference to federal law in articles of incorporation imposes a limitation that is invalid in your state, you may wish to substitute the following for the last sentence of the preceding paragraph: “Notwithstanding any other provision of these articles, this corporation shall not, except to an insubstantial degree, engage in any activities or exercise any powers that are not in furtherance of the purposes of this corporation. 1040ez income tax form ” Sixth: Upon the dissolution of the corporation, assets shall be distributed for one or more exempt purposes within the meaning of section 501(c)(3) of the Internal Revenue Code, or the corresponding section of any future federal tax code, or shall be distributed to the federal government, or to a state or local government, for a public purpose. 1040ez income tax form Any such assets not so disposed of shall be disposed of by a Court of Competent Jurisdiction of the county in which the principal office of the corporation is then located, exclusively for such purposes or to such organization or organizations, as said Court shall determine, which are organized and operated exclusively for such purposes. 1040ez income tax form   In witness whereof, we have hereunto subscribed our names this day of , 20. 1040ez income tax form Appendix. 1040ez income tax form Sample Articles of Organization, continued Draft B The Charitable Trust. 1040ez income tax form Declaration of Trust made as of the day of , 20 , by , of , and , of , who hereby declare and agree that they have received this day from , as Donor, the sum of Ten Dollars ($10) and that they will hold and manage the same, and any additions to it, in trust, as follows: First: This trust shall be called “The Charitable Trust. 1040ez income tax form ” Second: The trustees may receive and accept property, whether real, personal, or mixed, by way of gift, bequest, or devise, from any person, firm, trust, or corporation, to be held, administered, and disposed of in accordance with and pursuant to the provisions of this Declaration of Trust; but no gift, bequest, or devise of any such property shall be received and accepted if it is conditioned or limited in such manner as to require the disposition of the income or its principal to any person or organization other than a “charitable organization” or for other than “charitable purposes” within the meaning of such terms as defined in Article Third of this Declaration of Trust, or as shall, in the opinion of the trustees, jeopardize the federal income tax exemption of this trust pursuant to section 501(c)(3) of the Internal Revenue Code, or the corresponding section of any future federal tax code. 1040ez income tax form Third: a) The principal and income of all property received and accepted by the trustees to be administered under this Declaration of Trust shall be held in trust by them, and the trustees may make payments or distributions from income or principal, or both, to or for the use of such charitable organizations, within the meaning of that term as defined in paragraph C, in such amounts and for such charitable purposes of the trust as the trustees shall from time to time select and determine; and the trustees may make payments or distributions from income or principal, or both, directly for such charitable purposes, within the meaning of that term as defined in paragraph D, in such amounts as the trustees shall from time to time select and determine without making use of any other charitable organization. 1040ez income tax form The trustees may also make payments or distributions of all or any part of the income or principal to states, territories, or possessions of the United States, any political subdivision of any of the foregoing, or to the United States or the District of Columbia but only for charitable purposes within the meaning of that term as defined in paragraph D. 1040ez income tax form Income or principal derived from contributions by corporations shall be distributed by the trustees for use solely within the United States or its possessions. 1040ez income tax form No part of the net earnings of this trust shall inure or be payable to or for the benefit of any private shareholder or individual, and no substantial part of the activities of this trust shall be the carrying on of propaganda, or otherwise attempting to influence legislation. 1040ez income tax form No part of the activities of this trust shall be the participation in, or intervention in (including the publishing or distributing of statements), any political campaign on behalf of or in opposition to any candidate for public office. 1040ez income tax form b) The trust shall continue forever unless the trustees terminate it and distribute all of the principal and income, which action may be taken by the trustees in their discretion at any time. 1040ez income tax form On such termination, assets shall be distributed for one or more exempt purposes within the meaning of section 501(c)(3) of the Internal Revenue Code, or the corresponding section of any future federal tax code, or shall be distributed to the federal government, or to a state or local government, for a public purpose. 1040ez income tax form The donor authorizes and empowers the trustees to form and organize a nonprofit corporation limited to the uses and purposes provided for in this Declaration of Trust, such corporation to be organized under the laws of any state or under the laws of the United States as may be determined by the trustees; such corporation when organized to have power to administer and control the affairs and property and to carry out the uses, objects, and purposes of this trust. 1040ez income tax form Upon the creation and organization of such corporation, the trustees are authorized and empowered to convey, transfer, and deliver to such corporation all the property and assets to which this trust may be or become entitled. 1040ez income tax form The charter, bylaws, and other provisions for the organization and management of such corporation and its affairs and property shall be such as the trustees shall determine, consistent with the provisions of this paragraph. 1040ez income tax form c) In this Declaration of Trust and in any amendments to it, references to “charitable organizations” or “charitable organization” mean corporations, trusts, funds, foundations, or community chests created or organized in the United States or in any of its possessions, whether under the laws of the United States, any state or territory, the District of Columbia, or any possession of the United States, organized and operated exclusively for charitable purposes, no part of the net earnings of which inures or is payable to or for the benefit of any private shareholder or individual, and no substantial part of the activities of which is carrying on propaganda, or otherwise attempting to influence legislation, and which do not participate in or intervene in (including the publishing or distributing of statements) any political campaign on behalf of or in opposition to any candidate for public office. 1040ez income tax form It is intended that the organization described in this paragraph C shall be entitled to exemption from federal income tax under section 501(c)(3) of the Internal Revenue Code, or the corresponding section of any future federal tax code. 1040ez income tax form d) In this Declaration of Trust and in any amendments to it, the term “charitable purposes” shall be limited to and shall include only religious, charitable, scientific, literary, or educational purposes within the meaning of those terms as used in section 501(c)(3) of the Internal Revenue Code, or the corresponding section of any future federal tax code, but only such purposes as also constitute public charitable purposes under the law of trusts of the State of. 1040ez income tax form Fourth: This Declaration of Trust may be amended at any time or times by written instrument or instruments signed and sealed by the trustees, and acknowledged by any of the trustees, provided that no amendment shall authorize the trustees to conduct the affairs of this trust in any manner or for any purpose contrary to the provisions of section 501(c)(3) of the Internal Revenue Code, or the corresponding section of any future federal tax code. 1040ez income tax form An amendment of the provisions of this Article Fourth (or any amendment to it) shall be valid only if and to the extent that such amendment further restricts the trustees' amending power. 1040ez income tax form All instruments amending this Declaration of Trust shall be noted upon or kept attached to the executed original of this Declaration of Trust held by the trustees. 1040ez income tax form Fifth: Any trustee under this Declaration of Trust may, by written instrument, signed and acknowledged, resign his office. 1040ez income tax form The number of trustees shall be at all times not less than two, and whenever for any reason the number is reduced to one, there shall be, and at any other time there may be, appointed one or more additional trustees. 1040ez income tax form Appointments shall be made by the trustee or trustees for the time in office by written instruments signed and acknowledged. 1040ez income tax form Any succeeding or additional trustee shall, upon his or her acceptance of the office by written instrument signed and acknowledged, have the same powers, rights, and duties, and the same title to the trust estate jointly with the surviving or remaining trustee or trustees as if originally appointed. 1040ez income tax form  None of the trustees shall be required to furnish any bond or surety. 1040ez income tax form None of them shall be responsible or liable for the acts or omissions of any other of the trustees or of any predecessor or of a custodian, agent, depositary, or counsel selected with reasonable care. 1040ez income tax form  The one or more trustees, whether original or successor, for the time being in office, shall have full authority to act even though one or more vacancies may exist. 1040ez income tax form A trustee may, by appropriate written instrument, delegate all or any part of his or her powers to another or others of the trustees for such periods and subject to such conditions as such delegating trustee may determine. 1040ez income tax form  The trustees serving under this Declaration of Trust are authorized to pay to themselves amounts for reasonable expenses incurred and reasonable compensation for services rendered in the administration of this trust, but in no event shall any trustee who has made a contribution to this trust ever receive any compensation thereafter. 1040ez income tax form Sixth: In extension and not in limitation of the common law and statutory powers of trustees and other powers granted in this Declaration of Trust, the trustees shall have the following discretionary powers. 1040ez income tax form a) To invest and reinvest the principal and income of the trust in such property, real, personal, or mixed, and in such manner as they shall deem proper, and from time to time to change investments as they shall deem advisable; to invest in or retain any stocks, shares, bonds, notes, obligations, or personal or real property (including without limitation any interests in or obligations of any corporation, association, business trust, investment trust, common trust fund, or investment company) although some or all of the property so acquired or retained is of a kind or size which but for this express authority would not be considered proper and although all of the trust funds are invested in the securities of one company. 1040ez income tax form No principal or income, however, shall be loaned, directly or indirectly, to any trustee or to anyone else, corporate or otherwise, who has at any time made a contribution to this trust, nor to anyone except on the basis of an adequate interest charge and with adequate security. 1040ez income tax form b) To sell, lease, or exchange any personal, mixed, or real property, at public auction or by private contract, for such consideration and on such terms as to credit or otherwise, and to make such contracts and enter into such undertakings relating to the trust property, as they consider advisable, whether or not such leases or contracts may extend beyond the duration of the trust. 1040ez income tax form c) To borrow money for such periods, at such rates of interest, and upon such terms as the trustees consider advisable, and as security for such loans to mortgage or pledge any real or personal property with or without power of sale; to acquire or hold any real or personal property, subject to any mortgage or pledge on or of property acquired or held by this trust. 1040ez income tax form d) To execute and deliver deeds, assignments, transfers, mortgages, pledges, leases, covenants, contracts, promissory notes, releases, and other instruments, sealed or unsealed, incident to any transaction in which they engage. 1040ez income tax form e) To vote, to give proxies, to participate in the reorganization, merger, or consolidation of any concern, or in the sale, lease, disposition, or distribution of its assets; to join with other security holders in acting through a committee, depositary, voting trustees, or otherwise, and in this connection to delegate authority to such committee, depositary, or trustees and to deposit securities with them or transfer securities to them; to pay assessments levied on securities or to exercise subscription rights in respect of securities. 1040ez income tax form f) To employ a bank or trust company as custodian of any funds or securities and to delegate to it such powers as they deem appropriate; to hold trust property without indication of fiduciary capacity but only in the name of a registered nominee, provided the trust property is at all times identified as such on the books of the trust; to keep any or all of the trust property or funds in any place or places in the United States of America; to employ clerks, accountants, investment counsel, investment agents, and any special services, and to pay the reasonable compensation and expenses of all such services in addition to the compensation of the trustees. 1040ez income tax form Seventh: The trustees' powers are exercisable solely in the fiduciary capacity consistent with and in furtherance of the charitable purposes of this trust as specified in Article Third and not otherwise. 1040ez income tax form Eighth: In this Declaration of Trust and in any amendment to it, references to “trustees” mean the one or more trustees, whether original or successor, for the time being in office. 1040ez income tax form Ninth: Any person may rely on a copy, certified by a notary public, of the executed original of this Declaration of Trust held by the trustees, and of any of the notations on it and writings attached to it, as fully as he might rely on the original documents themselves. 1040ez income tax form Any such person may rely fully on any statements of fact certified by anyone who appears from such original documents or from such certified copy to be a trustee under this Declaration of Trust. 1040ez income tax form No one dealing with the trustees need inquire concerning the validity of anything the trustees purport to do. 1040ez income tax form No one dealing with the trustees need see to the application of anything paid or transferred to or upon the order of the trustees of the trust. 1040ez income tax form Tenth: This Declaration of Trust is to be governed in all respects by the laws of the State of . 1040ez income tax form Trustee Trustee Prev  Up  Next   Home   More Online Publications