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2012 Tax Software Download

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2012 Tax Software Download

2012 tax software download 3. 2012 tax software download   Savings Incentive Match Plans for Employees (SIMPLE) Table of Contents Introduction What Is a SIMPLE Plan?Eligible Employees How Are Contributions Made? How Much Can Be Contributed on Your Behalf?Matching contributions less than 3%. 2012 tax software download Traditional IRA mistakenly moved to SIMPLE IRA. 2012 tax software download When Can You Withdraw or Use Assets?Are Distributions Taxable? Introduction This chapter is for employees who need information about savings incentive match plans for employees (SIMPLE plans). 2012 tax software download It explains what a SIMPLE plan is, contributions to a SIMPLE plan, and distributions from a SIMPLE plan. 2012 tax software download Under a SIMPLE plan, SIMPLE retirement accounts for participating employees can be set up either as: Part of a 401(k) plan, or A plan using IRAs (SIMPLE IRA). 2012 tax software download This chapter only discusses the SIMPLE plan rules that relate to SIMPLE IRAs. 2012 tax software download See chapter 3 of Publication 560 for information on any special rules for SIMPLE plans that do not use IRAs. 2012 tax software download If your employer maintains a SIMPLE plan, you must be notified, in writing, that you can choose the financial institution that will serve as trustee for your SIMPLE IRA and that you can roll over or transfer your SIMPLE IRA to another financial institution. 2012 tax software download See Rollovers and Transfers Exception, later under When Can You Withdraw or Use Assets. 2012 tax software download What Is a SIMPLE Plan? A SIMPLE plan is a tax-favored retirement plan that certain small employers (including self-employed individuals) can set up for the benefit of their employees. 2012 tax software download See chapter 3 of Publication 560 for information on the requirements employers must satisfy to set up a SIMPLE plan. 2012 tax software download A SIMPLE plan is a written agreement (salary reduction agreement) between you and your employer that allows you, if you are an eligible employee (including a self-employed individual), to choose to: Reduce your compensation (salary) by a certain percentage each pay period, and Have your employer contribute the salary reductions to a SIMPLE IRA on your behalf. 2012 tax software download These contributions are called salary reduction contributions. 2012 tax software download All contributions under a SIMPLE IRA plan must be made to SIMPLE IRAs, not to any other type of IRA. 2012 tax software download The SIMPLE IRA can be an individual retirement account or an individual retirement annuity, described in chapter 1. 2012 tax software download Contributions are made on behalf of eligible employees. 2012 tax software download (See Eligible Employees below. 2012 tax software download ) Contributions are also subject to various limits. 2012 tax software download (See How Much Can Be Contributed on Your Behalf , later. 2012 tax software download ) In addition to salary reduction contributions, your employer must make either matching contributions or nonelective contributions. 2012 tax software download See How Are Contributions Made , later. 2012 tax software download You may be able to claim a credit for contributions to your SIMPLE plan. 2012 tax software download For more information, see chapter 4. 2012 tax software download Eligible Employees You must be allowed to participate in your employer's SIMPLE plan if you: Received at least $5,000 in compensation from your employer during any 2 years prior to the current year, and Are reasonably expected to receive at least $5,000 in compensation during the calendar year for which contributions are made. 2012 tax software download Self-employed individual. 2012 tax software download   For SIMPLE plan purposes, the term employee includes a self-employed individual who received earned income. 2012 tax software download Excludable employees. 2012 tax software download   Your employer can exclude the following employees from participating in the SIMPLE plan. 2012 tax software download Employees whose retirement benefits are covered by a collective bargaining agreement (union contract). 2012 tax software download Employees who are nonresident aliens and received no earned income from sources within the United States. 2012 tax software download Employees who would not have been eligible employees if an acquisition, disposition, or similar transaction had not occurred during the year. 2012 tax software download Compensation. 2012 tax software download   For purposes of the SIMPLE plan rules, your compensation for a year generally includes the following amounts. 2012 tax software download Wages, tips, and other pay from your employer that is subject to income tax withholding. 2012 tax software download Deferred amounts elected under any 401(k) plans, 403(b) plans, government (section 457) plans, SEP plans, and SIMPLE plans. 2012 tax software download Self-employed individual compensation. 2012 tax software download   For purposes of the SIMPLE plan rules, if you are self-employed, your compensation for a year is your net earnings from self-employment (Schedule SE (Form 1040), Section A, line 4, or Section B, line 6) before subtracting any contributions made to a SIMPLE IRA on your behalf. 2012 tax software download   For these purposes, net earnings from self-employment include services performed while claiming exemption from self-employment tax as a member of a group conscientiously opposed to social security benefits. 2012 tax software download How Are Contributions Made? Contributions under a salary reduction agreement are called salary reduction contributions. 2012 tax software download They are made on your behalf by your employer. 2012 tax software download Your employer must also make either matching contributions or nonelective contributions. 2012 tax software download Salary reduction contributions. 2012 tax software download   During the 60-day period before the beginning of any year, and during the 60-day period before you are eligible, you can choose salary reduction contributions expressed either as a percentage of compensation, or as a specific dollar amount (if your employer offers this choice). 2012 tax software download You can choose to cancel the election at any time during the year. 2012 tax software download   Salary reduction contributions are also referred to as “elective deferrals. 2012 tax software download ”   Your employer cannot place restrictions on the contributions amount (such as by limiting the contributions percentage), except to comply with the salary reduction contributions limit, discussed under How Much Can Be Contributed on Your Behalf, later. 2012 tax software download Matching contributions. 2012 tax software download   Unless your employer chooses to make nonelective contributions, your employer must make contributions equal to the salary reduction contributions you choose (elect), but only up to certain limits. 2012 tax software download See How Much Can Be Contributed on Your Behalf below. 2012 tax software download These contributions are in addition to the salary reduction contributions and must be made to the SIMPLE IRAs of all eligible employees (defined earlier) who chose salary reductions. 2012 tax software download These contributions are referred to as matching contributions. 2012 tax software download   Matching contributions on behalf of a self-employed individual are not treated as salary reduction contributions. 2012 tax software download Nonelective contributions. 2012 tax software download   Instead of making matching contributions, your employer may be able to choose to make nonelective contributions on behalf of all eligible employees. 2012 tax software download These nonelective contributions must be made on behalf of each eligible employee who has at least $5,000 of compensation from your employer, whether or not the employee chose salary reductions. 2012 tax software download   One of the requirements your employer must satisfy is notifying the employees that the election was made. 2012 tax software download For other requirements that your employer must satisfy, see chapter 3 of Publication 560. 2012 tax software download How Much Can Be Contributed on Your Behalf? The limits on contributions to a SIMPLE IRA vary with the type of contribution that is made. 2012 tax software download Salary reduction contributions limit. 2012 tax software download   Salary reduction contributions (employee-chosen contributions or elective deferrals) that your employer can make on your behalf under a SIMPLE plan are limited to $12,000 for 2013. 2012 tax software download The limitation remains at $12,000 for 2014. 2012 tax software download If you are a participant in any other employer plans during 2013 and you have elective salary reductions or deferred compensation under those plans, the salary reduction contributions under the SIMPLE plan also are included in the annual limit of $17,500 for 2013 on exclusions of salary reductions and other elective deferrals. 2012 tax software download You, not your employer, are responsible for monitoring compliance with these limits. 2012 tax software download Additional elective deferrals can be contributed to your SIMPLE plan if: You reached age 50 by the end of 2013, and No other elective deferrals can be made for you to the plan for the year because of limits or restrictions, such as the regular annual limit. 2012 tax software download The most that can be contributed in additional elective deferrals to your SIMPLE plan is the lesser of the following two amounts. 2012 tax software download $2,500 for 2013, or Your compensation for the year reduced by your other elective deferrals for the year. 2012 tax software download The additional deferrals are not subject to any other contribution limit and are not taken into account in applying other contribution limits. 2012 tax software download The additional deferrals are not subject to the nondiscrimination rules as long as all eligible participants are allowed to make them. 2012 tax software download Matching employer contributions limit. 2012 tax software download   Generally, your employer must make matching contributions to your SIMPLE IRA in an amount equal to your salary reduction contributions. 2012 tax software download These matching contributions cannot be more than 3% of your compensation for the calendar year. 2012 tax software download See Matching contributions less than 3% below. 2012 tax software download Example 1. 2012 tax software download In 2013, Joshua was a participant in his employer's SIMPLE plan. 2012 tax software download His compensation, before SIMPLE plan contributions, was $41,600 ($800 per week). 2012 tax software download Instead of taking it all in cash, Joshua elected to have 12. 2012 tax software download 5% of his weekly pay ($100) contributed to his SIMPLE IRA. 2012 tax software download For the full year, Joshua's salary reduction contributions were $5,200, which is less than the $12,000 limit on these contributions. 2012 tax software download Under the plan, Joshua's employer was required to make matching contributions to Joshua's SIMPLE IRA. 2012 tax software download Because his employer's matching contributions must equal Joshua's salary reductions, but cannot be more than 3% of his compensation (before salary reductions) for the year, his employer's matching contribution was limited to $1,248 (3% of $41,600). 2012 tax software download Example 2. 2012 tax software download Assume the same facts as in Example 1 , except that Joshua's compensation for the year was $408,163 and he chose to have 2. 2012 tax software download 94% of his weekly pay contributed to his SIMPLE IRA. 2012 tax software download In this example, Joshua's salary reduction contributions for the year (2. 2012 tax software download 94% × $408,163) were equal to the 2013 limit for salary reduction contributions ($12,000). 2012 tax software download Because 3% of Joshua's compensation ($12,245) is more than the amount his employer was required to match ($12,000), his employer's matching contributions were limited to $12,000. 2012 tax software download In this example, total contributions made on Joshua's behalf for the year were $24,000 ($12,000 (Joshua's contributions) + $12,000 (matching contributions)), the maximum contributions permitted under a SIMPLE IRA for 2013. 2012 tax software download Matching contributions less than 3%. 2012 tax software download   Your employer can reduce the 3% limit on matching contributions for a calendar year, but only if: The limit is not reduced below 1%, The limit is not reduced for more than 2 years out of the 5-year period that ends with (and includes) the year for which the election is effective, and Employees are notified of the reduced limit within a reasonable period of time before the 60-day election period during which they can enter into salary reduction agreements. 2012 tax software download   For purposes of applying the rule in item (2) in determining whether the limit was reduced below 3% for the year, any year before the first year in which your employer (or a former employer) maintains a SIMPLE IRA plan will be treated as a year for which the limit was 3%. 2012 tax software download If your employer chooses to make nonelective contributions for a year, that year also will be treated as a year for which the limit was 3%. 2012 tax software download Nonelective employer contributions limit. 2012 tax software download   If your employer chooses to make nonelective contributions, instead of matching contributions, to each eligible employee's SIMPLE IRA, contributions must be 2% of your compensation for the entire year. 2012 tax software download For 2013, only $255,000 of your compensation can be taken into account to figure the contribution limit. 2012 tax software download   Your employer can substitute the 2% nonelective contribution for the matching contribution for a year if both of the following requirements are met. 2012 tax software download Eligible employees are notified that a 2% nonelective contribution will be made instead of a matching contribution. 2012 tax software download This notice is provided within a reasonable period during which employees can enter into salary reduction agreements. 2012 tax software download Example 3. 2012 tax software download Assume the same facts as in Example 2 , except that Joshua's employer chose to make nonelective contributions instead of matching contributions. 2012 tax software download Because his employer's nonelective contributions are limited to 2% of up to $255,000 of Joshua's compensation, his employer's contribution to Joshua's SIMPLE IRA was limited to $5,100. 2012 tax software download In this example, total contributions made on Joshua's behalf for the year were $17,100 (Joshua's salary reductions of $12,000 plus his employer's contribution of $5,100). 2012 tax software download Traditional IRA mistakenly moved to SIMPLE IRA. 2012 tax software download   If you mistakenly roll over or transfer an amount from a traditional IRA to a SIMPLE IRA, you can later recharacterize the amount as a contribution to another traditional IRA. 2012 tax software download For more information, see Recharacterizations in chapter 1. 2012 tax software download Recharacterizing employer contributions. 2012 tax software download   You cannot recharacterize employer contributions (including elective deferrals) under a SEP or SIMPLE plan as contributions to another IRA. 2012 tax software download SEPs are discussed in chapter 2 of Publication 560. 2012 tax software download SIMPLE plans are discussed in this chapter. 2012 tax software download Converting from a SIMPLE IRA. 2012 tax software download   Generally, you can convert an amount in your SIMPLE IRA to a Roth IRA under the same rules explained in chapter 1 under Converting From Any Traditional IRA Into a Roth IRA . 2012 tax software download    However, you cannot convert any amount distributed from the SIMPLE IRA during the 2-year period beginning on the date you first participated in any SIMPLE IRA plan maintained by your employer. 2012 tax software download When Can You Withdraw or Use Assets? Generally, the same distribution (withdrawal) rules that apply to traditional IRAs apply to SIMPLE IRAs. 2012 tax software download These rules are discussed in chapter 1. 2012 tax software download Your employer cannot restrict you from taking distributions from a SIMPLE IRA. 2012 tax software download Are Distributions Taxable? Generally, distributions from a SIMPLE IRA are fully taxable as ordinary income. 2012 tax software download If the distribution is an early distribution (discussed in chapter 1), it may be subject to the additional tax on early distributions. 2012 tax software download See Additional Tax on Early Distributions, later. 2012 tax software download Rollovers and Transfers Exception Generally, rollovers and trustee-to-trustee transfers are not taxable distributions. 2012 tax software download Two-year rule. 2012 tax software download   To qualify as a tax-free rollover (or a tax-free trustee-to-trustee transfer), a rollover distribution (or a transfer) made from a SIMPLE IRA during the 2-year period beginning on the date on which you first participated in your employer's SIMPLE plan must be contributed (or transferred) to another SIMPLE IRA. 2012 tax software download The 2-year period begins on the first day on which contributions made by your employer are deposited in your SIMPLE IRA. 2012 tax software download   After the 2-year period, amounts in a SIMPLE IRA can be rolled over or transferred tax free to an IRA other than a SIMPLE IRA, or to a qualified plan, a tax-sheltered annuity plan (section 403(b) plan), or deferred compensation plan of a state or local government (section 457 plan). 2012 tax software download Additional Tax on Early Distributions The additional tax on early distributions (discussed in chapter 1) applies to SIMPLE IRAs. 2012 tax software download If a distribution is an early distribution and occurs during the 2-year period following the date on which you first participated in your employer's SIMPLE plan, the additional tax on early distributions is increased from 10% to 25%. 2012 tax software download If a rollover distribution (or transfer) from a SIMPLE IRA does not satisfy the 2-year rule, and is otherwise an early distribution, the additional tax imposed because of the early distribution is increased from 10% to 25% of the amount distributed. 2012 tax software download Prev  Up  Next   Home   More Online Publications
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The 2012 Tax Software Download

2012 tax software download Publication 555 - Introductory Material Table of Contents Future Developments What's New Important Reminder IntroductionOrdering forms and publications. 2012 tax software download Tax questions. 2012 tax software download Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 555, such as legislation enacted after it was published, go to www. 2012 tax software download irs. 2012 tax software download gov/pub555. 2012 tax software download What's New Same-sex marriages. 2012 tax software download  For federal tax purposes, individuals of the same sex are married if they were lawfully married in a state (or foreign country) whose laws authorize the marriage of two individuals of the same sex, even if the state (or foreign country) in which they now live does not recognize same-sex marriage. 2012 tax software download The term "spouse" includes an individual married to a person of the same sex if the couple is lawfully married under state (or foreign) law. 2012 tax software download However, individuals who have entered into a registered domestic partnership, civil union, or other similar relationship that is not called a marriage under state (or foreign) law are not married for federal tax purposes. 2012 tax software download The word “state” as used here includes the District of Columbia, Puerto Rico, and U. 2012 tax software download S. 2012 tax software download territories and possessions. 2012 tax software download It means any domestic jurisdiction that has the legal authority to sanction marriages. 2012 tax software download The term “foreign country” means any foreign jurisdiction that has the legal authority to sanction marriages. 2012 tax software download If individuals of the same sex are married, they generally must use the married filing jointly or married filing separately filing status. 2012 tax software download However, if they did not live together during the last 6 months of the year, one or both of them may be able to use the head of household filing status. 2012 tax software download For details, see Publication 501, Exemptions, Standard Deduction, and Filing Information. 2012 tax software download Also see Revenue Ruling 2013-17 and Answers to Frequently Asked Questions for Individuals of the Same Sex Who Are Married Under State Law on IRS. 2012 tax software download gov. 2012 tax software download Important Reminder Photographs of missing children. 2012 tax software download  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. 2012 tax software download Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. 2012 tax software download You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. 2012 tax software download Introduction This publication is for married taxpayers who are domiciled in one of the following community property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, or Wisconsin. 2012 tax software download This publication does not address the federal tax treatment of income or property subject to the “community property” election under Alaska state laws. 2012 tax software download Community property laws affect how you figure your income on your federal income tax return if you are married, live in a community property state or country, and file separate returns. 2012 tax software download If you are married, your tax usually will be less if you file married filing jointly than if you file married filing separately. 2012 tax software download However, sometimes it can be to your advantage to file separate returns. 2012 tax software download If you and your spouse file separate returns, you have to determine your community income and your separate income. 2012 tax software download Community property laws also affect your basis in property you inherit from a married person who lived in a community property state. 2012 tax software download See Death of spouse , later. 2012 tax software download Registered domestic partners. 2012 tax software download    This publication is also for registered domestic partners who are domiciled in Nevada, Washington, or California. 2012 tax software download Registered domestic partners in Nevada, Washington, or California generally must follow state community property laws and report half the combined community income of the individual and his or her registered domestic partner. 2012 tax software download   Registered domestic partners are not married for federal tax purposes. 2012 tax software download They can use the single filing status, or if they qualify, the head of household filing status. 2012 tax software download    You can find answers to frequently asked questions by going to www. 2012 tax software download irs. 2012 tax software download gov/pub555 and clicking on Answers to Frequently Asked Questions for Registered Domestic Partners and Individuals in Civil Unions under Other Items You May Find Useful. 2012 tax software download Comments and suggestions. 2012 tax software download    We welcome your comments about this publication and your suggestions for future editions. 2012 tax software download   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. 2012 tax software download NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. 2012 tax software download Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. 2012 tax software download   You can send your comments from www. 2012 tax software download irs. 2012 tax software download gov/formspubs. 2012 tax software download Click on “More Information” and then on “Give us feedback on forms and publications. 2012 tax software download ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. 2012 tax software download Ordering forms and publications. 2012 tax software download    Visit www. 2012 tax software download irs. 2012 tax software download gov/formspubs to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. 2012 tax software download Internal Revenue Service 1201 N. 2012 tax software download Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. 2012 tax software download    If you have a tax question, check the information available on IRS. 2012 tax software download gov or call 1-800-829-1040. 2012 tax software download We cannot answer tax questions sent to either of the above addresses. 2012 tax software download Useful Items - You may want to see: Publication 504 Divorced or Separated Individuals 505 Tax Withholding and Estimated Tax 971 Innocent Spouse Relief Form (and Instructions) 8857 Request for Innocent Spouse Relief 8958 Allocation of Tax Amounts Between Certain Individuals in Community Property States  See How To Get Tax Help near the end of this publication for information about getting these publications and forms. 2012 tax software download Prev  Up  Next   Home   More Online Publications