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Federal Tax Software

Federal tax software Index A Actual knowledge Innocent spouse relief, Actual Knowledge or Reason To Know Separation of liability relief, Actual Knowledge Assistance (see Tax help) B Burden of proof, separation of liability, Burden of proof. Federal tax software C Comments on publication, Comments and suggestions. Federal tax software Community property law, relief from liability arising from, Community Property Laws Community property laws, Community Property Laws D Decedent, Form 8857 filed by or on behalf of a decedent. Federal tax software Domestic violence (separation of liability), Exception for spousal abuse or domestic violence. Federal tax software E Equitable relief Conditions for getting, Conditions for Getting Equitable Relief Factors for determining whether to grant, Factors for Determining Whether To Grant Equitable Relief Refunds, Refunds Under Equitable Relief Erroneous items, Erroneous Items Executors (see Decedent) F Flowcharts, Flowcharts Form 8857 Filled-in example, Filled-in Form 8857 For decedent, Form 8857 filed by or on behalf of a decedent. Federal tax software Tax Court review, Tax Court Review of Request When to file, When to file Form 8857. Federal tax software Free tax services, How To Get Tax Help H Help (see Tax help) How to request relief, How To Request Relief I Indications of unfairness Innocent spouse relief, Indications of Unfairness for Innocent Spouse Relief Injured spouse relief, Publication 971 - Additional Material Innocent spouse relief, Innocent Spouse Relief J Joint and several liability, Publication 971 - Additional Material L Limitations on Relief, Limitations on Relief M More information (see Tax help) N No joint return filed, Relief for Married Persons Who Did Not File Joint Returns P Partial relief, innocent spouse relief, Partial relief when a portion of erroneous item is unknown. Federal tax software Publications (see Tax help) Q Questions & Answers, Publication 971 - Additional Material R Reason to know, Actual Knowledge or Reason To Know Refunds, Refunds Limit on amount of refund, Limit on Amount of Refund Proof required, Proof Required Under equitable relief, Refunds Under Equitable Relief S Separation of liability relief, Separation of Liability Relief Spousal abuse, The IRS Must Contact Your Spouse or Former Spouse, Exception for spousal abuse or domestic violence. Federal tax software Spousal notification, The IRS Must Contact Your Spouse or Former Spouse, Publication 971 - Additional Material Suggestions for publication, Comments and suggestions. Federal tax software T Tax Court review, Tax Court Review of Request Tax help, How To Get Tax Help Taxpayer Advocate, Taxpayer Advocate Service. Federal tax software TEFRA partnership proceedings, Exception for agreements relating to TEFRA partnership proceedings. Federal tax software Transferee liability, Transferee liability not affected by innocent spouse relief provisions. Federal tax software Transfers of property to avoid tax, Transfers of Property To Avoid Tax TTY/TDD information, How To Get Tax Help U Underpaid tax, Equitable Relief Understated tax, Understated Tax United States Tax Court, Tax Court Review of Request W When to file Form 8857, When to file Form 8857. Federal tax software Prev  Up     Home   More Online Publications
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The Federal Tax Software

Federal tax software 1. Federal tax software   403(b) Plan Basics Table of Contents What Is a 403(b) Plan? What Are the Benefits of Contributing to a 403(b) Plan?Excluded. Federal tax software Deducted. Federal tax software Who Can Participate in a 403(b) Plan?Ministers. Federal tax software Who Can Set Up a 403(b) Account? How Can Contributions Be Made to My 403(b) Account? Do I Report Contributions on My Tax Return? How Much Can Be Contributed to My 403(b) Account? This chapter introduces you to 403(b) plans and accounts. Federal tax software Specifically, the chapter answers the following questions. Federal tax software What is a 403(b) plan? What are the benefits of contributing to a 403(b) plan? Who can participate in a 403(b) plan? Who can set up a 403(b) account? How can contributions be made to my 403(b) account? Do I report contributions on my tax return? How much can be contributed to my 403(b) account? What Is a 403(b) Plan? A 403(b) plan, also known as a tax-sheltered annuity (TSA) plan, is a retirement plan for certain employees of public schools, employees of certain tax-exempt organizations, and certain ministers. Federal tax software Individual accounts in a 403(b) plan can be any of the following types. Federal tax software An annuity contract, which is a contract provided through an insurance company, A custodial account, which is an account invested in mutual funds, or A retirement income account set up for church employees. Federal tax software Generally, retirement income accounts can invest in either annuities or mutual funds. Federal tax software We use the term “403(b) account” to refer to any one of these funding arrangements throughout this publication, unless otherwise specified. Federal tax software What Are the Benefits of Contributing to a 403(b) Plan?  There are three benefits to contributing to a 403(b) plan. Federal tax software The first benefit is that you do not pay income tax on allowable contributions until you begin making withdrawals from the plan, usually after you retire. Federal tax software Allowable contributions to a 403(b) plan are either excluded or deducted from your income. Federal tax software However, if your contributions are made to a Roth contribution program, this benefit does not apply. Federal tax software Instead, you pay income tax on the contributions to the plan but distributions from the plan (if certain requirements are met) are tax free. Federal tax software Note. Federal tax software Generally, employees must pay social security and Medicare tax on their contributions to a 403(b) plan, including those made under a salary reduction agreement. Federal tax software See chapter 4, Limit on Elective Deferrals , for more information. Federal tax software The second benefit is that earnings and gains on amounts in your 403(b) account are not taxed until you withdraw them. Federal tax software Earnings and gains on amounts in a Roth contribution program are not taxed if your withdrawals are qualified distributions. Federal tax software Otherwise, they are taxed when you withdraw them. Federal tax software The third benefit is that you may be eligible to take a credit for elective deferrals contributed to your 403(b) account. Federal tax software See chapter 10, Retirement Savings Contributions Credit (Saver's Credit) . Federal tax software Excluded. Federal tax software   If an amount is excluded from your income, it is not included in your total wages on your Form W-2. Federal tax software This means that you do not report the excluded amount on your tax return. Federal tax software Deducted. Federal tax software   If an amount is deducted from your income, it is included with your other wages on your Form W-2. Federal tax software You report this amount on your tax return, but you are allowed to subtract it when figuring the amount of income on which you must pay tax. Federal tax software Who Can Participate in a 403(b) Plan? Any eligible employee can participate in a 403(b) plan. Federal tax software Eligible employees. Federal tax software   The following employees are eligible to participate in a 403(b) plan. Federal tax software Employees of tax-exempt organizations established under section 501(c)(3). Federal tax software These organizations are usually referred to as section 501(c)(3) organizations or simply 501(c)(3) organizations. Federal tax software Employees of public school systems who are involved in the day-to-day operations of a school. Federal tax software Employees of cooperative hospital service organizations. Federal tax software Civilian faculty and staff of the Uniformed Services University of the Health Sciences. Federal tax software Employees of public school systems organized by Indian tribal governments. Federal tax software Certain ministers (explained next). Federal tax software Ministers. Federal tax software   The following ministers are eligible employees for whom a 403(b) account can be established. Federal tax software Ministers employed by section 501(c)(3) organizations. Federal tax software Self-employed ministers. Federal tax software A self-employed minister is treated as employed by a tax-exempt organization that is a qualified employer. Federal tax software Ministers (chaplains) who meet both of the following requirements. Federal tax software They are employed by organizations that are not section 501(c)(3) organizations. Federal tax software They function as ministers in their day-to-day professional responsibilities with their employers. Federal tax software   Throughout this publication, the term chaplain will be used to mean ministers described in the third category in the list above. Federal tax software Example. Federal tax software A minister employed as a chaplain by a state-run prison and a chaplain in the United States Armed Forces are eligible employees because their employers are not section 501(c)(3) organizations and they are employed as ministers. Federal tax software Who Can Set Up a 403(b) Account? You cannot set up your own 403(b) account. Federal tax software Only employers can set up 403(b) accounts. Federal tax software A self-employed minister cannot set up a 403(b) account for his or her benefit. Federal tax software If you are a self-employed minister, only the organization (denomination) with which you are associated can set up an account for your benefit. Federal tax software How Can Contributions Be Made to My 403(b) Account? Generally, only your employer can make contributions to your 403(b) account. Federal tax software However, some plans will allow you to make after-tax contributions (defined below). Federal tax software The following types of contributions can be made to 403(b) accounts. Federal tax software Elective deferrals . Federal tax software These are contributions made under a salary reduction agreement. Federal tax software This agreement allows your employer to withhold money from your paycheck to be contributed directly into a 403(b) account for your benefit. Federal tax software Except for Roth contributions, you do not pay income tax on these contributions until you withdraw them from the account. Federal tax software If your contributions are Roth contributions, you pay taxes on your contributions but any qualified distributions from your Roth account are tax free. Federal tax software Nonelective contributions . Federal tax software These are employer contributions that are not made under a salary reduction agreement. Federal tax software Nonelective contributions include matching contributions, discretionary contributions, and mandatory contributions from your employer. Federal tax software You do not pay income tax on these contributions until you withdraw them from the account. Federal tax software After-tax contributions . Federal tax software These are contributions (that are not Roth contributions) you make with funds that you must include in income on your tax return. Federal tax software A salary payment on which income tax has been withheld is a source of these contributions. Federal tax software If your plan allows you to make after-tax contributions, they are not excluded from income and you cannot deduct them on your tax return. Federal tax software A combination of any of the three contribution types listed above. Federal tax software Self-employed minister. Federal tax software   If you are a self-employed minister, you are considered both an employee and an employer, and you can contribute to a retirement income account for your own benefit. Federal tax software Do I Report Contributions on My Tax Return? Generally, you do not report contributions to your 403(b) account (except Roth contributions) on your tax return. Federal tax software Your employer will report contributions on your 2013 Form W-2. Federal tax software Elective deferrals will be shown in box 12 and the Retirement plan box will be checked in box 13. Federal tax software If you are a self-employed minister or chaplain, see the discussions next. Federal tax software Self-employed ministers. Federal tax software   If you are a self-employed minister, you must report the total contributions as a deduction on your tax return. Federal tax software Deduct your contributions on line 28 of the 2013 Form 1040. Federal tax software Chaplains. Federal tax software   If you are a chaplain and your employer does not exclude contributions made to your 403(b) account from your earned income, you may be able to take a deduction for those contributions on your tax return. Federal tax software    However, if your employer has agreed to exclude the contributions from your earned income, you will not be allowed a deduction on your tax return. Federal tax software   If you can take a deduction, include your contributions on line 36 of the 2013 Form 1040. Federal tax software Enter the amount of your deduction and write “403(b)” on the dotted line next to line 36. Federal tax software How Much Can Be Contributed to My 403(b) Account? There are limits on the amount of contributions that can be made to your 403(b) account each year. Federal tax software If contributions made to your 403(b) account are more than these contribution limits, penalties may apply. Federal tax software Chapters 2 through 6 provide information on how to determine the amount that can be contributed to your 403(b) account. Federal tax software Worksheets are provided in Chapter 9 to help you determine the maximum amount that can be contributed to your 403(b) account each year. Federal tax software Chapter 7, Excess Contributions , describes how to prevent excess contributions and how to get an excess contribution corrected. Federal tax software Prev  Up  Next   Home   More Online Publications