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Filing 2010 Taxes Late Online Free

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Filing 2010 Taxes Late Online Free

Filing 2010 taxes late online free IRAs and Other Retirement Plans Table of Contents 2002 ChangesSimplified Employee Pensions (SEPs) 403(b) Plans Later ChangeDeemed IRAs 2002 Changes Simplified Employee Pensions (SEPs) Contribution limit increased. Filing 2010 taxes late online free   For plan years beginning after December 31, 2001, the annual limit on the amount of employer contributions to a SEP increases to the lesser of the following amounts. Filing 2010 taxes late online free 25% of an eligible employee's compensation. Filing 2010 taxes late online free $40,000 (subject to cost-of-living adjustments after 2002). Filing 2010 taxes late online free Deduction limit. Filing 2010 taxes late online free   For years beginning after 2001, the following changes apply to the SEP deduction limit. Filing 2010 taxes late online free Elective deferrals (SARSEPs). Filing 2010 taxes late online free   Elective deferrals under a SARSEP are not subject to the deduction limit that applies to employer contributions. Filing 2010 taxes late online free Also, elective deferrals are not taken into account when figuring the amount you can deduct for employer contributions that are not elective deferrals. Filing 2010 taxes late online free Definition of compensation. Filing 2010 taxes late online free    Compensation for figuring the deduction for employer contributions includes elective deferrals under a SARSEP. Filing 2010 taxes late online free More information. Filing 2010 taxes late online free   For more information about SEPs, see Publication 560, Retirement Plans for Small Business. Filing 2010 taxes late online free 403(b) Plans Figuring catch-up contributions. Filing 2010 taxes late online free   When figuring allowable catch-up contributions, combine all contributions made by your employer on your behalf to the following plans. Filing 2010 taxes late online free Qualified retirement plans. Filing 2010 taxes late online free 403(b) plans. Filing 2010 taxes late online free Simplified employee pensions (SEP). Filing 2010 taxes late online free SIMPLE plans. Filing 2010 taxes late online free   The total amount of the catch-up contributions to all plans maintained by your employer cannot exceed the annual limit. Filing 2010 taxes late online free For 2002, the limit is $1,000. Filing 2010 taxes late online free Rollovers to and from 403(b) plans. Filing 2010 taxes late online free   If a distribution includes both pre-tax contributions and after-tax contributions, the portion of the distribution that is rolled over is treated as consisting first of pre-tax amounts (contributions and earnings that would be includible in income if no rollover occurred). Filing 2010 taxes late online free This means that if you roll over an amount that is at least as much as the pre-tax portion of the distribution, you do not have to include any of the distribution in income. Filing 2010 taxes late online free Years of service for church employees and ministers. Filing 2010 taxes late online free   If you are a minister or church employee, treat all of your years of service as an employee of a church or a convention or association of churches as years of service with one employer. Filing 2010 taxes late online free Prior law required church employees and ministers to figure years of service separately for each employer. Filing 2010 taxes late online free   As a minister or church employee, all contributions made to 403(b) plans on your behalf, as an employee of a church or a convention or association of churches, are considered made by one employer. Filing 2010 taxes late online free Foreign missionaries. Filing 2010 taxes late online free   If you are a foreign missionary, contributions to your 403(b) account will not be treated as exceeding the limit on annual additions if the contributions are not more than the greater of: $3,000, or Your includible compensation. Filing 2010 taxes late online free More information. Filing 2010 taxes late online free   For more information about 403(b) plans, see Publication 571, Tax-Sheltered Annuity Plans (403(b) Plans). Filing 2010 taxes late online free Later Change Deemed IRAs For plan years beginning after 2002, a qualified employer plan can provide for voluntary employee contributions to a separate account or annuity that is deemed to be an IRA. Filing 2010 taxes late online free For this purpose, a qualified employer plan includes a deferred compensation plan (section 457(b) plan) maintained by a state, a political subdivision of a state, or an agency or instrumentality of a state or political subdivision of a state. Filing 2010 taxes late online free The term qualified employer plan also includes: A qualified pension, profit-sharing, or stock bonus plan (section 401(a) plan), A qualified employee annuity plan (section 403(a) plan), and A tax-sheltered annuity plan (section 403(b) plan). Filing 2010 taxes late online free More information about IRAs can be found in Publication 590, Individual Retirement Arrangements (IRAs). Filing 2010 taxes late online free Prev  Up  Next   Home   More Online Publications
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IRS Statement on Court Ruling Related to Return Preparers

Update Feb. 21, 2014

On Feb. 11, 2014, the U.S. Court of Appeals for the District of Columbia Circuit upheld the decision of the lower court in the case of Loving vs. IRS, finding insufficient statutory support for the IRS’ regulation of federal tax return preparers.

Taxpayer reliance on paid tax return preparers and effective tax administration are inextricably linked to quality return preparation. As we assess the scope and impact of the court’s decision and determine our way forward, our focus on improved competency will continue.  

Please continue to check this site for additional information as it becomes available.

Background

On Friday, Jan. 18, 2013, the United States District Court for the District of Columbia enjoined the Internal Revenue Service from enforcing the regulatory requirements for registered tax return preparers. In accordance with this order, tax return preparers covered by this program are not required to complete competency testing or secure continuing education. The ruling does not affect the regulatory practice requirements for CPAs, attorneys, enrolled agents, enrolled retirement plan agents or enrolled actuaries.

On Friday, Feb. 1, 2013, the court modified its order to clarify that the order does not affect the requirement for all paid tax return preparers to obtain a preparer tax identification number (PTIN). Consistent with this modification, the IRS has reopened the online PTIN system. On March 29, 2013, the IRS appealed the district court opinion.

In July 2013, the IRS refunded testing fees to return preparers who tested or were scheduled to test on or after Jan. 18, 2013 (the date the registered tax return preparer test was enjoined). No decisions have been made about additional refunds related to registered tax return preparer regulations at this time.

 

 

Page Last Reviewed or Updated: 05-Mar-2014

The Filing 2010 Taxes Late Online Free

Filing 2010 taxes late online free 3. Filing 2010 taxes late online free   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%. Filing 2010 taxes late online free Traditional IRA mistakenly moved to SIMPLE IRA. Filing 2010 taxes late online free 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). Filing 2010 taxes late online free It explains what a SIMPLE plan is, contributions to a SIMPLE plan, and distributions from a SIMPLE plan. Filing 2010 taxes late online free 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). Filing 2010 taxes late online free This chapter only discusses the SIMPLE plan rules that relate to SIMPLE IRAs. Filing 2010 taxes late online free See chapter 3 of Publication 560 for information on any special rules for SIMPLE plans that do not use IRAs. Filing 2010 taxes late online free 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. Filing 2010 taxes late online free See Rollovers and Transfers Exception, later under When Can You Withdraw or Use Assets. Filing 2010 taxes late online free 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. Filing 2010 taxes late online free See chapter 3 of Publication 560 for information on the requirements employers must satisfy to set up a SIMPLE plan. Filing 2010 taxes late online free 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. Filing 2010 taxes late online free These contributions are called salary reduction contributions. Filing 2010 taxes late online free All contributions under a SIMPLE IRA plan must be made to SIMPLE IRAs, not to any other type of IRA. Filing 2010 taxes late online free The SIMPLE IRA can be an individual retirement account or an individual retirement annuity, described in chapter 1. Filing 2010 taxes late online free Contributions are made on behalf of eligible employees. Filing 2010 taxes late online free (See Eligible Employees below. Filing 2010 taxes late online free ) Contributions are also subject to various limits. Filing 2010 taxes late online free (See How Much Can Be Contributed on Your Behalf , later. Filing 2010 taxes late online free ) In addition to salary reduction contributions, your employer must make either matching contributions or nonelective contributions. Filing 2010 taxes late online free See How Are Contributions Made , later. Filing 2010 taxes late online free You may be able to claim a credit for contributions to your SIMPLE plan. Filing 2010 taxes late online free For more information, see chapter 4. Filing 2010 taxes late online free 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. Filing 2010 taxes late online free Self-employed individual. Filing 2010 taxes late online free   For SIMPLE plan purposes, the term employee includes a self-employed individual who received earned income. Filing 2010 taxes late online free Excludable employees. Filing 2010 taxes late online free   Your employer can exclude the following employees from participating in the SIMPLE plan. Filing 2010 taxes late online free Employees whose retirement benefits are covered by a collective bargaining agreement (union contract). Filing 2010 taxes late online free Employees who are nonresident aliens and received no earned income from sources within the United States. Filing 2010 taxes late online free Employees who would not have been eligible employees if an acquisition, disposition, or similar transaction had not occurred during the year. Filing 2010 taxes late online free Compensation. Filing 2010 taxes late online free   For purposes of the SIMPLE plan rules, your compensation for a year generally includes the following amounts. Filing 2010 taxes late online free Wages, tips, and other pay from your employer that is subject to income tax withholding. Filing 2010 taxes late online free Deferred amounts elected under any 401(k) plans, 403(b) plans, government (section 457) plans, SEP plans, and SIMPLE plans. Filing 2010 taxes late online free Self-employed individual compensation. Filing 2010 taxes late online free   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. Filing 2010 taxes late online free   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. Filing 2010 taxes late online free How Are Contributions Made? Contributions under a salary reduction agreement are called salary reduction contributions. Filing 2010 taxes late online free They are made on your behalf by your employer. Filing 2010 taxes late online free Your employer must also make either matching contributions or nonelective contributions. Filing 2010 taxes late online free Salary reduction contributions. Filing 2010 taxes late online free   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). Filing 2010 taxes late online free You can choose to cancel the election at any time during the year. Filing 2010 taxes late online free   Salary reduction contributions are also referred to as “elective deferrals. Filing 2010 taxes late online free ”   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. Filing 2010 taxes late online free Matching contributions. Filing 2010 taxes late online free   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. Filing 2010 taxes late online free See How Much Can Be Contributed on Your Behalf below. Filing 2010 taxes late online free 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. Filing 2010 taxes late online free These contributions are referred to as matching contributions. Filing 2010 taxes late online free   Matching contributions on behalf of a self-employed individual are not treated as salary reduction contributions. Filing 2010 taxes late online free Nonelective contributions. Filing 2010 taxes late online free   Instead of making matching contributions, your employer may be able to choose to make nonelective contributions on behalf of all eligible employees. Filing 2010 taxes late online free 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. Filing 2010 taxes late online free   One of the requirements your employer must satisfy is notifying the employees that the election was made. Filing 2010 taxes late online free For other requirements that your employer must satisfy, see chapter 3 of Publication 560. Filing 2010 taxes late online free 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. Filing 2010 taxes late online free Salary reduction contributions limit. Filing 2010 taxes late online free   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. Filing 2010 taxes late online free The limitation remains at $12,000 for 2014. Filing 2010 taxes late online free 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. Filing 2010 taxes late online free You, not your employer, are responsible for monitoring compliance with these limits. Filing 2010 taxes late online free 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. Filing 2010 taxes late online free The most that can be contributed in additional elective deferrals to your SIMPLE plan is the lesser of the following two amounts. Filing 2010 taxes late online free $2,500 for 2013, or Your compensation for the year reduced by your other elective deferrals for the year. Filing 2010 taxes late online free The additional deferrals are not subject to any other contribution limit and are not taken into account in applying other contribution limits. Filing 2010 taxes late online free The additional deferrals are not subject to the nondiscrimination rules as long as all eligible participants are allowed to make them. Filing 2010 taxes late online free Matching employer contributions limit. Filing 2010 taxes late online free   Generally, your employer must make matching contributions to your SIMPLE IRA in an amount equal to your salary reduction contributions. Filing 2010 taxes late online free These matching contributions cannot be more than 3% of your compensation for the calendar year. Filing 2010 taxes late online free See Matching contributions less than 3% below. Filing 2010 taxes late online free Example 1. Filing 2010 taxes late online free In 2013, Joshua was a participant in his employer's SIMPLE plan. Filing 2010 taxes late online free His compensation, before SIMPLE plan contributions, was $41,600 ($800 per week). Filing 2010 taxes late online free Instead of taking it all in cash, Joshua elected to have 12. Filing 2010 taxes late online free 5% of his weekly pay ($100) contributed to his SIMPLE IRA. Filing 2010 taxes late online free For the full year, Joshua's salary reduction contributions were $5,200, which is less than the $12,000 limit on these contributions. Filing 2010 taxes late online free Under the plan, Joshua's employer was required to make matching contributions to Joshua's SIMPLE IRA. Filing 2010 taxes late online free 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). Filing 2010 taxes late online free Example 2. Filing 2010 taxes late online free 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. Filing 2010 taxes late online free 94% of his weekly pay contributed to his SIMPLE IRA. Filing 2010 taxes late online free In this example, Joshua's salary reduction contributions for the year (2. Filing 2010 taxes late online free 94% × $408,163) were equal to the 2013 limit for salary reduction contributions ($12,000). Filing 2010 taxes late online free 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. Filing 2010 taxes late online free 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. Filing 2010 taxes late online free Matching contributions less than 3%. Filing 2010 taxes late online free   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. Filing 2010 taxes late online free   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%. Filing 2010 taxes late online free 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%. Filing 2010 taxes late online free Nonelective employer contributions limit. Filing 2010 taxes late online free   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. Filing 2010 taxes late online free For 2013, only $255,000 of your compensation can be taken into account to figure the contribution limit. Filing 2010 taxes late online free   Your employer can substitute the 2% nonelective contribution for the matching contribution for a year if both of the following requirements are met. Filing 2010 taxes late online free Eligible employees are notified that a 2% nonelective contribution will be made instead of a matching contribution. Filing 2010 taxes late online free This notice is provided within a reasonable period during which employees can enter into salary reduction agreements. Filing 2010 taxes late online free Example 3. Filing 2010 taxes late online free Assume the same facts as in Example 2 , except that Joshua's employer chose to make nonelective contributions instead of matching contributions. Filing 2010 taxes late online free 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. Filing 2010 taxes late online free 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). Filing 2010 taxes late online free Traditional IRA mistakenly moved to SIMPLE IRA. Filing 2010 taxes late online free   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. Filing 2010 taxes late online free For more information, see Recharacterizations in chapter 1. Filing 2010 taxes late online free Recharacterizing employer contributions. Filing 2010 taxes late online free   You cannot recharacterize employer contributions (including elective deferrals) under a SEP or SIMPLE plan as contributions to another IRA. Filing 2010 taxes late online free SEPs are discussed in chapter 2 of Publication 560. Filing 2010 taxes late online free SIMPLE plans are discussed in this chapter. Filing 2010 taxes late online free Converting from a SIMPLE IRA. Filing 2010 taxes late online free   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 . Filing 2010 taxes late online free    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. Filing 2010 taxes late online free When Can You Withdraw or Use Assets? Generally, the same distribution (withdrawal) rules that apply to traditional IRAs apply to SIMPLE IRAs. Filing 2010 taxes late online free These rules are discussed in chapter 1. Filing 2010 taxes late online free Your employer cannot restrict you from taking distributions from a SIMPLE IRA. Filing 2010 taxes late online free Are Distributions Taxable? Generally, distributions from a SIMPLE IRA are fully taxable as ordinary income. Filing 2010 taxes late online free If the distribution is an early distribution (discussed in chapter 1), it may be subject to the additional tax on early distributions. Filing 2010 taxes late online free See Additional Tax on Early Distributions, later. Filing 2010 taxes late online free Rollovers and Transfers Exception Generally, rollovers and trustee-to-trustee transfers are not taxable distributions. Filing 2010 taxes late online free Two-year rule. Filing 2010 taxes late online free   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. Filing 2010 taxes late online free The 2-year period begins on the first day on which contributions made by your employer are deposited in your SIMPLE IRA. Filing 2010 taxes late online free   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). Filing 2010 taxes late online free Additional Tax on Early Distributions The additional tax on early distributions (discussed in chapter 1) applies to SIMPLE IRAs. Filing 2010 taxes late online free 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%. Filing 2010 taxes late online free 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. Filing 2010 taxes late online free Prev  Up  Next   Home   More Online Publications