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Filing your taxes with paper mail can be difficult and it could take weeks for your refund to arrive. IRS e-file is easy, fast and secure. There is no paperwork going to the IRS so tax refunds can be processed in as little as 7 days with direct deposit. As you prepare your taxes online, you can see your tax refund in real time.

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Free tax software 2011 download Publication 721 - Additional Material Prev  Up  Next   Home   More Online Publications
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Understanding Your CP53B Notice

We tried to direct deposit your refund, but the financial institution couldn’t process it. We are researching your account, but it will take 8 to 10 weeks to complete our review and verify this refund.


What you need to do

  • You don’t need to do anything at this time.

You may want to

  • Call us at the toll-free number on the notice if you don’t receive your refund check or a follow-up letter within 10 weeks
  • Monitor your financial accounts

If you notice any suspicious or unusual activity, you should:

  • Notify your financial institutions
  • Contact the fraud department of one of the three major credit bureaus
  • Report any fraudulent activity to your local police or sheriff's department
  • File a complaint with the Federal Trade Commission
  • Submit a Form 14039, Identity Theft Affidavit

Answers to Common Questions

Q. What should I do if I didn’t file a return?

A. Submit a Form 14039, Identity Theft Affidavit, to the IRS address in the Form 14039 instructions.

Q. Can I direct part of my refund into my tax professional’s checking or savings account to pay my tax preparation fee?

A. No. You can direct your refund to any of your checking or savings accounts. You can’t direct your refund to someone else’s account (except for your spouse’s account when you have a joint refund).

Q. Why will it take up to 10 weeks to receive my refund?

A. We must research your account to determine if you are entitled to the refund. We try to balance customer service and tax compliance when we review tax returns.  Refund timeframes are also affected by:

  • Bankruptcy
  • An open audit
  • A balance due on a related account (such as a different tax year)

Q. Will calling the IRS give me additional information or speed my refund?

A. No, calling us won’t speed up your refund. You don’t need to call us unless we send you a letter that asks you to contact us. Our telephone assistors won’t be able to provide any additional information.


Tips for next year

If you request a direct deposit refund, be sure the account you specify is in your name (or your spouse’s if you have a joint refund).

If you changed your name as a result of a recent marriage or divorce, be sure the name on your tax return matches the name registered with the Social Security Administration.

Never direct your refund to an account that belongs to a relative, friend, or tax return preparer.

 

Page Last Reviewed or Updated: 21-Jan-2014

Printable samples of this notice (PDF)

 

 

How to get help

  • Call the 1-800 number listed on the top right corner of your notice.
  • Authorize someone (e.g., accountant) to contact the IRS on your behalf using Form 2848.
  • See if you qualify for help from a Low Income Taxpayer Clinic.
     

The Free Tax Software 2011 Download

Free tax software 2011 download 9. Free tax software 2011 download   Education Exception to Additional Tax on Early IRA Distributions Table of Contents Introduction Who Is Eligible Figuring the Amount Not Subject to the 10% Tax Reporting Early Distributions Introduction Generally, if you take a distribution from your IRA before you reach age 59½, you must pay a 10% additional tax on the early distribution. Free tax software 2011 download This applies to any IRA you own, whether it is a traditional IRA (including a SEP-IRA), a Roth IRA, or a SIMPLE IRA. Free tax software 2011 download The additional tax on an early distribution from a SIMPLE IRA may be as high as 25%. Free tax software 2011 download See Publication 560, Retirement Plans for Small Business, for information on SEP-IRAs, and Publication 590, for information about all other IRAs. Free tax software 2011 download However, you can take distributions from your IRAs for qualified higher education expenses without having to pay the 10% additional tax. Free tax software 2011 download You may owe income tax on at least part of the amount distributed, but you may not have to pay the 10% additional tax. Free tax software 2011 download Generally, if the taxable part of the distribution is less than or equal to the adjusted qualified education expenses (AQEE), none of the distribution is subject to the additional tax. Free tax software 2011 download If the taxable part of the distribution is more than the AQEE, only the excess is subject to the additional tax. Free tax software 2011 download Who Is Eligible You can take a distribution from your IRA before you reach age 59½ and not have to pay the 10% additional tax if, for the year of the distribution, you pay qualified education expenses for: yourself, your spouse, or your or your spouse's child, foster child, adopted child, or descendant of any of them. Free tax software 2011 download Qualified education expenses. Free tax software 2011 download   For purposes of the 10% additional tax, these expenses are tuition, fees, books, supplies, and equipment required for enrollment or attendance at an eligible educational institution. Free tax software 2011 download They also include expenses for special needs services incurred by or for special needs students in connection with their enrollment or attendance. Free tax software 2011 download   In addition, if the student is at least a half-time student, room and board are qualified education expenses. Free tax software 2011 download   The expense for room and board qualifies only to the extent that it is not more than the greater of the following two amounts. Free tax software 2011 download The allowance for room and board, as determined by the eligible educational institution, that was included in the cost of attendance (for federal financial aid purposes) for a particular academic period and living arrangement of the student. Free tax software 2011 download The actual amount charged if the student is residing in housing owned or operated by the eligible educational institution. Free tax software 2011 download You will need to contact the eligible educational institution for qualified room and board costs. Free tax software 2011 download Eligible educational institution. Free tax software 2011 download   An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. Free tax software 2011 download S. Free tax software 2011 download Department of Education. Free tax software 2011 download It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Free tax software 2011 download The educational institution should be able to tell you if it is an eligible educational institution. Free tax software 2011 download   Certain educational institutions located outside the United States also participate in the U. Free tax software 2011 download S. Free tax software 2011 download Department of Education's Federal Student Aid (FSA) programs. Free tax software 2011 download Half-time student. Free tax software 2011 download   A student is enrolled “at least half-time” if he or she is enrolled for at least half the full-time academic work load for the course of study the student is pursuing as determined under the standards of the school where the student is enrolled. Free tax software 2011 download Figuring the Amount Not Subject to the 10% Tax To determine the amount of your distribution that is not subject to the 10% additional tax, first figure your adjusted qualified education expenses. Free tax software 2011 download You do this by reducing your total qualified education expenses by any tax-free educational assistance, which includes: Expenses used to figure the tax-free portion of distributions from a Coverdell education savings account (ESA) (see Distributions in chapter 7, Coverdell Education Savings Account), The tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Pell grants (see Pell Grants and Other Title IV Need-Based Education Grants in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Veterans' educational assistance (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ), and Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. Free tax software 2011 download Do not reduce the qualified education expenses by amounts paid with funds the student receives as: Payment for services, such as wages, A loan, A gift, An inheritance given to either the student or the individual making the withdrawal, or A withdrawal from personal savings (including savings from a qualified tuition program (QTP)). Free tax software 2011 download If your IRA distribution is equal to or less than your adjusted qualified education expenses, you are not subject to the 10% additional tax. Free tax software 2011 download Example 1. Free tax software 2011 download In 2013, Erin (age 32) took a year off from teaching to attend graduate school full-time. Free tax software 2011 download She paid $5,800 of qualified education expenses from the following sources. Free tax software 2011 download   Employer-provided educational assistance  (tax free) $5,000     Early distribution from IRA (includes $500 taxable earnings) 3,200           Before Erin can determine if she must pay the 10% additional tax on her IRA distribution, she must reduce her total qualified education expenses. Free tax software 2011 download   Total qualified education expenses $5,800     Minus: Tax-free educational assistance −5,000     Equals: Adjusted qualified  education expenses (AQEE) $ 800   Because Erin's AQEE ($800) are more than the taxable portion of her IRA distribution ($500), she does not have to pay the 10% additional tax on any part of this distribution. Free tax software 2011 download However, she must include the $500 taxable earnings in her gross income subject to income tax. Free tax software 2011 download Example 2. Free tax software 2011 download Assume the same facts as in Example 1 , except that Erin deducted some of the contributions to her IRA, so the taxable part of her early distribution is higher by $1,000. Free tax software 2011 download This must be included in her income subject to income tax. Free tax software 2011 download The taxable part of Erin's IRA distribution ($1,000) is larger than her $800 AQEE. Free tax software 2011 download Therefore, she must pay the 10% additional tax on $200, the taxable part of her distribution ($1,000) that is more than her qualified education expenses ($800). Free tax software 2011 download She does not have to pay the 10% additional tax on the remaining $800 of her taxable distribution. Free tax software 2011 download Reporting Early Distributions By January 31, 2014, the payer of your IRA distribution should send you Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Free tax software 2011 download The information on this form will help you determine how much of your distribution is taxable for income tax purposes and how much is subject to the 10% additional tax. Free tax software 2011 download If you received an early distribution from your IRA, you must report the taxable earnings on Form 1040, line 15b (Form 1040NR, line 16b). Free tax software 2011 download Then, if you qualify for an exception for qualified higher education expenses, you must file Form 5329 to show how much, if any, of your early distribution is subject to the 10% additional tax. Free tax software 2011 download See the Instructions for Form 5329, Part I, for help in completing the form and entering the results on Form 1040 or 1040NR. Free tax software 2011 download There are many other situations in which Form 5329 is required. Free tax software 2011 download If, during 2013, you had other distributions from IRAs or qualified retirement plans, or have made excess contributions to certain tax-favored accounts, see the instructions for line 58 (Form 1040) or line 56 (Form 1040NR) to determine if you must file Form 5329. Free tax software 2011 download Prev  Up  Next   Home   More Online Publications