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How Do You File A Tax Amendment

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How Do You File A Tax Amendment

How do you file a tax amendment 2. How do you file a tax amendment   Simplified Employee Pensions (SEPs) Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: Setting Up a SEPWhen not to use Form 5305-SEP. How do you file a tax amendment How Much Can I Contribute?Contribution Limits Deducting ContributionsDeduction Limit for Contributions for Participants Deduction Limit for Self-Employed Individuals Carryover of Excess SEP Contributions When To Deduct Contributions Where To Deduct Contributions Salary Reduction Simplified Employee Pensions (SARSEPs)SARSEP ADP test. How do you file a tax amendment Deferral percentage. How do you file a tax amendment Employee compensation. How do you file a tax amendment Compensation of self-employed individuals. How do you file a tax amendment Choice not to treat deferrals as compensation. How do you file a tax amendment Limit on Elective Deferrals Tax Treatment of Deferrals Distributions (Withdrawals) Additional TaxesEffects on employee. How do you file a tax amendment Reporting and Disclosure Requirements Topics - This chapter discusses: Setting up a SEP How much can I contribute Deducting contributions Salary reduction simplified employee pensions (SARSEPs) Distributions (withdrawals) Additional taxes Reporting and disclosure requirements Useful Items - You may want to see: Publication 590 Individual Retirement Arrangements (IRAs) 3998 Choosing A Retirement Solution for Your Small Business 4285 SEP Checklist 4286 SARSEP Checklist 4333 SEP Retirement Plans for Small Businesses 4336 SARSEP for Small Businesses 4407 SARSEP—Key Issues and Assistance Forms (and Instructions) W-2 Wage and Tax Statement 1040 U. How do you file a tax amendment S. How do you file a tax amendment Individual Income Tax Return 5305-SEP Simplified Employee Pension—Individual Retirement Accounts Contribution Agreement 5305A-SEP Salary Reduction Simplified Employee Pension—Individual Retirement Accounts Contribution Agreement 8880 Credit for Qualified Retirement Savings Contributions 8881 Credit for Small Employer Pension Plan Startup Costs A SEP is a written plan that allows you to make contributions toward your own retirement and your employees' retirement without getting involved in a more complex qualified plan. How do you file a tax amendment Under a SEP, you make contributions to a traditional individual retirement arrangement (called a SEP-IRA) set up by or for each eligible employee. How do you file a tax amendment A SEP-IRA is owned and controlled by the employee, and you make contributions to the financial institution where the SEP-IRA is maintained. How do you file a tax amendment SEP-IRAs are set up for, at a minimum, each eligible employee (defined below). How do you file a tax amendment A SEP-IRA may have to be set up for a leased employee (defined in chapter 1), but does not need to be set up for excludable employees (defined later). How do you file a tax amendment Eligible employee. How do you file a tax amendment   An eligible employee is an individual who meets all the following requirements. How do you file a tax amendment Has reached age 21. How do you file a tax amendment Has worked for you in at least 3 of the last 5 years. How do you file a tax amendment Has received at least $550 in compensation from you in 2013. How do you file a tax amendment This amount remains the same in 2014. How do you file a tax amendment    You can use less restrictive participation requirements than those listed, but not more restrictive ones. How do you file a tax amendment Excludable employees. How do you file a tax amendment   The following employees can be excluded from coverage under a SEP. How do you file a tax amendment Employees covered by a union agreement and whose retirement benefits were bargained for in good faith by the employees' union and you. How do you file a tax amendment Nonresident alien employees who have received no U. How do you file a tax amendment S. How do you file a tax amendment source wages, salaries, or other personal services compensation from you. How do you file a tax amendment For more information about nonresident aliens, see Publication 519, U. How do you file a tax amendment S. How do you file a tax amendment Tax Guide for Aliens. How do you file a tax amendment Setting Up a SEP There are three basic steps in setting up a SEP. How do you file a tax amendment You must execute a formal written agreement to provide benefits to all eligible employees. How do you file a tax amendment You must give each eligible employee certain information about the SEP. How do you file a tax amendment A SEP-IRA must be set up by or for each eligible employee. How do you file a tax amendment Many financial institutions will help you set up a SEP. How do you file a tax amendment Formal written agreement. How do you file a tax amendment   You must execute a formal written agreement to provide benefits to all eligible employees under a SEP. How do you file a tax amendment You can satisfy the written agreement requirement by adopting an IRS model SEP using Form 5305-SEP. How do you file a tax amendment However, see When not to use Form 5305-SEP, below. How do you file a tax amendment   If you adopt an IRS model SEP using Form 5305-SEP, no prior IRS approval or determination letter is required. How do you file a tax amendment Keep the original form. How do you file a tax amendment Do not file it with the IRS. How do you file a tax amendment Also, using Form 5305-SEP will usually relieve you from filing annual retirement plan information returns with the IRS and the Department of Labor. How do you file a tax amendment See the Form 5305-SEP instructions for details. How do you file a tax amendment If you choose not to use Form 5305-SEP, you should seek professional advice in adopting a SEP. How do you file a tax amendment When not to use Form 5305-SEP. How do you file a tax amendment   You cannot use Form 5305-SEP if any of the following apply. How do you file a tax amendment You currently maintain any other qualified retirement plan other than another SEP. How do you file a tax amendment You have any eligible employees for whom IRAs have not been set up. How do you file a tax amendment You use the services of leased employees, who are not your common-law employees (as described in chapter 1). How do you file a tax amendment You are a member of any of the following unless all eligible employees of all the members of these groups, trades, or businesses participate under the SEP. How do you file a tax amendment An affiliated service group described in section 414(m). How do you file a tax amendment A controlled group of corporations described in section 414(b). How do you file a tax amendment Trades or businesses under common control described in section 414(c). How do you file a tax amendment You do not pay the cost of the SEP contributions. How do you file a tax amendment Information you must give to employees. How do you file a tax amendment   You must give each eligible employee a copy of Form 5305-SEP, its instructions, and the other information listed in the Form 5305-SEP instructions. How do you file a tax amendment An IRS model SEP is not considered adopted until you give each employee this information. How do you file a tax amendment Setting up the employee's SEP-IRA. How do you file a tax amendment   A SEP-IRA must be set up by or for each eligible employee. How do you file a tax amendment SEP-IRAs can be set up with banks, insurance companies, or other qualified financial institutions. How do you file a tax amendment You send SEP contributions to the financial institution where the SEP-IRA is maintained. How do you file a tax amendment Deadline for setting up a SEP. How do you file a tax amendment   You can set up a SEP for any year as late as the due date (including extensions) of your income tax return for that year. How do you file a tax amendment Credit for startup costs. How do you file a tax amendment   You may be able to claim a tax credit for part of the ordinary and necessary costs of starting a SEP that first became effective in 2013. How do you file a tax amendment For more information, see Credit for startup costs under Reminders, earlier. How do you file a tax amendment How Much Can I Contribute? The SEP rules permit you to contribute a limited amount of money each year to each employee's SEP-IRA. How do you file a tax amendment If you are self-employed, you can contribute to your own SEP-IRA. How do you file a tax amendment Contributions must be in the form of money (cash, check, or money order). How do you file a tax amendment You cannot contribute property. How do you file a tax amendment However, participants may be able to transfer or roll over certain property from one retirement plan to another. How do you file a tax amendment See Publication 590 for more information about rollovers. How do you file a tax amendment You do not have to make contributions every year. How do you file a tax amendment But if you make contributions, they must be based on a written allocation formula and must not discriminate in favor of highly compensated employees (defined in chapter 1). How do you file a tax amendment When you contribute, you must contribute to the SEP-IRAs of all participants who actually performed personal services during the year for which the contributions are made, including employees who die or terminate employment before the contributions are made. How do you file a tax amendment Contributions are deductible within limits, as discussed later, and generally are not taxable to the plan participants. How do you file a tax amendment A SEP-IRA cannot be a Roth IRA. How do you file a tax amendment Employer contributions to a SEP-IRA will not affect the amount an individual can contribute to a Roth or traditional IRA. How do you file a tax amendment Unlike regular contributions to a traditional IRA, contributions under a SEP can be made to participants over age 70½. How do you file a tax amendment If you are self-employed, you can also make contributions under the SEP for yourself even if you are over 70½. How do you file a tax amendment Participants age 70½ or over must take required minimum distributions. How do you file a tax amendment Time limit for making contributions. How do you file a tax amendment   To deduct contributions for a year, you must make the contributions by the due date (including extensions) of your tax return for the year. How do you file a tax amendment Contribution Limits Contributions you make for 2013 to a common-law employee's SEP-IRA cannot exceed the lesser of 25% of the employee's compensation or $51,000. How do you file a tax amendment Compensation generally does not include your contributions to the SEP. How do you file a tax amendment The SEP plan document will specify how the employer contribution is determined and how it will be allocated to participants. How do you file a tax amendment Example. How do you file a tax amendment Your employee, Mary Plant, earned $21,000 for 2013. How do you file a tax amendment The maximum contribution you can make to her SEP-IRA is $5,250 (25% x $21,000). How do you file a tax amendment Contributions for yourself. How do you file a tax amendment   The annual limits on your contributions to a common-law employee's SEP-IRA also apply to contributions you make to your own SEP-IRA. How do you file a tax amendment However, special rules apply when figuring your maximum deductible contribution. How do you file a tax amendment See Deduction Limit for Self-Employed Individuals , later. How do you file a tax amendment Annual compensation limit. How do you file a tax amendment   You cannot consider the part of an employee's compensation over $255,000 when figuring your contribution limit for that employee. How do you file a tax amendment However, $51,000 is the maximum contribution for an eligible employee. How do you file a tax amendment These limits are $260,000 and $52,000, respectively, in 2014. How do you file a tax amendment Example. How do you file a tax amendment Your employee, Susan Green, earned $210,000 for 2013. How do you file a tax amendment Because of the maximum contribution limit for 2013, you can only contribute $51,000 to her SEP-IRA. How do you file a tax amendment More than one plan. How do you file a tax amendment   If you contribute to a defined contribution plan (defined in chapter 4), annual additions to an account are limited to the lesser of $51,000 or 100% of the participant's compensation. How do you file a tax amendment When you figure this limit, you must add your contributions to all defined contribution plans maintained by you. How do you file a tax amendment Because a SEP is considered a defined contribution plan for this limit, your contributions to a SEP must be added to your contributions to other defined contribution plans you maintain. How do you file a tax amendment Tax treatment of excess contributions. How do you file a tax amendment   Excess contributions are your contributions to an employee's SEP-IRA (or to your own SEP-IRA) for 2013 that exceed the lesser of the following amounts. How do you file a tax amendment 25% of the employee's compensation (or, for you, 20% of your net earnings from self-employment). How do you file a tax amendment $51,000. How do you file a tax amendment Excess contributions are included in the employee's income for the year and are treated as contributions by the employee to his or her SEP-IRA. How do you file a tax amendment For more information on employee tax treatment of excess contributions, see chapter 1 in Publication 590. How do you file a tax amendment Reporting on Form W-2. How do you file a tax amendment   Do not include SEP contributions on your employee's Form W-2 unless contributions were made under a salary reduction arrangement (discussed later). How do you file a tax amendment Deducting Contributions Generally, you can deduct the contributions you make each year to each employee's SEP-IRA. How do you file a tax amendment If you are self-employed, you can deduct the contributions you make each year to your own SEP-IRA. How do you file a tax amendment Deduction Limit for Contributions for Participants The most you can deduct for your contributions to you or your employee's SEP-IRA is the lesser of the following amounts. How do you file a tax amendment Your contributions (including any excess contributions carryover). How do you file a tax amendment 25% of the compensation (limited to $255,000 per participant) paid to the participants during 2013 from the business that has the plan, not to exceed $51,000 per participant. How do you file a tax amendment In 2014, the amounts in (2) above are $260,000 and $52,000, respectively. How do you file a tax amendment Deduction Limit for Self-Employed Individuals If you contribute to your own SEP-IRA, you must make a special computation to figure your maximum deduction for these contributions. How do you file a tax amendment When figuring the deduction for contributions made to your own SEP-IRA, compensation is your net earnings from self-employment (defined in chapter 1), which takes into account both the following deductions. How do you file a tax amendment The deduction for the deductible part of your self-employment tax. How do you file a tax amendment The deduction for contributions to your own SEP-IRA. How do you file a tax amendment The deduction for contributions to your own SEP-IRA and your net earnings depend on each other. How do you file a tax amendment For this reason, you determine the deduction for contributions to your own SEP-IRA indirectly by reducing the contribution rate called for in your plan. How do you file a tax amendment To do this, use the Rate Table for Self-Employed or the Rate Worksheet for Self-Employed, whichever is appropriate for your plan's contribution rate, in chapter 5. How do you file a tax amendment Then figure your maximum deduction by using the Deduction Worksheet for Self-Employed in chapter 5. How do you file a tax amendment Carryover of Excess SEP Contributions If you made SEP contributions that are more than the deduction limit (nondeductible contributions), you can carry over and deduct the difference in later years. How do you file a tax amendment However, the carryover, when combined with the contribution for the later year, is subject to the deduction limit for that year. How do you file a tax amendment If you also contributed to a defined benefit plan or defined contribution plan, see Carryover of Excess Contributions under Employer Deduction in chapter 4 for the carryover limit. How do you file a tax amendment Excise tax. How do you file a tax amendment   If you made nondeductible (excess) contributions to a SEP, you may be subject to a 10% excise tax. How do you file a tax amendment For information about the excise tax, see Excise Tax for Nondeductible (Excess) Contributions under Employer Deduction in chapter 4. How do you file a tax amendment When To Deduct Contributions When you can deduct contributions made for a year depends on the tax year on which the SEP is maintained. How do you file a tax amendment If the SEP is maintained on a calendar year basis, you deduct the yearly contributions on your tax return for the year within which the calendar year ends. How do you file a tax amendment If you file your tax return and maintain the SEP using a fiscal year or short tax year, you deduct contributions made for a year on your tax return for that year. How do you file a tax amendment Example. How do you file a tax amendment You are a fiscal year taxpayer whose tax year ends June 30. How do you file a tax amendment You maintain a SEP on a calendar year basis. How do you file a tax amendment You deduct SEP contributions made for calendar year 2013 on your tax return for your tax year ending June 30, 2014. How do you file a tax amendment Where To Deduct Contributions Deduct the contributions you make for your common-law employees on your tax return. How do you file a tax amendment For example, sole proprietors deduct them on Schedule C (Form 1040) or Schedule F (Form 1040), Profit or Loss From Farming; partnerships deduct them on Form 1065, U. How do you file a tax amendment S. How do you file a tax amendment Return of Partnership Income; and corporations deduct them on Form 1120, U. How do you file a tax amendment S. How do you file a tax amendment Corporation Income Tax Return, or Form 1120S, U. How do you file a tax amendment S. How do you file a tax amendment Income Tax Return for an S Corporation. How do you file a tax amendment Sole proprietors and partners deduct contributions for themselves on line 28 of Form 1040. How do you file a tax amendment (If you are a partner, contributions for yourself are shown on the Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc. How do you file a tax amendment , you receive from the partnership. How do you file a tax amendment ) Remember that sole proprietors and partners can't deduct as a business expense contributions made to a SEP for themselves, only those made for their common-law employees. How do you file a tax amendment Salary Reduction Simplified Employee Pensions (SARSEPs) A SARSEP is a SEP set up before 1997 that includes a salary reduction arrangement. How do you file a tax amendment (See the Caution, next. How do you file a tax amendment ) Under a SARSEP, your employees can choose to have you contribute part of their pay to their SEP-IRAs rather than receive it in cash. How do you file a tax amendment This contribution is called an “elective deferral” because employees choose (elect) to set aside the money, and they defer the tax on the money until it is distributed to them. How do you file a tax amendment You are not allowed to set up a SARSEP after 1996. How do you file a tax amendment However, participants (including employees hired after 1996) in a SARSEP set up before 1997 can continue to have you contribute part of their pay to the plan. How do you file a tax amendment If you are interested in setting up a retirement plan that includes a salary reduction arrangement, see chapter 3. How do you file a tax amendment Who can have a SARSEP?   A SARSEP set up before 1997 is available to you and your eligible employees only if all the following requirements are met. How do you file a tax amendment At least 50% of your employees eligible to participate choose to make elective deferrals. How do you file a tax amendment You have 25 or fewer employees who were eligible to participate in the SEP at any time during the preceding year. How do you file a tax amendment The elective deferrals of your highly compensated employees meet the SARSEP ADP test. How do you file a tax amendment SARSEP ADP test. How do you file a tax amendment   Under the SARSEP ADP test, the amount deferred each year by each eligible highly compensated employee as a percentage of pay (the deferral percentage) cannot be more than 125% of the average deferral percentage (ADP) of all non-highly compensated employees eligible to participate. How do you file a tax amendment A highly compensated employee is defined in chapter 1. How do you file a tax amendment Deferral percentage. How do you file a tax amendment   The deferral percentage for an employee for a year is figured as follows. How do you file a tax amendment   The elective employer contributions (excluding certain catch-up contributions)  paid to the SEP for the employee for the year     The employee's compensation (limited to $255,000 in 2013)   The instructions for Form 5305A-SEP have a worksheet you can use to determine whether the elective deferrals of your highly compensated employees meet the SARSEP ADP test. How do you file a tax amendment Employee compensation. How do you file a tax amendment   For figuring the deferral percentage, compensation is generally the amount you pay to the employee for the year. How do you file a tax amendment Compensation includes the elective deferral and other amounts deferred in certain employee benefit plans. How do you file a tax amendment See Compensation in chapter 1. How do you file a tax amendment Elective deferrals under the SARSEP are included in figuring your employees' deferral percentage even though they are not included in the income of your employees for income tax purposes. How do you file a tax amendment Compensation of self-employed individuals. How do you file a tax amendment   If you are self-employed, compensation is your net earnings from self-employment as defined in chapter 1. How do you file a tax amendment   Compensation does not include tax-free items (or deductions related to them) other than foreign earned income and housing cost amounts. How do you file a tax amendment Choice not to treat deferrals as compensation. How do you file a tax amendment   You can choose not to treat elective deferrals (and other amounts deferred in certain employee benefit plans) for a year as compensation under your SARSEP. How do you file a tax amendment Limit on Elective Deferrals The most a participant can choose to defer for calendar year 2013 is the lesser of the following amounts. How do you file a tax amendment 25% of the participant's compensation (limited to $255,000 of the participant's compensation). How do you file a tax amendment $17,500. How do you file a tax amendment The $17,500 limit applies to the total elective deferrals the employee makes for the year to a SEP and any of the following. How do you file a tax amendment Cash or deferred arrangement (section 401(k) plan). How do you file a tax amendment Salary reduction arrangement under a tax-sheltered annuity plan (section 403(b) plan). How do you file a tax amendment SIMPLE IRA plan. How do you file a tax amendment In 2014, the $255,000 limit increases to $260,000 and the $17,500 limit remains at $17,500. How do you file a tax amendment Catch-up contributions. How do you file a tax amendment   A SARSEP can permit participants who are age 50 or over at the end of the calendar year to also make catch-up contributions. How do you file a tax amendment The catch-up contribution limit for 2013 is $5,500 and remains at $5,500 for 2014. How do you file a tax amendment Elective deferrals are not treated as catch-up contributions for 2013 until they exceed the elective deferral limit (the lesser of 25% of compensation or $17,500), the SARSEP ADP test limit discussed earlier, or the plan limit (if any). How do you file a tax amendment However, the catch-up contribution a participant can make for a year cannot exceed the lesser of the following amounts. How do you file a tax amendment The catch-up contribution limit. How do you file a tax amendment The excess of the participant's compensation over the elective deferrals that are not catch-up contributions. How do you file a tax amendment   Catch-up contributions are not subject to the elective deferral limit (the lesser of 25% of compensation or $17,500 in 2013 and in 2014). How do you file a tax amendment Overall limit on SEP contributions. How do you file a tax amendment   If you also make nonelective contributions to a SEP-IRA, the total of the nonelective and elective contributions to that SEP-IRA cannot exceed the lesser of 25% of the employee's compensation or $51,000 for 2013 ($52,000 for 2014). How do you file a tax amendment The same rule applies to contributions you make to your own SEP-IRA. How do you file a tax amendment See Contribution Limits , earlier. How do you file a tax amendment Figuring the elective deferral. How do you file a tax amendment   For figuring the 25% limit on elective deferrals, compensation does not include SEP contributions, including elective deferrals or other amounts deferred in certain employee benefit plans. How do you file a tax amendment Tax Treatment of Deferrals Elective deferrals that are not more than the limits discussed earlier under Limit on Elective Deferrals are excluded from your employees' wages subject to federal income tax in the year of deferral. How do you file a tax amendment However, these deferrals are included in wages for social security, Medicare, and federal unemployment (FUTA) tax. How do you file a tax amendment Excess deferrals. How do you file a tax amendment   For 2013, excess deferrals are the elective deferrals for the year that are more than the $17,500 limit discussed earlier. How do you file a tax amendment For a participant who is eligible to make catch-up contributions, excess deferrals are the elective deferrals that are more than $23,000. How do you file a tax amendment The treatment of excess deferrals made under a SARSEP is similar to the treatment of excess deferrals made under a qualified plan. How do you file a tax amendment See Treatment of Excess Deferrals under Elective Deferrals (401(k) Plans) in chapter 4. How do you file a tax amendment Excess SEP contributions. How do you file a tax amendment   Excess SEP contributions are elective deferrals of highly compensated employees that are more than the amount permitted under the SARSEP ADP test. How do you file a tax amendment You must notify your highly compensated employees within 2½ months after the end of the plan year of their excess SEP contributions. How do you file a tax amendment If you do not notify them within this time period, you must pay a 10% tax on the excess. How do you file a tax amendment For an explanation of the notification requirements, see Rev. How do you file a tax amendment Proc. How do you file a tax amendment 91-44, 1991-2 C. How do you file a tax amendment B. How do you file a tax amendment 733. How do you file a tax amendment If you adopted a SARSEP using Form 5305A-SEP, the notification requirements are explained in the instructions for that form. How do you file a tax amendment Reporting on Form W-2. How do you file a tax amendment   Do not include elective deferrals in the “Wages, tips, other compensation” box of Form W-2. How do you file a tax amendment You must, however, include them in the “Social security wages” and “Medicare wages and tips” boxes. How do you file a tax amendment You must also include them in box 12. How do you file a tax amendment Mark the “Retirement plan” checkbox in box 13. How do you file a tax amendment For more information, see the Form W-2 instructions. How do you file a tax amendment Distributions (Withdrawals) As an employer, you cannot prohibit distributions from a SEP-IRA. How do you file a tax amendment Also, you cannot make your contributions on the condition that any part of them must be kept in the account after you have made your contributions to the employee's accounts. How do you file a tax amendment Distributions are subject to IRA rules. How do you file a tax amendment Generally, you or your employee must begin to receive distributions from a SEP-IRA by April 1 of the first year after the calendar year in which you or your employee reaches age 70½. How do you file a tax amendment For more information about IRA rules, including the tax treatment of distributions, rollovers, required distributions, and income tax withholding, see Publication 590. How do you file a tax amendment Additional Taxes The tax advantages of using SEP-IRAs for retirement savings can be offset by additional taxes that may be imposed for all the following actions. How do you file a tax amendment Making excess contributions. How do you file a tax amendment Making early withdrawals. How do you file a tax amendment Not making required withdrawals. How do you file a tax amendment For information about these taxes, see chapter 1 in Publication 590. How do you file a tax amendment Also, a SEP-IRA may be disqualified, or an excise tax may apply, if the account is involved in a prohibited transaction, discussed next. How do you file a tax amendment Prohibited transaction. How do you file a tax amendment   If an employee improperly uses his or her SEP-IRA, such as by borrowing money from it, the employee has engaged in a prohibited transaction. How do you file a tax amendment In that case, the SEP-IRA will no longer qualify as an IRA. How do you file a tax amendment For a list of prohibited transactions, see Prohibited Transactions in chapter 4. How do you file a tax amendment Effects on employee. How do you file a tax amendment   If a SEP-IRA is disqualified because of a prohibited transaction, the assets in the account will be treated as having been distributed to the employee on the first day of the year in which the transaction occurred. How do you file a tax amendment The employee must include in income the fair market value of the assets (on the first day of the year) that is more than any cost basis in the account. How do you file a tax amendment Also, the employee may have to pay the additional tax for making early withdrawals. How do you file a tax amendment Reporting and Disclosure Requirements If you set up a SEP using Form 5305-SEP, you must give your eligible employees certain information about the SEP when you set it up. How do you file a tax amendment See Setting Up a SEP , earlier. How do you file a tax amendment Also, you must give your eligible employees a statement each year showing any contributions to their SEP-IRAs. How do you file a tax amendment You must also give them notice of any excess contributions. How do you file a tax amendment For details about other information you must give them, see the instructions for Form 5305-SEP or Form 5305A-SEP (for a salary reduction SEP). How do you file a tax amendment Even if you did not use Form 5305-SEP or Form 5305A-SEP to set up your SEP, you must give your employees information similar to that described above. How do you file a tax amendment For more information, see the instructions for either Form 5305-SEP or Form 5305A-SEP. How do you file a tax amendment Prev  Up  Next   Home   More Online Publications
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Consumer Protection Offices

City, county, regional, and state consumer offices offer a variety of important services. They might mediate complaints, conduct investigations, prosecute offenders of consumer laws, license and regulate professional service providers, provide educational materials and advocate for consumer rights. To save time, call before sending a written complaint. Ask if the office handles the type of complaint you have and if complaint forms are provided.

State Consumer Protection Offices

Department of Consumer Protection

Website: Department of Consumer Protection

Address: Department of Consumer Protection
165 Capitol Ave.
Hartford, CT 06106-1630

Phone Number: 860-713-6300

Toll-free: 1-800-842-2649

TTY: 860-713-7240

Connecticut Attorney General's Office

Website: Connecticut Attorney General's Office

Address: Connecticut Attorney General's Office
Consumer Assistance Unit
55 Elm St.
Hartford, CT 06106

Phone Number: 860-808-5420

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Banking Authorities

The officials listed in this section regulate and supervise state-chartered banks. Many of them handle or refer problems and complaints about other types of financial institutions as well. Some also answer general questions about banking and consumer credit. If you are dealing with a federally chartered bank, check Federal Agencies.

Department of Banking

Website: Department of Banking

Address: Department of Banking
Government Relations and Consumer Affairs
260 Constitution Plaza
Hartford, CT 06103-1800

Phone Number: 860-240-8299

Toll-free: 1-800-831-7225
1-877-472-8313 (Foreclosure Assistance) 1-877-472-8313 (Foreclosure Assistance)

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Insurance Regulators

Each state has its own laws and regulations for each type of insurance. The officials listed in this section enforce these laws. Many of these offices can also provide you with information to help you make informed insurance buying decisions.

Insurance Department

Website: Insurance Department

Address: Insurance Department
Consumer Affairs Division
PO Box 816
Hartford, CT 06142-0816

Phone Number: 860-297-3900

Toll-free: 1-800-203-3447 (CT)

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Securities Administrators

Each state has its own laws and regulations for securities brokers and securities - including stocks, mutual funds, commodities, real estate, etc. The officials and agencies listed in this section enforce these laws and regulations. Many of these offices can also provide information to help you make informed investment decisions.

Department of Banking

Website: Department of Banking

Address: Department of Banking
Securities and Business Investments Division
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Hartford, CT 06103-1800

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The How Do You File A Tax Amendment

How do you file a tax amendment Publication 584 - Additional Material Table of Contents This image is too large to be displayed in the current screen. How do you file a tax amendment Please click the link to view the image. How do you file a tax amendment Entrance Hall This image is too large to be displayed in the current screen. How do you file a tax amendment Please click the link to view the image. How do you file a tax amendment Living Room This image is too large to be displayed in the current screen. How do you file a tax amendment Please click the link to view the image. How do you file a tax amendment Dining Room This image is too large to be displayed in the current screen. How do you file a tax amendment Please click the link to view the image. How do you file a tax amendment Kitchen This image is too large to be displayed in the current screen. How do you file a tax amendment Please click the link to view the image. How do you file a tax amendment Den This image is too large to be displayed in the current screen. How do you file a tax amendment Please click the link to view the image. How do you file a tax amendment Bedrooms This image is too large to be displayed in the current screen. How do you file a tax amendment Please click the link to view the image. How do you file a tax amendment Bathrooms This image is too large to be displayed in the current screen. How do you file a tax amendment Please click the link to view the image. How do you file a tax amendment Recreation Room This image is too large to be displayed in the current screen. How do you file a tax amendment Please click the link to view the image. How do you file a tax amendment Laundry and Basement This image is too large to be displayed in the current screen. How do you file a tax amendment Please click the link to view the image. How do you file a tax amendment Garage This image is too large to be displayed in the current screen. How do you file a tax amendment Please click the link to view the image. How do you file a tax amendment Sporting Equipment This image is too large to be displayed in the current screen. How do you file a tax amendment Please click the link to view the image. How do you file a tax amendment Men's Clothing This image is too large to be displayed in the current screen. How do you file a tax amendment Please click the link to view the image. How do you file a tax amendment Women's Clothing This image is too large to be displayed in the current screen. How do you file a tax amendment Please click the link to view the image. How do you file a tax amendment Children's Clothing This image is too large to be displayed in the current screen. How do you file a tax amendment Please click the link to view the image. How do you file a tax amendment Jewelry This image is too large to be displayed in the current screen. How do you file a tax amendment Please click the link to view the image. How do you file a tax amendment Electrical Appliances This image is too large to be displayed in the current screen. How do you file a tax amendment Please click the link to view the image. How do you file a tax amendment Linens This image is too large to be displayed in the current screen. How do you file a tax amendment Please click the link to view the image. How do you file a tax amendment Miscellaneous This image is too large to be displayed in the current screen. How do you file a tax amendment Please click the link to view the image. How do you file a tax amendment Motor Vehicles Schedule 20. How do you file a tax amendment Home (Excluding Contents) Note. How do you file a tax amendment If you used the entire property as your home, fill out only column (a). How do you file a tax amendment If you used part of the property as your home and part of it for business or to produce rental income, you must allocate the entries on lines 2-9 between the personal part (column (a)) and the business/rental part (column (b)). How do you file a tax amendment 1. How do you file a tax amendment Description of property (Show location and date acquired. How do you file a tax amendment )     (a)  Personal Part (b)  Business/Rental Part 2. How do you file a tax amendment Cost or other (adjusted) basis of property (from Worksheet A)     3. How do you file a tax amendment Insurance or other reimbursement Note. How do you file a tax amendment If line 2 is more than line 3, skip line 4. How do you file a tax amendment If line 3 is more than line 2, you exclude gain, and the gain is more than you can exclude, see the instructions for line 3 in the Instructions for Form 4684 for the amount to enter. How do you file a tax amendment     4. How do you file a tax amendment Gain from casualty. How do you file a tax amendment If line 3 is more than line 2, enter the difference here and skip lines 5 through 9. How do you file a tax amendment But see Next below line 9. How do you file a tax amendment     5. How do you file a tax amendment Fair market value before casualty     6. How do you file a tax amendment Fair market value after casualty     7. How do you file a tax amendment Decrease in fair market value. How do you file a tax amendment Subtract line 6 from line 5. How do you file a tax amendment     8. How do you file a tax amendment Enter the smaller of line 2 or line 7 Note for business/rental part. How do you file a tax amendment If the property was totally destroyed by casualty, enter on line 8, column (b) the amount from line 2, column (b). How do you file a tax amendment     9. How do you file a tax amendment Subtract line 3 from line 8. How do you file a tax amendment If zero or less, enter -0-. How do you file a tax amendment     Next: Transfer the entries from line 1 and lines 2-9, column (a), above to the corresponding lines on Form 4684, Section A. How do you file a tax amendment Transfer the entries from line 1 and lines 2-9, column (b), to the corresponding lines on Form 4684, Section B. How do you file a tax amendment Worksheet A. How do you file a tax amendment Cost or Other (Adjusted) Basis Caution. How do you file a tax amendment See the Worksheet A Instructions before you use this worksheet. How do you file a tax amendment         (a) Personal Part (b) Business/Rental Part 1. How do you file a tax amendment   Enter the purchase price of the home damaged or destroyed. How do you file a tax amendment (If you filed Form 2119 when you originally acquired that home to postpone gain on the sale of a previous home before May 7, 1997, enter the adjusted basis of the new home from that Form 2119. How do you file a tax amendment ) 1. How do you file a tax amendment     2. How do you file a tax amendment   Seller paid points for home bought after 1990. How do you file a tax amendment Do not include any seller-paid points you already subtracted to arrive at the amount entered on line 1 2. How do you file a tax amendment     3. How do you file a tax amendment   Subtract line 2 from line 1 3. How do you file a tax amendment     4. How do you file a tax amendment   Settlement fees or closing costs. How do you file a tax amendment (See Settlement costs in Publication 551. How do you file a tax amendment ) If line 1 includes the adjusted basis of the new home from Form 2119, skip lines 4a-4g and 5; go to line 6. How do you file a tax amendment         a. How do you file a tax amendment Abstract and recording fees 4a. How do you file a tax amendment       b. How do you file a tax amendment Legal fees (including fees for title search and preparing documents) 4b. How do you file a tax amendment       c. How do you file a tax amendment Survey fees 4c. How do you file a tax amendment       d. How do you file a tax amendment Title insurance 4d. How do you file a tax amendment       e. How do you file a tax amendment Transfer or stamp taxes 4e. How do you file a tax amendment       f. How do you file a tax amendment Amounts that the seller owed that you agreed to pay (back taxes or interest, recording or mortgage fees, and sales commissions) 4f. How do you file a tax amendment       g. How do you file a tax amendment Other 4g. How do you file a tax amendment     5. How do you file a tax amendment   Add lines 4a through 4g 5. How do you file a tax amendment     6. How do you file a tax amendment   Cost of additions and improvements. How do you file a tax amendment (See Increases to Basis in Publication 551. How do you file a tax amendment ) Do not include any additions and improvements included on line 1 6. How do you file a tax amendment     7. How do you file a tax amendment   Special tax assessments paid for local improvements, such as streets and sidewalks 7. How do you file a tax amendment     8. How do you file a tax amendment   Other increases to basis 8. How do you file a tax amendment     9. How do you file a tax amendment   Add lines 3, 5, 6, 7, and 8 9. How do you file a tax amendment     10. How do you file a tax amendment   Depreciation allowed or allowable, related to the business use or rental of the home 10. How do you file a tax amendment 0   11. How do you file a tax amendment   Other decreases to basis (See Decreases to Basis in Publication 551. How do you file a tax amendment ) 11. How do you file a tax amendment     12. How do you file a tax amendment   Add lines 10 and 11 12. How do you file a tax amendment     13. How do you file a tax amendment   Cost or other (adjusted) basis of home damaged or destroyed. How do you file a tax amendment Subtract line 12 from line 9. How do you file a tax amendment Enter here and on Schedule 20, line 2 13. How do you file a tax amendment     Worksheet A Instructions. How do you file a tax amendment If you use Worksheet A to figure the cost or other (adjusted) basis of your home, follow these instructions. How do you file a tax amendment DO NOT use this worksheet to determine your basis if you acquired an interest in your home from a decedent who died in 2010 and whose executor filed Form 8939. How do you file a tax amendment IF. How do you file a tax amendment . How do you file a tax amendment . How do you file a tax amendment   THEN. How do you file a tax amendment . How do you file a tax amendment . How do you file a tax amendment you inherited your home from a decedent who died either before or after 2010 or from a decedent who died in 2010 and whose executor did not file Form 8939. How do you file a tax amendment 1 skip lines 1–4 of the worksheet. How do you file a tax amendment 2 find your basis using the rules under Inherited Property in Publication 551. How do you file a tax amendment Enter this amount on line 5 of the worksheet. How do you file a tax amendment 3 fill out lines 6–13 of the worksheet. How do you file a tax amendment you received your home as a gift 1 read Property Received as a Gift in Publication 551 and enter on lines 1 and 3 of the worksheet either the donor's adjusted basis or the home's fair market value at the time of the gift, whichever is appropriate. How do you file a tax amendment 2 if you can add any federal gift tax to your basis, enter that amount on line 5 of the worksheet. How do you file a tax amendment 3 fill out the rest of the worksheet. How do you file a tax amendment you received your home as a trade for other property 1 enter on line 1 of the worksheet the fair market value of the other property at the time of the trade. How do you file a tax amendment (But if you received your home as a trade for your previous home before May 7, 1997, and had a gain on the trade that you postponed using Form 2119, enter on line 1 of the worksheet the adjusted basis of the new home from that Form 2119. How do you file a tax amendment ) 2 fill out the rest of the worksheet. How do you file a tax amendment you built your home 1 add the purchase price of the land and the cost of building the home. How do you file a tax amendment Enter that total on line 1 of the worksheet. How do you file a tax amendment (However, if you filed a Form 2119 to postpone gain on the sale of a previous home before May 7, 1997, enter on line 1 of the worksheet the adjusted basis of the new home from that Form 2119. How do you file a tax amendment ) 2 fill out the rest of the worksheet. How do you file a tax amendment you received your home from your spouse after July 18, 1984 1 skip lines 1–4 of the worksheet. How do you file a tax amendment 2 enter on line 5 of the worksheet your spouse's cost or other (adjusted) basis in the home just before you received it. How do you file a tax amendment 3 fill out lines 6–13 of the worksheet, making adjustments to basis only for events after the transfer. How do you file a tax amendment you owned a home jointly with your spouse, who transferred his or her interest in the home to you after July 18, 1984     fill out one worksheet, making adjustments to basis for events both before and after the transfer. How do you file a tax amendment   you received your home from your spouse before July 19, 1984 1 skip lines 1–4 of the worksheet. How do you file a tax amendment 2 enter on line 5 of the worksheet the home's fair market value at the time you received it. How do you file a tax amendment 3 fill out lines 6–13 of the worksheet, making adjustments to basis only for events after the transfer. How do you file a tax amendment you owned a home jointly with your spouse, and your spouse transferred his or her interest in the home to you before July 19, 1984 1 fill out a worksheet, lines 1–13, making adjustments to basis only for events before the transfer. How do you file a tax amendment 2 multiply the amount on line 13 of that worksheet by 50% (0. How do you file a tax amendment 50) to get the adjusted basis of your half-interest at the time of the transfer. How do you file a tax amendment 3 multiply the fair market value of the home at the time of the transfer by 50% (0. How do you file a tax amendment 50). How do you file a tax amendment Generally, this is the basis of the half-interest that your spouse owned. How do you file a tax amendment 4 add the amounts from steps 2 and 3 and enter the total on line 5 of a second worksheet. How do you file a tax amendment 5 complete lines 6–13 of the second worksheet, making adjustments to basis only for events after the transfer. How do you file a tax amendment you owned your home jointly with a nonspouse 1 fill out lines 1–13 of the worksheet. How do you file a tax amendment 2 multiply the amount on line 13 by your percentage of ownership to get the adjusted basis of your part-interest. How do you file a tax amendment Worksheet A Instructions. How do you file a tax amendment (Continued) IF. How do you file a tax amendment . How do you file a tax amendment . How do you file a tax amendment   THEN. How do you file a tax amendment . How do you file a tax amendment . How do you file a tax amendment you owned your home jointly with your spouse who died before 2010 and before the casualty 1 fill out a worksheet, lines 1–13, including adjustments to basis only for events before your spouse's death. How do you file a tax amendment 2 multiply the amount on line 13 of that worksheet by 50% (0. How do you file a tax amendment 50) to get the adjusted basis of your half-interest on the date of death. How do you file a tax amendment 3 figure the basis for the half-interest owned by your spouse. How do you file a tax amendment This is one-half of the fair market value on the date of death (or later alternate valuation used for estate or inheritance tax). How do you file a tax amendment (The basis in your half will remain one-half of the adjusted basis determined in step 2. How do you file a tax amendment ) 4 add the amounts from steps 2 and 3 and enter the total on line 5 of a second worksheet. How do you file a tax amendment 5 complete lines 6–13 of the second worksheet, making adjustments to basis only for events after your spouse's death. How do you file a tax amendment you owned your home jointly with your spouse who died before 2010 and before the casualty, and your permanent legal home is in a community property state 1 skip lines 1–4 of the worksheet. How do you file a tax amendment 2 enter the amount of your basis on line 5 of the worksheet. How do you file a tax amendment Generally, this is the fair market value of the home at the time of death. How do you file a tax amendment (But see Community Property in Publication 551 for special rules. How do you file a tax amendment ) 3 fill out lines 6–13 of the worksheet, making adjustments to basis only for events after your spouse's death. How do you file a tax amendment you owned your home jointly with a nonspouse who died before 2010 and before the casualty 1 fill out lines 1–13 of the worksheet, including adjustments to basis only for events before the co-owner's death. How do you file a tax amendment 2 multiply the amount on line 13 by your percentage of ownership to get the adjusted basis of your part-interest on the date of death. How do you file a tax amendment 3 multiply the fair market value on the date of death (or later alternate valuation used for estate or inheritance tax) by the co-owner's percentage of ownership. How do you file a tax amendment This is the basis for the co-owner's part-interest. How do you file a tax amendment 4 add the amounts from steps 2 and 3 and enter the total on line 5 of a second worksheet. How do you file a tax amendment 5 complete lines 6–13 of the second worksheet, including adjustments to basis only for events after the co-owner's death. How do you file a tax amendment your home was ever damaged as a result of a prior casualty 1 on line 8 of the worksheet, enter any amounts you spent to restore the home to its condition before the prior casualty. How do you file a tax amendment 2 on line 11 enter: any insurance reimbursements you received (or expect to receive) for the prior loss,  and any deductible casualty losses from prior years not covered by insurance. How do you file a tax amendment the person who sold you your home paid points on your loan and you bought your home after 1990 but before April 4, 1994. How do you file a tax amendment   on line 2 enter the seller-paid points only if you deducted them as home mortgage interest in the year paid (unless you used the seller-paid points to reduce the amount on line 1). How do you file a tax amendment the person who sold you your home paid points on your loan and you bought your home after April 3, 1994   on line 2 enter the seller-paid points even if you did not deduct them (unless you used the seller-paid points to reduce the amount on line 1). How do you file a tax amendment you used part of the property as your home and part of it for business or to produce rental income   you must allocate the entries on Worksheet A between the personal part (column (a)) and the business/rental part (column (b)). How do you file a tax amendment none of these items apply   fill out the entire worksheet. How do you file a tax amendment Prev  Up  Next   Home   More Online Publications