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Income Tax For Seniors

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Income Tax For Seniors

Income tax for seniors It is critical that business owners correctly determine whether the individuals providing services are employees or independent contractors. Income tax for seniors Generally, you must withhold income taxes, withhold and pay Social Security and Medicare taxes, and pay unemployment tax on wages paid to an employee. You do not generally have to withhold or pay any taxes on payments to independent contractors. Income tax for seniors Select the Scenario that Applies to You: Income tax for seniors I am an independent contractor or in business for myself Income tax for seniors If you are a business owner or contractor who provides services to other businesses, then you are generally considered self-employed. For more information on your tax obligations if you are self-employed (an independent contractor), see our Self-Employed Tax Center. Income tax for seniors I hire or contract with individuals to provide services to my business Income tax for seniors If you are a business owner hiring or contracting with other individuals to provide services, you must determine whether the individuals providing services are employees or independent contractors. Follow the rest of this page to find out more about this topic and what your responsibilities are. Income tax for seniors Determining Whether the Individuals Providing Services are Employees or Independent Contractors Income tax for seniors Before you can determine how to treat payments you make for services, you must first know the business relationship that exists between you and the person performing the services. The person performing the services may be - Income tax for seniors An independent contractor Income tax for seniors An employee (common-law employee) Income tax for seniors A statutory employee Income tax for seniors A statutory nonemployee Income tax for seniors In determining whether the person providing service is an employee or an independent contractor, all information that provides evidence of the degree of control and independence must be considered. Income tax for seniors Common Law Rules Income tax for seniors Facts that provide evidence of the degree of control and independence fall into three categories: Income tax for seniors Behavioral: Does the company control or have the right to control what the worker does and how the worker does his or her job? Income tax for seniors Financial: Are the business aspects of the worker’s job controlled by the payer? (these include things like how worker is paid, whether expenses are reimbursed, who provides tools/supplies, etc.) Income tax for seniors Type of Relationship: Are there written contracts or employee type benefits (i.e. pension plan, insurance, vacation pay, etc.)? Will the relationship continue and is the work performed a key aspect of the business? Income tax for seniors Businesses must weigh all these factors when determining whether a worker is an employee or independent contractor. Some factors may indicate that the worker is an employee, while other factors indicate that the worker is an independent contractor. There is no “magic” or set number of factors that “makes” the worker an employee or an independent contractor, and no one factor stands alone in making this determination. Also, factors which are relevant in one situation may not be relevant in another. Income tax for seniors The keys are to look at the entire relationship, consider the degree or extent of the right to direct and control, and finally, to document each of the factors used in coming up with the determination. Income tax for seniors Form SS-8 Income tax for seniors If, after reviewing the three categories of evidence, it is still unclear whether a worker is an employee or an independent contractor, Form SS-8, Determination of Worker Status for Purposes of Federal Employment Taxes and Income Tax Withholding (PDF) can be filed with the IRS. The form may be filed by either the business or the worker. The IRS will review the facts and circumstances and officially determine the worker’s status. Income tax for seniors Be aware that it can take at least six months to get a determination, but a business that continually hires the same types of workers to perform particular services may want to consider filing the Form SS-8 (PDF).
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Withdrawal of Cycle C Cash Balance Applications

Cycle C determination letter applicants who intend to adopt a pre-approved cash balance plan may withdraw their applications for individually designed cash balance plans by May 31, 2014, if they sign Form 8905, Certification of Intent to Adopt a Pre-approved Plan, by March 31, 2014.

Background

Announcement 2014-4 extended the submission period for pre-approved defined benefit pension plans from January 31, 2014, to February 2, 2015, to allow time for the IRS to expand the pre-approved program to permit plans with cash balance features. The announcement also allowed Cycle C plan sponsors who want to adopt a pre-approved cash balance plan to complete Form 8905 by March 31, 2014, instead of submitting determination letter applications for individually designed plans by the Cycle C deadline of January 31, 2014.

Withdrawals for Cycle C applicants

Cycle C applicants who already submitted their applications for individually-designed cash balance plans during the second Cycle C remedial amendment cycle that ended January 31, 2014, and who instead wish to adopt a pre-approved cash balance plan, may sign the Form 8905, withdraw the application, and request a refund of the user fee by complying with the instructions below.

How to request a withdrawal and user fee refund

Request the return of your Cycle C determination letter application and a refund of the user fee in writing. Your request must be postmarked (or faxed) by May 31, 2014. You must include:

  1. the name of the plan sponsor
  2. plan number
  3. EIN
  4. the document locator number, if known (shown on your IRS acknowledgement letter)
  5. the following statement in bold letters: “Per Announcement 2014-4, we are withdrawing this application in order to submit under the pre-approved program.

Fax or mail your request

Mail address:

Internal Revenue Service
550 Main Street
Cincinnati, OH 45202
Attn:  Joyce Heinbuch

Fax number:

Attn: Ms. Heinbuch, (513) 263-4699 (not a toll-free call).

Additional resources

Page Last Reviewed or Updated: 19-Mar-2014

The Income Tax For Seniors

Income tax for seniors Publication 939 - Introductory Material Table of Contents What's New Future developments. Income tax for seniors IntroductionSimplified Method. Income tax for seniors Ordering forms and publications. Income tax for seniors Tax questions. Income tax for seniors Useful Items - You may want to see: What's New Beginning in 2013, distributions from an annuity under a nonqualified plan are considered net investment income for the purpose of figuring the net investment income tax (NIIT). Income tax for seniors For more information, see the instructions for Form 8960, Net Investment Income Tax – Individuals, Estates and Trusts. Income tax for seniors Future developments. Income tax for seniors For the latest information about developments related to Publication 939, such as legislation enacted after it was published, go to www. Income tax for seniors IRS. Income tax for seniors gov/pub939. Income tax for seniors Introduction This publication gives you the information you need to determine the tax treatment of your pension and annuity income under the General Rule. Income tax for seniors Generally, each of your monthly annuity payments is made up of two parts: the tax-free part that is a return of your net cost, and the taxable balance. Income tax for seniors What is the General Rule. Income tax for seniors   The General Rule is one of the two methods used to figure the tax-free part of each annuity payment based on the ratio of your investment in the contract to the total expected return. Income tax for seniors The other method is the Simplified Method, which is discussed in Publication 575, Pension and Annuity Income. Income tax for seniors Who must use the General Rule. Income tax for seniors   Use this publication if you receive pension or annuity payments from: A nonqualified plan (for example, a private annuity, a purchased commercial annuity, or a nonqualified employee plan), A qualified plan if: Your annuity starting date is before November 19, 1996 (and after July 1, 1986), and you do not qualify to use, or did not choose to use, the Simplified Method, or Your annuity starting date is after November 18, 1996, and as of that date you are age 75 or over and the annuity payments are guaranteed for at least 5 years. Income tax for seniors If your annuity starting date was between July 1, 1986 and November 19, 1996, you were able to elect to use the Simplified Method or the General Rule. Income tax for seniors This choice is irrevocable and applied to all later annuity payments. Income tax for seniors The following are qualified plans. Income tax for seniors A qualified employee plan. Income tax for seniors A qualified employee annuity. Income tax for seniors A tax-sheltered annuity (TSA) plan or contract. Income tax for seniors Simplified Method. Income tax for seniors   If you receive pension or annuity payments from a qualified plan and you are not required to use the General Rule, you must use the Simplified Method to determine the tax-free part of each annuity payment. Income tax for seniors This method is described in Publication 575, Pension and Annuity Income. Income tax for seniors   Also, if, at the time the annuity payments began, you were at least age 75 and were entitled to annuity payments from a qualified plan with fewer than 5 years of guaranteed payments, you must use the Simplified Method. Income tax for seniors Beginning in 2013, distributions from an annuity under a nonqualified plan are considered net investment income for the purpose of figuring the net investment income tax (NIIT). Income tax for seniors For more information, see the instructions for Form 8960, Net Investment Income Tax – Individuals, Estates and Trusts. Income tax for seniors Topics not covered in this publication. Income tax for seniors   Certain topics related to pensions and annuities are not covered in this publication. Income tax for seniors They include: Simplified Method. Income tax for seniors This method is covered in Publication 575. Income tax for seniors That publication also covers nonperiodic payments (amounts not received as an annuity) from a qualified pension or annuity plan, rollovers, special averaging and capital gain treatment of lump-sum distributions, and special additional taxes on early distributions, excess distributions, and excess accumulations (not making required minimum distributions). Income tax for seniors Individual retirement arrangements (IRAs). Income tax for seniors Information on the tax treatment of amounts you receive from an IRA is included in Publication 590, Individual Retirement Arrangements (IRAs). Income tax for seniors Life insurance payments. Income tax for seniors If you receive life insurance payments because of the death of the insured person, get Publication 525, Taxable and Nontaxable Income, for information on the tax treatment of the proceeds. Income tax for seniors Help from IRS. Income tax for seniors   If, after reading this publication, you need help to figure the taxable part of your pension or annuity, the IRS can do it for you for a fee. Income tax for seniors For information on this service, see Requesting a Ruling on Taxation of Annuity , later. Income tax for seniors Comments and suggestions. Income tax for seniors   We welcome your comments about this publication and your suggestions for future editions. Income tax for seniors   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Income tax for seniors NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Income tax for seniors Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Income tax for seniors   You can send your comments from www. Income tax for seniors irs. Income tax for seniors gov/formspubs/. Income tax for seniors Click on “More Information” and then on “Comment on Tax Forms and Publications”. Income tax for seniors   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Income tax for seniors Ordering forms and publications. Income tax for seniors   Visit www. Income tax for seniors irs. Income tax for seniors gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Income tax for seniors Internal Revenue Service 1201 N. Income tax for seniors Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Income tax for seniors   If you have a tax question, check the information available on IRS. Income tax for seniors gov or call 1-800-829-1040. Income tax for seniors We cannot answer tax questions sent to either of the above addresses. Income tax for seniors Useful Items - You may want to see: Publication 524 Credit for the Elderly or the Disabled 525 Taxable and Nontaxable Income 571 Tax-Sheltered Annuity Plans (403(b) Plans) 575 Pension and Annuity Income 590 Individual Retirement Arrangements (IRAs) 721 Tax Guide to U. Income tax for seniors S. Income tax for seniors Civil Service Retirement Benefits 910 Guide To Free Tax Services Form (and Instructions) 1099-R Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Income tax for seniors See How To Get Tax Help near the end of this publication for information about getting these publications and forms. Income tax for seniors Prev  Up  Next   Home   More Online Publications