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Irs Ez Form 2011

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Irs Ez Form 2011

Irs ez form 2011 6. Irs ez form 2011   Insurance Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: Deductible PremiumsSelf-Employed Health Insurance Deduction Nondeductible Premiums Capitalized Premiums When To Deduct Premiums What's New Retiree drug subsidy. Irs ez form 2011  Beginning in 2013, sponsors of certain qualified retiree prescription drug plans must account for the subsidy received by reducing the amount of qualified retiree prescription drug plans expense by the subsidy received (taking into account the taxpayer's accounting method). Irs ez form 2011 For more information, see the retiree drug subsidy frequently asked questions on IRS. Irs ez form 2011 gov. Irs ez form 2011 Introduction You generally can deduct the ordinary and necessary cost of insurance as a business expense if it is for your trade, business, or profession. Irs ez form 2011 However, you may have to capitalize certain insurance costs under the uniform capitalization rules. Irs ez form 2011 For more information, see Capitalized Premiums , later. Irs ez form 2011 Topics - This chapter discusses: Deductible premiums Nondeductible premiums Capitalized premiums When to deduct premiums Useful Items - You may want to see: Publication 15-B Employer's Tax Guide to Fringe Benefits 525 Taxable and Nontaxable Income 538 Accounting Periods and Methods 547 Casualties, Disasters, and Thefts Form (and Instructions) 1040 U. Irs ez form 2011 S. Irs ez form 2011 Individual Income Tax Return See chapter 12 for information about getting publications and forms. Irs ez form 2011 Deductible Premiums You generally can deduct premiums you pay for the following kinds of insurance related to your trade or business. Irs ez form 2011 Insurance that covers fire, storm, theft, accident, or similar losses. Irs ez form 2011 Credit insurance that covers losses from business bad debts. Irs ez form 2011 Group hospitalization and medical insurance for employees, including long-term care insurance. Irs ez form 2011 If a partnership pays accident and health insurance premiums for its partners, it generally can deduct them as guaranteed payments to partners. Irs ez form 2011 If an S corporation pays accident and health insurance premiums for its more-than-2% shareholder-employees, it generally can deduct them, but must also include them in the shareholder's wages subject to federal income tax withholding. Irs ez form 2011 See Publication 15-B. Irs ez form 2011 Liability insurance. Irs ez form 2011 Malpractice insurance that covers your personal liability for professional negligence resulting in injury or damage to patients or clients. Irs ez form 2011 Workers' compensation insurance set by state law that covers any claims for bodily injuries or job-related diseases suffered by employees in your business, regardless of fault. Irs ez form 2011 If a partnership pays workers' compensation premiums for its partners, it generally can deduct them as guaranteed payments to partners. Irs ez form 2011 If an S corporation pays workers' compensation premiums for its more-than-2% shareholder-employees, it generally can deduct them, but must also include them in the shareholder's wages. Irs ez form 2011 Contributions to a state unemployment insurance fund are deductible as taxes if they are considered taxes under state law. Irs ez form 2011 Overhead insurance that pays for business overhead expenses you have during long periods of disability caused by your injury or sickness. Irs ez form 2011 Car and other vehicle insurance that covers vehicles used in your business for liability, damages, and other losses. Irs ez form 2011 If you operate a vehicle partly for personal use, deduct only the part of the insurance premium that applies to the business use of the vehicle. Irs ez form 2011 If you use the standard mileage rate to figure your car expenses, you cannot deduct any car insurance premiums. Irs ez form 2011 Life insurance covering your officers and employees if you are not directly or indirectly a beneficiary under the contract. Irs ez form 2011 Business interruption insurance that pays for lost profits if your business is shut down due to a fire or other cause. Irs ez form 2011 Self-Employed Health Insurance Deduction You may be able to deduct premiums paid for medical and dental insurance and qualified long-term care insurance for yourself, your spouse, and your dependents. Irs ez form 2011 The insurance can also cover your child who was under age 27 at the end of 2013, even if the child was not your dependent. Irs ez form 2011 A child includes your son, daughter, stepchild, adopted child, or foster child. Irs ez form 2011 A foster child is any child placed with you by an authorized placement agency or by judgment, decree, or other order of any court of competent jurisdiction. Irs ez form 2011 One of the following statements must be true. Irs ez form 2011 You were self-employed and had a net profit for the year reported on Schedule C (Form 1040), Profit or Loss From Business; Schedule C-EZ (Form 1040), Net Profit From Business; or Schedule F (Form 1040), Profit or Loss From Farming. Irs ez form 2011 You were a partner with net earnings from self-employment for the year reported on Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc. Irs ez form 2011 , box 14, code A. Irs ez form 2011 You used one of the optional methods to figure your net earnings from self-employment on Schedule SE. Irs ez form 2011 You received wages in 2013 from an S corporation in which you were a more-than-2% shareholder. Irs ez form 2011 Health insurance premiums paid or reimbursed by the S corporation are shown as wages on Form W-2, Wage and Tax Statement. Irs ez form 2011 The insurance plan must be established, or considered to be established as discussed in the following bullets, under your business. Irs ez form 2011 For self-employed individuals filing a Schedule C, C-EZ, or F, a policy can be either in the name of the business or in the name of the individual. Irs ez form 2011 For partners, a policy can be either in the name of the partnership or in the name of the partner. Irs ez form 2011 You can either pay the premiums yourself or your partnership can pay them and report the premium amounts on Schedule K-1 (Form 1065) as guaranteed payments to be included in your gross income. Irs ez form 2011 However, if the policy is in your name and you pay the premiums yourself, the partnership must reimburse you and report the premium amounts on Schedule K-1 (Form 1065) as guaranteed payments to be included in your gross income. Irs ez form 2011 Otherwise, the insurance plan will not be considered to be established under your business. Irs ez form 2011 For more-than-2% shareholders, a policy can be either in the name of the S corporation or in the name of the shareholder. Irs ez form 2011 You can either pay the premiums yourself or your S corporation can pay them and report the premium amounts on Form W-2 as wages to be included in your gross income. Irs ez form 2011 However, if the policy is in your name and you pay the premiums yourself, the S corporation must reimburse you and report the premium amounts on Form W-2 as wages to be included in your gross income. Irs ez form 2011 Otherwise, the insurance plan will not be considered to be established under your business. Irs ez form 2011 Medicare premiums you voluntarily pay to obtain insurance in your name that is similar to qualifying private health insurance can be used to figure the deduction. Irs ez form 2011 If you previously filed returns without using Medicare premiums to figure the deduction, you can file timely amended returns to refigure the deduction. Irs ez form 2011 For more information, see Form 1040X, Amended U. Irs ez form 2011 S. Irs ez form 2011 Individual Income Tax Return. Irs ez form 2011 Amounts paid for health insurance coverage from retirement plan distributions that were nontaxable because you are a retired public safety officer cannot be used to figure the deduction. Irs ez form 2011 Take the deduction on Form 1040, line 29. Irs ez form 2011 Qualified long-term care insurance. Irs ez form 2011   You can include premiums paid on a qualified long-term care insurance contract when figuring your deduction. Irs ez form 2011 But, for each person covered, you can include only the smaller of the following amounts. Irs ez form 2011 The amount paid for that person. Irs ez form 2011 The amount shown below. Irs ez form 2011 Use the person's age at the end of the tax year. Irs ez form 2011 Age 40 or younger–$360 Age 41 to 50–$680 Age 51 to 60–$1,360 Age 61 to 70–$3,640 Age 71 or older–$4,550 Qualified long-term care insurance contract. Irs ez form 2011   A qualified long-term care insurance contract is an insurance contract that only provides coverage of qualified long-term care services. Irs ez form 2011 The contract must meet all the following requirements. Irs ez form 2011 It must be guaranteed renewable. Irs ez form 2011 It must provide that refunds, other than refunds on the death of the insured or complete surrender or cancellation of the contract, and dividends under the contract may be used only to reduce future premiums or increase future benefits. Irs ez form 2011 It must not provide for a cash surrender value or other money that can be paid, assigned, pledged, or borrowed. Irs ez form 2011 It generally must not pay or reimburse expenses incurred for services or items that would be reimbursed under Medicare, except where Medicare is a secondary payer or the contract makes per diem or other periodic payments without regard to expenses. Irs ez form 2011 Qualified long-term care services. Irs ez form 2011   Qualified long-term care services are: Necessary diagnostic, preventive, therapeutic, curing, treating, mitigating, and rehabilitative services, and Maintenance or personal care services. Irs ez form 2011 The services must be required by a chronically ill individual and prescribed by a licensed health care practitioner. Irs ez form 2011 Worksheet 6-A. Irs ez form 2011 Self-Employed Health Insurance Deduction Worksheet Note. Irs ez form 2011 Use a separate worksheet for each trade or business under which an insurance plan is established. Irs ez form 2011 1. Irs ez form 2011 Enter the total amount paid in 2013 for health insurance coverage established under your business for 2013 for you, your spouse, and your dependents. Irs ez form 2011 Your insurance can also cover your child who was under age 27 at the end of 2013, even if the child was not your dependent. Irs ez form 2011 But do not include the following. Irs ez form 2011   Amounts for any month you were eligible to participate in a health plan subsidized by your or your spouse's employer or the employer of either your dependent or your child who was under the age of 27 at the end of 2013. Irs ez form 2011 Any amounts paid from retirement plan distributions that were nontaxable because you are a retired public safety officer. Irs ez form 2011 Any amounts you included on Form 8885, line 4. Irs ez form 2011 Any qualified health insurance premiums you paid to “U. Irs ez form 2011 S. Irs ez form 2011 Treasury-HCTC. Irs ez form 2011 ” Any health coverage tax credit advance payments shown in box 1 of Form 1099-H. Irs ez form 2011 Any payments for qualified long-term care insurance (see line 2) 1. Irs ez form 2011   2. Irs ez form 2011 For coverage under a qualified long-term care insurance contract, enter for each person covered the smaller of the following amounts. Irs ez form 2011       a) Total payments made for that person during the year. Irs ez form 2011       b) The amount shown below. Irs ez form 2011 Use the person's age at the end of the tax year. Irs ez form 2011         $360— if that person is age 40 or younger          $680— if age 41 to 50         $1,360— if age 51 to 60         $3,640— if age 61 to 70         $4,550— if age 71 or older         Do not include payments for any month you were eligible to participate in a long-term care insurance plan subsidized by your or your spouse’s employer or the employer of either your dependent or your child who was under the age of 27 at the end of 2013. Irs ez form 2011 If more than one person is covered, figure separately the amount to enter for each person. Irs ez form 2011 Then enter the total of those amounts 2. Irs ez form 2011   3. Irs ez form 2011 Add lines 1 and 2 3. Irs ez form 2011   4. Irs ez form 2011 Enter your net profit* and any other earned income** from the trade or business under which the insurance plan is established. Irs ez form 2011 Do not include Conservation Reserve Program payments exempt from self-employment tax. Irs ez form 2011 If the business is an S corporation, skip to line 11 4. Irs ez form 2011   5. Irs ez form 2011 Enter the total of all net profits* from: Schedule C (Form 1040), line 31; Schedule C-EZ (Form 1040), line 3; Schedule F (Form 1040), line 34; or Schedule K-1 (Form 1065), box 14, code A; plus any other income allocable to the profitable businesses. Irs ez form 2011 Do not include Conservation Reserve Program payments exempt from self-employment tax. Irs ez form 2011 See the Instructions for Schedule SE (Form 1040). Irs ez form 2011 Do not include any net losses shown on these schedules. Irs ez form 2011 5. Irs ez form 2011   6. Irs ez form 2011 Divide line 4 by line 5 6. Irs ez form 2011   7. Irs ez form 2011 Multiply Form 1040, line 27, by the percentage on line 6 7. Irs ez form 2011   8. Irs ez form 2011 Subtract line 7 from line 4 8. Irs ez form 2011   9. Irs ez form 2011 Enter the amount, if any, from Form 1040, line 28, attributable to the same trade or business in which the insurance plan is established 9. Irs ez form 2011   10. Irs ez form 2011 Subtract line 9 from line 8 10. Irs ez form 2011   11. Irs ez form 2011 Enter your Medicare wages (Form W-2, box 5) from an S corporation in which you are a more-than-2% shareholder and in which the insurance plan is established 11. Irs ez form 2011   12. Irs ez form 2011 Enter any amount from Form 2555, line 45, attributable to the amount entered on line 4 or 11 above, or any amount from Form 2555-EZ, line 18, attributable to the amount entered on line 11 above 12. Irs ez form 2011   13. Irs ez form 2011 Subtract line 12 from line 10 or 11, whichever applies 13. Irs ez form 2011   14. Irs ez form 2011 Enter the smaller of line 3 or line 13 here and on Form 1040, line 29. Irs ez form 2011 Do not include this amount when figuring any medical expense deduction on Schedule A (Form 1040). Irs ez form 2011 14. Irs ez form 2011   * If you used either optional method to figure your net earnings from self-employment from any business, do not enter your net profit from the business. Irs ez form 2011 Instead, enter the amount attributable to that business from Schedule SE (Form 1040), Section B, line 4b. Irs ez form 2011 * *Earned income includes net earnings and gains from the sale, transfer, or licensing of property you created. Irs ez form 2011 However, it does not include capital gain income. Irs ez form 2011 Chronically ill individual. Irs ez form 2011   A chronically ill individual is a person who has been certified as one of the following. Irs ez form 2011 An individual who has been unable, due to loss of functional capacity for at least 90 days, to perform at least two activities of daily living without substantial assistance from another individual. Irs ez form 2011 Activities of daily living are eating, toileting, transferring (general mobility), bathing, dressing, and continence. Irs ez form 2011 An individual who requires substantial supervision to be protected from threats to health and safety due to severe cognitive impairment. Irs ez form 2011 The certification must have been made by a licensed health care practitioner within the previous 12 months. Irs ez form 2011 Benefits received. Irs ez form 2011   For information on excluding benefits you receive from a long-term care contract from gross income, see Publication 525. Irs ez form 2011 Other coverage. Irs ez form 2011   You cannot take the deduction for any month you were eligible to participate in any employer (including your spouse's) subsidized health plan at any time during that month, even if you did not actually participate. Irs ez form 2011 In addition, if you were eligible for any month or part of a month to participate in any subsidized health plan maintained by the employer of either your dependent or your child who was under age 27 at the end of 2013, do not use amounts paid for coverage for that month to figure the deduction. Irs ez form 2011   These rules are applied separately to plans that provide long-term care insurance and plans that do not provide long-term care insurance. Irs ez form 2011 However, any medical insurance payments not deductible on Form 1040, line 29, can be included as medical expenses on Schedule A (Form 1040), Itemized Deductions, if you itemize deductions. Irs ez form 2011 Effect on itemized deductions. Irs ez form 2011   Subtract the health insurance deduction from your medical insurance when figuring medical expenses on Schedule A (Form 1040) if you itemize deductions. Irs ez form 2011 Effect on self-employment tax. Irs ez form 2011   For tax years beginning before or after 2010, you cannot subtract the self-employed health insurance deduction when figuring net earnings for your self-employment tax from the business under which the insurance plan is established, or considered to be established as discussed earlier. Irs ez form 2011 For more information, see Schedule SE (Form 1040). Irs ez form 2011 How to figure the deduction. Irs ez form 2011   Generally, you can use the worksheet in the Form 1040 instructions to figure your deduction. Irs ez form 2011 However, if any of the following apply, you must use Worksheet 6-A in this chapter. Irs ez form 2011 You had more than one source of income subject to self-employment tax. Irs ez form 2011 You file Form 2555, Foreign Earned Income, or Form 2555-EZ, Foreign Earned Income Exclusion. Irs ez form 2011 You are using amounts paid for qualified long-term care insurance to figure the deduction. Irs ez form 2011 If you are claiming the health coverage tax credit, complete Form 8885, Health Coverage Tax Credit, before you figure this deduction. Irs ez form 2011 Health coverage tax credit. Irs ez form 2011   You may be able to take this credit only if you were an eligible trade adjustment assistance (TAA) recipient, alternative TAA (ATAA) recipient, reemployment trade adjustment assistance (RTAA) recipient, or Pension Benefit Guaranty Corporation (PBGC) pension recipient. Irs ez form 2011 Use Form 8885 to figure the amount, if any, of this credit. Irs ez form 2011   When figuring the amount to enter on line 1 of Worksheet 6-A, do not include the following. Irs ez form 2011 Any amounts you included on Form 8885, line 4. Irs ez form 2011 Any qualified health insurance premiums you paid to “U. Irs ez form 2011 S. Irs ez form 2011 Treasury-HCTC. Irs ez form 2011 ” Any health coverage tax credit advance payments shown in box 1 of Form 1099-H, Health Coverage Tax Credit (HCTC) Advance Payments. Irs ez form 2011 More than one health plan and business. Irs ez form 2011   If you have more than one health plan during the year and each plan is established under a different business, you must use separate worksheets (Worksheet 6-A) to figure each plan's net earnings limit. Irs ez form 2011 Include the premium you paid under each plan on line 1 or line 2 of that separate worksheet and your net profit (or wages) from that business on line 4 (or line 11). Irs ez form 2011 For a plan that provides long-term care insurance, the total of the amounts entered for each person on line 2 of all worksheets cannot be more than the appropriate limit shown on line 2 for that person. Irs ez form 2011 Nondeductible Premiums You cannot deduct premiums on the following kinds of insurance. Irs ez form 2011 Self-insurance reserve funds. Irs ez form 2011 You cannot deduct amounts credited to a reserve set up for self-insurance. Irs ez form 2011 This applies even if you cannot get business insurance coverage for certain business risks. Irs ez form 2011 However, your actual losses may be deductible. Irs ez form 2011 See Publication 547. Irs ez form 2011 Loss of earnings. Irs ez form 2011 You cannot deduct premiums for a policy that pays for lost earnings due to sickness or disability. Irs ez form 2011 However, see the discussion on overhead insurance, item (8), under Deductible Premiums , earlier. Irs ez form 2011 Certain life insurance and annuities. Irs ez form 2011 For contracts issued before June 9, 1997, you cannot deduct the premiums on a life insurance policy covering you, an employee, or any person with a financial interest in your business if you are directly or indirectly a beneficiary of the policy. Irs ez form 2011 You are included among possible beneficiaries of the policy if the policy owner is obligated to repay a loan from you using the proceeds of the policy. Irs ez form 2011 A person has a financial interest in your business if the person is an owner or part owner of the business or has lent money to the business. Irs ez form 2011 For contracts issued after June 8, 1997, you generally cannot deduct the premiums on any life insurance policy, endowment contract, or annuity contract if you are directly or indirectly a beneficiary. Irs ez form 2011 The disallowance applies without regard to whom the policy covers. Irs ez form 2011 Partners. Irs ez form 2011 If, as a partner in a partnership, you take out an insurance policy on your own life and name your partners as beneficiaries to induce them to retain their investments in the partnership, you are considered a beneficiary. Irs ez form 2011 You cannot deduct the insurance premiums. Irs ez form 2011 Insurance to secure a loan. Irs ez form 2011 If you take out a policy on your life or on the life of another person with a financial interest in your business to get or protect a business loan, you cannot deduct the premiums as a business expense. Irs ez form 2011 Nor can you deduct the premiums as interest on business loans or as an expense of financing loans. Irs ez form 2011 In the event of death, the proceeds of the policy are generally not taxed as income even if they are used to liquidate the debt. Irs ez form 2011 Capitalized Premiums Under the uniform capitalization rules, you must capitalize the direct costs and part of the indirect costs for certain production or resale activities. Irs ez form 2011 Include these costs in the basis of property you produce or acquire for resale, rather than claiming them as a current deduction. Irs ez form 2011 You recover the costs through depreciation, amortization, or cost of goods sold when you use, sell, or otherwise dispose of the property. Irs ez form 2011 Indirect costs include premiums for insurance on your plant or facility, machinery, equipment, materials, property produced, or property acquired for resale. Irs ez form 2011 Uniform capitalization rules. Irs ez form 2011   You may be subject to the uniform capitalization rules if you do any of the following, unless the property is produced for your use other than in a business or an activity carried on for profit. Irs ez form 2011 Produce real property or tangible personal property. Irs ez form 2011 For this purpose, tangible personal property includes a film, sound recording, video tape, book, or similar property. Irs ez form 2011 Acquire property for resale. Irs ez form 2011 However, these rules do not apply to the following property. Irs ez form 2011 Personal property you acquire for resale if your average annual gross receipts are $10 million or less for the 3 prior tax years. Irs ez form 2011 Property you produce if you meet either of the following conditions. Irs ez form 2011 Your indirect costs of producing the property are $200,000 or less. Irs ez form 2011 You use the cash method of accounting and do not account for inventories. Irs ez form 2011 More information. Irs ez form 2011   For more information on these rules, see Uniform Capitalization Rules in Publication 538 and the regulations under Internal Revenue Code section 263A. Irs ez form 2011 When To Deduct Premiums You can usually deduct insurance premiums in the tax year to which they apply. Irs ez form 2011 Cash method. Irs ez form 2011   If you use the cash method of accounting, you generally deduct insurance premiums in the tax year you actually paid them, even if you incurred them in an earlier year. Irs ez form 2011 However, see Prepayment , later. Irs ez form 2011 Accrual method. Irs ez form 2011   If you use an accrual method of accounting, you cannot deduct insurance premiums before the tax year in which you incur a liability for them. Irs ez form 2011 In addition, you cannot deduct insurance premiums before the tax year in which you actually pay them (unless the exception for recurring items applies). Irs ez form 2011 For more information about the accrual method of accounting, see chapter 1. Irs ez form 2011 For information about the exception for recurring items, see Publication 538. Irs ez form 2011 Prepayment. Irs ez form 2011   You cannot deduct expenses in advance, even if you pay them in advance. Irs ez form 2011 This rule applies to any expense paid far enough in advance to, in effect, create an asset with a useful life extending substantially beyond the end of the current tax year. Irs ez form 2011   Expenses such as insurance are generally allocable to a period of time. Irs ez form 2011 You can deduct insurance expenses for the year to which they are allocable. Irs ez form 2011 Example. Irs ez form 2011 In 2013, you signed a 3-year insurance contract. Irs ez form 2011 Even though you paid the premiums for 2013, 2014, and 2015 when you signed the contract, you can only deduct the premium for 2013 on your 2013 tax return. Irs ez form 2011 You can deduct in 2014 and 2015 the premium allocable to those years. Irs ez form 2011 Dividends received. Irs ez form 2011   If you receive dividends from business insurance and you deducted the premiums in prior years, at least part of the dividends generally are income. Irs ez form 2011 For more information, see Recovery of amount deducted (tax benefit rule) in chapter 1 under How Much Can I Deduct. Irs ez form 2011 Prev  Up  Next   Home   More Online Publications
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Consumer Resources for Military Personnel

Today's military family faces many common consumer challenges, as well as the additional stress associated with frequent separation. To ease such difficulties, Family Centers, along with the other programs described below, provide help and support for military families.


U.S. Military Family Centers

Located on most military installations, Family Centers provide information, life skills education, and support services to military members and their families. One key function of a Family Center is to link people with appropriate services available in the local community and/or through state and federal assistance programs such as those related to health and human services, school systems, employment assistance, law enforcement and recreation.

Airman and Family Readiness Centers (A&FRC)
A&FRCs are located on every Air Force Installation and offer a wealth of to Airmen and their families. One-on-one consultations are available on information such as financial management, transition assistance, spouse employment, readiness, deployment, family life and relocation assistance.

Marine Corps Community Services (MCCS)
Headquarters and Service Battalion, Henderson Hall
1550 Southgate Rd.
Building 29, Room 305 Arlington, VA 22214-5103
Phone: 703-614-7171
The Personal and Family Readiness Division (MR) provides a number of Marine Corps personnel service programs, such as Casualty Assistance, DEERS Dependency Determination, Voting Assistance, Postal Services, and Personal Claims.

Commander, Navy Installations Command
Fleet and Family Support Programs
716 Sicard St., SE, Suite 1000
Washington Navy Yard, DC 20374-5140
The Fleet and Family Support Program delivered by Commander, Navy Installations Command, provides support, references, information and a wide range of assistance for members of the Navy and their families to meet the unique challenges of the military lifestyle. Up-to-date news, messages, links and resources are provided, including assistance with relocation, employment, career and benefits, healthy lifestyles, casualties, domestic violence, and retirement.

U.S. Army
Family and Morale, Welfare and Recreation Command
Directorate, Army Community Service
4700 King St., NW
Alexandria, VA 22302
The Army provides comprehensive information on the support available to personnel and families, including resources to strengthen home and family life, Army basic training, lifelong learning, finances, employment, relevant news, along with links to other resources

U.S. Coast Guard
Office of Worklife
2100 Second St., SW, Stop 7013
Washington, DC 20593-7001
Phone: 202-267-6160
The U.S. Coast Guard can provide key resources, including core publications, career information and related news, as well as comprehensive background about its mission, community services, history, photos and reports.

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Useful Websites

Military OneSource is a comprehensive resource for military members and their families relating to nearly every aspect of personal and professional life, with topics that range from health and wellness, finances, family matters and resiliency.  The website includes blogs, discussion boards, podcasts and live chat. You may also call them at 1-800-342-9647.

National Resource Directory provides wounded, ill and injured service members, veterans, their families and those who support them with a web-based yellow book. It provides information on, and access to, the full range of medical and non-medical services and resources needed to achieve their personal and professional goals across the transitions from recovery to rehabilitation to community reintegration. The National Resource Directory is an online partnership of the Departments of Defense, Labor and Veterans Affairs and provides links to the services and resources of federal, state and local governmental agencies; veterans' service, non-profit, community based and philanthropic organizations; professional associations and academic institutions.

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Additional Consumer Resources for Military Personnel

Be sure to take advantage of resources designed for military personnel and their families. Check with family readiness centers on your installation to get access to financial help.

The Consumer Financial Protection Bureau’s Office of Servicemember Affairs offers resources to plan your financial future and prevent being victim of fraud.

The Better Business Bureau also offers consumer education and advocacy to service members through their Military Line®.

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Predatory Lending Restrictions

As of October 1, 2007, the Talent Nelson amendment to the John Warner National Defense Authorization Act allows the Department of Defense to regulate the terms of payday loans, vehicle title loans and tax refund loans to active duty service members and their dependents. These three products have high interest rates, coupled with short payback terms.

The rule for service members and their dependents limits the annual percentage rate on these loans to 36%. All fees and charges should be included in the calculation of the rate. The rule also prohibits contracts requiring the use of a check or access to a bank account, mandatory arbitration, and unreasonable legal notice. Any credit agreement subject to the regulation that fails to comply with this regulation is void and cannot be enforced. The rule further provides that a creditor or assignee that knowingly violates the regulation shall be subject to certain criminal penalties.

The Department of Defense strongly encourages service members and their families to choose alternatives which are designed to help resolve financial crises, rebuild credit ratings and establish savings for emergencies. Payday loans, vehicle title loans and tax refund loans can propel an already over extended borrower into a deeper spiral of debt.

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The Irs Ez Form 2011

Irs ez form 2011 20. Irs ez form 2011   Standard Deduction Table of Contents What's New Introduction Standard Deduction Amount Standard Deduction for Dependents Who Should ItemizeWhen to itemize. Irs ez form 2011 Married persons who filed separate returns. Irs ez form 2011 What's New Standard deduction increased. Irs ez form 2011  The standard deduction for some taxpayers who do not itemize their deductions on Schedule A (Form 1040) is higher for 2013 than it was for 2012. Irs ez form 2011 The amount depends on your filing status. Irs ez form 2011 You can use the 2013 Standard Deduction Tables in this chapter to figure your standard deduction. Irs ez form 2011 Introduction This chapter discusses the following topics. Irs ez form 2011 How to figure the amount of your standard deduction. Irs ez form 2011 The standard deduction for dependents. Irs ez form 2011 Who should itemize deductions. Irs ez form 2011 Most taxpayers have a choice of either taking a standard deduction or itemizing their deductions. Irs ez form 2011 If you have a choice, you can use the method that gives you the lower tax. Irs ez form 2011 The standard deduction is a dollar amount that reduces your taxable income. Irs ez form 2011 It is a benefit that eliminates the need for many taxpayers to itemize actual deductions, such as medical expenses, charitable contributions, and taxes, on Schedule A (Form 1040). Irs ez form 2011 The standard deduction is higher for taxpayers who: Are 65 or older, or Are blind. Irs ez form 2011 You benefit from the standard deduction if your standard deduction is more than the total of your allowable itemized deductions. Irs ez form 2011 Persons not eligible for the standard deduction. Irs ez form 2011   Your standard deduction is zero and you should itemize any deductions you have if: Your filing status is married filing separately, and your spouse itemizes deductions on his or her return, You are filing a tax return for a short tax year because of a change in your annual accounting period, or You are a nonresident or dual-status alien during the year. Irs ez form 2011 You are considered a dual-status alien if you were both a nonresident and resident alien during the year. Irs ez form 2011 Note. Irs ez form 2011 If you are a nonresident alien who is married to a U. Irs ez form 2011 S. Irs ez form 2011 citizen or resident alien at the end of the year, you can choose to be treated as a U. Irs ez form 2011 S. Irs ez form 2011 resident. Irs ez form 2011 (See Publication 519, U. Irs ez form 2011 S. Irs ez form 2011 Tax Guide for Aliens. Irs ez form 2011 ) If you make this choice, you can take the standard deduction. Irs ez form 2011 If an exemption for you can be claimed on another person's return (such as your parents' return), your standard deduction may be limited. Irs ez form 2011 See Standard Deduction for Dependents, later. Irs ez form 2011 Standard Deduction Amount The standard deduction amount depends on your filing status, whether you are 65 or older or blind, and whether an exemption can be claimed for you by another taxpayer. Irs ez form 2011 Generally, the standard deduction amounts are adjusted each year for inflation. Irs ez form 2011 The standard deduction amounts for most people are shown in Table 20-1. Irs ez form 2011 Decedent's final return. Irs ez form 2011   The standard deduction for a decedent's final tax return is the same as it would have been had the decedent continued to live. Irs ez form 2011 However, if the decedent was not 65 or older at the time of death, the higher standard deduction for age cannot be claimed. Irs ez form 2011 Higher Standard Deduction for Age (65 or Older) If you are age 65 or older on the last day of the year and do not itemize deductions, you are entitled to a higher standard deduction. Irs ez form 2011 You are considered 65 on the day before your 65th birthday. Irs ez form 2011 Therefore, you can take a higher standard deduction for 2013 if you were born before January 2, 1949. Irs ez form 2011 Use Table 20-2 to figure the standard deduction amount. Irs ez form 2011 Higher Standard Deduction for Blindness If you are blind on the last day of the year and you do not itemize deductions, you are entitled to a higher standard deduction. Irs ez form 2011 Not totally blind. Irs ez form 2011   If you are not totally blind, you must get a certified statement from an eye doctor (ophthalmologist or optometrist) that: You cannot see better than 20/200 in the better eye with glasses or contact lenses, or Your field of vision is 20 degrees or less. Irs ez form 2011   If your eye condition is not likely to improve beyond these limits, the statement should include this fact. Irs ez form 2011 You must keep the statement in your records. Irs ez form 2011   If your vision can be corrected beyond these limits only by contact lenses that you can wear only briefly because of pain, infection, or ulcers, you can take the higher standard deduction for blindness if you otherwise qualify. Irs ez form 2011 Spouse 65 or Older or Blind You can take the higher standard deduction if your spouse is age 65 or older or blind and: You file a joint return, or You file a separate return and can claim an exemption for your spouse because your spouse had no gross income and cannot be claimed as a dependent by another taxpayer. Irs ez form 2011 You cannot claim the higher standard deduction for an individual other than yourself and your spouse. Irs ez form 2011 Examples The following examples illustrate how to determine your standard deduction using Tables 20-1 and 20-2. Irs ez form 2011 Example 1. Irs ez form 2011 Larry, 46, and Donna, 33, are filing a joint return for 2013. Irs ez form 2011 Neither is blind, and neither can be claimed as a dependent. Irs ez form 2011 They decide not to itemize their deductions. Irs ez form 2011 They use Table 20-1. Irs ez form 2011 Their standard deduction is $12,200. Irs ez form 2011 Example 2. Irs ez form 2011 The facts are the same as in Example 1 except that Larry is blind at the end of 2013. Irs ez form 2011 Larry and Donna use Table 20-2. Irs ez form 2011 Their standard deduction is $13,400. Irs ez form 2011 Example 3. Irs ez form 2011 Bill and Lisa are filing a joint return for 2013. Irs ez form 2011 Both are over age 65. Irs ez form 2011 Neither is blind, and neither can be claimed as a dependent. Irs ez form 2011 If they do not itemize deductions, they use Table 20-2. Irs ez form 2011 Their standard deduction is $14,600. Irs ez form 2011 Standard Deduction for Dependents The standard deduction for an individual who can be claimed as a dependent on another person's tax return is generally limited to the greater of: $1,000, or The individual's earned income for the year plus $350 (but not more than the regular standard deduction amount, generally $6,100). Irs ez form 2011 However, if the individual is 65 or older or blind, the standard deduction may be higher. Irs ez form 2011 If you (or your spouse, if filing jointly) can be claimed as a dependent on someone else's return, use Table 20-3 to determine your standard deduction. Irs ez form 2011 Earned income defined. Irs ez form 2011   Earned income is salaries, wages, tips, professional fees, and other amounts received as pay for work you actually perform. Irs ez form 2011    For purposes of the standard deduction, earned income also includes any part of a scholarship or fellowship grant that you must include in your gross income. Irs ez form 2011 See Scholarships and fellowships in chapter 12 for more information on what qualifies as a scholarship or fellowship grant. Irs ez form 2011 Example 1. Irs ez form 2011 Michael is single. Irs ez form 2011 His parents can claim an exemption for him on their 2013 tax return. Irs ez form 2011 He has interest income of $780 and wages of $150. Irs ez form 2011 He has no itemized deductions. Irs ez form 2011 Michael uses Table 20-3 to find his standard deduction. Irs ez form 2011 He enters $150 (his earned income) on line 1, $500 ($150 + $350) on line 3, $1,000 (the larger of $500 and $1,000) on line 5, and $6,100 on line 6. Irs ez form 2011 His standard deduction, on line 7a, is $1,000 (the smaller of $1,000 and $6,100). Irs ez form 2011 Example 2. Irs ez form 2011 Joe, a 22-year-old full-time college student, can be claimed as a dependent on his parents' 2013 tax return. Irs ez form 2011 Joe is married and files a separate return. Irs ez form 2011 His wife does not itemize deductions on her separate return. Irs ez form 2011 Joe has $1,500 in interest income and wages of $3,800. Irs ez form 2011 He has no itemized deductions. Irs ez form 2011 Joe finds his standard deduction by using Table 20-3. Irs ez form 2011 He enters his earned income, $3,800 on line 1. Irs ez form 2011 He adds lines 1 and 2 and enters $4,150 on line 3. Irs ez form 2011 On line 5, he enters $4,150, the larger of lines 3 and 4. Irs ez form 2011 Because Joe is married filing a separate return, he enters $6,100 on line 6. Irs ez form 2011 On line 7a he enters $4,150 as his standard deduction because it is smaller than $6,100, the amount on line 6. Irs ez form 2011 Example 3. Irs ez form 2011 Amy, who is single, can be claimed as a dependent on her parents' 2013 tax return. Irs ez form 2011 She is 18 years old and blind. Irs ez form 2011 She has interest income of $1,300 and wages of $2,900. Irs ez form 2011 She has no itemized deductions. Irs ez form 2011 Amy uses Table 20-3 to find her standard deduction. Irs ez form 2011 She enters her wages of $2,900 on line 1. Irs ez form 2011 She adds lines 1 and 2 and enters $3,250 on line 3. Irs ez form 2011 On line 5, she enters $3,250, the larger of lines 3 and 4. Irs ez form 2011 Because she is single, Amy enters $6,100 on line 6. Irs ez form 2011 She enters $3,250 on line 7a. Irs ez form 2011 This is the smaller of the amounts on lines 5 and 6. Irs ez form 2011 Because she checked one box in the top part of the worksheet, she enters $1,500 on line 7b. Irs ez form 2011 She then adds the amounts on lines 7a and 7b and enters her standard deduction of $4,750 on line 7c. Irs ez form 2011 Example 4. Irs ez form 2011 Ed is single. Irs ez form 2011 His parents can claim an exemption for him on their 2013 tax return. Irs ez form 2011 He has wages of $7,000, interest income of $500, and a business loss of $3,000. Irs ez form 2011 He has no itemized deductions. Irs ez form 2011 Ed uses Table 20-3 to figure his standard deduction. Irs ez form 2011 He enters $4,000 ($7,000 - $3,000) on line 1. Irs ez form 2011 He adds lines 1 and 2 and enters $4,350 on line 3. Irs ez form 2011 On line 5 he enters $4,350, the larger of lines 3 and 4. Irs ez form 2011 Because he is single, Ed enters $6,100 on line 6. Irs ez form 2011 On line 7a he enters $4,350 as his standard deduction because it is smaller than $6,100, the amount on line 6. Irs ez form 2011 Who Should Itemize You should itemize deductions if your total deductions are more than the standard deduction amount. Irs ez form 2011 Also, you should itemize if you do not qualify for the standard deduction, as discussed earlier under Persons not eligible for the standard deduction . Irs ez form 2011 You should first figure your itemized deductions and compare that amount to your standard deduction to make sure you are using the method that gives you the greater benefit. Irs ez form 2011 You may be subject to a limit on some of your itemized deductions if your adjusted gross income is more than: $250,000 if single ($275,000 if head of household, $300,000 if married filing jointly or qualifying widow(er); or $150,000 if married filing separately). Irs ez form 2011 See chapter 29 or the instructions for Schedule A (Form 1040) for more information on figuring the correct amount of your itemized deductions. Irs ez form 2011 When to itemize. Irs ez form 2011   You may benefit from itemizing your deductions on Schedule A (Form 1040) if you: Do not qualify for the standard deduction, or the amount you can claim is limited, Had large uninsured medical and dental expenses during the year, Paid interest and taxes on your home, Had large unreimbursed employee business expenses or other miscellaneous deductions, Had large uninsured casualty or theft losses, Made large contributions to qualified charities, or Have total itemized deductions that are more than the standard deduction to which you otherwise are entitled. Irs ez form 2011 These deductions are explained in chapters 21–28. Irs ez form 2011    If you decide to itemize your deductions, complete Schedule A and attach it to your Form 1040. Irs ez form 2011 Enter the amount from Schedule A, line 29, on Form 1040, line 40. Irs ez form 2011 Electing to itemize for state tax or other purposes. Irs ez form 2011   Even if your itemized deductions are less than your standard deduction, you can elect to itemize deductions on your federal return rather than take the standard deduction. Irs ez form 2011 You may want to do this if, for example, the tax benefit of itemizing your deductions on your state tax return is greater than the tax benefit you lose on your federal return by not taking the standard deduction. Irs ez form 2011 To make this election, you must check the box on line 30 of Schedule A. Irs ez form 2011 Changing your mind. Irs ez form 2011   If you do not itemize your deductions and later find that you should have itemized — or if you itemize your deductions and later find you should not have — you can change your return by filing Form 1040X, Amended U. Irs ez form 2011 S. Irs ez form 2011 Individual Income Tax Return. Irs ez form 2011 See Amended Returns and Claims for Refund in chapter 1 for more information on amended returns. Irs ez form 2011 Married persons who filed separate returns. Irs ez form 2011   You can change methods of taking deductions only if you and your spouse both make the same changes. Irs ez form 2011 Both of you must file a consent to assessment for any additional tax either one may owe as a result of the change. Irs ez form 2011    You and your spouse can use the method that gives you the lower total tax, even though one of you may pay more tax than you would have paid by using the other method. Irs ez form 2011 You both must use the same method of claiming deductions. Irs ez form 2011 If one itemizes deductions, the other should itemize because he or she will not qualify for the standard deduction. Irs ez form 2011 See Persons not eligible for the standard deduction , earlier. Irs ez form 2011 2013 Standard Deduction Tables If you are married filing a separate return and your spouse itemizes deductions, or if you are a dual-status alien, you cannot take the standard deduction even if you were born before January 2, 1949, or are blind. Irs ez form 2011 Table 20-1. Irs ez form 2011 Standard Deduction Chart for Most People* If your filing status is. Irs ez form 2011 . Irs ez form 2011 . Irs ez form 2011 Your standard deduction is: Single or Married filing separately $6,100 Married filing jointly or Qualifying widow(er) with dependent child 12,200 Head of household 8,950 *Do not use this chart if you were born before January 2, 1949, are blind, or if someone else can claim you (or your spouse if filing jointly) as a dependent. Irs ez form 2011 Use Table 20-2 or 20-3 instead. Irs ez form 2011 Table 20-2. Irs ez form 2011 Standard Deduction Chart for People Born Before January 2, 1949, or Who are Blind Check the correct number of boxes below. Irs ez form 2011 Then go to the chart. Irs ez form 2011 You: Born before January 2, 1949 □ Blind □ Your spouse, if claiming spouse's exemption: Born before January 2, 1949 □ Blind □ Total number of boxes checked   IF  your filing status is. Irs ez form 2011 . Irs ez form 2011 . Irs ez form 2011 AND the number in the box above is. Irs ez form 2011 . Irs ez form 2011 . Irs ez form 2011 THEN your standard deduction is. Irs ez form 2011 . Irs ez form 2011 . Irs ez form 2011 Single 1 $7,600   2 9,100 Married filing jointly 1 $13,400 or Qualifying 2 14,600 widow(er) with 3 15,800 dependent child 4 17,000 Married filing 1 $7,300 separately 2 8,500   3 9,700   4 10,900 Head of household 1 $10,450   2 11,950 *If someone else can claim you (or your spouse if filing jointly) as a dependent, use Table 20-3 instead. Irs ez form 2011 Table 20-3. Irs ez form 2011 Standard Deduction Worksheet for Dependents Use this worksheet only if someone else can claim you (or your spouse if filing jointly) as a dependent. Irs ez form 2011 Check the correct number of boxes below. Irs ez form 2011 Then go to the worksheet. Irs ez form 2011 You:   Born before January 2, 1949 □ Blind □ Your spouse, if claiming spouse's exemption: Born before January 2, 1949 □ Blind □ Total number of boxes checked 1. Irs ez form 2011 Enter your earned income (defined below). Irs ez form 2011 If none, enter -0-. Irs ez form 2011 1. Irs ez form 2011   2. Irs ez form 2011 Additional amount. Irs ez form 2011 2. Irs ez form 2011 $350 3. Irs ez form 2011 Add lines 1 and 2. Irs ez form 2011 3. Irs ez form 2011   4. Irs ez form 2011 Minimum standard deduction. Irs ez form 2011 4. Irs ez form 2011 $1,000 5. Irs ez form 2011 Enter the larger of line 3 or line 4. Irs ez form 2011 5. Irs ez form 2011   6. Irs ez form 2011 Enter the amount shown below for your filing status. Irs ez form 2011 Single or Married filing separately—$6,100 Married filing jointly—$12,200 Head of household—$8,950 6. Irs ez form 2011   7. Irs ez form 2011 Standard deduction. Irs ez form 2011         a. Irs ez form 2011 Enter the smaller of line 5 or line 6. Irs ez form 2011 If born after January 1, 1949, and not blind, stop here. Irs ez form 2011 This is your standard deduction. Irs ez form 2011 Otherwise, go on to line 7b. Irs ez form 2011 7a. Irs ez form 2011     b. Irs ez form 2011 If born before January 2, 1949, or blind, multiply $1,500 ($1,200 if married) by the number in the box above. Irs ez form 2011 7b. Irs ez form 2011     c. Irs ez form 2011 Add lines 7a and 7b. Irs ez form 2011 This is your standard deduction for 2013. Irs ez form 2011 7c. Irs ez form 2011   Earned income includes wages, salaries, tips, professional fees, and other compensation received for personal services you performed. Irs ez form 2011 It also includes any amount received as a scholarship that you must include in your income. Irs ez form 2011 Prev  Up  Next   Home   More Online Publications