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State Taxes Free File

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State Taxes Free File

State taxes free file Publication 550 - Introductory Material Table of Contents Future Developments What's New Reminders IntroductionOrdering forms and publications. State taxes free file Tax questions. State taxes free file Future Developments For the latest information about developments related to Publication 550, such as legislation enacted after it was published, go to www. State taxes free file irs. State taxes free file gov/pub550. State taxes free file What's New Net investment income tax (NIIT). State taxes free file  Beginning in 2013, you may be subject to the NIIT. State taxes free file The NIIT applies at a rate of 3. State taxes free file 8% to certain net investment income of individuals, estates, and trusts that have income above statutory threshold amounts. State taxes free file See Net investment income tax (NIIT) , later. State taxes free file Maximum capital gain rates. State taxes free file  For 2013, the maximum capital gain rates are 0%, 15%, 20%, 25%, and 28%. State taxes free file See Capital Gain Tax Rates , later, for more information. State taxes free file Gift tax exclusion amount increased. State taxes free file  For calendar year 2013, the first $14,000 of gifts to any person (other than gifts of future interests in property) are not included in the total amount of taxable gifts. State taxes free file See Property Received as a Gift , later. State taxes free file Reminders Mutual fund distributions. State taxes free file  Publication 564, Mutual Fund Distributions, has been incorporated into this publication. State taxes free file Foreign source income. State taxes free file  If you are a U. State taxes free file S. State taxes free file citizen with investment income from sources outside the United States (foreign income), you must report that income on your tax return unless it is exempt by U. State taxes free file S. State taxes free file law. State taxes free file This is true whether you reside inside or outside the United States and whether or not you receive a Form 1099 from the foreign payer. State taxes free file Employee stock options. State taxes free file  If you received an option to buy or sell stock or other property as payment for your services, see Publication 525, Taxable and Nontaxable Income, for the special tax rules that apply. State taxes free file Photographs of missing children. State taxes free file  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. State taxes free file Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. State taxes free file You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. State taxes free file Introduction This publication provides information on the tax treatment of investment income and expenses. State taxes free file It includes information on the tax treatment of investment income and expenses for individual shareholders of mutual funds or other regulated investment companies, such as money market funds. State taxes free file It explains what investment income is taxable and what investment expenses are deductible. State taxes free file It explains when and how to show these items on your tax return. State taxes free file It also explains how to determine and report gains and losses on the disposition of investment property and provides information on property trades and tax shelters. State taxes free file The glossary at the end of this publication defines many of the terms used. State taxes free file Investment income. State taxes free file   This generally includes interest, dividends, capital gains, and other types of distributions including mutual fund distributions. State taxes free file Investment expenses. State taxes free file   These include interest paid or incurred to acquire investment property and expenses to manage or collect income from investment property. State taxes free file Qualified retirement plans and IRAs. State taxes free file   The rules in this publication do not apply to mutual fund shares held in individual retirement arrangements (IRAs), section 401(k) plans, and other qualified retirement plans. State taxes free file The value of the mutual fund shares and earnings allocated to you are included in your retirement plan assets and stay tax free generally until the plan distributes them to you. State taxes free file The tax rules that apply to retirement plan distributions are explained in the following publications. State taxes free file Publication 560, Retirement Plans for Small Business. State taxes free file Publication 571, Tax-Sheltered Annuity Plans. State taxes free file Publication 575, Pension and Annuity Income. State taxes free file Publication 590, Individual Retirement Arrangements (IRAs). State taxes free file Publication 721, Tax Guide to U. State taxes free file S. State taxes free file Civil Service Retirement Benefits. State taxes free file    Comments and suggestions. State taxes free file   We welcome your comments about this publication and your suggestions for future editions. State taxes free file   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. State taxes free file NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. State taxes free file Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. State taxes free file   You can send your comments from www. State taxes free file irs. State taxes free file gov/formspubs/. State taxes free file Click on “More Information” and then on “Comment on Tax Forms and Publications. State taxes free file ”   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. State taxes free file Ordering forms and publications. State taxes free file   Visit www. State taxes free file irs. State taxes free file 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. State taxes free file Internal Revenue Service 1201 N. State taxes free file Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. State taxes free file   If you have a tax question, check the information available on IRS. State taxes free file gov or call 1-800-829-1040. State taxes free file We cannot answer tax questions sent to either of the above addresses. State taxes free file Prev  Up  Next   Home   More Online Publications
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Tennessee Valley Authority

The Tennessee Valley Authority, a government owned corporation, provides low-cost electricity in seven southeatern states and provides flood control, navigation, and land management for the Tennessee River system.

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The State Taxes Free File

State taxes free file 7. State taxes free file   Filing Information Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: What, When, and Where To FileResident Aliens Nonresident Aliens Amended Returns and Claims for Refund Other Forms You May Have To File PenaltiesCivil Penalties Criminal Penalties Introduction This chapter provides the basic filing information that you may need. State taxes free file Topics - This chapter discusses: Forms aliens must file, When and where to file, Penalties, and Amended returns and claims for refund. State taxes free file Useful Items - You may want to see: Forms (and Instructions) 1040 U. State taxes free file S. State taxes free file Individual Income Tax Return 1040A U. State taxes free file S. State taxes free file Individual Income Tax Return 1040EZ Income Tax Return for Single and Joint Filers With No Dependents 1040NR U. State taxes free file S. State taxes free file Nonresident Alien Income Tax Return 1040NR-EZ U. State taxes free file S. State taxes free file Income Tax Return for Certain Nonresident Aliens With No Dependents See chapter 12 for information about getting these forms. State taxes free file What, When, and Where To File What return you must file as well as when and where you file that return, depends on your status at the end of the tax year as a resident or a nonresident alien. State taxes free file Resident Aliens Resident aliens should file Form 1040EZ, 1040A, or 1040 at the address shown in the instructions for that form. State taxes free file The due date for filing the return and paying any tax due is April 15 of the year following the year for which you are filing a return (but see the Tip, later). State taxes free file Under U. State taxes free file S. State taxes free file immigration law, a lawful permanent resident who is required to file a tax return as a resident and fails to do so may be regarded as having abandoned status and may lose permanent resident status. State taxes free file Extensions of time to file. State taxes free file   You are allowed an automatic extension to June 15 to file if your main place of business and the home you live in are outside the United States and Puerto Rico on April 15. State taxes free file You can get an extension of time to October 15 to file your return if you get an extension by April 15 (June 15 if you qualify for the June 15 extension). State taxes free file Use Form 4868 to get the extension to October 15. State taxes free file In addition to this 6-month extension, taxpayers who are out of the country (as defined in the Form 4868 instructions) can request a discretionary 2-month additional extension of time to file their returns (to December 15 for calendar year taxpayers). State taxes free file To request this extension, you must send the IRS a letter explaining the reasons why you need the additional 2 months. State taxes free file Send the letter by the extended due date (October 15 for calendar year taxpayers) to the following address:  Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215   You will not receive any notification from the IRS unless your request is denied for being untimely. State taxes free file   The discretionary 2-month additional extension is not available to taxpayers who have an approved extension of time to file on Form 2350 (for U. State taxes free file S. State taxes free file citizens and resident aliens abroad who expect to qualify for special tax treatment). State taxes free file    If the due date for filing falls on a Saturday, Sunday, or legal holiday, the due date is the next day which is not a Saturday, Sunday, or legal holiday. State taxes free file You may be able to file your return electronically. State taxes free file See IRS e-file in your form instructions. State taxes free file Nonresident Aliens Nonresident aliens who are required to file an income tax return should use Form 1040NR or, if qualified, Form 1040NR-EZ. State taxes free file If you are any of the following, you must file a return. State taxes free file A nonresident alien individual engaged or considered to be engaged in a trade or business in the United States during 2013. State taxes free file (But see Exceptions , later. State taxes free file ) You must file even if: Your income did not come from a trade or business conducted in the United States, You have no income from U. State taxes free file S. State taxes free file sources, or Your income is exempt from income tax. State taxes free file A nonresident alien individual not engaged in a trade or business in the United States with U. State taxes free file S. State taxes free file income on which the tax liability was not satisfied by the withholding of tax at the source. State taxes free file A representative or agent responsible for filing the return of an individual described in (1) or (2). State taxes free file A fiduciary for a nonresident alien estate or trust. State taxes free file You must also file if you want to: Claim a refund of overwithheld or overpaid tax, or Claim the benefit of any deductions or credits. State taxes free file For example, if you have no U. State taxes free file S. State taxes free file business activities but have income from real property that you choose to treat as effectively connected income (discussed in chapter 4), you must timely file a true and accurate return to take any allowable deductions against that income. State taxes free file For information on what is timely, see When to file for deductions and credits under When To File, later. State taxes free file Exceptions. State taxes free file   You do not need to file Form 1040NR or Form 1040NR-EZ if you meet either of the following conditions. State taxes free file Your only U. State taxes free file S. State taxes free file trade or business was the performance of personal services, and Your wages were less than $3,900, and You have no other need to file a return to claim a refund of overwithheld taxes, to satisfy additional withholding at source, or to claim income exempt or partly exempt by treaty. State taxes free file You were a nonresident alien student, teacher, or trainee who was temporarily present in the United States under an “F,” “J,” “M,” or “Q” visa and you have no income that is subject to tax, such as wages, tips, scholarship and fellowship grants, dividends, etc. State taxes free file Even if you have left the United States and filed a Form 1040-C, U. State taxes free file S. State taxes free file Departing Alien Income Tax Return, on departure, you still must file an annual U. State taxes free file S. State taxes free file income tax return. State taxes free file If you are married and both you and your spouse are required to file, you must each file a separate return. State taxes free file Form 1040NR-EZ You can use Form 1040NR-EZ if all of the following conditions are met. State taxes free file You do not claim any dependents. State taxes free file You cannot be claimed as a dependent on someone else's U. State taxes free file S. State taxes free file tax return. State taxes free file If you were married, you do not claim an exemption for your spouse. State taxes free file Your taxable income is less than $100,000. State taxes free file The only itemized deduction you can claim is for state and local income taxes. State taxes free file Note. State taxes free file Residents of India who were students or business apprentices may be able to take the standard deduction instead of the itemized deduction for state and local income taxes. State taxes free file See chapter 5. State taxes free file Your only U. State taxes free file S. State taxes free file source income is from wages, salaries, tips, taxable refunds of state and local income taxes, scholarship or fellowship grants, and nontaxable interest or dividends. State taxes free file (If you had taxable interest or dividend income, you cannot use this form. State taxes free file ) You are not claiming any adjustments to income other than the student loan interest deduction or scholarship and fellowship grants excluded. State taxes free file You are not claiming any tax credits. State taxes free file This is not an “expatriation return. State taxes free file ” See Expatriation Tax in chapter 4. State taxes free file The only taxes you owe are: The income tax from the Tax Table. State taxes free file The social security and Medicare tax from Form 4137 or Form 8919. State taxes free file You are not claiming a credit for excess social security and tier 1 RRTA tax withheld. State taxes free file You are not filing Form 8959, to figure the amount of Additional Medicare Tax you owe and/or the amount of Additional Medicare Tax withheld by your employer, if any. State taxes free file If you do not meet all of the above conditions, you must file Form 1040NR. State taxes free file When To File If you are an employee and you receive wages subject to U. State taxes free file S. State taxes free file income tax withholding, you will generally file by the 15th day of the 4th month after your tax year ends. State taxes free file For the 2013 calendar year, file your return by April 15, 2014. State taxes free file If you are not an employee who receives wages subject to U. State taxes free file S. State taxes free file income tax withholding, you must file by the 15th day of the 6th month after your tax year ends. State taxes free file For the 2013 calendar year, file your return by June 16, 2014 (because June 15 is a Sunday. State taxes free file ) Extensions of time to file. State taxes free file   If you cannot file your return by the due date, file Form 4868 or use one of the electronic filing options explained in the Form 4868 instructions. State taxes free file For the 2013 calendar year, this will extend the due date to October 15, 2014 (December 15, 2014, if the regular due date of your return is June 16, 2014). State taxes free file You must file the extension by the regular due date of your return. State taxes free file   In addition to the 6-month extension to October 15, taxpayers whose main place of business is outside the United States and Puerto Rico and who live outside those jurisdictions can request a discretionary 2-month extension of time to file their returns (to December 15 for calendar year taxpayers). State taxes free file To request this extension, you must send the IRS a letter explaining the reasons why you need the additional 2 months. State taxes free file Send the letter by the extended due date (October 15 for calendar year taxpayers) to the following address: Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215   You will not receive any notification from the IRS unless your request is denied for being untimely. State taxes free file When to file for deductions and credits. State taxes free file   To get the benefit of any allowable deductions or credits, you must timely file a true and accurate return. State taxes free file For this purpose, a return is timely if it is filed within 16 months of the due date just discussed. State taxes free file However, if you did not file a 2012 tax return and 2013 is not the first year for which you are required to file one, your 2013 return is timely for this purpose if it is filed by the earlier of: The date that is 16 months after the due date for filing your 2013 return, or The date the IRS notifies you that your 2013 return has not been filed and that you cannot claim certain deductions and credits. State taxes free file The allowance of the following credits is not affected by this time requirement. State taxes free file Credit for withheld taxes. State taxes free file Credit for excise tax on certain uses of gasoline and special fuels. State taxes free file Credit for tax paid by a mutual fund (or other regulated investment company) or a real estate investment trust on undistributed long-term capital gains. State taxes free file Protective return. State taxes free file   If your activities in the United States were limited and you do not believe that you had any gross income effectively connected with a U. State taxes free file S. State taxes free file trade or business during the year, you can file a protective return (Form 1040NR) by the deadline explained above. State taxes free file By filing a protective return, you protect your right to receive the benefit of deductions and credits in the event it is later determined that some or all of your income is effectively connected. State taxes free file You are not required to report any effectively connected income or any deductions on the protective return, but you must give the reason the return is being filed. State taxes free file   If you believe some of your activities resulted in effectively connected income, file your return reporting that income and related deductions by the regular due date. State taxes free file To protect your right to claim deductions or credits resulting from other activities, attach a statement to that return explaining that you wish to protect your right to claim deductions and credits if it is later determined that the other activities produced effectively connected income. State taxes free file   You can follow the same procedure if you believe you have no U. State taxes free file S. State taxes free file tax liability because of a U. State taxes free file S. State taxes free file tax treaty. State taxes free file Be sure to also complete item L on page 5 of Form 1040NR. State taxes free file Waiver of filing deadline. State taxes free file   The IRS may waive the filing deadline if you establish that, based on the facts and circumstances, you acted reasonably and in good faith in failing to file a U. State taxes free file S. State taxes free file income tax return (including a protective return) and you cooperate with the IRS in determining your U. State taxes free file S. State taxes free file income tax liability for the tax year for which you did not file a return. State taxes free file Where To File If you are not enclosing a payment, file Form 1040NR-EZ and Form 1040NR at the following address. State taxes free file  Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215 If enclosing a payment, mail your return to:  Internal Revenue Service  P. State taxes free file O. State taxes free file Box 1303 Charlotte, NC 28201-1303 Aliens from the U. State taxes free file S. State taxes free file Virgin Islands. State taxes free file    If you are a bona fide resident of the U. State taxes free file S. State taxes free file Virgin Islands during your entire tax year and work temporarily in the United States, you must pay your income taxes to the U. State taxes free file S. State taxes free file Virgin Islands and file your income tax returns at the following address. State taxes free file Virgin Islands Bureau of Internal Revenue 6115 Estate Smith Bay Suite 225 St. State taxes free file Thomas, VI 00802   Report all income from U. State taxes free file S. State taxes free file sources, as well as income from other sources, on your return. State taxes free file For information on filing U. State taxes free file S. State taxes free file Virgin Islands returns, contact the U. State taxes free file S. State taxes free file Virgin Islands Bureau of Internal Revenue. State taxes free file   Chapter 8 discusses withholding from U. State taxes free file S. State taxes free file wages of U. State taxes free file S. State taxes free file Virgin Islanders. State taxes free file Aliens from Guam or the Commonwealth of the Northern Mariana Islands. State taxes free file   If you are a bona fide resident of Guam or the Commonwealth of the Northern Mariana Islands (CNMI) during your entire tax year, you must file your return with, and pay any tax due to, Guam or the CNMI. State taxes free file Report all income, including income from U. State taxes free file S. State taxes free file sources, on your return. State taxes free file It is not necessary to file a separate U. State taxes free file S. State taxes free file income tax return. State taxes free file    Bona fide residents of Guam should file their Guam returns at the following address. State taxes free file   Department of Revenue and Taxation Government of Guam P. State taxes free file O. State taxes free file Box 23607 GMF, GU 96921    Bona fide residents of the CNMI should file their CNMI income tax returns at the following address. State taxes free file   Department of Finance Division of Revenue and Taxation Commonwealth of the Northern Mariana Islands P. State taxes free file O. State taxes free file Box 5234 CHRB Saipan, MP 96950   If you are not a bona fide resident of Guam or the CNMI, see Pub. State taxes free file 570, Tax Guide for Individuals With Income From U. State taxes free file S. State taxes free file Possessions, for information on where to file your return. State taxes free file Amended Returns and Claims for Refund If you find changes in your income, deductions, or credits after you mail your return, file Form 1040X, Amended U. State taxes free file S. State taxes free file Individual Income Tax Return. State taxes free file Also use Form 1040X if you should have filed Form 1040, 1040A, or 1040EZ instead of Form 1040NR or 1040NR-EZ, or vice versa. State taxes free file If you amend Form 1040NR or Form 1040NR-EZ or file the correct return, attach the corrected return (Form 1040, Form 1040NR, etc. State taxes free file ) to Form 1040X. State taxes free file Print “Amended” across the top. State taxes free file Ordinarily, an amended return claiming a refund must be filed within 3 years from the date your return was filed or within 2 years from the time the tax was paid, whichever is later. State taxes free file A return filed before the final due date is considered to have been filed on the due date. State taxes free file Other Forms You May Have To File You may be required to file information returns to report certain foreign income or assets, or monetary transactions. State taxes free file FinCen Form 105 FinCEN Form 105 (formerly Customs Form 4790), Report of International Transportation of Currency or Monetary Instruments, must be filed by each person who physically transports, mails, or ships, or causes to be physically transported, mailed, or shipped, currency or other monetary instruments in a total amount of more than $10,000 at one time from the United States to any place outside the United States, or into the United States from any place outside the United States. State taxes free file The filing requirement also applies to each person who receives in the United States currency or monetary instruments totaling more than $10,000 at one time from any place outside of the United States. State taxes free file The term “monetary instruments” means the following: Coin and currency of the United States or of any other country, Travelers' checks in any form, Investment securities or stock in bearer form or otherwise in such form that title to them passes upon delivery, Negotiable instruments (including checks, promissory notes, and money orders) in bearer form, endorsed without restriction, made out to a fictitious payee, or otherwise in such form that title to them passes upon delivery, and Checks, promissory notes, and money orders which are signed but on which the name of the payee has been omitted. State taxes free file However, the term does not include: Checks or money orders made payable to the order of a named person which have not been endorsed or which contain restrictive endorsements, Warehouse receipts, or Bills of lading. State taxes free file A transfer of funds through normal banking procedures (wire transfer) that does not involve the physical transportation of currency or monetary instruments is not required to be reported on FinCEN Form 105. State taxes free file Filing requirements. State taxes free file   FinCEN Form 105 filing requirements follow. State taxes free file Recipients. State taxes free file   Each person who receives currency or other monetary instruments in the United States must file FinCEN Form 105 within 15 days after receipt, with the Customs officer in charge at any port of entry or departure, or by mail at the following address. State taxes free file Commissioner of Customs  Attention: Currency Transportation Reports Washington, DC 20229 Shippers or mailers. State taxes free file   If the currency or other monetary instrument does not accompany the person entering or departing the United States, FinCEN Form 105 can be filed by mail at the above address on or before the date of entry, departure, mailing, or shipping. State taxes free file Travelers. State taxes free file   Travelers must file FinCEN Form 105 with the Customs officer in charge at any Customs port of entry or departure, when entering or departing the United States. State taxes free file Penalties. State taxes free file   Civil and criminal penalties are provided for failing to file a report, filing a report containing material omissions or misstatements, or filing a false or fraudulent report. State taxes free file Also, the entire amount of the currency or monetary instrument may be subject to seizure and forfeiture. State taxes free file More information. State taxes free file   More information regarding the filing of FinCEN Form 105 can be found in the instructions on the back of the form. State taxes free file Form 8938 You may have to file Form 8938, Statement of Specified Foreign Financial Assets, to report the ownership of specified foreign financial asset(s) if you are one of the following individuals. State taxes free file A resident alien of the United States for any part of the tax year. State taxes free file A resident alien of the United States who elects to be treated as a resident of a foreign country under the provisions of a U. State taxes free file S. State taxes free file income tax treaty. State taxes free file See Effect of Tax Treaties in chapter 1. State taxes free file A nonresident alien who makes an election to be treated as a resident alien for purposes of filing a joint income tax return. State taxes free file See chapter 1 for information about this election. State taxes free file A nonresident alien who is a bona fide resident of American Samoa or Puerto Rico. State taxes free file See Publication 570, Tax Guide for Individuals With Income From U. State taxes free file S. State taxes free file Possessions, for a definition of bona fide resident. State taxes free file You must file Form 8938 if the total value of those assets exceeds an applicable threshold (the “reporting threshold”). State taxes free file The reporting threshold varies depending on whether you live in the United States, are married, or file a joint income tax return with your spouse. State taxes free file Specified foreign financial assets include any financial account maintained by a foreign financial institution and, to the extent held for investment, any stock, securities, or any other interest in a foreign entity and any financial instrument or contract with an issuer or counterparty that is not a U. State taxes free file S. State taxes free file person. State taxes free file You may have to pay penalties if you are required to file Form 8938 and fail to do so, or if you have an understatement of tax due to any transaction involving an undisclosed foreign financial asset. State taxes free file More information about the filing of Form 8938 can be found in the separate instructions for Form 8938. State taxes free file Penalties The law provides penalties for failure to file returns or pay taxes as required. State taxes free file Civil Penalties If you do not file your return and pay your tax by the due date, you may have to pay a penalty. State taxes free file You may also have to pay a penalty if you substantially understate your tax, file a frivolous tax submission, or fail to supply your taxpayer identification number. State taxes free file If you provide fraudulent information on your return, you may have to pay a civil fraud penalty. State taxes free file Filing late. State taxes free file   If you do not file your return by the due date (including extensions), you may have to pay a failure-to-file penalty. State taxes free file The penalty is based on the tax not paid by the due date (without regard to extensions). State taxes free file The penalty is usually 5% for each month or part of a month that a return is late, but not more than 25%. State taxes free file Fraud. State taxes free file   If your failure to file is due to fraud, the penalty is 15% for each month or part of a month that your return is late, up to a maximum of 75%. State taxes free file Return over 60 days late. State taxes free file   If you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100% of the unpaid tax. State taxes free file Exception. State taxes free file   You will not have to pay the penalty if you show that you failed to file on time because of reasonable cause and not because of willful neglect. State taxes free file Paying tax late. State taxes free file   You will have to pay a failure-to-pay penalty of ½ of 1% (. State taxes free file 50%) of your unpaid taxes for each month, or part of a month, after the due date that the tax is not paid. State taxes free file This penalty does not apply during the automatic 6-month extension of time to file period, if you paid at least 90% of your actual tax liability on or before the due date of your return and pay the balance when you file the return. State taxes free file   The monthly rate of the failure-to-pay penalty is half the usual rate (. State taxes free file 25% instead of . State taxes free file 50%) if an installment agreement is in effect for that month. State taxes free file You must have filed your return by the due date (including extensions) to qualify for this reduced penalty. State taxes free file   If a notice of intent to levy is issued, the rate will increase to 1% at the start of the first month beginning at least 10 days after the day that the notice is issued. State taxes free file If a notice and demand for immediate payment is issued, the rate will increase to 1% at the start of the first month beginning after the day that the notice and demand is issued. State taxes free file   This penalty cannot be more than 25% of your unpaid tax. State taxes free file You will not have to pay the penalty if you can show that you had a good reason for not paying your tax on time. State taxes free file Combined penalties. State taxes free file   If both the failure-to-file penalty and the failure-to-pay penalty (discussed earlier) apply in any month, the 5% (or 15%) failure-to-file penalty is reduced by the failure-to-pay penalty. State taxes free file However, if you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100% of the unpaid tax. State taxes free file Accuracy-related penalty. State taxes free file   You may have to pay an accuracy-related penalty if you underpay your tax because: You show negligence or disregard of rules or regulations, You substantially understate your income tax, You claim tax benefits for a transaction that lacks economic substance, or You fail to disclose a foreign financial asset. State taxes free file The penalty is equal to 20% of the underpayment. State taxes free file The penalty is 40% of any portion of the underpayment that is attributable to an undisclosed noneconomic substance transaction or an undisclosed foreign financial asset transaction. State taxes free file The penalty will not be figured on any part of an underpayment on which the fraud penalty (discussed later) is charged. State taxes free file Negligence or disregard. State taxes free file   The term “negligence” includes a failure to make a reasonable attempt to comply with the tax law or to exercise ordinary and reasonable care in preparing a return. State taxes free file Negligence also includes failure to keep adequate books and records. State taxes free file You will not have to pay a negligence penalty if you have a reasonable basis for a position you took. State taxes free file   The term “disregard” includes any careless, reckless, or intentional disregard. State taxes free file Adequate disclosure. State taxes free file   You can avoid the penalty for disregard of rules or regulations if you adequately disclose on your return a position that has at least a reasonable basis. State taxes free file See Disclosure statement , later. State taxes free file   This exception will not apply to an item that is attributable to a tax shelter. State taxes free file In addition, it will not apply if you fail to keep adequate books and records, or substantiate items properly. State taxes free file Substantial understatement of income tax. State taxes free file   You understate your tax if the tax shown on your return is less than the correct tax. State taxes free file The understatement is substantial if it is more than the larger of 10% of the correct tax or $5,000. State taxes free file However, the amount of the understatement is reduced to the extent the understatement is due to: Substantial authority, or Adequate disclosure and a reasonable basis. State taxes free file   If an item on your return is attributable to a tax shelter, there is no reduction for an adequate disclosure. State taxes free file However, there is a reduction for a position with substantial authority, but only if you reasonably believed that your tax treatment was more likely than not the proper treatment. State taxes free file Substantial authority. State taxes free file   Whether there is or was substantial authority for the tax treatment of an item depends on the facts and circumstances. State taxes free file Consideration will be given to court opinions, Treasury regulations, revenue rulings, revenue procedures, and notices and announcements issued by the IRS and published in the Internal Revenue Bulletin that involve the same or similar circumstances as yours. State taxes free file Disclosure statement. State taxes free file   To adequately disclose the relevant facts about your tax treatment of an item, use Form 8275, Disclosure Statement. State taxes free file You must also have a reasonable basis for treating the item the way you did. State taxes free file   In cases of substantial understatement only, items that meet the requirements of Revenue Procedure 2012-51, 2012-51 IRB 719 (or later update) are considered adequately disclosed on your return without filing Form 8275. State taxes free file   Use Form 8275-R, Regulation Disclosure Statement, to disclose items or positions contrary to regulations. State taxes free file Transaction lacking economic substance. State taxes free file   For more information on economic substance, see section 7701(o). State taxes free file Foreign financial asset. State taxes free file   For more information on undisclosed foreign financial assets, see section 6662(j) or the Instructions for Form 8938. State taxes free file Reasonable cause. State taxes free file   You will not have to pay a penalty if you show a good reason (reasonable cause) for the way you treated an item. State taxes free file You must also show that you acted in good faith. State taxes free file This does not apply to a transaction that lacks economic substance. State taxes free file Filing erroneous claim for refund or credit. State taxes free file   You may have to pay a penalty if you file an erroneous claim for refund or credit. State taxes free file The penalty is equal to 20% of the disallowed amount of the claim, unless you can show a reasonable basis for the way you treated an item. State taxes free file However, any disallowed amount due to a transaction that lacks economic substance will not be treated as having a reasonable basis. State taxes free file The penalty will not be figured on any part of the disallowed amount of the claim that relates to the earned income credit or on which the accuracy-related or fraud penalties are charged. State taxes free file Frivolous tax submission. State taxes free file   You may have to pay a penalty of $5,000 if you file a frivolous tax return or other frivolous submissions. State taxes free file A frivolous tax return is one that does not include enough information to figure the correct tax or that contains information clearly showing that the tax you reported is substantially incorrect. State taxes free file For more information on frivolous returns, frivolous submissions, and a list of positions that are identified as frivolous, see Notice 2010-33, 2010-17 IRB 609 available at www. State taxes free file irs. State taxes free file gov/irb/2010-17_irb/ar13. State taxes free file html. State taxes free file   You will have to pay the penalty if you filed this kind of return or submission based on a frivolous position or a desire to delay or interfere with the administration of federal tax laws. State taxes free file This includes altering or striking out the preprinted language above the space provided for your signature. State taxes free file   This penalty is added to any other penalty provided by law. State taxes free file Fraud. State taxes free file   If there is any underpayment of tax on your return due to fraud, a penalty of 75% of the underpayment due to fraud will be added to your tax. State taxes free file Failure to supply taxpayer identification number. State taxes free file   If you do not include your social security number (SSN) or individual taxpayer identification number (ITIN) or the SSN or ITIN of another person where required on a return, statement, or other document, you will be subject to a penalty of $50 for each failure. State taxes free file You will also be subject to a penalty of $50 if you do not give your SSN or ITIN to another person when it is required on a return, statement, or other document. State taxes free file   For example, if you have a bank account that earns interest, you must give your SSN or ITIN to the bank. State taxes free file The number must be shown on the Form 1099-INT or other statement the bank sends you. State taxes free file If you do not give the bank your SSN or ITIN, you will be subject to the $50 penalty. State taxes free file (You also may be subject to “backup” withholding of income tax. State taxes free file )   You will not have to pay the penalty if you are able to show that the failure was due to reasonable cause and not willful neglect. State taxes free file Criminal Penalties You may be subject to criminal prosecution (brought to trial) for actions such as: Tax evasion, Willful failure to file a return, supply information, or pay any tax due, Fraud and false statements, or Preparing and filing a fraudulent return. State taxes free file Prev  Up  Next   Home   More Online Publications