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Tax extension online free 3. Tax extension online free   SIMPLE Plans Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: SIMPLE IRA PlanWho Can Set Up a SIMPLE IRA Plan? Who Can Participate in a SIMPLE IRA Plan? How To Set Up a SIMPLE IRA Plan Notification Requirement Contribution Limits When To Deduct Contributions Where To Deduct Contributions Tax Treatment of Contributions Distributions (Withdrawals) More Information on SIMPLE IRA Plans SIMPLE 401(k) Plan Topics - This chapter discusses: SIMPLE IRA plan SIMPLE 401(k) plan Useful Items - You may want to see: Publications 590 Individual Retirement Arrangements (IRAs) 3998 Choosing A Retirement Solution for Your Small Business 4284 SIMPLE IRA Plan Checklist 4334 SIMPLE IRA Plans for Small Businesses Forms (and Instructions) W-2 Wage and Tax Statement 5304-SIMPLE Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)–Not for Use With a Designated Financial Institution 5305-SIMPLE Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)–for Use With a Designated Financial Institution 8880 Credit for Qualified Retirement Savings Contributions 8881 Credit for Small Employer Pension Plan Startup Costs A savings incentive match plan for employees (SIMPLE plan) is a written arrangement that provides you and your employees with a simplified way to make contributions to provide retirement income. Tax extension online free Under a SIMPLE plan, employees can choose to make salary reduction contributions to the plan rather than receiving these amounts as part of their regular pay. Tax extension online free In addition, you will contribute matching or nonelective contributions. Tax extension online free SIMPLE plans can only be maintained on a calendar-year basis. Tax extension online free A SIMPLE plan can be set up in either of the following ways. Tax extension online free Using SIMPLE IRAs (SIMPLE IRA plan). Tax extension online free As part of a 401(k) plan (SIMPLE 401(k) plan). Tax extension online free Many financial institutions will help you set up a SIMPLE plan. Tax extension online free SIMPLE IRA Plan A SIMPLE IRA plan is a retirement plan that uses SIMPLE IRAs for each eligible employee. Tax extension online free Under a SIMPLE IRA plan, a SIMPLE IRA must be set up for each eligible employee. Tax extension online free For the definition of an eligible employee, see Who Can Participate in a SIMPLE IRA Plan , later. Tax extension online free Who Can Set Up a SIMPLE IRA Plan? You can set up a SIMPLE IRA plan if you meet both the following requirements. Tax extension online free You meet the employee limit. Tax extension online free You do not maintain another qualified plan unless the other plan is for collective bargaining employees. Tax extension online free Employee limit. Tax extension online free   You can set up a SIMPLE IRA plan only if you had 100 or fewer employees who received $5,000 or more in compensation from you for the preceding year. Tax extension online free Under this rule, you must take into account all employees employed at any time during the calendar year regardless of whether they are eligible to participate. Tax extension online free Employees include self-employed individuals who received earned income and leased employees (defined in chapter 1). Tax extension online free   Once you set up a SIMPLE IRA plan, you must continue to meet the 100-employee limit each year you maintain the plan. Tax extension online free Grace period for employers who cease to meet the 100-employee limit. Tax extension online free   If you maintain the SIMPLE IRA plan for at least 1 year and you cease to meet the 100-employee limit in a later year, you will be treated as meeting it for the 2 calendar years immediately following the calendar year for which you last met it. Tax extension online free   A different rule applies if you do not meet the 100-employee limit because of an acquisition, disposition, or similar transaction. Tax extension online free Under this rule, the SIMPLE IRA plan will be treated as meeting the 100-employee limit for the year of the transaction and the 2 following years if both the following conditions are satisfied. Tax extension online free Coverage under the plan has not significantly changed during the grace period. Tax extension online free The SIMPLE IRA plan would have continued to qualify after the transaction if you had remained a separate employer. Tax extension online free    The grace period for acquisitions, dispositions, and similar transactions also applies if, because of these types of transactions, you do not meet the rules explained under Other qualified plan or Who Can Participate in a SIMPLE IRA Plan, below. Tax extension online free Other qualified plan. Tax extension online free   The SIMPLE IRA plan generally must be the only retirement plan to which you make contributions, or to which benefits accrue, for service in any year beginning with the year the SIMPLE IRA plan becomes effective. Tax extension online free Exception. Tax extension online free   If you maintain a qualified plan for collective bargaining employees, you are permitted to maintain a SIMPLE IRA plan for other employees. Tax extension online free Who Can Participate in a SIMPLE IRA Plan? Eligible employee. Tax extension online free   Any employee who received at least $5,000 in compensation during any 2 years preceding the current calendar year and is reasonably expected to receive at least $5,000 during the current calendar year is eligible to participate. Tax extension online free The term “employee” includes a self-employed individual who received earned income. Tax extension online free   You can use less restrictive eligibility requirements (but not more restrictive ones) by eliminating or reducing the prior year compensation requirements, the current year compensation requirements, or both. Tax extension online free For example, you can allow participation for employees who received at least $3,000 in compensation during any preceding calendar year. Tax extension online free However, you cannot impose any other conditions for participating in a SIMPLE IRA plan. Tax extension online free Excludable employees. Tax extension online free   The following employees do not need to be covered under a SIMPLE IRA plan. Tax extension online free Employees who are covered by a union agreement and whose retirement benefits were bargained for in good faith by the employees' union and you. Tax extension online free Nonresident alien employees who have received no U. Tax extension online free S. Tax extension online free source wages, salaries, or other personal services compensation from you. Tax extension online free Compensation. Tax extension online free   Compensation for employees is the total wages, tips, and other compensation from the employer subject to federal income tax withholding and the amounts paid for domestic service in a private home, local college club, or local chapter of a college fraternity or sorority. Tax extension online free Compensation also includes the employee's salary reduction contributions made under this plan and, if applicable, elective deferrals under a section 401(k) plan, a SARSEP, or a section 403(b) annuity contract and compensation deferred under a section 457 plan required to be reported by the employer on Form W-2. Tax extension online free If you are self-employed, compensation is your net earnings from self-employment (line 4 of Short Schedule SE or line 6 of Long Schedule SE (Form 1040)) before subtracting any contributions made to the SIMPLE IRA plan for yourself. Tax extension online free How To Set Up a SIMPLE IRA Plan You can use Form 5304-SIMPLE or Form 5305-SIMPLE to set up a SIMPLE IRA plan. Tax extension online free Each form is a model savings incentive match plan for employees (SIMPLE) plan document. Tax extension online free Which form you use depends on whether you select a financial institution or your employees select the institution that will receive the contributions. Tax extension online free Use Form 5304-SIMPLE if you allow each plan participant to select the financial institution for receiving his or her SIMPLE IRA plan contributions. Tax extension online free Use Form 5305-SIMPLE if you require that all contributions under the SIMPLE IRA plan be deposited initially at a designated financial institution. Tax extension online free The SIMPLE IRA plan is adopted when you have completed all appropriate boxes and blanks on the form and you (and the designated financial institution, if any) have signed it. Tax extension online free Keep the original form. Tax extension online free Do not file it with the IRS. Tax extension online free Other uses of the forms. Tax extension online free   If you set up a SIMPLE IRA plan using Form 5304-SIMPLE or Form 5305-SIMPLE, you can use the form to satisfy other requirements, including the following. Tax extension online free Meeting employer notification requirements for the SIMPLE IRA plan. Tax extension online free Form 5304-SIMPLE and Form 5305-SIMPLE contain a Model Notification to Eligible Employees that provides the necessary information to the employee. Tax extension online free Maintaining the SIMPLE IRA plan records and proving you set up a SIMPLE IRA plan for employees. Tax extension online free Deadline for setting up a SIMPLE IRA plan. Tax extension online free   You can set up a SIMPLE IRA plan effective on any date from January 1 through October 1 of a year, provided you did not previously maintain a SIMPLE IRA plan. Tax extension online free This requirement does not apply if you are a new employer that comes into existence after October 1 of the year the SIMPLE IRA plan is set up and you set up a SIMPLE IRA plan as soon as administratively feasible after your business comes into existence. Tax extension online free If you previously maintained a SIMPLE IRA plan, you can set up a SIMPLE IRA plan effective only on January 1 of a year. Tax extension online free A SIMPLE IRA plan cannot have an effective date that is before the date you actually adopt the plan. Tax extension online free Setting up a SIMPLE IRA. Tax extension online free   SIMPLE IRAs are the individual retirement accounts or annuities into which the contributions are deposited. Tax extension online free A SIMPLE IRA must be set up for each eligible employee. Tax extension online free Forms 5305-S, SIMPLE Individual Retirement Trust Account, and 5305-SA, SIMPLE Individual Retirement Custodial Account, are model trust and custodial account documents the participant and the trustee (or custodian) can use for this purpose. Tax extension online free   A SIMPLE IRA cannot be a Roth IRA. Tax extension online free Contributions to a SIMPLE IRA will not affect the amount an individual can contribute to a Roth or traditional IRA. Tax extension online free Deadline for setting up a SIMPLE IRA. Tax extension online free   A SIMPLE IRA must be set up for an employee before the first date by which a contribution is required to be deposited into the employee's IRA. Tax extension online free See Time limits for contributing funds , later, under Contribution Limits. Tax extension online free Credit for startup costs. Tax extension online free   You may be able to claim a tax credit for part of the ordinary and necessary costs of starting a SIMPLE IRA plan that first became effective in 2013. Tax extension online free For more information, see Credit for startup costs under Reminders, earlier. Tax extension online free Notification Requirement If you adopt a SIMPLE IRA plan, you must notify each employee of the following information before the beginning of the election period. Tax extension online free The employee's opportunity to make or change a salary reduction choice under a SIMPLE IRA plan. Tax extension online free Your decision to make either matching contributions or nonelective contributions (discussed later). Tax extension online free A summary description provided by the financial institution. Tax extension online free Written notice that his or her balance can be transferred without cost or penalty if they use a designated financial institution. Tax extension online free Election period. Tax extension online free   The election period is generally the 60-day period immediately preceding January 1 of a calendar year (November 2 to December 31 of the preceding calendar year). Tax extension online free However, the dates of this period are modified if you set up a SIMPLE IRA plan in mid-year (for example, on July 1) or if the 60-day period falls before the first day an employee becomes eligible to participate in the SIMPLE IRA plan. Tax extension online free   A SIMPLE IRA plan can provide longer periods for permitting employees to enter into salary reduction agreements or to modify prior agreements. Tax extension online free For example, a SIMPLE IRA plan can provide a 90-day election period instead of the 60-day period. Tax extension online free Similarly, in addition to the 60-day period, a SIMPLE IRA plan can provide quarterly election periods during the 30 days before each calendar quarter, other than the first quarter of each year. Tax extension online free Contribution Limits Contributions are made up of salary reduction contributions and employer contributions. Tax extension online free You, as the employer, must make either matching contributions or nonelective contributions, defined later. Tax extension online free No other contributions can be made to the SIMPLE IRA plan. Tax extension online free These contributions, which you can deduct, must be made timely. Tax extension online free See Time limits for contributing funds , later. Tax extension online free Salary reduction contributions. Tax extension online free   The amount the employee chooses to have you contribute to a SIMPLE IRA on his or her behalf cannot be more than $12,000 for 2013 and 2014. Tax extension online free These contributions must be expressed as a percentage of the employee's compensation unless you permit the employee to express them as a specific dollar amount. Tax extension online free You cannot place restrictions on the contribution amount (such as limiting the contribution percentage), except to comply with the $12,000 limit. Tax extension online free   If you or an employee participates in any other qualified plan during the year and you or your employee have salary reduction contributions (elective deferrals) under those plans, the salary reduction contributions under a SIMPLE IRA plan also count toward the overall annual limit ($17,500 for 2013 and 2014) on exclusion of salary reduction contributions and other elective deferrals. Tax extension online free Catch-up contributions. Tax extension online free   A SIMPLE IRA plan can permit participants who are age 50 or over at the end of the calendar year to also make catch-up contributions. Tax extension online free The catch-up contribution limit for 2013 and 2014 for SIMPLE IRA plans is $2,500. Tax extension online free Salary reduction contributions are not treated as catch-up contributions for 2013 or 2014 until they exceed $12,000. Tax extension online free However, the catch-up contribution a participant can make for a year cannot exceed the lesser of the following amounts. Tax extension online free The catch-up contribution limit. Tax extension online free The excess of the participant's compensation over the salary reduction contributions that are not catch-up contributions. Tax extension online free Employer matching contributions. Tax extension online free   You are generally required to match each employee's salary reduction contributions on a dollar-for-dollar basis up to 3% of the employee's compensation. Tax extension online free This requirement does not apply if you make nonelective contributions as discussed later. Tax extension online free Example. Tax extension online free In 2013, your employee, John Rose, earned $25,000 and chose to defer 5% of his salary. Tax extension online free Your net earnings from self-employment are $40,000, and you choose to contribute 10% of your earnings to your SIMPLE IRA. Tax extension online free You make 3% matching contributions. Tax extension online free The total contribution you make for John is $2,000, figured as follows. Tax extension online free Salary reduction contributions ($25,000 × . Tax extension online free 05) $1,250 Employer matching contribution ($25,000 × . Tax extension online free 03) 750 Total contributions $2,000     The total contribution you make for yourself is $5,200, figured as follows. Tax extension online free Salary reduction contributions ($40,000 × . Tax extension online free 10) $4,000 Employer matching contribution ($40,000 × . Tax extension online free 03) 1,200 Total contributions $5,200 Lower percentage. Tax extension online free   If you choose a matching contribution less than 3%, the percentage must be at least 1%. Tax extension online free You must notify the employees of the lower match within a reasonable period of time before the 60-day election period (discussed earlier) for the calendar year. Tax extension online free You cannot choose a percentage less than 3% for more than 2 years during the 5-year period that ends with (and includes) the year for which the choice is effective. Tax extension online free Nonelective contributions. Tax extension online free   Instead of matching contributions, you can choose to make nonelective contributions of 2% of compensation on behalf of each eligible employee who has at least $5,000 (or some lower amount you select) of compensation from you for the year. Tax extension online free If you make this choice, you must make nonelective contributions whether or not the employee chooses to make salary reduction contributions. Tax extension online free Only $255,000 of the employee's compensation can be taken into account to figure the contribution limit in 2013 ($260,000 in 2014). Tax extension online free   If you choose this 2% contribution formula, you must notify the employees within a reasonable period of time before the 60-day election period (discussed earlier) for the calendar year. Tax extension online free Example 1. Tax extension online free In 2013, your employee, Jane Wood, earned $36,000 and chose to have you contribute 10% of her salary. Tax extension online free Your net earnings from self-employment are $50,000, and you choose to contribute 10% of your earnings to your SIMPLE IRA. Tax extension online free You make a 2% nonelective contribution. Tax extension online free Both of you are under age 50. Tax extension online free The total contribution you make for Jane is $4,320, figured as follows. Tax extension online free Salary reduction contributions ($36,000 × . Tax extension online free 10) $3,600 2% nonelective contributions ($36,000 × . Tax extension online free 02) 720 Total contributions $4,320     The total contribution you make for yourself is $6,000, figured as follows. Tax extension online free Salary reduction contributions ($50,000 × . Tax extension online free 10) $5,000 2% nonelective contributions ($50,000 × . Tax extension online free 02) 1,000 Total contributions $6,000 Example 2. Tax extension online free Using the same facts as in Example 1, above, the maximum contribution you make for Jane or for yourself if you each earned $75,000 is $13,500, figured as follows. Tax extension online free Salary reduction contributions (maximum amount allowed) $12,000 2% nonelective contributions ($75,000 × . Tax extension online free 02) 1,500 Total contributions $13,500 Time limits for contributing funds. Tax extension online free   You must make the salary reduction contributions to the SIMPLE IRA within 30 days after the end of the month in which the amounts would otherwise have been payable to the employee in cash. Tax extension online free You must make matching contributions or nonelective contributions by the due date (including extensions) for filing your federal income tax return for the year. Tax extension online free Certain plans subject to Department of Labor rules may have an earlier due date for salary reduction contributions. Tax extension online free When To Deduct Contributions You can deduct SIMPLE IRA contributions in the tax year within which the calendar year for which contributions were made ends. Tax extension online free You can deduct contributions for a particular tax year if they are made for that tax year and are made by the due date (including extensions) of your federal income tax return for that year. Tax extension online free Example 1. Tax extension online free Your tax year is the fiscal year ending June 30. Tax extension online free Contributions under a SIMPLE IRA plan for the calendar year 2013 (including contributions made in 2013 before July 1, 2013) are deductible in the tax year ending June 30, 2014. Tax extension online free Example 2. Tax extension online free You are a sole proprietor whose tax year is the calendar year. Tax extension online free Contributions under a SIMPLE IRA plan for the calendar year 2013 (including contributions made in 2014 by April 15, 2014) are deductible in the 2013 tax year. Tax extension online free Where To Deduct Contributions Deduct the contributions you make for your common-law employees on your tax return. Tax extension online free For example, sole proprietors deduct them on Schedule C (Form 1040) or Schedule F (Form 1040); partnerships deduct them on Form 1065; and corporations deduct them on Form 1120 or Form 1120S. Tax extension online free Sole proprietors and partners deduct contributions for themselves on line 28 of Form 1040. Tax extension online free (If you are a partner, contributions for yourself are shown on the Schedule K-1 (Form 1065) you receive from the partnership. Tax extension online free ) Tax Treatment of Contributions You can deduct your contributions and your employees can exclude these contributions from their gross income. Tax extension online free SIMPLE IRA plan contributions are not subject to federal income tax withholding. Tax extension online free However, salary reduction contributions are subject to social security, Medicare, and federal unemployment (FUTA) taxes. Tax extension online free Matching and nonelective contributions are not subject to these taxes. Tax extension online free Reporting on Form W-2. Tax extension online free   Do not include SIMPLE IRA plan contributions in the “Wages, tips, other compensation” box of Form W-2. Tax extension online free You must, however, include them in the “Social security wages” and “Medicare wages and tips” boxes. Tax extension online free You must also include them in box 12. Tax extension online free Mark the “Retirement plan” checkbox in box 13. Tax extension online free For more information, see the Form W-2 instructions. Tax extension online free Distributions (Withdrawals) Distributions from a SIMPLE IRA are subject to IRA rules and generally are includible in income for the year received. Tax extension online free Tax-free rollovers can be made from one SIMPLE IRA into another SIMPLE IRA. Tax extension online free However, a rollover from a SIMPLE IRA to a non-SIMPLE IRA can be made tax free only after a 2-year participation in the SIMPLE IRA plan. Tax extension online free Generally, you or your employee must begin to receive distributions from a SIMPLE IRA by April 1 of the first year after the calendar year in which you or your employee reaches age 70½. Tax extension online free Early withdrawals generally are subject to a 10% additional tax. Tax extension online free However, the additional tax is increased to 25% if funds are withdrawn within 2 years of beginning participation. Tax extension online free More information. Tax extension online free   See Publication 590 for information about IRA rules, including those on the tax treatment of distributions, rollovers, required distributions, and income tax withholding. Tax extension online free More Information on SIMPLE IRA Plans If you need help to set up or maintain a SIMPLE IRA plan, go to the IRS website and search SIMPLE IRA Plan. Tax extension online free SIMPLE 401(k) Plan You can adopt a SIMPLE plan as part of a 401(k) plan if you meet the 100-employee limit as discussed earlier under SIMPLE IRA Plan. Tax extension online free A SIMPLE 401(k) plan is a qualified retirement plan and generally must satisfy the rules discussed under Qualification Rules in chapter 4, including the required distribution rules. Tax extension online free However, a SIMPLE 401(k) plan is not subject to the nondiscrimination and top-heavy rules discussed in chapter 4 if the plan meets the conditions listed below. Tax extension online free Under the plan, an employee can choose to have you make salary reduction contributions for the year to a trust in an amount expressed as a percentage of the employee's compensation, but not more than $12,000 for 2013 and 2014. Tax extension online free If permitted under the plan, an employee who is age 50 or over can also make a catch-up contribution of up to $2,500 for 2013 and 2014. Tax extension online free See Catch-up contributions , earlier under Contribution Limits. Tax extension online free You must make either: Matching contributions up to 3% of compensation for the year, or Nonelective contributions of 2% of compensation on behalf of each eligible employee who has at least $5,000 of compensation from you for the year. Tax extension online free No other contributions can be made to the trust. Tax extension online free No contributions are made, and no benefits accrue, for services during the year under any other qualified retirement plan sponsored by you on behalf of any employee eligible to participate in the SIMPLE 401(k) plan. Tax extension online free The employee's rights to any contributions are nonforfeitable. Tax extension online free No more than $255,000 of the employee's compensation can be taken into account in figuring matching contributions and nonelective contributions in 2013 ($260,000 in 2014). Tax extension online free Compensation is defined earlier in this chapter. Tax extension online free Employee notification. Tax extension online free   The notification requirement that applies to SIMPLE IRA plans also applies to SIMPLE 401(k) plans. Tax extension online free See Notification Requirement in this chapter. Tax extension online free Credit for startup costs. Tax extension online free   You may be able to claim a tax credit for part of the ordinary and necessary costs of starting a SIMPLE 401(k) plan that first became effective in 2013. Tax extension online free For more information, see Credit for startup costs under Reminders, earlier. Tax extension online free Note on Forms. Tax extension online free   Please note that Forms 5304-SIMPLE and 5305-SIMPLE can not be used to establish a SIMPLE 401(k) plan. Tax extension online free To set up a SIMPLE 401(k) plan, see Adopting a Written Plan in chapter 4. Tax extension online free Prev  Up  Next   Home   More Online Publications
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Consumer Protection Offices

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

State Consumer Protection Offices

Office of the Attorney General

Website: Office of the Attorney General

Address: Office of the Attorney General
Consumer Protection Division
Government Center South, 5th Floor
302 W. Washington St.

Indianapolis, IN 46204

Phone Number: 317-232-6330

Toll-free: 1-800-382-5516 (Consumer Hotline)

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Banking Authorities

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

Department of Financial Institutions

Website: Department of Financial Institutions

Address: Department of Financial Institutions
30 S. Meridian St., Suite 300
Indianapolis, IN 46204

Phone Number: 317-232-3955

Toll-free: 1-800-382-4880 (IN)

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Insurance Regulators

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

Department of Insurance

Website: Department of Insurance

Address: Department of Insurance
Consumer Services Division
311 W. Washington St., Suite 300
Indianapolis, IN 46204-2787

Phone Number: 317-232-2395

Toll-free: 1-800-622-4461 (IN)

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Securities Administrators

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

Office of the Secretary of State

Website: Office of the Secretary of State

Address: Office of the Secretary of State
Securities Division
302 W. Washington St., Room E111
Indianapolis, IN 46204

Phone Number: 317-232-6681

Toll-free: 1-800-223-8791 (IN)

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Utility Commissions

State Utility Commissions regulate services and rates for gas, electricity and telephones within your state. In some states, the utility commissions regulate other services such as water, transportation, and the moving of household goods. Many utility commissions handle consumer complaints. Sometimes, if a number of complaints are received about the same utility matter, they will conduct investigations.

Utility Regulatory Commission

Website: Utility Regulatory Commission

Address: Utility Regulatory Commission
Consumer Assistance Section
101 W. Washington St., Suite 1500E
Indianapolis, IN 46204

Phone Number: 317-232-2712

Toll-free: 1-800-851-4268 (IN)

TTY: 317-232-8556

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The Tax Extension Online Free

Tax extension online free 15. Tax extension online free   Estimated Tax Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: Special Estimated Tax Rules for Qualified FarmersQualified Farmer Special Rules for Qualified Farmers Estimated Tax Penalty for 2013 What's New Net Investment Income Tax. Tax extension online free . Tax extension online free  For tax years beginning in 2013, you may be subject to Net Investment Income Tax (NIIT). Tax extension online free NIIT is a 3. Tax extension online free 8% tax on the lesser of net investment income or the excess of your modified adjusted gross income (MAGI) over the threshold amount. Tax extension online free NIIT may need to be included when calculating your estimated tax. Tax extension online free For more information, see Publication 505,Tax Withholding and Estimated Tax. Tax extension online free Additional Medicare Tax. Tax extension online free  For tax years beginning in 2013, a 0. Tax extension online free 9% Additional Medicare Tax applies to Medicare wages, Railroad Retirement Tax Act (RRTA) compensation, and self-employment income over a threshold amount based on your filing status. Tax extension online free You may need to include this amount when figuring your estimated tax. Tax extension online free For more information, see Publication 505. Tax extension online free Introduction Estimated tax is the method used to pay tax on income that is not subject to withholding. Tax extension online free See Publication 505 for the general rules and requirements for paying estimated tax. Tax extension online free If you are a qualified farmer, defined below, you are subject to the special rules covered in this chapter for paying estimated tax. Tax extension online free Topics - This chapter discusses: Special estimated tax rules for qualified farmers Estimated tax penalty Useful Items - You may want to see: Publication 505 Tax Withholding and Estimated Tax Form (and Instructions) 1040 U. Tax extension online free S. Tax extension online free Individual Income Tax Return 1040-ES Estimated Tax for Individuals 2210-F Underpayment of Estimated Tax by Farmers and Fishermen See chapter 16 for information about getting publications and forms. Tax extension online free Special Estimated Tax Rules for Qualified Farmers Special rules apply to the payment of estimated tax by individuals who are qualified farmers. Tax extension online free If you are not a qualified farmer as defined next, see Publication 505 for the estimated tax rules that apply. Tax extension online free Qualified Farmer An individual is a qualified farmer for 2013 if at least two-thirds of his or her gross income from all sources for 2012 or 2013 was from farming. Tax extension online free See Gross Income , next, for information on how to figure your gross income from all sources and see Gross Income From Farming , later, for information on how to figure your gross income from farming. Tax extension online free See also Percentage From Farming , later, for information on how to determine the percentage of your gross income from farming. Tax extension online free Gross Income Gross income is all income you receive in the form of money, goods, property, and services that is not exempt from income tax. Tax extension online free On a joint return, you must add your spouse's gross income to your gross income. Tax extension online free To decide whether two-thirds of your gross income was from farming, use as your gross income the total of the following income (not loss) amounts from your tax return. Tax extension online free Wages, salaries, tips, etc. Tax extension online free Taxable interest. Tax extension online free Ordinary dividends. Tax extension online free Taxable refunds, credits, or offsets of state and local income taxes. Tax extension online free Alimony. Tax extension online free Gross business income from Schedule C (Form 1040). Tax extension online free Gross business receipts from Schedule C-EZ (Form 1040). Tax extension online free Capital gains from Schedule D (Form 1040). Tax extension online free Losses are not netted against gains. Tax extension online free Gains on sales of business property. Tax extension online free Taxable IRA distributions, pensions, annuities, and social security benefits. Tax extension online free Gross rental income from Schedule E (Form 1040). Tax extension online free Gross royalty income from Schedule E (Form 1040). Tax extension online free Taxable net income from an estate or trust reported on Schedule E (Form 1040). Tax extension online free Income from a Real Estate Mortgage Investment Conduit reported on Schedule E (Form 1040). Tax extension online free Gross farm rental income from Form 4835. Tax extension online free Gross farm income from Schedule F (Form 1040). Tax extension online free Your distributive share of gross income from a partnership, or limited liability company treated as a partnership, from Schedule K-1 (Form 1065). Tax extension online free Your pro rata share of gross income from an S corporation, from Schedule K-1 (Form 1120S). Tax extension online free Unemployment compensation. Tax extension online free Other income not included with any of the items listed above. Tax extension online free Gross Income From Farming Gross income from farming is income from cultivating the soil or raising agricultural commodities. Tax extension online free It includes the following amounts. Tax extension online free Income from operating a stock, dairy, poultry, bee, fruit, or truck farm. Tax extension online free Income from a plantation, ranch, nursery, range, orchard, or oyster bed. Tax extension online free Crop shares for the use of your land. Tax extension online free Gains from sales of draft, breeding, dairy, or sporting livestock. Tax extension online free Gross income from farming is the total of the following amounts from your tax return. Tax extension online free Gross farm income from Schedule F (Form 1040). Tax extension online free Gross farm rental income from Form 4835. Tax extension online free Gross farm income from Schedule E (Form 1040), Parts II and III. Tax extension online free Gains from the sale of livestock used for draft, breeding, sport, or dairy purposes reported on Form 4797. Tax extension online free For more information about income from farming, see chapter 3. Tax extension online free Farm income does not include any of the following: Wages you receive as a farm employee. Tax extension online free Income you receive from contract grain harvesting and hauling with workers and machines you furnish. Tax extension online free Gains you receive from the sale of farm land and depreciable farm equipment. Tax extension online free Percentage From Farming Figure your gross income from all sources, discussed earlier. Tax extension online free Then figure your gross income from farming, discussed earlier. Tax extension online free Divide your farm gross income by your total gross income to determine the percentage of gross income from farming. Tax extension online free Example 1. Tax extension online free Jane Smith had the following total gross income and farm gross income amounts in 2013. Tax extension online free Gross Income   Total Farm Taxable interest $3,000   Dividends 500   Rental income (Sch E) 41,500   Farm income (Sch F) 75,000 $75,000 Gain (Form 4797) 5,000 5,000 Total $125,000 $80,000 Schedule D showed gain from the sale of dairy cows carried over from Form 4797 ($5,000) in addition to a loss from the sale of corporate stock ($2,000). Tax extension online free However, that loss is not netted against the gain to figure Ms. Tax extension online free Smith's total gross income or her gross farm income. Tax extension online free Her gross farm income is 64% of her total gross income ($80,000 ÷ $125,000 = 0. Tax extension online free 64). Tax extension online free Special Rules for Qualified Farmers The following special estimated tax rules apply if you are a qualified farmer for 2013. Tax extension online free You do not have to pay estimated tax if you file your 2013 tax return and pay all the tax due by March 3, 2014. Tax extension online free You do not have to pay estimated tax if your 2013 income tax withholding (including any amount applied to your 2013 estimated tax from your 2012 return) will be at least 662/3% (. Tax extension online free 6667) of the total tax shown on your 2013 tax return or 100% of the total tax shown on your 2012 return. Tax extension online free If you must pay estimated tax, you are required to make only one estimated tax payment (your required annual payment) by January 15, 2014, using special rules to figure the amount of the payment. Tax extension online free See Required Annual Payment , next, for details. Tax extension online free Figure 15-1 presents an overview of the special estimated tax rules that apply to qualified farmers. Tax extension online free Example 2. Tax extension online free Assume the same fact as in Example 1. Tax extension online free Ms. Tax extension online free Smith's gross farm income is only 64% of her total income. Tax extension online free Therefore, based on her 2013 income, she does not qualify to use the special estimated tax rules for qualified farmers. Tax extension online free However, she does qualify if at least two-thirds of her 2012 gross income was from farming. Tax extension online free Example 3. Tax extension online free Assume the same facts as in Example 1 except that Ms. Tax extension online free Smith's farm income from Schedule F was $90,000 instead of $75,000. Tax extension online free This made her total gross income $140,000 ($3,000 + $500 + $41,500 + $90,000 + $5,000) and her farm gross income $95,000 ($90,000 + $5,000). Tax extension online free She qualifies to use the special estimated tax rules for qualified farmers, since 67. Tax extension online free 9% (at least two-thirds) of her gross income is from farming ($95,000 ÷ $140,000 = . Tax extension online free 679). Tax extension online free Required Annual Payment If you are a qualified farmer and must pay estimated tax for 2013, use the worksheet on Form 1040-ES to figure the amount of your required annual payment. Tax extension online free Apply the following special rules for qualified farmers to the worksheet. Tax extension online free On line 14a, multiply line 13c by 662/3% (. Tax extension online free 6667). Tax extension online free On line 14b, enter 100% of the tax shown on your 2012 tax return regardless of the amount of your adjusted gross income. Tax extension online free For this purpose, the “tax shown on your 2012 tax return” is the amount on line 61 of your 2012 return modified by certain adjustments. Tax extension online free For more information, see chapter 4 of Publication 505. Tax extension online free Estimated Tax Penalty for 2013 If you do not pay all your required estimated tax for 2013 by January 15, 2014, or file your 2013 return and pay any tax due by March 3, 2014, you may owe a penalty. Tax extension online free Use Form 2210-F, Underpayment of Estimated Tax by Farmers and Fishermen, to determine if you owe a penalty. Tax extension online free See the instructions for Form 2210-F. Tax extension online free Figure 15-1. Tax extension online free Estimated Tax for Farmers Please click here for the text description of the image. Tax extension online free Figure 2–A If you receive a penalty notice, do not ignore it, even if you think it is in error. Tax extension online free You may get a penalty notice even though you filed your return on time, attached Form 2210-F, and met the gross-income-from-farming requirement. Tax extension online free If you receive a penalty notice for underpaying estimated tax and you think it is in error, write to the address on the notice and explain why you think the notice is in error. Tax extension online free Include a computation similar to the one in Example 1 (earlier), showing that you met the gross income from farming requirement. Tax extension online free Prev  Up  Next   Home   More Online Publications