Filing Your Taxes Online is Fast, Easy and Secure.
Start now and receive your tax refund in as little as 7 days.

1. Get Answers

Your online questions are customized to your unique tax situation.

2. Maximize your Refund

Find tax credits for everything from school tuition to buying a hybri

3. E-File for FREE

E-file free with direct deposit to get your refund in as few as 7 days.

Filing your taxes with paper mail can be difficult and it could take weeks for your refund to arrive. IRS e-file is easy, fast and secure. There is no paperwork going to the IRS so tax refunds can be processed in as little as 7 days with direct deposit. As you prepare your taxes online, you can see your tax refund in real time.

FREE audit support and representation from an enrolled agent – NEW and only from H&R Block

Turbotax Free State Filing

Complete Tax Free FileSelf Employed Tax FilingHow To File Federal And State Taxes For Free2011 Amended Tax ReturnHow To File State Taxes OnlyWhere To File State Taxes For FreeState Tax Forms Need Fill1040ez Help1040nr Free FileHow To File 2010 Tax ReturnHow To File An Amended ReturnRefile 2012 Taxes2012 1040 Ez FormIrs Gov 2011 Tax FormsEfile Free Federal And State1040x TaxIrs1040xHow Do I File An Amendment To My Taxes2012 Income Tax FormsOrder 2012 Tax Forms From IrsStates With No Retirement Income TaxPartnership State Tax FormsIrs Ammended ReturnE File State Taxes Only2012 Tax FormTaxact 2013 Free1040 AAmended TaxBack Taxes HelpIrs Forms 1040ez InstructionsHow To File Taxes If Unemployed1040x Fillable FormInstruction Booklet For 1040xCan I Do My 2012 Taxes Now2010 1040 Tax Form2012 Free Tax Return FilingDownload State Tax Forms1040 Ez FormTurbotax 1040nr1040a Tax Form 2011

Turbotax Free State Filing

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

TV Options

There are many choices for consumers looking to buy new televisions today:

  • Direct View or Tube — This is a traditional TV that uses a cathode ray tube. It comes in many shapes and sizes, produces a good picture, is generally dependable, and- best of all- is less expensive than many other models.
  • DLP or Digital Light Processing — Many manufacturers produce this TV, which makes use of an optical semiconductor called a Digital Micromirror Device that depends on over a million tiny mirrors. DLPs come in rear and front projection. Some consumers are bothered by a "rainbow effect" on DLP screens, best described as flashes of light shadows seen on high-contrast images.
  • LCD or Liquid Crystal Display— Whether flat panel or rear projection, there are many types of LCD televisions on the market. Many people prefer flat panels because of their thin, lightweight construction. Some consumers complain of slow response times and a ghosting effect.
  • PDP or Plasma Display Panels— A favorite among consumers, plasma TVs come in a variety of flat panel models. They are generally dependable, competitively priced, and deliver a dramatic picture. The gases that power the picture cannot be refilled, but problems such as dead pixels, screen burn, and other screen distortions can generally be repaired.

Before buying a new TV, do your homework. Visit stores and online sites to compare prices, models, and features. It is important to see the monitors in person before buying to make sure the one you select will meet your needs. For independent ratings and reviews, check out Consumer Reports. Additional information is also available from Energystar

EnergyStar TVs

EnergyStar qualified televisions use about 40% less energy than standard units. You can find the EnergyStar on everything from standard TVs, to HD-ready TVs, to the largest flat-screen plasma TVs.

Home electronics that have earned the EnergyStar deliver exceptional features, while using less energy. Saving energy helps you save money on utility bills and helps to protect the environment by reducing greenhouse gas emissions to counter climate change.

The Turbotax Free State Filing

Turbotax free state filing Part One -   La Declaración de Impuestos sobre los Ingresos Los cuatro capítulos de esta sección presentan información básica sobre el sistema tributario. Turbotax free state filing Le explican los primeros pasos para llenar una declaración de impuestos; por ejemplo, cómo determinar qué estado civil para efectos de la declaración le corresponde, cuántas exenciones puede reclamar y qué formulario presentar. Turbotax free state filing Asimismo, explican los requisitos de mantenimiento de documentación, el sistema de presentación electrónica del IRS e-file, determinadas multas y los dos métodos que se utilizan para pagar impuestos durante el año: la retención del impuesto y el impuesto estimado. Turbotax free state filing Table of Contents 1. Turbotax free state filing   Información para la Presentación de la Declaración de ImpuestosQué Hay de Nuevo Recordatorios Introduction ¿Debo Presentar una Declaración?Individuos/Personas Físicas—En General Dependientes Determinados Hijos Menores de 19 Años de Edad o Estudiantes a Tiempo Completo Trabajadores por Cuenta Propia Extranjeros Quién Debe Presentar una Declaración ¿Qué Formulario Debo Usar?Formulario 1040EZ Formulario 1040A Formulario 1040 ¿Tengo que Presentar la Declaración en Papel? E-file del IRS ¿Cuándo Tengo que Presentar la Declaración?Servicios de entrega privados. Turbotax free state filing Prórrogas del Plazo para Presentar la Declaración de Impuestos ¿Cómo Preparo la Declaración de Impuestos?¿Cuándo Declaro los Ingresos y Gastos? Número de Seguro Social Fondo para la Campaña Electoral Presidencial Cálculos Documentos Adjuntos Designación de un Tercero Firmas Preparador Remunerado Reembolsos Cantidad que Adeuda Donaciones Para Reducir la Deuda Pública Nombre y Dirección ¿Dónde Presento la Declaración? ¿Qué Ocurre Después de Presentar la Declaración?¿Qué Documentos Debo Mantener? ¿Por Qué Debe Mantener los Documentos? Tipo de Documentos que Debe Mantener Documentos Básicos Cuánto Tiempo Debe Mantener los Documentos Información sobre Reembolsos Intereses Sobre Reembolsos Cambio de Dirección ¿Qué Sucede Si Cometí un Error?Declaraciones Enmendadas y Reclamaciones de Reembolso Multas Robo de Identidad 2. Turbotax free state filing   Estado Civil para Efectos de la DeclaraciónQué Hay de Nuevo Introduction Useful Items - You may want to see: Estado CivilPersonas divorciadas. Turbotax free state filing Divorcio y nuevo matrimonio. Turbotax free state filing Matrimonios anulados. Turbotax free state filing Cabeza de familia o viudo que reúne los requisitos con hijo dependiente. Turbotax free state filing Personas consideradas casadas. Turbotax free state filing Matrimonio del mismo sexo. Turbotax free state filing Cónyuge fallecido durante el año. Turbotax free state filing Personas casadas que viven separadas. Turbotax free state filing Soltero Casados que Presentan una Declaración ConjuntaPresentación de una Declaración Conjunta Casados que Presentan la Declaración por SeparadoReglas Especiales Cabeza de FamiliaPersonas Consideradas no Casadas Personas que Mantienen una Vivienda Persona Calificada Viudo que Reúne los Requisitos con Hijo Dependiente 3. Turbotax free state filing   Exenciones Personales y por DependientesQué Hay de Nuevo Introduction Useful Items - You may want to see: ExencionesExenciones Personales Exenciones por Dependientes Hijo Calificado Pariente Calificado Eliminación gradual por fases de la exención Números de Seguro Social para DependientesNacimiento y fallecimiento en el año 2013. Turbotax free state filing Número de identificación personal del contribuyente del Servicio de Impuestos Internos. Turbotax free state filing Números de identificación del contribuyente en proceso de adopción. Turbotax free state filing 4. Turbotax free state filing   Retención de Impuestos e Impuesto EstimadoQué Hay de Nuevo para el Año 2014 Recordatorios Introduction Useful Items - You may want to see: Retención de Impuesto para el Año 2014Sueldos y Salarios Propinas Beneficios Marginales Tributables Compensación por Enfermedad Pensiones y Anualidades Ganancias Provenientes de Juegos de Azar y Apuestas Compensación por Desempleo Pagos del Gobierno Federal Retención Adicional Impuesto Estimado para el Año 2014Quién no Tiene que Pagar el Impuesto Estimado ¿Quién Tiene que Pagar Impuesto Estimado? Cómo Calcular el Impuesto Estimado Cuándo se Debe Pagar el Impuesto Estimado Cómo Determinar Cada Pago Cómo Pagar el Impuesto Estimado Crédito por Impuestos Retenidos e Impuesto Estimado para el Año 2013Retención Impuesto Estimado Multa por Pago Insuficiente de Impuestos para el Año 2013 Prev  Up  Next   Home   More Online Publications