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1040 Short Form

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1040 Short Form

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

1040 short form 1. 1040 short form   Filing and Paying Business Taxes Table of Contents Introduction Useful Items - You may want to see: Identification NumbersNew EIN. 1040 short form Employee. 1040 short form Other payee. 1040 short form Income TaxDo I Have To File an Income Tax Return? How Do I File? IRS e-file (Electronic Filing) When Is My Tax Return Due? How Do I Pay Income Tax? Self-Employment (SE) TaxHow to become insured under social security. 1040 short form Earning credits in 2013 and 2014. 1040 short form Employment Taxes Excise Taxes Information ReturnsWaiver of penalties. 1040 short form Penalties. 1040 short form Introduction This chapter explains the business taxes you may have to pay and the forms you may have to file. 1040 short form It also discusses taxpayer identification numbers. 1040 short form Table 1-1 lists the benefits of filing electronically. 1040 short form Table 1-2 lists the federal taxes you may have to pay, their due dates, and the forms you use to report them. 1040 short form Table 1-3 provides checklists that highlight the typical forms and schedules you may need to file if you ever go out of business. 1040 short form You may want to get Publication 509, Tax Calendars. 1040 short form It has tax calendars that tell you when to file returns and make tax payments. 1040 short form Useful Items - You may want to see: Publication 505 Tax Withholding and Estimated Tax Form (and Instructions) 1040 U. 1040 short form S. 1040 short form Individual Income Tax Return 1040-ES Estimated Tax for Individuals Sch C (Form 1040) Profit or Loss From Business Sch C-EZ (Form 1040) Net Profit From Business Sch SE (Form 1040) Self-Employment Tax See chapter 12 for information about getting publications and forms. 1040 short form Identification Numbers This section explains three types of taxpayer identification numbers, who needs them, when to use them, and how to get them. 1040 short form Social security number (SSN). 1040 short form   Generally, use your SSN as your taxpayer identification number. 1040 short form You must put this number on each of your individual income tax forms, such as Form 1040 and its schedules. 1040 short form   To apply for an SSN, use Form SS-5, Application for a Social Security Card. 1040 short form This form is available at Social Security Administration (SSA) offices or by calling 1-800-772-1213. 1040 short form It is also available from the SSA website at www. 1040 short form socialsecurity. 1040 short form gov. 1040 short form Individual taxpayer identification number (ITIN). 1040 short form   The IRS will issue an ITIN if you are a nonresident or resident alien and you do not have and are not eligible to get an SSN. 1040 short form In general, if you need to obtain an ITIN, you must attach Form W-7, Application for IRS Individual Taxpayer Identification Number, with your signed, original, completed tax return and any other required documentation and mail them to the following address. 1040 short form  Internal Revenue Service ITIN Operation P. 1040 short form O. 1040 short form Box 149342 Austin, TX 78714-9342 The exceptions are covered in detail in the instructions for Form W-7. 1040 short form If you must include another person's SSN on your return and that person does not have and cannot get an SSN, enter that person's ITIN. 1040 short form The application is also available in Spanish. 1040 short form The form is available at IRS. 1040 short form gov or you can call 1-800-829-3676 to order the form. 1040 short form    An ITIN is for tax use only. 1040 short form It does not entitle the holder to social security benefits or change the holder's employment or immigration status. 1040 short form Employer identification number (EIN). 1040 short form   You must also have an EIN to use as a taxpayer identification number if you do either of the following. 1040 short form Pay wages to one or more employees. 1040 short form File pension or excise tax returns. 1040 short form   If you must have an EIN, include it along with your SSN on your Schedule C or C-EZ. 1040 short form   You can apply for an EIN: Online by clicking on the Employer ID Numbers (EINs) link at www. 1040 short form irs. 1040 short form gov/businesses/small. 1040 short form The EIN is issued immediately once the application information is validated. 1040 short form By telephone at 1-800-829-4933. 1040 short form By mailing or faxing Form SS-4, Application for Employer Identification Number. 1040 short form New EIN. 1040 short form   You may need to get a new EIN if either the form or the ownership of your business changes. 1040 short form For more information, see Publication 1635, Understanding Your EIN. 1040 short form When you need identification numbers of other persons. 1040 short form   In operating your business, you will probably make certain payments you must report on information returns. 1040 short form These payments are discussed under Information Returns, later in this chapter. 1040 short form You must give the recipient of these payments (the payee) a statement showing the total amount paid during the year. 1040 short form You must include the payee's identification number and your identification number on the returns and statements. 1040 short form Employee. 1040 short form   If you have employees, you must get an SSN from each of them. 1040 short form Record the name and SSN of each employee exactly as they are shown on the employee's social security card. 1040 short form If the employee's name is not correct as shown on the card, the employee should request a new card from the SSA. 1040 short form This may occur if the employee's name was changed due to marriage or divorce. 1040 short form   Form W-4, Employee's Withholding Allowance Certificate, is completed by each employee so the correct federal income tax can be withheld from their pay. 1040 short form   If your employee does not have an SSN, he or she should file Form SS-5 with the SSA. 1040 short form Other payee. 1040 short form   If you make payments to someone who is not your employee and you must report the payments on an information return, get that person's SSN. 1040 short form If you must report payments to an organization, such as a corporation or partnership, you must get its EIN. 1040 short form   To get the payee's SSN or EIN, use Form W-9, Request for Taxpayer Identification Number and Certification. 1040 short form   A payee who does not provide you with an identification number may be subject to backup withholding. 1040 short form For information on backup withholding, see the Form W-9 instructions and the General Instructions for Certain Information Returns. 1040 short form Income Tax This part explains whether you have to file an income tax return and when you file it. 1040 short form It also explains how you pay the tax. 1040 short form Do I Have To File an Income Tax Return? You have to file an income tax return for 2013 if your net earnings from self-employment were $400 or more. 1040 short form If your net earnings from self-employment were less than $400, you still have to file an income tax return if you meet any other filing requirement listed in the Form 1040 instructions. 1040 short form How Do I File? File your income tax return on Form 1040 and attach Schedule C or Schedule C-EZ. 1040 short form Enter the net profit or loss from Schedule C or Schedule C-EZ on page 1 of Form 1040. 1040 short form Use Schedule C to figure your net profit or loss from your business. 1040 short form If you operated more than one business as a sole proprietorship, you must attach a separate Schedule C for each business. 1040 short form You can use the simpler Schedule C-EZ if you operated only one business as a sole proprietorship, you did not have a net loss, and you meet the other requirements listed in Part I of the schedule. 1040 short form IRS e-file (Electronic Filing) Please click here for the text description of the image. 1040 short form E-file logo You may be able to file your tax returns electronically using an IRS e-file option. 1040 short form Table 1-1 lists the benefits of IRS e-file. 1040 short form IRS e-file uses automation to replace most of the manual steps needed to process paper returns. 1040 short form As a result, the processing of e-file returns is faster and more accurate than the processing of paper returns. 1040 short form As with a paper return, you are responsible for making sure your return contains accurate information and is filed on time. 1040 short form Using e-file does not affect your chances of an IRS examination of your return. 1040 short form You can file most commonly used business forms using IRS e-file. 1040 short form For more information, visit IRS. 1040 short form gov. 1040 short form Electronic signatures. 1040 short form   Paperless filing is easier than you think and it's available to most taxpayers who file electronically—including those first-time filers who were 16 or older at the end of 2013. 1040 short form If you file electronically using tax preparation software or a tax professional, you will participate in the Self-Select PIN (personal identification number) program. 1040 short form If you are married filing jointly, you and your spouse will each need to create a PIN and enter these PINs as your electronic signatures. 1040 short form    To create a PIN, you must know your adjusted gross income (AGI) from your originally filed 2012 income tax return (not from an amended return, Form 1040X, or any math error notice from the IRS). 1040 short form You will also need to provide your date of birth (DOB). 1040 short form Make sure your DOB is accurate and matches the information on record with the Social Security Administration before you e-file. 1040 short form To do this, check your annual Social Security Statement. 1040 short form   With a Self-Select PIN, there is nothing to sign and nothing to mail—not even your Forms W-2. 1040 short form For more details on the Self-Select PIN program, visit IRS. 1040 short form gov. 1040 short form State returns. 1040 short form   In most states, you can file an electronic state return simultaneously with your federal return. 1040 short form For more information, check with your local IRS office, state tax agency, tax professional, or IRS. 1040 short form gov. 1040 short form Refunds. 1040 short form   You can have your refund check mailed to you, or you can have your refund deposited directly to your checking or savings account. 1040 short form   With e-file, your refund will be issued in half the time as when filing on paper. 1040 short form Most refunds are issued within 3 weeks. 1040 short form If you choose Direct Deposit, you can receive your refund in as few as 10 days. 1040 short form Offset against debts. 1040 short form   As with a paper return, you may not get all of your refund if you owe certain past-due amounts, such as federal tax, state tax, a student loan, or child support. 1040 short form You will be notified if the refund you claimed has been offset against your debts. 1040 short form Refund inquiries. 1040 short form   You can check the status of your refund if it has been at least 24 hours (4 weeks if you mailed a paper return) from the date you filed your return. 1040 short form Be sure to have a copy of your tax return available because you will need to know the filing status, the first social security number shown on the return, and the exact whole-dollar amount of the refund. 1040 short form To check on your refund, do one of the following. 1040 short form Go to IRS. 1040 short form gov and click on Where's My Refund. 1040 short form Call 1-800-829-4477 for automated refund information, and follow the recorded instructions. 1040 short form Call 1-800-829-1954 during the hours shown in your form instructions. 1040 short form Balance due. 1040 short form   If you owe tax, you must pay it by April 15, 2014, to avoid late-payment penalties and interest. 1040 short form You can make your payment electronically by scheduling an electronic funds withdrawal from your checking or savings account or by credit card. 1040 short form Using an Authorized IRS e-file Provider Many tax professionals can electronically file paperless returns for their clients. 1040 short form You have two options. 1040 short form You can prepare your return, take it to an authorized IRS e-file provider, and have the provider transmit it electronically to the IRS. 1040 short form You can have an authorized IRS e-file provider prepare your return and transmit it for you electronically. 1040 short form You will be asked to complete Form 8879, IRS e-file Signature Authorization, to authorize the provider to enter your self-selected PIN on your return. 1040 short form Depending on the provider and the specific services requested, a fee may be charged. 1040 short form To find an authorized IRS e-file provider near you, go to IRS. 1040 short form gov or look for an “Authorized IRS e-file Provider” sign. 1040 short form Using Your Personal Computer A computer with Internet access is all you need to file your tax return using IRS e-file. 1040 short form When you use your personal computer, you can e-file your return from your home any time of the day or night. 1040 short form Sign your return electronically using a self-selected PIN to complete the process. 1040 short form There is no signature form to submit or Forms W-2 to send in. 1040 short form Free Internet filing options. 1040 short form   More taxpayers can now prepare and e-file their individual income tax returns free using commercial tax preparation software accessible through IRS. 1040 short form gov or www. 1040 short form usa. 1040 short form gov. 1040 short form The IRS is partnering with the tax software industry to offer free preparation and filing services to a significant number of taxpayers. 1040 short form Security and privacy certificate programs will assure tax data is safe and secure. 1040 short form To see if you qualify for these services, visit the Return Preparation and Filing Options page at IRS. 1040 short form gov. 1040 short form   If you cannot use the free services, you can buy tax preparation software at various electronics stores or computer and office supply stores. 1040 short form You can also download software from the Internet or prepare and file your return completely online by using tax preparation software available on the Internet. 1040 short form Filing Through Employers and Financial Institutions Some businesses offer free e-file to their employees, members, or customers. 1040 short form Others offer it for a fee. 1040 short form Ask your employer or financial institution if they offer IRS e-file as an employee, member, or customer benefit. 1040 short form Free Help With Your Return Free help in preparing your return is available nationwide from IRS-trained volunteers. 1040 short form The Volunteer Income Tax Assistance (VITA) program is designed to help low-income taxpayers, and the Tax Counseling for the Elderly (TCE) program is designed to assist taxpayers age 60 or older with their tax returns. 1040 short form Some locations offer free electronic filing. 1040 short form Table 1-1. 1040 short form Benefits of IRS e-file Accuracy • Your chance of getting an error notice from the IRS is significantly reduced. 1040 short form Security • Your privacy and security are assured. 1040 short form Electronic signatures • Create your own personal identification number (PIN) and file a completely paperless return through your tax preparation software or tax professional. 1040 short form There is nothing to mail. 1040 short form Proof of acceptance • You receive an electronic acknowledgment within 48 hours that the IRS has accepted your return for processing. 1040 short form Fast refunds • You get your refund faster with Direct Deposit—in as few as 10 days. 1040 short form Free Internet filing options • Use IRS. 1040 short form gov to access commercial tax preparation and e-file services available at no cost to eligible taxpayers. 1040 short form Electronic payment options • Convenient, safe, and secure electronic payment options are available. 1040 short form E-file and pay your taxes in a single step. 1040 short form Schedule an electronic funds withdrawal from your checking or savings account (up to and including April 15, 2014) or pay by credit card. 1040 short form Federal/State filing • Prepare and file your federal and state tax returns together and double the benefits you get from e-file. 1040 short form When Is My Tax Return Due? Form 1040 for calendar year 2013 is due by April 15, 2014. 1040 short form If you use a fiscal year (explained in chapter 2), your return is due by the 15th day of the 4th month after the end of your fiscal year. 1040 short form If you file late, you may have to pay penalties and interest. 1040 short form If you cannot file your return on time, use Form 4868, Application for Automatic Extension of Time To File U. 1040 short form S. 1040 short form Individual Income Tax Return, to request an automatic 6-month extension. 1040 short form For calendar year taxpayers, this will extend the tax filing due date until October 15. 1040 short form Filing an extension does not extend the time to pay your taxes, only the time to file the tax return. 1040 short form How Do I Pay Income Tax? Federal income tax is a pay-as-you-go tax. 1040 short form You must pay it as you earn or receive income during the year. 1040 short form An employee usually has income tax withheld from his or her pay. 1040 short form If you do not pay your tax through withholding, or do not pay enough tax that way, you might have to pay estimated tax. 1040 short form You generally have to make estimated tax payments if you expect to owe taxes, including self-employment tax (discussed later), of $1,000 or more when you file your return. 1040 short form Use Form 1040-ES to figure and pay the tax. 1040 short form If you do not have to make estimated tax payments, you can pay any tax due when you file your return. 1040 short form For more information on estimated tax, see Publication 505, Tax Withholding and Estimated Tax. 1040 short form What are my payment options?   You can pay your estimated tax electronically using various options. 1040 short form If you pay electronically, there is no need to mail in Form 1040-ES payment vouchers. 1040 short form These options include: Paying electronically through the Electronic Federal Tax Payment System (EFTPS). 1040 short form Paying by authorizing an electronic funds withdrawal when you file Form 1040 electronically. 1040 short form Paying by credit or debit card over the phone or by Internet. 1040 short form Other options include crediting an overpayment from your 2013 return to your 2014 estimated tax, or mailing a check or money order with a Form 1040-ES payment voucher. 1040 short form EFTPS    To enroll in EFTPS, go to www. 1040 short form eftps. 1040 short form gov or call 1-800-555-4477. 1040 short form When you request a new EIN and you will have a tax obligation, you are automatically enrolled in EFTPS. 1040 short form Benefits of EFTPS: The chance of an error in making your payments is reduced. 1040 short form You receive immediate confirmation of every transaction. 1040 short form Penalty for underpayment of tax. 1040 short form   If you did not pay enough income tax and self-employment tax for 2013 by withholding or by making estimated tax payments, you may have to pay a penalty on the amount not paid. 1040 short form The IRS will figure the penalty for you and send you a bill. 1040 short form Or you can use Form 2210, Underpayment of Estimated Tax by Individuals, Estates, and Trusts, to see if you have to pay a penalty and to figure the penalty amount. 1040 short form For more information, see Publication 505. 1040 short form Self-Employment (SE) Tax Self-employment tax (SE tax) is a social security and Medicare tax primarily for individuals who work for themselves. 1040 short form It is similar to the social security and Medicare taxes withheld from the pay of most wage earners. 1040 short form If you earned income as a statutory employee, you do not pay SE tax on that income. 1040 short form Social security coverage. 1040 short form   Social security benefits are available to self-employed persons just as they are to wage earners. 1040 short form Your payments of SE tax contribute to your coverage under the social security system. 1040 short form Social security coverage provides you with retirement benefits, disability benefits, survivor benefits, and hospital insurance (Medicare) benefits. 1040 short form By not reporting all of your self-employment income, you could cause your social security benefits to be lower when you retire. 1040 short form How to become insured under social security. 1040 short form   You must be insured under the social security system before you begin receiving social security benefits. 1040 short form You are insured if you have the required number of credits (also called quarters of coverage), discussed next. 1040 short form Earning credits in 2013 and 2014. 1040 short form   For 2013, you received one credit, up to a maximum of four credits, for each $1,160 ($1,200 for 2014) of income subject to social security taxes. 1040 short form Therefore, for 2013, if you had income (self-employment and wages) of $4,640 that was subject to social security taxes, you receive four credits ($4,640 ÷ $1,160). 1040 short form   For an explanation of the number of credits you must have to be insured and the benefits available to you and your family under the social security program, consult your nearest Social Security Administration (SSA) office. 1040 short form    Making false statements to get or to increase social security benefits may subject you to penalties. 1040 short form The Social Security Administration (SSA) time limit for posting self-employment income. 1040 short form   Generally, the SSA will give you credit only for self-employment income reported on a tax return filed within 3 years, 3 months, and 15 days after the tax year you earned the income. 1040 short form If you file your tax return or report a change in your self-employment income after this time limit, the SSA may change its records, but only to remove or reduce the amount. 1040 short form The SSA will not change its records to increase your self-employment income. 1040 short form Who must pay self-employment tax. 1040 short form   You must pay SE tax and file Schedule SE (Form 1040) if either of the following applies. 1040 short form Your net earnings from self-employment (excluding church employee income) were $400 or more. 1040 short form You had church employee income of $108. 1040 short form 28 or more. 1040 short form The SE tax rules apply no matter how old you are and even if you are already receiving social security or Medicare benefits. 1040 short form SE tax rate. 1040 short form   For 2013, the SE tax rate on net earnings is 15. 1040 short form 3% (12. 1040 short form 4% social security tax plus 2. 1040 short form 9% Medicare tax). 1040 short form Maximum earnings subject to SE tax. 1040 short form   Only the first $113,700 of your combined wages, tips, and net earnings in 2013 is subject to any combination of the 12. 1040 short form 4% social security part of SE tax, social security tax, or railroad retirement (tier 1) tax. 1040 short form   All your combined wages, tips, and net earnings in 2013 are subject to any combination of the 2. 1040 short form 9% Medicare part of SE tax, social security tax, or railroad retirement (tier 1) tax. 1040 short form   If wages and tips you receive as an employee are subject to either social security or railroad retirement (tier 1) tax, or both, and total at least $113,700, do not pay the 12. 1040 short form 4% social security part of the SE tax on any of your net earnings. 1040 short form However, you must pay the 2. 1040 short form 9% Medicare part of the SE tax on all your net earnings. 1040 short form Deduct one-half of your SE tax as an adjustment to income on line 27 of Form 1040. 1040 short form   More information. 1040 short form   For information on methods of calculating SE tax, see Chapter 10, Self-Employment Tax. 1040 short form Table 1-2. 1040 short form Which Forms Must I File? IF you are liable for: THEN use Form: DUE by:1 Income tax 1040 and Schedule C or C-EZ2 15th day of 4th month after end of  tax year. 1040 short form Self-employment tax Schedule SE File with Form 1040. 1040 short form Estimated tax 1040-ES 15th day of 4th, 6th, and 9th months of tax year, and 15th day of 1st month after the end of tax year. 1040 short form Social security and Medicare taxes and income tax withholding 941 or 944 April 30, July 31, October 31, and January 313. 1040 short form     See Publication 15. 1040 short form Providing information on social security and Medicare taxes and income tax withholding W-2 (to employee)  W-2 and W-3 (to the Social Security Administration) January 313. 1040 short form   Last day of February (March 31 if filing electronically)3. 1040 short form Federal unemployment (FUTA) tax 940 January 313. 1040 short form     April 30, July 31, October 31, and January 31, but only if the liability for unpaid tax is more than $500. 1040 short form Filing information returns for payments to nonemployees and transactions with other persons See Information Returns Forms 1099 – to the recipient by January 31 and to the IRS by February 28 (March 31 if filing electronically). 1040 short form     Other forms – see the General Instructions for Certain Information Returns. 1040 short form Excise tax See Excise Taxes See the instructions to the forms. 1040 short form 1 If a due date falls on a Saturday, Sunday, or legal holiday, file by the next day that is not a Saturday, Sunday, or legal holiday. 1040 short form For more information, see Publication 509, Tax Calendars. 1040 short form 2 File a separate schedule for each business. 1040 short form 3 See the form instructions if you go out of business, change the form of your business, or stop paying wages. 1040 short form     Employment Taxes If you have employees, you will need to file forms to report employment taxes. 1040 short form Employment taxes include the following items. 1040 short form Social security and Medicare taxes. 1040 short form Federal income tax withholding. 1040 short form Federal unemployment (FUTA) tax. 1040 short form For more information, see Publication 15 (Circular E), Employer's Tax Guide. 1040 short form That publication explains your tax responsibilities as an employer. 1040 short form To help you determine whether the people working for you are your employees, see Publication 15-A, Employer's Supplemental Tax Guide. 1040 short form That publication has information to help you determine whether an individual is an independent contractor or an employee. 1040 short form If you incorrectly classify an employee as an independent contractor, you may be held liable for employment taxes for that worker plus a penalty. 1040 short form An independent contractor is someone who is self-employed. 1040 short form You do not generally have to withhold or pay any taxes on payments made to an independent contractor. 1040 short form Excise Taxes This section identifies some of the excise taxes you may have to pay and the forms you have to file if you do any of the following. 1040 short form Manufacture or sell certain products. 1040 short form Operate certain kinds of businesses. 1040 short form Use various kinds of equipment, facilities, or products. 1040 short form Receive payment for certain services. 1040 short form For more information on excise taxes, see Publication 510, Excise Taxes. 1040 short form Form 720. 1040 short form   The federal excise taxes reported on Form 720, Quarterly Federal Excise Tax Return, consist of several broad categories of taxes, including the following. 1040 short form Environmental taxes on the sale or use of ozone-depleting chemicals and imported products containing or manufactured with these chemicals. 1040 short form Communications and air transportation taxes. 1040 short form Fuel taxes. 1040 short form Tax on the first retail sale of heavy trucks, trailers, and tractors. 1040 short form Manufacturers taxes on the sale or use of a variety of different articles. 1040 short form Tax on indoor tanning services. 1040 short form Form 2290. 1040 short form   There is a federal excise tax on the use of certain trucks, truck tractors, and buses on public highways. 1040 short form The tax applies to vehicles having a taxable gross weight of 55,000 pounds or more. 1040 short form Report the tax on Form 2290, Heavy Highway Vehicle Use Tax Return. 1040 short form For more information, see the Instructions for Form 2290. 1040 short form Depositing excise taxes. 1040 short form   If you have to file a quarterly excise tax return on Form 720, you may have to deposit your excise taxes before the return is due. 1040 short form For details on depositing excise taxes, see the Instructions for Form 720. 1040 short form Information Returns If you make or receive payments in your business, you may have to report them to the IRS on information returns. 1040 short form The IRS compares the payments shown on the information returns with each person's income tax return to see if the payments were included in income. 1040 short form You must give a copy of each information return you are required to file to the recipient or payer. 1040 short form In addition to the forms described below, you may have to use other returns to report certain kinds of payments or transactions. 1040 short form For more details on information returns and when you have to file them, see the General Instructions for Certain Information Returns. 1040 short form Form 1099-MISC. 1040 short form   Use Form 1099-MISC, Miscellaneous Income, to report certain payments you make in your business. 1040 short form These payments include the following items. 1040 short form Payments of $600 or more for services performed for your business by people not treated as your employees, such as fees to subcontractors, attorneys, accountants, or directors. 1040 short form Rent payments of $600 or more, other than rents paid to real estate agents. 1040 short form Prizes and awards of $600 or more that are not for services, such as winnings on TV or radio shows. 1040 short form Royalty payments of $10 or more. 1040 short form Payments to certain crew members by operators of fishing boats. 1040 short form You also use Form 1099-MISC to report your sales of $5,000 or more of consumer goods to a person for resale anywhere other than in a permanent retail establishment. 1040 short form Form W-2. 1040 short form   You must file Form W-2, Wage and Tax Statement, to report payments to your employees, such as wages, tips, and other compensation, withheld income, social security, and Medicare taxes. 1040 short form You can file Form W-2 online. 1040 short form For more information about Form W-2, see the General Instructions for Forms W-2 and W-3. 1040 short form Penalties. 1040 short form   The law provides for the following penalties if you do not file Form 1099-MISC or Form W-2 or do not correctly report the information. 1040 short form For more information, see the General Instructions for Certain Information Returns. 1040 short form Failure to file information returns. 1040 short form This penalty applies if you do not file information returns by the due date, do not include all required information, or report incorrect information. 1040 short form Failure to furnish correct payee statements. 1040 short form This penalty applies if you do not furnish a required statement to a payee by the required date, do not include all required information, or report incorrect information. 1040 short form Waiver of penalties. 1040 short form   These penalties will not apply if you can show that the failure was due to reasonable cause and not willful neglect. 1040 short form   In addition, there is no penalty for failure to include all required information, or for including incorrect information, on a de minimis (small) number of information returns if you correct the errors by August 1 of the year the returns are due. 1040 short form (A de minimis number of returns is the greater of 10 or ½ of 1% of the total number of returns you are required to file for the year. 1040 short form ) Form 8300. 1040 short form   You must file Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, if you receive more than $10,000 in cash in one transaction, or two or more related business transactions. 1040 short form Cash includes U. 1040 short form S. 1040 short form and foreign coin and currency. 1040 short form It also includes certain monetary instruments such as cashier's and traveler's checks and money orders. 1040 short form Cash does not include a check drawn on an individual's personal account (personal check). 1040 short form For more information, see Publication 1544, Reporting Cash Payments of Over $10,000 (Received in a Trade or Business). 1040 short form Penalties. 1040 short form   There are civil and criminal penalties, including up to 5 years in prison, for not filing Form 8300, filing (or causing the filing of) a false or fraudulent Form 8300, or structuring a transaction to evade reporting requirements. 1040 short form Table 1-3. 1040 short form Going Out of Business Checklists (Note. 1040 short form The following checklists highlight the typical final forms and schedules you may need to file if you ever go out of business. 1040 short form For more information, see the instructions for the listed forms. 1040 short form ) IF you are liable for:   THEN you may need to: Income tax □ File Schedule C or C-EZ with your Form 1040 for the year in which you go out of business. 1040 short form   □ File Form 4797 with your Form 1040 for each year in which you sell or exchange property used in your business or in which the business use of certain section 179 or listed property drops to 50% or less. 1040 short form   □ File Form 8594 with your Form 1040 if you sold your business. 1040 short form Self-employment tax □ File Schedule SE with your Form 1040 for the year in which you go out of business. 1040 short form Employment taxes □ File Form 941 (or Form 944) for the calendar quarter in which you make final wage payments. 1040 short form Note. 1040 short form Do not forget to check the box and enter the date final wages were paid on line 15 of Form 941 or line 14 of Form 944. 1040 short form   □ File Form 940 for the calendar year in which final wages were paid. 1040 short form Note. 1040 short form Do not forget to check box d, Final: Business closed or stopped paying wages, under Type of Return. 1040 short form Information returns □ Provide Forms W-2 to your employees for the calendar year in which you make final wage payments. 1040 short form Note. 1040 short form These forms are generally due by the due date of your final Form 941 or Form 944. 1040 short form   □ File Form W-3 to file Forms W-2. 1040 short form Note. 1040 short form These forms are generally due within 1 month after the due date of your final Form 941 or Form 944. 1040 short form   □ Provide Forms 1099-MISC to each person to whom you have paid at least $600 for services (including parts and materials) during the calendar year in which you go out of business. 1040 short form   □ File Form 1096 to file Forms 1099-MISC. 1040 short form Prev  Up  Next   Home   More Online Publications