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Amended Tax Return For 2012

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Amended Tax Return For 2012

Amended tax return for 2012 Publication 505 - Introductory Material Table of Contents IntroductionNonresident aliens. Amended tax return for 2012 Ordering forms and publications. Amended tax return for 2012 Tax questions. Amended tax return for 2012 What's New for 2014 Reminders Introduction The federal income tax is a pay-as-you-go tax. Amended tax return for 2012 You must pay the tax as you earn or receive income during the year. Amended tax return for 2012 There are two ways to pay as you go. Amended tax return for 2012 Withholding. Amended tax return for 2012 If you are an employee, your employer probably withholds income tax from your pay. Amended tax return for 2012 In addition, tax may be withheld from certain other income, such as pensions, bonuses, commissions, and gambling winnings. Amended tax return for 2012 The amount withheld is paid to the Internal Revenue Service (IRS) in your name. Amended tax return for 2012 Estimated tax. Amended tax return for 2012 If you do not pay your tax through withholding, or do not pay enough tax that way, you might have to pay estimated tax. Amended tax return for 2012 People who are in business for themselves generally will have to pay their tax this way. Amended tax return for 2012 You may have to pay estimated tax if you receive income such as dividends, interest, capital gains, rents, and royalties. Amended tax return for 2012 Estimated tax is used to pay not only income tax, but other taxes such as self-employment tax and alternative minimum tax. Amended tax return for 2012 This publication explains both of these methods. Amended tax return for 2012 It also explains how to take credit on your return for the tax that was withheld and for your estimated tax payments. Amended tax return for 2012 If you did not pay enough tax during the year, either through withholding or by making estimated tax payments, you may have to pay a penalty. Amended tax return for 2012 Generally, the IRS can figure this penalty for you. Amended tax return for 2012 This underpayment penalty, and the exceptions to it, are discussed in chapter 4. Amended tax return for 2012 Nonresident aliens. Amended tax return for 2012    Before completing Form W-4, nonresident alien employees should see the Instructions for Form 8233, Exemption From Withholding on Compensation for Independent (and Certain Dependent) Personal Services of a Nonresident Alien Individual. Amended tax return for 2012 Also see chapter 8 of Publication 519, U. Amended tax return for 2012 S. Amended tax return for 2012 Tax Guide for Aliens, for important information on withholding. Amended tax return for 2012 What's new for 2013 and 2014. Amended tax return for 2012   See What's New for 2014 in this Introduction, and What's New for 2013 in chapter 4. Amended tax return for 2012 Comments and suggestions. Amended tax return for 2012   We welcome your comments about this publication and your suggestions for future editions. Amended tax return for 2012   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Amended tax return for 2012 NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Amended tax return for 2012 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Amended tax return for 2012   You can send your comments from www. Amended tax return for 2012 irs. Amended tax return for 2012 gov/formspubs/. Amended tax return for 2012 Click on “More Information” and then on Give us feedback on forms and publications. Amended tax return for 2012   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Amended tax return for 2012 Ordering forms and publications. Amended tax return for 2012   Visit www. Amended tax return for 2012 irs. Amended tax return for 2012 gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 business days after your request is received. Amended tax return for 2012 Internal Revenue Service 1201 N. Amended tax return for 2012 Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Amended tax return for 2012   If you have a tax question, check the information available on IRS. Amended tax return for 2012 gov or call 1-800-829-1040. Amended tax return for 2012 We cannot answer tax questions sent to either of the above addresses. Amended tax return for 2012 What's New for 2014 Use your 2013 tax return as a guide in figuring your 2014 estimated tax, but be sure to consider the following. Amended tax return for 2012 Standard mileage rates. Amended tax return for 2012  The 2014 rate for business use of your vehicle is 56 cents per mile. Amended tax return for 2012 The rate for use of your vehicle to get medical care or move is 23½ cents per mile. Amended tax return for 2012 The rate of 14 cents per mile for charitable use is unchanged. Amended tax return for 2012 Personal exemption increased for certain taxpayers. Amended tax return for 2012  For 2014, the personal exemption amount is increased to $3,950 for taxpayers with adjusted gross income at or below $305,050 if married filing jointly or qualifying widow(er), $279,650 if head of household, $254,200 if single, or $152,525 if married filing separately. Amended tax return for 2012 The personal exemption amount for taxpayers with adjusted gross income above these thresholds may be reduced. Amended tax return for 2012 Limitation on itemized deductions. Amended tax return for 2012  For 2014, itemized deductions for taxpayers with adjusted gross income above $305,050 if married filing jointly or qualifying widow(er), $279,650 if head of household, $254,200 if single, and $152,525 if married filing separately may be reduced. Amended tax return for 2012 Health care coverage. Amended tax return for 2012  When you file your 2014 tax return in 2015, you will need to either (1) indicate on your return that you and your family had health care coverage throughout 2014, (2) claim an exemption from the health care coverage requirement for some or all of 2014, or (3) make a payment if you do not have coverage or an exemption(s) for all 12 months of 2014. Amended tax return for 2012 For examples on how this payment works, go to www. Amended tax return for 2012 IRS. Amended tax return for 2012 gov/aca and click under the “Individuals & Families” section. Amended tax return for 2012 You may want to consider this when figuring your “Other taxes” on Line 12 of the 2014 Estimated Tax Worksheet (Worksheet 2-1). Amended tax return for 2012 For general information on these requirements, go to www. Amended tax return for 2012 IRS. Amended tax return for 2012 gov/aca. Amended tax return for 2012 Advance payments of the Premium Tax Credit. Amended tax return for 2012  If you buy health care insurance through the Health Insurance Marketplace, you may be eligible for advance payments of the Premium Tax Credit to help pay for your insurance coverage. Amended tax return for 2012 Receiving too little or too much in advance will affect your refund or balance due. Amended tax return for 2012 Promptly report changes in your income or family size to your Marketplace. Amended tax return for 2012 You may want to consider this when figuring your estimated taxes for 2014. Amended tax return for 2012 For more information, go to www. Amended tax return for 2012 IRS. Amended tax return for 2012 gov/aca and see Publication 5120 and Publication 5121. Amended tax return for 2012 http://www. Amended tax return for 2012 IRS. Amended tax return for 2012 gov/pub5120 Alternative minimum tax (AMT) exemption amount increased. Amended tax return for 2012  The AMT exemption amount is increased to $52,800 ($82,100 if married filing jointly or qualifying widow(er); $41,050 if married filing separately). Amended tax return for 2012 Lifetime learning credit income limits. Amended tax return for 2012  In order to claim a lifetime learning credit, your MAGI must be less than $54,000 ($108,000 if married filing jointly). Amended tax return for 2012 Retirement savings contribution credit income limits increased. Amended tax return for 2012  In order to claim this credit for 2014, your MAGI must be less than $30,000 ($60,000 if married filing jointly; $45,000 if head of household). Amended tax return for 2012 Adoption credit or exclusion. Amended tax return for 2012  The maximum adoption credit or exclusion for employer-provided adoption benefits has increased to $13,190. Amended tax return for 2012 In order to claim either the credit or exclusion, your MAGI must be less than $237,880. Amended tax return for 2012 Earned income credit (EIC). Amended tax return for 2012  You may be able to take the EIC in 2014 if: Three or more children lived with you and you earned less than $46,997 ($52,427 if married filing jointly), Two children lived with you and you earned less than $43,756 ($49,186 if married filing jointly), One child lived with you and you earned less than $38,511 ($43,941 if married filing jointly), or A child did not live with you and you earned less than $14,590 ($20,020 if married filing jointly). Amended tax return for 2012 Also, the maximum MAGI you can have and still get the credit has increased. Amended tax return for 2012 You may be able to take the credit if your MAGI is less than the amount in the above list that applies to you. Amended tax return for 2012 The maximum investment income you can have and get the credit has increased to $3,350. Amended tax return for 2012 Reminders Future developments. Amended tax return for 2012  The IRS has created a page on IRS. Amended tax return for 2012 gov for information about Publication 505 at www. Amended tax return for 2012 irs. Amended tax return for 2012 gov/pub505. Amended tax return for 2012 Information about any future developments affecting Publication 505 (such as legislation enacted after we release it) will be posted on that page. Amended tax return for 2012 Social security tax. Amended tax return for 2012   Generally, each employer for whom you work during the tax year must withhold social security tax up to the annual limit. Amended tax return for 2012 The annual limit is $117,000 in 2014. Amended tax return for 2012 Photographs of missing children. Amended tax return for 2012  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Amended tax return for 2012 Photographs of missing children selected by the Center may appear in this publication on pages that otherwise would be blank. Amended tax return for 2012 You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Amended tax return for 2012 Additional Medicare Tax. Amended tax return for 2012  Beginning in 2013, a 0. Amended tax return for 2012 9% Additional Medicare Tax applies to Medicare wages, Railroad Retirement Tax Act compensation, and self-employment income over a threshold amount based on your filing status. Amended tax return for 2012 You may need to include this amount when figuring your estimated tax. Amended tax return for 2012 See the instructions for line 12 of the 2014 Estimated Tax Worksheet. Amended tax return for 2012 You may also request that your employer deduct and withhold an additional amount of income tax withholding from your wages on Form W-4, Employee's Withholding Allowance Certificate. Amended tax return for 2012 For more information on Additional Medicare Tax, go to IRS. Amended tax return for 2012 gov and enter “Additional Medicare Tax” in the search box. Amended tax return for 2012 Net Investment Income Tax. Amended tax return for 2012  Beginning in 2013, you may be subject to Net Investment Income Tax (NIIT). Amended tax return for 2012 NIIT is a 3. Amended tax return for 2012 8% tax on the lesser of net investment income or the excess of your modified adjusted gross income (MAGI) over the threshold amount. Amended tax return for 2012 NIIT may need to be included when figuring estimated tax. Amended tax return for 2012 See the instructions for line 12 of the 2014 Estimated Tax Worksheet. Amended tax return for 2012 You may also request that your employer deduct and withhold an additional amount of income tax withholding from your wages on Form W-4. Amended tax return for 2012 For more information on NIIT, go to IRS. Amended tax return for 2012 gov and enter “Net Investment Income Tax” in the search box. Amended tax return for 2012 Prev  Up  Next   Home   More Online Publications
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Many Retirees Face April 1 Deadline To Take Required Retirement Plan Distributions

IR-2014-38, March 27, 2014

WASHINGTON — The Internal Revenue Service today reminded taxpayers who turned 70½ during 2013 that in most cases they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Tuesday, April 1, 2014.

The April 1 deadline applies to owners of traditional IRAs but not Roth IRAs. Normally, it also applies to participants in various workplace retirement plans, including 401(k), 403(b) and 457 plans.

The April 1 deadline only applies to the required distribution for the first year. For all subsequent years, the RMD must be made by Dec. 31. So, for example, a taxpayer who turned 70½ in 2013 and receives the first required payment on April 1, 2014 must still receive the second RMD by Dec. 31, 2014. 

Affected taxpayers who turned 70½ during 2013 must figure the RMD for the first year using their life expectancy on Dec. 31, 2013 and their account balance on Dec. 31, 2012. The trustee reports the year-end account value to the IRA owner on Form 5498 in Box 5. Worksheets and life expectancy tables for making this computation can be found in the Appendices to Publication 590.

Most taxpayers use Table III (Uniform Lifetime) to figure their RMD. For a taxpayer who turned 71 in 2013, for example, the first required distribution would be based on a life expectancy of 26.5 years. A separate table, Table II, applies to a taxpayer married to a spouse who is more than 10 years younger and is the taxpayer’s only beneficiary.

Though the April 1 deadline is mandatory for all owners of traditional IRAs and most participants in workplace retirement plans, some people with workplace plans can wait longer to receive their RMD. Usually, employees who are still working can, if their plan allows, wait until April 1 of the year after they retire to start receiving these distributions. See Tax on Excess Accumulations in Publication 575. Employees of public schools and certain tax-exempt organizations with 403(b) plan accruals before 1987 should check with their employer, plan administrator or provider to see how to treat these accruals.

The IRS encourages taxpayers to begin planning now for any distributions required during 2014. An IRA trustee must either report the amount of the RMD to the IRA owner or offer to calculate it for the owner. Often, the trustee shows the RMD amount in Box 12b on Form 5498. For a 2014 RMD, this amount would be on the 2013 Form 5498 that is normally issued in January 2014.

More information on RMDs, including answers to frequently asked questions, can be found on IRS.gov.

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Page Last Reviewed or Updated: 27-Mar-2014

The Amended Tax Return For 2012

Amended tax return for 2012 7. Amended tax return for 2012   Figuring Gross Profit Table of Contents Introduction Items To Check Testing Gross Profit AccuracyExample. Amended tax return for 2012 Additions to Gross Profit Introduction After you have figured the gross receipts from your business (chapter 5) and the cost of goods sold (chapter 6), you are ready to figure your gross profit. Amended tax return for 2012 You must determine gross profit before you can deduct any business expenses. Amended tax return for 2012 These expenses are discussed in chapter 8. Amended tax return for 2012 If you are filing Schedule C-EZ, your gross profit is your gross receipts plus certain other amounts, explained later under Additions to Gross Profit. Amended tax return for 2012 Businesses that sell products. Amended tax return for 2012   If you are filing Schedule C, figure your gross profit by first figuring your net receipts. Amended tax return for 2012 Figure net receipts (line 3) on Schedule C by subtracting any returns and allowances (line 2) from gross receipts (line 1). Amended tax return for 2012 Returns and allowances include cash or credit refunds you make to customers, rebates, and other allowances off the actual sales price. Amended tax return for 2012   Next, subtract the cost of goods sold (line 4) from net receipts (line 3). Amended tax return for 2012 The result is the gross profit from your business. Amended tax return for 2012 Businesses that sell services. Amended tax return for 2012   You do not have to figure the cost of goods sold if the sale of merchandise is not an income-producing factor for your business. Amended tax return for 2012 Your gross profit is the same as your net receipts (gross receipts minus any refunds, rebates, or other allowances). Amended tax return for 2012 Most professions and businesses that sell services rather than products can figure gross profit directly from net receipts in this way. Amended tax return for 2012 Illustration. Amended tax return for 2012   This illustration of the gross profit section of the income statement of a retail business shows how gross profit is figured. Amended tax return for 2012 Income Statement Year Ended December 31, 2013 Gross receipts $400,000 Minus: Returns and allowances 14,940 Net receipts $385,060 Minus: Cost of goods sold 288,140 Gross profit $96,920   The cost of goods sold for this business is figured as follows: Inventory at beginning of year $37,845 Plus: Purchases $285,900   Minus: Items withdrawn for personal use 2,650 283,250 Goods available for sale $321,095 Minus: Inventory at end of year 32,955 Cost of goods sold $288,140 Items To Check Consider the following items before figuring your gross profit. Amended tax return for 2012 Gross receipts. Amended tax return for 2012   At the end of each business day, make sure your records balance with your actual cash and credit receipts for the day. Amended tax return for 2012 You may find it helpful to use cash registers to keep track of receipts. Amended tax return for 2012 You should also use a proper invoicing system and keep a separate bank account for your business. Amended tax return for 2012 Sales tax collected. Amended tax return for 2012   Check to make sure your records show the correct sales tax collected. Amended tax return for 2012   If you collect state and local sales taxes imposed on you as the seller of goods or services from the buyer, you must include the amount collected in gross receipts. Amended tax return for 2012   If you are required to collect state and local taxes imposed on the buyer and turn them over to state or local governments, you generally do not include these amounts in income. Amended tax return for 2012 Inventory at beginning of year. Amended tax return for 2012   Compare this figure with last year's ending inventory. Amended tax return for 2012 The two amounts should usually be the same. Amended tax return for 2012 Purchases. Amended tax return for 2012   If you take any inventory items for your personal use (use them yourself, provide them to your family, or give them as personal gifts, etc. Amended tax return for 2012 ) be sure to remove them from the cost of goods sold. Amended tax return for 2012 For details on how to adjust cost of goods sold, see Merchandise withdrawn from sale in chapter 6. Amended tax return for 2012 Inventory at end of year. Amended tax return for 2012   Check to make sure your procedures for taking inventory are adequate. Amended tax return for 2012 These procedures should ensure all items have been included in inventory and proper pricing techniques have been used. Amended tax return for 2012   Use inventory forms and adding machine tapes as the only evidence for your inventory. Amended tax return for 2012 Inventory forms are available at office supply stores. Amended tax return for 2012 These forms have columns for recording the description, quantity, unit price, and value of each inventory item. Amended tax return for 2012 Each page has space to record who made the physical count, who priced the items, who made the extensions, and who proofread the calculations. Amended tax return for 2012 These forms will help satisfy you that the total inventory is accurate. Amended tax return for 2012 They will also provide you with a permanent record to support its validity. Amended tax return for 2012   Inventories are discussed in chapter 2. Amended tax return for 2012 Testing Gross Profit Accuracy If you are in a retail or wholesale business, you can check the accuracy of your gross profit figure. Amended tax return for 2012 First, divide gross profit by net receipts. Amended tax return for 2012 The resulting percentage measures the average spread between the merchandise cost of goods sold and the selling price. Amended tax return for 2012 Next, compare this percentage to your markup policy. Amended tax return for 2012 Little or no difference between these two percentages shows that your gross profit figure is accurate. Amended tax return for 2012 A large difference between these percentages may show that you did not accurately figure sales, purchases, inventory, or other items of cost. Amended tax return for 2012 You should determine the reason for the difference. Amended tax return for 2012 Example. Amended tax return for 2012   Joe Able operates a retail business. Amended tax return for 2012 On the average, he marks up his merchandise so that he will realize a gross profit of 331/3% on its sales. Amended tax return for 2012 The net receipts (gross receipts minus returns and allowances) shown on his income statement is $300,000. Amended tax return for 2012 His cost of goods sold is $200,000. Amended tax return for 2012 This results in a gross profit of $100,000 ($300,000 − $200,000). Amended tax return for 2012 To test the accuracy of this year's results, Joe divides gross profit ($100,000) by net receipts ($300,000). Amended tax return for 2012 The resulting 331/3% confirms his markup percentage of 331/3%. Amended tax return for 2012 Additions to Gross Profit If your business has income from a source other than its regular business operations, enter the income on line 6 of Schedule C and add it to gross profit. Amended tax return for 2012 The result is gross business income. Amended tax return for 2012 If you use Schedule C-EZ, include the income on line 1 of the schedule. Amended tax return for 2012 Some examples include income from an interest-bearing checking account, income from scrap sales, income from certain fuel tax credits and refunds, and amounts recovered from bad debts. Amended tax return for 2012 Prev  Up  Next   Home   More Online Publications