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Amended Tax Returns

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Amended Tax Returns

Amended tax returns Publication 560 - Introductory Material Table of Contents Future Developments What's New Reminders IntroductionSEP plans. Amended tax returns SIMPLE plans. Amended tax returns Qualified plans. Amended tax returns Ordering forms and publications. Amended tax returns Tax questions. Amended tax returns Future Developments For the latest information about developments related to Publication 560, such as legislation enacted after we release it, go to www. Amended tax returns irs. Amended tax returns gov/pub560. Amended tax returns What's New Compensation limit increased for 2013 and 2014. Amended tax returns  For 2013 the maximum compensation used for figuring contributions and benefits increases to $255,000. Amended tax returns This limit increases to $260,000 for 2014. Amended tax returns Elective deferral limit for 2013 and 2014. Amended tax returns  The limit on elective deferrals, other than catch-up contributions, increases to $17,500 for 2013 and remains at $17,500 for 2014. Amended tax returns These limits apply for participants in SARSEPs, 401(k) plans (excluding SIMPLE plans), section 403(b) plans and section 457(b) plans. Amended tax returns Defined contribution limit increased for 2013 and 2014. Amended tax returns  The limit on contributions, other than catch-up contributions, for a participant in a defined contribution plan increases to $51,000 for 2013. Amended tax returns This limit increases to $52,000 for 2014. Amended tax returns SIMPLE plan salary reduction contribution limit for 2013 and 2014. Amended tax returns  The limit on salary reduction contributions, other than catch-up contributions, increases to $12,000 for 2013 and remains at $12,000 for 2014. Amended tax returns Catch-up contribution limit remains unchanged for 2013 and 2014. Amended tax returns  A plan can permit participants who are age 50 or over at the end of the calendar year to make catch-up contributions in addition to elective deferrals and SIMPLE plan salary reduction contributions. Amended tax returns The catch-up contribution limitation for defined contribution plans other than SIMPLE plans remains unchanged at $5,500 for 2013 and 2014. Amended tax returns The catch-up contribution limitation for SIMPLE plans remains unchanged at $2,500 for 2013 and 2014. Amended tax returns The catch-up contributions a participant can make for a year cannot exceed the lesser of the following amounts. Amended tax returns The catch-up contribution limit. Amended tax returns The excess of the participant's compensation over the elective deferrals that are not catch-up contributions. Amended tax returns See “Catch-up contributions” under Contribution Limits and Limit on Elective Deferrals in chapters 3 and 4, respectively, for more information. Amended tax returns All section references are to the Internal Revenue Code, unless otherwise stated. Amended tax returns Reminders In-plan Roth rollovers. Amended tax returns  Section 402A(c)(4) provides for a distribution from an individual's account in a 401(k) plan, other than from a designated Roth account, that is rolled over to the individual's designated Roth account in the same plan. Amended tax returns An in-plan Roth rollover is not treated as a distribution for most purposes. Amended tax returns Section 402A(c)(4) was added by the Small Business Jobs Act of 2010 and applies to distributions made after September 27, 2010. Amended tax returns For additional guidance on in-plan Roth rollovers, see Notice 2010-84, 2010-51 I. Amended tax returns R. Amended tax returns B. Amended tax returns 872, available at  www. Amended tax returns irs. Amended tax returns gov/irb/2010-51_IRB/ar11. Amended tax returns html. Amended tax returns In-plan Roth rollovers expanded. Amended tax returns  Beginning in 2013, a plan with designated Roth accounts can permit a participant to roll over amounts into a designated Roth account from his or her other accounts in the same plan, regardless of whether the participant is eligible for a distribution from the other accounts. Amended tax returns Section 402A(c)(4) was amended by the American Taxpayer Relief Act of 2012. Amended tax returns For more information, see Notice 2013-74, 2013-52 I. Amended tax returns R. Amended tax returns B. Amended tax returns 819, available at www. Amended tax returns irs. Amended tax returns gov/irb/2013-52_IRB/ar11. Amended tax returns html. Amended tax returns Credit for startup costs. Amended tax returns  You may be able to claim a tax credit for part of the ordinary and necessary costs of starting a SEP, SIMPLE, or qualified plan. Amended tax returns The credit equals 50% of the cost to set up and administer the plan and educate employees about the plan, up to a maximum of $500 per year for each of the first 3 years of the plan. Amended tax returns You can choose to start claiming the credit in the tax year before the tax year in which the plan becomes effective. Amended tax returns You must have had 100 or fewer employees who received at least $5,000 in compensation from you for the preceding year. Amended tax returns At least one participant must be a non-highly compensated employee. Amended tax returns The employees generally cannot be substantially the same employees for whom contributions were made or benefits accrued under a plan of any of the following employers in the 3-tax-year period immediately before the first year to which the credit applies. Amended tax returns You. Amended tax returns A member of a controlled group that includes you. Amended tax returns A predecessor of (1) or (2). Amended tax returns The credit is part of the general business credit, which can be carried back or forward to other tax years if it cannot be used in the current year. Amended tax returns However, the part of the general business credit attributable to the small employer pension plan startup cost credit cannot be carried back to a tax year beginning before January 1, 2002. Amended tax returns You cannot deduct the part of the startup costs equal to the credit claimed for a tax year, but you can choose not to claim the allowable credit for a tax year. Amended tax returns To take the credit, use Form 8881, Credit for Small Employer Pension Plan Startup Costs. Amended tax returns Retirement savings contributions credit. Amended tax returns  Retirement plan participants (including self-employed individuals) who make contributions to their plan may qualify for the retirement savings contribution credit. Amended tax returns The maximum contribution eligible for the credit is $2,000. Amended tax returns To take the credit, use Form 8880, Credit for Qualified Retirement Savings Contributions. Amended tax returns For more information on who is eligible for the credit, retirement plan contributions eligible for the credit and how to figure the credit, see Form 8880 and its instructions or go to the IRS website and search Retirement Topics-Retirement Savings Contributions Credit (Saver's Credit). Amended tax returns Photographs of missing children. Amended tax returns  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Amended tax returns Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Amended tax returns 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 returns Introduction This publication discusses retirement plans you can set up and maintain for yourself and your employees. Amended tax returns In this publication, “you” refers to the employer. Amended tax returns See chapter 1 for the definition of the term employer and the definitions of other terms used in this publication. Amended tax returns This publication covers the following types of retirement plans. Amended tax returns SEP (simplified employee pension) plans. Amended tax returns SIMPLE (savings incentive match plan for employees) plans. Amended tax returns Qualified plans (also called H. Amended tax returns R. Amended tax returns 10 plans or Keogh plans when covering self-employed individuals), including 401(k) plans. Amended tax returns SEP, SIMPLE, and qualified plans offer you and your employees a tax-favored way to save for retirement. Amended tax returns You can deduct contributions you make to the plan for your employees. Amended tax returns If you are a sole proprietor, you can deduct contributions you make to the plan for yourself. Amended tax returns You can also deduct trustees' fees if contributions to the plan do not cover them. Amended tax returns Earnings on the contributions are generally tax free until you or your employees receive distributions from the plan. Amended tax returns Under a 401(k) plan, employees can have you contribute limited amounts of their before-tax (after-tax, in the case of a qualified Roth contribution program) pay to the plan. Amended tax returns These amounts (and the earnings on them) are generally tax free until your employees receive distributions from the plan or, in the case of a qualified distribution from a designated Roth account, completely tax free. Amended tax returns What this publication covers. Amended tax returns   This publication contains the information you need to understand the following topics. Amended tax returns What type of plan to set up. Amended tax returns How to set up a plan. Amended tax returns How much you can contribute to a plan. Amended tax returns How much of your contribution is deductible. Amended tax returns How to treat certain distributions. Amended tax returns How to report information about the plan to the IRS and your employees. Amended tax returns Basic features of SEP, SIMPLE, and qualified plans. Amended tax returns The key rules for SEP, SIMPLE, and qualified plans are outlined in Table 1. Amended tax returns SEP plans. Amended tax returns   SEPs provide a simplified method for you to make contributions to a retirement plan for yourself and your employees. Amended tax returns Instead of setting up a profit-sharing or money purchase plan with a trust, you can adopt a SEP agreement and make contributions directly to a traditional individual retirement account or a traditional individual retirement annuity (SEP-IRA) set up for yourself and each eligible employee. Amended tax returns SIMPLE plans. Amended tax returns   Generally, if you had 100 or fewer employees who received at least $5,000 in compensation last year, you can set up a SIMPLE plan. Amended tax returns Under a SIMPLE plan, employees can choose to make salary reduction contributions rather than receiving these amounts as part of their regular pay. Amended tax returns In addition, you will contribute matching or nonelective contributions. Amended tax returns The two types of SIMPLE plans are the SIMPLE IRA plan and the SIMPLE 401(k) plan. Amended tax returns Qualified plans. Amended tax returns   The qualified plan rules are more complex than the SEP plan and SIMPLE plan rules. Amended tax returns However, there are advantages to qualified plans, such as increased flexibility in designing plans and increased contribution and deduction limits in some cases. Amended tax returns Table 1. Amended tax returns Key Retirement Plan Rules for 2013 Type  of  Plan Last Date for Contribution Maximum Contribution Maximum Deduction When To Set Up Plan SEP Due date of employer's return (including extensions). Amended tax returns Smaller of $51,000 or 25%1 of participant's compensation. Amended tax returns 2 25%1 of all participants' compensation. Amended tax returns 2 Any time up to the due date of employer's return (including extensions). Amended tax returns SIMPLE IRA and SIMPLE 401(k) Salary reduction contributions: 30 days after the end of the month for which the contributions are to be made. Amended tax returns 4  Matching or nonelective contributions: Due date of employer's return (including extensions). Amended tax returns Employee contribution: Salary reduction contribution up to $12,000, $14,500 if age 50 or over. Amended tax returns   Employer contribution:  Either dollar-for-dollar matching contributions, up to 3% of employee's compensation,3 or fixed nonelective contributions of 2% of compensation. Amended tax returns 2 Same as maximum contribution. Amended tax returns Any time between 1/1 and 10/1 of the calendar year. Amended tax returns   For a new employer coming into existence after 10/1, as soon as administratively feasible. Amended tax returns Qualified Plan: Defined Contribution Plan  Elective deferral: Due date of employer's return (including extensions). Amended tax returns 4   Employer contribution: Money Purchase or Profit-Sharing: Due date of employer's return (including extensions). Amended tax returns  Employee contribution: Elective deferral up to $17,500, $23,000 if age 50 or over. Amended tax returns   Employer contribution: Money Purchase: Smaller of $51,000 or 100%1 of participant's compensation. Amended tax returns 2  Profit-Sharing: Smaller of $51,000 or 100%1 of participant's compensation. Amended tax returns 2  25%1 of all participants' compensation2, plus amount of elective deferrals made. Amended tax returns   By the end of the tax year. Amended tax returns Qualified Plan: Defined Benefit Plan Contributions generally must be paid in quarterly installments, due 15 days after the end of each quarter. Amended tax returns See Minimum Funding Requirement in chapter 4. Amended tax returns Amount needed to provide an annual benefit no larger than the smaller of $205,000 or 100% of the participant's average compensation for his or her highest 3 consecutive calendar years. Amended tax returns Based on actuarial assumptions and computations. Amended tax returns By the end of the tax year. Amended tax returns 1Net earnings from self-employment must take the contribution into account. Amended tax returns See Deduction Limit for Self-Employed Individuals in chapters 2 and 4 . Amended tax returns  2Compensation is generally limited to $255,000 in 2013. Amended tax returns  3Under a SIMPLE 401(k) plan, compensation is generally limited to $255,000 in 2013. Amended tax returns  4Certain plans subject to Department of Labor rules may have an earlier due date for salary reduction contributions and elective deferrals. Amended tax returns What this publication does not cover. Amended tax returns   Although the purpose of this publication is to provide general information about retirement plans you can set up for your employees, it does not contain all the rules and exceptions that apply to these plans. Amended tax returns You may also need professional help and guidance. Amended tax returns   Also, this publication does not cover all the rules that may be of interest to employees. Amended tax returns For example, it does not cover the following topics. Amended tax returns The comprehensive IRA rules an employee needs to know. Amended tax returns These rules are covered in Publication 590, Individual Retirement Arrangements (IRAs). Amended tax returns The comprehensive rules that apply to distributions from retirement plans. Amended tax returns These rules are covered in Publication 575, Pension and Annuity Income. Amended tax returns The comprehensive rules that apply to section 403(b) plans. Amended tax returns These rules are covered in Publication 571, Tax-Sheltered Annuity Plans (403(b) Plans). Amended tax returns Comments and suggestions. Amended tax returns   We welcome your comments about this publication and your suggestions for future editions. Amended tax returns   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Amended tax returns NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Amended tax returns Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Amended tax returns   You can send your comments from www. Amended tax returns irs. Amended tax returns gov/formspubs. Amended tax returns Click on “More Information” and then on “Give us feedback. Amended tax returns ”   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 returns Ordering forms and publications. Amended tax returns   Visit www. Amended tax returns irs. Amended tax returns gov/formspubs to download forms  and publications, call 1-800-TAX-FORM  (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Amended tax returns Internal Revenue Service 1201 N. Amended tax returns Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Amended tax returns   If you have a tax question, check the information available on IRS. Amended tax returns gov or call 1-800-829-1040. Amended tax returns We cannot answer tax questions sent to either of the above addresses. Amended tax returns Note. Amended tax returns Forms filed electronically with the Department of Labor are not available on the IRS website. Amended tax returns Instead, see www. Amended tax returns efast. Amended tax returns dol. Amended tax returns gov. Amended tax returns Prev  Up  Next   Home   More Online Publications
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The Amended Tax Returns

Amended tax returns Publication 502 - Introductory Material Table of Contents What's New Reminders IntroductionOrdering forms and publications. Amended tax returns Tax questions. Amended tax returns Useful Items - You may want to see: What's New Medical and dental expenses. Amended tax returns  Beginning January 1, 2013, you can deduct only the part of your medical and dental expenses that exceed 10% of your adjusted gross income (AGI) (7. Amended tax returns 5% if either you or your spouse was born before January 2, 1949). Amended tax returns Standard mileage rate. Amended tax returns  The standard mileage rate allowed for operating expenses for a car when you use it for medical reasons is 24 cents per mile. Amended tax returns See Transportation under What Medical Expenses Are Includible. Amended tax returns Federal tax benefits for same-sex married couples. Amended tax returns  For federal tax purposes, individuals of the same sex are considered married if they were lawfully married in a state (or foreign country) whose laws authorize the marriage of two individuals of the same sex, even if the state (or foreign country) in which they now live does not recognize same-sex marriage. Amended tax returns For more information, see Publication 501, Exemptions, Standard Deduction, and Filing Information. Amended tax returns Reminders Future developments. Amended tax returns   For the latest information about developments related to Publication 502, such as legislation enacted after it was published, go to www. Amended tax returns irs. Amended tax returns gov/pub502. Amended tax returns Photographs of missing children. Amended tax returns  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Amended tax returns Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Amended tax returns 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 returns Introduction This publication explains the itemized deduction for medical and dental expenses that you claim on Schedule A (Form 1040). Amended tax returns It discusses what expenses, and whose expenses, you can and cannot include in figuring the deduction. Amended tax returns It explains how to treat reimbursements and how to figure the deduction. Amended tax returns It also tells you how to report the deduction on your tax return and what to do if you sell medical property or receive damages for a personal injury. Amended tax returns Medical expenses include dental expenses, and in this publication the term “medical expenses” is often used to refer to medical and dental expenses. Amended tax returns You can deduct on Schedule A (Form 1040) only the part of your medical and dental expenses that is more than 10% of your adjusted gross income (AGI). Amended tax returns But if either you or your spouse was born before January 2, 1949, you can deduct the amount of your medical and dental expenses that is more than 7. Amended tax returns 5% of your AGI. Amended tax returns If your medical and dental expenses are not more than 10% of your AGI (7. Amended tax returns 5% if either you or your spouse was born before January 2, 1949), you cannot claim a deduction. Amended tax returns This publication also explains how to treat impairment-related work expenses, health insurance premiums if you are self-employed, and the health coverage tax credit that is available to certain individuals. Amended tax returns Pub. Amended tax returns 502 covers many common medical expenses but not every possible medical expense. Amended tax returns If you cannot find the expense you are looking for, refer to the definition of medical expenses under What Are Medical Expenses . Amended tax returns See How To Get Tax Help near the end of this publication for information about getting publications and forms. Amended tax returns Comments and suggestions. Amended tax returns   We welcome your comments about this publication and your suggestions for future editions. Amended tax returns   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Amended tax returns NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Amended tax returns Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Amended tax returns   You can send your comments from www. Amended tax returns irs. Amended tax returns gov/formspubs. Amended tax returns Click on “More Information” and then on “Comment on Tax Forms and Publications. Amended tax returns ”   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 returns Ordering forms and publications. Amended tax returns   Visit www. Amended tax returns irs. Amended tax returns gov/formspubs to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Amended tax returns Internal Revenue Service 1201 N. Amended tax returns Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Amended tax returns   If you have a tax question, check the information available on IRS. Amended tax returns gov or call 1-800-829-1040. Amended tax returns We cannot answer tax questions sent to either of the above addresses. Amended tax returns Useful Items - You may want to see: Publication 969 Health Savings Accounts and Other Tax-Favored Health Plans Forms (and Instructions) 1040 U. Amended tax returns S. Amended tax returns Individual Income Tax Return Schedule A (Form 1040) Itemized Deductions 8885 Health Coverage Tax Credit Prev  Up  Next   Home   More Online Publications