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

1. Get Answers

Your online questions are customized to your unique tax situation.

2. Maximize your Refund

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

3. E-File for FREE

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

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

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

Can Ie File 2012 Taxes Now

I Need The 1040x FormTax Planning Us 2006 Taxes10ezIncome Tax SoftwareFree Efile FederalCan I Do My State Taxes Online For FreeFiling 2012 Taxes OnlineTurbotax Free MilitaryFree State Tax Forms Online1040ez BookEztaxformIllinois State Tax Forms 2011Ammend TaxesIrs Gov Efile1080ez2011 1040ez FormFreetaxusa Coupon State ReturnAmend A Tax ReturnIrs Tax Forms 20111040es2010 TaxFiling 2007 Taxes Late OnlineSelf Employed Tax CalculatorHow Can I File My State Taxes For FreeCan I File 2012 Taxes Online1040 FormFree Efile2011 Tax Form2010 Amended Tax ReturnWww 1040ez Tax Return FormFree Tax Efile1040 Ez Online FilingTax Return 2011 DeadlineHow To Fill Out A 1040x Step By StepTax Forms 2012Free Tax Filing 2013 Low IncomeHow To File State Taxes OnlyHr Block Tax Prep1040x Online File1040ez Forms

Can Ie File 2012 Taxes Now

Can ie file 2012 taxes now 4. Can ie file 2012 taxes now   Student Loan Interest Deduction Table of Contents Introduction Student Loan Interest DefinedQualified Student Loan Qualified Education Expenses Include As Interest Do Not Include As Interest When Must Interest Be Paid Can You Claim the DeductionNo Double Benefit Allowed Figuring the DeductionEffect of the Amount of Your Income on the Amount of Your Deduction Which Worksheet To Use Claiming the Deduction Introduction Generally, personal interest you pay, other than certain mortgage interest, is not deductible on your tax return. Can ie file 2012 taxes now However, if your modified adjusted gross income (MAGI) is less than $75,000 ($155,000 if filing a joint return) there is a special deduction allowed for paying interest on a student loan (also known as an education loan) used for higher education. Can ie file 2012 taxes now For most taxpayers, MAGI is the adjusted gross income as figured on their federal income tax return before subtracting any deduction for student loan interest. Can ie file 2012 taxes now This deduction can reduce the amount of your income subject to tax by up to $2,500 in 2013. Can ie file 2012 taxes now The student loan interest deduction is taken as an adjustment to income. Can ie file 2012 taxes now This means you can claim this deduction even if you do not itemize deductions on Schedule A (Form 1040). Can ie file 2012 taxes now This chapter explains: What type of loan interest you can deduct, Whether you can claim the deduction, What expenses you must have paid with the student loan, Who is an eligible student, How to figure the deduction, and How to claim the deduction. Can ie file 2012 taxes now Table 4-1. Can ie file 2012 taxes now Student Loan Interest Deduction at a Glance This table summarizes the features of the student loan interest deduction. Can ie file 2012 taxes now Do not rely on this table alone. Can ie file 2012 taxes now Refer to the text for complete details. Can ie file 2012 taxes now Feature   Description Maximum benefit   You can reduce your income subject to tax by up to $2,500. Can ie file 2012 taxes now Loan qualifications   Your student loan: •must have been taken out solely to pay qualified education expenses, and •cannot be from a related person or made under a qualified employer plan. Can ie file 2012 taxes now Student qualifications   The student must be: •you, your spouse, or your dependent, and  •enrolled at least half-time in a degree program. Can ie file 2012 taxes now Time limit on deduction   You can deduct interest paid during the remaining period of your student loan. Can ie file 2012 taxes now Limit on modified adjusted gross income (MAGI)   $155,000 if married filing a joint return; $75,000 if single, head of household, or qualifying widow(er). Can ie file 2012 taxes now Student Loan Interest Defined Student loan interest is interest you paid during the year on a qualified student loan. Can ie file 2012 taxes now It includes both required and voluntary interest payments. Can ie file 2012 taxes now Qualified Student Loan This is a loan you took out solely to pay qualified education expenses (defined later) that were: For you, your spouse, or a person who was your dependent when you took out the loan, Paid or incurred within a reasonable period of time before or after you took out the loan, and For education provided during an academic period for an eligible student. Can ie file 2012 taxes now Loans from the following sources are not qualified student loans. Can ie file 2012 taxes now A related person. Can ie file 2012 taxes now A qualified employer plan. Can ie file 2012 taxes now Your dependent. Can ie file 2012 taxes now   Generally, your dependent is someone who is either a: Qualifying child, or Qualifying relative. Can ie file 2012 taxes now You can find more information about dependents in Publication 501. Can ie file 2012 taxes now Exceptions. Can ie file 2012 taxes now   For purposes of the student loan interest deduction, there are the following exceptions to the general rules for dependents. Can ie file 2012 taxes now An individual can be your dependent even if you are the dependent of another taxpayer. Can ie file 2012 taxes now An individual can be your dependent even if the individual files a joint return with a spouse. Can ie file 2012 taxes now An individual can be your dependent even if the individual had gross income for the year that was equal to or more than the exemption amount for the year ($3,900 for 2013). Can ie file 2012 taxes now Reasonable period of time. Can ie file 2012 taxes now   Qualified education expenses are treated as paid or incurred within a reasonable period of time before or after you take out the loan if they are paid with the proceeds of student loans that are part of a federal postsecondary education loan program. Can ie file 2012 taxes now   Even if not paid with the proceeds of that type of loan, the expenses are treated as paid or incurred within a reasonable period of time if both of the following requirements are met. Can ie file 2012 taxes now The expenses relate to a specific academic period, and The loan proceeds are disbursed within a period that begins 90 days before the start of that academic period and ends 90 days after the end of that academic period. Can ie file 2012 taxes now   If neither of the above situations applies, the reasonable period of time usually is determined based on all the relevant facts and circumstances. Can ie file 2012 taxes now Academic period. Can ie file 2012 taxes now   An academic period includes a semester, trimester, quarter, or other period of study (such as a summer school session) as reasonably determined by an educational institution. Can ie file 2012 taxes now In the case of an educational institution that uses credit hours or clock hours and does not have academic terms, each payment period can be treated as an academic period. Can ie file 2012 taxes now Eligible student. Can ie file 2012 taxes now   This is a student who was enrolled at least half-time in a program leading to a degree, certificate, or other recognized educational credential. Can ie file 2012 taxes now Enrolled at least half-time. Can ie file 2012 taxes now   A student was enrolled at least half-time if the student was taking at least half the normal full-time work load for his or her course of study. Can ie file 2012 taxes now   The standard for what is half of the normal full-time work load is determined by each eligible educational institution. Can ie file 2012 taxes now However, the standard may not be lower than any of those established by the U. Can ie file 2012 taxes now S. Can ie file 2012 taxes now Department of Education under the Higher Education Act of 1965. Can ie file 2012 taxes now Related person. Can ie file 2012 taxes now   You cannot deduct interest on a loan you get from a related person. Can ie file 2012 taxes now Related persons include: Your spouse, Your brothers and sisters, Your half brothers and half sisters, Your ancestors (parents, grandparents, etc. Can ie file 2012 taxes now ), Your lineal descendants (children, grandchildren, etc. Can ie file 2012 taxes now ), and Certain corporations, partnerships, trusts, and exempt organizations. Can ie file 2012 taxes now Qualified employer plan. Can ie file 2012 taxes now   You cannot deduct interest on a loan made under a qualified employer plan or under a contract purchased under such a plan. Can ie file 2012 taxes now Qualified Education Expenses For purposes of the student loan interest deduction, these expenses are the total costs of attending an eligible educational institution, including graduate school. Can ie file 2012 taxes now They include amounts paid for the following items. Can ie file 2012 taxes now Tuition and fees. Can ie file 2012 taxes now Room and board. Can ie file 2012 taxes now Books, supplies, and equipment. Can ie file 2012 taxes now Other necessary expenses (such as transportation). Can ie file 2012 taxes now The cost of room and board qualifies only to the extent that it is not more than the greater of: The allowance for room and board, as determined by the eligible educational institution, that was included in the cost of attendance (for federal financial aid purposes) for a particular academic period and living arrangement of the student, or The actual amount charged if the student is residing in housing owned or operated by the eligible educational institution. Can ie file 2012 taxes now Eligible educational institution. Can ie file 2012 taxes now   An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. Can ie file 2012 taxes now S. Can ie file 2012 taxes now Department of Education. Can ie file 2012 taxes now It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Can ie file 2012 taxes now   Certain educational institutions located outside the United States also participate in the U. Can ie file 2012 taxes now S. Can ie file 2012 taxes now Department of Education's Federal Student Aid (FSA) programs. Can ie file 2012 taxes now   For purposes of the student loan interest deduction, an eligible educational institution also includes an institution conducting an internship or residency program leading to a degree or certificate from an institution of higher education, a hospital, or a health care facility that offers postgraduate training. Can ie file 2012 taxes now   An educational institution must meet the above criteria only during the academic period(s) for which the student loan was incurred. Can ie file 2012 taxes now The deductibility of interest on the loan is not affected by the institution's subsequent loss of eligibility. Can ie file 2012 taxes now    The educational institution should be able to tell you if it is an eligible educational institution. Can ie file 2012 taxes now Adjustments to Qualified Education Expenses You must reduce your qualified education expenses by the total amount paid for them with the following tax-free items. Can ie file 2012 taxes now Employer-provided educational assistance. Can ie file 2012 taxes now See chapter 11, Employer-Provided Educational Assistance . Can ie file 2012 taxes now Tax-free distribution of earnings from a Coverdell education savings account (ESA). Can ie file 2012 taxes now See Tax-Free Distributions in chapter 7, Coverdell Education Savings Account. Can ie file 2012 taxes now Tax-free distribution of earnings from a qualified tuition program (QTP). Can ie file 2012 taxes now See Figuring the Taxable Portion of a Distribution in chapter 8, Qualified Tuition Program. Can ie file 2012 taxes now U. Can ie file 2012 taxes now S. Can ie file 2012 taxes now savings bond interest that you exclude from income because it is used to pay qualified education expenses. Can ie file 2012 taxes now See chapter 10, Education Savings Bond Program . Can ie file 2012 taxes now The tax-free part of scholarships and fellowships. Can ie file 2012 taxes now See Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. Can ie file 2012 taxes now Veterans' educational assistance. Can ie file 2012 taxes now See Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. Can ie file 2012 taxes now Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. Can ie file 2012 taxes now Include As Interest In addition to simple interest on the loan, if all other requirements are met, the items discussed below can be student loan interest. Can ie file 2012 taxes now Loan origination fee. Can ie file 2012 taxes now   In general, this is a one-time fee charged by the lender when a loan is made. Can ie file 2012 taxes now To be deductible as interest, a loan origination fee must be for the use of money rather than for property or services (such as commitment fees or processing costs) provided by the lender. Can ie file 2012 taxes now A loan origination fee treated as interest accrues over the term of the loan. Can ie file 2012 taxes now   Loan origination fees were not required to be reported on Form 1098-E, Student Loan Interest Statement, for loans made before September 1, 2004. Can ie file 2012 taxes now If loan origination fees are not included in the amount reported on your Form 1098-E, you can use any reasonable method to allocate the loan origination fees over the term of the loan. Can ie file 2012 taxes now The method shown in the example below allocates equal portions of the loan origination fee to each payment required under the terms of the loan. Can ie file 2012 taxes now A method that results in the double deduction of the same portion of a loan origination fee would not be reasonable. Can ie file 2012 taxes now Example. Can ie file 2012 taxes now In August 2004, Bill took out a student loan for $16,000 to pay the tuition for his senior year of college. Can ie file 2012 taxes now The lender charged a 3% loan origination fee ($480) that was withheld from the funds Bill received. Can ie file 2012 taxes now Bill began making payments on his student loan in 2013. Can ie file 2012 taxes now Because the loan origination fee was not included in his 2013 Form 1098-E, Bill can use any reasonable method to allocate that fee over the term of the loan. Can ie file 2012 taxes now Bill's loan is payable in 120 equal monthly payments. Can ie file 2012 taxes now He allocates the $480 fee equally over the total number of payments ($480 ÷ 120 months = $4 per month). Can ie file 2012 taxes now Bill made 7 payments in 2013, so he paid $28 ($4 × 7) of interest attributable to the loan origination fee. Can ie file 2012 taxes now To determine his student loan interest deduction, he will add the $28 to the amount of other interest reported to him on Form 1098-E. Can ie file 2012 taxes now Capitalized interest. Can ie file 2012 taxes now   This is unpaid interest on a student loan that is added by the lender to the outstanding principal balance of the loan. Can ie file 2012 taxes now Capitalized interest is treated as interest for tax purposes and is deductible as payments of principal are made on the loan. Can ie file 2012 taxes now No deduction for capitalized interest is allowed in a year in which no loan payments were made. Can ie file 2012 taxes now Interest on revolving lines of credit. Can ie file 2012 taxes now   This interest, which includes interest on credit card debt, is student loan interest if the borrower uses the line of credit (credit card) only to pay qualified education expenses. Can ie file 2012 taxes now See Qualified Education Expenses , earlier. Can ie file 2012 taxes now Interest on refinanced student loans. Can ie file 2012 taxes now   This includes interest on both: Consolidated loans—loans used to refinance more than one student loan of the same borrower, and Collapsed loans—two or more loans of the same borrower that are treated by both the lender and the borrower as one loan. Can ie file 2012 taxes now    If you refinance a qualified student loan for more than your original loan and you use the additional amount for any purpose other than qualified education expenses, you cannot deduct any interest paid on the refinanced loan. Can ie file 2012 taxes now Voluntary interest payments. Can ie file 2012 taxes now   These are payments made on a qualified student loan during a period when interest payments are not required, such as when the borrower has been granted a deferment or the loan has not yet entered repayment status. Can ie file 2012 taxes now Example. Can ie file 2012 taxes now The payments on Roger's student loan were scheduled to begin in June 2012, 6 months after he graduated from college. Can ie file 2012 taxes now He began making payments as required. Can ie file 2012 taxes now In September 2013, Roger enrolled in graduate school on a full-time basis. Can ie file 2012 taxes now He applied for and was granted deferment of his loan payments while in graduate school. Can ie file 2012 taxes now Wanting to pay down his student loan as much as possible, he made loan payments in October and November 2013. Can ie file 2012 taxes now Even though these were voluntary (not required) payments, Roger can deduct the interest paid in October and November. Can ie file 2012 taxes now Allocating Payments Between Interest and Principal The allocation of payments between interest and principal for tax purposes might not be the same as the allocation shown on the Form 1098-E or other statement you receive from the lender or loan servicer. Can ie file 2012 taxes now To make the allocation for tax purposes, a payment generally applies first to stated interest that remains unpaid as of the date the payment is due, second to any loan origination fees allocable to the payment, third to any capitalized interest that remains unpaid as of the date the payment is due, and fourth to the outstanding principal. Can ie file 2012 taxes now Example. Can ie file 2012 taxes now In August 2012, Peg took out a $10,000 student loan to pay the tuition for her senior year of college. Can ie file 2012 taxes now The lender charged a 3% loan origination fee ($300) that was withheld from the funds Peg received. Can ie file 2012 taxes now The interest (5% simple) on this loan accrued while she completed her senior year and for 6 months after she graduated. Can ie file 2012 taxes now At the end of that period, the lender determined the amount to be repaid by capitalizing all accrued but unpaid interest ($625 interest accrued from August 2012 through October 2013) and adding it to the outstanding principal balance of the loan. Can ie file 2012 taxes now The loan is payable over 60 months, with a payment of $200. Can ie file 2012 taxes now 51 due on the first of each month, beginning November 2013. Can ie file 2012 taxes now Peg did not receive a Form 1098-E for 2013 from her lender because the amount of interest she paid did not require the lender to issue an information return. Can ie file 2012 taxes now However, she did receive an account statement from the lender that showed the following 2013 payments on her outstanding loan of $10,625 ($10,000 principal + $625 accrued but unpaid interest). Can ie file 2012 taxes now Payment Date   Payment   Stated Interest   Principal November 2013   $200. Can ie file 2012 taxes now 51   $44. Can ie file 2012 taxes now 27   $156. Can ie file 2012 taxes now 24 December 2013   $200. Can ie file 2012 taxes now 51   $43. Can ie file 2012 taxes now 62   $156. Can ie file 2012 taxes now 89 Totals   $401. Can ie file 2012 taxes now 02   $87. Can ie file 2012 taxes now 89   $313. Can ie file 2012 taxes now 13 To determine the amount of interest that could be deducted on the loan for 2013, Peg starts with the total amount of stated interest she paid, $87. Can ie file 2012 taxes now 89. Can ie file 2012 taxes now Next, she allocates the loan origination fee over the term of the loan ($300 ÷ 60 months = $5 per month). Can ie file 2012 taxes now A total of $10 ($5 of each of the two principal payments) should be treated as interest for tax purposes. Can ie file 2012 taxes now Peg then applies the unpaid capitalized interest ($625) to the two principal payments in the order in which they were made, and determines that the remaining amount of principal of both payments is treated as interest for tax purposes. Can ie file 2012 taxes now Assuming that Peg qualifies to take the student loan interest deduction, she can deduct $401. Can ie file 2012 taxes now 02 ($87. Can ie file 2012 taxes now 89 + $10 + $303. Can ie file 2012 taxes now 13). Can ie file 2012 taxes now For 2014, Peg will continue to allocate $5 of the loan origination fee to the principal portion of each monthly payment she makes and treat that amount as interest for tax purposes. Can ie file 2012 taxes now She also will apply the remaining amount of capitalized interest ($625 − $303. Can ie file 2012 taxes now 13 = $321. Can ie file 2012 taxes now 87) to the principal payments in the order in which they are made until the balance is zero, and treat those amounts as interest for tax purposes. Can ie file 2012 taxes now Do Not Include As Interest You cannot claim a student loan interest deduction for any of the following items. Can ie file 2012 taxes now Interest you paid on a loan if, under the terms of the loan, you are not legally obligated to make interest payments. Can ie file 2012 taxes now Loan origination fees that are payments for property or services provided by the lender, such as commitment fees or processing costs. Can ie file 2012 taxes now Interest you paid on a loan to the extent payments were made through your participation in the National Health Service Corps Loan Repayment Program (the “NHSC Loan Repayment Program”) or certain other loan repayment assistance programs. Can ie file 2012 taxes now For more information, see Student Loan Repayment Assistance in chapter 5, Student Loan Cancellations and Repayment Assistance. Can ie file 2012 taxes now When Must Interest Be Paid You can deduct all interest you paid during the year on your student loan, including voluntary payments, until the loan is paid off. Can ie file 2012 taxes now Can You Claim the Deduction Generally, you can claim the deduction if all of the following requirements are met. Can ie file 2012 taxes now Your filing status is any filing status except married filing separately. Can ie file 2012 taxes now No one else is claiming an exemption for you on his or her tax return. Can ie file 2012 taxes now You are legally obligated to pay interest on a qualified student loan. Can ie file 2012 taxes now You paid interest on a qualified student loan. Can ie file 2012 taxes now Claiming an exemption for you. Can ie file 2012 taxes now   Another taxpayer is claiming an exemption for you if he or she lists your name and other required information on his or her Form 1040 (or Form 1040A), line 6c, or Form 1040NR, line 7c. Can ie file 2012 taxes now Example 1. Can ie file 2012 taxes now During 2013, Josh paid $600 interest on his qualified student loan. Can ie file 2012 taxes now Only he is legally obligated to make the payments. Can ie file 2012 taxes now No one claimed an exemption for Josh for 2013. Can ie file 2012 taxes now Assuming all other requirements are met, Josh can deduct the $600 of interest he paid on his 2013 Form 1040 or 1040A. Can ie file 2012 taxes now Example 2. Can ie file 2012 taxes now During 2013, Jo paid $1,100 interest on her qualified student loan. Can ie file 2012 taxes now Only she is legally obligated to make the payments. Can ie file 2012 taxes now Jo's parents claimed an exemption for her on their 2013 tax return. Can ie file 2012 taxes now In this case, neither Jo nor her parents may deduct the student loan interest Jo paid in 2013. Can ie file 2012 taxes now Interest paid by others. Can ie file 2012 taxes now   If you are the person legally obligated to make interest payments and someone else makes a payment of interest on your behalf, you are treated as receiving the payments from the other person and, in turn, paying the interest. Can ie file 2012 taxes now Example 1. Can ie file 2012 taxes now Darla obtained a qualified student loan to attend college. Can ie file 2012 taxes now After Darla's graduation from college, she worked as an intern for a nonprofit organization. Can ie file 2012 taxes now As part of the internship program, the nonprofit organization made an interest payment on behalf of Darla. Can ie file 2012 taxes now This payment was treated as additional compensation and reported in box 1 of her Form W-2. Can ie file 2012 taxes now Assuming all other qualifications are met, Darla can deduct this payment of interest on her tax return. Can ie file 2012 taxes now Example 2. Can ie file 2012 taxes now Ethan obtained a qualified student loan to attend college. Can ie file 2012 taxes now After graduating from college, the first monthly payment on his loan was due in December. Can ie file 2012 taxes now As a gift, Ethan's mother made this payment for him. Can ie file 2012 taxes now No one is claiming a dependency exemption for Ethan on his or her tax return. Can ie file 2012 taxes now Assuming all other qualifications are met, Ethan can deduct this payment of interest on his tax return. Can ie file 2012 taxes now No Double Benefit Allowed You cannot deduct as interest on a student loan any amount that is an allowable deduction under any other provision of the tax law (for example, as home mortgage interest). Can ie file 2012 taxes now Figuring the Deduction Your student loan interest deduction for 2013 is generally the smaller of: $2,500, or The interest you paid in 2013. Can ie file 2012 taxes now However, the amount determined above may be gradually reduced (phased out) or eliminated based on your filing status and MAGI as explained below. Can ie file 2012 taxes now You can use Worksheet 4-1. Can ie file 2012 taxes now Student Loan Interest Deduction Worksheet (at the end of this chapter) to figure both your MAGI and your deduction. Can ie file 2012 taxes now Form 1098-E. Can ie file 2012 taxes now   To help you figure your student loan interest deduction, you should receive Form 1098-E. Can ie file 2012 taxes now Generally, an institution (such as a bank or governmental agency) that received interest payments of $600 or more during 2013 on one or more qualified student loans must send Form 1098-E (or acceptable substitute) to each borrower by January 31, 2014. Can ie file 2012 taxes now   For qualified student loans taken out before September 1, 2004, the institution is required to include on Form 1098-E only payments of stated interest. Can ie file 2012 taxes now Other interest payments, such as certain loan origination fees and capitalized interest, may not appear on the form you receive. Can ie file 2012 taxes now However, if you pay qualifying interest that is not included on Form 1098-E, you can also deduct those amounts. Can ie file 2012 taxes now See Allocating Payments Between Interest and Principal , earlier. Can ie file 2012 taxes now    The lender may ask for a completed Form W-9S, or similar statement to obtain the borrower's name, address, and taxpayer identification number. Can ie file 2012 taxes now The form may also be used by the borrower to certify that the student loan was incurred solely to pay for qualified education expenses. Can ie file 2012 taxes now Effect of the Amount of Your Income on the Amount of Your Deduction The amount of your student loan interest deduction is phased out (gradually reduced) if your MAGI is between $60,000 and $75,000 ($125,000 and $155,000 if you file a joint return). Can ie file 2012 taxes now You cannot take a student loan interest deduction if your MAGI is $75,000 or more ($155,000 or more if you file a joint return). Can ie file 2012 taxes now Modified adjusted gross income (MAGI). Can ie file 2012 taxes now   For most taxpayers, MAGI is adjusted gross income (AGI) as figured on their federal income tax return before subtracting any deduction for student loan interest. Can ie file 2012 taxes now However, as discussed below, there may be other modifications. Can ie file 2012 taxes now Table 4-2 shows how the amount of your MAGI can affect your student loan interest deduction. Can ie file 2012 taxes now Table 4-2. Can ie file 2012 taxes now Effect of MAGI on Student Loan Interest Deduction IF your filing status is. Can ie file 2012 taxes now . Can ie file 2012 taxes now . Can ie file 2012 taxes now AND your MAGI is. Can ie file 2012 taxes now . Can ie file 2012 taxes now . Can ie file 2012 taxes now THEN your student loan interest deduction is. Can ie file 2012 taxes now . Can ie file 2012 taxes now . Can ie file 2012 taxes now single,  head of household, or qualifying widow(er) not more than $60,000 not affected by the phaseout. Can ie file 2012 taxes now more than $60,000  but less than $75,000 reduced because of the phaseout. Can ie file 2012 taxes now $75,000 or more eliminated by the phaseout. Can ie file 2012 taxes now married filing joint return not more than $125,000 not affected by the phaseout. Can ie file 2012 taxes now more than $125,000 but less than $155,000 reduced because of the phaseout. Can ie file 2012 taxes now $155,000 or more eliminated by the phaseout. Can ie file 2012 taxes now MAGI when using Form 1040A. Can ie file 2012 taxes now   If you file Form 1040A, your MAGI is the AGI on line 22 of that form figured without taking into account any amount on line 18 (student loan interest deduction) and line 19 (tuition and fees deduction). Can ie file 2012 taxes now MAGI when using Form 1040. Can ie file 2012 taxes now   If you file Form 1040, your MAGI is the AGI on line 38 of that form figured without taking into account any amount on line 33 (student loan interest deduction), line 34 (tuition and fees deduction), or line 35 (domestic production activities deduction), and modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion, Foreign housing deduction, Exclusion of income by bona fide residents of American Samoa, and Exclusion of income by bona fide residents of Puerto Rico. Can ie file 2012 taxes now MAGI when using Form 1040NR. Can ie file 2012 taxes now   If you file Form 1040NR, your MAGI is the AGI on line 36 of that form figured without taking into account any amount on line 33 (student loan interest deduction) and line 34 (domestic production activities deduction). Can ie file 2012 taxes now MAGI when using Form 1040NR-EZ. Can ie file 2012 taxes now   If you file Form 1040NR-EZ, your MAGI is the AGI on line 10 of that form figured without taking into account any amount on line 9 (student loan interest deduction). Can ie file 2012 taxes now Phaseout. Can ie file 2012 taxes now   If your MAGI is within the range of incomes where the credit must be reduced, you must figure your reduced deduction. Can ie file 2012 taxes now To figure the phaseout, multiply your interest deduction (before the phaseout) by a fraction. Can ie file 2012 taxes now The numerator is your MAGI minus $60,000 ($125,000 in the case of a joint return). Can ie file 2012 taxes now The denominator is $15,000 ($30,000 in the case of a joint return). Can ie file 2012 taxes now Subtract the result from your deduction (before the phaseout) to give you the amount you can deduct. Can ie file 2012 taxes now Example 1. Can ie file 2012 taxes now During 2013 you paid $800 interest on a qualified student loan. Can ie file 2012 taxes now Your 2013 MAGI is $145,000 and you are filing a joint return. Can ie file 2012 taxes now You must reduce your deduction by $533, figured as follows. Can ie file 2012 taxes now   $800 × $145,000 − $125,000  $30,000 = $533   Your reduced student loan interest deduction is $267 ($800 − $533). Can ie file 2012 taxes now Example 2. Can ie file 2012 taxes now The facts are the same as in Example 1 except that you paid $2,750 interest. Can ie file 2012 taxes now Your maximum deduction for 2013 is $2,500. Can ie file 2012 taxes now You must reduce your maximum deduction by $1,667, figured as follows. Can ie file 2012 taxes now   $2,500 × $145,000 − $125,000  $30,000 = $1,667   In this example, your reduced student loan interest deduction is $833 ($2,500 − $1,667). Can ie file 2012 taxes now Which Worksheet To Use Generally, you figure the deduction using the Student Loan Interest Deduction Worksheet in the instructions for Form 1040, Form 1040A, or Form 1040NR. Can ie file 2012 taxes now However, if you are filing Form 2555, Foreign Earned Income, Form 2555-EZ, Foreign Earned Income Exclusion, or Form 4563, Exclusion of Income for Bona Fide Residents of American Samoa, or you are excluding income from sources within Puerto Rico, you must complete Worksheet 4-1. Can ie file 2012 taxes now Student Loan Interest Deduction Worksheet at the end of this chapter. Can ie file 2012 taxes now Claiming the Deduction The student loan interest deduction is an adjustment to income. Can ie file 2012 taxes now To claim the deduction, enter the allowable amount on line 33 (Form 1040), line 18 (Form 1040A), line 33 (Form 1040NR), or line 9 (Form 1040NR-EZ). Can ie file 2012 taxes now Worksheet 4-1. Can ie file 2012 taxes now Student Loan Interest Deduction Worksheet Use this worksheet instead of the worksheet in the Form 1040 instructions if you are filing Form 2555, 2555-EZ, or 4563, or you are excluding income from sources within Puerto Rico. Can ie file 2012 taxes now Before using this worksheet, you must complete Form 1040, lines 7 through 32, plus any amount to be entered on the dotted line next to line 36. Can ie file 2012 taxes now 1. Can ie file 2012 taxes now Enter the total interest you paid in 2013 on qualified student loans. Can ie file 2012 taxes now Do not enter  more than $2,500 1. Can ie file 2012 taxes now   2. Can ie file 2012 taxes now Enter the amount from Form 1040, line 22 2. Can ie file 2012 taxes now       3. Can ie file 2012 taxes now Enter the total of the amounts from Form 1040,  lines 23 through 32 3. Can ie file 2012 taxes now           4. Can ie file 2012 taxes now Enter the total of any amounts entered on the dotted line next to Form 1040, line 36 4. Can ie file 2012 taxes now           5. Can ie file 2012 taxes now Add lines 3 and 4 5. Can ie file 2012 taxes now       6. Can ie file 2012 taxes now Subtract line 5 from line 2 6. Can ie file 2012 taxes now       7. Can ie file 2012 taxes now Enter any foreign earned income exclusion and/or housing  exclusion (Form 2555, line 45, or Form 2555-EZ, line 18) 7. Can ie file 2012 taxes now       8. Can ie file 2012 taxes now Enter any foreign housing deduction (Form 2555, line 50) 8. Can ie file 2012 taxes now       9. Can ie file 2012 taxes now Enter the amount of income from Puerto Rico you are excluding 9. Can ie file 2012 taxes now       10. Can ie file 2012 taxes now Enter the amount of income from American Samoa  you are excluding (Form 4563, line 15) 10. Can ie file 2012 taxes now       11. Can ie file 2012 taxes now Add lines 6 through 10. Can ie file 2012 taxes now This is your modified adjusted gross income 11. Can ie file 2012 taxes now   12. Can ie file 2012 taxes now Enter the amount shown below for your filing status 12. Can ie file 2012 taxes now     •Single, head of household, or qualifying widow(er)—$60,000       •Married filing jointly—$125,000     13. Can ie file 2012 taxes now Is the amount on line 11 more than the amount on line 12?       □ No. Can ie file 2012 taxes now Skip lines 13 and 14, enter -0- on line 15, and go to line 16. Can ie file 2012 taxes now       □ Yes. Can ie file 2012 taxes now Subtract line 12 from line 11 13. Can ie file 2012 taxes now   14. Can ie file 2012 taxes now Divide line 13 by $15,000 ($30,000 if married filing jointly). Can ie file 2012 taxes now Enter the result as a decimal  (rounded to at least three places). Can ie file 2012 taxes now If the result is 1. Can ie file 2012 taxes now 000 or more, enter 1. Can ie file 2012 taxes now 000 14. Can ie file 2012 taxes now . Can ie file 2012 taxes now 15. Can ie file 2012 taxes now Multiply line 1 by line 14 15. Can ie file 2012 taxes now   16. Can ie file 2012 taxes now Student loan interest deduction. Can ie file 2012 taxes now Subtract line 15 from line 1. Can ie file 2012 taxes now Enter the result here  and on Form 1040, line 33. Can ie file 2012 taxes now Do not include this amount in figuring any other  deduction on your return (such as on Schedule A, C, E, etc. Can ie file 2012 taxes now ) 16. Can ie file 2012 taxes now   Prev  Up  Next   Home   More Online Publications
Print - Click this link to Print this page

Change Text Size

Try this first:

The latest versions of several web browsers (e.g., Internet Explorer, Firefox, Safari) allow users to easily increase the font size for better readability. Try holding down the Ctrl key (Command key on a Macintosh) and press the + (plus) key. You can also decrease the font size by holding down the Ctrl or Command key and pressing the - (minus) key.

If that doesn't work:

If that is not effective, you may be using an older version of web browser. You may find instructions on the Web Accessibility Initiative site to be helpful. If you are still not successful, you might consider upgrading to the latest version of your browser.

The IRS is dedicated to making the IRS.gov Web site accessible for all users. We will continue to make accessibility enhancements during future site redesigns.

Page Last Reviewed or Updated: 19-Mar-2014

The Can Ie File 2012 Taxes Now

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