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Ez 1040 Form 2012

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Ez 1040 Form 2012

Ez 1040 form 2012 Index A Abatement of interest (see Interest, abatement) Appeal rights, Appeal Rights, Appeals to the Courts, Tax Court, District Court and Court of Federal Claims (see also Tax Court) Assistance (see Tax help) Authorization, third party, Third party authorization. Ez 1040 form 2012 B Burden of proof, Burden of proof. Ez 1040 form 2012 C Civil action (see Waivers, tax suits, civil action) Claim for refund, Claims for Refund Disallowance, Explanation of Any Claim for Refund Disallowance Estates on installment method, Claim for refund by estates electing the installment method of payment. Ez 1040 form 2012 Periods of financial disability, Periods of financial disability. Ez 1040 form 2012 Comments on publication, Comments and suggestions. Ez 1040 form 2012 Communications, privileged, Confidentiality privilege. Ez 1040 form 2012 , Confidentiality privilege. Ez 1040 form 2012 Confidentiality, Confidentiality privilege. Ez 1040 form 2012 , Confidentiality privilege. Ez 1040 form 2012 D Disability (see Financial disability, periods of) Disaster areas, abatement of interest, Abatement of Interest for Individuals Affected by Presidentially Declared Disasters or Military or Terrorist Actions E Employment status, Tax Court review of, Jurisdiction for determination of employment status. Ez 1040 form 2012 Estates Claim for refund, Claim for refund by estates electing the installment method of payment. Ez 1040 form 2012 Examination of returns, Examination of Returns F Fast track mediation, Fast track mediation. Ez 1040 form 2012 Financial disability, periods of Claim for refund, Periods of financial disability. Ez 1040 form 2012 Form 8379, Injured spouse exception. Ez 1040 form 2012 8857, Form 8857. Ez 1040 form 2012 Free tax services, Free help with your tax return. Ez 1040 form 2012 H Help (see Tax help) I Injured spouse, Injured spouse exception. Ez 1040 form 2012 Innocent spouse relief, Tax Court review of request for relief from joint and several liability on a joint return. Ez 1040 form 2012 , Relief from joint and several liability on a joint return. Ez 1040 form 2012 Installment agreement, Installment Agreement Request Installment method Estates, claim for refund by, Claim for refund by estates electing the installment method of payment. Ez 1040 form 2012 Interest Abatement Disaster areas, Abatement of Interest for Individuals Affected by Presidentially Declared Disasters or Military or Terrorist Actions Error or delay by IRS, Abatement of Interest Due to Error or Delay by the IRS Terrorist attacks, Abatement of Interest for Individuals Affected by Presidentially Declared Disasters or Military or Terrorist Actions Netting, overlapping underpayments and overpayments, Interest Netting Suspended, Suspension of interest and penalties. Ez 1040 form 2012 J Joint and several liability, relief from, Tax Court review of request for relief from joint and several liability on a joint return. Ez 1040 form 2012 , Relief from joint and several liability on a joint return. Ez 1040 form 2012 L Losses Disaster area, Disaster area claims for refund. Ez 1040 form 2012 Low Income Taxpayer Clinics, Low Income Taxpayer Clinics. Ez 1040 form 2012 M Mediation, fast track, Fast track mediation. Ez 1040 form 2012 More information, Useful Items - You may want to see: N Notice of deficiency Timely mailing, Suspension of interest and penalties. Ez 1040 form 2012 Notices Third party contacts, Notice of IRS contact of third parties. Ez 1040 form 2012 O Offer in compromise, Offer in Compromise Overpayments Offsets against state tax, Offset of past-due state income tax obligations against overpayments. Ez 1040 form 2012 P Penalties, suspended, Suspension of interest and penalties. Ez 1040 form 2012 Practitioners, federally authorized Confidential communications, Confidentiality privilege. Ez 1040 form 2012 , Confidentiality privilege. Ez 1040 form 2012 Presidentially declared disaster, Disaster area claims for refund. Ez 1040 form 2012 Publications (see Tax help) R Refund, Claims for Refund, Periods of financial disability. Ez 1040 form 2012 , Offset of past-due state income tax obligations against overpayments. Ez 1040 form 2012 Reduced, Reduced Refund Refund deadline postponement, Postponed refund deadlines. Ez 1040 form 2012 Refund or credit before court decision, Refund or Credit of Overpayments Before Final Determination Rights Communications, privileged, Confidentiality privilege. Ez 1040 form 2012 , Confidentiality privilege. Ez 1040 form 2012 Requests to waive, Prohibition on requests to taxpayers to give up rights to bring civil action. Ez 1040 form 2012 S Suggestions for publication, Comments and suggestions. Ez 1040 form 2012 T Tax Court, Appeals to the Courts, Tax Court Employment status, review of, Jurisdiction for determination of employment status. Ez 1040 form 2012 Innocent spouse relief, review of request for, Tax Court review of request for relief from joint and several liability on a joint return. Ez 1040 form 2012 Refund or credit before decision, Refund or Credit of Overpayments Before Final Determination Tax help, How To Get Tax Help Taxpayer Advocate, Taxpayer Advocate Service. Ez 1040 form 2012 Taxpayer Advocate Service, Taxpayer Advocate Service. Ez 1040 form 2012 Terrorist attacks, abatement of interest, Abatement of Interest for Individuals Affected by Presidentially Declared Disasters or Military or Terrorist Actions Third party authorization, Third party authorization. Ez 1040 form 2012 TTY/TDD information, How To Get Tax Help W Waivers Tax suits, civil action, Prohibition on requests to taxpayers to give up rights to bring civil action. Ez 1040 form 2012 Z Zero rate, overlapping periods of interest (see Interest, netting) Prev  Up     Home   More Online Publications
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The Ez 1040 Form 2012

Ez 1040 form 2012 9. Ez 1040 form 2012   Education Exception to Additional Tax on Early IRA Distributions Table of Contents Introduction Who Is Eligible Figuring the Amount Not Subject to the 10% Tax Reporting Early Distributions Introduction Generally, if you take a distribution from your IRA before you reach age 59½, you must pay a 10% additional tax on the early distribution. Ez 1040 form 2012 This applies to any IRA you own, whether it is a traditional IRA (including a SEP-IRA), a Roth IRA, or a SIMPLE IRA. Ez 1040 form 2012 The additional tax on an early distribution from a SIMPLE IRA may be as high as 25%. Ez 1040 form 2012 See Publication 560, Retirement Plans for Small Business, for information on SEP-IRAs, and Publication 590, for information about all other IRAs. Ez 1040 form 2012 However, you can take distributions from your IRAs for qualified higher education expenses without having to pay the 10% additional tax. Ez 1040 form 2012 You may owe income tax on at least part of the amount distributed, but you may not have to pay the 10% additional tax. Ez 1040 form 2012 Generally, if the taxable part of the distribution is less than or equal to the adjusted qualified education expenses (AQEE), none of the distribution is subject to the additional tax. Ez 1040 form 2012 If the taxable part of the distribution is more than the AQEE, only the excess is subject to the additional tax. Ez 1040 form 2012 Who Is Eligible You can take a distribution from your IRA before you reach age 59½ and not have to pay the 10% additional tax if, for the year of the distribution, you pay qualified education expenses for: yourself, your spouse, or your or your spouse's child, foster child, adopted child, or descendant of any of them. Ez 1040 form 2012 Qualified education expenses. Ez 1040 form 2012   For purposes of the 10% additional tax, these expenses are tuition, fees, books, supplies, and equipment required for enrollment or attendance at an eligible educational institution. Ez 1040 form 2012 They also include expenses for special needs services incurred by or for special needs students in connection with their enrollment or attendance. Ez 1040 form 2012   In addition, if the student is at least a half-time student, room and board are qualified education expenses. Ez 1040 form 2012   The expense for room and board qualifies only to the extent that it is not more than the greater of the following two amounts. Ez 1040 form 2012 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. Ez 1040 form 2012 The actual amount charged if the student is residing in housing owned or operated by the eligible educational institution. Ez 1040 form 2012 You will need to contact the eligible educational institution for qualified room and board costs. Ez 1040 form 2012 Eligible educational institution. Ez 1040 form 2012   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. Ez 1040 form 2012 S. Ez 1040 form 2012 Department of Education. Ez 1040 form 2012 It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Ez 1040 form 2012 The educational institution should be able to tell you if it is an eligible educational institution. Ez 1040 form 2012   Certain educational institutions located outside the United States also participate in the U. Ez 1040 form 2012 S. Ez 1040 form 2012 Department of Education's Federal Student Aid (FSA) programs. Ez 1040 form 2012 Half-time student. Ez 1040 form 2012   A student is enrolled “at least half-time” if he or she is enrolled for at least half the full-time academic work load for the course of study the student is pursuing as determined under the standards of the school where the student is enrolled. Ez 1040 form 2012 Figuring the Amount Not Subject to the 10% Tax To determine the amount of your distribution that is not subject to the 10% additional tax, first figure your adjusted qualified education expenses. Ez 1040 form 2012 You do this by reducing your total qualified education expenses by any tax-free educational assistance, which includes: Expenses used to figure the tax-free portion of distributions from a Coverdell education savings account (ESA) (see Distributions in chapter 7, Coverdell Education Savings Account), The tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Pell grants (see Pell Grants and Other Title IV Need-Based Education Grants in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Veterans' educational assistance (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ), and Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. Ez 1040 form 2012 Do not reduce the qualified education expenses by amounts paid with funds the student receives as: Payment for services, such as wages, A loan, A gift, An inheritance given to either the student or the individual making the withdrawal, or A withdrawal from personal savings (including savings from a qualified tuition program (QTP)). Ez 1040 form 2012 If your IRA distribution is equal to or less than your adjusted qualified education expenses, you are not subject to the 10% additional tax. Ez 1040 form 2012 Example 1. Ez 1040 form 2012 In 2013, Erin (age 32) took a year off from teaching to attend graduate school full-time. Ez 1040 form 2012 She paid $5,800 of qualified education expenses from the following sources. Ez 1040 form 2012   Employer-provided educational assistance  (tax free) $5,000     Early distribution from IRA (includes $500 taxable earnings) 3,200           Before Erin can determine if she must pay the 10% additional tax on her IRA distribution, she must reduce her total qualified education expenses. Ez 1040 form 2012   Total qualified education expenses $5,800     Minus: Tax-free educational assistance −5,000     Equals: Adjusted qualified  education expenses (AQEE) $ 800   Because Erin's AQEE ($800) are more than the taxable portion of her IRA distribution ($500), she does not have to pay the 10% additional tax on any part of this distribution. Ez 1040 form 2012 However, she must include the $500 taxable earnings in her gross income subject to income tax. Ez 1040 form 2012 Example 2. Ez 1040 form 2012 Assume the same facts as in Example 1 , except that Erin deducted some of the contributions to her IRA, so the taxable part of her early distribution is higher by $1,000. Ez 1040 form 2012 This must be included in her income subject to income tax. Ez 1040 form 2012 The taxable part of Erin's IRA distribution ($1,000) is larger than her $800 AQEE. Ez 1040 form 2012 Therefore, she must pay the 10% additional tax on $200, the taxable part of her distribution ($1,000) that is more than her qualified education expenses ($800). Ez 1040 form 2012 She does not have to pay the 10% additional tax on the remaining $800 of her taxable distribution. Ez 1040 form 2012 Reporting Early Distributions By January 31, 2014, the payer of your IRA distribution should send you Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Ez 1040 form 2012 The information on this form will help you determine how much of your distribution is taxable for income tax purposes and how much is subject to the 10% additional tax. Ez 1040 form 2012 If you received an early distribution from your IRA, you must report the taxable earnings on Form 1040, line 15b (Form 1040NR, line 16b). Ez 1040 form 2012 Then, if you qualify for an exception for qualified higher education expenses, you must file Form 5329 to show how much, if any, of your early distribution is subject to the 10% additional tax. Ez 1040 form 2012 See the Instructions for Form 5329, Part I, for help in completing the form and entering the results on Form 1040 or 1040NR. Ez 1040 form 2012 There are many other situations in which Form 5329 is required. Ez 1040 form 2012 If, during 2013, you had other distributions from IRAs or qualified retirement plans, or have made excess contributions to certain tax-favored accounts, see the instructions for line 58 (Form 1040) or line 56 (Form 1040NR) to determine if you must file Form 5329. Ez 1040 form 2012 Prev  Up  Next   Home   More Online Publications