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File 2007 Tax Return Online

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File 2007 Tax Return Online

File 2007 tax return online Index Prev  Up     Home   More Online Publications

Tax Topic Index

Topic 123

These Tax Topics contain general individual and business tax information. If you don't find the answer to your question below, also check Frequently Asked Questions, Interactive Tax Assistant (ITA) and Tax Trails.

IRS Help Available Topic 100
IRS Services – Volunteer Tax Assistance, Outreach Programs and Identity Theft Topic 101
Tax Assistance for Individuals with Disabilities and the Deaf and Hard of Hearing Topic 102
Tax Help for Small Businesses and the Self-Employed Topic 103
Taxpayer Advocate Service – Your Voice at the IRS Topic 104
Armed Forces Tax Information Topic 105
Tax Relief in Disaster Situations Topic 107
IRS Procedures Topic 150
Your Appeal Rights Topic 151
Refund Information Topic 152
What To Do if You Haven't Filed Your Tax Return Topic 153
Form W-2 and Form 1099-R (What to Do if Incorrect or Not Received) Topic 154
Forms and Publications – How to Order Topic 155
Copy of Your Tax Return – How to Get One Topic 156
Change of Address – How to Notify the IRS Topic 157
Ensuring Proper Credit of Payments Topic 158
Prior Year(s) Form W-2 (How to Get a Copy) Topic 159
Form 1099-A (Acquisition or Abandonment of Secured Property) and Form 1099-C (Cancellation of Debt) Topic 160
Collection Topic 200
The Collection Process Topic 201
Tax Payment Options Topic 202
Refund Offsets for Unpaid Child Support, Certain Federal and State Debts, and Unemployment Compensation Debts Topic 203
Offers In Compromise Topic 204
Innocent Spouse Relief (Including Separation of Liability and Equitable Relief) Topic 205
Dishonored Payments Topic 206
Alternative Filing Methods Topic 250
Substitute Tax Forms Topic 253
How to Choose a Tax Return Preparer Topic 254
Self-Select PIN Signature Method for Online Registration Topic 255
General Information Topic 300
When, Where, and How to File Topic 301
Checklist of Common Errors When Preparing Your Tax Return Topic 303
Extensions of Time to File Your Tax Return Topic 304
Recordkeeping Topic 305
Penalty for Underpayment of Estimated Tax Topic 306
Backup Withholding Topic 307
Amended Returns Topic 308
Roth IRA Contributions Topic 309
Coverdell Education Savings Accounts Topic 310
Power of Attorney Information Topic 311
Disclosure Authorizations Topic 312
Qualified Tuition Programs (QTPs) Topic 313
Which Forms to File Topic 350
Which Form – 1040, 1040A, or 1040EZ? Topic 352
Decedents Topic 356
Types of Income Topic 400
Wages and Salaries Topic 401
Interest Received Topic 403
Dividends Topic 404
Business Income Topic 407
Capital Gains and Losses Topic 409
Pensions and Annuities Topic 410
Pensions – The General Rule and the Simplified Method Topic 411
Lump-Sum Distributions Topic 412
Rollovers from Retirement Plans Topic 413
Rental Income and Expenses Topic 414
Renting Residential and Vacation Property Topic 415
Farming and Fishing Income Topic 416
Earnings for Clergy Topic 417
Unemployment Compensation Topic 418
Gambling Income and Losses Topic 419
Bartering Income Topic 420
Scholarship and Fellowship Grants Topic 421
Social Security and Equivalent Railroad Retirement Benefits Topic 423
401(k) Plans Topic 424
Passive Activities – Losses and Credits Topic 425
Stock Options Topic 427
Traders in Securities (Information for Form 1040 Filers) Topic 429
Receipt of Stock in a Demutualization Topic 430
Canceled Debt – Is It Taxable or Not? Topic 431
Adjustments to Income Topic 450
Individual Retirement Arrangements (IRAs) Topic 451
Alimony Paid Topic 452
Bad Debt Deduction Topic 453
Moving Expenses Topic 455
Student Loan Interest Deduction Topic 456
Tuition and Fees Deduction Topic 457
Educator Expense Deduction Topic 458
Itemized Deductions Topic 500
Should I Itemize? Topic 501
Medical and Dental Expenses Topic 502
Deductible Taxes Topic 503
Home Mortgage Points Topic 504
Interest Expense Topic 505
Charitable Contributions Topic 506
Miscellaneous Expenses Topic 508
Business Use of Home Topic 509
Business Use of Car Topic 510
Business Travel Expenses Topic 511
Business Entertainment Expenses Topic 512
Educational Expenses Topic 513
Employee Business Expenses Topic 514
Casualty, Disaster, and Theft Losses (Including Federally Declared Disaster Areas) Topic 515
Tax Computation Topic 550
Standard Deduction Topic 551
Tax and Credits Figured by the IRS Topic 552
Tax on a Child's Investment Income Topic 553
Self-Employment Tax Topic 554
Alternative Minimum Tax Topic 556
Additional Tax on Early Distributions from Traditional and ROTH IRAs Topic 557
Additional Tax on Early Distributions from Retirement Plans, Other Than IRAs Topic 558
Net Investment Income Tax Topic 559
Additional Medicare Tax Topic 560
Tax Credits Topic 600
Earned Income Credit Topic 601
Child and Dependent Care Credit Topic 602
Adoption Credit and Adoption Assistance Programs Topic 607
Excess Social Security and RRTA Tax Withheld Topic 608
Retirement Savings Contributions Credit Topic 610
Repayment of the First-time Homebuyer Credit Topic 611
IRS Notices Topic 650
Notices – What to Do Topic 651
Notice of Underreported Income – CP-2000 Topic 652
IRS Notices and Bills, Penalties and Interest Charges Topic 653
Basis of Assets, Depreciation, and Sale of Assets Topic 700
Sale of Your Home Topic 701
Basis of Assets Topic 703
Depreciation Topic 704
Installment Sales Topic 705
Employer Tax Information Topic 750
Social Security and Medicare Withholding Rates Topic 751
Form W-2 – Where, When, and How to File Topic 752
Form W-4 – Employee's Withholding Allowance Certificate Topic 753
Employer Identification Number (EIN) – How to Apply Topic 755
Employment Taxes for Household Employees Topic 756
Forms 941 and 944 – Deposit Requirements Topic 757
Form 941 – Employer's Quarterly Federal Tax Return and Form 944 – Employer's Annual Federal Tax Return Topic 758
Form 940 – Employer's Annual Federal Unemployment (FUTA) Tax Return – Filing and Deposit Requirements Topic 759
Reporting and Deposit Requirements for Agricultural Employers Topic 760
Tips – Withholding and Reporting Topic 761
Independent Contractor vs. Employee Topic 762
The Affordable Care Act Topic 763
Electronic Media Filers – 1099 Series and Related Information Returns Topic 800
Who Must File Information Returns Electronically Topic 801
Applications, Forms, and Information Topic 802
Waivers and Extensions Topic 803
Test Files and Combined Federal and State Filing Topic 804
Electronic Filing of Information Returns Topic 805
Tax Information for Aliens and U.S. Citizens Living Abroad Topic 850
Resident and Nonresident Aliens Topic 851
Foreign Tax Credit Topic 856
Individual Taxpayer Identification Number (ITIN) – Form W-7 Topic 857
Alien Tax Clearance Topic 858
Tax Information for Residents of Puerto Rico Topic 900
Is a Person With Income from Puerto Rican Sources Required to File a U.S. Federal Income Tax Return? Topic 901
Credits and Deductions for Taxpayers With Puerto Rican Source Income That is Exempt From U.S. Tax Topic 902
Federal Employment Tax in Puerto Rico Topic 903
Tax Assistance for Residents of Puerto Rico Topic 904

Page Last Reviewed or Updated: March 20, 2014

The File 2007 Tax Return Online

File 2007 tax return online 5. File 2007 tax return online   Table and Worksheets for the Self-Employed Table of Contents Community property laws. File 2007 tax return online As discussed in chapters 2 and 4, if you are self-employed, you must use the rate table or rate worksheet and deduction worksheet to figure your deduction for contributions you made for yourself to a SEP-IRA or qualified plan. File 2007 tax return online First, use either the rate table or rate worksheet to find your reduced contribution rate. File 2007 tax return online Then complete the deduction worksheet to figure your deduction for contributions. File 2007 tax return online The table and the worksheets in chapter 5 apply only to self-employed individuals who have only one defined contribution plan, such as a profit-sharing plan. File 2007 tax return online A SEP plan is treated as a profit-sharing plan. File 2007 tax return online However, do not use this worksheet for SARSEPs. File 2007 tax return online Rate table for self-employed. File 2007 tax return online   If your plan's contribution rate is a whole percentage (for example, 12% rather than 12½%), you can use the table on the next page to find your reduced contribution rate. File 2007 tax return online Otherwise, use the rate worksheet provided below. File 2007 tax return online   First, find your plan contribution rate (the contribution rate stated in your plan) in Column A of the table. File 2007 tax return online Then read across to the rate under Column B. File 2007 tax return online Enter the rate from Column B in step 4 of the Deduction Worksheet for Self-Employed on this page. File 2007 tax return online    Example. File 2007 tax return online You are a sole proprietor with no employees. File 2007 tax return online If your plan's contribution rate is 10% of a participant's compensation, your rate is 0. File 2007 tax return online 090909. File 2007 tax return online Enter this rate in step 4 of the Deduction Worksheet for Self-Employed on this page. File 2007 tax return online Deduction Worksheet for Self-Employed   Step 1           Enter your net profit from line 31, Schedule C (Form 1040); line 3, Schedule C-EZ (Form 1040); line 34, Schedule F (Form 1040)*; or box 14, code A**, Schedule K-1 (Form 1065)*. File 2007 tax return online For information on other income included in net profit from self-employment, see the Instructions for Schedule SE, Form 1040. File 2007 tax return online       *Reduce this amount by any amount reported on Schedule SE (Form 1040), line 1b. File 2007 tax return online       **General partners should reduce this amount by the same additional expenses subtracted from box 14, code A to determine the amount on line 1 or 2 of Schedule SE. File 2007 tax return online     Step 2           Enter your deduction for self-employment tax from Form 1040, line 27             Step 3           Net earnings from self-employment. File 2007 tax return online Subtract step 2 from step 1     Step 4           Enter your rate from the Rate Table for Self-Employed or Rate Worksheet for Self-Employed     Step 5           Multiply step 3 by step 4     Step 6           Multiply $255,000 by your plan contribution rate (not the reduced rate)     Step 7           Enter the smaller of step 5 or step 6     Step 8           Contribution dollar limit $51,000     • If you made any elective deferrals to your self-employed plan, go to step 9. File 2007 tax return online         • Otherwise, skip steps 9 through 20 and enter the smaller of step 7 or step 8 on step 21. File 2007 tax return online       Step 9           Enter your allowable elective deferrals (including designated Roth contributions) made to your self-employed plan during 2013. File 2007 tax return online Do not enter more than $17,500     Step 10           Subtract step 9 from step 8     Step 11           Subtract step 9 from step 3       Step 12           Enter one-half of step 11     Step 13           Enter the smallest of step 7, 10, or 12     Step 14           Subtract step 13 from step 3     Step 15           Enter the smaller of step 9 or step 14       • If you made catch-up contributions, go to step 16. File 2007 tax return online         • Otherwise, skip steps 16 through 18 and go to step 19. File 2007 tax return online       Step 16           Subtract step 15 from step 14     Step 17           Enter your catch-up contributions (including designated Roth contributions), if any. File 2007 tax return online Do not enter more than $5,500     Step 18           Enter the smaller of step 16 or step 17     Step 19           Add steps 13, 15, and 18. File 2007 tax return online     Step 20           Enter the amount of designated Roth contributions included on lines 9 and 17. File 2007 tax return online     Step 21           Subtract step 20 from step 19. File 2007 tax return online This is your maximum deductible contribution. File 2007 tax return online                 Next: Enter your actual contribution, not to exceed your maximum deductible contribution, on Form 1040, line 28. File 2007 tax return online   Rate worksheet for self-employed. File 2007 tax return online   If your plan's contribution rate is not a whole percentage (for example, 10½%), you cannot use the Rate Table for Self-Employed. File 2007 tax return online Use the following worksheet instead. File 2007 tax return online Rate Worksheet for Self-Employed 1) Plan contribution rate as a decimal (for example, 10½% = 0. File 2007 tax return online 105)   2) Rate in line 1 plus 1 (for example, 0. File 2007 tax return online 105 + 1 = 1. File 2007 tax return online 105)   3) Self-employed rate as a decimal rounded to at least 3 decimal places (line 1 ÷ line 2) (for example, 0. File 2007 tax return online 105 ÷ 1. File 2007 tax return online 105 = 0. File 2007 tax return online 095)   Figuring your deduction. File 2007 tax return online   Now that you have your self-employed rate from either the rate table or rate worksheet, you can figure your maximum deduction for contributions for yourself by completing the Deduction Worksheet for Self-Employed. File 2007 tax return online Community property laws. File 2007 tax return online   If you reside in a community property state and you are married and filing a separate return, disregard community property laws for step 1 of the Deduction Worksheet for Self-Employed. File 2007 tax return online Enter on step 1 the total net profit you actually earned. File 2007 tax return online Rate Table for Self-Employed Column A  If the plan contri- bution rate is: (shown as %) Column B  Your rate is: (shown as decimal) 1 . File 2007 tax return online 009901 2 . File 2007 tax return online 019608 3 . File 2007 tax return online 029126 4 . File 2007 tax return online 038462 5 . File 2007 tax return online 047619 6 . File 2007 tax return online 056604 7 . File 2007 tax return online 065421 8 . File 2007 tax return online 074074 9 . File 2007 tax return online 082569 10 . File 2007 tax return online 090909 11 . File 2007 tax return online 099099 12 . File 2007 tax return online 107143 13 . File 2007 tax return online 115044 14 . File 2007 tax return online 122807 15 . File 2007 tax return online 130435 16 . File 2007 tax return online 137931 17 . File 2007 tax return online 145299 18 . File 2007 tax return online 152542 19 . File 2007 tax return online 159664 20 . File 2007 tax return online 166667 21 . File 2007 tax return online 173554 22 . File 2007 tax return online 180328 23 . File 2007 tax return online 186992 24 . File 2007 tax return online 193548 25* . File 2007 tax return online 200000* *The deduction for annual employer contributions (other than elective deferrals) to a SEP plan, a profit-sharing plan, or a money purchase plan cannot be more than 20% of your net earnings (figured without deducting contributions for yourself) from the business that has the plan. File 2007 tax return online Example. File 2007 tax return online You are a sole proprietor with no employees. File 2007 tax return online The terms of your plan provide that you contribute 8½% (. File 2007 tax return online 085) of your compensation to your plan. File 2007 tax return online Your net profit from line 31, Schedule C (Form 1040) is $200,000. File 2007 tax return online You have no elective deferrals or catch-up contributions. File 2007 tax return online Your self-employment tax deduction on line 27 of Form 1040 is $9,728. File 2007 tax return online See the filled-in portions of both Schedule SE (Form 1040), Self-Employment Income, and Form 1040, later. File 2007 tax return online You figure your self-employed rate and maximum deduction for employer contributions you made for yourself as follows. File 2007 tax return online Deduction Worksheet for Self-Employed   Step 1           Enter your net profit from line 31, Schedule C (Form 1040); line 3, Schedule C-EZ (Form 1040); line 34, Schedule F (Form 1040)*; or box 14, code A**, Schedule K-1 (Form 1065)*. File 2007 tax return online For information on other income included in net profit from self-employment, see the Instructions for Schedule SE, Form 1040. File 2007 tax return online $200,000     *Reduce this amount by any amount reported on Schedule SE (Form 1040), line 1b. File 2007 tax return online       **General partners should reduce this amount by the same additional expenses subtracted from box 14, code A to determine the amount on line 1 or 2 of Schedule SE. File 2007 tax return online     Step 2           Enter your deduction for self-employment tax from Form 1040, line 27 9,728           Step 3           Net earnings from self-employment. File 2007 tax return online Subtract step 2 from step 1 190,272   Step 4           Enter your rate from the Rate Table for Self-Employed or Rate Worksheet for Self-Employed 0. File 2007 tax return online 078   Step 5           Multiply step 3 by step 4 14,841   Step 6           Multiply $255,000 by your plan contribution rate (not the reduced rate) 21,675   Step 7           Enter the smaller of step 5 or step 6 14,841   Step 8           Contribution dollar limit $51,000     • If you made any elective deferrals to your self-employed plan, go to step 9. File 2007 tax return online         • Otherwise, skip steps 9 through 20 and enter the smaller of step 7 or step 8 on step 21. File 2007 tax return online       Step 9           Enter your allowable elective deferrals (including designated Roth contributions) made to your self-employed plan during 2013. File 2007 tax return online Do not enter more than $17,500 N/A   Step 10           Subtract step 9 from step 8     Step 11           Subtract step 9 from step 3       Step 12           Enter one-half of step 11     Step 13           Enter the smallest of step 7, 10, or 12     Step 14           Subtract step 13 from step 3     Step 15           Enter the smaller of step 9 or step 14       • If you made catch-up contributions, go to step 16. File 2007 tax return online         • Otherwise, skip steps 16 through 18 and go to step 19. File 2007 tax return online       Step 16           Subtract step 15 from step 14     Step 17           Enter your catch-up contributions (including designated Roth contributions), if any. File 2007 tax return online Do not enter more than $5,500     Step 18           Enter the smaller of step 16 or step 17     Step 19           Add steps 13, 15, and 18. File 2007 tax return online     Step 20           Enter the amount of designated Roth contributions included on lines 9 and 17     Step 21           Subtract step 20 from step 19. File 2007 tax return online This is your maximum deductible contribution $14,841                 Next: Enter your actual contribution, not to exceed your maximum deductible contribution, on Form 1040, line 28. File 2007 tax return online   See the filled-in Deduction Worksheet for Self-Employed on this page. File 2007 tax return online Rate Worksheet for Self-Employed 1) Plan contribution rate as a decimal (for example, 10½% = 0. File 2007 tax return online 105) 0. File 2007 tax return online 085 2) Rate in line 1 plus 1 (for example, 0. File 2007 tax return online 105 + 1 = 1. File 2007 tax return online 105) 1. File 2007 tax return online 085 3) Self-employed rate as a decimal rounded to at least 3 decimal places (line 1 ÷ line 2) (for example, 0. File 2007 tax return online 105 ÷ 1. File 2007 tax return online 105 = 0. File 2007 tax return online 095) 0. File 2007 tax return online 078 This image is too large to be displayed in the current screen. File 2007 tax return online Please click the link to view the image. File 2007 tax return online Portion of Form 1040 and Portion of Schedule SE Prev  Up  Next   Home   More Online Publications