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H&r Block Tax Return

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H&r Block Tax Return

H&r block tax return 3. H&r block tax return   Savings Incentive Match Plans for Employees (SIMPLE) Table of Contents Introduction What Is a SIMPLE Plan?Eligible Employees How Are Contributions Made? How Much Can Be Contributed on Your Behalf?Matching contributions less than 3%. H&r block tax return Traditional IRA mistakenly moved to SIMPLE IRA. H&r block tax return When Can You Withdraw or Use Assets?Are Distributions Taxable? Introduction This chapter is for employees who need information about savings incentive match plans for employees (SIMPLE plans). H&r block tax return It explains what a SIMPLE plan is, contributions to a SIMPLE plan, and distributions from a SIMPLE plan. H&r block tax return Under a SIMPLE plan, SIMPLE retirement accounts for participating employees can be set up either as: Part of a 401(k) plan, or A plan using IRAs (SIMPLE IRA). H&r block tax return This chapter only discusses the SIMPLE plan rules that relate to SIMPLE IRAs. H&r block tax return See chapter 3 of Publication 560 for information on any special rules for SIMPLE plans that do not use IRAs. H&r block tax return If your employer maintains a SIMPLE plan, you must be notified, in writing, that you can choose the financial institution that will serve as trustee for your SIMPLE IRA and that you can roll over or transfer your SIMPLE IRA to another financial institution. H&r block tax return See Rollovers and Transfers Exception, later under When Can You Withdraw or Use Assets. H&r block tax return What Is a SIMPLE Plan? A SIMPLE plan is a tax-favored retirement plan that certain small employers (including self-employed individuals) can set up for the benefit of their employees. H&r block tax return See chapter 3 of Publication 560 for information on the requirements employers must satisfy to set up a SIMPLE plan. H&r block tax return A SIMPLE plan is a written agreement (salary reduction agreement) between you and your employer that allows you, if you are an eligible employee (including a self-employed individual), to choose to: Reduce your compensation (salary) by a certain percentage each pay period, and Have your employer contribute the salary reductions to a SIMPLE IRA on your behalf. H&r block tax return These contributions are called salary reduction contributions. H&r block tax return All contributions under a SIMPLE IRA plan must be made to SIMPLE IRAs, not to any other type of IRA. H&r block tax return The SIMPLE IRA can be an individual retirement account or an individual retirement annuity, described in chapter 1. H&r block tax return Contributions are made on behalf of eligible employees. H&r block tax return (See Eligible Employees below. H&r block tax return ) Contributions are also subject to various limits. H&r block tax return (See How Much Can Be Contributed on Your Behalf , later. H&r block tax return ) In addition to salary reduction contributions, your employer must make either matching contributions or nonelective contributions. H&r block tax return See How Are Contributions Made , later. H&r block tax return You may be able to claim a credit for contributions to your SIMPLE plan. H&r block tax return For more information, see chapter 4. H&r block tax return Eligible Employees You must be allowed to participate in your employer's SIMPLE plan if you: Received at least $5,000 in compensation from your employer during any 2 years prior to the current year, and Are reasonably expected to receive at least $5,000 in compensation during the calendar year for which contributions are made. H&r block tax return Self-employed individual. H&r block tax return   For SIMPLE plan purposes, the term employee includes a self-employed individual who received earned income. H&r block tax return Excludable employees. H&r block tax return   Your employer can exclude the following employees from participating in the SIMPLE plan. H&r block tax return Employees whose retirement benefits are covered by a collective bargaining agreement (union contract). H&r block tax return Employees who are nonresident aliens and received no earned income from sources within the United States. H&r block tax return Employees who would not have been eligible employees if an acquisition, disposition, or similar transaction had not occurred during the year. H&r block tax return Compensation. H&r block tax return   For purposes of the SIMPLE plan rules, your compensation for a year generally includes the following amounts. H&r block tax return Wages, tips, and other pay from your employer that is subject to income tax withholding. H&r block tax return Deferred amounts elected under any 401(k) plans, 403(b) plans, government (section 457) plans, SEP plans, and SIMPLE plans. H&r block tax return Self-employed individual compensation. H&r block tax return   For purposes of the SIMPLE plan rules, if you are self-employed, your compensation for a year is your net earnings from self-employment (Schedule SE (Form 1040), Section A, line 4, or Section B, line 6) before subtracting any contributions made to a SIMPLE IRA on your behalf. H&r block tax return   For these purposes, net earnings from self-employment include services performed while claiming exemption from self-employment tax as a member of a group conscientiously opposed to social security benefits. H&r block tax return How Are Contributions Made? Contributions under a salary reduction agreement are called salary reduction contributions. H&r block tax return They are made on your behalf by your employer. H&r block tax return Your employer must also make either matching contributions or nonelective contributions. H&r block tax return Salary reduction contributions. H&r block tax return   During the 60-day period before the beginning of any year, and during the 60-day period before you are eligible, you can choose salary reduction contributions expressed either as a percentage of compensation, or as a specific dollar amount (if your employer offers this choice). H&r block tax return You can choose to cancel the election at any time during the year. H&r block tax return   Salary reduction contributions are also referred to as “elective deferrals. H&r block tax return ”   Your employer cannot place restrictions on the contributions amount (such as by limiting the contributions percentage), except to comply with the salary reduction contributions limit, discussed under How Much Can Be Contributed on Your Behalf, later. H&r block tax return Matching contributions. H&r block tax return   Unless your employer chooses to make nonelective contributions, your employer must make contributions equal to the salary reduction contributions you choose (elect), but only up to certain limits. H&r block tax return See How Much Can Be Contributed on Your Behalf below. H&r block tax return These contributions are in addition to the salary reduction contributions and must be made to the SIMPLE IRAs of all eligible employees (defined earlier) who chose salary reductions. H&r block tax return These contributions are referred to as matching contributions. H&r block tax return   Matching contributions on behalf of a self-employed individual are not treated as salary reduction contributions. H&r block tax return Nonelective contributions. H&r block tax return   Instead of making matching contributions, your employer may be able to choose to make nonelective contributions on behalf of all eligible employees. H&r block tax return These nonelective contributions must be made on behalf of each eligible employee who has at least $5,000 of compensation from your employer, whether or not the employee chose salary reductions. H&r block tax return   One of the requirements your employer must satisfy is notifying the employees that the election was made. H&r block tax return For other requirements that your employer must satisfy, see chapter 3 of Publication 560. H&r block tax return How Much Can Be Contributed on Your Behalf? The limits on contributions to a SIMPLE IRA vary with the type of contribution that is made. H&r block tax return Salary reduction contributions limit. H&r block tax return   Salary reduction contributions (employee-chosen contributions or elective deferrals) that your employer can make on your behalf under a SIMPLE plan are limited to $12,000 for 2013. H&r block tax return The limitation remains at $12,000 for 2014. H&r block tax return If you are a participant in any other employer plans during 2013 and you have elective salary reductions or deferred compensation under those plans, the salary reduction contributions under the SIMPLE plan also are included in the annual limit of $17,500 for 2013 on exclusions of salary reductions and other elective deferrals. H&r block tax return You, not your employer, are responsible for monitoring compliance with these limits. H&r block tax return Additional elective deferrals can be contributed to your SIMPLE plan if: You reached age 50 by the end of 2013, and No other elective deferrals can be made for you to the plan for the year because of limits or restrictions, such as the regular annual limit. H&r block tax return The most that can be contributed in additional elective deferrals to your SIMPLE plan is the lesser of the following two amounts. H&r block tax return $2,500 for 2013, or Your compensation for the year reduced by your other elective deferrals for the year. H&r block tax return The additional deferrals are not subject to any other contribution limit and are not taken into account in applying other contribution limits. H&r block tax return The additional deferrals are not subject to the nondiscrimination rules as long as all eligible participants are allowed to make them. H&r block tax return Matching employer contributions limit. H&r block tax return   Generally, your employer must make matching contributions to your SIMPLE IRA in an amount equal to your salary reduction contributions. H&r block tax return These matching contributions cannot be more than 3% of your compensation for the calendar year. H&r block tax return See Matching contributions less than 3% below. H&r block tax return Example 1. H&r block tax return In 2013, Joshua was a participant in his employer's SIMPLE plan. H&r block tax return His compensation, before SIMPLE plan contributions, was $41,600 ($800 per week). H&r block tax return Instead of taking it all in cash, Joshua elected to have 12. H&r block tax return 5% of his weekly pay ($100) contributed to his SIMPLE IRA. H&r block tax return For the full year, Joshua's salary reduction contributions were $5,200, which is less than the $12,000 limit on these contributions. H&r block tax return Under the plan, Joshua's employer was required to make matching contributions to Joshua's SIMPLE IRA. H&r block tax return Because his employer's matching contributions must equal Joshua's salary reductions, but cannot be more than 3% of his compensation (before salary reductions) for the year, his employer's matching contribution was limited to $1,248 (3% of $41,600). H&r block tax return Example 2. H&r block tax return Assume the same facts as in Example 1 , except that Joshua's compensation for the year was $408,163 and he chose to have 2. H&r block tax return 94% of his weekly pay contributed to his SIMPLE IRA. H&r block tax return In this example, Joshua's salary reduction contributions for the year (2. H&r block tax return 94% × $408,163) were equal to the 2013 limit for salary reduction contributions ($12,000). H&r block tax return Because 3% of Joshua's compensation ($12,245) is more than the amount his employer was required to match ($12,000), his employer's matching contributions were limited to $12,000. H&r block tax return In this example, total contributions made on Joshua's behalf for the year were $24,000 ($12,000 (Joshua's contributions) + $12,000 (matching contributions)), the maximum contributions permitted under a SIMPLE IRA for 2013. H&r block tax return Matching contributions less than 3%. H&r block tax return   Your employer can reduce the 3% limit on matching contributions for a calendar year, but only if: The limit is not reduced below 1%, The limit is not reduced for more than 2 years out of the 5-year period that ends with (and includes) the year for which the election is effective, and Employees are notified of the reduced limit within a reasonable period of time before the 60-day election period during which they can enter into salary reduction agreements. H&r block tax return   For purposes of applying the rule in item (2) in determining whether the limit was reduced below 3% for the year, any year before the first year in which your employer (or a former employer) maintains a SIMPLE IRA plan will be treated as a year for which the limit was 3%. H&r block tax return If your employer chooses to make nonelective contributions for a year, that year also will be treated as a year for which the limit was 3%. H&r block tax return Nonelective employer contributions limit. H&r block tax return   If your employer chooses to make nonelective contributions, instead of matching contributions, to each eligible employee's SIMPLE IRA, contributions must be 2% of your compensation for the entire year. H&r block tax return For 2013, only $255,000 of your compensation can be taken into account to figure the contribution limit. H&r block tax return   Your employer can substitute the 2% nonelective contribution for the matching contribution for a year if both of the following requirements are met. H&r block tax return Eligible employees are notified that a 2% nonelective contribution will be made instead of a matching contribution. H&r block tax return This notice is provided within a reasonable period during which employees can enter into salary reduction agreements. H&r block tax return Example 3. H&r block tax return Assume the same facts as in Example 2 , except that Joshua's employer chose to make nonelective contributions instead of matching contributions. H&r block tax return Because his employer's nonelective contributions are limited to 2% of up to $255,000 of Joshua's compensation, his employer's contribution to Joshua's SIMPLE IRA was limited to $5,100. H&r block tax return In this example, total contributions made on Joshua's behalf for the year were $17,100 (Joshua's salary reductions of $12,000 plus his employer's contribution of $5,100). H&r block tax return Traditional IRA mistakenly moved to SIMPLE IRA. H&r block tax return   If you mistakenly roll over or transfer an amount from a traditional IRA to a SIMPLE IRA, you can later recharacterize the amount as a contribution to another traditional IRA. H&r block tax return For more information, see Recharacterizations in chapter 1. H&r block tax return Recharacterizing employer contributions. H&r block tax return   You cannot recharacterize employer contributions (including elective deferrals) under a SEP or SIMPLE plan as contributions to another IRA. H&r block tax return SEPs are discussed in chapter 2 of Publication 560. H&r block tax return SIMPLE plans are discussed in this chapter. H&r block tax return Converting from a SIMPLE IRA. H&r block tax return   Generally, you can convert an amount in your SIMPLE IRA to a Roth IRA under the same rules explained in chapter 1 under Converting From Any Traditional IRA Into a Roth IRA . H&r block tax return    However, you cannot convert any amount distributed from the SIMPLE IRA during the 2-year period beginning on the date you first participated in any SIMPLE IRA plan maintained by your employer. H&r block tax return When Can You Withdraw or Use Assets? Generally, the same distribution (withdrawal) rules that apply to traditional IRAs apply to SIMPLE IRAs. H&r block tax return These rules are discussed in chapter 1. H&r block tax return Your employer cannot restrict you from taking distributions from a SIMPLE IRA. H&r block tax return Are Distributions Taxable? Generally, distributions from a SIMPLE IRA are fully taxable as ordinary income. H&r block tax return If the distribution is an early distribution (discussed in chapter 1), it may be subject to the additional tax on early distributions. H&r block tax return See Additional Tax on Early Distributions, later. H&r block tax return Rollovers and Transfers Exception Generally, rollovers and trustee-to-trustee transfers are not taxable distributions. H&r block tax return Two-year rule. H&r block tax return   To qualify as a tax-free rollover (or a tax-free trustee-to-trustee transfer), a rollover distribution (or a transfer) made from a SIMPLE IRA during the 2-year period beginning on the date on which you first participated in your employer's SIMPLE plan must be contributed (or transferred) to another SIMPLE IRA. H&r block tax return The 2-year period begins on the first day on which contributions made by your employer are deposited in your SIMPLE IRA. H&r block tax return   After the 2-year period, amounts in a SIMPLE IRA can be rolled over or transferred tax free to an IRA other than a SIMPLE IRA, or to a qualified plan, a tax-sheltered annuity plan (section 403(b) plan), or deferred compensation plan of a state or local government (section 457 plan). H&r block tax return Additional Tax on Early Distributions The additional tax on early distributions (discussed in chapter 1) applies to SIMPLE IRAs. H&r block tax return If a distribution is an early distribution and occurs during the 2-year period following the date on which you first participated in your employer's SIMPLE plan, the additional tax on early distributions is increased from 10% to 25%. H&r block tax return If a rollover distribution (or transfer) from a SIMPLE IRA does not satisfy the 2-year rule, and is otherwise an early distribution, the additional tax imposed because of the early distribution is increased from 10% to 25% of the amount distributed. H&r block tax return Prev  Up  Next   Home   More Online Publications
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H&r block tax return Publication 529 - Introductory Material Table of Contents What's New Reminders IntroductionOrdering forms and publications. H&r block tax return Tax questions. H&r block tax return Useful Items - You may want to see: What's New Standard mileage rate. H&r block tax return  The 2013 rate for business use of a vehicle is 56½ cents per mile. H&r block tax return Reminders Future developments. H&r block tax return  For the latest information about developments related to Publication 529, such as legislation enacted after it was published, go to www. H&r block tax return irs. H&r block tax return gov/pub529. H&r block tax return Photographs of missing children. H&r block tax return  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. H&r block tax return Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. H&r block tax return You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. H&r block tax return Introduction This publication explains which expenses you can claim as miscellaneous itemized deductions on Schedule A (Form 1040 or Form 1040NR). H&r block tax return You must reduce the total of most miscellaneous itemized deductions by 2% of your adjusted gross income. H&r block tax return This publication covers the following topics. H&r block tax return Deductions subject to the 2% limit. H&r block tax return Deductions not subject to the 2% limit. H&r block tax return Expenses you cannot deduct. H&r block tax return How to report your deductions. H&r block tax return Some of the deductions previously discussed in this publication are adjustments to income rather than miscellaneous deductions. H&r block tax return These include certain employee business expenses that must be listed on Form 2106 or Form 2106-EZ and some that are entered directly on Form 1040. H&r block tax return Those deductions, which are discussed in Publication 463, Travel, Entertainment, Gift, and Car Expenses, include employee business expenses of officials paid on a fee basis and performing artists. H&r block tax return Note. H&r block tax return Generally, nonresident aliens are allowed miscellaneous itemized deductions to the extent they are directly related to income which is effectively connected with the conduct of a trade or business within the United States. H&r block tax return You must keep records to verify your deductions. H&r block tax return You should keep receipts, canceled checks, substitute checks, financial account statements, and other documentary evidence. H&r block tax return For more information on recordkeeping, see Publication 552, Recordkeeping for Individuals. H&r block tax return Comments and suggestions. H&r block tax return   We welcome your comments about this publication and your suggestions for future editions. H&r block tax return   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. H&r block tax return NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. H&r block tax return Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. H&r block tax return   You can send your comments from www. H&r block tax return irs. H&r block tax return gov/formspubs. H&r block tax return Click on “More Information” and then on “Comment on Tax Forms and Publications. H&r block tax return ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. H&r block tax return Ordering forms and publications. H&r block tax return   Visit www. H&r block tax return irs. H&r block tax return gov/formspubs to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. H&r block tax return Internal Revenue Service 1201 N. H&r block tax return Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. H&r block tax return   If you have a tax question, check the information available on IRS. H&r block tax return gov or call 1-800-829-1040. H&r block tax return We cannot answer tax questions sent to either of the above addresses. H&r block tax return Useful Items - You may want to see: Publication 463 Travel, Entertainment, Gift, and Car Expenses 525 Taxable and Nontaxable Income 535 Business Expenses 587 Business Use of Your Home (Including Use by Daycare Providers) 946 How To Depreciate Property Form (and Instructions) Schedule A (Form 1040) Itemized Deductions 2106 Employee Business Expenses 2106-EZ Unreimbursed Employee Business Expenses See How To Get Tax Help near the end of this publication for information about getting these publications and forms. H&r block tax return Prev  Up  Next   Home   More Online Publications