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Tax Planning Us 1040x

Tax planning us 1040x 10. Tax planning us 1040x   Retirement Savings Contributions Credit (Saver's Credit) Table of Contents Full-time student. Tax planning us 1040x Adjusted gross income. Tax planning us 1040x Distributions received by spouse. Tax planning us 1040x Testing period. Tax planning us 1040x If you or your employer make eligible contributions (defined later) to a retirement plan, you may be able to take a credit of up to $1,000 (up to $2,000 if filing jointly). Tax planning us 1040x This credit could reduce the federal income tax you pay dollar for dollar. Tax planning us 1040x Can you claim the credit?   If you or your employer make eligible contributions to a retirement plan, you can claim the credit if all of the following apply. Tax planning us 1040x You are not under age 18. Tax planning us 1040x You are not a full-time student (explained next). Tax planning us 1040x No one else, such as your parent(s), claims an exemption for you on their tax return. Tax planning us 1040x Your adjusted gross income (defined later) is not more than: $59,000 for 2013 ($60,000 for 2014) if your filing status is married filing jointly, $44,250 for 2013 ($45,000 for 2014) if your filing status is head of household (with qualifying person), or $29,500 for 2013 ($30,000 for 2014) if your filing status is single, married filing separately, or qualifying widow(er) with dependent child. Tax planning us 1040x Full-time student. Tax planning us 1040x   You are a full-time student if, during some part of each of 5 calendar months (not necessarily consecutive) during the calendar year, you are either: A full-time student at a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or A student taking a full-time, on-farm training course given by either a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or a state, county, or local government. Tax planning us 1040x You are a full-time student if you are enrolled for the number of hours or courses the school considers to be full-time. Tax planning us 1040x Adjusted gross income. Tax planning us 1040x   This is generally the amount on line 38 of your 2013 Form 1040 or line 22 of your 2013 Form 1040A. Tax planning us 1040x However, you must add to that amount any exclusion or deduction claimed for the year for: Foreign earned income, Foreign housing costs, Income for bona fide residents of American Samoa, and Income from Puerto Rico. Tax planning us 1040x Eligible contributions. Tax planning us 1040x   These include: Contributions to a traditional or Roth IRA, Elective deferrals, including amounts designated as after-tax Roth contributions, to: A 401(k) plan (including a SIMPLE 401(k)), A section 403(b) annuity, An eligible deferred compensation plan of a state or local government (a governmental 457 plan), A SIMPLE IRA plan, or A salary reduction SEP, and Contributions to a section 501(c)(18) plan. Tax planning us 1040x They also include voluntary after-tax employee contributions to a tax-qualified retirement plan or a section 403(b) annuity. Tax planning us 1040x For purposes of the credit, an employee contribution will be voluntary as long as it is not required as a condition of employment. Tax planning us 1040x Reducing eligible contributions. Tax planning us 1040x   Reduce your eligible contributions (but not below zero) by the total distributions you received during the testing period (defined later) from any IRA, plan, or annuity included earlier under Eligible contributions. Tax planning us 1040x Also reduce your eligible contributions by any distribution from a Roth IRA that is not rolled over, even if the distribution is not taxable. Tax planning us 1040x      Do not reduce your eligible contributions by any of the following: The portion of any distribution which is not includible in income because it is a trustee-to-trustee transfer or a rollover distribution. Tax planning us 1040x Any distribution that is a return of a contribution to an IRA (including a Roth IRA) made during the year for which you claim the credit if: The distribution is made before the due date (including extensions) of your tax return for that year, You do not take a deduction for the contribution, and The distribution includes any income attributable to the contribution. Tax planning us 1040x Loans from a qualified employer plan treated as a distribution. Tax planning us 1040x Distributions of excess contributions or deferrals (and income attributable to excess contributions and deferrals). Tax planning us 1040x Distributions of dividends paid on stock held by an employee stock ownership plan under section 404(k). Tax planning us 1040x Distributions from an eligible retirement plan that are converted or rolled over to a Roth IRA. Tax planning us 1040x Distributions from a military retirement plan. Tax planning us 1040x Distributions received by spouse. Tax planning us 1040x   Any distributions your spouse receives are treated as received by you if you file a joint return with your spouse both for the year of the distribution and for the year for which you claim the credit. Tax planning us 1040x Testing period. Tax planning us 1040x   The testing period consists of: The year in which you claim the credit, The 2 years before the year in which you claim the credit, and The period after the end of the year in which you claim the credit and before the due date of the return (including extensions) for filing your return for the year in which you claimed the credit. Tax planning us 1040x Example. Tax planning us 1040x You and your spouse filed joint returns in 2011 and 2012, and plan to do so in 2013 and 2014. Tax planning us 1040x You received a taxable distribution from a qualified plan in 2011 and a taxable distribution from an eligible section 457(b) deferred compensation plan in 2012. Tax planning us 1040x Your spouse received taxable distributions from a Roth IRA in 2013 and tax-free distributions from a Roth IRA in 2014 before April 15. Tax planning us 1040x You made eligible contributions to an IRA in 2013 and you otherwise qualify for this credit. Tax planning us 1040x You must reduce the amount of your qualifying contributions in 2013 by the total of the distributions you and your spouse received in 2011, 2012, 2013, and 2014. Tax planning us 1040x Maximum eligible contributions. Tax planning us 1040x   After your contributions are reduced, the maximum annual contribution on which you can base the credit is $2,000 per person. Tax planning us 1040x Effect on other credits. Tax planning us 1040x   The amount of this credit will not change the amount of your refundable tax credits. Tax planning us 1040x A refundable tax credit, such as the earned income credit or the additional child tax credit, is an amount that you would receive as a refund even if you did not otherwise owe any taxes. Tax planning us 1040x Maximum credit. Tax planning us 1040x   This is a nonrefundable credit. Tax planning us 1040x The amount of the credit in any year cannot be more than the amount of tax that you would otherwise pay (not counting any refundable credits or the adoption credit) in any year. Tax planning us 1040x If your tax liability is reduced to zero because of other nonrefundable credits, such as the education credits, then you will not be entitled to this credit. Tax planning us 1040x How to figure and report the credit. Tax planning us 1040x   The amount of the credit you can get is based on the contributions you make and your credit rate. Tax planning us 1040x The credit rate can be as low as 10% or as high as 50%. Tax planning us 1040x Your credit rate depends on your income and your filing status. Tax planning us 1040x See Form 8880, Credit for Qualified Retirement Savings Contributions, to determine your credit rate. Tax planning us 1040x   The maximum contribution taken into account is $2,000 per person. Tax planning us 1040x On a joint return, up to $2,000 is taken into account for each spouse. Tax planning us 1040x   Figure the credit on Form 8880. Tax planning us 1040x Report the credit on line 50 of your Form 1040 or line 32 of your Form 1040A, and attach Form 8880 to your return. Tax planning us 1040x Prev  Up  Next   Home   More Online Publications
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Affordable Care Act Tax Provisions for Employers

The Affordable Care Act, or health care law, contains benefits and responsibilities for employers. The size and structure of your workforce – small, large, or part of a group – helps determine what applies to you. However, if you have no employees, the following information does not apply to you.

 Small Employers
 
Large Employers
 
Small employers, generally those with fewer than 50 full-time employees, may be eligible for credits and other benefits.
 
  > More…
 
A large employer has 50 or more full-time employees or equivalents.
 
  > More…

 

How do I know if I am a small or large employer? Why does it matter?

An employer’s size is determined by the number of its employees. Employer benefits, opportunities and requirements are dependent upon the employer’s size and the applicable rules. Generally, an employer with 50 or more full-time employees or equivalents will be considered a large employer.

Employers with:

  • Fewer than 25 full-time equivalent employees may be eligible for a Small Business Health Care Tax Credit to help cover the cost of providing coverage.
  • Generally 50 or fewer employees may be eligible to buy coverage through the Small Business Health Options Program (SHOP). Learn more at HealthCare.gov
  • 50 or more full-time equivalent employees will need to file an annual return reporting whether and what health insurance they offered employees. In addition, they are subject to the Employer Shared Responsibility provisions.

Certain affiliated employers with common ownership or part of a controlled group must aggregate their employees to determine their workforce size. Proposed regulations (pdf) and FAQs provide more information about determining the size of your workforce.

Page Last Reviewed or Updated: 28-Jan-2014

The Tax Planning Us 1040x

Tax planning us 1040x Index A Accelerated death benefits, Accelerated Death Benefits Accounting periods Change in, standard deduction not allowed, Persons not eligible for the standard deduction. Tax planning us 1040x Accrued leave payment Disability retirement and, Accrued leave payment. Tax planning us 1040x Adjusted gross income (AGI), Adjustments to Income Adjustments to income, Adjustments to Income Age Standard deduction for age 65 or older, Higher standard deduction for age (65 or older). Tax planning us 1040x Age 65, Qualified Individual American Association of Retired Persons (AARP), Volunteer Income Tax Assistance and Tax Counseling for the Elderly. Tax planning us 1040x Annuities, Pensions and Annuities Assistance (see Tax help) B Base amount, social security benefits, Base Amount Benefits Accident or health, Other compensation. Tax planning us 1040x Long-term care, Long-Term Care Insurance Contracts No-fault insurance, Other compensation. Tax planning us 1040x Sickness and injury, Sickness and Injury Benefits Social security, Are Any of Your Benefits Taxable? Veterans', Veterans' benefits. Tax planning us 1040x Bequests, Gifts and inheritances. Tax planning us 1040x Blind persons Standard deduction for, Higher standard deduction for blindness. Tax planning us 1040x C Child and dependent care credit, Child and Dependent Care Credit Children Standard deduction for, Standard Deduction for Dependents Chronically ill persons, Chronically ill individual. Tax planning us 1040x Chronically ill, defined, Terminally or chronically ill defined. Tax planning us 1040x Compensation For services, Compensation for Services Loss or disfigurement, Other compensation. Tax planning us 1040x Contributions Foreign employment, Foreign employment contributions. Tax planning us 1040x Pension or annuity, Cost. Tax planning us 1040x Cost, pension or annuity, Cost. Tax planning us 1040x Credit Child and dependent care, Child and Dependent Care Credit Earned income, Earned Income Credit (EIC) The elderly or the disabled, Credit for the Elderly or the Disabled Credit for the elderly or the disabled, Credit for the Elderly or the Disabled D Death benefit, accelerated, Accelerated Death Benefits Decedents, Dependents. Tax planning us 1040x Standard deduction, Decedent's final return. Tax planning us 1040x Deductions Generally, Deductions Insurance premiums, Medical Insurance Premiums Itemized, Itemized Deductions Meals and lodging, Meals and Lodging Medical and dental, Medical and Dental Expenses Standard, Standard Deduction Dependents, Dependents. Tax planning us 1040x Standard deduction for, Standard Deduction for Dependents Disabilities, individuals with Ownership and use test, Exception to use test for individuals with a disability. Tax planning us 1040x Disability Person with, Persons with disabilities. Tax planning us 1040x Physician's statement, Physician's statement. Tax planning us 1040x Total and permanent, Permanent and total disability. Tax planning us 1040x Disability income, Disability Pensions, Other compensation. Tax planning us 1040x , Disability income. Tax planning us 1040x Distributions, retirement plan, Retirement Plan Distributions Drugs (see Medicines) Dual-status taxpayers Standard deduction, Persons not eligible for the standard deduction. Tax planning us 1040x E Early distributions, tax, Tax on Early Distributions Earned income credit, Earned Income Credit (EIC) Elderly or disabled credit, Credit for the Elderly or the Disabled Elderly persons Standard deduction for age 65 or older, Higher standard deduction for age (65 or older). Tax planning us 1040x Employment tax withholding, Reminders Employment taxes, Employment taxes. Tax planning us 1040x Endowment proceeds, Endowment Contract Proceeds Estimated tax, Tax Withholding and Estimated Tax, Estimated Tax, Who Must Make Estimated Tax Payments Excess accumulation, tax on, Tax on Excess Accumulation Exclusion, gain on sale of home, Maximum Amount of Exclusion F Federal Employees Compensation Act (FECA) payments, Federal Employees' Compensation Act (FECA). Tax planning us 1040x Filing requirements Decedents, Dependents. Tax planning us 1040x General requirements, General Requirements Surviving spouse, Surviving spouse. Tax planning us 1040x Final return for decedent Standard deduction, Decedent's final return. Tax planning us 1040x First-time homebuyer credit Recapture, Repaying the first-time homebuyer credit because you sold your home. Tax planning us 1040x Form, Credit for the Elderly or the Disabled, Physician's statement. Tax planning us 1040x 1099-R, Form 1099-R. Tax planning us 1040x , Form 1099-R. Tax planning us 1040x 5329, Form 5329. Tax planning us 1040x 8853, Accelerated Death Benefits Schedule R, Credit for the Elderly or the Disabled, Physician's statement. Tax planning us 1040x W-4P, Withholding. Tax planning us 1040x Free tax services, Free help with your tax return. Tax planning us 1040x G Gain on sale of home (see Sale of home) General rule, pension or annuity, Pensions and Annuities Gifts, Gifts and inheritances. Tax planning us 1040x H Help (see Tax help) Home care (see Nursing services) Home improvements, Home Improvements Home, sale of, Sale of Home Hospital services, Hospital Services Household help, Household Help I Income Adjustments, Adjustments to Income Disability, Disability Pensions, Disability income. Tax planning us 1040x Gross, defined, Gross income. Tax planning us 1040x Nontaxable, Taxable and Nontaxable Income Sale of home, Sale of Home Self-employment, Self-employed persons. Tax planning us 1040x Taxable, Taxable and Nontaxable Income Individual retirement arrangement (IRA) Adjustments to income, Individual Retirement Arrangement (IRA) Contributions and Deductions Contributions, Contributions. Tax planning us 1040x Deductible contribution, Deductible contribution. Tax planning us 1040x Distributions, Individual Retirement Arrangements (IRAs) Inheritances, Gifts and inheritances. Tax planning us 1040x Injury benefits, Sickness and Injury Benefits, Cost paid by you. Tax planning us 1040x Insurance Accident and health, Other compensation. Tax planning us 1040x , Medical Insurance Premiums Benefits, long-term care, Long-Term Care Insurance Contracts Benefits, no-fault insurance, Other compensation. Tax planning us 1040x Life insurance proceeds, Life Insurance Proceeds Proceeds paid after death, Life Insurance Proceeds Proceeds paid before death, Accelerated Death Benefits Insurance premiums for retired public safety officers, Insurance Premiums for Retired Public Safety Officers Itemized deductions, Itemized Deductions Married filing separately One spouse has itemized, Persons not eligible for the standard deduction. Tax planning us 1040x L Life insurance proceeds, Life Insurance Proceeds Long-term care, Long-Term Care Chronically ill individuals, Chronically ill individual. Tax planning us 1040x Maintenance and personal care services, Maintenance and personal care services. Tax planning us 1040x Qualified insurance contracts, Qualified long-term care insurance contracts. Tax planning us 1040x Qualified services, Qualified long-term care services. Tax planning us 1040x Long-term care insurance, Long-Term Care Insurance Contracts Loss or disfigurement compensation, Other compensation. Tax planning us 1040x Lump-sum distributions, Lump-sum distributions. Tax planning us 1040x Lump-sum election, social security, Lump-Sum Election M Maintenance and personal care services, Maintenance and personal care services. Tax planning us 1040x Married filing separately Itemized deductions One spouse has itemized so other must as well, Persons not eligible for the standard deduction. Tax planning us 1040x Married taxpayers Age 65 or older spouse Standard deduction, Spouse 65 or older or blind. Tax planning us 1040x Blind spouse Standard deduction, Spouse 65 or older or blind. Tax planning us 1040x Meals and lodging expenses, Meals and Lodging Medical expenses, Medical and Dental Expenses Medicare, Medicare Part A. Tax planning us 1040x , Medicare Part B. Tax planning us 1040x , Medicare Part D. Tax planning us 1040x Benefits, Medicare. Tax planning us 1040x Medicines, Medicines Imported, Imported medicines and drugs. Tax planning us 1040x Military retirement pay, Military Retirement Pay Minimum distributions, Tax on Excess Accumulation Minimum wage, Substantial gainful activity. Tax planning us 1040x Missing children, Reminders Mortgage assistance payments, Mortgage assistance payments. Tax planning us 1040x N Nonperiodic distributions, Nonperiodic Distributions Nonqualified use, Period of nonqualified use. Tax planning us 1040x Nonresident aliens Standard deduction, Persons not eligible for the standard deduction. Tax planning us 1040x Nontaxable income, Payments from a state fund for victims of crime. Tax planning us 1040x Accident or health insurance benefits, Other compensation. Tax planning us 1040x Bequests, Gifts and inheritances. Tax planning us 1040x Generally, Taxable and Nontaxable Income Gifts, Gifts and inheritances. Tax planning us 1040x Inheritances, Gifts and inheritances. Tax planning us 1040x Mortgage assistance payments, Mortgage assistance payments. Tax planning us 1040x No-fault insurance benefits, Other compensation. Tax planning us 1040x Nutrition program for elderly, Nutrition Program for the Elderly. Tax planning us 1040x Public assistance payments, Welfare benefits. Tax planning us 1040x Sickness and injury benefits, Sickness and Injury Benefits Veterans' benefits, Veterans' benefits. Tax planning us 1040x Winter energy use, Payments to reduce cost of winter energy use. Tax planning us 1040x Workers' compensation, Workers' Compensation Nursing home, Nursing home. Tax planning us 1040x Nursing services, Nursing Services Chronically ill individuals, Chronically ill individual. Tax planning us 1040x Nutrition program for elderly, Nutrition Program for the Elderly. Tax planning us 1040x O Old-age, survivors, and disability insurance benefits (OASDI), Old-age, survivors, and disability insurance benefits (OASDI). Tax planning us 1040x Other items, Other Items Overall limitation, Overall limitation. Tax planning us 1040x P Payments, estimated tax, Estimated Tax Pensions, Pensions and Annuities Pensions, disability, Disability Pensions Photographs, missing children, Reminders Physician's statement, disability, Physician's statement. Tax planning us 1040x Prepaid insurance premiums, Prepaid insurance premiums. Tax planning us 1040x Preparer, paid, Reminders Preparing your return, Return preparation assistance. Tax planning us 1040x Profit-sharing plan, Retirement and profit-sharing plans. Tax planning us 1040x Public assistance payments, Welfare benefits. Tax planning us 1040x Publications (see Tax help) Q Qualified retirement plan, Tax on Early Distributions R Railroad retirement benefits, Railroad Retirement Benefits, Social Security and Equivalent Railroad Retirement Benefits Repayments Social security benefits, Repayment of Benefits Reporting pension income, How to report. Tax planning us 1040x Residence, sale of, Sale of Home Retirement plans, distributions, Retirement Plan Distributions Returns Decedent, Dependents. Tax planning us 1040x Executors and administrators, Dependents. Tax planning us 1040x Filing requirements, 2013 Filing Requirements Surviving spouse, Surviving spouse. Tax planning us 1040x Reverse mortgages, Reverse Mortgages S Salaries (see Compensation) Sale of Home First-time homebuyer credit, Repaying the first-time homebuyer credit because you sold your home. Tax planning us 1040x Surviving spouse, Reminders Sale of home, Sale of Home Self-employed, Self-employed persons. Tax planning us 1040x Short tax year Change in annual accounting period, Persons not eligible for the standard deduction. Tax planning us 1040x Sickness and injury benefits, Sickness and Injury Benefits Simplified method, Pensions and Annuities Social security benefits, Social Security and Equivalent Railroad Retirement Benefits Standard deduction, Standard Deduction Age 65 or older, Higher standard deduction for age (65 or older). Tax planning us 1040x Blind persons, Higher standard deduction for blindness. Tax planning us 1040x Dependents, Standard Deduction for Dependents Final return of decedent, Decedent's final return. Tax planning us 1040x Married filing separately One spouse has itemized, Persons not eligible for the standard deduction. Tax planning us 1040x Starting date, annuity, Cost. Tax planning us 1040x State fund for victims of crime, Payments from a state fund for victims of crime. Tax planning us 1040x Substantial gainful activity, Substantial gainful activity. Tax planning us 1040x Surrender of Iife insurance, Surrender of policy for cash. Tax planning us 1040x Surviving Spouse, Reminders Surviving spouse, Surviving spouse. Tax planning us 1040x Surviving spouse, insurance, Surviving spouse. Tax planning us 1040x Survivors of retirees, Survivors of retirees. Tax planning us 1040x T Tax Early distributions, Tax on Early Distributions Estimated, Tax Withholding and Estimated Tax, Estimated Tax Excess accumulation, Tax on Excess Accumulation Tax counseling for the elderly (TCE), Volunteer Income Tax Assistance and Tax Counseling for the Elderly. Tax planning us 1040x Tax help, How To Get Tax Help Tax option, 10-year, Lump-sum distributions. Tax planning us 1040x Tax return preparers, Reminders Taxable income, Taxable and Nontaxable Income Taxation of benefits, Are Any of Your Benefits Taxable? Terminally ill, defined, Terminally or chronically ill defined. Tax planning us 1040x Total and permanent disability, defined, Permanent and total disability. Tax planning us 1040x Transportation expenses, Transportation TTY/TDD information, How To Get Tax Help U U. Tax planning us 1040x S. Tax planning us 1040x citizen or resident, U. Tax planning us 1040x S. Tax planning us 1040x citizen or resident alien. Tax planning us 1040x Unemployment compensation, Unemployment compensation. Tax planning us 1040x V Veterans' benefits, Veterans' benefits. Tax planning us 1040x Viatical settlement, Accelerated Death Benefits Victims of crime, Payments from a state fund for victims of crime. Tax planning us 1040x Volunteer income tax assistance (VITA), Volunteer Income Tax Assistance and Tax Counseling for the Elderly. Tax planning us 1040x Volunteer work, Volunteer work. Tax planning us 1040x W Wages (see Compensation) Winter energy use payments, Payments to reduce cost of winter energy use. Tax planning us 1040x Withholding Employment tax, Reminders Pensions and annuities, Withholding. Tax planning us 1040x Workers' compensation, Workers' Compensation Worksheets, social security, Which worksheet to use. Tax planning us 1040x Prev  Up     Home   More Online Publications