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Taxact 2012 Login Returning User

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Taxact 2012 Login Returning User

Taxact 2012 login returning user Index A Abandonment, Abandonment Accounting method Accrual, Accrual Method Cash, Cash Method Change in, Changes in Methods of Accounting Crop, Crop method. Taxact 2012 login returning user Farm inventory, Farm Inventory Accounting periods, Introduction Accrual method of accounting, Accrual Method Additional Medicare Tax withholding, What's New for 2013, Additional Medicare Tax. Taxact 2012 login returning user Adjusted basis for installment sale, Adjusted basis for installment sale purposes. Taxact 2012 login returning user Adjusted basis of assets, Adjusted Basis Agricultural activity codes, Schedule F, Reminders Agricultural program payments, Agricultural Program Payments Agricultural structure, defined, Agricultural structure. Taxact 2012 login returning user Alternative Depreciation System (ADS), Required use of ADS. Taxact 2012 login returning user , ADS election. Taxact 2012 login returning user Amortization Going into business, Business Start-Up Costs Reforestation expenses, Reforestation Costs Section 197 intangibles, Section 197 Intangibles Assessments By conservation district, Assessment by Conservation District Depreciable property, Assessment for Depreciable Property Assistance (see Tax help) Automobiles, depreciation, Limits for passenger automobiles. Taxact 2012 login returning user B Bankruptcy, Bankruptcy. Taxact 2012 login returning user Barter income, Barter income. Taxact 2012 login returning user Basis Adjusted, Adjusted basis. Taxact 2012 login returning user Installment sale, Adjusted basis for installment sale purposes. Taxact 2012 login returning user Involuntary conversion, Basis for depreciation. Taxact 2012 login returning user Like-kind exchange, Basis for depreciation. Taxact 2012 login returning user Partner's basis, Property Distributed From a Partnership or Corporation Replacement property, Basis of replacement property. Taxact 2012 login returning user Shareholder's basis, Property Distributed From a Partnership or Corporation Basis of assets Adjusted basis, Adjusted Basis Allocating to several assets, Allocating the Basis Changed to business use, Property changed from personal to business or rental use. Taxact 2012 login returning user Constructing assets, Constructing assets. Taxact 2012 login returning user Cost, Cost Basis Decreases, Decreases to Basis Depreciation, What Is the Basis for Depreciation? Exchanges Like-kind, Like-Kind Exchanges Nontaxable, Nontaxable Exchanges Partially nontaxable, Partially Nontaxable Exchanges Taxable, Taxable Exchanges Gifts, Property Received as a Gift Increases, Increases to Basis Real property, Real Property Received for services, Property received for services. Taxact 2012 login returning user Uniform capitalization rules, Uniform Capitalization Rules Below-market loans, Below-market loans. Taxact 2012 login returning user Books and records, Importance of Records Breeding fees, Breeding Fees Business income limit, section 179 expense deduction, Business Income Limit Business use of home, Business Use of Your Home C Canceled debt, Cancellation of Debt Capital assets, Capital Assets Capital expenses, Capital Expenses Car expenses, Truck and Car Expenses Cash method of accounting, Cash Method Casualties and thefts Adjustments to basis, Adjustments to basis. Taxact 2012 login returning user Casualty, defined, Casualty. Taxact 2012 login returning user Disaster area losses, Disaster Area Losses Leased property, Leased property. Taxact 2012 login returning user Livestock, Livestock or produce bought for resale. Taxact 2012 login returning user , Raised draft, breeding, dairy, or sporting animals. Taxact 2012 login returning user Reimbursement, Insurance and other reimbursements. Taxact 2012 login returning user Reporting gains and losses, Reporting Gains and Losses Theft, defined, Theft. Taxact 2012 login returning user Change in accounting method, Changes in Methods of Accounting Chickens, purchased, Chickens, seeds, and young plants. Taxact 2012 login returning user Christmas trees, Christmas tree cultivation. Taxact 2012 login returning user , Christmas trees. Taxact 2012 login returning user Club dues, Club dues and membership fees. Taxact 2012 login returning user Comments on publication, Comments and suggestions. Taxact 2012 login returning user Commodity Futures, Hedging (Commodity Futures) Wages, Noncash wages. Taxact 2012 login returning user Commodity Credit Corporation (CCC) Loans, Commodity Credit Corporation (CCC) Loans Market gain, Market Gain Community property, Community property. Taxact 2012 login returning user , Community property. Taxact 2012 login returning user Computer, software, Computer software. Taxact 2012 login returning user Condemnation, Casualties, Thefts, and Condemnations, Condemnation Conservation Cost-sharing exclusion, Conservation Expenses District assessments, Assessment by Conservation District Expenses, Conservation Expenses Plans, Conservation plan. Taxact 2012 login returning user Conservation Reserve Program, Conservation Reserve Program (CRP) payments. Taxact 2012 login returning user Conservation Reserve Program (CRP), Conservation Reserve Program (CRP) Constructing assets, Constructing assets. Taxact 2012 login returning user Constructive receipt of income, Constructive receipt. Taxact 2012 login returning user Contamination, Soil or other environmental contamination. Taxact 2012 login returning user Contract price, Contract price. Taxact 2012 login returning user Converted wetland, Converted Wetland and Highly Erodible Cropland Cooperatives, income from, Income From Cooperatives Cost-sharing exclusion, Cost-Sharing Exclusion (Improvements) Counter-cyclical payments, Direct payments and counter-cyclical payments. Taxact 2012 login returning user , Payments Under the Farm Security and Rural Investment Act of 2002 and Under the Food, Conservation, and Energy Act of 2008 Credits Employment, Employment Credits Fuel tax, Fuel tax credit and refund. Taxact 2012 login returning user , How To Claim a Credit or Refund, Claiming a Credit Social security and Medicare, Earning credits in 2013. Taxact 2012 login returning user Social security coverage, How to become insured under social security. Taxact 2012 login returning user State unemployment tax, Tax rate and credit. Taxact 2012 login returning user Crew leaders, Crew Leaders Crop Destroyed, Standing crop destroyed by casualty. Taxact 2012 login returning user Insurance proceeds, Crop Insurance and Crop Disaster Payments Method of accounting, Crop method. Taxact 2012 login returning user Shares, Rents (Including Crop Shares) Unharvested, Cost of raising unharvested crops. Taxact 2012 login returning user , Section 1231 transactions. Taxact 2012 login returning user , Gain or loss. Taxact 2012 login returning user Cropland, highly erodible, Converted Wetland and Highly Erodible Cropland D Damage Casualties and thefts, Casualties and Thefts Crop insurance, Crop Insurance and Crop Disaster Payments Tree seedlings, Tree Seedlings Debt Bad, Nonbusiness bad debt. Taxact 2012 login returning user Canceled, Cancellation of Debt, Canceled debt excluded from income. Taxact 2012 login returning user , Cancellation of debt. Taxact 2012 login returning user , Canceled debt. Taxact 2012 login returning user Nonrecourse, Amount realized on a nonrecourse debt. Taxact 2012 login returning user Qualified farm, Qualified Farm Debt Qualified principal residence, Qualified Principal Residence Debt Recourse, Amount realized on a recourse debt. Taxact 2012 login returning user Depletion, Depletion Depreciation, Claiming the Special Depreciation Allowance ADS election, ADS election. Taxact 2012 login returning user Conservation assets, Depreciable conservation assets. Taxact 2012 login returning user Deduction, Overview of Depreciation Incorrect amount deducted, How Do You Correct Depreciation Deductions? Limit for automobiles, Limits for passenger automobiles. Taxact 2012 login returning user Listed property, Additional Rules for Listed Property Raised livestock, Livestock. Taxact 2012 login returning user Recapture, When Do You Recapture MACRS Depreciation?, Depreciation Recapture, Section 1250 Property When to file, Do You Have To File Form 4562? Depreciation allowable, Basis adjustment for depreciation allowed or allowable. Taxact 2012 login returning user Depreciation allowed, Basis adjustment for depreciation allowed or allowable. Taxact 2012 login returning user Direct payments, Direct payments and counter-cyclical payments. Taxact 2012 login returning user , Payments Under the Farm Security and Rural Investment Act of 2002 and Under the Food, Conservation, and Energy Act of 2008 Disaster area losses, Disaster Area Losses Disaster payments, Crop Insurance and Crop Disaster Payments Disaster relief grants, Federal disaster relief grants. Taxact 2012 login returning user Disaster relief payments, Qualified disaster relief payments. Taxact 2012 login returning user Dispositions, Sale or other disposal of land during 9-year period. Taxact 2012 login returning user , Gain on sale of farmland. Taxact 2012 login returning user , Introduction Domestic production activities deduction, Domestic Production Activities Deduction Dyed diesel fuel, Dyed Diesel Fuel and Dyed Kerosene Dyed kerosene, Dyed Diesel Fuel and Dyed Kerosene E e-file, Reminders Easement, Easements and rights-of-way. Taxact 2012 login returning user , Easements. Taxact 2012 login returning user Election ADS depreciation, Electing ADS. Taxact 2012 login returning user , ADS election. Taxact 2012 login returning user Amortization Business start-up costs, Business Start-Up Costs Reforestation costs, Reforestation Costs Crop method, Election to use crop method. Taxact 2012 login returning user Cutting of timber, Election to treat cutting as a sale or exchange. Taxact 2012 login returning user Deducting conservation expenses, When to Deduct or Capitalize Not excluding cost-sharing payments, Electing not to exclude payments. Taxact 2012 login returning user Out of installment method, Electing out of the installment method. Taxact 2012 login returning user Postponing casualty gain, Postponing Gain Postponing reporting crop insurance proceeds, Election to postpone reporting until the following year. Taxact 2012 login returning user Section 179 expense deduction, How Do You Elect the Deduction? Electronic filing, Reminders Embryo transplants, Transplanted embryo. Taxact 2012 login returning user Employer identification number, Reminders, Employer identification number (EIN). Taxact 2012 login returning user Endangered species recovery expenses, Endangered species recovery expenses. Taxact 2012 login returning user Environmental contamination, Soil or other environmental contamination. Taxact 2012 login returning user Estimated tax Farm gross income, Gross Income From Farming Gross income, Gross Income Penalties, Estimated Tax Penalty for 2013 Exchanges Basis Like-kind, Like-Kind Exchanges Nontaxable, Nontaxable Exchanges Partially nontaxable, Partially Nontaxable Exchanges Taxable, Taxable Exchanges Like-kind, Like-Kind Exchanges Nontaxable, Like-Kind Exchanges Excise taxes Credit, Claiming a Credit Diesel fuel, Dyed Diesel Fuel and Dyed Kerosene Farming purposes, Fuels Used in Farming Home use of fuels, Fuels Used for Household Purposes or Other Than as a Fuel for Propulsion Engines Off-highway uses, Fuels Used in Off-Highway Business Use Refund, Claiming a Refund F Fair market value defined, Fair market value (FMV). Taxact 2012 login returning user , Fair market value (FMV). Taxact 2012 login returning user Family member Business expenses, Special rule for related persons. Taxact 2012 login returning user Installment sale, Sale to a related person. Taxact 2012 login returning user Like-kind exchange, Like-kind exchanges between related persons. Taxact 2012 login returning user Loss on sale or exchange of property, Losses from sales or exchanges between related persons. Taxact 2012 login returning user Personal-use property, Personal-use property. Taxact 2012 login returning user Social security coverage, Family Employees Farm Business expenses, Farm Business Expenses Business, defined, Business of Farming Defined, Farm defined. Taxact 2012 login returning user , Farm. Taxact 2012 login returning user Income averaging, Income Averaging for Farmers Rental, Farm rental. Taxact 2012 login returning user Sale of, Sale of a Farm Farmer, Farmer. Taxact 2012 login returning user Federal unemployment tax (FUTA), Federal Unemployment (FUTA) Tax Fertilizer, Fertilizer and Lime, Fertilizer and Lime Foreclosure, Foreclosure or Repossession Forestation costs, Forestation and reforestation costs. Taxact 2012 login returning user Form 1099-A, Form 1099-A. Taxact 2012 login returning user , Forms 1099-A and 1099-C. Taxact 2012 login returning user 1099-C, Cancellation of Debt, Form 1099-C. Taxact 2012 login returning user , Forms 1099-A and 1099-C. Taxact 2012 login returning user 1099-G, Market Gain, Payment to More Than One Person 1099-MISC, Reminders, Nonemployee compensation. Taxact 2012 login returning user 1099-PATR, Form 1099-PATR. Taxact 2012 login returning user 1128, Introduction 2210-F, Estimated Tax Penalty for 2013 3115, Changes in Methods of Accounting 4136, Claiming a Credit 4562, Do You Have To File Form 4562? 4797, Form 4797. Taxact 2012 login returning user , Recapture. Taxact 2012 login returning user , Reporting the exchange. Taxact 2012 login returning user 4835, Rents (Including Crop Shares) 5213, Using the presumption later. Taxact 2012 login returning user 6252, Form 6252. Taxact 2012 login returning user 8822, Reminders 8824, Reporting the exchange. Taxact 2012 login returning user 8849, Claiming a Refund 8886, Reminders 940, Form 940. Taxact 2012 login returning user 943, Form 943. Taxact 2012 login returning user 982, Form 982 I-9, Form I-9. Taxact 2012 login returning user SS-4, Reminders, Employer identification number (EIN). Taxact 2012 login returning user SS-5, Obtaining a social security number. Taxact 2012 login returning user T (Timber), Form T (Timber). Taxact 2012 login returning user W-2, Form W-2. Taxact 2012 login returning user W-4, Reminders, New hire reporting. Taxact 2012 login returning user , Form W-4. Taxact 2012 login returning user W-4V, Commodity Credit Corporation (CCC) Loans, Crop Insurance and Crop Disaster Payments W-7, Obtaining an individual taxpayer identification number. Taxact 2012 login returning user Free tax services, How To Get Tax Help, Free help with your tax return. Taxact 2012 login returning user Fuel tax credit or refund, Fuel tax credit and refund. Taxact 2012 login returning user , How To Claim a Credit or Refund G Gains and losses Basis of assets, Cost Basis Capital assets, defined, Capital Assets Casualty, How To Figure a Loss, Figuring a Gain Installment sales, Installment Sales Livestock, Livestock Long- or short-term, Long and Short Term Ordinary or capital, Ordinary or Capital Gain or Loss Sale of farm, Sale of a Farm Section 1231, Section 1231 Gains and Losses Theft, How To Figure a Loss, Figuring a Gain Timber, Timber General asset accounts, How Do You Use General Asset Accounts? Gifts, Crop shares you give to others (gift). Taxact 2012 login returning user , Cost related to gifts. Taxact 2012 login returning user , Property Received as a Gift, Gift. Taxact 2012 login returning user Going into business, Business Start-Up Costs Grants, disaster relief, Federal disaster relief grants. Taxact 2012 login returning user Gross profit percentage, Gross profit percentage. Taxact 2012 login returning user Gross profit, defined, Gross profit. Taxact 2012 login returning user Guarantee, Debt not payable on demand. Taxact 2012 login returning user H Health insurance deduction, Self-employed health insurance deduction. Taxact 2012 login returning user Hedging, Hedging (Commodity Futures) Help (see Tax help) Highway use tax, Highway use tax. Taxact 2012 login returning user Holding period, Holding period. Taxact 2012 login returning user Horticultural structure, Horticultural structure. Taxact 2012 login returning user I Illegal irrigation subsidy, Illegal federal irrigation subsidy. Taxact 2012 login returning user Important dates, Important Dates for 2014 Improvements, Cost-Sharing Exclusion (Improvements) Income Accounting for, Accounting Methods Accrual method of accounting, Income Canceled debt excluded, Cancellation of Debt From farming, Farm Income, Gross income from farming. Taxact 2012 login returning user , Gross Income From Farming Gross, Gross Income Not-for-profit farming, Not-for-Profit Farming Pasture, Pasture income and rental. Taxact 2012 login returning user Schedule F, Farm Income Withholding of tax, Federal Income Tax Withholding Income averaging (see Farm: Income averaging) Incorrect amount of depreciation deducted, How Do You Correct Depreciation Deductions? Individual taxpayer identification number (ITIN), Obtaining an individual taxpayer identification number. Taxact 2012 login returning user Inherited property, Inherited Property Insolvency, Insolvency. Taxact 2012 login returning user Installment sales, Form 6252. Taxact 2012 login returning user Electing out, Electing out of the installment method. Taxact 2012 login returning user Farm, sale of, Installment Sale of a Farm Figuring income, Figuring Installment Sale Income Reporting income, Form 6252. Taxact 2012 login returning user Unstated interest, Unstated interest. Taxact 2012 login returning user Insurance, Insurance, Self-employed health insurance deduction. Taxact 2012 login returning user Intangible property, Section 197 Intangibles Interest Expense, Interest Income, Interest income. Taxact 2012 login returning user Unstated, Unstated interest. Taxact 2012 login returning user Inventory Items included, Farm Inventory Methods of valuation, Inventory valuation methods. Taxact 2012 login returning user Involuntary conversions, Involuntary Conversions, Property acquired in a like-kind exchange or involuntary conversion. Taxact 2012 login returning user , Introduction Irrigation Illegal subsidy, Illegal federal irrigation subsidy. Taxact 2012 login returning user Project, Irrigation Project L Labor hired, Labor Hired Landlord participation, Landlord Participation in Farming Lease or purchase, Lease or Purchase Life tenant (see Term interests) Like-kind exchanges, Like-Kind Exchanges, Like-Kind Exchanges Lime, Fertilizer and Lime Limits At-risk, At-Risk Limits Business use of home, Deduction limit. Taxact 2012 login returning user Capital losses, Treatment of Capital Losses Conservation expenses, Assessment for Depreciable Property, 25% Limit on Deduction Depreciation Business-use, What Is the Business-Use Requirement? Excluded farm debt, Exclusion limit. Taxact 2012 login returning user Farm losses, Losses From Operating a Farm Loss of personal-use property, Deduction Limits on Losses of Personal-Use Property Not-for-profit farming, Not-for-Profit Farming Passive activity, Passive Activity Limits Percentage depletion, Taxable income limit. Taxact 2012 login returning user Prepaid farm supplies, Deduction limit. Taxact 2012 login returning user Reforestation costs, Reforestation Costs Section 179 expense deduction Automobile, Limits for passenger automobiles. Taxact 2012 login returning user Business income, Business Income Limit Dollar, Dollar Limits Time to keep records, How Long To Keep Records Listed property Defined, What Is Listed Property? Passenger automobile, Passenger automobiles. Taxact 2012 login returning user Rules, Additional Rules for Listed Property Livestock, Section 1231 transactions. Taxact 2012 login returning user Casualty and theft losses, Livestock or produce bought for resale. Taxact 2012 login returning user Crop shares, Crop shares you use to feed livestock. Taxact 2012 login returning user Depreciation, Livestock. Taxact 2012 login returning user Diseased, Diseased livestock. Taxact 2012 login returning user Feed assistance, Feed Assistance and Payments Immature, Immature livestock. Taxact 2012 login returning user Losses, Loss of livestock. Taxact 2012 login returning user , Livestock Purchased, Purchased livestock. Taxact 2012 login returning user Raised, Raised livestock. Taxact 2012 login returning user Sale of, Sales of Farm Products, Livestock Unit-livestock-price, inventory valuation, Unit-livestock-price method. Taxact 2012 login returning user Used in a farm business, Livestock used in farm business. Taxact 2012 login returning user Weather-related sales, Sales Caused by Weather-Related Conditions, Weather-related sales of livestock. Taxact 2012 login returning user Loans, Commodity Credit Corporation (CCC) Loans, Loan expenses. Taxact 2012 login returning user Losses At-risk limits, At-Risk Limits Casualty, Casualties, Thefts, and Condemnations Disaster areas, Disaster Area Losses Farming, Farming Losses Growing crops, Loss of growing plants, produce, and crops. Taxact 2012 login returning user Hobby farming, Not-for-Profit Farming Livestock, Livestock, Diseased livestock. Taxact 2012 login returning user Nondeductible, Other Nondeductible Items Theft, Casualties, Thefts, and Condemnations Lost income payments, Lost income payments. Taxact 2012 login returning user Lost property, Mislaid or lost property. Taxact 2012 login returning user M MACRS property Involuntary conversion, Property acquired in a like-kind exchange or involuntary conversion. Taxact 2012 login returning user Like-kind exchange, Property acquired in a like-kind exchange or involuntary conversion. Taxact 2012 login returning user Nontaxable transfer, Property acquired in a nontaxable transfer. Taxact 2012 login returning user Market gain, reporting, Market Gain Marketing quota penalties, Marketing Quota Penalties Material participation, Landlord Participation in Farming Meals, Meals. Taxact 2012 login returning user Membership fees, Club dues and membership fees. Taxact 2012 login returning user Methods of accounting, Accounting Methods Modified ACRS (MACRS) ADS election, ADS election. Taxact 2012 login returning user Conventions, Which Convention Applies? Depreciation methods, Which Depreciation Method Applies? Exchange, Property acquired in a like-kind exchange or involuntary conversion. Taxact 2012 login returning user Figuring the deduction, How Is the Depreciation Deduction Figured? Involuntary conversion, Property acquired in a like-kind exchange or involuntary conversion. Taxact 2012 login returning user Nontaxable transfer, Property acquired in a nontaxable transfer. Taxact 2012 login returning user Percentage tables, Rules for using the tables. Taxact 2012 login returning user Property classes, Which Property Class Applies Under GDS? Recovery periods, Which Recovery Period Applies? N New hire reporting, New hire reporting. Taxact 2012 login returning user Noncapital asset, Noncapital Assets Nontaxable exchanges, Like-Kind Exchanges Nontaxable transfer of MACRS property, Property acquired in a nontaxable transfer. Taxact 2012 login returning user Not-for-profit farming, Not-for-Profit Farming O Organizational costs, Business start-up and organizational costs. Taxact 2012 login returning user P Partners, limited, Limited partner. Taxact 2012 login returning user Partners, retired, Retired partner. Taxact 2012 login returning user Partners, Spouse, Business Owned and Operated by Spouses. Taxact 2012 login returning user Partnership, Partnership income or loss. Taxact 2012 login returning user Passenger automobile, Passenger automobiles. Taxact 2012 login returning user Pasture income, Pasture income and rental. Taxact 2012 login returning user Patronage dividends, Patronage Dividends Payments considered received, Payments Received or Considered Received Payments received, Payments Received or Considered Received Penalties Estimated tax, Estimated Tax Penalty for 2013 Returns, Estimated Tax Penalty for 2013 Trust fund recovery, Trust fund recovery penalty. Taxact 2012 login returning user Per-unit retain certificates, Per-Unit Retain Certificates Personal expenses, Personal, Living, and Family Expenses Placed in service, Placed in Service, What Is the Placed-in-Service Date? Postponing casualty gain, Postponing Gain Prepaid expense Advance premiums, Advance premiums. Taxact 2012 login returning user Extends useful life, Prepayment. Taxact 2012 login returning user Farm supplies, Prepaid Farm Supplies Livestock feed, Prepaid Livestock Feed Prizes, Prizes. Taxact 2012 login returning user Produce, Sales of Farm Products Property Changed to business use, Property changed from personal to business or rental use. Taxact 2012 login returning user Received for services, Property received for services. Taxact 2012 login returning user Repairs and improvements, How Do You Treat Repairs and Improvements? Section 1231, Section 1231 transactions. Taxact 2012 login returning user Section 1245, Section 1245 Property Section 1250, Section 1250 Property Section 1252, Section 1252 property. Taxact 2012 login returning user Section 1255, Section 1255 property. Taxact 2012 login returning user Tangible personal, Tangible personal property. Taxact 2012 login returning user Publications (see Tax help) Q Qualified disaster relief payments, Qualified disaster relief payments. Taxact 2012 login returning user Qualified farm debt, Qualified Farm Debt Qualified joint venture, Qualified joint venture. Taxact 2012 login returning user Qualified principal residence debt, Qualified Principal Residence Debt R Recapture Amortization, Depreciation and amortization. Taxact 2012 login returning user Basis reductions, Recapture of basis reductions. Taxact 2012 login returning user Certain depreciation, Recapture of certain depreciation. Taxact 2012 login returning user Cost-sharing payments, Recapture. Taxact 2012 login returning user Depreciation, When Do You Recapture MACRS Depreciation?, Depreciation Recapture, Depreciation recapture. Taxact 2012 login returning user Section 1245 property, Section 1245 Property Section 1250 property, Section 1250 Property Section 179 expense deduction, When Must You Recapture the Deduction? Section 179 GO Zone property, Recapture for qualified section 179 GO Zone property. Taxact 2012 login returning user Special depreciation allowance, When Must You Recapture an Allowance Recordkeeping, Importance of Records, Meals. Taxact 2012 login returning user Records on depreciable property, Depreciation Recapture Reforestation costs, Forestation and reforestation costs. Taxact 2012 login returning user , Reforestation Costs Refund Deduction taken, Refund or reimbursement. Taxact 2012 login returning user Fuel tax, Fuel tax credit and refund. Taxact 2012 login returning user , Including the Credit or Refund in Income Reimbursements Casualties and thefts, Casualty and theft losses. Taxact 2012 login returning user , Casualties and Thefts, Insurance and other reimbursements. Taxact 2012 login returning user Deduction taken, Refund or reimbursement. Taxact 2012 login returning user Expenses, Reimbursed expenses. Taxact 2012 login returning user Feed assistance, Feed Assistance and Payments Real estate taxes, Real estate taxes. Taxact 2012 login returning user Reforestation expenses, Qualifying costs. Taxact 2012 login returning user To employees, Reimbursements to employees. Taxact 2012 login returning user Related persons, Special rule for related persons. Taxact 2012 login returning user , Losses from sales or exchanges between related persons. Taxact 2012 login returning user , Special rules for related persons. Taxact 2012 login returning user , Like-kind exchanges between related persons. Taxact 2012 login returning user , Sale to a related person. Taxact 2012 login returning user , Buying replacement property from a related person. Taxact 2012 login returning user , Related persons. Taxact 2012 login returning user Rental income, Rents (Including Crop Shares) Rented property, improvements, Improvements to rented property. Taxact 2012 login returning user Repairs, Repairs and Maintenance Repairs and improvements, How Do You Treat Repairs and Improvements? Repayment of income, Repayment of income. Taxact 2012 login returning user Replacement Period, Replacement Period Property, Replacement Property Reportable transactions. Taxact 2012 login returning user , Reminders Repossessions, Foreclosure or Repossession Right-of-way income, Easements and rights-of-way. Taxact 2012 login returning user S Sale of home, Sale of your home. Taxact 2012 login returning user Section 179 expense deduction, Section 179 Expense Deduction How to elect, How Do You Elect the Deduction? Listed property, Additional Rules for Listed Property Qualifying property, What Property Qualifies? Recapture, When Must You Recapture the Deduction? Self-employed health insurance, Self-employed health insurance deduction. Taxact 2012 login returning user Self-employed health insurance deduction, Self-employed health insurance deduction. Taxact 2012 login returning user Self-employment tax Community property, Community property. Taxact 2012 login returning user Deduction, Deduction for employer-equivalent portion of self-employment tax. Taxact 2012 login returning user How to pay, How To Pay Self-Employment Tax Landlord participation, Landlord Participation in Farming Material participation, Material participation for landlords. Taxact 2012 login returning user Maximum net earnings, What's New for 2013 Methods for figuring net earnings, Methods for Figuring Net Earnings Optional method, Farm Optional Method Regular method, Regular Method Rental income, Landlord Participation in Farming Reporting, Reporting Self-Employment Tax Self-employment tax rate, Self-employment tax rate. Taxact 2012 login returning user Share farming, Share farmer. Taxact 2012 login returning user Tax rates, What's New for 2013 Who must pay, Who Must Pay Self-Employment Tax? Selling expenses, Selling expenses. Taxact 2012 login returning user Selling price Defined, Selling price. Taxact 2012 login returning user Reduced, Selling price reduced. Taxact 2012 login returning user Settlement costs (fees), Settlement costs. Taxact 2012 login returning user Social security and Medicare Credits of coverage, Earning credits in 2013. Taxact 2012 login returning user Withholding of tax, Social Security and Medicare Taxes Social security number, Obtaining a social security number. Taxact 2012 login returning user Software, computer, Computer software. Taxact 2012 login returning user Soil Conservation, Conservation Expenses Contamination, Soil or other environmental contamination. Taxact 2012 login returning user Special depreciation allowance How to elect not to claim, How Can You Elect Not To Claim the Allowance? Recapture, When Must You Recapture an Allowance Standard mileage rate, Standard mileage rate. Taxact 2012 login returning user Start-up costs for businesses, Business start-up and organizational costs. Taxact 2012 login returning user Suggestions for publication, Comments and suggestions. Taxact 2012 login returning user T Tangible personal property, Tangible personal property. Taxact 2012 login returning user Tax help, How To Get Tax Help Tax preparation fees, Tax preparation fees. Taxact 2012 login returning user Tax shelter At-risk limits, At-Risk Limits Defined, Tax shelter. Taxact 2012 login returning user Tax-free exchanges, Like-Kind Exchanges Taxes Excise, Excise Taxes Federal use, Highway use tax. Taxact 2012 login returning user General, Taxes Self-employment, Self-Employment Tax State and federal, State and federal income taxes. Taxact 2012 login returning user State and local general sales, State and local general sales taxes. Taxact 2012 login returning user Withholding, Federal income tax withholding. Taxact 2012 login returning user , Social Security and Medicare Taxes, Federal Income Tax Withholding Telephone expense, Telephone expense. Taxact 2012 login returning user Tenant house expenses, Tenant House Expenses Term interests, Certain term interests in property. Taxact 2012 login returning user Theft losses, Casualties, Thefts, and Condemnations Timber, Timber. Taxact 2012 login returning user , Timber Depletion, Timber Tobacco quota buyout payments, Tobacco Quota Buyout Program Payments Tobacco settlement payments, National Tobacco Growers' Settlement Trust Fund Payments Trade-in, Sale and Purchase Travel expenses, Travel Expenses Truck expenses, Truck and Car Expenses Trust fund recovery penalty, Trust fund recovery penalty. Taxact 2012 login returning user TTY/TDD information, How To Get Tax Help U Uniform capitalization rules Basis of assets, Uniform Capitalization Rules Inventory, Uniform capitalization rules. Taxact 2012 login returning user Unstated interest, Unstated interest. Taxact 2012 login returning user W Wages and salaries, Wages and salaries. Taxact 2012 login returning user Water conservation, Conservation Expenses Water well, Water well. Taxact 2012 login returning user , Water wells. Taxact 2012 login returning user Weather-related sales, livestock, Sales Caused by Weather-Related Conditions, Weather-related sales of livestock. Taxact 2012 login returning user Withholding Income tax, Federal Income Tax Withholding Social security and Medicare tax, Social Security and Medicare Taxes Prev  Up     Home   More Online Publications
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Many Retirees Face April 1 Deadline To Take Required Retirement Plan Distributions

IR-2014-38, March 27, 2014

WASHINGTON — The Internal Revenue Service today reminded taxpayers who turned 70½ during 2013 that in most cases they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Tuesday, April 1, 2014.

The April 1 deadline applies to owners of traditional IRAs but not Roth IRAs. Normally, it also applies to participants in various workplace retirement plans, including 401(k), 403(b) and 457 plans.

The April 1 deadline only applies to the required distribution for the first year. For all subsequent years, the RMD must be made by Dec. 31. So, for example, a taxpayer who turned 70½ in 2013 and receives the first required payment on April 1, 2014 must still receive the second RMD by Dec. 31, 2014. 

Affected taxpayers who turned 70½ during 2013 must figure the RMD for the first year using their life expectancy on Dec. 31, 2013 and their account balance on Dec. 31, 2012. The trustee reports the year-end account value to the IRA owner on Form 5498 in Box 5. Worksheets and life expectancy tables for making this computation can be found in the Appendices to Publication 590.

Most taxpayers use Table III (Uniform Lifetime) to figure their RMD. For a taxpayer who turned 71 in 2013, for example, the first required distribution would be based on a life expectancy of 26.5 years. A separate table, Table II, applies to a taxpayer married to a spouse who is more than 10 years younger and is the taxpayer’s only beneficiary.

Though the April 1 deadline is mandatory for all owners of traditional IRAs and most participants in workplace retirement plans, some people with workplace plans can wait longer to receive their RMD. Usually, employees who are still working can, if their plan allows, wait until April 1 of the year after they retire to start receiving these distributions. See Tax on Excess Accumulations in Publication 575. Employees of public schools and certain tax-exempt organizations with 403(b) plan accruals before 1987 should check with their employer, plan administrator or provider to see how to treat these accruals.

The IRS encourages taxpayers to begin planning now for any distributions required during 2014. An IRA trustee must either report the amount of the RMD to the IRA owner or offer to calculate it for the owner. Often, the trustee shows the RMD amount in Box 12b on Form 5498. For a 2014 RMD, this amount would be on the 2013 Form 5498 that is normally issued in January 2014.

More information on RMDs, including answers to frequently asked questions, can be found on IRS.gov.

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Page Last Reviewed or Updated: 27-Mar-2014

The Taxact 2012 Login Returning User

Taxact 2012 login returning user Tax Changes for Businesses Table of Contents 2001 ChangesNew 5-Year Carryback Rule for Net Operating Losses (NOLs) Electronic Form 1099 Tax Incentives for New York Liberty Zone Other 2001 Changes 2002 ChangesNonaccrual-Experience Method Issuance of Qualified Zone Academy Bonds Depletion Work Opportunity Credit Expanded in New York Liberty Zone Credit For Pension Plan Startup Costs Welfare-to-Work Credit Extended Work Opportunity Credit Extended Electric and Clean-Fuel Vehicles Renewable Electricity Production Credit Later ChangesSpecial Depreciation Allowance Extension of Placed in Service Date Special Liberty Zone Depreciation Allowance for New and Used Property Depreciation of Property Used on Indian Reservations Indian Employment Credit Extended 2001 Changes New 5-Year Carryback Rule for Net Operating Losses (NOLs) If you have an NOL from a tax year ending during 2001 or 2002, you must generally carry back the entire amount of the NOL to the 5 tax years before the NOL year (the carryback period). Taxact 2012 login returning user However, you can still choose to use the previous carryback period. Taxact 2012 login returning user You also can choose not to carry back an NOL and only carry it forward. Taxact 2012 login returning user Individuals, estates, and trusts can file Form 1045, Application for Tentative Refund. Taxact 2012 login returning user Corporations can file Form 1139, Corporation Application for Tentative Refund. Taxact 2012 login returning user The instructions for these forms will be revised to reflect the new law. Taxact 2012 login returning user Electronic Form 1099 For tax years ending after March 9, 2002, most Forms 1099 can be furnished electronically if the recipient consents, according to IRS regulations, to receive it that way. Taxact 2012 login returning user Tax Incentives for New York Liberty Zone New tax benefits are provided for the parts of New York City damaged in the terrorist attacks on September 11, 2001. Taxact 2012 login returning user These benefits apply to the newly created New York Liberty Zone, which is the area located on or south of Canal Street, East Broadway (east of its intersection with Canal Street), or Grand Street (east of its intersection with East Broadway), in the Borough of Manhattan. Taxact 2012 login returning user Tax benefits for the New York Liberty Zone include the following. Taxact 2012 login returning user A special depreciation allowance equal to 30% of the adjusted basis of qualified Liberty Zone property. Taxact 2012 login returning user It is allowed for the year the property is placed in service. Taxact 2012 login returning user No alternative minimum tax depreciation adjustment for qualified Liberty Zone property. Taxact 2012 login returning user Classification of Liberty Zone leasehold improvement property as 5-year property. Taxact 2012 login returning user Authorization of the issuance of tax-exempt New York Liberty bonds to finance the acquisition, construction, reconstruction, and renovation of nonresidential real property, residential rental property, and public utility property in the Liberty Zone. Taxact 2012 login returning user An increased section 179 deduction for certain Liberty Zone property. Taxact 2012 login returning user Extension of the replacement period from 2 years to 5 years for certain property involuntarily converted as a result of the terrorist attacks on September 11, 2001, but only if substantially all of the use of the replacement property is in New York City. Taxact 2012 login returning user For more information about involuntary conversions, see Postponement of Gain in Publication 547, Casualties, Disasters, and Thefts. Taxact 2012 login returning user In addition, for 2002 and 2003, the work opportunity credit is expanded by creating a new targeted group, consisting generally of employees who work in the Liberty Zone or, in certain cases, in New York City outside the Liberty Zone. Taxact 2012 login returning user For more information, see Work Opportunity Credit Expanded in New York Liberty Zone under 2002 Changes, later. Taxact 2012 login returning user For more information about the 30% special depreciation allowance, Liberty Zone leasehold improvement property, or increased section 179 deduction, see New York Liberty Zone Benefits, in chapter 5. Taxact 2012 login returning user In addition, the tax benefits for the Liberty Zone will be covered in a new edition of Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities, available later in 2002. Taxact 2012 login returning user Other 2001 Changes Other changes are discussed in the following chapters. Taxact 2012 login returning user Chapter 4 Car Expenses Chapter 5 Depreciation 2002 Changes Nonaccrual-Experience Method Under current law, if you perform services and use an accrual method of accounting, you do not accrue income which, based on experience, you expect to be uncollectible. Taxact 2012 login returning user Beginning in 2002, this rule only applies if you perform services in the fields of health, law, engineering, architecture, accounting, actuarial science, performing arts, and consulting, or your average annual gross receipts for the 3 prior tax years does not exceed $5,000,000. Taxact 2012 login returning user As under current law, the nonaccrual-experience method will not apply to amounts on which you charge interest or a late payment penalty. Taxact 2012 login returning user For more information, see Nonaccrual-Experience Method in chapter 11 of Publication 535, Business Expenses. Taxact 2012 login returning user Issuance of Qualified Zone Academy Bonds State and local governments issue qualified zone academy bonds to raise funds for the use of qualified zone academies. Taxact 2012 login returning user The amount of bonds that may be issued was limited to $400 million each year for 1998, 1999, 2000, and 2001. Taxact 2012 login returning user This provision has been extended to provide for an additional $400 million of bonds to be issued each year for 2002 and 2003. Taxact 2012 login returning user For more information about qualified zone academy bonds, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. Taxact 2012 login returning user Depletion The suspension of the taxable income limit on percentage depletion from the marginal production of oil and natural gas that was scheduled to expire for tax years beginning after 2001 has been extended to tax years beginning before 2004. Taxact 2012 login returning user For more information on marginal production, see section 613A(c) of the Internal Revenue Code. Taxact 2012 login returning user Work Opportunity Credit Expanded in New York Liberty Zone The work opportunity credit is expanded to include a new targeted group consisting generally of employees who perform substantially all their services: In the New York Liberty Zone (defined earlier under Tax Incentives for New York Liberty Zone, under 2001 Changes), or Elsewhere in New York City for a business that relocated from the Liberty Zone due to the destruction or damage of its place of business by the September 11, 2001, terrorist attack. Taxact 2012 login returning user The credit is available to employers for wages paid to new employees and existing employees for work performed during 2002 or 2003. Taxact 2012 login returning user Certain limits apply. Taxact 2012 login returning user For more information about the work opportunity credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. Taxact 2012 login returning user Credit For Pension Plan Startup Costs The credit for pension plan startup costs is now allowed for plans that become effective after December 31, 2001. Taxact 2012 login returning user Previously, the credit was only allowed for plans established after December 31, 2001. Taxact 2012 login returning user For more information on the credit, see Important Changes for 2002 in Publication 560, Retirement Plans for Small Business. Taxact 2012 login returning user Welfare-to-Work Credit Extended The welfare-to-work credit that was scheduled to expire for wages paid to individuals who began working for you after 2001 has been extended to include wages paid to qualified individuals who begin work for you in 2002 or 2003. Taxact 2012 login returning user For more information on the welfare-to-work credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. Taxact 2012 login returning user Work Opportunity Credit Extended The work opportunity credit that was scheduled to expire for wages paid to individuals who began working for you after 2001 has been extended to include wages paid to qualified individuals who begin work for you in 2002 or 2003. Taxact 2012 login returning user For more information about the work opportunity credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. Taxact 2012 login returning user Electric and Clean-Fuel Vehicles The maximum clean-fuel vehicle deduction and qualified electric vehicle credit were scheduled to be 25% lower for 2002 and both were scheduled to be phased out completely by 2005. Taxact 2012 login returning user The full deduction and credit are now allowed for qualified property placed in service in 2002 and 2003. Taxact 2012 login returning user The phaseout of the deduction and the credit will begin in 2004, and no deduction or credit will be allowed for property placed in service after 2006. Taxact 2012 login returning user For more information about electric and clean-fuel vehicles, see chapter 12 in Publication 535, Business Expenses. Taxact 2012 login returning user Renewable Electricity Production Credit The renewable electricity production credit is extended to include electricity produced by facilities placed in service after 2001 and before 2004. Taxact 2012 login returning user Later Changes Special Depreciation Allowance You can claim the special depreciation allowance (an additional 30% depreciation deduction) for new property that you acquire before September 11, 2004, and place in service for your business generally before January 1, 2005, if you meet the other requirements for qualified property covered in chapter 5. Taxact 2012 login returning user Accordingly, you will generally no longer be able to claim the special depreciation allowance for the qualified property if you acquire it after September 10, 2004, or place it in service for your business after December 31, 2004. Taxact 2012 login returning user However, you will be able to claim the special Liberty Zone depreciation allowance (an additional 30% depreciation deduction) for most qualified property if you place it in service in the Liberty Zone after December 31, 2004, and generally before January 1, 2007, provided you meet the other requirements for qualified Liberty Zone property covered in chapter 5. Taxact 2012 login returning user Extension of Placed in Service Date To qualify for the special depreciation allowance, your property must meet certain tests, including the placed in service date test, as well as the other requirements covered in chapter 5 of this publication. Taxact 2012 login returning user To meet the placed in service date test, your property must generally be placed in service for use in your trade or business or for the production of income after September 10, 2001, and before January 1, 2005. Taxact 2012 login returning user However, certain property placed in service before January 1, 2006, may meet this test. Taxact 2012 login returning user Transportation property and property with a recovery period of 10 years or longer meet the test if one of the following applies. Taxact 2012 login returning user The property has an estimated production period of more than 2 years. Taxact 2012 login returning user The property has an estimated production period of more than 1 year and it costs more than $1 million. Taxact 2012 login returning user Transportation property is any tangible personal property used in the trade or business of transporting persons or property. Taxact 2012 login returning user For property that qualifies for the special depreciation allowance solely because of the one-year extension of the placed in service date, only the part of the basis attributable to manufacture, construction, or production before September 11, 2004, is eligible for the special depreciation allowance. Taxact 2012 login returning user Special Liberty Zone Depreciation Allowance for New and Used Property You can claim the special Liberty Zone depreciation allowance (an additional 30% depreciation deduction) for used property that you acquire after September 10, 2001, if the property meets the requirements listed under Qualified Liberty Zone Property in chapter 5 of this publication. Taxact 2012 login returning user You will be able to claim the allowance for both new and used property that you acquire after September 10, 2004, provided the property meets the other requirements for qualified Liberty Zone property. Taxact 2012 login returning user Depreciation of Property Used on Indian Reservations The special depreciation rules that apply to qualified property used on an Indian reservation were scheduled to expire for property placed in service after 2003. Taxact 2012 login returning user These special rules have been extended to include property placed in service in 2004. Taxact 2012 login returning user For more information about these rules, see Publication 946, How To Depreciate Property. Taxact 2012 login returning user Indian Employment Credit Extended The Indian employment credit that was scheduled to expire for tax years beginning after 2003 has been extended to include a tax year beginning in 2004. Taxact 2012 login returning user For more information about this credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. Taxact 2012 login returning user Prev  Up  Next   Home   More Online Publications