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Freetaxusa 2007

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Freetaxusa 2007

Freetaxusa 2007 Index A Archer MSAs, Archer MSAs, Employment taxes. Freetaxusa 2007 Assistance (see Tax help) C Contributions to FSA, Contributions to an FSA HRA, Contributions to an HRA HSA, Contributions to an HSA MSA, Contributions to an MSA D Death of HSA holder, Death of HSA Holder MSA holder, Death of the Archer MSA Holder Distributions from FSA, Distributions From an FSA HRA, Distributions From an HRA HSA, Distributions From an HSA MSA, Distributions From an MSA E Employer participation FSA, Employer Participation HRA, Employer Participation HSA, Employer Participation MSA, Employer Participation F Flexible Spending Arrangements Grace Period, Health FSA – grace period. Freetaxusa 2007 Flexible spending arrangements, Flexible Spending Arrangements (FSAs), Employer Participation Balance in, Balance in an FSA Contributions to, Contributions to an FSA Distributions from, Distributions From an FSA Qualifying for, Qualifying for an FSA When to contribute, When To Contribute Form 5329, Excess contributions. Freetaxusa 2007 , Excess contributions. Freetaxusa 2007 5498–SA, Form 8889. Freetaxusa 2007 , Reporting Contributions on Your Return 8853, Additional tax. Freetaxusa 2007 , Filing Form 8853 8889, Form 8889. Freetaxusa 2007 , Additional tax. Freetaxusa 2007 , Filing Form 8889 Free tax services, Free help with your tax return. Freetaxusa 2007 H Health plans, high deductible, High deductible health plan (HDHP). Freetaxusa 2007 , High deductible health plan (HDHP). Freetaxusa 2007 Health reimbursement arrangements, Health Reimbursement Arrangements (HRAs), Employer Participation Balance in, Balance in an HRA Contributions to, Contributions to an HRA Distributions from, Distributions From an HRA Qualifying for, Qualifying for an HRA Health savings accounts, Health Savings Accounts (HSAs), Employment taxes. Freetaxusa 2007 Balance in, Balance in an HSA Contributions to, Contributions to an HSA Deemed distributions, Deemed distributions from HSAs. Freetaxusa 2007 Distributions from, Distributions From an HSA Last-month rule, Last-month rule. Freetaxusa 2007 Partnerships, Reporting Contributions on Your Return Qualifying for, Qualifying for an HSA Rollovers, Rollovers S corporations, Reporting Contributions on Your Return When to contribute, When To Contribute Help (see Tax help) High deductible health plan, High deductible health plan (HDHP). Freetaxusa 2007 , High deductible health plan (HDHP). Freetaxusa 2007 M Medical expenses, qualified, Qualified medical expenses. Freetaxusa 2007 , Qualified medical expenses. Freetaxusa 2007 , Qualified medical expenses. Freetaxusa 2007 , Qualified medical expenses. Freetaxusa 2007 Medical savings accounts, Medical Savings Accounts (MSAs), Medicare Advantage MSAs Balance in, Balance in an Archer MSA Contributions to, Contributions to an MSA Deemed distributions, Deemed distributions from Archer MSAs. Freetaxusa 2007 Distributions from, Distributions From an MSA Medicare Advantage MSAs, Medicare Advantage MSAs Qualifying for, Qualifying for an Archer MSA When to contribute, When To Contribute Medicare Advantage MSAs, Medicare Advantage MSAs P Preventive care, High deductible health plan (HDHP). Freetaxusa 2007 Publications (see Tax help) Q Qualified HSA funding distribution, Qualified HSA funding distribution. Freetaxusa 2007 T Tax help, How To Get Tax Help Testing period Last-month rule, Testing period. Freetaxusa 2007 Qualified HSA funding distribution, Funding distribution – testing period. Freetaxusa 2007 TTY/TDD information, How To Get Tax Help Prev  Up     Home   More Online Publications
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Understanding Your CP62 Notice

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Page Last Reviewed or Updated: 04-Mar-2014

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The Freetaxusa 2007

Freetaxusa 2007 Publication 505 - Introductory Material Table of Contents IntroductionNonresident aliens. Freetaxusa 2007 Ordering forms and publications. Freetaxusa 2007 Tax questions. Freetaxusa 2007 What's New for 2014 Reminders Introduction The federal income tax is a pay-as-you-go tax. Freetaxusa 2007 You must pay the tax as you earn or receive income during the year. Freetaxusa 2007 There are two ways to pay as you go. Freetaxusa 2007 Withholding. Freetaxusa 2007 If you are an employee, your employer probably withholds income tax from your pay. Freetaxusa 2007 In addition, tax may be withheld from certain other income, such as pensions, bonuses, commissions, and gambling winnings. Freetaxusa 2007 The amount withheld is paid to the Internal Revenue Service (IRS) in your name. Freetaxusa 2007 Estimated tax. Freetaxusa 2007 If you do not pay your tax through withholding, or do not pay enough tax that way, you might have to pay estimated tax. Freetaxusa 2007 People who are in business for themselves generally will have to pay their tax this way. Freetaxusa 2007 You may have to pay estimated tax if you receive income such as dividends, interest, capital gains, rents, and royalties. Freetaxusa 2007 Estimated tax is used to pay not only income tax, but other taxes such as self-employment tax and alternative minimum tax. Freetaxusa 2007 This publication explains both of these methods. Freetaxusa 2007 It also explains how to take credit on your return for the tax that was withheld and for your estimated tax payments. Freetaxusa 2007 If you did not pay enough tax during the year, either through withholding or by making estimated tax payments, you may have to pay a penalty. Freetaxusa 2007 Generally, the IRS can figure this penalty for you. Freetaxusa 2007 This underpayment penalty, and the exceptions to it, are discussed in chapter 4. Freetaxusa 2007 Nonresident aliens. Freetaxusa 2007    Before completing Form W-4, nonresident alien employees should see the Instructions for Form 8233, Exemption From Withholding on Compensation for Independent (and Certain Dependent) Personal Services of a Nonresident Alien Individual. Freetaxusa 2007 Also see chapter 8 of Publication 519, U. Freetaxusa 2007 S. Freetaxusa 2007 Tax Guide for Aliens, for important information on withholding. Freetaxusa 2007 What's new for 2013 and 2014. Freetaxusa 2007   See What's New for 2014 in this Introduction, and What's New for 2013 in chapter 4. Freetaxusa 2007 Comments and suggestions. Freetaxusa 2007   We welcome your comments about this publication and your suggestions for future editions. Freetaxusa 2007   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Freetaxusa 2007 NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Freetaxusa 2007 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Freetaxusa 2007   You can send your comments from www. Freetaxusa 2007 irs. Freetaxusa 2007 gov/formspubs/. Freetaxusa 2007 Click on “More Information” and then on Give us feedback on forms and publications. Freetaxusa 2007   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. Freetaxusa 2007 Ordering forms and publications. Freetaxusa 2007   Visit www. Freetaxusa 2007 irs. Freetaxusa 2007 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 business days after your request is received. Freetaxusa 2007 Internal Revenue Service 1201 N. Freetaxusa 2007 Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Freetaxusa 2007   If you have a tax question, check the information available on IRS. Freetaxusa 2007 gov or call 1-800-829-1040. Freetaxusa 2007 We cannot answer tax questions sent to either of the above addresses. Freetaxusa 2007 What's New for 2014 Use your 2013 tax return as a guide in figuring your 2014 estimated tax, but be sure to consider the following. Freetaxusa 2007 Standard mileage rates. Freetaxusa 2007  The 2014 rate for business use of your vehicle is 56 cents per mile. Freetaxusa 2007 The rate for use of your vehicle to get medical care or move is 23½ cents per mile. Freetaxusa 2007 The rate of 14 cents per mile for charitable use is unchanged. Freetaxusa 2007 Personal exemption increased for certain taxpayers. Freetaxusa 2007  For 2014, the personal exemption amount is increased to $3,950 for taxpayers with adjusted gross income at or below $305,050 if married filing jointly or qualifying widow(er), $279,650 if head of household, $254,200 if single, or $152,525 if married filing separately. Freetaxusa 2007 The personal exemption amount for taxpayers with adjusted gross income above these thresholds may be reduced. Freetaxusa 2007 Limitation on itemized deductions. Freetaxusa 2007  For 2014, itemized deductions for taxpayers with adjusted gross income above $305,050 if married filing jointly or qualifying widow(er), $279,650 if head of household, $254,200 if single, and $152,525 if married filing separately may be reduced. Freetaxusa 2007 Health care coverage. Freetaxusa 2007  When you file your 2014 tax return in 2015, you will need to either (1) indicate on your return that you and your family had health care coverage throughout 2014, (2) claim an exemption from the health care coverage requirement for some or all of 2014, or (3) make a payment if you do not have coverage or an exemption(s) for all 12 months of 2014. Freetaxusa 2007 For examples on how this payment works, go to www. Freetaxusa 2007 IRS. Freetaxusa 2007 gov/aca and click under the “Individuals & Families” section. Freetaxusa 2007 You may want to consider this when figuring your “Other taxes” on Line 12 of the 2014 Estimated Tax Worksheet (Worksheet 2-1). Freetaxusa 2007 For general information on these requirements, go to www. Freetaxusa 2007 IRS. Freetaxusa 2007 gov/aca. Freetaxusa 2007 Advance payments of the Premium Tax Credit. Freetaxusa 2007  If you buy health care insurance through the Health Insurance Marketplace, you may be eligible for advance payments of the Premium Tax Credit to help pay for your insurance coverage. Freetaxusa 2007 Receiving too little or too much in advance will affect your refund or balance due. Freetaxusa 2007 Promptly report changes in your income or family size to your Marketplace. Freetaxusa 2007 You may want to consider this when figuring your estimated taxes for 2014. Freetaxusa 2007 For more information, go to www. Freetaxusa 2007 IRS. Freetaxusa 2007 gov/aca and see Publication 5120 and Publication 5121. Freetaxusa 2007 http://www. Freetaxusa 2007 IRS. Freetaxusa 2007 gov/pub5120 Alternative minimum tax (AMT) exemption amount increased. Freetaxusa 2007  The AMT exemption amount is increased to $52,800 ($82,100 if married filing jointly or qualifying widow(er); $41,050 if married filing separately). Freetaxusa 2007 Lifetime learning credit income limits. Freetaxusa 2007  In order to claim a lifetime learning credit, your MAGI must be less than $54,000 ($108,000 if married filing jointly). Freetaxusa 2007 Retirement savings contribution credit income limits increased. Freetaxusa 2007  In order to claim this credit for 2014, your MAGI must be less than $30,000 ($60,000 if married filing jointly; $45,000 if head of household). Freetaxusa 2007 Adoption credit or exclusion. Freetaxusa 2007  The maximum adoption credit or exclusion for employer-provided adoption benefits has increased to $13,190. Freetaxusa 2007 In order to claim either the credit or exclusion, your MAGI must be less than $237,880. Freetaxusa 2007 Earned income credit (EIC). Freetaxusa 2007  You may be able to take the EIC in 2014 if: Three or more children lived with you and you earned less than $46,997 ($52,427 if married filing jointly), Two children lived with you and you earned less than $43,756 ($49,186 if married filing jointly), One child lived with you and you earned less than $38,511 ($43,941 if married filing jointly), or A child did not live with you and you earned less than $14,590 ($20,020 if married filing jointly). Freetaxusa 2007 Also, the maximum MAGI you can have and still get the credit has increased. Freetaxusa 2007 You may be able to take the credit if your MAGI is less than the amount in the above list that applies to you. Freetaxusa 2007 The maximum investment income you can have and get the credit has increased to $3,350. Freetaxusa 2007 Reminders Future developments. Freetaxusa 2007  The IRS has created a page on IRS. Freetaxusa 2007 gov for information about Publication 505 at www. Freetaxusa 2007 irs. Freetaxusa 2007 gov/pub505. Freetaxusa 2007 Information about any future developments affecting Publication 505 (such as legislation enacted after we release it) will be posted on that page. Freetaxusa 2007 Social security tax. Freetaxusa 2007   Generally, each employer for whom you work during the tax year must withhold social security tax up to the annual limit. Freetaxusa 2007 The annual limit is $117,000 in 2014. Freetaxusa 2007 Photographs of missing children. Freetaxusa 2007  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Freetaxusa 2007 Photographs of missing children selected by the Center may appear in this publication on pages that otherwise would be blank. Freetaxusa 2007 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. Freetaxusa 2007 Additional Medicare Tax. Freetaxusa 2007  Beginning in 2013, a 0. Freetaxusa 2007 9% Additional Medicare Tax applies to Medicare wages, Railroad Retirement Tax Act compensation, and self-employment income over a threshold amount based on your filing status. Freetaxusa 2007 You may need to include this amount when figuring your estimated tax. Freetaxusa 2007 See the instructions for line 12 of the 2014 Estimated Tax Worksheet. Freetaxusa 2007 You may also request that your employer deduct and withhold an additional amount of income tax withholding from your wages on Form W-4, Employee's Withholding Allowance Certificate. Freetaxusa 2007 For more information on Additional Medicare Tax, go to IRS. Freetaxusa 2007 gov and enter “Additional Medicare Tax” in the search box. Freetaxusa 2007 Net Investment Income Tax. Freetaxusa 2007  Beginning in 2013, you may be subject to Net Investment Income Tax (NIIT). Freetaxusa 2007 NIIT is a 3. Freetaxusa 2007 8% tax on the lesser of net investment income or the excess of your modified adjusted gross income (MAGI) over the threshold amount. Freetaxusa 2007 NIIT may need to be included when figuring estimated tax. Freetaxusa 2007 See the instructions for line 12 of the 2014 Estimated Tax Worksheet. Freetaxusa 2007 You may also request that your employer deduct and withhold an additional amount of income tax withholding from your wages on Form W-4. Freetaxusa 2007 For more information on NIIT, go to IRS. Freetaxusa 2007 gov and enter “Net Investment Income Tax” in the search box. Freetaxusa 2007 Prev  Up  Next   Home   More Online Publications