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Turbotax Freedom Edition

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Turbotax Freedom Edition

Turbotax freedom edition Index A Accrued leave payment Disability retirement and, Accrued leave payment. Turbotax freedom edition Assistance (see Tax help) C Care Dependent care benefits, Dependent Care Benefits Child and dependent care expenses, Child and Dependent Care Credit Compensation for permanent loss or disfigurement, Other Payments Credit for the elderly or the disabled, Credit for the Elderly or the Disabled D Damages, physical injury or sickness, Other Payments Dependent care assistance, Dependent Care Benefits Disability Pensions, Disability Pensions Disability benefits, no-fault car insurance policy, Other Payments Disability pensions, Disability Pensions E Exclusion from income Employer-provided dependent care benefits, Exclusion or deduction. Turbotax freedom edition F Form W-2 Dependent care benefits, Statement for employee. Turbotax freedom edition Free tax services, Free help with your tax return. Turbotax freedom edition H Help (see Tax help) I Impairment-related work expenses Definition, Impairment-related expenses defined. Turbotax freedom edition Impairment–related work expenses, Impairment-Related Work Expenses Income, Income Compensation for permanent loss or disfigurement, Other Payments Dependent care assistance, Dependent Care Benefits Disability pensions, Disability Pensions Long-term care insurance, Long-Term Care Insurance Military and government disability pensions, Military and Government Disability Pensions No-fault car insurance policy disability benefits, Other Payments Physical injury or sickness damages, Other Payments Social security and railroad retirement benefits, Social Security and Railroad Retirement Benefits Supplemental security income (SSI) payments, Supplemental security income (SSI) payments. Turbotax freedom edition VA disability benefits, VA disability benefits. Turbotax freedom edition Welfare fund benefits, Other Payments Workers compensation, Other Payments Itemized deductions, Itemized Deductions Impairment-related work expenses, Impairment-Related Work Expenses Medical expenses, Medical Expenses L Long-term care insurance, Long-Term Care Insurance M Medical expenses, Medical Expenses Military and government disability pensions, Military and Government Disability Pensions N No-fault car insurance policy disability benefits, Other Payments P Pensions Disability pensions, Disability Pensions Physical injury or sickness damages, Other Payments Profit-sharing plan, Retirement and profit-sharing plans. Turbotax freedom edition Publications (see Tax help) S Social security and railroad retirement benefits, Social Security and Railroad Retirement Benefits Supplemental security income (SSI) payments, Supplemental security income (SSI) payments. Turbotax freedom edition T Tax credits, Tax Credits Child and dependent care credit, Child and Dependent Care Credit Credit for the elderly or the disabled, Credit for the Elderly or the Disabled Tax help, How To Get Tax Help TTY/TDD information, How To Get Tax Help V VA disability benefits, VA disability benefits. Turbotax freedom edition W Welfare fund benefits, Other Payments Workers compensation, Other Payments Prev  Up     Home   More Online Publications
 
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The Turbotax Freedom Edition

Turbotax freedom edition Publication 517 - Introductory Material Table of Contents What's New Reminders IntroductionOrdering forms and publications. Turbotax freedom edition Tax questions. Turbotax freedom edition Useful Items - You may want to see: What's New SE tax rate. Turbotax freedom edition  For 2013 and 2014, the Old Age, Survivors, and Disability Insurance (OASDI) portion of the SE tax is 12. Turbotax freedom edition 4%. Turbotax freedom edition The Medicare (HI) portion of the SE tax remains 2. Turbotax freedom edition 9%. Turbotax freedom edition As a result, the SE tax rate returns to 15. Turbotax freedom edition 3%. Turbotax freedom edition For more information, see the Instructions for Schedule SE (Form 1040). Turbotax freedom edition Earnings subject to social security. Turbotax freedom edition  For 2013, the maximum wages and self-employment income subject to social security tax increases from $110,100 to $113,700. Turbotax freedom edition For 2014, the maximum wages and self-employment income subject to social security tax is $117,000. Turbotax freedom edition Additional Medicare Tax. Turbotax freedom edition  Beginning in 2013, a 0. Turbotax freedom edition 9% Additional Medicare Tax applies to Medicare wages, railroad retirement (RRTA) compensation, and self-employment income that are more than: $125,000 if married filing separately, $250,000 if married filing jointly, or $200,000 for any other filing status. Turbotax freedom edition For more information, see Form 8959, Additional Medicare Tax, and its separate instructions. Turbotax freedom edition Modified AGI limit for traditional IRA contributions increased. Turbotax freedom edition  For 2013, you may be able to take an IRA deduction if you were covered by a retirement plan at work and your modified AGI is: Less than $115,000 if married filing jointly or qualifying widow(er), Less than $69,000 if single or head of household, or Less than $10,000 if married filing separately. Turbotax freedom edition If you file a joint return and either you or your spouse was not covered by a retirement plan at work, you may be able to take an IRA deduction if your modified AGI is less than $188,000. Turbotax freedom edition Modified AGI limit for Roth IRA contributions increased. Turbotax freedom edition  For 2013, you may be able to contribute to your Roth IRA if your modified AGI is: Less than $188,000 if married filing jointly or qualifying widow(er), Less than $127,000 if single, head of household, or married filing separately and you did not live with your spouse at any time during the year, or Less than $10,000 if married filing separately and you lived with your spouse at any time during the year. Turbotax freedom edition Earned income credit (EIC). Turbotax freedom edition  For 2013, the maximum amount of income you can earn and still claim the EIC has increased. Turbotax freedom edition You may be able to take the EIC if you earned less than $46,227 ($51,567 for married filing jointly) and you have three or more qualifying children; $43,038 ($48,378 for married filing jointly) and you have two qualifying children; $37,870 ($43,210 for married filing jointly) and you have one qualifying child; and $14,340 ($19,680 for married filing jointly) and you do not have any qualifying children. Turbotax freedom edition Reminders Future developments. Turbotax freedom edition . Turbotax freedom edition   For the latest information about developments related to Publication 517, such as legislation enacted after it was published, go to www. Turbotax freedom edition irs. Turbotax freedom edition gov/pub517. Turbotax freedom edition Photographs of missing children. Turbotax freedom edition  The Internal Revenue Service is a proud partner with the National Center for Missing & Exploited Children. Turbotax freedom edition Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Turbotax freedom edition 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. Turbotax freedom edition Introduction Three federal taxes are paid on wages and self-employment income—income tax, social security tax, and Medicare tax. Turbotax freedom edition Social security and Medicare taxes are collected under one of two systems. Turbotax freedom edition Under the Self-Employment Contributions Act (SECA), the self-employed person pays all the taxes. Turbotax freedom edition Under the Federal Insurance Contributions Act (FICA), the employee and the employer each pay half of the social security and Medicare taxes. Turbotax freedom edition No earnings are subject to both systems. Turbotax freedom edition Table 1. Turbotax freedom edition Are Your Ministerial Earnings* Covered Under FICA or SECA? Find the class to which you belong in the left column and read across the table to find if you are covered under FICA or SECA. Turbotax freedom edition Do not rely on this table alone. Turbotax freedom edition Also read the discussion for the class in the following pages. Turbotax freedom edition Class Covered under FICA? Covered under SECA? Minister NO. Turbotax freedom edition Your ministerial earnings are exempt. Turbotax freedom edition YES, if you do not have an approved exemption from the IRS. Turbotax freedom edition   NO, if you have an approved exemption. Turbotax freedom edition Member of a religious order who has not taken a vow of poverty NO. Turbotax freedom edition Your ministerial earnings are exempt. Turbotax freedom edition YES, if you do not have an approved exemption from the IRS. Turbotax freedom edition   NO, if you have an approved exemption. Turbotax freedom edition Member of a religious order who has taken a vow of poverty YES, if: Your order elected FICA coverage for its members, or You worked outside the order and the work was not required by, or done on behalf of, the order. Turbotax freedom edition   NO, if neither of the above applies. Turbotax freedom edition NO. Turbotax freedom edition Your ministerial earnings are exempt. Turbotax freedom edition Christian Science practitioner or reader NO. Turbotax freedom edition Your ministerial earnings are exempt. Turbotax freedom edition YES, if you do not have an approved exemption from the IRS. Turbotax freedom edition   NO, if you have an approved exemption. Turbotax freedom edition Religious worker (church employee) YES, if your employer did not elect to exclude you. Turbotax freedom edition    NO, if your employer elected to exclude you. Turbotax freedom edition YES, if your employer elected to exclude you from FICA. Turbotax freedom edition   NO, if you are covered under FICA. Turbotax freedom edition Member of a recognized religious sect YES, if you are an employee and do not have an approved exemption from the IRS. Turbotax freedom edition    NO, if you have an approved exemption. Turbotax freedom edition YES, if you are self-employed and do not have an approved exemption from the IRS. Turbotax freedom edition   NO, if you have an approved exemption. Turbotax freedom edition * Ministerial earnings are the self-employment earnings that result from ministerial services, defined and discussed later. Turbotax freedom edition In addition, all wages and self-employment income that are subject to Medicare tax are subject to a 0. Turbotax freedom edition 9% Additional Medicare Tax if they are paid in excess of the applicable threshold for an individual's filing status. Turbotax freedom edition Additional Medicare Tax applies to Medicare wages, railroad retirement (RRTA) compensation, and self-employment income that are more than: $125,000 if married filing separately, $250,000 if married filing jointly, or $200,000 for any other filing status. Turbotax freedom edition Medicare wages and self-employment income are combined to determine if income exceeds the threshold. Turbotax freedom edition A self-employment loss is not considered for purposes of this tax. Turbotax freedom edition RRTA compensation is separately compared to the threshold. Turbotax freedom edition There is no employer match for Additional Medicare Tax. Turbotax freedom edition For more information, see Form 8959, Additional Medicare Tax, and its separate instructions. Turbotax freedom edition This publication contains information for the following classes of taxpayers. Turbotax freedom edition Ministers. Turbotax freedom edition Members of a religious order. Turbotax freedom edition Christian Science practitioners and readers. Turbotax freedom edition Religious workers (church employees). Turbotax freedom edition Members of a recognized religious sect. Turbotax freedom edition Note. Turbotax freedom edition Unless otherwise noted, in this publication references to members of the clergy include ministers, members of a religious order (but not members of a recognized religious sect), and Christian Science practitioners and readers. Turbotax freedom edition This publication covers the following topics about the collection of social security and Medicare taxes from members of the clergy, religious workers, and members of a recognized religious sect. Turbotax freedom edition Which earnings are taxed under FICA and which under SECA. Turbotax freedom edition See Table 1 above. Turbotax freedom edition How a member of the clergy can apply for an exemption from self-employment tax. Turbotax freedom edition How a member of a recognized religious sect can apply for an exemption from both self-employment tax and FICA taxes. Turbotax freedom edition How a member of the clergy or religious worker figures net earnings from self-employment. Turbotax freedom edition This publication also covers certain income tax rules of interest to ministers and members of a religious order. Turbotax freedom edition A Comprehensive Example shows filled-in forms for a minister who has income taxed under SECA, other income taxed under FICA, and income tax reporting of items specific to a minister. Turbotax freedom edition In the back of Publication 517 is a set of worksheets that you can use to figure the amount of your taxable ministerial income and allowable deductions. Turbotax freedom edition You will find these worksheets right after the Comprehensive Example . Turbotax freedom edition Note. Turbotax freedom edition In this publication, the term “church” is generally used in its generic sense and not in reference to any particular religion. Turbotax freedom edition Comments and suggestions. Turbotax freedom edition   We welcome your comments about this publication and your suggestions for future editions. Turbotax freedom edition   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Turbotax freedom edition NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Turbotax freedom edition Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Turbotax freedom edition   You can send your comments from www. Turbotax freedom edition irs. Turbotax freedom edition gov/formspubs/. Turbotax freedom edition Click on “More Information” and then on “Give us feedback”. Turbotax freedom edition   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. Turbotax freedom edition Ordering forms and publications. Turbotax freedom edition   Visit www. Turbotax freedom edition irs. Turbotax freedom edition 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. Turbotax freedom edition Internal Revenue Service 1201 N. Turbotax freedom edition Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Turbotax freedom edition   If you have a tax question, check the information available on IRS. Turbotax freedom edition gov or call 1-800-829-1040. Turbotax freedom edition We cannot answer tax questions sent to either of the above addresses. Turbotax freedom edition Useful Items - You may want to see: Publication 54 Tax Guide for U. Turbotax freedom edition S. Turbotax freedom edition Citizens and Resident Aliens Abroad 525 Taxable and Nontaxable Income 529 Miscellaneous Deductions 535 Business Expenses 590 Individual Retirement Arrangements (IRAs) 596 Earned Income Credit (EIC) Form (and Instructions) SS-8 Determination of Worker Status for Purposes of Federal Employment Taxes and Income Tax Withholding SS-16 Certificate of Election of Coverage Under the Federal Insurance Contributions Act Schedule C (Form 1040) Profit or Loss From Business (Sole Proprietorship) Schedule C-EZ (Form 1040) Net Profit From Business (Sole Proprietorship) Schedule SE (Form 1040) Self-Employment Tax 1040-ES Estimated Tax for Individuals 1040X Amended U. Turbotax freedom edition S. Turbotax freedom edition Individual Income Tax Return 4029 Application for Exemption From Social Security and Medicare Taxes and Waiver of Benefits 4361 Application for Exemption From Self-Employment Tax for Use by Ministers, Members of Religious Orders and Christian Science Practitioners 8274 Certification by Churches and Qualified Church-Controlled Organizations Electing Exemption From Employer Social Security and Medicare Taxes 8959 Additional Medicare Tax Ordering publications and forms. Turbotax freedom edition   See How To Get Tax Help , near the end of this publication, for information about getting these publications and forms. Turbotax freedom edition Prev  Up  Next   Home   More Online Publications