Tag Archives: EL

Elderly

Elderly

Volunteer Income Tax Assistance (Vita) and Tax Counseling for the Elderly Issue

You may find information about Volunteer Income Tax Assistance (Vita) and Tax Counseling for the Elderly in this Tax Platform of the American Encyclopedia of Law.

Electronic Filing

Electronic Filing

About Electronic Filing: Electronic Filing (e-file) is a system whereby tax returns are transmitted electronically to the U.S. Internal Revenue Service, and tapes are created in the receiving station and loaded into the electronic filing computer system. The fastest way to get a tax return (or a request for an extension of time to file) to the IRS (and state revenue office). Electronic filing is especially suitable for taxpayers who expect refunds. In 1992, more than 10 million returns were filed electronically. In 2010, nearly 100 million returns were filed electronically, including about 35 million from home computers. The system accepts most commonly used forms and schedules.

The transmission of tax information directly to the IRS using telephones or computers. Electronic filing options include (1) Online self-prepared using a personal computer and tax preparation software, or (2) using a tax professional. Electronic filing may take place at the taxpayer’s home, a volunteer site, the library, a financial institution, the workplace, malls and stores, or a tax professional’s place of business.

Electronic preparation means that tax preparation software and computers are used to complete tax returns. Electronic tax preparation helps to reduce errors.

E-filing the tax return

There are several IRS publications about IRS e-file. For more information about IRS e-file refer to Tax Topic 252, Electronic Filing, for more information. Also see IRS Publication 17, Your Federal Income Tax.

1040PC tax return

The IRS is no longer accepting tax returns in the 1040PC format after tax filing season 2000 (tax year 1999).

TeleFile

The IRS discontinued its TeleFile program effective August 17, 2005. TeleFile allowed taxpayers to file Forms 1040EZ, 4868, and 941 by telephone.

Description and Definition of Electronic Filing

A method for filing your tax return with the IRS using your modem. Taxpayers can now file their tax return with personal computers and tax preparation software or online at a web site such as this one. Electronic filing is the fastest and most secure method of filing your tax return. The information goes directly to the IRS and the IRS can directly deposit your refund into your bank account. Electronic filing allows you to get your refund quickly.

Electronic Filing Through the I.R.S. Issue

You may find information about Electronic Filing Through the I.R.S. in this Tax Platform of the American Encyclopedia of Law.

Resources

See Also

Further Reading

Resources

See Also

See Taxation Office and Taxation Office.

Eligible Rollover Distribution

Eligible Rollover Distribution

About Eligible Rollover Distribution:

Eligible Rollover Distribution (erd) is any distribution from a qualified pension or tax-sheltered annuity other than a minimum required distribution or a series of substantially equal periodic pension or annuity payments made over (a) the participant's life (or life expectancy) or (&) a specified period of 10 years or more. The payer of a distribution must withhold at a 20% rate on any ERD that is not rolled over directly to another qualified plan. The recipient is required to contribute an amount equal to the taxable part of the total ERD, including the amount withheld, to a new plan within 60 days from the date of the distribution, or include in taxable income for the year of the distribution any amount withheld for which a matching contribution to the new plan was not made. A recipient can avoid withholding on an ERD by having it directly rolled over from the employer's plan to a qualified plan or individual retirement account. Former IRC (check if this IRC provision is current here) §402(c)(4).

Electronic Return Originator

Electronic Return Originator

About Electronic Return Originator:

Electronic Return Originator (ERO) is a preparer or collector who files tax returns electronically.

The Authorized IRS e-file Provider that originates the electronic submission of an income tax return to the IRS. EROs may originate the electronic submission of income tax returns they either prepared or collected from taxpayers. Some EROs charge a fee for submitting returns electronically.

See the entries Income Tax and State Income Tax in the American Encyclopedia of Law.

See Taxation Office and Taxation Office.

Election

Election

Election means:
a choice offered a taxpayer in certain situations. Frequently, elections are irrevocable; that is, they may never be changed. For example, a taxpayer over age 55 who meets certain requirements may elect, once in a lifetime, to exempt up to $125,000 of gain from the sale of a principal residence. A taxpayer who sells a home but does not make the election may never claim the exemption for that sale, though he or she remains eligible to use the election for a different home at a later date. If a taxpayer does make the election, it may not be revoked.

Elective Deferral

Elective Deferral

Elective Deferral means:
a retirement plan option that allows an employee to have part of his or her pay contributed by the employer to a retirement fund rather than included in current wages. The deferred pay is not taxable to the employee until it is distributed from the retirement fund. Penalties apply to early withdrawals.

Elective deferrals generally include elective contributions to cash or deferred arrangements [Section 401(k) plans], Section 501(c)(18) plans, salary reduction plans, simplified employee pension plans, and tax-sheltered annuities for employees of not-for-profit organizations. Former IRC (check if this IRC provision is current here) §402(g)(3).