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1040 Long Form

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1040 Long Form

1040 long form 1. 1040 long form   Canceled Debts Table of Contents General RulesForm 1099-C Discounts and loan modifications Sales or other dispositions (such as foreclosures and repossessions) Abandonments Stockholder debt This chapter discusses the tax treatment of canceled debts. 1040 long form General Rules Generally, if a debt for which you are personally liable is forgiven or discharged for less than the full amount owed, the debt is considered canceled in whatever amount it remained unpaid. 1040 long form There are exceptions to this rule, discussed under Exceptions , later. 1040 long form Generally, you must include the canceled debt in your income. 1040 long form However, you may be able to exclude the canceled debt. 1040 long form See Exclusions , later. 1040 long form Example. 1040 long form John owed $1,000 to Mary. 1040 long form Mary agreed to accept and John paid $400 in satisfaction of the entire debt. 1040 long form John has canceled debt of $600. 1040 long form Example. 1040 long form Margaret owed $1,000 to Henry. 1040 long form Henry and Margaret agreed that Margaret would provide Henry with services (instead of money) in full satisfaction of the debt. 1040 long form Margaret does not have canceled debt. 1040 long form Instead, she has income from services. 1040 long form A debt includes any indebtedness: For which you are liable, or Subject to which you hold property. 1040 long form Debt for which you are personally liable is recourse debt. 1040 long form All other debt is nonrecourse debt. 1040 long form If you are not personally liable for the debt, you do not have ordinary income from the cancellation of debt unless you retain the collateral and either: The lender offers a discount for the early payment of the debt, or The lender agrees to a loan modification that results in the reduction of the principal balance of the debt. 1040 long form See Discounts and loan modifications , later. 1040 long form However, upon the disposition of the property securing a nonrecourse debt, the amount realized includes the entire unpaid amount of the debt, not just the FMV of the property. 1040 long form As a result, you may realize a gain or loss if the outstanding debt immediately before the disposition is more or less than your adjusted basis in the property. 1040 long form For more details on figuring your gain or loss, see chapter 2 of this publication or see Publication 544. 1040 long form There are several exceptions and exclusions that may result in part or all of a canceled debt being nontaxable. 1040 long form See Exceptions and Exclusions, later. 1040 long form You must report any taxable canceled debt as ordinary income on: Form 1040 or Form 1040NR, line 21, if the debt is a nonbusiness debt; Schedule C (Form 1040), line 6 (or Schedule C-EZ (Form 1040), line 1), if the debt is related to a nonfarm sole proprietorship; Schedule E (Form 1040), line 3, if the debt is related to nonfarm rental of real property; Form 4835, line 6, if the debt is related to a farm rental activity for which you use Form 4835 to report farm rental income based on crops or livestock produced by a tenant; or Schedule F (Form 1040), line 8, if the debt is farm debt and you are a farmer. 1040 long form Form 1099-C If you receive a Form 1099-C, that means an applicable entity has reported an identifiable event to the IRS regarding a debt you owe. 1040 long form The identifiable event may be an actual cancellation of the debt or it may be an event the applicable entity is required, solely for purposes of reporting to the IRS, to treat as a cancellation of debt. 1040 long form For information on the reasons an applicable entity files Form 1099-C, see Identifiable event codes, later. 1040 long form Unless you meet one of the exceptions or exclusions discussed later, this canceled debt is ordinary income and must be reported on the appropriate form discussed above. 1040 long form An applicable entity includes: A federal government agency, A financial institution, A credit union, and Any organization a significant trade or business of which is lending money. 1040 long form Identifiable event codes. 1040 long form    Box 6 of Form 1099-C should indicate the reason the creditor filed this form. 1040 long form The codes shown in box 6 are explained below. 1040 long form Also see the chart after the explanation for a quick reference guide for the codes used in Box 6. 1040 long form Note. 1040 long form Codes A through G and I identify specific occurrences resulting from an actual discharge of indebtedness. 1040 long form However, Code H, Expiration of nonpayment testing period, does not necessarily identify an actual discharge of indebtedness. 1040 long form Code A — Bankruptcy. 1040 long form Code A is used to identify cancellation of debt as a result of a title 11 bankruptcy case. 1040 long form See Bankruptcy , later. 1040 long form Code B — Other judicial debt relief. 1040 long form Code B is used to identify cancellation of debt as a result of a receivership, foreclosure, or similar federal or state court proceeding other than bankruptcy. 1040 long form Code C — Statute of limitations or expiration of deficiency period. 1040 long form Code C is used to identify cancellation of debt either when the statute of limitations for collecting the debt expires or when the statutory period for filing a claim or beginning a deficiency judgment proceeding expires. 1040 long form In the case of the expiration of a statute of limitations, an identifiable event occurs only if and when your affirmative defense of the statute of limitations is upheld in a final judgment or decision in a judicial proceeding, and the period for appealing the judgment or decision has expired. 1040 long form Code D — Foreclosure election. 1040 long form Code D is used to identify cancellation of debt when the creditor elects foreclosure remedies that statutorily end or bar the creditor's right to pursue collection of the debt. 1040 long form This event applies to a mortgage lender or holder who is barred from pursuing debt collection after a power of sale in the mortgage or deed of trust is exercised. 1040 long form Code E — Debt relief from probate or similar proceeding. 1040 long form Code E is used to identify cancellation of debt as a result of a probate court or similar legal proceeding. 1040 long form Code F — By agreement. 1040 long form Code F is used to identify cancellation of debt as a result of an agreement between the creditor and the debtor to cancel the debt at less than full consideration. 1040 long form Code G — Decision or policy to discontinue collection. 1040 long form Code G is used to identify cancellation of debt as a result of a decision or a defined policy of the creditor to discontinue collection activity and cancel the debt. 1040 long form For purposes of this identifiable event, a defined policy includes both a written policy and the creditor's established business practice. 1040 long form Code H — Expiration of nonpayment testing period. 1040 long form Code H is used to indicate that the creditor has not received a payment on the debt during a testing period ending on December 31, 2013. 1040 long form The testing period is a 36-month period increased by the number of months the creditor was prevented from engaging in collection activity by a stay in bankruptcy or similar bar under state or local law. 1040 long form This identifiable event applies only for a creditor that is a financial institution or credit union (and certain of their subsidiaries), the Federal Deposit Insurance Corporation (FDIC), Resolution Trust Corporation (RTC), National Credit Union Administration (NCUA), and other Federal executive agencies. 1040 long form Expiration of the nonpayment testing period does not necessarily result from an actual discharge of indebtedness. 1040 long form Code I — Other actual discharge before identifiable event. 1040 long form Code I is used to identify an actual cancellation of debt that occurs before any of the identifiable events described in codes A through H. 1040 long form Form 1099-C Reference Guide for Box 6 Identifiable Event Codes A Bankruptcy B Other judicial debt relief C Statute of limitations or expiration of deficiency period D Foreclosure election E Debt relief from probate or similar proceeding F By agreement G Decision or policy to discontinue collection H Expiration of nonpayment testing period I Other actual discharge before identifiable event Even if you did not receive a Form 1099-C, you must report canceled debt as gross income on your tax return unless one of the exceptions or exclusions described later applies. 1040 long form Amount of canceled debt. 1040 long form    The amount in box 2 of Form 1099-C may represent some or all of the debt that has been canceled or treated as canceled. 1040 long form The amount in box 2 will include principal and may include interest and other nonprincipal amounts (such as fees or penalties). 1040 long form Unless you meet one of the exceptions or exclusions discussed later, the amount of the debt that has been canceled is ordinary income and must be reported on the appropriate form as discussed earlier. 1040 long form Interest included in canceled debt. 1040 long form    If any interest is included in the amount of canceled debt in box 2, it will be shown in box 3. 1040 long form Whether the interest portion of the canceled debt must be included in your income depends on whether the interest would be deductible if you paid it. 1040 long form See Deductible Debt under Exceptions, later. 1040 long form Persons who each receive a Form 1099-C showing the full amount of debt. 1040 long form    If you and another person were jointly and severally liable for a canceled debt, each of you may get a Form 1099-C showing the entire amount of the canceled debt. 1040 long form However, you may not have to report that entire amount as income. 1040 long form The amount, if any, you must report depends on all the facts and circumstances, including: State law, The amount of debt proceeds each person received, How much of any interest deduction from the debt was claimed by each person, How much of the basis of any co-owned property bought with the debt proceeds was allocated to each co-owner, and Whether the canceled debt qualifies for any of the exceptions or exclusions described in this publication. 1040 long form See Example 3 under Insolvency, later. 1040 long form Discounts and loan modifications If a lender discounts (reduces) the principal balance of a loan because you pay it off early, or agrees to a loan modification (a “workout”) that includes a reduction in the principal balance of a loan, the amount of the discount or the amount of principal reduction is canceled debt. 1040 long form However, if the debt is nonrecourse and you did not retain the collateral, you do not have cancellation of the debt income. 1040 long form The amount of the canceled debt must be included in income unless one of the exceptions or exclusions described later applies. 1040 long form For more details, see Exceptions and Exclusions, later. 1040 long form Sales or other dispositions (such as foreclosures and repossessions) Recourse debt. 1040 long form   If you owned property that was subject to a recourse debt in excess of the FMV of the property, the lender's foreclosure or repossession of the property is treated as a sale or disposition of the property by you and may result in your realization of gain or loss. 1040 long form The gain or loss on the disposition of the property is measured by the difference between the FMV of the property at the time of the disposition and your adjusted basis (usually your cost) in the property. 1040 long form The character of the gain or loss (such as ordinary or capital) is determined by the character of the property. 1040 long form If the lender forgives all or part of the amount of the debt in excess of the FMV of the property, the cancellation of the excess debt may result in ordinary income. 1040 long form The ordinary income from the cancellation of debt (the excess of the canceled debt over the FMV of the property) must be included in your gross income reported on your tax return unless one of the exceptions or exclusions described later applies. 1040 long form For more details, see Exceptions and Exclusions, later. 1040 long form Nonrecourse debt. 1040 long form   If you owned property that was subject to a nonrecourse debt in excess of the FMV of the property, the lender's foreclosure on the property does not result in ordinary income from the cancellation of debt. 1040 long form The entire amount of the nonrecourse debt is treated as an amount realized on the disposition of the property. 1040 long form The gain or loss on the disposition of the property is measured by the difference between the total amount realized (the entire amount of the nonrecourse debt plus the amount of cash and the FMV of any property received) and your adjusted basis in the property. 1040 long form The character of the gain or loss is determined by the character of the property. 1040 long form More information. 1040 long form    See Publications 523, 544, and 551, and chapter 2 of this publication for more details. 1040 long form Abandonments Recourse debt. 1040 long form   If you abandon property that secures a debt for which you are personally liable (recourse debt) and the debt is canceled, you will realize ordinary income equal to the canceled debt. 1040 long form You must report this income on your tax return unless one of the exceptions or exclusions described later applies. 1040 long form For more details, see Exceptions and Exclusions, later. 1040 long form This income is separate from any amount realized from the abandonment of the property. 1040 long form For more details, see chapter 3. 1040 long form Nonrecourse debt. 1040 long form   If you abandon property that secures a debt for which you are not personally liable (nonrecourse debt), you may realize gain or loss but will not have cancellation of indebtedness income. 1040 long form Stockholder debt If you are a stockholder in a corporation and the corporation cancels or forgives your debt to it, the canceled debt is a constructive distribution. 1040 long form For more information, see Publication 542, Corporations. 1040 long form Prev  Up  Next   Home   More Online Publications
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Consumer Protection Offices

City, county, regional, and state consumer offices offer a variety of important services. They might mediate complaints, conduct investigations, prosecute offenders of consumer laws, license and regulate professional service providers, provide educational materials and advocate for consumer rights. To save time, call before sending a written complaint. Ask if the office handles the type of complaint you have and if complaint forms are provided.

State Consumer Protection Offices

Louisiana Office of the Attorney General

Website: Louisiana Office of the Attorney General

Address: Louisiana Office of the Attorney General
Consumer Protection Section
1885 N. 3rd St.
Baton Rouge, LA 70802

Phone Number: 225-326-6465

Toll-free: 1-800-351-4889

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County Consumer Protection Offices

Jefferson Parish District Attorney's Office

Website: Jefferson Parish District Attorney's Office

Address: Jefferson Parish District Attorney's Office
Economic Crime Unit
200 Derbigny St.
Gretna, LA 70053

Phone Number: 504-361-2920

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Banking Authorities

The officials listed in this section regulate and supervise state-chartered banks. Many of them handle or refer problems and complaints about other types of financial institutions as well. Some also answer general questions about banking and consumer credit. If you are dealing with a federally chartered bank, check Federal Agencies.

Office of Financial Institutions

Website: Office of Financial Institutions

Address: Office of Financial Institutions
PO Box 94095
Baton Rouge, LA 70804-9095

Phone Number: 225-925-4660

Toll-free: 1-888-525-9414

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Insurance Regulators

Each state has its own laws and regulations for each type of insurance. The officials listed in this section enforce these laws. Many of these offices can also provide you with information to help you make informed insurance buying decisions.

Department of Insurance

Website: Department of Insurance

Address: Department of Insurance
PO Box 94214
Baton Rouge, LA 70804-9214

Phone Number: 225-342-5900

Toll-free: 1-800-259-5300

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Securities Administrators

Each state has its own laws and regulations for securities brokers and securities - including stocks, mutual funds, commodities, real estate, etc. The officials and agencies listed in this section enforce these laws and regulations. Many of these offices can also provide information to help you make informed investment decisions.

Office of Financial Institutions

Website: Office of Financial Institutions

Address: Office of Financial Institutions
Securities Division
PO Box 94095
Baton Rouge, LA 70804-9095

Phone Number: 225-925-4660

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Utility Commissions

State Utility Commissions regulate services and rates for gas, electricity and telephones within your state. In some states, the utility commissions regulate other services such as water, transportation, and the moving of household goods. Many utility commissions handle consumer complaints. Sometimes, if a number of complaints are received about the same utility matter, they will conduct investigations.

Public Service Commission

Website: Public Service Commission

Address: Public Service Commission
PO Box 91154
Baton Rouge, LA 70821-9154

Phone Number: 225-342-4404

Toll-free: 1-800-256-2397 (LA)

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The 1040 Long Form

1040 long form 7. 1040 long form   Filing Information Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: What, When, and Where To FileResident Aliens Nonresident Aliens Amended Returns and Claims for Refund Other Forms You May Have To File PenaltiesCivil Penalties Criminal Penalties Introduction This chapter provides the basic filing information that you may need. 1040 long form Topics - This chapter discusses: Forms aliens must file, When and where to file, Penalties, and Amended returns and claims for refund. 1040 long form Useful Items - You may want to see: Forms (and Instructions) 1040 U. 1040 long form S. 1040 long form Individual Income Tax Return 1040A U. 1040 long form S. 1040 long form Individual Income Tax Return 1040EZ Income Tax Return for Single and Joint Filers With No Dependents 1040NR U. 1040 long form S. 1040 long form Nonresident Alien Income Tax Return 1040NR-EZ U. 1040 long form S. 1040 long form Income Tax Return for Certain Nonresident Aliens With No Dependents See chapter 12 for information about getting these forms. 1040 long form What, When, and Where To File What return you must file as well as when and where you file that return, depends on your status at the end of the tax year as a resident or a nonresident alien. 1040 long form Resident Aliens Resident aliens should file Form 1040EZ, 1040A, or 1040 at the address shown in the instructions for that form. 1040 long form The due date for filing the return and paying any tax due is April 15 of the year following the year for which you are filing a return (but see the Tip, later). 1040 long form Under U. 1040 long form S. 1040 long form immigration law, a lawful permanent resident who is required to file a tax return as a resident and fails to do so may be regarded as having abandoned status and may lose permanent resident status. 1040 long form Extensions of time to file. 1040 long form   You are allowed an automatic extension to June 15 to file if your main place of business and the home you live in are outside the United States and Puerto Rico on April 15. 1040 long form You can get an extension of time to October 15 to file your return if you get an extension by April 15 (June 15 if you qualify for the June 15 extension). 1040 long form Use Form 4868 to get the extension to October 15. 1040 long form In addition to this 6-month extension, taxpayers who are out of the country (as defined in the Form 4868 instructions) can request a discretionary 2-month additional extension of time to file their returns (to December 15 for calendar year taxpayers). 1040 long form To request this extension, you must send the IRS a letter explaining the reasons why you need the additional 2 months. 1040 long form Send the letter by the extended due date (October 15 for calendar year taxpayers) to the following address:  Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215   You will not receive any notification from the IRS unless your request is denied for being untimely. 1040 long form   The discretionary 2-month additional extension is not available to taxpayers who have an approved extension of time to file on Form 2350 (for U. 1040 long form S. 1040 long form citizens and resident aliens abroad who expect to qualify for special tax treatment). 1040 long form    If the due date for filing falls on a Saturday, Sunday, or legal holiday, the due date is the next day which is not a Saturday, Sunday, or legal holiday. 1040 long form You may be able to file your return electronically. 1040 long form See IRS e-file in your form instructions. 1040 long form Nonresident Aliens Nonresident aliens who are required to file an income tax return should use Form 1040NR or, if qualified, Form 1040NR-EZ. 1040 long form If you are any of the following, you must file a return. 1040 long form A nonresident alien individual engaged or considered to be engaged in a trade or business in the United States during 2013. 1040 long form (But see Exceptions , later. 1040 long form ) You must file even if: Your income did not come from a trade or business conducted in the United States, You have no income from U. 1040 long form S. 1040 long form sources, or Your income is exempt from income tax. 1040 long form A nonresident alien individual not engaged in a trade or business in the United States with U. 1040 long form S. 1040 long form income on which the tax liability was not satisfied by the withholding of tax at the source. 1040 long form A representative or agent responsible for filing the return of an individual described in (1) or (2). 1040 long form A fiduciary for a nonresident alien estate or trust. 1040 long form You must also file if you want to: Claim a refund of overwithheld or overpaid tax, or Claim the benefit of any deductions or credits. 1040 long form For example, if you have no U. 1040 long form S. 1040 long form business activities but have income from real property that you choose to treat as effectively connected income (discussed in chapter 4), you must timely file a true and accurate return to take any allowable deductions against that income. 1040 long form For information on what is timely, see When to file for deductions and credits under When To File, later. 1040 long form Exceptions. 1040 long form   You do not need to file Form 1040NR or Form 1040NR-EZ if you meet either of the following conditions. 1040 long form Your only U. 1040 long form S. 1040 long form trade or business was the performance of personal services, and Your wages were less than $3,900, and You have no other need to file a return to claim a refund of overwithheld taxes, to satisfy additional withholding at source, or to claim income exempt or partly exempt by treaty. 1040 long form You were a nonresident alien student, teacher, or trainee who was temporarily present in the United States under an “F,” “J,” “M,” or “Q” visa and you have no income that is subject to tax, such as wages, tips, scholarship and fellowship grants, dividends, etc. 1040 long form Even if you have left the United States and filed a Form 1040-C, U. 1040 long form S. 1040 long form Departing Alien Income Tax Return, on departure, you still must file an annual U. 1040 long form S. 1040 long form income tax return. 1040 long form If you are married and both you and your spouse are required to file, you must each file a separate return. 1040 long form Form 1040NR-EZ You can use Form 1040NR-EZ if all of the following conditions are met. 1040 long form You do not claim any dependents. 1040 long form You cannot be claimed as a dependent on someone else's U. 1040 long form S. 1040 long form tax return. 1040 long form If you were married, you do not claim an exemption for your spouse. 1040 long form Your taxable income is less than $100,000. 1040 long form The only itemized deduction you can claim is for state and local income taxes. 1040 long form Note. 1040 long form Residents of India who were students or business apprentices may be able to take the standard deduction instead of the itemized deduction for state and local income taxes. 1040 long form See chapter 5. 1040 long form Your only U. 1040 long form S. 1040 long form source income is from wages, salaries, tips, taxable refunds of state and local income taxes, scholarship or fellowship grants, and nontaxable interest or dividends. 1040 long form (If you had taxable interest or dividend income, you cannot use this form. 1040 long form ) You are not claiming any adjustments to income other than the student loan interest deduction or scholarship and fellowship grants excluded. 1040 long form You are not claiming any tax credits. 1040 long form This is not an “expatriation return. 1040 long form ” See Expatriation Tax in chapter 4. 1040 long form The only taxes you owe are: The income tax from the Tax Table. 1040 long form The social security and Medicare tax from Form 4137 or Form 8919. 1040 long form You are not claiming a credit for excess social security and tier 1 RRTA tax withheld. 1040 long form You are not filing Form 8959, to figure the amount of Additional Medicare Tax you owe and/or the amount of Additional Medicare Tax withheld by your employer, if any. 1040 long form If you do not meet all of the above conditions, you must file Form 1040NR. 1040 long form When To File If you are an employee and you receive wages subject to U. 1040 long form S. 1040 long form income tax withholding, you will generally file by the 15th day of the 4th month after your tax year ends. 1040 long form For the 2013 calendar year, file your return by April 15, 2014. 1040 long form If you are not an employee who receives wages subject to U. 1040 long form S. 1040 long form income tax withholding, you must file by the 15th day of the 6th month after your tax year ends. 1040 long form For the 2013 calendar year, file your return by June 16, 2014 (because June 15 is a Sunday. 1040 long form ) Extensions of time to file. 1040 long form   If you cannot file your return by the due date, file Form 4868 or use one of the electronic filing options explained in the Form 4868 instructions. 1040 long form For the 2013 calendar year, this will extend the due date to October 15, 2014 (December 15, 2014, if the regular due date of your return is June 16, 2014). 1040 long form You must file the extension by the regular due date of your return. 1040 long form   In addition to the 6-month extension to October 15, taxpayers whose main place of business is outside the United States and Puerto Rico and who live outside those jurisdictions can request a discretionary 2-month extension of time to file their returns (to December 15 for calendar year taxpayers). 1040 long form To request this extension, you must send the IRS a letter explaining the reasons why you need the additional 2 months. 1040 long form Send the letter by the extended due date (October 15 for calendar year taxpayers) to the following address: Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215   You will not receive any notification from the IRS unless your request is denied for being untimely. 1040 long form When to file for deductions and credits. 1040 long form   To get the benefit of any allowable deductions or credits, you must timely file a true and accurate return. 1040 long form For this purpose, a return is timely if it is filed within 16 months of the due date just discussed. 1040 long form However, if you did not file a 2012 tax return and 2013 is not the first year for which you are required to file one, your 2013 return is timely for this purpose if it is filed by the earlier of: The date that is 16 months after the due date for filing your 2013 return, or The date the IRS notifies you that your 2013 return has not been filed and that you cannot claim certain deductions and credits. 1040 long form The allowance of the following credits is not affected by this time requirement. 1040 long form Credit for withheld taxes. 1040 long form Credit for excise tax on certain uses of gasoline and special fuels. 1040 long form Credit for tax paid by a mutual fund (or other regulated investment company) or a real estate investment trust on undistributed long-term capital gains. 1040 long form Protective return. 1040 long form   If your activities in the United States were limited and you do not believe that you had any gross income effectively connected with a U. 1040 long form S. 1040 long form trade or business during the year, you can file a protective return (Form 1040NR) by the deadline explained above. 1040 long form By filing a protective return, you protect your right to receive the benefit of deductions and credits in the event it is later determined that some or all of your income is effectively connected. 1040 long form You are not required to report any effectively connected income or any deductions on the protective return, but you must give the reason the return is being filed. 1040 long form   If you believe some of your activities resulted in effectively connected income, file your return reporting that income and related deductions by the regular due date. 1040 long form To protect your right to claim deductions or credits resulting from other activities, attach a statement to that return explaining that you wish to protect your right to claim deductions and credits if it is later determined that the other activities produced effectively connected income. 1040 long form   You can follow the same procedure if you believe you have no U. 1040 long form S. 1040 long form tax liability because of a U. 1040 long form S. 1040 long form tax treaty. 1040 long form Be sure to also complete item L on page 5 of Form 1040NR. 1040 long form Waiver of filing deadline. 1040 long form   The IRS may waive the filing deadline if you establish that, based on the facts and circumstances, you acted reasonably and in good faith in failing to file a U. 1040 long form S. 1040 long form income tax return (including a protective return) and you cooperate with the IRS in determining your U. 1040 long form S. 1040 long form income tax liability for the tax year for which you did not file a return. 1040 long form Where To File If you are not enclosing a payment, file Form 1040NR-EZ and Form 1040NR at the following address. 1040 long form  Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215 If enclosing a payment, mail your return to:  Internal Revenue Service  P. 1040 long form O. 1040 long form Box 1303 Charlotte, NC 28201-1303 Aliens from the U. 1040 long form S. 1040 long form Virgin Islands. 1040 long form    If you are a bona fide resident of the U. 1040 long form S. 1040 long form Virgin Islands during your entire tax year and work temporarily in the United States, you must pay your income taxes to the U. 1040 long form S. 1040 long form Virgin Islands and file your income tax returns at the following address. 1040 long form Virgin Islands Bureau of Internal Revenue 6115 Estate Smith Bay Suite 225 St. 1040 long form Thomas, VI 00802   Report all income from U. 1040 long form S. 1040 long form sources, as well as income from other sources, on your return. 1040 long form For information on filing U. 1040 long form S. 1040 long form Virgin Islands returns, contact the U. 1040 long form S. 1040 long form Virgin Islands Bureau of Internal Revenue. 1040 long form   Chapter 8 discusses withholding from U. 1040 long form S. 1040 long form wages of U. 1040 long form S. 1040 long form Virgin Islanders. 1040 long form Aliens from Guam or the Commonwealth of the Northern Mariana Islands. 1040 long form   If you are a bona fide resident of Guam or the Commonwealth of the Northern Mariana Islands (CNMI) during your entire tax year, you must file your return with, and pay any tax due to, Guam or the CNMI. 1040 long form Report all income, including income from U. 1040 long form S. 1040 long form sources, on your return. 1040 long form It is not necessary to file a separate U. 1040 long form S. 1040 long form income tax return. 1040 long form    Bona fide residents of Guam should file their Guam returns at the following address. 1040 long form   Department of Revenue and Taxation Government of Guam P. 1040 long form O. 1040 long form Box 23607 GMF, GU 96921    Bona fide residents of the CNMI should file their CNMI income tax returns at the following address. 1040 long form   Department of Finance Division of Revenue and Taxation Commonwealth of the Northern Mariana Islands P. 1040 long form O. 1040 long form Box 5234 CHRB Saipan, MP 96950   If you are not a bona fide resident of Guam or the CNMI, see Pub. 1040 long form 570, Tax Guide for Individuals With Income From U. 1040 long form S. 1040 long form Possessions, for information on where to file your return. 1040 long form Amended Returns and Claims for Refund If you find changes in your income, deductions, or credits after you mail your return, file Form 1040X, Amended U. 1040 long form S. 1040 long form Individual Income Tax Return. 1040 long form Also use Form 1040X if you should have filed Form 1040, 1040A, or 1040EZ instead of Form 1040NR or 1040NR-EZ, or vice versa. 1040 long form If you amend Form 1040NR or Form 1040NR-EZ or file the correct return, attach the corrected return (Form 1040, Form 1040NR, etc. 1040 long form ) to Form 1040X. 1040 long form Print “Amended” across the top. 1040 long form Ordinarily, an amended return claiming a refund must be filed within 3 years from the date your return was filed or within 2 years from the time the tax was paid, whichever is later. 1040 long form A return filed before the final due date is considered to have been filed on the due date. 1040 long form Other Forms You May Have To File You may be required to file information returns to report certain foreign income or assets, or monetary transactions. 1040 long form FinCen Form 105 FinCEN Form 105 (formerly Customs Form 4790), Report of International Transportation of Currency or Monetary Instruments, must be filed by each person who physically transports, mails, or ships, or causes to be physically transported, mailed, or shipped, currency or other monetary instruments in a total amount of more than $10,000 at one time from the United States to any place outside the United States, or into the United States from any place outside the United States. 1040 long form The filing requirement also applies to each person who receives in the United States currency or monetary instruments totaling more than $10,000 at one time from any place outside of the United States. 1040 long form The term “monetary instruments” means the following: Coin and currency of the United States or of any other country, Travelers' checks in any form, Investment securities or stock in bearer form or otherwise in such form that title to them passes upon delivery, Negotiable instruments (including checks, promissory notes, and money orders) in bearer form, endorsed without restriction, made out to a fictitious payee, or otherwise in such form that title to them passes upon delivery, and Checks, promissory notes, and money orders which are signed but on which the name of the payee has been omitted. 1040 long form However, the term does not include: Checks or money orders made payable to the order of a named person which have not been endorsed or which contain restrictive endorsements, Warehouse receipts, or Bills of lading. 1040 long form A transfer of funds through normal banking procedures (wire transfer) that does not involve the physical transportation of currency or monetary instruments is not required to be reported on FinCEN Form 105. 1040 long form Filing requirements. 1040 long form   FinCEN Form 105 filing requirements follow. 1040 long form Recipients. 1040 long form   Each person who receives currency or other monetary instruments in the United States must file FinCEN Form 105 within 15 days after receipt, with the Customs officer in charge at any port of entry or departure, or by mail at the following address. 1040 long form Commissioner of Customs  Attention: Currency Transportation Reports Washington, DC 20229 Shippers or mailers. 1040 long form   If the currency or other monetary instrument does not accompany the person entering or departing the United States, FinCEN Form 105 can be filed by mail at the above address on or before the date of entry, departure, mailing, or shipping. 1040 long form Travelers. 1040 long form   Travelers must file FinCEN Form 105 with the Customs officer in charge at any Customs port of entry or departure, when entering or departing the United States. 1040 long form Penalties. 1040 long form   Civil and criminal penalties are provided for failing to file a report, filing a report containing material omissions or misstatements, or filing a false or fraudulent report. 1040 long form Also, the entire amount of the currency or monetary instrument may be subject to seizure and forfeiture. 1040 long form More information. 1040 long form   More information regarding the filing of FinCEN Form 105 can be found in the instructions on the back of the form. 1040 long form Form 8938 You may have to file Form 8938, Statement of Specified Foreign Financial Assets, to report the ownership of specified foreign financial asset(s) if you are one of the following individuals. 1040 long form A resident alien of the United States for any part of the tax year. 1040 long form A resident alien of the United States who elects to be treated as a resident of a foreign country under the provisions of a U. 1040 long form S. 1040 long form income tax treaty. 1040 long form See Effect of Tax Treaties in chapter 1. 1040 long form A nonresident alien who makes an election to be treated as a resident alien for purposes of filing a joint income tax return. 1040 long form See chapter 1 for information about this election. 1040 long form A nonresident alien who is a bona fide resident of American Samoa or Puerto Rico. 1040 long form See Publication 570, Tax Guide for Individuals With Income From U. 1040 long form S. 1040 long form Possessions, for a definition of bona fide resident. 1040 long form You must file Form 8938 if the total value of those assets exceeds an applicable threshold (the “reporting threshold”). 1040 long form The reporting threshold varies depending on whether you live in the United States, are married, or file a joint income tax return with your spouse. 1040 long form Specified foreign financial assets include any financial account maintained by a foreign financial institution and, to the extent held for investment, any stock, securities, or any other interest in a foreign entity and any financial instrument or contract with an issuer or counterparty that is not a U. 1040 long form S. 1040 long form person. 1040 long form You may have to pay penalties if you are required to file Form 8938 and fail to do so, or if you have an understatement of tax due to any transaction involving an undisclosed foreign financial asset. 1040 long form More information about the filing of Form 8938 can be found in the separate instructions for Form 8938. 1040 long form Penalties The law provides penalties for failure to file returns or pay taxes as required. 1040 long form Civil Penalties If you do not file your return and pay your tax by the due date, you may have to pay a penalty. 1040 long form You may also have to pay a penalty if you substantially understate your tax, file a frivolous tax submission, or fail to supply your taxpayer identification number. 1040 long form If you provide fraudulent information on your return, you may have to pay a civil fraud penalty. 1040 long form Filing late. 1040 long form   If you do not file your return by the due date (including extensions), you may have to pay a failure-to-file penalty. 1040 long form The penalty is based on the tax not paid by the due date (without regard to extensions). 1040 long form The penalty is usually 5% for each month or part of a month that a return is late, but not more than 25%. 1040 long form Fraud. 1040 long form   If your failure to file is due to fraud, the penalty is 15% for each month or part of a month that your return is late, up to a maximum of 75%. 1040 long form Return over 60 days late. 1040 long form   If you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100% of the unpaid tax. 1040 long form Exception. 1040 long form   You will not have to pay the penalty if you show that you failed to file on time because of reasonable cause and not because of willful neglect. 1040 long form Paying tax late. 1040 long form   You will have to pay a failure-to-pay penalty of ½ of 1% (. 1040 long form 50%) of your unpaid taxes for each month, or part of a month, after the due date that the tax is not paid. 1040 long form This penalty does not apply during the automatic 6-month extension of time to file period, if you paid at least 90% of your actual tax liability on or before the due date of your return and pay the balance when you file the return. 1040 long form   The monthly rate of the failure-to-pay penalty is half the usual rate (. 1040 long form 25% instead of . 1040 long form 50%) if an installment agreement is in effect for that month. 1040 long form You must have filed your return by the due date (including extensions) to qualify for this reduced penalty. 1040 long form   If a notice of intent to levy is issued, the rate will increase to 1% at the start of the first month beginning at least 10 days after the day that the notice is issued. 1040 long form If a notice and demand for immediate payment is issued, the rate will increase to 1% at the start of the first month beginning after the day that the notice and demand is issued. 1040 long form   This penalty cannot be more than 25% of your unpaid tax. 1040 long form You will not have to pay the penalty if you can show that you had a good reason for not paying your tax on time. 1040 long form Combined penalties. 1040 long form   If both the failure-to-file penalty and the failure-to-pay penalty (discussed earlier) apply in any month, the 5% (or 15%) failure-to-file penalty is reduced by the failure-to-pay penalty. 1040 long form However, if you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100% of the unpaid tax. 1040 long form Accuracy-related penalty. 1040 long form   You may have to pay an accuracy-related penalty if you underpay your tax because: You show negligence or disregard of rules or regulations, You substantially understate your income tax, You claim tax benefits for a transaction that lacks economic substance, or You fail to disclose a foreign financial asset. 1040 long form The penalty is equal to 20% of the underpayment. 1040 long form The penalty is 40% of any portion of the underpayment that is attributable to an undisclosed noneconomic substance transaction or an undisclosed foreign financial asset transaction. 1040 long form The penalty will not be figured on any part of an underpayment on which the fraud penalty (discussed later) is charged. 1040 long form Negligence or disregard. 1040 long form   The term “negligence” includes a failure to make a reasonable attempt to comply with the tax law or to exercise ordinary and reasonable care in preparing a return. 1040 long form Negligence also includes failure to keep adequate books and records. 1040 long form You will not have to pay a negligence penalty if you have a reasonable basis for a position you took. 1040 long form   The term “disregard” includes any careless, reckless, or intentional disregard. 1040 long form Adequate disclosure. 1040 long form   You can avoid the penalty for disregard of rules or regulations if you adequately disclose on your return a position that has at least a reasonable basis. 1040 long form See Disclosure statement , later. 1040 long form   This exception will not apply to an item that is attributable to a tax shelter. 1040 long form In addition, it will not apply if you fail to keep adequate books and records, or substantiate items properly. 1040 long form Substantial understatement of income tax. 1040 long form   You understate your tax if the tax shown on your return is less than the correct tax. 1040 long form The understatement is substantial if it is more than the larger of 10% of the correct tax or $5,000. 1040 long form However, the amount of the understatement is reduced to the extent the understatement is due to: Substantial authority, or Adequate disclosure and a reasonable basis. 1040 long form   If an item on your return is attributable to a tax shelter, there is no reduction for an adequate disclosure. 1040 long form However, there is a reduction for a position with substantial authority, but only if you reasonably believed that your tax treatment was more likely than not the proper treatment. 1040 long form Substantial authority. 1040 long form   Whether there is or was substantial authority for the tax treatment of an item depends on the facts and circumstances. 1040 long form Consideration will be given to court opinions, Treasury regulations, revenue rulings, revenue procedures, and notices and announcements issued by the IRS and published in the Internal Revenue Bulletin that involve the same or similar circumstances as yours. 1040 long form Disclosure statement. 1040 long form   To adequately disclose the relevant facts about your tax treatment of an item, use Form 8275, Disclosure Statement. 1040 long form You must also have a reasonable basis for treating the item the way you did. 1040 long form   In cases of substantial understatement only, items that meet the requirements of Revenue Procedure 2012-51, 2012-51 IRB 719 (or later update) are considered adequately disclosed on your return without filing Form 8275. 1040 long form   Use Form 8275-R, Regulation Disclosure Statement, to disclose items or positions contrary to regulations. 1040 long form Transaction lacking economic substance. 1040 long form   For more information on economic substance, see section 7701(o). 1040 long form Foreign financial asset. 1040 long form   For more information on undisclosed foreign financial assets, see section 6662(j) or the Instructions for Form 8938. 1040 long form Reasonable cause. 1040 long form   You will not have to pay a penalty if you show a good reason (reasonable cause) for the way you treated an item. 1040 long form You must also show that you acted in good faith. 1040 long form This does not apply to a transaction that lacks economic substance. 1040 long form Filing erroneous claim for refund or credit. 1040 long form   You may have to pay a penalty if you file an erroneous claim for refund or credit. 1040 long form The penalty is equal to 20% of the disallowed amount of the claim, unless you can show a reasonable basis for the way you treated an item. 1040 long form However, any disallowed amount due to a transaction that lacks economic substance will not be treated as having a reasonable basis. 1040 long form The penalty will not be figured on any part of the disallowed amount of the claim that relates to the earned income credit or on which the accuracy-related or fraud penalties are charged. 1040 long form Frivolous tax submission. 1040 long form   You may have to pay a penalty of $5,000 if you file a frivolous tax return or other frivolous submissions. 1040 long form A frivolous tax return is one that does not include enough information to figure the correct tax or that contains information clearly showing that the tax you reported is substantially incorrect. 1040 long form For more information on frivolous returns, frivolous submissions, and a list of positions that are identified as frivolous, see Notice 2010-33, 2010-17 IRB 609 available at www. 1040 long form irs. 1040 long form gov/irb/2010-17_irb/ar13. 1040 long form html. 1040 long form   You will have to pay the penalty if you filed this kind of return or submission based on a frivolous position or a desire to delay or interfere with the administration of federal tax laws. 1040 long form This includes altering or striking out the preprinted language above the space provided for your signature. 1040 long form   This penalty is added to any other penalty provided by law. 1040 long form Fraud. 1040 long form   If there is any underpayment of tax on your return due to fraud, a penalty of 75% of the underpayment due to fraud will be added to your tax. 1040 long form Failure to supply taxpayer identification number. 1040 long form   If you do not include your social security number (SSN) or individual taxpayer identification number (ITIN) or the SSN or ITIN of another person where required on a return, statement, or other document, you will be subject to a penalty of $50 for each failure. 1040 long form You will also be subject to a penalty of $50 if you do not give your SSN or ITIN to another person when it is required on a return, statement, or other document. 1040 long form   For example, if you have a bank account that earns interest, you must give your SSN or ITIN to the bank. 1040 long form The number must be shown on the Form 1099-INT or other statement the bank sends you. 1040 long form If you do not give the bank your SSN or ITIN, you will be subject to the $50 penalty. 1040 long form (You also may be subject to “backup” withholding of income tax. 1040 long form )   You will not have to pay the penalty if you are able to show that the failure was due to reasonable cause and not willful neglect. 1040 long form Criminal Penalties You may be subject to criminal prosecution (brought to trial) for actions such as: Tax evasion, Willful failure to file a return, supply information, or pay any tax due, Fraud and false statements, or Preparing and filing a fraudulent return. 1040 long form Prev  Up  Next   Home   More Online Publications