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1040ez Forms 2014

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1040ez Forms 2014

1040ez forms 2014 5. 1040ez forms 2014   Figuring Your Tax Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Tax Year Identification NumberF-1 and M-1 visa holders. 1040ez forms 2014 J-1 visa holders. 1040ez forms 2014 Filing StatusResident Aliens Nonresident Aliens Reporting Your Income DeductionsResident Aliens Nonresident Aliens ExemptionsResident Aliens Nonresident Aliens Itemized DeductionsResident Aliens Nonresident Aliens Tax Credits and PaymentsResident Aliens Nonresident Aliens Bona Fide Residents of American Samoa or Puerto Rico Introduction After you have determined your alien status, the source of your income, and if and how that income is taxed in the United States, your next step is to figure your tax. 1040ez forms 2014 The information in this chapter is not as comprehensive for resident aliens as it is for nonresident aliens. 1040ez forms 2014 Resident aliens should get publications, forms, and instructions for U. 1040ez forms 2014 S. 1040ez forms 2014 citizens, because the information for filing returns for resident aliens is generally the same as for U. 1040ez forms 2014 S. 1040ez forms 2014 citizens. 1040ez forms 2014 If you are both a nonresident alien and a resident alien in the same tax year, see chapter 6 for a discussion of dual-status aliens. 1040ez forms 2014 Topics - This chapter discusses: Identification numbers, Filing status, Deductions, Exemptions, Tax credits and payments, and Special rules for bona fide residents of American Samoa and Puerto Rico. 1040ez forms 2014 Useful Items - You may want to see: Publication 463 Travel, Entertainment, Gift, and Car Expenses 501 Exemptions, Standard Deduction, and Filing Information 521 Moving Expenses 526 Charitable Contributions 535 Business Expenses 597 Information on the United States–Canada Income Tax Treaty Form (and Instructions) W-7 Application for IRS Individual Taxpayer Identification Number 1040 U. 1040ez forms 2014 S. 1040ez forms 2014 Individual Income Tax Return 1040NR U. 1040ez forms 2014 S. 1040ez forms 2014 Nonresident Alien Income Tax Return 1040NR-EZ U. 1040ez forms 2014 S. 1040ez forms 2014 Income Tax Return for Certain Nonresident Aliens With No Dependents 2106 Employee Business Expenses 2106-EZ Unreimbursed Employee Business Expenses 3903 Moving Expenses 4563 Exclusion of Income for Bona Fide Residents of American Samoa 8959 Additional Medicare Tax See chapter 12 for information about getting these publications and forms. 1040ez forms 2014 Tax Year You must figure your income and file a tax return on the basis of an annual accounting period called a tax year. 1040ez forms 2014 If you have not previously established a fiscal tax year, your tax year is the calendar year. 1040ez forms 2014 A calendar year is 12 consecutive months ending on December 31. 1040ez forms 2014 If you have previously established a regular fiscal year (12 consecutive months ending on the last day of a month other than December or a 52–53 week year) and are considered to be a U. 1040ez forms 2014 S. 1040ez forms 2014 resident for any calendar year, you will be treated as a U. 1040ez forms 2014 S. 1040ez forms 2014 resident for any part of your fiscal year that falls within that calendar year. 1040ez forms 2014 Identification Number A taxpayer identification number must be furnished on returns, statements, and other tax-related documents. 1040ez forms 2014 For an individual, this is a social security number (SSN). 1040ez forms 2014 If you do not have and are not eligible to get an SSN, you must apply for an individual taxpayer identification number (ITIN). 1040ez forms 2014 An employer identification number (EIN) is required if you are engaged in a trade or business as a sole proprietor and have employees or a qualified retirement plan. 1040ez forms 2014 You must furnish a taxpayer identification number if you are: An alien who has income effectively connected with the conduct of a U. 1040ez forms 2014 S. 1040ez forms 2014 trade or business at any time during the year, An alien who has a U. 1040ez forms 2014 S. 1040ez forms 2014 office or place of business at any time during the year, A nonresident alien spouse treated as a resident, as discussed in chapter 1, or Any other alien who files a tax return, an amended return, or a refund claim (but not information returns). 1040ez forms 2014 Social security number (SSN). 1040ez forms 2014   Generally, you can get an SSN if you have been lawfully admitted to the United States for permanent residence or under other immigration categories that authorize U. 1040ez forms 2014 S. 1040ez forms 2014 employment. 1040ez forms 2014   To apply for this number, get Form SS-5, Application for a Social Security Card, from your local Social Security Administration (SSA) office or call the SSA at 1-800-772-1213. 1040ez forms 2014 You can also download Form SS-5 from the SSA's website at www. 1040ez forms 2014 socialsecurity. 1040ez forms 2014 gov/ssnumber/ss5. 1040ez forms 2014 htm. 1040ez forms 2014 You must visit an SSA office in person and submit your Form SS-5 along with original documentation showing your age, identity, immigration status, and authority to work in the United States. 1040ez forms 2014 Generally, you will receive your card about 2 weeks after the SSA has all of the necessary information. 1040ez forms 2014 F-1 and M-1 visa holders. 1040ez forms 2014    If you are an F-1 or M-1 student, you must also show your Form I-20. 1040ez forms 2014 For more information, see SSA Publication 05-10181, International Students and Social Security Numbers, available online at www. 1040ez forms 2014 socialsecurity. 1040ez forms 2014 gov/pubs/10181. 1040ez forms 2014 html. 1040ez forms 2014 J-1 visa holders. 1040ez forms 2014   If you are a J-1 exchange visitor, you will also need to show your Form DS-2019. 1040ez forms 2014 For more information, see SSA Publication 05-10107, Foreign Workers and Social Security Numbers, available online at www. 1040ez forms 2014 socialsecurity. 1040ez forms 2014 gov/pubs/10107. 1040ez forms 2014 html. 1040ez forms 2014 Individual taxpayer identification number (ITIN). 1040ez forms 2014   If you do not have and are not eligible to get an SSN, you must apply for an ITIN. 1040ez forms 2014 For details on how to do so, see Form W-7 and its instructions. 1040ez forms 2014 Allow 6 to 10 weeks for the IRS to notify you of your ITIN. 1040ez forms 2014 If you already have an ITIN, enter it wherever an SSN is required on your tax return. 1040ez forms 2014   An ITIN is for tax use only. 1040ez forms 2014 It does not entitle you to social security benefits or change your employment or immigration status under U. 1040ez forms 2014 S. 1040ez forms 2014 law. 1040ez forms 2014   In addition to those aliens who are required to furnish a taxpayer identification number and are not eligible for an SSN, a Form W-7 must be filed for: Alien individuals who are claimed as dependents and are not eligible for an SSN, and Alien spouses who are claimed as exemptions and are not eligible for an SSN. 1040ez forms 2014 Employer identification number (EIN). 1040ez forms 2014   An individual may use an SSN (or ITIN) for individual taxes and an EIN for business taxes. 1040ez forms 2014 To apply for an EIN, file Form SS-4, Application for Employer Identification Number, with the IRS. 1040ez forms 2014 Filing Status The amount of your tax depends on your filing status. 1040ez forms 2014 Your filing status is important in determining whether you can take certain deductions and credits. 1040ez forms 2014 The rules for determining your filing status are different for resident aliens and nonresident aliens. 1040ez forms 2014 Resident Aliens Resident aliens can use the same filing statuses available to U. 1040ez forms 2014 S. 1040ez forms 2014 citizens. 1040ez forms 2014 See your form instructions or Publication 501 for more information on filing status. 1040ez forms 2014 Married filing jointly. 1040ez forms 2014   Generally, you can file as married filing jointly only if both you and your spouse were resident aliens for the entire tax year, or if you make one of the choices discussed in chapter 1 to treat your spouse as a resident alien for the entire tax year. 1040ez forms 2014 Qualifying widow(er). 1040ez forms 2014   If your spouse died in 2011 or 2012, you did not remarry before the end of 2013, and you have a dependent child living with you, you may qualify to file as a qualifying widow(er) and use the joint return tax rates. 1040ez forms 2014 This applies only if you could have filed a joint return with your spouse for the year your spouse died. 1040ez forms 2014 Head of household. 1040ez forms 2014   You can qualify as head of household if you are unmarried or considered unmarried on the last day of the year and you pay more than half the cost of keeping up a home for you and a qualifying person. 1040ez forms 2014 You must be a resident alien for the entire tax year. 1040ez forms 2014   You are considered unmarried for this purpose if your spouse was a nonresident alien at any time during the year and you do not make one of the choices discussed in chapter 1 to treat your spouse as a resident alien for the entire tax year. 1040ez forms 2014 Note. 1040ez forms 2014   Even if you are considered unmarried for head of household purposes because you are married to a nonresident alien, you may still be considered married for purposes of the earned income credit. 1040ez forms 2014 In that case, you will not be entitled to the credit. 1040ez forms 2014 See Publication 596 for more information. 1040ez forms 2014 Nonresident Aliens If you are a nonresident alien filing Form 1040NR, you may be able to use one of the filing statuses discussed later. 1040ez forms 2014 If you are filing Form 1040NR-EZ, you can only claim “Single nonresident alien” or “Married nonresident alien” as your filing status. 1040ez forms 2014 Married nonresident alien. 1040ez forms 2014   Married nonresident aliens who are not married to U. 1040ez forms 2014 S. 1040ez forms 2014 citizens or residents generally must use the Tax Table column or the Tax Computation Worksheet for married filing separate returns when determining the tax on income effectively connected with a U. 1040ez forms 2014 S. 1040ez forms 2014 trade or business. 1040ez forms 2014 Exceptions. 1040ez forms 2014   Married nonresident aliens normally cannot use the Tax Table column or the Tax Computation Worksheet for single individuals. 1040ez forms 2014 However, you may be able to file as single if you lived apart from your spouse during the last 6 months of the year and you are a married resident of Canada, Mexico, South Korea, or are a married U. 1040ez forms 2014 S. 1040ez forms 2014 national. 1040ez forms 2014 See the instructions for Form 1040NR or Form 1040NR-EZ to see if you qualify. 1040ez forms 2014 U. 1040ez forms 2014 S. 1040ez forms 2014 national is defined later in this section under Qualifying widow(er) . 1040ez forms 2014   A nonresident alien generally cannot file as married filing jointly. 1040ez forms 2014 However, a nonresident alien who is married to a U. 1040ez forms 2014 S. 1040ez forms 2014 citizen or resident can choose to be treated as a resident and file a joint return on Form 1040, Form 1040A, or Form 1040EZ. 1040ez forms 2014 For information on these choices, see chapter 1. 1040ez forms 2014 If you do not make the choice to file jointly, file Form 1040NR or Form 1040NR-EZ and use the Tax Table column or the Tax Computation Worksheet for married individuals filing separately. 1040ez forms 2014 Qualifying widow(er). 1040ez forms 2014   You may be eligible to file as a qualifying widow(er) and use the joint return tax rates if all of the following conditions apply. 1040ez forms 2014 You were a resident of Canada, Mexico, or South Korea, or a U. 1040ez forms 2014 S. 1040ez forms 2014 national (defined later). 1040ez forms 2014 Your spouse died in 2011 or 2012 and you did not remarry before the end of 2013. 1040ez forms 2014 You have a dependent child living with you. 1040ez forms 2014 See the instructions for Form 1040NR for the rules for filing as a qualifying widow(er) with a dependent child. 1040ez forms 2014   A U. 1040ez forms 2014 S. 1040ez forms 2014 national is an individual who, although not a U. 1040ez forms 2014 S. 1040ez forms 2014 citizen, owes his or her allegiance to the United States. 1040ez forms 2014 U. 1040ez forms 2014 S. 1040ez forms 2014 nationals include American Samoans and Northern Mariana Islanders who chose to become U. 1040ez forms 2014 S. 1040ez forms 2014 nationals instead of U. 1040ez forms 2014 S. 1040ez forms 2014 citizens. 1040ez forms 2014 Head of household. 1040ez forms 2014   You cannot file as head of household if you are a nonresident alien at any time during the tax year. 1040ez forms 2014 However, if you are married, your spouse can qualify as a head of household if: Your spouse is a resident alien or U. 1040ez forms 2014 S. 1040ez forms 2014 citizen for the entire tax year, You do not choose to be treated as a resident alien, and Your spouse meets the other requirements for this filing status, as discussed earlier under Resident Aliens . 1040ez forms 2014 Note. 1040ez forms 2014   Even if your spouse is considered unmarried for head of household purposes because you are a nonresident alien, your spouse may still be considered married for purposes of the earned income credit. 1040ez forms 2014 In that case, your spouse will not be entitled to the credit. 1040ez forms 2014 See Publication 596 for more information. 1040ez forms 2014 Estates and trusts. 1040ez forms 2014   A nonresident alien estate or trust using Form 1040NR must use Tax Rate Schedule W in the Form 1040NR instructions when determining the tax on income effectively connected with a U. 1040ez forms 2014 S. 1040ez forms 2014 trade or business. 1040ez forms 2014 Special rules for aliens from certain U. 1040ez forms 2014 S. 1040ez forms 2014 possessions. 1040ez forms 2014   A nonresident alien who is a bona fide resident of American Samoa or Puerto Rico for the entire tax year and who is temporarily working in the United States should read Bona Fide Residents of American Samoa or Puerto Rico, at the end of this chapter, for information about special rules. 1040ez forms 2014 Reporting Your Income You must report each item of income that is taxable according to the rules in chapters 2, 3, and 4. 1040ez forms 2014 For resident aliens, this includes income from sources both within and outside the United States. 1040ez forms 2014 For nonresident aliens, this includes both income that is effectively connected with a trade or business in the United States (subject to graduated tax rates) and income from U. 1040ez forms 2014 S. 1040ez forms 2014 sources that is not effectively connected (subject to a flat 30% tax rate or lower tax treaty rate). 1040ez forms 2014 Deductions Resident and nonresident aliens can claim similar deductions on their U. 1040ez forms 2014 S. 1040ez forms 2014 tax returns. 1040ez forms 2014 However, nonresident aliens generally can claim only deductions related to income that is effectively connected with their U. 1040ez forms 2014 S. 1040ez forms 2014 trade or business. 1040ez forms 2014 Resident Aliens You can claim the same deductions allowed to U. 1040ez forms 2014 S. 1040ez forms 2014 citizens if you are a resident alien for the entire tax year. 1040ez forms 2014 While the discussion that follows contains some of the same general rules and guidelines that apply to you, it is specifically directed toward nonresident aliens. 1040ez forms 2014 You should get Form 1040 and instructions for more information on how to claim your allowable deductions. 1040ez forms 2014 Nonresident Aliens You can claim deductions to figure your effectively connected taxable income. 1040ez forms 2014 You generally cannot claim deductions related to income that is not connected with your U. 1040ez forms 2014 S. 1040ez forms 2014 business activities. 1040ez forms 2014 Except for personal exemptions, and certain itemized deductions, discussed later, you can claim deductions only to the extent they are connected with your effectively connected income. 1040ez forms 2014 Ordinary and necessary business expenses. 1040ez forms 2014   You can deduct all ordinary and necessary expenses in the operation of your U. 1040ez forms 2014 S. 1040ez forms 2014 trade or business to the extent they relate to income effectively connected with that trade or business. 1040ez forms 2014 The deduction for travel expenses while in the United States is discussed under Itemized Deductions, later. 1040ez forms 2014 For information about other business expenses, see Publication 535. 1040ez forms 2014 Losses. 1040ez forms 2014   You can deduct losses resulting from transactions that you entered into for profit and that you were not reimbursed for by insurance, etc. 1040ez forms 2014 to the extent that they relate to income that is effectively connected with a trade or business in the United States. 1040ez forms 2014 Educator expenses. 1040ez forms 2014   If you were an eligible educator in 2013, you can deduct as an adjustment to income up to $250 in unreimbursed qualified expenses you paid or incurred during 2013 for books, supplies (other than nonathletic supplies for courses of instruction in health or physical education), computer equipment, and other equipment and materials used in the classroom. 1040ez forms 2014 For more information, see your tax form instructions. 1040ez forms 2014 Individual retirement arrangement (IRA). 1040ez forms 2014   If you made contributions to a traditional IRA for 2013, you may be able to take an IRA deduction. 1040ez forms 2014 But you must have taxable compensation effectively connected with a U. 1040ez forms 2014 S. 1040ez forms 2014 trade or business to do so. 1040ez forms 2014 A Form 5498 should be sent to you by May 31, 2014, that shows all contributions to your traditional IRA for 2013. 1040ez forms 2014 If you were covered by a retirement plan (qualified pension, profit-sharing (including 401(k)), annuity, SEP, SIMPLE, etc. 1040ez forms 2014 ) at work or through self-employment, your IRA deduction may be reduced or eliminated. 1040ez forms 2014 But you can still make contributions to a traditional IRA even if you cannot deduct them. 1040ez forms 2014 If you made nondeductible contributions to a traditional IRA for 2013, you must report them on Form 8606, Nondeductible IRAs. 1040ez forms 2014   For more information, see Publication 590, Individual Retirement Arrangements (IRAs). 1040ez forms 2014 Moving expenses. 1040ez forms 2014   If you are a nonresident alien temporarily in the United States earning taxable income for performing personal services, you can deduct moving expenses to the United States if you meet both of the following tests. 1040ez forms 2014 You are a full-time employee for at least 39 weeks during the 12 months right after you move, or if you are self-employed, you work full time for at least 39 weeks during the first 12 months and 78 weeks during the first 24 months right after you move. 1040ez forms 2014 Your new job location is at least 50 miles farther (by the shortest commonly traveled route) from your former home than your former job location was. 1040ez forms 2014 If you had no former job location, the new job location must be at least 50 miles from your former home. 1040ez forms 2014   You cannot deduct the moving expense you have when returning to your home abroad or moving to a foreign job site. 1040ez forms 2014   Figure your deductible moving expenses to the United States on Form 3903, and deduct them on line 26 of Form 1040NR. 1040ez forms 2014   For more information on the moving expense deduction, see Publication 521. 1040ez forms 2014 Reimbursements. 1040ez forms 2014   If your employer reimbursed you for allowable moving expenses under an accountable plan, your employer should have excluded these reimbursements from your income. 1040ez forms 2014 You can only deduct allowable moving expenses that were not reimbursed by your employer or that were reimbursed but the reimbursement was included in your income. 1040ez forms 2014 For more information, see Publication 521. 1040ez forms 2014 Moving expense or travel expense. 1040ez forms 2014   If you deduct moving expenses to the United States, you cannot also deduct travel expenses (discussed later under Itemized Deductions) while temporarily away from your tax home in a foreign country. 1040ez forms 2014 Moving expenses are based on a change in your principal place of business while travel expenses are based on your temporary absence from your principal place of business. 1040ez forms 2014 Self-employed SEP, SIMPLE, and qualified retirement plans. 1040ez forms 2014   If you are self-employed, you may be able to deduct contributions to a SEP, SIMPLE, or qualified retirement plan that provides retirement benefits for yourself and your common-law employees, if any. 1040ez forms 2014 To make deductible contributions for yourself, you must have net earnings from self-employment that are effectively connected with your U. 1040ez forms 2014 S. 1040ez forms 2014 trade or business. 1040ez forms 2014   Get Publication 560, Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans), for further information. 1040ez forms 2014 Penalty on early withdrawal of savings. 1040ez forms 2014   You must include in income all effectively connected interest income you receive or that is credited to your account during the year. 1040ez forms 2014 Do not reduce it by any penalty you must pay on an early withdrawal from a time savings account. 1040ez forms 2014 However, if the interest income is effectively connected with your U. 1040ez forms 2014 S. 1040ez forms 2014 trade or business during the year, you can deduct on line 30 of Form 1040NR the amount of the early withdrawal penalty that the banking institution charged. 1040ez forms 2014 Student loan interest expense. 1040ez forms 2014   If you paid interest on a student loan in 2013, you may be able to deduct up to $2,500 of the interest you paid. 1040ez forms 2014 Generally, you can claim the deduction if all the following requirements are met. 1040ez forms 2014 Your filing status is any filing status except married filing separately. 1040ez forms 2014 Your modified adjusted gross income is less than $75,000. 1040ez forms 2014 No one else is claiming an exemption for you on his or her 2013 tax return. 1040ez forms 2014 You paid interest on a loan taken out only to pay tuition and other qualified higher education expenses for yourself, your spouse, someone who was your dependent when the loan was taken out, or someone you could have claimed as a dependent for the year the loan was taken out except that: The person filed a joint return, The person had gross income that was equal to or more than the exemption amount for that year ($3,900 for 2013), or You could be claimed as a dependent on someone else's return. 1040ez forms 2014 The loan is not from a related person or a person who borrowed the proceeds under a qualified employer plan or a contract purchased under such a plan. 1040ez forms 2014 The education expenses were paid or incurred within a reasonable period of time before or after the loan was taken out. 1040ez forms 2014 The person for whom the expenses were paid or incurred was an eligible student. 1040ez forms 2014 Use the worksheet in the Form 1040NR or Form 1040NR-EZ instructions to figure the deduction. 1040ez forms 2014 For more information, see Publication 970, Tax Benefits for Education. 1040ez forms 2014 Exemptions Resident aliens can claim personal exemptions and exemptions for dependents in the same way as U. 1040ez forms 2014 S. 1040ez forms 2014 citizens. 1040ez forms 2014 However, nonresident aliens generally can claim only a personal exemption for themselves on their U. 1040ez forms 2014 S. 1040ez forms 2014 tax return. 1040ez forms 2014 Resident Aliens You can claim personal exemptions and exemptions for dependents according to the dependency rules for U. 1040ez forms 2014 S. 1040ez forms 2014 citizens. 1040ez forms 2014 You can claim an exemption for your spouse on a separate return if your spouse had no gross income for U. 1040ez forms 2014 S. 1040ez forms 2014 tax purposes and was not the dependent of another taxpayer. 1040ez forms 2014 You can claim this exemption even if your spouse has not been a resident alien for a full tax year or is an alien who has not come to the United States. 1040ez forms 2014 You can claim an exemption for each person who qualifies as a dependent according to the rules for U. 1040ez forms 2014 S. 1040ez forms 2014 citizens. 1040ez forms 2014 The dependent must be a citizen or national (defined earlier) of the United States or be a resident of the United States, Canada, or Mexico for some part of the calendar year in which your tax year begins. 1040ez forms 2014 Get Publication 501 for more information. 1040ez forms 2014 Your spouse and each dependent for whom you claim an exemption must have either an SSN or an ITIN. 1040ez forms 2014 See Identification Number, earlier. 1040ez forms 2014 Nonresident Aliens Generally, if you are a nonresident alien engaged in a trade or business in the United States, you can claim only one personal exemption ($3,900 for 2013). 1040ez forms 2014 You may be able to claim an exemption for a spouse and a dependent if you are described in any of the following discussions. 1040ez forms 2014 Your spouse and each dependent for whom you claim an exemption must have either an SSN or an ITIN. 1040ez forms 2014 See Identification Number, earlier. 1040ez forms 2014 Residents of Mexico or Canada or U. 1040ez forms 2014 S. 1040ez forms 2014 nationals. 1040ez forms 2014   If you are a resident of Mexico or Canada or a national of the United States (defined earlier), you can also claim a personal exemption for your spouse if your spouse had no gross income for U. 1040ez forms 2014 S. 1040ez forms 2014 tax purposes and cannot be claimed as the dependent on another U. 1040ez forms 2014 S. 1040ez forms 2014 taxpayer's return. 1040ez forms 2014 In addition, you can claim exemptions for your dependents who meet certain tests. 1040ez forms 2014 Residents of Mexico, Canada, or nationals of the United States must use the same rules as U. 1040ez forms 2014 S. 1040ez forms 2014 citizens to determine who is a dependent and for which dependents exemptions can be claimed. 1040ez forms 2014 See Publication 501 for these rules. 1040ez forms 2014 For purposes of these rules, dependents who are U. 1040ez forms 2014 S. 1040ez forms 2014 nationals meet the citizenship test discussed in Publication 501. 1040ez forms 2014 Residents of South Korea. 1040ez forms 2014   Nonresident aliens who are residents of South Korea may be able to claim exemptions for a spouse and children. 1040ez forms 2014 The income tax treaty with South Korea imposes two additional requirements on South Korean residents: The spouse and all children claimed must live with the alien in the United States at some time during the tax year, and The additional deduction for the exemptions must be prorated based on the ratio of the alien's U. 1040ez forms 2014 S. 1040ez forms 2014 source gross income effectively connected with a U. 1040ez forms 2014 S. 1040ez forms 2014 trade or business for the tax year to the alien's entire income from all sources during the tax year. 1040ez forms 2014 Example. 1040ez forms 2014 Mr. 1040ez forms 2014 Park, a nonresident alien who is a resident of South Korea, lives temporarily in the United States with his wife and two children. 1040ez forms 2014 During the tax year he receives U. 1040ez forms 2014 S. 1040ez forms 2014 compensation of $18,000. 1040ez forms 2014 He also receives $6,000 of income from sources outside the United States that is not effectively connected with his U. 1040ez forms 2014 S. 1040ez forms 2014 trade or business. 1040ez forms 2014 Thus, his total income for the year is $24,000. 1040ez forms 2014 Mr. 1040ez forms 2014 Park meets all requirements for claiming exemptions for his spouse and two children. 1040ez forms 2014 The additional deduction for 2013 is $8,775 figured as follows: $18,000 $24,000 × $11,700* = $8,775               *3 × $3,900 = $11,700   Students and business apprentices from India. 1040ez forms 2014   Students and business apprentices who are eligible for the benefits of Article 21(2) of the United States–India Income Tax Treaty may be able to claim exemptions for their spouse and dependents. 1040ez forms 2014   You can claim an exemption for your spouse if he or she had no gross income during the year and cannot be claimed as a dependent on another U. 1040ez forms 2014 S. 1040ez forms 2014 taxpayer's return. 1040ez forms 2014   You can claim exemptions for each of your dependents not admitted to the United States on “F-2,” “J-2,” or “M-2” visas if they meet the same rules that apply to U. 1040ez forms 2014 S. 1040ez forms 2014 citizens. 1040ez forms 2014 See Publication 501 for these rules. 1040ez forms 2014   List your spouse and dependents on line 7c of Form 1040NR. 1040ez forms 2014 Enter the total on the appropriate line to the right of line 7c. 1040ez forms 2014 Itemized Deductions Nonresident aliens can claim some of the same itemized deductions that resident aliens can claim. 1040ez forms 2014 However, nonresident aliens can claim itemized deductions only if they have income effectively connected with their U. 1040ez forms 2014 S. 1040ez forms 2014 trade or business. 1040ez forms 2014 Resident Aliens You can claim the same itemized deductions as U. 1040ez forms 2014 S. 1040ez forms 2014 citizens, using Schedule A of Form 1040. 1040ez forms 2014 These deductions include certain medical and dental expenses, state and local income taxes, real estate taxes, interest you paid on a home mortgage, charitable contributions, casualty and theft losses, and miscellaneous deductions. 1040ez forms 2014 If you do not itemize your deductions, you can claim the standard deduction for your particular filing status. 1040ez forms 2014 For further information, see Form 1040 and instructions. 1040ez forms 2014 Nonresident Aliens You can deduct certain itemized deductions if you receive income effectively connected with your U. 1040ez forms 2014 S. 1040ez forms 2014 trade or business. 1040ez forms 2014 These deductions include state and local income taxes, charitable contributions to U. 1040ez forms 2014 S. 1040ez forms 2014 organizations, casualty and theft losses, and miscellaneous deductions. 1040ez forms 2014 Use Schedule A of Form 1040NR to claim itemized deductions. 1040ez forms 2014 If you are filing Form 1040NR-EZ, you can only claim a deduction for state or local income taxes. 1040ez forms 2014 If you are claiming any other itemized deduction, you must file Form 1040NR. 1040ez forms 2014 Standard deduction. 1040ez forms 2014   Nonresident aliens cannot claim the standard deduction. 1040ez forms 2014 However, see Students and business apprentices from India , next. 1040ez forms 2014 Students and business apprentices from India. 1040ez forms 2014   A special rule applies to students and business apprentices who are eligible for the benefits of Article 21(2) of the United States–India Income Tax Treaty. 1040ez forms 2014 You can claim the standard deduction provided you do not claim itemized deductions. 1040ez forms 2014   Use Worksheet 5-1 to figure your standard deduction. 1040ez forms 2014 If you are married and your spouse files a return and itemizes deductions, you cannot take the standard deduction. 1040ez forms 2014 State and local income taxes. 1040ez forms 2014   You can deduct state and local income taxes you paid on income that is effectively connected with a trade or business in the United States. 1040ez forms 2014 If you received a refund or rebate in 2013 of taxes you paid in an earlier year, do not reduce your deduction by that amount. 1040ez forms 2014 Instead, you must include the refund or rebate in income if you deducted the taxes in the earlier year and the deduction reduced your tax. 1040ez forms 2014 See Recoveries in Publication 525 for details on how to figure the amount to include in income. 1040ez forms 2014 Charitable contributions. 1040ez forms 2014   You can deduct your charitable contributions or gifts to qualified organizations subject to certain limits. 1040ez forms 2014 Qualified organizations include organizations that are religious, charitable, educational, scientific, or literary in nature, or that work to prevent cruelty to children or animals. 1040ez forms 2014 Certain organizations that promote national or international amateur sports competition are also qualified organizations. 1040ez forms 2014 Foreign organizations. 1040ez forms 2014   Contributions made directly to a foreign organization are not deductible. 1040ez forms 2014 However, you can deduct contributions to a U. 1040ez forms 2014 S. 1040ez forms 2014 organization that transfers funds to a charitable foreign organization if the U. 1040ez forms 2014 S. 1040ez forms 2014 organization controls the use of the funds or if the foreign organization is only an administrative arm of the U. 1040ez forms 2014 S. 1040ez forms 2014 organization. 1040ez forms 2014   For more information about organizations that qualify to receive charitable contributions, see Publication 526, Charitable Contributions. 1040ez forms 2014 Worksheet 5-1. 1040ez forms 2014 2013 Standard Deduction Worksheet for Students and Business Apprentices From India Caution. 1040ez forms 2014 If you are married filing a separate return and your spouse itemizes deductions, do not complete this worksheet. 1040ez forms 2014 You cannot take the standard deduction even if you were born before January 2, 1949, or are blind. 1040ez forms 2014 1 Enter the amount shown below for your filing status. 1040ez forms 2014           Single or married filing separately—$6,100 Qualifying widow(er)—$12,200 1. 1040ez forms 2014           2 Can you be claimed as a dependent on someone else's U. 1040ez forms 2014 S. 1040ez forms 2014 income tax return?  No. 1040ez forms 2014 Enter the amount from line 1 on line 4. 1040ez forms 2014 Skip line 3 and go to line 5. 1040ez forms 2014   Yes. 1040ez forms 2014 Go to line 3. 1040ez forms 2014         3 Is your earned income* more than $650?           Yes. 1040ez forms 2014 Add $350 to your earned income. 1040ez forms 2014 Enter the total. 1040ez forms 2014           No. 1040ez forms 2014 Enter $1,000 3. 1040ez forms 2014       4 Enter the smaller of line 1 or line 3 4. 1040ez forms 2014   5 If born before January 2, 1949, OR blind, enter $1,200 ($1,500 if single). 1040ez forms 2014 If born before January 2, 1949, AND blind, enter $2,400 ($3,000 if single). 1040ez forms 2014 Otherwise, enter -0- 5. 1040ez forms 2014   6 Add lines 4 and 5. 1040ez forms 2014 Enter the total here and on Form 1040NR, line 38 (or Form 1040NR-EZ, line 11). 1040ez forms 2014 Print “Standard Deduction Allowed Under U. 1040ez forms 2014 S. 1040ez forms 2014 –India Income Tax Treaty” in the space to the left of these lines. 1040ez forms 2014 This is your standard deduction for 2013. 1040ez forms 2014 6. 1040ez forms 2014   *Earned income includes wages, salaries, tips, professional fees, and other compensation received for personal services you performed. 1040ez forms 2014 It also includes any amount received as a scholarship that you must include in your income. 1040ez forms 2014 Generally, your earned income is the total of the amount(s) you reported on Form 1040NR, lines 8,12,13, and 19, minus amounts on lines 27 and 31 (or Form 1040NR-EZ, lines 3 and 5, minus any amount on line 8). 1040ez forms 2014 Contributions from which you benefit. 1040ez forms 2014   If you receive a benefit as a result of making a contribution to a qualified organization, you can deduct only the amount of your contribution that is more than the value of the benefit you receive. 1040ez forms 2014   If you pay more than the fair market value to a qualified organization for merchandise, goods, or services, the amount you pay that is more than the value of the item can be a charitable contribution. 1040ez forms 2014 For the excess amount to qualify, you must pay it with the intent to make a charitable contribution. 1040ez forms 2014 Cash contributions. 1040ez forms 2014   You cannot deduct a cash contribution, regardless of the amount, unless you keep as a record of the contribution a bank record (such as a canceled check, a bank copy of a canceled check, or a bank statement containing the name of the charity, the date, and the amount) or a written record from the charity. 1040ez forms 2014 The written record must include the name of the charity, date of the contribution, and the amount of the contribution. 1040ez forms 2014   You may deduct a cash contribution of $250 or more only if you have a written statement from the charitable organization showing: The amount of any money contributed, Whether the organization gave you any goods or services in return for your contribution, and A description and estimate of the value of any goods or services described in (2). 1040ez forms 2014 If you received only intangible religious benefits, the organization must state this, but it does not have to describe or value the benefit. 1040ez forms 2014 Noncash contributions. 1040ez forms 2014   For contributions not made in cash, the records you must keep depend on the amount of your deduction. 1040ez forms 2014 See Publication 526 for details. 1040ez forms 2014 For example, if you make a noncash contribution and the amount of your deduction is more than $500, you must complete and attach to your tax return Form 8283, Noncash Charitable Contributions. 1040ez forms 2014 If you deduct more than $500 for a contribution of a motor vehicle, boat, or airplane, you must also attach a statement from the charitable organization to your return. 1040ez forms 2014 If your total deduction is over $5,000, you also may have to get appraisals of the values of the property. 1040ez forms 2014 If the donated property is valued at more than $5,000, you must obtain a qualified appraisal. 1040ez forms 2014 You generally must attach to your tax return an appraisal of any property if your deduction for the property is more than $500,000. 1040ez forms 2014 See Form 8283 and its instructions for details. 1040ez forms 2014 Contributions of appreciated property. 1040ez forms 2014   If you contribute property to a qualified organization, the amount of your charitable contribution is generally the fair market value of the property at the time of the contribution. 1040ez forms 2014 However, if you contribute property with a fair market value that is more than your basis in it, you may have to reduce the fair market value by the amount of appreciation (increase in value) when you figure your deduction. 1040ez forms 2014 Your basis in the property is generally what you paid for it. 1040ez forms 2014 If you need more information about basis, get Publication 551, Basis of Assets. 1040ez forms 2014   Different rules apply to figuring your deduction, depending on whether the property is: Ordinary income property, or Capital gain property. 1040ez forms 2014 For information about these rules, see Publication 526. 1040ez forms 2014 Limit. 1040ez forms 2014   The amount you can deduct in a tax year is limited in the same way it is for a citizen or resident of the United States. 1040ez forms 2014 For a discussion of limits on charitable contributions and other information, get Publication 526. 1040ez forms 2014 Casualty and theft losses. 1040ez forms 2014   You can deduct your loss from fire, storm, shipwreck, or other casualty, or theft of property even though your property is not connected with a U. 1040ez forms 2014 S. 1040ez forms 2014 trade or business. 1040ez forms 2014 The property can be personal use property or income-producing property not connected with a U. 1040ez forms 2014 S. 1040ez forms 2014 trade or business. 1040ez forms 2014 The property must be located in the United States at the time of the casualty or theft. 1040ez forms 2014 You can deduct theft losses only in the year in which you discover the loss. 1040ez forms 2014   The amount of the loss is the fair market value of the property immediately before the casualty or theft less its fair market value immediately after the casualty or theft (but not more than its cost or adjusted basis) less any insurance or other reimbursement. 1040ez forms 2014 The fair market value of property immediately after a theft is considered zero, because you no longer have the property. 1040ez forms 2014   If your property is covered by insurance, you should file a timely insurance claim for reimbursement. 1040ez forms 2014 If you do not, you cannot deduct this loss as a casualty or theft loss. 1040ez forms 2014   Figure your deductible casualty and theft losses on Form 4684, Casualties and Thefts. 1040ez forms 2014 Losses from personal use property. 1040ez forms 2014    You cannot deduct the first $100 of each casualty or theft loss to property held for personal use. 1040ez forms 2014 You can deduct only the total of these losses for the year (reduced by the $100 limit) that is more than 10% of your adjusted gross income (line 37, Form 1040NR) for the year. 1040ez forms 2014 Losses from income-producing property. 1040ez forms 2014   These losses are not subject to the limitations that apply to personal use property. 1040ez forms 2014 Use Section B of Form 4684 to figure your deduction for these losses. 1040ez forms 2014 Job expenses and other miscellaneous deductions. 1040ez forms 2014   You can deduct job expenses, such as allowable unreimbursed travel expenses (discussed next), and other miscellaneous deductions. 1040ez forms 2014 Generally, the allowable deductions must be related to effectively connected income. 1040ez forms 2014 Deductible expenses include: Union dues, Safety equipment and small tools needed for your job, Dues to professional organizations, Subscriptions to professional journals, Tax return preparation fees, and Casualty and theft losses of property used in performing services as an employee (employee property). 1040ez forms 2014   Most miscellaneous itemized deductions are deductible only if they are more than 2% of your adjusted gross income (line 37, Form 1040NR). 1040ez forms 2014 For more information on miscellaneous deductions, see the instructions for Form 1040NR. 1040ez forms 2014 Travel expenses. 1040ez forms 2014   You may be able to deduct your ordinary and necessary travel expenses while you are temporarily performing personal services in the United States. 1040ez forms 2014 Generally, a temporary assignment in a single location is one that is realistically expected to last (and does in fact last) for one year or less. 1040ez forms 2014 You must be able to show you were present in the United States on an activity that required your temporary absence from your regular place of work. 1040ez forms 2014   For example, if you have established a “tax home” through regular employment in a foreign country, and intend to return to similar employment in the same country at the end of your temporary stay in the United States, you can deduct reasonable travel expenses you paid. 1040ez forms 2014 You cannot deduct travel expenses for other members of your family or party. 1040ez forms 2014 Deductible travel expenses. 1040ez forms 2014   If you qualify, you can deduct your expenses for: Transportation—airfare, local transportation, including train, bus, etc. 1040ez forms 2014 , Lodging—rent paid, utilities (do not include telephone), hotel or motel room expenses, and Meal expenses—actual expenses allowed if you keep records of the amounts, or, if you do not wish to keep detailed records, you are generally allowed a standard meal allowance amount depending on the date and area of your travel. 1040ez forms 2014 You generally can deduct only 50% of unreimbursed meal expenses. 1040ez forms 2014 The standard meal allowance rates for high-cost areas are available at www. 1040ez forms 2014 gsa. 1040ez forms 2014 gov/perdiem. 1040ez forms 2014 The rates for other areas are in Publication 463. 1040ez forms 2014   Use Form 2106 or 2106-EZ to figure your allowable expenses that you claim on line 7 of Schedule A (Form 1040NR). 1040ez forms 2014 Expenses allocable to U. 1040ez forms 2014 S. 1040ez forms 2014 tax-exempt income. 1040ez forms 2014   You cannot deduct an expense, or part of an expense, that is allocable to U. 1040ez forms 2014 S. 1040ez forms 2014 tax-exempt income, including income exempt by tax treaty. 1040ez forms 2014 Example. 1040ez forms 2014 Irina Oak, a citizen of Poland, resided in the United States for part of the year to acquire business experience from a U. 1040ez forms 2014 S. 1040ez forms 2014 company. 1040ez forms 2014 During her stay in the United States, she received a salary of $8,000 from her Polish employer. 1040ez forms 2014 She received no other U. 1040ez forms 2014 S. 1040ez forms 2014 source income. 1040ez forms 2014 She spent $3,000 on travel expenses, of which $1,000 were for meals. 1040ez forms 2014 None of these expenses were reimbursed. 1040ez forms 2014 Under the tax treaty with Poland, $5,000 of her salary is exempt from U. 1040ez forms 2014 S. 1040ez forms 2014 income tax. 1040ez forms 2014 In filling out Form 2106-EZ, she must reduce her deductible meal expenses by half ($500). 1040ez forms 2014 She must reduce the remaining $2,500 of travel expenses by 62. 1040ez forms 2014 5% ($1,563) because 62. 1040ez forms 2014 5% ($5,000 ÷ $8,000) of her salary is exempt from tax. 1040ez forms 2014 She enters the remaining total of $937 on line 7 of Schedule A (Form 1040NR). 1040ez forms 2014 She completes the remaining lines according to the instructions for Schedule A. 1040ez forms 2014 More information. 1040ez forms 2014   For more information about deductible expenses, reimbursements, and recordkeeping, get Publication 463. 1040ez forms 2014 Tax Credits and Payments This discussion covers tax credits and payments for resident aliens, followed by a discussion of the credits and payments for nonresident aliens. 1040ez forms 2014 Resident Aliens Resident aliens generally claim tax credits and report tax payments, including withholding, using the same rules that apply to U. 1040ez forms 2014 S. 1040ez forms 2014 citizens. 1040ez forms 2014 The following items are some of the credits you may be able to claim. 1040ez forms 2014 Foreign tax credit. 1040ez forms 2014   You can claim a credit, subject to certain limits, for income tax you paid or accrued to a foreign country on foreign source income. 1040ez forms 2014 You cannot claim a credit for taxes paid or accrued on excluded foreign earned income. 1040ez forms 2014 To claim a credit for income taxes paid or accrued to a foreign country, you generally will file Form 1116, Foreign Tax Credit (Individual, Estate, or Trust), with your Form 1040. 1040ez forms 2014   For more information, get Publication 514, Foreign Tax Credit for Individuals. 1040ez forms 2014 Child and dependent care credit. 1040ez forms 2014   You may be able to take this credit if you pay someone to care for your qualifying child who is under age 13, or your disabled dependent or disabled spouse, so that you can work or look for work. 1040ez forms 2014 Generally, you must be able to claim an exemption for your dependent. 1040ez forms 2014   For more information, get Publication 503, Child and Dependent Care Expenses, and Form 2441, Child and Dependent Care Expenses. 1040ez forms 2014 Credit for the elderly or the disabled. 1040ez forms 2014   You may qualify for this credit if you are 65 or older or if you retired on permanent and total disability. 1040ez forms 2014 For more information on this credit, get Publication 524, Credit for the Elderly or the Disabled, and Schedule R (Form 1040A or 1040). 1040ez forms 2014 Education credits. 1040ez forms 2014   You may qualify for these credits if you paid qualified education expenses for yourself, your spouse, or your dependent. 1040ez forms 2014 There are two education credits: the American Opportunity Credit and the lifetime learning credit. 1040ez forms 2014 You cannot claim these credits if you are married filing separately. 1040ez forms 2014 Use Form 8863, Education Credits (American Opportunity and Lifetime Learning Credits), to figure the credit. 1040ez forms 2014 For more information, see Publication 970. 1040ez forms 2014 Retirement savings contributions credit. 1040ez forms 2014   You may qualify for this credit (also known as the saver's credit) if you made eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement (IRA) in 2013. 1040ez forms 2014 You cannot claim this credit if: You were born after January 1, 1996, You were a full-time student, Your exemption is claimed by someone else on his or her 2013 tax return, or Your adjusted gross income is more than: $59,000, if your filing status is married filing jointly, $44,250, if your filing status is head of household, or $29,500, if your filing status is single, married filing separately, or qualifying widow(er). 1040ez forms 2014 Use Form 8880, Credit for Qualified Retirement Savings Contributions, to figure the credit. 1040ez forms 2014 For more information, see Publication 590. 1040ez forms 2014 Child tax credit. 1040ez forms 2014   You may be able to take this credit if you have a qualifying child. 1040ez forms 2014   A qualifying child for purposes of the child tax credit is a child who: Was under age 17 at the end of 2013. 1040ez forms 2014 Is your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister, half brother, half sister, or a descendant of any of them (for example, your grandchild, niece, or nephew). 1040ez forms 2014 Is a U. 1040ez forms 2014 S. 1040ez forms 2014 citizen, a U. 1040ez forms 2014 S. 1040ez forms 2014 national, or a resident alien. 1040ez forms 2014 Did not provide over half of his or her own support for 2013. 1040ez forms 2014 Lived with you more than half of 2013. 1040ez forms 2014 Temporary absences, such as for school, vacation, or medical care, count as time lived in the home. 1040ez forms 2014 Is claimed as a dependent on your return. 1040ez forms 2014 An adopted child is always treated as your own child. 1040ez forms 2014 An adopted child includes a child lawfully placed with you for legal adoption. 1040ez forms 2014   See your form instructions for additional details. 1040ez forms 2014 Adoption credit. 1040ez forms 2014   You may qualify to take a tax credit of up to $12,970 for qualifying expenses paid to adopt an eligible child. 1040ez forms 2014 This amount may be allowed for the adoption of a child with special needs regardless of whether you have qualifying expenses. 1040ez forms 2014 To claim the adoption credit, file Form 8839, Qualified Adoption Expenses, with your Form 1040. 1040ez forms 2014 Earned income credit. 1040ez forms 2014   You may qualify for an earned income credit of up to $3,250 if a child lived with you in the United States and your earned income and adjusted gross income were each less than $37,870 ($43,210 if married filing jointly). 1040ez forms 2014 If two children lived with you in the United States and your earned income and adjusted gross income were each less than $43,038 ($48,378 if married filing jointly), your credit could be as much as $5,372. 1040ez forms 2014 If three or more children lived with you in the United States and your earned income and adjusted gross income were each less than $46,227 ($51,567 if married filing jointly), your credit could be as much as $6,044. 1040ez forms 2014 If you do not have a qualifying child and your earned income and adjusted gross income were each less than $14,340 ($19,680 if married filing jointly), your credit could be as much as $487. 1040ez forms 2014 You cannot claim the earned income credit if your filing status is married filing separately. 1040ez forms 2014    You and your spouse (if filing a joint return) and any qualifying child must have valid SSNs to claim this credit. 1040ez forms 2014 You cannot claim the credit using an ITIN. 1040ez forms 2014 If a social security card has a legend that says Not Valid for Employment and the number was issued so that you (or your spouse or your qualifying child) could receive a federally funded benefit, you cannot claim the earned income credit. 1040ez forms 2014 An example of a federally funded benefit is Medicaid. 1040ez forms 2014 If a card has this legend and the individual's immigration status has changed so that the individual is now a U. 1040ez forms 2014 S. 1040ez forms 2014 citizen or lawful permanent resident, ask the SSA to issue a new social security card without the legend. 1040ez forms 2014 Other information. 1040ez forms 2014   There are other eligibility rules that are not discussed here. 1040ez forms 2014 For more information, get Publication 596, Earned Income Credit. 1040ez forms 2014 Nonresident Aliens You can claim some of the same credits that resident aliens can claim. 1040ez forms 2014 You can also report certain taxes you paid, are considered to have paid, or that were withheld from your income. 1040ez forms 2014 Credits Credits are allowed only if you receive effectively connected income. 1040ez forms 2014 You may be able to claim some of the following credits. 1040ez forms 2014 Foreign tax credit. 1040ez forms 2014   If you receive foreign source income that is effectively connected with a trade or business in the United States, you can claim a credit for any income taxes paid or accrued to any foreign country or U. 1040ez forms 2014 S. 1040ez forms 2014 possession on that income. 1040ez forms 2014   If you do not have foreign source income effectively connected with a U. 1040ez forms 2014 S. 1040ez forms 2014 trade or business, you cannot claim credits against your U. 1040ez forms 2014 S. 1040ez forms 2014 tax for taxes paid or accrued to a foreign country or U. 1040ez forms 2014 S. 1040ez forms 2014 possession. 1040ez forms 2014   You cannot take any credit for taxes imposed by a foreign country or U. 1040ez forms 2014 S. 1040ez forms 2014 possession on your U. 1040ez forms 2014 S. 1040ez forms 2014 source income if those taxes were imposed only because you are a citizen or resident of the foreign country or possession. 1040ez forms 2014   If you claim a foreign tax credit, you generally will have to attach to your return a Form 1116. 1040ez forms 2014 See Publication 514 for more information. 1040ez forms 2014 Child and dependent care credit. 1040ez forms 2014   You may qualify for this credit if you pay someone to care for your qualifying child who is under age 13, or your disabled dependent or disabled spouse, so that you can work or look for work. 1040ez forms 2014 Generally, you must be able to claim an exemption for your dependent. 1040ez forms 2014   Married nonresident aliens can claim the credit only if they choose to file a joint return with a U. 1040ez forms 2014 S. 1040ez forms 2014 citizen or resident spouse as discussed in chapter 1, or if they qualify as certain married individuals living apart (see Joint Return Test in Publication 503). 1040ez forms 2014   The amount of your child and dependent care expense that qualifies for the credit in any tax year cannot be more than your earned income from the United States for that tax year. 1040ez forms 2014 Earned income generally means wages, salaries, and professional fees for personal services performed. 1040ez forms 2014   For more information, get Publication 503. 1040ez forms 2014 Education credits. 1040ez forms 2014   If you are a nonresident alien for any part of the year, you generally cannot claim the education credits. 1040ez forms 2014 However, if you are married and choose to file a joint return with a U. 1040ez forms 2014 S. 1040ez forms 2014 citizen or resident spouse as discussed in chapter 1, you may be eligible for these credits. 1040ez forms 2014 Retirement savings contributions credit. 1040ez forms 2014   You may qualify for this credit (also known as the saver's credit) if you made eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement (IRA) in 2013. 1040ez forms 2014 You cannot claim this credit if: You were born after January 1, 1996, You were a full-time student, Your exemption is claimed by someone else on his or her 2013 tax return, or Your adjusted gross income is more than $29,500. 1040ez forms 2014 Use Form 8880 to figure the credit. 1040ez forms 2014 For more information, see Publication 590. 1040ez forms 2014 Child tax credit. 1040ez forms 2014   You may be able to take this credit if you have a qualifying child. 1040ez forms 2014   A qualifying child for purposes of the child tax credit is a child who: Was under age 17 at the end of 2013. 1040ez forms 2014 Is your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister, half brother, half sister, or a descendant of any of them (for example, your grandchild, niece, or nephew). 1040ez forms 2014 Is a U. 1040ez forms 2014 S. 1040ez forms 2014 citizen, a U. 1040ez forms 2014 S. 1040ez forms 2014 national, or a resident alien. 1040ez forms 2014 Did not provide over half of his or her own support for 2013. 1040ez forms 2014 Lived with you more than half of 2013. 1040ez forms 2014 Temporary absences, such as for school, vacation, or medical care, count as time lived in the home. 1040ez forms 2014 Is claimed as a dependent on your return. 1040ez forms 2014 An adopted child is always treated as your own child. 1040ez forms 2014 An adopted child includes a child lawfully placed with you for legal adoption. 1040ez forms 2014   See your form instructions for additional details. 1040ez forms 2014 Adoption credit. 1040ez forms 2014   You may qualify to take a tax credit of up to $12,970 for qualifying expenses paid to adopt an eligible child. 1040ez forms 2014 This amount may be allowed for the adoption of a child with special needs regardless of whether you have qualifying expenses. 1040ez forms 2014 To claim the adoption credit, file Form 8839 with your Form 1040NR. 1040ez forms 2014   Married nonresident aliens can claim the credit only if they choose to file a joint return with a U. 1040ez forms 2014 S. 1040ez forms 2014 citizen or resident spouse as discussed in chapter 1, or if they qualify as certain married individuals living apart (see Married Persons Not Filing Jointly in the Form 8839 instructions). 1040ez forms 2014 Credit for prior year minimum tax. 1040ez forms 2014   If you paid alternative minimum tax in a prior year, get Form 8801, Credit for Prior Year Minimum Tax—Individuals, Estates, and Trusts, to see if you qualify for this credit. 1040ez forms 2014 Earned income credit. 1040ez forms 2014   If you are a nonresident alien for any part of the tax year, you generally cannot get the earned income credit. 1040ez forms 2014 However, if you are married and choose to file a joint return with a U. 1040ez forms 2014 S. 1040ez forms 2014 citizen or resident spouse as discussed in chapter 1, you may be eligible for the credit. 1040ez forms 2014    You, your spouse, and any qualifying child must have valid SSNs to claim this credit. 1040ez forms 2014 You cannot claim the credit using an ITIN. 1040ez forms 2014 If a social security card has a legend that says Not Valid for Employment and the number was issued so that you (or your spouse or your qualifying child) could receive a federally funded benefit, you cannot claim the earned income credit. 1040ez forms 2014 An example of a federally funded benefit is Medicaid. 1040ez forms 2014 If a card has this legend and the individual's immigration status has changed so that the individual is now a U. 1040ez forms 2014 S. 1040ez forms 2014 citizen or lawful permanent resident, ask the SSA to issue a new social security card without the legend. 1040ez forms 2014   See Publication 596 for more information on the credit. 1040ez forms 2014 Tax Withheld You can claim the tax withheld during the year as a payment against your U. 1040ez forms 2014 S. 1040ez forms 2014 tax. 1040ez forms 2014 You claim it on line 61 of Form 1040NR or on line 18 of Form 1040NR-EZ. 1040ez forms 2014 The tax withheld reduces any tax you owe with Form 1040NR or Form 1040NR-EZ. 1040ez forms 2014 Withholding from wages. 1040ez forms 2014   Any federal income tax withheld from your wages during the tax year while you were a nonresident alien is allowed as a payment against your U. 1040ez forms 2014 S. 1040ez forms 2014 income tax liability for the same year. 1040ez forms 2014 You can claim the income tax withheld whether or not you were engaged in a trade or business in the United States during the year, and whether or not the wages (or any other income) were connected with a trade or business in the United States. 1040ez forms 2014 Excess social security tax withheld. 1040ez forms 2014   If you have two or more employers, you may be able to claim a credit against your U. 1040ez forms 2014 S. 1040ez forms 2014 income tax liability for social security tax withheld in excess of the maximum required. 1040ez forms 2014 See Social Security and Medicare Taxes in chapter 8 for more information. 1040ez forms 2014 Additional Medicare Tax. 1040ez forms 2014   Your employer is responsible for withholding the 0. 1040ez forms 2014 9% Additional Medicare Tax on Medicare wages or RRTA compensation it pays to you in excess of $200,000 in 2013. 1040ez forms 2014 If you do not owe Additional Medicare Tax, you can claim a credit for any withheld Additional Medicare Tax against the total tax liability shown on your tax return by filing Form 8959. 1040ez forms 2014 Tax paid on undistributed long-term capital gains. 1040ez forms 2014   If you are a shareholder in a mutual fund (or other regulated investment company) or real estate investment trust, you can claim a credit for your share of any taxes paid by the company on its undistributed long-term capital gains. 1040ez forms 2014 You will receive information on Form 2439, Notice to Shareholder of Undistributed Long-Term Capital Gains, which you must attach to your return. 1040ez forms 2014 Tax withheld at the source. 1040ez forms 2014   You can claim as a payment any tax withheld at the source on investment and other fixed or determinable annual or periodic income paid to you. 1040ez forms 2014 Fixed or determinable income includes interest, dividend, rental, and royalty income that you do not claim to be effectively connected income. 1040ez forms 2014 Wage or salary payments can be fixed or determinable income to you, but usually are subject to withholding as discussed above. 1040ez forms 2014 Taxes on fixed or determinable income are withheld at a 30% rate or at a lower treaty rate. 1040ez forms 2014 Tax withheld on partnership income. 1040ez forms 2014   If you are a foreign partner in a partnership, the partnership will withhold tax on your share of effectively connected taxable income from the partnership. 1040ez forms 2014 The partnership will give you a statement on Form 8805, Foreign Partner's Information Statement of Section 1446 Withholding Tax, showing the tax withheld. 1040ez forms 2014 A partnership that is publicly traded may withhold on your actual distributions of effectively connected income. 1040ez forms 2014 In this case, the partnership will give you a statement on Form 1042-S. 1040ez forms 2014 Claim the tax withheld as a payment on line 61b or 61d of Form 1040NR, as appropriate. 1040ez forms 2014 Claiming tax withheld on your return. 1040ez forms 2014   When you fill out your tax return, take extra care to enter the correct amount of any tax withheld shown on your information documents. 1040ez forms 2014 The following table lists some of the more common information documents and shows where to find the amount of tax withheld. 1040ez forms 2014 Form number Location  of tax  withheld RRB-1042S Box 12 SSA-1042S Box 9 W-2 Box 2 W-2c Box 2 1042-S Box 9 8805 Line 10 8288-A Box 2 Bona Fide Residents of American Samoa or Puerto Rico If you are a nonresident alien who is a bona fide resident of American Samoa or Puerto Rico for the entire tax year, you generally are taxed the same as resident aliens. 1040ez forms 2014 You should file Form 1040 and report all income from sources both in and outside the United States. 1040ez forms 2014 However, you can exclude the income discussed in the following paragraphs. 1040ez forms 2014 For tax purposes other than reporting income, however, you will be treated as a nonresident alien. 1040ez forms 2014 For example, you are not allowed the standard deduction, you cannot file a joint return, and you are not allowed a deduction for a dependent unless that person is a citizen or national of the United States. 1040ez forms 2014 There are also limits on what deductions and credits are allowed. 1040ez forms 2014 See Nonresident Aliens under Deductions , Itemized Deductions , and Tax Credits and Payments in this chapter. 1040ez forms 2014 Residents of Puerto Rico. 1040ez forms 2014   If you are a bona fide resident of Puerto Rico for the entire year, you can exclude from gross income all income from sources in Puerto Rico (other than amounts for services performed as an employee of the United States or any of its agencies). 1040ez forms 2014   If you report income on a calendar year basis and you do not have wages subject to withholding, file your return and pay your tax by June 15. 1040ez forms 2014 You must also make your first payment of estimated tax by June 15. 1040ez forms 2014 You cannot file a joint income tax return or make joint payments of estimated tax. 1040ez forms 2014 However, if you are married to a U. 1040ez forms 2014 S. 1040ez forms 2014 citizen or resident, see Nonresident Spouse Treated as a Resident in chapter 1. 1040ez forms 2014   If you earn wages subject to withholding, your U. 1040ez forms 2014 S. 1040ez forms 2014 income tax return is due by April 15. 1040ez forms 2014 Your first payment of estimated tax is also due by April 15. 1040ez forms 2014 For information on withholding and estimated tax, see chapter 8 . 1040ez forms 2014 Residents of American Samoa. 1040ez forms 2014   If you are a bona fide resident of American Samoa for the entire year, you can exclude from gross income all income from sources in American Samoa (other than amounts for services performed as an employee of the U. 1040ez forms 2014 S. 1040ez forms 2014 government or any of its agencies). 1040ez forms 2014 An employee of the American Samoan government is not considered an employee of the U. 1040ez forms 2014 S. 1040ez forms 2014 government or any of its agencies for purposes of the exclusion. 1040ez forms 2014 For more information about this exclusion, get Form 4563 and Publication 570, Tax Guide for Individuals With Income From U. 1040ez forms 2014 S. 1040ez forms 2014 Possessions. 1040ez forms 2014 Prev  Up  Next   Home   More Online Publications
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The 1040ez Forms 2014

1040ez forms 2014 Listed Property Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: Listed Property DefinedPassenger Automobile Defined Dwelling Unit Other Property Used for Transportation Computers and Related Peripheral Equipment Predominant Use TestMeeting the Predominant Use Test Qualified Business Use Method of Allocating Use Applying the Predominant Use Test Deductions After Recovery Period Leased PropertyLessor Lessee What Records Must Be KeptAdequate Records Reporting Information on Form 4562 Deductions in Later Years Appendix Topics - This chapter discusses: Listed property defined The predominant use test What records must be kept Useful Items - You may want to see: Publication 463 Travel, Entertainment, and Gift Expenses 587 Business Use of Your Home (Including Use by Day-Care Providers) 917 Business Use of a Car 946 How To Depreciate Property Form (and Instructions) 2106–EZ Unreimbursed Employee Business Expenses 2106 Employee Business Expenses 4255 Recapture of Investment Credit 4562 Depreciation and Amortization This chapter discusses some special rules and recordkeeping requirements for listed property. 1040ez forms 2014 For complete coverage of the rules, including the rules concerning passenger automobiles, see Publication 946. 1040ez forms 2014 If listed property is not used predominantly (more than 50%) in a qualified business use as discussed inPredominant Use Test, later, the section 179 deduction is not allowable and the property must be depreciated using the straight line method. 1040ez forms 2014 Listed Property Defined Listed property is any of the following: Any passenger automobile (defined later), Any other property used for transportation, Any property of a type generally used for entertainment, recreation, or amusement (including photographic, phonographic, communication, and video recording equipment), Any computer and related peripheral equipment, defined later, unless it is used only at a regular business establishment and owned or leased by the person operating the establishment. 1040ez forms 2014 A regular business establishment includes a portion of a dwelling unit (defined later), if, and only if, that portion is used both regularly and exclusively for business as discussed in Publication 587. 1040ez forms 2014 Any cellular telephone (or similar telecommunication equipment) placed in service or leased in a tax year beginning after 1989. 1040ez forms 2014 Passenger Automobile Defined A passenger automobile is any four-wheeled vehicle made primarily for use on public streets, roads, and highways and rated at 6,000 pounds or less of unloaded gross vehicle weight (at 6,000 pounds or less of gross vehicle weight for trucks and vans). 1040ez forms 2014 It includes any part, component, or other item physically attached to the automobile or usually included in the purchase price of an automobile. 1040ez forms 2014 A passenger automobile does not include: An ambulance, hearse, or combination ambulance-hearse used directly in a trade or business, and A vehicle used directly in the trade or business of transporting persons or property for compensation or hire. 1040ez forms 2014 Dwelling Unit A dwelling unit is a house or apartment used to provide living accommodations in a building or structure. 1040ez forms 2014 It does not include a unit in a hotel, motel, inn, or other establishment where more than half the units are used on a transient basis. 1040ez forms 2014 Other Property Used for Transportation Other property used for transportation includes trucks, buses, boats, airplanes, motorcycles, and any other vehicles for transporting persons or goods. 1040ez forms 2014 Listed property does not include: Any vehicle which, by reason of its design, is not likely to be used more than a minimal amount for personal purposes, such as clearly marked police and fire vehicles, ambulances, or hearses used for those purposes, Any vehicle that is designed to carry cargo and that has a loaded gross vehicle weight over 14,000 pounds, bucket trucks (cherry pickers), cement mixers, combines, cranes and derricks, delivery trucks with seating only for the driver (or only for the driver plus a folding jump seat), dump trucks (including garbage trucks), flatbed trucks, forklifts, qualified moving vans, qualified specialized utility repair trucks, and refrigerated trucks, Any passenger bus used for that purpose with a capacity of at least 20 passengers and school buses, Any tractor or other special purpose farm vehicle, and unmarked vehicles used by law enforcement officers if the use is officially authorized, and Any vehicle, such as a taxicab, if substantially all its use is in the trade or business of providing services to transport persons or property for compensation or hire by unrelated persons. 1040ez forms 2014 Computers and Related Peripheral Equipment A computer is a programmable electronically activated device that: Is capable of accepting information, applying prescribed processes to the information, and supplying the results of those processes with or without human intervention, and Consists of a central processing unit with extensive storage, logic, arithmetic, and control capabilities. 1040ez forms 2014 Related peripheral equipment is any auxiliary machine which is designed to be controlled by the central processing unit of a computer. 1040ez forms 2014 Computer or peripheral equipment does not include: Any equipment which is an integral part of property which is not a computer, Typewriters, calculators, adding and accounting machines, copiers, duplicating equipment, and similar equipment, and Equipment of a kind, used primarily for the user's amusement or entertainment, such as video games. 1040ez forms 2014 Predominant Use Test If “listed property,” defined earlier, placed in service after June 18, 1984, is not used predominantly (more than 50%) in a qualified business use during any tax year: The section 179 deduction on the property is not allowable, and You must depreciate the property using the straight line method. 1040ez forms 2014 Listed property placed in service before 1987. 1040ez forms 2014   For listed property placed in service before 1987, depreciate the property over the following period: Class of Property Listed Property Recovery Period 3-year property 5 years 5-year property 12 years 10-year property 25 years 18-year real property 40 years 19-year real property 40 years If you must use the above recovery periods for listed property not used predominantly in a trade or business, use the percentages from Table 16 titled Listed Property Not Used Predominantly (Other Than 18- or 19-year Real Property), and Table 17 for 18- or 19-year real property, near the end of this publication in the Appendix. 1040ez forms 2014 Listed property placed in service after 1986. 1040ez forms 2014   For information on listed property placed in service after 1986, see Publication 946. 1040ez forms 2014 Meeting the Predominant Use Test Listed property meets the predominant use test for any tax year if its business use is more than 50% of its total use. 1040ez forms 2014 You must allocate the use of any item of listed property used for more than one purpose during the tax year among its various uses. 1040ez forms 2014 The percentage of investment use of listed property cannot be used as part of the percentage of qualified business use to meet the predominant use test. 1040ez forms 2014 However, the combined total of business and investment use is taken into account to figure your depreciation deduction for the property. 1040ez forms 2014 Note: Property does not stop being predominantly used in a qualified business use because of a transfer at death. 1040ez forms 2014 Example. 1040ez forms 2014 Sarah Bradley uses a home computer 50% of the time to manage her investments. 1040ez forms 2014 She also uses the computer 40% of the time in her part-time consumer research business. 1040ez forms 2014 Sarah's home computer is listed property because it is not used at a regular business establishment. 1040ez forms 2014 Because her business use of the computer does not exceed 50%, the computer is not predominantly used in a qualified business use for the tax year. 1040ez forms 2014 Because she does not meet the predominant use test, she cannot elect a section 179 deduction for this property. 1040ez forms 2014 Her combined rate of business/investment use for determining her depreciation deduction is 90%. 1040ez forms 2014 Qualified Business Use A qualified business use is any use in your trade or business. 1040ez forms 2014 However, it does not include: The use of property held merely to produce income (investment use), The leasing of property to any 5% owner or related person (to the point that the property is used by a 5% owner or person related to the owner or lessee of the property), The use of property as compensation for the performance of services by a 5% owner or related person, or The use of property as compensation for the performance of services by any person (other than a5% owner or related person) unless the value of the use is included in that person's gross income for the use of the property and income tax is withheld on that amount where required. 1040ez forms 2014 See Employees, later. 1040ez forms 2014 5% owner. 1040ez forms 2014   A 5% owner of a business, other than a corporation, is any person who owns more than 5% of the capital or profits interest in the business. 1040ez forms 2014   A 5% owner of a corporation is any person who owns, or is considered to own: More than 5% of the outstanding stock of the corporation, or Stock possessing more than 5% of the total combined voting power of all stock in the corporation. 1040ez forms 2014 Related person. 1040ez forms 2014   A related person is anyone related to a taxpayer as discussed under Related persons, in chapter 2 under Nonqualifying Property in Publication 946. 1040ez forms 2014 Entertainment Use The use of listed property for entertainment, recreation, or amusement purposes is treated as a qualified business use only to the extent that expenses (other than interest and property tax expenses) for its use are deductible as ordinary and necessary business expenses. 1040ez forms 2014 See Publication 463. 1040ez forms 2014 Leasing or Compensatory Use of Aircraft If at least 25% of the total use of any aircraft during the tax year is for a qualified business use, the leasing or compensatory use of the aircraft by a 5% owner or related person is treated as a qualified business use. 1040ez forms 2014 Commuting The use of a vehicle for commuting is not business use, regardless of whether work is performed during the trip. 1040ez forms 2014 Use of Your Passenger Automobile by Another Person If someone else uses your automobile, that use is not business use unless: That use is directly connected with your business, The value of the use is property reported by you as income to the other person and tax is withheld on the income where required, or The value of the use results in a payment of fair market rent. 1040ez forms 2014 Any payment to you for the use of the automobile is treated as a rent payment for 3). 1040ez forms 2014 Employees Any use by an employee of his or her own listed property (or listed property rented by an employee) in performing services as an employee is not business use unless: The use is for the employer's convenience, and The use is required as a condition of employment. 1040ez forms 2014 Use for the employer's convenience. 1040ez forms 2014   Whether the use of listed property is for the employer's convenience must be determined from all the facts. 1040ez forms 2014 The use is for the employer's convenience if it is for a substantial business reason of the employer. 1040ez forms 2014 The use of listed property during the employee's regular working hours to carry on the employer's business is generally for the employer's convenience. 1040ez forms 2014 Use required as a condition of employment. 1040ez forms 2014   Whether the use of listed property is a condition of employment depends on all the facts and circumstances. 1040ez forms 2014 The use of property must be required for the employee to perform duties properly. 1040ez forms 2014 The employer need not explicitly require the employee to use the property. 1040ez forms 2014 A mere statement by the employer that the use of the property is a condition of employment is not sufficient. 1040ez forms 2014 Example 1. 1040ez forms 2014 Virginia Sycamore is employed as a courier with We Deliver which provides local courier services. 1040ez forms 2014 She owns and uses a motorcycle to deliver packages to downtown offices. 1040ez forms 2014 We Deliver explicitly requires all delivery persons to own a small car or motorcycle for use in their employment. 1040ez forms 2014 The company reimburses delivery persons for their costs. 1040ez forms 2014 Virginia's use of the motorcycle is for the convenience of We Deliver and is required as a condition of employment. 1040ez forms 2014 Example 2. 1040ez forms 2014 Bill Nelson is an inspector for Uplift, a construction company with many sites in the local area. 1040ez forms 2014 He must travel to these sites on a regular basis. 1040ez forms 2014 Uplift does not furnish an automobile or explicitly require him to use his own automobile. 1040ez forms 2014 However, it reimburses him for any costs he incurs in traveling to the various sites. 1040ez forms 2014 The use of his own automobile or a rental automobile is for the convenience of Uplift and is required as a condition of employment. 1040ez forms 2014 Method of Allocating Use For passenger automobiles and other means of transportation, allocate the property's use on the basis of mileage. 1040ez forms 2014 You determine the percentage of qualified business use by dividing the number of miles the vehicle is driven for business purposes during the year by the total number of miles the vehicle is driven for all purposes (including business miles) during the year. 1040ez forms 2014 For other items of listed property, allocate the property's use on the basis of the most appropriate unit of time. 1040ez forms 2014 For example, you can determine the percentage of business use of a computer by dividing the number of hours the computer is used for business purposes during the year by the total number of hours the computer is used for all purposes (including business hours) during the year. 1040ez forms 2014 Applying the Predominant Use Test You must apply the predominant use test for an item of listed property each year of the recovery period. 1040ez forms 2014 First Recovery Year If any item of listed property is not used predominantly in a qualified business use in the year it is placed in service: The property is not eligible for a section 179 deduction, and The depreciation deduction must be figured using the straight line method. 1040ez forms 2014 Note: The required use of the straight line method for an item of listed property that does not meet the predominant use test is not the same as electing the straight line method. 1040ez forms 2014 It does not mean that you have to use the straight line method for other property in the same class as the item of listed property. 1040ez forms 2014 Years After the First Recovery Year If you use listed property predominantly (more than 50%) in a qualified business use in the tax year you place it in service, but not in a subsequent tax year during the recovery period, the following rules apply: Figure depreciation using the straight line method. 1040ez forms 2014 Do this for each year, beginning with the year you no longer use the property predominantly in a qualified business use, and Figure any excess depreciation on the property and add it to: Your gross income, and The adjusted basis of your property. 1040ez forms 2014 See Recapture of excess depreciation, next. 1040ez forms 2014 Recapture of excess depreciation. 1040ez forms 2014   You must include any excess depreciation in your gross income for the first tax year the property is not predominantly used in a qualified business use. 1040ez forms 2014 Any excess depreciation must also be added to the adjusted basis of your property. 1040ez forms 2014 Excess depreciation is the excess (if any) of: The amount of depreciation allowable for the property (including any section 179 deduction claimed) for tax years before the first tax year the property was not predominantly used in a qualified business use, over The amount of depreciation that would have been allowable for those years if the property were not used predominantly in a qualified business use for the year it was placed in service. 1040ez forms 2014 This means you figure your depreciation using the percentages fromTable 16 or 17. 1040ez forms 2014 For information on investment credit recapture, see the instructions for Form 4255. 1040ez forms 2014 Deductions After Recovery Period When listed property (other than passenger automobiles) is used for business, investment, and personal purposes, no deduction is ever allowable for the personal use. 1040ez forms 2014 In tax years after the recovery period, you must determine if there is any unrecovered basis remaining before you compute the depreciation deduction for that tax year. 1040ez forms 2014 To make this determination, figure the depreciation for earlier tax years as if your property were used 100% for business or investment purposes, beginning with the first tax year in which some or all use is for business or investment. 1040ez forms 2014 See Car Used 50% or Less for Business in Publication 917. 1040ez forms 2014 Leased Property The limitations on cost recovery deductions apply to the rental of listed property. 1040ez forms 2014 The following discussion covers the rules that apply to the lessor (the owner of the property) and the lessee (the person who rents the property from the owner). 1040ez forms 2014 SeeLeasing a Car in Publication 917 for a discussion of leased passenger automobiles. 1040ez forms 2014 Lessor The limitations on cost recovery generally do not apply to any listed property leased or held for leasing by anyone regularly engaged in the business of leasing listed property. 1040ez forms 2014 A person is considered regularly engaged in the business of leasing listed property only if contracts for leasing of listed property are entered into with some frequency over a continuous period of time. 1040ez forms 2014 This determination is made on the basis of the facts and circumstances in each case and takes into account the nature of the person's business in its entirety. 1040ez forms 2014 Occasional or incidental leasing activity is insufficient. 1040ez forms 2014 For example, a person leasing only one passenger automobile during a tax year is not regularly engaged in the business of leasing automobiles. 1040ez forms 2014 An employer who allows an employee to use the employer's property for personal purposes and charges the employee for the use is not regularly engaged in the business of leasing the property used by the employee. 1040ez forms 2014 Lessee A lessee of listed property (other than passenger automobiles), must include an amount in gross income called the inclusion amount for the first tax year the property is not used predominantly in a qualified business use. 1040ez forms 2014 Inclusion amount for property leased before 1987. 1040ez forms 2014   You determine the inclusion amount for property leased after June 18, 1984 and before 1987 by multiplying the fair market value of the property by both the average business/investment use percentage and the applicable percentage. 1040ez forms 2014 You can find the applicable percentages for listed property that is 5- or 10-year recovery property in Tables 19 or 20 in Appendix A of Publication 946. 1040ez forms 2014   The lease term for listed property other than 18- or 19-year real property, and residential rental or nonresidential real property, includes options to renew. 1040ez forms 2014 For 18- or 19-year real property and residential rental or nonresidential real property that is listed property, the period of the lease does not include any option to renew at fair market value, determined at the time of renewal. 1040ez forms 2014 You treat two or more successive leases that are part of the same transaction (or a series of related transactions) for the same or substantially similar property as one lease. 1040ez forms 2014 Special rules. 1040ez forms 2014   The lessee adds the inclusion amount to gross income in the next tax year if: The lease term begins within 9 months before the close of the lessee's tax year, The lessee does not use the property predominantly in a qualified business use during that portion of the tax year, and The lease term continues into the lessee's next tax year. 1040ez forms 2014 The lessee determines the inclusion amount by taking into account the average of the business/investment use for both tax years and the applicable percentage for the tax year the lease term begins. 1040ez forms 2014   If the lease term is less than one year, the amount included in gross income is the amount that bears the same ratio to the additional inclusion amount as the number of days in the lease term bears to 365. 1040ez forms 2014 Maximum inclusion amount. 1040ez forms 2014   The inclusion amount cannot be more than the sum of the deductible amounts of rent allocable to the lessee's tax year in which the amount must be included in gross income. 1040ez forms 2014 What Records Must Be Kept You cannot take any depreciation or section 179 deduction for the use of listed property (including passenger automobiles) unless you can prove business/investment use with adequate records or sufficient evidence to support your own statements. 1040ez forms 2014 How long to keep records. 1040ez forms 2014   For listed property, records must be kept for as long as any excess depreciation can be recaptured (included in income). 1040ez forms 2014 Adequate Records To meet the adequate records requirement, you must maintain an account book, diary, log, statement of expense, trip sheet, or similar record or other documentary evidence that, together with the receipt, is sufficient to establish each element of an expenditure or use. 1040ez forms 2014 It is not necessary to record information in an account book, diary, or similar record if the information is already shown on the receipt. 1040ez forms 2014 However, your records should back up your receipts in an orderly manner. 1040ez forms 2014 Elements of Expenditure or Use The records or other documentary evidence must support: The amount of each separate expenditure, such as the cost of acquiring the item, maintenance and repair costs, capital improvement costs, lease payments, and any other expenses, The amount of each business and investment use (based on an appropriate measure, such as mileage for vehicles and time for other listed property), and the total use of the property for the tax year, The date of the expenditure or use, and The business or investment purpose for the expenditure or use. 1040ez forms 2014 Written documents of your expenditure or use are generally better evidence than oral statements alone. 1040ez forms 2014 A written record prepared at or near the time of the expenditure or use has greater value as proof of the expenditure or use. 1040ez forms 2014 A daily log is not required. 1040ez forms 2014 However, some type of record containing the elements of an expenditure or the business or investment use of listed property made at or near the time and backed up by other documents is preferable to a statement prepared later. 1040ez forms 2014 Timeliness The elements of an expenditure or use must be recorded at the time you have full knowledge of the elements. 1040ez forms 2014 An expense account statement made from an account book, diary, or similar record prepared or maintained at or near the time of the expenditure or use is generally considered a timely record if in the regular course of business: The statement is submitted by an employee to the employer, or The statement is submitted by an independent contractor to the client or customer. 1040ez forms 2014 For example, a log maintained on a weekly basis, which accounts for use during the week, will be considered a record made at or near the time of use. 1040ez forms 2014 Business Purpose Supported An adequate record of business purpose must generally be in the form of a written statement. 1040ez forms 2014 However, the amount of backup necessary to establish a business purpose depends on the facts and circumstances of each case. 1040ez forms 2014 A written explanation of the business purpose will not be required if the purpose can be determined from the surrounding facts and circumstances. 1040ez forms 2014 For example, a salesperson visiting customers on an established sales route will not normally need a written explanation of the business purpose of his or her travel. 1040ez forms 2014 Business Use Supported An adequate record contains enough information on each element of every business or investment use. 1040ez forms 2014 The amount of detail required to support the use depends on the facts and circumstances. 1040ez forms 2014 For example, a taxpayer whose only business use of a truck is to make customer deliveries on an established route can satisfy the requirement by recording the length of the route, including the total number of miles driven during the tax year and the date of each trip at or near the time of the trips. 1040ez forms 2014 Although an adequate record generally must be written, a record of the business use of listed property, such as a computer or automobile, can be prepared in a computer memory device using a logging program. 1040ez forms 2014 Separate or Combined Expenditures or Uses Each use by you is normally considered a separate use. 1040ez forms 2014 However, repeated uses can be combined as a single item. 1040ez forms 2014 Each expenditure is recorded as a separate item and not combined with other expenditures. 1040ez forms 2014 If you choose, however, amounts spent for the use of listed property during a tax year, such as for gasoline or automobile repairs, can be combined. 1040ez forms 2014 If these expenses are combined, you do not need to support the business purpose of each expense. 1040ez forms 2014 Instead, you can divide the expenses based on the total business use of the listed property. 1040ez forms 2014 Uses which can be considered part of a single use, such as a round trip or uninterrupted business use, can be accounted for by a single record. 1040ez forms 2014 For example, use of a truck to make deliveries at several locations which begin and end at the business premises and can include a stop at the business in between deliveries can be accounted for by a single record of miles driven. 1040ez forms 2014 Use of a passenger automobile by a salesperson for a business trip away from home over a period of time can be accounted for by a single record of miles traveled. 1040ez forms 2014 Minimal personal use (such as a stop for lunch between two business stops) is not an interruption of business use. 1040ez forms 2014 Confidential Information If any of the information on the elements of an expenditure or use is confidential, it does not need to be in the account book or similar record if it is recorded at or near the time of the expenditure or use. 1040ez forms 2014 It must be kept elsewhere and made available as support to the district director on request. 1040ez forms 2014 Substantial Compliance If you have not fully supported a particular element of an expenditure or use, but have complied with the adequate records requirement for the expenditure or use to the district director's satisfaction, you can establish this element by any evidence the district director deems adequate. 1040ez forms 2014 If you fail to establish that you have substantially complied with the adequate records requirement for an element of an expenditure or use to the district director's satisfaction, you must establish the element: By your own oral or written statement containing detailed information as to the element, and By other evidence sufficient to establish the element. 1040ez forms 2014 If the element is the cost or amount, time, place, or date of an expenditure or use, its supporting evidence must be direct, such as oral testimony by witnesses or a written statement setting forth detailed information about the element or the documentary evidence. 1040ez forms 2014 If the element is the business purpose of an expenditure, its supporting evidence can be circumstantial evidence. 1040ez forms 2014 Sampling You can maintain an adequate record for portions of a tax year and use that record to support your business and investment use for the entire tax year if it can be shown by other evidence that the periods for which an adequate record is maintained are representative of use throughout the year. 1040ez forms 2014 Loss of Records When you establish that failure to produce adequate records is due to loss of the records through circumstances beyond your control, such as through fire, flood, earthquake, or other casualty, you have the right to support a deduction by reasonable reconstruction of your expenditures and use. 1040ez forms 2014 Reporting Information on Form 4562 If you claim a deduction for any listed property, you must provide the requested information on page 2, Section B of Form 4562. 1040ez forms 2014 If you claim a deduction for any vehicle, you must answer certain questions onpage 2 of Form 4562 to provide information about the vehicle use. 1040ez forms 2014 Employees. 1040ez forms 2014   Employees claiming the standard mileage rate or actual expenses (including depreciation) must use Form 2106 instead of Part V of Form 4562. 1040ez forms 2014 Employees claiming the standard mileage rate may be able to use Form 2106–EZ. 1040ez forms 2014 Employer who provides vehicles to employees. 1040ez forms 2014   An employer who provides vehicles to employees must obtain enough information from those employees to provide the requested information onForm 4562. 1040ez forms 2014   An employer who provides more than five vehicles to employees need not include any information on his or her tax return. 1040ez forms 2014 Instead, the employer must obtain the information from his or her employees and indicate on his or her return that the information was obtained and is being retained. 1040ez forms 2014   You do not need to provide the information requested on page 2 of Form 4562 if, as an employer: You can satisfy the requirements of a written policy statement for vehicles either not used for personal purposes, or not used for personal purposes other than commuting, or You treat all vehicle use by employees as personal use. 1040ez forms 2014 See the instructions for Form 4562. 1040ez forms 2014 Deductions in Later Years When listed property is used for business, investment, and personal purposes, no deduction is allowable for its personal use either in the current year or any later tax year. 1040ez forms 2014 In later years, you must determine if there is any remaining unadjusted or unrecovered basis before you compute the depreciation deduction for that tax year. 1040ez forms 2014 In making this determination, figure the depreciation deductions for earlier tax years as if the listed property were used 100% for business or investment purposes in those years, beginning with the first tax year in which some or all of the property use is for business or investment. 1040ez forms 2014 For more information about deductions after the recovery period for automobiles, see Publication 917. 1040ez forms 2014 Appendix The following tables are for use in figuring depreciation deductions under the ACRS system. 1040ez forms 2014 Table 1. 1040ez forms 2014 15-Year Real Property* (Other Than Low-Inclome Housing) Table 3. 1040ez forms 2014 Low-Income Housing* Table 6 - Table 9 Table 6 - Table 9 Table 10 - Table 13 Table 14 - Table 17 Prev  Up  Next   Home   More Online Publications