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1040x Instructions 2012

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1040x Instructions 2012

1040x instructions 2012 Tax Changes for Individuals Table of Contents 2001 ChangesNew 5-Year Carryback Rule for Net Operating Losses (NOLs) Wash Sale Rules Do Not Apply to Section 1256 Contracts Other 2001 Changes 2002 ChangesDeduction for Educator Expenses Personal Credits Still Allowed Against Alternative Minimum Tax Later ChangeChild and Dependent Care Expenses 2001 Changes New 5-Year Carryback Rule for Net Operating Losses (NOLs) If you have an NOL from a tax year ending during 2001 or 2002, you must generally carry back the entire amount of the NOL to the 5 tax years before the NOL year (the carryback period). 1040x instructions 2012 However, you can still choose to use the previous carryback period. 1040x instructions 2012 You also can choose not to carry back an NOL and only carry it forward. 1040x instructions 2012 Individuals, estates, and trusts can file Form 1045, Application for Tentative Refund. 1040x instructions 2012 The instructions for this form will be revised to reflect the new law. 1040x instructions 2012 Wash Sale Rules Do Not Apply to Section 1256 Contracts The wash sale rules that generally apply to losses from the sale of stock or securities, do not apply to any loss arising from a section 1256 contract. 1040x instructions 2012 A section 1256 contract is any: Regulated futures contract, Foreign currency contract, Nonequity option, Dealer equity option, or Dealer securities futures contract. 1040x instructions 2012 Wash sales and section 1256 contracts are explained in detail in Publication 550, Investment Income and Expenses. 1040x instructions 2012 Other 2001 Changes Other changes are discussed in the following chapters. 1040x instructions 2012 Chapter 4 Car Expenses Chapter 5 Depreciation 2002 Changes Deduction for Educator Expenses If you are an eligible educator, you can deduct as an adjustment to income up to $250 in qualified expenses. 1040x instructions 2012 You can deduct these expenses even if you do not itemize deductions on Schedule A (Form 1040). 1040x instructions 2012 This adjustment to income is for expenses paid or incurred in tax years beginning during 2002 or 2003. 1040x instructions 2012 Previously, these expenses were deductible only as a miscellaneous itemized deduction subject to the 2% of adjusted gross income limit. 1040x instructions 2012 Eligible educator. 1040x instructions 2012   You are an eligible educator if, for the tax year, you meet the following requirements. 1040x instructions 2012 You are a kindergarten through grade 12: Teacher, Instructor, Counselor, Principal, or Aide. 1040x instructions 2012 You work at least 900 hours during a school year in a school that provides elementary or secondary education, as determined under state law. 1040x instructions 2012 Qualified expenses. 1040x instructions 2012   These are unreimbursed expenses you paid or incurred for books, supplies, computer equipment (including related software and services), other equipment, and supplementary materials that you use in the classroom. 1040x instructions 2012 For courses in health and physical education, expenses for supplies are qualified expenses only if they are related to athletics. 1040x instructions 2012   To be deductible as an adjustment to income, the qualified expenses must be more than the following amounts for the tax year. 1040x instructions 2012 The interest on qualified U. 1040x instructions 2012 S. 1040x instructions 2012 savings bonds that you excluded from income because you paid qualified higher education expenses, Any distribution from a qualified tuition program that you excluded from income, or Any tax-free withdrawals from your Coverdell education savings account. 1040x instructions 2012 Personal Credits Still Allowed Against Alternative Minimum Tax The provision that allowed certain nonrefundable personal credits to reduce both your regular tax and any alternative minimum tax (AMT) has been extended and will be in effect for 2002 and 2003. 1040x instructions 2012 This provision, as it applies to the AMT, was originally scheduled to expire after 2001. 1040x instructions 2012 Without the extension, these credits could not have been used to reduce any AMT in 2002 or 2003. 1040x instructions 2012 Later Change Child and Dependent Care Expenses For the purpose of figuring the child and dependent care credit, your spouse is treated as having at least a minimum amount of earned income for any month that he or she is a full-time student or not able to care for himself or herself. 1040x instructions 2012 Beginning in 2003, this amount is increased to $250 a month if there is one qualifying person and to $500 a month if there are two or more qualifying persons. 1040x instructions 2012 Before 2003, the amounts were $200 and $400. 1040x instructions 2012 The same rule applies for the exclusion of employer-provided dependent care benefits. 1040x instructions 2012 For more information about the credit and exclusion, see Publication 503, Child and Dependent 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The 1040x Instructions 2012

1040x instructions 2012 Index A Accounting methods Accrual method, Accrual Method Cash method, Cash Method Change in, Change in Accounting Method Methods you can use, Methods you can use. 1040x instructions 2012 Accounting periods 52-53 week tax year, 52-53-Week Tax Year Business purpose tax year, Business Purpose Tax Year Calendar year, Calendar Year Improper tax year, Improper Tax Year Partnerships, Partnership Accrual method Expenses, Expenses Income, Income Advance payments, Advance Payment for Services Sales, Advance Payment for Sales Services, Advance Payment for Services Assistance (see Tax help) B Business purpose tax year, Business Purpose Tax Year C Calendar year, Calendar Year Cash method, Income Expenses, Expenses Income, Income Change, accounting method, Change to accrual method. 1040x instructions 2012 , Change in Accounting Method Comments on publication, Comments and suggestions. 1040x instructions 2012 Constructive receipt of income, Constructive receipt. 1040x instructions 2012 Corporation tax periods, Corporations (Other Than S Corporations and PSCs) Cost identification, Identifying Cost D Death of individual, short period return, Death of individual. 1040x instructions 2012 E Economic performance, Economic Performance Excluded entities, cash method, Excluded Entities F Fiscal year, Fiscal Year Form 1128, Improper Tax Year, Change in Tax Year 8716, Making the election. 1040x instructions 2012 , Making back-up election. 1040x instructions 2012 8752, Required payment for partnership or S corporation. 1040x instructions 2012 , Activating election. 1040x instructions 2012 970, Adopting LIFO method. 1040x instructions 2012 Free tax services, How To Get Tax Help H Help (see Tax help) I Inventories Cost identification, Identifying Cost FIFO, FIFO Method LIFO, LIFO Method Lower of cost or market, Lower of Cost or Market Method Perpetual or book, Perpetual or Book Inventory Retail method, Retail Method Specific identification, Specific Identification Method Uniform capitalization rules, Inventories. 1040x instructions 2012 Valuing, Valuing Inventory M More information (see Tax help) P Partnerships, Partnership Personal service corporation, Partnerships, S Corporations, and Personal Service Corporations (PSCs) Limit, use of cash method, Qualified PSC. 1040x instructions 2012 Required tax year, Partnerships, S Corporations, and Personal Service Corporations (PSCs), Personal Service Corporation (PSC) Publications (see Tax help) R Related persons, Related Persons S S corporations, S Corporation Section 444 election, Section 444 Election Short period return, Short period return. 1040x instructions 2012 Short tax year, Short Tax Year Suggestions for publication, Comments and suggestions. 1040x instructions 2012 T Tax help, How To Get Tax Help Tax year Change in, Change in Tax Year Corporations, Corporations (Other Than S Corporations and PSCs) Fiscal year, Fiscal Year Personal service corporation, Personal Service Corporation (PSC) S corporations, S Corporation Section 444 election, Section 444 Election Short tax year, Short Tax Year Taxpayer Advocate, Taxpayer Advocate Service. 1040x instructions 2012 TTY/TDD information, How To Get Tax Help U Uniform capitalization rules Exceptions, Exceptions. 1040x instructions 2012 General rules, Uniform Capitalization Rules Prev  Up     Home   More Online Publications