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1040x Tax Form

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1040x Tax Form

1040x tax form 4. 1040x tax form   Detailed Examples Table of Contents These examples use actual forms to help you prepare your income tax return. 1040x tax form However, the information shown on the filled-in forms is not from any actual person or scenario. 1040x tax form Example 1—Mortgage loan modification. 1040x tax form    In 2007, Nancy Oak bought a main home for $435,000. 1040x tax form Nancy took out a $420,000 mortgage loan to buy the home and made a down payment of $15,000. 1040x tax form The loan was secured by the home. 1040x tax form The mortgage loan was a recourse debt, meaning that Nancy was personally liable for the debt. 1040x tax form In 2008, Nancy took out a second mortgage loan (also a recourse debt) in the amount of $30,000 that was used to substantially improve her kitchen. 1040x tax form    In 2011, when the outstanding principal of the first and second mortgage loans was $440,000, Nancy refinanced the two recourse loans into one recourse loan in the amount of $475,000. 1040x tax form The FMV of Nancy's home at the time of the refinancing was $500,000. 1040x tax form Nancy used the additional $35,000 debt ($475,000 new mortgage loan minus $440,000 outstanding principal of Nancy's first and second mortgage loans immediately before the refinancing) to pay off personal credit cards and to pay college tuition for her son. 1040x tax form After the refinancing, Nancy has qualified principal residence indebtedness in the amount of $440,000 because the refinanced debt is qualified principal residence indebtedness only to the extent the amount of debt is not more than the old mortgage principal just before the refinancing. 1040x tax form   In 2013, Nancy was unable to make her mortgage loan payments. 1040x tax form On August 31, 2013, when the outstanding balance of her refinanced mortgage loan was still $475,000 and the FMV of the property was $425,000, Nancy's bank agreed to a loan modification (a “workout”) that resulted in a $40,000 reduction in the principal balance of her loan. 1040x tax form Nancy was neither insolvent nor in bankruptcy at the time of the loan modification. 1040x tax form   Nancy received a 2013 Form 1099-C from her bank in January 2014 showing canceled debt of $40,000 in box 2. 1040x tax form Identifiable event code "F" appears in box 6. 1040x tax form This box shows the reason the creditor has filed Form 1099-C. 1040x tax form To determine if she must include the canceled debt in her income, Nancy must determine whether she meets any of the exceptions or exclusions that apply to canceled debts. 1040x tax form Nancy determines that the only exception or exclusion that applies to her is the qualified principal residence indebtedness exclusion. 1040x tax form   Next, Nancy determines the amount, if any, of the $40,000 of canceled debt that was qualified principal residence indebtedness. 1040x tax form Although Nancy has $440,000 of qualified principal residence indebtedness, part of her loan ($35,000) was not qualified principal residence indebtedness because it was used to pay off personal credit cards and college tuition for her son. 1040x tax form Applying the ordering rule, the qualified principal residence indebtedness exclusion applies only to the extent the amount canceled is more than the amount of the debt (immediately before the cancellation) that is not qualified principal residence indebtedness. 1040x tax form Thus, Nancy can exclude only $5,000 of the canceled debt as qualified principal residence indebtedness ($40,000 amount canceled minus $35,000 nonqualified debt). 1040x tax form   Because Nancy does not meet any other exception or exclusion, she checks only the box on line 1e of Form 982 and enters $5,000 on line 2. 1040x tax form Nancy must also enter $5,000 on line 10b and reduce the basis of her main home by the $5,000 she excluded from income, bringing the adjusted basis in her home to $460,000 ($435,000 purchase price plus $30,000 substantial improvement minus $5,000). 1040x tax form Nancy must also include the $35,000 nonqualified debt portion in income on Form 1040, line 21. 1040x tax form You can see Nancy's Form 1099-C and a portion of her Form 1040 below. 1040x tax form Nancy's 2013 Form 1099-C, Cancellation of Debt This image is too large to be displayed in the current screen. 1040x tax form Please click the link to view the image. 1040x tax form Form 1099-C, Cancellation of Debt Nancy's 2013 Form 1040 This image is too large to be displayed in the current screen. 1040x tax form Please click the link to view the image. 1040x tax form Form 1040, U. 1040x tax form S. 1040x tax form Individual Income Tax Nancy's Form 982 This image is too large to be displayed in the current screen. 1040x tax form Please click the link to view the image. 1040x tax form Form 982 Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)              Example 2—Mortgage loan foreclosure. 1040x tax form    In 2005, John and Mary Elm bought a main home for $335,000. 1040x tax form John and Mary took out a $320,000 mortgage loan to buy the home and made a down payment of $15,000. 1040x tax form The loan was secured by the home and is a recourse debt, meaning John and Mary are personally liable for the debt. 1040x tax form   John and Mary became unable to make their mortgage loan payments and on March 1, 2013, when the outstanding balance of the mortgage loan was $315,000 and the FMV of the property was $290,000, the bank foreclosed on the property and simultaneously canceled the remaining mortgage debt. 1040x tax form Immediately before the foreclosure, John and Mary's only other assets and liabilities were a checking account with a balance of $6,000, retirement savings of $13,000, and credit card debt of $5,500. 1040x tax form   John and Mary received a 2013 Form 1099-C showing canceled debt of $25,000 in box 2 ($315,000 outstanding balance minus $290,000 FMV) and an FMV of $290,000 in box 7. 1040x tax form Identifiable event code "D" appears in box 6. 1040x tax form This box shows the reason the creditor has filed Form 1099-C. 1040x tax form In order to determine if John and Mary must include the canceled debt in income, they must first determine whether they meet any of the exceptions or exclusions that apply to canceled debts. 1040x tax form In this example, John and Mary meet both the insolvency and qualified principal residence indebtedness exclusions. 1040x tax form Their sample Form 1099-C is shown on this page. 1040x tax form   John and Mary complete the insolvency worksheet and determine that they were insolvent immediately before the cancellation because at that time their liabilities exceeded the FMV of their assets by $11,500 ($320,500 total liabilities minus $309,000 FMV of total assets). 1040x tax form However, because the entire debt canceled is qualified principal residence indebtedness, the insolvency exclusion only applies if John and Mary elect to apply the insolvency exclusion instead of the qualified principal residence exclusion. 1040x tax form   John and Mary do not elect to apply the insolvency exclusion instead of the qualified principal residence exclusion because under the insolvency exclusion their exclusion would be limited to the amount by which they were insolvent ($11,500). 1040x tax form Instead, John and Mary check box 1e of Form 982 to exclude the canceled debt under the qualified principal residence exclusion. 1040x tax form Under the qualified principal residence exclusion, the amount that John and Mary can exclude is not limited because their qualified principal residence indebtedness is not more than $2 million and no portion of the loan was nonqualified debt. 1040x tax form As a result, John and Mary enter the full $25,000 of canceled debt on line 2 of Form 982. 1040x tax form Because John and Mary no longer own the home due to the foreclosure, John and Mary have no remaining basis in the home at the time of the debt cancellation. 1040x tax form Thus, John and Mary leave line 10b of Form 982 blank. 1040x tax form   John and Mary must also determine whether they have a gain or loss from the foreclosure. 1040x tax form John and Mary complete Table 1-1 (shown below) and find that they have a $45,000 loss from the foreclosure. 1040x tax form Because this loss relates to their home, it is a nondeductible loss. 1040x tax form   John and Mary's Form 1099-C, Insolvency Worksheet, and Form 982 follow. 1040x tax form John and Mary's 2013 Form 1099-C, Cancellation of Debt This image is too large to be displayed in the current screen. 1040x tax form Please click the link to view the image. 1040x tax form Form 1099-C, Cancellation of Debt Table 1-1. 1040x tax form Worksheet for Foreclosures and Repossessions (for John and Mary Elm) Part 1. 1040x tax form Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). 1040x tax form Otherwise, go to Part 2. 1040x tax form 1. 1040x tax form Enter the amount of outstanding debt immediately before the transfer of property reduced by any amount for which you remain personally liable immediately after the transfer of property $315,000. 1040x tax form 00 2. 1040x tax form Enter the fair market value of the transferred property $290,000. 1040x tax form 00 3. 1040x tax form Ordinary income from the cancellation of debt upon foreclosure or repossession. 1040x tax form * Subtract line 2 from line 1. 1040x tax form If less than zero, enter zero. 1040x tax form Next, go to Part 2 $ 25,000. 1040x tax form 00 Part 2. 1040x tax form Gain or loss from foreclosure or repossession. 1040x tax form   4. 1040x tax form Enter the smaller of line 1 or line 2. 1040x tax form If you did not complete Part 1 (because you were not personally liable for the debt), enter the amount of outstanding debt immediately before the transfer of property $290,000. 1040x tax form 00 5. 1040x tax form Enter any proceeds you received from the foreclosure sale   6. 1040x tax form Add line 4 and line 5 $290,000. 1040x tax form 00 7. 1040x tax form Enter the adjusted basis of the transferred property $335,000. 1040x tax form 00 8. 1040x tax form Gain or loss from foreclosure or repossession. 1040x tax form Subtract line 7 from line 6 ($ 45,000. 1040x tax form 00) * The income may not be taxable. 1040x tax form See chapter 1 for more details. 1040x tax form Insolvency Worksheet—John and Mary Elm Date debt was canceled (mm/dd/yy) 03/01/13 Part I. 1040x tax form Total liabilities immediately before the cancellation (do not include the same liability in more than one category) Liabilities (debts) Amount Owed Immediately Before the Cancellation 1. 1040x tax form Credit card debt $ 5,500 2. 1040x tax form Mortgage(s) on real property (including first and second mortgages and home equity loans) (mortgage(s) can be on personal residence, any additional residence, or property held for investment or used in a trade or business) $ 315,000 3. 1040x tax form Car and other vehicle loans $ 4. 1040x tax form Medical bills owed $ 5. 1040x tax form Student loans $ 6. 1040x tax form Accrued or past-due mortgage interest $ 7. 1040x tax form Accrued or past-due real estate taxes $ 8. 1040x tax form Accrued or past-due utilities (water, gas, electric) $ 9. 1040x tax form Accrued or past-due child care costs $ 10. 1040x tax form Federal or state income taxes remaining due (for prior tax years) $ 11. 1040x tax form Judgments $ 12. 1040x tax form Business debts (including those owed as a sole proprietor or partner) $ 13. 1040x tax form Margin debt on stocks and other debt to purchase or secured by investment assets other than real property $ 14. 1040x tax form Other liabilities (debts) not included above $ 15. 1040x tax form Total liabilities immediately before the cancellation. 1040x tax form Add lines 1 through 14. 1040x tax form $ 320,500 Part II. 1040x tax form Fair market value (FMV) of assets owned immediately before the cancellation (do not include the FMV of the same asset in more than one category) Assets FMV Immediately Before  the Cancellation 16. 1040x tax form Cash and bank account balances $ 6,000 17. 1040x tax form Real property, including the value of land (can be main home, any additional home, or property held for investment or used in a trade or business) $ 290,000 18. 1040x tax form Cars and other vehicles $ 19. 1040x tax form Computers $ 20. 1040x tax form Household goods and furnishings (for example, appliances, electronics, furniture, etc. 1040x tax form ) $ 21. 1040x tax form Tools $ 22. 1040x tax form Jewelry $ 23. 1040x tax form Clothing $ 24. 1040x tax form Books $ 25. 1040x tax form Stocks and bonds $ 26. 1040x tax form Investments in coins, stamps, paintings, or other collectibles $ 27. 1040x tax form Firearms, sports, photographic, and other hobby equipment $ 28. 1040x tax form Interest in retirement accounts (IRA accounts, 401(k) accounts, and other retirement accounts) $ 13,000 29. 1040x tax form Interest in a pension plan $ 30. 1040x tax form Interest in education accounts $ 31. 1040x tax form Cash value of life insurance $ 32. 1040x tax form Security deposits with landlords, utilities, and others $ 33. 1040x tax form Interests in partnerships $ 34. 1040x tax form Value of investment in a business $ 35. 1040x tax form Other investments (for example, annuity contracts, guaranteed investment contracts, mutual funds, commodity accounts, interests in hedge funds, and options) $ 36. 1040x tax form Other assets not included above $ 37. 1040x tax form FMV of total assets immediately before the cancellation. 1040x tax form Add lines 16 through 36. 1040x tax form $ 309,000 Part III. 1040x tax form Insolvency 38. 1040x tax form Amount of Insolvency. 1040x tax form Subtract line 37 from line 15. 1040x tax form If zero or less, you are not insolvent. 1040x tax form $ 11,500 John and Mary's Form 982 This image is too large to be displayed in the current screen. 1040x tax form Please click the link to view the image. 1040x tax form Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)          Example 3—Mortgage loan foreclosure with debt exceeding $2 million limit. 1040x tax form    In 2011, Kathy and Frank Willow got married and entered into a contract with Hive Construction Corporation to build a house for $3,000,000 to be used as their main home. 1040x tax form Kathy and Frank made a $400,000 down payment and took out a $2,600,000 mortgage to finance the remaining cost of the house. 1040x tax form Kathy and Frank are personally liable for the mortgage loan, which is secured by the home. 1040x tax form   In November 2013, when the outstanding principal balance on the mortgage loan was $2,500,000, the FMV of the property fell to $1,750,000 and Kathy and Frank abandoned the property by permanently moving out. 1040x tax form The lender foreclosed on the property and, on December 5, 2013, sold the property to another buyer for $1,750,000. 1040x tax form On December 26, 2013, the lender canceled the remaining debt. 1040x tax form Kathy and Frank have no tax attributes other than basis of personal-use property. 1040x tax form   The lender issued a 2013 Form 1099-C to Kathy and Frank showing canceled debt of $750,000 in box 2 (the remaining balance on the $2,500,000 mortgage debt after application of the foreclosure sale proceeds) and $1,750,000 in box 7 (FMV of the property). 1040x tax form Identifiable event code "D" appears in box 6. 1040x tax form This box shows the reason the creditor has filed Form 1099-C. 1040x tax form Although Kathy and Frank abandoned the property, the lender did not need to also file a Form 1099-A because the lender canceled the debt in connection with the foreclosure in the same calendar year. 1040x tax form Kathy and Frank are filing a joint return for 2013. 1040x tax form   Because the foreclosure occurred prior to the debt cancellation, Kathy and Frank first calculate their gain or loss from the foreclosure using Table 1-1. 1040x tax form Because Kathy and Frank remained personally liable for the $750,000 debt remaining after the foreclosure ($2,500,000 outstanding debt immediately before the foreclosure minus $1,750,000 satisfied through the sale of the home), Kathy and Frank enter $1,750,000 on line 1 of Table 1-1 ($2,500,000 outstanding debt immediately before the foreclosure minus the $750,000 for which they remained liable). 1040x tax form Completing Table 1-1, Kathy and Frank find that they have no ordinary income from the cancellation of debt upon foreclosure and that they have a $1,250,000 loss. 1040x tax form Because this loss relates to their home, it is a nondeductible loss. 1040x tax form   Because the lender later canceled the remaining amount of the debt, Kathy and Frank must also determine whether that canceled debt is taxable. 1040x tax form Immediately before the cancellation, Kathy and Frank had $15,000 in a savings account, household furnishings with an FMV of $17,000, a car with an FMV of $10,000, and $18,000 in credit card debt. 1040x tax form Kathy and Frank also had the $750,000 remaining balance on the mortgage loan at that time. 1040x tax form The household furnishings originally cost $30,000. 1040x tax form The car had been fully paid off (so there was no related outstanding debt) and was originally purchased for $16,000. 1040x tax form Kathy and Frank had no adjustments to the cost basis of the car. 1040x tax form Kathy and Frank had no other assets or liabilities at the time of the cancellation. 1040x tax form Kathy and Frank complete the insolvency worksheet to calculate that they were insolvent to the extent of $726,000 immediately before the cancellation ($768,000 of total liabilities minus $42,000 FMV of total assets). 1040x tax form   At the beginning of 2014, Kathy and Frank had $9,000 in their savings account and $15,000 in credit card debt. 1040x tax form Kathy and Frank also owned the same car at that time (still with an FMV of $10,000 and basis of $16,000) and the same household furnishings (still with an FMV of $17,000 and a basis of $30,000). 1040x tax form Kathy and Frank had no other assets or liabilities at that time. 1040x tax form Kathy and Frank no longer own the home because the lender foreclosed on it in 2013. 1040x tax form   Because the canceled debt is qualified principal residence indebtedness, the insolvency exclusion does not apply unless Kathy and Frank elect to apply the insolvency exclusion instead of the qualified principal residence indebtedness exclusion. 1040x tax form The maximum amount that Kathy and Frank can treat as qualified principal residence indebtedness is $2,000,000. 1040x tax form The remaining $500,000 ($2,500,000 outstanding mortgage loan minus $2,000,000 limit on qualified principal residence indebtedness) is not qualified principal residence indebtedness. 1040x tax form Because only a part of the loan is qualified principal residence indebtedness, Kathy and Frank must apply the ordering rule to the canceled debt. 1040x tax form Under the ordering rule, the qualified principal residence indebtedness exclusion applies only to the extent that the amount canceled ($750,000) exceeds the amount of the loan (immediately before the cancellation) that is not qualified principal residence indebtedness ($500,000). 1040x tax form This means that Kathy and Frank can only exclude $250,000 ($750,000 amount canceled minus $500,000 nonqualified debt) under the qualified principal residence indebtedness exclusion. 1040x tax form   Kathy and Frank do not elect to have the insolvency exclusion apply instead of the qualified principal residence exclusion. 1040x tax form Nonetheless, they can still apply the insolvency exclusion to the $500,000 nonqualified debt because it is not qualified principal residence indebtedness. 1040x tax form Kathy and Frank can exclude the remaining $500,000 canceled debt under the insolvency exclusion because they were insolvent immediately before the cancellation to the extent of $726,000. 1040x tax form Thus, Kathy and Frank check the boxes on lines 1b and 1e of Form 982 and enter $750,000 on line 2 ($250,000 excluded under the qualified principal residence indebtedness exclusion plus $500,000 excluded under the insolvency exclusion). 1040x tax form   Next, Kathy and Frank reduce their tax attributes using Part II of Form 982. 1040x tax form Because Kathy and Frank no longer own the home due to the foreclosure, Kathy and Frank have no remaining basis in the home at the time of the debt cancellation. 1040x tax form Thus, Kathy and Frank leave line 10b of Form 982 blank. 1040x tax form However, Kathy and Frank are also excluding nonqualified debt under the insolvency exclusion. 1040x tax form As a result, Kathy and Frank must reduce the basis of property they own based on the amount of canceled debt they are excluding from income under the insolvency rules. 1040x tax form Because Kathy and Frank have no tax attributes other than basis of personal-use property to reduce, Kathy and Frank figure the amount they must include on line 10a of Form 982 by taking the smallest of: The $46,000 bases of their personal-use property held at the beginning of 2014 ($16,000 basis in the car plus $30,000 basis in household furnishings), The $500,000 of the nonbusiness debt (other than qualified principal residence indebtedness) that they are excluding from income on line 2 of Form 982, or The $43,000 excess of the total bases of the property and the amount of money they held immediately after the cancellation over their total liabilities immediately after the cancellation ($15,000 in savings account plus $30,000 basis in household furnishings plus $16,000 adjusted basis in car minus $18,000 credit card debt). 1040x tax form Kathy and Frank enter $43,000 on Form 982, line 10a and reduce their bases in the car and the household furnishings in proportion to the total adjusted bases in all their property. 1040x tax form Kathy and Frank reduce the basis in the car by $14,956. 1040x tax form 52 ($43,000 x $16,000/$46,000). 1040x tax form And they reduce the basis in the household furnishings by $28,043. 1040x tax form 48 ($43,000 x $30,000/$46,000). 1040x tax form   Following are Kathy and Frank's sample forms and worksheets. 1040x tax form Frank and Kathy's 2013 Form 1099-C, Cancellation of Debt This image is too large to be displayed in the current screen. 1040x tax form Please click the link to view the image. 1040x tax form Form 1099-C, Cancellation of Debt Table 1-1. 1040x tax form Worksheet for Foreclosures and Repossessions (for Frank and Kathy Willow) Part 1. 1040x tax form Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). 1040x tax form Otherwise, go to Part 2. 1040x tax form 1. 1040x tax form Enter the amount of outstanding debt immediately before the transfer of property reduced by any amount for which you remain personally liable immediately after the transfer of property $1,750,000. 1040x tax form 00 2. 1040x tax form Enter the fair market value of the transferred property $1,750,000. 1040x tax form 00 3. 1040x tax form Ordinary income from the cancellation of debt upon foreclosure or repossession. 1040x tax form * Subtract line 2 from line 1. 1040x tax form If less than zero, enter zero. 1040x tax form Next, go to Part 2 $0. 1040x tax form 00 Part 2. 1040x tax form Gain or loss from foreclosure or repossession. 1040x tax form   4. 1040x tax form Enter the smaller of line 1 or line 2. 1040x tax form If you did not complete Part 1 (because you were not personally liable for the debt), enter the amount of outstanding debt immediately before the transfer of property. 1040x tax form $1,750,000. 1040x tax form 00 5. 1040x tax form Enter any proceeds you received from the foreclosure sale   6. 1040x tax form Add line 4 and line 5 $1,750,000. 1040x tax form 00 7. 1040x tax form Enter the adjusted basis of the transferred property $3,000,000. 1040x tax form 00 8. 1040x tax form Gain or loss from foreclosure or repossession. 1040x tax form Subtract line 7 from line 6 ($1,250,000. 1040x tax form 00) * The income may not be taxable. 1040x tax form See chapter 1 for more details. 1040x tax form    Insolvency Worksheet—Frank and Kathy Willow Date debt was canceled (mm/dd/yy) 12/26/13 Part I. 1040x tax form Total liabilities immediately before the cancellation (do not include the same liability in more than one category) Liabilities (debts) Amount Owed Immediately Before the Cancellation 1. 1040x tax form Credit card debt $ 18,000 2. 1040x tax form Mortgage(s) on real property (including first and second mortgages and home equity loans) (mortgage(s) can be on personal residence, any additional residence, or property held for investment or used in a trade or business) $ 750,000 3. 1040x tax form Car and other vehicle loans $ 4. 1040x tax form Medical bills owed $ 5. 1040x tax form Student loans $ 6. 1040x tax form Accrued or past-due mortgage interest $ 7. 1040x tax form Accrued or past-due real estate taxes $ 8. 1040x tax form Accrued or past-due utilities (water, gas, electric) $ 9. 1040x tax form Accrued or past-due child care costs $ 10. 1040x tax form Federal or state income taxes remaining due (for prior tax years) $ 11. 1040x tax form Judgments $ 12. 1040x tax form Business debts (including those owed as a sole proprietor or partner) $ 13. 1040x tax form Margin debt on stocks and other debt to purchase or secured by investment assets other than real property $ 14. 1040x tax form Other liabilities (debts) not included above $ 15. 1040x tax form Total liabilities immediately before the cancellation. 1040x tax form Add lines 1 through 14. 1040x tax form $ 768,000 Part II. 1040x tax form Fair market value (FMV) of assets owned immediately before the cancellation (do not include the FMV of the same asset in more than one category) Assets FMV Immediately Before  the Cancellation 16. 1040x tax form Cash and bank account balances $ 15,000 17. 1040x tax form Real property, including the value of land (can be main home, any additional home, or property held for investment or used in a trade or business) $ 18. 1040x tax form Cars and other vehicles $ 10,000 19. 1040x tax form Computers $ 20. 1040x tax form Household goods and furnishings (for example, appliances, electronics, furniture, etc. 1040x tax form ) $ 17,000 21. 1040x tax form Tools $ 22. 1040x tax form Jewelry $ 23. 1040x tax form Clothing $ 24. 1040x tax form Books $ 25. 1040x tax form Stocks and bonds $ 26. 1040x tax form Investments in coins, stamps, paintings, or other collectibles $ 27. 1040x tax form Firearms, sports, photographic, and other hobby equipment $ 28. 1040x tax form Interest in retirement accounts (IRA accounts, 401(k) accounts, and other retirement accounts) $ 29. 1040x tax form Interest in a pension plan $ 30. 1040x tax form Interest in education accounts $ 31. 1040x tax form Cash value of life insurance $ 32. 1040x tax form Security deposits with landlords, utilities, and others $ 33. 1040x tax form Interests in partnerships $ 34. 1040x tax form Value of investment in a business $ 35. 1040x tax form Other investments (for example, annuity contracts, guaranteed investment contracts, mutual funds, commodity accounts, interests in hedge funds, and options) $ 36. 1040x tax form Other assets not included above $ 37. 1040x tax form FMV of total assets immediately before the cancellation. 1040x tax form Add lines 16 through 36. 1040x tax form $ 42,000 Part III. 1040x tax form Insolvency 38. 1040x tax form Amount of Insolvency. 1040x tax form Subtract line 37 from line 15. 1040x tax form If zero or less, you are not insolvent. 1040x tax form $ 726,000    Frank and Kathy's Form 982 This image is too large to be displayed in the current screen. 1040x tax form Please click the link to view the image. 1040x tax form Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) Prev  Up  Next   Home   More Online Publications
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Understanding Your CP563 Notice

We reviewed your Form W-7A, Application for Taxpayer Identification Number for Pending U.S. Adoptions, and we need additional information in order to process it.


What you need to do

  • Complete the CP563 response card and provide the requested information as described in your notice.

You may want to

  • Call the IRS at 1-512-460-7898 or 1-267-941-1000 (for international calls), if you have additional questions.

 

Page Last Reviewed or Updated: 27-Jan-2014

Printable samples of this notice (PDF)

 

 

How to get help

  • Call the 1-800 number listed on the top right corner of your notice.
  • Authorize someone (e.g., accountant) to contact the IRS on your behalf using Form 2848.
  • See if you qualify for help from a Low Income Taxpayer Clinic.
     

The 1040x Tax Form

1040x tax form Publication 51 - Introductory Material Table of Contents Future Developments What's New Reminders Calendar Introduction Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 51 (Circular A), such as legislation enacted after it was published, go to www. 1040x tax form irs. 1040x tax form gov/pub51. 1040x tax form What's New Social security and Medicare tax for 2014. 1040x tax form  The social security tax rate is 6. 1040x tax form 2% each for the employee and employer, unchanged from 2013. 1040x tax form The social security wage base limit is $117,000. 1040x tax form The Medicare tax rate is 1. 1040x tax form 45% each for the employee and employer, unchanged from 2013. 1040x tax form There is no wage base limit for Medicare tax. 1040x tax form Social security and Medicare taxes apply to the wages of household workers you pay $1,900 or more in cash or an equivalent form of compensation. 1040x tax form Withholding allowance. 1040x tax form  The 2014 amount for one withholding allowance on an annual basis is $3,950. 1040x tax form Change of responsible party. 1040x tax form  Beginning January 1, 2014, any entity with an employer identification number (EIN) must file Form 8822-B, Change of Address or Responsible Party—Business, to report the latest change to its responsible party. 1040x tax form Form 8822-B must be filed within 60 days of the change. 1040x tax form If the change in the identity of your responsible party occurred before 2014, and you have not previously notified the IRS of the change, file Form 8822-B before March 1, 2014, reporting only the most recent change. 1040x tax form For a definition of "responsible party", see the Form 8822-B instructions. 1040x tax form Same-sex marriage. 1040x tax form  For federal tax purposes, individuals of the same sex are considered married if they were lawfully married in a state (or foreign country) whose laws authorize the marriage of two individuals of the same sex, even if the state (or foreign country) in which they now live does not recognize same-sex marriage. 1040x tax form For more information, see Revenue Ruling 2013-17, 2013-38 I. 1040x tax form R. 1040x tax form B. 1040x tax form 201, available at www. 1040x tax form irs. 1040x tax form gov/irb/2013-38_IRB/ar07. 1040x tax form html. 1040x tax form Notice 2013-61 provides special administrative procedures for employers to make claims for refund or adjustments of overpayments of social security and Medicare taxes with respect to certain same-sex spouse benefits before expiration of the period of limitations. 1040x tax form Notice 2013-61, 2013-44 I. 1040x tax form R. 1040x tax form B. 1040x tax form 432, is available at www. 1040x tax form irs. 1040x tax form gov/irb/2013-44_IRB/ar10. 1040x tax form html. 1040x tax form Reminders Additional Medicare Tax withholding. 1040x tax form  In addition to withholding Medicare tax at 1. 1040x tax form 45%, you must withhold a 0. 1040x tax form 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. 1040x tax form You are required to begin withholding Additional Medicare Tax in the pay period in which you pay wages in excess of $200,000 to an employee and continue to withhold it each pay period until the end of the calendar year. 1040x tax form Additional Medicare Tax is only imposed on the employee. 1040x tax form There is no employer share of Additional Medicare Tax. 1040x tax form All wages that are subject to Medicare tax are subject to Additional Medicare Tax withholding if paid in excess of the $200,000 withholding threshold. 1040x tax form For more information on what wages are subject to Medicare tax, see the chart, Special Rules for Various Types of Services and Payments, in section 15 of Publication 15 (Circular E), Employer's Tax Guide. 1040x tax form For more information on Additional Medicare Tax, visit IRS. 1040x tax form gov and enter “Additional Medicare Tax” in the search box. 1040x tax form Work opportunity tax credit for qualified tax-exempt organizations hiring qualified veterans. 1040x tax form  The work opportunity tax credit is available for eligible unemployed veterans who begin work on or after November 22, 2011, and before January 1, 2014. 1040x tax form Qualified tax-exempt organizations that hire eligible unemployed veterans can claim the work opportunity tax credit against their payroll tax liability using Form 5884-C, Work Opportunity Credit for Qualified Tax-Exempt Organizations Hiring Qualified Veterans. 1040x tax form For more information, visit IRS. 1040x tax form gov and enter “work opportunity tax credit” in the search box. 1040x tax form Outsourcing payroll duties. 1040x tax form  Employers are responsible to ensure that tax returns are filed and deposits and payments are made, even if the employer contracts with a third party to perform these acts. 1040x tax form The employer remains responsible if the third party fails to perform any required action. 1040x tax form If you choose to outsource any of your payroll and related tax duties (that is, withholding, reporting, and paying over social security, Medicare, FUTA, and income taxes) to a third-party payer such as a payroll service provider or reporting agent, visit IRS. 1040x tax form gov and enter “outsourcing payroll duties” in the search box for helpful information on this topic. 1040x tax form COBRA premium assistance credit. 1040x tax form  The credit for COBRA premium assistance payments applies to premiums paid for employees involuntarily terminated between September 1, 2008, and May 31, 2010, and to premiums paid for up to 15 months. 1040x tax form For more information, see COBRA premium assistance credit under Introduction. 1040x tax form Compensation paid to H-2A foreign agricultural workers. 1040x tax form  Report compensation of $600 or more paid to foreign agricultural workers who entered the country on H-2A visas in box 1 of Form W-2, Wage and Tax Statement. 1040x tax form Compensation paid to H-2A workers for agricultural labor performed in connection with this visa is not subject to social security and Medicare taxes, and therefore should not be reported as wages subject to social security tax (line 2), Medicare tax (line 4), or Additional Medicare Tax withholding (line 6) on Form 943, Employer's Annual Federal Tax Return for Agricultural Employees, and should not be reported as social security wages (box 3) or Medicare wages (box 5) on Form W-2. 1040x tax form On Form W-2, do not check box 13 (Statutory employee), as H-2A workers are not statutory employees. 1040x tax form An employer is not required to withhold federal income tax from compensation it pays an H-2A worker for agricultural labor performed in connection with this visa unless the worker asks for withholding and the employer agrees. 1040x tax form In that case, the worker must give the employer a completed Form W-4, Employee's Withholding Allowance Certificate. 1040x tax form Federal income tax withheld should be reported on Form 943, line 8, and in box 2 of Form W-2. 1040x tax form These reporting rules apply when the H-2A worker provides his or her taxpayer identification number (TIN) to the employer. 1040x tax form For the rules relating to backup withholding and reporting when the H-2A worker does not provide a TIN, see the Instructions for Form 1099-MISC and the Instructions for Form 945. 1040x tax form Additional employment tax information. 1040x tax form  Visit the IRS website at www. 1040x tax form irs. 1040x tax form gov/businesses and click on Employment Taxes under Businesses Topics. 1040x tax form For employment tax information by telephone, call 1-800-829-4933 or 1-800-829-4059 (TDD/TTY for persons who are deaf, hard of hearing, or have a speech disability) Monday–Friday from 7:00 a. 1040x tax form m. 1040x tax form –7:00 p. 1040x tax form m. 1040x tax form local time (Alaska and Hawaii follow Pacific time). 1040x tax form Additionally, you can call IRS TeleTax at 1-800-829-4477 for recorded information by topic. 1040x tax form Disregarded entities and qualified subchapter S subsidiaries (QSubs). 1040x tax form  Eligible single-owner disregarded entities and QSubs are treated as separate entities for employment tax purposes. 1040x tax form Eligible single-member entities that have not elected to be taxed as corporations must report and pay employment taxes on wages paid to their employees using the entities' own names and EINs. 1040x tax form See Regulations sections 1. 1040x tax form 1361-4(a)(7) and 301. 1040x tax form 7701-2(c)(2)(iv). 1040x tax form Differential wage payments. 1040x tax form  Qualified differential wage payments made by employers to individuals serving in the Armed Forces after 2008 are subject to income tax withholding but not social security, Medicare, or FUTA taxes. 1040x tax form For more information, see Publication 15 (Circular E). 1040x tax form Federal tax deposits must be made by electronic funds transfer. 1040x tax form  You must use electronic funds transfer to make all federal tax deposits. 1040x tax form Generally, electronic fund transfers are made using the Electronic Federal Tax Payment System (EFTPS). 1040x tax form If you do not want to use EFTPS, you can arrange for your tax professional, financial institution, payroll service, or other trusted third party to make electronic deposits on your behalf. 1040x tax form Also, you may arrange for your financial institution to initiate a same-day wire payment on your behalf. 1040x tax form EFTPS is a free service provided by the Department of Treasury. 1040x tax form Services provided by your tax professional, financial institution, payroll service, or other third party may have a fee. 1040x tax form For more information on making federal tax deposits, see How To Deposit in section 7. 1040x tax form To get more information about EFTPS or to enroll in EFTPS, visit www. 1040x tax form eftps. 1040x tax form gov or call 1-800-555-4477 or 1-800-733-4829 (TDD). 1040x tax form Additional information about EFTPS is also available in Publication 966, Electronic Federal Tax Payment System: A Guide To Getting Started. 1040x tax form Electronic filing and payment. 1040x tax form  Now, more than ever before, businesses can enjoy the benefits of filing tax returns and paying their taxes electronically. 1040x tax form Whether you rely on a tax professional or handle your own taxes, the IRS offers you convenient programs to make it easier. 1040x tax form Spend less time and worry on taxes and more time running your business. 1040x tax form Use e-file and the Electronic Federal Tax Payment System (EFTPS) to your benefit. 1040x tax form For e-file, visit the IRS website at www. 1040x tax form irs. 1040x tax form gov/efile for additional information. 1040x tax form For EFTPS, visit www. 1040x tax form eftps. 1040x tax form gov or call EFTPS Customer Service at 1-800-555-4477 (business), 1-800-316-6541 (individual), or 1-800-733-4829 (TDD) for additional information. 1040x tax form For electronic filing of Form W-2, visit www. 1040x tax form socialsecurity. 1040x tax form gov/employer. 1040x tax form If you are filing your tax return or paying your federal taxes electronically, a valid EIN is required. 1040x tax form If a valid EIN is not provided, the return or payment will not be processed. 1040x tax form This may result in penalties and delays in processing your return or payment. 1040x tax form Electronic funds withdrawal (EFW). 1040x tax form  If you file Form 943 electronically, you can e-file and e-pay (electronic funds withdrawal) the balance due in a single step using tax preparation software or through a tax professional. 1040x tax form However, do not use EFW to make federal tax deposits. 1040x tax form For more information on paying your taxes using EFW, visit the IRS website at www. 1040x tax form irs. 1040x tax form gov/e-pay. 1040x tax form A fee may be charged to file electronically. 1040x tax form Credit or debit card payments. 1040x tax form   Employers can pay the balance due shown on Form 943 by credit or debit card. 1040x tax form Do not use a credit or debit card to make federal tax deposits. 1040x tax form For more information on paying your taxes with a credit or debit card, visit the IRS website at www. 1040x tax form irs. 1040x tax form gov/e-pay. 1040x tax form When you hire a new employee. 1040x tax form  Ask each new employee to complete the 2014 Form W-4 or its Spanish version, Formulario W-4(SP), Certificado de Exención de Retenciones del Empleado. 1040x tax form Also, ask the employee to show you his or her social security card so that you can record the employee's name and social security number accurately. 1040x tax form If the employee has lost the card or recently changed names, have the employee apply for a duplicate or corrected card. 1040x tax form If the employee does not have a card, have the employee apply for one on Form SS-5, Application for a Social Security Card. 1040x tax form See section 1 for more information. 1040x tax form Eligibility for employment. 1040x tax form  You must verify that each new employee is legally eligible to work in the United States. 1040x tax form This includes completing the U. 1040x tax form S. 1040x tax form Citizenship and Immigration Services (USCIS) Form I-9, Employment Eligibility Verification. 1040x tax form You can get the form from USCIS offices or by calling 1-800-870-3676. 1040x tax form Contact the USCIS at 1-800-375-5283, or visit the USCIS website at www. 1040x tax form uscis. 1040x tax form gov for more information. 1040x tax form New hire reporting. 1040x tax form   You are required to report any new employee to a designated state new-hire registry. 1040x tax form A new employee is an employee who has not previously been employed by you or was previously employed by you but has been separated from such prior employment for at least 60 consecutive days. 1040x tax form Many states accept a copy of Form W-4 with employer information added. 1040x tax form Visit the Office of Child Support Enforcement's website at www. 1040x tax form acf. 1040x tax form hhs. 1040x tax form gov/programs/cse/newhire for more information. 1040x tax form Dishonored payments. 1040x tax form  Any form of payment that is dishonored and returned from a financial institution is subject to a penalty. 1040x tax form The penalty is $25 or 2% of the payment, whichever is more. 1040x tax form However, the penalty on dishonored payments of $24. 1040x tax form 99 or less is an amount equal to the payment. 1040x tax form For example, a dishonored payment of $18 is charged a penalty of $18. 1040x tax form Forms in Spanish. 1040x tax form  You can provide Formulario W-4(SP) in place of Form W-4 to your Spanish-speaking employees. 1040x tax form For more information, see Publicación 17(SP), El Impuesto Federal sobre los Ingresos (Para Personas Físicas). 1040x tax form For nonemployees, Formulario W-9(SP), Solicitud y Certificación del Número de Identificación del Contribuyente, may be used in place of Form W-9, Request for Taxpayer Identification Number and Certification. 1040x tax form References in this publication to Form W-4 or Form W-9 also apply to their equivalent Spanish translations—Formulario W-4(SP) or Formulario W-9(SP). 1040x tax form Information returns. 1040x tax form  You may be required to file information returns to report certain types of payments made during the year. 1040x tax form For example, you must file Form 1099-MISC, Miscellaneous Income, to report payments of $600 or more to persons not treated as employees (for example, independent contractors) for services performed for your trade or business. 1040x tax form For details about filing Forms 1099 and for information about required electronic filing, see the General Instructions for Certain Information Returns for general information and the separate, specific instructions for each information return that you file (for example, Instructions for Form 1099-MISC). 1040x tax form Generally, do not use Forms 1099 to report wages or other compensation that you paid to employees; report these amounts on Form W-2. 1040x tax form See the General Instructions for Forms W-2 and W-3 for details about filing Forms W-2 and for information about required electronic filing. 1040x tax form If you file 250 or more Forms W-2, you must file them electronically. 1040x tax form SSA will not accept Forms W-2 and W-3 filed on any magnetic media. 1040x tax form Information reporting customer service site. 1040x tax form  The IRS operates the Enterprise Computing Center—Martinsburg, a centralized customer service site, to answer questions about reporting on Forms W-2, W-3, 1099, and other information returns. 1040x tax form If you have questions related to reporting on information returns, you may call 1-866-455-7438 (toll free), 304-263-8700 (toll call), or 304-267-3367 (TDD/TTY for persons who are deaf, heard of hearing, or have a speech disability). 1040x tax form The call site can also be reached by email at mccirp@irs. 1040x tax form gov. 1040x tax form Do not include tax identification numbers (TINs) or attachments in email correspondence because electronic mail is not secure. 1040x tax form Web-based application for an employer identification number (EIN). 1040x tax form  You can apply for an employer identification number (EIN) online by visiting IRS. 1040x tax form gov and clicking on the Apply for an EIN Online link under Tools. 1040x tax form When a crew leader furnishes workers to you. 1040x tax form  Record the crew leader's name, address, and EIN. 1040x tax form See sections 2 and 10. 1040x tax form Change of address. 1040x tax form  Use Form 8822-B to notify the IRS of an address change. 1040x tax form Do not mail form 8822-B with your employment tax return. 1040x tax form Ordering forms and publications. 1040x tax form  You can order your 2013 and 2014 employment tax and information return forms, instructions, and publications online at www. 1040x tax form irs. 1040x tax form gov/businesses. 1040x tax form Click on the Online Ordering for Information Returns and Employer Returns. 1040x tax form You can also visit www. 1040x tax form irs. 1040x tax form gov/formspubs to download other forms and publications. 1040x tax form Instead of ordering paper Forms W-2 and W-3, consider filing them electronically using the Social Security Administration's (SSA) free e-file service. 1040x tax form Visit the SSA's Employer W-2 Filing Instructions & Information website at  www. 1040x tax form socialsecurity. 1040x tax form gov/employer, to register for Business Services Online. 1040x tax form You will be able to create and file “fill-in” versions of Forms W-2 with SSA and can print out completed copies of Forms W-2 for filing with state and local governments, distribution to your employees, and for your records. 1040x tax form Form W-3 will be created for you based on your Forms W-2. 1040x tax form Tax Questions. 1040x tax form   If you have a tax question, check the information available on IRS. 1040x tax form gov or call 1-800-829-4933 (businesses), 1-800-829-1040 (individuals), or 1-800-829-4059 (TDD/TTY for persons who are deaf, hard of hearing, or have a speech disability) Monday–Friday from 7:00 a. 1040x tax form m. 1040x tax form –7:00 p. 1040x tax form m. 1040x tax form local time (Alaska and Hawaii follow Pacific time). 1040x tax form We cannot answer tax questions sent to the address provided later for comments and suggestions. 1040x tax form Recordkeeping. 1040x tax form  Keep all records of employment taxes for at least 4 years. 1040x tax form These should be available for IRS review. 1040x tax form Your records should include the following information. 1040x tax form Your employer identification number (EIN). 1040x tax form Amounts and dates of all wage, annuity, and pension payments. 1040x tax form Names, addresses, social security numbers, and occupations of employees and recipients. 1040x tax form Any employee copies of Forms W-2 and W-2c returned to you as undeliverable. 1040x tax form Dates of employment for each employee. 1040x tax form Periods for which employees and recipients were paid while absent due to sickness or injury and the amount and weekly rate of payments you or third-party payers made to them. 1040x tax form Copies of employees' and recipients' income tax withholding allowance certificates (Forms W-4, W-4(SP), W-4P, and W-4S). 1040x tax form Dates and amounts of tax deposits you made and acknowledgment numbers for deposits made by EFTPS. 1040x tax form Copies of returns filed and confirmation numbers. 1040x tax form Records of fringe benefits and expense reimbursements provided to your employees, including substantiation. 1040x tax form If a crew leader furnished you with farmworkers, you must keep a record of the name, permanent mailing address, and EIN of the crew leader. 1040x tax form If the crew leader has no permanent mailing address, record his or her present address. 1040x tax form Private delivery services. 1040x tax form  You can use certain private delivery services designated by the IRS to send tax returns and payments. 1040x tax form The list includes only the following. 1040x tax form DHL Express (DHL): DHL Same Day Service. 1040x tax form Federal Express (FedEx): FedEx Priority Overnight, FedEx Standard Overnight, FedEx 2Day, FedEx International Priority, and FedEx International First. 1040x tax form United Parcel Service (UPS): UPS Next Day Air, UPS Next Day Air Saver, UPS 2nd Day Air, UPS 2nd Day Air A. 1040x tax form M. 1040x tax form , UPS Worldwide Express Plus, and UPS Worldwide Express. 1040x tax form For the IRS mailing address to use if you are using a private delivery service, go to IRS. 1040x tax form gov and enter "private delivery service" in the search box. 1040x tax form Your private delivery service can tell you how to get written proof of the mailing date. 1040x tax form Private delivery services cannot deliver items to P. 1040x tax form O. 1040x tax form boxes. 1040x tax form You must use the U. 1040x tax form S. 1040x tax form Postal Service to mail any item to an IRS P. 1040x tax form O. 1040x tax form box address. 1040x tax form Photographs of missing children. 1040x tax form  The IRS is a proud partner with the National Center for Missing and Exploited Children. 1040x tax form Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. 1040x tax form You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. 1040x tax form Calendar The following are important dates and responsibilities. 1040x tax form See section 7 for information about depositing taxes reported on Forms 941, 943, 944, and 945. 1040x tax form Also see Publication 509, Tax Calendars. 1040x tax form   If any date shown below for filing a return, furnishing a form, or depositing taxes falls on a Saturday, Sunday, or legal holiday, the due date is the next business day. 1040x tax form A statewide legal holiday delays a filing due date only if the IRS office where you are required to file is located in that state. 1040x tax form However, a statewide legal holiday does not delay the due date of federal tax deposits. 1040x tax form See Deposits on Business Days Only in section 7. 1040x tax form For any filing due date, you will meet the “file” or “furnish” requirement if the envelope containing the return or form is properly addressed, contains sufficient postage, and is postmarked by the U. 1040x tax form S. 1040x tax form Postal Service on or before the due date, or sent by an IRS-designated delivery service on or before the due date. 1040x tax form See Private delivery services under Reminders. 1040x tax form By January 31 . 1040x tax form   File Form 943. 1040x tax form See section 8 for more information on Form 943. 1040x tax form If you deposited all Form 943 taxes when due, you have 10 additional calendar days to file. 1040x tax form Furnish each employee with a completed Form W-2. 1040x tax form Furnish each recipient to whom you paid $600 or more in nonemployee compensation with a completed Form 1099 (for example, Form 1099-MISC). 1040x tax form File Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return. 1040x tax form See section 10 for more information on FUTA. 1040x tax form If you deposited all the FUTA tax when due, you have 10 additional calendar days to file. 1040x tax form File Form 945, Annual Return of Withheld Federal Income Tax, to report any nonpayroll federal income tax withheld in 2013. 1040x tax form If you deposited all Form 945 taxes when due, you have 10 additional calendar days to file. 1040x tax form By February 15. 1040x tax form  Ask for a new Form W-4 or Formulario W-4(SP) from each employee who claimed exemption from federal income tax withholding last year. 1040x tax form On February 16. 1040x tax form  Any Form W-4 claiming exemption from withholding for the previous year has now expired. 1040x tax form Begin withholding for any employee who previously claimed exemption from withholding but has not given you a new Form W-4 for the current year. 1040x tax form If the employee does not give you a new Form W-4, withhold tax based on the last valid Form W-4 you have for the employee that does not claim exemption from withholding or, if one does not exist, as if he or she is single with zero withholding allowances. 1040x tax form See section 5 for more information. 1040x tax form If the employee furnishes a new Form W-4 claiming exemption from withholding after February 15, you may apply the exemption to future wages, but do not refund taxes withheld while the exempt status was not in place. 1040x tax form By February 28. 1040x tax form   File paper Forms 1099 and 1096. 1040x tax form File Copy A of all paper Forms 1099 with Form 1096, Annual Summary and Transmittal of U. 1040x tax form S. 1040x tax form Information Returns, with the IRS. 1040x tax form For electronically filed returns, see By March 31 below. 1040x tax form File paper Forms W-2 and W-3. 1040x tax form File Copy A of all paper Forms W-2 with Form W-3, Transmittal of Wage and Tax Statements, with the SSA. 1040x tax form For electronically filed returns, see By March 31 next. 1040x tax form By March 31. 1040x tax form   File electronic Forms W-2 and 1099. 1040x tax form File electronic Forms W-2 with the SSA and Forms 1099 with the IRS. 1040x tax form For more information on reporting Form W-2 information to the SSA electronically, visit the SSA's Employer W-2 Filing Instructions & Information webpage at www. 1040x tax form socialsecurity. 1040x tax form gov/employer. 1040x tax form For information on filing information returns electronically with the IRS, see Publication 1220, Specifications for Electronic Filing of Forms 1097, 1098, 1099, 3921, 3922, 5498, 8935, and W-2G. 1040x tax form By April 30, July 31, October 31, and January 31. 1040x tax form   Deposit FUTA taxes. 1040x tax form Deposit FUTA tax if the undeposited amount is over $500. 1040x tax form Before December 1. 1040x tax form  Remind employees to submit a new Form W-4 if their marital status or withholding allowances have changed or will change for the next year. 1040x tax form Introduction This publication is for employers of agricultural workers (farmworkers). 1040x tax form It contains information that you may need to comply with the laws for agricultural labor (farmwork) relating to social security and Medicare taxes, FUTA tax, and withheld federal income tax (employment taxes). 1040x tax form Agricultural employers report social security and Medicare taxes and withheld federal income tax on Form 943 and report FUTA tax on Form 940. 1040x tax form If you have nonfarm employees, see Publication 15 (Circular E). 1040x tax form If you have employees in the U. 1040x tax form S. 1040x tax form Virgin Islands, Guam, American Samoa, or the Commonwealth of the Northern Mariana Islands, see Publication 80 (Circular SS). 1040x tax form Publication 15-A, Employer's Supplemental Tax Guide, contains more employment-related information, including information about sick pay and pension income. 1040x tax form Publication 15-B, Employer's Tax Guide to Fringe Benefits, contains information about the employment tax treatment and valuation of various types of noncash compensation. 1040x tax form Comments and suggestions. 1040x tax form   We welcome your comments about this publication and your suggestions for future editions. 1040x tax form   You can write to us at the following address:  Internal Revenue Service Tax Forms and Publications Division  1111 Constitution Ave. 1040x tax form NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. 1040x tax form Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. 1040x tax form   You can also send us comments from www. 1040x tax form irs. 1040x tax form gov/formspubs. 1040x tax form Click on More Information and then click on Comment on Tax Forms and Publications. 1040x tax form   Although we cannot respond individually to each email, we do appreciate your feedback and will consider your comments as we revise our tax forms, instructions, and publications. 1040x tax form COBRA premium assistance credit. 1040x tax form   The Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) provides certain former employees, retirees, spouses, former spouses, and dependent children the right to temporary continuation of health coverage at group rates. 1040x tax form COBRA generally covers multiemployer health plans and health plans maintained by private-sector employers (other than churches) with 20 or more full and part-time employees. 1040x tax form Parallel requirements apply to these plans under the Employee Retirement Income Security Act of 1974 (ERISA). 1040x tax form Under the Public Health Service Act, COBRA requirements apply also to health plans covering state or local government employees. 1040x tax form Similar requirements apply under the Federal Employees Health Benefits Program and under some state laws. 1040x tax form For the premium assistance (or subsidy) discussed below, these requirements are all referred to as COBRA requirements. 1040x tax form   Under the American Recovery and Reinvestment Act of 2009 (ARRA), employers are allowed a credit against “payroll taxes” (referred to in this publication as “employment taxes”) for providing COBRA premium assistance to assistance eligible individuals. 1040x tax form For periods of COBRA continuation coverage beginning after February 16, 2009, a group health plan must treat an assistance eligible individual as having paid the required COBRA continuation coverage premium if the individual elects COBRA coverage and pays 35% of the amount of the premium. 1040x tax form   An assistance eligible individual is a qualified beneficiary of an employer's group health plan who is eligible for COBRA continuation coverage during the period beginning September 1, 2008, and ending May 31, 2010, due to the involuntarily termination from employment of a covered employee during the period and elects continuation COBRA coverage. 1040x tax form The assistance for the coverage can last up to 15 months. 1040x tax form   Employees terminated during the period beginning September 1, 2008, and ending May 31, 2010, who received a severance package that delayed the start of the COBRA continuation coverage, may still be eligible for premium assistance for COBRA continuation coverage. 1040x tax form For more information, see Notice 2009-27, 2009-16 I. 1040x tax form R. 1040x tax form B. 1040x tax form 838, available at www. 1040x tax form irs. 1040x tax form gov/irb/2009-16_irb/ar09. 1040x tax form html. 1040x tax form   Administrators of the group health plans (or other entities) that provide or administer COBRA continuation coverage must provide notice to assistance eligible individuals of the COBRA premium assistance. 1040x tax form   The 65% of the premium not paid by the assistance eligible individual is reimbursed to the employer maintaining the group health plan. 1040x tax form The reimbursement is made through a credit against the employer's employment tax liabilities. 1040x tax form For information on how to claim the credit, see the Instructions for Form 943. 1040x tax form The credit is treated as a deposit made on the first day of the return period. 1040x tax form In the case of a multiemployer plan, the credit is claimed by the plan, rather than the employer. 1040x tax form In the case of an insured plan subject to state law continuation coverage requirements, the credit is claimed by the insurance company, rather than the employer. 1040x tax form   Anyone claiming the credit for COBRA premium assistance payments must maintain the following information to support their claim, including the following. 1040x tax form Information on the receipt of the assistance eligible individuals' 35% share of the premium including dates and amounts. 1040x tax form In the case of an insurance plan, a copy of invoice or other supporting statement from the insurance carrier and proof of timely payment of the full premium to the insurance carrier required under COBRA. 1040x tax form In the case of a self-insured plan, proof of the premium amount and proof of the coverage provided to the assistance eligible individuals. 1040x tax form Attestation of involuntary termination, including the date of the involuntary termination for each covered employee whose involuntary termination is the basis for eligibility for the subsidy. 1040x tax form Proof of each assistance eligible individual's eligibility for COBRA coverage and the election of COBRA coverage. 1040x tax form A record of the social security numbers (SSNs) of all covered employees, the amount of the subsidy reimbursed with respect to each covered employee, and whether the subsidy was for one individual or two or more individuals. 1040x tax form   For more information, visit IRS. 1040x tax form gov and enter “COBRA” in the search box. 1040x tax form Useful Items - You may want to see: Publication 15 (Circular E), Employer's Tax Guide 15-A Employer's Supplemental Tax Guide 15-B Employer's Tax Guide to Fringe Benefits 225 Farmer's Tax Guide 535 Business Expenses 583 Starting a Business and Keeping Records 1635 Employer Identification Number: Understanding Your EIN Prev  Up  Next   Home   More Online Publications