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1042 ez 1. 1042 ez Organizations Subject to the Tax Table of Contents The tax on unrelated business income applies to most organizations exempt from tax under section 501(a). 1042 ez These organizations include charitable, religious, scientific, and other organizations described in section 501(c), as well as employees' trusts forming part of pension, profit-sharing, and stock bonus plans described in section 401(a). 1042 ez In addition, the following are subject to the tax on unrelated business income. 1042 ez Individual retirement arrangements (IRAs), including traditional IRAs, Roth IRAs, Coverdell IRAs, simplified employee pensions (SEP-IRAs), and savings incentive match plans for employees (SIMPLE IRAs). 1042 ez State and municipal colleges and universities. 1042 ez Qualified state tuition programs. 1042 ez Medical savings accounts (MSAs) described in section 220(d). 1042 ez Coverdell savings accounts described in section 530. 1042 ez U. 1042 ez S. 1042 ez instrumentalities. 1042 ez A corporation that is a U. 1042 ez S. 1042 ez instrumentality described in section 501(c)(1) is not subject to the tax on unrelated business income if the corporation is organized under an Act of Congress and, under the Act, is exempt from federal income taxes. 1042 ez Colleges and universities. 1042 ez Colleges and universities that are agencies or instrumentalities of any government or any political subdivision of a government, or that are owned or operated by a government or political subdivision of a government, are subject to the tax on unrelated business income. 1042 ez As used here, the word government includes any foreign government (to the extent not contrary to a treaty) and all domestic governments (the United States and any of its possessions, any state, and the District of Columbia). 1042 ez The tax is on the unrelated business income of both the universities and colleges themselves and on their wholly owned tax exempt subsidiary organizations. 1042 ez It is immaterial whether the business is conducted by the university or by a separately incorporated wholly owned subsidiary. 1042 ez If the business activity is unrelated, the income in both instances will be subject to the tax. 1042 ez If the primary purpose of a wholly owned subsidiary is to operate or conduct any unrelated trade or business (other than holding title to property and collecting income from it), the subsidiary is not an exempt organization, and this rule does not apply. 1042 ez Title-holding corporations. 1042 ez When an exempt title-holding corporation, described in section 501(c)(2), pays any of its net income to an organization that itself is exempt from tax under section 501(a) (or would pay such an amount except that the expenses of collecting its income exceed the amount collected) and files a consolidated return with that organization, the title-holding corporation is treated, for unrelated business income tax purposes, as organized and operated for the same purposes as the exempt payee organization. 1042 ez Thus, a title-holding corporation whose source of income is related to the exempt purposes of the payee organization is not subject to the unrelated business income tax if the holding corporation and the payee organization file a consolidated return. 1042 ez However, if the source of the income is not so related, the title-holding corporation is subject to unrelated business income tax. 1042 ez Example. 1042 ez X, a title-holding corporation, is required to distribute its net income to A, an exempt organization. 1042 ez During the tax year, X realizes net income of $900,000 from source M, which is related to A's exempt function. 1042 ez X also receives $100,000 from source N, which is not related to A's exempt function. 1042 ez X and A file a consolidated return for the tax year. 1042 ez X has unrelated business income of $100,000. 1042 ez Prev Up Next Home More Online Publications
Understanding your CP12A Notice
We made changes to correct the Earned Income Credit (EIC) claimed on your tax return.
What you need to do
- Review the notice, and compare our changes to the information on your tax return.
- If you agree with the changes we made, do nothing; you should receive a refund check in 4-6 weeks, as long as you don't owe other tax or debts we're required to collect.
- If you don't agree, call 1-800-829-8374 to review your account or contact us by mail. Include any correspondence or documentation.
You may want to...
- Download copies of the following materials (if they weren’t included with your notice):
- Call 1-800-TAX-FORM (1-800-829-3676) to have forms and publications mailed to you.
- Review the rules for claiming Earned Income Credit.
Answers to Common Questions
How can I find out what caused my tax return to change?
Please contact us at the toll free number listed on the top right corner of your notice for specific information concerning your tax return.
What should I do if I disagree with the changes you made?
If you disagree, contact us at the toll free number listed on the top right corner of your notice.
If you contact us in writing within 60 days of the date of this notice, we'll reverse the changes we made to your account. However, if you're unable to provide us with additional information that justifies the reversal and we believe the reversal is in error, we'll forward your case to examination for audit. This step gives you formal appeal rights, including the right to appeal our decision in court. After we forward your case, the audit staff will contact you within five to six weeks to fully explain the audit process and your rights. If you don't contact us within the 60 day period, you'll lose your right to appeal our decision before payment of tax.
My child is turning 18 this year. Can I still get the Additional Child Tax Credit?
No. Your child must be under the age of 17 at the end of 2010 to qualify for both the Child Tax Credit and the Additional Child Tax Credit.
Tips for next year
Consider filing your taxes electronically. Filing online can help you avoid mistakes and find credits and deductions that you may qualify for. In many cases you can file for free. Learn more about e-file.
Page Last Reviewed or Updated: 19-Feb-2014
The 1042 Ez
1042 ez Index A Actual knowledge Innocent spouse relief, Actual Knowledge or Reason To Know Separation of liability relief, Actual Knowledge Assistance (see Tax help) B Burden of proof, separation of liability, Burden of proof. 1042 ez C Comments on publication, Comments and suggestions. 1042 ez Community property law, relief from liability arising from, Community Property Laws Community property laws, Community Property Laws D Decedent, Form 8857 filed by or on behalf of a decedent. 1042 ez Domestic violence (separation of liability), Exception for spousal abuse or domestic violence. 1042 ez E Equitable relief Conditions for getting, Conditions for Getting Equitable Relief Factors for determining whether to grant, Factors for Determining Whether To Grant Equitable Relief Refunds, Refunds Under Equitable Relief Erroneous items, Erroneous Items Executors (see Decedent) F Flowcharts, Flowcharts Form 8857 Filled-in example, Filled-in Form 8857 For decedent, Form 8857 filed by or on behalf of a decedent. 1042 ez Tax Court review, Tax Court Review of Request When to file, When to file Form 8857. 1042 ez Free tax services, How To Get Tax Help H Help (see Tax help) How to request relief, How To Request Relief I Indications of unfairness Innocent spouse relief, Indications of Unfairness for Innocent Spouse Relief Injured spouse relief, Publication 971 - Additional Material Innocent spouse relief, Innocent Spouse Relief J Joint and several liability, Publication 971 - Additional Material L Limitations on Relief, Limitations on Relief M More information (see Tax help) N No joint return filed, Relief for Married Persons Who Did Not File Joint Returns P Partial relief, innocent spouse relief, Partial relief when a portion of erroneous item is unknown. 1042 ez Publications (see Tax help) Q Questions & Answers, Publication 971 - Additional Material R Reason to know, Actual Knowledge or Reason To Know Refunds, Refunds Limit on amount of refund, Limit on Amount of Refund Proof required, Proof Required Under equitable relief, Refunds Under Equitable Relief S Separation of liability relief, Separation of Liability Relief Spousal abuse, The IRS Must Contact Your Spouse or Former Spouse, Exception for spousal abuse or domestic violence. 1042 ez Spousal notification, The IRS Must Contact Your Spouse or Former Spouse, Publication 971 - Additional Material Suggestions for publication, Comments and suggestions. 1042 ez T Tax Court review, Tax Court Review of Request Tax help, How To Get Tax Help Taxpayer Advocate, Taxpayer Advocate Service. 1042 ez TEFRA partnership proceedings, Exception for agreements relating to TEFRA partnership proceedings. 1042 ez Transferee liability, Transferee liability not affected by innocent spouse relief provisions. 1042 ez Transfers of property to avoid tax, Transfers of Property To Avoid Tax TTY/TDD information, How To Get Tax Help U Underpaid tax, Equitable Relief Understated tax, Understated Tax United States Tax Court, Tax Court Review of Request W When to file Form 8857, When to file Form 8857. 1042 ez Prev Up Home More Online Publications