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2011 1040 Form Download

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2011 1040 Form Download

2011 1040 form download 7. 2011 1040 form download   Filing Information Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: What, When, and Where To FileResident Aliens Nonresident Aliens Amended Returns and Claims for Refund Other Forms You May Have To File PenaltiesCivil Penalties Criminal Penalties Introduction This chapter provides the basic filing information that you may need. 2011 1040 form download Topics - This chapter discusses: Forms aliens must file, When and where to file, Penalties, and Amended returns and claims for refund. 2011 1040 form download Useful Items - You may want to see: Forms (and Instructions) 1040 U. 2011 1040 form download S. 2011 1040 form download Individual Income Tax Return 1040A U. 2011 1040 form download S. 2011 1040 form download Individual Income Tax Return 1040EZ Income Tax Return for Single and Joint Filers With No Dependents 1040NR U. 2011 1040 form download S. 2011 1040 form download Nonresident Alien Income Tax Return 1040NR-EZ U. 2011 1040 form download S. 2011 1040 form download Income Tax Return for Certain Nonresident Aliens With No Dependents See chapter 12 for information about getting these forms. 2011 1040 form download What, When, and Where To File What return you must file as well as when and where you file that return, depends on your status at the end of the tax year as a resident or a nonresident alien. 2011 1040 form download Resident Aliens Resident aliens should file Form 1040EZ, 1040A, or 1040 at the address shown in the instructions for that form. 2011 1040 form download The due date for filing the return and paying any tax due is April 15 of the year following the year for which you are filing a return (but see the Tip, later). 2011 1040 form download Under U. 2011 1040 form download S. 2011 1040 form download immigration law, a lawful permanent resident who is required to file a tax return as a resident and fails to do so may be regarded as having abandoned status and may lose permanent resident status. 2011 1040 form download Extensions of time to file. 2011 1040 form download   You are allowed an automatic extension to June 15 to file if your main place of business and the home you live in are outside the United States and Puerto Rico on April 15. 2011 1040 form download You can get an extension of time to October 15 to file your return if you get an extension by April 15 (June 15 if you qualify for the June 15 extension). 2011 1040 form download Use Form 4868 to get the extension to October 15. 2011 1040 form download In addition to this 6-month extension, taxpayers who are out of the country (as defined in the Form 4868 instructions) can request a discretionary 2-month additional extension of time to file their returns (to December 15 for calendar year taxpayers). 2011 1040 form download To request this extension, you must send the IRS a letter explaining the reasons why you need the additional 2 months. 2011 1040 form download Send the letter by the extended due date (October 15 for calendar year taxpayers) to the following address:  Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215   You will not receive any notification from the IRS unless your request is denied for being untimely. 2011 1040 form download   The discretionary 2-month additional extension is not available to taxpayers who have an approved extension of time to file on Form 2350 (for U. 2011 1040 form download S. 2011 1040 form download citizens and resident aliens abroad who expect to qualify for special tax treatment). 2011 1040 form download    If the due date for filing falls on a Saturday, Sunday, or legal holiday, the due date is the next day which is not a Saturday, Sunday, or legal holiday. 2011 1040 form download You may be able to file your return electronically. 2011 1040 form download See IRS e-file in your form instructions. 2011 1040 form download Nonresident Aliens Nonresident aliens who are required to file an income tax return should use Form 1040NR or, if qualified, Form 1040NR-EZ. 2011 1040 form download If you are any of the following, you must file a return. 2011 1040 form download A nonresident alien individual engaged or considered to be engaged in a trade or business in the United States during 2013. 2011 1040 form download (But see Exceptions , later. 2011 1040 form download ) You must file even if: Your income did not come from a trade or business conducted in the United States, You have no income from U. 2011 1040 form download S. 2011 1040 form download sources, or Your income is exempt from income tax. 2011 1040 form download A nonresident alien individual not engaged in a trade or business in the United States with U. 2011 1040 form download S. 2011 1040 form download income on which the tax liability was not satisfied by the withholding of tax at the source. 2011 1040 form download A representative or agent responsible for filing the return of an individual described in (1) or (2). 2011 1040 form download A fiduciary for a nonresident alien estate or trust. 2011 1040 form download You must also file if you want to: Claim a refund of overwithheld or overpaid tax, or Claim the benefit of any deductions or credits. 2011 1040 form download For example, if you have no U. 2011 1040 form download S. 2011 1040 form download business activities but have income from real property that you choose to treat as effectively connected income (discussed in chapter 4), you must timely file a true and accurate return to take any allowable deductions against that income. 2011 1040 form download For information on what is timely, see When to file for deductions and credits under When To File, later. 2011 1040 form download Exceptions. 2011 1040 form download   You do not need to file Form 1040NR or Form 1040NR-EZ if you meet either of the following conditions. 2011 1040 form download Your only U. 2011 1040 form download S. 2011 1040 form download trade or business was the performance of personal services, and Your wages were less than $3,900, and You have no other need to file a return to claim a refund of overwithheld taxes, to satisfy additional withholding at source, or to claim income exempt or partly exempt by treaty. 2011 1040 form download You were a nonresident alien student, teacher, or trainee who was temporarily present in the United States under an “F,” “J,” “M,” or “Q” visa and you have no income that is subject to tax, such as wages, tips, scholarship and fellowship grants, dividends, etc. 2011 1040 form download Even if you have left the United States and filed a Form 1040-C, U. 2011 1040 form download S. 2011 1040 form download Departing Alien Income Tax Return, on departure, you still must file an annual U. 2011 1040 form download S. 2011 1040 form download income tax return. 2011 1040 form download If you are married and both you and your spouse are required to file, you must each file a separate return. 2011 1040 form download Form 1040NR-EZ You can use Form 1040NR-EZ if all of the following conditions are met. 2011 1040 form download You do not claim any dependents. 2011 1040 form download You cannot be claimed as a dependent on someone else's U. 2011 1040 form download S. 2011 1040 form download tax return. 2011 1040 form download If you were married, you do not claim an exemption for your spouse. 2011 1040 form download Your taxable income is less than $100,000. 2011 1040 form download The only itemized deduction you can claim is for state and local income taxes. 2011 1040 form download Note. 2011 1040 form download Residents of India who were students or business apprentices may be able to take the standard deduction instead of the itemized deduction for state and local income taxes. 2011 1040 form download See chapter 5. 2011 1040 form download Your only U. 2011 1040 form download S. 2011 1040 form download source income is from wages, salaries, tips, taxable refunds of state and local income taxes, scholarship or fellowship grants, and nontaxable interest or dividends. 2011 1040 form download (If you had taxable interest or dividend income, you cannot use this form. 2011 1040 form download ) You are not claiming any adjustments to income other than the student loan interest deduction or scholarship and fellowship grants excluded. 2011 1040 form download You are not claiming any tax credits. 2011 1040 form download This is not an “expatriation return. 2011 1040 form download ” See Expatriation Tax in chapter 4. 2011 1040 form download The only taxes you owe are: The income tax from the Tax Table. 2011 1040 form download The social security and Medicare tax from Form 4137 or Form 8919. 2011 1040 form download You are not claiming a credit for excess social security and tier 1 RRTA tax withheld. 2011 1040 form download You are not filing Form 8959, to figure the amount of Additional Medicare Tax you owe and/or the amount of Additional Medicare Tax withheld by your employer, if any. 2011 1040 form download If you do not meet all of the above conditions, you must file Form 1040NR. 2011 1040 form download When To File If you are an employee and you receive wages subject to U. 2011 1040 form download S. 2011 1040 form download income tax withholding, you will generally file by the 15th day of the 4th month after your tax year ends. 2011 1040 form download For the 2013 calendar year, file your return by April 15, 2014. 2011 1040 form download If you are not an employee who receives wages subject to U. 2011 1040 form download S. 2011 1040 form download income tax withholding, you must file by the 15th day of the 6th month after your tax year ends. 2011 1040 form download For the 2013 calendar year, file your return by June 16, 2014 (because June 15 is a Sunday. 2011 1040 form download ) Extensions of time to file. 2011 1040 form download   If you cannot file your return by the due date, file Form 4868 or use one of the electronic filing options explained in the Form 4868 instructions. 2011 1040 form download For the 2013 calendar year, this will extend the due date to October 15, 2014 (December 15, 2014, if the regular due date of your return is June 16, 2014). 2011 1040 form download You must file the extension by the regular due date of your return. 2011 1040 form download   In addition to the 6-month extension to October 15, taxpayers whose main place of business is outside the United States and Puerto Rico and who live outside those jurisdictions can request a discretionary 2-month extension of time to file their returns (to December 15 for calendar year taxpayers). 2011 1040 form download To request this extension, you must send the IRS a letter explaining the reasons why you need the additional 2 months. 2011 1040 form download Send the letter by the extended due date (October 15 for calendar year taxpayers) to the following address: Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215   You will not receive any notification from the IRS unless your request is denied for being untimely. 2011 1040 form download When to file for deductions and credits. 2011 1040 form download   To get the benefit of any allowable deductions or credits, you must timely file a true and accurate return. 2011 1040 form download For this purpose, a return is timely if it is filed within 16 months of the due date just discussed. 2011 1040 form download However, if you did not file a 2012 tax return and 2013 is not the first year for which you are required to file one, your 2013 return is timely for this purpose if it is filed by the earlier of: The date that is 16 months after the due date for filing your 2013 return, or The date the IRS notifies you that your 2013 return has not been filed and that you cannot claim certain deductions and credits. 2011 1040 form download The allowance of the following credits is not affected by this time requirement. 2011 1040 form download Credit for withheld taxes. 2011 1040 form download Credit for excise tax on certain uses of gasoline and special fuels. 2011 1040 form download Credit for tax paid by a mutual fund (or other regulated investment company) or a real estate investment trust on undistributed long-term capital gains. 2011 1040 form download Protective return. 2011 1040 form download   If your activities in the United States were limited and you do not believe that you had any gross income effectively connected with a U. 2011 1040 form download S. 2011 1040 form download trade or business during the year, you can file a protective return (Form 1040NR) by the deadline explained above. 2011 1040 form download By filing a protective return, you protect your right to receive the benefit of deductions and credits in the event it is later determined that some or all of your income is effectively connected. 2011 1040 form download You are not required to report any effectively connected income or any deductions on the protective return, but you must give the reason the return is being filed. 2011 1040 form download   If you believe some of your activities resulted in effectively connected income, file your return reporting that income and related deductions by the regular due date. 2011 1040 form download To protect your right to claim deductions or credits resulting from other activities, attach a statement to that return explaining that you wish to protect your right to claim deductions and credits if it is later determined that the other activities produced effectively connected income. 2011 1040 form download   You can follow the same procedure if you believe you have no U. 2011 1040 form download S. 2011 1040 form download tax liability because of a U. 2011 1040 form download S. 2011 1040 form download tax treaty. 2011 1040 form download Be sure to also complete item L on page 5 of Form 1040NR. 2011 1040 form download Waiver of filing deadline. 2011 1040 form download   The IRS may waive the filing deadline if you establish that, based on the facts and circumstances, you acted reasonably and in good faith in failing to file a U. 2011 1040 form download S. 2011 1040 form download income tax return (including a protective return) and you cooperate with the IRS in determining your U. 2011 1040 form download S. 2011 1040 form download income tax liability for the tax year for which you did not file a return. 2011 1040 form download Where To File If you are not enclosing a payment, file Form 1040NR-EZ and Form 1040NR at the following address. 2011 1040 form download  Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215 If enclosing a payment, mail your return to:  Internal Revenue Service  P. 2011 1040 form download O. 2011 1040 form download Box 1303 Charlotte, NC 28201-1303 Aliens from the U. 2011 1040 form download S. 2011 1040 form download Virgin Islands. 2011 1040 form download    If you are a bona fide resident of the U. 2011 1040 form download S. 2011 1040 form download Virgin Islands during your entire tax year and work temporarily in the United States, you must pay your income taxes to the U. 2011 1040 form download S. 2011 1040 form download Virgin Islands and file your income tax returns at the following address. 2011 1040 form download Virgin Islands Bureau of Internal Revenue 6115 Estate Smith Bay Suite 225 St. 2011 1040 form download Thomas, VI 00802   Report all income from U. 2011 1040 form download S. 2011 1040 form download sources, as well as income from other sources, on your return. 2011 1040 form download For information on filing U. 2011 1040 form download S. 2011 1040 form download Virgin Islands returns, contact the U. 2011 1040 form download S. 2011 1040 form download Virgin Islands Bureau of Internal Revenue. 2011 1040 form download   Chapter 8 discusses withholding from U. 2011 1040 form download S. 2011 1040 form download wages of U. 2011 1040 form download S. 2011 1040 form download Virgin Islanders. 2011 1040 form download Aliens from Guam or the Commonwealth of the Northern Mariana Islands. 2011 1040 form download   If you are a bona fide resident of Guam or the Commonwealth of the Northern Mariana Islands (CNMI) during your entire tax year, you must file your return with, and pay any tax due to, Guam or the CNMI. 2011 1040 form download Report all income, including income from U. 2011 1040 form download S. 2011 1040 form download sources, on your return. 2011 1040 form download It is not necessary to file a separate U. 2011 1040 form download S. 2011 1040 form download income tax return. 2011 1040 form download    Bona fide residents of Guam should file their Guam returns at the following address. 2011 1040 form download   Department of Revenue and Taxation Government of Guam P. 2011 1040 form download O. 2011 1040 form download Box 23607 GMF, GU 96921    Bona fide residents of the CNMI should file their CNMI income tax returns at the following address. 2011 1040 form download   Department of Finance Division of Revenue and Taxation Commonwealth of the Northern Mariana Islands P. 2011 1040 form download O. 2011 1040 form download Box 5234 CHRB Saipan, MP 96950   If you are not a bona fide resident of Guam or the CNMI, see Pub. 2011 1040 form download 570, Tax Guide for Individuals With Income From U. 2011 1040 form download S. 2011 1040 form download Possessions, for information on where to file your return. 2011 1040 form download Amended Returns and Claims for Refund If you find changes in your income, deductions, or credits after you mail your return, file Form 1040X, Amended U. 2011 1040 form download S. 2011 1040 form download Individual Income Tax Return. 2011 1040 form download Also use Form 1040X if you should have filed Form 1040, 1040A, or 1040EZ instead of Form 1040NR or 1040NR-EZ, or vice versa. 2011 1040 form download If you amend Form 1040NR or Form 1040NR-EZ or file the correct return, attach the corrected return (Form 1040, Form 1040NR, etc. 2011 1040 form download ) to Form 1040X. 2011 1040 form download Print “Amended” across the top. 2011 1040 form download Ordinarily, an amended return claiming a refund must be filed within 3 years from the date your return was filed or within 2 years from the time the tax was paid, whichever is later. 2011 1040 form download A return filed before the final due date is considered to have been filed on the due date. 2011 1040 form download Other Forms You May Have To File You may be required to file information returns to report certain foreign income or assets, or monetary transactions. 2011 1040 form download FinCen Form 105 FinCEN Form 105 (formerly Customs Form 4790), Report of International Transportation of Currency or Monetary Instruments, must be filed by each person who physically transports, mails, or ships, or causes to be physically transported, mailed, or shipped, currency or other monetary instruments in a total amount of more than $10,000 at one time from the United States to any place outside the United States, or into the United States from any place outside the United States. 2011 1040 form download The filing requirement also applies to each person who receives in the United States currency or monetary instruments totaling more than $10,000 at one time from any place outside of the United States. 2011 1040 form download The term “monetary instruments” means the following: Coin and currency of the United States or of any other country, Travelers' checks in any form, Investment securities or stock in bearer form or otherwise in such form that title to them passes upon delivery, Negotiable instruments (including checks, promissory notes, and money orders) in bearer form, endorsed without restriction, made out to a fictitious payee, or otherwise in such form that title to them passes upon delivery, and Checks, promissory notes, and money orders which are signed but on which the name of the payee has been omitted. 2011 1040 form download However, the term does not include: Checks or money orders made payable to the order of a named person which have not been endorsed or which contain restrictive endorsements, Warehouse receipts, or Bills of lading. 2011 1040 form download A transfer of funds through normal banking procedures (wire transfer) that does not involve the physical transportation of currency or monetary instruments is not required to be reported on FinCEN Form 105. 2011 1040 form download Filing requirements. 2011 1040 form download   FinCEN Form 105 filing requirements follow. 2011 1040 form download Recipients. 2011 1040 form download   Each person who receives currency or other monetary instruments in the United States must file FinCEN Form 105 within 15 days after receipt, with the Customs officer in charge at any port of entry or departure, or by mail at the following address. 2011 1040 form download Commissioner of Customs  Attention: Currency Transportation Reports Washington, DC 20229 Shippers or mailers. 2011 1040 form download   If the currency or other monetary instrument does not accompany the person entering or departing the United States, FinCEN Form 105 can be filed by mail at the above address on or before the date of entry, departure, mailing, or shipping. 2011 1040 form download Travelers. 2011 1040 form download   Travelers must file FinCEN Form 105 with the Customs officer in charge at any Customs port of entry or departure, when entering or departing the United States. 2011 1040 form download Penalties. 2011 1040 form download   Civil and criminal penalties are provided for failing to file a report, filing a report containing material omissions or misstatements, or filing a false or fraudulent report. 2011 1040 form download Also, the entire amount of the currency or monetary instrument may be subject to seizure and forfeiture. 2011 1040 form download More information. 2011 1040 form download   More information regarding the filing of FinCEN Form 105 can be found in the instructions on the back of the form. 2011 1040 form download Form 8938 You may have to file Form 8938, Statement of Specified Foreign Financial Assets, to report the ownership of specified foreign financial asset(s) if you are one of the following individuals. 2011 1040 form download A resident alien of the United States for any part of the tax year. 2011 1040 form download A resident alien of the United States who elects to be treated as a resident of a foreign country under the provisions of a U. 2011 1040 form download S. 2011 1040 form download income tax treaty. 2011 1040 form download See Effect of Tax Treaties in chapter 1. 2011 1040 form download A nonresident alien who makes an election to be treated as a resident alien for purposes of filing a joint income tax return. 2011 1040 form download See chapter 1 for information about this election. 2011 1040 form download A nonresident alien who is a bona fide resident of American Samoa or Puerto Rico. 2011 1040 form download See Publication 570, Tax Guide for Individuals With Income From U. 2011 1040 form download S. 2011 1040 form download Possessions, for a definition of bona fide resident. 2011 1040 form download You must file Form 8938 if the total value of those assets exceeds an applicable threshold (the “reporting threshold”). 2011 1040 form download The reporting threshold varies depending on whether you live in the United States, are married, or file a joint income tax return with your spouse. 2011 1040 form download Specified foreign financial assets include any financial account maintained by a foreign financial institution and, to the extent held for investment, any stock, securities, or any other interest in a foreign entity and any financial instrument or contract with an issuer or counterparty that is not a U. 2011 1040 form download S. 2011 1040 form download person. 2011 1040 form download You may have to pay penalties if you are required to file Form 8938 and fail to do so, or if you have an understatement of tax due to any transaction involving an undisclosed foreign financial asset. 2011 1040 form download More information about the filing of Form 8938 can be found in the separate instructions for Form 8938. 2011 1040 form download Penalties The law provides penalties for failure to file returns or pay taxes as required. 2011 1040 form download Civil Penalties If you do not file your return and pay your tax by the due date, you may have to pay a penalty. 2011 1040 form download You may also have to pay a penalty if you substantially understate your tax, file a frivolous tax submission, or fail to supply your taxpayer identification number. 2011 1040 form download If you provide fraudulent information on your return, you may have to pay a civil fraud penalty. 2011 1040 form download Filing late. 2011 1040 form download   If you do not file your return by the due date (including extensions), you may have to pay a failure-to-file penalty. 2011 1040 form download The penalty is based on the tax not paid by the due date (without regard to extensions). 2011 1040 form download The penalty is usually 5% for each month or part of a month that a return is late, but not more than 25%. 2011 1040 form download Fraud. 2011 1040 form download   If your failure to file is due to fraud, the penalty is 15% for each month or part of a month that your return is late, up to a maximum of 75%. 2011 1040 form download Return over 60 days late. 2011 1040 form download   If you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100% of the unpaid tax. 2011 1040 form download Exception. 2011 1040 form download   You will not have to pay the penalty if you show that you failed to file on time because of reasonable cause and not because of willful neglect. 2011 1040 form download Paying tax late. 2011 1040 form download   You will have to pay a failure-to-pay penalty of ½ of 1% (. 2011 1040 form download 50%) of your unpaid taxes for each month, or part of a month, after the due date that the tax is not paid. 2011 1040 form download This penalty does not apply during the automatic 6-month extension of time to file period, if you paid at least 90% of your actual tax liability on or before the due date of your return and pay the balance when you file the return. 2011 1040 form download   The monthly rate of the failure-to-pay penalty is half the usual rate (. 2011 1040 form download 25% instead of . 2011 1040 form download 50%) if an installment agreement is in effect for that month. 2011 1040 form download You must have filed your return by the due date (including extensions) to qualify for this reduced penalty. 2011 1040 form download   If a notice of intent to levy is issued, the rate will increase to 1% at the start of the first month beginning at least 10 days after the day that the notice is issued. 2011 1040 form download If a notice and demand for immediate payment is issued, the rate will increase to 1% at the start of the first month beginning after the day that the notice and demand is issued. 2011 1040 form download   This penalty cannot be more than 25% of your unpaid tax. 2011 1040 form download You will not have to pay the penalty if you can show that you had a good reason for not paying your tax on time. 2011 1040 form download Combined penalties. 2011 1040 form download   If both the failure-to-file penalty and the failure-to-pay penalty (discussed earlier) apply in any month, the 5% (or 15%) failure-to-file penalty is reduced by the failure-to-pay penalty. 2011 1040 form download However, if you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100% of the unpaid tax. 2011 1040 form download Accuracy-related penalty. 2011 1040 form download   You may have to pay an accuracy-related penalty if you underpay your tax because: You show negligence or disregard of rules or regulations, You substantially understate your income tax, You claim tax benefits for a transaction that lacks economic substance, or You fail to disclose a foreign financial asset. 2011 1040 form download The penalty is equal to 20% of the underpayment. 2011 1040 form download The penalty is 40% of any portion of the underpayment that is attributable to an undisclosed noneconomic substance transaction or an undisclosed foreign financial asset transaction. 2011 1040 form download The penalty will not be figured on any part of an underpayment on which the fraud penalty (discussed later) is charged. 2011 1040 form download Negligence or disregard. 2011 1040 form download   The term “negligence” includes a failure to make a reasonable attempt to comply with the tax law or to exercise ordinary and reasonable care in preparing a return. 2011 1040 form download Negligence also includes failure to keep adequate books and records. 2011 1040 form download You will not have to pay a negligence penalty if you have a reasonable basis for a position you took. 2011 1040 form download   The term “disregard” includes any careless, reckless, or intentional disregard. 2011 1040 form download Adequate disclosure. 2011 1040 form download   You can avoid the penalty for disregard of rules or regulations if you adequately disclose on your return a position that has at least a reasonable basis. 2011 1040 form download See Disclosure statement , later. 2011 1040 form download   This exception will not apply to an item that is attributable to a tax shelter. 2011 1040 form download In addition, it will not apply if you fail to keep adequate books and records, or substantiate items properly. 2011 1040 form download Substantial understatement of income tax. 2011 1040 form download   You understate your tax if the tax shown on your return is less than the correct tax. 2011 1040 form download The understatement is substantial if it is more than the larger of 10% of the correct tax or $5,000. 2011 1040 form download However, the amount of the understatement is reduced to the extent the understatement is due to: Substantial authority, or Adequate disclosure and a reasonable basis. 2011 1040 form download   If an item on your return is attributable to a tax shelter, there is no reduction for an adequate disclosure. 2011 1040 form download However, there is a reduction for a position with substantial authority, but only if you reasonably believed that your tax treatment was more likely than not the proper treatment. 2011 1040 form download Substantial authority. 2011 1040 form download   Whether there is or was substantial authority for the tax treatment of an item depends on the facts and circumstances. 2011 1040 form download Consideration will be given to court opinions, Treasury regulations, revenue rulings, revenue procedures, and notices and announcements issued by the IRS and published in the Internal Revenue Bulletin that involve the same or similar circumstances as yours. 2011 1040 form download Disclosure statement. 2011 1040 form download   To adequately disclose the relevant facts about your tax treatment of an item, use Form 8275, Disclosure Statement. 2011 1040 form download You must also have a reasonable basis for treating the item the way you did. 2011 1040 form download   In cases of substantial understatement only, items that meet the requirements of Revenue Procedure 2012-51, 2012-51 IRB 719 (or later update) are considered adequately disclosed on your return without filing Form 8275. 2011 1040 form download   Use Form 8275-R, Regulation Disclosure Statement, to disclose items or positions contrary to regulations. 2011 1040 form download Transaction lacking economic substance. 2011 1040 form download   For more information on economic substance, see section 7701(o). 2011 1040 form download Foreign financial asset. 2011 1040 form download   For more information on undisclosed foreign financial assets, see section 6662(j) or the Instructions for Form 8938. 2011 1040 form download Reasonable cause. 2011 1040 form download   You will not have to pay a penalty if you show a good reason (reasonable cause) for the way you treated an item. 2011 1040 form download You must also show that you acted in good faith. 2011 1040 form download This does not apply to a transaction that lacks economic substance. 2011 1040 form download Filing erroneous claim for refund or credit. 2011 1040 form download   You may have to pay a penalty if you file an erroneous claim for refund or credit. 2011 1040 form download The penalty is equal to 20% of the disallowed amount of the claim, unless you can show a reasonable basis for the way you treated an item. 2011 1040 form download However, any disallowed amount due to a transaction that lacks economic substance will not be treated as having a reasonable basis. 2011 1040 form download The penalty will not be figured on any part of the disallowed amount of the claim that relates to the earned income credit or on which the accuracy-related or fraud penalties are charged. 2011 1040 form download Frivolous tax submission. 2011 1040 form download   You may have to pay a penalty of $5,000 if you file a frivolous tax return or other frivolous submissions. 2011 1040 form download A frivolous tax return is one that does not include enough information to figure the correct tax or that contains information clearly showing that the tax you reported is substantially incorrect. 2011 1040 form download For more information on frivolous returns, frivolous submissions, and a list of positions that are identified as frivolous, see Notice 2010-33, 2010-17 IRB 609 available at www. 2011 1040 form download irs. 2011 1040 form download gov/irb/2010-17_irb/ar13. 2011 1040 form download html. 2011 1040 form download   You will have to pay the penalty if you filed this kind of return or submission based on a frivolous position or a desire to delay or interfere with the administration of federal tax laws. 2011 1040 form download This includes altering or striking out the preprinted language above the space provided for your signature. 2011 1040 form download   This penalty is added to any other penalty provided by law. 2011 1040 form download Fraud. 2011 1040 form download   If there is any underpayment of tax on your return due to fraud, a penalty of 75% of the underpayment due to fraud will be added to your tax. 2011 1040 form download Failure to supply taxpayer identification number. 2011 1040 form download   If you do not include your social security number (SSN) or individual taxpayer identification number (ITIN) or the SSN or ITIN of another person where required on a return, statement, or other document, you will be subject to a penalty of $50 for each failure. 2011 1040 form download You will also be subject to a penalty of $50 if you do not give your SSN or ITIN to another person when it is required on a return, statement, or other document. 2011 1040 form download   For example, if you have a bank account that earns interest, you must give your SSN or ITIN to the bank. 2011 1040 form download The number must be shown on the Form 1099-INT or other statement the bank sends you. 2011 1040 form download If you do not give the bank your SSN or ITIN, you will be subject to the $50 penalty. 2011 1040 form download (You also may be subject to “backup” withholding of income tax. 2011 1040 form download )   You will not have to pay the penalty if you are able to show that the failure was due to reasonable cause and not willful neglect. 2011 1040 form download Criminal Penalties You may be subject to criminal prosecution (brought to trial) for actions such as: Tax evasion, Willful failure to file a return, supply information, or pay any tax due, Fraud and false statements, or Preparing and filing a fraudulent return. 2011 1040 form download Prev  Up  Next   Home   More Online Publications
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Tax Relief for Victims of Severe Storms, Tornadoes, Straight-line Winds and Flooding in Tennessee

AL/TN-2012-14TN, March 19, 2012

NASHVILLE — Victims of the severe storms, tornadoes, straight-line winds, and flooding that began on Feb. 29, 2012 in parts of Tennessee may qualify for tax relief from the Internal Revenue Service.

The President has declared Bradley, Claiborne, Cumberland, DeKalb, Hamilton, Jackson, McMinn, Monroe, Overton and Polk counties a federal disaster area. Individuals who reside or have a business in these counties may qualify for tax relief.

The declaration permits the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after Feb. 29, and on or before May 31, have been postponed to May 31, 2012. This includes the April 17 deadline for filing 2011 individual income tax returns, making income tax payments and making 2011 contributions to an individual retirement account (IRA).  

In addition, the IRS is waiving the failure-to-deposit penalties for employment and excise tax deposits due on or after Feb. 29, and on or before March 15, as long as the deposits are made by March 15, 2012.

If an affected taxpayer receives a penalty notice from the IRS, the taxpayer should call the telephone number on the notice to have the IRS abate any interest and any late filing or late payment penalties that would otherwise apply. Penalties or interest will be abated only for taxpayers who have an original or extended filing, payment or deposit due date, including an extended filing or payment due date, that falls within the postponement period.

The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area must call the IRS disaster hotline at 866-562-5227 to request this tax relief.

Covered Disaster Area

The counties listed above constitute a covered disaster area for purposes of Treas. Reg. § 301.7508A-1(d)(2) and are entitled to the relief detailed below.

Affected Taxpayers

Taxpayers considered to be affected taxpayers eligible for the postponement of time to file returns, pay taxes and perform other time-sensitive acts are those taxpayers listed in Treas. Reg. § 301.7508A-1(d)(1), and include individuals who live, and businesses whose principal place of business is located, in the covered disaster area. Taxpayers not in the covered disaster area, but whose records necessary to meet a deadline listed in Treas. Reg. § 301.7508A-1(c) are in the covered disaster area, are also entitled to relief. In addition, all relief workers affiliated with a recognized government or philanthropic organization assisting in the relief activities in the covered disaster area and any individual visiting the covered disaster area who was killed or injured as a result of the disaster are entitled to relief.

Grant of Relief

Under section 7508A, the IRS gives affected taxpayers until May 31 to file most tax returns (including individual, corporate, and estate and trust income tax returns; partnership returns, S corporation returns, and trust returns; estate, gift, and generation-skipping transfer tax returns; and employment and certain excise tax returns), or to make tax payments, including estimated tax payments, that have either an original or extended due date occurring on or after Feb. 29 and on or before May 31.

The IRS also gives affected taxpayers until May 31 to perform other time-sensitive actions described in Treas. Reg. § 301.7508A-1(c)(1) and Rev. Proc. 2007-56, 2007-34 I.R.B. 388 (Aug. 20, 2007), that are due to be performed on or after Feb. 29 and on or before May 31.

This relief also includes the filing of Form 5500 series returns, in the manner described in section 8 of Rev. Proc. 2007-56. The relief described in section 17 of Rev. Proc. 2007-56, pertaining to like-kind exchanges of property, also applies to certain taxpayers who are not otherwise affected taxpayers and may include acts required to be performed before or after the period above.

The postponement of time to file and pay does not apply to information returns in the W-2, 1098, 1099 series, or to Forms 1042-S or 8027. Penalties for failure to timely file information returns can be waived under existing procedures for reasonable cause. Likewise, the postponement does not apply to employment and excise tax deposits. The IRS, however, will abate penalties for failure to make timely employment and excise tax deposits due on or after Feb. 29 and on or before March 15 provided the taxpayer makes these deposits by March 15.

Casualty Losses

Affected taxpayers in a federally declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year. Claiming the loss on an original or amended return for last year will get the taxpayer an earlier refund, but waiting to claim the loss on this year’s return could result in a greater tax saving, depending on other income factors.

Individuals may deduct personal property losses that are not covered by insurance or other reimbursements. For details, see Form 4684 and its instructions.

Affected taxpayers claiming the disaster loss on last year’s return should put the Disaster Designation “Tennessee/Severe Storms, Tornadoes, Straight-line Winds, and Flooding” at the top of the form so that the IRS can expedite the processing of the refund.

Other Relief

The IRS will waive the usual fees and expedite requests for copies of previously filed tax returns for affected taxpayers. Taxpayers should put the assigned Disaster Designation in red ink at the top of Form 4506, Request for Copy of Tax Return, or Form 4506-T, Request for Transcript of Tax Return, as appropriate, and submit it to the IRS.

Affected taxpayers who are contacted by the IRS on a collection or examination matter should explain how the disaster impacts them so that the IRS can provide appropriate consideration to their case.

Taxpayers may download forms and publications from the official IRS website, irs.gov, or order them by calling 800-TAX-FORM (800-829-3676). The IRS toll-free number for general tax questions is 800-829-1040.

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