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2011 Tax Software Download

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2011 Tax Software Download

2011 tax software download 2. 2011 tax software download   Tax Shelters and Other Reportable Transactions Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Abusive Tax SheltersRules To Curb Abusive Tax Shelters Investor Reporting Penalties Whether To Invest Introduction Investments that yield tax benefits are sometimes called “tax shelters. 2011 tax software download ” In some cases, Congress has concluded that the loss of revenue is an acceptable side effect of special tax provisions designed to encourage taxpayers to make certain types of investments. 2011 tax software download In many cases, however, losses from tax shelters produce little or no benefit to society, or the tax benefits are exaggerated beyond those intended. 2011 tax software download Those cases are called “abusive tax shelters. 2011 tax software download ” An investment that is considered a tax shelter is subject to restrictions, including the requirement that it be disclosed, as discussed later. 2011 tax software download Topics - This chapter discusses: Abusive Tax Shelters , Rules To Curb Abusive Tax Shelters , Investor Reporting , Penalties , and Whether To Invest . 2011 tax software download Useful Items - You may want to see: Publication 538 Accounting Periods and Methods 556 Examination of Returns, Appeal Rights, and Claims for Refund 561 Determining the Value of Donated Property 925 Passive Activity and At-Risk Rules Form (and Instructions) 8275 Disclosure Statement 8275-R Regulation Disclosure Statement 8283 Noncash Charitable Contributions 8886 Reportable Transaction Disclosure Statement See chapter 5, How To Get Tax Help , for information about getting these publications and forms. 2011 tax software download Abusive Tax Shelters Abusive tax shelters are marketing schemes involving artificial transactions with little or no economic reality. 2011 tax software download They often make use of unrealistic allocations, inflated appraisals, losses in connection with nonrecourse loans, mismatching of income and deductions, financing techniques that do not conform to standard commercial business practices, or mischaracterization of the substance of the transaction. 2011 tax software download Despite appearances to the contrary, the taxpayer generally risks little. 2011 tax software download Abusive tax shelters commonly involve package deals designed from the start to generate losses, deductions, or credits that will be far more than present or future investment. 2011 tax software download Or, they may promise investors from the start that future inflated appraisals will enable them, for example, to reap charitable contribution deductions based on those appraisals. 2011 tax software download (But see the appraisal requirements discussed under Rules To Curb Abusive Tax Shelters , later. 2011 tax software download ) They are commonly marketed in terms of the ratio of tax deductions allegedly available to each dollar invested. 2011 tax software download This ratio (or “write-off”) is frequently said to be several times greater than one-to-one. 2011 tax software download Because there are many abusive tax shelters, it is not possible to list all the factors you should consider in determining whether an offering is an abusive tax shelter. 2011 tax software download However, you should ask the following questions, which might provide a clue to the abusive nature of the plan. 2011 tax software download Do the tax benefits far outweigh the economic benefits? Is this a transaction you would seriously consider, apart from the tax benefits, if you hoped to make a profit? Do shelter assets really exist and, if so, are they insured for less than their purchase price? Is there a nontax justification for the way profits and losses are allocated to partners? Do the facts and supporting documents make economic sense? In that connection, are there sales and resales of the tax shelter property at ever increasing prices? Does the investment plan involve a gimmick, device, or sham to hide the economic reality of the transaction? Does the promoter offer to backdate documents after the close of the year? Are you instructed to backdate checks covering your investment? Is your debt a real debt or are you assured by the promoter that you will never have to pay it? Does this transaction involve laundering United States source income through foreign corporations incorporated in a tax haven and owned by United States shareholders? Rules To Curb Abusive Tax Shelters Congress has enacted a series of income tax laws designed to halt the growth of abusive tax shelters. 2011 tax software download These provisions include the following. 2011 tax software download Disclosure of reportable transactions. 2011 tax software download   You must disclose information for each reportable transaction in which you participate. 2011 tax software download See Reportable Transaction Disclosure Statement , later. 2011 tax software download   Material advisors with respect to any reportable transaction must disclose information about the transaction on Form 8918, Material Advisor Disclosure Statement. 2011 tax software download To determine whether you are a material advisor to a transaction, see the Instructions for Form 8918. 2011 tax software download   Material advisors will receive a reportable transaction number for the disclosed reportable transaction. 2011 tax software download They must provide this number to all persons to whom they acted as a material advisor. 2011 tax software download They must provide the number at the time the transaction is entered into. 2011 tax software download If they do not have the number at that time, they must provide it within 60 days from the date the number is mailed to them. 2011 tax software download For information on penalties for failure to disclose and failure to maintain lists, see Internal Revenue Code sections 6707, 6707A, and 6708. 2011 tax software download Requirement to maintain list. 2011 tax software download   Material advisors must maintain a list of persons to whom they provide material aid, assistance, or advice on any reportable transaction. 2011 tax software download The list must be available for inspection by the IRS, and the information required to be included on the list generally must be kept for 7 years. 2011 tax software download See Regulations section 301. 2011 tax software download 6112-1 for more information (including what information is required to be included on the list). 2011 tax software download Confidentiality privilege. 2011 tax software download   The confidentiality privilege between you and a federally authorized tax practitioner does not apply to written communications made after October 21, 2004, regarding the promotion of your direct or indirect participation in any tax shelter. 2011 tax software download Appraisal requirement for donated property. 2011 tax software download   If you claim a deduction of more than $5,000 for an item or group of similar items of donated property, you generally must get a qualified appraisal from a qualified appraiser and complete and attach section B of Form 8283 to your return. 2011 tax software download If you claim a deduction of more than $500,000 for the donated property, you generally must attach the qualified appraisal to your return. 2011 tax software download If you file electronically, see Form 8453, U. 2011 tax software download S. 2011 tax software download Individual Income Tax Transmittal for an IRS e-file Return, and its instructions. 2011 tax software download For more information about appraisals, including exceptions, see Publication 561. 2011 tax software download Passive activity loss and credit limits. 2011 tax software download   The passive activity loss and credit rules limit the amount of losses and credits that can be claimed from passive activities and limit the amount that can offset nonpassive income, such as certain portfolio income from investments. 2011 tax software download For more detailed information about determining and reporting income, losses, and credits from passive activities, see Publication 925. 2011 tax software download Interest on penalties. 2011 tax software download   If you are assessed an accuracy-related or civil fraud penalty (as discussed under Penalties , later), interest will be imposed on the amount of the penalty from the due date of the return (including any extensions) to the date you pay the penalty. 2011 tax software download Accounting method restriction. 2011 tax software download   Tax shelters generally cannot use the cash method of accounting. 2011 tax software download Uniform capitalization rules. 2011 tax software download   The uniform capitalization rules generally apply to producing property or acquiring it for resale. 2011 tax software download Under those rules, the direct cost and part of the indirect cost of the property must be capitalized or included in inventory. 2011 tax software download For more information, see Publication 538. 2011 tax software download Denial of deduction for interest on an underpayment due to a reportable transaction. 2011 tax software download   You cannot deduct any interest you paid or accrued on any part of an underpayment of tax due to an understatement arising from a reportable transaction (discussed later) if the relevant facts affecting the tax treatment of the item are not adequately disclosed. 2011 tax software download This rule applies to reportable transactions entered into in tax years beginning after October 22, 2004. 2011 tax software download Authority for Disallowance of Tax Benefits The IRS has published guidance concluding that the claimed tax benefits of various abusive tax shelters should be disallowed. 2011 tax software download The guidance is the conclusion of the IRS on how the law is applied to a particular set of facts. 2011 tax software download Guidance is published in the Internal Revenue Bulletin for taxpayers' information and also for use by IRS officials. 2011 tax software download So, if your return is examined and an abusive tax shelter is identified and challenged, published guidance dealing with that type of shelter, which disallows certain claimed tax shelter benefits, could serve as the basis for the examining official's challenge of the tax benefits you claimed. 2011 tax software download In such a case, the examiner will not compromise even if you or your representative believes you have authority for the positions taken on your tax return. 2011 tax software download The courts have generally been unsympathetic to taxpayers involved in abusive tax shelter schemes and have ruled in favor of the IRS in the majority of the cases in which these shelters have been challenged. 2011 tax software download Investor Reporting You may be required to file a reportable transaction disclosure statement. 2011 tax software download Reportable Transaction Disclosure Statement Use Form 8886 to disclose information for each reportable transaction (discussed later) in which you participated. 2011 tax software download Generally, you must attach Form 8886 to your return for each tax year in which you participated in the transaction. 2011 tax software download Under certain circumstances, a transaction must be disclosed within 90 days of the transaction being identified as a listed transaction or a transaction of interest (discussed later). 2011 tax software download In addition, for the first year Form 8886 is attached to your return, you must send a copy of the form to: Internal Revenue Service OTSA Mail Stop 4915 1973 North Rulon White Blvd. 2011 tax software download  Ogden, UT 84404 If you file your return electronically, the copy sent to OTSA must show exactly the same information, word for word, provided with the electronically filed return and it must be provided on the official IRS Form 8886 or an exact copy of the form. 2011 tax software download If you use a computer-generated or substitute Form 8886, it must be an exact copy of the official IRS form. 2011 tax software download If you fail to file Form 8886 as required or fail to include any required information on the form, you may have to pay a penalty. 2011 tax software download See Penalty for failure to disclose a reportable transaction , later under Penalties. 2011 tax software download The following discussion briefly describes reportable transactions. 2011 tax software download For more details, see the Instructions for Form 8886. 2011 tax software download Reportable transaction. 2011 tax software download   A reportable transaction is any of the following. 2011 tax software download A listed transaction. 2011 tax software download A confidential transaction. 2011 tax software download A transaction with contractual protection. 2011 tax software download A loss transaction. 2011 tax software download A transaction of interest entered into after November 1, 2006. 2011 tax software download Note. 2011 tax software download Transactions with a brief asset holding period were removed from the definition of reportable transaction for transactions entered into after August 2, 2007. 2011 tax software download Listed transaction. 2011 tax software download   A listed transaction is the same as, or substantially similar to, one of the types of transactions the IRS has determined to be a tax-avoidance transaction. 2011 tax software download These transactions have been identified in notices, regulations, and other published guidance issued by the IRS. 2011 tax software download For a list of existing guidance, see Notice 2009-59 in Internal Revenue Bulletin 2009-31, available at www. 2011 tax software download irs. 2011 tax software download gov/irb/2009-31_IRB/ar07. 2011 tax software download html. 2011 tax software download Confidential transaction. 2011 tax software download   A confidential transaction is offered to you under conditions of confidentiality and for which you have paid an advisor a minimum fee. 2011 tax software download A transaction is offered under conditions of confidentiality if the advisor who is paid the fee places a limit on your disclosure of the tax treatment or tax structure of the transaction and the limit protects the confidentiality of the advisor's tax strategies. 2011 tax software download The transaction is treated as confidential even if the conditions of confidentiality are not legally binding on you. 2011 tax software download Transaction with contractual protection. 2011 tax software download   Generally, a transaction with contractual protection is one in which you or a related party has the right to a full or partial refund of fees if all or part of the intended tax consequences of the transaction are not sustained, or a transaction for which the fees are contingent on your realizing the tax benefits from the transaction. 2011 tax software download For information on exceptions, see Revenue Procedure 2007-20 in Internal Revenue Bulletin 2007-7, available at www. 2011 tax software download irs. 2011 tax software download gov/irb/2007-07_IRB/ar15. 2011 tax software download html. 2011 tax software download Loss transaction. 2011 tax software download   For individuals, a loss transaction is one that results in a deductible loss if the gross amount of the loss is at least $2 million in a single tax year or $4 million in any combination of tax years. 2011 tax software download A loss from a foreign currency transaction under Internal Revenue Code section 988 is a loss transaction if the gross amount of the loss is at least $50,000 in a single tax year, whether or not the loss flows through from an S corporation or partnership. 2011 tax software download   Certain losses (such as losses from casualties, thefts, and condemnations) are excepted from this category and do not have to be reported on Form 8886. 2011 tax software download For information on other exceptions, see Revenue Procedure 2004-66 in Internal Revenue Bulletin 2004-50, as modified and superseded by Revenue Procedure 2013-11, (or future published guidance) available at www. 2011 tax software download irs. 2011 tax software download gov/irb/2004-50_IRB/ar11. 2011 tax software download html. 2011 tax software download Transaction of interest. 2011 tax software download   A transaction of interest is a transaction entered into after November 1, 2006, that is the same as, or substantially similar to, one of the types of transactions that the IRS has identified by notice, regulation, or other form of published guidance as a transaction of interest. 2011 tax software download The IRS has identified the following transactions of interest. 2011 tax software download “Toggling” grantor trusts as described in Notice 2007-73, 2007-36 I. 2011 tax software download R. 2011 tax software download B. 2011 tax software download 545, available at www. 2011 tax software download irs. 2011 tax software download gov/irb/2007-36_IRB/ar20. 2011 tax software download html. 2011 tax software download Certain transactions involving contributions of a successor member interest in a limited liability company as described in Notice 2007-72, 2007-36 I. 2011 tax software download R. 2011 tax software download B. 2011 tax software download 544, available at www. 2011 tax software download irs. 2011 tax software download gov/irb/2007-36_IRB/ar19. 2011 tax software download html. 2011 tax software download Certain transactions involving the sale or other disposition of all interests in a charitable remainder trust and claiming little or no taxable gain as described in Notice 2008-99, 2008-47 I. 2011 tax software download R. 2011 tax software download B. 2011 tax software download 1194, available at www. 2011 tax software download irs. 2011 tax software download gov/irb/2008-47_IRB/ar11. 2011 tax software download html. 2011 tax software download Certain transactions involving a U. 2011 tax software download S. 2011 tax software download taxpayer owning controlled foreign corporations (CFCs) that hold stock of a lower-tier CFC through a domestic partnership to avoid reporting income as described in Notice 2009-7, 2009-3 I. 2011 tax software download R. 2011 tax software download B. 2011 tax software download 312, available at www. 2011 tax software download irs. 2011 tax software download gov/irb/2009-03_IRB/ar10. 2011 tax software download html. 2011 tax software download   For updates to this list, go to www. 2011 tax software download irs. 2011 tax software download gov/Businesses/Corporations/Abusive-Tax-Shelters-and-Transactions. 2011 tax software download Penalties Investing in an abusive tax shelter may lead to substantial expenses. 2011 tax software download First, the promoter generally charges a substantial fee. 2011 tax software download If your return is examined by the IRS and a tax deficiency is determined, you will be faced with payment of more tax, interest on the underpayment, possibly a 20%, 30%, or even 40% accuracy-related penalty, or a 75% civil fraud penalty. 2011 tax software download You may also be subject to the penalty for failure to pay tax. 2011 tax software download These penalties are explained in the following paragraphs. 2011 tax software download Accuracy-related penalties. 2011 tax software download   An accuracy-related penalty of 20% can be imposed for underpayments of tax due to: Negligence or disregard of rules or regulations, Substantial understatement of tax, Substantial valuation misstatement (increased to 40% for gross valuation misstatement), Transaction lacking economic substance (increased to 40% for undisclosed transaction lacking economic substance), or Undisclosed foreign financial asset understatement (40% in all cases). 2011 tax software download Except for a transaction lacking economic substance, this penalty will not be imposed if you can show you had reasonable cause for any understatement of tax and that you acted in good faith. 2011 tax software download Your failure to disclose a reportable transaction is a strong indication that you failed to act in good faith. 2011 tax software download   If you are charged an accuracy-related penalty, interest will be imposed on the amount of the penalty from the due date of the return (including extensions) to the date you pay the penalty. 2011 tax software download   The 20% penalties do not apply to any underpayment attributable to a reportable transaction understatement subject to an accuracy-related penalty (discussed later). 2011 tax software download Negligence or disregard of rules or regulations. 2011 tax software download   The penalty for negligence or disregard of rules or regulations is imposed only on the part of the underpayment due to negligence or disregard of rules or regulations. 2011 tax software download The penalty will not be charged if you can show you had reasonable cause for understating your tax and that you acted in good faith. 2011 tax software download    Negligence includes any failure to make a reasonable attempt to comply with the provisions of the Internal Revenue Code. 2011 tax software download It also includes any failure to keep adequate books and records. 2011 tax software download A return position that has a reasonable basis is not negligence. 2011 tax software download   Disregard includes any careless, reckless, or intentional disregard of rules or regulations. 2011 tax software download   The penalty for disregard of rules and regulations can be avoided if all the following are true. 2011 tax software download You keep adequate books and records. 2011 tax software download You have a reasonable basis for your position on the tax issue. 2011 tax software download You make an adequate disclosure of your position. 2011 tax software download Use Form 8275 to make your disclosure and attach it to your return. 2011 tax software download To disclose a position contrary to a regulation, use Form 8275-R. 2011 tax software download Use Form 8886 to disclose a reportable transaction (discussed earlier). 2011 tax software download Substantial understatement of tax. 2011 tax software download   An understatement is considered to be substantial if it is more than the greater of: 10% of the tax required to be shown on the return, or $5,000. 2011 tax software download An “understatement” is the amount of tax required to be shown on your return for a tax year minus the amount of tax shown on the return, reduced by any rebates. 2011 tax software download The term “rebate” generally means a decrease in the tax shown on your original return as the result of your filing an amended return or claim for refund. 2011 tax software download   For items other than tax shelters, you can file Form 8275 or Form 8275-R to disclose items that could cause a substantial understatement of income tax. 2011 tax software download In that way, you can avoid the substantial understatement penalty if you have a reasonable basis for your position on the tax issue. 2011 tax software download Disclosure of the tax shelter item on a tax return does not reduce the amount of the understatement. 2011 tax software download   Also, the understatement penalty will not be imposed if you can show there was reasonable cause for the underpayment caused by the understatement and that you acted in good faith. 2011 tax software download An important factor in establishing reasonable cause and good faith will be the extent of your effort to determine your proper tax liability under the law. 2011 tax software download Substantial valuation misstatement. 2011 tax software download   In general, you are liable for a 20% penalty for a substantial valuation misstatement if all the following are true. 2011 tax software download The value or adjusted basis of any property claimed on the return is 150% or more of the correct amount. 2011 tax software download You underpaid your tax by more than $5,000 because of the misstatement. 2011 tax software download You cannot establish that you had reasonable cause for the underpayment and that you acted in good faith. 2011 tax software download   You may be assessed a penalty of 40% for a gross valuation misstatement. 2011 tax software download If you misstate the value or the adjusted basis of property by 200% or more of the amount determined to be correct, you will be assessed a penalty of 40%, instead of 20%, of the amount you underpaid because of the gross valuation misstatement. 2011 tax software download The penalty rate is also 40% if the property's correct value or adjusted basis is zero. 2011 tax software download Transaction lacking economic substance. 2011 tax software download   The economic substance doctrine only applies to an individual that entered into a transaction in connection with a trade or business or an activity engaged in for the production of income. 2011 tax software download For transactions entered into after March 30, 2010, a transaction has economic substance for you as an individual taxpayer only if: The transaction changes your economic position in a meaningful way (apart from federal income tax effects), or You have a substantial purpose (apart from federal income tax effects) for entering into the transaction. 2011 tax software download   For purposes of determining whether economic substance exists, a transaction's profit potential will only be taken into account if the present value of the reasonably expected pre-tax profit from the transaction is substantial compared to the present value of the expected net tax benefits that would be allowed if the transaction were respected. 2011 tax software download   If any part of your underpayment is due to any disallowance of claimed tax benefits by reason of a transaction lacking economic substance or failing to meet the requirements of any similar rule of law, that part of your underpayment will be subject to the 20% accuracy-related penalty even if you had a reasonable cause and acted in good faith concerning that part. 2011 tax software download   Additionally, the penalty increases to 40% if you do not adequately disclose on your return or in a statement attached to your return the relevant facts affecting the tax treatment of a transaction that lacks economic substance. 2011 tax software download Relevant facts include any facts affecting the tax treatment of the transaction. 2011 tax software download    Any excessive amount of an erroneous claim for an income tax refund or credit (other than a refund or credit related to the earned income credit) that results from a transaction found to be lacking economic substance will not be treated as having a reasonable basis and could be subject to a 20% penalty. 2011 tax software download Undisclosed foreign financial asset understatement. 2011 tax software download   For tax years beginning after March 18, 2010, you may be liable for a 40% penalty for an understatement of your tax liability due to an undisclosed foreign financial asset. 2011 tax software download An undisclosed foreign financial asset is any asset for which an information return, required to be provided under Internal Revenue Code section 6038, 6038B, 6038D, 6046A, or 6048 for any taxable year, is not provided. 2011 tax software download The penalty applies to any part of an underpayment related to the following undisclosed foreign financial assets. 2011 tax software download Any foreign business you control, reportable on Form 5471, Information Return of U. 2011 tax software download S. 2011 tax software download Persons With Respect To Certain Foreign Corporations, or Form 8865, Return of U. 2011 tax software download S. 2011 tax software download Persons With Respect to Certain Foreign Partnerships. 2011 tax software download Certain transfers of property to a foreign corporation or partnership, reportable on Form 926, Return by a U. 2011 tax software download S. 2011 tax software download Transferor of Property to a Foreign Corporation, or certain distributions to a foreign person, reportable on Form 8865. 2011 tax software download Your ownership interest in certain foreign financial assets, temporarily reportable on Form 8275 or 8275-R. 2011 tax software download    Instead of, or in addition to, Form 8275 or 8275-R, you may have to file Form 8938, Statement of Specified Foreign Financial Assets, with your tax return. 2011 tax software download See the Instructions for Form 8938 for details. 2011 tax software download    Your acquisition, disposition, or substantial change in ownership interest in a foreign partnership, reportable on Form 8865. 2011 tax software download Creation or transfer of money or property to certain foreign trusts, reportable on Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts. 2011 tax software download Penalty for incorrect appraisals. 2011 tax software download   The person who prepares an appraisal of the value of property may have to pay a penalty if: He or she knows, or reasonably should have known, that the appraisal would be used in connection with a return or claim for refund; and The claimed value of the property on a return or claim for refund based on that appraisal results in a substantial valuation misstatement or a gross valuation misstatement as discussed earlier. 2011 tax software download For details on the penalty amount and exceptions, see Publication 561. 2011 tax software download Penalty for failure to disclose a reportable transaction. 2011 tax software download   If you fail to include any required information regarding a reportable transaction (discussed earlier) on a return or statement, you may have to pay a penalty of 75% of the decrease in tax shown on your return as a result of such transaction (or that would have resulted if the transaction were respected for federal tax purposes). 2011 tax software download For an individual, the minimum penalty is $5,000 and the maximum is $10,000 (or $100,000 for a listed transaction). 2011 tax software download This penalty is in addition to any other penalty that may be imposed. 2011 tax software download   The IRS may rescind or abate the penalty for failing to disclose a reportable transaction under certain limited circumstances but cannot rescind the penalty for failing to disclose a listed transaction. 2011 tax software download For information on rescission, see Revenue Procedure 2007-21 in Internal Revenue Bulletin 2007-9 available at www. 2011 tax software download irs. 2011 tax software download gov/irb/2007-09_IRB/ar12. 2011 tax software download html. 2011 tax software download Accuracy-related penalty for a reportable transaction understatement. 2011 tax software download   If you have a reportable transaction understatement, you may have to pay a penalty equal to 20% of the amount of that understatement. 2011 tax software download This applies to any item due to a listed transaction or other reportable transaction with a significant purpose of avoiding or evading federal income tax. 2011 tax software download The penalty is 30% rather than 20% for the part of any reportable transaction understatement if the transaction was not properly disclosed. 2011 tax software download You may not have to pay the 20% penalty if you meet the strengthened reasonable cause and good faith exception. 2011 tax software download The reasonable cause and good faith exception does not apply to any part of a reportable transaction understatement attributable to one or more transactions that lack economic substance. 2011 tax software download   This penalty does not apply to the part of an understatement on which the fraud penalty, gross valuation misstatement penalty, or penalty for nondisclosure of noneconomic substance transactions is imposed. 2011 tax software download Civil fraud penalty. 2011 tax software download   If any underpayment of tax on your return is due to fraud, a penalty of 75% of the underpayment will be added to your tax. 2011 tax software download Joint return. 2011 tax software download   The fraud penalty on a joint return applies to a spouse only if some part of the underpayment is due to the fraud of that spouse. 2011 tax software download Failure to pay tax. 2011 tax software download   If a deficiency is assessed and is not paid within 10 days of the demand for payment, an investor can be penalized with up to a 25% addition to tax if the failure to pay continues. 2011 tax software download Whether To Invest In light of the adverse tax consequences and the substantial amount of penalties and interest that will result if the claimed tax benefits are disallowed, you should consider tax shelter investments carefully and seek competent legal and financial advice. 2011 tax software download Prev  Up  Next   Home   More Online Publications
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Assess Your Needs

Only you can decide if you need these features. Sellers of cars, major appliances and other expensive items may try to sell you a service contract or "extended warranty." Service contracts or "extended warranties" can add hundreds to your purchase price and are rarely worth the cost. Some sellers may try to frighten you or lead you to believe that purchasing an extended warranty is required. Some duplicate warranty coverage you get automatically from a manufacturer or dealer. Ask these questions before you agree to one of these contracts:

  • Does the dealer, the manufacturer, or an independent company back the service contract?
  • How are claims handled? Who will do the work and where it will be done?
  • What happens to your coverage if the dealer or administrator goes out of business?
  • Do you need prior authorization for repair work?
  • Are there any situations when coverage can be denied? You may not have protection from common wear and tear. And some manufacturers do not honor contracts if you fail to follow their recommendations for routine maintenance.

The 2011 Tax Software Download

2011 tax software download Publication 575 - Additional Material Table of Contents Worksheet A. 2011 tax software download Simplified Method 1. 2011 tax software download Enter the total pension or annuity payments received this year. 2011 tax software download Also, add this amount to the total for Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a 1. 2011 tax software download   2. 2011 tax software download Enter your cost in the plan (contract) at the annuity starting date plus any death benefit exclusion. 2011 tax software download * See Cost (Investment in the Contract) , earlier 2. 2011 tax software download   Note: If your annuity starting date was before this year and you completed this worksheet last year, skip line 3 and enter the amount from line 4 of last year's worksheet on line 4 below (even if the amount of your pension or annuity has changed). 2011 tax software download Otherwise, go to line 3. 2011 tax software download   3. 2011 tax software download Enter the appropriate number from Table 1 below. 2011 tax software download But if your annuity starting date was after 1997 and the payments are for your life and that of your beneficiary, enter the appropriate number from Table 2 below. 2011 tax software download 3. 2011 tax software download   4. 2011 tax software download Divide line 2 by the number on line 3 4. 2011 tax software download   5. 2011 tax software download Multiply line 4 by the number of months for which this year's payments were made. 2011 tax software download If your annuity starting date was before 1987, enter this amount on line 8 below and skip lines 6, 7, 10, and 11. 2011 tax software download Otherwise, go to line 6 5. 2011 tax software download   6. 2011 tax software download Enter any amounts previously recovered tax free in years after 1986. 2011 tax software download This is the amount shown on line 10 of your worksheet for last year 6. 2011 tax software download   7. 2011 tax software download Subtract line 6 from line 2 7. 2011 tax software download   8. 2011 tax software download Enter the smaller of line 5 or line 7 8. 2011 tax software download   9. 2011 tax software download Taxable amount for year. 2011 tax software download Subtract line 8 from line 1. 2011 tax software download Enter the result, but not less than zero. 2011 tax software download Also, add this amount to the total for Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b. 2011 tax software download  Note: If your Form 1099-R shows a larger taxable amount, use the amount figured on this line instead. 2011 tax software download If you are a retired public safety officer, see Insurance Premiums for Retired Public Safety Officers , earlier, before entering an amount on your tax return 9. 2011 tax software download   10. 2011 tax software download Was your annuity starting date before 1987? □ Yes. 2011 tax software download STOP. 2011 tax software download Do not complete the rest of this worksheet. 2011 tax software download  □ No. 2011 tax software download Add lines 6 and 8. 2011 tax software download This is the amount you have recovered tax free through 2013. 2011 tax software download You will need this number if you need to fill out this worksheet next year 10. 2011 tax software download   11. 2011 tax software download Balance of cost to be recovered. 2011 tax software download Subtract line 10 from line 2. 2011 tax software download If zero, you will not have to complete this worksheet next year. 2011 tax software download The payments you receive next year will generally be fully taxable 11. 2011 tax software download   * A death benefit exclusion (up to $5,000) applied to certain benefits received by employees who died before August 21, 1996. 2011 tax software download Table 1 for Line 3 Above   IF the age at  annuity starting date was . 2011 tax software download . 2011 tax software download . 2011 tax software download         AND your annuity starting date was—     BEFORE November 19, 1996,  enter on line 3 . 2011 tax software download . 2011 tax software download . 2011 tax software download AFTER November 18, 1996,  enter on line 3 . 2011 tax software download . 2011 tax software download . 2011 tax software download   55 or under 300 360   56-60 260 310   61-65 240 260   66-70 170 210   71 or over 120 160 Table 2 for Line 3 Above   IF the combined ages at annuity starting date were . 2011 tax software download . 2011 tax software download . 2011 tax software download   THEN enter on line 3 . 2011 tax software download . 2011 tax software download . 2011 tax software download         110 or under   410         111-120   360         121-130   310         131-140   260         141 or over   210       Prev  Up  Next   Home   More Online Publications