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Amending Irs Return

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Amending Irs Return

Amending irs return 23. Amending irs return   Interest Expense Table of Contents Introduction Useful Items - You may want to see: Home Mortgage InterestAmount Deductible Points Mortgage Insurance Premiums Form 1098, Mortgage Interest Statement Investment InterestInvestment Property Allocation of Interest Expense Limit on Deduction Items You Cannot DeductPersonal Interest Allocation of Interest How To ReportMore than one borrower. Amending irs return Mortgage proceeds used for business or investment. Amending irs return Introduction This chapter discusses what interest expenses you can deduct. Amending irs return Interest is the amount you pay for the use of borrowed money. Amending irs return The following are types of interest you can deduct as itemized deductions on Schedule A (Form 1040). Amending irs return Home mortgage interest, including certain points and mortgage insurance premiums. Amending irs return Investment interest. Amending irs return This chapter explains these deductions. Amending irs return It also explains where to deduct other types of interest and lists some types of interest you cannot deduct. Amending irs return Use Table 23-1 to find out where to get more information on various types of interest, including investment interest. Amending irs return Useful Items - You may want to see: Publication 936 Home Mortgage Interest Deduction 550 Investment Income and Expenses Home Mortgage Interest Generally, home mortgage interest is any interest you pay on a loan secured by your home (main home or a second home). Amending irs return The loan may be a mortgage to buy your home, a second mortgage, a line of credit, or a home equity loan. Amending irs return You can deduct home mortgage interest if all the following conditions are met. Amending irs return You file Form 1040 and itemize deductions on Schedule A (Form 1040). Amending irs return The mortgage is a secured debt on a qualified home in which you have an ownership interest. Amending irs return (Generally, your mortgage is a secured debt if you put your home up as collateral to protect the interest of the lender. Amending irs return The term “qualified home” means your main home or second home. Amending irs return For details, see Publication 936. Amending irs return )  Both you and the lender must intend that the loan be repaid. Amending irs return Amount Deductible In most cases, you can deduct all of your home mortgage interest. Amending irs return How much you can deduct depends on the date of the mortgage, the amount of the mortgage, and how you use the mortgage proceeds. Amending irs return Fully deductible interest. Amending irs return   If all of your mortgages fit into one or more of the following three categories at all times during the year, you can deduct all of the interest on those mortgages. Amending irs return (If any one mortgage fits into more than one category, add the debt that fits in each category to your other debt in the same category. Amending irs return )   The three categories are as follows: Mortgages you took out on or before October 13, 1987 (called grandfathered debt). Amending irs return Mortgages you took out after October 13, 1987, to buy, build, or improve your home (called home acquisition debt), but only if throughout 2013 these mortgages plus any grandfathered debt totaled $1 million or less ($500,000 or less if married filing separately). Amending irs return Mortgages you took out after October 13, 1987, other than to buy, build, or improve your home (called home equity debt), but only if throughout 2013 these mortgages totaled $100,000 or less ($50,000 or less if married filing separately) and totaled no more than the fair market value of your home reduced by (1) and (2). Amending irs return The dollar limits for the second and third categories apply to the combined mortgages on your main home and second home. Amending irs return   See Part II of Publication 936 for more detailed definitions of grandfathered, home acquisition, and home equity debt. Amending irs return    You can use Figure 23-A to check whether your home mortgage interest is fully deductible. Amending irs return Figure 23-A. Amending irs return Is My Home Mortgage Interest Fully Deductible? Please click here for the text description of the image. Amending irs return Figure 23-A. Amending irs return Is My Interest Fully Deductible? Limits on deduction. Amending irs return   You cannot fully deduct interest on a mortgage that does not fit into any of the three categories listed earlier. Amending irs return If this applies to you, see Part II of Publication 936 to figure the amount of interest you can deduct. Amending irs return Special Situations This section describes certain items that can be included as home mortgage interest and others that cannot. Amending irs return It also describes certain special situations that may affect your deduction. Amending irs return Late payment charge on mortgage payment. Amending irs return   You can deduct as home mortgage interest a late payment charge if it was not for a specific service performed in connection with your mortgage loan. Amending irs return Mortgage prepayment penalty. Amending irs return   If you pay off your home mortgage early, you may have to pay a penalty. Amending irs return You can deduct that penalty as home mortgage interest provided the penalty is not for a specific service performed or cost incurred in connection with your mortgage loan. Amending irs return Sale of home. Amending irs return   If you sell your home, you can deduct your home mortgage interest (subject to any limits that apply) paid up to, but not including, the date of sale. Amending irs return Example. Amending irs return John and Peggy Harris sold their home on May 7. Amending irs return Through April 30, they made home mortgage interest payments of $1,220. Amending irs return The settlement sheet for the sale of the home showed $50 interest for the 6-day period in May up to, but not including, the date of sale. Amending irs return Their mortgage interest deduction is $1,270 ($1,220 + $50). Amending irs return Prepaid interest. Amending irs return   If you pay interest in advance for a period that goes beyond the end of the tax year, you must spread this interest over the tax years to which it applies. Amending irs return You can deduct in each year only the interest that qualifies as home mortgage interest for that year. Amending irs return However, there is an exception that applies to points, discussed later. Amending irs return Mortgage interest credit. Amending irs return   You may be able to claim a mortgage interest credit if you were issued a mortgage credit certificate (MCC) by a state or local government. Amending irs return Figure the credit on Form 8396, Mortgage Interest Credit. Amending irs return If you take this credit, you must reduce your mortgage interest deduction by the amount of the credit. Amending irs return   For more information on the credit, see chapter 37. Amending irs return Ministers' and military housing allowance. Amending irs return   If you are a minister or a member of the uniformed services and receive a housing allowance that is not taxable, you can still deduct your home mortgage interest. Amending irs return Hardest Hit Fund and Emergency Homeowners' Loan Programs. Amending irs return   You can use a special method to compute your deduction for mortgage interest and real estate taxes on your main home if you meet the following two conditions. Amending irs return You received assistance under: A State Housing Finance Agency (State HFA) Hardest Hit Fund program in which program payments could be used to pay mortgage interest, or An Emergency Homeowners' Loan Program administered by the Department of Housing and Urban Development (HUD) or a state. Amending irs return You meet the rules to deduct all of the mortgage interest on your loan and all of the real estate taxes on your main home. Amending irs return If you meet these tests, then you can deduct all of the payments you actually made during the year to your mortgage servicer, the State HFA, or HUD on the home mortgage (including the amount shown on box 3 of Form 1098-MA, Mortgage Assistance Payments), but not more than the sum of the amounts shown on Form 1098, Mortgage Interest Statement, in box 1 (mortgage interest received from payer(s) / borrower(s)), box 4 (mortgage insurance premiums) and box 5 (real property taxes). Amending irs return However, you are not required to use this special method to compute your deduction for mortgage interest and real estate taxes on your main home. Amending irs return Mortgage assistance payments under section 235 of the National Housing Act. Amending irs return   If you qualify for mortgage assistance payments for lower-income families under section 235 of the National Housing Act, part or all of the interest on your mortgage may be paid for you. Amending irs return You cannot deduct the interest that is paid for you. Amending irs return No other effect on taxes. Amending irs return   Do not include these mortgage assistance payments in your income. Amending irs return Also, do not use these payments to reduce other deductions, such as real estate taxes. Amending irs return Divorced or separated individuals. Amending irs return   If a divorce or separation agreement requires you or your spouse or former spouse to pay home mortgage interest on a home owned by both of you, the payment of interest may be alimony. Amending irs return See the discussion of Payments for jointly-owned home in chapter 18. Amending irs return Redeemable ground rents. Amending irs return   If you make annual or periodic rental payments on a redeemable ground rent, you can deduct them as mortgage interest. Amending irs return   Payments made to end the lease and to buy the lessor's entire interest in the land are not deductible as mortgage interest. Amending irs return For more information, see Publication 936. Amending irs return Nonredeemable ground rents. Amending irs return   Payments on a nonredeemable ground rent are not mortgage interest. Amending irs return You can deduct them as rent if they are a business expense or if they are for rental property. Amending irs return Reverse mortgages. Amending irs return   A reverse mortgage is a loan where the lender pays you (in a lump sum, a monthly advance, a line of credit, or a combination of all three) while you continue to live in your home. Amending irs return With a reverse mortgage, you retain title to your home. Amending irs return Depending on the plan, your reverse mortgage becomes due with interest when you move, sell your home, reach the end of a pre-selected loan period, or die. Amending irs return Because reverse mortgages are considered loan advances and not income, the amount you receive is not taxable. Amending irs return Any interest (including original issue discount) accrued on a reverse mortgage is not deductible until the loan is paid in full. Amending irs return Your deduction may be limited because a reverse mortgage loan generally is subject to the limit on Home Equity Debt discussed in Publication 936. Amending irs return Rental payments. Amending irs return   If you live in a house before final settlement on the purchase, any payments you make for that period are rent and not interest. Amending irs return This is true even if the settlement papers call them interest. Amending irs return You cannot deduct these payments as home mortgage interest. Amending irs return Mortgage proceeds invested in tax-exempt securities. Amending irs return   You cannot deduct the home mortgage interest on grandfathered debt or home equity debt if you used the proceeds of the mortgage to buy securities or certificates that produce tax-free income. Amending irs return “Grandfathered debt” and “home equity debt” are defined earlier under Amount Deductible. Amending irs return Refunds of interest. Amending irs return   If you receive a refund of interest in the same tax year you paid it, you must reduce your interest expense by the amount refunded to you. Amending irs return If you receive a refund of interest you deducted in an earlier year, you generally must include the refund in income in the year you receive it. Amending irs return However, you need to include it only up to the amount of the deduction that reduced your tax in the earlier year. Amending irs return This is true whether the interest overcharge was refunded to you or was used to reduce the outstanding principal on your mortgage. Amending irs return    If you received a refund of interest you overpaid in an earlier year, you generally will receive a Form 1098, Mortgage Interest Statement, showing the refund in box 3. Amending irs return For information about Form 1098, see Form 1098, Mortgage Interest Statement , later. Amending irs return   For more information on how to treat refunds of interest deducted in earlier years, see Recoveries in chapter 12. Amending irs return Points The term “points” is used to describe certain charges paid, or treated as paid, by a borrower to obtain a home mortgage. Amending irs return Points may also be called loan origination fees, maximum loan charges, loan discount, or discount points. Amending irs return A borrower is treated as paying any points that a home seller pays for the borrower's mortgage. Amending irs return See Points paid by the seller , later. Amending irs return General Rule You generally cannot deduct the full amount of points in the year paid. Amending irs return Because they are prepaid interest, you generally deduct them ratably over the life (term) of the mortgage. Amending irs return See Deduction Allowed Ratably , next. Amending irs return For exceptions to the general rule, see Deduction Allowed in Year Paid , later. Amending irs return Deduction Allowed Ratably If you do not meet the tests listed under Deduction Allowed in Year Paid , later, the loan is not a home improvement loan, or you choose not to deduct your points in full in the year paid, you can deduct the points ratably (equally) over the life of the loan if you meet all the following tests. Amending irs return You use the cash method of accounting. Amending irs return This means you report income in the year you receive it and deduct expenses in the year you pay them. Amending irs return Most individuals use this method. Amending irs return Your loan is secured by a home. Amending irs return (The home does not need to be your main home. Amending irs return ) Your loan period is not more than 30 years. Amending irs return If your loan period is more than 10 years, the terms of your loan are the same as other loans offered in your area for the same or longer period. Amending irs return Either your loan amount is $250,000 or less, or the number of points is not more than: 4, if your loan period is 15 years or less, or 6, if your loan period is more than 15 years. Amending irs return Deduction Allowed in Year Paid You can fully deduct points in the year paid if you meet all the following tests. Amending irs return (You can use Figure 23-B as a quick guide to see whether your points are fully deductible in the year paid. Amending irs return ) Your loan is secured by your main home. Amending irs return (Your main home is the one you ordinarily live in most of the time. Amending irs return ) Paying points is an established business practice in the area where the loan was made. Amending irs return The points paid were not more than the points generally charged in that area. Amending irs return You use the cash method of accounting. Amending irs return This means you report income in the year you receive it and deduct expenses in the year you pay them. Amending irs return (If you want more information about this method, see Accounting Methods in chapter 1. Amending irs return ) The points were not paid in place of amounts that ordinarily are stated separately on the settlement statement, such as appraisal fees, inspection fees, title fees, attorney fees, and property taxes. Amending irs return The funds you provided at or before closing, plus any points the seller paid, were at least as much as the points charged. Amending irs return The funds you provided are not required to have been applied to the points. Amending irs return They can include a down payment, an escrow deposit, earnest money, and other funds you paid at or before closing for any purpose. Amending irs return You cannot have borrowed these funds from your lender or mortgage broker. Amending irs return You use your loan to buy or build your main home. Amending irs return The points were computed as a percentage of the principal amount of the mortgage. Amending irs return The amount is clearly shown on the settlement statement (such as the Settlement Statement, Form HUD-1) as points charged for the mortgage. Amending irs return The points may be shown as paid from either your funds or the seller's. Amending irs return Figure 23-B. Amending irs return Are My Points Fully Deductible This Year? Please click here for the text description of the image. Amending irs return Figure 23-B. Amending irs return Are My Points Fully Deductible This Year? Note. Amending irs return If you meet all of these tests, you can choose to either fully deduct the points in the year paid, or deduct them over the life of the loan. Amending irs return Home improvement loan. Amending irs return   You can also fully deduct in the year paid points paid on a loan to improve your main home, if tests (1) through (6) are met. Amending irs return Second home. Amending irs return You cannot fully deduct in the year paid points you pay on loans secured by your second home. Amending irs return You can deduct these points only over the life of the loan. Amending irs return Refinancing. Amending irs return   Generally, points you pay to refinance a mortgage are not deductible in full in the year you pay them. Amending irs return This is true even if the new mortgage is secured by your main home. Amending irs return   However, if you use part of the refinanced mortgage proceeds to improve your main home and you meet the first 6 tests listed under Deduction Allowed in Year Paid , earlier, you can fully deduct the part of the points related to the improvement in the year you paid them with your own funds. Amending irs return You can deduct the rest of the points over the life of the loan. Amending irs return Example 1. Amending irs return In 1998, Bill Fields got a mortgage to buy a home. Amending irs return In 2013, Bill refinanced that mortgage with a 15-year $100,000 mortgage loan. Amending irs return The mortgage is secured by his home. Amending irs return To get the new loan, he had to pay three points ($3,000). Amending irs return Two points ($2,000) were for prepaid interest, and one point ($1,000) was charged for services, in place of amounts that ordinarily are stated separately on the settlement statement. Amending irs return Bill paid the points out of his private funds, rather than out of the proceeds of the new loan. Amending irs return The payment of points is an established practice in the area, and the points charged are not more than the amount generally charged there. Amending irs return Bill's first payment on the new loan was due July 1. Amending irs return He made six payments on the loan in 2013 and is a cash basis taxpayer. Amending irs return Bill used the funds from the new mortgage to repay his existing mortgage. Amending irs return Although the new mortgage loan was for Bill's continued ownership of his main home, it was not for the purchase or improvement of that home. Amending irs return He cannot deduct all of the points in 2013. Amending irs return He can deduct two points ($2,000) ratably over the life of the loan. Amending irs return He deducts $67 [($2,000 ÷ 180 months) × 6 payments] of the points in 2013. Amending irs return The other point ($1,000) was a fee for services and is not deductible. Amending irs return Example 2. Amending irs return The facts are the same as in Example 1, except that Bill used $25,000 of the loan proceeds to improve his home and $75,000 to repay his existing mortgage. Amending irs return Bill deducts 25% ($25,000 ÷ $100,000) of the points ($2,000) in 2013. Amending irs return His deduction is $500 ($2,000 × 25%). Amending irs return Bill also deducts the ratable part of the remaining $1,500 ($2,000 − $500) that must be spread over the life of the loan. Amending irs return This is $50 [($1,500 ÷ 180 months) × 6 payments] in 2013. Amending irs return The total amount Bill deducts in 2013 is $550 ($500 + $50). Amending irs return Special Situations This section describes certain special situations that may affect your deduction of points. Amending irs return Original issue discount. Amending irs return   If you do not qualify to either deduct the points in the year paid or deduct them ratably over the life of the loan, or if you choose not to use either of these methods, the points reduce the issue price of the loan. Amending irs return This reduction results in original issue discount, which is discussed in chapter 4 of Publication 535. Amending irs return Amounts charged for services. Amending irs return   Amounts charged by the lender for specific services connected to the loan are not interest. Amending irs return Examples of these charges are: Appraisal fees, Notary fees, and Preparation costs for the mortgage note or deed of trust. Amending irs return You cannot deduct these amounts as points either in the year paid or over the life of the mortgage. Amending irs return Points paid by the seller. Amending irs return   The term “points” includes loan placement fees that the seller pays to the lender to arrange financing for the buyer. Amending irs return Treatment by seller. Amending irs return   The seller cannot deduct these fees as interest. Amending irs return But they are a selling expense that reduces the amount realized by the seller. Amending irs return See chapter 15 for information on selling your home. Amending irs return Treatment by buyer. Amending irs return    The buyer reduces the basis of the home by the amount of the seller-paid points and treats the points as if he or she had paid them. Amending irs return If all the tests under Deduction Allowed in Year Paid , earlier, are met, the buyer can deduct the points in the year paid. Amending irs return If any of those tests are not met, the buyer deducts the points over the life of the loan. Amending irs return   For information about basis, see chapter 13. Amending irs return Funds provided are less than points. Amending irs return   If you meet all the tests in Deduction Allowed in Year Paid , earlier, except that the funds you provided were less than the points charged to you (test (6)), you can deduct the points in the year paid, up to the amount of funds you provided. Amending irs return In addition, you can deduct any points paid by the seller. Amending irs return Example 1. Amending irs return When you took out a $100,000 mortgage loan to buy your home in December, you were charged one point ($1,000). Amending irs return You meet all the tests for deducting points in the year paid, except the only funds you provided were a $750 down payment. Amending irs return Of the $1,000 charged for points, you can deduct $750 in the year paid. Amending irs return You spread the remaining $250 over the life of the mortgage. Amending irs return Example 2. Amending irs return The facts are the same as in Example 1, except that the person who sold you your home also paid one point ($1,000) to help you get your mortgage. Amending irs return In the year paid, you can deduct $1,750 ($750 of the amount you were charged plus the $1,000 paid by the seller). Amending irs return You spread the remaining $250 over the life of the mortgage. Amending irs return You must reduce the basis of your home by the $1,000 paid by the seller. Amending irs return Excess points. Amending irs return   If you meet all the tests in Deduction Allowed in Year Paid , earlier, except that the points paid were more than generally paid in your area (test (3)), you deduct in the year paid only the points that are generally charged. Amending irs return You must spread any additional points over the life of the mortgage. Amending irs return Mortgage ending early. Amending irs return   If you spread your deduction for points over the life of the mortgage, you can deduct any remaining balance in the year the mortgage ends. Amending irs return However, if you refinance the mortgage with the same lender, you cannot deduct any remaining balance of spread points. Amending irs return Instead, deduct the remaining balance over the term of the new loan. Amending irs return    A mortgage may end early due to a prepayment, refinancing, foreclosure, or similar event. Amending irs return Example. Amending irs return Dan paid $3,000 in points in 2002 that he had to spread out over the 15-year life of the mortgage. Amending irs return He deducts $200 points per year. Amending irs return Through 2012, Dan has deducted $2,200 of the points. Amending irs return Dan prepaid his mortgage in full in 2013. Amending irs return He can deduct the remaining $800 of points in 2013. Amending irs return Limits on deduction. Amending irs return   You cannot fully deduct points paid on a mortgage unless the mortgage fits into one of the categories listed earlier under Fully deductible interest . Amending irs return See Publication 936 for details. Amending irs return Mortgage Insurance Premiums You can treat amounts you paid during 2013 for qualified mortgage insurance as home mortgage interest. Amending irs return The insurance must be in connection with home acquisition debt and the insurance contract must have been issued after 2006. Amending irs return Qualified mortgage insurance. Amending irs return   Qualified mortgage insurance is mortgage insurance provided by the Department of Veterans Affairs, the Federal Housing Administration, or the Rural Housing Service, and private mortgage insurance (as defined in section 2 of the Homeowners Protection Act of 1998 as in effect on December 20, 2006). Amending irs return   Mortgage insurance provided by the Department of Veterans Affairs is commonly known as a funding fee. Amending irs return If provided by the Rural Housing Service, it is commonly known as a guarantee fee. Amending irs return These fees can be deducted fully in 2013 if the mortgage insurance contract was issued in 2013. Amending irs return Contact the mortgage insurance issuer to determine the deductible amount if it is not reported in box 4 of Form 1098. Amending irs return Special rules for prepaid mortgage insurance. Amending irs return   Generally, if you paid premiums for qualified mortgage insurance that are allocable to periods after the close of the tax year, such premiums are treated as paid in the period to which they are allocated. Amending irs return You must allocate the premiums over the shorter of the stated term of the mortgage or 84 months, beginning with the month the insurance was obtained. Amending irs return No deduction is allowed for the unamortized balance if the mortgage is satisfied before its term. Amending irs return This paragraph does not apply to qualified mortgage insurance provided by the Department of Veterans Affairs or the Rural Housing Service. Amending irs return See the Example below. Amending irs return Example. Amending irs return Ryan purchased a home in May of 2012 and financed the home with a 15-year mortgage. Amending irs return Ryan also prepaid all of the $9,240 in private mortgage insurance required at the time of closing in May. Amending irs return Since the $9,240 in private mortgage insurance is allocable to periods after 2012, Ryan must allocate the $9,240 over the shorter of the life of the mortgage or 84 months. Amending irs return Ryan's adjusted gross income (AGI) for 2012 is $76,000. Amending irs return Ryan can deduct $880 ($9,240 ÷ 84 × 8 months) for qualified mortgage insurance premiums in 2012. Amending irs return For 2013, Ryan can deduct $1,320 ($9,240 ÷ 84 × 12 months) if his AGI is $100,000 or less. Amending irs return In this example, the mortgage insurance premiums are allocated over 84 months, which is shorter than the life of the mortgage of 15 years (180 months). Amending irs return Limit on deduction. Amending irs return   If your adjusted gross income on Form 1040, line 38, is more than $100,000 ($50,000 if your filing status is married filing separately), the amount of your mortgage insurance premiums that are otherwise deductible is reduced and may be eliminated. Amending irs return See Line 13 in the instructions for Schedule A (Form 1040) and complete the Mortgage Insurance Premiums Deduction Worksheet to figure the amount you can deduct. Amending irs return If your adjusted gross income is more than $109,000 ($54,500 if married filing separately), you cannot deduct your mortgage insurance premiums. Amending irs return Form 1098, Mortgage Interest Statement If you paid $600 or more of mortgage interest (including certain points and mortgage insurance premiums) during the year on any one mortgage, you generally will receive a Form 1098 or a similar statement from the mortgage holder. Amending irs return You will receive the statement if you pay interest to a person (including a financial institution or a cooperative housing corporation) in the course of that person's trade or business. Amending irs return A governmental unit is a person for purposes of furnishing the statement. Amending irs return The statement for each year should be sent to you by January 31 of the following year. Amending irs return A copy of this form will also be sent to the IRS. Amending irs return The statement will show the total interest you paid during the year, any mortgage insurance premiums you paid, and if you purchased a main home during the year, it also will show the deductible points paid during the year, including seller-paid points. Amending irs return However, it should not show any interest that was paid for you by a government agency. Amending irs return As a general rule, Form 1098 will include only points that you can fully deduct in the year paid. Amending irs return However, certain points not included on Form 1098 also may be deductible, either in the year paid or over the life of the loan. Amending irs return See Points , earlier, to determine whether you can deduct points not shown on Form 1098. Amending irs return Prepaid interest on Form 1098. Amending irs return   If you prepaid interest in 2013 that accrued in full by January 15, 2014, this prepaid interest may be included in box 1 of Form 1098. Amending irs return However, you cannot deduct the prepaid amount for January 2014 in 2013. Amending irs return (See Prepaid interest , earlier. Amending irs return ) You will have to figure the interest that accrued for 2014 and subtract it from the amount in box 1. Amending irs return You will include the interest for January 2014 with the other interest you pay for 2014. Amending irs return See How To Report , later. Amending irs return Refunded interest. Amending irs return   If you received a refund of mortgage interest you overpaid in an earlier year, you generally will receive a Form 1098 showing the refund in box 3. Amending irs return See Refunds of interest , earlier. Amending irs return Mortgage insurance premiums. Amending irs return   The amount of mortgage insurance premiums you paid during 2013 may be shown in box 4 of Form 1098. Amending irs return See Mortgage Insurance Premiums, earlier. Amending irs return Investment Interest This section discusses interest expenses you may be able to deduct as an investor. Amending irs return If you borrow money to buy property you hold for investment, the interest you pay is investment interest. Amending irs return You can deduct investment interest subject to the limit discussed later. Amending irs return However, you cannot deduct interest you incurred to produce tax-exempt income. Amending irs return Nor can you deduct interest expenses on straddles. Amending irs return Investment interest does not include any qualified home mortgage interest or any interest taken into account in computing income or loss from a passive activity. Amending irs return Investment Property Property held for investment includes property that produces interest, dividends, annuities, or royalties not derived in the ordinary course of a trade or business. Amending irs return It also includes property that produces gain or loss (not derived in the ordinary course of a trade or business) from the sale or trade of property producing these types of income or held for investment (other than an interest in a passive activity). Amending irs return Investment property also includes an interest in a trade or business activity in which you did not materially participate (other than a passive activity). Amending irs return Partners, shareholders, and beneficiaries. Amending irs return   To determine your investment interest, combine your share of investment interest from a partnership, S corporation, estate, or trust with your other investment interest. Amending irs return Allocation of Interest Expense If you borrow money for business or personal purposes as well as for investment, you must allocate the debt among those purposes. Amending irs return Only the interest expense on the part of the debt used for investment purposes is treated as investment interest. Amending irs return The allocation is not affected by the use of property that secures the debt. Amending irs return Limit on Deduction Generally, your deduction for investment interest expense is limited to the amount of your net investment income. Amending irs return You can carry over the amount of investment interest that you could not deduct because of this limit to the next tax year. Amending irs return The interest carried over is treated as investment interest paid or accrued in that next year. Amending irs return You can carry over disallowed investment interest to the next tax year even if it is more than your taxable income in the year the interest was paid or accrued. Amending irs return Net Investment Income Determine the amount of your net investment income by subtracting your investment expenses (other than interest expense) from your investment income. Amending irs return Investment income. Amending irs return    This generally includes your gross income from property held for investment (such as interest, dividends, annuities, and royalties). Amending irs return Investment income does not include Alaska Permanent Fund dividends. Amending irs return It also does not include qualified dividends or net capital gain unless you choose to include them. Amending irs return Choosing to include qualified dividends. Amending irs return   Investment income generally does not include qualified dividends, discussed in chapter 8. Amending irs return However, you can choose to include all or part of your qualified dividends in investment income. Amending irs return   You make this choice by completing Form 4952, line 4g, according to its instructions. Amending irs return   If you choose to include any amount of your qualified dividends in investment income, you must reduce your qualified dividends that are eligible for the lower capital gains tax rates by the same amount. Amending irs return Choosing to include net capital gain. Amending irs return   Investment income generally does not include net capital gain from disposing of investment property (including capital gain distributions from mutual funds). Amending irs return However, you can choose to include all or part of your net capital gain in investment income. Amending irs return    You make this choice by completing Form 4952, line 4g, according to its instructions. Amending irs return   If you choose to include any amount of your net capital gain in investment income, you must reduce your net capital gain that is eligible for the lower capital gains tax rates by the same amount. Amending irs return    Before making either choice, consider the overall effect on your tax liability. Amending irs return Compare your tax if you make one or both of these choices with your tax if you do not. Amending irs return Investment income of child reported on parent's return. Amending irs return    Investment income includes the part of your child's interest and dividend income that you choose to report on your return. Amending irs return If the child does not have qualified dividends, Alaska Permanent Fund dividends, or capital gain distributions, this is the amount on line 6 of Form 8814, Parents' Election To Report Child's Interest and Dividends. Amending irs return Child's qualified dividends. Amending irs return   If part of the amount you report is your child's qualified dividends, that part (which is reported on Form 1040, line 9b) generally does not count as investment income. Amending irs return However, you can choose to include all or part of it in investment income, as explained under Choosing to include qualified dividends , earlier. Amending irs return   Your investment income also includes the amount on Form 8814, line 12 (or, if applicable, the reduced amount figured next under Child's Alaska Permanent Fund dividends). Amending irs return Child's Alaska Permanent Fund dividends. Amending irs return   If part of the amount you report is your child's Alaska Permanent Fund dividends, that part does not count as investment income. Amending irs return To figure the amount of your child's income that you can consider your investment income, start with the amount on Form 8814, line 6. Amending irs return Multiply that amount by a percentage that is equal to the Alaska Permanent Fund dividends divided by the total amount on Form 8814, line 4. Amending irs return Subtract the result from the amount on Form 8814, line 12. Amending irs return Child's capital gain distributions. Amending irs return    If part of the amount you report is your child's capital gain distributions, that part (which is reported on Schedule D, line 13, or Form 1040, line 13) generally does not count as investment income. Amending irs return However, you can choose to include all or part of it in investment income, as explained in Choosing to include net capital gain , earlier. Amending irs return   Your investment income also includes the amount on Form 8814, line 12 (or, if applicable, the reduced amount figured under Child's Alaska Permanent Fund dividends , earlier). Amending irs return Investment expenses. Amending irs return   Investment expenses are your allowed deductions (other than interest expense) directly connected with the production of investment income. Amending irs return Investment expenses that are included as a miscellaneous itemized deduction on Schedule A (Form 1040) are allowable deductions after applying the 2% limit that applies to miscellaneous itemized deductions. Amending irs return Use the smaller of: The investment expenses included on Schedule A (Form 1040), line 23, or The amount on Schedule A, line 27. Amending irs return Losses from passive activities. Amending irs return   Income or expenses that you used in computing income or loss from a passive activity are not included in determining your investment income or investment expenses (including investment interest expense). Amending irs return See Publication 925, Passive Activity and At-Risk Rules, for information about passive activities. Amending irs return Form 4952 Use Form 4952, Investment Interest Expense Deduction, to figure your deduction for investment interest. Amending irs return Exception to use of Form 4952. Amending irs return   You do not have to complete Form 4952 or attach it to your return if you meet all of the following tests. Amending irs return Your investment interest expense is not more than your investment income from interest and ordinary dividends minus any qualified dividends. Amending irs return You do not have any other deductible investment expenses. Amending irs return You have no carryover of investment interest expense from 2012. Amending irs return If you meet all of these tests, you can deduct all of your investment interest. Amending irs return More Information For more information on investment interest, see Interest Expenses in chapter 3 of Publication 550. Amending irs return Items You Cannot Deduct Some interest payments are not deductible. Amending irs return Certain expenses similar to interest also are not deductible. Amending irs return Nondeductible expenses include the following items. Amending irs return Personal interest (discussed later). Amending irs return Service charges (however, see Other Expenses (Line 23) in chapter 28). Amending irs return Annual fees for credit cards. Amending irs return Loan fees. Amending irs return Credit investigation fees. Amending irs return Interest to purchase or carry tax-exempt securities. Amending irs return Penalties. Amending irs return   You cannot deduct fines and penalties paid to a government for violations of law, regardless of their nature. Amending irs return Personal Interest Personal interest is not deductible. Amending irs return Personal interest is any interest that is not home mortgage interest, investment interest, business interest, or other deductible interest. Amending irs return It includes the following items. Amending irs return Interest on car loans (unless you use the car for business). Amending irs return Interest on federal, state, or local income tax. Amending irs return Finance charges on credit cards, retail installment contracts, and revolving charge accounts incurred for personal expenses. Amending irs return Late payment charges by a public utility. Amending irs return You may be able to deduct interest you pay on a qualified student loan. Amending irs return For details, see Publication 970, Tax Benefits for Education. Amending irs return Allocation of Interest If you use the proceeds of a loan for more than one purpose (for example, personal and business), you must allocate the interest on the loan to each use. Amending irs return However, you do not have to allocate home mortgage interest if it is fully deductible, regardless of how the funds are used. Amending irs return You allocate interest (other than fully deductible home mortgage interest) on a loan in the same way as the loan itself is allocated. Amending irs return You do this by tracing disbursements of the debt proceeds to specific uses. Amending irs return For details on how to do this, see chapter 4 of Publication 535. Amending irs return How To Report You must file Form 1040 to deduct any home mortgage interest expense on your tax return. Amending irs return Where you deduct your interest expense generally depends on how you use the loan proceeds. Amending irs return See Table 23-1 for a summary of where to deduct your interest expense. Amending irs return Home mortgage interest and points. Amending irs return   Deduct the home mortgage interest and points reported to you on Form 1098 on Schedule A (Form 1040), line 10. Amending irs return If you paid more deductible interest to the financial institution than the amount shown on Form 1098, show the larger deductible amount on line 10. Amending irs return Attach a statement explaining the difference and print “See attached” next to line 10. Amending irs return    Deduct home mortgage interest that was not reported to you on Form 1098 on Schedule A (Form 1040), line 11. Amending irs return If you paid home mortgage interest to the person from whom you bought your home, show that person's name, address, and taxpayer identification number (TIN) on the dotted lines next to line 11. Amending irs return The seller must give you this number and you must give the seller your TIN. Amending irs return A Form W-9, Request for Taxpayer Identification Number and Certification, can be used for this purpose. Amending irs return Failure to meet any of these requirements may result in a $50 penalty for each failure. Amending irs return The TIN can be either a social security number, an individual taxpayer identification number (issued by the Internal Revenue Service), or an employer identification number. Amending irs return See Social Security Number (SSN) in chapter 1 for more information about TINs. Amending irs return    If you can take a deduction for points that were not reported to you on Form 1098, deduct those points on Schedule A (Form 1040), line 12. Amending irs return   Deduct mortgage insurance premiums on Schedule A (Form 1040), line 13. Amending irs return More than one borrower. Amending irs return   If you and at least one other person (other than your spouse if you file a joint return) were liable for and paid interest on a mortgage that was for your home, and the other person received a Form 1098 showing the interest that was paid during the year, attach a statement to your return explaining this. Amending irs return Show how much of the interest each of you paid, and give the name and address of the person who received the form. Amending irs return Deduct your share of the interest on Schedule A (Form 1040), line 11, and print “See attached” next to the line. Amending irs return Also, deduct your share of any qualified mortgage insurance premiums on Schedule A (Form 1040), line 13. Amending irs return   Similarly, if you are the payer of record on a mortgage on which there are other borrowers entitled to a deduction for the interest shown on the Form 1098 you received, deduct only your share of the interest on Schedule A (Form 1040), line 10. Amending irs return You should let each of the other borrowers know what his or her share is. Amending irs return Mortgage proceeds used for business or investment. Amending irs return    If your home mortgage interest deduction is limited, but all or part of the mortgage proceeds were used for business, investment, or other deductible activities, see Table 23-1. Amending irs return It shows where to deduct the part of your excess interest that is for those activities. Amending irs return Investment interest. Amending irs return    Deduct investment interest, subject to certain limits discussed in Publication 550, on Schedule A (Form 1040), line 14. Amending irs return Amortization of bond premium. Amending irs return   There are various ways to treat the premium you pay to buy taxable bonds. Amending irs return See Bond Premium Amortization in Publication 550. Amending irs return Income-producing rental or royalty interest. Amending irs return   Deduct interest on a loan for income-producing rental or royalty property that is not used in your business in Part I of Schedule E (Form 1040). Amending irs return Example. Amending irs return You rent out part of your home and borrow money to make repairs. Amending irs return You can deduct only the interest payment for the rented part in Part I of Schedule E (Form 1040). Amending irs return Deduct the rest of the interest payment on Schedule A (Form 1040) if it is deductible home mortgage interest. Amending irs return Table 23-1. Amending irs return Where To Deduct Your Interest Expense IF you have . Amending irs return . Amending irs return . Amending irs return THEN deduct it on . Amending irs return . Amending irs return . Amending irs return AND for more information go to . Amending irs return . Amending irs return . Amending irs return deductible student loan interest Form 1040, line 33, or Form 1040A, line 18 Publication 970. Amending irs return deductible home mortgage interest and points reported on Form 1098 Schedule A (Form 1040), line 10 Publication 936. Amending irs return deductible home mortgage interest not reported on Form 1098 Schedule A (Form 1040), line 11 Publication 936. Amending irs return deductible points not reported on Form 1098 Schedule A (Form 1040), line 12 Publication 936. Amending irs return deductible mortgage insurance premiums Schedule A (Form 1040), line 13 Publication 936. Amending irs return deductible investment interest (other than incurred to produce rents or royalties) Schedule A (Form 1040), line 14 Publication 550. Amending irs return deductible business interest (non-farm) Schedule C or C-EZ (Form 1040) Publication 535. Amending irs return deductible farm business interest Schedule F (Form 1040) Publications 225 and 535. Amending irs return deductible interest incurred to produce rents or royalties Schedule E (Form 1040) Publications 527 and 535. Amending irs return personal interest not deductible. Amending irs return Prev  Up  Next   Home   More Online Publications
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The Amending Irs Return

Amending irs return Publication 584 - Main Content Table of Contents LossesCost or other basis. Amending irs return Fair market value. Amending irs return Exception for personal-use real property. Amending irs return More information. Amending irs return Comments and SuggestionsOrdering forms and publications. Amending irs return Tax questions. Amending irs return How To Get Tax HelpLow Income Taxpayer Clinics (LITCs). Amending irs return Losses Generally, you may deduct losses to your home, household goods, and motor vehicles on your federal income tax return. Amending irs return However, you may not deduct a casualty or theft loss that is covered by insurance unless you filed a timely insurance claim for reimbursement. Amending irs return Any reimbursement you receive will reduce the loss. Amending irs return If you did not file an insurance claim, you may deduct only the part of the loss that was not covered by insurance. Amending irs return Amount of loss. Amending irs return   You figure the amount of your loss using the following steps. Amending irs return Determine your cost or other basis in the property before the casualty or theft. Amending irs return Determine the decrease in fair market value (FMV) of the property as a result of the casualty or theft. Amending irs return (The decrease in FMV is the difference between the property's value immediately before and immediately after the casualty or theft. Amending irs return ) From the smaller of the amounts you determined in (1) and (2), subtract any insurance or other reimbursement you received or expect to receive. Amending irs return Apply the deduction limits, discussed later, to determine the amount of your deductible loss. Amending irs return Cost or other basis. Amending irs return   Cost or other basis usually means original cost plus improvements. Amending irs return If you did not acquire the property by purchasing it, your basis is determined as discussed in Publication 551, Basis of Assets. Amending irs return If you inherited the property from someone who died in 2010, and the executor of the decedent's estate made the election to file Form 8939, refer to the information provided by the executor or see Publication 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010. Amending irs return Fair market value. Amending irs return   FMV is the price for which you could sell your property to a willing buyer, when neither of you has to sell or buy and both of you know all the relevant facts. Amending irs return When filling out Schedules 1 through 20, you need to know the FMV of the property immediately before and immediately after the disaster, casualty, or theft. Amending irs return Separate computations. Amending irs return   Generally, if a single casualty or theft involves more than one item of property, you must figure the loss on each item separately. Amending irs return Then combine the losses to determine the total loss from that casualty or theft. Amending irs return Exception for personal-use real property. Amending irs return   In figuring a casualty loss on personal-use real property, the entire property (including any improvements, such as buildings, trees, and shrubs) is treated as one item. Amending irs return Figure the loss using the smaller of the following. Amending irs return The decrease in FMV of the entire property. Amending irs return The adjusted basis of the entire property. Amending irs return Deduction limits. Amending irs return   After you have figured the amount of your loss, as discussed earlier, you must figure how much of the loss you can deduct. Amending irs return You do this on Form 4684, section A. Amending irs return If the loss was to property for your personal use or your family's, there are two limits on the amount you can deduct for your casualty or theft loss. Amending irs return You must reduce each casualty or theft loss by $100 ($100 rule). Amending irs return You must further reduce the total of all your losses by 10% of your adjusted gross income (10% rule). Amending irs return More information. Amending irs return   For more information about the deduction limits, see Publication 547. Amending irs return When your loss is deductible. Amending irs return   You can generally deduct a casualty or disaster area loss only in the tax year in which the casualty or disaster occurred. Amending irs return You can generally deduct a theft loss only in the year you discovered your property was stolen. Amending irs return However, you can choose to deduct disaster area losses on your return for the year immediately before the year of the disaster if the President has declared your area a federal disaster area. Amending irs return For details, see Disaster Area Losses in Publication 547. Amending irs return Comments and Suggestions We welcome your comments about this publication and your suggestions for future editions. Amending irs return You can write to us at the following address: Internal Revenue Service Individual Forms and Publications Branch SE:W:CAR:MP:T:I 1111 Constitution Ave. Amending irs return NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. Amending irs return Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Amending irs return You can email us at taxforms@irs. Amending irs return gov. Amending irs return Please put “Publications Comment” on the subject line. Amending irs return You can also send us comments from www. Amending irs return irs. Amending irs return gov/formspubs. Amending irs return Select “Comment on Tax Forms and Publications” under “Information about. Amending irs return ” Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Amending irs return Ordering forms and publications. Amending irs return   Visit www. Amending irs return irs. Amending irs return gov/formspubs/ to download forms and publications, call 1-800-829-3676, or write to the address below and receive a response within 10 days after your request is received. Amending irs return Internal Revenue Service 1201 N. Amending irs return Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Amending irs return   If you have a tax question, check the information available on IRS. Amending irs return gov or call 1-800-829-1040. Amending irs return We cannot answer tax questions sent to either of the above addresses. Amending irs return How To Get Tax Help You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. Amending irs return By selecting the method that is best for you, you will have quick and easy access to tax help. Amending irs return Free help with your return. Amending irs return   Free help in preparing your return is available nationwide from IRS-certified volunteers. Amending irs return The Volunteer Income Tax Assistance (VITA) program is designed to help low-moderate income taxpayers and the Tax Counseling for the Elderly (TCE) program is designed to assist taxpayers age 60 and older with their tax returns. Amending irs return Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. Amending irs return To find the nearest VITA or TCE site, visit IRS. Amending irs return gov or call 1-800-906-9887 or 1-800-829-1040. Amending irs return   As part of the TCE program, AARP offers the Tax-Aide counseling program. Amending irs return To find the nearest AARP Tax-Aide site, call 1-888-227-7669 or visit AARP's website at www. Amending irs return aarp. Amending irs return org/money/taxaide. Amending irs return   For more information on these programs, go to IRS. Amending irs return gov and enter keyword “VITA” in the upper right-hand corner. Amending irs return Internet. Amending irs return You can access the IRS website at IRS. Amending irs return gov 24 hours a day, 7 days a week to: E-file your return. Amending irs return Find out about commercial tax preparation and e-file services available free to eligible taxpayers. Amending irs return Check the status of your 2011 refund. Amending irs return Go to IRS. Amending irs return gov and click on Where's My Refund. Amending irs return Wait at least 72 hours after the IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after mailing a paper return. Amending irs return If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). Amending irs return Have your 2011 tax return available so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. Amending irs return Download forms, including talking tax forms, instructions, and publications. Amending irs return Order IRS products online. Amending irs return Research your tax questions online. Amending irs return Search publications online by topic or keyword. Amending irs return Use the online Internal Revenue Code, regulations, or other official guidance. Amending irs return View Internal Revenue Bulletins (IRBs) published in the last few years. Amending irs return Figure your withholding allowances using the withholding calculator online at www. Amending irs return irs. Amending irs return gov/individuals. Amending irs return Determine if Form 6251 must be filed by using our Alternative Minimum Tax (AMT) Assistant available online at www. Amending irs return irs. Amending irs return gov/individuals. Amending irs return Sign up to receive local and national tax news by email. Amending irs return Get information on starting and operating a small business. Amending irs return Phone. Amending irs return Many services are available by phone. Amending irs return   Ordering forms, instructions, and publications. Amending irs return Call 1-800-TAX -FORM (1-800-829-3676) to order current-year forms, instructions, and publications, and prior-year forms and instructions. Amending irs return You should receive your order within 10 days. Amending irs return Asking tax questions. Amending irs return Call the IRS with your tax questions at 1-800-829-1040. Amending irs return Solving problems. Amending irs return You can get face-to-face help solving tax problems every business day in IRS Taxpayer Assistance Centers. Amending irs return An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. Amending irs return Call your local Taxpayer Assistance Center for an appointment. Amending irs return To find the number, go to www. Amending irs return irs. Amending irs return gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Amending irs return TTY/TDD equipment. Amending irs return If you have access to TTY/TDD equipment, call 1-800-829-4059 to ask tax questions or to order forms and publications. Amending irs return TeleTax topics. Amending irs return Call 1-800-829-4477 to listen to pre-recorded messages covering various tax topics. Amending irs return Refund information. Amending irs return To check the status of your 2011 refund, call 1-800-829-1954 or 1-800-829-4477 (automated refund information 24 hours a day, 7 days a week). Amending irs return Wait at least 72 hours after the IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after mailing a paper return. Amending irs return If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). Amending irs return Have your 2011 tax return available so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. Amending irs return If you check the status of your refund and are not given the date it will be issued, please wait until the next week before checking back. Amending irs return Other refund information. Amending irs return To check the status of a prior-year refund or amended return refund, call 1-800-829-1040. Amending irs return Evaluating the quality of our telephone services. Amending irs return To ensure IRS representatives give accurate, courteous, and professional answers, we use several methods to evaluate the quality of our telephone services. Amending irs return One method is for a second IRS representative to listen in on or record random telephone calls. Amending irs return Another is to ask some callers to complete a short survey at the end of the call. Amending irs return Walk-in. Amending irs return Many products and services are available on a walk-in basis. Amending irs return   Products. Amending irs return You can walk in to many post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Amending irs return Some IRS offices, libraries, grocery stores, copy centers, city and county government offices, credit unions, and office supply stores have a collection of products available to print from a CD or photocopy from reproducible proofs. Amending irs return Also, some IRS offices and libraries have the Internal Revenue Code, regulations, Internal Revenue Bulletins, and Cumulative Bulletins available for research purposes. Amending irs return Services. Amending irs return You can walk in to your local Taxpayer Assistance Center every business day for personal, face-to-face tax help. Amending irs return An employee can explain IRS letters, request adjustments to your tax account, or help you set up a payment plan. Amending irs return If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you are more comfortable talking with someone in person, visit your local Taxpayer Assistance Center where you can spread out your records and talk with an IRS representative face-to-face. Amending irs return No appointment is necessary—just walk in. Amending irs return If you prefer, you can call your local Center and leave a message requesting an appointment to resolve a tax account issue. Amending irs return A representative will call you back within 2 business days to schedule an in-person appointment at your convenience. Amending irs return If you have an ongoing, complex tax account problem or a special need, such as a disability, an appointment can be requested. Amending irs return All other issues will be handled without an appointment. Amending irs return To find the number of your local office, go to  www. Amending irs return irs. Amending irs return gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Amending irs return Mail. Amending irs return You can send your order for forms, instructions, and publications to the address below. Amending irs return You should receive a response within 10 days after your request is received. Amending irs return  Internal Revenue Service 1201 N. Amending irs return Mitsubishi Motorway Bloomington, IL 61705-6613 Taxpayer Advocate Service. Amending irs return   The Taxpayer Advocate Service (TAS) is your voice at the IRS. Amending irs return Our job is to ensure that every taxpayer is treated fairly, and that you know and understand your rights. Amending irs return We offer free help to guide you through the often-confusing process of resolving tax problems that you haven’t been able to solve on your own. Amending irs return Remember, the worst thing you can do is nothing at all. Amending irs return   TAS can help if you can’t resolve your problem with the IRS and: Your problem is causing financial difficulties for you, your family, or your business. Amending irs return You face (or your business is facing) an immediate threat of adverse action. Amending irs return You have tried repeatedly to contact the IRS but no one has responded, or the IRS has not responded to you by the date promised. Amending irs return   If you qualify for our help, we’ll do everything we can to get your problem resolved. Amending irs return You will be assigned to one advocate who will be with you at every turn. Amending irs return We have offices in every state, the District of Columbia, and Puerto Rico. Amending irs return Although TAS is independent within the IRS, our advocates know how to work with the IRS to get your problems resolved. Amending irs return And our services are always free. Amending irs return   As a taxpayer, you have rights that the IRS must abide by in its dealings with you. Amending irs return Our tax toolkit at www. Amending irs return TaxpayerAdvocate. Amending irs return irs. Amending irs return gov can help you understand these rights. Amending irs return   If you think TAS might be able to help you, call your local advocate, whose number is in your phone book and on our website at www. Amending irs return irs. Amending irs return gov/advocate. Amending irs return You can also call our toll-free number at 1-877-777-4778 or TTY/TDD 1-800-829-4059. Amending irs return   TAS also handles large-scale or systemic problems that affect many taxpayers. Amending irs return If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System at www. Amending irs return irs. Amending irs return gov/advocate. Amending irs return Low Income Taxpayer Clinics (LITCs). Amending irs return   Low Income Taxpayer Clinics (LITCs) are independent from the IRS. Amending irs return Some clinics serve individuals whose income is below a certain level and who need to resolve a tax problem. Amending irs return These clinics provide professional representation before the IRS or in court on audits, appeals, tax collection disputes, and other issues for free or for a small fee. Amending irs return Some clinics can provide information about taxpayer rights and responsibilities in many different languages for individuals who speak English as a second language. Amending irs return For more information and to find a clinic near you, see the LITC page on www. Amending irs return irs. Amending irs return gov/advocate or IRS Publication 4134, Low Income Taxpayer Clinic List. Amending irs return This publication is also available by calling 1-800-829-3676 or at your local IRS office. Amending irs return Free tax services. Amending irs return   Publication 910, IRS Guide to Free Tax Services, is your guide to IRS services and resources. Amending irs return Learn about free tax information from the IRS, including publications, services, and education and assistance programs. Amending irs return The publication also has an index of over 100 TeleTax topics (recorded tax information) you can listen to on the telephone. Amending irs return The majority of the information and services listed in this publication are available to you free of charge. Amending irs return If there is a fee associated with a resource or service, it is listed in the publication. Amending irs return   Accessible versions of IRS published products are available on request in a variety of alternative formats for people with disabilities. Amending irs return DVD for tax products. Amending irs return You can order Publication 1796, IRS Tax Products DVD, and obtain: Current-year forms, instructions, and publications. Amending irs return Prior-year forms, instructions, and publications. Amending irs return Tax Map: an electronic research tool and finding aid. Amending irs return Tax law frequently asked questions. Amending irs return Tax Topics from the IRS telephone response system. Amending irs return Internal Revenue Code—Title 26 of the U. Amending irs return S. Amending irs return Code. Amending irs return Links to other Internet based Tax Research Materials. Amending irs return Fill-in, print, and save features for most tax forms. Amending irs return Internal Revenue Bulletins. Amending irs return Toll-free and email technical support. Amending irs return Two releases during the year. Amending irs return  – The first release will ship the beginning of January 2012. Amending irs return  – The final release will ship the beginning of March 2012. Amending irs return Purchase the DVD from National Technical Information Service (NTIS) at www. Amending irs return irs. Amending irs return gov/cdorders for $30 (no handling fee) or call 1-877-233-6767 toll free to buy the DVD for $30 (plus a $6 handling fee). Amending irs return Prev  Up  Next   Home   More Online Publications