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Federal Income Tax Amended Return

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Federal Income Tax Amended Return

Federal income tax amended return Publication 536 - Introductory Material Table of Contents Reminders IntroductionOrdering forms and publications. Federal income tax amended return Tax questions. Federal income tax amended return Useful Items - You may want to see: Reminders Future developments. Federal income tax amended return  For the latest developments related to Publication 536, such as legislation enacted after we release it, go to www. Federal income tax amended return irs. Federal income tax amended return gov/pub536. Federal income tax amended return Photographs of missing children. Federal income tax amended return  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Federal income tax amended return Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Federal income tax amended return You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Federal income tax amended return Introduction If your deductions for the year are more than your income for the year, you may have a net operating loss (NOL). Federal income tax amended return An NOL year is the year in which an NOL occurs. Federal income tax amended return You can use an NOL by deducting it from your income in another year or years. Federal income tax amended return What this publication covers. Federal income tax amended return   This publication discusses NOLs for individuals, estates, and trusts. Federal income tax amended return It covers: How to figure an NOL, When to use an NOL, How to claim an NOL deduction, and How to figure an NOL carryover. Federal income tax amended return To have an NOL, your loss must generally be caused by deductions from your: Trade or business, Work as an employee, Casualty and theft losses, Moving expenses, or Rental property. Federal income tax amended return A loss from operating a business is the most common reason for an NOL. Federal income tax amended return Partnerships and S corporations generally cannot use an NOL. Federal income tax amended return However, partners or shareholders can use their separate shares of the partnership's or S corporation's business income and business deductions to figure their individual NOLs. Federal income tax amended return Keeping records. Federal income tax amended return   You should keep records for any tax year that generates an NOL for 3 years after you have used the carryback/carryforward or 3 years after the carryforward expires. Federal income tax amended return    You should attach all required documents to the Form 1045 or Form 1040X. Federal income tax amended return For details, see the instructions for Form 1045 or Form 1040X. Federal income tax amended return What is not covered in this publication?   The following topics are not covered in this publication. Federal income tax amended return Bankruptcies. Federal income tax amended return See Publication 908, Bankruptcy Tax Guide. Federal income tax amended return NOLs of corporations. Federal income tax amended return See Publication 542, Corporations. Federal income tax amended return Section references. Federal income tax amended return   Section references are to the Internal Revenue Code unless otherwise noted. Federal income tax amended return Comments and suggestions. Federal income tax amended return   We welcome your comments about this publication and your suggestions for future editions. Federal income tax amended return   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Federal income tax amended return NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Federal income tax amended return Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Federal income tax amended return   You can send your comments from www. Federal income tax amended return irs. Federal income tax amended return gov/formspubs/. Federal income tax amended return Click on “More Information. Federal income tax amended return ” and then on “Comment on Tax Forms and Publications. Federal income tax amended 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. Federal income tax amended return Ordering forms and publications. Federal income tax amended return   Visit www. Federal income tax amended return irs. Federal income tax amended return gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Federal income tax amended return Internal Revenue Service 1201 N. Federal income tax amended return Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Federal income tax amended return   If you have a tax question, check the information available on IRS. Federal income tax amended return gov or call 1-800-829-1040. Federal income tax amended return We cannot answer tax questions sent to either of the above addresses. Federal income tax amended return Useful Items - You may want to see: Form (and Instructions) 1040X Amended U. Federal income tax amended return S. Federal income tax amended return Individual Income Tax Return 1045 Application for Tentative Refund   See How To Get Tax Help near the end of this publication for information about getting these forms. Federal income tax amended return Prev  Up  Next   Home   More Online Publications
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Understanding your CP501 Notice

You have a balance due (money you owe the IRS) on one of your tax accounts.

Printable samples of this notice (PDF)

Tax publications you may find useful

How to get help

Calling the 1-800 number listed on the top right corner of your notice is the fastest way to get your questions answered.

You can also authorize someone (such as an accountant) to contact the IRS on your behalf using this Power of Attorney and Declaration of Representative (Form 2848).

Or you may qualify for help from a Low Income Taxpayer Clinic.
 


What you need to do

  • Read your notice carefully — it explains your due date, amount due, and payment options.
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Answers to Common Questions

What should I do if I disagree with the changes you made?
If you disagree, contact us immediately at the toll-free number listed on the top right corner of your notice.

What happens if I can't pay the full amount I owe now?
See if you may be able to set up a payment plan through our Online Payment Agreement Application.

What happens if I don't respond to this notice?
If you don't pay the amount due or call us to make payment arrangements, we can file a Notice of Federal Tax Lien on your property at any time, if we haven't already done so. In addition, if you don't pay the amount you owe by the due date on the notice, interest will increase and additional penalties may apply.

If the lien is in place, you may find it difficult to sell or borrow against your property. The tax lien would also appear on your credit report ― which may harm your credit rating ― and your creditors would also be publicly notified that the IRS has priority to seize your property.

Am I charged interest on the money I owe?
Yes. You will continue to be charged interest on any outstanding balance until the amount is paid in full. See the Penalties section that starts on page 2 of the notice.

Will I receive a penalty if I can't pay the full amount?
Yes, you'll receive a late payment penalty. The failure to pay penalty continues to accrue until the amount you owe is paid in full. Contact us by the due date of your payment and, depending on your situation, we may be able to remove the penalty.

What if I need to make a correction to my tax return?
You'll need to file Form 1040X, Amended U.S. Individual Income Tax Return.

Page Last Reviewed or Updated: 05-Mar-2014

The Federal Income Tax Amended Return

Federal income tax amended return 5. Federal income tax amended return   Illustrated Examples Table of Contents Illustrated Example of Form 4563Line 1. Federal income tax amended return Line 2. Federal income tax amended return Lines 3a and 3b. Federal income tax amended return Lines 4a and 4b. Federal income tax amended return Line 5. Federal income tax amended return Line 6. Federal income tax amended return Line 7. Federal income tax amended return Line 9. Federal income tax amended return Line 15. Federal income tax amended return Illustrated Example of Form 5074Part I. Federal income tax amended return Part II. Federal income tax amended return Part III. Federal income tax amended return Illustrated Example of Form 8689Part I. Federal income tax amended return Part II. Federal income tax amended return Part III. Federal income tax amended return Part IV. Federal income tax amended return Use the following examples to help you complete the correct attachment to your Form 1040. Federal income tax amended return The completed form for each example is shown on the pages that follow. Federal income tax amended return Illustrated Example of Form 4563 John Black is a U. Federal income tax amended return S. Federal income tax amended return citizen, single, and under 65. Federal income tax amended return He was a bona fide resident of American Samoa during all of 2013. Federal income tax amended return John must file Form 1040 because his gross income from sources outside the possessions ($10,000 of dividends from U. Federal income tax amended return S. Federal income tax amended return corporations) is more than his adjusted filing requirement for single filers under 65. Federal income tax amended return (See Filing Requirement if Possession Income Is Excluded in chapter 4. Federal income tax amended return ) Because he must file Form 1040 (not illustrated), he fills out Form 4563 to determine the amount of income from American Samoa he can exclude. Federal income tax amended return See Bona Fide Resident of American Samoa in chapter 3. Federal income tax amended return Completing Form 4563. Federal income tax amended return   John enters his name and social security number at the top of the form. Federal income tax amended return Line 1. Federal income tax amended return   On Form 4563 (see later), John enters the date his bona fide residence began in American Samoa, June 2, 2012. Federal income tax amended return Because he is still a bona fide resident, he enters “not ended” in the second blank space. Federal income tax amended return Line 2. Federal income tax amended return   He checks the box labeled “Rented house or apartment” to describe his type of living quarters in American Samoa. Federal income tax amended return Lines 3a and 3b. Federal income tax amended return   He checks “No” on line 3a because no family members lived with him. Federal income tax amended return He leaves line 3b blank. Federal income tax amended return Lines 4a and 4b. Federal income tax amended return   He checks “No” on line 4a because he did not maintain a home outside American Samoa. Federal income tax amended return He leaves line 4b blank. Federal income tax amended return Line 5. Federal income tax amended return   He enters the name and address of his employer, Samoa Products Co. Federal income tax amended return It is a private American Samoa corporation. Federal income tax amended return Line 6. Federal income tax amended return   He enters the dates of his 2-week vacation to New Zealand from November 11 to November 25. Federal income tax amended return That was his only trip outside American Samoa during the year. Federal income tax amended return Line 7. Federal income tax amended return   He enters the $24,000 in wages he received from Samoa Products Co. Federal income tax amended return Line 9. Federal income tax amended return   He received $220 in dividends from an American Samoa corporation, which he enters here. Federal income tax amended return He also received $10,000 of dividends from a U. Federal income tax amended return S. Federal income tax amended return corporation, but he will enter that amount only on his Form 1040 because the U. Federal income tax amended return S. Federal income tax amended return dividends do not qualify for the possession exclusion. Federal income tax amended return Line 15. Federal income tax amended return   John totals the amounts on lines 7 and 9 to get the amount he can exclude from his gross income in 2013. Federal income tax amended return He will not enter his excluded income on Form 1040. Federal income tax amended return However, he will attach his completed Form 4563 to his Form 1040. Federal income tax amended return Illustrated Example of Form 5074 Tracy Grey is a U. Federal income tax amended return S. Federal income tax amended return citizen who is a self-employed fisheries consultant with a tax home in New York. Federal income tax amended return Her only income for 2013 was net self-employment income of $80,000. Federal income tax amended return Of the $80,000, $20,000 was from consulting work in Guam and the rest was earned in the United States. Federal income tax amended return Thinking she would owe tax to Guam on the $20,000, Tracy made estimated tax payments of $1,409 to Guam. Federal income tax amended return She was not a bona fide resident of Guam during 2013. Federal income tax amended return Tracy completes Form 1040 (not illustrated), reporting her worldwide income. Federal income tax amended return Because the adjusted gross income on her Form 1040 was $50,000 or more and at least $5,000 of her gross income is from Guam, Tracy must file Form 5074 with her Form 1040. Federal income tax amended return All amounts reported on Form 5074 are also reported on her Form 1040. Federal income tax amended return See U. Federal income tax amended return S. Federal income tax amended return Citizen or Resident Alien (Other Than a Bona Fide Resident of Guam) in chapter 3. Federal income tax amended return Completing Form 5074. Federal income tax amended return   Tracy enters her name and social security number at the top of the form. Federal income tax amended return Part I. Federal income tax amended return   On Form 5074 (see later), Tracy enters her self-employment income from Guam ($20,000) on line 6. Federal income tax amended return She has no other income from Guam, so the total on line 16 is $20,000. Federal income tax amended return Part II. Federal income tax amended return   Tracy's only adjustment in Part II is the deductible part of the self-employment tax on her net income earned in Guam. Federal income tax amended return She enters $1,413 on line 21 and line 28. Federal income tax amended return Her adjusted gross income on line 29 is $18,587. Federal income tax amended return Part III. Federal income tax amended return   Tracy made estimated tax payments of $1,409. Federal income tax amended return She enters this amount on line 30, and again on line 34 as the total payments. Federal income tax amended return Illustrated Example of Form 8689 Juan and Carla Moreno live and work in the United States. Federal income tax amended return In 2013, they received $14,400 in income from the rental of a condominium they own in the U. Federal income tax amended return S. Federal income tax amended return Virgin Islands (USVI). Federal income tax amended return The rental income was deposited in a bank in the USVI and they received $500 of interest on this income. Federal income tax amended return They were not bona fide residents of the USVI during the entire tax year. Federal income tax amended return The Morenos complete Form 1040 (not illustrated), reporting their income from all sources, including their interest income and the income and expenses from their USVI rental property (reported on Schedule E (Form 1040)). Federal income tax amended return The Morenos take the standard deduction for married filing jointly, both are under 65, and they have no dependents. Federal income tax amended return The Morenos also complete Form 8689 to determine how much of their U. Federal income tax amended return S. Federal income tax amended return tax shown on Form 1040, line 61 (with certain adjustments), must be paid to the U. Federal income tax amended return S. Federal income tax amended return Virgin Islands. Federal income tax amended return See U. Federal income tax amended return S. Federal income tax amended return Citizen or Resident Alien (Other Than a Bona Fide Resident of the USVI) in chapter 3. Federal income tax amended return The Morenos file their Form 1040, attaching Form 8689 and all other schedules, with the Internal Revenue Service. Federal income tax amended return At the same time, they send a copy of their Form 1040 with all attachments, including Form 8689, to the Virgin Islands Bureau of Internal Revenue. Federal income tax amended return The Virgin Islands Bureau of Internal Revenue will process this copy. Federal income tax amended return Completing Form 8689. Federal income tax amended return   Juan and Carla enter their names and Juan's social security number at the top of the form. Federal income tax amended return Part I. Federal income tax amended return   The Morenos enter their income from the USVI in Part I (see later). Federal income tax amended return The interest income is entered on line 2 and the net rental income of $6,200 ($14,400 of rental income minus $8,200 of rental expenses) is entered on line 11. Federal income tax amended return The Morenos' total USVI income of $6,700 is entered on line 16. Federal income tax amended return Part II. Federal income tax amended return   The Morenos have no adjustments to their USVI income, so they enter zero (-0-) on line 28, and $6,700 on line 29. Federal income tax amended return Their USVI adjusted gross income (AGI) is $6,700. Federal income tax amended return Part III. Federal income tax amended return   On line 30, the Morenos enter the amount from Form 1040, line 61 ($4,539). Federal income tax amended return Their Form 1040 does not show any entries required on line 31, so they leave that line blank and enter $4,539 on line 32. Federal income tax amended return   The Morenos enter their worldwide AGI, $54,901 (Form 1040, line 38), on line 33. Federal income tax amended return Next, they find what percentage of their AGI is from USVI sources ($6,700 ÷ $54,901 = 0. Federal income tax amended return 122) and enter that as a decimal on line 34. Federal income tax amended return They then apply that percentage to the U. Federal income tax amended return S. Federal income tax amended return tax entered on line 32 to find the amount of U. Federal income tax amended return S. Federal income tax amended return tax allocated to USVI income ($4,539 x 0. Federal income tax amended return 122 = $554), and enter that amount on line 35. Federal income tax amended return Part IV. Federal income tax amended return   Part IV is used to show payments of income tax to the USVI only. Federal income tax amended return The Morenos had no tax withheld by the U. Federal income tax amended return S. Federal income tax amended return Virgin Islands, but made estimated tax payments to the USVI of $400, which they entered on lines 37 and 39. Federal income tax amended return They include this amount ($400) in the total payments on Form 1040, line 72. Federal income tax amended return On the dotted line next to the entry space for line 72, they enter “Form 8689” and show the amount. Federal income tax amended return The Morenos do not complete Form 1116 because they receive credit on Form 1040, line 72, for the tax paid to the USVI. Federal income tax amended return   The income tax they owe to the USVI ($154) is shown on Form 8689, line 44. Federal income tax amended return They enter this amount on line 45. Federal income tax amended return They also include this additional amount ($154) on the dotted line next to the entry space and in the total on Form 1040, line 72. Federal income tax amended return The Morenos will pay their USVI tax at the same time they file the copy of their U. Federal income tax amended return S. Federal income tax amended return income tax return with the U. Federal income tax amended return S. Federal income tax amended return Virgin Islands. Federal income tax amended return This image is too large to be displayed in the current screen. Federal income tax amended return Please click the link to view the image. Federal income tax amended return Form 4563, page 1 for John Black This image is too large to be displayed in the current screen. Federal income tax amended return Please click the link to view the image. Federal income tax amended return Form 5074, for Tracy Grey This image is too large to be displayed in the current screen. Federal income tax amended return Please click the link to view the image. Federal income tax amended return Form 8689, page 1 for Juan and Carla Moreno Prev  Up  Next   Home   More Online Publications