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Fillable Tax Forms 2011

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Fillable Tax Forms 2011

Fillable tax forms 2011 1. Fillable tax forms 2011   Filing and Paying Business Taxes Table of Contents Introduction Useful Items - You may want to see: Identification NumbersNew EIN. Fillable tax forms 2011 Employee. Fillable tax forms 2011 Other payee. Fillable tax forms 2011 Income TaxDo I Have To File an Income Tax Return? How Do I File? IRS e-file (Electronic Filing) When Is My Tax Return Due? How Do I Pay Income Tax? Self-Employment (SE) TaxHow to become insured under social security. Fillable tax forms 2011 Earning credits in 2013 and 2014. Fillable tax forms 2011 Employment Taxes Excise Taxes Information ReturnsWaiver of penalties. Fillable tax forms 2011 Penalties. Fillable tax forms 2011 Introduction This chapter explains the business taxes you may have to pay and the forms you may have to file. Fillable tax forms 2011 It also discusses taxpayer identification numbers. Fillable tax forms 2011 Table 1-1 lists the benefits of filing electronically. Fillable tax forms 2011 Table 1-2 lists the federal taxes you may have to pay, their due dates, and the forms you use to report them. Fillable tax forms 2011 Table 1-3 provides checklists that highlight the typical forms and schedules you may need to file if you ever go out of business. Fillable tax forms 2011 You may want to get Publication 509, Tax Calendars. Fillable tax forms 2011 It has tax calendars that tell you when to file returns and make tax payments. Fillable tax forms 2011 Useful Items - You may want to see: Publication 505 Tax Withholding and Estimated Tax Form (and Instructions) 1040 U. Fillable tax forms 2011 S. Fillable tax forms 2011 Individual Income Tax Return 1040-ES Estimated Tax for Individuals Sch C (Form 1040) Profit or Loss From Business Sch C-EZ (Form 1040) Net Profit From Business Sch SE (Form 1040) Self-Employment Tax See chapter 12 for information about getting publications and forms. Fillable tax forms 2011 Identification Numbers This section explains three types of taxpayer identification numbers, who needs them, when to use them, and how to get them. Fillable tax forms 2011 Social security number (SSN). Fillable tax forms 2011   Generally, use your SSN as your taxpayer identification number. Fillable tax forms 2011 You must put this number on each of your individual income tax forms, such as Form 1040 and its schedules. Fillable tax forms 2011   To apply for an SSN, use Form SS-5, Application for a Social Security Card. Fillable tax forms 2011 This form is available at Social Security Administration (SSA) offices or by calling 1-800-772-1213. Fillable tax forms 2011 It is also available from the SSA website at www. Fillable tax forms 2011 socialsecurity. Fillable tax forms 2011 gov. Fillable tax forms 2011 Individual taxpayer identification number (ITIN). Fillable tax forms 2011   The IRS will issue an ITIN if you are a nonresident or resident alien and you do not have and are not eligible to get an SSN. Fillable tax forms 2011 In general, if you need to obtain an ITIN, you must attach Form W-7, Application for IRS Individual Taxpayer Identification Number, with your signed, original, completed tax return and any other required documentation and mail them to the following address. Fillable tax forms 2011  Internal Revenue Service ITIN Operation P. Fillable tax forms 2011 O. Fillable tax forms 2011 Box 149342 Austin, TX 78714-9342 The exceptions are covered in detail in the instructions for Form W-7. Fillable tax forms 2011 If you must include another person's SSN on your return and that person does not have and cannot get an SSN, enter that person's ITIN. Fillable tax forms 2011 The application is also available in Spanish. Fillable tax forms 2011 The form is available at IRS. Fillable tax forms 2011 gov or you can call 1-800-829-3676 to order the form. Fillable tax forms 2011    An ITIN is for tax use only. Fillable tax forms 2011 It does not entitle the holder to social security benefits or change the holder's employment or immigration status. Fillable tax forms 2011 Employer identification number (EIN). Fillable tax forms 2011   You must also have an EIN to use as a taxpayer identification number if you do either of the following. Fillable tax forms 2011 Pay wages to one or more employees. Fillable tax forms 2011 File pension or excise tax returns. Fillable tax forms 2011   If you must have an EIN, include it along with your SSN on your Schedule C or C-EZ. Fillable tax forms 2011   You can apply for an EIN: Online by clicking on the Employer ID Numbers (EINs) link at www. Fillable tax forms 2011 irs. Fillable tax forms 2011 gov/businesses/small. Fillable tax forms 2011 The EIN is issued immediately once the application information is validated. Fillable tax forms 2011 By telephone at 1-800-829-4933. Fillable tax forms 2011 By mailing or faxing Form SS-4, Application for Employer Identification Number. Fillable tax forms 2011 New EIN. Fillable tax forms 2011   You may need to get a new EIN if either the form or the ownership of your business changes. Fillable tax forms 2011 For more information, see Publication 1635, Understanding Your EIN. Fillable tax forms 2011 When you need identification numbers of other persons. Fillable tax forms 2011   In operating your business, you will probably make certain payments you must report on information returns. Fillable tax forms 2011 These payments are discussed under Information Returns, later in this chapter. Fillable tax forms 2011 You must give the recipient of these payments (the payee) a statement showing the total amount paid during the year. Fillable tax forms 2011 You must include the payee's identification number and your identification number on the returns and statements. Fillable tax forms 2011 Employee. Fillable tax forms 2011   If you have employees, you must get an SSN from each of them. Fillable tax forms 2011 Record the name and SSN of each employee exactly as they are shown on the employee's social security card. Fillable tax forms 2011 If the employee's name is not correct as shown on the card, the employee should request a new card from the SSA. Fillable tax forms 2011 This may occur if the employee's name was changed due to marriage or divorce. Fillable tax forms 2011   Form W-4, Employee's Withholding Allowance Certificate, is completed by each employee so the correct federal income tax can be withheld from their pay. Fillable tax forms 2011   If your employee does not have an SSN, he or she should file Form SS-5 with the SSA. Fillable tax forms 2011 Other payee. Fillable tax forms 2011   If you make payments to someone who is not your employee and you must report the payments on an information return, get that person's SSN. Fillable tax forms 2011 If you must report payments to an organization, such as a corporation or partnership, you must get its EIN. Fillable tax forms 2011   To get the payee's SSN or EIN, use Form W-9, Request for Taxpayer Identification Number and Certification. Fillable tax forms 2011   A payee who does not provide you with an identification number may be subject to backup withholding. Fillable tax forms 2011 For information on backup withholding, see the Form W-9 instructions and the General Instructions for Certain Information Returns. Fillable tax forms 2011 Income Tax This part explains whether you have to file an income tax return and when you file it. Fillable tax forms 2011 It also explains how you pay the tax. Fillable tax forms 2011 Do I Have To File an Income Tax Return? You have to file an income tax return for 2013 if your net earnings from self-employment were $400 or more. Fillable tax forms 2011 If your net earnings from self-employment were less than $400, you still have to file an income tax return if you meet any other filing requirement listed in the Form 1040 instructions. Fillable tax forms 2011 How Do I File? File your income tax return on Form 1040 and attach Schedule C or Schedule C-EZ. Fillable tax forms 2011 Enter the net profit or loss from Schedule C or Schedule C-EZ on page 1 of Form 1040. Fillable tax forms 2011 Use Schedule C to figure your net profit or loss from your business. Fillable tax forms 2011 If you operated more than one business as a sole proprietorship, you must attach a separate Schedule C for each business. Fillable tax forms 2011 You can use the simpler Schedule C-EZ if you operated only one business as a sole proprietorship, you did not have a net loss, and you meet the other requirements listed in Part I of the schedule. Fillable tax forms 2011 IRS e-file (Electronic Filing) Please click here for the text description of the image. Fillable tax forms 2011 E-file logo You may be able to file your tax returns electronically using an IRS e-file option. Fillable tax forms 2011 Table 1-1 lists the benefits of IRS e-file. Fillable tax forms 2011 IRS e-file uses automation to replace most of the manual steps needed to process paper returns. Fillable tax forms 2011 As a result, the processing of e-file returns is faster and more accurate than the processing of paper returns. Fillable tax forms 2011 As with a paper return, you are responsible for making sure your return contains accurate information and is filed on time. Fillable tax forms 2011 Using e-file does not affect your chances of an IRS examination of your return. Fillable tax forms 2011 You can file most commonly used business forms using IRS e-file. Fillable tax forms 2011 For more information, visit IRS. Fillable tax forms 2011 gov. Fillable tax forms 2011 Electronic signatures. Fillable tax forms 2011   Paperless filing is easier than you think and it's available to most taxpayers who file electronically—including those first-time filers who were 16 or older at the end of 2013. Fillable tax forms 2011 If you file electronically using tax preparation software or a tax professional, you will participate in the Self-Select PIN (personal identification number) program. Fillable tax forms 2011 If you are married filing jointly, you and your spouse will each need to create a PIN and enter these PINs as your electronic signatures. Fillable tax forms 2011    To create a PIN, you must know your adjusted gross income (AGI) from your originally filed 2012 income tax return (not from an amended return, Form 1040X, or any math error notice from the IRS). Fillable tax forms 2011 You will also need to provide your date of birth (DOB). Fillable tax forms 2011 Make sure your DOB is accurate and matches the information on record with the Social Security Administration before you e-file. Fillable tax forms 2011 To do this, check your annual Social Security Statement. Fillable tax forms 2011   With a Self-Select PIN, there is nothing to sign and nothing to mail—not even your Forms W-2. Fillable tax forms 2011 For more details on the Self-Select PIN program, visit IRS. Fillable tax forms 2011 gov. Fillable tax forms 2011 State returns. Fillable tax forms 2011   In most states, you can file an electronic state return simultaneously with your federal return. Fillable tax forms 2011 For more information, check with your local IRS office, state tax agency, tax professional, or IRS. Fillable tax forms 2011 gov. Fillable tax forms 2011 Refunds. Fillable tax forms 2011   You can have your refund check mailed to you, or you can have your refund deposited directly to your checking or savings account. Fillable tax forms 2011   With e-file, your refund will be issued in half the time as when filing on paper. Fillable tax forms 2011 Most refunds are issued within 3 weeks. Fillable tax forms 2011 If you choose Direct Deposit, you can receive your refund in as few as 10 days. Fillable tax forms 2011 Offset against debts. Fillable tax forms 2011   As with a paper return, you may not get all of your refund if you owe certain past-due amounts, such as federal tax, state tax, a student loan, or child support. Fillable tax forms 2011 You will be notified if the refund you claimed has been offset against your debts. Fillable tax forms 2011 Refund inquiries. Fillable tax forms 2011   You can check the status of your refund if it has been at least 24 hours (4 weeks if you mailed a paper return) from the date you filed your return. Fillable tax forms 2011 Be sure to have a copy of your tax return available because you will need to know the filing status, the first social security number shown on the return, and the exact whole-dollar amount of the refund. Fillable tax forms 2011 To check on your refund, do one of the following. Fillable tax forms 2011 Go to IRS. Fillable tax forms 2011 gov and click on Where's My Refund. Fillable tax forms 2011 Call 1-800-829-4477 for automated refund information, and follow the recorded instructions. Fillable tax forms 2011 Call 1-800-829-1954 during the hours shown in your form instructions. Fillable tax forms 2011 Balance due. Fillable tax forms 2011   If you owe tax, you must pay it by April 15, 2014, to avoid late-payment penalties and interest. Fillable tax forms 2011 You can make your payment electronically by scheduling an electronic funds withdrawal from your checking or savings account or by credit card. Fillable tax forms 2011 Using an Authorized IRS e-file Provider Many tax professionals can electronically file paperless returns for their clients. Fillable tax forms 2011 You have two options. Fillable tax forms 2011 You can prepare your return, take it to an authorized IRS e-file provider, and have the provider transmit it electronically to the IRS. Fillable tax forms 2011 You can have an authorized IRS e-file provider prepare your return and transmit it for you electronically. Fillable tax forms 2011 You will be asked to complete Form 8879, IRS e-file Signature Authorization, to authorize the provider to enter your self-selected PIN on your return. Fillable tax forms 2011 Depending on the provider and the specific services requested, a fee may be charged. Fillable tax forms 2011 To find an authorized IRS e-file provider near you, go to IRS. Fillable tax forms 2011 gov or look for an “Authorized IRS e-file Provider” sign. Fillable tax forms 2011 Using Your Personal Computer A computer with Internet access is all you need to file your tax return using IRS e-file. Fillable tax forms 2011 When you use your personal computer, you can e-file your return from your home any time of the day or night. Fillable tax forms 2011 Sign your return electronically using a self-selected PIN to complete the process. Fillable tax forms 2011 There is no signature form to submit or Forms W-2 to send in. Fillable tax forms 2011 Free Internet filing options. Fillable tax forms 2011   More taxpayers can now prepare and e-file their individual income tax returns free using commercial tax preparation software accessible through IRS. Fillable tax forms 2011 gov or www. Fillable tax forms 2011 usa. Fillable tax forms 2011 gov. Fillable tax forms 2011 The IRS is partnering with the tax software industry to offer free preparation and filing services to a significant number of taxpayers. Fillable tax forms 2011 Security and privacy certificate programs will assure tax data is safe and secure. Fillable tax forms 2011 To see if you qualify for these services, visit the Return Preparation and Filing Options page at IRS. Fillable tax forms 2011 gov. Fillable tax forms 2011   If you cannot use the free services, you can buy tax preparation software at various electronics stores or computer and office supply stores. Fillable tax forms 2011 You can also download software from the Internet or prepare and file your return completely online by using tax preparation software available on the Internet. Fillable tax forms 2011 Filing Through Employers and Financial Institutions Some businesses offer free e-file to their employees, members, or customers. Fillable tax forms 2011 Others offer it for a fee. Fillable tax forms 2011 Ask your employer or financial institution if they offer IRS e-file as an employee, member, or customer benefit. Fillable tax forms 2011 Free Help With Your Return Free help in preparing your return is available nationwide from IRS-trained volunteers. Fillable tax forms 2011 The Volunteer Income Tax Assistance (VITA) program is designed to help low-income taxpayers, and the Tax Counseling for the Elderly (TCE) program is designed to assist taxpayers age 60 or older with their tax returns. Fillable tax forms 2011 Some locations offer free electronic filing. Fillable tax forms 2011 Table 1-1. Fillable tax forms 2011 Benefits of IRS e-file Accuracy • Your chance of getting an error notice from the IRS is significantly reduced. Fillable tax forms 2011 Security • Your privacy and security are assured. Fillable tax forms 2011 Electronic signatures • Create your own personal identification number (PIN) and file a completely paperless return through your tax preparation software or tax professional. Fillable tax forms 2011 There is nothing to mail. Fillable tax forms 2011 Proof of acceptance • You receive an electronic acknowledgment within 48 hours that the IRS has accepted your return for processing. Fillable tax forms 2011 Fast refunds • You get your refund faster with Direct Deposit—in as few as 10 days. Fillable tax forms 2011 Free Internet filing options • Use IRS. Fillable tax forms 2011 gov to access commercial tax preparation and e-file services available at no cost to eligible taxpayers. Fillable tax forms 2011 Electronic payment options • Convenient, safe, and secure electronic payment options are available. Fillable tax forms 2011 E-file and pay your taxes in a single step. Fillable tax forms 2011 Schedule an electronic funds withdrawal from your checking or savings account (up to and including April 15, 2014) or pay by credit card. Fillable tax forms 2011 Federal/State filing • Prepare and file your federal and state tax returns together and double the benefits you get from e-file. Fillable tax forms 2011 When Is My Tax Return Due? Form 1040 for calendar year 2013 is due by April 15, 2014. Fillable tax forms 2011 If you use a fiscal year (explained in chapter 2), your return is due by the 15th day of the 4th month after the end of your fiscal year. Fillable tax forms 2011 If you file late, you may have to pay penalties and interest. Fillable tax forms 2011 If you cannot file your return on time, use Form 4868, Application for Automatic Extension of Time To File U. Fillable tax forms 2011 S. Fillable tax forms 2011 Individual Income Tax Return, to request an automatic 6-month extension. Fillable tax forms 2011 For calendar year taxpayers, this will extend the tax filing due date until October 15. Fillable tax forms 2011 Filing an extension does not extend the time to pay your taxes, only the time to file the tax return. Fillable tax forms 2011 How Do I Pay Income Tax? Federal income tax is a pay-as-you-go tax. Fillable tax forms 2011 You must pay it as you earn or receive income during the year. Fillable tax forms 2011 An employee usually has income tax withheld from his or her pay. Fillable tax forms 2011 If you do not pay your tax through withholding, or do not pay enough tax that way, you might have to pay estimated tax. Fillable tax forms 2011 You generally have to make estimated tax payments if you expect to owe taxes, including self-employment tax (discussed later), of $1,000 or more when you file your return. Fillable tax forms 2011 Use Form 1040-ES to figure and pay the tax. Fillable tax forms 2011 If you do not have to make estimated tax payments, you can pay any tax due when you file your return. Fillable tax forms 2011 For more information on estimated tax, see Publication 505, Tax Withholding and Estimated Tax. Fillable tax forms 2011 What are my payment options?   You can pay your estimated tax electronically using various options. Fillable tax forms 2011 If you pay electronically, there is no need to mail in Form 1040-ES payment vouchers. Fillable tax forms 2011 These options include: Paying electronically through the Electronic Federal Tax Payment System (EFTPS). Fillable tax forms 2011 Paying by authorizing an electronic funds withdrawal when you file Form 1040 electronically. Fillable tax forms 2011 Paying by credit or debit card over the phone or by Internet. Fillable tax forms 2011 Other options include crediting an overpayment from your 2013 return to your 2014 estimated tax, or mailing a check or money order with a Form 1040-ES payment voucher. Fillable tax forms 2011 EFTPS    To enroll in EFTPS, go to www. Fillable tax forms 2011 eftps. Fillable tax forms 2011 gov or call 1-800-555-4477. Fillable tax forms 2011 When you request a new EIN and you will have a tax obligation, you are automatically enrolled in EFTPS. Fillable tax forms 2011 Benefits of EFTPS: The chance of an error in making your payments is reduced. Fillable tax forms 2011 You receive immediate confirmation of every transaction. Fillable tax forms 2011 Penalty for underpayment of tax. Fillable tax forms 2011   If you did not pay enough income tax and self-employment tax for 2013 by withholding or by making estimated tax payments, you may have to pay a penalty on the amount not paid. Fillable tax forms 2011 The IRS will figure the penalty for you and send you a bill. Fillable tax forms 2011 Or you can use Form 2210, Underpayment of Estimated Tax by Individuals, Estates, and Trusts, to see if you have to pay a penalty and to figure the penalty amount. Fillable tax forms 2011 For more information, see Publication 505. Fillable tax forms 2011 Self-Employment (SE) Tax Self-employment tax (SE tax) is a social security and Medicare tax primarily for individuals who work for themselves. Fillable tax forms 2011 It is similar to the social security and Medicare taxes withheld from the pay of most wage earners. Fillable tax forms 2011 If you earned income as a statutory employee, you do not pay SE tax on that income. Fillable tax forms 2011 Social security coverage. Fillable tax forms 2011   Social security benefits are available to self-employed persons just as they are to wage earners. Fillable tax forms 2011 Your payments of SE tax contribute to your coverage under the social security system. Fillable tax forms 2011 Social security coverage provides you with retirement benefits, disability benefits, survivor benefits, and hospital insurance (Medicare) benefits. Fillable tax forms 2011 By not reporting all of your self-employment income, you could cause your social security benefits to be lower when you retire. Fillable tax forms 2011 How to become insured under social security. Fillable tax forms 2011   You must be insured under the social security system before you begin receiving social security benefits. Fillable tax forms 2011 You are insured if you have the required number of credits (also called quarters of coverage), discussed next. Fillable tax forms 2011 Earning credits in 2013 and 2014. Fillable tax forms 2011   For 2013, you received one credit, up to a maximum of four credits, for each $1,160 ($1,200 for 2014) of income subject to social security taxes. Fillable tax forms 2011 Therefore, for 2013, if you had income (self-employment and wages) of $4,640 that was subject to social security taxes, you receive four credits ($4,640 ÷ $1,160). Fillable tax forms 2011   For an explanation of the number of credits you must have to be insured and the benefits available to you and your family under the social security program, consult your nearest Social Security Administration (SSA) office. Fillable tax forms 2011    Making false statements to get or to increase social security benefits may subject you to penalties. Fillable tax forms 2011 The Social Security Administration (SSA) time limit for posting self-employment income. Fillable tax forms 2011   Generally, the SSA will give you credit only for self-employment income reported on a tax return filed within 3 years, 3 months, and 15 days after the tax year you earned the income. Fillable tax forms 2011 If you file your tax return or report a change in your self-employment income after this time limit, the SSA may change its records, but only to remove or reduce the amount. Fillable tax forms 2011 The SSA will not change its records to increase your self-employment income. Fillable tax forms 2011 Who must pay self-employment tax. Fillable tax forms 2011   You must pay SE tax and file Schedule SE (Form 1040) if either of the following applies. Fillable tax forms 2011 Your net earnings from self-employment (excluding church employee income) were $400 or more. Fillable tax forms 2011 You had church employee income of $108. Fillable tax forms 2011 28 or more. Fillable tax forms 2011 The SE tax rules apply no matter how old you are and even if you are already receiving social security or Medicare benefits. Fillable tax forms 2011 SE tax rate. Fillable tax forms 2011   For 2013, the SE tax rate on net earnings is 15. Fillable tax forms 2011 3% (12. Fillable tax forms 2011 4% social security tax plus 2. Fillable tax forms 2011 9% Medicare tax). Fillable tax forms 2011 Maximum earnings subject to SE tax. Fillable tax forms 2011   Only the first $113,700 of your combined wages, tips, and net earnings in 2013 is subject to any combination of the 12. Fillable tax forms 2011 4% social security part of SE tax, social security tax, or railroad retirement (tier 1) tax. Fillable tax forms 2011   All your combined wages, tips, and net earnings in 2013 are subject to any combination of the 2. Fillable tax forms 2011 9% Medicare part of SE tax, social security tax, or railroad retirement (tier 1) tax. Fillable tax forms 2011   If wages and tips you receive as an employee are subject to either social security or railroad retirement (tier 1) tax, or both, and total at least $113,700, do not pay the 12. Fillable tax forms 2011 4% social security part of the SE tax on any of your net earnings. Fillable tax forms 2011 However, you must pay the 2. Fillable tax forms 2011 9% Medicare part of the SE tax on all your net earnings. Fillable tax forms 2011 Deduct one-half of your SE tax as an adjustment to income on line 27 of Form 1040. Fillable tax forms 2011   More information. Fillable tax forms 2011   For information on methods of calculating SE tax, see Chapter 10, Self-Employment Tax. Fillable tax forms 2011 Table 1-2. Fillable tax forms 2011 Which Forms Must I File? IF you are liable for: THEN use Form: DUE by:1 Income tax 1040 and Schedule C or C-EZ2 15th day of 4th month after end of  tax year. Fillable tax forms 2011 Self-employment tax Schedule SE File with Form 1040. Fillable tax forms 2011 Estimated tax 1040-ES 15th day of 4th, 6th, and 9th months of tax year, and 15th day of 1st month after the end of tax year. Fillable tax forms 2011 Social security and Medicare taxes and income tax withholding 941 or 944 April 30, July 31, October 31, and January 313. Fillable tax forms 2011     See Publication 15. Fillable tax forms 2011 Providing information on social security and Medicare taxes and income tax withholding W-2 (to employee)  W-2 and W-3 (to the Social Security Administration) January 313. Fillable tax forms 2011   Last day of February (March 31 if filing electronically)3. Fillable tax forms 2011 Federal unemployment (FUTA) tax 940 January 313. Fillable tax forms 2011     April 30, July 31, October 31, and January 31, but only if the liability for unpaid tax is more than $500. Fillable tax forms 2011 Filing information returns for payments to nonemployees and transactions with other persons See Information Returns Forms 1099 – to the recipient by January 31 and to the IRS by February 28 (March 31 if filing electronically). Fillable tax forms 2011     Other forms – see the General Instructions for Certain Information Returns. Fillable tax forms 2011 Excise tax See Excise Taxes See the instructions to the forms. Fillable tax forms 2011 1 If a due date falls on a Saturday, Sunday, or legal holiday, file by the next day that is not a Saturday, Sunday, or legal holiday. Fillable tax forms 2011 For more information, see Publication 509, Tax Calendars. Fillable tax forms 2011 2 File a separate schedule for each business. Fillable tax forms 2011 3 See the form instructions if you go out of business, change the form of your business, or stop paying wages. Fillable tax forms 2011     Employment Taxes If you have employees, you will need to file forms to report employment taxes. Fillable tax forms 2011 Employment taxes include the following items. Fillable tax forms 2011 Social security and Medicare taxes. Fillable tax forms 2011 Federal income tax withholding. Fillable tax forms 2011 Federal unemployment (FUTA) tax. Fillable tax forms 2011 For more information, see Publication 15 (Circular E), Employer's Tax Guide. Fillable tax forms 2011 That publication explains your tax responsibilities as an employer. Fillable tax forms 2011 To help you determine whether the people working for you are your employees, see Publication 15-A, Employer's Supplemental Tax Guide. Fillable tax forms 2011 That publication has information to help you determine whether an individual is an independent contractor or an employee. Fillable tax forms 2011 If you incorrectly classify an employee as an independent contractor, you may be held liable for employment taxes for that worker plus a penalty. Fillable tax forms 2011 An independent contractor is someone who is self-employed. Fillable tax forms 2011 You do not generally have to withhold or pay any taxes on payments made to an independent contractor. Fillable tax forms 2011 Excise Taxes This section identifies some of the excise taxes you may have to pay and the forms you have to file if you do any of the following. Fillable tax forms 2011 Manufacture or sell certain products. Fillable tax forms 2011 Operate certain kinds of businesses. Fillable tax forms 2011 Use various kinds of equipment, facilities, or products. Fillable tax forms 2011 Receive payment for certain services. Fillable tax forms 2011 For more information on excise taxes, see Publication 510, Excise Taxes. Fillable tax forms 2011 Form 720. Fillable tax forms 2011   The federal excise taxes reported on Form 720, Quarterly Federal Excise Tax Return, consist of several broad categories of taxes, including the following. Fillable tax forms 2011 Environmental taxes on the sale or use of ozone-depleting chemicals and imported products containing or manufactured with these chemicals. Fillable tax forms 2011 Communications and air transportation taxes. Fillable tax forms 2011 Fuel taxes. Fillable tax forms 2011 Tax on the first retail sale of heavy trucks, trailers, and tractors. Fillable tax forms 2011 Manufacturers taxes on the sale or use of a variety of different articles. Fillable tax forms 2011 Tax on indoor tanning services. Fillable tax forms 2011 Form 2290. Fillable tax forms 2011   There is a federal excise tax on the use of certain trucks, truck tractors, and buses on public highways. Fillable tax forms 2011 The tax applies to vehicles having a taxable gross weight of 55,000 pounds or more. Fillable tax forms 2011 Report the tax on Form 2290, Heavy Highway Vehicle Use Tax Return. Fillable tax forms 2011 For more information, see the Instructions for Form 2290. Fillable tax forms 2011 Depositing excise taxes. Fillable tax forms 2011   If you have to file a quarterly excise tax return on Form 720, you may have to deposit your excise taxes before the return is due. Fillable tax forms 2011 For details on depositing excise taxes, see the Instructions for Form 720. Fillable tax forms 2011 Information Returns If you make or receive payments in your business, you may have to report them to the IRS on information returns. Fillable tax forms 2011 The IRS compares the payments shown on the information returns with each person's income tax return to see if the payments were included in income. Fillable tax forms 2011 You must give a copy of each information return you are required to file to the recipient or payer. Fillable tax forms 2011 In addition to the forms described below, you may have to use other returns to report certain kinds of payments or transactions. Fillable tax forms 2011 For more details on information returns and when you have to file them, see the General Instructions for Certain Information Returns. Fillable tax forms 2011 Form 1099-MISC. Fillable tax forms 2011   Use Form 1099-MISC, Miscellaneous Income, to report certain payments you make in your business. Fillable tax forms 2011 These payments include the following items. Fillable tax forms 2011 Payments of $600 or more for services performed for your business by people not treated as your employees, such as fees to subcontractors, attorneys, accountants, or directors. Fillable tax forms 2011 Rent payments of $600 or more, other than rents paid to real estate agents. Fillable tax forms 2011 Prizes and awards of $600 or more that are not for services, such as winnings on TV or radio shows. Fillable tax forms 2011 Royalty payments of $10 or more. Fillable tax forms 2011 Payments to certain crew members by operators of fishing boats. Fillable tax forms 2011 You also use Form 1099-MISC to report your sales of $5,000 or more of consumer goods to a person for resale anywhere other than in a permanent retail establishment. Fillable tax forms 2011 Form W-2. Fillable tax forms 2011   You must file Form W-2, Wage and Tax Statement, to report payments to your employees, such as wages, tips, and other compensation, withheld income, social security, and Medicare taxes. Fillable tax forms 2011 You can file Form W-2 online. Fillable tax forms 2011 For more information about Form W-2, see the General Instructions for Forms W-2 and W-3. Fillable tax forms 2011 Penalties. Fillable tax forms 2011   The law provides for the following penalties if you do not file Form 1099-MISC or Form W-2 or do not correctly report the information. Fillable tax forms 2011 For more information, see the General Instructions for Certain Information Returns. Fillable tax forms 2011 Failure to file information returns. Fillable tax forms 2011 This penalty applies if you do not file information returns by the due date, do not include all required information, or report incorrect information. Fillable tax forms 2011 Failure to furnish correct payee statements. Fillable tax forms 2011 This penalty applies if you do not furnish a required statement to a payee by the required date, do not include all required information, or report incorrect information. Fillable tax forms 2011 Waiver of penalties. Fillable tax forms 2011   These penalties will not apply if you can show that the failure was due to reasonable cause and not willful neglect. Fillable tax forms 2011   In addition, there is no penalty for failure to include all required information, or for including incorrect information, on a de minimis (small) number of information returns if you correct the errors by August 1 of the year the returns are due. Fillable tax forms 2011 (A de minimis number of returns is the greater of 10 or ½ of 1% of the total number of returns you are required to file for the year. Fillable tax forms 2011 ) Form 8300. Fillable tax forms 2011   You must file Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, if you receive more than $10,000 in cash in one transaction, or two or more related business transactions. Fillable tax forms 2011 Cash includes U. Fillable tax forms 2011 S. Fillable tax forms 2011 and foreign coin and currency. Fillable tax forms 2011 It also includes certain monetary instruments such as cashier's and traveler's checks and money orders. Fillable tax forms 2011 Cash does not include a check drawn on an individual's personal account (personal check). Fillable tax forms 2011 For more information, see Publication 1544, Reporting Cash Payments of Over $10,000 (Received in a Trade or Business). Fillable tax forms 2011 Penalties. Fillable tax forms 2011   There are civil and criminal penalties, including up to 5 years in prison, for not filing Form 8300, filing (or causing the filing of) a false or fraudulent Form 8300, or structuring a transaction to evade reporting requirements. Fillable tax forms 2011 Table 1-3. Fillable tax forms 2011 Going Out of Business Checklists (Note. Fillable tax forms 2011 The following checklists highlight the typical final forms and schedules you may need to file if you ever go out of business. Fillable tax forms 2011 For more information, see the instructions for the listed forms. Fillable tax forms 2011 ) IF you are liable for:   THEN you may need to: Income tax □ File Schedule C or C-EZ with your Form 1040 for the year in which you go out of business. Fillable tax forms 2011   □ File Form 4797 with your Form 1040 for each year in which you sell or exchange property used in your business or in which the business use of certain section 179 or listed property drops to 50% or less. Fillable tax forms 2011   □ File Form 8594 with your Form 1040 if you sold your business. Fillable tax forms 2011 Self-employment tax □ File Schedule SE with your Form 1040 for the year in which you go out of business. Fillable tax forms 2011 Employment taxes □ File Form 941 (or Form 944) for the calendar quarter in which you make final wage payments. Fillable tax forms 2011 Note. Fillable tax forms 2011 Do not forget to check the box and enter the date final wages were paid on line 15 of Form 941 or line 14 of Form 944. Fillable tax forms 2011   □ File Form 940 for the calendar year in which final wages were paid. Fillable tax forms 2011 Note. Fillable tax forms 2011 Do not forget to check box d, Final: Business closed or stopped paying wages, under Type of Return. Fillable tax forms 2011 Information returns □ Provide Forms W-2 to your employees for the calendar year in which you make final wage payments. Fillable tax forms 2011 Note. Fillable tax forms 2011 These forms are generally due by the due date of your final Form 941 or Form 944. Fillable tax forms 2011   □ File Form W-3 to file Forms W-2. Fillable tax forms 2011 Note. Fillable tax forms 2011 These forms are generally due within 1 month after the due date of your final Form 941 or Form 944. Fillable tax forms 2011   □ Provide Forms 1099-MISC to each person to whom you have paid at least $600 for services (including parts and materials) during the calendar year in which you go out of business. Fillable tax forms 2011   □ File Form 1096 to file Forms 1099-MISC. Fillable tax forms 2011 Prev  Up  Next   Home   More Online Publications
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The Fillable Tax Forms 2011

Fillable tax forms 2011 4. Fillable tax forms 2011   Reporting Gains and Losses Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Information Returns Schedule D and Form 8949Long and Short Term Net Gain or Loss Treatment of Capital Losses Capital Gains Tax Rates Form 4797Mark-to-market election. Fillable tax forms 2011 Introduction This chapter explains how to report capital gains and losses and ordinary gains and losses from sales, exchanges, and other dispositions of property. Fillable tax forms 2011 Although this discussion refers to Schedule D (Form 1040) and Form 8949, many of the rules discussed here also apply to taxpayers other than individuals. Fillable tax forms 2011 However, the rules for property held for personal use usually will not apply to taxpayers other than individuals. Fillable tax forms 2011 Topics - This chapter discusses: Information returns Schedule D (Form 1040) Form 4797 Form 8949 Useful Items - You may want to see: Publication 550 Investment Income and Expenses 537 Installment Sales Form (and Instructions) Schedule D (Form 1040) Capital Gains and Losses 1099-B Proceeds From Broker and Barter Exchange Transactions 1099-S Proceeds From Real Estate Transactions 4684 Casualties and Thefts 4797 Sales of Business Property 6252 Installment Sale Income 6781 Gains and Losses from Section 1256 Contracts and Straddles 8824 Like-Kind Exchanges 8949 Sales and Other Dispositions of Capital Assets See chapter 5 for information about getting publications and forms. Fillable tax forms 2011 Information Returns If you sell or exchange certain assets, you should receive an information return showing the proceeds of the sale. Fillable tax forms 2011 This information is also provided to the IRS. Fillable tax forms 2011 Form 1099-B. Fillable tax forms 2011   If you sold property, such as stocks, bonds, or certain commodities, through a broker, you should receive Form 1099-B, Proceeds From Broker and Barter Exchange Transactions, or a substitute statement from the broker. Fillable tax forms 2011 Use the Form 1099-B or a substitute statement to complete Form 8949 and/or Schedule D. Fillable tax forms 2011 Whether or not you receive 1099-B, you must report all taxable sales of stock, bonds, commodities, etc. Fillable tax forms 2011 on Form 8949 and/or Schedule D, as applicable. Fillable tax forms 2011 For more information on figuring gains and losses from these transactions, see chapter 4 in Publication 550. Fillable tax forms 2011 For information on reporting the gains and losses, see the Instructions for Form 8949 and the Instructions for Schedule D (Form 1040). Fillable tax forms 2011 Form 1099-S. Fillable tax forms 2011   An information return must be provided on certain real estate transactions. Fillable tax forms 2011 Generally, the person responsible for closing the transaction (the “real estate reporting person”) must report on Form 1099-S sales or exchanges of the following types of property. Fillable tax forms 2011 Land (improved or unimproved), including air space. Fillable tax forms 2011 An inherently permanent structure, including any residential, commercial, or industrial building. Fillable tax forms 2011 A condominium unit and its related fixtures and common elements (including land). Fillable tax forms 2011 Stock in a cooperative housing corporation. Fillable tax forms 2011 If you sold or exchanged any of the above types of property, the “real estate reporting person” must give you a copy of Form 1099-S or a statement containing the same information as the Form 1099-S. Fillable tax forms 2011 The “real estate reporting person” could include the buyer's attorney, your attorney, the title or escrow company, a mortgage lender, your broker, the buyer's broker, or the person acquiring the biggest interest in the property. Fillable tax forms 2011   For more information see chapter 4 in Publication 550. Fillable tax forms 2011 Also, see the Instructions for Form 8949. Fillable tax forms 2011 Schedule D and Form 8949 Form 8949. Fillable tax forms 2011   Individuals, corporations, and partnerships, use Form 8949 to report the following. Fillable tax forms 2011    Sales or exchanges of capital assets, including stocks, bonds, etc. Fillable tax forms 2011 , and real estate (if not reported on another form or schedule such as Form 4684, 4797, 6252, 6781, or 8824). Fillable tax forms 2011 Include these transactions even if you did not receive a Form 1099-B or 1099-S. Fillable tax forms 2011 Gains from involuntary conversions (other than from casualty or theft) of capital assets not held for business or profit. Fillable tax forms 2011 Nonbusiness bad debts. Fillable tax forms 2011   Individuals, If you are filing a joint return, complete as many copies of Form 8949 as you need to report all of your and your spouse's transactions. Fillable tax forms 2011 You and your spouse may list your transactions on separate forms or you may combine them. Fillable tax forms 2011 However, you must include on your Schedule D the totals from all Forms 8949 for both you and your spouse. Fillable tax forms 2011    Corporations and electing large partnerships also use Form 8949 to report their share of gain or loss from a partnership, S Corporation, estate or trust. Fillable tax forms 2011   Business entities meeting certain criteria, may have an exception to some of the normal requirements for completing Form 8949. Fillable tax forms 2011 See the Instructions for Form 8949. Fillable tax forms 2011 Schedule D. Fillable tax forms 2011    Use Schedule D (Form 1040) to figure the overall gain or loss from transactions reported on Form 8949, and to report certain transactions you do not have to report on Form 8949. Fillable tax forms 2011 Before completing Schedule D, you may have to complete other forms as shown below. Fillable tax forms 2011    Complete all applicable lines of Form 8949 before completing lines 1b, 2, 3, 8b, 9, or 10 of your applicable Schedule D. Fillable tax forms 2011 Enter on Schedule D the combined totals from all your Forms 8949. Fillable tax forms 2011 For a sale, exchange, or involuntary conversion of business property, complete Form 4797 (discussed later). Fillable tax forms 2011 For a like-kind exchange, complete Form 8824. Fillable tax forms 2011 See Reporting the exchange under Like-Kind Exchanges in chapter 1. Fillable tax forms 2011 For an installment sale, complete Form 6252. Fillable tax forms 2011 See Publication 537. Fillable tax forms 2011 For an involuntary conversion due to casualty or theft, complete Form 4684. Fillable tax forms 2011 See Publication 547, Casualties, Disasters, and Thefts. Fillable tax forms 2011 For a disposition of an interest in, or property used in, an activity to which the at-risk rules apply, complete Form 6198, At-Risk Limitations. Fillable tax forms 2011 See Publication 925, Passive Activity and At-Risk Rules. Fillable tax forms 2011 For a disposition of an interest in, or property used in, a passive activity, complete Form 8582, Passive Activity Loss Limitations. Fillable tax forms 2011 See Publication 925. Fillable tax forms 2011 For gains and losses from section 1256 contracts and straddles, complete Form 6781. Fillable tax forms 2011 See Publication 550. Fillable tax forms 2011 Personal-use property. Fillable tax forms 2011   Report gain on the sale or exchange of property held for personal use (such as your home) on Form 8949 and Schedule D (Form 1040), as applicable. Fillable tax forms 2011 Loss from the sale or exchange of property held for personal use is not deductible. Fillable tax forms 2011 But if you had a loss from the sale or exchange of real estate held for personal use for which you received a Form 1099-S, report the transaction on Form 8949 and Schedule D, even though the loss is not deductible. Fillable tax forms 2011 See the Instructions for Schedule D (Form 1040) and the Instructions for Form 8949 for information on how to report the transaction. Fillable tax forms 2011 Long and Short Term Where you report a capital gain or loss depends on how long you own the asset before you sell or exchange it. Fillable tax forms 2011 The time you own an asset before disposing of it is the holding period. Fillable tax forms 2011 If you received a Form 1099-B, (or substitute statement) box 1c may help you determine whether the gain or loss is short-term or long-term. Fillable tax forms 2011 If you hold a capital asset 1 year or less, the gain or loss from its disposition is short term. Fillable tax forms 2011 Report it in Part I of Form 8949 and/or Schedule D, as applicable. Fillable tax forms 2011 If you hold a capital asset longer than 1 year, the gain or loss from its disposition is long term. Fillable tax forms 2011 Report it in Part II of Form 8949 and/or Schedule D, as applicable. Fillable tax forms 2011   Table 4-1. Fillable tax forms 2011 Do I Have a Short-Term or Long-Term Gain or Loss? IF you hold the property. Fillable tax forms 2011 . Fillable tax forms 2011 . Fillable tax forms 2011  THEN you have a. Fillable tax forms 2011 . Fillable tax forms 2011 . Fillable tax forms 2011 1 year or less, Short-term capital gain or  loss. Fillable tax forms 2011 More than 1 year, Long-term capital gain or  loss. Fillable tax forms 2011 These distinctions are essential to correctly arrive at your net capital gain or loss. Fillable tax forms 2011 Capital losses are allowed in full against capital gains plus up to $3,000 of ordinary income. Fillable tax forms 2011 See Capital Gains Tax Rates, later. Fillable tax forms 2011 Holding period. Fillable tax forms 2011   To figure if you held property longer than 1 year, start counting on the day following the day you acquired the property. Fillable tax forms 2011 The day you disposed of the property is part of your holding period. Fillable tax forms 2011 Example. Fillable tax forms 2011 If you bought an asset on June 19, 2012, you should start counting on June 20, 2012. Fillable tax forms 2011 If you sold the asset on June 19, 2013, your holding period is not longer than 1 year, but if you sold it on June 20, 2013, your holding period is longer than 1 year. Fillable tax forms 2011 Patent property. Fillable tax forms 2011   If you dispose of patent property, you generally are considered to have held the property longer than 1 year, no matter how long you actually held it. Fillable tax forms 2011 For more information, see Patents in chapter 2. Fillable tax forms 2011 Inherited property. Fillable tax forms 2011   If you inherit property, you are considered to have held the property longer than 1 year, regardless of how long you actually held it. Fillable tax forms 2011 Installment sale. Fillable tax forms 2011   The gain from an installment sale of an asset qualifying for long-term capital gain treatment in the year of sale continues to be long term in later tax years. Fillable tax forms 2011 If it is short term in the year of sale, it continues to be short term when payments are received in later tax years. Fillable tax forms 2011    The date the installment payment is received determines the capital gains rate that should be applied not the date the asset was sold under an installment contract. Fillable tax forms 2011 Nontaxable exchange. Fillable tax forms 2011   If you acquire an asset in exchange for another asset and your basis for the new asset is figured, in whole or in part, by using your basis in the old property, the holding period of the new property includes the holding period of the old property. Fillable tax forms 2011 That is, it begins on the same day as your holding period for the old property. Fillable tax forms 2011 Example. Fillable tax forms 2011 You bought machinery on December 4, 2012. Fillable tax forms 2011 On June 4, 2013, you traded this machinery for other machinery in a nontaxable exchange. Fillable tax forms 2011 On December 5, 2013, you sold the machinery you got in the exchange. Fillable tax forms 2011 Your holding period for this machinery began on December 5, 2012. Fillable tax forms 2011 Therefore, you held it longer than 1 year. Fillable tax forms 2011 Corporate liquidation. Fillable tax forms 2011   The holding period for property you receive in a liquidation generally starts on the day after you receive it if gain or loss is recognized. Fillable tax forms 2011 Profit-sharing plan. Fillable tax forms 2011   The holding period of common stock withdrawn from a qualified contributory profit-sharing plan begins on the day following the day the plan trustee delivered the stock to the transfer agent with instructions to reissue the stock in your name. Fillable tax forms 2011 Gift. Fillable tax forms 2011   If you receive a gift of property and your basis in it is figured using the donor's basis, your holding period includes the donor's holding period. Fillable tax forms 2011 For more information on basis, see Publication 551, Basis of Assets. Fillable tax forms 2011 Real property. Fillable tax forms 2011   To figure how long you held real property, start counting on the day after you received title to it or, if earlier, the day after you took possession of it and assumed the burdens and privileges of ownership. Fillable tax forms 2011   However, taking possession of real property under an option agreement is not enough to start the holding period. Fillable tax forms 2011 The holding period cannot start until there is an actual contract of sale. Fillable tax forms 2011 The holding period of the seller cannot end before that time. Fillable tax forms 2011 Repossession. Fillable tax forms 2011   If you sell real property but keep a security interest in it and then later repossess it, your holding period for a later sale includes the period you held the property before the original sale, as well as the period after the repossession. Fillable tax forms 2011 Your holding period does not include the time between the original sale and the repossession. Fillable tax forms 2011 That is, it does not include the period during which the first buyer held the property. Fillable tax forms 2011 Nonbusiness bad debts. Fillable tax forms 2011   Nonbusiness bad debts are short-term capital losses. Fillable tax forms 2011 For information on nonbusiness bad debts, see chapter 4 of Publication 550. Fillable tax forms 2011    Net Gain or Loss The totals for short-term capital gains and losses and the totals for long-term capital gains and losses must be figured separately. Fillable tax forms 2011 Net short-term capital gain or loss. Fillable tax forms 2011   Combine your short-term capital gains and losses, including your share of short-term capital gains or losses from partnerships, S corporations, and fiduciaries and any short-term capital loss carryover. Fillable tax forms 2011 Do this by adding all your short-term capital gains. Fillable tax forms 2011 Then add all your short-term capital losses. Fillable tax forms 2011 Subtract the lesser total from the other. Fillable tax forms 2011 The result is your net short-term capital gain or loss. Fillable tax forms 2011 Net long-term capital gain or loss. Fillable tax forms 2011   Follow the same steps to combine your long-term capital gains and losses. Fillable tax forms 2011 Include the following items. Fillable tax forms 2011 Net section 1231 gain from Part I, Form 4797, after any adjustment for nonrecaptured section 1231 losses from prior tax years. Fillable tax forms 2011 Capital gain distributions from regulated investment companies (mutual funds) and real estate investment trusts. Fillable tax forms 2011 Your share of long-term capital gains or losses from partnerships, S corporations, and fiduciaries. Fillable tax forms 2011 Any long-term capital loss carryover. Fillable tax forms 2011 The result from combining these items with other long-term capital gains and losses is your net long-term capital gain or loss. Fillable tax forms 2011 Net gain. Fillable tax forms 2011   If the total of your capital gains is more than the total of your capital losses, the difference is taxable. Fillable tax forms 2011 Different tax rates may apply to the part that is a net capital gain. Fillable tax forms 2011 See Capital Gains Tax Rates, later. Fillable tax forms 2011 Net loss. Fillable tax forms 2011   If the total of your capital losses is more than the total of your capital gains, the difference is deductible. Fillable tax forms 2011 But there are limits on how much loss you can deduct and when you can deduct it. Fillable tax forms 2011 See Treatment of Capital Losses, next. Fillable tax forms 2011    Treatment of Capital Losses If your capital losses are more than your capital gains, you can deduct the difference as a capital loss deduction even if you do not have ordinary income to offset it. Fillable tax forms 2011 The yearly limit on the amount of the capital loss you can deduct is $3,000 ($1,500 if you are married and file a separate return). Fillable tax forms 2011 Table 4-2. Fillable tax forms 2011 Holding Period for Different Types of Acquisitions Type of acquisition: When your holding period starts: Stocks and bonds bought on a securities market Day after trading date you bought security. Fillable tax forms 2011 Ends on trading date you sold security. Fillable tax forms 2011 U. Fillable tax forms 2011 S. Fillable tax forms 2011 Treasury notes and bonds If bought at auction, day after notification of bid acceptance. Fillable tax forms 2011 If bought through subscription, day after subscription was submitted. Fillable tax forms 2011 Nontaxable exchanges Day after date you acquired old property. Fillable tax forms 2011 Gift If your basis is giver's adjusted basis, same day as giver's holding period began. Fillable tax forms 2011 If your basis is FMV, day after date of gift. Fillable tax forms 2011 Real property bought Generally, day after date you received title to the property. Fillable tax forms 2011 Real property repossessed Day after date you originally received title to the property, but does not include time between the original sale and date of repossession. Fillable tax forms 2011 Capital loss carryover. Fillable tax forms 2011   Generally, you have a capital loss carryover if either of the following situations applies to you. Fillable tax forms 2011 Your net loss is more than the yearly limit. Fillable tax forms 2011 Your taxable income without your deduction for exemptions is less than zero. Fillable tax forms 2011 If either of these situations applies to you for 2013, see Capital Losses under Reporting Capital Gains and Losses in chapter 4 of Publication 550 to figure the amount you can carryover to 2014. Fillable tax forms 2011 Example. Fillable tax forms 2011 Bob and Gloria Sampson sold property in 2013. Fillable tax forms 2011 The sale resulted in a capital loss of $7,000. Fillable tax forms 2011 The Sampsons had no other capital transactions. Fillable tax forms 2011 On their joint 2013 return, the Sampsons deduct $3,000, the yearly limit. Fillable tax forms 2011 They had taxable income of $2,000. Fillable tax forms 2011 The unused part of the loss, $4,000 ($7,000 − $3,000), is carried over to 2014. Fillable tax forms 2011 If the Sampsons' capital loss had been $2,000, it would not have been more than the yearly limit. Fillable tax forms 2011 Their capital loss deduction would have been $2,000. Fillable tax forms 2011 They would have no carryover to 2014. Fillable tax forms 2011 Short-term and long-term losses. Fillable tax forms 2011   When you carry over a loss, it retains its original character as either long term or short term. Fillable tax forms 2011 A short-term loss you carry over to the next tax year is added to short-term losses occurring in that year. Fillable tax forms 2011 A long-term loss you carry over to the next tax year is added to long-term losses occurring in that year. Fillable tax forms 2011 A long-term capital loss you carry over to the next year reduces that year's long-term gains before its short-term gains. Fillable tax forms 2011   If you have both short-term and long-term losses, your short-term losses are used first against your allowable capital loss deduction. Fillable tax forms 2011 If, after using your short-term losses, you have not reached the limit on the capital loss deduction, use your long-term losses until you reach the limit. Fillable tax forms 2011 To figure your capital loss carryover from 2013 to 2014 use the Capital Loss Carryover Worksheet in the 2013 Instructions for Schedule D (Form 1040). Fillable tax forms 2011 Joint and separate returns. Fillable tax forms 2011   On a joint return, the capital gains and losses of spouses are figured as the gains and losses of an individual. Fillable tax forms 2011 If you are married and filing a separate return, your yearly capital loss deduction is limited to $1,500. Fillable tax forms 2011 Neither you nor your spouse can deduct any part of the other's loss. Fillable tax forms 2011   If you and your spouse once filed separate returns and are now filing a joint return, combine your separate capital loss carryovers. Fillable tax forms 2011 However, if you and your spouse once filed jointly and are now filing separately, any capital loss carryover from the joint return can be deducted only on the return of the spouse who actually had the loss. Fillable tax forms 2011 Death of taxpayer. Fillable tax forms 2011   Capital losses cannot be carried over after a taxpayer's death. Fillable tax forms 2011 They are deductible only on the final income tax return filed on the decedent's behalf. Fillable tax forms 2011 The yearly limit discussed earlier still applies in this situation. Fillable tax forms 2011 Even if the loss is greater than the limit, the decedent's estate cannot deduct the difference or carry it over to following years. Fillable tax forms 2011 Corporations. Fillable tax forms 2011   A corporation can deduct capital losses only up to the amount of its capital gains. Fillable tax forms 2011 In other words, if a corporation has a net capital loss, it cannot be deducted in the current tax year. Fillable tax forms 2011 It must be carried to other tax years and deducted from capital gains occurring in those years. Fillable tax forms 2011 For more information, see Publication 542. Fillable tax forms 2011 Capital Gains Tax Rates The tax rates that apply to a net capital gain are generally lower than the tax rates that apply to other income. Fillable tax forms 2011 These lower rates are called the maximum capital gains rates. Fillable tax forms 2011 The term “net capital gain” means the amount by which your net long-term capital gain for the year is more than your net short-term capital loss. Fillable tax forms 2011 For 2013, the maximum tax rates for individuals are 0%, 15%, 20%, 25%, and 28%. Fillable tax forms 2011 Also, individuals, use the Qualified Dividends and Capital Gain Worksheet in the Instructions for Form 1040, or the Schedule D Tax Computation Worksheet in the Instructions for Schedule D (Form 1040) (whichever applies) to figure your tax if you have qualified dividends or net capital gain. Fillable tax forms 2011 For more information, see chapter 4 of Publication 550. Fillable tax forms 2011 Also see the Instructions for Schedule D (Form 1040). Fillable tax forms 2011 Unrecaptured section 1250 gain. Fillable tax forms 2011   Generally, this is the part of any long-term capital gain on section 1250 property (real property) that is due to depreciation. Fillable tax forms 2011 Unrecaptured section 1250 gain cannot be more than the net section 1231 gain or include any gain otherwise treated as ordinary income. Fillable tax forms 2011 Use the worksheet in the Schedule D instructions to figure your unrecaptured section 1250 gain. Fillable tax forms 2011 For more information about section 1250 property and net section 1231 gain, see chapter 3. Fillable tax forms 2011 Form 4797 Use Form 4797 to report: The sale or exchange of: Property used in your trade or business; Depreciable and amortizable property; Oil, gas, geothermal, or other mineral properties; and Section 126 property. Fillable tax forms 2011 The involuntary conversion (from other than casualty or theft) of property used in your trade or business and capital assets held in connection with a trade or business or a transaction entered into for profit. Fillable tax forms 2011 The disposition of noncapital assets (other than inventory or property held primarily for sale to customers in the ordinary course of your trade or business). Fillable tax forms 2011 The disposition of capital assets not reported on Schedule D. Fillable tax forms 2011 The gain or loss (including any related recapture) for partners and S corporation shareholders from certain section 179 property dispositions by partnerships (other than electing large partnerships) and S corporations. Fillable tax forms 2011 The computation of recapture amounts under sections 179 and 280F(b)(2) when the business use of section 179 or listed property decreases to 50% or less. Fillable tax forms 2011 Gains or losses treated as ordinary gains or losses, if you are a trader in securities or commodities and made a mark-to-market election under Internal Revenue Code section 475(f). Fillable tax forms 2011 You can use Form 4797 with Form 1040, 1065, 1120, or 1120S. Fillable tax forms 2011 Section 1231 gains and losses. Fillable tax forms 2011   Show any section 1231 gains and losses in Part I. Fillable tax forms 2011 Carry a net gain to Schedule D (Form 1040) as a long-term capital gain. Fillable tax forms 2011 Carry a net loss to Part II of Form 4797 as an ordinary loss. Fillable tax forms 2011   If you had any nonrecaptured net section 1231 losses from the preceding 5 tax years, reduce your net gain by those losses and report the amount of the reduction as an ordinary gain in Part II. Fillable tax forms 2011 Report any remaining gain on Schedule D (Form 1040). Fillable tax forms 2011 See Section 1231 Gains and Losses in chapter 3. Fillable tax forms 2011 Ordinary gains and losses. Fillable tax forms 2011   Show any ordinary gains and losses in Part II. Fillable tax forms 2011 This includes a net loss or a recapture of losses from prior years figured in Part I of Form 4797. Fillable tax forms 2011 It also includes ordinary gain figured in Part III. Fillable tax forms 2011 Mark-to-market election. Fillable tax forms 2011   If you made a mark-to-market election, you should report all gains and losses from trading as ordinary gains and losses in Part II of Form 4797, instead of as capital gains and losses on Form 8949 and Schedule D (Form 1040). Fillable tax forms 2011 See the Instructions for Form 4797. Fillable tax forms 2011 Also see Special Rules for Traders in Securities, in chapter 4 of Publication 550. Fillable tax forms 2011 Ordinary income from depreciation. Fillable tax forms 2011   Figure the ordinary income from depreciation on personal property and additional depreciation on real property (as discussed in chapter 3) in Part III. Fillable tax forms 2011 Carry the ordinary income to Part II of Form 4797 as an ordinary gain. Fillable tax forms 2011 Carry any remaining gain to Part I as section 1231 gain, unless it is from a casualty or theft. Fillable tax forms 2011 Carry any remaining gain from a casualty or theft to Form 4684. Fillable tax forms 2011 Prev  Up  Next   Home   More Online Publications