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Form 1040ez 2014

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Form 1040ez 2014

Form 1040ez 2014 9. Form 1040ez 2014   Depletion Table of Contents Introduction Topics - This chapter discusses: Who Can Claim Depletion? Mineral PropertyCost Depletion Percentage Depletion Oil and Gas Wells Mines and Geothermal Deposits Lessor's Gross Income TimberTimber units. Form 1040ez 2014 Depletion unit. Form 1040ez 2014 Introduction Depletion is the using up of natural resources by mining, drilling, quarrying stone, or cutting timber. Form 1040ez 2014 The depletion deduction allows an owner or operator to account for the reduction of a product's reserves. Form 1040ez 2014 There are two ways of figuring depletion: cost depletion and percentage depletion. Form 1040ez 2014 For mineral property, you generally must use the method that gives you the larger deduction. Form 1040ez 2014 For standing timber, you must use cost depletion. Form 1040ez 2014 Topics - This chapter discusses: Who can claim depletion Mineral property Timber Who Can Claim Depletion? If you have an economic interest in mineral property or standing timber, you can take a deduction for depletion. Form 1040ez 2014 More than one person can have an economic interest in the same mineral deposit or timber. Form 1040ez 2014 In the case of leased property, the depletion deduction is divided between the lessor and the lessee. Form 1040ez 2014 You have an economic interest if both the following apply. Form 1040ez 2014 You have acquired by investment any interest in mineral deposits or standing timber. Form 1040ez 2014 You have a legal right to income from the extraction of the mineral or cutting of the timber to which you must look for a return of your capital investment. Form 1040ez 2014 A contractual relationship that allows you an economic or monetary advantage from products of the mineral deposit or standing timber is not, in itself, an economic interest. Form 1040ez 2014 A production payment carved out of, or retained on the sale of, mineral property is not an economic interest. Form 1040ez 2014 Individuals, corporations, estates, and trusts who claim depletion deductions may be liable for alternative minimum tax. Form 1040ez 2014 Basis adjustment for depletion. Form 1040ez 2014   You must reduce the basis of your property by the depletion allowed or allowable, whichever is greater. Form 1040ez 2014 Mineral Property Mineral property includes oil and gas wells, mines, and other natural deposits (including geothermal deposits). Form 1040ez 2014 For this purpose, the term “property” means each separate interest you own in each mineral deposit in each separate tract or parcel of land. Form 1040ez 2014 You can treat two or more separate interests as one property or as separate properties. Form 1040ez 2014 See section 614 of the Internal Revenue Code and the related regulations for rules on how to treat separate mineral interests. Form 1040ez 2014 There are two ways of figuring depletion on mineral property. Form 1040ez 2014 Cost depletion. Form 1040ez 2014 Percentage depletion. Form 1040ez 2014 Generally, you must use the method that gives you the larger deduction. Form 1040ez 2014 However, unless you are an independent producer or royalty owner, you generally cannot use percentage depletion for oil and gas wells. Form 1040ez 2014 See Oil and Gas Wells , later. Form 1040ez 2014 Cost Depletion To figure cost depletion you must first determine the following. Form 1040ez 2014 The property's basis for depletion. Form 1040ez 2014 The total recoverable units of mineral in the property's natural deposit. Form 1040ez 2014 The number of units of mineral sold during the tax year. Form 1040ez 2014 Basis for depletion. Form 1040ez 2014   To figure the property's basis for depletion, subtract all the following from the property's adjusted basis. Form 1040ez 2014 Amounts recoverable through: Depreciation deductions, Deferred expenses (including deferred exploration and development costs), and Deductions other than depletion. Form 1040ez 2014 The residual value of land and improvements at the end of operations. Form 1040ez 2014 The cost or value of land acquired for purposes other than mineral production. Form 1040ez 2014 Adjusted basis. Form 1040ez 2014   The adjusted basis of your property is your original cost or other basis, plus certain additions and improvements, and minus certain deductions such as depletion allowed or allowable and casualty losses. Form 1040ez 2014 Your adjusted basis can never be less than zero. Form 1040ez 2014 See Publication 551, Basis of Assets, for more information on adjusted basis. Form 1040ez 2014 Total recoverable units. Form 1040ez 2014   The total recoverable units is the sum of the following. Form 1040ez 2014 The number of units of mineral remaining at the end of the year (including units recovered but not sold). Form 1040ez 2014 The number of units of mineral sold during the tax year (determined under your method of accounting, as explained next). Form 1040ez 2014   You must estimate or determine recoverable units (tons, pounds, ounces, barrels, thousands of cubic feet, or other measure) of mineral products using the current industry method and the most accurate and reliable information you can obtain. Form 1040ez 2014 You must include ores and minerals that are developed, in sight, blocked out, or assured. Form 1040ez 2014 You must also include probable or prospective ores or minerals that are believed to exist based on good evidence. Form 1040ez 2014 But see Elective safe harbor for owners of oil and gas property , later. Form 1040ez 2014 Number of units sold. Form 1040ez 2014   You determine the number of units sold during the tax year based on your method of accounting. Form 1040ez 2014 Use the following table to make this determination. Form 1040ez 2014    IF you  use . Form 1040ez 2014 . Form 1040ez 2014 . Form 1040ez 2014 THEN the units sold during the year are . Form 1040ez 2014 . Form 1040ez 2014 . Form 1040ez 2014 The cash method of accounting The units sold for which you receive payment during the tax year (regardless of the year of sale). Form 1040ez 2014 An accrual method of accounting The units sold based on your inventories and method of accounting for inventory. Form 1040ez 2014   The number of units sold during the tax year does not include any for which depletion deductions were allowed or allowable in earlier years. Form 1040ez 2014 Figuring the cost depletion deduction. Form 1040ez 2014   Once you have figured your property's basis for depletion, the total recoverable units, and the number of units sold during the tax year, you can figure your cost depletion deduction by taking the following steps. Form 1040ez 2014 Step Action Result 1 Divide your property's basis for depletion by total recoverable units. Form 1040ez 2014 Rate per unit. Form 1040ez 2014 2 Multiply the rate per unit by units sold during the tax year. Form 1040ez 2014 Cost depletion deduction. Form 1040ez 2014 You must keep accounts for the depletion of each property and adjust these accounts each year for units sold and depletion claimed. Form 1040ez 2014 Elective safe harbor for owners of oil and gas property. Form 1040ez 2014   Instead of using the method described earlier to determine the total recoverable units, you can use an elective safe harbor. Form 1040ez 2014 If you choose the elective safe harbor, the total recoverable units equal 105% of a property's proven reserves (both developed and undeveloped). Form 1040ez 2014 For details, see Revenue Procedure 2004-19 on page 563 of Internal Revenue Bulletin 2004-10, available at www. Form 1040ez 2014 irs. Form 1040ez 2014 gov/pub/irs-irbs/irb04-10. Form 1040ez 2014 pdf. Form 1040ez 2014   To make the election, attach a statement to your timely filed (including extensions) original return for the first tax year for which the safe harbor is elected. Form 1040ez 2014 The statement must indicate that you are electing the safe harbor provided by Revenue Procedure 2004-19. Form 1040ez 2014 The election, if made, is effective for the tax year in which it is made and all later years. Form 1040ez 2014 It cannot be revoked for the tax year in which it is elected, but may be revoked in a later year. Form 1040ez 2014 Once revoked, it cannot be re-elected for the next 5 years. Form 1040ez 2014 Percentage Depletion To figure percentage depletion, you multiply a certain percentage, specified for each mineral, by your gross income from the property during the tax year. Form 1040ez 2014 The rates to be used and other rules for oil and gas wells are discussed later under Independent Producers and Royalty Owners and under Natural Gas Wells . Form 1040ez 2014 Rates and other rules for percentage depletion of other specific minerals are found later in Mines and Geothermal Deposits . Form 1040ez 2014 Gross income. Form 1040ez 2014   When figuring percentage depletion, subtract from your gross income from the property the following amounts. Form 1040ez 2014 Any rents or royalties you paid or incurred for the property. Form 1040ez 2014 The part of any bonus you paid for a lease on the property allocable to the product sold (or that otherwise gives rise to gross income) for the tax year. Form 1040ez 2014 A bonus payment includes amounts you paid as a lessee to satisfy a production payment retained by the lessor. Form 1040ez 2014   Use the following fraction to figure the part of the bonus you must subtract. Form 1040ez 2014 No. Form 1040ez 2014 of units sold in the tax year Recoverable units from the property × Bonus Payments For oil and gas wells and geothermal deposits, more information about the definition of gross income from the property is under Oil and Gas Wells , later. Form 1040ez 2014 For other property, more information about the definition of gross income from the property is under Mines and Geothermal Deposits , later. Form 1040ez 2014 Taxable income limit. Form 1040ez 2014   The percentage depletion deduction generally cannot be more than 50% (100% for oil and gas property) of your taxable income from the property figured without the depletion deduction and the domestic production activities deduction. Form 1040ez 2014   Taxable income from the property means gross income from the property minus all allowable deductions (except any deduction for depletion or domestic production activities) attributable to mining processes, including mining transportation. Form 1040ez 2014 These deductible items include, but are not limited to, the following. Form 1040ez 2014 Operating expenses. Form 1040ez 2014 Certain selling expenses. Form 1040ez 2014 Administrative and financial overhead. Form 1040ez 2014 Depreciation. Form 1040ez 2014 Intangible drilling and development costs. Form 1040ez 2014 Exploration and development expenditures. Form 1040ez 2014 Deductible taxes (see chapter 5), but not taxes that you capitalize or take as a credit. Form 1040ez 2014 Losses sustained. Form 1040ez 2014   The following rules apply when figuring your taxable income from the property for purposes of the taxable income limit. Form 1040ez 2014 Do not deduct any net operating loss deduction from the gross income from the property. Form 1040ez 2014 Corporations do not deduct charitable contributions from the gross income from the property. Form 1040ez 2014 If, during the year, you dispose of an item of section 1245 property that was used in connection with mineral property, reduce any allowable deduction for mining expenses by the part of any gain you must report as ordinary income that is allocable to the mineral property. Form 1040ez 2014 See section 1. Form 1040ez 2014 613-5(b)(1) of the regulations for information on how to figure the ordinary gain allocable to the property. Form 1040ez 2014 Oil and Gas Wells You cannot claim percentage depletion for an oil or gas well unless at least one of the following applies. Form 1040ez 2014 You are either an independent producer or a royalty owner. Form 1040ez 2014 The well produces natural gas that is either sold under a fixed contract or produced from geopressured brine. Form 1040ez 2014 If you are an independent producer or royalty owner, see Independent Producers and Royalty Owners , next. Form 1040ez 2014 For information on the depletion deduction for wells that produce natural gas that is either sold under a fixed contract or produced from geopressured brine, see Natural Gas Wells , later. Form 1040ez 2014 Independent Producers and Royalty Owners If you are an independent producer or royalty owner, you figure percentage depletion using a rate of 15% of the gross income from the property based on your average daily production of domestic crude oil or domestic natural gas up to your depletable oil or natural gas quantity. Form 1040ez 2014 However, certain refiners, as explained next, and certain retailers and transferees of proven oil and gas properties, as explained next, cannot claim percentage depletion. Form 1040ez 2014 For information on figuring the deduction, see Figuring percentage depletion , later. Form 1040ez 2014 Refiners who cannot claim percentage depletion. Form 1040ez 2014   You cannot claim percentage depletion if you or a related person refine crude oil and you and the related person refined more than 75,000 barrels on any day during the tax year based on average (rather than actual) daily refinery runs for the tax year. Form 1040ez 2014 The average daily refinery run is computed by dividing total refinery runs for the tax year by the total number of days in the tax year. Form 1040ez 2014 Related person. Form 1040ez 2014   You and another person are related persons if either of you holds a significant ownership interest in the other person or if a third person holds a significant ownership interest in both of you. Form 1040ez 2014 For example, a corporation, partnership, estate, or trust and anyone who holds a significant ownership interest in it are related persons. Form 1040ez 2014 A partnership and a trust are related persons if one person holds a significant ownership interest in each of them. Form 1040ez 2014 For purposes of the related person rules, significant ownership interest means direct or indirect ownership of 5% or more in any one of the following. Form 1040ez 2014 The value of the outstanding stock of a corporation. Form 1040ez 2014 The interest in the profits or capital of a partnership. Form 1040ez 2014 The beneficial interests in an estate or trust. Form 1040ez 2014 Any interest owned by or for a corporation, partnership, trust, or estate is considered to be owned directly both by itself and proportionately by its shareholders, partners, or beneficiaries. Form 1040ez 2014 Retailers who cannot claim percentage depletion. Form 1040ez 2014   You cannot claim percentage depletion if both the following apply. Form 1040ez 2014 You sell oil or natural gas or their by-products directly or through a related person in any of the following situations. Form 1040ez 2014 Through a retail outlet operated by you or a related person. Form 1040ez 2014 To any person who is required under an agreement with you or a related person to use a trademark, trade name, or service mark or name owned by you or a related person in marketing or distributing oil, natural gas, or their by-products. Form 1040ez 2014 To any person given authority under an agreement with you or a related person to occupy any retail outlet owned, leased, or controlled by you or a related person. Form 1040ez 2014 The combined gross receipts from sales (not counting resales) of oil, natural gas, or their by-products by all retail outlets taken into account in (1) are more than $5 million for the tax year. Form 1040ez 2014   For the purpose of determining if this rule applies, do not count the following. Form 1040ez 2014 Bulk sales (sales in very large quantities) of oil or natural gas to commercial or industrial users. Form 1040ez 2014 Bulk sales of aviation fuels to the Department of Defense. Form 1040ez 2014 Sales of oil or natural gas or their by-products outside the United States if none of your domestic production or that of a related person is exported during the tax year or the prior tax year. Form 1040ez 2014 Related person. Form 1040ez 2014   To determine if you and another person are related persons, see Related person under Refiners who cannot claim percentage depletion, earlier. Form 1040ez 2014 Sales through a related person. Form 1040ez 2014   You are considered to be selling through a related person if any sale by the related person produces gross income from which you may benefit because of your direct or indirect ownership interest in the person. Form 1040ez 2014   You are not considered to be selling through a related person who is a retailer if all the following apply. Form 1040ez 2014 You do not have a significant ownership interest in the retailer. Form 1040ez 2014 You sell your production to persons who are not related to either you or the retailer. Form 1040ez 2014 The retailer does not buy oil or natural gas from your customers or persons related to your customers. Form 1040ez 2014 There are no arrangements for the retailer to acquire oil or natural gas you produced for resale or made available for purchase by the retailer. Form 1040ez 2014 Neither you nor the retailer knows of or controls the final disposition of the oil or natural gas you sold or the original source of the petroleum products the retailer acquired for resale. Form 1040ez 2014 Transferees who cannot claim percentage depletion. Form 1040ez 2014   You cannot claim percentage depletion if you received your interest in a proven oil or gas property by transfer after 1974 and before October 12, 1990. Form 1040ez 2014 For a definition of the term “transfer,” see section 1. Form 1040ez 2014 613A-7(n) of the regulations. Form 1040ez 2014 For a definition of the term “interest in proven oil or gas property,” see section 1. Form 1040ez 2014 613A-7(p) of the regulations. Form 1040ez 2014 Figuring percentage depletion. Form 1040ez 2014   Generally, as an independent producer or royalty owner, you figure your percentage depletion by computing your average daily production of domestic oil or gas and comparing it to your depletable oil or gas quantity. Form 1040ez 2014 If your average daily production does not exceed your depletable oil or gas quantity, you figure your percentage depletion by multiplying the gross income from the oil or gas property (defined later) by 15%. Form 1040ez 2014 If your average daily production of domestic oil or gas exceeds your depletable oil or gas quantity, you must make an allocation as explained later under Average daily production. Form 1040ez 2014   In addition, there is a limit on the percentage depletion deduction. Form 1040ez 2014 See Taxable income limit , later. Form 1040ez 2014 Average daily production. Form 1040ez 2014   Figure your average daily production by dividing your total domestic production of oil or gas for the tax year by the number of days in your tax year. Form 1040ez 2014 Partial interest. Form 1040ez 2014   If you have a partial interest in the production from a property, figure your share of the production by multiplying total production from the property by your percentage of interest in the revenues from the property. Form 1040ez 2014   You have a partial interest in the production from a property if you have a net profits interest in the property. Form 1040ez 2014 To figure the share of production for your net profits interest, you must first determine your percentage participation (as measured by the net profits) in the gross revenue from the property. Form 1040ez 2014 To figure this percentage, you divide the income you receive for your net profits interest by the gross revenue from the property. Form 1040ez 2014 Then multiply the total production from the property by your percentage participation to figure your share of the production. Form 1040ez 2014 Example. Form 1040ez 2014 Javier Robles owns oil property in which Pablo Olmos owns a 20% net profits interest. Form 1040ez 2014 During the year, the property produced 10,000 barrels of oil, which Javier sold for $200,000. Form 1040ez 2014 Javier had expenses of $90,000 attributable to the property. Form 1040ez 2014 The property generated a net profit of $110,000 ($200,000 − $90,000). Form 1040ez 2014 Pablo received income of $22,000 ($110,000 × . Form 1040ez 2014 20) for his net profits interest. Form 1040ez 2014 Pablo determined his percentage participation to be 11% by dividing $22,000 (the income he received) by $200,000 (the gross revenue from the property). Form 1040ez 2014 Pablo determined his share of the oil production to be 1,100 barrels (10,000 barrels × 11%). Form 1040ez 2014 Depletable oil or natural gas quantity. Form 1040ez 2014   Generally, your depletable oil quantity is 1,000 barrels. Form 1040ez 2014 Your depletable natural gas quantity is 6,000 cubic feet multiplied by the number of barrels of your depletable oil quantity that you choose to apply. Form 1040ez 2014 If you claim depletion on both oil and natural gas, you must reduce your depletable oil quantity (1,000 barrels) by the number of barrels you use to figure your depletable natural gas quantity. Form 1040ez 2014 Example. Form 1040ez 2014 You have both oil and natural gas production. Form 1040ez 2014 To figure your depletable natural gas quantity, you choose to apply 360 barrels of your 1000-barrel depletable oil quantity. Form 1040ez 2014 Your depletable natural gas quantity is 2. Form 1040ez 2014 16 million cubic feet of gas (360 × 6000). Form 1040ez 2014 You must reduce your depletable oil quantity to 640 barrels (1000 − 360). Form 1040ez 2014 If you have production from marginal wells, see section 613A(c)(6) of the Internal Revenue Code to figure your depletable oil or natural gas quantity. Form 1040ez 2014 Also, see Notice 2012-50, available at www. Form 1040ez 2014 irs. Form 1040ez 2014 gov/irb/2012–31_IRB/index. Form 1040ez 2014 html. Form 1040ez 2014 Business entities and family members. Form 1040ez 2014   You must allocate the depletable oil or gas quantity among the following related persons in proportion to each entity's or family member's production of domestic oil or gas for the year. Form 1040ez 2014 Corporations, trusts, and estates if 50% or more of the beneficial interest is owned by the same or related persons (considering only persons that own at least 5% of the beneficial interest). Form 1040ez 2014 You and your spouse and minor children. Form 1040ez 2014 A related person is anyone mentioned in the related persons discussion under Nondeductible loss in chapter 2 of Publication 544, except that for purposes of this allocation, item (1) in that discussion includes only an individual, his or her spouse, and minor children. Form 1040ez 2014 Controlled group of corporations. Form 1040ez 2014   Members of the same controlled group of corporations are treated as one taxpayer when figuring the depletable oil or natural gas quantity. Form 1040ez 2014 They share the depletable quantity. Form 1040ez 2014 A controlled group of corporations is defined in section 1563(a) of the Internal Revenue Code, except that, for this purpose, the stock ownership requirement in that definition is “more than 50%” rather than “at least 80%. Form 1040ez 2014 ” Gross income from the property. Form 1040ez 2014   For purposes of percentage depletion, gross income from the property (in the case of oil and gas wells) is the amount you receive from the sale of the oil or gas in the immediate vicinity of the well. Form 1040ez 2014 If you do not sell the oil or gas on the property, but manufacture or convert it into a refined product before sale or transport it before sale, the gross income from the property is the representative market or field price (RMFP) of the oil or gas, before conversion or transportation. Form 1040ez 2014   If you sold gas after you removed it from the premises for a price that is lower than the RMFP, determine gross income from the property for percentage depletion purposes without regard to the RMFP. Form 1040ez 2014   Gross income from the property does not include lease bonuses, advance royalties, or other amounts payable without regard to production from the property. Form 1040ez 2014 Average daily production exceeds depletable quantities. Form 1040ez 2014   If your average daily production for the year is more than your depletable oil or natural gas quantity, figure your allowance for depletion for each domestic oil or natural gas property as follows. Form 1040ez 2014 Figure your average daily production of oil or natural gas for the year. Form 1040ez 2014 Figure your depletable oil or natural gas quantity for the year. Form 1040ez 2014 Figure depletion for all oil or natural gas produced from the property using a percentage depletion rate of 15%. Form 1040ez 2014 Multiply the result figured in (3) by a fraction, the numerator of which is the result figured in (2) and the denominator of which is the result figured in (1). Form 1040ez 2014 This is your depletion allowance for that property for the year. Form 1040ez 2014 Taxable income limit. Form 1040ez 2014   If you are an independent producer or royalty owner of oil and gas, your deduction for percentage depletion is limited to the smaller of the following. Form 1040ez 2014 100% of your taxable income from the property figured without the deduction for depletion and the deduction for domestic production activities under section 199 of the Internal Revenue Code. Form 1040ez 2014 For a definition of taxable income from the property, see Taxable income limit , earlier, under Mineral Property. Form 1040ez 2014 65% of your taxable income from all sources, figured without the depletion allowance, the deduction for domestic production activities, any net operating loss carryback, and any capital loss carryback. Form 1040ez 2014 You can carry over to the following year any amount you cannot deduct because of the 65%-of-taxable-income limit. Form 1040ez 2014 Add it to your depletion allowance (before applying any limits) for the following year. Form 1040ez 2014 Partnerships and S Corporations Generally, each partner or S corporation shareholder, and not the partnership or S corporation, figures the depletion allowance separately. Form 1040ez 2014 (However, see Electing large partnerships must figure depletion allowance , later. Form 1040ez 2014 ) Each partner or shareholder must decide whether to use cost or percentage depletion. Form 1040ez 2014 If a partner or shareholder uses percentage depletion, he or she must apply the 65%-of-taxable-income limit using his or her taxable income from all sources. Form 1040ez 2014 Partner's or shareholder's adjusted basis. Form 1040ez 2014   The partnership or S corporation must allocate to each partner or shareholder his or her share of the adjusted basis of each oil or gas property held by the partnership or S corporation. Form 1040ez 2014 The partnership or S corporation makes the allocation as of the date it acquires the oil or gas property. Form 1040ez 2014   Each partner's share of the adjusted basis of the oil or gas property generally is figured according to that partner's interest in partnership capital. Form 1040ez 2014 However, in some cases, it is figured according to the partner's interest in partnership income. Form 1040ez 2014   The partnership or S corporation adjusts the partner's or shareholder's share of the adjusted basis of the oil and gas property for any capital expenditures made for the property and for any change in partnership or S corporation interests. Form 1040ez 2014 Recordkeeping. Form 1040ez 2014 Each partner or shareholder must separately keep records of his or her share of the adjusted basis in each oil and gas property of the partnership or S corporation. Form 1040ez 2014 The partner or shareholder must reduce his or her adjusted basis by the depletion allowed or allowable on the property each year. Form 1040ez 2014 The partner or shareholder must use that reduced adjusted basis to figure cost depletion or his or her gain or loss if the partnership or S corporation disposes of the property. Form 1040ez 2014 Reporting the deduction. Form 1040ez 2014   Information that you, as a partner or shareholder, use to figure your depletion deduction on oil and gas properties is reported by the partnership or S corporation on Schedule K-1 (Form 1065) or on Schedule K-1 (Form 1120S). Form 1040ez 2014 Deduct oil and gas depletion for your partnership or S corporation interest on Schedule E (Form 1040). Form 1040ez 2014 The depletion deducted on Schedule E is included in figuring income or loss from rental real estate or royalty properties. Form 1040ez 2014 The instructions for Schedule E explain where to report this income or loss and whether you need to file either of the following forms. Form 1040ez 2014 Form 6198, At-Risk Limitations. Form 1040ez 2014 Form 8582, Passive Activity Loss Limitations. Form 1040ez 2014 Electing large partnerships must figure depletion allowance. Form 1040ez 2014   An electing large partnership, rather than each partner, generally must figure the depletion allowance. Form 1040ez 2014 The partnership figures the depletion allowance without taking into account the 65-percent-of-taxable-income limit and the depletable oil or natural gas quantity. Form 1040ez 2014 Also, the adjusted basis of a partner's interest in the partnership is not affected by the depletion allowance. Form 1040ez 2014   An electing large partnership is one that meets both the following requirements. Form 1040ez 2014 The partnership had 100 or more partners in the preceding year. Form 1040ez 2014 The partnership chooses to be an electing large partnership. Form 1040ez 2014 Disqualified persons. Form 1040ez 2014   An electing large partnership does not figure the depletion allowance of its partners that are disqualified persons. Form 1040ez 2014 Disqualified persons must figure it themselves, as explained earlier. Form 1040ez 2014   All the following are disqualified persons. Form 1040ez 2014 Refiners who cannot claim percentage depletion (discussed under Independent Producers and Royalty Owners , earlier). Form 1040ez 2014 Retailers who cannot claim percentage depletion (discussed under Independent Producers and Royalty Owners , earlier). Form 1040ez 2014 Any partner whose average daily production of domestic crude oil and natural gas is more than 500 barrels during the tax year in which the partnership tax year ends. Form 1040ez 2014 Average daily production is discussed earlier. Form 1040ez 2014 Natural Gas Wells You can use percentage depletion for a well that produces natural gas that is either Sold under a fixed contract, or Produced from geopressured brine. Form 1040ez 2014 Natural gas sold under a fixed contract. Form 1040ez 2014   Natural gas sold under a fixed contract qualifies for a percentage depletion rate of 22%. Form 1040ez 2014 This is domestic natural gas sold by the producer under a contract that does not provide for a price increase to reflect any increase in the seller's tax liability because of the repeal of percentage depletion for gas. Form 1040ez 2014 The contract must have been in effect from February 1, 1975, until the date of sale of the gas. Form 1040ez 2014 Price increases after February 1, 1975, are presumed to take the increase in tax liability into account unless demonstrated otherwise by clear and convincing evidence. Form 1040ez 2014 Natural gas from geopressured brine. Form 1040ez 2014   Qualified natural gas from geopressured brine is eligible for a percentage depletion rate of 10%. Form 1040ez 2014 This is natural gas that is both the following. Form 1040ez 2014 Produced from a well you began to drill after September 1978 and before 1984. Form 1040ez 2014 Determined in accordance with section 503 of the Natural Gas Policy Act of 1978 to be produced from geopressured brine. Form 1040ez 2014 Mines and Geothermal Deposits Certain mines, wells, and other natural deposits, including geothermal deposits, qualify for percentage depletion. Form 1040ez 2014 Mines and other natural deposits. Form 1040ez 2014   For a natural deposit, the percentage of your gross income from the property that you can deduct as depletion depends on the type of deposit. Form 1040ez 2014   The following is a list of the percentage depletion rates for the more common minerals. Form 1040ez 2014 DEPOSITS RATE Sulphur, uranium, and, if from deposits in the United States, asbestos, lead ore, zinc ore, nickel ore, and mica 22% Gold, silver, copper, iron ore, and certain oil shale, if from deposits in the United States 15% Borax, granite, limestone, marble, mollusk shells, potash, slate, soapstone, and carbon dioxide produced from a well 14% Coal, lignite, and sodium chloride 10% Clay and shale used or sold for use in making sewer pipe or bricks or used or sold for use as sintered or burned lightweight aggregates 7½% Clay used or sold for use in making drainage and roofing tile, flower pots, and kindred products, and gravel, sand, and stone (other than stone used or sold for use by a mine owner or operator as dimension or ornamental stone) 5%   You can find a complete list of minerals and their percentage depletion rates in section 613(b) of the Internal Revenue Code. Form 1040ez 2014 Corporate deduction for iron ore and coal. Form 1040ez 2014   The percentage depletion deduction of a corporation for iron ore and coal (including lignite) is reduced by 20% of: The percentage depletion deduction for the tax year (figured without this reduction), minus The adjusted basis of the property at the close of the tax year (figured without the depletion deduction for the tax year). Form 1040ez 2014 Gross income from the property. Form 1040ez 2014   For property other than a geothermal deposit or an oil or gas well, gross income from the property means the gross income from mining. Form 1040ez 2014 Mining includes all the following. Form 1040ez 2014 Extracting ores or minerals from the ground. Form 1040ez 2014 Applying certain treatment processes described later. Form 1040ez 2014 Transporting ores or minerals (generally, not more than 50 miles) from the point of extraction to the plants or mills in which the treatment processes are applied. Form 1040ez 2014 Excise tax. Form 1040ez 2014   Gross income from mining includes the separately stated excise tax received by a mine operator from the sale of coal to compensate the operator for the excise tax the mine operator must pay to finance black lung benefits. Form 1040ez 2014 Extraction. Form 1040ez 2014   Extracting ores or minerals from the ground includes extraction by mine owners or operators of ores or minerals from the waste or residue of prior mining. Form 1040ez 2014 This does not apply to extraction from waste or residue of prior mining by the purchaser of the waste or residue or the purchaser of the rights to extract ores or minerals from the waste or residue. Form 1040ez 2014 Treatment processes. Form 1040ez 2014   The processes included as mining depend on the ore or mineral mined. Form 1040ez 2014 To qualify as mining, the treatment processes must be applied by the mine owner or operator. Form 1040ez 2014 For a listing of treatment processes considered as mining, see section 613(c)(4) of the Internal Revenue Code and the related regulations. Form 1040ez 2014 Transportation of more than 50 miles. Form 1040ez 2014   If the IRS finds that the ore or mineral must be transported more than 50 miles to plants or mills to be treated because of physical and other requirements, the additional authorized transportation is considered mining and included in the computation of gross income from mining. Form 1040ez 2014    If you wish to include transportation of more than 50 miles in the computation of gross income from mining, request an advance ruling from the IRS. Form 1040ez 2014 Include in the request the facts about the physical and other requirements that prevented the construction and operation of the plant within 50 miles of the point of extraction. Form 1040ez 2014 For more information about requesting an advance ruling, see Revenue Procedure 2013-1, available at www. Form 1040ez 2014 irs. Form 1040ez 2014 gov/irb/2013-01_IRB/ar11. Form 1040ez 2014 html. Form 1040ez 2014 Disposal of coal or iron ore. Form 1040ez 2014   You cannot take a depletion deduction for coal (including lignite) or iron ore mined in the United States if both the following apply. Form 1040ez 2014 You disposed of it after holding it for more than 1 year. Form 1040ez 2014 You disposed of it under a contract under which you retain an economic interest in the coal or iron ore. Form 1040ez 2014 Treat any gain on the disposition as a capital gain. Form 1040ez 2014 Disposal to related person. Form 1040ez 2014   This rule does not apply if you dispose of the coal or iron ore to one of the following persons. Form 1040ez 2014 A related person (as listed in chapter 2 of Publication 544). Form 1040ez 2014 A person owned or controlled by the same interests that own or control you. Form 1040ez 2014 Geothermal deposits. Form 1040ez 2014   Geothermal deposits located in the United States or its possessions qualify for a percentage depletion rate of 15%. Form 1040ez 2014 A geothermal deposit is a geothermal reservoir of natural heat stored in rocks or in a watery liquid or vapor. Form 1040ez 2014 For percentage depletion purposes, a geothermal deposit is not considered a gas well. Form 1040ez 2014   Figure gross income from the property for a geothermal steam well in the same way as for oil and gas wells. Form 1040ez 2014 See Gross income from the property , earlier, under Oil and Gas Wells. Form 1040ez 2014 Percentage depletion on a geothermal deposit cannot be more than 50% of your taxable income from the property. Form 1040ez 2014 Lessor's Gross Income In the case of leased property, the depletion deduction is divided between the lessor and the lessee. Form 1040ez 2014 A lessor's gross income from the property that qualifies for percentage depletion usually is the total of the royalties received from the lease. Form 1040ez 2014 Bonuses and advanced royalties. Form 1040ez 2014   Bonuses and advanced royalties are payments a lessee makes before production to a lessor for the grant of rights in a lease or for minerals, gas, or oil to be extracted from leased property. Form 1040ez 2014 If you are the lessor, your income from bonuses and advanced royalties received is subject to an allowance for depletion, as explained in the next two paragraphs. Form 1040ez 2014 Figuring cost depletion. Form 1040ez 2014   To figure cost depletion on a bonus, multiply your adjusted basis in the property by a fraction, the numerator of which is the bonus and the denominator of which is the total bonus and royalties expected to be received. Form 1040ez 2014 To figure cost depletion on advanced royalties, use the computation explained earlier under Cost Depletion , treating the number of units for which the advanced royalty is received as the number of units sold. Form 1040ez 2014 Figuring percentage depletion. Form 1040ez 2014   In the case of mines, wells, and other natural deposits other than gas, oil, or geothermal property, you may use the percentage rates discussed earlier under Mines and Geothermal Deposits . Form 1040ez 2014 Any bonus or advanced royalty payments are generally part of the gross income from the property to which the rates are applied in making the calculation. Form 1040ez 2014 However, for oil, gas, or geothermal property, gross income does not include lease bonuses, advanced royalties, or other amounts payable without regard to production from the property. Form 1040ez 2014 Ending the lease. Form 1040ez 2014   If you receive a bonus on a lease that ends or is abandoned before you derive any income from mineral extraction, include in income the depletion deduction you took. Form 1040ez 2014 Do this for the year the lease ends or is abandoned. Form 1040ez 2014 Also increase your adjusted basis in the property to restore the depletion deduction you previously subtracted. Form 1040ez 2014   For advanced royalties, include in income the depletion claimed on minerals for which the advanced royalties were paid if the minerals were not produced before the lease ended. Form 1040ez 2014 Include this amount in income for the year the lease ends. Form 1040ez 2014 Increase your adjusted basis in the property by the amount you include in income. Form 1040ez 2014 Delay rentals. Form 1040ez 2014   These are payments for deferring development of the property. Form 1040ez 2014 Since delay rentals are ordinary rent, they are ordinary income that is not subject to depletion. Form 1040ez 2014 These rentals can be avoided by either abandoning the lease, beginning development operations, or obtaining production. Form 1040ez 2014 Timber You can figure timber depletion only by the cost method. Form 1040ez 2014 Percentage depletion does not apply to timber. Form 1040ez 2014 Base your depletion on your cost or other basis in the timber. Form 1040ez 2014 Your cost does not include the cost of land or any amounts recoverable through depreciation. Form 1040ez 2014 Depletion takes place when you cut standing timber. Form 1040ez 2014 You can figure your depletion deduction when the quantity of cut timber is first accurately measured in the process of exploitation. Form 1040ez 2014 Figuring cost depletion. Form 1040ez 2014   To figure your cost depletion allowance, you multiply the number of timber units cut by your depletion unit. Form 1040ez 2014 Timber units. Form 1040ez 2014   When you acquire timber property, you must make an estimate of the quantity of marketable timber that exists on the property. Form 1040ez 2014 You measure the timber using board feet, log scale, cords, or other units. Form 1040ez 2014 If you later determine that you have more or less units of timber, you must adjust the original estimate. Form 1040ez 2014   The term “timber property” means your economic interest in standing timber in each tract or block representing a separate timber account. Form 1040ez 2014 Depletion unit. Form 1040ez 2014   You figure your depletion unit each year by taking the following steps. Form 1040ez 2014 Determine your cost or adjusted basis of the timber on hand at the beginning of the year. Form 1040ez 2014 Adjusted basis is defined under Cost Depletion in the discussion on Mineral Property. Form 1040ez 2014 Add to the amount determined in (1) the cost of any timber units acquired during the year and any additions to capital. Form 1040ez 2014 Figure the number of timber units to take into account by adding the number of timber units acquired during the year to the number of timber units on hand in the account at the beginning of the year and then adding (or subtracting) any correction to the estimate of the number of timber units remaining in the account. Form 1040ez 2014 Divide the result of (2) by the result of (3). Form 1040ez 2014 This is your depletion unit. Form 1040ez 2014 Example. Form 1040ez 2014 You bought a timber tract for $160,000 and the land was worth as much as the timber. Form 1040ez 2014 Your basis for the timber is $80,000. Form 1040ez 2014 Based on an estimated one million board feet (1,000 MBF) of standing timber, you figure your depletion unit to be $80 per MBF ($80,000 ÷ 1,000). Form 1040ez 2014 If you cut 500 MBF of timber, your depletion allowance would be $40,000 (500 MBF × $80). Form 1040ez 2014 When to claim depletion. Form 1040ez 2014   Claim your depletion allowance as a deduction in the year of sale or other disposition of the products cut from the timber, unless you choose to treat the cutting of timber as a sale or exchange (explained below). Form 1040ez 2014 Include allowable depletion for timber products not sold during the tax year the timber is cut as a cost item in the closing inventory of timber products for the year. Form 1040ez 2014 The inventory is your basis for determining gain or loss in the tax year you sell the timber products. Form 1040ez 2014 Example. Form 1040ez 2014 The facts are the same as in the previous example except that you sold only half of the timber products in the cutting year. Form 1040ez 2014 You would deduct $20,000 of the $40,000 depletion that year. Form 1040ez 2014 You would add the remaining $20,000 depletion to your closing inventory of timber products. Form 1040ez 2014 Electing to treat the cutting of timber as a sale or exchange. Form 1040ez 2014   You can elect, under certain circumstances, to treat the cutting of timber held for more than 1 year as a sale or exchange. Form 1040ez 2014 You must make the election on your income tax return for the tax year to which it applies. Form 1040ez 2014 If you make this election, subtract the adjusted basis for depletion from the fair market value of the timber on the first day of the tax year in which you cut it to figure the gain or loss on the cutting. Form 1040ez 2014 You generally report the gain as long-term capital gain. Form 1040ez 2014 The fair market value then becomes your basis for figuring your ordinary gain or loss on the sale or other disposition of the products cut from the timber. Form 1040ez 2014 For more information, see Timber in chapter 2 of Publication 544, Sales and Other Dispositions of Assets. Form 1040ez 2014   You may revoke an election to treat the cutting of timber as a sale or exchange without IRS's consent. Form 1040ez 2014 The prior election (and revocation) is disregarded for purposes of making a subsequent election. Form 1040ez 2014 See Form T (Timber), Forest Activities Schedule, for more information. Form 1040ez 2014 Form T. Form 1040ez 2014   Complete and attach Form T (Timber) to your income tax return if you claim a deduction for timber depletion, choose to treat the cutting of timber as a sale or exchange, or make an outright sale of timber. Form 1040ez 2014 Prev  Up  Next   Home   More Online Publications
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The Form 1040ez 2014

Form 1040ez 2014 Publication 54 - Additional Material Questions and AnswersThis section answers tax- related questions commonly asked by taxpayers living abroad. Form 1040ez 2014 1. Form 1040ez 2014 Filing Requirements—Where, When, and How . Form 1040ez 2014 1) When are U. Form 1040ez 2014 S. Form 1040ez 2014 income tax returns due? . Form 1040ez 2014 2) I am going abroad this year and expect to qualify for the foreign earned income exclusion. Form 1040ez 2014 How can I secure an extension of time to file my return, when should I file my return, and what forms are required? . Form 1040ez 2014 3) My entire income qualifies for the foreign earned income exclusion. Form 1040ez 2014 Must I file a tax return? . Form 1040ez 2014 4) I was sent abroad by my company in November of last year. Form 1040ez 2014 I plan to secure an extension of time on Form 2350 to file my tax return for last year because I expect to qualify for the foreign earned income exclusion under the physical presence test. Form 1040ez 2014 However, if my company recalls me to the United States before the end of the qualifying period and I find I will not qualify for the exclusion, how and when should I file my return? . Form 1040ez 2014 5) I am a U. Form 1040ez 2014 S. Form 1040ez 2014 citizen and have no taxable income from the United States, but I have substantial income from a foreign source. Form 1040ez 2014 Am I required to file a U. Form 1040ez 2014 S. Form 1040ez 2014 income tax return? . Form 1040ez 2014 6) I am a U. Form 1040ez 2014 S. Form 1040ez 2014 citizen who has retired, and I expect to remain in a foreign country. Form 1040ez 2014 Do I have any further U. Form 1040ez 2014 S. Form 1040ez 2014 tax obligations? . Form 1040ez 2014 7) I have been a bona fide resident of a foreign country for over 5 years. Form 1040ez 2014 Is it necessary for me to pay estimated tax? . Form 1040ez 2014 8) Will a check payable in foreign currency be acceptable in payment of my U. Form 1040ez 2014 S. Form 1040ez 2014 tax? . Form 1040ez 2014 9) I have met the test for physical presence in a foreign country and am filing returns for 2 years. Form 1040ez 2014 Must I file a separate Form 2555 (or Form 2555-EZ) with each return? . Form 1040ez 2014 10) Does a Form 2555 (or 2555-EZ) with a Schedule C or Form W-2 attached constitute a return? . Form 1040ez 2014 11) On Form 2350, Application for Extension of Time To File U. Form 1040ez 2014 S. Form 1040ez 2014 Income Tax Return, I stated that I would qualify for the foreign earned income exclusion under the physical presence test. Form 1040ez 2014 If I qualify under the bona fide residence test, can I file my return on that basis? . Form 1040ez 2014 12) I am a U. Form 1040ez 2014 S. Form 1040ez 2014 citizen who worked in the United States for 6 months last year. Form 1040ez 2014 I accepted employment overseas in July of last year and expect to qualify for the foreign earned income exclusion. Form 1040ez 2014 Should I file a return and pay tax on the income earned in the United States during the first 6 months and then, when I qualify, file another return covering the last 6 months of the year? . Form 1040ez 2014 13) I am a U. Form 1040ez 2014 S. Form 1040ez 2014 citizen. Form 1040ez 2014 I have lived abroad for a number of years and recently realized that I should have been filing U. Form 1040ez 2014 S. Form 1040ez 2014 income tax returns. Form 1040ez 2014 How do I correct this oversight in not having filed returns for these years? . Form 1040ez 2014 14) In 2008, I qualified to exclude my foreign earned income, but I did not claim this exclusion on the return I filed in 2009. Form 1040ez 2014 I paid all outstanding taxes with the return. Form 1040ez 2014 Can I file a claim for refund now? . Form 1040ez 2014 1) When are U. Form 1040ez 2014 S. Form 1040ez 2014 income tax returns due? Generally, for calendar year taxpayers, U. Form 1040ez 2014 S. Form 1040ez 2014 income tax returns are due on April 15. Form 1040ez 2014 If you are a U. Form 1040ez 2014 S. Form 1040ez 2014 citizen or resident and both your tax home and your abode are outside the United States and Puerto Rico on the regular due date, an automatic extension is granted to June 15 for filing the return. Form 1040ez 2014 Interest will be charged on any tax due, as shown on the return, from April 15. Form 1040ez 2014 a) You should file Form 2350 by the due date of your return to request an extension of time to file. Form 1040ez 2014 Form 2350 is a special form for those U. Form 1040ez 2014 S. Form 1040ez 2014 citizens or residents abroad who expect to qualify for the foreign earned income exclusion or the housing exclusion or deduction under either the bona fide residence test or physical presence test and would like to have an extension of time to delay filing until after they have qualified. Form 1040ez 2014 b) If the extension is granted, you should file your return after you qualify, but by the approved extension date. Form 1040ez 2014 c) You must file your Form 1040 with Form 2555 (or Form 2555-EZ). Form 1040ez 2014 Generally, yes. Form 1040ez 2014 Every U. Form 1040ez 2014 S. Form 1040ez 2014 citizen or resident who receives income must file a U. Form 1040ez 2014 S. Form 1040ez 2014 income tax return unless total income without regard to the foreign earned income exclusion is below an amount based on filing status. Form 1040ez 2014 The income levels for filing purposes are discussed under Filing Requirements in chapter 1. Form 1040ez 2014 If your regular filing date has passed, you should file a return, Form 1040, as soon as possible for last year. Form 1040ez 2014 Include a statement with this return noting that you have returned to the United States and will not qualify for the foreign earned income exclusion. Form 1040ez 2014 You must report your worldwide income on the return. Form 1040ez 2014 If you paid a foreign tax on the income earned abroad, you may be able to either deduct this tax as an itemized deduction or claim it as a credit against your U. Form 1040ez 2014 S. Form 1040ez 2014 income tax. Form 1040ez 2014 However, if you pay the tax due after the regular due date, interest will be charged from the regular due date until the date the tax is paid. Form 1040ez 2014 Yes. Form 1040ez 2014 All U. Form 1040ez 2014 S. Form 1040ez 2014 citizens and resident aliens are subject to U. Form 1040ez 2014 S. Form 1040ez 2014 tax on their worldwide income. Form 1040ez 2014 If you paid taxes to a foreign government on income from sources outside the United States, you may be able to claim a foreign tax credit against your U. Form 1040ez 2014 S. Form 1040ez 2014 income tax liability for the foreign taxes paid. Form 1040ez 2014 Form 1116 is used to figure the allowable credit. Form 1040ez 2014 Your U. Form 1040ez 2014 S. Form 1040ez 2014 tax obligation on your income is the same as that of a retired person living in the United States. Form 1040ez 2014 (See the discussion on filing requirements in chapter 1 of this publication. Form 1040ez 2014 ) U. Form 1040ez 2014 S. Form 1040ez 2014 taxpayers overseas have the same requirements for paying estimated tax as those in the United States. Form 1040ez 2014 See the discussion under Estimated Tax in chapter 1. Form 1040ez 2014 Overseas taxpayers should not include in their estimated income any income they receive that is, or will be, exempt from U. Form 1040ez 2014 S. Form 1040ez 2014 taxation. Form 1040ez 2014 Overseas taxpayers can deduct their estimated housing deduction in figuring their estimated tax. Form 1040ez 2014 The first installment of estimated tax is due on April 15 of the year for which the income is earned. Form 1040ez 2014 Generally, only U. Form 1040ez 2014 S. Form 1040ez 2014 currency is acceptable for payment of income tax. Form 1040ez 2014 However, if you are a Fulbright grantee, see Fulbright Grant in chapter 1. Form 1040ez 2014 Yes. Form 1040ez 2014 A Form 2555 (or Form 2555-EZ) must be filed with each Form 1040 tax return on which the benefits of income earned abroad are claimed. Form 1040ez 2014 No. Form 1040ez 2014 The Form 2555 (or 2555-EZ), Schedule C, and Form W-2 are merely attachments and do not relieve you of the requirement to file a Form 1040 to show the sources of income reported and the exclusions or deductions claimed. Form 1040ez 2014 Yes. Form 1040ez 2014 You can claim the foreign earned income exclusion and the foreign housing exclusion or deduction under either test as long as you meet the requirements. Form 1040ez 2014 You are not bound by the test indicated in the application for extension of time. Form 1040ez 2014 You must be sure, however, that you file the Form 1040 by the date approved on Form 2350, since a return filed after that date may be subject to a failure to file penalty. Form 1040ez 2014 If you will not qualify under the bona fide residence test until a date later than the extension granted under the physical presence rule, apply for a new extension to a date 30 days beyond the date you expect to qualify as a bona fide resident. Form 1040ez 2014 No. Form 1040ez 2014 You have the choice of one of the following two methods of filing your return: a) You can file your return when due under the regular filing rules, report all your income without excluding your foreign earned income, and pay the tax due. Form 1040ez 2014 After you have qualified for the exclusion, you can file an amended return, Form 1040X, accompanied by Form 2555 (or 2555-EZ), for a refund of any excess tax paid. Form 1040ez 2014 b) You can postpone the filing of your tax return by applying on Form 2350 for an extension of time to file to a date 30 days beyond the date you expect to qualify under either the bona fide residence test or the physical presence test, then file your return reflecting the exclusion of foreign earned income. Form 1040ez 2014 This allows you to file only once and saves you from paying the tax and waiting for a refund. Form 1040ez 2014 However, interest is charged on any tax due on the postponed tax return, but interest is not paid on refunds paid within 45 days after the return is filed. Form 1040ez 2014 If you have moving expenses that are for services performed in two years, you can be granted an extension until after the end of the second year. Form 1040ez 2014 File the late returns as soon as possible, stating your reason for filing late. Form 1040ez 2014 For advice on filing the returns, you should contact an  Internal Revenue Service representative in one of the four overseas offices listed in chapter 7. Form 1040ez 2014 It is too late to claim this refund since a claim for refund must be filed within 3 years from the date the return was filed or 2 years from the date the tax was paid, whichever is later. Form 1040ez 2014 A return filed before the due date is considered filed on the due date. Form 1040ez 2014 . Form 1040ez 2014 2) I am going abroad this year and expect to qualify for the foreign earned income exclusion. Form 1040ez 2014 How can I secure an extension of time to file my return, when should I file my return, and what forms are required? a) You should file Form 2350 by the due date of your return to request an extension of time to file. Form 1040ez 2014 Form 2350 is a special form for those U. Form 1040ez 2014 S. Form 1040ez 2014 citizens or residents abroad who expect to qualify for the foreign earned income exclusion or the housing exclusion or deduction under either the bona fide residence test or physical presence test and would like to have an extension of time to delay filing until after they have qualified. Form 1040ez 2014 b) If the extension is granted, you should file your return after you qualify, but by the approved extension date. Form 1040ez 2014 c) You must file your Form 1040 with Form 2555 (or Form 2555-EZ). Form 1040ez 2014 Generally, yes. Form 1040ez 2014 Every U. Form 1040ez 2014 S. Form 1040ez 2014 citizen or resident who receives income must file a U. Form 1040ez 2014 S. Form 1040ez 2014 income tax return unless total income without regard to the foreign earned income exclusion is below an amount based on filing status. Form 1040ez 2014 The income levels for filing purposes are discussed under Filing Requirements in chapter 1. Form 1040ez 2014 If your regular filing date has passed, you should file a return, Form 1040, as soon as possible for last year. Form 1040ez 2014 Include a statement with this return noting that you have returned to the United States and will not qualify for the foreign earned income exclusion. Form 1040ez 2014 You must report your worldwide income on the return. Form 1040ez 2014 If you paid a foreign tax on the income earned abroad, you may be able to either deduct this tax as an itemized deduction or claim it as a credit against your U. Form 1040ez 2014 S. Form 1040ez 2014 income tax. Form 1040ez 2014 However, if you pay the tax due after the regular due date, interest will be charged from the regular due date until the date the tax is paid. Form 1040ez 2014 Yes. Form 1040ez 2014 All U. Form 1040ez 2014 S. Form 1040ez 2014 citizens and resident aliens are subject to U. Form 1040ez 2014 S. Form 1040ez 2014 tax on their worldwide income. Form 1040ez 2014 If you paid taxes to a foreign government on income from sources outside the United States, you may be able to claim a foreign tax credit against your U. Form 1040ez 2014 S. Form 1040ez 2014 income tax liability for the foreign taxes paid. Form 1040ez 2014 Form 1116 is used to figure the allowable credit. Form 1040ez 2014 Your U. Form 1040ez 2014 S. Form 1040ez 2014 tax obligation on your income is the same as that of a retired person living in the United States. Form 1040ez 2014 (See the discussion on filing requirements in chapter 1 of this publication. Form 1040ez 2014 ) U. Form 1040ez 2014 S. Form 1040ez 2014 taxpayers overseas have the same requirements for paying estimated tax as those in the United States. Form 1040ez 2014 See the discussion under Estimated Tax in chapter 1. Form 1040ez 2014 Overseas taxpayers should not include in their estimated income any income they receive that is, or will be, exempt from U. Form 1040ez 2014 S. Form 1040ez 2014 taxation. Form 1040ez 2014 Overseas taxpayers can deduct their estimated housing deduction in figuring their estimated tax. Form 1040ez 2014 The first installment of estimated tax is due on April 15 of the year for which the income is earned. Form 1040ez 2014 Generally, only U. Form 1040ez 2014 S. Form 1040ez 2014 currency is acceptable for payment of income tax. Form 1040ez 2014 However, if you are a Fulbright grantee, see Fulbright Grant in chapter 1. Form 1040ez 2014 Yes. Form 1040ez 2014 A Form 2555 (or Form 2555-EZ) must be filed with each Form 1040 tax return on which the benefits of income earned abroad are claimed. Form 1040ez 2014 No. Form 1040ez 2014 The Form 2555 (or 2555-EZ), Schedule C, and Form W-2 are merely attachments and do not relieve you of the requirement to file a Form 1040 to show the sources of income reported and the exclusions or deductions claimed. Form 1040ez 2014 Yes. Form 1040ez 2014 You can claim the foreign earned income exclusion and the foreign housing exclusion or deduction under either test as long as you meet the requirements. Form 1040ez 2014 You are not bound by the test indicated in the application for extension of time. Form 1040ez 2014 You must be sure, however, that you file the Form 1040 by the date approved on Form 2350, since a return filed after that date may be subject to a failure to file penalty. Form 1040ez 2014 If you will not qualify under the bona fide residence test until a date later than the extension granted under the physical presence rule, apply for a new extension to a date 30 days beyond the date you expect to qualify as a bona fide resident. Form 1040ez 2014 No. Form 1040ez 2014 You have the choice of one of the following two methods of filing your return: a) You can file your return when due under the regular filing rules, report all your income without excluding your foreign earned income, and pay the tax due. Form 1040ez 2014 After you have qualified for the exclusion, you can file an amended return, Form 1040X, accompanied by Form 2555 (or 2555-EZ), for a refund of any excess tax paid. Form 1040ez 2014 b) You can postpone the filing of your tax return by applying on Form 2350 for an extension of time to file to a date 30 days beyond the date you expect to qualify under either the bona fide residence test or the physical presence test, then file your return reflecting the exclusion of foreign earned income. Form 1040ez 2014 This allows you to file only once and saves you from paying the tax and waiting for a refund. Form 1040ez 2014 However, interest is charged on any tax due on the postponed tax return, but interest is not paid on refunds paid within 45 days after the return is filed. Form 1040ez 2014 If you have moving expenses that are for services performed in two years, you can be granted an extension until after the end of the second year. Form 1040ez 2014 File the late returns as soon as possible, stating your reason for filing late. Form 1040ez 2014 For advice on filing the returns, you should contact an  Internal Revenue Service representative in one of the four overseas offices listed in chapter 7. Form 1040ez 2014 It is too late to claim this refund since a claim for refund must be filed within 3 years from the date the return was filed or 2 years from the date the tax was paid, whichever is later. Form 1040ez 2014 A return filed before the due date is considered filed on the due date. Form 1040ez 2014 . Form 1040ez 2014 3) My entire income qualifies for the foreign earned income exclusion. Form 1040ez 2014 Must I file a tax return? Generally, yes. Form 1040ez 2014 Every U. Form 1040ez 2014 S. Form 1040ez 2014 citizen or resident who receives income must file a U. Form 1040ez 2014 S. Form 1040ez 2014 income tax return unless total income without regard to the foreign earned income exclusion is below an amount based on filing status. Form 1040ez 2014 The income levels for filing purposes are discussed under Filing Requirements in chapter 1. Form 1040ez 2014 If your regular filing date has passed, you should file a return, Form 1040, as soon as possible for last year. Form 1040ez 2014 Include a statement with this return noting that you have returned to the United States and will not qualify for the foreign earned income exclusion. Form 1040ez 2014 You must report your worldwide income on the return. Form 1040ez 2014 If you paid a foreign tax on the income earned abroad, you may be able to either deduct this tax as an itemized deduction or claim it as a credit against your U. Form 1040ez 2014 S. Form 1040ez 2014 income tax. Form 1040ez 2014 However, if you pay the tax due after the regular due date, interest will be charged from the regular due date until the date the tax is paid. Form 1040ez 2014 Yes. Form 1040ez 2014 All U. Form 1040ez 2014 S. Form 1040ez 2014 citizens and resident aliens are subject to U. Form 1040ez 2014 S. Form 1040ez 2014 tax on their worldwide income. Form 1040ez 2014 If you paid taxes to a foreign government on income from sources outside the United States, you may be able to claim a foreign tax credit against your U. Form 1040ez 2014 S. Form 1040ez 2014 income tax liability for the foreign taxes paid. Form 1040ez 2014 Form 1116 is used to figure the allowable credit. Form 1040ez 2014 Your U. Form 1040ez 2014 S. Form 1040ez 2014 tax obligation on your income is the same as that of a retired person living in the United States. Form 1040ez 2014 (See the discussion on filing requirements in chapter 1 of this publication. Form 1040ez 2014 ) U. Form 1040ez 2014 S. Form 1040ez 2014 taxpayers overseas have the same requirements for paying estimated tax as those in the United States. Form 1040ez 2014 See the discussion under Estimated Tax in chapter 1. Form 1040ez 2014 Overseas taxpayers should not include in their estimated income any income they receive that is, or will be, exempt from U. Form 1040ez 2014 S. Form 1040ez 2014 taxation. Form 1040ez 2014 Overseas taxpayers can deduct their estimated housing deduction in figuring their estimated tax. Form 1040ez 2014 The first installment of estimated tax is due on April 15 of the year for which the income is earned. Form 1040ez 2014 Generally, only U. Form 1040ez 2014 S. Form 1040ez 2014 currency is acceptable for payment of income tax. Form 1040ez 2014 However, if you are a Fulbright grantee, see Fulbright Grant in chapter 1. Form 1040ez 2014 Yes. Form 1040ez 2014 A Form 2555 (or Form 2555-EZ) must be filed with each Form 1040 tax return on which the benefits of income earned abroad are claimed. Form 1040ez 2014 No. Form 1040ez 2014 The Form 2555 (or 2555-EZ), Schedule C, and Form W-2 are merely attachments and do not relieve you of the requirement to file a Form 1040 to show the sources of income reported and the exclusions or deductions claimed. Form 1040ez 2014 Yes. Form 1040ez 2014 You can claim the foreign earned income exclusion and the foreign housing exclusion or deduction under either test as long as you meet the requirements. Form 1040ez 2014 You are not bound by the test indicated in the application for extension of time. Form 1040ez 2014 You must be sure, however, that you file the Form 1040 by the date approved on Form 2350, since a return filed after that date may be subject to a failure to file penalty. Form 1040ez 2014 If you will not qualify under the bona fide residence test until a date later than the extension granted under the physical presence rule, apply for a new extension to a date 30 days beyond the date you expect to qualify as a bona fide resident. Form 1040ez 2014 No. Form 1040ez 2014 You have the choice of one of the following two methods of filing your return: a) You can file your return when due under the regular filing rules, report all your income without excluding your foreign earned income, and pay the tax due. Form 1040ez 2014 After you have qualified for the exclusion, you can file an amended return, Form 1040X, accompanied by Form 2555 (or 2555-EZ), for a refund of any excess tax paid. Form 1040ez 2014 b) You can postpone the filing of your tax return by applying on Form 2350 for an extension of time to file to a date 30 days beyond the date you expect to qualify under either the bona fide residence test or the physical presence test, then file your return reflecting the exclusion of foreign earned income. Form 1040ez 2014 This allows you to file only once and saves you from paying the tax and waiting for a refund. Form 1040ez 2014 However, interest is charged on any tax due on the postponed tax return, but interest is not paid on refunds paid within 45 days after the return is filed. Form 1040ez 2014 If you have moving expenses that are for services performed in two years, you can be granted an extension until after the end of the second year. Form 1040ez 2014 File the late returns as soon as possible, stating your reason for filing late. Form 1040ez 2014 For advice on filing the returns, you should contact an  Internal Revenue Service representative in one of the four overseas offices listed in chapter 7. Form 1040ez 2014 It is too late to claim this refund since a claim for refund must be filed within 3 years from the date the return was filed or 2 years from the date the tax was paid, whichever is later. Form 1040ez 2014 A return filed before the due date is considered filed on the due date. Form 1040ez 2014 . Form 1040ez 2014 4) I was sent abroad by my company in November of last year. Form 1040ez 2014 I plan to secure an extension of time on Form 2350 to file my tax return for last year because I expect to qualify for the foreign earned income exclusion under the physical presence test. Form 1040ez 2014 However, if my company recalls me to the United States before the end of the qualifying period and I find I will not qualify for the exclusion, how and when should I file my return? If your regular filing date has passed, you should file a return, Form 1040, as soon as possible for last year. Form 1040ez 2014 Include a statement with this return noting that you have returned to the United States and will not qualify for the foreign earned income exclusion. Form 1040ez 2014 You must report your worldwide income on the return. Form 1040ez 2014 If you paid a foreign tax on the income earned abroad, you may be able to either deduct this tax as an itemized deduction or claim it as a credit against your U. Form 1040ez 2014 S. Form 1040ez 2014 income tax. Form 1040ez 2014 However, if you pay the tax due after the regular due date, interest will be charged from the regular due date until the date the tax is paid. Form 1040ez 2014 Yes. Form 1040ez 2014 All U. Form 1040ez 2014 S. Form 1040ez 2014 citizens and resident aliens are subject to U. Form 1040ez 2014 S. Form 1040ez 2014 tax on their worldwide income. Form 1040ez 2014 If you paid taxes to a foreign government on income from sources outside the United States, you may be able to claim a foreign tax credit against your U. Form 1040ez 2014 S. Form 1040ez 2014 income tax liability for the foreign taxes paid. Form 1040ez 2014 Form 1116 is used to figure the allowable credit. Form 1040ez 2014 Your U. Form 1040ez 2014 S. Form 1040ez 2014 tax obligation on your income is the same as that of a retired person living in the United States. Form 1040ez 2014 (See the discussion on filing requirements in chapter 1 of this publication. Form 1040ez 2014 ) U. Form 1040ez 2014 S. Form 1040ez 2014 taxpayers overseas have the same requirements for paying estimated tax as those in the United States. Form 1040ez 2014 See the discussion under Estimated Tax in chapter 1. Form 1040ez 2014 Overseas taxpayers should not include in their estimated income any income they receive that is, or will be, exempt from U. Form 1040ez 2014 S. Form 1040ez 2014 taxation. Form 1040ez 2014 Overseas taxpayers can deduct their estimated housing deduction in figuring their estimated tax. Form 1040ez 2014 The first installment of estimated tax is due on April 15 of the year for which the income is earned. Form 1040ez 2014 Generally, only U. Form 1040ez 2014 S. Form 1040ez 2014 currency is acceptable for payment of income tax. Form 1040ez 2014 However, if you are a Fulbright grantee, see Fulbright Grant in chapter 1. Form 1040ez 2014 Yes. Form 1040ez 2014 A Form 2555 (or Form 2555-EZ) must be filed with each Form 1040 tax return on which the benefits of income earned abroad are claimed. Form 1040ez 2014 No. Form 1040ez 2014 The Form 2555 (or 2555-EZ), Schedule C, and Form W-2 are merely attachments and do not relieve you of the requirement to file a Form 1040 to show the sources of income reported and the exclusions or deductions claimed. Form 1040ez 2014 Yes. Form 1040ez 2014 You can claim the foreign earned income exclusion and the foreign housing exclusion or deduction under either test as long as you meet the requirements. Form 1040ez 2014 You are not bound by the test indicated in the application for extension of time. Form 1040ez 2014 You must be sure, however, that you file the Form 1040 by the date approved on Form 2350, since a return filed after that date may be subject to a failure to file penalty. Form 1040ez 2014 If you will not qualify under the bona fide residence test until a date later than the extension granted under the physical presence rule, apply for a new extension to a date 30 days beyond the date you expect to qualify as a bona fide resident. Form 1040ez 2014 No. Form 1040ez 2014 You have the choice of one of the following two methods of filing your return: a) You can file your return when due under the regular filing rules, report all your income without excluding your foreign earned income, and pay the tax due. Form 1040ez 2014 After you have qualified for the exclusion, you can file an amended return, Form 1040X, accompanied by Form 2555 (or 2555-EZ), for a refund of any excess tax paid. Form 1040ez 2014 b) You can postpone the filing of your tax return by applying on Form 2350 for an extension of time to file to a date 30 days beyond the date you expect to qualify under either the bona fide residence test or the physical presence test, then file your return reflecting the exclusion of foreign earned income. Form 1040ez 2014 This allows you to file only once and saves you from paying the tax and waiting for a refund. Form 1040ez 2014 However, interest is charged on any tax due on the postponed tax return, but interest is not paid on refunds paid within 45 days after the return is filed. Form 1040ez 2014 If you have moving expenses that are for services performed in two years, you can be granted an extension until after the end of the second year. Form 1040ez 2014 File the late returns as soon as possible, stating your reason for filing late. Form 1040ez 2014 For advice on filing the returns, you should contact an  Internal Revenue Service representative in one of the four overseas offices listed in chapter 7. Form 1040ez 2014 It is too late to claim this refund since a claim for refund must be filed within 3 years from the date the return was filed or 2 years from the date the tax was paid, whichever is later. Form 1040ez 2014 A return filed before the due date is considered filed on the due date. Form 1040ez 2014 . Form 1040ez 2014 5) I am a U. Form 1040ez 2014 S. Form 1040ez 2014 citizen and have no taxable income from the United States, but I have substantial income from a foreign source. Form 1040ez 2014 Am I required to file a U. Form 1040ez 2014 S. Form 1040ez 2014 income tax return? Yes. Form 1040ez 2014 All U. Form 1040ez 2014 S. Form 1040ez 2014 citizens and resident aliens are subject to U. Form 1040ez 2014 S. Form 1040ez 2014 tax on their worldwide income. Form 1040ez 2014 If you paid taxes to a foreign government on income from sources outside the United States, you may be able to claim a foreign tax credit against your U. Form 1040ez 2014 S. Form 1040ez 2014 income tax liability for the foreign taxes paid. Form 1040ez 2014 Form 1116 is used to figure the allowable credit. Form 1040ez 2014 Your U. Form 1040ez 2014 S. Form 1040ez 2014 tax obligation on your income is the same as that of a retired person living in the United States. Form 1040ez 2014 (See the discussion on filing requirements in chapter 1 of this publication. Form 1040ez 2014 ) U. Form 1040ez 2014 S. Form 1040ez 2014 taxpayers overseas have the same requirements for paying estimated tax as those in the United States. Form 1040ez 2014 See the discussion under Estimated Tax in chapter 1. Form 1040ez 2014 Overseas taxpayers should not include in their estimated income any income they receive that is, or will be, exempt from U. Form 1040ez 2014 S. Form 1040ez 2014 taxation. Form 1040ez 2014 Overseas taxpayers can deduct their estimated housing deduction in figuring their estimated tax. Form 1040ez 2014 The first installment of estimated tax is due on April 15 of the year for which the income is earned. Form 1040ez 2014 Generally, only U. Form 1040ez 2014 S. Form 1040ez 2014 currency is acceptable for payment of income tax. Form 1040ez 2014 However, if you are a Fulbright grantee, see Fulbright Grant in chapter 1. Form 1040ez 2014 Yes. Form 1040ez 2014 A Form 2555 (or Form 2555-EZ) must be filed with each Form 1040 tax return on which the benefits of income earned abroad are claimed. Form 1040ez 2014 No. Form 1040ez 2014 The Form 2555 (or 2555-EZ), Schedule C, and Form W-2 are merely attachments and do not relieve you of the requirement to file a Form 1040 to show the sources of income reported and the exclusions or deductions claimed. Form 1040ez 2014 Yes. Form 1040ez 2014 You can claim the foreign earned income exclusion and the foreign housing exclusion or deduction under either test as long as you meet the requirements. Form 1040ez 2014 You are not bound by the test indicated in the application for extension of time. Form 1040ez 2014 You must be sure, however, that you file the Form 1040 by the date approved on Form 2350, since a return filed after that date may be subject to a failure to file penalty. Form 1040ez 2014 If you will not qualify under the bona fide residence test until a date later than the extension granted under the physical presence rule, apply for a new extension to a date 30 days beyond the date you expect to qualify as a bona fide resident. Form 1040ez 2014 No. Form 1040ez 2014 You have the choice of one of the following two methods of filing your return: a) You can file your return when due under the regular filing rules, report all your income without excluding your foreign earned income, and pay the tax due. Form 1040ez 2014 After you have qualified for the exclusion, you can file an amended return, Form 1040X, accompanied by Form 2555 (or 2555-EZ), for a refund of any excess tax paid. Form 1040ez 2014 b) You can postpone the filing of your tax return by applying on Form 2350 for an extension of time to file to a date 30 days beyond the date you expect to qualify under either the bona fide residence test or the physical presence test, then file your return reflecting the exclusion of foreign earned income. Form 1040ez 2014 This allows you to file only once and saves you from paying the tax and waiting for a refund. Form 1040ez 2014 However, interest is charged on any tax due on the postponed tax return, but interest is not paid on refunds paid within 45 days after the return is filed. Form 1040ez 2014 If you have moving expenses that are for services performed in two years, you can be granted an extension until after the end of the second year. Form 1040ez 2014 File the late returns as soon as possible, stating your reason for filing late. Form 1040ez 2014 For advice on filing the returns, you should contact an  Internal Revenue Service representative in one of the four overseas offices listed in chapter 7. Form 1040ez 2014 It is too late to claim this refund since a claim for refund must be filed within 3 years from the date the return was filed or 2 years from the date the tax was paid, whichever is later. Form 1040ez 2014 A return filed before the due date is considered filed on the due date. Form 1040ez 2014 . Form 1040ez 2014 6) I am a U. Form 1040ez 2014 S. Form 1040ez 2014 citizen who has retired, and I expect to remain in a foreign country. Form 1040ez 2014 Do I have any further U. Form 1040ez 2014 S. Form 1040ez 2014 tax obligations? Your U. Form 1040ez 2014 S. Form 1040ez 2014 tax obligation on your income is the same as that of a retired person living in the United States. Form 1040ez 2014 (See the discussion on filing requirements in chapter 1 of this publication. Form 1040ez 2014 ) U. Form 1040ez 2014 S. Form 1040ez 2014 taxpayers overseas have the same requirements for paying estimated tax as those in the United States. Form 1040ez 2014 See the discussion under Estimated Tax in chapter 1. Form 1040ez 2014 Overseas taxpayers should not include in their estimated income any income they receive that is, or will be, exempt from U. Form 1040ez 2014 S. Form 1040ez 2014 taxation. Form 1040ez 2014 Overseas taxpayers can deduct their estimated housing deduction in figuring their estimated tax. Form 1040ez 2014 The first installment of estimated tax is due on April 15 of the year for which the income is earned. Form 1040ez 2014 Generally, only U. Form 1040ez 2014 S. Form 1040ez 2014 currency is acceptable for payment of income tax. Form 1040ez 2014 However, if you are a Fulbright grantee, see Fulbright Grant in chapter 1. Form 1040ez 2014 Yes. Form 1040ez 2014 A Form 2555 (or Form 2555-EZ) must be filed with each Form 1040 tax return on which the benefits of income earned abroad are claimed. Form 1040ez 2014 No. Form 1040ez 2014 The Form 2555 (or 2555-EZ), Schedule C, and Form W-2 are merely attachments and do not relieve you of the requirement to file a Form 1040 to show the sources of income reported and the exclusions or deductions claimed. Form 1040ez 2014 Yes. Form 1040ez 2014 You can claim the foreign earned income exclusion and the foreign housing exclusion or deduction under either test as long as you meet the requirements. Form 1040ez 2014 You are not bound by the test indicated in the application for extension of time. Form 1040ez 2014 You must be sure, however, that you file the Form 1040 by the date approved on Form 2350, since a return filed after that date may be subject to a failure to file penalty. Form 1040ez 2014 If you will not qualify under the bona fide residence test until a date later than the extension granted under the physical presence rule, apply for a new extension to a date 30 days beyond the date you expect to qualify as a bona fide resident. Form 1040ez 2014 No. Form 1040ez 2014 You have the choice of one of the following two methods of filing your return: a) You can file your return when due under the regular filing rules, report all your income without excluding your foreign earned income, and pay the tax due. Form 1040ez 2014 After you have qualified for the exclusion, you can file an amended return, Form 1040X, accompanied by Form 2555 (or 2555-EZ), for a refund of any excess tax paid. Form 1040ez 2014 b) You can postpone the filing of your tax return by applying on Form 2350 for an extension of time to file to a date 30 days beyond the date you expect to qualify under either the bona fide residence test or the physical presence test, then file your return reflecting the exclusion of foreign earned income. Form 1040ez 2014 This allows you to file only once and saves you from paying the tax and waiting for a refund. Form 1040ez 2014 However, interest is charged on any tax due on the postponed tax return, but interest is not paid on refunds paid within 45 days after the return is filed. Form 1040ez 2014 If you have moving expenses that are for services performed in two years, you can be granted an extension until after the end of the second year. Form 1040ez 2014 File the late returns as soon as possible, stating your reason for filing late. Form 1040ez 2014 For advice on filing the returns, you should contact an  Internal Revenue Service representative in one of the four overseas offices listed in chapter 7. Form 1040ez 2014 It is too late to claim this refund since a claim for refund must be filed within 3 years from the date the return was filed or 2 years from the date the tax was paid, whichever is later. Form 1040ez 2014 A return filed before the due date is considered filed on the due date. Form 1040ez 2014 . Form 1040ez 2014 7) I have been a bona fide resident of a foreign country for over 5 years. Form 1040ez 2014 Is it necessary for me to pay estimated tax? U. Form 1040ez 2014 S. Form 1040ez 2014 taxpayers overseas have the same requirements for paying estimated tax as those in the United States. Form 1040ez 2014 See the discussion under Estimated Tax in chapter 1. Form 1040ez 2014 Overseas taxpayers should not include in their estimated income any income they receive that is, or will be, exempt from U. Form 1040ez 2014 S. Form 1040ez 2014 taxation. Form 1040ez 2014 Overseas taxpayers can deduct their estimated housing deduction in figuring their estimated tax. Form 1040ez 2014 The first installment of estimated tax is due on April 15 of the year for which the income is earned. Form 1040ez 2014 Generally, only U. Form 1040ez 2014 S. Form 1040ez 2014 currency is acceptable for payment of income tax. Form 1040ez 2014 However, if you are a Fulbright grantee, see Fulbright Grant in chapter 1. Form 1040ez 2014 Yes. Form 1040ez 2014 A Form 2555 (or Form 2555-EZ) must be filed with each Form 1040 tax return on which the benefits of income earned abroad are claimed. Form 1040ez 2014 No. Form 1040ez 2014 The Form 2555 (or 2555-EZ), Schedule C, and Form W-2 are merely attachments and do not relieve you of the requirement to file a Form 1040 to show the sources of income reported and the exclusions or deductions claimed. Form 1040ez 2014 Yes. Form 1040ez 2014 You can claim the foreign earned income exclusion and the foreign housing exclusion or deduction under either test as long as you meet the requirements. Form 1040ez 2014 You are not bound by the test indicated in the application for extension of time. Form 1040ez 2014 You must be sure, however, that you file the Form 1040 by the date approved on Form 2350, since a return filed after that date may be subject to a failure to file penalty. Form 1040ez 2014 If you will not qualify under the bona fide residence test until a date later than the extension granted under the physical presence rule, apply for a new extension to a date 30 days beyond the date you expect to qualify as a bona fide resident. Form 1040ez 2014 No. Form 1040ez 2014 You have the choice of one of the following two methods of filing your return: a) You can file your return when due under the regular filing rules, report all your income without excluding your foreign earned income, and pay the tax due. Form 1040ez 2014 After you have qualified for the exclusion, you can file an amended return, Form 1040X, accompanied by Form 2555 (or 2555-EZ), for a refund of any excess tax paid. Form 1040ez 2014 b) You can postpone the filing of your tax return by applying on Form 2350 for an extension of time to file to a date 30 days beyond the date you expect to qualify under either the bona fide residence test or the physical presence test, then file your return reflecting the exclusion of foreign earned income. Form 1040ez 2014 This allows you to file only once and saves you from paying the tax and waiting for a refund. Form 1040ez 2014 However, interest is charged on any tax due on the postponed tax return, but interest is not paid on refunds paid within 45 days after the return is filed. Form 1040ez 2014 If you have moving expenses that are for services performed in two years, you can be granted an extension until after the end of the second year. Form 1040ez 2014 File the late returns as soon as possible, stating your reason for filing late. Form 1040ez 2014 For advice on filing the returns, you should contact an  Internal Revenue Service representative in one of the four overseas offices listed in chapter 7. Form 1040ez 2014 It is too late to claim this refund since a claim for refund must be filed within 3 years from the date the return was filed or 2 years from the date the tax was paid, whichever is later. Form 1040ez 2014 A return filed before the due date is considered filed on the due date. Form 1040ez 2014 . Form 1040ez 2014 8) Will a check payable in foreign currency be acceptable in payment of my U. Form 1040ez 2014 S. Form 1040ez 2014 tax? Generally, only U. Form 1040ez 2014 S. Form 1040ez 2014 currency is acceptable for payment of income tax. Form 1040ez 2014 However, if you are a Fulbright grantee, see Fulbright Grant in chapter 1. Form 1040ez 2014 Yes. Form 1040ez 2014 A Form 2555 (or Form 2555-EZ) must be filed with each Form 1040 tax return on which the benefits of income earned abroad are claimed. Form 1040ez 2014 No. Form 1040ez 2014 The Form 2555 (or 2555-EZ), Schedule C, and Form W-2 are merely attachments and do not relieve you of the requirement to file a Form 1040 to show the sources of income reported and the exclusions or deductions claimed. Form 1040ez 2014 Yes. Form 1040ez 2014 You can claim the foreign earned income exclusion and the foreign housing exclusion or deduction under either test as long as you meet the requirements. Form 1040ez 2014 You are not bound by the test indicated in the application for extension of time. Form 1040ez 2014 You must be sure, however, that you file the Form 1040 by the date approved on Form 2350, since a return filed after that date may be subject to a failure to file penalty. Form 1040ez 2014 If you will not qualify under the bona fide residence test until a date later than the extension granted under the physical presence rule, apply for a new extension to a date 30 days beyond the date you expect to qualify as a bona fide resident. Form 1040ez 2014 No. Form 1040ez 2014 You have the choice of one of the following two methods of filing your return: a) You can file your return when due under the regular filing rules, report all your income without excluding your foreign earned income, and pay the tax due. Form 1040ez 2014 After you have qualified for the exclusion, you can file an amended return, Form 1040X, accompanied by Form 2555 (or 2555-EZ), for a refund of any excess tax paid. Form 1040ez 2014 b) You can postpone the filing of your tax return by applying on Form 2350 for an extension of time to file to a date 30 days beyond the date you expect to qualify under either the bona fide residence test or the physical presence test, then file your return reflecting the exclusion of foreign earned income. Form 1040ez 2014 This allows you to file only once and saves you from paying the tax and waiting for a refund. Form 1040ez 2014 However, interest is charged on any tax due on the postponed tax return, but interest is not paid on refunds paid within 45 days after the return is filed. Form 1040ez 2014 If you have moving expenses that are for services performed in two years, you can be granted an extension until after the end of the second year. Form 1040ez 2014 File the late returns as soon as possible, stating your reason for filing late. Form 1040ez 2014 For advice on filing the returns, you should contact an  Internal Revenue Service representative in one of the four overseas offices listed in chapter 7. Form 1040ez 2014 It is too late to claim this refund since a claim for refund must be filed within 3 years from the date the return was filed or 2 years from the date the tax was paid, whichever is later. Form 1040ez 2014 A return filed before the due date is considered filed on the due date. Form 1040ez 2014 . Form 1040ez 2014 9) I have met the test for physical presence in a foreign country and am filing returns for 2 years. Form 1040ez 2014 Must I file a separate Form 2555 (or Form 2555-EZ) with each return? Yes. Form 1040ez 2014 A Form 2555 (or Form 2555-EZ) must be filed with each Form 1040 tax return on which the benefits of income earned abroad are claimed. Form 1040ez 2014 No. Form 1040ez 2014 The Form 2555 (or 2555-EZ), Schedule C, and Form W-2 are merely attachments and do not relieve you of the requirement to file a Form 1040 to show the sources of income reported and the exclusions or deductions claimed. Form 1040ez 2014 Yes. Form 1040ez 2014 You can claim the foreign earned income exclusion and the foreign housing exclusion or deduction under either test as long as you meet the requirements. Form 1040ez 2014 You are not bound by the test indicated in the application for extension of time. Form 1040ez 2014 You must be sure, however, that you file the Form 1040 by the date approved on Form 2350, since a return filed after that date may be subject to a failure to file penalty. Form 1040ez 2014 If you will not qualify under the bona fide residence test until a date later than the extension granted under the physical presence rule, apply for a new extension to a date 30 days beyond the date you expect to qualify as a bona fide resident. Form 1040ez 2014 No. Form 1040ez 2014 You have the choice of one of the following two methods of filing your return: a) You can file your return when due under the regular filing rules, report all your income without excluding your foreign earned income, and pay the tax due. Form 1040ez 2014 After you have qualified for the exclusion, you can file an amended return, Form 1040X, accompanied by Form 2555 (or 2555-EZ), for a refund of any excess tax paid. Form 1040ez 2014 b) You can postpone the filing of your tax return by applying on Form 2350 for an extension of time to file to a date 30 days beyond the date you expect to qualify under either the bona fide residence test or the physical presence test, then file your return reflecting the exclusion of foreign earned income. Form 1040ez 2014 This allows you to file only once and saves you from paying the tax and waiting for a refund. Form 1040ez 2014 However, interest is charged on any tax due on the postponed tax return, but interest is not paid on refunds paid within 45 days after the return is filed. Form 1040ez 2014 If you have moving expenses that are for services performed in two years, you can be granted an extension until after the end of the second year. Form 1040ez 2014 File the late returns as soon as possible, stating your reason for filing late. Form 1040ez 2014 For advice on filing the returns, you should contact an  Internal Revenue Service representative in one of the four overseas offices listed in chapter 7. Form 1040ez 2014 It is too late to claim this refund since a claim for refund must be filed within 3 years from the date the return was filed or 2 years from the date the tax was paid, whichever is later. Form 1040ez 2014 A return filed before the due date is considered filed on the due date. Form 1040ez 2014 . Form 1040ez 2014 10) Does a Form 2555 (or 2555-EZ) with a Schedule C or Form W-2 attached constitute a return? No. Form 1040ez 2014 The Form 2555 (or 2555-EZ), Schedule C, and Form W-2 are merely attachments and do not relieve you of the requirement to file a Form 1040 to show the sources of income reported and the exclusions or deductions claimed. Form 1040ez 2014 Yes. Form 1040ez 2014 You can claim the foreign earned income exclusion and the foreign housing exclusion or deduction under either test as long as you meet the requirements. Form 1040ez 2014 You are not bound by the test indicated in the application for extension of time. Form 1040ez 2014 You must be sure, however, that you file the Form 1040 by the date approved on Form 2350, since a return filed after that date may be subject to a failure to file penalty. Form 1040ez 2014 If you will not qualify under the bona fide residence test until a date later than the extension granted under the physical presence rule, apply for a new extension to a date 30 days beyond the date you expect to qualify as a bona fide resident. Form 1040ez 2014 No. Form 1040ez 2014 You have the choice of one of the following two methods of filing your return: a) You can file your return when due under the regular filing rules, report all your income without excluding your foreign earned income, and pay the tax due. Form 1040ez 2014 After you have qualified for the exclusion, you can file an amended return, Form 1040X, accompanied by Form 2555 (or 2555-EZ), for a refund of any excess tax paid. Form 1040ez 2014 b) You can postpone the filing of your tax return by applying on Form 2350 for an extension of time to file to a date 30 days beyond the date you expect to qualify under either the bona fide residence test or the physical presence test, then file your return reflecting the exclusion of foreign earned income. Form 1040ez 2014 This allows you to file only once and saves you from paying the tax and waiting for a refund. Form 1040ez 2014 However, interest is charged on any tax due on the postponed tax return, but interest is not paid on refunds paid within 45 days after the return is filed. Form 1040ez 2014 If you have moving expenses that are for services performed in two years, you can be granted an extension until after the end of the second year. Form 1040ez 2014 File the late returns as soon as possible, stating your reason for filing late. Form 1040ez 2014 For advice on filing the returns, you should contact an  Internal Revenue Service representative in one of the four overseas offices listed in chapter 7. Form 1040ez 2014 It is too late to claim this refund since a claim for refund must be filed within 3 years from the date the return was filed or 2 years from the date the tax was paid, whichever is later. Form 1040ez 2014 A return filed before the due date is considered filed on the due date. Form 1040ez 2014 . Form 1040ez 2014 11) On Form 2350, Application for Extension of Time To File U. Form 1040ez 2014 S. Form 1040ez 2014 Income Tax Return, I stated that I would qualify for the foreign earned income exclusion under the physical presence test. Form 1040ez 2014 If I qualify under the bona fide residence test, can I file my return on that basis? Yes. Form 1040ez 2014 You can claim the foreign earned income exclusion and the foreign housing exclusion or deduction under either test as long as you meet the requirements. Form 1040ez 2014 You are not bound by the test indicated in the application for extension of time. Form 1040ez 2014 You must be sure, however, that you file the Form 1040 by the date approved on Form 2350, since a return filed after that date may be subject to a failure to file penalty. Form 1040ez 2014 If you will not qualify under the bona fide residence test until a date later than the extension granted under the physical presence rule, apply for a new extension to a date 30 days beyond the date you expect to qualify as a bona fide resident. Form 1040ez 2014 No. Form 1040ez 2014 You have the choice of one of the following two methods of filing your return: a) You can file your return when due under the regular filing rules, report all your income without excluding your foreign earned income, and pay the tax due. Form 1040ez 2014 After you have qualified for the exclusion, you can file an amended return, Form 1040X, accompanied by Form 2555 (or 2555-EZ), for a refund of any excess tax paid. Form 1040ez 2014 b) You can postpone the filing of your tax return by applying on Form 2350 for an extension of time to file to a date 30 days beyond the date you expect to qualify under either the bona fide residence test or the physical presence test, then file your return reflecting the exclusion of foreign earned income. Form 1040ez 2014 This allows you to file only once and saves you from paying the tax and waiting for a refund. Form 1040ez 2014 However, interest is charged on any tax due on the postponed tax return, but interest is not paid on refunds paid within 45 days after the return is filed. Form 1040ez 2014 If you have moving expenses that are for services performed in two years, you can be granted an extension until after the end of the second year. Form 1040ez 2014 File the late returns as soon as possible, stating your reason for filing late. Form 1040ez 2014 For advice on filing the returns, you should contact an  Internal Revenue Service representative in one of the four overseas offices listed in chapter 7. Form 1040ez 2014 It is too late to claim this refund since a claim for refund must be filed within 3 years from the date the return was filed or 2 years from the date the tax was paid, whichever is later. Form 1040ez 2014 A return filed before the due date is considered filed on the due date. Form 1040ez 2014 . Form 1040ez 2014 12) I am a U. Form 1040ez 2014 S. Form 1040ez 2014 citizen who worked in the United States for 6 months last year. Form 1040ez 2014 I accepted employment overseas in July of last year and expect to qualify for the foreign earned income exclusion. Form 1040ez 2014 Should I file a return and pay tax on the income earned in the United States during the first 6 months and then, when I qualify, file another return covering the last 6 months of the year? No. Form 1040ez 2014 You have the choice of one of the following two methods of filing your return: a) You can file your return when due under the regular filing rules, report all your income without excluding your foreign earned income, and pay the tax due. Form 1040ez 2014 After you have qualified for the exclusion, you can file an amended return, Form 1040X, accompanied by Form 2555 (or 2555-EZ), for a refund of any excess tax paid. Form 1040ez 2014 b) You can postpone the filing of your tax return by applying on Form 2350 for an extension of time to file to a date 30 days beyond the date you expect to qualify under either the bona fide residence test or the physical presence test, then file your return reflecting the exclusion of foreign earned income. Form 1040ez 2014 This allows you to file only once and saves you from paying the tax and waiting for a refund. Form 1040ez 2014 However, interest is charged on any tax due on the postponed tax return, but interest is not paid on refunds paid within 45 days after the return is filed. Form 1040ez 2014 If you have moving expenses that are for services performed in two years, you can be granted an extension until after the end of the second year. Form 1040ez 2014 File the late returns as soon as possible, stating your reason for filing late. Form 1040ez 2014 For advice on filing the returns, you should contact an  Internal Revenue Service representative in one of the four overseas offices listed in chapter 7. Form 1040ez 2014 It is too late to claim this refund since a claim for refund must be filed within 3 years from the date the return was filed or 2 years from the date the tax was paid, whichever is later. Form 1040ez 2014 A return filed before the due date is considered filed on the due date. Form 1040ez 2014 . Form 1040ez 2014 13) I am a U. Form 1040ez 2014 S. Form 1040ez 2014 citizen. Form 1040ez 2014 I have lived abroad for a number of years and recently realized that I should have been filing U. Form 1040ez 2014 S. Form 1040ez 2014 income tax returns. Form 1040ez 2014 How do I correct this oversight in not having filed returns for these years? File the late returns as soon as possible, stating your reason for filing late. Form 1040ez 2014 For advice on filing the returns, you should contact an  Internal Revenue Service representative in one of the four overseas offices listed in chapter 7. Form 1040ez 2014 It is too late to claim this refund since a claim for refund must be filed within 3 years from the date the return was filed or 2 years from the date the tax was paid, whichever is later. Form 1040ez 2014 A return filed before the due date is considered filed on the due date. Form 1040ez 2014 . Form 1040ez 2014 14) In 2008, I qualified to exclude my foreign earned income, but I did not claim this exclusion on the return I filed in 2009. Form 1040ez 2014 I paid all outstanding taxes with the return. Form 1040ez 2014 Can I file a claim for refund now? It is too late to claim this refund since a claim for refund must be filed within 3 years from the date the return was filed or 2 years from the date the tax was paid, whichever is later. Form 1040ez 2014 A return filed before the due date is considered filed on the due date. Form 1040ez 2014 2. Form 1040ez 2014 Meeting the Requirements of Either the Bona Fide Residence Test or the Physical Presence Test . Form 1040ez 2014 1) I recently came to Country X to work for the Orange Tractor Co. Form 1040ez 2014 and I expect to be here for 5 or 6 years. Form 1040ez 2014 I understand that upon the completion of 1 full year I will qualify for an exclusion or deduction under the bona fide residence test. Form 1040ez 2014 Is this correct? . Form 1040ez 2014 2) I understand the physical presence test to be simply a matter of being physically present in a foreign country for at least 330 days within 12 consecutive months; but what are the criteria of the bona fide residence test? . Form 1040ez 2014 3) To meet the qualification of an uninterrupted period which includes an entire taxable year, do I have to be physically present in a foreign country for the entire year? . Form 1040ez 2014 4) I am a U. Form 1040ez 2014 S. Form 1040ez 2014 citizen and during 2012 was a bona fide resident of Country X. Form 1040ez 2014 On January 15, 2013, I was notified that I was to be assigned to Country Y. Form 1040ez 2014 I was recalled to New York for 90 days orientation and then went to Country Y, where I have been since. Form 1040ez 2014 Although I was not in Country Y on January 1, I was a bona fide resident of Country X and was in Country Y on December 31, 2013. Form 1040ez 2014 My family remained in Country X until completion of the orientation period, and my household goods were shipped directly to my new post. Form 1040ez 2014 Am I a bona fide resident of a foreign country for 2013, or must I wait for the entire year of 2014 to become one? . Form 1040ez 2014 5) Due to illness, I returned to the United States before I completed my qualifying period to claim the foreign earned income exclusion. Form 1040ez 2014 Can I figure the exclusion for the period I resided abroad? . Form 1040ez 2014 6) Can a resident alien of the United States qualify for an exclusion or deduction under the bona fide residence test or the physical presence test? . Form 1040ez 2014 7) On August 13 of last year I left the United States and arrived in Country Z to work for the Gordon Manufacturing Company. Form 1040ez 2014 I expected to be able to exclude my foreign earned income under the physical presence test because I planned to be in Country Z for at least 1 year. Form 1040ez 2014 However, I was reassigned back to the United States and left Country Z on July 1 of this year. Form 1040ez 2014 Can I exclude any of my foreign earned income? . Form 1040ez 2014 1) I recently came to Country X to work for the Orange Tractor Co. Form 1040ez 2014 and I expect to be here for 5 or 6 years. Form 1040ez 2014 I understand that upon the completion of 1 full year I will qualify for an exclusion or deduction under the bona fide residence test. Form 1040ez 2014 Is this correct? Not necessarily. Form 1040ez 2014 The law provides that to qualify under this test for the foreign earned income exclusion, the foreign housing exclusion, or the foreign housing deduction, a person must be a “bona fide resident of a foreign country or countries for an uninterrupted period which includes an entire taxable year. Form 1040ez 2014 ” If, like most U. Form 1040ez 2014 S. Form 1040ez 2014 citizens, you file your return on a calendar year basis, the taxable year referred to in the law would be from January 1 to December 31 of any particular year. Form 1040ez 2014 Unless you established residence in Country X on January 1, it would be more than 1 year before you would be a bona fide resident of a foreign country. Form 1040ez 2014 Once you have completed your qualifying period, however, you are entitled to exclude the income or to claim the housing exclusion or deduction from the date you established bona fide residence. Form 1040ez 2014 To be a bona fide resident of a foreign country, you must show that you entered a foreign country intending to remain there for an indefinite or prolonged period and, to that end, you are making your home in that country. Form 1040ez 2014 Consideration is given to the type of quarters occupied, whether your family went with you, the type of visa, the employment agreement, and any other factor pertinent to show whether your stay in the foreign country is indefinite or prolonged. Form 1040ez 2014 To claim the foreign earned income exclusion or foreign housing exclusion or deduction under this test, the period of foreign residence must include 1 full tax year (usually January 1 – December 31), but once you meet this time requirement, you figure the exclusions and the deduction from the date the residence actually began. Form 1040ez 2014 No. Form 1040ez 2014 Uninterrupted refers to the bona fide residence proper and not to the physical presence of the individual. Form 1040ez 2014 During the period of bona fide residence in a foreign country, even during the first full year, you can leave the country for brief and temporary trips back to the United States or elsewhere for vacation, or even for business. Form 1040ez 2014 To preserve your status as a bona fide resident of a foreign country, you must have a clear intention of returning from those trips, without unreasonable delay, to your foreign residence. Form 1040ez 2014 Since you did not break your period of foreign residence, you would continue to be a bona fide resident of a foreign country for 2013. Form 1040ez 2014 No. Form 1040ez 2014 You are not entitled to any exclusion of foreign earned income since you did not complete your qualifying period under either the bona fide residence test or physical presence test. Form 1040ez 2014 If you paid foreign tax on the income earned abroad, you may be able to claim that tax as a deduction or as a credit against your U. Form 1040ez 2014 S. Form 1040ez 2014 tax. Form 1040ez 2014 Resident aliens of the United States can qualify for the foreign earned income exclusion, the foreign housing exclusion, or the foreign housing deduction if they meet the requirements of the physical presence test. Form 1040ez 2014 Resident aliens who are citizens or nationals of a country with which the United States has an income tax treaty in effect also can qualify under the bona fide residence test. Form 1040ez 2014 No. Form 1040ez 2014 You cannot exclude any of the income you earned in Country Z because you were not in a foreign country for at least 330 full days as required under the physical presence test. Form 1040ez 2014 . Form 1040ez 2014 2) I understand the physical presence test to be simply a matter of being physically present in a foreign country for at least 330 days within 12 consecutive months; but what are the criteria of the bona fide residence test? To be a bona fide resident of a foreign country, you must show that you entered a foreign country intending to remain there for an indefinite or prolonged period and, to that end, you are making your home in that country. Form 1040ez 2014 Consideration is given to the type of quarters occupied, whether your family went with you, the type of visa, the employment agreement, and any other factor pertinent to show whether your stay in the foreign country is indefinite or prolonged. Form 1040ez 2014 To claim the foreign earned income exclusion or foreign housing exclusion or deduction under this test, the period of foreign residence must include 1 full tax year (usually January 1 – December 31), but once you meet this time requirement, you figure the exclusions and the deduction from the date the residence actually began. Form 1040ez 2014 No. Form 1040ez 2014 Uninterrupted refers to the bona fide residence proper and not to the physical presence of the individual. Form 1040ez 2014 During the period of bona fide residence in a foreign country, even during the first full year, you can leave the country for brief and temporary trips back to the United States or elsewhere for vacation, or even for business. Form 1040ez 2014 To preserve your status as a bona fide resident of a foreign country, you must have a clear intention of returning from those trips, without unreasonable delay, to your foreign residence. Form 1040ez 2014 Since you did not break your period of foreign residence, you would continue to be a bona fide resident of a foreign country for 2013. Form 1040ez 2014 No. Form 1040ez 2014 You are not entitled to any exclusion of foreign earned income since you did not complete your qualifying period under either the bona fide residence test or physical presence test. Form 1040ez 2014 If you paid foreign tax on the income earned abroad, you may be able to claim that tax as a deduction or as a credit against your U. Form 1040ez 2014 S. Form 1040ez 2014 tax. Form 1040ez 2014 Resident aliens of the United States can qualify for the foreign earned income exclusion, the foreign housing exclusion, or the foreign housing deduction if they meet the requirements of the physical presence test. Form 1040ez 2014 Resident aliens who are citizens or nationals of a country with which the United States has an income tax treaty in effect also can qualify under the bona fide residence test. Form 1040ez 2014 No. Form 1040ez 2014 You cannot exclude any of the income you earned in Country Z because you were not in a foreign country for at least 330 full days as required under the physical presence test. Form 1040ez 2014 . Form 1040ez 2014 3) To meet the qualification of “an uninterrupted period which includes an entire taxable year,” do I have to be physically present in a foreign country for the entire year? No. Form 1040ez 2014 Uninterrupted refers to the bona fide residence proper and not to the physical presence of the individual. Form 1040ez 2014 During the period of bona fide residence in a foreign country, even during the first full year, you can leave the country for brief and temporary trips back to the United States or elsewhere for vacation, or even for business. Form 1040ez 2014 To preserve your status as a bona fide resident of a foreign country, you must have a clear intention of returning from those trips, without unreasonable delay, to your foreign residence. Form 1040ez 2014 Since you did not break your period of foreign residence, you would continue to be a bona fide resident of a foreign country for 2013. Form 1040ez 2014 No. Form 1040ez 2014 You are not entitled to any exclusion of foreign earned income since you did not complete your qualifying period under either the bona fide residence test or physical presence test. Form 1040ez 2014 If you paid foreign tax on the income earned abroad, you may be able to claim that tax as a deduction or as a credit against your U. Form 1040ez 2014 S. Form 1040ez 2014 tax. Form 1040ez 2014 Resident aliens of the United States can qualify for the foreign earned income exclusion, the foreign housing exclusion, or the foreign housing deduction if they meet the requirements of the physical presence test. Form 1040ez 2014 Resident aliens who are citizens or nationals of a country with which the United States has an income tax treaty in effect also can qualify under the bona fide residence test. Form 1040ez 2014 No. Form 1040ez 2014 You cannot exclude any of the income you earned in Country Z because you were not in a foreign country for at least 330 full days as required under the physical presence test. Form 1040ez 2014 . Form 1040ez 2014 4) I am a U. Form 1040ez 2014 S. Form 1040ez 2014 citizen and during 2012 was a bona fide resident of Country X. Form 1040ez 2014 On January 15, 2013, I was notified that I was to be assigned to Country Y. Form 1040ez 2014 I was recalled to New York for 90 days orientation and then went to Country Y, where I have been since. Form 1040ez 2014 Although I was not in Country Y on January 1, I was a bona fide resident of Country X and was in Country Y on December 31, 2013. Form 1040ez 2014 My family remained in Country X until completion of the orientation period, and my household goods were shipped directly to my new post. Form 1040ez 2014 Am I a bona fide resident of a foreign country for 2013, or must I wait for the entire year of 2014 to become one? Since you did not break your period of foreign residence, you would continue to be a bona fide resident of a foreign country for 2013. Form 1040ez 2014 No. Form 1040ez 2014 You are not entitled to any exclusion of foreign earned income since you did not complete your qualifying period under either the bona fide residence test or physical presence test. Form 1040ez 2014 If you paid foreign tax on the income earned abroad, you may be able to claim that tax as a deduction or as a credit against your U. Form 1040ez 2014 S. Form 1040ez 2014 tax. Form 1040ez 2014 Resident aliens of the United States can qualify for the foreign earned income exclusion, the foreign housing exclusion, or the foreign housing deduction if they meet the requirements of the physical presence test. Form 1040ez 2014 Resident aliens who are citizens or nationals of a country with which the United States has an income tax treaty in effect also can qualify under the bona fide residence test. Form 1040ez 2014 No. Form 1040ez 2014 You cannot exclude any of the income you earned in Country Z because you were not in a foreign country for at least 330 full days as required under the physical presence test. Form 1040ez 2014 . Form 1040ez 2014 5) Due to illness, I returned to the United States before I completed my qualifying period to claim the foreign earned income exclusion. Form 1040ez 2014 Can I figure the exclusion for the period I resided abroad? No. Form 1040ez 2014 You are not entitled to any exclusion of foreign earned income since you did not complete your qualifying period under either the bona fide residence test or physical presence test. Form 1040ez 2014 If you paid foreign tax on the income earned abroad, you may be able to claim that tax as a deduction or as a credit against your U. Form 1040ez 2014 S. Form 1040ez 2014 tax. Form 1040ez 2014 Resident aliens of the United States can qualify for the foreign earned income exclusion, the foreign housing exclusion, or the foreign housing deduction if they meet the requirements of the physical presence test. Form 1040ez 2014 Resident aliens who are citizens or nationals of a country with which the United States has an income tax treaty in effect also can qualify under the bona fide residence test. Form 1040ez 2014 No. Form 1040ez 2014 You cannot exclude any of the income you earned in Country Z because you were not in a foreign country for at least 330 full days as required under the physical presence test. Form 1040ez 2014 . Form 1040ez 2014 6) Can a resident alien of the United States qualify for an exclusion or deduction under the bona fide residence test or the physical presence test? Resident aliens of the United States can qualify for the foreign earned income exclusion, the foreign housing exclusion, or the foreign housing deduction if they meet the requirements of the physical presence test. Form 1040ez 2014 Resident aliens who are citizens or nationals of a country with which the United States has an income tax treaty in effect also can qualify under the bona fide residence test. Form 1040ez 2014 No. Form 1040ez 2014 You cannot exclude any of the income you earned in Country Z because you were not in a foreign country for at least 330 full days as required under the physical presence test. Form 1040ez 2014 . Form 1040ez 2014 7) On August 13 of last year I left the United States and arrived in Country Z to work for the Gordon Manufacturing Company. Form 1040ez 2014 I expected to be able to exclude my foreign earned income under the physical presence test because I planned to be in Country Z for at least 1 year. Form 1040ez 2014 However, I was reassigned back to the United States and left Country Z on July 1 of this year. Form 1040ez 2014 Can I exclude any of my foreign earned income? No. Form 1040ez 2014 You cannot exclude any of the income you earned in Country Z because you were not in a foreign country for at least 330 full days as required under the physical presence test. Form 1040ez 2014 3. Form 1040ez 2014 Foreign Earned Income . Form 1040ez 2014 1) I am an employee of the U. Form 1040ez 2014 S. Form 1040ez 2014 Government working abroad. Form 1040ez 2014 Can all or part of my government income earned abroad qualify for the foreign earned income exclusion? . Form 1040ez 2014 2) I qualify for the foreign earned income exclusion under the bona fide residence test. Form 1040ez 2014 Does my foreign earned income include my U. Form 1040ez 2014 S. Form 1040ez 2014 dividends and the interest I receive on a foreign bank account? . Form 1040ez 2014 3) My company pays my foreign income tax on my foreign earnings. Form 1040ez 2014 Is this taxable compensation? . Form 1040ez 2014 4) I live in an apartment in a foreign city for which my employer pays the rent. Form 1040ez 2014 Should I include in my income the cost to my employer ($1,200 a month) or the fair market value of equivalent housing in the United States ($800 a month)? . Form 1040ez 2014 5) My U. Form 1040ez 2014 S. Form 1040ez 2014 employer pays my salary into my U. Form 1040ez 2014 S. Form 1040ez 2014 bank account. Form 1040ez 2014 Is this income considered earned in the United States or is it considered foreign earned income? . Form 1040ez 2014 6) What is considered a foreign country? . Form 1040ez 2014 7) What is the source of earned income? . Form 1040ez 2014 1) I am an employee of the U. Form 1040ez 2014 S. Form 1040ez 2014 Government working abroad. Form 1040ez 2014 Can all or part of my government income earned abroad qualify for the foreign earned income exclusion? No. Form 1040ez 2014 The foreign earned income exclusion applies to your foreign earned income. Form 1040ez 2014 Amounts paid by the United States or its agencies to their employees are not treated, for this purpose, as foreign earned income. Form 1040ez 2014 No. Form 1040ez 2014 The only income that is foreign earned income is income from the performance of personal services abroad. Form 1040ez 2014 Investment income is not earned income. Form 1040ez 2014 However, you must include it in gross income reported on your Form 1040. Form 1040ez 2014 Yes. Form 1040ez 2014 The amount is compensation for services performed. Form 1040ez 2014 The tax paid by your company should be reported on Form 1040, line 7, and on Form 2555, Part IV, line 22(f) (or on Form 2555-EZ, Part IV, line 17). Form 1040ez 2014 You must include in income the fair market value (FMV) of the facility provided, where it is provided. Form 1040ez 2014 This will usually be the rent your employer pays. Form 1040ez 2014 Situations when the FMV is not included in income are discussed in chapter 4 under Exclusion of Meals and Lodging. Form 1040ez 2014 If you performed the services to earn this salary outside the United States, your salary is considered earned abroad. Form 1040ez 2014 It does not matter that you are paid by a U. Form 1040ez 2014 S. Form 1040ez 2014 employer or that your salary is deposited in a U. Form 1040ez 2014 S. Form 1040ez 2014 bank account in the United States. Form 1040ez 2014 The source of salary, wages, commissions, and other personal service income is the place where you perform the services. Form 1040ez 2014 For the purposes of the foreign earned income exclusion and the foreign housing exclusion or deduction, any territory under the sovereignty of a countr