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How To File Amended Tax Return

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How To File Amended Tax Return

How to file amended tax return Car Expenses Table of Contents Introduction Depreciation of CarSpecial Depreciation Allowance Depreciation Limit Amended Return Election Not To Claim Special Allowance If you purchased a car after September 10, 2001, for use in your business (or as an employee) and figure your deductible expenses using the actual car expense method, new law contains provisions that may affect your depreciation deduction for that car. How to file amended tax return Publication 463, Travel, Entertainment, Gift, and Car Expenses, contains information on figuring depreciation on your car. How to file amended tax return However, Publication 463 does not contain the new provisions because it was printed before the law was enacted. How to file amended tax return The new provisions are in the Supplement to Publication 463, which is reprinted below. How to file amended tax return Supplement to Publication 463 Travel, Entertainment, Gift, and Car Expenses   Introduction This supplemental publication is for taxpayers who purchased a car for business purposes after September 10, 2001, and figure their deductible expenses, including a deduction for depreciation, using the actual car expense method. How to file amended tax return After Publication 463 was printed, the Job Creation and Worker Assistance Act of 2002 was signed into law by the President. How to file amended tax return Certain provisions of this new law may reduce your taxes for 2001. How to file amended tax return The new law contains the following provisions. How to file amended tax return A new depreciation deduction, the special depreciation allowance. How to file amended tax return An increase in the limit on depreciation for any car for which you claim the new special depreciation allowance. How to file amended tax return If you have already filed your 2001 return, you may wish to file an amended return to claim any of these benefits. How to file amended tax return See Amended Return, later. How to file amended tax return Depreciation of Car If you used the actual car expense method to figure your deduction for a car you own and use in your business (or as an employee), you generally can claim a depreciation deduction. How to file amended tax return However, there is a limit on the depreciation deduction you can take for your car each year. How to file amended tax return See Depreciation Limit later. How to file amended tax return Special Depreciation Allowance The new law allows you to claim a special depreciation allowance. How to file amended tax return This special allowance is a deduction equal to 30% of the depreciable basis of qualified property. How to file amended tax return You figure the amount of the special depreciation allowance after any section 179 deduction you choose to claim, but before figuring your regular depreciation deduction under the Modified Accelerated Cost Recovery System (MACRS). How to file amended tax return See Depreciation Deduction under Actual Car Expenses in chapter 4 of Publication 463 for information about MACRS. How to file amended tax return You can claim the special depreciation allowance only for the year the qualified property is placed in service. How to file amended tax return Qualified property. How to file amended tax return   Qualified property includes a car (any four-wheeled vehicle, including a truck or van not more than 6,000 pounds, that is made primarily for use on public streets, roads, and highways) that meets all of the following requirements. How to file amended tax return You bought it new. How to file amended tax return You bought it after September 10, 2001. How to file amended tax return (But a car is not qualified property if a binding written contract for you to buy the car was in effect before September 11, 2001. How to file amended tax return ) You began using it for business after September 10, 2001, and used it more than 50% in a qualified business use. How to file amended tax return Example. How to file amended tax return Bob bought a new car on October 15, 2001, for $20,000 and placed it in service immediately, using it 75% for business. How to file amended tax return Bob's car is qualified property. How to file amended tax return Bob chooses not to take a section 179 deduction for the car. How to file amended tax return He does claim the new special depreciation allowance. How to file amended tax return Bob first must figure the car's depreciable basis, which is $15,000 ($20,000 × . How to file amended tax return 75). How to file amended tax return He then figures the special depreciation allowance of $4,500 ($15,000 × . How to file amended tax return 30). How to file amended tax return The remaining depreciable basis of $10,500 ($15,000 - $4,500) is depreciated using MACRS (200% declining balance method, half-year convention) and results in a deduction of $2,100 ($10,500 × . How to file amended tax return 20), for a total depreciation deduction for 2001 of $6,600 ($4,500 + $2,100). How to file amended tax return However, Bob's depreciation deduction is limited to $5,745 ($7,660 × . How to file amended tax return 75), as discussed next. How to file amended tax return Depreciation Limit The limit on your depreciation deduction for 2001 is increased to $7,660 for a car that is qualified property (defined above) and for which you claim the special depreciation allowance. How to file amended tax return The limit is increased to $23,080 if the car is an electric car. How to file amended tax return The section 179 deduction is treated as depreciation for purposes of this limit. How to file amended tax return If you use a car less than 100% in your business or work, the limit is $7,660 (or $23,080 for an electric car) multiplied by the percentage of business and investment use during the year. How to file amended tax return For cars that do not qualify for (or for which you choose not to claim) the special depreciation allowance, the limit remains $3,060 ($9,280 for electric cars). How to file amended tax return Amended Return If you filed your 2001 calendar year return before June 1, 2002, and did not claim the new special depreciation allowance for a qualified car, you can claim it by filing an amended return on Form 1040X, Amended U. How to file amended tax return S. How to file amended tax return Individual Income Tax Return, by April 15, 2003. How to file amended tax return At the top of the Form 1040X, print “Filed pursuant to Revenue Procedure 2002–33. How to file amended tax return ” If you are an employee, attach Form 2106, Employee Business Expenses (revised March 2002). How to file amended tax return If you are self-employed, attach Form 4562, Depreciation and Amortization (revised March 2002). How to file amended tax return Or, you can claim the special depreciation allowance by filing Form 3115, Application for Change in Accounting Method, with your 2002 return. How to file amended tax return For details, see Revenue Procedure 2002–33. How to file amended tax return (But, filing Form 1040X for 2001 enables you to claim the special allowance earlier than attaching Form 3115 to your 2002 return. How to file amended tax return ) You cannot claim the special depreciation allowance on an amended return (or by using Form 3115) if you made, or are treated as having made, the election not to claim it described later. How to file amended tax return Example. How to file amended tax return The facts are the same as in the previous example except that Bob filed his original 2001 income tax return on April 15, 2002, and claimed a $3,000 ($20,000 x . How to file amended tax return 75 x . How to file amended tax return 20) depreciation deduction for his new car using MACRS. How to file amended tax return Bob now wishes to claim the special depreciation allowance for his new car on an amended 2001 return. How to file amended tax return Bob, who is an employee, files Form 1040X, by April 15, 2003, with an updated Form 2106 (revised March 2002) attached, increasing his total depreciation deduction to $5,745, as figured in the earlier example. How to file amended tax return Bob's new filled-in Form 2106 is shown later. How to file amended tax return Election Not To Claim Special Allowance You can elect not to claim the special depreciation allowance for a car by making a statement attached to, or written on, your return indicating that you are electing not to claim the special depreciation allowance for 5-year property. How to file amended tax return As a general rule, you must make this election by the due date (including extensions) of your return. How to file amended tax return You can have an automatic extension of 6 months from the due date of your return (excluding extensions) to make the election with an amended return. How to file amended tax return To get this extension, you must have filed your original return by the due date (including extensions). How to file amended tax return At the top of the statement, print “Filed pursuant to section 301. How to file amended tax return 9100–2. How to file amended tax return ” If you elect not to claim the special depreciation allowance for a car, you cannot claim it for any other 5-year property placed in service during the same year. How to file amended tax return Unless you elect (or are treated as electing) not to claim the special depreciation allowance, you must reduce the car's adjusted basis by the amount of the allowance, even if the allowance was not claimed. How to file amended tax return Deemed election for return filed before June 1, 2002. How to file amended tax return   If you did not make the election not to claim the special depreciation allowance in the time and manner described above, you will still be treated as electing not to claim it if all of the following apply. How to file amended tax return You filed your 2001 return before June 1, 2002. How to file amended tax return You claimed depreciation on your return but did not claim the special depreciation allowance. How to file amended tax return You did not file an amended 2001 return by April 15, 2003, or a Form 3115 with your 2002 return, to claim the special depreciation allowance. How to file amended tax return Form 2106, Page 1, for Bob Smith Form 2106, Page 2, for Bob Smith Prev  Up  Next   Home   More Online Publications
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SOI Tax Stats - Tax Stats at a Glance

Return to Tax Stats home page

 


2013 Tax Stats Card


Summary of Collections Before Refunds by Type of Return, FY 2012 [1]

 


Type of Return


Number of Returns


Gross Collections
(Millions of $)

Individual income tax

146,243,886

1,371,402

Corporation income tax

2,262,961 [2]

280,965

Employment taxes

29,589,891

784,397

Excise taxes

1,196,789

56,175

Gift tax

249,451

2,110

Estate tax

26,859

12,341


Selected Information from Returns Filed


Corporate Returns (TY 2010) [3]
 

 Number filing with assets $250M or more

 14,584

 Percent of total corporate net income for firms with assets $250M or more

73.2%

 


S Corporation Returns (TY 2010) [3]
 

 Number of returns

 4,127,554

 


Partnership Returns  (TY 2011) [3]
 

 Number of returns

3,285,177

 


Individual Returns

Top 1-percent Adjusted Gross Income (AGI) break (TY 2011) [3]

 $388,799

Top 10-percent AGI break (TY 2011) [3]

  $120,077

Median AGI (TY 2011) [3] 

$34,794

 

Percent that claim standard deductions (TY 2011) [3]

  66.5%

Percent that claim itemized deductions (TY 2011) [3]

  31.8%

Percent e-filed (TY 2012) thru 4/25/2013 [4]  

90.1%

Percent using paid preparers (TY 2011) [3]

  56.0%

 

Number of returns with AGI $1M or more (TY 2011) [4] 

304,118

State with the highest number-California (TY 2011)

45,109

State with the least number- Vermont (TY 2011)  

340

 

Number of individual refunds (TY 2011) (millions) [3] 

  113.5

Individual refund amount (TY 2011) (billions of $) [3]

  $325.8

Average individual refund amount (TY 2011)

  $2,872

 

Earned Income Tax Credit (TY 2011) [3]:

Number of returns with credit (millions)  

27.9

Amount claimed (billions of $)

  $62.9

 

Nonprofit Organizations  (TY 2009) [3,5]

Number of returns (Forms 990 & 990-PF filers)  

413,415

Assets controlled by nonprofits (billions of $)  

$3.2

 

Taxpayer Assistance  (FY 2012) [1]

Number assisted by writing, calling, or by walk-in

96,867,755

 

 



Sources and footnotes:

[FY] Fiscal Year 
[TY] Tax Year
[1] Source: IRS Data Book, publication 55B
[2] Excludes S Corporations.
[3] Source—SOI data.
[4] Source— IRS Masterfile System
[5] Organizations tax-exempt under Section 501(c)(3)
 

Revised: August 2013


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Page Last Reviewed or Updated: 24-Jan-2014

The How To File Amended Tax Return

How to file amended tax return 16. How to file amended tax return   Rulings Program The IRS has a program for assisting taxpayers who have technical problems with tax laws and regulations. How to file amended tax return The IRS will answer inquiries from individuals and organizations about the tax effect of their acts or transactions. How to file amended tax return The National Office of the IRS issues rulings on those matters. How to file amended tax return A ruling is a written statement to a taxpayer that interprets and applies tax laws to the taxpayer's specific set of facts. How to file amended tax return There are also determination letters issued by IRS directors and information letters issued by IRS directors or the National Office. How to file amended tax return There is a fee for most types of determination letters and rulings. How to file amended tax return For complete information on the rulings program, see the first Internal Revenue Bulletin published each year. How to file amended tax return Prev  Up  Next   Home   More Online Publications