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How To Fill Out 1040 Ez

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How To Fill Out 1040 Ez

How to fill out 1040 ez 10. How to fill out 1040 ez   Retirement Savings Contributions Credit (Saver's Credit) Table of Contents Full-time student. How to fill out 1040 ez Adjusted gross income. How to fill out 1040 ez Distributions received by spouse. How to fill out 1040 ez Testing period. How to fill out 1040 ez If you or your employer make eligible contributions (defined later) to a retirement plan, you may be able to take a credit of up to $1,000 (up to $2,000 if filing jointly). How to fill out 1040 ez This credit could reduce the federal income tax you pay dollar for dollar. How to fill out 1040 ez Can you claim the credit?   If you or your employer make eligible contributions to a retirement plan, you can claim the credit if all of the following apply. How to fill out 1040 ez You are not under age 18. How to fill out 1040 ez You are not a full-time student (explained next). How to fill out 1040 ez No one else, such as your parent(s), claims an exemption for you on their tax return. How to fill out 1040 ez Your adjusted gross income (defined later) is not more than: $59,000 for 2013 ($60,000 for 2014) if your filing status is married filing jointly, $44,250 for 2013 ($45,000 for 2014) if your filing status is head of household (with qualifying person), or $29,500 for 2013 ($30,000 for 2014) if your filing status is single, married filing separately, or qualifying widow(er) with dependent child. How to fill out 1040 ez Full-time student. How to fill out 1040 ez   You are a full-time student if, during some part of each of 5 calendar months (not necessarily consecutive) during the calendar year, you are either: A full-time student at a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or A student taking a full-time, on-farm training course given by either a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or a state, county, or local government. How to fill out 1040 ez You are a full-time student if you are enrolled for the number of hours or courses the school considers to be full-time. How to fill out 1040 ez Adjusted gross income. How to fill out 1040 ez   This is generally the amount on line 38 of your 2013 Form 1040 or line 22 of your 2013 Form 1040A. How to fill out 1040 ez However, you must add to that amount any exclusion or deduction claimed for the year for: Foreign earned income, Foreign housing costs, Income for bona fide residents of American Samoa, and Income from Puerto Rico. How to fill out 1040 ez Eligible contributions. How to fill out 1040 ez   These include: Contributions to a traditional or Roth IRA, Elective deferrals, including amounts designated as after-tax Roth contributions, to: A 401(k) plan (including a SIMPLE 401(k)), A section 403(b) annuity, An eligible deferred compensation plan of a state or local government (a governmental 457 plan), A SIMPLE IRA plan, or A salary reduction SEP, and Contributions to a section 501(c)(18) plan. How to fill out 1040 ez They also include voluntary after-tax employee contributions to a tax-qualified retirement plan or a section 403(b) annuity. How to fill out 1040 ez For purposes of the credit, an employee contribution will be voluntary as long as it is not required as a condition of employment. How to fill out 1040 ez Reducing eligible contributions. How to fill out 1040 ez   Reduce your eligible contributions (but not below zero) by the total distributions you received during the testing period (defined later) from any IRA, plan, or annuity included earlier under Eligible contributions. How to fill out 1040 ez Also reduce your eligible contributions by any distribution from a Roth IRA that is not rolled over, even if the distribution is not taxable. How to fill out 1040 ez      Do not reduce your eligible contributions by any of the following: The portion of any distribution which is not includible in income because it is a trustee-to-trustee transfer or a rollover distribution. How to fill out 1040 ez Any distribution that is a return of a contribution to an IRA (including a Roth IRA) made during the year for which you claim the credit if: The distribution is made before the due date (including extensions) of your tax return for that year, You do not take a deduction for the contribution, and The distribution includes any income attributable to the contribution. How to fill out 1040 ez Loans from a qualified employer plan treated as a distribution. How to fill out 1040 ez Distributions of excess contributions or deferrals (and income attributable to excess contributions and deferrals). How to fill out 1040 ez Distributions of dividends paid on stock held by an employee stock ownership plan under section 404(k). How to fill out 1040 ez Distributions from an eligible retirement plan that are converted or rolled over to a Roth IRA. How to fill out 1040 ez Distributions from a military retirement plan. How to fill out 1040 ez Distributions received by spouse. How to fill out 1040 ez   Any distributions your spouse receives are treated as received by you if you file a joint return with your spouse both for the year of the distribution and for the year for which you claim the credit. How to fill out 1040 ez Testing period. How to fill out 1040 ez   The testing period consists of: The year in which you claim the credit, The 2 years before the year in which you claim the credit, and The period after the end of the year in which you claim the credit and before the due date of the return (including extensions) for filing your return for the year in which you claimed the credit. How to fill out 1040 ez Example. How to fill out 1040 ez You and your spouse filed joint returns in 2011 and 2012, and plan to do so in 2013 and 2014. How to fill out 1040 ez You received a taxable distribution from a qualified plan in 2011 and a taxable distribution from an eligible section 457(b) deferred compensation plan in 2012. How to fill out 1040 ez Your spouse received taxable distributions from a Roth IRA in 2013 and tax-free distributions from a Roth IRA in 2014 before April 15. How to fill out 1040 ez You made eligible contributions to an IRA in 2013 and you otherwise qualify for this credit. How to fill out 1040 ez You must reduce the amount of your qualifying contributions in 2013 by the total of the distributions you and your spouse received in 2011, 2012, 2013, and 2014. How to fill out 1040 ez Maximum eligible contributions. How to fill out 1040 ez   After your contributions are reduced, the maximum annual contribution on which you can base the credit is $2,000 per person. How to fill out 1040 ez Effect on other credits. How to fill out 1040 ez   The amount of this credit will not change the amount of your refundable tax credits. How to fill out 1040 ez A refundable tax credit, such as the earned income credit or the additional child tax credit, is an amount that you would receive as a refund even if you did not otherwise owe any taxes. How to fill out 1040 ez Maximum credit. How to fill out 1040 ez   This is a nonrefundable credit. How to fill out 1040 ez The amount of the credit in any year cannot be more than the amount of tax that you would otherwise pay (not counting any refundable credits or the adoption credit) in any year. How to fill out 1040 ez If your tax liability is reduced to zero because of other nonrefundable credits, such as the education credits, then you will not be entitled to this credit. How to fill out 1040 ez How to figure and report the credit. How to fill out 1040 ez   The amount of the credit you can get is based on the contributions you make and your credit rate. How to fill out 1040 ez The credit rate can be as low as 10% or as high as 50%. How to fill out 1040 ez Your credit rate depends on your income and your filing status. How to fill out 1040 ez See Form 8880, Credit for Qualified Retirement Savings Contributions, to determine your credit rate. How to fill out 1040 ez   The maximum contribution taken into account is $2,000 per person. How to fill out 1040 ez On a joint return, up to $2,000 is taken into account for each spouse. How to fill out 1040 ez   Figure the credit on Form 8880. How to fill out 1040 ez Report the credit on line 50 of your Form 1040 or line 32 of your Form 1040A, and attach Form 8880 to your return. How to fill out 1040 ez Prev  Up  Next   Home   More Online Publications
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Problem Alerts

Consumer Alerts

Please note that the IRS does not initiate contact with taxpayers by email to request personal or financial information. This includes any type of electronic communication, such as text messages and social media channels.

  • ‪If you get an unsolicited email that appears to be from the IRS or a specific IRS component, such as EFTPS, please report it by sending it to phishing@irs.gov. ‪
  • If you find a suspicious website that claims to be the IRS, please send the site’s URL by email to phishing@irs.gov, using the subject line: suspicious website.

For more information on phishing scams, please see Protect Your Personal Information and  Suspicious e-Mails and Identity Theft.

October 2012
Don't Fall for Phony IRS Websites

The IRS warns consumers about a new tax scam that uses a website that mimics the IRS e-Services online registration page.

‪The actual IRS e-Services page offers web-based products for tax preparers, not the general public. The phony web page looks almost identical to the real one.

The IRS gets many reports of fake websites like this. Criminals use these sites to lure people into providing personal and financial information that may be used to steal the victim’s money or identity.

June 2012
Beware of Phony Email from DFAS

Taxpayers should be on the lookout for a new, email-based phishing scam circulating that targets Department of Defense military members, retirees and civilian employees. The email appears to come from Defense Finance and Accounting Services and displays a .mil email address. The email states that those receiving disability compensation from the Department of Veterans Affairs (VA) may be able to obtain additional funds from the IRS. Email recipients are then asked to send various VA and IRS documents containing their personal and financial information, such as copies of VA award letters or their income tax returns, to an address in Florida.

The information on these documents is then used by the scammers to commit identity theft. Typically, identity thieves use someone’s personal data to empty the victim’s financial accounts, run up charges on the victim’s existing credit cards or apply for new loans, credit cards, services or benefits in the victim’s name.

For more information on phishing scams, please see Suspicious e-Mails and Identity Theft.

November 2011
The IRS Warns of Scam Emails

Update Nov. 10, 2011 — A suspected phishing email on the Employer Identification Number (EIN), claiming to come from the IRS Office of Professional Responsibility, is currently circulating. This email was not sent by the IRS. For more information, see Latest News from Office of Professional Responsibility (OPR).

The IRS does not send unsolicited e-mail to taxpayers either about their tax accounts or requesting sensitive personal and financial information.       

Nevertheless, taxpayers do receive e-mails claiming to come from the IRS, sometimes containing a real or made-up employee name, address and similar information to make an e-mail seem credible.    

These e-mails usually are scams whose purpose is to obtain personal and financial information — such as name, Social Security number, bank account and credit card or even PIN numbers — from taxpayers which can be used by the scammers to commit identity theft. Identity thieves use the data to empty the victim’s financial accounts, run up charges on the victim’s existing credit cards, apply for new loans, credit cards, services or benefits in the victim’s name, file fraudulent tax returns and more.

Typically, IRS-impersonation scam e-mails state that the IRS needs certain personal and financial information to process a tax return, tax payment or refund. They may claim the e-mail recipient is being audited. They may mention specific monetary amounts or genuine programs, such as the Electronic Federal Tax Payment System (EFTPS), to add credible detail to the scam. The e-mails often contain links or attachments to what appears to be the IRS web site or an IRS form. However genuine in appearance, these phonies are designed to elicit the information the scammers are looking for.

Alternatively, a link in a scam e-mail may download malicious software onto the taxpayer's computer when clicked. The software is often designed to search out and send back to the scammer personal and financial information contained on the taxpayer's computer or obtained through keystrokes that the scammer can use to commit identity theft.             

 



 

Page Last Reviewed or Updated: 27-Sep-2013

The How To Fill Out 1040 Ez

How to fill out 1040 ez Internal Revenue Bulletin:  2009-36  September 8, 2009  Rev. How to fill out 1040 ez Proc. How to fill out 1040 ez 2009-37 Table of Contents SECTION 1. How to fill out 1040 ez PURPOSE SECTION 2. How to fill out 1040 ez BACKGROUND SECTION 3. How to fill out 1040 ez SCOPE SECTION 4. How to fill out 1040 ez ELECTION PROCEDURES SECTION 5. How to fill out 1040 ez REQUIRED INFORMATION STATEMENT SECTION 6. How to fill out 1040 ez EFFECTIVE DATE SECTION 7. How to fill out 1040 ez TRANSITION RULE SECTION 8. How to fill out 1040 ez PAPERWORK REDUCTION ACT DRAFTING INFORMATION SECTION 1. How to fill out 1040 ez PURPOSE . How to fill out 1040 ez 01 This revenue procedure provides the exclusive procedures for taxpayers to make an election to defer recognizing discharge of indebtedness income (“COD income”) under § 108(i) of the Internal Revenue Code. How to fill out 1040 ez . How to fill out 1040 ez 02 This revenue procedure also requires taxpayers making the § 108(i) election to provide additional information on returns beginning with the taxable year following the taxable year for which the taxpayer makes the election. How to fill out 1040 ez This revenue procedure describes the time and manner of providing this additional information. How to fill out 1040 ez . How to fill out 1040 ez 03 The Internal Revenue Service and Treasury Department intend to issue additional guidance under § 108(i) that may include regulations addressing matters in this revenue procedure. How to fill out 1040 ez Taxpayers should be aware that these regulations may be retroactive. How to fill out 1040 ez See § 7805(b)(2). How to fill out 1040 ez This revenue procedure may be modified to provide procedures consistent with additional guidance. How to fill out 1040 ez SECTION 2. How to fill out 1040 ez BACKGROUND . How to fill out 1040 ez 01 Section 108(i), Generally. How to fill out 1040 ez Section 108(i) was added to the Code by § 1231 of the American Recovery and Reinvestment Tax Act of 2009, Pub. How to fill out 1040 ez L. How to fill out 1040 ez No. How to fill out 1040 ez 111-5, 123 Stat. How to fill out 1040 ez 338. How to fill out 1040 ez In general, § 108(i) provides that, at the election of a taxpayer, COD income realized in connection with a reacquisition after December 31, 2008, and before January 1, 2011, of an applicable debt instrument is includible in gross income ratably over a 5-taxable-year inclusion period, beginning with the taxpayer’s fourth or fifth taxable year following the taxable year of the reacquisition. How to fill out 1040 ez Generally, if a taxpayer makes a § 108(i) election and reacquires (or is treated as reacquiring) the applicable debt instrument generating the COD income for a new debt instrument with original issue discount (“OID”), then interest deductions for this OID also are deferred, as provided in § 108(i)(2). How to fill out 1040 ez The OID deferral rule, however, does not apply if the amount of OID is less than a de minimis amount, as determined under § 1273(a)(3) and § 1. How to fill out 1040 ez 1273-1(d) of the Income Tax Regulations. How to fill out 1040 ez The OID deferral rule in § 108(i)(2) applies at the entity level for a pass-through entity. How to fill out 1040 ez For example, a partnership (and therefore its partners) may not deduct currently the OID described in § 108(i)(2)(A)(i). How to fill out 1040 ez A taxpayer must take into account any item of income or deduction deferred under § 108(i), and not previously taken into account, in the taxable year in which certain events occur (such as the liquidation of the taxpayer and upon other events specified in administrative guidance). How to fill out 1040 ez See § 108(i)(5)(D). How to fill out 1040 ez The rule regarding acceleration of deferred COD income and OID deductions also applies in the case of certain dispositions by persons holding ownership interests in pass-through entities. How to fill out 1040 ez Section 108(i)(5)(D)(ii). How to fill out 1040 ez For purposes of § 108(i), regulated investment companies (as defined in § 851(a)) and real estate investment trusts (as defined in § 856(a)) are not pass-through entities. How to fill out 1040 ez . How to fill out 1040 ez 02 Applicable Debt Instrument. How to fill out 1040 ez Section 108(i)(3)(A) defines the term “applicable debt instrument” to mean any debt instrument issued by a C corporation or by any other person in connection with the conduct of a trade or business by that person. How to fill out 1040 ez The term “debt instrument” means any bond, debenture, note, certificate, or any other instrument or contractual arrangement constituting indebtedness within the meaning of § 1275(a)(1). How to fill out 1040 ez Section 108(i)(3)(B). How to fill out 1040 ez For purposes of § 108(i), in the case of an intercompany obligation (as defined in § 1. How to fill out 1040 ez 1502-13(g)(2)(ii)), an applicable debt instrument includes only an instrument for which COD income is realized upon the instrument’s deemed satisfaction under § 1. How to fill out 1040 ez 1502-13(g)(5). How to fill out 1040 ez . How to fill out 1040 ez 03 Reacquisition. How to fill out 1040 ez Section 108(i)(4)(A) defines the term “reacquisition” to mean, with respect to any applicable debt instrument, any acquisition of the debt instrument by the debtor that issued (or is otherwise the obligor under) the debt instrument, or a person related to the debtor under § 108(e)(4). How to fill out 1040 ez The term “acquisition” includes an acquisition of the debt instrument for cash or other property, the exchange of the debt instrument for another debt instrument (including an exchange resulting from a modification of the debt instrument), the exchange of the debt instrument for corporate stock or a partnership interest, the contribution of the debt instrument to capital, and the complete forgiveness of the indebtedness by the holder of the debt instrument. How to fill out 1040 ez See § 108(i)(4)(B). How to fill out 1040 ez The term “acquisition” also includes an indirect acquisition within the meaning of § 1. How to fill out 1040 ez 108-2(c) if a direct acquisition of the debt instrument would qualify for an election under § 108(i). How to fill out 1040 ez For example, if a corporation acquires debt of a partnership that the partnership issued in connection with its trade or business, and the partnership and corporation become related within six months of the corporation’s acquisition of the debt, the indirect acquisition is an acquisition for which an election under § 108(i) may be made. How to fill out 1040 ez . How to fill out 1040 ez 04 General Requirements for the Section 108(i) Election. How to fill out 1040 ez Section 108(i)(5)(B) provides, in general, that a taxpayer makes the § 108(i) election by including a statement that clearly identifies the applicable debt instrument with the return of tax imposed for the taxable year in which the reacquisition of the instrument occurs. How to fill out 1040 ez (For purposes of this revenue procedure, a return of tax or income tax return includes an information return, and a taxpayer includes a person that files an information return. How to fill out 1040 ez ) The statement must include the amount of income to which § 108(i)(1) applies and other information the Service may prescribe. How to fill out 1040 ez Once made, a § 108(i) election is irrevocable and, except as provided in section 7 of this revenue procedure, may not be modified. How to fill out 1040 ez . How to fill out 1040 ez 05 Section 108(i) Elections Made by Pass-through Entities. How to fill out 1040 ez In the case of COD income realized by a pass-through entity from the reacquisition of an applicable debt instrument, the pass-through entity makes the § 108(i) election. How to fill out 1040 ez Section 108(i)(5)(B)(iii). How to fill out 1040 ez . How to fill out 1040 ez 06 Additional Information on Subsequent Years’ Returns. How to fill out 1040 ez Section 108(i)(7) authorizes the Service to issue guidance necessary or appropriate for applying § 108(i), including requiring reporting the election and other information on returns of tax for subsequent taxable years. How to fill out 1040 ez . How to fill out 1040 ez 07 Exclusivity. How to fill out 1040 ez Section 108(i)(5)(C) provides that if a taxpayer elects to apply § 108(i) to an applicable debt instrument, § 108(a)(1)(A), (B), (C), and (D) do not apply to COD income deferred under § 108(i). How to fill out 1040 ez . How to fill out 1040 ez 08 Allocation of Deferred COD Income on Partnership Indebtedness. How to fill out 1040 ez Section 4. How to fill out 1040 ez 04(3) of this revenue procedure describes how a partnership may elect under § 108(i) to defer a portion of the COD income realized from the reacquisition of an applicable debt instrument. How to fill out 1040 ez If a partnership elects to defer all or any portion of COD income realized from the reacquisition of an applicable debt instrument, all of the COD income with respect to that debt instrument, without regard to § 108(i), is allocated to the partners in the partnership immediately before the reacquisition in the manner in which the income would be included in the distributive shares of these partners under § 704 and the regulations thereunder, including § 1. How to fill out 1040 ez 704-1(b)(2)(iii). How to fill out 1040 ez Each partner’s share of this COD income is the partner’s COD income amount (“COD income amount”). How to fill out 1040 ez The partner’s COD income amount that is deferred under § 108(i) is the partner’s deferred amount (“deferred amount”). How to fill out 1040 ez The partner’s COD income amount that is not deferred and is included in the partner’s distributive share of partnership income for the taxable year of the partnership in which the reacquisition occurs is the partner’s included amount (“included amount”). How to fill out 1040 ez . How to fill out 1040 ez 09 Partner’s Deferred § 752 Amount. How to fill out 1040 ez A decrease in a partner’s share of a partnership liability resulting from the reacquisition of an applicable debt instrument that is not treated as a current distribution of money to the partner under § 752 by reason of § 108(i)(6) is the partner’s deferred § 752 amount (“deferred § 752 amount”). How to fill out 1040 ez A partner’s deferred § 752 amount may not exceed the lesser of (i) the partner’s deferred amount or (ii) gain that the partner would recognize in the year of reacquisition under § 731 as a result of the reacquisition absent § 108(i)(6). How to fill out 1040 ez To determine the amount of gain the partner would recognize under clause (ii) of the preceding sentence, the amount of any deemed distribution of money under § 752(b) resulting from the decrease in the partner’s share of a reacquired applicable debt instrument that is treated as an advance or draw of money under § 1. How to fill out 1040 ez 731-1(a)(1)(ii) is determined as if no COD income resulting from the reacquisition of the applicable debt instrument is deferred under § 108(i). How to fill out 1040 ez See Rev. How to fill out 1040 ez Rul. How to fill out 1040 ez 92-97, 1992-2 C. How to fill out 1040 ez B. How to fill out 1040 ez 124, and Rev. How to fill out 1040 ez Rul. How to fill out 1040 ez 94-4, 1994-1 C. How to fill out 1040 ez B. How to fill out 1040 ez 195. How to fill out 1040 ez A partner’s deferred § 752 amount is treated as a distribution of money to the partner under § 752 at the same time, and to the extent remaining in the same amount, as the partner recognizes the COD income deferred under § 108(i). How to fill out 1040 ez . How to fill out 1040 ez 10 Allocation of Deferred COD Income on S Corporation Indebtedness. How to fill out 1040 ez For purposes of § 108(i), an S corporation’s COD income deferred under § 108(i) is shared pro rata only among those shareholders that are shareholders of the S corporation immediately before the reacquisition transaction. How to fill out 1040 ez . How to fill out 1040 ez 11 Deferred COD Income, Earnings and Profits, and Alternative Minimum Taxable Income. How to fill out 1040 ez (1) In general. How to fill out 1040 ez The Service and Treasury Department intend to issue regulations regarding the computation of a corporation’s earnings and profits with respect to COD income and OID deductions that are deferred under § 108(i). How to fill out 1040 ez These regulations generally will provide that deferred COD income increases earnings and profits in the taxable year that it is realized and not in the taxable year or years that the deferred COD income is includible in gross income. How to fill out 1040 ez OID deductions deferred under § 108(i) generally will decrease earnings and profits in the taxable year or years in which the deduction would be allowed without regard to § 108(i). How to fill out 1040 ez COD income and OID deductions that are deferred increase or decrease adjusted current earnings under § 56(g)(4) in the taxable year or years that the income or deduction is includible or deductible in determining taxable income. How to fill out 1040 ez See § 1. How to fill out 1040 ez 56(g)-1(c)(1). How to fill out 1040 ez (2) Exceptions for certain special status corporations. How to fill out 1040 ez The Service and Treasury Department intend to issue regulations providing that in the case of regulated investment companies and real estate investment trusts, COD income deferred under § 108(i) generally increases earnings and profits in the taxable year or years in which the deferred COD income is includible in gross income and not in the year that the deferred COD income is realized. How to fill out 1040 ez OID deductions deferred under § 108(i) generally decrease earnings and profits in the taxable year or years that the deferred OID deductions are deductible. How to fill out 1040 ez . How to fill out 1040 ez 12 Extension of Time to Make Election. How to fill out 1040 ez Under § 301. How to fill out 1040 ez 9100-1 of the Procedure and Administration Regulations, the Service may grant an extension of time to make a regulatory election. How to fill out 1040 ez An election is a regulatory election if the due date is prescribed by regulation or other published guidance of general applicability. How to fill out 1040 ez Section 301. How to fill out 1040 ez 9100-2(a) provides an automatic 12-month extension from the due date for making certain regulatory elections. How to fill out 1040 ez SECTION 3. How to fill out 1040 ez SCOPE This revenue procedure applies to taxpayers that realize COD income from a reacquisition after December 31, 2008, and before January 1, 2011, of an applicable debt instrument, as provided in § 108(i). How to fill out 1040 ez SECTION 4. How to fill out 1040 ez ELECTION PROCEDURES . How to fill out 1040 ez 01 In General. How to fill out 1040 ez (1) A taxpayer within the scope of this revenue procedure makes the § 108(i) election by— (a) Attaching a statement meeting the requirements of section 4. How to fill out 1040 ez 05 of this revenue procedure to the taxpayer’s timely filed (including extensions) original federal income tax return for the taxable year in which the reacquisition of the applicable debt instrument occurs, and (b) If applicable, satisfying the additional requirements of section 4. How to fill out 1040 ez 07, 4. How to fill out 1040 ez 08, 4. How to fill out 1040 ez 09, or 4. How to fill out 1040 ez 10 of this revenue procedure. How to fill out 1040 ez (2) The Service grants an automatic extension of 12 months from the due date prescribed in section 4. How to fill out 1040 ez 01(1)(a) of this revenue procedure for making the § 108(i) election. How to fill out 1040 ez The rules that apply to an automatic extension under § 301. How to fill out 1040 ez 9100-2(a) apply to this automatic extension. How to fill out 1040 ez . How to fill out 1040 ez 02 Section 108(i) Elections Made by Members of Consolidated Groups. How to fill out 1040 ez The common parent of a consolidated group makes the § 108(i) election on behalf of all members of the group. How to fill out 1040 ez See § 1. How to fill out 1040 ez 1502-77(a). How to fill out 1040 ez . How to fill out 1040 ez 03 Aggregation Rule. How to fill out 1040 ez A taxpayer within the scope of this revenue procedure may treat two or more applicable debt instruments that are part of the same issue and that are reacquired during the same taxable year as one applicable debt instrument for purposes of this revenue procedure. How to fill out 1040 ez A pass-through entity may not treat two or more applicable debt instruments as one applicable debt instrument under this section 4. How to fill out 1040 ez 03 if the owners and their ownership interests in the pass-through entity immediately prior to the reacquisition of each applicable debt instrument are not identical. How to fill out 1040 ez . How to fill out 1040 ez 04 Partial Elections. How to fill out 1040 ez (1) A taxpayer within the scope of this revenue procedure may make an election for any portion of COD income realized from the reacquisition of any applicable debt instrument. How to fill out 1040 ez Thus, for example, if a taxpayer realizes $100 of COD income from the reacquisition of an applicable debt instrument, the taxpayer may elect under § 108(i)(1) to defer only $40 of the $100 of COD income. How to fill out 1040 ez The taxpayer may exclude from income the portion of COD income that the taxpayer does not elect to defer under § 108(i) ($60 in this example) under § 108(a)(1)(A), (B), (C), or (D), if applicable. How to fill out 1040 ez (2) A taxpayer is not required to make an election for the same portion of COD income arising from each applicable debt instrument that it reacquires, but may make an election for different portions of COD income arising from different applicable debt instruments (whether or not part of the same issue). How to fill out 1040 ez Thus, for example, if a taxpayer realizes $100 of COD income from the reacquisition of an applicable debt instrument (Instrument A) and $100 of COD income from the reacquisition of a different applicable debt instrument (Instrument B), the taxpayer may elect to defer all or a portion of the COD income associated with Instrument A and none or a different portion of the COD income associated with Instrument B. How to fill out 1040 ez (3) A partnership that elects to defer less than all of the COD income realized from the reacquisition of an applicable debt instrument may determine, in any manner, the portion, if any, of a partner’s COD income amount that is the partner’s deferred amount and the portion, if any, of a partner’s COD income amount that is the partner’s included amount. How to fill out 1040 ez Thus, for example, one partner’s deferred amount may be zero while another partner’s deferred amount may equal that partner’s COD income amount (or any portion thereof). How to fill out 1040 ez A partner may exclude from income the partner’s included amount under § 108(a)(1)(A), (B), (C), or (D), if applicable. How to fill out 1040 ez The provisions of this section 4. How to fill out 1040 ez 04(3) apply for purposes of § 108(i) only and are not intended as an interpretation of or a change to existing law under § 704. How to fill out 1040 ez . How to fill out 1040 ez 05 Contents of Election Statement. How to fill out 1040 ez A statement meets the requirements of this section 4. How to fill out 1040 ez 05 if the statement— (1) Label. How to fill out 1040 ez States “Section 108(i) Election” across the top. How to fill out 1040 ez (2) Required information. How to fill out 1040 ez Provides, for each applicable debt instrument the reacquisition of which generates COD income that the taxpayer is electing to defer under § 108(i)— (a) The name and taxpayer identification numbers, if any, of the issuer or issuers of the applicable debt instrument; (b) A general description of the applicable debt instrument (including the issue and maturity dates) and, in the case of any person other than a C corporation, a general description of the person’s trade or business to which the applicable debt instrument is connected; (c) A general description of the reacquisition transaction or transactions generating the COD income (including the date(s) of the transaction(s)); (d) The total amount of COD income for the applicable debt instrument that results from the reacquisition (in the case of a partnership, the aggregate of the partners’ COD income amounts) and a general description of the manner in which this amount is calculated; (e) The amount of COD income for the applicable debt instrument that the taxpayer is electing to defer under § 108(i); (f) In the case of a partnership, a list of partners that have a deferred amount, their identifying information and each partner’s deferred amount; and in the case of an S corporation, a list of shareholders with COD income deferred under § 108(i), their identifying information and each shareholder’s share of the S corporation’s deferred COD income; and (g) In cases in which a new debt instrument is issued or deemed issued in exchange for the applicable debt instrument (including exchanges under § 108(e)(4), § 108(i)(2)(B), and § 1. How to fill out 1040 ez 1001-3), the issuer’s name, the issuer’s taxpayer identification number, if any, a general description of the new debt instrument and whether the new debt instrument has OID, and if the new debt instrument has OID, a schedule of the OID that the issuer expects to accrue each taxable year on the instrument and the amount of OID that the issuer expects to defer under § 108(i)(2) each taxable year. How to fill out 1040 ez . How to fill out 1040 ez 06 Supplemental information. How to fill out 1040 ez The statement described in section 4. How to fill out 1040 ez 05 of this revenue procedure may specify for each applicable debt instrument an amount greater than the amount identified in section 4. How to fill out 1040 ez 05(2)(e) of this revenue procedure that the taxpayer elects to defer under § 108(i) in the event the Service subsequently concludes that the taxpayer understated the amount of COD income described in section 4. How to fill out 1040 ez 05(2)(d) of this revenue procedure. How to fill out 1040 ez This additional amount of COD income the taxpayer elects to defer may be described as the entire additional COD income, or as a percentage of any additional COD income. How to fill out 1040 ez If the taxpayer is a partnership, the partnership must specify each partner’s share of the partnership’s additional COD income that would be deferred (the partner’s additional deferred amount), which the partnership may describe for each partner as the partner’s entire share of the partnership’s additional COD income or as a percentage of the partner’s share of the partnership’s additional COD income. How to fill out 1040 ez If the taxpayer is an S corporation, the S corporation must specify each shareholder’s share of the S corporation’s additional COD income that would be deferred, which the S corporation may describe for each shareholder as the shareholder’s entire share of the S corporation’s additional COD income or as a percentage of the shareholder’s share of the S corporation’s additional COD income. How to fill out 1040 ez In the case of partnerships and S corporations, the additional COD income and the portion of additional COD income that would be deferred are allocated or determined as provided in sections 2. How to fill out 1040 ez 08, 2. How to fill out 1040 ez 10 and, if applicable, 4. How to fill out 1040 ez 04(3) of this revenue procedure, respectively, as if the additional COD income was realized. How to fill out 1040 ez . How to fill out 1040 ez 07 Additional Requirements for Certain Partnerships Making a § 108(i) Election. How to fill out 1040 ez The rules of this section 4. How to fill out 1040 ez 07 apply to partnerships other than partnerships described in section 4. How to fill out 1040 ez 10 of this revenue procedure. How to fill out 1040 ez (1) Information filing on Schedule K-1 (Form 1065 and Form 1065-B). How to fill out 1040 ez For the taxable year in which the § 108(i) election is made, the partnership must report on the Schedule K-1 (Form 1065 or Form 1065-B), Partner’s Share of Income, Deductions, Credits, etc. How to fill out 1040 ez , in the manner specified in the instructions to the forms, for each partner § 108(i) information on an aggregate basis for all applicable debt instruments for which a § 108(i) election is made. How to fill out 1040 ez Partnerships reporting § 108(i) information on the 2008 Schedule K-1 (Form 1065 or Form 1065-B) must report for each partner on an aggregate basis for all applicable debt instruments for which a § 108(i) election is made: (a) The partner’s deferred amount that the partner must include in income in the current taxable year under § 108(i)(1) or § 108(i)(5)(D)(i) or (ii), in box 11 (“other income”) using code F for Schedule K-1 (Form 1065) or in box 9 (“other”) using code U for Schedule K-1 (Form 1065-B); (b) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(2)(A)(ii) or § 108(i)(5)(D)(i) or (ii), in box 13 (“other deductions”) using code W for Schedule K-1 (Form 1065) or in box 9 (“other”) using code U for Schedule K-1 (Form 1065-B); (c) The partner’s deferred amount that has not been included in income in the current or prior taxable years, in box 20 (“other information”) using code X for Schedule K-1 (Form 1065) or in box 9 (“other”) using code U for Schedule K-1 (Form 1065-B); (d) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) that has not been deducted in the current or prior taxable years, in box 20 (“other information”) using code X for Schedule K-1 (Form 1065) or in box 9 (“other”) using code U for Schedule K-1 (Form 1065-B); (e) The partner’s deferred § 752 amount that is treated as a distribution of money to the partner under § 752 in the current taxable year, in box 20 (“other information”) using code X for Schedule K-1 (Form 1065) or in box 9 (“other”) using code U for Schedule K-1 (Form 1065-B); and (f) The partner’s deferred § 752 amount remaining as of the end of the current taxable year, in box 20 (“other information”) using code X for Schedule K-1 (Form 1065) or in box 9 (“other”) using code U for Schedule K-1 (Form 1065-B). How to fill out 1040 ez (2) Election information statement provided to partners. How to fill out 1040 ez The partnership must attach to the Schedule K-1 (Form 1065 or Form 1065-B) provided to each partner for the taxable year in which the § 108(i) election is made a statement satisfying the requirements of this section 4. How to fill out 1040 ez 07(2). How to fill out 1040 ez The partnership should not attach these statements to the Schedules K-1 that are filed with the Service, but must retain these statements, and each partner must retain that partner’s statement, in their respective books and records. How to fill out 1040 ez A statement meets the requirements of this section 4. How to fill out 1040 ez 07(2) if the statement— (a) Label. How to fill out 1040 ez States “Section 108(i) Election Information Statement for Partners” across the top. How to fill out 1040 ez (b) Required information. How to fill out 1040 ez Clearly identifies for each applicable debt instrument to which an election under § 108(i) applies— (i) The partner’s COD income amount, the partner’s deferred amount, and the partner’s included amount; (ii) The partner’s deferred amount that the partner must include in income in the current taxable year under § 108(i)(5)(D)(i) or (ii); (iii) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) in the current taxable year; (iv) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(5)(D)(i) or (ii); (v) The partner’s share of each liability of the partnership described in section 4. How to fill out 1040 ez 05(2)(g) of this revenue procedure; (vi) The partner’s share of the decrease in the partnership liability that results from the reacquisition of the applicable debt instrument; (vii) The partner’s share of the decrease in the partnership liability that results from the reacquisition of the applicable debt instrument that is treated as a distribution of money to the partner under § 752 in the current taxable year; (viii) The partner’s deferred § 752 amount as described in section 2. How to fill out 1040 ez 09 of this revenue procedure; (ix) The partner’s additional deferred amount as described in section 4. How to fill out 1040 ez 06 of this revenue procedure; and (x) The date of the reacquisition transaction generating the COD income. How to fill out 1040 ez (c) If a partner fails to provide the written statement required by section 4. How to fill out 1040 ez 07(3) of this revenue procedure, the partnership must indicate that the amounts described in section 4. How to fill out 1040 ez 07(2)(b)(vii) and (viii) of this revenue procedure cannot be calculated because the partner did not provide the information necessary to report these amounts. How to fill out 1040 ez (3) Partner reporting requirements. How to fill out 1040 ez The partnership must make reasonable efforts prior to making a § 108(i) election to secure from each partner with a deferred amount for which it does not have the information necessary to compute the partner’s basis in its partnership interest (and its deferred § 752 amount as described in section 2. How to fill out 1040 ez 09 of this revenue procedure) a written statement signed under penalties of perjury that includes this information. How to fill out 1040 ez Each partner with a deferred amount must provide this written statement to the partnership within 30 days of the date of request by the partnership. How to fill out 1040 ez A partner’s failure to comply with this reporting requirement does not invalidate the partnership’s election under § 108(i) for an applicable debt instrument only if the partnership makes reasonable efforts before making the § 108(i) election to obtain the written statement from the partner and otherwise complies with the requirements of section 4 of this revenue procedure. How to fill out 1040 ez If a partner provides its written statement under this section 4. How to fill out 1040 ez 07(3) after the partnership has provided to the partner the Section 108(i) Election Information Statement for Partners, the partnership must provide to the partner a revised Section 108(i) Election Information Statement for Partners reporting the information required under section 4. How to fill out 1040 ez 07(2)(b)(vii) and (viii) of this revenue procedure and report the partner’s deferred § 752 amount on the partner’s Schedule K-1 (Form 1065 or Form 1065-B) in subsequent taxable years. How to fill out 1040 ez . How to fill out 1040 ez 08 Additional Requirements for an S Corporation Making a § 108(i) Election. How to fill out 1040 ez (1) Information filing on Schedule K-1 (Form 1120S). How to fill out 1040 ez For the taxable year in which the § 108(i) election is made, the S corporation must report on the Schedule K-1 (Form 1120S), Shareholder’s Share of Income, Deductions, Credits, etc. How to fill out 1040 ez , in the manner specified in the instructions to the forms, for each shareholder § 108(i) information on an aggregate basis for all applicable debt instruments for which a § 108(i) election is made. How to fill out 1040 ez S corporations reporting § 108(i) information on the 2008 Schedule K-1 (Form 1120S) must report for each shareholder, on an aggregate basis for all applicable debt instruments for which a § 108(i) election is made, the shareholder’s share of the S corporation’s: (a) COD income deferred under § 108(i) that the shareholder must include in income in the current taxable year under § 108(i)(1) or § 108(i)(5)(D)(i) or (ii), in box 10 (“other income”) using code E; (b) OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(2)(A)(ii), or § 108(i)(5)(D)(i) or (ii), in box 12 (“other deductions”) using code S; (c) COD income deferred under § 108(i) that has not been included in income in the current or prior taxable years, in box 17 (“other information”) using code T; and (d) OID deduction deferred under § 108(i)(2)(A)(i) that has not been deducted in the current or prior taxable years, in box 17 (“other information”) using code T. How to fill out 1040 ez (2) Election information statement provided to shareholders. How to fill out 1040 ez The S corporation must attach to the Schedule K-1 (Form 1120S) provided to each shareholder for the taxable year in which the § 108(i) election is made, a statement satisfying the requirements of this section 4. How to fill out 1040 ez 08(2). How to fill out 1040 ez The S corporation should not attach these statements to the Schedules K-1 that are filed with the Service, but must retain these statements, and each shareholder must retain that shareholder’s statement, in their respective books and records. How to fill out 1040 ez A statement meets the requirements of this section 4. How to fill out 1040 ez 08(2) if the statement— (a) Label. How to fill out 1040 ez States “Section 108(i) Election Information Statement for Shareholders” across the top. How to fill out 1040 ez (b) Required information. How to fill out 1040 ez Clearly identifies for each applicable debt instrument to which an election under § 108(i) applies, the shareholder’s share of the S corporation’s— (i) COD income that the S corporation elects to defer under § 108(i); (ii) COD income deferred under § 108(i) that the shareholder must include in income in the current taxable year under § 108(i)(5)(D)(i) or (ii); (iii) OID deduction deferred under § 108(i)(2)(A)(i) in the current taxable year; (iv) OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(5)(D)(i) or (ii); and (v) Additional COD income that would be deferred as described in section 4. How to fill out 1040 ez 06 of this revenue procedure. How to fill out 1040 ez . How to fill out 1040 ez 09 Section 108(i) Elections Made on Behalf of Certain Foreign Corporations. How to fill out 1040 ez The controlling domestic shareholder(s) (or common parent of the controlling domestic shareholder(s), if applicable) of a controlled foreign corporation or a noncontrolled § 902 corporation not otherwise required to file a return of tax may make the § 108(i) election on behalf of the foreign corporation by satisfying the requirements of § 1. How to fill out 1040 ez 964-1(c)(3). How to fill out 1040 ez Each controlling domestic shareholder must attach a statement identifying the foreign corporation and satisfying the requirements of section 4. How to fill out 1040 ez 05 of this revenue procedure and, if applicable, section 4. How to fill out 1040 ez 06 of this revenue procedure, to its federal income tax return for the taxable year ending within or with the taxable year of the foreign corporation for which the § 108(i) election is made. How to fill out 1040 ez . How to fill out 1040 ez 10 Section 108(i) Elections Made By Certain Foreign Partnerships. How to fill out 1040 ez The rules of this section 4. How to fill out 1040 ez 10 apply to a foreign partnership making a § 108(i) election that is not otherwise required to file a federal partnership return (“nonfiling foreign partnership”). How to fill out 1040 ez See § 1. How to fill out 1040 ez 6031(a)-1(b). How to fill out 1040 ez (1) A nonfiling foreign partnership making the election must attach a statement satisfying the requirements of section 4. How to fill out 1040 ez 05 of this revenue procedure and, if applicable, section 4. How to fill out 1040 ez 06 of this revenue procedure, to a partnership return satisfying the requirements of § 1. How to fill out 1040 ez 6031(a)-1(b)(5) it files with the Service. How to fill out 1040 ez In addition, a nonfiling foreign partnership must include in the information required in section 4. How to fill out 1040 ez 05(2)(d) and (e) of this revenue procedure the aggregate amounts for all partners as well as the aggregate amounts for all U. How to fill out 1040 ez S. How to fill out 1040 ez persons (as defined in § 7701(a)(30)) and controlled foreign corporation(s) that are partners with deferred amounts in the nonfiling foreign partnership (“affected partners”). How to fill out 1040 ez (2) The nonfiling foreign partnership must make the election, in accordance with § 1. How to fill out 1040 ez 6031(a)-1(b)(5), by the date provided in section 4. How to fill out 1040 ez 01(1)(a) of this revenue procedure, as if it had a filing obligation for the taxable year in which the reacquisition of the applicable debt instrument occurs. How to fill out 1040 ez (3) For each affected partner, the partnership must file with the Service a Schedule K-1 (Form 1065) and report on the Schedule K-1 (Form 1065) for the affected partner as provided in section 4. How to fill out 1040 ez 07(1) of this revenue procedure. How to fill out 1040 ez Except for this § 108(i) information, the partnership need not complete Part III of the Schedule K-1 (Form 1065). How to fill out 1040 ez The partnership must provide a copy of the respective Schedule K-1 (Form 1065) to each affected partner and must also attach to the Schedule K-1 (Form 1065) provided to each affected partner a statement satisfying the requirements of section 4. How to fill out 1040 ez 07(2) of this revenue procedure by the date provided in section 4. How to fill out 1040 ez 01(1)(a) of this revenue procedure. How to fill out 1040 ez The partnership should not attach any statement described in section 4. How to fill out 1040 ez 07(2) of this revenue procedure to the Schedules K-1 that are filed with the Service. How to fill out 1040 ez However, the partnership must retain the statements provided to the affected partners, and each affected partner must retain that partner’s statement, in their respective books and records. How to fill out 1040 ez (4) The partnership and each affected partner must satisfy the requirements of section 4. How to fill out 1040 ez 07(3) of this revenue procedure. How to fill out 1040 ez . How to fill out 1040 ez 11 Protective § 108(i) Election. How to fill out 1040 ez (1) In general. How to fill out 1040 ez A taxpayer may make a protective election under § 108(i) for an applicable debt instrument if the taxpayer concludes that a particular transaction does not result in the realization of COD income, reports the transaction on its federal income tax return in a manner consistent with the taxpayer’s conclusion, and would be within the scope of this revenue procedure if the taxpayer’s conclusion were incorrect. How to fill out 1040 ez If the Service at any time determines the taxpayer’s conclusion that the particular transaction does not result in the realization of COD income is incorrect, the taxpayer’s protective election is treated as a valid, irrevocable election under § 108(i). How to fill out 1040 ez Thus, if a taxpayer makes a protective election, the Service subsequently may require the taxpayer to report COD income deferred pursuant to the valid and irrevocable protective election even if the statute of limitations has expired for the year in which the COD income was realized and the protective election was made. How to fill out 1040 ez A taxpayer makes a protective election by attaching a statement satisfying the requirements of this section 4. How to fill out 1040 ez 11(1) to the taxpayer’s original federal income tax return within the period described in section 4. How to fill out 1040 ez 01(1)(a) of this revenue procedure. How to fill out 1040 ez The taxpayer also must attach the election to its federal income tax return in each of the 8 or 9 taxable years, as applicable, following the taxable year of the election. How to fill out 1040 ez A statement meets the requirements of this section 4. How to fill out 1040 ez 11(1) if the statement— (a) States “Section 108(i) Protective Election” across the top; (b) Provides the information required under section 4. How to fill out 1040 ez 05(2)(a), (b), and (c) of this revenue procedure; (c) Provides that the amounts described in sections 4. How to fill out 1040 ez 05(2)(d) and (e) of this revenue procedure are zero; and (d) Provides the information described in section 4. How to fill out 1040 ez 06 of this revenue procedure. How to fill out 1040 ez (2) Statements provided to shareholders and partners. How to fill out 1040 ez (a) For each applicable debt instrument, a partnership or S corporation that makes a protective election must attach to the Schedule K-1 (Form 1065, Form 1065-B, or Form 1120S) it provides each of its partners or shareholders, as the case may be, for the taxable year in which the protective election is made a statement containing the information described in section 4. How to fill out 1040 ez 11(1)(b) of this revenue procedure (an S corporation need not provide its shareholders with the date(s) of the transaction(s) that would constitute the reacquisition transaction or transactions) and the partner’s or shareholder’s share of the additional COD income that would be deferred as described in section 4. How to fill out 1040 ez 11(1)(d) of this revenue procedure. How to fill out 1040 ez (b) The partnership or S corporation should not attach the statements described in this section 4. How to fill out 1040 ez 11(2) to the Schedules K-1 that are filed with the Service but must retain these statements, and each partner and shareholder must retain that partner’s or shareholder’s statement, in their respective books and records. How to fill out 1040 ez . How to fill out 1040 ez 12 Election-Year Reporting by Tiered Pass-Through Entities. How to fill out 1040 ez (1) A partnership required to file a U. How to fill out 1040 ez S. How to fill out 1040 ez partnership return other than under § 1. How to fill out 1040 ez 6031(a)-1(b)(5), or an S corporation, that receives a Schedule K-1 (Form 1065 or Form 1065-B) reflecting its share of any items listed in section 4. How to fill out 1040 ez 07(1) of this revenue procedure, must report on the Schedules K-1 (Form 1065, Form 1065-B, or Form 1120S) to its partners or shareholders, as the case may be, each partner’s or shareholder’s share of those items (an S corporation only reports to its shareholders the items described in section 4. How to fill out 1040 ez 07(1)(a) through (d) of this revenue procedure). How to fill out 1040 ez (2) If a partnership described in section 4. How to fill out 1040 ez 12(1) of this revenue procedure receives a statement described in sections 4. How to fill out 1040 ez 07(2) or 4. How to fill out 1040 ez 10(3) of this revenue procedure or this section 4. How to fill out 1040 ez 12(2), it must provide each of its partners a statement containing the partner’s share of each of the items listed on each statement received by the partnership, including the information described in section 4. How to fill out 1040 ez 07(2)(b)(x) of this revenue procedure. How to fill out 1040 ez If an S corporation receives a statement described in sections 4. How to fill out 1040 ez 07(2) or 4. How to fill out 1040 ez 10(3) of this revenue procedure or this section 4. How to fill out 1040 ez 12(2), it must provide each of its shareholders a statement containing the shareholder’s share of each of the items listed on each statement received by the S corporation that are described in section 4. How to fill out 1040 ez 07(2)(b)(i), (ii), (iii), (iv) and (ix) of this revenue procedure. How to fill out 1040 ez The partnership or S corporation must attach this statement or statements to the Schedule K-1 (Form 1065, Form 1065-B, or Form 1120S) that it provides to each of its partners or shareholders, as the case may be, for the taxable year of the partnership or S corporation. How to fill out 1040 ez The partnership or S corporation should not attach these statements to the Schedules K-1 that are filed with the Service but must retain these statements, and each partner and shareholder must retain that partner’s or shareholder’s statement, in their respective books and records. How to fill out 1040 ez (3) A partnership that receives a statement described in this section 4 identifying its COD income amount with respect to an applicable debt instrument must allocate its COD income amount, without regard to § 108(i), to the partners in the partnership immediately before the reacquisition transaction in the manner in which the income would be included in the distributive shares of these partners under § 704 and the regulations thereunder, including § 1. How to fill out 1040 ez 704-1(b)(2)(iii). How to fill out 1040 ez The partnership may determine in any manner the portion, if any, of a partner’s COD income amount that is the partner’s deferred amount and the portion, if any, of a partner’s COD income amount that is the partner’s included amount. How to fill out 1040 ez No partner’s deferred amount with respect to an applicable debt instrument may exceed its COD income amount with respect to the applicable debt instrument, and the aggregate of deferred amounts of its partners with respect to an applicable debt instrument must equal the partnership’s deferred amount with respect to the applicable debt instrument. How to fill out 1040 ez The partnership allocates amounts described in section 4. How to fill out 1040 ez 06 of this revenue procedure under this section 4. How to fill out 1040 ez 12(3) as if the additional COD income was realized. How to fill out 1040 ez (4) The deferred § 752 amount for partners in a partnership making a § 108(i) election is calculated only for the partnership’s direct partners. How to fill out 1040 ez No further adjustment to the deferred § 752 amount is made to reflect the basis or other attributes of partners that are indirect partners in the partnership. How to fill out 1040 ez (5) If an S corporation receives a statement described in this section 4 identifying its COD income amount, deferred amount, included amount or additional COD income that would be deferred with respect to an applicable debt instrument, these amounts are shared pro rata only among those shareholders that are shareholders in the S corporation immediately before the reacquisition transaction. How to fill out 1040 ez (6) This paragraph 4. How to fill out 1040 ez 12(6) provides the rules for Category 1 and Category 2 filers of Form 8865, Return of U. How to fill out 1040 ez S. How to fill out 1040 ez Persons With Respect to Certain Foreign Partnerships, as defined in the instructions for Form 8865, if the foreign partnership, for which the Category 1 or Category 2 filer has a filing requirement, receives a Schedule K-1 (Form 1065 or Form 1065-B) reflecting the partnership’s share of any items listed in section 4. How to fill out 1040 ez 07(1) of this revenue procedure, or a statement described in sections 4. How to fill out 1040 ez 07(2) or 4. How to fill out 1040 ez 10(3) of this revenue procedure (because the foreign partnership owns an interest directly or indirectly in another partnership in which an election was made under § 108(i) with respect to that foreign partnership’s distributive share from the other entity). How to fill out 1040 ez (a) For each partner for whom the Category 1 filer is required to complete a Schedule K-1 (Form 8865) (which includes the Category 1 filer itself), the Category 1 filer must: (i) Include the information described in section 4. How to fill out 1040 ez 07(1) of this revenue procedure in the Schedule K-1 (Form 8865) that the Category 1 filer files with the Service and completes for the partner; (ii) Produce a statement containing the partner’s share of the items listed on each statement received by the partnership; and (iii) Attach the statement described in section 4. How to fill out 1040 ez 12(6)(a)(ii) of this revenue procedure to each Schedule K-1 (Form 8865) that it is required to provide to a partner of the foreign partnership. How to fill out 1040 ez (b) A Category 2 filer must include its share of the information described in section 4. How to fill out 1040 ez 07(1) on the Schedule K-1 (Form 8865) that it is required to complete. How to fill out 1040 ez Category 2 filers also must complete a statement containing their share of the items listed on each statement received by the partnership. How to fill out 1040 ez (c) The Category 1 and Category 2 filers should not attach the statements described in sections 4. How to fill out 1040 ez 12(6)(a)(ii) and 4. How to fill out 1040 ez 12(6)(b) of this revenue procedure, respectively, to the Schedules K-1 that are filed with the Service. How to fill out 1040 ez However, Category 1 filers must retain the statements they complete and each partner must retain its own statement, in their respective books and records. How to fill out 1040 ez (7) If as a result of § 108(i)(5)(D)(ii), a partner of a partnership described in section 4. How to fill out 1040 ez 12(1) of this revenue procedure or a shareholder of an S corporation described in section 4. How to fill out 1040 ez 12(1) of this revenue procedure must recognize items deferred under § 108(i), the partnership or S corporation must report these items on the Schedule K-1 (Form 1065, Form 1065-B, or Form 1120S) and statements provided to the partner or shareholder pursuant to section 4. How to fill out 1040 ez 12(1) and (2) of this revenue procedure. How to fill out 1040 ez Similar rules apply to Category 1 and Category 2 filers (Form 8865) described in section 4. How to fill out 1040 ez 12(6) of this revenue procedure. How to fill out 1040 ez (8) The provisions of section 4. How to fill out 1040 ez 12(2), (3), (5) and (6) of this revenue procedure also apply to a statement received that is described in section 4. How to fill out 1040 ez 11(2) of this revenue procedure, except that the information that must be provided are those items described in section 4. How to fill out 1040 ez 11(1)(b) of this revenue procedure (an S corporation need not provide its shareholders with the date(s) of the transaction(s) that would constitute the reacquisition transaction or transactions) and the share of the partner or shareholder in the amounts described in section 4. How to fill out 1040 ez 11(1)(d) of this revenue procedure. How to fill out 1040 ez SECTION 5. How to fill out 1040 ez REQUIRED INFORMATION STATEMENT . How to fill out 1040 ez 01 Annual Information Statements. How to fill out 1040 ez Pursuant to § 108(i)(7)(B), a taxpayer that makes an election under § 108(i) (except for a protective election under section 4. How to fill out 1040 ez 11(1) of this revenue procedure) must attach a statement meeting the requirements of section 5. How to fill out 1040 ez 02 of this revenue procedure to its federal income tax return for each taxable year beginning with the taxable year following the taxable year for which the taxpayer makes the election and ending with the first taxable year in which all items deferred under § 108(i) have been recognized. How to fill out 1040 ez . How to fill out 1040 ez 02 Contents of Statement. How to fill out 1040 ez A statement meets the requirements of this section 5. How to fill out 1040 ez 02 if the statement— (1) Label. How to fill out 1040 ez States “Section 108(i) Information Statement” across the top; (2) Required information. How to fill out 1040 ez Clearly identifies for each applicable debt instrument to which an election under § 108(i) applies— (a) COD income deferred under § 108(i) that is included in income in the current taxable year under § 108(i)(1); (b) COD income deferred under § 108(i) that is included in income in the current taxable year under § 108(i)(5)(D), including a description and date of the acceleration event described in § 108(i)(5)(D); (c) COD income deferred under § 108(i) that has not been included in income in the current or prior taxable years (in the case of a partnership, the aggregate of the partners’ deferred amounts that have not been included in income in the current or prior taxable years, and in the case of an S corporation, the S corporation’s COD income deferred under § 108(i) that has not been included in income in the current or prior taxable years); (d) OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(2)(A)(ii); (e) OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(5)(D); and (f) OID deduction deferred under § 108(i)(2)(A)(i) that has not been deducted in the current or prior taxable years. How to fill out 1040 ez (3) Election attached. How to fill out 1040 ez Includes a copy of the election statement described in section 4. How to fill out 1040 ez 05 of this revenue procedure. How to fill out 1040 ez . How to fill out 1040 ez 03 Additional Annual Reporting Requirements for Certain Partnerships. How to fill out 1040 ez The rules of this section 5. How to fill out 1040 ez 03 apply to partnerships other than partnerships described in section 5. How to fill out 1040 ez 05 of this revenue procedure. How to fill out 1040 ez (1) In general. How to fill out 1040 ez A partnership that makes an election under § 108(i) (except for a protective election under section 4. How to fill out 1040 ez 11(1) of this revenue procedure) must attach to its federal income tax returns the statements required under section 5. How to fill out 1040 ez 01 of this revenue procedure. How to fill out 1040 ez In addition, for each taxable year in which a statement is required under section 5. How to fill out 1040 ez 01 of this revenue procedure, the partnership must report on the Schedule K-1 (Form 1065 or Form 1065-B) for each partner § 108(i) information in the manner described in section 4. How to fill out 1040 ez 07(1) of this revenue procedure. How to fill out 1040 ez (2) Annual information statements provided to partners. How to fill out 1040 ez The partnership must attach to the Schedule K-1 (Form 1065) provided to each partner for each taxable year in which a statement is required under section 5. How to fill out 1040 ez 01 of this revenue procedure, a statement meeting the requirements of this section 5. How to fill out 1040 ez 03(2). How to fill out 1040 ez The partnership should not attach these statements to the Schedules K-1 that are filed with the Service, but must retain these statements, and each partner must retain that partner’s statement, in their respective books and records. How to fill out 1040 ez A statement meets the requirements of this section 5. How to fill out 1040 ez 03(2) if the statement— (a) Label. How to fill out 1040 ez States “Section 108(i) Annual Information Statement for Partners” across the top of the statement. How to fill out 1040 ez (b) Required information. How to fill out 1040 ez Clearly identifies for each applicable debt instrument to which a § 108(i) election applies— (i) The partner’s deferred amount that has not been included in income as of the end of the prior taxable year; (ii) The partner’s deferred amount that the partner must include in income in the current taxable year under § 108(i)(1); (iii) The partner’s deferred amount that the partner must include in income in the current taxable year under § 108(i)(5)(D)(i) or (ii); (iv) The partner’s deferred amount that has not been included in income in the current or prior taxable years; (v) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) in the current taxable year; (vi) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(2)(A)(ii); (vii) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(5)(D)(i) or (ii); (viii) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) that has not been deducted in the current or prior taxable years; and (ix) The partner’s deferred § 752 amount that is treated as a distribution of money to the partner under § 752 in the current taxable year and any remaining deferred § 752 amount. How to fill out 1040 ez If a partner fails to provide the written statement required by section 4. How to fill out 1040 ez 07(3) of this revenue procedure, the partnership must indicate that the amounts described in this section 5. How to fill out 1040 ez 03(2)(b)(ix) cannot be calculated because the partner did not provide the information necessary to report these amounts. How to fill out 1040 ez . How to fill out 1040 ez 04 Additional Annual Reporting Requirements for an S Corporation. How to fill out 1040 ez (1) In general. How to fill out 1040 ez An S corporation that makes an election under § 108(i) (except for a protective election under section 4. How to fill out 1040 ez 11(1) of this revenue procedure) must attach to its federal income tax returns the statements required under section 5. How to fill out 1040 ez 01 of this revenue procedure. How to fill out 1040 ez In addition, for each taxable year in which a statement is required under section 5. How to fill out 1040 ez 01 of this revenue procedure, the S corporation must report on the Schedule K-1 (Form 1120S) for each shareholder § 108(i) information in the manner described in section 4. How to fill out 1040 ez 08(1) of this revenue procedure. How to fill out 1040 ez (2) Annual information statements provided to shareholders. How to fill out 1040 ez The S corporation must attach to the Schedule K-1 (Form 1120S) provided to each shareholder for each taxable year in which a statement is required under section 5. How to fill out 1040 ez 01 of this revenue procedure a statement meeting the requirements of this section 5. How to fill out 1040 ez 04(2). How to fill out 1040 ez The S corporation should not attach these statements to the Schedules K-1 that are filed with the Service, but must retain these statements, and each shareholder must retain that shareholder’s statement, in their respective books and records. How to fill out 1040 ez A statement meets the requirements of this section 5. How to fill out 1040 ez 04(2) if the statement— (a) Label. How to fill out 1040 ez States “Section 108(i) Annual Information Statement for Shareholders” across the top; (b) Required information. How to fill out 1040 ez Clearly identifies for each applicable debt instrument to which an election under § 108(i) applies, the shareholder’s share of the S corporation’s— (i) COD income deferred under § 108(i) that has not been included in income as of the end of the prior taxable year; (ii) COD income deferred under § 108(i) that the shareholder must include in income in the current taxable year under § 108(i)(1); (iii) COD income deferred under § 108(i) that the shareholder must include in income in the current taxable year under § 108(i)(5)(D)(i) or (ii); (iv) COD income deferred under § 108(i) that has not been included in income in the current or prior taxable years; (v) OID deduction deferred under § 108(i)(2)(A)(i) in the current taxable year; (vi) OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(2)(A)(ii); (vii) OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(5)(D)(i) or (ii); and (viii) OID deduction deferred under § 108(i)(2)(A)(i) that has not been deducted in the current or prior taxable years. How to fill out 1040 ez . How to fill out 1040 ez 05 Additional Annual Reporting Requirements for Certain Foreign Partnerships. How to fill out 1040 ez (1) The rules of this section 5. How to fill out 1040 ez 05 apply to nonfiling foreign partnerships. How to fill out 1040 ez (2) A nonfiling foreign partnership that makes an election under § 108(i) (except for a protective election under section 4. How to fill out 1040 ez 11(1) of this revenue procedure) must file federal income tax returns with the Service containing the information under § 1. How to fill out 1040 ez 6031(a)-1(b)(5) for each taxable year in which a statement is required by section 5. How to fill out 1040 ez 01 of this revenue procedure. How to fill out 1040 ez (3) The nonfiling foreign partnership must attach to its federal income tax returns the statements required under section 5. How to fill out 1040 ez 01 of this revenue procedure, but only for that portion of the COD income allocated to affected partners. How to fill out 1040 ez (4) For each taxable year in which a statement is required under section 5. How to fill out 1040 ez 01 of this revenue procedure, the nonfiling foreign partnership must provide each affected partner a Schedule K-1 (Form 1065) reporting § 108(i) information in the manner described in section 4. How to fill out 1040 ez 07(1) of this revenue procedure. How to fill out 1040 ez Except for this § 108(i) information, the partnership need not complete Part III of the Schedule K-1 (Form 1065). How to fill out 1040 ez The partnership must provide each affected partner with a copy of the Schedule K-1 (Form 1065) by the date provided in § 1. How to fill out 1040 ez 6031(b)-1T(b). How to fill out 1040 ez The partnership must attach the Schedules K-1 (Form 1065) to the federal income tax returns filed with the Service pursuant to section 5. How to fill out 1040 ez 05(2) of this revenue procedure. How to fill out 1040 ez (5) For each taxable year for which a statement is required under section 5. How to fill out 1040 ez 01 of this revenue procedure, the nonfiling foreign partnership must attach to each affected partner’s Schedule K-1 (Form 1065) a statement meeting the requirements of section 5. How to fill out 1040 ez 03(2) of this revenue procedure. How to fill out 1040 ez The partnership should not attach these statements to the Schedules K-1 that are filed with the Service, but must retain the statements, and each partner must retain that partner’s statement, in their respective books and records. How to fill out 1040 ez . How to fill out 1040 ez 06 Information Statements Made on Behalf of Certain Foreign Corporations. How to fill out 1040 ez Each controlling domestic shareholder must attach a statement identifying the foreign corporation and meeting the requirements of section 5. How to fill out 1040 ez 02 of this revenue procedure to the shareholder’s federal income tax return for each taxable year for which a statement is required under section 5. How to fill out 1040 ez 01 of this revenue procedure. How to fill out 1040 ez . How to fill out 1040 ez 07 Additional Annual Reporting Requirements for Tiered Pass-Through Entities. How to fill out 1040 ez (1) A partnership required to file a U. How to fill out 1040 ez S. How to fill out 1040 ez partnership return other than under § 1. How to fill out 1040 ez 6031(a)-1(b)(5), or an S corporation, that receives a Schedule K-1 (Form 1065 or Form 1065-B) described in the second sentence of section 5. How to fill out 1040 ez 03(1) of this revenue procedure reflecting its share of any § 108(i) information must report on the Schedules K-1 (Form 1065, Form 1065-B, or Form 1120S) to its partners or shareholders, as the case may be, each partner’s or shareholder’s share of those items (an S corporation only reports to its shareholders the items described in section 4. How to fill out 1040 ez 07(1)(a) through (d) of this revenue procedure). How to fill out 1040 ez (2) If a partnership described in section 5. How to fill out 1040 ez 07(1) of this revenue procedure receives a statement described in sections 5. How to fill out 1040 ez 03(2) or 5. How to fill out 1040 ez 05(5) of this revenue procedure or this section 5. How to fill out 1040 ez 07(2), it must provide each of its partners a statement containing the partner’s share of each of the items listed on each statement received by the partnership. How to fill out 1040 ez If an S corporation receives a statement described in sections 5. How to fill out 1040 ez 03(2) or 5. How to fill out 1040 ez 05(5) of this revenue procedure or this section 5. How to fill out 1040 ez 07(2), it must provide each of its shareholders a statement containing the shareholder’s share of each of the items listed on each statement received by the S corporation that are described in section 5. How to fill out 1040 ez 03(2)(b)(i) through (viii) of this revenue procedure. How to fill out 1040 ez The partnership or S corporation must attach the statement or statements to the Schedule K-1 (Form 1065 or Form 1065-B) or Schedule K-1 (Form 1120S) that is provided to each of its partners or shareholders, as the case may be, for the taxable year of the partnership or S corporation. How to fill out 1040 ez The partnership or S corporation should not attach these statements to the Schedules K-1 that are filed with the Service, but must retain these statements, and each partner and shareholder must retain that partner’s or shareholder’s statement, in their respective books and records. How to fill out 1040 ez (3) This paragraph 5. How to fill out 1040 ez 07(3) provides the rules for persons described in section 4. How to fill out 1040 ez 12(6) of this revenue procedure if the foreign partnership, for which the Category 1 or 2 filer has a filing requirement, receives a Schedule K-1 (Form 1065 or Form 1065-B) reflecting the partnership’s share of any items described in the second sentence of section 5. How to fill out 1040 ez 03(1) of this revenue procedure, or a statement described in sections 5. How to fill out 1040 ez 03(2) or 5. How to fill out 1040 ez 05(5) of this revenue procedure (because the foreign partnership owns an interest directly or indirectly in another partnership in which an election was made under § 108(i) with respect to that foreign partnership’s distributive share from the other entity). How to fill out 1040 ez (a) For each partner for whom the Category 1 filer is required to complete a Schedule K-1 (Form 8865) (which includes the Category 1 filer itself), the Category 1 filer must: (i) Include the information described in section 4. How to fill out 1040 ez 07(1) of this revenue procedure in the Schedule K-1 (Form 8865) that the Category 1 filer files with the Service and completes for the partner; (ii) Produce a statement containing the partner’s share of the items listed on each statement received by the partnership; and (iii) Attach the statement described in section 5. How to fill out 1040 ez 07(3)(a)(ii) of this revenue procedure to each Schedule K-1 (Form 8865) that it is required to provide to a partner of the foreign partnership. How to fill out 1040 ez (b) A Category 2 filer must include its share of the information described in section 4. How to fill out 1040 ez 07(1) on the Schedule K-1 (Form 8865) that it is required to complete. How to fill out 1040 ez Category 2 filers also must complete a statement containing their share of the items listed on each statement received by the partnership. How to fill out 1040 ez (c) The Category 1 and Category 2 filers should not attach the statements described in sections 5. How to fill out 1040 ez 07(3)(a)(ii) and 5. How to fill out 1040 ez 07(3)(b) of this revenue procedure, respectively, to the Schedules K-1 that are filed with the Service. How to fill out 1040 ez However, Category 1 filers must retain the statements they complete and each partner must retain its own statement, in their respective books and records. How to fill out 1040 ez (4) If as a result of § 108(i)(5)(D)(ii), a partner of a partnership described in section 5. How to fill out 1040 ez 07(1) of this revenue procedure or a shareholder of an S corporation described in section 5. How to fill out 1040 ez 07(1) of this revenue procedure must recognize items deferred under § 108(i), the partnership or S corporation must report these items on the Schedule K-1 (Form 1065, Form 1065-B, or Form 1120S) and statements provided to the partner or shareholder pursuant to section 5. How to fill out 1040 ez 07(1) and (2) of this revenue procedure. How to fill out 1040 ez Similar rules apply to Category 1 and Category 2 filers (Form 8865) described in section 4. How to fill out 1040 ez 12(6) of this revenue procedure. How to fill out 1040 ez SECTION 6. How to fill out 1040 ez EFFECTIVE DATE This revenue procedure is effective for reacquisitions of applicable debt instruments in taxable years ending after December 31, 2008. How to fill out 1040 ez SECTION 7. How to fill out 1040 ez TRANSITION RULE . How to fill out 1040 ez 01 Noncomplying Election. How to fill out 1040 ez Except as otherwise provided in this section 7. How to fill out 1040 ez 01, the Service will treat a § 108(i) election as effective if a taxpayer files an election with the taxpayer’s federal income tax return filed on or before September 16, 2009, using any reasonable procedure to make the election. How to fill out 1040 ez However, an election that does not comply with section 4 of this revenue procedure will not be effective unless the taxpayer on or before November 16, 2009, files an amended return for the taxable year of the election and complies with the requirements of section 4 of this revenue procedure. How to fill out 1040 ez . How to fill out 1040 ez 02 Modification of Election. How to fill out 1040 ez A taxpayer that files a § 108(i) election on or before September 16, 2009, may modify that election by filing an amended return on or before November 16, 2009 (for example, to modify the amount of COD income the taxpayer elects to defer). How to fill out 1040 ez To be effective, a modification of an election described in the preceding sentence must satisfy the requirements for an election described in section 4 of this revenue procedure. How to fill out 1040 ez . How to fill out 1040 ez 03 Notations. How to fill out 1040 ez A taxpayer that files the amended return on paper must write “Section 108(i) Election” on the top of the first page. How to fill out 1040 ez A taxpayer that files the amended return electronically should indicate “Section 108(i) Election” on the return. How to fill out 1040 ez See Publication 4163, Modernized e-File (MeF) Information for Authorized IRS e-file Providers for Business Returns Tax Year 2008 for more details. How to fill out 1040 ez SECTION 8. How to fill out 1040 ez PAPERWORK REDUCTION ACT The collection of information contained in this revenue procedure has been reviewed and approved by the Office of Management and Budget in accordance with the Paperwork Reduction Act (44 U. How to fill out 1040 ez S. How to fill out 1040 ez C. How to fill out 1040 ez 3507) under control number 1545-2147. How to fill out 1040 ez An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number. How to fill out 1040 ez The collection of information in this revenue procedure is in sections 4, 5 and 7. How to fill out 1040 ez This information is required to determine the amount of income and deductions a taxpayer elects to defer and to track those amounts until the taxpayer has reported all deferred income and deductions on the taxpayer’s tax return. How to fill out 1040 ez This information will be used during examination to verify that a taxpayer has correctly deferred income and deductions. How to fill out 1040 ez The collection of information is required to obtain a benefit. How to fill out 1040 ez The likely respondents are C corporations, shareholders of S corporations, partners of partnerships, and other individuals engaged in a trade or business, that reacquire applicable debt instruments in 2009 or 2010. How to fill out 1040 ez The estimated total annual reporting burden is 300,000 hours. How to fill out 1040 ez The estimated annual burden per respondent varies from 1 to 8 hours, depending on individual circumstances, with an estimated average of 6 hours. How to fill out 1040 ez The estimated number of respondents is 50,000. How to fill out 1040 ez Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. How to fill out 1040 ez Generally, tax returns and return information are confidential, as required by § 6103. How to fill out 1040 ez DRAFTING INFORMATION The principal authors of this revenue procedure are Megan A. How to fill out 1040 ez Stoner of the Office of Associate Chief Counsel (Passthroughs & Special Industries) and Craig Wojay of the Office of Associate Chief Counsel (Income Tax & Accounting). How to fill out 1040 ez For further information regarding this revenue procedure, contact Megan A. How to fill out 1040 ez Stoner at (202) 622-3070 for questions involving partnerships and S corporations, William E. How to fill out 1040 ez Blanchard at (202) 622-3950 for questions involving OID, Ronald M. How to fill out 1040 ez Gootzeit at (202) 622-3860 for questions involving foreign entities, Robert Rhyne at (202) 622-7790 for questions involving earnings and profits and consolidated groups, and Craig Wojay at (202) 622-4920 for questions on § 108(i) generally (not toll-free calls). How to fill out 1040 ez Prev  Up  Next   Home   More Internal Revenue Bulletins