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Income Tax Return Form 2012

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Income Tax Return Form 2012

Income tax return form 2012 16. Income tax return form 2012   Reporting Gains and Losses Table of Contents What's New Introduction Useful Items - You may want to see: Reporting Capital Gains and Losses Exception 1. Income tax return form 2012 Exception 2. Income tax return form 2012 File Form 1099-B or Form 1099-S with the IRS. Income tax return form 2012 Capital Losses Capital Gain Tax Rates What's New Maximum capital gain rates. Income tax return form 2012 . Income tax return form 2012  For 2013, the maximum capital gain rates are 0%, 15%, 20%, 25%, and 28%. Income tax return form 2012 Introduction This chapter discusses how to report capital gains and losses from sales, exchanges, and other dispositions of investment property on Form 8949 and Schedule D (Form 1040). Income tax return form 2012 The discussion includes the following topics. Income tax return form 2012 How to report short-term gains and losses. Income tax return form 2012 How to report long-term gains and losses. Income tax return form 2012 How to figure capital loss carryovers. Income tax return form 2012 How to figure your tax on a net capital gain. Income tax return form 2012 If you sell or otherwise dispose of property used in a trade or business or for the production of income, see Publication 544, Sales and Other Dispositions of Assets, before completing Schedule D (Form 1040). Income tax return form 2012 Useful Items - You may want to see: Publication 537 Installment Sales 544 Sales and Other Dispositions of Assets 550 Investment Income and Expenses Form (and Instructions) 4797 Sales of Business Property 6252 Installment Sale Income 8582 Passive Activity Loss Limitations 8949 Sales and Other Dispositions of Capital Assets Schedule D (Form 1040) Capital Gains and Losses Reporting Capital Gains and Losses Generally, report capital gains and losses on Form 8949. Income tax return form 2012 Complete Form 8949 before you complete line 1b, 2, 3, 8b, 9, or 10 of Schedule D (Form 1040). Income tax return form 2012 Use Form 8949 to report: The sale or exchange of a capital asset not reported on another form or schedule; Gains from involuntary conversions (other than from casualty or theft) of capital assets not held for business or profit; and Nonbusiness bad debts. Income tax return form 2012 Use Schedule D (Form 1040): To figure the overall gain or loss from transactions reported on Form 8949; To report a gain from Form 6252 or Part I of Form 4797; To report a gain or loss from Form 4684, 6781, or 8824; To report capital gain distributions not reported directly on Form 1040 or Form 1040A; To report a capital loss carryover from the previous tax year to the current tax year; To report your share of a gain or (loss) from a partnership, S corporation, estate, or trust; To report transactions reported to you on a Form 1099-B (or substitute statement) showing basis was reported to the IRS and to which none of the Form 8949 adjustments or codes apply; and To report undistributed long-term capital gains from Form 2439. Income tax return form 2012 On Form 8949, enter all sales and exchanges of capital assets, including stocks, bonds, etc. Income tax return form 2012 , and real estate (if not reported on Form 4684, 4797, 6252, 6781, 8824, or line 1a or 8a of Schedule D). Income tax return form 2012 Include these transactions even if you did not receive a Form 1099-B or 1099-S (or substitute statement) for the transaction. Income tax return form 2012 Report short-term gains or losses in Part I. Income tax return form 2012 Report long-term gains or losses in Part II. Income tax return form 2012 Use as many Forms 8949 as you need. Income tax return form 2012 Exceptions to filing Form 8949 and Schedule D (Form 1040). Income tax return form 2012   There are certain situations where you may not have to file Form 8949 and/or Schedule D (Form 1040). Income tax return form 2012 Exception 1. Income tax return form 2012   You do not have to file Form 8949 or Schedule D (Form 1040) if you have no capital losses and your only capital gains are capital gain distributions from Form(s) 1099-DIV, box 2a (or substitute statements). Income tax return form 2012 (If any Form(s) 1099-DIV (or substitute statements) you receive have an amount in box 2b (unrecaptured section 1250 gain), box 2c (section 1202 gain), or box 2d (collectibles (28%) gain), you do not qualify for this exception. Income tax return form 2012 ) If you qualify for this exception, report your capital gain distributions directly on line 13 of Form 1040 (and check the box on line 13). Income tax return form 2012 Also use the Qualified Dividends and Capital Gain Tax Worksheet in the Form 1040 instructions to figure your tax. Income tax return form 2012 You can report your capital gain distributions on line 10 of Form 1040A, instead of on Form 1040, if none of the Forms 1099-DIV (or substitute statements) you received have an amount in box 2b, 2c, or 2d, and you do not have to file Form 1040. Income tax return form 2012 Exception 2. Income tax return form 2012   You must file Schedule D (Form 1040), but generally do not have to file Form 8949, if Exception 1 does not apply and your only capital gains and losses are: Capital gain distributions; A capital loss carryover; A gain from Form 2439 or 6252 or Part I of Form 4797; A gain or loss from Form 4684, 6781, or 8824; A gain or loss from a partnership, S corporation, estate, or trust; or Gains and losses from transactions for which you received a Form 1099-B (or substitute statement) that shows the basis was reported to the IRS and for which you do not need to make any adjustments in column (g) of Form 8949 or enter any codes in column (f) of Form 8949. Income tax return form 2012 Installment sales. Income tax return form 2012   You cannot use the installment method to report a gain from the sale of stock or securities traded on an established securities market. Income tax return form 2012 You must report the entire gain in the year of sale (the year in which the trade date occurs). Income tax return form 2012 Passive activity gains and losses. Income tax return form 2012    If you have gains or losses from a passive activity, you may also have to report them on Form 8582. Income tax return form 2012 In some cases, the loss may be limited under the passive activity rules. Income tax return form 2012 Refer to Form 8582 and its instructions for more information about reporting capital gains and losses from a passive activity. Income tax return form 2012 Form 1099-B transactions. Income tax return form 2012   If you sold property, such as stocks, bonds, or certain commodities, through a broker, you should receive Form 1099-B or substitute statement from the broker. Income tax return form 2012 Use the Form 1099-B or the substitute statement to complete Form 8949. Income tax return form 2012 If you sold a covered security in 2013, your broker should send you a Form 1099-B (or substitute statement) that shows your basis. Income tax return form 2012 This will help you complete Form 8949. Income tax return form 2012 Generally, a covered security is a security you acquired after 2010. Income tax return form 2012   Report the gross proceeds shown in box 2a of Form 1099-B as the sales price in column (d) of either Part I or Part II of Form 8949, whichever applies. Income tax return form 2012 However, if the broker advises you, in box 2a of Form 1099-B, that gross proceeds (sales price) less commissions and option premiums were reported to the IRS, enter that net sales price in column (d) of either Part I or Part II of Form 8949, whichever applies. Income tax return form 2012    Include in column (g) any expense of sale, such as broker's fees, commissions, state and local transfer taxes, and option premiums, unless you reported the net sales price in column (d). Income tax return form 2012 If you include an expense of sale in column (g), enter “E” in column (f). Income tax return form 2012 Form 1099-CAP transactions. Income tax return form 2012   If a corporation in which you own stock has had a change in control or a substantial change in capital structure, you should receive Form 1099-CAP or a substitute statement from the corporation. Income tax return form 2012 Use the Form 1099-CAP or substitute statement to fill in Form 8949. Income tax return form 2012 If your computations show that you would have a loss because of the change, do not enter any amounts on Form 8949 or Schedule D (Form 1040). Income tax return form 2012 You cannot claim a loss on Schedule D (Form 1040) as a result of this transaction. Income tax return form 2012   Report the aggregate amount received shown in box 2 of Form 1099-CAP as the sales price in column (d) of either Part I or Part II of Form 8949, whichever applies. Income tax return form 2012 Form 1099-S transactions. Income tax return form 2012   If you sold or traded reportable real estate, you generally should receive from the real estate reporting person a Form 1099-S showing the gross proceeds. Income tax return form 2012    “Reportable real estate” is defined as any present or future ownership interest in any of the following: Improved or unimproved land, including air space; Inherently permanent structures, including any residential, commercial, or industrial building; A condominium unit and its accessory fixtures and common elements, including land; and Stock in a cooperative housing corporation (as defined in section 216 of the Internal Revenue Code). Income tax return form 2012   A “real estate reporting person” could include the buyer's attorney, your attorney, the title or escrow company, a mortgage lender, your broker, the buyer's broker, or the person acquiring the biggest interest in the property. Income tax return form 2012   Your Form 1099-S will show the gross proceeds from the sale or exchange in box 2. Income tax return form 2012 See the Instructions for Form 8949 and the Instructions for Schedule D (Form 1040) for how to report these transactions and include them in Part I or Part II of Form 8949 as appropriate. Income tax return form 2012 However, report like-kind exchanges on Form 8824 instead. Income tax return form 2012   It is unlawful for any real estate reporting person to separately charge you for complying with the requirement to file Form 1099-S. Income tax return form 2012 Nominees. Income tax return form 2012   If you receive gross proceeds as a nominee (that is, the gross proceeds are in your name but actually belong to someone else), see the Instructions for Form 8949 for how to report these amounts on Form 8949. Income tax return form 2012 File Form 1099-B or Form 1099-S with the IRS. Income tax return form 2012   If you received gross proceeds as a nominee in 2013, you must file a Form 1099-B or Form 1099-S for those proceeds with the IRS. Income tax return form 2012 Send the Form 1099-B or Form 1099-S with a Form 1096, Annual Summary and Transmittal of U. Income tax return form 2012 S. Income tax return form 2012 Information Returns, to your Internal Revenue Service Center by February 28, 2014 (March 31, 2014, if you file Form 1099-B or Form 1099-S electronically). Income tax return form 2012 Give the actual owner of the proceeds Copy B of the Form 1099-B or Form 1099-S by February 18, 2014. Income tax return form 2012 On Form 1099-B, you should be listed as the “Payer. Income tax return form 2012 ” The other owner should be listed as the “Recipient. Income tax return form 2012 ” On Form 1099-S, you should be listed as the “Filer. Income tax return form 2012 ” The other owner should be listed as the “Transferor. Income tax return form 2012 ” You do not have to file a Form 1099-B or Form 1099-S to show proceeds for your spouse. Income tax return form 2012 For more information about the reporting requirements and the penalties for failure to file (or furnish) certain information returns, see the General Instructions for Certain Information Returns. Income tax return form 2012 If you are filing electronically see Publication 1220. Income tax return form 2012 Sale of property bought at various times. Income tax return form 2012   If you sell a block of stock or other property that you bought at various times, report the short-term gain or loss from the sale on one row in Part I of Form 8949, and the long-term gain or loss on one row in Part II of Form 8949. Income tax return form 2012 Write “Various” in column (b) for the “Date acquired. Income tax return form 2012 ” Sale expenses. Income tax return form 2012    On Form 8949, include in column (g) any expense of sale, such as broker's fees, commissions, state and local transfer taxes, and option premiums, unless you reported the net sales price in column (d). Income tax return form 2012 If you include an expense of sale in column (g), enter “E” in column (f). Income tax return form 2012   For more information about adjustments to basis, see chapter 13. Income tax return form 2012 Short-term gains and losses. Income tax return form 2012   Capital gain or loss on the sale or trade of investment property held 1 year or less is a short-term capital gain or loss. Income tax return form 2012 You report it in Part I of Form 8949. Income tax return form 2012   You combine your share of short-term capital gain or loss from partnerships, S corporations, estates, and trusts, and any short-term capital loss carryover, with your other short-term capital gains and losses to figure your net short-term capital gain or loss on line 7 of Schedule D (Form 1040). Income tax return form 2012 Long-term gains and losses. Income tax return form 2012    A capital gain or loss on the sale or trade of investment property held more than 1 year is a long-term capital gain or loss. Income tax return form 2012 You report it in Part II of Form 8949. Income tax return form 2012   You report the following in Part II of Schedule D (Form 1040): Undistributed long-term capital gains from a mutual fund (or other regulated investment company) or real estate investment trust (REIT); Your share of long-term capital gains or losses from partnerships, S corporations, estates, and trusts; All capital gain distributions from mutual funds and REITs not reported directly on line 10 of Form 1040A or line 13 of Form 1040; and Long-term capital loss carryovers. Income tax return form 2012    The result after combining these items with your other long-term capital gains and losses is your net long-term capital gain or loss (Schedule D (Form 1040), line 15). Income tax return form 2012 Total net gain or loss. Income tax return form 2012   To figure your total net gain or loss, combine your net short-term capital gain or loss (Schedule D (Form 1040), line 7) with your net long-term capital gain or loss (Schedule D (Form 1040), line 15). Income tax return form 2012 Enter the result on Schedule D (Form 1040), Part III, line 16. Income tax return form 2012 If your losses are more than your gains, see Capital Losses , next. Income tax return form 2012 If both lines 15 and 16 of your Schedule D (Form 1040) are gains and your taxable income on your Form 1040 is more than zero, see Capital Gain Tax Rates , later. Income tax return form 2012 Capital Losses If your capital losses are more than your capital gains, you can claim a capital loss deduction. Income tax return form 2012 Report the amount of the deduction on line 13 of Form 1040, in parentheses. Income tax return form 2012 Limit on deduction. Income tax return form 2012   Your allowable capital loss deduction, figured on Schedule D (Form 1040), is the lesser of: $3,000 ($1,500 if you are married and file a separate return); or Your total net loss as shown on line 16 of Schedule D (Form 1040). Income tax return form 2012   You can use your total net loss to reduce your income dollar for dollar, up to the $3,000 limit. Income tax return form 2012 Capital loss carryover. Income tax return form 2012   If you have a total net loss on line 16 of Schedule D (Form 1040) that is more than the yearly limit on capital loss deductions, you can carry over the unused part to the next year and treat it as if you had incurred it in that next year. Income tax return form 2012 If part of the loss is still unused, you can carry it over to later years until it is completely used up. Income tax return form 2012   When you figure the amount of any capital loss carryover to the next year, you must take the current year's allowable deduction into account, whether or not you claimed it and whether or not you filed a return for the current year. Income tax return form 2012   When you carry over a loss, it remains long term or short term. Income tax return form 2012 A long-term capital loss you carry over to the next tax year will reduce that year's long-term capital gains before it reduces that year's short-term capital gains. Income tax return form 2012 Figuring your carryover. Income tax return form 2012   The amount of your capital loss carryover is the amount of your total net loss that is more than the lesser of: Your allowable capital loss deduction for the year; or Your taxable income increased by your allowable capital loss deduction for the year and your deduction for personal exemptions. Income tax return form 2012   If your deductions are more than your gross income for the tax year, use your negative taxable income in computing the amount in item (2). Income tax return form 2012    Complete the Capital Loss Carryover Worksheet in the Instructions for Schedule D or Publication 550 to determine the part of your capital loss that you can carry over. Income tax return form 2012 Example. Income tax return form 2012 Bob and Gloria sold securities in 2013. Income tax return form 2012 The sales resulted in a capital loss of $7,000. Income tax return form 2012 They had no other capital transactions. Income tax return form 2012 Their taxable income was $26,000. Income tax return form 2012 On their joint 2013 return, they can deduct $3,000. Income tax return form 2012 The unused part of the loss, $4,000 ($7,000 − $3,000), can be carried over to 2014. Income tax return form 2012 If their capital loss had been $2,000, their capital loss deduction would have been $2,000. Income tax return form 2012 They would have no carryover. Income tax return form 2012 Use short-term losses first. Income tax return form 2012   When you figure your capital loss carryover, use your short-term capital losses first, even if you incurred them after a long-term capital loss. Income tax return form 2012 If you have not reached the limit on the capital loss deduction after using the short-term capital losses, use the long-term capital losses until you reach the limit. Income tax return form 2012 Decedent's capital loss. Income tax return form 2012    A capital loss sustained by a decedent during his or her last tax year (or carried over to that year from an earlier year) can be deducted only on the final income tax return filed for the decedent. Income tax return form 2012 The capital loss limits discussed earlier still apply in this situation. Income tax return form 2012 The decedent's estate cannot deduct any of the loss or carry it over to following years. Income tax return form 2012 Joint and separate returns. Income tax return form 2012   If you and your spouse once filed separate returns and are now filing a joint return, combine your separate capital loss carryovers. Income tax return form 2012 However, if you and your spouse once filed a joint return and are now filing separate returns, any capital loss carryover from the joint return can be deducted only on the return of the spouse who actually had the loss. Income tax return form 2012 Capital Gain Tax Rates The tax rates that apply to a net capital gain are generally lower than the tax rates that apply to other income. Income tax return form 2012 These lower rates are called the maximum capital gain rates. Income tax return form 2012 The term “net capital gain” means the amount by which your net long-term capital gain for the year is more than your net short-term capital loss. Income tax return form 2012 For 2013, the maximum capital gain rates are 0%, 15%, 20%, 25%, and 28%. Income tax return form 2012 See Table 16-1 for details. Income tax return form 2012 If you figure your tax using the maximum capital gain rate and the regular tax computation results in a lower tax, the regular tax computation applies. Income tax return form 2012 Example. Income tax return form 2012 All of your net capital gain is from selling collectibles, so the capital gain rate would be 28%. Income tax return form 2012 If you are otherwise subject to a rate lower than 28%, the 28% rate does not apply. Income tax return form 2012 Investment interest deducted. Income tax return form 2012   If you claim a deduction for investment interest, you may have to reduce the amount of your net capital gain that is eligible for the capital gain tax rates. Income tax return form 2012 Reduce it by the amount of the net capital gain you choose to include in investment income when figuring the limit on your investment interest deduction. Income tax return form 2012 This is done on the Schedule D Tax Worksheet or the Qualified Dividends and Capital Gain Tax Worksheet. Income tax return form 2012 For more information about the limit on investment interest, see Interest Expenses in chapter 3 of Publication 550. Income tax return form 2012 Table 16-1. Income tax return form 2012 What Is Your Maximum Capital Gain Rate? IF your net capital gain is from . Income tax return form 2012 . Income tax return form 2012 . Income tax return form 2012 THEN your  maximum capital gain rate is . Income tax return form 2012 . Income tax return form 2012 . Income tax return form 2012 a collectibles gain 28% an eligible gain on qualified small business stock minus the section 1202 exclusion 28% an unrecaptured section 1250 gain 25% other gain1 and the regular tax rate that would apply is 39. Income tax return form 2012 6% 20% other gain1 and the regular tax rate that would apply is 25%, 28%, 33%, or 35% 15% other gain1 and the regular tax rate that would apply is 10% or 15% 0% 1 Other gain means any gain that is not collectibles gain, gain on qualified small business stock, or unrecaptured section 1250 gain. Income tax return form 2012     Collectibles gain or loss. Income tax return form 2012   This is gain or loss from the sale or trade of a work of art, rug, antique, metal (such as gold, silver, and platinum bullion), gem, stamp, coin, or alcoholic beverage held more than 1 year. Income tax return form 2012   Collectibles gain includes gain from sale of an interest in a partnership, S corporation, or trust due to unrealized appreciation of collectibles. Income tax return form 2012 Gain on qualified small business stock. Income tax return form 2012    If you realized a gain from qualified small business stock that you held more than 5 years, you generally can exclude some or all of your gain under section 1202. Income tax return form 2012 The eligible gain minus your section 1202 exclusion is a 28% rate gain. Income tax return form 2012 See Gains on Qualified Small Business Stock in chapter 4 of Publication 550. Income tax return form 2012 Unrecaptured section 1250 gain. Income tax return form 2012    Generally, this is any part of your capital gain from selling section 1250 property (real property) that is due to depreciation (but not more than your net section 1231 gain), reduced by any net loss in the 28% group. Income tax return form 2012 Use the Unrecaptured Section 1250 Gain Worksheet in the Schedule D (Form 1040) instructions to figure your unrecaptured section 1250 gain. Income tax return form 2012 For more information about section 1250 property and section 1231 gain, see chapter 3 of Publication 544. Income tax return form 2012 Tax computation using maximum capital gain rates. Income tax return form 2012   Use the Qualified Dividends and Capital Gain Tax Worksheet or the Schedule D Tax Worksheet (whichever applies) to figure your tax if you have qualified dividends or net capital gain. Income tax return form 2012 You have net capital gain if Schedule D (Form 1040), lines 15 and 16, are both gains. Income tax return form 2012 Schedule D Tax Worksheet. Income tax return form 2012   Use the Schedule D Tax Worksheet in the Schedule D (Form 1040) instructions to figure your tax if: You have to file Schedule D (Form 1040); and Schedule D (Form 1040), line 18 (28% rate gain) or line 19 (unrecaptured section 1250 gain), is more than zero. Income tax return form 2012 Qualified Dividends and Capital Gain Tax Worksheet. Income tax return form 2012   If you do not have to use the Schedule D Tax Worksheet (as explained above) and any of the following apply, use the Qualified Dividends and Capital Gain Tax Worksheet in the instructions for Form 1040 or Form 1040A (whichever you file) to figure your tax. Income tax return form 2012 You received qualified dividends. Income tax return form 2012 (See Qualified Dividends in chapter 8. Income tax return form 2012 ) You do not have to file Schedule D (Form 1040) and you received capital gain distributions. Income tax return form 2012 (See Exceptions to filing Form 8949 and Schedule D (Form 1040) , earlier. Income tax return form 2012 ) Schedule D (Form 1040), lines 15 and 16, are both more than zero. Income tax return form 2012 Alternative minimum tax. Income tax return form 2012   These capital gain rates are also used in figuring alternative minimum tax. Income tax return form 2012 Prev  Up  Next   Home   More Online Publications
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Tax Relief for Victims of Severe Storms, Tornadoes, Straight-line Winds and Flooding in Tennessee

AL/TN-2012-14TN, March 19, 2012

NASHVILLE — Victims of the severe storms, tornadoes, straight-line winds, and flooding that began on Feb. 29, 2012 in parts of Tennessee may qualify for tax relief from the Internal Revenue Service.

The President has declared Bradley, Claiborne, Cumberland, DeKalb, Hamilton, Jackson, McMinn, Monroe, Overton and Polk counties a federal disaster area. Individuals who reside or have a business in these counties may qualify for tax relief.

The declaration permits the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after Feb. 29, and on or before May 31, have been postponed to May 31, 2012. This includes the April 17 deadline for filing 2011 individual income tax returns, making income tax payments and making 2011 contributions to an individual retirement account (IRA).  

In addition, the IRS is waiving the failure-to-deposit penalties for employment and excise tax deposits due on or after Feb. 29, and on or before March 15, as long as the deposits are made by March 15, 2012.

If an affected taxpayer receives a penalty notice from the IRS, the taxpayer should call the telephone number on the notice to have the IRS abate any interest and any late filing or late payment penalties that would otherwise apply. Penalties or interest will be abated only for taxpayers who have an original or extended filing, payment or deposit due date, including an extended filing or payment due date, that falls within the postponement period.

The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area must call the IRS disaster hotline at 866-562-5227 to request this tax relief.

Covered Disaster Area

The counties listed above constitute a covered disaster area for purposes of Treas. Reg. § 301.7508A-1(d)(2) and are entitled to the relief detailed below.

Affected Taxpayers

Taxpayers considered to be affected taxpayers eligible for the postponement of time to file returns, pay taxes and perform other time-sensitive acts are those taxpayers listed in Treas. Reg. § 301.7508A-1(d)(1), and include individuals who live, and businesses whose principal place of business is located, in the covered disaster area. Taxpayers not in the covered disaster area, but whose records necessary to meet a deadline listed in Treas. Reg. § 301.7508A-1(c) are in the covered disaster area, are also entitled to relief. In addition, all relief workers affiliated with a recognized government or philanthropic organization assisting in the relief activities in the covered disaster area and any individual visiting the covered disaster area who was killed or injured as a result of the disaster are entitled to relief.

Grant of Relief

Under section 7508A, the IRS gives affected taxpayers until May 31 to file most tax returns (including individual, corporate, and estate and trust income tax returns; partnership returns, S corporation returns, and trust returns; estate, gift, and generation-skipping transfer tax returns; and employment and certain excise tax returns), or to make tax payments, including estimated tax payments, that have either an original or extended due date occurring on or after Feb. 29 and on or before May 31.

The IRS also gives affected taxpayers until May 31 to perform other time-sensitive actions described in Treas. Reg. § 301.7508A-1(c)(1) and Rev. Proc. 2007-56, 2007-34 I.R.B. 388 (Aug. 20, 2007), that are due to be performed on or after Feb. 29 and on or before May 31.

This relief also includes the filing of Form 5500 series returns, in the manner described in section 8 of Rev. Proc. 2007-56. The relief described in section 17 of Rev. Proc. 2007-56, pertaining to like-kind exchanges of property, also applies to certain taxpayers who are not otherwise affected taxpayers and may include acts required to be performed before or after the period above.

The postponement of time to file and pay does not apply to information returns in the W-2, 1098, 1099 series, or to Forms 1042-S or 8027. Penalties for failure to timely file information returns can be waived under existing procedures for reasonable cause. Likewise, the postponement does not apply to employment and excise tax deposits. The IRS, however, will abate penalties for failure to make timely employment and excise tax deposits due on or after Feb. 29 and on or before March 15 provided the taxpayer makes these deposits by March 15.

Casualty Losses

Affected taxpayers in a federally declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year. Claiming the loss on an original or amended return for last year will get the taxpayer an earlier refund, but waiting to claim the loss on this year’s return could result in a greater tax saving, depending on other income factors.

Individuals may deduct personal property losses that are not covered by insurance or other reimbursements. For details, see Form 4684 and its instructions.

Affected taxpayers claiming the disaster loss on last year’s return should put the Disaster Designation “Tennessee/Severe Storms, Tornadoes, Straight-line Winds, and Flooding” at the top of the form so that the IRS can expedite the processing of the refund.

Other Relief

The IRS will waive the usual fees and expedite requests for copies of previously filed tax returns for affected taxpayers. Taxpayers should put the assigned Disaster Designation in red ink at the top of Form 4506, Request for Copy of Tax Return, or Form 4506-T, Request for Transcript of Tax Return, as appropriate, and submit it to the IRS.

Affected taxpayers who are contacted by the IRS on a collection or examination matter should explain how the disaster impacts them so that the IRS can provide appropriate consideration to their case.

Taxpayers may download forms and publications from the official IRS website, irs.gov, or order them by calling 800-TAX-FORM (800-829-3676). The IRS toll-free number for general tax questions is 800-829-1040.

Related Information

Page Last Reviewed or Updated: 03-Feb-2014

The Income Tax Return Form 2012

Income tax return form 2012 Publication 590 - Introductory Material Table of Contents What's New for 2013 What's New for 2014 Reminders IntroductionOrdering forms and publications. Income tax return form 2012 Tax questions. Income tax return form 2012 Useful Items - You may want to see: Note. Income tax return form 2012 After 2013, Publication 590 will be split into two separate publications as follows. Income tax return form 2012 Publication 590-A, will focus on contributions to traditional IRAs as well as Roth IRAs. Income tax return form 2012 This publication will include the rules for rollover and conversion contributions. Income tax return form 2012 Publication 590-B, will focus on distributions from traditional IRAs as well as Roth IRAs. Income tax return form 2012 This publication will include the rules for required minimum distributions and IRA beneficiaries. Income tax return form 2012 What's New for 2013 Traditional IRA contribution and deduction limit. Income tax return form 2012  The contribution limit to your traditional IRA for 2013 will be increased to the smaller of the following amounts: $5,500, or Your taxable compensation for the year. Income tax return form 2012 If you were age 50 or older before 2014, the most that can be contributed to your traditional IRA for 2013 will be the smaller of the following amounts: $6,500, or Your taxable compensation for the year. Income tax return form 2012 For more information, see How Much Can Be Contributed? in chapter 1. Income tax return form 2012 Roth IRA contribution limit. Income tax return form 2012  If contributions on your behalf are made only to Roth IRAs, your contribution limit for 2013 will generally be the lesser of: $5,500, or Your taxable compensation for the year. Income tax return form 2012 If you were age 50 or older before 2014 and contributions on your behalf were made only to Roth IRAs, your contribution limit for 2013 will generally be the lesser of: $6,500, or Your taxable compensation for the year. Income tax return form 2012 However, if your modified adjusted gross income (AGI) is above a certain amount, your contribution limit may be reduced. Income tax return form 2012 For more information, see How Much Can Be Contributed? under Can You Contribute to a Roth IRA? in chapter 2. Income tax return form 2012 Modified AGI limit for traditional IRA contributions increased. Income tax return form 2012  For 2013, if you were covered by a retirement plan at work, your deduction for contributions to a traditional IRA is reduced (phased out) if your modified AGI is: More than $95,000 but less than $115,000 for a married couple filing a joint return or a qualifying widow(er), More than $59,000 but less than $69,000 for a single individual or head of household, or Less than $10,000 for a married individual filing a separate return. Income tax return form 2012 If you either lived with your spouse or file a joint return, and your spouse was covered by a retirement plan at work, but you were not, your deduction is phased out if your modified AGI is more than $178,000 but less than $188,000. Income tax return form 2012 If your modified AGI is $188,000 or more, you cannot take a deduction for contributions to a traditional IRA. Income tax return form 2012 See How Much Can You Deduct? in chapter 1. Income tax return form 2012 Modified AGI limit for Roth IRA contributions increased. Income tax return form 2012  For 2013, your Roth IRA contribution limit is reduced (phased out) in the following situations. Income tax return form 2012 Your filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $178,000. Income tax return form 2012 You cannot make a Roth IRA contribution if your modified AGI is $188,000 or more. Income tax return form 2012 Your filing status is single, head of household, or married filing separately and you did not live with your spouse at any time in 2013 and your modified AGI is at least $112,000. Income tax return form 2012 You cannot make a Roth IRA contribution if your modified AGI is $127,000 or more. Income tax return form 2012 Your filing status is married filing separately, you lived with your spouse at any time during the year, and your modified AGI is more than -0-. Income tax return form 2012 You cannot make a Roth IRA contribution if your modified AGI is $10,000 or more. Income tax return form 2012 See Can You Contribute to a Roth IRA? in chapter 2. Income tax return form 2012 Net Investment Income Tax. Income tax return form 2012  For purposes of the Net Investment Income Tax (NIIT), net investment income does not include distributions from a qualified retirement plan (for example, 401(a), 403(a), 403(b), 457(b) plans, and IRAs). Income tax return form 2012 However, these distributions are taken into account when determining the modified adjusted gross income threshold. Income tax return form 2012 Distributions from a nonqualified retirement plan are included in net investment income. Income tax return form 2012 See Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts, and its instructions for more information. Income tax return form 2012 Kay Bailey Hutchison Spousal IRA. Income tax return form 2012 . Income tax return form 2012  In 2013, spousal IRAs were renamed to Kay Bailey Hutchison Spousal IRAs. Income tax return form 2012 There are no changes to the rules regarding these IRAs. Income tax return form 2012 See Kay Bailey Hutchison Spousal IRA Limit in chapter 1 for more information. Income tax return form 2012 What's New for 2014 Modified AGI limit for traditional IRA contributions increased. Income tax return form 2012  For 2014, if you are covered by a retirement plan at work, your deduction for contributions to a traditional IRA is reduced (phased out) if your modified AGI is: More than $96,000 but less than $116,000 for a married couple filing a joint return or a qualifying widow(er), More than $60,000 but less than $70,000 for a single individual or head of household, or Less than $10,000 for a married individual filing a separate return. Income tax return form 2012 If you either live with your spouse or file a joint return, and your spouse is covered by a retirement plan at work, but you are not, your deduction is phased out if your modified AGI is more than $181,000 but less than $191,000. Income tax return form 2012 If your modified AGI is $191,000 or more, you cannot take a deduction for contributions to a traditional IRA. Income tax return form 2012 Modified AGI limit for Roth IRA contributions increased. Income tax return form 2012  For 2014, your Roth IRA contribution limit is reduced (phased out) in the following situations. Income tax return form 2012 Your filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $181,000. Income tax return form 2012 You cannot make a Roth IRA contribution if your modified AGI is $191,000 or more. Income tax return form 2012 Your filing status is single, head of household, or married filing separately and you did not live with your spouse at any time in 2014 and your modified AGI is at least $114,000. Income tax return form 2012 You cannot make a Roth IRA contribution if your modified AGI is $129,000 or more. Income tax return form 2012 Your filing status is married filing separately, you lived with your spouse at any time during the year, and your modified AGI is more than -0-. Income tax return form 2012 You cannot make a Roth IRA contribution if your modified AGI is $10,000 or more. Income tax return form 2012 Reminders Future developments. Income tax return form 2012  For the latest information about developments related to Publication 590, such as legislation enacted after it was published, go to www. Income tax return form 2012 irs. Income tax return form 2012 gov/pub590. Income tax return form 2012 Simplified employee pension (SEP). Income tax return form 2012  SEP IRAs are not covered in this publication. Income tax return form 2012 They are covered in Publication 560, Retirement Plans for Small Business. Income tax return form 2012 Deemed IRAs. Income tax return form 2012  A qualified employer plan (retirement plan) can maintain a separate account or annuity under the plan (a deemed IRA) to receive voluntary employee contributions. Income tax return form 2012 If the separate account or annuity otherwise meets the requirements of an IRA, it will be subject only to IRA rules. Income tax return form 2012 An employee's account can be treated as a traditional IRA or a Roth IRA. Income tax return form 2012 For this purpose, a “qualified employer plan” includes: A qualified pension, profit-sharing, or stock bonus plan (section 401(a) plan), A qualified employee annuity plan (section 403(a) plan), A tax-sheltered annuity plan (section 403(b) plan), and A deferred compensation plan (section 457 plan) maintained by a state, a political subdivision of a state, or an agency or instrumentality of a state or political subdivision of a state. Income tax return form 2012 Contributions to both traditional and Roth IRAs. Income tax return form 2012  For information on your combined contribution limit if you contribute to both traditional and Roth IRAs, see Roth IRAs and traditional IRAs under How Much Can Be Contributed? in chapter 2. Income tax return form 2012 Statement of required minimum distribution (RMD). Income tax return form 2012  If an RMD is required from your IRA, the trustee, custodian, or issuer that held the IRA at the end of the preceding year must either report the amount of the RMD to you, or offer to calculate it for you. Income tax return form 2012 The report or offer must include the date by which the amount must be distributed. Income tax return form 2012 The report is due January 31 of the year in which the minimum distribution is required. Income tax return form 2012 It can be provided with the year-end fair market value statement that you normally get each year. Income tax return form 2012 No report is required for section 403(b) contracts (generally tax-sheltered annuities) or for IRAs of owners who have died. Income tax return form 2012 IRA interest. Income tax return form 2012  Although interest earned from your IRA is generally not taxed in the year earned, it is not tax-exempt interest. Income tax return form 2012 Tax on your traditional IRA is generally deferred until you take a distribution. Income tax return form 2012 Do not report this interest on your return as tax-exempt interest. Income tax return form 2012 For more information on tax-exempt interest, see the instructions for your tax return. Income tax return form 2012 Photographs of missing children. Income tax return form 2012  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Income tax return form 2012 Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Income tax return form 2012 You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Income tax return form 2012 Introduction This publication discusses individual retirement arrangements (IRAs). Income tax return form 2012 An IRA is a personal savings plan that gives you tax advantages for setting aside money for retirement. Income tax return form 2012 What are some tax advantages of an IRA?   Two tax advantages of an IRA are that: Contributions you make to an IRA may be fully or partially deductible, depending on which type of IRA you have and on your circumstances, and Generally, amounts in your IRA (including earnings and gains) are not taxed until distributed. Income tax return form 2012 In some cases, amounts are not taxed at all if distributed according to the rules. Income tax return form 2012 What's in this publication?   This publication discusses traditional, Roth, and SIMPLE IRAs. Income tax return form 2012 It explains the rules for: Setting up an IRA, Contributing to an IRA, Transferring money or property to and from an IRA, Handling an inherited IRA, Receiving distributions (making withdrawals) from an IRA, and Taking a credit for contributions to an IRA. Income tax return form 2012   It also explains the penalties and additional taxes that apply when the rules are not followed. Income tax return form 2012 To assist you in complying with the tax rules for IRAs, this publication contains worksheets, sample forms, and tables, which can be found throughout the publication and in the appendices at the back of the publication. Income tax return form 2012 How to use this publication. Income tax return form 2012   The rules that you must follow depend on which type of IRA you have. Income tax return form 2012 Use Table I-1 to help you determine which parts of this publication to read. Income tax return form 2012 Also use Table I-1 if you were referred to this publication from instructions to a form. Income tax return form 2012 Comments and suggestions. Income tax return form 2012   We welcome your comments about this publication and your suggestions for future editions. Income tax return form 2012   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Income tax return form 2012 NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Income tax return form 2012 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Income tax return form 2012   You can send your comments from www. Income tax return form 2012 irs. Income tax return form 2012 gov/formspubs/. Income tax return form 2012 Click on “More Information” and then on “Comment on Tax Forms and Publications”. Income tax return form 2012   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Income tax return form 2012 Ordering forms and publications. Income tax return form 2012   Visit www. Income tax return form 2012 irs. Income tax return form 2012 gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Income tax return form 2012 Internal Revenue Service 1201 N. Income tax return form 2012 Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Income tax return form 2012   If you have a tax question, check the information available on IRS. Income tax return form 2012 gov or call 1-800-829-1040. Income tax return form 2012 We cannot answer tax questions sent to either of the above addresses. Income tax return form 2012 Useful Items - You may want to see: Publications 560 Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans) 571 Tax-Sheltered Annuity Plans (403(b) Plans) 575 Pension and Annuity Income 939 General Rule for Pensions and Annuities Forms (and instructions) W-4P Withholding Certificate for Pension or Annuity Payments 1099-R Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Income tax return form 2012 5304-SIMPLE Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)–Not for Use With a Designated Financial Institution 5305-S SIMPLE Individual Retirement Trust Account 5305-SA SIMPLE Individual Retirement Custodial Account 5305-SIMPLE Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)–for Use With a Designated Financial Institution 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts 5498 IRA Contribution Information 8606 Nondeductible IRAs 8815 Exclusion of Interest From Series EE and I U. Income tax return form 2012 S. Income tax return form 2012 Savings Bonds Issued After 1989 8839 Qualified Adoption Expenses 8880 Credit for Qualified Retirement Savings Contributions See chapter 5 for information about getting these publications and forms. Income tax return form 2012 Table I-1. Income tax return form 2012 Using This Publication IF you need information on . Income tax return form 2012 . Income tax return form 2012 . Income tax return form 2012 THEN see . Income tax return form 2012 . Income tax return form 2012 . Income tax return form 2012 traditional IRAs chapter 1. Income tax return form 2012 Roth IRAs chapter 2, and parts of  chapter 1. Income tax return form 2012 SIMPLE IRAs chapter 3. Income tax return form 2012 the credit for qualified retirement savings contributions (the saver's credit) chapter 4. Income tax return form 2012 how to keep a record of your contributions to, and distributions from, your traditional IRA(s) appendix A. Income tax return form 2012 SEP IRAs and 401(k) plans Publication 560. Income tax return form 2012 Coverdell education savings accounts (formerly called education IRAs) Publication 970. Income tax return form 2012 IF for 2013, you received social security benefits, had taxable compensation, contributed to a traditional IRA, and you or your spouse was covered by an employer retirement plan, and you want to. Income tax return form 2012 . Income tax return form 2012 . Income tax return form 2012 THEN see . Income tax return form 2012 . Income tax return form 2012 . Income tax return form 2012 first figure your modified adjusted gross income (AGI) appendix B, worksheet 1. Income tax return form 2012 then figure how much of your traditional IRA contribution you can deduct appendix B, worksheet 2. Income tax return form 2012 and finally figure how much of your social security is taxable appendix B, worksheet 3. Income tax return form 2012 Table I-2. Income tax return form 2012 How Are a Traditional IRA and a Roth IRA Different? This table shows the differences between traditional and Roth IRAs. Income tax return form 2012 Answers in the middle column apply to traditional IRAs. Income tax return form 2012 Answers in the right column apply to Roth IRAs. Income tax return form 2012 Question Answer   Traditional IRA? Roth IRA? Is there an age limit on when I can open and contribute to a Yes. Income tax return form 2012 You must not have reached age  70½ by the end of the year. Income tax return form 2012 See Who Can Open a Traditional IRA? in chapter 1. Income tax return form 2012 No. Income tax return form 2012 You can be any age. Income tax return form 2012 See Can You Contribute to a Roth IRA? in chapter 2. Income tax return form 2012 If I earned more than $5,500 in 2013 ($6,500 if I was 50 or older by the end of 2013), is there a limit on how much I can contribute to a Yes. Income tax return form 2012 For 2013, you can contribute to a traditional IRA up to: $5,500, or $6,500 if you were age 50 or older by the end of 2013. Income tax return form 2012  There is no upper limit on how much you can earn and still contribute. Income tax return form 2012 See How Much Can Be Contributed? in chapter 1. Income tax return form 2012 Yes. Income tax return form 2012 For 2013, you may be able to contribute to a Roth IRA up to: $5,500, or $6,500 if you were age 50 or older by the end of 2013,  but the amount you can contribute may be less than that depending on your income, filing status, and if you contribute to another IRA. Income tax return form 2012 See How Much Can Be Contributed? and Table 2-1 in chapter 2. Income tax return form 2012 Can I deduct contributions to a Yes. Income tax return form 2012 You may be able to deduct your contributions to a traditional IRA depending on your income, filing status, whether you are covered by a retirement plan at work, and whether you receive social security benefits. Income tax return form 2012 See How Much Can You Deduct? in chapter 1. Income tax return form 2012 No. Income tax return form 2012 You can never deduct contributions to a Roth IRA. Income tax return form 2012 See What Is a Roth IRA? in chapter 2. Income tax return form 2012 Do I have to file a form just because I contribute to a Not unless you make nondeductible contributions to your traditional IRA. Income tax return form 2012 In that case, you must file Form 8606. Income tax return form 2012 See Nondeductible Contributions in chapter 1. Income tax return form 2012 No. Income tax return form 2012 You do not have to file a form if you contribute to a Roth IRA. Income tax return form 2012 See Contributions not reported in chapter 2. Income tax return form 2012 Do I have to start taking distributions when I reach a certain age from a Yes. Income tax return form 2012 You must begin receiving required minimum distributions by April 1 of the year following the year you reach age 70½. Income tax return form 2012 See When Must You Withdraw Assets? (Required Minimum Distributions) in chapter 1. Income tax return form 2012 No. Income tax return form 2012 If you are the original owner of a Roth IRA, you do not have to take distributions regardless of your age. Income tax return form 2012 See Are Distributions Taxable? in chapter 2. Income tax return form 2012 However, if you are the beneficiary of a Roth IRA, you may have to take distributions. Income tax return form 2012 See Distributions After Owner's Death in chapter 2. Income tax return form 2012 How are distributions taxed from a Distributions from a traditional IRA are taxed as ordinary income, but if you made nondeductible contributions, not all of the distribution is taxable. Income tax return form 2012 See Are Distributions Taxable? in chapter 1. Income tax return form 2012 Distributions from a Roth IRA are not taxed as long as you meet certain criteria. Income tax return form 2012 See Are Distributions Taxable? in chapter 2. Income tax return form 2012 Do I have to file a form just because I receive distributions from a Not unless you have ever made a nondeductible contribution to a traditional IRA. Income tax return form 2012 If you have, file Form 8606. Income tax return form 2012 See Nondeductible Contributions in chapter 1. Income tax return form 2012 Yes. Income tax return form 2012 File Form 8606 if you received distributions from a Roth IRA (other than a rollover, qualified charitable distribution, one-time distribution to fund an HSA, recharacterization, certain qualified distributions, or a return of certain contributions). Income tax return form 2012 Prev  Up  Next   Home   More Online Publications