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Irs Free File 1040ez

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Irs Free File 1040ez

Irs free file 1040ez 11. Irs free file 1040ez   Patient-Centered Outcomes Research Fee Table of Contents The patient-centered outcomes research fee is imposed on issuers of specified health insurance policies (section 4375) and plan sponsors of applicable self-insured health plans (section 4376) for policy and plan years ending on or after October 1, 2012. Irs free file 1040ez Generally, references to taxes on Form 720 include this fee. Irs free file 1040ez Specified health insurance policies. Irs free file 1040ez   For issuers of specified health insurance policies, the fee for a policy year ending before October 1, 2013, is $1. Irs free file 1040ez 00, multiplied by the average number of lives covered under the policy for that policy year. Irs free file 1040ez Generally, issuers of specified health insurance polices must use one of the following four alternative methods to determine the average number of lives covered under a policy for the policy year. Irs free file 1040ez The actual count method. Irs free file 1040ez For policy years that end on or after October 1, 2012, issuers using the actual count method may begin counting lives covered under a policy as of May 14, 2012, rather than the first day of the policy year, and divide by the appropriate number of days remaining in the policy year. Irs free file 1040ez The snapshot method. Irs free file 1040ez For policy years that end on or after October 1, 2012, but that began before May 14, 2012, issuers using the snapshot method may use counts from quarters beginning on or after May 14, 2012, to determine the average number of lives covered under the policy. Irs free file 1040ez The member months method. Irs free file 1040ez And, 4. Irs free file 1040ez The state form method. Irs free file 1040ez The member months data and the data reported on state forms are based on the calendar year. Irs free file 1040ez To adjust for 2012, issuers will use a pro rata approach for calculating the average number of lives covered using the member months method or the state form method for 2012. Irs free file 1040ez For example, issuers using the member months number for 2012 will divide the member months number by 12 and multiply the resulting number by one quarter to arrive at the average number of lives covered for October through December 2012. Irs free file 1040ez Applicable self-insured health plans. Irs free file 1040ez   For plan sponsors of applicable self-insured health plans, the fee for a plan year ending on or after October 1, 2012, and ending before October 1, 2013 is $1. Irs free file 1040ez 00, multiplied by the average number of lives covered under the plan for that plan year. Irs free file 1040ez Generally, plan sponsors of applicable self-insured health plans must use one of the following three alternative methods to determine the average number of lives covered under a plan for the plan year. Irs free file 1040ez Actual count method. Irs free file 1040ez Snapshot method. Irs free file 1040ez Form 5500 method. Irs free file 1040ez However, for plan years beginning before July 11, 2012, and ending on or after October 1, 2012, plan sponsors may determine the average number of lives covered under the plan for the plan year using any reasonable method. Irs free file 1040ez Reporting and paying the fee. Irs free file 1040ez   File Form 720 annually to report and pay the fee on the second quarter Form 720, no later than July 31 of the calendar year immediately following the last day of the policy year or plan year to which the fee applies. Irs free file 1040ez If you file Form 720 only to report the fee, do not file Form 720 for the 1st, 3rd, or 4th quarters of the year. Irs free file 1040ez If you file Form 720 to report quarterly excise tax liability for the 1st, 3rd, or 4th quarter of the year (for example, filers reporting the foreign insurance tax (IRS No. Irs free file 1040ez 30)), do not make an entry on the line for IRS No. Irs free file 1040ez 133 on those filings. Irs free file 1040ez   Deposits are not required for this fee, so issuers and plan sponsors are not required to pay the fee using Electronic Federal Tax Payment System (EFTPS). Irs free file 1040ez   However, if the fee is paid using EFTPS, the payment should be applied to the second quarter. Irs free file 1040ez See Electronic deposit requirement under How To Make Deposits in chapter 13, later. Irs free file 1040ez More information. Irs free file 1040ez   For more information, including methods for calculating the average number of lives covered, see sections 4375, 4376, and 4377; also see T. Irs free file 1040ez D. Irs free file 1040ez 9602, which is on page 746 of I. Irs free file 1040ez R. Irs free file 1040ez B. Irs free file 1040ez 2012-52 at www. Irs free file 1040ez irs. Irs free file 1040ez gov/pub/irs-irbs/irb12-52. Irs free file 1040ez pdf. Irs free file 1040ez Prev  Up  Next   Home   More Online Publications
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The Irs Free File 1040ez

Irs free file 1040ez 2. Irs free file 1040ez   Foreclosures and Repossessions Table of Contents Amount realized and ordinary income on a recourse debt. Irs free file 1040ez Amount realized on a nonrecourse debt. Irs free file 1040ez If you do not make payments you owe on a loan secured by property, the lender may foreclose on the loan or repossess the property. Irs free file 1040ez The foreclosure or repossession is treated as a sale from which you may realize gain or loss. Irs free file 1040ez This is true even if you voluntarily return the property to the lender. Irs free file 1040ez If the outstanding loan balance was more than the FMV of the property and the lender cancels all or part of the remaining loan balance, you also may realize ordinary income from the cancellation of debt. Irs free file 1040ez You must report this income on your return unless certain exceptions or exclusions apply. Irs free file 1040ez See chapter 1 for more details. Irs free file 1040ez Borrower's gain or loss. Irs free file 1040ez    You figure and report gain or loss from a foreclosure or repossession in the same way as gain or loss from a sale. Irs free file 1040ez The gain is the difference between the amount realized and your adjusted basis in the transferred property (amount realized minus adjusted basis). Irs free file 1040ez The loss is the difference between your adjusted basis in the transferred property and the amount realized (adjusted basis minus amount realized). Irs free file 1040ez For more information on figuring gain or loss from the sale of property, see Gain or Loss From Sales and Exchanges in Publication 544. Irs free file 1040ez You can use Table 1-1 to figure your ordinary income from the cancellation of debt and your gain or loss from a foreclosure or repossession. Irs free file 1040ez Amount realized and ordinary income on a recourse debt. Irs free file 1040ez    If you are personally liable for the debt, the amount realized on the foreclosure or repossession includes the smaller of: The outstanding debt immediately before the transfer reduced by any amount for which you remain personally liable immediately after the transfer, or The FMV of the transferred property. Irs free file 1040ez The amount realized also includes any proceeds you received from the foreclosure sale. Irs free file 1040ez If the FMV of the transferred property is less than the total outstanding debt immediately before the transfer reduced by any amount for which you remain personally liable immediately after the transfer, the difference is ordinary income from the cancellation of debt. Irs free file 1040ez You must report this income on your return unless certain exceptions or exclusions apply. Irs free file 1040ez See chapter 1 for more details. Irs free file 1040ez       Example 1. Irs free file 1040ez Tara bought a new car for $15,000. Irs free file 1040ez She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. Irs free file 1040ez Tara is personally liable for the loan (recourse debt) and the car is pledged as security for the loan. Irs free file 1040ez On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. Irs free file 1040ez The balance due after taking into account the payments Tara made was $10,000. Irs free file 1040ez The FMV of the car when it was repossessed was $9,000. Irs free file 1040ez On November 15, 2013, the credit company forgave the remaining $1,000 balance on the loan due to insufficient assets. Irs free file 1040ez In this case, the amount Tara realizes is $9,000. Irs free file 1040ez This is the smaller of: The $10,000 outstanding debt immediately before the repossession reduced by the $1,000 for which she remains personally liable immediately after the repossession ($10,000 − $1,000 = $9,000), or The $9,000 FMV of the car. Irs free file 1040ez Tara figures her gain or loss on the repossession by comparing the $9,000 amount realized with her $15,000 adjusted basis. Irs free file 1040ez She has a $6,000 nondeductible loss. Irs free file 1040ez After the cancellation of the remaining balance on the loan in November, Tara also has ordinary income from cancellation of debt in the amount of $1,000 (the remaining balance on the $10,000 loan after the $9,000 amount satisfied by the FMV of the repossessed car). Irs free file 1040ez Tara must report this $1,000 on her return unless one of the exceptions or exclusions described in chapter 1 applies. Irs free file 1040ez Example 2. Irs free file 1040ez Lili paid $200,000 for her home. Irs free file 1040ez She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. Irs free file 1040ez Lili is personally liable for the mortgage loan and the house secures the loan. Irs free file 1040ez In 2013, the bank foreclosed on the mortgage because Lili stopped making payments. Irs free file 1040ez When the bank foreclosed the mortgage, the balance due was $180,000, the FMV of the house was $170,000, and Lili's adjusted basis was $175,000 due to a casualty loss she had deducted. Irs free file 1040ez At the time of the foreclosure, the bank forgave $2,000 of the $10,000 debt in excess of the FMV ($180,000 minus $170,000). Irs free file 1040ez She remained personally liable for the $8,000 balance. Irs free file 1040ez In this case, Lili has ordinary income from the cancellation of debt in the amount of $2,000. Irs free file 1040ez The $2,000 income from the cancellation of debt is figured by subtracting the $170,000 FMV of the house from the $172,000 difference between her total outstanding debt immediately before the transfer of property and the amount for which she remains personally liable immediately after the transfer ($180,000 minus $8,000). Irs free file 1040ez She is able to exclude the $2,000 of canceled debt from her income under the qualified principal residence indebtedness rules discussed earlier. Irs free file 1040ez Lili must also determine her gain or loss from the foreclosure. Irs free file 1040ez In this case, the amount that she realizes is $170,000. Irs free file 1040ez This is the smaller of: (a) the $180,000 outstanding debt immediately before the transfer reduced by the $8,000 for which she remains personally liable immediately after the transfer ($180,000 − $8,000 = $172,000) or (b) the $170,000 FMV of the house. Irs free file 1040ez Lili figures her gain or loss on the foreclosure by comparing the $170,000 amount realized with her $175,000 adjusted basis. Irs free file 1040ez She has a $5,000 nondeductible loss. Irs free file 1040ez Table 1-1. Irs free file 1040ez Worksheet for Foreclosures and Repossessions Part 1. Irs free file 1040ez Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). Irs free file 1040ez Otherwise, go to Part 2. Irs free file 1040ez 1. Irs free file 1040ez Enter the amount of outstanding debt immediately before the transfer of property reduced by any amount for which you remain personally liable immediately after the transfer of property   2. Irs free file 1040ez Enter the fair market value of the transferred property   3. Irs free file 1040ez Ordinary income from the cancellation of debt upon foreclosure or repossession. Irs free file 1040ez * Subtract line 2 from line 1. Irs free file 1040ez If less than zero, enter zero. Irs free file 1040ez Next, go to Part 2   Part 2. Irs free file 1040ez Gain or loss from foreclosure or repossession. Irs free file 1040ez   4. Irs free file 1040ez Enter the smaller of line 1 or line 2. Irs free file 1040ez If you did not complete Part 1 (because you were not personally liable for the debt), enter the amount of outstanding debt immediately before the transfer of property   5. Irs free file 1040ez Enter any proceeds you received from the foreclosure sale   6. Irs free file 1040ez Add line 4 and line 5   7. Irs free file 1040ez Enter the adjusted basis of the transferred property   8. Irs free file 1040ez Gain or loss from foreclosure or repossession. Irs free file 1040ez Subtract line 7 from line 6   * The income may not be taxable. Irs free file 1040ez See chapter 1 for more details. Irs free file 1040ez Amount realized on a nonrecourse debt. Irs free file 1040ez    If you are not personally liable for repaying the debt secured by the transferred property, the amount you realize includes the full amount of the outstanding debt immediately before the transfer. Irs free file 1040ez This is true even if the FMV of the property is less than the outstanding debt immediately before the transfer. Irs free file 1040ez Example 1. Irs free file 1040ez Tara bought a new car for $15,000. Irs free file 1040ez She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. Irs free file 1040ez Tara is not personally liable for the loan (nonrecourse), but pledged the new car as security for the loan. Irs free file 1040ez On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. Irs free file 1040ez The balance due after taking into account the payments Tara made was $10,000. Irs free file 1040ez The FMV of the car when it was repossessed was $9,000. Irs free file 1040ez The amount Tara realized on the repossession is $10,000. Irs free file 1040ez That is the outstanding amount of debt immediately before the repossession, even though the FMV of the car is less than $10,000. Irs free file 1040ez Tara figures her gain or loss on the repossession by comparing the $10,000 amount realized with her $15,000 adjusted basis. Irs free file 1040ez Tara has a $5,000 nondeductible loss. Irs free file 1040ez Example 2. Irs free file 1040ez Lili paid $200,000 for her home. Irs free file 1040ez She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. Irs free file 1040ez She is not personally liable for the loan, but grants the bank a mortgage. Irs free file 1040ez The bank foreclosed on the mortgage because Lili stopped making payments. Irs free file 1040ez When the bank foreclosed on the mortgage, the balance due was $180,000, the FMV of the house was $170,000, and Lili's adjusted basis was $175,000 due to a casualty loss she had deducted. Irs free file 1040ez The amount Lili realized on the foreclosure is $180,000, the outstanding debt immediately before the foreclosure. Irs free file 1040ez She figures her gain or loss by comparing the $180,000 amount realized with her $175,000 adjusted basis. Irs free file 1040ez Lili has a $5,000 realized gain. Irs free file 1040ez See Publication 523 to figure and report any taxable amount. Irs free file 1040ez Forms 1099-A and 1099-C. Irs free file 1040ez    A lender who acquires an interest in your property in a foreclosure or repossession should send you Form 1099-A, Acquisition or Abandonment of Secured Property, showing information you need to figure your gain or loss. Irs free file 1040ez However, if the lender also cancels part of your debt and must file Form 1099-C, the lender can include the information about the foreclosure or repossession on that form instead of on Form 1099-A. Irs free file 1040ez The lender must file Form 1099-C and send you a copy if the amount of debt canceled is $600 or more and the lender is a financial institution, credit union, federal government agency, or any organization that has a significant trade or business of lending money. Irs free file 1040ez For foreclosures or repossessions occurring in 2013, these forms should be sent to you by January 31, 2014. Irs free file 1040ez Prev  Up  Next   Home   More Online Publications