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Sample 1040x Filled Out

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Sample 1040x Filled Out

Sample 1040x filled out 1. Sample 1040x filled out   Investment Income Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: General InformationSSN for joint account. Sample 1040x filled out Custodian account for your child. Sample 1040x filled out Penalty for failure to supply SSN. Sample 1040x filled out Certification. Sample 1040x filled out Underreported interest and dividends. Sample 1040x filled out How to stop backup withholding due to underreporting. Sample 1040x filled out How to stop backup withholding due to an incorrect identification number. Sample 1040x filled out Reporting backup withholding. Sample 1040x filled out Nonresident aliens. Sample 1040x filled out Penalties. Sample 1040x filled out Savings account with parent as trustee. Sample 1040x filled out Interest IncomeInterest not reported on Form 1099-INT. Sample 1040x filled out Nominees. Sample 1040x filled out Incorrect amount. Sample 1040x filled out Information reporting requirement. Sample 1040x filled out Taxable Interest — General Below-Market Loans U. Sample 1040x filled out S. Sample 1040x filled out Savings Bonds U. Sample 1040x filled out S. Sample 1040x filled out Treasury Bills, Notes, and Bonds Bonds Sold Between Interest Dates Insurance State or Local Government Obligations Discount on Debt InstrumentsOriginal Issue Discount (OID) Market Discount Bonds Discount on Short-Term Obligations Election To Report All Interest as OID When To Report Interest IncomeConstructive receipt. Sample 1040x filled out How To Report Interest IncomeSchedule B (Form 1040A or 1040). Sample 1040x filled out Worksheet for savings bonds distributed from a retirement or profit-sharing plan. Sample 1040x filled out File Form 1099-INT with the IRS. Sample 1040x filled out Dividends and Other DistributionsDividends not reported on Form 1099-DIV. Sample 1040x filled out Nominees. Sample 1040x filled out Ordinary Dividends Capital Gain Distributions Nondividend Distributions Liquidating Distributions Distributions of Stock and Stock Rights Other Distributions How To Report Dividend IncomeElection. Sample 1040x filled out Independent contractor. Sample 1040x filled out Investment interest deducted. Sample 1040x filled out Exception 1. Sample 1040x filled out Exception 2. Sample 1040x filled out Undistributed capital gains. Sample 1040x filled out File Form 1099-DIV with the IRS. Sample 1040x filled out Stripped Preferred Stock REMICs, FASITs, and Other CDOsREMICs Collateralized Debt Obligations (CDOs) FASITs S CorporationsLimit on losses and deductions. Sample 1040x filled out Passive activity losses. Sample 1040x filled out Form 8582. Sample 1040x filled out Investment ClubsInvestments in name of member. Sample 1040x filled out Tax Treatment of the Club Topics - This chapter discusses: Interest Income , Discount on Debt Instruments , When To Report Interest Income , How To Report Interest Income , Dividends and Other Distributions , How To Report Dividend Income , Stripped Preferred Stock , Real estate mortgage investment conduits (REMICs), financial asset securitization investment trusts (FASITs), and other collateralized debt obligations (CDOs) , S Corporations , and Investment Clubs . Sample 1040x filled out Useful Items - You may want to see: Publication 525 Taxable and Nontaxable Income 537 Installment Sales 590 Individual Retirement Arrangements (IRAs) 925 Passive Activity and At-Risk Rules 1212 Guide to Original Issue Discount (OID) Instruments Form (and Instructions) Schedule B (Form 1040A or 1040) Interest and Ordinary Dividends Schedule D (Form 1040) Capital Gains and Losses 1040 U. Sample 1040x filled out S. Sample 1040x filled out Individual Income Tax Return 1040A U. Sample 1040x filled out S. Sample 1040x filled out Individual Income Tax Return 1040EZ Income Tax Return for Single and Joint Filers With No Dependents 1099 General Instructions for Certain Information Returns 2439 Notice to Shareholder of Undistributed Long-Term Capital Gains 3115 Application for Change in Accounting Method 6251 Alternative Minimum Tax — Individuals 8582 Passive Activity Loss Limitations 8615 Tax for Certain Children Who Have Unearned Income 8814 Parents' Election To Report Child's Interest and Dividends 8815 Exclusion of Interest From Series EE and I U. Sample 1040x filled out S. Sample 1040x filled out Savings Bonds Issued After 1989 8818 Optional Form To Record Redemption of Series EE and I U. Sample 1040x filled out S. Sample 1040x filled out Savings Bonds Issued After 1989 8824 Like-Kind Exchanges 8949 Sales and Other Dispositions of Capital Assets 8960 Net Investment Income Tax—Individuals, Estates, and Trusts See chapter 5, How To Get Tax Help , for information about getting these publications and forms. Sample 1040x filled out General Information A few items of general interest are covered here. Sample 1040x filled out Recordkeeping. Sample 1040x filled out You should keep a list showing sources and investment income amounts you receive during the year. Sample 1040x filled out Also keep the forms you receive showing your investment income (Forms 1099-INT, Interest Income, and 1099-DIV, Dividends and Distributions, for example) as an important part of your records. Sample 1040x filled out Net investment income tax (NIIT). Sample 1040x filled out   Beginning in 2013, you may be subject to the NIIT. Sample 1040x filled out The NIIT is a 3. Sample 1040x filled out 8% tax on the lesser of your net investment income or the amount of your modified adjusted gross income (MAGI) that is over a threshold amount based on your filing status. Sample 1040x filled out    Filing Status Threshold Amount Married filing jointly $250,000 Married filing separately $125,000 Single $200,000 Head of household (with qualifying person) $200,000 Qualifying Widow(er) with dependent child $250,000    For more information, see Form 8960 and Instructions for Form 8960. Sample 1040x filled out Tax on unearned income of certain children. Sample 1040x filled out   Part of a child's 2013 unearned income may be taxed at the parent's tax rate. Sample 1040x filled out This may happen if all of the following are true. Sample 1040x filled out The child had more than $2,000 of unearned income. Sample 1040x filled out The child is required to file a tax return. Sample 1040x filled out The child was: Under age 18 at the end of 2013, Age 18 at the end of 2013 and did not have earned income that was more than half of the child's support, or A full-time student over age 18 and under age 24 at the end of 2013 and did not have earned income that was more than half of the child's support. Sample 1040x filled out At least one of the child's parents was alive at the end of 2013. Sample 1040x filled out The child does not file a joint return for 2013. Sample 1040x filled out A child born on January 1, 1996, is considered to be age 18 at the end of 2013; a child born on January 1, 1995, is considered to be age 19 at the end of 2013; a child born on January 1, 1990, is considered to be age 24 at the end of 2013. Sample 1040x filled out   If all of these statements are true, Form 8615 must be completed and attached to the child's tax return. Sample 1040x filled out If any of these statements is not true, Form 8615 is not required and the child's income is taxed at his or her own tax rate. Sample 1040x filled out    However, the parent can choose to include the child's interest and dividends on the parent's return if certain requirements are met. Sample 1040x filled out Use Form 8814 for this purpose. Sample 1040x filled out   For more information about the tax on unearned income of children and the parents' election, see Publication 929, Tax Rules for Children and Dependents. Sample 1040x filled out Beneficiary of an estate or trust. Sample 1040x filled out   Interest, dividends, and other investment income you receive as a beneficiary of an estate or trust is generally taxable income. Sample 1040x filled out You should receive a Schedule K-1 (Form 1041), Beneficiary's Share of Income, Deductions, Credits, etc. Sample 1040x filled out , from the fiduciary. Sample 1040x filled out Your copy of Schedule K-1 (Form 1041) and its instructions will tell you where to report the income on your Form 1040. Sample 1040x filled out Social security number (SSN). Sample 1040x filled out   You must give your name and SSN or individual tax identification number (ITIN) to any person required by federal tax law to make a return, statement, or other document that relates to you. Sample 1040x filled out This includes payers of interest and dividends. Sample 1040x filled out If you do not give your SSN or ITIN to the payer of interest, you may have to pay a penalty. Sample 1040x filled out SSN for joint account. Sample 1040x filled out   If the funds in a joint account belong to one person, list that person's name first on the account and give that person's SSN to the payer. Sample 1040x filled out (For information on who owns the funds in a joint account, see Joint accounts , later. Sample 1040x filled out ) If the joint account contains combined funds, give the SSN of the person whose name is listed first on the account. Sample 1040x filled out This is because only one name and SSN can be shown on Form 1099. Sample 1040x filled out   These rules apply both to joint ownership by a married couple and to joint ownership by other individuals. Sample 1040x filled out For example, if you open a joint savings account with your child using funds belonging to the child, list the child's name first on the account and give the child's SSN. Sample 1040x filled out Custodian account for your child. Sample 1040x filled out   If your child is the actual owner of an account that is recorded in your name as custodian for the child, give the child's SSN to the payer. Sample 1040x filled out For example, you must give your child's SSN to the payer of dividends on stock owned by your child, even though the dividends are paid to you as custodian. Sample 1040x filled out Penalty for failure to supply SSN. Sample 1040x filled out   You will be subject to a penalty if, when required, you fail to: Include your SSN on any return, statement, or other document, Give your SSN to another person who must include it on any return, statement, or other document, or Include the SSN of another person on any return, statement, or other document. Sample 1040x filled out The penalty is $50 for each failure up to a maximum penalty of $100,000 for any calendar year. Sample 1040x filled out   You will not be subject to this penalty if you can show that your failure to provide the SSN was due to reasonable cause and not to willful neglect. Sample 1040x filled out   If you fail to supply an SSN, you may also be subject to backup withholding. Sample 1040x filled out Backup withholding. Sample 1040x filled out   Your investment income is generally not subject to regular withholding. Sample 1040x filled out However, it may be subject to backup withholding to ensure that income tax is collected on the income. Sample 1040x filled out Under backup withholding, the bank, broker, or other payer of interest, original issue discount (OID), dividends, cash patronage dividends, or royalties must withhold, as income tax, on the amount you are paid, applying the appropriate withholding rate. Sample 1040x filled out   Backup withholding applies if: You do not give the payer your identification number (either a social security number or an employer identification number) in the required manner, The IRS notifies the payer that you gave an incorrect identification number, The IRS notifies the payer that you are subject to backup withholding on interest or dividends because you have underreported interest or dividends on your income tax return, or You are required, but fail, to certify that you are not subject to backup withholding for the reason described in (3). Sample 1040x filled out Certification. Sample 1040x filled out   For new accounts paying interest or dividends, you must certify under penalties of perjury that your SSN is correct and that you are not subject to backup withholding. Sample 1040x filled out Your payer will give you a Form W-9, Request for Taxpayer Identification Number and Certification, or similar form, to make this certification. Sample 1040x filled out If you fail to make this certification, backup withholding may begin immediately on your new account or investment. Sample 1040x filled out Underreported interest and dividends. Sample 1040x filled out   You will be considered to have underreported your interest and dividends if the IRS has determined for a tax year that: You failed to include any part of a reportable interest or dividend payment required to be shown on your return, or You were required to file a return and to include a reportable interest or dividend payment on that return, but you failed to file the return. Sample 1040x filled out How to stop backup withholding due to underreporting. Sample 1040x filled out   If you have been notified that you underreported interest or dividends, you can request a determination from the IRS to prevent backup withholding from starting or to stop backup withholding once it has begun. Sample 1040x filled out You must show that at least one of the following situations applies. Sample 1040x filled out No underreporting occurred. Sample 1040x filled out You have a bona fide dispute with the IRS about whether underreporting occurred. Sample 1040x filled out Backup withholding will cause or is causing an undue hardship, and it is unlikely that you will underreport interest and dividends in the future. Sample 1040x filled out You have corrected the underreporting by filing a return if you did not previously file one and by paying all taxes, penalties, and interest due for any underreported interest or dividend payments. Sample 1040x filled out   If the IRS determines that backup withholding should stop, it will provide you with a certification and will notify the payers who were sent notices earlier. Sample 1040x filled out How to stop backup withholding due to an incorrect identification number. Sample 1040x filled out   If you have been notified by a payer that you are subject to backup withholding because you have provided an incorrect SSN or employer identification number, you can stop it by following the instructions the payer gives you. Sample 1040x filled out Reporting backup withholding. Sample 1040x filled out   If backup withholding is deducted from your interest or dividend income or other reportable payment, the bank or other business must give you an information return for the year (for example, a Form 1099-INT) indicating the amount withheld. Sample 1040x filled out The information return will show any backup withholding as “Federal income tax withheld. Sample 1040x filled out ” Nonresident aliens. Sample 1040x filled out    Generally, payments made to nonresident aliens are not subject to backup withholding. Sample 1040x filled out You can use Form W-8BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding, to certify exempt status. Sample 1040x filled out However, this does not exempt you from the 30% (or lower treaty) withholding rate that may apply to your investment income. Sample 1040x filled out For information on the 30% rate, see Publication 519, U. Sample 1040x filled out S. Sample 1040x filled out Tax Guide for Aliens. Sample 1040x filled out Penalties. Sample 1040x filled out   There are civil and criminal penalties for giving false information to avoid backup withholding. Sample 1040x filled out The civil penalty is $500. Sample 1040x filled out The criminal penalty, upon conviction, is a fine of up to $1,000, or imprisonment of up to 1 year, or both. Sample 1040x filled out Where to report investment income. Sample 1040x filled out   Table 1-1 gives an overview of the forms and schedules to use to report some common types of investment income. Sample 1040x filled out But see the rest of this publication for detailed information about reporting investment income. Sample 1040x filled out Joint accounts. Sample 1040x filled out   If two or more persons hold property (such as a savings account, bond, or stock) as joint tenants, tenants by the entirety, or tenants in common, each person's share of any interest or dividends from the property is determined by local law. Sample 1040x filled out Community property states. Sample 1040x filled out   If you are married and receive a distribution that is community income, one-half of the distribution is generally considered to be received by each spouse. Sample 1040x filled out If you file separate returns, you must each report one-half of any taxable distribution. Sample 1040x filled out See Publication 555, Community Property, for more information on community income. Sample 1040x filled out   If the distribution is not considered community property and you and your spouse file separate returns, each of you must report your separate taxable distributions. Sample 1040x filled out Example. Sample 1040x filled out You and your spouse have a joint money market account. Sample 1040x filled out Under state law, half the income from the account belongs to you, and half belongs to your spouse. Sample 1040x filled out If you file separate returns, you each report half the income. Sample 1040x filled out Income from property given to a child. Sample 1040x filled out   Property you give as a parent to your child under the Model Gifts of Securities to Minors Act, the Uniform Gifts to Minors Act, or any similar law becomes the child's property. Sample 1040x filled out   Income from the property is taxable to the child, except that any part used to satisfy a legal obligation to support the child is taxable to the parent or guardian having that legal obligation. Sample 1040x filled out Savings account with parent as trustee. Sample 1040x filled out   Interest income from a savings account opened for a minor child, but placed in the name and subject to the order of the parents as trustees, is taxable to the child if, under the law of the state in which the child resides, both of the following are true. Sample 1040x filled out The savings account legally belongs to the child. Sample 1040x filled out The parents are not legally permitted to use any of the funds to support the child. Sample 1040x filled out Table 1-1. Sample 1040x filled out Where To Report Common Types of Investment Income (For detailed information about reporting investment income, see the rest of this publication, especially How To Report Interest Income and How To Report Dividend Income in chapter 1. Sample 1040x filled out ) Type of Income If you file Form 1040, report on . Sample 1040x filled out . Sample 1040x filled out . Sample 1040x filled out If you can file Form 1040A, report on . Sample 1040x filled out . Sample 1040x filled out . Sample 1040x filled out If you can file Form 1040EZ, report on . Sample 1040x filled out . Sample 1040x filled out . Sample 1040x filled out Tax-exempt interest (Form 1099-INT, box 8) Line 8b Line 8b Space to the left of line 2 (enter “TEI” and the amount) Taxable interest that totals $1,500 or less Line 8a (You may need to file Schedule B as well. Sample 1040x filled out ) Line 8a (You may need to file Schedule B as well. Sample 1040x filled out ) Line 2 Taxable interest that totals more than $1,500 Line 8a; also use Schedule B, line 1 Line 8a; also use Schedule B, line 1   Savings bond interest you will exclude because of higher education expenses Schedule B; also use Form 8815 Schedule B; also use Form 8815   Ordinary dividends that total $1,500 or less Line 9a (You may need to file Schedule B as well. Sample 1040x filled out ) Line 9a (You may need to file Schedule B as well. Sample 1040x filled out )   Ordinary dividends that total more than $1,500 Line 9a; also use Schedule B, line 5 Line 9a; also use Schedule B, line 5   Qualified dividends (if you do not have to file Schedule D) Line 9b; also use the Qualified Dividends and Capital Gain Tax Worksheet, line 2 Line 9b; also use the Qualified Dividends and Capital Gain Tax Worksheet, line 2   Qualified dividends (if you have to file Schedule D) Line 9b; also use the Qualified Dividends and Capital Gain Tax Worksheet or the Schedule D Tax Worksheet, line 2 You cannot use Form 1040A    You cannot use Form 1040EZ Capital gain distributions (if you do not have to file Schedule D) Line 13; also use the Qualified Dividends and Capital Gain Tax Worksheet, line 3 Line 10; also use the Qualified Dividends and Capital Gain Tax Worksheet, line 3   Capital gain distributions (if you have to file Schedule D) Schedule D, line 13; also use the Qualified Dividends and Capital Gain Tax Worksheet or the Schedule D Tax Worksheet     Section 1250, 1202, or collectibles gain (Form 1099-DIV, box 2b, 2c, or 2d) Form 8949 and Schedule D     Nondividend distributions (Form 1099-DIV, box 3) Generally not reported*     Undistributed capital gains (Form 2439, boxes 1a - 1d) Schedule D     Gain or loss from sales of stocks or bonds Line 13; also use Form 8949, Schedule D, and the Qualified Dividends and Capital Gain Tax Worksheet or the Schedule D Tax Worksheet You cannot use Form 1040A   Gain or loss from exchanges of like-kind investment property Line 13; also use Schedule D, Form 8824, and the Qualified Dividends and Capital Gain Tax Worksheet or the Schedule D Tax Worksheet     *Report any amounts in excess of your basis in your mutual fund shares on Form 8949. Sample 1040x filled out Use Part II if you held the shares more than 1 year. Sample 1040x filled out Use Part I if you held your mutual fund shares 1 year or less. Sample 1040x filled out For details on Form 8949, see Reporting Capital Gains and Losses in chapter 4, and the Instructions for Form 8949. Sample 1040x filled out Accuracy-related penalty. Sample 1040x filled out   An accuracy-related penalty of 20% can be charged for underpayments of tax due to negligence or disregard of rules or regulations or substantial understatement of tax. Sample 1040x filled out For information on the penalty and any interest that applies, see Penalties in chapter 2. Sample 1040x filled out Interest Income This section discusses the tax treatment of different types of interest income. Sample 1040x filled out In general, any interest that you receive or that is credited to your account and can be withdrawn is taxable income. Sample 1040x filled out (It does not have to be entered in your passbook. Sample 1040x filled out ) Exceptions to this rule are discussed later. Sample 1040x filled out Form 1099-INT. Sample 1040x filled out   Interest income is generally reported to you on Form 1099-INT, or a similar statement, by banks, savings and loans, and other payers of interest. Sample 1040x filled out This form shows you the interest you received during the year. Sample 1040x filled out Keep this form for your records. Sample 1040x filled out You do not have to attach it to your tax return. Sample 1040x filled out   Report on your tax return the total interest income you receive for the tax year. Sample 1040x filled out Interest not reported on Form 1099-INT. Sample 1040x filled out   Even if you do not receive Form 1099-INT, you must still report all of your interest income. Sample 1040x filled out For example, you may receive distributive shares of interest from partnerships or S corporations. Sample 1040x filled out This interest is reported to you on Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc. Sample 1040x filled out , and Schedule K-1 (Form 1120S), Shareholder's Share of Income, Deductions, Credits, etc. Sample 1040x filled out Nominees. Sample 1040x filled out   Generally, if someone receives interest as a nominee for you, that person must give you a Form 1099-INT showing the interest received on your behalf. Sample 1040x filled out   If you receive a Form 1099-INT that includes amounts belonging to another person, see the discussion on Nominee distributions , later, under How To Report Interest Income. Sample 1040x filled out Incorrect amount. Sample 1040x filled out   If you receive a Form 1099-INT that shows an incorrect amount (or other incorrect information), you should ask the issuer for a corrected form. Sample 1040x filled out The new Form 1099-INT you receive will be marked “Corrected. Sample 1040x filled out ” Form 1099-OID. Sample 1040x filled out   Reportable interest income also may be shown on Form 1099-OID, Original Issue Discount. Sample 1040x filled out For more information about amounts shown on this form, see Original Issue Discount (OID) , later in this chapter. Sample 1040x filled out Exempt-interest dividends. Sample 1040x filled out   Exempt-interest dividends you receive from a mutual fund or other regulated investment company, including those received from a qualified fund of funds in any tax year beginning after December 22, 2010, are not included in your taxable income. Sample 1040x filled out (However, see Information reporting requirement , next. Sample 1040x filled out ) Exempt-interest dividends should be shown in box 10 of Form 1099-DIV. Sample 1040x filled out You do not reduce your basis for distributions that are exempt-interest dividends. Sample 1040x filled out Information reporting requirement. Sample 1040x filled out   Although exempt-interest dividends are not taxable, you must show them on your tax return if you have to file. Sample 1040x filled out This is an information reporting requirement and does not change the exempt-interest dividends into taxable income. Sample 1040x filled out See How To Report Interest Income , later. Sample 1040x filled out Note. Sample 1040x filled out Exempt-interest dividends paid from specified private activity bonds may be subject to the alternative minimum tax. Sample 1040x filled out The exempt-interest dividends subject to the alternative minimum tax are shown in box 11 of Form 1099-DIV. Sample 1040x filled out See Form 6251 and its instructions for more information about this tax. Sample 1040x filled out Private activity bonds are discussed later under State or Local Government Obligations. Sample 1040x filled out Interest on VA dividends. Sample 1040x filled out   Interest on insurance dividends left on deposit with the Department of Veterans Affairs (VA) is not taxable. Sample 1040x filled out This includes interest paid on dividends on converted United States Government Life Insurance policies and on National Service Life Insurance policies. Sample 1040x filled out Individual retirement arrangements (IRAs). Sample 1040x filled out   Interest on a Roth IRA generally is not taxable. Sample 1040x filled out Interest on a traditional IRA is tax deferred. Sample 1040x filled out You generally do not include it in your income until you make withdrawals from the IRA. Sample 1040x filled out See Publication 590 for more information. Sample 1040x filled out Taxable Interest — General Taxable interest includes interest you receive from bank accounts, loans you make to others, and other sources. Sample 1040x filled out The following are some sources of taxable interest. Sample 1040x filled out Dividends that are actually interest. Sample 1040x filled out   Certain distributions commonly called dividends are actually interest. Sample 1040x filled out You must report as interest so-called “dividends” on deposits or on share accounts in: Cooperative banks, Credit unions, Domestic building and loan associations, Domestic savings and loan associations, Federal savings and loan associations, and Mutual savings banks. Sample 1040x filled out  The “dividends” will be shown as interest income on Form 1099-INT. Sample 1040x filled out Money market funds. Sample 1040x filled out   Money market funds are offered by nonbank financial institutions such as mutual funds and stock brokerage houses, and pay dividends. Sample 1040x filled out Generally, amounts you receive from money market funds should be reported as dividends, not as interest. Sample 1040x filled out Certificates of deposit and other deferred interest accounts. Sample 1040x filled out   If you open any of these accounts, interest may be paid at fixed intervals of 1 year or less during the term of the account. Sample 1040x filled out You generally must include this interest in your income when you actually receive it or are entitled to receive it without paying a substantial penalty. Sample 1040x filled out The same is true for accounts that mature in 1 year or less and pay interest in a single payment at maturity. Sample 1040x filled out If interest is deferred for more than 1 year, see Original Issue Discount (OID) , later. Sample 1040x filled out Interest subject to penalty for early withdrawal. Sample 1040x filled out   If you withdraw funds from a deferred interest account before maturity, you may have to pay a penalty. Sample 1040x filled out You must report the total amount of interest paid or credited to your account during the year, without subtracting the penalty. Sample 1040x filled out See Penalty on early withdrawal of savings under How To Report Interest Income, later, for more information on how to report the interest and deduct the penalty. Sample 1040x filled out Money borrowed to invest in certificate of deposit. Sample 1040x filled out   The interest you pay on money borrowed from a bank or savings institution to meet the minimum deposit required for a certificate of deposit from the institution and the interest you earn on the certificate are two separate items. Sample 1040x filled out You must report the total interest you earn on the certificate in your income. Sample 1040x filled out If you itemize deductions, you can deduct the interest you pay as investment interest, up to the amount of your net investment income. Sample 1040x filled out See Interest Expenses in chapter 3. Sample 1040x filled out Example. Sample 1040x filled out You deposited $5,000 with a bank and borrowed $5,000 from the bank to make up the $10,000 minimum deposit required to buy a 6-month certificate of deposit. Sample 1040x filled out The certificate earned $575 at maturity in 2013, but you received only $265, which represented the $575 you earned minus $310 interest charged on your $5,000 loan. Sample 1040x filled out The bank gives you a Form 1099-INT for 2013 showing the $575 interest you earned. Sample 1040x filled out The bank also gives you a statement showing that you paid $310 interest for 2013. Sample 1040x filled out You must include the $575 in your income. Sample 1040x filled out If you itemize your deductions on Schedule A (Form 1040), Itemized Deductions, you can deduct $310, subject to the net investment income limit. Sample 1040x filled out Gift for opening account. Sample 1040x filled out   If you receive noncash gifts or services for making deposits or for opening an account in a savings institution, you may have to report the value as interest. Sample 1040x filled out   For deposits of less than $5,000, gifts or services valued at more than $10 must be reported as interest. Sample 1040x filled out For deposits of $5,000 or more, gifts or services valued at more than $20 must be reported as interest. Sample 1040x filled out The value is determined by the cost to the financial institution. Sample 1040x filled out Example. Sample 1040x filled out You open a savings account at your local bank and deposit $800. Sample 1040x filled out The account earns $20 interest. Sample 1040x filled out You also receive a $15 calculator. Sample 1040x filled out If no other interest is credited to your account during the year, the Form 1099-INT you receive will show $35 interest for the year. Sample 1040x filled out You must report $35 interest income on your tax return. Sample 1040x filled out Interest on insurance dividends. Sample 1040x filled out   Interest on insurance dividends left on deposit with an insurance company that can be withdrawn annually is taxable to you in the year it is credited to your account. Sample 1040x filled out However, if you can withdraw it only on the anniversary date of the policy (or other specified date), the interest is taxable in the year that date occurs. Sample 1040x filled out Prepaid insurance premiums. Sample 1040x filled out   Any increase in the value of prepaid insurance premiums, advance premiums, or premium deposit funds is interest if it is applied to the payment of premiums due on insurance policies or made available for you to withdraw. Sample 1040x filled out U. Sample 1040x filled out S. Sample 1040x filled out obligations. Sample 1040x filled out   Interest on U. Sample 1040x filled out S. Sample 1040x filled out obligations, such as U. Sample 1040x filled out S. Sample 1040x filled out Treasury bills, notes, and bonds, issued by any agency or instrumentality of the United States is taxable for federal income tax purposes. Sample 1040x filled out Interest on tax refunds. Sample 1040x filled out   Interest you receive on tax refunds is taxable income. Sample 1040x filled out Interest on condemnation award. Sample 1040x filled out   If the condemning authority pays you interest to compensate you for a delay in payment of an award, the interest is taxable. Sample 1040x filled out Installment sale payments. Sample 1040x filled out   If a contract for the sale or exchange of property provides for deferred payments, it also usually provides for interest payable with the deferred payments. Sample 1040x filled out That interest is taxable when you receive it. Sample 1040x filled out If little or no interest is provided for in a deferred payment contract, part of each payment may be treated as interest. Sample 1040x filled out See Unstated Interest and Original Issue Discount (OID) in Publication 537. Sample 1040x filled out Interest on annuity contract. Sample 1040x filled out   Accumulated interest on an annuity contract you sell before its maturity date is taxable. Sample 1040x filled out Usurious interest. Sample 1040x filled out   Usurious interest is interest charged at an illegal rate. Sample 1040x filled out This is taxable as interest unless state law automatically changes it to a payment on the principal. Sample 1040x filled out Interest income on frozen deposits. Sample 1040x filled out   Exclude from your gross income interest on frozen deposits. Sample 1040x filled out A deposit is frozen if, at the end of the year, you cannot withdraw any part of the deposit because: The financial institution is bankrupt or insolvent, or The state in which the institution is located has placed limits on withdrawals because other financial institutions in the state are bankrupt or insolvent. Sample 1040x filled out   The amount of interest you must exclude is the interest that was credited on the frozen deposits minus the sum of: The net amount you withdrew from these deposits during the year, and The amount you could have withdrawn as of the end of the year (not reduced by any penalty for premature withdrawals of a time deposit). Sample 1040x filled out If you receive a Form 1099-INT for interest income on deposits that were frozen at the end of 2013, see Frozen deposits under How To Report Interest Income for information about reporting this interest income exclusion on your tax return. Sample 1040x filled out   The interest you exclude is treated as credited to your account in the following year. Sample 1040x filled out You must include it in income in the year you can withdraw it. Sample 1040x filled out Example. Sample 1040x filled out $100 of interest was credited on your frozen deposit during the year. Sample 1040x filled out You withdrew $80 but could not withdraw any more as of the end of the year. Sample 1040x filled out You must include $80 in your income and exclude $20 from your income for the year. Sample 1040x filled out You must include the $20 in your income for the year you can withdraw it. Sample 1040x filled out Bonds traded flat. Sample 1040x filled out    If you buy a bond at a discount when interest has been defaulted or when the interest has accrued but has not been paid, the transaction is described as trading a bond flat. Sample 1040x filled out The defaulted or unpaid interest is not income and is not taxable as interest if paid later. Sample 1040x filled out When you receive a payment of that interest, it is a return of capital that reduces the remaining cost basis of your bond. Sample 1040x filled out Interest that accrues after the date of purchase, however, is taxable interest income for the year received or accrued. Sample 1040x filled out See Bonds Sold Between Interest Dates , later in this chapter. Sample 1040x filled out Below-Market Loans If you make a below-market gift or demand loan, you must report as interest income any forgone interest (defined later) from that loan. Sample 1040x filled out The below-market loan rules and exceptions are described in this section. Sample 1040x filled out For more information, see section 7872 of the Internal Revenue Code and its regulations. Sample 1040x filled out If you receive a below-market loan, you may be able to deduct the forgone interest as well as any interest you actually paid, but not if it is personal interest. Sample 1040x filled out Loans subject to the rules. Sample 1040x filled out   The rules for below-market loans apply to: Gift loans, Pay-related loans, Corporation-shareholder loans, Tax avoidance loans, and Certain loans made to qualified continuing care facilities under a continuing care contract. Sample 1040x filled out A pay-related loan is any below-market loan between an employer and an employee or between an independent contractor and a person for whom the contractor provides services. Sample 1040x filled out A tax avoidance loan is any below-market loan where the avoidance of federal tax is one of the main purposes of the interest arrangement. Sample 1040x filled out Forgone interest. Sample 1040x filled out   For any period, forgone interest is: The amount of interest that would be payable for that period if interest accrued on the loan at the applicable federal rate and was payable annually on December 31, minus Any interest actually payable on the loan for the period. Sample 1040x filled out Applicable federal rate. Sample 1040x filled out   Applicable federal rates are published by the IRS each month in the Internal Revenue Bulletin. Sample 1040x filled out Some IRS offices have these bulletins available for research. Sample 1040x filled out See chapter 5, How To Get Tax Help , for other ways to get this information. Sample 1040x filled out Rules for below-market loans. Sample 1040x filled out   The rules that apply to a below-market loan depend on whether the loan is a gift loan, demand loan, or term loan. Sample 1040x filled out Gift and demand loans. Sample 1040x filled out   A gift loan is any below-market loan where the forgone interest is in the nature of a gift. Sample 1040x filled out   A demand loan is a loan payable in full at any time upon demand by the lender. Sample 1040x filled out A demand loan is a below-market loan if no interest is charged or if interest is charged at a rate below the applicable federal rate. Sample 1040x filled out   A demand loan or gift loan that is a below-market loan is generally treated as an arm's-length transaction in which the lender is treated as having made: A loan to the borrower in exchange for a note that requires the payment of interest at the applicable federal rate, and An additional payment to the borrower in an amount equal to the forgone interest. Sample 1040x filled out The borrower is generally treated as transferring the additional payment back to the lender as interest. Sample 1040x filled out The lender must report that amount as interest income. Sample 1040x filled out   The lender's additional payment to the borrower is treated as a gift, dividend, contribution to capital, pay for services, or other payment, depending on the substance of the transaction. Sample 1040x filled out The borrower may have to report this payment as taxable income, depending on its classification. Sample 1040x filled out These transfers are considered to occur annually, generally on December 31. Sample 1040x filled out Term loans. Sample 1040x filled out   A term loan is any loan that is not a demand loan. Sample 1040x filled out A term loan is a below-market loan if the amount of the loan is more than the present value of all payments due under the loan. Sample 1040x filled out   A lender who makes a below-market term loan other than a gift loan is treated as transferring an additional lump-sum cash payment to the borrower (as a dividend, contribution to capital, etc. Sample 1040x filled out ) on the date the loan is made. Sample 1040x filled out The amount of this payment is the amount of the loan minus the present value, at the applicable federal rate, of all payments due under the loan. Sample 1040x filled out An equal amount is treated as original issue discount (OID). Sample 1040x filled out The lender must report the annual part of the OID as interest income. Sample 1040x filled out The borrower may be able to deduct the OID as interest expense. Sample 1040x filled out See Original Issue Discount (OID) , later. Sample 1040x filled out Exceptions to the below-market loan rules. Sample 1040x filled out   Exceptions to the below-market loan rules are discussed here. Sample 1040x filled out Exception for loans of $10,000 or less. Sample 1040x filled out   The rules for below-market loans do not apply to any day on which the total outstanding amount of loans between the borrower and lender is $10,000 or less. Sample 1040x filled out This exception applies only to: Gift loans between individuals if the gift loan is not directly used to buy or carry income-producing assets, and Pay-related loans or corporation-shareholder loans if the avoidance of federal tax is not a principal purpose of the interest arrangement. Sample 1040x filled out This exception does not apply to a term loan described in (2) earlier that previously has been subject to the below-market loan rules. Sample 1040x filled out Those rules will continue to apply even if the outstanding balance is reduced to $10,000 or less. Sample 1040x filled out Exception for loans to continuing care facilities. Sample 1040x filled out   Loans to qualified continuing care facilities under continuing care contracts are not subject to the rules for below-market loans for the calendar year if the lender or the lender's spouse is age 62 or older at the end of the year. Sample 1040x filled out For the definitions of qualified continuing care facility and continuing care contract, see Internal Revenue Code section 7872(h). Sample 1040x filled out Exception for loans without significant tax effect. Sample 1040x filled out   Loans are excluded from the below-market loan rules if their interest arrangements do not have a significant effect on the federal tax liability of the borrower or the lender. Sample 1040x filled out These loans include: Loans made available by the lender to the general public on the same terms and conditions that are consistent with the lender's customary business practice; Loans subsidized by a federal, state, or municipal government that are made available under a program of general application to the public; Certain employee-relocation loans; Certain loans from a foreign person, unless the interest income would be effectively connected with the conduct of a U. Sample 1040x filled out S. Sample 1040x filled out trade or business and would not be exempt from U. Sample 1040x filled out S. Sample 1040x filled out tax under an income tax treaty; Gift loans to a charitable organization, contributions to which are deductible, if the total outstanding amount of loans between the organization and lender is $250,000 or less at all times during the tax year; and Other loans on which the interest arrangement can be shown to have no significant effect on the federal tax liability of the lender or the borrower. Sample 1040x filled out For a loan described in (6) above, all the facts and circumstances are used to determine if the interest arrangement has a significant effect on the federal tax liability of the lender or borrower. Sample 1040x filled out Some factors to be considered are: Whether items of income and deduction generated by the loan offset each other; The amount of these items; The cost to you of complying with the below-market loan rules, if they were to apply; and Any reasons other than taxes for structuring the transaction as a below-market loan. Sample 1040x filled out If you structure a transaction to meet this exception and one of the principal purposes of that structure is the avoidance of federal tax, the loan will be considered a tax-avoidance loan, and this exception will not apply. Sample 1040x filled out Limit on forgone interest for gift loans of $100,000 or less. Sample 1040x filled out   For gift loans between individuals, if the outstanding loans between the lender and borrower total $100,000 or less, the forgone interest to be included in income by the lender and deducted by the borrower is limited to the amount of the borrower's net investment income for the year. Sample 1040x filled out If the borrower's net investment income is $1,000 or less, it is treated as zero. Sample 1040x filled out This limit does not apply to a loan if the avoidance of federal tax is one of the main purposes of the interest arrangement. Sample 1040x filled out Effective dates. Sample 1040x filled out    These rules apply to term loans made after June 6, 1984, and to demand loans outstanding after that date. Sample 1040x filled out U. Sample 1040x filled out S. Sample 1040x filled out Savings Bonds This section provides tax information on U. Sample 1040x filled out S. Sample 1040x filled out savings bonds. Sample 1040x filled out It explains how to report the interest income on these bonds and how to treat transfers of these bonds. Sample 1040x filled out U. Sample 1040x filled out S. Sample 1040x filled out savings bonds currently offered to individuals include Series EE bonds and Series I bonds. Sample 1040x filled out For other information on U. Sample 1040x filled out S. Sample 1040x filled out savings bonds, write to:  For Series HH/H: Bureau of the Fiscal Service Division of Customer Assistance P. Sample 1040x filled out O. Sample 1040x filled out Box 2186 Parkersburg, WV 26106-2186  For Series EE and I paper savings bonds: Bureau of the Fiscal Service Division of Customer Assistance P. Sample 1040x filled out O. Sample 1040x filled out Box 7012 Parkersburg, WV 26106-7012  For Series EE and I electronic bonds: Bureau of the Fiscal Service  Division of Customer Assistance P. Sample 1040x filled out O. Sample 1040x filled out Box 7015 Parkersburg, WV 26106-7015 Or, on the Internet, visit: www. Sample 1040x filled out treasurydirect. Sample 1040x filled out gov/indiv/indiv. Sample 1040x filled out htm. Sample 1040x filled out Accrual method taxpayers. Sample 1040x filled out   If you use an accrual method of accounting, you must report interest on U. Sample 1040x filled out S. Sample 1040x filled out savings bonds each year as it accrues. Sample 1040x filled out You cannot postpone reporting interest until you receive it or until the bonds mature. Sample 1040x filled out Cash method taxpayers. Sample 1040x filled out   If you use the cash method of accounting, as most individual taxpayers do, you generally report the interest on U. Sample 1040x filled out S. Sample 1040x filled out savings bonds when you receive it. Sample 1040x filled out But see Reporting options for cash method taxpayers , later. Sample 1040x filled out Series HH bonds. Sample 1040x filled out   These bonds were issued at face value. Sample 1040x filled out Interest is paid twice a year by direct deposit to your bank account. Sample 1040x filled out If you are a cash method taxpayer, you must report interest on these bonds as income in the year you receive it. Sample 1040x filled out   Series HH bonds were first offered in 1980 and last offered in August 2004. Sample 1040x filled out Before 1980, series H bonds were issued. Sample 1040x filled out Series H bonds are treated the same as series HH bonds. Sample 1040x filled out If you are a cash method taxpayer, you must report the interest when you receive it. Sample 1040x filled out   Series H bonds have a maturity period of 30 years. Sample 1040x filled out Series HH bonds mature in 20 years. Sample 1040x filled out The last series H bonds matured in 2009. Sample 1040x filled out The last series HH bonds will mature in 2024. Sample 1040x filled out Series EE and series I bonds. Sample 1040x filled out   Interest on these bonds is payable when you redeem the bonds. Sample 1040x filled out The difference between the purchase price and the redemption value is taxable interest. Sample 1040x filled out Series EE bonds. Sample 1040x filled out   Series EE bonds were first offered in January 1980 and have a maturity period of 30 years. Sample 1040x filled out Before July 1980, series E bonds were issued. Sample 1040x filled out The original 10-year maturity period of series E bonds has been extended to 40 years for bonds issued before December 1965 and 30 years for bonds issued after November 1965. Sample 1040x filled out Paper series EE and series E bonds are issued at a discount. Sample 1040x filled out The face value is payable to you at maturity. Sample 1040x filled out Electronic series EE bonds are issued at their face value. Sample 1040x filled out The face value plus accrued interest is payable to you at maturity. Sample 1040x filled out As of January 1, 2012, paper savings bonds were no longer sold at financial institutions. Sample 1040x filled out    Owners of paper series EE bonds can convert them to electronic bonds. Sample 1040x filled out These converted bonds do not retain the denomination listed on the paper certificate but are posted at their purchase price (with accrued interest). Sample 1040x filled out Series I bonds. Sample 1040x filled out   Series I bonds were first offered in 1998. Sample 1040x filled out These are inflation-indexed bonds issued at their face amount with a maturity period of 30 years. Sample 1040x filled out The face value plus all accrued interest is payable to you at maturity. Sample 1040x filled out Reporting options for cash method taxpayers. Sample 1040x filled out   If you use the cash method of reporting income, you can report the interest on series EE, series E, and series I bonds in either of the following ways. Sample 1040x filled out Method 1. Sample 1040x filled out Postpone reporting the interest until the earlier of the year you cash or dispose of the bonds or the year in which they mature. Sample 1040x filled out (However, see Savings bonds traded , later. Sample 1040x filled out )  Note. Sample 1040x filled out Series EE bonds issued in 1983 matured in 2013. Sample 1040x filled out If you have used method 1, you generally must report the interest on these bonds on your 2013 return. Sample 1040x filled out The last series E bonds were issued in 1980 and matured in 2010. Sample 1040x filled out If you used method 1, you generally should have reported the interest on these bonds on your 2010 return. Sample 1040x filled out Method 2. Sample 1040x filled out Choose to report the increase in redemption value as interest each year. Sample 1040x filled out  You must use the same method for all series EE, series E, and series I bonds you own. Sample 1040x filled out If you do not choose method 2 by reporting the increase in redemption value as interest each year, you must use method 1. Sample 1040x filled out If you plan to cash your bonds in the same year you will pay for higher educational expenses, you may want to use method 1 because you may be able to exclude the interest from your income. Sample 1040x filled out To learn how, see Education Savings Bond Program, later. Sample 1040x filled out Change from method 1. Sample 1040x filled out   If you want to change your method of reporting the interest from method 1 to method 2, you can do so without permission from the IRS. Sample 1040x filled out In the year of change, you must report all interest accrued to date and not previously reported for all your bonds. Sample 1040x filled out   Once you choose to report the interest each year, you must continue to do so for all series EE, series E, and series I bonds you own and for any you get later, unless you request permission to change, as explained next. Sample 1040x filled out Change from method 2. Sample 1040x filled out   To change from method 2 to method 1, you must request permission from the IRS. Sample 1040x filled out Permission for the change is automatically granted if you send the IRS a statement that meets all the following requirements. Sample 1040x filled out You have typed or printed the following number at the top: “131. Sample 1040x filled out ” It includes your name and social security number under “131. Sample 1040x filled out ” It includes the year of change (both the beginning and ending dates). Sample 1040x filled out It identifies the savings bonds for which you are requesting this change. Sample 1040x filled out It includes your agreement to: Report all interest on any bonds acquired during or after the year of change when the interest is realized upon disposition, redemption, or final maturity, whichever is earliest; and Report all interest on the bonds acquired before the year of change when the interest is realized upon disposition, redemption, or final maturity, whichever is earliest, with the exception of the interest reported in prior tax years. Sample 1040x filled out   You must attach this statement to your tax return for the year of change, which you must file by the due date (including extensions). Sample 1040x filled out   You can have an automatic extension of 6 months from the due date of your return for the year of change (excluding extensions) to file the statement with an amended return. Sample 1040x filled out On the statement, type or print “Filed pursuant to section 301. Sample 1040x filled out 9100-2. Sample 1040x filled out ” To get this extension, you must have filed your original return for the year of the change by the due date (including extensions). Sample 1040x filled out    By the date you file the original statement with your return, you must also send a signed copy to the address below. Sample 1040x filled out    Internal Revenue Service Attention: CC:IT&A (Automatic Rulings Branch) P. Sample 1040x filled out O. Sample 1040x filled out Box 7604 Benjamin Franklin Station Washington, DC 20044   If you use a private delivery service, send the signed copy to the address below. Sample 1040x filled out Internal Revenue Service Attention: CC:IT&A  (Automatic Rulings Branch) Room 5336 1111 Constitution Avenue, NW Washington, DC 20224    Instead of filing this statement, you can request permission to change from method 2 to method 1 by filing Form 3115. Sample 1040x filled out In that case, follow the form instructions for an automatic change. Sample 1040x filled out No user fee is required. Sample 1040x filled out Co-owners. Sample 1040x filled out   If a U. Sample 1040x filled out S. Sample 1040x filled out savings bond is issued in the names of co-owners, such as you and your child or you and your spouse, interest on the bond is generally taxable to the co-owner who bought the bond. Sample 1040x filled out One co-owner's funds used. Sample 1040x filled out   If you used your funds to buy the bond, you must pay the tax on the interest. Sample 1040x filled out This is true even if you let the other co-owner redeem the bond and keep all the proceeds. Sample 1040x filled out Under these circumstances, the co-owner who redeemed the bond will receive a Form 1099-INT at the time of redemption and must provide you with another Form 1099-INT showing the amount of interest from the bond taxable to you. Sample 1040x filled out The co-owner who redeemed the bond is a “nominee. Sample 1040x filled out ” See Nominee distributions under How To Report Interest Income, later, for more information about how a person who is a nominee reports interest income belonging to another person. Sample 1040x filled out Both co-owners' funds used. Sample 1040x filled out   If you and the other co-owner each contribute part of the bond's purchase price, the interest is generally taxable to each of you, in proportion to the amount each of you paid. Sample 1040x filled out Community property. Sample 1040x filled out   If you and your spouse live in a community property state and hold bonds as community property, one-half of the interest is considered received by each of you. Sample 1040x filled out If you file separate returns, each of you generally must report one-half of the bond interest. Sample 1040x filled out For more information about community property, see Publication 555. Sample 1040x filled out Table 1-2. Sample 1040x filled out   These rules are also shown in Table 1-2. Sample 1040x filled out Child as only owner. Sample 1040x filled out   Interest on U. Sample 1040x filled out S. Sample 1040x filled out savings bonds bought for and registered only in the name of your child is income to your child, even if you paid for the bonds and are named as beneficiary. Sample 1040x filled out If the bonds are series EE, series E, or series I bonds, the interest on the bonds is income to your child in the earlier of the year the bonds are cashed or disposed of or the year the bonds mature, unless your child chooses to report the interest income each year. Sample 1040x filled out Choice to report interest each year. Sample 1040x filled out   The choice to report the accrued interest each year can be made either by your child or by you for your child. Sample 1040x filled out This choice is made by filing an income tax return that shows all the interest earned to date, and by stating on the return that your child chooses to report the interest each year. Sample 1040x filled out Either you or your child should keep a copy of this return. Sample 1040x filled out   Unless your child is otherwise required to file a tax return for any year after making this choice, your child does not have to file a return only to report the annual accrual of U. Sample 1040x filled out S. Sample 1040x filled out savings bond interest under this choice. Sample 1040x filled out However, see Tax on unearned income of certain children , earlier, under General Information. Sample 1040x filled out Neither you nor your child can change the way you report the interest unless you request permission from the IRS, as discussed earlier under Change from method 2 . Sample 1040x filled out Ownership transferred. Sample 1040x filled out   If you bought series E, series EE, or series I bonds entirely with your own funds and had them reissued in your co-owner's name or beneficiary's name alone, you must include in your gross income for the year of reissue all interest that you earned on these bonds and have not previously reported. Sample 1040x filled out But, if the bonds were reissued in your name alone, you do not have to report the interest accrued at that time. Sample 1040x filled out   This same rule applies when bonds (other than bonds held as community property) are transferred between spouses or incident to divorce. Sample 1040x filled out Example. Sample 1040x filled out You bought series EE bonds entirely with your own funds. Sample 1040x filled out You did not choose to report the accrued interest each year. Sample 1040x filled out Later, you transfer the bonds to your former spouse under a divorce agreement. Sample 1040x filled out You must include the deferred accrued interest, from the date of the original issue of the bonds to the date of transfer, in your income in the year of transfer. Sample 1040x filled out Your former spouse includes in income the interest on the bonds from the date of transfer to the date of redemption. Sample 1040x filled out Table 1-2. Sample 1040x filled out Who Pays the Tax on U. Sample 1040x filled out S. Sample 1040x filled out Savings Bond Interest IF . Sample 1040x filled out . Sample 1040x filled out . Sample 1040x filled out THEN the interest must be reported by . Sample 1040x filled out . Sample 1040x filled out . Sample 1040x filled out you buy a bond in your name and the name of another person as co-owners, using only your own funds you. Sample 1040x filled out you buy a bond in the name of another person, who is the sole owner of the bond the person for whom you bought the bond. Sample 1040x filled out you and another person buy a bond as co-owners, each contributing part of the purchase price both you and the other co-owner, in proportion to the amount each paid for the bond. Sample 1040x filled out you and your spouse, who live in a community property state, buy a bond that is community property you and your spouse. Sample 1040x filled out If you file separate returns, both you and your spouse generally report one-half of the interest. Sample 1040x filled out Purchased jointly. Sample 1040x filled out   If you and a co-owner each contributed funds to buy series E, series EE, or series I bonds jointly and later have the bonds reissued in the co-owner's name alone, you must include in your gross income for the year of reissue your share of all the interest earned on the bonds that you have not previously reported. Sample 1040x filled out The former co-owner does not have to include in gross income at the time of reissue his or her share of the interest earned that was not reported before the transfer. Sample 1040x filled out This interest, however, as well as all interest earned after the reissue, is income to the former co-owner. Sample 1040x filled out   This income-reporting rule also applies when the bonds are reissued in the name of your former co-owner and a new co-owner. Sample 1040x filled out But the new co-owner will report only his or her share of the interest earned after the transfer. Sample 1040x filled out   If bonds that you and a co-owner bought jointly are reissued to each of you separately in the same proportion as your contribution to the purchase price, neither you nor your co-owner has to report at that time the interest earned before the bonds were reissued. Sample 1040x filled out Example 1. Sample 1040x filled out You and your spouse each spent an equal amount to buy a $1,000 series EE savings bond. Sample 1040x filled out The bond was issued to you and your spouse as co-owners. Sample 1040x filled out You both postpone reporting interest on the bond. Sample 1040x filled out You later have the bond reissued as two $500 bonds, one in your name and one in your spouse's name. Sample 1040x filled out At that time neither you nor your spouse has to report the interest earned to the date of reissue. Sample 1040x filled out Example 2. Sample 1040x filled out You bought a $1,000 series EE savings bond entirely with your own funds. Sample 1040x filled out The bond was issued to you and your spouse as co-owners. Sample 1040x filled out You both postponed reporting interest on the bond. Sample 1040x filled out You later have the bond reissued as two $500 bonds, one in your name and one in your spouse's name. Sample 1040x filled out You must report half the interest earned to the date of reissue. Sample 1040x filled out Transfer to a trust. Sample 1040x filled out   If you own series E, series EE, or series I bonds and transfer them to a trust, giving up all rights of ownership, you must include in your income for that year the interest earned to the date of transfer if you have not already reported it. Sample 1040x filled out However, if you are considered the owner of the trust and if the increase in value both before and after the transfer continues to be taxable to you, you can continue to defer reporting the interest earned each year. Sample 1040x filled out You must include the total interest in your income in the year you cash or dispose of the bonds or the year the bonds finally mature, whichever is earlier. Sample 1040x filled out   The same rules apply to previously unreported interest on series EE or series E bonds if the transfer to a trust consisted of series HH or series H bonds you acquired in a trade for the series EE or series E bonds. Sample 1040x filled out See Savings bonds traded , later. Sample 1040x filled out Decedents. Sample 1040x filled out   The manner of reporting interest income on series E, series EE, or series I bonds, after the death of the owner (decedent), depends on the accounting and income-reporting methods previously used by the decedent. Sample 1040x filled out Decedent who reported interest each year. Sample 1040x filled out   If the bonds transferred because of death were owned by a person who used an accrual method, or who used the cash method and had chosen to report the interest each year, the interest earned in the year of death up to the date of death must be reported on that person's final return. Sample 1040x filled out The person who acquires the bonds includes in income only interest earned after the date of death. Sample 1040x filled out Decedent who postponed reporting interest. Sample 1040x filled out   If the transferred bonds were owned by a decedent who had used the cash method and had not chosen to report the interest each year, and who had bought the bonds entirely with his or her own funds, all interest earned before death must be reported in one of the following ways. Sample 1040x filled out The surviving spouse or personal representative (executor, administrator, etc. Sample 1040x filled out ) who files the final income tax return of the decedent can choose to include on that return all interest earned on the bonds before the decedent's death. Sample 1040x filled out The person who acquires the bonds then includes in income only interest earned after the date of death. Sample 1040x filled out If the choice in (1) is not made, the interest earned up to the date of death is income in respect of the decedent and should not be included in the decedent's final return. Sample 1040x filled out All interest earned both before and after the decedent's death (except any part reported by the estate on its income tax return) is income to the person who acquires the bonds. Sample 1040x filled out If that person uses the cash method and does not choose to report the interest each year, he or she can postpone reporting it until the year the bonds are cashed or disposed of or the year they mature, whichever is earlier. Sample 1040x filled out In the year that person reports the interest, he or she can claim a deduction for any federal estate tax paid on the part of the interest included in the decedent's estate. Sample 1040x filled out For more information on income in respect of a decedent, see Publication 559, Survivors, Executors, and Administrators. Sample 1040x filled out Example 1. Sample 1040x filled out Your uncle, a cash method taxpayer, died and left you a $1,000 series EE bond. Sample 1040x filled out He had bought the bond for $500 and had not chosen to report the interest each year. Sample 1040x filled out At the date of death, interest of $200 had accrued on the bond, and its value of $700 was included in your uncle's estate. Sample 1040x filled out Your uncle's executor chose not to include the $200 accrued interest in your uncle's final income tax return. Sample 1040x filled out The $200 is income in respect of the decedent. Sample 1040x filled out You are a cash method taxpayer and do not choose to report the interest each year as it is earned. Sample 1040x filled out If you cash the bond when it reaches maturity value of $1,000, you report $500 interest income—the difference between maturity value of $1,000 and the original cost of $500. Sample 1040x filled out For that year, you can deduct (as a miscellaneous itemized deduction not subject to the 2%-of-adjusted-gross-income limit) any federal estate tax paid because the $200 interest was included in your uncle's estate. Sample 1040x filled out Example 2. Sample 1040x filled out If, in Example 1 , the executor had chosen to include the $200 accrued interest in your uncle's final return, you would report only $300 as interest when you cashed the bond at maturity. Sample 1040x filled out $300 is the interest earned after your uncle's death. Sample 1040x filled out Example 3. Sample 1040x filled out If, in Example 1 , you make or have made the choice to report the increase in redemption value as interest each year, you include in gross income for the year you acquire the bond all of the unreported increase in value of all series E, series EE, and series I bonds you hold, including the $200 on the bond you inherited from your uncle. Sample 1040x filled out Example 4. Sample 1040x filled out When your aunt died, she owned series HH bonds that she had acquired in a trade for series EE bonds. Sample 1040x filled out You were the beneficiary of these bonds. Sample 1040x filled out Your aunt used the cash method and did not choose to report the interest on the series EE bonds each year as it accrued. Sample 1040x filled out Your aunt's executor chose not to include any interest earned before your aunt's death on her final return. Sample 1040x filled out The income in respect of the decedent is the sum of the unreported interest on the series EE bonds and the interest, if any, payable on the series HH bonds but not received as of the date of your aunt's death. Sample 1040x filled out You must report any interest received during the year as income on your return. Sample 1040x filled out The part of the interest payable but not received before your aunt's death is income in respect of the decedent and may qualify for the estate tax deduction. Sample 1040x filled out For information on when to report the interest on the series EE bonds traded, see Savings bonds traded , later. Sample 1040x filled out Savings bonds distributed from a retirement or profit-sharing plan. Sample 1040x filled out   If you acquire a U. Sample 1040x filled out S. Sample 1040x filled out savings bond in a taxable distribution from a retirement or profit-sharing plan, your income for the year of distribution includes the bond's redemption value (its cost plus the interest accrued before the distribution). Sample 1040x filled out When you redeem the bond (whether in the year of distribution or later), your interest income includes only the interest accrued after the bond was distributed. Sample 1040x filled out To figure the interest reported as a taxable distribution and your interest income when you redeem the bond, see Worksheet for savings bonds distributed from a retirement or profit-sharing plan under How To Report Interest Income, later. Sample 1040x filled out Savings bonds traded. Sample 1040x filled out   If you postponed reporting the interest on your series EE or series E bonds, you did not recognize taxable income when you traded the bonds for series HH or series H bonds, unless you received cash in the trade. Sample 1040x filled out (You cannot trade series I bonds for series HH bonds. Sample 1040x filled out After August 31, 2004, you cannot trade any other series of bonds for series HH bonds. Sample 1040x filled out ) Any cash you received is income up to the amount of the interest earned on the bonds traded. Sample 1040x filled out When your series HH or series H bonds mature, or if you dispose of them before maturity, you report as interest the difference between their redemption value and your cost. Sample 1040x filled out Your cost is the sum of the amount you paid for the traded series EE or series E bonds plus any amount you had to pay at the time of the trade. Sample 1040x filled out Example. Sample 1040x filled out You traded series EE bonds (on which you postponed reporting the interest) for $2,500 in series HH bonds and $223 in cash. Sample 1040x filled out You reported the $223 as taxable income on your tax return. Sample 1040x filled out At the time of the trade, the series EE bonds had accrued interest of $523 and a redemption value of $2,723. Sample 1040x filled out You hold the series HH bonds until maturity, when you receive $2,500. Sample 1040x filled out You must report $300 as interest income in the year of maturity. Sample 1040x filled out This is the difference between their redemption value, $2,500, and your cost, $2,200 (the amount you paid for the series EE bonds). Sample 1040x filled out (It is also the difference between the accrued interest of $523 on the series EE bonds and the $223 cash received on the trade. Sample 1040x filled out ) Choice to report interest in year of trade. Sample 1040x filled out   You could have chosen to treat all of the previously unreported accrued interest on series EE or series E bonds traded for series HH bonds as income in the year of the trade. Sample 1040x filled out If you made this choice, it is treated as a change from method 1. Sample 1040x filled out See Change from method 1 under Series EE and series I bonds, earlier. Sample 1040x filled out Form 1099-INT for U. Sample 1040x filled out S. Sample 1040x filled out savings bond interest. Sample 1040x filled out   When you cash a bond, the bank or other payer that redeems it must give you a Form 1099-INT if the interest part of the payment you receive is $10 or more. Sample 1040x filled out Box 3 of your Form 1099-INT should show the interest as the difference between the amount you received and the amount paid for the bond. Sample 1040x filled out However, your Form 1099-INT may show more interest than you have to include on your income tax return. Sample 1040x filled out For example, this may happen if any of the following are true. Sample 1040x filled out You chose to report the increase in the redemption value of the bond each year. Sample 1040x filled out The interest shown on your Form 1099-INT will not be reduced by amounts previously included in income. Sample 1040x filled out You received the bond from a decedent. Sample 1040x filled out The interest shown on your Form 1099-INT will not be reduced by any interest reported by the decedent before death, or on the decedent's final return, or by the estate on the estate's income tax return. Sample 1040x filled out Ownership of the bond was transferred. Sample 1040x filled out The interest shown on your Form 1099-INT will not be reduced by interest that accrued before the transfer. Sample 1040x filled out You were named as a co-owner, and the other co-owner contributed funds to buy the bond. Sample 1040x filled out The interest shown on your Form 1099-INT will not be reduced by the amount you received as nominee for the other co-owner. Sample 1040x filled out (See Co-owners , earlier in this section, for more information about the reporting requirements. Sample 1040x filled out ) You received the bond in a taxable distribution from a retirement or profit-sharing plan. Sample 1040x filled out The interest shown on your Form 1099-INT will not be reduced by the interest portion of the amount taxable as a distribution from the plan and not taxable as interest. Sample 1040x filled out (This amount is generally shown on Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Sample 1040x filled out , for the year of distribution. Sample 1040x filled out )   For more information on including the correct amount of interest on your return, see U. Sample 1040x filled out S. Sample 1040x filled out savings bond interest previously reported or Nominee distributions under How To Report Interest Income, later. Sample 1040x filled out    Interest on U. Sample 1040x filled out S. Sample 1040x filled out savings bonds is exempt from state and local taxes. Sample 1040x filled out The Form 1099-INT you receive will indicate the amount that is for U. Sample 1040x filled out S. Sample 1040x filled out savings bonds interest in box 3. Sample 1040x filled out Do not include this income on your state or local income tax return. Sample 1040x filled out Education Savings Bond Program You may be able to exclude from income all or part of the interest you receive on the redemption of qualified U. Sample 1040x filled out S. Sample 1040x filled out savings bonds during the year if you pay qualified higher educational expenses during the same year. Sample 1040x filled out This exclusion is known as the Education Savings Bond Program. Sample 1040x filled out You do not qualify for this exclusion if your filing status is married filing separately. Sample 1040x filled out Form 8815. Sample 1040x filled out   Use Form 8815 to figure your exclusion. Sample 1040x filled out Attach the form to your Form 1040 or Form 1040A. Sample 1040x filled out Qualified U. Sample 1040x filled out S. Sample 1040x filled out savings bonds. Sample 1040x filled out   A qualified U. Sample 1040x filled out S. Sample 1040x filled out savings bond is a series EE bond issued after 1989 or a series I bond. Sample 1040x filled out The bond must be issued either in your name (sole owner) or in your and your spouse's names (co-owners). Sample 1040x filled out You must be at least 24 years old before the bond's issue date. Sample 1040x filled out For example, a bond bought by a parent and issued in the name of his or her child under age 24 does not qualify for the exclusion by the parent or child. Sample 1040x filled out    The issue date of a bond may be earlier than the date the bond is purchased because the issue date assigned to a bond is the first day of the month in which it is purchased. Sample 1040x filled out Beneficiary. Sample 1040x filled out   You can designate any individual (including a child) as a beneficiary of the bond. Sample 1040x filled out Verification by IRS. Sample 1040x filled out   If you claim the exclusion, the IRS will check it by using bond redemption information from the Department of Treasury. Sample 1040x filled out Qualified expenses. Sample 1040x filled out   Qualified higher educational expenses are tuition and fees required for you, your spouse, or your dependent (for whom you claim an exemption) to attend an eligible educational institution. Sample 1040x filled out   Qualified expenses include any contribution you make to a qualified tuition program or to a Coverdell education savings account. Sample 1040x filled out For information about these programs, see Publication 970, Tax Benefits for Education. Sample 1040x filled out   Qualified expenses do not include expenses for room and board or for courses involving sports, games, or hobbies that are not part of a degree or certificate granting program. Sample 1040x filled out Eligible educational institutions. Sample 1040x filled out   These institutions include most public, private, and nonprofit universities, colleges, and vocational schools that are accredited and eligible to participate in student aid programs run by the Department of Education. Sample 1040x filled out Reduction for certain benefits. Sample 1040x filled out   You must reduce your qualified higher educational expenses by all of the following tax-free benefits. Sample 1040x filled out Tax-free part of scholarships and fellowships. Sample 1040x filled out Expenses used to figure the tax-free portion of distributions from a Coverdell ESA. Sample 1040x filled out Expenses used to figure the tax-free portion of distributions from a qualified tuition program. Sample 1040x filled out Any tax-free payments (other than gifts or inheritances) received as educational assistance, such as: Veterans' educational assistance benefits, Qualified tuition reductions, or Employer-provided educational assistance. Sample 1040x filled out Any expense used in figuring the American Opportunity and lifetime learning credits. Sample 1040x filled out For information about these benefits, see Publication 970. Sample 1040x filled out Amount excludable. Sample 1040x filled out   If the total proceeds (interest and principal) from the qualified U. Sample 1040x filled out S. Sample 1040x filled out savings bonds you redeem during the year are not more than your adjusted qualified higher educational expenses for the year, you may be able to exclude all of the interest. Sample 1040x filled out If the proceeds are more than the expenses, you may be able to exclude only part of the interest. Sample 1040x filled out   To determine the excludable amount, multiply the interest part of the proceeds by a fraction. Sample 1040x filled out The numer
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How Do You Report Suspected Tax Fraud Activity?

If You…

Then

And

… suspect or know of an individual or a business that is not complying with the tax laws on issues such as

  • False Exemptions or Deductions
  • Kickbacks
  • False/Altered Document
  • Failure to Pay Tax
  • Unreported Income
  • Organized Crime
  • Failure to Withhold
Use Form 3949-A,
Information Referral

CAUTION: Do NOT use Form 3949-A to report the  issues below

Print the form and mail to:

  • Internal Revenue Service
  • Fresno, CA 93888

 

or, order the form by mail or by calling the Tax Fraud Hotline recording at 1-800-829-0433. Note: we don't accept alleged tax law violation referrals over the phone.

 

You may also send a letter to the address above instead of using Form 3949-A. Please include as much information as possible, such as these important points: 

  1. Name and Address of person or business you are reporting
  2. The individual’s social security number or the business’ employer identification number
  3. A brief description of the alleged violation(s), including how you became aware or obtained information about  the violation(s)
  4. The years involved
  5. The estimated dollar amount of any unreported income
  6. Your name, address and telephone number*

 

*Although you are not required to identify yourself, it is helpful to do so. Your identity will be kept confidential.

…suspect someone stole your identity and used your SSN for employment purposes or could use your SSN to file a tax return

Use Form 14039*

 

*Spanish version: Form 14039SP

Complete the form online, print it and mail or fax to the appropriate office using the options listed on page 2 of the form. Include photocopies of at least one of the documents listed on the form to verify your identity.  For additional information, refer to the Taxpayer Guide to Identity Theft

…suspect fraudulent activity or an abusive tax scheme by a tax return preparer or tax preparation company

Use Form 14157**

 

**Form 14157-A (see below) may also be required

You may complete the form online, print it and mail it to the IRS address on the form.

 

…suspect  a tax return preparer filed a return or altered your return without your consent and you are seeking a change to your account

Use  Form 14157

AND

Form 14157-A

Send BOTH forms (Form 14157 and Form 14157-A) to the address shown in the Instructions for Form 14157-A.

…suspect an abusive tax promotion or promoter

Use Form 14242

The form can be mailed or faxed to the IRS address or fax number on the form.

…suspect misconduct or wrongdoing by an exempt organization or employee plan

Use Form 13909

Mail it to the address provided on the form.

…have information and want to claim a reward

Use Form 211

Mail it to the address in the Instructions for the form.

…suspect you received or are aware of fraudulent IRS

e-mails and websites

Please let us know! See our Phishing web page.

Page Last Reviewed or Updated: 20-Nov-2013

The Sample 1040x Filled Out

Sample 1040x filled out Publication 584-B - Main Content Table of Contents How To Use This Workbook Comments and SuggestionsOrdering forms and publications. Sample 1040x filled out Tax questions. Sample 1040x filled out How To Get Tax HelpLow Income Taxpayer Clinics (LITCs). Sample 1040x filled out How To Use This Workbook You can use this workbook by following these five steps. Sample 1040x filled out Read Publication 547 to learn about the tax rules for casualties, disasters, and thefts. Sample 1040x filled out Know the definitions of adjusted basis and fair market value, discussed below. Sample 1040x filled out Fill out Schedules 1 through 6. Sample 1040x filled out Read the Instructions for Form 4684. Sample 1040x filled out Fill out Form 4684 using the information you entered in Schedules 1 through 6. Sample 1040x filled out Use the chart below to find out how to use Schedules 1 through 6 to fill out Form 4684. Sample 1040x filled out Take what's in each row of. Sample 1040x filled out . Sample 1040x filled out . Sample 1040x filled out And enter it on Form 4684. Sample 1040x filled out . Sample 1040x filled out . Sample 1040x filled out Column 1 Line 19 Column 2 Line 20 Column 3 Line 21 Column 4 Line 22 Column 5 Line 23 Column 6 Line 24 Column 7 Line 25 Column 8 Line 26 Column 9 Line 27 Adjusted basis. Sample 1040x filled out   Adjusted basis usually means original cost plus improvements, minus depreciation allowed or allowable (including any section 179 expense deduction), amortization, depletion, etc. Sample 1040x filled out If you did not acquire the property by purchasing it, your basis is determined as discussed in Publication 551, Basis of Assets. Sample 1040x filled out If you inherited the property from someone who died in 2010 and the executor of the decedent's estate made the election to file Form 8939, Allocation of Increase in Basis for Property Received From a Decedent, refer to the information provided by the executor or see Publication 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010. Sample 1040x filled out Fair market value. Sample 1040x filled out   Fair market value is the price for which you could sell your property to a willing buyer, when neither of you has to sell or buy and both of you know all the relevant facts. Sample 1040x filled out When filling out Schedules 1 through 6, you need to know the fair market value of the property immediately before and immediately after the disaster or casualty. Sample 1040x filled out Deduction limits. Sample 1040x filled out   If your casualty or theft loss involved a home you used for business or rented out, your deductible loss may be limited. Sample 1040x filled out See the Instructions for Form 4684, Section B. Sample 1040x filled out If the casualty or theft loss involved property used in a passive activity, see Form 8582, Passive Activity Loss Limitations, and its instructions. Sample 1040x filled out   The casualty and theft loss deduction for employee property, when added to your job expenses and most other miscellaneous itemized deductions on Schedule A (Form 1040), must be reduced by 2% of your adjusted gross income. Sample 1040x filled out Employee property is property used in performing services as an employee. Sample 1040x filled out Comments and Suggestions We welcome your comments about this publication and your suggestions for future editions. Sample 1040x filled out You can write to us at the following address: Internal Revenue Service Individual Forms and Publications Branch SE:W:CAR:MP:T:I 1111 Constitution Ave. Sample 1040x filled out NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. Sample 1040x filled out Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Sample 1040x filled out You can email us at taxforms@irs. Sample 1040x filled out gov. Sample 1040x filled out Please put “Publications Comment” on the subject line. Sample 1040x filled out You can also send us comments from www. Sample 1040x filled out irs. Sample 1040x filled out gov/formspubs/. Sample 1040x filled out Select “Comment on Tax Forms and Publications” under “Information about. Sample 1040x filled out ” 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. Sample 1040x filled out Ordering forms and publications. Sample 1040x filled out   Visit www. Sample 1040x filled out irs. Sample 1040x filled out gov/formspubs/ to download forms and publications, call 1-800-829-3676, or write to the address below and receive a response within 10 days after your request is received. Sample 1040x filled out Internal Revenue Service 1201 N. Sample 1040x filled out Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Sample 1040x filled out   If you have a tax question, check the information available on IRS. Sample 1040x filled out gov or call 1-800-829-1040. Sample 1040x filled out We cannot answer tax questions sent to either of the above addresses. Sample 1040x filled out How To Get Tax Help You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. Sample 1040x filled out By selecting the method that is best for you, you will have quick and easy access to tax help. Sample 1040x filled out Free help with your return. Sample 1040x filled out   Free help in preparing your return is available nationwide from IRS-certified volunteers. Sample 1040x filled out The Volunteer Income Tax Assistance (VITA) program is designed to help low-moderate income taxpayers and the Tax Counseling for the Elderly (TCE) program is designed to assist taxpayers age 60 and older with their tax returns. Sample 1040x filled out Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. Sample 1040x filled out To find the nearest VITA or TCE site, visit IRS. Sample 1040x filled out gov or call 1-800-906-9887 or 1-800-829-1040. Sample 1040x filled out   As part of the TCE program, AARP offers the Tax-Aide counseling program. Sample 1040x filled out To find the nearest AARP Tax-Aide site, call 1-888-227-7669 or visit AARP's website at www. Sample 1040x filled out aarp. Sample 1040x filled out org/money/taxaide. Sample 1040x filled out   For more information on these programs, go to IRS. Sample 1040x filled out gov and enter keyword “VITA” in the upper right-hand corner. Sample 1040x filled out Internet. Sample 1040x filled out You can access the IRS website at IRS. Sample 1040x filled out gov 24 hours a day, 7 days a week to: Check the status of your 2011 refund. Sample 1040x filled out Go to IRS. Sample 1040x filled out gov and click on Where's My Refund. Sample 1040x filled out Wait at least 72 hours after the IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after mailing a paper return. Sample 1040x filled out If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). Sample 1040x filled out Have your 2011 tax return available so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. Sample 1040x filled out E-file your return. Sample 1040x filled out Find out about commercial tax preparation and e-file services available free to eligible taxpayers. Sample 1040x filled out Download forms, including talking tax forms, instructions, and publications. Sample 1040x filled out Order IRS products online. Sample 1040x filled out Research your tax questions online. Sample 1040x filled out Search publications online by topic or keyword. Sample 1040x filled out Use the online Internal Revenue Code, regulations, or other official guidance. Sample 1040x filled out View Internal Revenue Bulletins (IRBs) published in the last few years. Sample 1040x filled out Figure your withholding allowances using the withholding calculator online at www. Sample 1040x filled out irs. Sample 1040x filled out gov/individuals. Sample 1040x filled out Determine if Form 6251 must be filed by using our Alternative Minimum Tax (AMT) Assistant available online at www. Sample 1040x filled out irs. Sample 1040x filled out gov/individuals. Sample 1040x filled out Sign up to receive local and national tax news by email. Sample 1040x filled out Get information on starting and operating a small business. Sample 1040x filled out Phone. Sample 1040x filled out Many services are available by phone. Sample 1040x filled out   Ordering forms, instructions, and publications. Sample 1040x filled out Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, and publications, and prior-year forms and instructions. Sample 1040x filled out You should receive your order within 10 days. Sample 1040x filled out Asking tax questions. Sample 1040x filled out Call the IRS with your tax questions at 1-800-829-1040. Sample 1040x filled out Solving problems. Sample 1040x filled out You can get face-to-face help solving tax problems every business day in IRS Taxpayer Assistance Centers. Sample 1040x filled out An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. Sample 1040x filled out Call your local Taxpayer Assistance Center for an appointment. Sample 1040x filled out To find the number, go to www. Sample 1040x filled out irs. Sample 1040x filled out gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Sample 1040x filled out TTY/TDD equipment. Sample 1040x filled out If you have access to TTY/TDD equipment, call 1-800-829-4059 to ask tax questions or to order forms and publications. Sample 1040x filled out TeleTax topics. Sample 1040x filled out Call 1-800-829-4477 to listen to pre-recorded messages covering various tax topics. Sample 1040x filled out Refund information. Sample 1040x filled out You can check the status of your refund on the new IRS phone app. Sample 1040x filled out Download the free IRS2Go app by visiting the iTunes app store or the Android Marketplace. Sample 1040x filled out IRS2Go is a new way to provide you with information and tools. Sample 1040x filled out To check the status of your refund by phone, call 1-800-829-4477 (automated refund information 24 hours a day, 7 days a week). Sample 1040x filled out Wait at least 72 hours after the IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after mailing a paper return. Sample 1040x filled out If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). Sample 1040x filled out Have your 2011 tax return available so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. Sample 1040x filled out If you check the status of your refund and are not given the date it will be issued, please wait until the next week before checking back. Sample 1040x filled out Other refund information. Sample 1040x filled out To check the status of a prior-year refund or amended return refund, call 1-800-829-1040. Sample 1040x filled out Evaluating the quality of our telephone services. Sample 1040x filled out To ensure IRS representatives give accurate, courteous, and professional answers, we use several methods to evaluate the quality of our telephone services. Sample 1040x filled out One method is for a second IRS representative to listen in on or record random telephone calls. Sample 1040x filled out Another is to ask some callers to complete a short survey at the end of the call. Sample 1040x filled out Walk-in. Sample 1040x filled out Many products and services are available on a walk-in basis. Sample 1040x filled out   Products. Sample 1040x filled out You can walk in to many post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Sample 1040x filled out Some IRS offices, libraries, grocery stores, copy centers, city and county government offices, credit unions, and office supply stores have a collection of products available to print from a CD or photocopy from reproducible proofs. Sample 1040x filled out Also, some IRS offices and libraries have the Internal Revenue Code, regulations, Internal Revenue Bulletins, and Cumulative Bulletins available for research purposes. Sample 1040x filled out Services. Sample 1040x filled out You can walk in to your local Taxpayer Assistance Center every business day for personal, face-to-face tax help. Sample 1040x filled out An employee can explain IRS letters, request adjustments to your tax account, or help you set up a payment plan. Sample 1040x filled out If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you are more comfortable talking with someone in person, visit your local Taxpayer Assistance Center where you can spread out your records and talk with an IRS representative face-to-face. Sample 1040x filled out No appointment is necessary—just walk in. Sample 1040x filled out If you prefer, you can call your local Center and leave a message requesting an appointment to resolve a tax account issue. Sample 1040x filled out A representative will call you back within 2 business days to schedule an in-person appointment at your convenience. Sample 1040x filled out If you have an ongoing, complex tax account problem or a special need, such as a disability, an appointment can be requested. Sample 1040x filled out All other issues will be handled without an appointment. Sample 1040x filled out To find the number of your local office, go to  www. Sample 1040x filled out irs. Sample 1040x filled out gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Sample 1040x filled out Mail. Sample 1040x filled out You can send your order for forms, instructions, and publications to the address below. Sample 1040x filled out You should receive a response within 10 days after your request is received. Sample 1040x filled out  Internal Revenue Service 1201 N. Sample 1040x filled out Mitsubishi Motorway Bloomington, IL 61705-6613 Taxpayer Advocate Service. Sample 1040x filled out   The Taxpayer Advocate Service (TAS) is your voice at the IRS. Sample 1040x filled out Our job is to ensure that every taxpayer is treated fairly, and that you know and understand your rights. Sample 1040x filled out We offer free help to guide you through the often-confusing process of resolving tax problems that you haven’t been able to solve on your own. Sample 1040x filled out Remember, the worst thing you can do is nothing at all. Sample 1040x filled out   TAS can help if you can’t resolve your problem with the IRS and: Your problem is causing financial difficulties for you, your family, or your business. Sample 1040x filled out You face (or your business is facing) an immediate threat of adverse action. Sample 1040x filled out You have tried repeatedly to contact the IRS but no one has responded, or the IRS has not responded to you by the date promised. Sample 1040x filled out   If you qualify for our help, we’ll do everything we can to get your problem resolved. Sample 1040x filled out You will be assigned to one advocate who will be with you at every turn. Sample 1040x filled out We have offices in every state, the District of Columbia, and Puerto Rico. Sample 1040x filled out Although TAS is independent within the IRS, our advocates know how to work with the IRS to get your problems resolved. Sample 1040x filled out And our services are always free. Sample 1040x filled out   As a taxpayer, you have rights that the IRS must abide by in its dealings with you. Sample 1040x filled out Our tax toolkit at www. Sample 1040x filled out TaxpayerAdvocate. Sample 1040x filled out irs. Sample 1040x filled out gov can help you understand these rights. Sample 1040x filled out   If you think TAS might be able to help you, call your local advocate, whose number is in your phone book and on our website at www. Sample 1040x filled out irs. Sample 1040x filled out gov/advocate. Sample 1040x filled out You can also call our toll-free number at 1-877-777-4778. Sample 1040x filled out   TAS also handles large-scale or systemic problems that affect many taxpayers. Sample 1040x filled out If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System at www. Sample 1040x filled out irs. Sample 1040x filled out gov/advocate. Sample 1040x filled out Low Income Taxpayer Clinics (LITCs). Sample 1040x filled out   Low Income Taxpayer Clinics (LITCs) are independent from the IRS. Sample 1040x filled out Some clinics serve individuals whose income is below a certain level and who need to resolve a tax problem. Sample 1040x filled out These clinics provide professional representation before the IRS or in court on audits, appeals, tax collection disputes, and other issues for free or for a small fee. Sample 1040x filled out Some clinics can provide information about taxpayer rights and responsibilities in many different languages for individuals who speak English as a second language. Sample 1040x filled out For more information and to find a clinic near you, see the LITC page at www. Sample 1040x filled out irs. Sample 1040x filled out gov/advocate or IRS Publication 4134, Low Income Taxpayer Clinic List. Sample 1040x filled out This publication is also available by calling 1-800-829-3676 or at your local IRS office. Sample 1040x filled out Free tax services. Sample 1040x filled out   Publication 910, IRS Guide to Free Tax Services, is your guide to IRS services and resources. Sample 1040x filled out Learn about free tax information from the IRS, including publications, services, and education and assistance programs. Sample 1040x filled out The publication also has an index of over 100 TeleTax topics (recorded tax information) you can listen to on the telephone. Sample 1040x filled out The majority of the information and services listed in this publication are available to you free of charge. Sample 1040x filled out If there is a fee associated with a resource or service, it is listed in the publication. Sample 1040x filled out   Accessible versions of IRS published products are available on request in a variety of alternative formats for people with disabilities. Sample 1040x filled out DVD for tax products. Sample 1040x filled out You can order Publication 1796, IRS Tax Products DVD, and obtain: Current-year forms, instructions, and publications. Sample 1040x filled out Prior-year forms, instructions, and publications. Sample 1040x filled out Tax Map: an electronic research tool and finding aid. Sample 1040x filled out Tax law frequently asked questions. Sample 1040x filled out Tax Topics from the IRS telephone response system. Sample 1040x filled out Internal Revenue Code—Title 26 of the U. Sample 1040x filled out S. Sample 1040x filled out Code. Sample 1040x filled out Links to other Internet based Tax Research Materials. Sample 1040x filled out Fill-in, print, and save features for most tax forms. Sample 1040x filled out Internal Revenue Bulletins. Sample 1040x filled out Toll-free and email technical support. Sample 1040x filled out Two releases during the year. Sample 1040x filled out  – The first release will ship the beginning of January 2012. Sample 1040x filled out  – The final release will ship the beginning of March 2012. Sample 1040x filled out Purchase the DVD from National Technical Information Service (NTIS) at www. Sample 1040x filled out irs. Sample 1040x filled out gov/cdorders for $30 (no handling fee) or call 1-877-233-6767 toll free to buy the DVD for $30 (plus a $6 handling fee). Sample 1040x filled out Prev  Up  Next   Home   More Online Publications