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Taxact login tax return taxact login page Publication 4492 - Main Contents Table of Contents DefinitionsHurricane Katrina Disaster Area Katrina Covered Disaster Area Gulf Opportunity (GO) Zone (Core Disaster Area) Hurricane Rita Disaster Area (Rita Covered Disaster Area) Rita GO Zone Hurricane Wilma Disaster Area Wilma Covered Disaster Area Wilma GO Zone Extended Tax Deadlines Charitable Giving IncentivesTemporary Suspension of Limits on Charitable Contributions Standard Mileage Rate for Charitable Use of Vehicles Mileage Reimbursements to Charitable Volunteers Charitable Deduction for Contributions of Food Inventory Charitable Deduction for Contributions of Book Inventories to Public Schools Casualty and Theft LossesTime limit for making election. Taxact login tax return taxact login page Replacement Period for Nonrecognition of Gain Net Operating Losses IRAs and Other Retirement PlansDefinitions Taxation of Qualified Hurricane Distributions Repayment of Qualified Hurricane Distributions Repayment of Qualified Distributions for the Purchase or Construction of a Main Home Loans From Qualified Plans Additional Tax Relief for IndividualsEarned Income Credit and Child Tax Credit Additional Exemption for Housing Individuals Displaced by Hurricane Katrina Education Credits Recapture of Federal Mortgage Subsidy Exclusion of Certain Cancellations of Indebtedness by Reason of Hurricane Katrina Tax Relief for Temporary Relocation Additional Tax Relief for BusinessesSpecial Depreciation Allowance Increased Section 179 Deduction Work Opportunity Credit Employee Retention Credit Hurricane Katrina Housing Credit Reforestation Costs Demolition and Clean-up Costs Increase in Rehabilitation Tax Credit Request for Copy or Transcript of Tax Return How To Get Tax Help Definitions The following definitions are used throughout this publication. Taxact login tax return taxact login page Hurricane Katrina Disaster Area The Hurricane Katrina disaster area covers the area for which the President declared a major disaster before September 14, 2005, because of Hurricane Katrina. Taxact login tax return taxact login page The Hurricane Katrina disaster area covers the entire states of Alabama, Florida, Louisiana, and Mississippi. Taxact login tax return taxact login page Katrina Covered Disaster Area A portion of the Hurricane Katrina disaster area has been designated by the IRS as a covered disaster area. Taxact login tax return taxact login page The Katrina covered disaster area covers the following areas in four states. Taxact login tax return taxact login page Alabama. Taxact login tax return taxact login page   The counties of Baldwin, Bibb, Choctaw, Clarke, Colbert, Cullman, Greene, Hale, Jefferson, Lamar, Lauderdale, Marengo, Marion, Mobile, Monroe, Perry, Pickens, Sumter, Tuscaloosa, Washington, Wilcox, and Winston. Taxact login tax return taxact login page Florida. Taxact login tax return taxact login page   The counties of Bay, Broward, Collier, Escambia, Franklin, Gulf, Miami-Dade, Monroe, Okaloosa, Santa Rosa, and Walton. Taxact login tax return taxact login page Louisiana. Taxact login tax return taxact login page   All parishes. Taxact login tax return taxact login page Mississippi. Taxact login tax return taxact login page   All counties. Taxact login tax return taxact login page Gulf Opportunity (GO) Zone (Core Disaster Area) The GO Zone (also called the core disaster area) covers the portion of the Hurricane Katrina disaster area determined by the Federal Emergency Management Agency (FEMA) to be eligible for either individual only or both individual and public assistance from the Federal Government. Taxact login tax return taxact login page The GO Zone covers the following areas in three states. Taxact login tax return taxact login page Alabama. Taxact login tax return taxact login page   The counties of Baldwin, Choctaw, Clarke, Greene, Hale, Marengo, Mobile, Pickens, Sumter, Tuscaloosa, and Washington. Taxact login tax return taxact login page Louisiana. Taxact login tax return taxact login page   The parishes of Acadia, Ascension, Assumption, Calcasieu, Cameron, East Baton Rouge, East Feliciana, Iberia, Iberville, Jefferson, Jefferson Davis, Lafayette, Lafourche, Livingston, Orleans, Plaquemines, Pointe Coupee, St. Taxact login tax return taxact login page Bernard, St. Taxact login tax return taxact login page Charles, St. Taxact login tax return taxact login page Helena, St. Taxact login tax return taxact login page James, St. Taxact login tax return taxact login page John the Baptist, St. Taxact login tax return taxact login page Martin, St. Taxact login tax return taxact login page Mary, St. Taxact login tax return taxact login page Tammany, Tangipahoa, Terrebonne, Vermilion, Washington, West Baton Rouge, and West Feliciana. Taxact login tax return taxact login page Mississippi. Taxact login tax return taxact login page   The counties of Adams, Amite, Attala, Choctaw, Claiborne, Clarke, Copiah, Covington, Forrest, Franklin, George, Greene, Hancock, Harrison, Hinds, Holmes, Humphreys, Jackson, Jasper, Jefferson, Jefferson Davis, Jones, Kemper, Lamar, Lauderdale, Lawrence, Leake, Lincoln, Lowndes, Madison, Marion, Neshoba, Newton, Noxubee, Oktibbeha, Pearl River, Perry, Pike, Rankin, Scott, Simpson, Smith, Stone, Walthall, Warren, Wayne, Wilkinson, Winston, and Yazoo. Taxact login tax return taxact login page Hurricane Rita Disaster Area (Rita Covered Disaster Area) The Hurricane Rita disaster area (also designated by the IRS as the Rita covered disaster area) covers the area for which the President declared a major disaster before October 6, 2005, because of Hurricane Rita. Taxact login tax return taxact login page This area covers the entire states of Louisiana and Texas. Taxact login tax return taxact login page Rita GO Zone The Rita GO Zone covers the portion of the Hurricane Rita disaster area determined by FEMA to be eligible for either individual only or both individual and public assistance from the Federal Government. Taxact login tax return taxact login page The Rita GO Zone covers the following areas in two states. Taxact login tax return taxact login page Louisiana. Taxact login tax return taxact login page   The parishes of Acadia, Allen, Ascension, Beauregard, Calcasieu, Cameron, Evangeline, Iberia, Jefferson, Jefferson Davis, Lafayette, Lafourche, Livingston, Plaquemines, Sabine, St. Taxact login tax return taxact login page Landry, St. Taxact login tax return taxact login page Martin, St. Taxact login tax return taxact login page Mary, St. Taxact login tax return taxact login page Tammany, Terrebonne, Vermilion, Vernon, and West Baton Rouge. Taxact login tax return taxact login page Texas. Taxact login tax return taxact login page   The counties of Angelina, Brazoria, Chambers, Fort Bend, Galveston, Hardin, Harris, Jasper, Jefferson, Liberty, Montgomery, Nacogdoches, Newton, Orange, Polk, Sabine, San Augustine, San Jacinto, Shelby, Trinity, Tyler, and Walker. Taxact login tax return taxact login page Hurricane Wilma Disaster Area The Hurricane Wilma disaster area covers the area for which the President declared a major disaster before November 14, 2005, because of Hurricane Wilma. Taxact login tax return taxact login page The Hurricane Wilma disaster area covers the entire state of Florida. Taxact login tax return taxact login page Wilma Covered Disaster Area A portion of the Hurricane Wilma disaster area has been designated by the IRS as a covered disaster area. Taxact login tax return taxact login page The Wilma covered disaster area covers the following counties. Taxact login tax return taxact login page Florida. Taxact login tax return taxact login page   Brevard, Broward, Charlotte, Collier, DeSoto, Glades, Hardee, Hendry, Highlands, Indian River, Lee, Martin, Miami-Dade, Monroe, Okeechobee, Osceola, Palm Beach, Polk, St. Taxact login tax return taxact login page Lucie, and Sarasota. Taxact login tax return taxact login page Wilma GO Zone The Wilma GO Zone covers the portion of the Hurricane Wilma disaster area determined by FEMA to be eligible for either individual only or both individual and public assistance from the Federal Government. Taxact login tax return taxact login page The Wilma GO Zone covers the following counties. Taxact login tax return taxact login page Florida. Taxact login tax return taxact login page   Brevard, Broward, Collier, Glades, Hendry, Indian River, Lee, Martin, Miami-Dade, Monroe, Okeechobee, Palm Beach, and St. Taxact login tax return taxact login page Lucie. Taxact login tax return taxact login page Extended Tax Deadlines The IRS has extended deadlines that apply to filing returns, paying taxes, and performing certain other time-sensitive acts for certain taxpayers affected by Hurricane Katrina, Rita, or Wilma, until February 28, 2006. Taxact login tax return taxact login page The extension applies to deadlines (either an original or extended due date) that occur during the following periods. Taxact login tax return taxact login page After August 28, 2005 (August 23, 2005, for Florida affected taxpayers), and before February 28, 2006, for taxpayers affected by Hurricane Katrina. Taxact login tax return taxact login page After September 22, 2005, and before February 28, 2006, for taxpayers affected by Hurricane Rita. Taxact login tax return taxact login page After October 22, 2005, and before February 28, 2006, for taxpayers affected by Hurricane Wilma. Taxact login tax return taxact login page Affected taxpayer. Taxact login tax return taxact login page   The following taxpayers are eligible for the extension. Taxact login tax return taxact login page Any individual whose main home is located in a covered disaster area. Taxact login tax return taxact login page Any business entity or sole proprietor whose principal place of business is located in a covered disaster area. Taxact login tax return taxact login page Any individual, business entity, or sole proprietor whose records needed to meet a postponed deadline are maintained or whose tax professional's office is in a covered disaster area. Taxact login tax return taxact login page The main home or principal place of business does not have to be located in the covered area. Taxact login tax return taxact login page Any individual visiting a county or parish in the Hurricane Katrina or Hurricane Rita covered disaster area that was injured or killed (and the estate of an individual killed) as a result of the hurricane or its aftermath. Taxact login tax return taxact login page Any estate or trust whose tax records needed to meet a filing or payment deadline are maintained in a covered disaster area. Taxact login tax return taxact login page Generally, any individual who is a worker assisting in the relief activities in a covered disaster area. Taxact login tax return taxact login page However, a relief worker assisting in the Wilma covered disaster area is not an affected taxpayer unless the worker is affiliated with a recognized government or philanthropic organization assisting in the relief activities. Taxact login tax return taxact login page The spouse of an affected taxpayer, solely with regard to a joint income tax return with that taxpayer. Taxact login tax return taxact login page   To ensure correct processing, affected taxpayers should write the assigned disaster designation (for example, “Hurricane Katrina”) in red ink at the top of any forms or documents filed with the IRS. Taxact login tax return taxact login page Affected taxpayers can also identify themselves to the IRS or ask hurricane-related questions by calling the special IRS disaster hotline at 1-866-562-5227. Taxact login tax return taxact login page Acts extended. Taxact login tax return taxact login page   Deadlines for performing the following acts are extended. Taxact login tax return taxact login page Filing any return of income, estate, gift, generation-skipping transfer, excise, or employment tax. Taxact login tax return taxact login page Paying any income, estate, gift, generation-skipping transfer, excise, or employment tax. Taxact login tax return taxact login page This includes making estimated tax payments. Taxact login tax return taxact login page Making certain contributions, distributions, recharacterizing contributions, or making a rollover to or from a qualified retirement plan. Taxact login tax return taxact login page Filing certain petitions with the Tax Court. Taxact login tax return taxact login page Filing a claim for credit or refund of any tax. Taxact login tax return taxact login page Bringing suit upon a claim for credit or refund. Taxact login tax return taxact login page Certain other acts described in Revenue Procedure 2005-27. Taxact login tax return taxact login page You can find Revenue Procedure 2005-27 on page 1050 of Internal Revenue Bulletin 2005-20 at www. Taxact login tax return taxact login page irs. Taxact login tax return taxact login page gov/pub/irs-irbs/irb05-20. Taxact login tax return taxact login page pdf. Taxact login tax return taxact login page Forgiveness of interest and penalties. Taxact login tax return taxact login page   The IRS may forgive the interest and penalties on any underpaid income, estate, gift, employment, or excise tax for the length of any extension. Taxact login tax return taxact login page Charitable Giving Incentives Temporary Suspension of Limits on Charitable Contributions Individuals. Taxact login tax return taxact login page   Qualified contributions are not subject to the overall limit on itemized deductions or the 50% adjusted gross income (AGI) limit. Taxact login tax return taxact login page A qualified contribution is a charitable contribution paid in cash or by check after August 27, 2005, and before January 1, 2006, to a 50% limit organization (other than certain private foundations described in section 509(a)(3)) if you make an election to have the 50% limit not apply to these contributions. Taxact login tax return taxact login page   Your deduction for qualified contributions is limited to your AGI minus your deduction for all other charitable contributions. Taxact login tax return taxact login page You can carry over any contributions you are not able to deduct for 2005 because of this limit. Taxact login tax return taxact login page In 2006, treat the carryover of your unused qualified contributions as a carryover of contributions subject to the 50% limit. Taxact login tax return taxact login page Exception. Taxact login tax return taxact login page   Qualified contributions do not include a contribution to a segregated fund or account for which you (or any person you appoint or designate) have or expect to have advisory privileges with respect to distributions or investments based on your contribution. Taxact login tax return taxact login page Corporations. Taxact login tax return taxact login page   A corporation may elect to deduct qualified cash contributions without regard to the 10% taxable income limit if the contributions were made after August 27, 2005, and before January 1, 2006, to a qualified charitable organization (other than certain private foundations described in section 509(a)(3)), for Hurricane Katrina, Rita, or Wilma relief efforts. Taxact login tax return taxact login page The corporation's deduction for these qualified contributions is limited to 100% of taxable income (as modified for the 10% limit) minus the corporation's deduction for all other charitable contributions. Taxact login tax return taxact login page Any qualified contributions over this limit can be carried over to the next 5 years, subject to the 10% limit. Taxact login tax return taxact login page Partners and shareholders. Taxact login tax return taxact login page   Each partner in a partnership and each shareholder in an S corporation makes a separate election to have the appropriate limit not apply. Taxact login tax return taxact login page More information. Taxact login tax return taxact login page   For more information, see Publication 526 or Publication 542, Corporations. Taxact login tax return taxact login page Publication 526 includes a worksheet you can use to figure your deduction if any limits apply to your charitable contributions. Taxact login tax return taxact login page Standard Mileage Rate for Charitable Use of Vehicles The following are special standard mileage rates in effect in 2005 and 2006 for the cost of operating your automobile for providing charitable services solely related to Hurricane Katrina. Taxact login tax return taxact login page 29 cents per mile for the period August 25 through August 31, 2005. Taxact login tax return taxact login page 34 cents per mile for the period September 1 through December 31, 2005. Taxact login tax return taxact login page 32 cents per mile for the period January 1 through December 31, 2006. Taxact login tax return taxact login page Mileage Reimbursements to Charitable Volunteers You can exclude from income amounts you receive as mileage reimbursements for the use of a private passenger automobile for the benefit of a qualified charitable organization in providing relief related to Hurricane Katrina during the period beginning on August 25, 2005, and ending on December 31, 2006. Taxact login tax return taxact login page You cannot claim a deduction or credit for amounts you receive as a mileage reimbursement. Taxact login tax return taxact login page You must keep records of miles driven, time, place (or use), and purpose of the mileage. Taxact login tax return taxact login page The amount you can exclude from income cannot exceed the standard business mileage rate (shown below) for expenses incurred during the following periods. Taxact login tax return taxact login page 40. Taxact login tax return taxact login page 5 cents per mile for the period August 25 through August 31, 2005. Taxact login tax return taxact login page 48. Taxact login tax return taxact login page 5 cents per mile for the period September 1 through December 31, 2005. Taxact login tax return taxact login page 44. Taxact login tax return taxact login page 5 cents per mile for the period January 1 through December 31, 2006. Taxact login tax return taxact login page Charitable Deduction for Contributions of Food Inventory Any taxpayer engaged in a trade or business is eligible to claim a deduction for a contribution of “apparently wholesome food” inventory to a qualified charitable organization described in section 501(c)(3) (except for private nonoperating foundations) after August 27, 2005, and before January 1, 2006. Taxact login tax return taxact login page “Apparently wholesome food” is food that meets all quality and labeling standards imposed by federal, state, and local laws and regulations even though the food may not be readily marketable due to appearance, age, freshness, grade, size, surplus, or other conditions. Taxact login tax return taxact login page The deduction is equal to the lesser of: The basis of the donated food plus one-half of the gain that would have been realized if the donated food had been sold at fair market value on the date of the donation, or Two times the basis of the donated food. Taxact login tax return taxact login page The taxpayer must receive written certification from the donee stating: The donated food is related to the purpose or function of the donee's basis for exemption under section 501(c)(3) and is to be used solely for the care of the ill, the needy, or infants; and The food was not given in exchange for money, other property, or services. Taxact login tax return taxact login page For a taxpayer other than a C corporation, the deduction is limited to 10% of the taxpayer's total net income from all trades or businesses from which the food contributions were made (figured without regard to the deduction for charitable contributions). Taxact login tax return taxact login page For example, if a taxpayer is a sole proprietor, a shareholder in an S corporation, and a partner in a partnership, and each made a contribution of apparently wholesome food inventory, the taxpayer's deduction is limited to 10% of the taxpayer's total net income from the sole proprietorship, S corporation, and partnership (figured without regard to the deduction for charitable contributions). Taxact login tax return taxact login page Charitable Deduction for Contributions of Book Inventories to Public Schools A corporation (other than an S corporation) may be allowed a charitable deduction for a qualified book contribution made after August 27, 2005, and before January 1, 2006, to a public school that: Provides elementary or secondary education (kindergarten through grade 12), and Normally maintains a regular faculty and curriculum and has a regular enrolled body of pupils or students in attendance at the place where its educational activities are regularly carried on. Taxact login tax return taxact login page . Taxact login tax return taxact login page The deduction is equal to the lesser of: The basis of the donated books plus one-half of the gain that would have been realized if the donated books had been sold at fair market value on the date of the donation, or Two times the basis of the donated books. Taxact login tax return taxact login page The corporation must receive written certification from the school stating that the donated books are suitable for the organization's educational programs and will be used for such programs. Taxact login tax return taxact login page Casualty and Theft Losses The following paragraphs explain changes to casualty and theft losses that were caused by Hurricane Katrina, Rita, or Wilma. Taxact login tax return taxact login page For more information, see Publication 547. Taxact login tax return taxact login page Limits on personal casualty or theft losses caused by Hurricane Katrina, Rita, or Wilma. Taxact login tax return taxact login page   The following losses to personal use property are not subject to the $100 or 10% of adjusted gross income limits. Taxact login tax return taxact login page Losses that arose in the Hurricane Katrina disaster area after August 24, 2005, and that were caused by Hurricane Katrina. Taxact login tax return taxact login page Losses that arose in the Hurricane Rita disaster area after September 22, 2005, and that were caused by Hurricane Rita. Taxact login tax return taxact login page Losses that arose in the Hurricane Wilma disaster area after October 22, 2005, and that were caused by Hurricane Wilma. Taxact login tax return taxact login page Qualifying losses include losses from flooding or other casualty, and from theft, that arose in the hurricane disaster area and that were caused by the hurricane. Taxact login tax return taxact login page Special instructions for individuals who elect to claim a Hurricane Katrina, Rita, or Wilma casualty or theft loss for 2004. Taxact login tax return taxact login page   Casualty and theft losses are generally deductible only in the year the casualty occurred or theft was discovered. Taxact login tax return taxact login page However, Hurricane Katrina, Rita, and Wilma are Presidentially declared disasters. Taxact login tax return taxact login page Therefore, you can elect to deduct losses from these hurricanes on your tax return for the previous year. Taxact login tax return taxact login page If you make this election, use the following additional instructions to complete your forms. Taxact login tax return taxact login page   Individuals filing or amending their 2004 tax return whose only casualty or theft losses to personal use property claimed on that return were caused by Hurricane Katrina, Rita, or Wilma should write “Hurricane Katrina,” “Hurricane Rita,” or “Hurricane Wilma” at the top of Form 1040 or 1040X. Taxact login tax return taxact login page They must also complete and attach the 2004 Form 4684 and write “Hurricane Katrina,”“Hurricane Rita,” or “Hurricane Wilma” on the dotted line next to line 11 and enter -0- on lines 11 and 17. Taxact login tax return taxact login page   Individuals filing or amending their 2004 tax return who also have casualty or theft losses to personal use property not related to Hurricane Katrina, Rita, or Wilma should disregard the caution directing taxpayers to use only one Form 4684, located above line 13, and complete lines 13 through 18 on two Forms 4684. Taxact login tax return taxact login page The Form 1040 or 1040X and the first Form 4684 should be prepared as explained above for Hurricane Katrina, Rita, or Wilma losses only. Taxact login tax return taxact login page The second Form 4684 should be prepared in the normal manner for all gains and non-Hurricane Katrina, Rita or Wilma losses. Taxact login tax return taxact login page If both Forms 4684 have a loss on line 18, they should carry the combined losses from that line to Schedule A (Form 1040), line 19. Taxact login tax return taxact login page If there is a gain on line 15 of the second Form 4684, disregard the instruction to enter it on Schedule D (Form 1040), and instead enter on Schedule A (Form 1040), line 19, the excess of the loss from the first Form 4684 over the gain on line 15 of the second Form 4684. Taxact login tax return taxact login page , Time limit for making election. Taxact login tax return taxact login page   You must make this election to claim your casualty or theft loss in 2004 by the later of the following dates. Taxact login tax return taxact login page The due date (without extensions) for filing your 2005 income tax return. Taxact login tax return taxact login page The due date (with extensions) for filing your 2004 income tax return. Taxact login tax return taxact login page Example. Taxact login tax return taxact login page If you are a calendar year individual taxpayer, you have until April 17, 2006, to amend your 2004 tax return to claim a casualty or theft loss that occurred during 2005. Taxact login tax return taxact login page Replacement Period for Nonrecognition of Gain Generally, an involuntary conversion occurs when property is damaged, destroyed, stolen, seized, requisitioned, or condemned, and you receive other property or money in payment, such as insurance or a condemnation award. Taxact login tax return taxact login page Generally, you do not have to report a gain (if any) if you replace the property within 2 years (4 years for a main home in a Presidentially declared disaster area). Taxact login tax return taxact login page However, for property that was involuntarily converted after August 24, 2005, as a result of Hurricane Katrina, a 5-year replacement period applies if substantially all of the use of the replacement property is in the Hurricane Katrina disaster area. Taxact login tax return taxact login page For more information, see the Instructions for Form 4684. Taxact login tax return taxact login page Net Operating Losses Qualified GO Zone loss. Taxact login tax return taxact login page   Generally, you can carry a net operating loss (NOL) back to the 2 tax years before the NOL year. Taxact login tax return taxact login page However, the portion of an NOL that is a qualified GO Zone loss can be carried back to the 5 tax years before the NOL year. Taxact login tax return taxact login page In addition, the 90% limit on the alternative tax NOL deduction (ATNOLD) does not apply to such portion of the ATNOLD. Taxact login tax return taxact login page   A qualified GO Zone loss is the smaller of: The excess of the NOL for the year over the specified liability loss for the year to which a 10-year carryback applies, or The total of the following deductions (to the extent they are taken into account in computing the NOL for the tax year): Qualified GO Zone casualty loss (as defined below), Moving expenses paid or incurred after August 27, 2005, and before January 1, 2008, for the employment of an individual whose main home was in the GO Zone before August 28, 2005, who was unable to remain in that home because of Hurricane Katrina, and whose main job location (after the move) is in the GO Zone, Temporary housing expenses paid or incurred after August 27, 2005, and before January 1, 2008, to house employees of the taxpayer whose main job location is in the GO Zone, Depreciation or amortization allowable for any qualified GO Zone property (even if you elected not to claim the special GO Zone depreciation allowance for such property) for the year placed in service, and Repair expenses (including expenses for the removal of debris) paid or incurred after August 27, 2005, and before January 1, 2008, for any damage from Hurricane Katrina to property located in the GO Zone. Taxact login tax return taxact login page Qualified GO Zone casualty loss. Taxact login tax return taxact login page   A qualified GO Zone casualty loss is any deductible section 1231 loss of property located in the GO Zone if the loss was caused by Hurricane Katrina. Taxact login tax return taxact login page For this purpose, the amount of the loss is reduced by any recognized gain from an involuntary conversion caused by Hurricane Katrina of property located in the GO Zone. Taxact login tax return taxact login page Any such loss taken into account in figuring your qualified GO Zone loss is not eligible for the election to be treated as having occurred in the previous tax year. Taxact login tax return taxact login page 5-year NOL carryback of certain timber losses. Taxact login tax return taxact login page   Generally, you can carry the portion of an NOL due to income and deductions attributable to a farming business back to the 5 tax years before the NOL year. Taxact login tax return taxact login page You can treat income and deductions attributable to qualified timber property as attributable to a farming business if any portion of the property is located in the GO Zone, Rita GO Zone, or Wilma GO Zone, and the income and deductions are allocable to the part of your tax year which is after the applicable date below. Taxact login tax return taxact login page August 27, 2005, if any portion of the property is located in the GO Zone. Taxact login tax return taxact login page September 22, 2005, if any portion of the property is located in the Rita GO Zone (but not in the GO Zone). Taxact login tax return taxact login page October 22, 2005, if any portion of the property is located in the Wilma GO Zone (but not in the GO Zone or the RITA GO Zone). Taxact login tax return taxact login page   These rules will not apply after 2006. Taxact login tax return taxact login page   However, these rules apply only to a timber producer who: Held qualified timber property (defined in Publication 535, Business Expenses) on the applicable date below: August 28, 2005, if any portion of the property is located in the GO Zone, September 23, 2005, if any portion of the property is located in the Rita GO Zone (but not in the GO Zone), or October 23, 2005, if any portion of the property is located in the Wilma GO Zone (but not in the GO Zone or the Rita GO Zone); Is not a corporation with stock publicly traded on an established securities market; Is not a real estate investment trust; and Did not hold more than 500 acres of qualified timber property on the applicable date above. Taxact login tax return taxact login page More information. Taxact login tax return taxact login page   For more information on NOLs, see Publication 536 or Publication 542, Corporations. Taxact login tax return taxact login page IRAs and Other Retirement Plans New rules provide for tax-favored withdrawals, repayments, and loans from certain retirement plans for taxpayers who suffered economic losses as a result of Hurricane Katrina, Rita, or Wilma. Taxact login tax return taxact login page Definitions Qualified hurricane distribution. Taxact login tax return taxact login page   A qualified hurricane distribution is any distribution you received from an eligible retirement plan if all of the following apply. Taxact login tax return taxact login page The distribution was made: After August 24, 2005, and before January 1, 2007, for Hurricane Katrina; After September 22, 2005, and before January 1, 2007, for Hurricane Rita; or After October 22, 2005, and before January 1, 2007, for Hurricane Wilma. Taxact login tax return taxact login page Your main home was located in a hurricane disaster area listed below on the date shown for that area. Taxact login tax return taxact login page August 28, 2005, for the Hurricane Katrina disaster area. Taxact login tax return taxact login page September 23, 2005, for the Hurricane Rita disaster area. Taxact login tax return taxact login page October 23, 2005, for the Hurricane Wilma disaster area. Taxact login tax return taxact login page You sustained an economic loss because of Hurricane Katrina, Rita, or Wilma and your main home was in that hurricane disaster area on the date shown in (2) above for that hurricane. Taxact login tax return taxact login page Examples of an economic loss include, but are not limited to: Loss, damage to, or destruction of real or personal property from fire, flooding, looting, vandalism, theft, wind, or other cause; Loss related to displacement from your home; or Loss of livelihood due to temporary or permanent layoffs. Taxact login tax return taxact login page   If (1) through (3) above apply, you can generally designate any distribution (including periodic payments and required minimum distributions) from an eligible retirement plan as a qualified hurricane distribution, regardless of whether the distribution was made on account of Hurricane Katrina, Rita, or Wilma. Taxact login tax return taxact login page Qualified hurricane distributions are permitted without regard to your need or the actual amount of your economic loss. Taxact login tax return taxact login page   The total of your qualified hurricane distributions from all plans is limited to $100,000. Taxact login tax return taxact login page If you have distributions in excess of $100,000 from more than one type of plan, such as a 401(k) plan and an IRA, you may allocate the $100,000 limit among the plans any way you choose. Taxact login tax return taxact login page   A reduction or offset (after August 24, 2005, for Katrina; after September 22, 2005, for Rita; or after October 22, 2005, for Wilma) of your account balance in an eligible retirement plan in order to repay a loan can also be designated as a qualified hurricane distribution. Taxact login tax return taxact login page Eligible retirement plan. Taxact login tax return taxact login page   An eligible retirement plan can be any of the following. Taxact login tax return taxact login page A qualified pension, profit-sharing, or stock bonus plan (including a 401(k) plan). Taxact login tax return taxact login page A qualified annuity plan. Taxact login tax return taxact login page A tax-sheltered annuity contract. Taxact login tax return taxact login page A governmental section 457 deferred compensation plan. Taxact login tax return taxact login page A traditional, SEP, SIMPLE, or Roth IRA. Taxact login tax return taxact login page Main home. Taxact login tax return taxact login page   Generally, your main home is the home where you live most of the time. Taxact login tax return taxact login page A temporary absence due to special circumstances, such as illness, education, business, military service, evacuation, or vacation, will not change your main home. Taxact login tax return taxact login page Taxation of Qualified Hurricane Distributions Qualified hurricane distributions are included in income in equal amounts over three years. Taxact login tax return taxact login page However, if you elect, you can include the entire distribution in your income in the year it was received. Taxact login tax return taxact login page Qualified hurricane distributions are not subject to the additional 10% tax (or the additional 25% tax for certain distributions from SIMPLE IRAs) on early distributions from qualified retirement plans (including IRAs). Taxact login tax return taxact login page However, any distributions you receive in excess of the $100,000 qualified hurricane distribution limit may be subject to the additional tax on early distributions. Taxact login tax return taxact login page For more information, see Form 8915. Taxact login tax return taxact login page Repayment of Qualified Hurricane Distributions If you choose, you generally can repay any portion of a qualified hurricane distribution that is eligible for tax-free rollover treatment to an eligible retirement plan. Taxact login tax return taxact login page Also, you can repay a qualified hurricane distribution made on account of a hardship from a retirement plan. Taxact login tax return taxact login page However, see Exceptions below for qualified hurricane distributions you cannot repay. Taxact login tax return taxact login page You have three years from the day after the date you received the distribution to make a repayment. Taxact login tax return taxact login page Amounts that are repaid are treated as a qualified rollover and are not included in income. Taxact login tax return taxact login page Also, for purposes of the one-rollover-per-year limitation for IRAs, a repayment to an IRA is not considered a qualified rollover. Taxact login tax return taxact login page See Form 8915 for more information on how to report repayments. Taxact login tax return taxact login page Exceptions. Taxact login tax return taxact login page   You cannot repay the following types of distributions. Taxact login tax return taxact login page Qualified hurricane distributions received as a beneficiary (other than a surviving spouse). Taxact login tax return taxact login page Required minimum distributions. Taxact login tax return taxact login page Periodic payments (other than from an IRA) that are for: A period of 10 years or more, Your life or life expectancy, or The joint lives or joint life expectancies of you and your beneficiary. Taxact login tax return taxact login page Repayment of Qualified Distributions for the Purchase or Construction of a Main Home If you received a qualified distribution to purchase or construct a main home in the Hurricane Katrina, Rita, or Wilma disaster area, you can repay that distribution before March 1, 2006, to an eligible retirement plan after August 24, 2005 (Katrina); after September 22, 2005 (Rita); or after October 22, 2005 (Wilma). Taxact login tax return taxact login page For this purpose, an eligible retirement plan is any plan, annuity, or IRA to which a qualified rollover can be made. Taxact login tax return taxact login page To be a qualified distribution, the distribution must meet all of the following requirements. Taxact login tax return taxact login page The distribution is a hardship distribution from a 401(k) plan, a hardship distribution from a tax-sheltered annuity contract, or a qualified first-time homebuyer distribution from an IRA. Taxact login tax return taxact login page The distribution was received in 2005 after February 28 and before: August 29 for Hurricane Katrina; September 24 for Hurricane Rita; or October 24 for Hurricane Wilma. Taxact login tax return taxact login page The distribution was to be used to purchase or construct a main home in the Hurricane Katrina, Rita, or Wilma disaster area that was not purchased or constructed because of Hurricane Katrina, Rita, or Wilma. Taxact login tax return taxact login page Amounts that are repaid before March 1, 2006, are treated as a qualified rollover and are not included in income. Taxact login tax return taxact login page Also, for purposes of the one-rollover-per-year limitation for IRAs, a repayment to an IRA is not considered a qualified rollover. Taxact login tax return taxact login page A qualified distribution not repaid before March 1, 2006, may be taxable for 2005 and subject to the additional 10% tax (or the additional 25% tax for certain SIMPLE IRAs) on early distributions. Taxact login tax return taxact login page You must file Form 8915 if you received a qualified distribution that you repaid, in whole or in part, before March 1, 2006. Taxact login tax return taxact login page Loans From Qualified Plans The following benefits are available to qualified individuals. Taxact login tax return taxact login page Increases to the limits for distributions treated as loans from employer plans. Taxact login tax return taxact login page A 1-year suspension for payments due on plan loans. Taxact login tax return taxact login page Qualified individual. Taxact login tax return taxact login page   You are a qualified individual if any of the following apply. Taxact login tax return taxact login page Your main home on August 28, 2005, was located in the Hurricane Katrina disaster area and you had an economic loss because of Hurricane Katrina. Taxact login tax return taxact login page Your main home on September 23, 2005, was located in the Hurricane Rita disaster area and you had an economic loss because of Hurricane Rita. Taxact login tax return taxact login page Your main home on October 23, 2005, was located in the Hurricane Wilma disaster area and you had an economic loss because of Hurricane Wilma. Taxact login tax return taxact login page Examples of an economic loss include, but are not limited to: Loss, damage to, or destruction of real or personal property from fire, flooding, looting, vandalism, theft, wind, or other cause; Loss related to displacement from your home; or Loss of livelihood due to temporary or permanent layoffs. Taxact login tax return taxact login page Limits on plan loans. Taxact login tax return taxact login page   The $50,000 limit for distributions treated as plan loans is increased to $100,000. Taxact login tax return taxact login page In addition, the limit based on 50% of your vested accrued benefit is increased to 100% of that benefit. Taxact login tax return taxact login page The higher limits apply only to loans received during the following period. Taxact login tax return taxact login page If your main home was located in the Hurricane Katrina disaster area, the period began on September 24, 2005, and ends on December 31, 2006. Taxact login tax return taxact login page If your main home was located in the Hurricane Rita or Wilma disaster area, the period began on December 21, 2005, and ends on December 31, 2006. Taxact login tax return taxact login page If you are a qualified individual based on Hurricane Katrina and another hurricane, use the period based on Hurricane Katrina. Taxact login tax return taxact login page One-year suspension of loan payments. Taxact login tax return taxact login page   Payments on plan loans due before 2007 may be suspended for 1 year by the plan administrator. Taxact login tax return taxact login page To qualify for the suspension, the due date for any loan payment must occur during the period beginning on: August 28, 2005, if your main home was located in the Hurricane Katrina disaster area. Taxact login tax return taxact login page September 23, 2005, if your main home was located in the Hurricane Rita disaster area. Taxact login tax return taxact login page October 23, 2005, if your main home was located in the Hurricane Wilma disaster area. Taxact login tax return taxact login page If you are a qualified individual based on more than one hurricane, use the period with the earliest beginning date. Taxact login tax return taxact login page Additional Tax Relief for Individuals Earned Income Credit and Child Tax Credit You can elect to use your 2004 earned income to figure your earned income credit (EIC) and additional child tax credit for 2005 if: Your 2005 earned income is less than your 2004 earned income, and At least one of the following statements is true. Taxact login tax return taxact login page Your main home on August 25, 2005, was in the Gulf Opportunity (GO) Zone. Taxact login tax return taxact login page Your main home on August 25, 2005, was in the Hurricane Katrina disaster area and you were displaced from that home because of Hurricane Katrina. Taxact login tax return taxact login page Your main home on September 23, 2005, was in the Rita GO Zone. Taxact login tax return taxact login page Your main home on September 23, 2005, was in the Hurricane Rita disaster area and you were displaced from that home because of Hurricane Rita. Taxact login tax return taxact login page Your main home on October 23, 2005, was in the Wilma GO Zone. Taxact login tax return taxact login page Your main home on October 23, 2005, was in the Hurricane Wilma disaster area and you were displaced from that home because of Hurricane Wilma. Taxact login tax return taxact login page Earned income. Taxact login tax return taxact login page    For the purpose of this election, your earned income for both the EIC and the additional child tax credit is the amount of earned income used to figure your EIC, even if you did not take the EIC and even if that amount is different than your earned income for the additional child tax credit. Taxact login tax return taxact login page If you are claiming only the additional child tax credit, you must figure the amount of your earned income for EIC purposes to determine your eligibility to make the election and the amount of the credit. Taxact login tax return taxact login page Joint returns. Taxact login tax return taxact login page   If you file a joint return, you qualify to make this election even if only one spouse meets the requirements. Taxact login tax return taxact login page If you make the election, your 2004 earned income is the sum of your 2004 earned income and your spouse's 2004 earned income. Taxact login tax return taxact login page Making the election. Taxact login tax return taxact login page   If you make the election to use your 2004 earned income, the election applies for figuring both the EIC and the additional child tax credit. Taxact login tax return taxact login page However, you can make the election for the additional child tax credit even if you do not take the EIC. Taxact login tax return taxact login page   Electing to use your 2004 earned income may increase or decrease your EIC. Taxact login tax return taxact login page Take the following steps to decide whether to make the election. Taxact login tax return taxact login page Figure your 2005 EIC using your 2004 earned income. Taxact login tax return taxact login page Figure your 2005 additional child tax credit using your 2004 earned income for EIC purposes. Taxact login tax return taxact login page Add the results of (1) and (2). Taxact login tax return taxact login page Figure your 2005 EIC using your 2005 earned income. Taxact login tax return taxact login page Figure your 2005 additional child tax credit using your 2005 earned income for additional child tax credit purposes. Taxact login tax return taxact login page Add the results of (4) and (5). Taxact login tax return taxact login page Compare the results of (3) and (6). Taxact login tax return taxact login page If (3) is larger than (6), it is to your benefit to make the election. Taxact login tax return taxact login page If (3) is equal to or smaller than (6), making the election will not help you. Taxact login tax return taxact login page   If you elect to use your 2004 earned income and you are claiming the EIC, enter “PYEI” and the amount of your 2004 earned income on the dotted line next to line 66a of Form 1040, on the line next to line 41a of Form 1040A, or in the space to the left of line 8a of Form 1040EZ. Taxact login tax return taxact login page   If you elect to use your 2004 earned income and you are claiming the additional child tax credit, enter your 2004 earned income for EIC purposes (even if you did not claim the EIC) on Form 8812, Additional Child Tax Credit, line 4a, and check the box on that line. Taxact login tax return taxact login page   Because Form 8812 was released before the GO Zone legislation was enacted, the instructions refer only to individuals whose main home was in the Hurricane Katrina disaster area. Taxact login tax return taxact login page When completing Form 8812, line 4a, use the above rules to determine your eligibility to make the election (instead of the Form 8812 instructions). Taxact login tax return taxact login page Getting your 2004 tax return information. Taxact login tax return taxact login page   If you do not have your 2004 tax records, you can get the amount of earned income used to figure your 2004 EIC by calling 1-866-562-5227. Taxact login tax return taxact login page You can also get this information by visiting the IRS website at www. Taxact login tax return taxact login page irs. Taxact login tax return taxact login page gov. Taxact login tax return taxact login page   If you prefer to figure your 2004 earned income yourself, copies or transcripts of your filed and processed tax returns can help you reconstruct your tax records. Taxact login tax return taxact login page See Request for Copy or Transcript of Tax Return on page 16. Taxact login tax return taxact login page Additional Exemption for Housing Individuals Displaced by Hurricane Katrina You may be able to claim an additional exemption amount of $500 for providing housing in your main home for each individual displaced by Hurricane Katrina. Taxact login tax return taxact login page The additional exemption amount is claimed on new Form 8914. Taxact login tax return taxact login page The additional exemption amount is allowable once per taxpayer for a specific individual in 2005 or 2006, but not in both years. Taxact login tax return taxact login page The maximum additional exemption amount you can claim for all displaced individuals is $2,000 ($1,000 if married filing separately). Taxact login tax return taxact login page The additional exemption amount you claim for displaced individuals in 2005 will reduce the $2,000 maximum for 2006. Taxact login tax return taxact login page If two or more taxpayers share the same main home, only one taxpayer in that main home can claim the additional exemption amount for a specific displaced individual. Taxact login tax return taxact login page If married filing separately, only one spouse may claim the additional exemption amount for a specific displaced individual. Taxact login tax return taxact login page In order for you to be considered to have provided housing, you must have a legal interest in the main home (that is, own or rent the home). Taxact login tax return taxact login page To qualify as a displaced individual, the individual: Must have had his or her main home in the Hurricane Katrina disaster area on August 28, 2005, and he or she must have been displaced from that home. Taxact login tax return taxact login page If the individual's main home was located outside the core disaster area, that home must have been damaged by Hurricane Katrina or the individual must have been evacuated from that home because of Hurricane Katrina, Must have been provided housing in your main home for a period of at least 60 consecutive days ending in the tax year in which the exemption is claimed, and Cannot be your spouse or dependent. Taxact login tax return taxact login page You cannot claim the additional exemption amount if you received rent (or any other amount) from any source for providing the housing. Taxact login tax return taxact login page You are permitted to receive payments or reimbursements that do not relate to normal housing costs, including the following. Taxact login tax return taxact login page Food, clothing, or personal items consumed or used by the displaced individual. Taxact login tax return taxact login page Reimbursement for the cost of any long distance telephone calls made by the displaced individual. Taxact login tax return taxact login page Reimbursement for the cost of gasoline for the displaced individual's use of your vehicle. Taxact login tax return taxact login page However, you cannot claim the additional exemption amount if you received any reimbursement for the extra costs of heat, electricity, or water used by the displaced individual. Taxact login tax return taxact login page Also, you must report on Form 8914 the displaced individual's social security number or individual taxpayer identification number to claim an additional exemption amount. Taxact login tax return taxact login page For more information, see Form 8914. Taxact login tax return taxact login page Education Credits The education credits have been expanded for students attending an eligible educational institution located in the Gulf Opportunity Zone (GOZ students) for any tax year beginning in 2005 or 2006. Taxact login tax return taxact login page The Hope credit for a GOZ student is increased to 100% of the first $2,000 in qualified education expenses and 50% of the next $2,000 of qualified education expenses for a maximum credit of $3,000 per student. Taxact login tax return taxact login page The lifetime learning credit rate for a GOZ student is increased from 20% to 40%. Taxact login tax return taxact login page The definition of qualified education expenses for a GOZ student also has been expanded. Taxact login tax return taxact login page In addition to tuition and fees required for the student's enrollment or attendance at an eligible educational institution, qualified education expenses for a GOZ student include the following. Taxact login tax return taxact login page Books, supplies, and equipment required for enrollment or attendance at an eligible educational institution. Taxact login tax return taxact login page For a special needs student, expenses that are necessary for that person's enrollment or attendance at an eligible educational institution. Taxact login tax return taxact login page For a student who is at least a half-time student, the reasonable costs of room and board, but only to the extent that the costs are not more than the greater of the following two amounts. Taxact login tax return taxact login page The allowance for room and board, as determined by the eligible educational institution, that was included in the cost of attendance (for federal financial aid purposes) for a particular academic period and living arrangement of the student. Taxact login tax return taxact login page The actual amount charged if the student is residing in housing owned or operated by the eligible educational institution. Taxact login tax return taxact login page You will need to contact the eligible educational institution for qualified room and board costs. Taxact login tax return taxact login page For more information, see Form 8863. Taxact login tax return taxact login page Recapture of Federal Mortgage Subsidy Generally, if you financed your home under a federally subsidized program (loans from tax-exempt qualified mortgage bonds or loans with mortgage credit certificates), you may have to recapture all or part of the benefit you received from that program when you sell or otherwise dispose of your home. Taxact login tax return taxact login page However, you do not have to recapture any benefit if your mortgage loan was a qualified home improvement loan of not more than $15,000. Taxact login tax return taxact login page This amount is increased to $150,000 if the loan was provided before 2011 and was used to: Repair damage caused by Hurricane Katrina to a residence in the Hurricane Katrina disaster area, or Alter, repair, or improve an existing owner-occupied residence in the GO Zone, Rita GO Zone, or Wilma GO Zone. Taxact login tax return taxact login page Exclusion of Certain Cancellations of Indebtedness by Reason of Hurricane Katrina Generally, discharges of nonbusiness debts (such as mortgages) made after August 24, 2005, and before January 1, 2007, are excluded from income for individuals whose main home was in the Hurricane Katrina disaster area on August 25, 2005. Taxact login tax return taxact login page If the individual's main home was located outside the core disaster area, the individual also must have had an economic loss because of Hurricane Katrina. Taxact login tax return taxact login page Examples of an economic loss include, but are not limited to: Loss, damage to, or destruction of real or personal property from fire, flooding, looting, vandalism, theft, wind, or other cause; Loss related to displacement from your home; or Loss of livelihood due to temporary or permanent layoffs. Taxact login tax return taxact login page This relief does not apply to any debt secured by real property located outside the Hurricane Katrina disaster area. Taxact login tax return taxact login page You may also have to reduce certain tax attributes by the amount excluded. Taxact login tax return taxact login page For more information, see Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment). Taxact login tax return taxact login page Tax Relief for Temporary Relocation Under the Gulf Opportunity Zone Act of 2005, the IRS may adjust the internal revenue laws to ensure that taxpayers do not lose a deduction or credit or experience a change of filing status in 2005 or 2006 as a result of a temporary relocation caused by Hurricane Katrina, Rita, or Wilma. Taxact login tax return taxact login page However, any such adjustment must ensure that an individual is not taken into account by more than one taxpayer for the same tax benefit. Taxact login tax return taxact login page The IRS has exercised this authority as follows. Taxact login tax return taxact login page In determining whether you furnished over one-half of the cost of maintaining a household, you can exclude from total household costs any assistance received from the government or charitable organizations because you were temporarily relocated as a result of Hurricane Katrina, Rita, or Wilma. Taxact login tax return taxact login page In determining whether you provided more than one-half of an individual's support, you can disregard any assistance received from the government or charitable organizations because you were temporarily relocated as a result of Hurricane Katrina, Rita, or Wilma. Taxact login tax return taxact login page You can treat as a student an individual who enrolled in school before August 25, 2005, and who is unable to attend classes because of Hurricane Katrina, for each month of the enrollment period that individual is prevented by Hurricane Katrina from attending school as planned. Taxact login tax return taxact login page You can treat as a student an individual who enrolled in school before September 23, 2005, and who is unable to attend classes because of Hurricane Rita, for each month of the enrollment period that individual is prevented by Hurricane Rita from attending school as planned. Taxact login tax return taxact login page You can treat as a student an individual who enrolled in school before October 23, 2005, and who is unable to attend classes because of Hurricane Wilma, for each month of the enrollment period that individual is prevented by Hurricane Wilma from attending school as planned. Taxact login tax return taxact login page Additional Tax Relief for Businesses Special Depreciation Allowance You can take a special depreciation allowance for qualified Gulf Opportunity (GO) Zone property (as defined below) you place in service after August 27, 2005. Taxact login tax return taxact login page The allowance is an additional deduction of 50% of the property's depreciable basis (after any section 179 deduction and before figuring your regular depreciation deduction). Taxact login tax return taxact login page The special allowance applies only for the first year the property is placed in service. Taxact login tax return taxact login page The allowance is deductible for both the regular tax and the alternative minimum tax (AMT). Taxact login tax return taxact login page There is no AMT adjustment required for any depreciation figured on the remaining basis of the property. Taxact login tax return taxact login page You can elect not to deduct the special GO Zone depreciation allowance for qualified property. Taxact login tax return taxact login page If you make this election for any property, it applies to all property in the same class placed in service during the year. Taxact login tax return taxact login page Qualified GO Zone property. Taxact login tax return taxact login page   Property that qualifies for the special GO Zone depreciation allowance includes the following. Taxact login tax return taxact login page Tangible property depreciated under the modified accelerated cost recovery system (MACRS) with a recovery period of 20 years or less. Taxact login tax return taxact login page Water utility property. Taxact login tax return taxact login page Computer software that is readily available for purchase by the general public, is subject to a nonexclusive license, and has not been substantially modified. Taxact login tax return taxact login page (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. Taxact login tax return taxact login page ) Qualified leasehold improvement property. Taxact login tax return taxact login page Nonresidential real property and residential rental property. Taxact login tax return taxact login page   For more information on this property, see Publication 946. Taxact login tax return taxact login page Other tests to be met. Taxact login tax return taxact login page   To be qualified GO Zone property, the property must also meet all of the following tests. Taxact login tax return taxact login page You must have acquired the property, by purchase, after August 27, 2005, but only if no binding written contract for the acquisition was in effect before August 28, 2005. Taxact login tax return taxact login page The property must be placed in service before 2008 (2009 in the case of nonresidential real property and residential rental property). Taxact login tax return taxact login page Substantially all of the use of the property must be in the GO Zone and in the active conduct of your trade or business in the GO Zone. Taxact login tax return taxact login page The original use of the property in the GO Zone must begin with you after August 27, 2005. Taxact login tax return taxact login page Used property can be qualified GO Zone property if it has not previously been used within the GO Zone. Taxact login tax return taxact login page Also, additional capital expenditures you incurred after August 27, 2005, to recondition or rebuild your property meet the original use test if the original use of the property in the GO Zone began with you. Taxact login tax return taxact login page Excepted property. Taxact login tax return taxact login page   Qualified GO Zone property does not include any of the following. Taxact login tax return taxact login page Property required to be depreciated using the Alternative Depreciation System (ADS). Taxact login tax return taxact login page Property any portion of which is financed with the proceeds of a tax-exempt obligation under section 103. Taxact login tax return taxact login page Property for which you are claiming a commercial revitalization deduction. Taxact login tax return taxact login page Any property used in connection with any private or commercial golf course, country club, massage parlor, hot tub facility, suntan facility, or any store, the principal business of which is the sale of alcoholic beverages for consumption off premises. Taxact login tax return taxact login page Any gambling or animal racing property (as defined below). Taxact login tax return taxact login page Property in the same class as that for which you elected not to claim the special GO Zone depreciation allowance. Taxact login tax return taxact login page   Gambling or animal racing property is: Any equipment, furniture, software, or other property used directly in connection with gambling, the racing of animals, or the on-site viewing of such racing, and The portion of any real property (determined by square footage) that is dedicated to gambling, the racing of animals, or the on-site viewing of such racing, unless this portion is less than 100 square feet. Taxact login tax return taxact login page Recapture of special allowance. Taxact login tax return taxact login page   If, in any year after the year you claim the special allowance, the property ceases to be qualified GO Zone property, you may have to recapture as ordinary income any excess benefit you received from claiming the special allowance. Taxact login tax return taxact login page Increased Section 179 Deduction An increased section 179 deduction is allowable for qualified section 179 Gulf Opportunity (GO) Zone property (as defined later) placed in service in the GO Zone. Taxact login tax return taxact login page Increased dollar limit. Taxact login tax return taxact login page   The limit on the section 179 deduction ($105,000 for 2005, $108,000 for 2006) for qualified section 179 GO Zone property acquired after August 27, 2005, is increased by the smaller of: $100,000, or The cost of qualified section 179 GO Zone property placed in service during the year (including such property placed in service by your spouse, even if you are filing a separate return). Taxact login tax return taxact login page   The amount for which you can make the election is reduced if the cost of all qualified section 179 GO Zone property you placed in service during the year exceeds $420,000 for 2005 ($430,000 for 2006) increased by the smaller of: $600,000, or The cost of qualified section 179 GO Zone property placed in service during the year. Taxact login tax return taxact login page Qualified section 179 GO Zone property. Taxact login tax return taxact login page   Qualified section 179 GO Zone property is section 179 property that is qualified GO Zone property (explained earlier under Special Depreciation Allowance). Taxact login tax return taxact login page Section 179 property does not include nonresidential real property or residential rental property. Taxact login tax return taxact login page For more information, including the requirements that must be met for property to qualify for the section 179 deduction, see chapter 2 of Publication 946. Taxact login tax return taxact login page Work Opportunity Credit For the work opportunity credit, the definition of “targeted group employee” has been expanded to include a Hurricane Katrina employee. Taxact login tax return taxact login page Hurricane Katrina employee. Taxact login tax return taxact login page   A Hurricane Katrina employee is: A person who, on August 28, 2005, had a main home in the core disaster area and, within a two-year period beginning on that date, is hired to perform services principally in the core disaster area; or A person who, on August 28, 2005, had a main home in the core disaster area, was displaced from that main home as a result of Hurricane Katrina, and was hired during the period beginning on August 28, 2005, and ending on December 31, 2005. Taxact login tax return taxact login page Qualified wages. Taxact login tax return taxact login page   Generally, qualified wages do not include wages you paid to a targeted group employee who worked for you previously. Taxact login tax return taxact login page However, wages will qualify if: You paid them to an employee who is a Hurricane Katrina employee, The employee was not in your employment on August 28, 2005, and This is your first hire of the employee as a Hurricane Katrina employee after August 28, 2005. Taxact login tax return taxact login page   For more information, see Form 5884. Taxact login tax return taxact login page Certification requirements. Taxact login tax return taxact login page   An employee must provide to the employer reasonable evidence that he or she is a Hurricane Katrina employee. Taxact login tax return taxact login page An employer may accept a completed Form 8850, Pre-Screening Notice and Certification Request for the Work Opportunity and Welfare-to-Work Credits, as such evidence. Taxact login tax return taxact login page The certification requirements described in Form 8850 do not apply to a Hurricane Katrina employee. Taxact login tax return taxact login page Do not send any Forms 8850 that have only box 1 checked to the state employment security agency. Taxact login tax return taxact login page Instead, the employer should keep these Forms 8850 with the employer's other records. Taxact login tax return taxact login page For more information, see Form 8850 and its instructions. Taxact login tax return taxact login page Employee Retention Credit An eligible employer who conducted an active trade or business in the Gulf Opportunity (GO) Zone, the Rita GO Zone, or the Wilma GO Zone can claim the employee retention credit. Taxact login tax return taxact login page The credit is 40% of qualified wages for each eligible employee (up to a maximum of $6,000 in qualified wages per employee). Taxact login tax return taxact login page Generally, you must reduce your deduction for salaries and wages by the amount of this credit (before the tax liability limit). Taxact login tax return taxact login page Use Form 5884-A to claim the credit. Taxact login tax return taxact login page See the following rules and definitions for each hurricane. Taxact login tax return taxact login page Employers affected by Hurricane Katrina. Taxact login tax return taxact login page   The following definitions apply to employers affected by Hurricane Katrina. Taxact login tax return taxact login page Eligible employer. Taxact login tax return taxact login page   For this purpose, an eligible employer is any employer who conducted an active trade or business on August 28, 2005, in the GO Zone and whose trade or business was inoperable on any day after August 28, 2005, and before January 1, 2006, because of damage caused by Hurricane Katrina. Taxact login tax return taxact login page Eligible employee. Taxact login tax return taxact login page   For this purpose, an eligible employee is an employee whose principal place of employment on August 28, 2005, with such eligible employer was in the GO Zone. Taxact login tax return taxact login page An employee is not an eligible employee for purposes of Hurricane Katrina if the employee is treated as an eligible employee for the work opportunity credit. Taxact login tax return taxact login page Employers affected by Hurricane Rita. Taxact login tax return taxact login page   The following definitions apply to employers affected by Hurricane Rita. Taxact login tax return taxact login page Eligible employer. Taxact login tax return taxact login page   For this purpose, an eligible employer is any employer who conducted an active trade or business on September 23, 2005, in the Rita GO Zone and whose trade or business was inoperable on any day after September 23, 2005, and before January 1, 2006, because of damage caused by Hurricane Rita. Taxact login tax return taxact login page Eligible employee. Taxact login tax return taxact login page   For this purpose, an eligible employee is an employee whose principal place of employment on September 23, 2005, with such eligible employer was in the Rita GO Zone. Taxact login tax return taxact login page An employee is not an eligible employee for purposes of Hurricane Rita if the employee is treated as an eligible employee for the work opportunity credit or the Hurricane Katrina employee retention credit. Taxact login tax return taxact login page Employers affected by Hurricane Wilma. Taxact login tax return taxact login page   The following definitions apply to employers affected by Hurricane Wilma. Taxact login tax return taxact login page Eligible employer. Taxact login tax return taxact login page   For this purpose, an eligible employer is any employer who conducted an active trade or business on October 23, 2005, in the Wilma GO Zone and whose trade or business was inoperable on any day after October 23, 2005, and before January 1, 2006, because of damage caused by Hurricane Wilma. Taxact login tax return taxact login page Eligible employee. Taxact login tax return taxact login page   For this purpose, an eligible employee is an employee whose principal place of employment on October 23, 2005, with such eligible employer was in the Wilma GO Zone. Taxact login tax return taxact login page An employee is not an eligible employee for purposes of Hurricane Wilma if the employee is treated as an eligible employee for the work opportunity credit or the Hurricane Katrina or Rita employee retention credit. Taxact login tax return taxact login page Qualified wages. Taxact login tax return taxact login page   Qualified wages are wages you paid or incurred before January 1, 2006, (up to $6,000 per employee) for an eligible employee beginning on the date your trade or business first became inoperable at the employee's principal place of employment immediately before the applicable hurricane, and ending on the date your trade or business resumed significant operations at that place. Taxact login tax return taxact login page In addition, the wages must have been paid or incurred after the following date. Taxact login tax return taxact login page August 28, 2005, for Hurricane Katrina. Taxact login tax return taxact login page September 23, 2005, for Hurricane Rita. Taxact login tax return taxact login page October 23, 2005, for Hurricane Wilma. Taxact login tax return taxact login page    This includes wages paid even if the employee performed no services, performed services at a place of employment other than the principal place of employment, or performed services at the principal place of employment before significant operations resumed. Taxact login tax return taxact login page    Wages qualifying for the credit generally have the same meaning as wages subject to the Federal Unemployment Tax Act (FUTA). Taxact login tax return taxact login page Qualified wages also include amounts you paid for medical or hospitalization expenses in connection with sickness or accident disability. Taxact login tax return taxact login page Qualified wages for any employee must be reduced by the amount of any work supplementation payment you received under the Social Security Act. Taxact login tax return taxact login page   For agricultural employees, if the work performed by any employee during more than half of any pay period qualified under FUTA as agricultural labor, that employee's wages subject to social security and Medicare taxes are qualified wages. Taxact login tax return taxact login page For a special rule that applies to railroad employees, see section 51(h)(1)(B). Taxact login tax return taxact login page   Qualified wages do not include the following. Taxact login tax return taxact login page Wages paid to your dependent or a related individual. Taxact login tax return taxact login page See section 51(i)(1). Taxact login tax return taxact login page Wages paid to any employee during the period for which you received payment for the employee from a federally funded on-the-job training program. Taxact login tax return taxact login page Wages for services of replacement workers during a strike or lockout. Taxact login tax return taxact login page   For more information, see Form 5884-A. Taxact login tax return taxact login page Hurricane Katrina Housing Credit An employer who conducted an active trade or business in the Gulf Opportunity (GO) Zone can claim the Hurricane Katrina housing credit. Taxact login tax return taxact login page The credit is equal to 30% of the value (up to $600 per month per employee) of in-kind lodging furnished to a qualified employee (and the employee's spouse or dependents) from January 1, 2006, through July 1, 2006. Taxact login tax return taxact login page The value of the lodging is excluded from the income of the qualified employee but is treated as wages for purposes of taxes imposed under the Federal Insurance Contributions Act (FICA) and the Federal Unemployment Tax Act (FUTA). Taxact login tax return taxact login page Generally, you must reduce your deduction for salaries and wages by the amount of this credit (before the tax liability limit). Taxact login tax return taxact login page The employer must use Form 5884-A to claim the credit. Taxact login tax return taxact login page A qualified employee is an individual who had a main home in the GO Zone on August 28, 2005, and who performs substantially all employment services in the GO Zone for the employer furnishing the lodging. Taxact login tax return taxact login page The employee cannot be your dependent or a related individual. Taxact login tax return taxact login page See section 51(i)(1). Taxact login tax return taxact login page For more information, see Form 5884-A. Taxact login tax return taxact login page Reforestation Costs You may be able to elect to deduct a limited amount of reforestation costs for each qualified timber property. Taxact login tax return taxact login page The deduction for any tax year generally is limited to $10,000 ($5,000 if married filing separately, $0 for a trust). Taxact login tax return taxact login page However, this limit is increased if you paid or incurred reforestation costs after the applicable date below and any portion of the qualified timber property is located in one of the following areas. Taxact login tax return taxact login page August 27, 2005, if any portion of the property is located in the GO Zone. Taxact login tax return taxact login page September 22, 2005, if any portion of the property is located in the Rita GO Zone (but not in the GO Zone). Taxact login tax return taxact login page October 22, 2005, if any portion of the property is located in the Wilma GO Zone. Taxact login tax return taxact login page The limit for each qualified timber property is increased by the smaller of: $10,000 ($5,000 if married filing separately, $0 for a trust), or The amount of reforestation costs you paid or incurred after the applicable date for the qualified timber property, any portion of which is located in the zone described above. Taxact login tax return taxact login page The increase in the limit applies only to costs paid or incurred before 2008. Taxact login tax return taxact login page However, these rules do not apply to any timber producer who: Held more than 500 acres of qualified timber property at any time during the tax year, Is a corporation with stock publicly traded on an established securities market, or Is a real estate investment trust. Taxact login tax return taxact login page For more information about the election to deduct reforestation costs, see chapter 8 in Publication 535, Business Expenses. Taxact login tax return taxact login page Demolition and Clean-up Costs You can elect to deduct 50% of any qualified GO Zone clean-up costs for the tax year in which the costs are paid or incurred, instead of capitalizing them. Taxact login tax return taxact login page Qualified GO Zone clean-up costs are any amounts paid or incurred after August 27, 2005, and before January 1, 2008, for the removal of debris from, or the demolition of structures on, real property located in the GO Zone that is: Held by you for use in a trade or business or for the production of income, or Inventory or other property held primarily for sale to customers in the ordinary course of your trade or business. Taxact login tax return taxact login page Increase in Rehabilitation Tax Credit The rehabilitation credit is increased for qualified rehabilitation expenditures paid or incurred after August 27, 2005, and before January 1, 2009, on buildings located in the GO Zone as follows. Taxact login tax return taxact login page For pre-1936 buildings (other than certified historic structures), the credit percentage is increased from 10% to 13%. Taxact login tax return taxact login page For certified historic structures, the credit percentage is increased from 20% to 26%. Taxact login tax return taxact login page For more information, see Form 3468, Investment Credit. Taxact login tax return taxact login page Request for Copy or Transcript of Tax Return Request for copy of tax return. Taxact login tax return taxact login page   You can use Form 4506 to order a copy of your tax return. Taxact login tax return taxact login page Generally, there is a $39. Taxact login tax return taxact login page 00 fee for requesting each copy of a tax return. Taxact login tax return taxact login page If your main home, principal place of business, or tax records are located in a Presidentially declared disaster area, the fee will be waived if the assigned disaster designation (for example, “Hurricane Katrina”) is written in red across the top of the form when filed. Taxact login tax return taxact login page Request for transcript of tax return. Taxact login tax return taxact login page   You can use Form 4506-T to order a free transcript of your tax return. Taxact login tax return taxact login page A transcript provides most of the line entries from a tax return and usually contains the information that a third party requires. Taxact login tax return taxact login page You can also call 1-800-829-1040 to order a transcript. Taxact login tax return taxact login page How To Get Tax Help Special IRS assistance. Taxact login tax return taxact login page   The IRS is providing special help for those affected by Hurricane Katrina, Rita, or Wilma, as well as survivors and personal representatives of the victims. Taxact login tax return taxact login page We have set up a special toll-free number for people who may have trouble filing or paying their taxes because they were affected by Hurricane Katrina, Rita, or Wilma, or who have other tax issues related to the hurricanes. Taxact login tax return taxact login page Call 1-866-562-5227 Monday through Friday In English-7 a. Taxact login tax return taxact login page m. Taxact login tax return taxact login page to 10 p. Taxact login tax return taxact login page m. Taxact login tax return taxact login page local time In Spanish-8 a. Taxact login tax return taxact login page m. Taxact login tax return taxact login page to 9:30 p. Taxact login tax return taxact login page m. Taxact login tax return taxact login page local time   The IRS website at www. Taxact login tax return taxact login page irs. Taxact login tax return taxact login page gov has notices and other tax relief information. Taxact login tax return taxact login page Check it periodically for any new guidance. Taxact login tax return taxact login page Other help from the IRS. Taxact login tax return taxact login page   You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get more information from the IRS in several ways. Taxact login tax return taxact login page By selecting the method that is best for you, you will have quick and easy access to tax help. Taxact login tax return taxact login page Contacting your Taxpayer Advocate. Taxact login tax return taxact login page   If you have attempted to deal with an IRS problem unsuccessfully, you should contact your Taxpayer Advocate. Taxact login tax return taxact login page   The Taxpayer Advocate independently represents your interests and concerns within the IRS by protecting your rights and resolving problems that have not been fixed through normal channels. Taxact login tax return taxact login page While Taxpayer Advocates cannot change the tax law or make a technical tax decision, they can clear up problems that resulted from previous contacts and ensure that your case is given a complete and impartial review. Taxact login tax return taxact login page   To contact your Taxpayer Advocate: Call the Taxpayer Advocate toll free at 1-877-777-4778. Taxact login tax return taxact login page Call, write, or fax the Taxpayer Advocate office in your area. Taxact login tax return taxact login page Call 1-800-829-4059 if you are a TTY/TDD user. Taxact login tax return taxact login page Visit www. Taxact login tax return taxact login page irs. Taxact login tax return taxact login page gov/advocate. Taxact login tax return taxact login page   For more information, see Publication 1546, How To Get Help With Unresolved Tax Problems (now available in Chinese, Korean, Russian, and Vietnamese, in addition to English and Spanish). Taxact login tax return taxact login page Free tax services. Taxact login tax return taxact login page   To find out what services are available, get Publication 910, IRS Guide to Free Tax Services. Taxact login tax return taxact login page It contains a list of free tax publications and an index of tax topics. Taxact login tax return taxact login page It also describes other free tax information services, including tax education and assistance programs and a list of TeleTax topics. Taxact login tax return taxact login page Internet. Taxact login tax return taxact login page You can access the IRS website 24 hours a day, 7 days a week, at www. Taxact login tax return taxact login page irs. Taxact login tax return taxact login page gov to: E-file your return. Taxact login tax return taxact login page Find out about commercial tax preparation and e-file services available free to eligible taxpayers. Taxact login tax return taxact login page Check the status of your refund. Taxact login tax return taxact login page Click on Where's My Refund. Taxact login tax return taxact login page Be sure to wait at least 6 weeks from the date you filed your return (3 weeks if you filed electronically). Taxact login tax return taxact login page Have your tax return available because you will need to know your social security number, your filing status, and the exact whole dollar amount of your refund. Taxact login tax return taxact login page Download forms, instructions, and publications. Taxact login tax return taxact login page Order IRS products online. Taxact login tax return taxact login page Research your tax questions online. Taxact login tax return taxact login page Search publications online by topic or keyword. Taxact login tax return taxact login page View Internal Revenue Bulletins (IRBs) published in the last few years. Taxact login tax return taxact login page Figure your withholdin
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The Taxact Login Tax Return Taxact Login Page

Taxact login tax return taxact login page Publication 225 - Introductory Material Table of Contents IntroductionOrdering forms and publications. Taxact login tax return taxact login page Tax questions. Taxact login tax return taxact login page Future Developments What's New for 2013 What's New for 2014 Reminders Introduction You are in the business of farming if you cultivate, operate, or manage a farm for profit, either as owner or tenant. Taxact login tax return taxact login page A farm includes livestock, dairy, poultry, fish, fruit, and truck farms. Taxact login tax return taxact login page It also includes plantations, ranches, ranges, and orchards. Taxact login tax return taxact login page This publication explains how the federal tax laws apply to farming. Taxact login tax return taxact login page Use this publication as a guide to figure your taxes and complete your farm tax return. Taxact login tax return taxact login page If you need more information on a subject, get the specific IRS tax publication covering that subject. Taxact login tax return taxact login page We refer to many of these free publications throughout this publication. Taxact login tax return taxact login page See chapter 16 for information on ordering these publications. Taxact login tax return taxact login page The explanations and examples in this publication reflect the Internal Revenue Service's interpretation of tax laws enacted by Congress, Treasury regulations, and court decisions. Taxact login tax return taxact login page However, the information given does not cover every situation and is not intended to replace the law or change its meaning. Taxact login tax return taxact login page This publication covers subjects on which a court may have made a decision more favorable to taxpayers than the interpretation of the Service. Taxact login tax return taxact login page Until these differing interpretations are resolved by higher court decisions, or in some other way, this publication will continue to present the interpretation of the Service. Taxact login tax return taxact login page The IRS Mission. Taxact login tax return taxact login page   Provide America's taxpayers top quality service by helping them understand and meet their tax responsibilities and by applying the tax law with integrity and fairness to all. Taxact login tax return taxact login page Comments and suggestions. Taxact login tax return taxact login page   We welcome your comments about this publication and your suggestions for future editions. Taxact login tax return taxact login page   You can write to us at the following address: Internal Revenue Service Business Forms and Publications Branch SE:W:CAR:MP:T:B 1111 Constitution Ave. Taxact login tax return taxact login page NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Taxact login tax return taxact login page Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Taxact login tax return taxact login page   You can email us at taxforms@irs. Taxact login tax return taxact login page gov. Taxact login tax return taxact login page Please put “Publications Comment” on the subject line. Taxact login tax return taxact login page You can also send us comments from www. Taxact login tax return taxact login page irs. Taxact login tax return taxact login page gov/formspubs/, select “Comment on Tax Forms and Publications” under “More Information. Taxact login tax return taxact login page ”   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. Taxact login tax return taxact login page Ordering forms and publications. Taxact login tax return taxact login page   Visit www. Taxact login tax return taxact login page irs. Taxact login tax return taxact login page gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Taxact login tax return taxact login page Internal Revenue Service 1201 N. Taxact login tax return taxact login page Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Taxact login tax return taxact login page   If you have a tax question, check the information available on IRS. Taxact login tax return taxact login page gov or call 1-800-829-1040. Taxact login tax return taxact login page We cannot answer tax questions sent to either of the above addresses. Taxact login tax return taxact login page Comments on IRS enforcement actions. Taxact login tax return taxact login page   The Small Business and Agricultural Regulatory Enforcement Ombudsman and 10 Regional Fairness Boards were established to receive comments from small business about federal agency enforcement actions. Taxact login tax return taxact login page The Ombudsman will annually evaluate the enforcement activities of each agency and rate its responsiveness to small business. Taxact login tax return taxact login page If you wish to comment on the enforcement actions of the IRS, you can: Call 1-888-734-3247, Fax your comments to 202-481-5719, Write to Office of the National Ombudsman U. Taxact login tax return taxact login page S. Taxact login tax return taxact login page Small Business Administration 409 3rd Street, S. Taxact login tax return taxact login page W. Taxact login tax return taxact login page  Washington, DC 20416 Send an email to ombudsman@sba. Taxact login tax return taxact login page gov, or Download the appraisal form at  www. Taxact login tax return taxact login page sba. Taxact login tax return taxact login page gov/ombudsman. Taxact login tax return taxact login page Treasury Inspector General for Tax Administration. Taxact login tax return taxact login page   If you want to confidentially report misconduct, waste, fraud, or abuse by an IRS employee, you can call 1-800-366-4484 (1-800-877-8339 for TTY/TDD users). Taxact login tax return taxact login page You can remain anonymous. Taxact login tax return taxact login page Farm tax classes. Taxact login tax return taxact login page   Many state Cooperative Extension Services conduct farm tax workshops in conjunction with the IRS. Taxact login tax return taxact login page Contact your county extension office for more information. Taxact login tax return taxact login page Rural tax education website. Taxact login tax return taxact login page   The Rural Tax Education website is a source for information concerning agriculturally related income and deductions and self-employment tax. Taxact login tax return taxact login page The website is available for farmers and ranchers, other agricultural producers, Extension educators, and any one interested in learning about the tax side of the agricultural community. Taxact login tax return taxact login page Members of the National Farm Income Tax Extension Committee are contributors for the website and the website is hosted by Utah State University Cooperative Extension. Taxact login tax return taxact login page You can visit the website at www. Taxact login tax return taxact login page ruraltax. Taxact login tax return taxact login page org. Taxact login tax return taxact login page Future Developments The IRS has created a page on IRS. Taxact login tax return taxact login page gov for information about Publication 225, at  www. Taxact login tax return taxact login page irs. Taxact login tax return taxact login page gov/pub225. Taxact login tax return taxact login page Information about recent developments affecting Publication 225 will be posted on that page. Taxact login tax return taxact login page What's New for 2013 The following items highlight a number of administrative and tax law changes for 2013. Taxact login tax return taxact login page They are discussed in more detail throughout the publication. Taxact login tax return taxact login page Standard mileage rate. Taxact login tax return taxact login page  For 2013, the standard mileage rate for the cost of operating your car, van, pickup, or panel truck for each mile of business use is 56. Taxact login tax return taxact login page 5 cents. Taxact login tax return taxact login page See chapter 4. Taxact login tax return taxact login page Simplified method for business use of home deduction. Taxact login tax return taxact login page  The IRS now provides a simplified method to determine your expenses for business use of your home. Taxact login tax return taxact login page For more information, see Schedule C (Form 1040), Part II, and its instructions. Taxact login tax return taxact login page See chapter 4. Taxact login tax return taxact login page Increased section 179 expense deduction dollar limits. Taxact login tax return taxact login page  The maximum amount you can elect to deduct for most section 179 property you placed in service in 2013 is $500,000. Taxact login tax return taxact login page This limit is reduced by the amount by which the cost of the property placed in service during the tax year exceeds $2 million. Taxact login tax return taxact login page See chapter 7. Taxact login tax return taxact login page Extension of special depreciation allowance for certain qualified property acquired after December 31, 2007. Taxact login tax return taxact login page  You may be able to take a 50% special depreciation allowance for certain qualified property acquired after December 31, 2007, and placed in service before January 1, 2014. Taxact login tax return taxact login page See chapter 7. Taxact login tax return taxact login page Expiration of the 3-year recovery period for certain race horses. Taxact login tax return taxact login page . Taxact login tax return taxact login page  The 3-year recovery period for race horses two years old or younger will expire for such horses placed in service after December 31, 2013. Taxact login tax return taxact login page See chapter 7. Taxact login tax return taxact login page Tax rates. Taxact login tax return taxact login page  For tax years beginning in 2013, the social security part of the self-employment tax increases from 10. Taxact login tax return taxact login page 4% to 12. Taxact login tax return taxact login page 4%. Taxact login tax return taxact login page As a result, the self-employment tax is increased from 13. Taxact login tax return taxact login page 3% to 15. Taxact login tax return taxact login page 3%. Taxact login tax return taxact login page See chapter 12. Taxact login tax return taxact login page Maximum net earnings. Taxact login tax return taxact login page  The maximum net self-employment earnings subject to the social security part (12. Taxact login tax return taxact login page 4%) of the self-employment tax increased to $113,700 for 2013. Taxact login tax return taxact login page There is no maximum limit on earnings subject to the Medicare part (2. Taxact login tax return taxact login page 9%). Taxact login tax return taxact login page See chapter 12. Taxact login tax return taxact login page Net investment income tax. Taxact login tax return taxact login page  For tax years beginning in 2013, individuals, estates, and trusts may be subject to the net investment income tax (NIIT). Taxact login tax return taxact login page If you are a trader in financial instruments and commodities and required to file Schedule C (Form 1040), your investment income (for purposes of the NIIT) may be reduced by your interest and other investment expenses to the extent those expenses are not used to reduce your self-employment income. Taxact login tax return taxact login page For information about NIIT and the special rule for traders in financial instruments and commodities, see the Instructions for Form 8960. Taxact login tax return taxact login page Social Security and Medicare Tax for 2013. Taxact login tax return taxact login page  The employee tax rate for social security is 6. Taxact login tax return taxact login page 2%. Taxact login tax return taxact login page The employer tax rate for social security remains unchanged at 6. Taxact login tax return taxact login page 2%. Taxact login tax return taxact login page The social security wage base limit is $113,700. Taxact login tax return taxact login page The Medicare tax rate is 1. Taxact login tax return taxact login page 45% each for the employee and employer, unchanged from 2012. Taxact login tax return taxact login page There is no wage base limit for Medicare tax. Taxact login tax return taxact login page See chapter 13. Taxact login tax return taxact login page Additional Medicare Tax. Taxact login tax return taxact login page  For tax years beginning in 2013, a 0. Taxact login tax return taxact login page 9% Additional Medicare Tax applies to your Medicare wages, Railroad Tax Act (RRTA) compensation, and self-employment income above a threshold amount. Taxact login tax return taxact login page Use Form 8959, Additional Medicare Tax, to figure this tax. Taxact login tax return taxact login page For more information, see the Instructions for Form 8959 and the Instructions for Schedule SE (Form 1040). Taxact login tax return taxact login page In addition to withholding Medicare tax at 1. Taxact login tax return taxact login page 45%, you must withhold a 0. Taxact login tax return taxact login page 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. Taxact login tax return taxact login page You are required to begin withholding Additional Medicare Tax in the pay period in which you pay wages in excess of $200,000 to an employee and continue to withhold it each pay period until the end of the calendar year. Taxact login tax return taxact login page Additional Medicare Tax is only imposed on the employee. Taxact login tax return taxact login page There is no employer share of Additional Medicare Tax. Taxact login tax return taxact login page All wages that are subject to Medicare tax are subject to Additional Medicare Tax withholding if paid in excess of the $200,000 withholding threshold. Taxact login tax return taxact login page For more information on what wages are subject to Medicare tax, see the chart, Special Rules for Various Types of Services and Payments, in section 15 of Publication 15 (Circular E), Employer's Tax Guide. Taxact login tax return taxact login page For more information on Additional Medicare Tax, visit IRS. Taxact login tax return taxact login page gov and enter “Additional Medicare Tax” in the search box. Taxact login tax return taxact login page See chapter 13. Taxact login tax return taxact login page Leave-Based donation programs to aid victims of Hurricane Sandy. Taxact login tax return taxact login page  Under these programs, employees may donate their vacation, sick, or personal leave in exchange for employer cash payments made before January 1, 2014, to qualified tax-exempt organizations providing relief for the victims of Hurricane Sandy. Taxact login tax return taxact login page The donated leave will not be included in the income or wages of the employee. Taxact login tax return taxact login page The employer may deduct the cash payments as business expenses or charitable contributions. Taxact login tax return taxact login page See chapter 13. Taxact login tax return taxact login page Work opportunity tax credit for qualified tax-exempt organizations hiring qualified veterans extended. Taxact login tax return taxact login page  The work opportunity tax credit is now available for eligible unemployed veterans who begin work before January 1, 2014. Taxact login tax return taxact login page Qualified tax-exempt organizations that hire eligible unemployed veterans can claim the work opportunity tax credit against their payroll tax liability using Form 5884-C, Work Opportunity Credit for Qualified Tax-Exempt Organizations Hiring Qualified Veterans. Taxact login tax return taxact login page For more information, visit IRS. Taxact login tax return taxact login page gov and enter “work opportunity credit” in the search box. Taxact login tax return taxact login page See chapter 13. Taxact login tax return taxact login page Estimated tax. Taxact login tax return taxact login page  For tax years beginning in 2013, the Net Investment Income Tax (NIIT) may need to be included when calculating your estimated tax. Taxact login tax return taxact login page Also, when figuring your estimated tax, you may need to include the 0. Taxact login tax return taxact login page 9% Additional Medicare Tax applicable to Medicare wages, Railroad Retirement Tax Act (RRTA) compensation, and self-employment income above the threshold amount based on your filing status. Taxact login tax return taxact login page For more information, see Publication 505. Taxact login tax return taxact login page What's New for 2014 Maximum net earnings. Taxact login tax return taxact login page  The maximum net self-employment earnings subject to the social security part of the self-employment tax for 2014 will be discussed in the 2013 Publication 334. Taxact login tax return taxact login page See chapter 12. Taxact login tax return taxact login page Social security and Medicare tax for 2014. Taxact login tax return taxact login page  The employee and employer tax rates for social security and the maximum amount of wages subject to social security tax for 2014 will be discussed in Publication 51 (Circular A), Agricultural Employer's Tax Guide (For use in 2014). Taxact login tax return taxact login page The Medicare tax rate for 2014 will also be discussed in Publication 51 (Circular A) (For use in 2014). Taxact login tax return taxact login page There is no limit on the amount of wages subject to Medicare tax. Taxact login tax return taxact login page See chapter 13. Taxact login tax return taxact login page Reminders The following reminders and other items may help you file your tax return. Taxact login tax return taxact login page   IRS e-file (Electronic Filing) You can file your tax returns electronically using an IRS e-file option. Taxact login tax return taxact login page The benefits of IRS e-file include faster refunds, increased accuracy, and acknowledgment of IRS receipt of your return. Taxact login tax return taxact login page You can use one of the following IRS e-file options. Taxact login tax return taxact login page Use an authorized IRS e-file provider. Taxact login tax return taxact login page Use a personal computer. Taxact login tax return taxact login page Visit a Volunteer Income Tax Assistance (VITA) or Tax Counseling for the Elderly (TCE) site. Taxact login tax return taxact login page For details on these fast filing methods, see your income tax package. Taxact login tax return taxact login page Principal agricultural activity codes. Taxact login tax return taxact login page  You must enter on line B of Schedule F (Form 1040) a code that identifies your principal agricultural activity. Taxact login tax return taxact login page It is important to use the correct code because this information will identify market segments of the public for IRS Taxpayer Education programs. Taxact login tax return taxact login page The U. Taxact login tax return taxact login page S. Taxact login tax return taxact login page Census Bureau also uses this information for its economic census. Taxact login tax return taxact login page See the list of Principal Agricultural Activity Codes on page 2 of Schedule F (Form 1040). Taxact login tax return taxact login page Publication on employer identification numbers (EIN). Taxact login tax return taxact login page  Publication 1635, Understanding Your Employer Identification Number, provides general information on employer identification numbers. Taxact login tax return taxact login page Topics include how to apply for an EIN and how to complete Form SS-4. Taxact login tax return taxact login page Change of address. Taxact login tax return taxact login page  If you change your home address, you should use Form 8822, Change of Addres, to notify the IRS. Taxact login tax return taxact login page If you change your business address, you should use Form 8822-B, Change of Address or Responsible Party — Business, to notify the IRS. Taxact login tax return taxact login page Be sure to include your suite, room, or other unit number. Taxact login tax return taxact login page Reportable transactions. Taxact login tax return taxact login page  You must file Form 8886, Reportable Transaction Disclosure Statement, to report certain transactions. Taxact login tax return taxact login page You may have to pay a penalty if you are required to file Form 8886 but do not do so. Taxact login tax return taxact login page Reportable transactions include (1) transactions the same as or substantially similar to tax avoidance transactions identified by the IRS, (2) transactions offered to you under conditions of confidentiality and for which you paid an advisor a minimum fee, (3) transactions for which you have or a related party has a right to a full or partial refund of fees if all or part of the intended tax consequences from the transaction are not sustained, (4) transactions that result in losses of at least $2 million in any single year or $4 million in any combination of years, and (5) transactions with asset holding periods of 45 days or less and that result in a tax credit of more than $250,000. Taxact login tax return taxact login page For more information, see the Instructions for Form 8886. Taxact login tax return taxact login page Form W-4 for 2014. Taxact login tax return taxact login page  You should make new Forms W-4 available to your employees and encourage them to check their income tax withholding for 2014. Taxact login tax return taxact login page Those employees who owed a large amount of tax or received a large refund for 2013 may need to submit a new Form W-4. Taxact login tax return taxact login page See Publication 919, How Do I Adjust My Tax Withholding. Taxact login tax return taxact login page Form 1099-MISC. Taxact login tax return taxact login page  Generally, file Form 1099-MISC if you pay at least $600 in rents, services, and other miscellaneous payments in your farming business to an individual (for example, an accountant, an attorney, or a veterinarian) who is not your employee. Taxact login tax return taxact login page Limited Liability Company (LLC). Taxact login tax return taxact login page  For purposes of this publication, a limited liability company (LLC) is a business entity organized in the United States under state law. Taxact login tax return taxact login page Unlike a partnership, all of the members of an LLC have limited personal liability for its debts. Taxact login tax return taxact login page An LLC may be classified for federal income tax purposes as a partnership, corporation, or an entity disregarded as separate from its owner by applying the rules in Regulations section 301. Taxact login tax return taxact login page 7701-3. Taxact login tax return taxact login page See Publication 3402 for more details. Taxact login tax return taxact login page Photographs of missing children. Taxact login tax return taxact login page  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Taxact login tax return taxact login page Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Taxact login tax return taxact login page You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Taxact login tax return taxact login page Prev  Up  Next   Home   More Online Publications